MIRA
INFORM REPORT
|
Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CAPPELLE PIGMENTS NV |
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|
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Registered Office : |
153 Kortrijkstraat Menen 8930 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.04.1930 |
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Com. Reg. No.: |
405467720 |
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|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Manufacture of Dyes and Pigments |
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 : |
(€) 2,050,000 |
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|
|
|
Status : |
Very Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
Company
Summary
|
COMPANY SUMMARY |
|
|
Business Name |
CAPPELLE PIGMENTS NV |
|
Business Number |
405467720 |
|
Address |
153 KORTRIJKSTRAAT MENEN |
|
Post Code |
8930 |
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Telephone |
056521200 |
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Fax Number |
056521262 |
|
Date of Establisment |
03-04-1930 |
|
Number of Employees |
203 |
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|
|
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CREDIT
INFORMATION SUMMARY |
||
|
Today's Credit Limit (€) |
2,050,000 |
|
|
Today's Purchase Limit (€) |
16,900,000 |
|
|
Date of Deposit at Registry |
19-06-2008 |
|
|
Date of Last Accounts |
31-12-2007 |
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|
Turnover |
65,821,796 |
|
|
Results of Ordinary Operations Before Tax |
1,511,899 |
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|
Networth |
29,436,539 |
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|
|
|
|
|
PAST PAYMENTS |
|
|
Payment Expectation Days |
45.40 |
|
Days Sales Outstanding |
84.29 |
|
Industry Average Payment Expectation Days |
85.13 |
|
Industry Average Day Sales Outstanding |
101.46 |
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|
|
|
COURT DATA
SUMMARY |
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|
bankruptcy details |
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|
Court Action Type |
None |
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Protested Bills |
|
|
Bill Amount |
|
|
NSSO Details |
|
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Date of Summons |
-- |
Company
Information
|
COMPANY DETAILS |
|
|
Business Number |
405467720 |
|
Name |
CAPPELLE PIGMENTS NV |
|
Fax Number |
056521262 |
|
Establishment Date |
03-04-1930 |
|
Company Status |
ACTIVE |
|
Company Type |
Limited company |
|
Activity Description |
Manufacture of dyes and pigments |
|
Activity Code |
20120 |
|
Liable For Vat |
yes |
|
Currency |
Euro (€) |
|
|
|
|
LATEST EVENT |
|
|
Serial Number |
96535 |
|
Event Description |
Reappointment |
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 |
65,821,796 |
-2.9% |
67,774,986 |
12.3% |
60,345,000 |
|
Total Operating Expenses |
64,790,855 |
-1.7% |
65,884,367 |
14.0% |
57,792,000 |
|
Operating Result |
1,030,941 |
-45.5% |
1,890,619 |
-25.9% |
2,553,000 |
|
Total Financial Income |
1,676,093 |
0.0% |
1,676,024 |
13.5% |
1,477,000 |
|
Total Financial Expenses |
394,917 |
18.6% |
332,994 |
123.5% |
149,000 |
|
Results on Ordinary Operations Before Tax |
1,511,899 |
-38.0% |
2,440,179 |
-23.3% |
3,182,000 |
|
Taxation |
261,792 |
-44.4% |
470,689 |
-48.9% |
921,000 |
|
Results on Ordinary Operations After Tax |
1,250,107 |
-36.5% |
1,969,490 |
-12.9% |
2,261,000 |
|
Extraordinary Items |
3,079 |
-96.8% |
95,503 |
- |
0 |
|
Net Result |
1,275,361 |
-39.3% |
2,100,592 |
-8.6% |
2,297,000 |
|
Other Information |
|||||
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Dividends |
- |
- |
600,000 |
50.0% |
400,000 |
|
Director Remuneration |
- |
- |
- |
- |
- |
|
Employee Costs |
12,197,901 |
4.4% |
11,679,509 |
-5.5% |
12,363,000 |
|
- Wages & Salaries |
8,622,873 |
5.3% |
8,190,221 |
-3.0% |
8,446,000 |
|
- Social Security Contributions |
2,943,357 |
0.8% |
2,920,228 |
14.2% |
2,557,000 |
|
- Other Employee Costs |
631,671 |
11.0% |
569,060 |
-58.2% |
1,360,000 |
|
Amortization & Depreciation |
995,334 |
-20.5% |
1,252,234 |
-8.3% |
1,366,000 |
|
BALANCE SHEET |
|||||
|
Accounts End Date |
31-12-2007 |
% |
31-12-2006 |
% |
31-12-2005 |
|
Weeks |
52 |
- |
52 |
- |
52 |
|
Intangible Fixed Assets |
0 |
- |
0 |
- |
0 |
|
Tangible Fixed Assets |
4,140,063 |
-13.6% |
4,793,910 |
-17.4% |
5,807,000 |
|
- Land And Buildings |
2,286,916 |
-13.7% |
2,650,258 |
-13.5% |
3,063,000 |
|
- Plant And Machinery |
1,625,841 |
