MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
COJUBEL NV |
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Registered Office : |
Cojubel,
Heulsestraat 89, 8860 Lendelede |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.01.1969 |
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Legal Form : |
NV Public Limited Company
[nat. law] |
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Line of Business : |
Weaving of jute (jute bags) and ready-made bags. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
EUR 60.000 |
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Status : |
Moderate |
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Payment Behaviour : |
Ave. 20 days beyond terms |
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Litigation : |
Clear |
Name & address
Cojubel NV
Heulsestraat 89
8860 LENDELEDE
Tel.:+32
(0)56-359578
Fax.:+32
(0)56-356518
Legal
status
NV Public limited company
[nat. law]
Founded
25/01/1969, P.l.c. since
01/01/1990
Trade
register
99109405
Capital
nominal EUR 297.472,--
issued and paid up EUR 62.000,--
Management
-Antoine Combes, Voskenslaan 48, 9000 Gent
-Pierre Combes,
Heulsestraat 98, 8860 Lendelede
-Frieda Demuynck, Voskenslaan 48, 9000 Gent
-Greta Vergracht, Heulsestraat 98, 8860
Lendelede
Activity
Weaving of jute
(jute bags) and ready-made bags.
Staff
10 employees
Real estate
The business
premises at the mentioned address has been rented by the company, as far as we
know.
Finances
See balance sheet
Remarks
Net result:
2006 Euro (52.786)
2005 Euro 38.862
2004 Euro 30.855
The shareholders equity was as
of:
31/12/2006 Euro 456.040
31/12/2005 Euro 515.550
31/12/2004 Euro 480.093
The working capital was as of:
31/12/2006 Euro 306.461
31/12/2005 Euro 386.092
31/12/2004 Euro 324.488
Banks
KBC Bank
ING Bank
VAT-nr.
BE406109405
Mode
of payment
On average 20 days beyond
terms.
Credit
demand
No objections against
entering into a business relationship.
A maximum credit limit of
EUR 60.000 is advised
The
following financial data is retrieved from the corporate balance sheet of
Cojubel
Heulsestraat 89, 8860 LENDELEDE
Trade register 99109405
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Cojubel *** BALANCE SHEET ***
Corporate in Euro(x 1) Euro(x
1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 157.776 175.033
Financial assets 8.456 7.700
Miscellaneous fixed assets 0 0
Total fixed
assets 166.232 182.733
Stock 508.300 554.945
Receivables 820.673 700.638
Shares 0 0
Liquid assets 9.723 15.350
Miscellaneous current assets 593 591
Total current
assets 1.339.289 1.271.524
Shareholders
equity 515.550 456.040
Provisions 36.774 33.154
Long-term liabilities 0 0
Current liabilities 953.197 965.063
Minority interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 1.505.521 1.454.257
PROFIT & LOSS ACCOUNT
Cojubel
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 0 0
Other income 0 0
Total expenses 0 0
Operating profit 134.344 24.208
Balance financial P/L 88.551 -73.963
Net profit/loss 1] 48.567 -49.755
Taxation 14.945 -13.375
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 0 -36.380
Balance extraordinary P/L 0 -13.375
Taxation 0 0
Extraordinary P/L 2] 0 -13.375
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L -40 -3.031
Net result 38.862 -52.786
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 34,2 31,4
Equity/outside
capital 52,1 45,7
LIQUIDITY
Current ratio 1,4 1,3
Acid test 0,9 0,7
RATES OF RETURN %
Total assets 3,2 -3,4
Shareholders equity 9,4 -10,9
Pre tax
margin % 0 0
Turnover rate 0 0
(x
1) (x 1)
-------------------- --------------------
Working capital 386.092 306.461
Shareholders equity + Equalization acc. 515.550 456.040
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)