MIRA INFORM REPORT

 

 

Report Date :

17.07.2007

 

IDENTIFICATION DETAILS

 

Name :

INDEPENDENT IODINE COMPANY

 

 

Registered Office :

Hortensiadreef 40, 2920 Kalmthout Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

21 September 2000

 

 

Com. Reg. No.:

341191

 

 

Legal Form :

Private company limited by shares

 

 

Line of Business :

Wholesale of chemical products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

52000 EUR

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

INDEPENDENT IODINE COMPANY

HORTENSIADREEF 40

2920 KALMTHOUT BE

Tel. Number       +32-3-6201890

Fax number       +32-3-6201893

 

 

Business founded

21 September 2000

Business registered

19 October 2000 - Private company limited by shares

Registration number,

341191, ANTWERPEN,

VAT number,

BE472861142,

Legal form

Private company limited by shares

Activities

Wholesale of chemical products

Payment experience

no complaints have been registered

Credit opinion

Credit opinion

 

Maximum credit limit 52000 EUR is advised

 

Cash situation (balance sheet analysis) : Good 

 

Profitability (balance sheet analysis) : Low 

 

Commitments (regarding contractual obligations) : Currently fulfilled 

 

Payment defaults : None 

Employees (Business)

 2

Total share capital31 December 2005

EUR 124000,00

Bank

KBC BANK   

Board members

HDT    Deputy boardmember

 

DE URRUTICOECHEA SARTORIUS CARLOS VICENTE    Boardmember

 

MBUYI KASONGO ANGELE    Boardmember

 

INDEPENDENT IODINE AMERICA    Boardmember

Management

HDT    Partner

 

D'HONDT HELENA STEPHANIA NADIA PAULINA R    Partner

 

SCHOUTEDEN DIRK EMIEL MARLEEN    Partner

 

DE PUYSSELEYR LUC GASTON JULIETTE    Representative and auditor

Auditor

LUC DEPUYSSELEYR EN CO    Auditors´ president

(Part-) Owner

451876478   HDT   18,85 %   

 

 

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

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 16.734.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

3.416.000,-

Total fixed assets

215.000,-

Total intangible fixed assets

10.000,-

Total tangible fixed assets

205.000,-

Plant, machinery and equipment

1.000,-

Total Current assets

3.201.000,-

Accounts receivable (trade)

2.190.000,-

Investments (short-term)

66.000,-

Cash in hand and at bank

938.000,-

Total accrued income and prepaid expenses

7.000,-

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

3.416.000,-

Total equity (Shareholders' funds)

278.000,-

Issued (subscribed) capital

124.000,-

Profit reserves

140.000,-

Legal reserves

12.000,-

Profit or loss carried forward

2.000,-

Total liabilities

3.138.000,-

Total long-term liabilities

3.000,-

Long-term liabilities to credit institutions

3.000,-

Total current liabilities

3.135.000,-

Current accounts payable (trade)

2.563.000,-

Current liabilities to credit institutions

537.000,-

Income and social tax liabilities

34.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2005  in  EUR 

Total operating income/revenue

16.737.000,-

Main revenue (sales/turnover)

16.734.000,-

Total operating expenses

-16.546.000,-

Cost of materials (type of expenditure format)

15.996.000,-

Cost of goods sold (operational format)

16.546.000,-

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

191.000,-

Personnel costs

68.000,-

Depreciation

12.000,-

Operating profit or loss

191.000,-

Financial expenses

-76.000,-

Result of ordinary operations

115.000,-

Extraordinary expenses

-1.000,-

Extraordinary result

114.000,-

Taxes

-43.000,-

Net profit or loss

71.000,-

Borrowing ratio

1170,90 %

Current ratio

102,10 %

Debt gearing

1,12 %

Profit margin.

1,21 %

Quick ratio

101,88 %

Return on assets

3,77 %

Return on equity.

