MIRA INFORM REPORT
|
Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOLVIN SA |
|
|
|
|
Registered Office : |
310 Rue De Ransbeek Neder-Ovr-Heembeek 1120 |
|
|
|
|
Country : |
Belgium |
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|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
11.06.1999 |
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|
|
|
Com. Reg. No.: |
466279394 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Wholesale of Chemical Products for Industrial Use |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
(€) 8,200,000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Summary
|
Business Name |
SOLVIN SA |
|
Business Number |
466279394 |
|
Address |
310 RUE DE RANSBEEK NEDER-OVR-HEEMBEEK |
|
Post Code |
1120 |
|
Telephone |
022642111 |
|
Fax Number |
022642810 |
|
Date of Establishment |
11-06-1999 |
|
Number of Employees |
191 |
Credit Information Summary
|
Today's Credit Limit (€) |
8,200,000 |
|
|
Today's Purchase Limit (€) |
146,000,000 |
|
|
Date of Deposit at Registry |
17-07-2008 |
|
|
Date of Last Accounts |
31-12-2007 |
|
|
Turnover |
585,629,458 |
|
|
Results of Ordinary Operations Before Tax |
10,060,663 |
|
|
Networth |
39,750,547 |
|
Past Payments
|
|
|
Payment Expectation Days |
40.60 |
|
Days Sales Outstanding |
46.74 |
|
Industry Average Payment Expectation Days |
71.35 |
|
Industry Average Day Sales Outstanding |
90.05 |
Court Data Summary
|
|
|
Bankruptcy
Details |
|
|
Court Action Type |
None |
|
Protested
Bills |
|
|
Bill Amount |
|
|
NSSO
Details |
|
|
Date of Summons |
-- |
Company
Information
|
|
Company details |
|
|
Business Number |
466279394 |
|
Name |
SOLVIN SA |
|
Fax Number |
022642810 |
|
Establishment Date |
11-06-1999 |
|
Company Status |
ACTIVE |
|
Company Type |
Limited company |
|
Activity Description |
Wholesale of chemical products for industrial use |
|
Activity Code |
46751 |
|
Liable For Vat |
yes |
|
Currency |
Euro (€) |
|
Latest Branch
Details |
|
|
Street |
SCHELDELAAN |
|
House Number |
600 |
|
City |
ANTWERPEN |
|
Postal Code |
2040 |
|
Trade Registered Number |
350520 |
|
Trade Registered Entry Date |
01-08-2002 |
|
Contractor
Details |
|
|
Registration Number |
-- |
|
Contractor Description |
-- |
|
Striking Off Date |
-- |
|
Latest Event |
|
|
Serial Number |
90794 |
|
Event Description |
Reappointment commissioner |
Accounts
& Ratio
|
Period |
|||||
|
Accounts End Date |
31-12-2007 |
% |
31-12-2006 |
% |
31-12-2005 |
|
Weeks |
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
Profit & Loss |
|||||
|
Turnover |
585,629,458 |
10.0% |
532,558,198 |
11.4% |
477,904,000 |
|
Total Operating Expenses |
570,590,531 |
9.3% |
522,013,189 |
12.6% |
463,482,000 |
|
Operating Result |
15,038,927 |
42.6% |
10,545,009 |
-26.9% |
14,422,000 |
|
Total Financial Income |
19,737,338 |
188.4% |
6,844,314 |
156.6% |
2,667,000 |
|
Total Financial Expenses |
11,412,618 |
57.6% |
7,241,890 |
61.2% |
4,493,000 |
|
Results on Ordinary Operations Before Tax |
10,060,663 |
74.3% |
5,772,682 |
-47.7% |
11,048,000 |
|
Taxation |
2,979,233 |
32.0% |
2,256,715 |
-42.7% |
3,937,000 |
|
Results on Ordinary Operations After Tax |
7,081,430 |
101.4% |
3,515,967 |
-50.6% |
7,111,000 |
|
Extraordinary Items |
0 |
100.0% |
-7,000 |
- |
0 |
|
Net Result |
7,081,431 |
101.8% |
3,508,967 |
-50.7% |
7,111,000 |
|
Other Information |
|||||
|
Dividends |
6,434,749 |
100.0% |
3,217,375 |
-54.7% |
7,108,000 |
|
Director Remuneration |
- |
- |
- |
- |
- |
|
Employee Costs |
19,285,767 |
6.1% |