-15.8% |
1,930,496 |
-24.4% |
2,552,000 |
|
- Other Tangible Assets |
227,306 |
6.6% |
213,156 |
11.0% |
192,000 |
|
Financial Fixed Assets |
5,821,063 |
7.8% |
5,401,264 |
-0.3% |
5,416,000 |
|
Total Fixed Assets |
9,961,126 |
-2.3% |
10,195,174 |
-9.2% |
11,223,000 |
|
Inventories |
|||||
|
- Raw Materials & Consumables |
2,979,845 |
13.5% |
2,625,827 |
-20.9% |
3,320,000 |
|
- Work in Progress |
0 |
- |
0 |
- |
0 |
|
- Finished Goods |
12,246,828 |
30.9% |
9,353,609 |
-2.9% |
9,636,000 |
|
- Other Stocks |
0 |
- |
0 |
- |
0 |
|
Trade Debtors |
15,200,311 |
-17.3% |
18,382,355 |
29.8% |
14,159,000 |
|
Cash |
0 |
-100.0% |
871,086 |
52.8% |
570,000 |
|
- Miscellaneous Current Assets |
2,474,322 |
64.4% |
1,505,173 |
19.5% |
1,260,000 |
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Total Current Assets |
32,901,306 |
0.5% |
32,738,050 |
13.1% |
28,945,000 |
|
- Trade Creditors |
8,059,166 |
-27.8% |
11,169,454 |
24.5% |
8,971,000 |
|
- Short Term Group Loans |
1,461,629 |
-58.1% |
3,487,070 |
132.3% |
1,501,000 |
|
- Other Short Term Loans |
2,580,951 |
- |
0 |
-100.0% |
1,120,000 |
|
- Miscellaneous Current Liabilities |
706,544 |
200.1% |
-706,069 |
-178.2% |
903,000 |
|
Total Current Liabilities |
12,808,290 |
-8.2% |
13,950,455 |
11.6% |
12,495,000 |
|
- Long Term Group Loans |
0 |
- |
0 |
- |
0 |
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- Other Long Term Loans |
0 |
- |
0 |
- |
0 |
|
- Other Long Term Liabilities |
617,603 |
-22.8% |
800,060 |
-16.4% |
957,000 |
|
Total Long Term Debts |
617,603 |
-22.8% |
800,060 |
-16.4% |
957,000 |
|
- Issued Share Capital |
9,420,060 |
0.0% |
9,420,060 |
0.0% |
9,420,000 |
|
- Share Premium Account |
589,170 |
0.0% |
589,170 |
0.0% |
589,000 |
|
- Reserves |
19,427,309 |
6.9% |
18,173,480 |
8.8% |
16,707,000 |
|
- Revaluation Reserve |
0 |
- |
0 |
- |
0 |
|
Total Shareholders Equity |
29,436,539 |
4.4% |
28,182,710 |
5.5% |
26,716,000 |
|
Working Capital |
20,093,016 |
6.9% |
18,787,595 |
14.2% |
16,450,000 |
|
Net Worth |
29,436,539 |
4.4% |
28,182,710 |
5.5% |
26,716,000 |
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RATIO ANALYSIS |
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Trading Performance |
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|
Pre-tax Profit Margin |
2.30 |
-36.1% |
3.60 |
-31.7% |
5.27 |
|
Return On Capital Employed |
5.03 |
-40.3% |
8.42 |
-26.8% |
11.50 |
|
Return On Total Assets Employed |
3.53 |
-37.9% |
5.68 |
-28.3% |
7.92 |
|
Return On Net Assets Employed |
7.52 |
-42.1% |
12.99 |
-32.8% |
19.34 |
|
Sales / Net Working Capital |
3.28 |
-9.1% |
3.61 |
-1.6% |
3.67 |
|
Operating Efficiency |
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Stock Turnover Ratio |
23.13 |
30.8% |
17.68 |
-17.7% |
21.47 |
|
Debtor Days |
84.29 |
-14.9% |
99.00 |
15.6% |
85.64 |
|
Creditor Days |
45.40 |
-26.6% |
61.88 |
9.2% |
56.66 |
|
Short Term Stability |
|||||
|
Current Ratio |
2.57 |
9.4% |
2.35 |
1.3% |
2.32 |
|
Liquidity Ratio / Acid Ratio |
1.38 |
-7.4% |
1.49 |
16.4% |
1.28 |
|
Current Debt Ratio |
0.44 |
-12.0% |
0.50 |
6.4% |
0.47 |
|
Long Term Stability |
|||||
|
Gearing |
13.73 |
11.0% |
12.37 |
26.1% |
9.81 |
|
Equity In Percentage |
0.69 |
4.5% |
0.66 |
-1.5% |
0.67 |
|
Total Debt Ratio |
0.14 |
16.7% |
0.12 |
20.0% |
0.10 |
Payment
Expectations
|
Payment Expectations |
|
|
Payment Expectation Days |
45.40 |
|
Day Sales Outstanding |
84.29 |
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|
|
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INDUSTRY
COMPARISON |
|
|
Activity Code |
2012 |
|
Activity Description |
Manufacture of dyes and pigments |
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Industry Average Day Sales Outstanding |
101.46 |
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Industry Average Payment Expectation Days |
85.13 |
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|
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INDUSTRY
QUARTILE ANALYSIS |
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Payment Expectation Days |
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|
Payment Expectations - Lower |
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Payment Expectations - Median |
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Payment Expectations - Upper |
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Day Sales Outstanding |
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|
Day Sales Outstanding - Lower |
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|
Day Sales Outstanding - Median |