25,53 %

Solidity or equity ratio

8,13 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 15.658.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

3.775.000,-

Total fixed assets

19.000,-

Total intangible fixed assets

2.000,-

Total tangible fixed assets

17.000,-

Plant, machinery and equipment

1.000,-

Total Current assets

3.756.000,-

Accounts receivable (trade)

3.430.000,-

Investments (short-term)

66.000,-

Cash in hand and at bank

253.000,-

Total accrued income and prepaid expenses

7.000,-

Total equity, provisions, liabilities, accrued expenses and deferred

income

3.775.000,-

Total equity (Shareholders' funds)

208.000,-

Issued (subscribed) capital

124.000,-

Profit reserves

70.000,-

Legal reserves

13.000,-

Profit or loss carried forward

1.000,-

Total liabilities

3.567.000,-

Total long-term liabilities

4.000,-

Long-term liabilities to credit institutions

4.000,-

Total current liabilities

3.562.000,-

Current accounts payable (trade)

3.526.000,-

Income and social tax liabilities

31.000,-

Total accrued expenses and deferred income

1.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2004  in  EUR 

Total operating income/revenue

15.669.000,-

Main revenue (sales/turnover)

15.658.000,-

Total operating expenses

-15.472.000,-

Cost of materials (type of expenditure format)

14.983.000,-

Cost of goods sold (operational format)

15.472.000,-

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

197.000,-

Personnel costs

57.000,-

Depreciation

9.000,-

Operating profit or loss

197.000,-

Financial income

9.000,-

Financial expenses

-43.000,-

Result of ordinary operations

163.000,-

Extraordinary income

3.000,-

Extraordinary expenses

-32.000,-

Extraordinary result

134.000,-

Taxes

-50.000,-

Net profit or loss

84.000,-

Borrowing ratio

1731,55 %

Current ratio

105,41 %

Debt gearing

1,94 %

Profit margin.

1,19 %

Quick ratio

105,24 %

Return on assets

3,39 %

Return on equity.

40,38 %

Solidity or equity ratio

5,50 %

 

Turnover for the period: 00 0000 - 31 December 2003  in  EUR 13.024.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2003  in  EUR 

Total assets incl. prepaid expenses and accrued income

2.495.000,-

Total fixed assets

23.000,-

Total intangible fixed assets

2.000,-

Total tangible fixed assets

21.000,-

Plant, machinery and equipment

2.000,-

Total Current assets

2.472.000,-

Accounts receivable (trade)

1.878.000,-

Investments (short-term)

66.000,-

Cash in hand and at bank

521.000,-

Total accrued income and prepaid expenses

7.000,-

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

2.495.000,-

Total equity (Shareholders' funds)

123.000,-

Issued (subscribed) capital

124.000,-

Legal reserves

12.000,-

Profit or loss carried forward

-13.000,-

Total provisions

19.000,-

Total liabilities

2.353.000,-

Total long-term liabilities

5.000,-

Long-term liabilities to credit institutions

5.000,-

Total current liabilities

2.348.000,-

Current accounts payable (trade)

2.010.000,-

Current liabilities to credit institutions

26.000,-

Income and social tax liabilities

27.000,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2003  in  EUR 

Total operating income/revenue

13.073.000,-

Main revenue (sales/turnover)

13.024.000,-

Total operating expenses

-13.007.000,-

Cost of materials (type of expenditure format)

12.479.000,-

Cost of goods sold (operational format)

13.007.000,-

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

66.000,-

Personnel costs

64.000,-

Depreciation

10.000,-

Operating profit or loss

66.000,-

Financial income

4.000,-

Financial expenses

-78.000,-

Result of ordinary operations

-8.000,-

Extraordinary result

-8.000,-

Taxes

-3.000,-

Net profit or loss

-11.000,-

Borrowing ratio

1944,63 %

Current ratio

105,28 %

Debt gearing

4,13 %

Profit margin.

0,72 %

Quick ratio

104,98 %

Return on assets

0,84 %

Return on equity.

-8,94 %

Solidity or equity ratio

4,92 %

 

 

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