18,170,189 |
5.6% |
17,210,000 |
|
- Wages & Salaries |
13,784,255 |
6.3% |
12,969,083 |
3.8% |
12,490,000 |
|
- Social Security Contributions |
4,805,127 |
3.3% |
4,649,865 |
7.9% |
4,308,000 |
|
- Other Employee Costs |
683,793 |
24.0% |
551,241 |
33.8% |
412,000 |
|
Amortization & Depreciation |
4,721,515 |
159.4% |
1,820,239 |
14.0% |
1,597,000 |
Balance Sheet
|
|||||
|
Accounts End Date |
31-12-2007 |
% |
31-12-2006 |
% |
31-12-2005 |
|
Weeks |
52 |
- |
52 |
- |
52 |
|
Intangible Fixed Assets |
15,875 |
-38.7% |
25,916 |
-16.4% |
31,000 |
|
Tangible Fixed Assets |
31,215,226 |
-0.3% |
31,324,847 |
121.6% |
14,137,000 |
|
- Land And Buildings |
2,063,256 |
53.8% |
1,341,946 |
11.3% |
1,206,000 |
|
- Plant And Machinery |
28,172,068 |
215.8% |
8,919,856 |
1.6% |
8,781,000 |
|
- Other Tangible Assets |
979,902 |
-95.3% |
21,063,045 |
407.5% |
4,150,000 |
|
Financial Fixed Assets |
944,583 |
-12.1% |
1,075,083 |
-97.0% |
35,790,000 |
|
Total Fixed Assets |
32,175,684 |
-0.8% |
32,425,846 |
-35.1% |
49,958,000 |
|
Inventories |
|||||
|
- Raw Materials & Consumables |
1,106,472 |
19.8% |
923,662 |
-9.6% |
1,022,000 |
|
- Work in Progress |
27,822,137 |
600.4% |
3,972,414 |
62.3% |
2,448,000 |
|
- Finished Goods |
7,896,119 |
39.5% |
5,660,898 |
37.5% |
4,117,000 |
|
- Other Stocks |
8,911,617 |
32.2% |
6,740,445 |
-56.3% |
15,426,000 |
|
Trade Debtors |
74,997,348 |
-10.1% |
83,405,818 |
127.5% |
36,654,000 |
|
Cash |
48,682 |
240.0% |
14,317 |
- |
0 |
|
- Miscellaneous Current Assets |
171,574,629 |
72.0% |
99,751,921 |
126.3% |
44,081,000 |
|
Total Current Assets |
292,357,004 |
45.8% |
200,469,475 |
93.2% |
103,748,000 |
|
|
|||||
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- Trade Creditors |
63,461,147 |
18.8% |
53,419,649 |
-2.7% |
54,923,000 |
|
- Short Term Group Loans |
0 |
-100.0% |
148,026,551 |
129.6% |
64,484,000 |
|
- Other Short Term Loans |
201,738,431 |
77.1% |
113,899,894 |
279.7% |
30,000,000 |
|
- Miscellaneous Current Liabilities |
13,912,521 |
110.1% |
-138,341,610 |
-192.2% |
-47,351,000 |
|
Total Current Liabilities |
279,112,099 |
57.7% |
177,004,484 |
73.4% |
102,056,000 |
|
|
|||||
|
- Long Term Group Loans |
0 |
-100.0% |
11,000,000 |
-52.2% |
23,000,000 |
|
- Other Long Term Loans |
0 |
-100.0% |
11,000,000 |
-52.2% |
23,000,000 |
|
- Other Long Term Liabilities |
5,654,168 |
208.1% |
-5,228,904 |
71.2% |
-18,178,000 |
|
Total Long Term Debts |
5,654,168 |
-66.3% |
16,771,096 |
-39.7% |
27,822,000 |
|
|
|||||
|
- Issued Share Capital |
15,275,104 |
0.0% |
15,275,104 |
5,454.6% |
275,000 |
|
- Share Premium Account |
23,514,059 |
0.0% |
23,514,059 |
0.0% |
23,514,000 |
|
- Reserves |
977,259 |
195.6% |
330,578 |
747.6% |
39,000 |
|
- Revaluation Reserve |
0 |
- |
0 |
- |
0 |
|
Total Shareholders Equity |
39,766,422 |
1.7% |
39,119,741 |
64.2% |
23,828,000 |
|
|
|||||
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Working Capital |
13,244,905 |
-43.6% |
23,464,991 |
1,286.8% |
1,692,000 |
|
Net Worth |
39,750,547 |
1.7% |
39,093,825 |
64.3% |
23,797,000 |
Ratio Analysis
|
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Trading
Performance |
|||||
|
Pre-tax Profit Margin |
1.72 |
59.3% |
1.08 |
-53.2% |
2.31 |
|
Return On Capital Employed |
22.15 |
114.4% |
10.33 |
-51.7% |
21.39 |
|
Return On Total Assets Employed |
3.10 |
25.0% |
2.48 |
-65.5% |
7.19 |
|
Return On Net Assets Employed |
75.96 |
208.8% |
24.60 |
-96.2% |
652.96 |
|
Sales / Net Working Capital |
44.22 |
94.8% |
22.70 |
-92.0% |
282.45 |
|
Operating
