MIRA INFORM REPORT

 

 

Report Date :

05.02.2008

 

IDENTIFICATION DETAILS

 

Name :

BETAFENCE N V

 

 

Registered Office :

Deerlijkstraat 58 A 8550 Zwevegem Be

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

02.09.2002

 

 

Com. Reg. No.:

153101, KORTRIJK

 

 

Legal Form :

Public limited company

 

 

Line of Business :

Manufacture of Wire 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 :

EUR  248000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Extended Report

 

 

name & address

 

BETAFENCE

 DEERLIJKSTRAAT 58 A

 8550 ZWEVEGEM BE

Tel. Number +32-56-734500

Fax number +32-56-734599

 

 

 

Business founded

02 September 2002

Business registered

27 September 2002 - Public limited company (no information regarding quotation)

Registration number,

153101, KORTRIJK,

VAT number,

BE478276316,

Legal form

Public limited company (no information regarding quotation)

Activities

Manufacture of wire products

Payment experience

Nothing to report

Credit opinion

Normal creditworthiness

 

Maximum credit limit 248000 EUR is advised

 

Cash situation (balance sheet analysis) : Limited 

 

Profitability (balance sheet analysis) : Medium 

 

Commitments (regarding contractual obligations) : Completely fulfilled 

 

Payment defaults : None 

Employees (Business)

 465

Total share capital31 December 2006

EUR 29609000,00

Branch office(s)

DEERLIJKSTRAAT 58 A,8550 ZWEVEGEM   

Bank

KBC BANK   

Board members

PATRICK LECLUYSE    Chairman and managing director

 

PETER RAMAUT    Board member

 

NAESENS WILLY    Board member

Management

BEKAERT    Partner

 

BEKAERT ENGINEERING    Partner

 

DEMEESTER GABRIEL CYRIEL EMIEL    Decision-maker

 

VAN VLAENDEREN DIRK PAUL THERESE JOZEF    Representative and auditor

Auditor

DELOITTE & PARTNERS BEDRIJFSREVISOREN / REVISEURS D'ENTREPRISES    Auditors´ president

Parent company :

870556885   BETAFENCE HOLDING   100,00 %   

Subsidiary company.

BETAFENCE PORTUGAL UNIPESSOAL LDA   100,00 %   

 

BETAFENCE ESPANA S.L.U.   100,00 %   

 

BETAFENCE LUXEMBOURG SARL   100,00 %   

 

BETAFENCE INTERNATIONAL TRADING   100,00 %   

 

BETAFENCE WIRE & MESH PRODUCTS CO LTD BO   100,00 %   

 

WERLER DRAHTWERKE GMBH   99,00 %   

Affiliate. A company which is affiliated with the Business.

SOCIETE DE PARTICIPATIONS FINANCIERES BEKAERT   0,01 %   

 

BETAFENCE FRANCE SA   0,01 %   

 

 

 

 

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

 

Turnover for the period: 00 0000 - 31 December 2006  in  EUR 174.131.384,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2006  in  EUR 

Total assets incl. prepaid expenses and accrued income

281.537.833,-

Total fixed assets

217.576.510,-

Total intangible fixed assets

1.957.132,-

Total tangible fixed assets

12.680.112,-

Land and buildings

4.845.272,-

Plant, machinery and equipment

6.144.881,-

Total financial fixed assets

202.939.266,-

Loans, shares and participations

203.116.237,-

Investments (long-term)

671,-

Total Current assets

63.961.323,-

Inventories and work in progress (incl. prepayments)

34.931.480,-

Accounts receivable (trade)

22.713.194,-

Receivables from affiliates and companies in which participations are held

177.642,-

Investments (short-term)

5.430.000,-

Cash in hand and at bank

602.810,-

Total accrued income and prepaid expenses

283.839,-

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

281.537.833,-

Total equity (Shareholders' funds)

32.780.267,-

Issued (subscribed) capital

29.609.000,-

Legal reserves

2.960.900,-

Profit or loss carried forward

210.367,-

Total provisions

5.920.780,-

Total liabilities

242.836.786,-

Total long-term liabilities

66.961.204,-

Long-term liabilities to credit institutions

66.961.204,-

Total current liabilities

175.521.834,-

Current accounts payable (trade)

27.888.321,-

Current liabilities to credit institutions

135.031.221,-

Income and social tax liabilities

7.111.942,-

Total accrued expenses and deferred income

353.748,-

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2006  in  EUR 

Total operating income/revenue

184.643.681,-

Main revenue (sales/turnover)

174.131.384,-

Total operating expenses

171.070.340,-

Cost of materials (type of expenditure format)

101.815.904,-

Cost of goods sold (operational format)

171.070.340,-

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

13.573.341,-

Personnel costs

29.003.933,-

Depreciation

3.172.483,-

Operating profit or loss

13.573.341,-

Financial income

1.425.842,-

Financial expenses

14.243.750,-

Result of ordinary operations

755.433,-

Extraordinary income

126.303,-

Extraordinary expenses

69.372,-

Extraordinary result

812.364,-

Taxes

49.915,-

Net profit or loss

762.449,-

Borrowing ratio

787,84 %

Current ratio

36,33 %

Debt gearing

217,24 %

Profit margin.

