MIRA INFORM REPORT

 

Report Date :

14th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

J.C. GINDER LIMITED

 

 

Registered Office :

Hoveniersstraat 53 B.38, 2018 Antwerpen Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.05.2005

 

 

Date of Incorporation :

01.10.1954

 

 

Com. Reg. No.:

130387

 

 

Legal Form :

Private Company With Limited Liability

 

 

Line of Business :

Wholesale of miscellaneous intermediate products

 

 

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 & address

 

J.C. GINDER LIMITED

HOVENIERSSTRAAT 53 B.38

2018 ANTWERPEN BE

Tel. Number       +32-3-2322181

Fax number       +32-3-2329152

 

 

Business founded

 

01 October 1954

 

 

Business registered

 

01 October 1954 - Private company with limited liability

 

 

Business last updated

 

31 May 2005

 

 

Registration number

 

130387, ANTWERPEN

 

 

Value Added Tax number

 

BE404958370

 

 

Judicial form

 

Private company with limited lability

 

 

Activities

 

Wholesale of miscellaneous intermediate products

 

 

Payment experience

 

Payment regular

 

 

Credit opinion

 

High creditworthiness

Cash situation (balance sheet analysis) : Very good

Profitability (balance sheet analysis) : Medium

Commitments (regarding contractual obligations) : Fulfilled („respectés“)

Payment defaults : None

 

 

Employees (Business)

 

2

 

 

Total share capital

 

31 May 2005                              EUR 19000,00

 

 

Branch office(s)

 

PELIKAANSTRAAT 86,2018 ANTWERPEN

 

 

Boardmembers

 

O'CONNOR JOHN BERNARD     Manager

GINDER RICHARD                                 Manager

 

 

Management

 

TORFS CAMILLUS                     Commissioner

MARIEN CARIN                         Representative and auditor

SCHOOFS MARC                      Representative and auditor

 

 

Auditor

 

MARC SCHOOFS & CO    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 May 2005  in  EUR 10.338.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 

00 0000 - 31 May 2005  in  EUR 

 

Total assets incl. prepaid expenses and accrued income

3.703.000,-

Total fixed assets

338.000,-

Total tangible fixed assets

334.000,-

Land and buildings

229.000,-

Plant, machinery and equipment

58.000,-

Total financial fixed assets

4.000,-

Investments (long-term)

4.000,-

Total Current assets

3.365.000,-

Inventories and work in progress (incl. prepayments)

654.000,-

Accounts receivable (trade)

2.298.000,-

Cash in hand and at bank

405.000,-

Total accrued income and prepaid expenses

8.000,-

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

3.703.000,-

Total equity (Shareholders' funds)

1.048.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

530.000,-

Statutory reserves

2.000,-

Legal reserves

2.000,-

Profit or loss carried forward

495.000,-

Total liabilities

2.655.000,-

Total long-term liabilities

203.000,-

Long-term liabilities to credit institutions

203.000,-

Total current liabilities

2.451.000,-

Current accounts payable (trade)

2.359.000,-

Current liabilities to credit institutions

6.000,-

Income and social tax liabilities

55.000,-

Total accrued expenses and deferred income

1.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.:

 00 0000 - 31 May 2005  in  EUR 

 

Total operating income/revenue

10.347.000,-

Main revenue (sales/turnover)

10.338.000,-

Total operating expenses

-10.203.000,-

Cost of materials (type of expenditure format)

9.784.000,-

Cost of goods sold (operational format)

10.203.000,-

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

144.000,-

Personnel costs

106.000,-

Depreciation

33.000,-

Operating profit or loss

144.000,-

Financial income

58.000,-

Financial expenses

-64.000,-

Result of ordinary operations

138.000,-

Extraordinary income

2.000,-

Extraordinary result

140.000,-

Taxes

-48.000,-

Net profit or loss

92.000,-

Borrowing ratio

253,34 %

Current ratio

137,23 %

Debt gearing

19,37 %

Profit margin.

1,64 %

Quick ratio

110,28 %

Return on assets

5,02 %

Return on equity.

