MIRA
INFORM REPORT
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Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ISOCAB NV |
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Registered Office : |
Treurnietstraat
10, 8531 Harelbeke |
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Country : |
Belgium |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
01.12.1973 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
The
manufacture of insulating sandwich pannels for the construction of smaller cooling-
and freezing spaces and warehouses; roof and wall pannels for industrial
buildings and iso-thermal doors; contractor in this field. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by 10 days |
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Litigation : |
Clear |
Name & address
Isocab
Treurnietstraat 10
8531 HARELBEKE
Tel.:+32
(0)56-734311
Fax.:+32
(0)56-734322
Legal
status
NV Public limited company
[nat. law]
Founded
01/12/1973
Trade
register
59087993
Capital
nominal EUR 4.750.000,--
issued and paid up EUR 4.750.000,--
Management
Stefaan Wauters, Lariksdreef 10-B, 8020 Waardamme
Reinhard Täger,Schulstraße 87, 57223 Kreuztal - Duitsland
Volker Senger,
Krengelstraße 76-E, 46539 Dinslaken
Activity
The manufacture of insulating
sandwich pannels for the construction of smaller cooling- and freezing spaces
and
warehouses; roof and
wall pannels for industrial buildings and iso-thermal doors; contractor in this
field.
Staff
193 employees
Turnover
Net turnover:
2007 Euro 42.241.000
2006 Euro 42.238.000
2005 Euro 53.128.000
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:
2007 Euro 470.000
2006 Euro 180.000
2005 Euro
1.132.000
The shareholders equity was as
of:
30/09/2007 Euro 12.015.000
30/09/2006 Euro 11.605.000
30/09/2005 Euro 11.485.000
The working capital was as of:
30/09/2007 Euro (571.000)
30/09/2006 Euro
(1.314.000)
30/09/2005 Euro
(2.188.000)
Branch
(plant)
Treurnietstraat 20 HARELBEKE/Bavikhove
Thyssenkrupp Bausysteme Gmbh
Willy-Brandt-Strasse 2, 46535, Dinslaken - Germany
Participation:
Frimatec UK, 33,33 %
SUNSCAPE ISOCAB NEW BUILDING MATERIALS LIMTED, 27,50 %
Isocab France, Dunkerque, Frankrijk
Isocab-Mondor SA, Harelbeke : 99,98 %
ISOCAB VIETNAM JV COMPANY,
51 %
Export share : 40 %
Banks
Fortis Bank, 285-0486092-54
KBC Bank
VAT-nr.
BE413684313
Mode
of payment
On average 10 days beyond
terms.
Credit
demand
No objections against
entering into a business relationship.
The following financial data is retrieved from
the corporate balance sheet OF
Isocab
BALANCE
SHEET
Corporate in Euro(x
1.000) Euro(x 1.000)
---30-09-2006--- ------30-09-2007---
Intangible assets 1.387 1.350
Tangible assets 4.844 4.725
Financial assets 7.063 6.950
Miscellaneous fixed assets 0 0
Total fixed
assets 13.294 13.025
Stock 6.355 7.279
Receivables 11.121 8.912
Shares 0 0
Liquid assets 557 834
Miscellaneous current assets 0 0
Total current
assets 18.258 17.399
Shareholders
equity 11.605 12.015
Provisions 153 247
Long-term liabilities 0 0
Current liabilities 19.572 17.970
Minority interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 31.552 30.424
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1.000) Euro(x 1.000)
---30-09-2006--- ------30-09-2007---
Turnover 42.238 42.241
Other income 133 128
Total expenses -16.821 -16.870
Operating profit 380 365
Balance financial P/L 624 492
Net profit/loss 1] 162 -53
Taxation 0 0
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 0 0
Balance extraordinary P/L 0 0
Taxation 0 0
Extraordinary P/L 2] 0 0
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 180 470
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2006----- -----2007-----
EQUITY %
Equity gearing 36,8 39,5
Equity/outside
capital 58,2 65,3
LIQUIDITY
Current ratio 0,9 1
Acid test 0,6 0,6
RATES OF RETURN %
Total assets 0,5 -0,2
Shareholders equity 1,4 -0,4
Pre tax
margin % 0,4 -0,1
Turnover rate 133,9 138,8
(x
1.000) (x 1.000)
-------------------- --------------------
Working capital -1.314 -571
Shareholders equity + Equalization acc. 11.605 12.015
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%)