8,86 %

Quick ratio

16,34 %

Return on assets

5,41 %

Return on equity.

2,32 %

Solidity or equity ratio

11,64 %

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 176.578.000,00

 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

284.009.000,-

Total fixed assets

215.486.000,-

Total intangible fixed assets

1.634.000,-

Total tangible fixed assets

11.950.000,-

Land and buildings

4.062.000,-

Plant, machinery and equipment

6.486.000,-

Total financial fixed assets

201.902.000,-

Loans, shares and participations

202.078.000,-

Total Current assets

68.523.000,-

Inventories and work in progress (incl. prepayments)

33.464.000,-

Accounts receivable (trade)

33.259.000,-

Receivables from affiliates and companies in which participations are held

176.000,-

Investments (short-term)

550.000,-

Cash in hand and at bank

1.121.000,-

Total accrued income and prepaid expenses

129.000,-

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

284.009.000,-

Total equity (Shareholders' funds)

37.218.000,-

Issued (subscribed) capital

29.609.000,-

Legal reserves

2.961.000,-

Profit or loss carried forward

4.648.000,-

Total provisions

6.103.000,-

Total liabilities

240.688.000,-

Total long-term liabilities

52.188.000,-

Long-term liabilities to credit institutions

52.188.000,-

Total current liabilities

188.220.000,-

Current accounts payable (trade)

28.036.000,-

Current liabilities to credit institutions

131.929.000,-

Income and social tax liabilities

7.282.000,-

Total accrued expenses and deferred income

280.000,-

 

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

Total operating income/revenue

175.930.000,-

Main revenue (sales/turnover)

176.578.000,-

Total operating expenses

-172.916.000,-

Cost of materials (type of expenditure format)

99.478.000,-

Cost of goods sold (operational format)

172.916.000,-

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

3.014.000,-

Personnel costs

29.032.000,-

Depreciation

3.083.000,-

Operating profit or loss

3.014.000,-

Financial income

3.096.000,-

Financial expenses

-9.639.000,-

Result of ordinary operations

-3.529.000,-

Extraordinary income

91.195.000,-

Extraordinary expenses

-1.000,-

Extraordinary result

87.665.000,-

Taxes

-31.000,-

Net profit or loss

87.634.000,-

Borrowing ratio

676,39 %

Current ratio

36,30 %

Debt gearing

146,66 %

Profit margin.

3,69 %

Quick ratio

18,51 %

Return on assets

34,75 %

Return on equity.

235,46 %

Solidity or equity ratio

13,10 %

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 183.221.000,00

 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

330.800.000,-

Total fixed assets

220.523.000,-

Total intangible fixed assets

1.882.000,-

Total tangible fixed assets

10.513.000,-

Land and buildings

3.311.000,-

Plant, machinery and equipment

5.274.000,-

Total financial fixed assets

208.128.000,-

Loans, shares and participations

208.295.000,-

Total Current assets

110.277.000,-

Inventories and work in progress (incl. prepayments)

40.524.000,-

Accounts receivable (trade)

31.442.000,-

Receivables from affiliates and companies in which participations are held

167.000,-

Cash in hand and at bank

38.190.000,-

Total accrued income and prepaid expenses

121.000,-

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

330.800.000,-

Total equity (Shareholders' funds)

31.584.000,-

Issued (subscribed) capital

29.609.000,-

Legal reserves

99.000,-

Profit or loss carried forward

1.876.000,-

Total provisions

5.907.000,-

Total liabilities

293.309.000,-

Total long-term liabilities

245.000.000,-

Long-term liabilities to credit institutions

245.000.000,-

Total current liabilities

44.398.000,-

Current accounts payable (trade)

30.214.000,-

Income and social tax liabilities

7.882.000,-

Total accrued expenses and deferred income

3.911.000,-

 

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

Total operating income/revenue

200.896.000,-

Main revenue (sales/turnover)

183.221.000,-

Total operating expenses

-192.435.000,-

Cost of materials (type of expenditure format)

110.788.000,-

Cost of goods sold (operational format)

192.435.000,-

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

8.461.000,-

Personnel costs

32.364.000,-

Depreciation

3.440.000,-

Operating profit or loss

8.461.000,-

Financial income

3.533.000,-

Financial expenses

-9.345.000,-

Result of ordinary operations

2.649.000,-

Extraordinary income

143.000,-

Extraordinary expenses

-42.000,-

Extraordinary result

2.750.000,-

Taxes

-899.000,-

Net profit or loss

1.851.000,-

Borrowing ratio

987,51 %

Current ratio

228,18 %

Debt gearing

824,86 %

Profit margin.

7,17 %

Quick ratio

156,73 %

Return on assets

4,85 %

Return on equity.

5,86 %

Solidity or equity ratio

9,54 %

 

 

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