8,77 %

Solidity or equity ratio

28,30 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 May 2004  in  EUR 11.065.000,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 

00 0000 - 31 May 2004  in  EUR 

 

Total assets incl. prepaid expenses and accrued income

3.375.000,-

Total fixed assets

371.000,-

Total tangible fixed assets

367.000,-

Land and buildings

235.000,-

Plant, machinery and equipment

69.000,-

Total financial fixed assets

4.000,-

Investments (long-term)

4.000,-

Total Current assets

3.004.000,-

Inventories and work in progress (incl. prepayments)

741.000,-

Accounts receivable (trade)

2.140.000,-

Cash in hand and at bank

111.000,-

Total accrued income and prepaid expenses

12.000,-

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

3.375.000,-

Total equity (Shareholders' funds)

956.000,-

Issued (subscribed) capital

19.000,-

Profit reserves

530.000,-

Statutory reserves

2.000,-

Legal reserves

2.000,-

Profit or loss carried forward

403.000,-

Total liabilities

2.419.000,-

Total long-term liabilities

233.000,-

Long-term liabilities to credit institutions

233.000,-

Total current liabilities

2.182.000,-

Current accounts payable (trade)

1.896.000,-

Current liabilities to credit institutions

185.000,-

Income and social tax liabilities

72.000,-

Total accrued expenses and deferred income

4.000,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 

00 0000 - 31 May 2004  in  EUR 

 

Total operating income/revenue

11.068.000,-

Main revenue (sales/turnover)

11.065.000,-

Total operating expenses

-10.945.000,-

Cost of materials (type of expenditure format)

10.509.000,-

Cost of goods sold (operational format)

10.945.000,-

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

123.000,-

Personnel costs

97.000,-

Depreciation

35.000,-

Operating profit or loss

123.000,-

Financial income

74.000,-

Financial expenses

-85.000,-

Result of ordinary operations

112.000,-

Extraordinary income

15.000,-

Extraordinary result

127.000,-

Taxes

-29.000,-

Net profit or loss

98.000,-

Borrowing ratio

253,03 %

Current ratio

137,41 %

Debt gearing

24,37 %

Profit margin.

1,40 %

Quick ratio

103,16 %

Return on assets

5,30 %

Return on equity.

10,25 %

Solidity or equity ratio

28,32 %

 

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 May 2003  in  EUR 8.890.162,00

 Not consolidated profit and loss turnover of the business: 

 

PER, period that the financial account covers for not consolidated balance sheet.: 

00 0000 - 31 May 2003  in  EUR 

 

Total assets incl. prepaid expenses and accrued income

2.645.524,-

Total fixed assets

334.031,-

Total tangible fixed assets

331.266,-

Land and buildings

241.765,-

Plant, machinery and equipment

78.367,-

Total financial fixed assets

2.765,-

Total Current assets

2.311.493,-

Inventories and work in progress (incl. prepayments)

514.830,-

Accounts receivable (trade)

1.651.044,-

Cash in hand and at bank

143.691,-

Total accrued income and prepaid expenses

1.928,-

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

2.645.524,-

Total equity (Shareholders' funds)

857.616,-

Issued (subscribed) capital

18.592,-

Profit reserves

530.492,-

Statutory reserves

1.886,-

Legal reserves

1.859,-

Profit or loss carried forward

304.787,-

Total liabilities

1.787.908,-

Total long-term liabilities

262.453,-

Total current liabilities

1.521.375,-

Current accounts payable (trade)

1.413.821,-

Current liabilities to credit institutions

31.832,-

Income and social tax liabilities

44.912,-

Total accrued expenses and deferred income

4.080,-

 

PER, period that the financial account covers for not consolidated profit and loss account.: 

00 0000 - 31 May 2003  in  EUR 

 

Main revenue (sales/turnover)

8.890.162,-

Cost of goods sold (operational format)

131.856,-

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

8.758.306,-

Personnel costs

78.868,-

Depreciation

28.727,-

Operating profit or loss

90.353,-

Financial income

9.874,-

Financial expenses

-60.147,-

Result of ordinary operations

40.080,-

Extraordinary income

14.040,-

Extraordinary result

54.120,-

Taxes

-23.523,-

Net profit or loss

30.597,-

Borrowing ratio

208,47 %

Current ratio

151,52 %

Debt gearing

30,60 %

Profit margin.

1,48 %

Quick ratio

117,96 %

Return on assets

5,88 %

Return on equity.

3,56 %

Solidity or equity ratio

32,41 %

 

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