MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KODDAERT NV |
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Registered Office : |
Ambachtenstraat 1 8680
KOEKELARE |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.01.1991 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
Wholesale Business in and
Retail Trade in Steel Tubes and Sheets |
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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Maximum Credit Limit : |
EUR 450.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Average 5 days beyond terms |
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Litigation : |
Clear |
name & address
Koddaert NV
Ambachtenstraat 1
8680 KOEKELARE
Tel.:+32
(0)51-747540
Fax.:+32
(0)51-747530
Legal
status
NV Public limited company [nat.
law]
Founded
01/01/1991 as P.l.c.
Trade
register
62041732
Capital
Nominal EUR 910.000,--
Issued and paid up EUR 910.000,--
Management
-Nicole Jacobs, Bollestraat 8-A, 8820 Torhout
-Georgette Defraeye, Ravenhof 3, 8820 Torhout
-Jean-Pierre Heynderick, Bollestraat 8-A,
8820 Torhout
Activity
Wholesale business
in and retail trade in steel tubes and sheets.
Staff
18 employees
Turnover
Net turnover:
2006
Euro 25.292.006
2005
Euro 19.046.007
2004
Euro 20.047.992
Real estate
The business premises at the mentioned
address is owned by the company, as far as we know.
Finances
See balance sheet
Remarks
Net result:
2006 Euro 37.011
2005 Euro 29.004
2004 Euro 381.012
The shareholders equity was as of:
31/12/2006 Euro 2.506.997
31/12/2005 Euro 2.480.993
31/12/2004 Euro 2.436.000
The working capital was as of:
31/12/2006 Euro 556.992
31/12/2005 Euro (5.922.574)
31/12/2004 Euro 426.996
Previous name:
Koddaert Buizen Heynderick
Import : the EU and Scandinavia
Export : EU, East Aisa and the Middle East
Website : www.koddaert.be
Banks
KBC Bank, 473-8066801-48
VAT-nr.
BE429255385
Mode of payment
On average 5 days beyond terms.
Credit demand
No objections against entering into a business relationship.
A maximum credit limit of EUR 450.000 is advised
The
following financial data is retrieved from the corporate balance sheet :
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 2.344.998 2.221.994
Financial assets 0 2.008
Miscellaneous
fixed assets 0 0
Total fixed assets 2.344.998 2.224.002
Stock 3.086.002 3.795.002
Receivables -3.409.578 6.481.003
Shares 0 0
Liquid assets 329.996 176.996
Miscellaneous
current assets 0 0
Total current
assets 6.420 10.453.001
Shareholders equity 2.480.993 2.506.997
Provisions 11.998 9.990
Long-term
liabilities 349.009 262.990
Current
liabilities 5.928.994 9.896.009
Minority interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 8.758.996 12.665.996
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 19.046.007 25.292.006
Other income 105.999 173.996
Total expenses 19.023.002 25.228.992
Operating profit 129.004 237.011
Balance financial
P/L -49.008 -185.00
Net profit/loss 1] 79.995 52.008
Taxation 32.995 11.998
Share in P/L of
subsidiaries 0 0
Net profit/loss 2] 47.000 40.010
Balance
extraordinary P/L 0 -5.007
Taxation 0 0
Extraordinary P/L
2] 0 -5.007
Res. sub.
companies 2] 0 0
Minority interests -18.989 0
Miscellaneous P/L 0 0
Net result 29.004 37.011
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 28,3 19,8
Equity/outside
capital 39,4 24,7
LIQUIDITY
Current ratio 0 1,1
Acid test -0,5 0,7
RATES OF RETURN %
Total assets 0,9 0,4
Shareholders equity 3,2 2,1
Pre tax
margin % 0,4 0,2
Turnover rate 810 199,5
(x
1) (x 1)
-------------------- --------------------
Working capital -5.922.574 556.992
Shareholders equity + Equalization acc. 2.480.993 2.506.997
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%)