MIRA INFORM REPORT

 

 

Report Date :

15th June 2006

 

IDENTIFICATION DETAILS

 

Name :

ISOCAB FRANCE

 

 

Registered Office :

Zi Petite Synthe Avenue de la Gironde BP 83 59640 DUNKERQUE  (NORD)

 

 

Country :

France

 

 

Financials (as on) :

30/09/2004

 

 

Date of Incorporation :

11 April 1989

 

 

Com. Reg. No.:

89B00111

 

 

Legal Form :

Public limited company

 

 

Line of Business :

Manufacturers of metal structures and parts of structures

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

NAME

 

RCS  350 324 695  - NIC  00013

ISOCAB FRANCE

 

Address (Head office)

 

Zi Petite Synthe Avenue de la Gironde BP 83 59640 DUNKERQUE  (NORD)

Telephone :  03 28 29 26 30 –

Fax : 03 28 60 11 93

 

 

 

 

Legal form

5599 - Public limited company - board of directors

Registration date

11 April 1989

Share capital

610 thousand Euros

RC Number

89B00111

Activity

281A - Manufacture of metal structures and parts of structures

Staff

68

Number of branches

2

Trading category

Direct owner-operator

Banks

BSD 59 DUNKERQUE - BNP

 

 

MAIN DIRECTORS

 

Chairman of the Board of Directors

CASTELEIN Jacques Alphonse Jules

 

born on 11/02/1963 in  COURTRAI

Administrator

THYSSEN STAHL AG

 

represented by GOBEL Reimund Bernhard

Administrator

NV ISOCAB SA

 

represented by BIEBAU Paul

Administrator

ISOCAB SA NV

 

represented by MASSENBERG Jost Albert

 

Auditorship

 

Titular auditor

KPMG SA

Substitute auditor

SCP JEAN CLAUDE ANDRE ET AUTRES

 

 

SHAREHOLDERS & STAKES

 

Registered shareholder(s)

1

 

F00526281 - THYSSEN KRUPP STAHL BAU ELEMENTE OBERHAUSEN   =>   Subsidiary

 

Registered stake(s)

2

 

400 775 433 - EURISOL   =>   majority

 

435 050 901 - DECAPANEL   =>   24,70%

 

 

REVIEW OF BODACC INCIDENTS

 

22/12/2004

modification of the representatives

01/07/2004

modification of the representatives

24/03/2004

modification of the representatives

01/01/2003

modification of the representatives

09/02/2000

modification of the representatives

 

 

FINANCIAL DETAILS

 

 

30/09/2002

30/09/2003

30/09/2004

 

over 12 months

over 12 months

over 12 months

 

KE

%

KE

%

KE

%

Turnover

57 815

-1,36

57 249

-0,98

65 340

14,13

Export turnover

34 056

-6,38

33 071

-2,89

35 907

8,58

Earnings before tax

5 537

-7,53

3 587

-35,22

3 075

-14,29

Net income

3 445

-2,36

2 188

-36,48

1 877

-14,22

 

Equity

9 101

9 889

9 578

Total debts

23 412

23 622

30 904

Working capital

14 931

16 051

20 131

Supplier credit

7 656

8 809

12 721

Total purchase

47 453

51 390

60 341

 

RATIOS

30/09/2002

30/09/2003

30/09/2004

MEDIAN

Turnover growth (%)

-1,36

-0,98

14,13

7,83

Total assets turnover (Number)

1,68

1,63

1,56

1,49

Net income (T.O. %)

5,96

3,82

2,87

1,05

Cash flow (T.O. %)

10,07

4,95

5,80

3,56

Supplier credit (Purch. days excl. of tax)

48,56

51,6

63,46

67,08

Accounts receivables (T.O. days)

106,77

95,93

109,52

77,79

Interest expenses / EBIT (%)

10,30

17,59

17,91

12,52

Wages (%)

3,56

3,81

3,63

16,51

 

The 2004 turnover of 65 340 thousand Euros (over a period of 12 months) denotes an increase of 14,13 % compared to the previous financial year, superior to the average growth in the sector (7,83 %).

From it can be drawn a net income of 1 877 thousand Euros falling by -14,22 % during the period concerned.

The total of the balance sheet of 41 966 thousand Euros is composed of up to 16,45 % of the fixed assets and up to 83,55 % of the circulating assets.

The turnover of 1,56 assets is neither rising nor falling relative to the financial year; this turnover is equal to the average of 1,49.

With financial independence of 22,82 % the company has global liabilities amounting to 30 904 thousand Euros, with financial debts representing 40,88 % of all liabilities.

They generate financial costs of up to 17,91 % of the EBITDA (Earning Before Interest, Taxes, Depreciation & Amortisation), compared to a sector-based average of 12,52 %.

The self-financing capacity is of 3 790 thousand Euros, i.e. 5,80 % of the turnover for an average of 3,56 %.

 

 

 

KEY FIGURES

 

Up to 30/09/2005

Turnover

70 009 KE

Net income

1 376 KE

 

 

Auditor's opinion

 

Approved without reservations or observations for the financial year ending 30/09/2004

 

 

LEGAL PROCEEDINGS

 

 

None

 

 

DEVELOPMENT OF COMMERCIAL RISK

 

june 2006

Average risk

december 2005

Average risk

june 2005

Average risk

december 2004

Average risk

 

 

OPINION

 

Last update

19 may 2006

SEREFAC guarantee

Yes

 

Financial structure

good

Cash

limited

Profitability

normal

Commitments

respected

Payments

regular

Defaults

none

Subject history

favourable

 

Credit limit

150 000 E

 

 

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions