MIRA INFORM REPORT

 

 

Report Date :

10.04.2007

 

IDENTIFICATION DETAILS

 

Name :

KODDAERT NV

 

 

Registered Office :

Ambachtenstraat 1, 8680 Koekelare Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

27 June 1986

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Wholesale of metals and metal ores

 

 

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

 

Maximum Credit Limit :

72500 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

name

 

KODDAERT

 

 

address

 

AMBACHTENSTRAAT 1

8680 KOEKELARE BE

Tel. Number : +32-51-747540

Fax number : +32-51-747530

 

 

summary

 

Business founded

27 June 1986

Business registered

15 September 1986 - Private company limited by shares

Business last updated

31 December 2005

Value Added Tax number,

BE429255385,

Judicial form

Private company limited by shares

Activities

Wholesale of metals and metal ores

Payment experience

Nothing to report

Credit opinion

Credit opinion

 

Maximum credit limit 72500 EUR is advised

 

Cash situation (balance sheet analysis) : Limited 

 

Profitability (balance sheet analysis) : Medium 

 

Commitments (regarding contractual obligations) : Completely fulfilled 

 

Payment defaults : None 

Employees (Business)

 15

Total share capital 31

December 2005

EUR 910000,00

Bank

KBC BANK   

Board Members

HEYNDERICK JEAN-PIERRE    Chairman and managing director

 

JACOBS NICOLE    Board Member

 

DEFRAEYE GEORGETTE    Board Member

Management

VANDER DONCKT HEDWIG CLAUDE ANDREAS    Representative and auditor

Auditor

VANDER DONCKT - ROOBROUCK – CHRISTIAENS

BEDRIJFSREVISOREN    Auditors´ president

 

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2005  in  EUR 19.046.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 00 0000 - 31 December 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

8.771.000,-

Total fixed assets

2.345.000,-

Total tangible fixed assets

2.345.000,-

Land and buildings

1.658.000,-

Plant, machinery and equipment

567.000,-

Total Current assets

6.426.000,-

Inventories and work in progress (incl. prepayments)

3.086.000,-

Accounts receivable (trade)

3.005.000,-

Cash in hand and at bank

330.000,-

Total accrued income and prepaid expenses

5.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

8.771.000,-

Total equity (Shareholders' funds)

2.481.000,-

Issued (subscribed) capital

910.000,-

Profit reserves

1.176.000,-

Legal reserves

65.000,-

Revaluation reserves

307.000,-

Subordinate loan capital

23.000,-

Total provisions

12.000,-

Total liabilities

6.278.000,-

Total long-term liabilities

349.000,-

Long-term liabilities to credit institutions

349.000,-

Total current liabilities

5.902.000,-

Current accounts payable (trade)

2.044.000,-

Current liabilities to credit institutions

3.504.000,-

Income and social tax liabilities

161.000,-

Total accrued expenses and deferred income

27.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 00 0000 - 31 December 2005  in  EUR 

Total operating income/revenue

19.152.000,-

Main revenue (sales/turnover)

19.046.000,-

Total operating expenses

-19.023.000,-

Cost of materials (type of expenditure format)

16.871.000,-

Cost of goods sold (operational format)

18.998.000,-

Gross profit or loss after cost of materials or after cost of goods sold

154.000,-

Personnel costs

682.000,-

Depreciation

327.000,-

Operating profit or loss

129.000,-

Financial income

206.000,-

Financial expenses

-255.000,-

Result of ordinary operations

80.000,-

Extraordinary result

80.000,-

Appropriations

1.000,-

Taxes

-33.000,-

Net profit or loss

48.000,-

Borrowing ratio

250,70 %

Current ratio

108,38 %

Debt gearing

13,94 %

Profit margin.

2,38 %

Quick ratio

56,50 %

Return on assets

6,27 %

Return on equity.

