MIRA INFORM REPORT

 

 

Report Date :

01.02.2008

 

IDENTIFICATION DETAILS

 

Name :

N V JOS VANNESTE

 

 

Registered Office :

 Kortrijksesteenweg 283 8530 Harelbeke 

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2007

 

 

Date of Incorporation :

14.03.1986

 

 

Com. Reg. No.:

110008, KORTRIJK

 

 

Legal Form :

Private Company Limited by Shares

 

 

Line of Business :

Preparation and Spinning of Flax-Type Fibers

 

 

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 :

EUR  214000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

Extended Report

 

name & address

 

JOS VANNESTE

KORTRIJKSESTEENWEG 283

 8530 HARELBEKE BE

Tel. Number +32-56-712413

Fax number +32-56-711285

 

Business founded

14 March 1986

Business registered

24 April 1986 - Private company limited by shares

Registration number,

110008, KORTRIJK,

VAT number,

BE428663784,

Legal form

Private company limited by shares

Activities

Preparation and spinning of flax-type fibers

Payment experience

Payment regular

Credit opinion

High creditworthiness

 

Maximum credit limit 214000 EUR is advised

 

Cash situation (balance sheet analysis) : Good 

 

Profitability (balance sheet analysis) : Very good 

 

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

 

Payment defaults : None 

Employees (Business)

 55

Total share capital30 June 2007

EUR 700000,00

Bank

FORTIS BANK   

Boardmembers

VANNESTE CIE    Deputy managing director

 

VANNESTE WERNER    Chairman and managing director

 

FLANDERS FLAX HOLDING    Deputy boardmember

 

DEDEURWAERDER GODELIEVE    Boardmember

 

VANNESTE ALEX    Boardmember

 

VERWEE HENRI    Boardmember

Management

VANNESTE WERNER    Partner

 

DEDEURWAERDER GODELIEVE    Partner

 

ROOBROUCK BART ETIENNE    Representative and auditor

Auditor

VANDER DONCKT - ROOBROUCK - CHRISTIAENS BEDRIJFSREVISOREN    Auditors´ president

Subsidiary company.

444965823   VANNINVEST   62,50 %   

 

EL WADI - VANNESTE LINEN SPINNING CO   50,00 %   

 

 

 

 

 

 

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

 

Turnover for the period: 00 0000 - 30 June 2007  in  EUR 34.150.380,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 30 June 2007  in  EUR 

Total assets incl. prepaid expenses and accrued income

10.212.651,-

Total fixed assets

2.025.699,-

Total tangible fixed assets

603.238,-

Land and buildings

315.892,-

Plant, machinery and equipment

160.355,-

Total financial fixed assets

1.422.462,-

Loans, shares and participations

1.394.545,-

Investments (long-term)

27.916,-

Total Current assets

8.186.951,-

Inventories and work in progress (incl. prepayments)

2.200.024,-

Accounts receivable (trade)

5.109.109,-

Cash in hand and at bank

846.342,-

Total accrued income and prepaid expenses

31.476,-

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

10.212.651,-

Total equity (Shareholders' funds)

1.818.121,-

Issued (subscribed) capital

700.000,-

Profit reserves

162.493,-

Legal reserves

198.960,-

Profit or loss carried forward

756.668,-

Total provisions

51.687,-

Total liabilities

8.342.843,-

Total long-term liabilities

974.965,-

Long-term Loans, Mortgage debts

200.000,-

Long-term liabilities to credit institutions

774.965,-

Total current liabilities

7.341.949,-

Current accounts payable (trade)

3.555.683,-

Current liabilities to credit institutions

2.644.885,-

Income and social tax liabilities

293.626,-

Total accrued expenses and deferred income

25.928,-

 

Corporate profit and loss account for the year: 00 0000 - 30 June 2007  in  EUR 

Total operating income/revenue

35.030.665,-

Main revenue (sales/turnover)

34.150.380,-

Total operating expenses

33.902.329,-

Cost of materials (type of expenditure format)

24.065.203,-

Cost of goods sold (operational format)

33.902.328,-

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

1.128.336,-

Personnel costs

3.813.700,-

Depreciation

449.056,-

Operating profit or loss

1.128.336,-

Financial income

250.617,-

Financial expenses

1.105.721,-

Result of ordinary operations

273.232,-

Extraordinary income

148.126,-

Extraordinary result

421.358,-

Pre-tax and pre-appropriation profit or loss

17.000,-

Appropriations

88.729,-

Taxes

180.483,-

Net profit or loss

312.605,-

Borrowing ratio

439,84 %

Current ratio

111,11 %

Debt gearing

51,40 %

Profit margin.

4,60 %

Quick ratio

81,11 %

Return on assets

14,11 %

Return on equity.