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Day Sales Outstanding - Upper |
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Shareholders
|
No holding companies for this company. |
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SUBSIDARY |
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Company Name |
CAPPELLE INCORPORATED |
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Business Number |
6970934 |
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Share Percentage |
100 |
|
Annual Accounts Date |
01-12-2007 |
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Subsidary |
|
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Company Name |
CAPPELLE FRERES (UK) LTD |
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Business Number |
6971330 |
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Share Percentage |
100 |
|
Annual Accounts Date |
01-12-2007 |
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Subsidary |
|
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Company Name |
CAPELLE PIGMENTS AUSTRALIA PTY LTD |
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Business Number |
6971132 |
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Share Percentage |
100 |
|
Annual Accounts Date |
01-12-2007 |
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Subsidary |
|
|
Company Name |
PIGMENTOS CAPPELLE SA |
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Business Number |
6971231 |
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Share Percentage |
100 |
|
Annual Accounts Date |
01-12-2007 |
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Subsidary |
|
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Company Name |
CAPPELLE CHINA HOLDING NV |
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Business Number |
870327253 |
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Share Percentage |
99 |
|
Annual Accounts Date |
01-12-2007 |
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Subsidary |
|
|
Company Name |
CAPELLE PIGMENTS SARL |
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Business Number |
6970835 |
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Share Percentage |
99 |
|
Annual Accounts Date |
01-12-2007 |
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Subsidary |
|
|
Company Name |
CAPPELLE FRERES S.R.L. |
|
Business Number |
6971033 |
|
Share Percentage |
98 |
|
Annual Accounts Date |
01-12-2007 |
Directors
|
Company Director |
|
|
FullName |
ALFREDO CAPPELLE |
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Position |
Director |
|
Address |
12 PRIESTERSTRAAT ZWEVEGEM (ST-DEN.) |
|
Postal Code |
8554 |
|
Company Director |
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|
FullName |
BENOIT CAPPELLE |
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Position |
Director |
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Address |
17 ALLEE DES PATRIOTES TOURNAI (ORCQ) |
|
Postal Code |
7501 |
|
Company Director |
|
|
FullName |
GUY GRETA ANNIE JOZE MAMPAEY |
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Position |
Director |
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Address |
209 'S HERENBAAN BOOM |
|
Postal Code |
2850 |
|
Company Director |
|
|
FullName |
ERIK BONJEAN |
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Position |
Director |
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Address |
27 HEIDEHOEVEN ZOERSEL - HALLE |
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Postal Code |
2980 |
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Company Director |
|
|
FullName |
GUY CANTAERT |
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Position |
Director |
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Address |
29 BRUGGENHOEK ZOTTEGEM |
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Postal Code |
9620 |
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Company Director |
|
|
FullName |
IVAN VANWYNSBERGHE |
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Position |
Managing director |
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Address |
26 EEKHOFSTRAAT IEPER (ZILLEBEKE) |
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Postal Code |
8902 |
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Company Director |
|
|
FullName |
VINCENT CAPPELLE |
|
Position |
Director |
|
Address |
132 RUE LEOPOLD I LAEKEN |
|
Postal Code |
1020 |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.75.03 |
|
Euro |
1 |
Rs.63.14 |
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%)