1,93 %

Solidity or equity ratio

28,28 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2004  in  EUR 20.048.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 00 0000 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

8.845.000,-

Total fixed assets

2.534.000,-

Total tangible fixed assets

2.534.000,-

Land and buildings

1.740.000,-

Plant, machinery and equipment

737.000,-

Total Current assets

6.311.000,-

Inventories and work in progress (incl. prepayments)

2.600.000,-

Accounts receivable (trade)

3.529.000,-

Cash in hand and at bank

181.000,-

Total accrued income and prepaid expenses

1.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

8.845.000,-

Total equity (Shareholders' funds)

2.436.000,-

Issued (subscribed) capital

910.000,-

Profit reserves

1.149.000,-

Legal reserves

44.000,-

Revaluation reserves

307.000,-

Subordinate loan capital

26.000,-

Total provisions

13.000,-

Total liabilities

6.396.000,-

Total long-term liabilities

512.000,-

Long-term liabilities to credit institutions

512.000,-

Total current liabilities

5.869.000,-

Current accounts payable (trade)

2.931.000,-

Current liabilities to credit institutions

2.610.000,-

Income and social tax liabilities

73.000,-

Total accrued expenses and deferred income

15.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 00 0000 - 31 December 2004  in  EUR 

Total operating income/revenue

20.187.000,-

Main revenue (sales/turnover)

20.048.000,-

Total operating expenses

-19.523.000,-

Cost of materials (type of expenditure format)

16.895.000,-

Cost of goods sold (operational format)

19.523.000,-

Gross profit or loss after cost of materials or after cost of goods sold

664.000,-

Personnel costs

671.000,-

Depreciation

311.000,-

Operating profit or loss

664.000,-

Financial income

118.000,-

Financial expenses

-191.000,-

Result of ordinary operations

591.000,-

Extraordinary income

2.000,-

Extraordinary expenses

-7.000,-

Extraordinary result

586.000,-

Appropriations

2.000,-

Taxes

-207.000,-

Net profit or loss

381.000,-

Borrowing ratio

261,32 %

Current ratio

107,25 %

Debt gearing

20,92 %

Profit margin.

4,83 %

Quick ratio

63,21 %

Return on assets

11,59 %

Return on equity.

15,64 %

Solidity or equity ratio

27,54 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2003  in EUR 12.028.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 00 0000 - 31 December 2003  in  EUR 

Total assets incl. prepaid expenses and accrued income

6.251.000,-

Total fixed assets

1.864.000,-

Total tangible fixed assets

1.864.000,-

Land and buildings

1.158.000,-

Plant, machinery and equipment

635.000,-

Total Current assets

4.387.000,-

Inventories and work in progress (incl. prepayments)

1.300.000,-

Accounts receivable (trade)

2.865.000,-

Cash in hand and at bank

218.000,-

Total accrued income and prepaid expenses

4.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

6.251.000,-

Total equity (Shareholders' funds)

876.000,-

Issued (subscribed) capital

62.000,-

Profit reserves

789.000,-

Legal reserves

25.000,-

Total liabilities

5.375.000,-

Total long-term liabilities

1.207.000,-

Long-term liabilities to credit institutions

711.000,-

Total current liabilities

4.159.000,-

Current accounts payable (trade)

1.775.000,-

Current liabilities to credit institutions

2.028.000,-

Income and social tax liabilities

75.000,-

Total accrued expenses and deferred income

9.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 00 0000 - 31 December 2003  in  EUR 

Total operating income/revenue

12.106.000,-

Main revenue (sales/turnover)

12.028.000,-

Total operating expenses

-11.872.000,-

Cost of materials (type of expenditure format)

9.783.000,-

Cost of goods sold (operational format)

11.833.000,-

Gross profit or loss after cost of materials or after cost of goods sold

273.000,-

Personnel costs

646.000,-

Depreciation

302.000,-

Operating profit or loss

234.000,-

Financial income

123.000,-

Financial expenses

-226.000,-

Result of ordinary operations

131.000,-

Extraordinary income

7.000,-

Extraordinary expenses

-50.000,-

Extraordinary result

88.000,-

Taxes

-12.000,-

Net profit or loss

76.000,-

Borrowing ratio

605,57 %

Current ratio

105,25 %

Debt gearing

135,99 %

Profit margin.

4,59 %

Quick ratio

74,12 %

Return on assets

9,15 %

Return on equity.

8,67 %

Solidity or equity ratio

14,01 %

 

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

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