MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
Niche Trading Nv |
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Registered Office : |
Paardenmarkt 68, 2000 Antwerpen |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
24/05/1994 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Export of food products
(mainly ready to eat products) and other related products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR
200.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
name & address
Niche Trading Nv
Paardenmarkt 68
2000 ANTWERPEN
Tel.:+32
(0)3-2011010
Fax.:+32
(0)3-2011019
Legal status
NV Public limited company
[nat. law]
Founded
24/05/1994 as BVBA, P.l.c.
since 03/11/2004
Trade register
52304030
Capital
nominal EUR 2.200.000,--
issued and paid up EUR 2.200.000,--
Management
VAN AALST Jacobus
VAN AALST Jac
KOBLOV Michael
Activity
Export of food products
(mainly ready to eat products) and other related products.
Branch[es]:
-Theodoor Van Rijswijckplaats 8, 2000 ANTWERPEN
Staff
5 employees
Net turnover:
2005 Euro 45.515.011
2004 Euro 46.678.995
2003 Euro 49.335.001
Real estate
The business
premises at the mentioned address has been rented by the company, as far as we
know.
See balance sheet
Remarks
Subsidiary company
of
-Avantis
International BV,
Korhoenstraat 27, 4901 AM OOSTERHOUT NB
Net result:
2005 Euro
2.489.000
2004 Euro
503.001
2003 Euro
437.011
The shareholders equity was as
of:
31/12/2005 Euro 3.457.991
31/12/2004 Euro 4.469.000
31/12/2003 Euro
4.374.998
The working capital was as of:
31/12/2005 Euro (423.972)
31/12/2004 Euro 2.027.001
31/12/2003 Euro 1.212.992
Import: worldwide.
Export: Russia.
Subsidiaries:
Animco NV
Fragma BVBA
KNO Tech NV.
Banks
Fortis Bank
KBC Bank
VAT-nr.
BE452718794
Mode of payment
On average 25 days beyond
terms.
Credit demand
No objections against
entering into a business relationship.
In view of the
financial situation, we recommend you to follow the company’s future
developments. A maximum credit limit of EUR 200.000 is advised
The following
financial data is retrieved from the corporate balance sheet of :
Niche Trading Nv
Paardenmarkt 68,
2000 ANTWERPEN
Trade register 52304030
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Niche
Trading Nv *** BALANCE SHEET ***
Corporate in Euro(x
1) Euro(x 1)
---31-12-2004--- ------31-12-2005---
Intangible
assets 59.990 41.002
Tangible
assets 5.087.990 7.838.988
Financial
assets 679.005 174.988
Miscellaneous
fixed assets 0 0
Total fixed assets 5.827.010 8.055.003
Stock 1.706.995 1.644.005
Receivables 9.025.010 7.866.009
Shares 0 0
Liquid
assets 26.004 11.998
Miscellaneous
current assets 0 0
Total current assets 10.758.009 9.522.012
Shareholders equity 4.469.000 3.457.991
Provisions 37.011 35.003
Long-term
liabilities 3.348.000 4.138.012
Current
liabilities 8.731.008 9.945.984
Minority
interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 16.548.009 17.541.987
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Niche Trading Nv *** PROFIT & LOSS ACCOUNT ***
Corporate in Euro(x
1) Euro(x 1)
---31-12-2004--- ------31-12-2005---
Turnover 46.678.995 45.515.011
Other
income 171.989 206.000
Total
expenses 46.648.009 44.408.018
Operating
profit 203.000 1.312.993
Balance
financial P/L 571.989 -2.559.005
Net
profit/loss 1] 774.990 -1.245.987
Taxation 261.007 128.012
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 513.983 -1.373.999
Balance extraordinary P/L -13.014 -1.117.008
Taxation 0 0
Extraordinary P/L 2] -13.014 -1.117.008
Res. sub. companies 2] 0 0
Minority interests 0 992
Miscellaneous P/L 0 0
Net result 503.001 2.489.000
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Legend : 1]
= Before tax
2]
= After tax
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Niche Trading Nv *** FINANCIAL
RATIOS ***
-----2004----- -----2005-----
EQUITY
%
Equity gearing 26,9 19,7
Equity/outside capital 36,9 24,5
LIQUIDITY
Current ratio 1,2 1
Acid test 1 0,8
RATES OF RETURN %
Total assets 4,7 -7,1
Shareholders
equity 17,3 -36
Pre tax margin
% 1,7 -2,7
Turnover rate 281,5 258,9
(x
1) (x 1)
-------------------- --------------------
Working capital 2.027.001 -423.972
Shareholders
equity + Equalization acc. 4.469.000 3.457.991
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)