Efficiency |
|||||
|
Stock Turnover Ratio |
7.81 |
140.3% |
3.25 |
-32.6% |
4.82 |
|
Debtor Days |
46.74 |
-18.2% |
57.16 |
104.2% |
27.99 |
|
Creditor Days |
40.60 |
8.7% |
37.35 |
-13.6% |
43.25 |
|
Short Term
Stability |
|||||
|
Current Ratio |
1.05 |
-7.1% |
1.13 |
10.8% |
1.02 |
|
Liquidity Ratio / Acid Ratio |
0.88 |
-14.6% |
1.03 |
30.4% |
0.79 |
|
Current Debt Ratio |
7.02 |
55.3% |
4.52 |
5.6% |
4.28 |
|
Long Term
Stability |
|||||
|
Gearing |
507.31 |
-30.1% |
725.79 |
23.1% |
589.58 |
|
Equity In Percentage |
0.12 |
-29.4% |
0.17 |
6.3% |
0.16 |
|
Total Debt Ratio |
5.07 |
-30.2% |
7.26 |
23.1% |
5.90 |
|
Industry
Comparison |
|
|
Activity Code |
46751 |
|
Activity Description |
Wholesale of chemical products for industrial use |
|
Industry Average Credit Rating |
63.16 |
|
Industry Average Credit Limit (€) |
144,361 |
Payment
Expectations
|
Payment Expectations |
|
|
Payment Expectation Days |
40.60 |
|
Day Sales Outstanding |
46.74 |
|
Industry Comparison |
|
|
Activity Code |
4675 |
|
Activity Description |
Wholesale of chemical products |
|
Industry Average Day Sales Outstanding |
90.05 |
|
Industry Average Payment Expectation Days |
71.35 |
|
Industry Quartile Analysis |
|
|
Payment Expectation Days |
|
|
Payment Expectations - Lower |
44.77 |
|
Payment Expectations - Median |
65.89 |
|
Payment Expectations - Upper |
100.85 |
|
Day Sales Outstanding |
|
|
Day Sales Outstanding - Lower |
22.40 |
|
Day Sales Outstanding - Median |
48.33 |
|
Day Sales Outstanding - Upper |
79.27 |
Shareholders
|
Holding Company |
|
|
Company Name |
SOLVIN HOLDING GMBH |
|
Business Number |
2525661 |
|
Share Percentage |
99.97 |
|
Annual Accounts Date |
01-12-2006 |
|
Holding Company |
|
|
Company Name |
SOLVIN EUROPE GMBH |
|
Business Number |
2525760 |
|
Share Percentage |
0.03 |
|
Annual Accounts Date |
01-12-2006 |
|
Subsidary |
|
|
Company Name |
SOLVIC SA |
|
Business Number |
403147638 |
|
Share Percentage |
0.01 |
|
Annual Accounts Date |
01-12-2005 |
Court
Data
|
Protested Bills |
|
|
Drawee Name |
-- |
|
Drawee Address |
-- |
|
Bill Amount |
|
|
Bill Currency |
-- |
|
Maturity of Bill (month) |
|
|
Name of Drawer |
-- |
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City of Drawer |
-- |
|
NSSO Details |
|
|
Business Number |
|
|
Name of Defendant |
-- |
|
Legal Form of Defendant |
-- |
|
Date of Summons |
|
|
Labour Court |
-- |
|
Bankruptcy Data |
|
There is no bankruptcy data against this company. |
Directors
|
Company Director |
|
|
FullName |
JEAN-PIERRE PLESKA |
|
Position |
Director |
|
Address |
99 RUE DE L'ABBAYE BRUXELLES |
|
Postal Code |
1050 |
|
Country |
-- |
|
Company Director |
|
|
FullName |
BRUNO VAN DER WIELEN |
|
Position |
Director |
|
Address |
7 AVENUE BOULOGNE BILLANCOURT RIXENSART |
|
Postal Code |
1330 |
|
Country |
-- |
|
Company Director |
|
|
FullName |
PIERRE TUCOULAT |
|
Position |
Managing director |
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Address |
65 RUE DE L’AUTOMNE BRUXELLES |
|
Postal Code |
1050 |
|
Country |
-- |
|
Company Director |
|
|
FullName |
JACQUES DELMORTIEZ |
|
Position |
Director |
|
Address |
0 CHEMIN SAINT-LANDRY SOIGNIES |
|
Postal Code |
7060 |
|
Country |
-- |
|
Company Director |
|
|
FullName |
F SCHNEIDER |
|
Position |
Director |
|
Address |
81 AZALEENWEG 47445 MOERS |
|
Postal Code |
0 |
|
Country |
Germany |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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. |
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%)