17,19 %

Solidity or equity ratio

17,80 %

 

Turnover for the period: 00 0000 - 30 September 2005  in  EUR 18.793.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 30 September 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

8.731.000,-

Total fixed assets

2.623.000,-

Total tangible fixed assets

832.000,-

Land and buildings

342.000,-

Plant, machinery and equipment

375.000,-

Total financial fixed assets

1.791.000,-

Loans, shares and participations

1.771.000,-

Investments (long-term)

20.000,-

Total Current assets

6.108.000,-

Inventories and work in progress (incl. prepayments)

1.659.000,-

Accounts receivable (trade)

3.658.000,-

Cash in hand and at bank

789.000,-

Total accrued income and prepaid expenses

2.000,-

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

8.731.000,-

Total equity (Shareholders' funds)

2.056.000,-

Issued (subscribed) capital

700.000,-

Profit reserves

713.000,-

Legal reserves

338.000,-

Profit or loss carried forward

305.000,-

Total provisions

123.000,-

Total liabilities

6.552.000,-

Total long-term liabilities

454.000,-

Long-term Loans, Mortgage debts

186.000,-

Long-term liabilities to credit institutions

268.000,-

Total current liabilities

6.098.000,-

Current accounts payable (trade)

3.176.000,-

Current liabilities to credit institutions

1.996.000,-

Income and social tax liabilities

292.000,-

 

Corporate profit and loss account for the year: 00 0000 - 30 September 2005  in  EUR 

Total operating income/revenue

19.241.000,-

Main revenue (sales/turnover)

18.793.000,-

Total operating expenses

-18.838.000,-

Cost of materials (type of expenditure format)

13.932.000,-

Cost of goods sold (operational format)

18.838.000,-

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

403.000,-

Personnel costs

1.804.000,-

Depreciation

252.000,-

Operating profit or loss

403.000,-

Financial income

241.000,-

Financial expenses

-515.000,-

Result of ordinary operations

129.000,-

Extraordinary income

20.000,-

Extraordinary result

149.000,-

Pre-tax and pre-appropriation profit or loss

-29.000,-

Appropriations

64.000,-

Taxes

-93.000,-

Net profit or loss

91.000,-

Borrowing ratio

295,20 %

Current ratio

100,16 %

Debt gearing

20,46 %

Profit margin.

3,46 %

Quick ratio

72,92 %

Return on assets

7,05 %

Return on equity.

4,42 %

Solidity or equity ratio

23,54 %

 

Turnover for the period: 00 0000 - 30 September 2004  in  EUR 17.774.000,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 30 September 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

8.246.000,-

Total fixed assets

2.199.000,-

Total tangible fixed assets

796.000,-

Land and buildings

357.000,-

Plant, machinery and equipment

337.000,-

Total financial fixed assets

1.403.000,-

Loans, shares and participations

1.385.000,-

Investments (long-term)

18.000,-

Total Current assets

6.047.000,-

Inventories and work in progress (incl. prepayments)

1.711.000,-

Accounts receivable (trade)

3.359.000,-

Cash in hand and at bank

964.000,-

Total accrued income and prepaid expenses

13.000,-

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

8.246.000,-

Total equity (Shareholders' funds)

1.964.000,-

Issued (subscribed) capital

700.000,-

Profit reserves

712.000,-

Legal reserves

406.000,-

Profit or loss carried forward

146.000,-

Total provisions

158.000,-

Total liabilities

6.124.000,-

Total long-term liabilities

535.000,-

Long-term Loans, Mortgage debts

186.000,-

Long-term liabilities to credit institutions

349.000,-

Total current liabilities

5.589.000,-

Current accounts payable (trade)

3.084.000,-

Current liabilities to credit institutions

1.694.000,-

Income and social tax liabilities

288.000,-

 

Corporate profit and loss account for the year: 00 0000 - 30 September 2004  in  EUR 

Total operating income/revenue

17.489.000,-

Main revenue (sales/turnover)

17.774.000,-

Total operating expenses

-17.420.000,-

Cost of materials (type of expenditure format)

12.600.000,-

Cost of goods sold (operational format)

17.420.000,-

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

69.000,-

Personnel costs

1.832.000,-

Depreciation

332.000,-

Operating profit or loss

69.000,-

Financial income

233.000,-

Financial expenses

-467.000,-

Result of ordinary operations

-165.000,-

Extraordinary income

49.000,-

Extraordinary expenses

-39.000,-

Extraordinary result

-155.000,-

Appropriations

61.000,-

Taxes

-22.000,-

Net profit or loss

-116.000,-

Borrowing ratio

282,35 %

Current ratio

108,19 %

Debt gearing

24,67 %

Profit margin.

2,25 %

Quick ratio

77,34 %

Return on assets

4,75 %

Return on equity.

-5,90 %

Solidity or equity ratio

23,81 %

 

 

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%)

 

 

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