MIRA
INFORM REPORT
|
Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
A S E METALS NV |
|
|
|
|
Registered Office : |
De Keyserlei 58,
18 ANTWERPEN |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
15.12.1969 |
|
|
|
|
Legal Form : |
NV Public Limited Company |
|
|
|
|
Line of Business : |
Worldwide supply of Iron, Steel and Non Ferrous Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name & address
Asemetals NV
De Keyserlei 58
2018 ANTWERPEN
Tel.:+32
(0)3-2216262
Fax.:+32
(0)3-2216260
Legal
status
NV Public limited company
[nat. law]
Founded
15/12/1969, P.l.c. since
01/01/1970
Trade
register
52187490
Capital
nominal EUR 62.000,--
issued and paid up EUR 62.000,--
Management
-Ernst PeterKomrowski,
Hamburg (D)
-Thomas Komrowski,
Hamburg (D)
-Wolfgang Eilers,
Hamburg (D)
Activity
Worldwide supply of
iron, steel and non ferrous products.
Staff
18 employees
Turnover
Net turnover:
2006 Euro 81.694.602
2005 Euro 110.764.046
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
Previous name of the
company:-Unamills NV
Net result
2006 Euro 1.835.547
2005 Euro 1.903.679
The
shareholders equity was as of
31/12/2006 Euro 5.674.124
31/12/2005 Euro 3.838.577
The
working capital was as of
31/12/2006 Euro 4.894.303
31/12/2005 Euro 3.025.571
Import and export to a wide
range of countries.
Import share : 40 %
Export share : 10 %
Subject acquired & merged early 2004 with Ase Metals NV,
reg. nr. 0425.096.659.
General website : www.ase-metals.com
Banks
Fortis Bank
VAT-nr.
BE406940338
Mode
of payment
Within terms
Credit
demand
No objections against
entering into a business relationship.
The
following financial data is retrieved from the corporate balance sheet of :
A S E METALS NV
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 1.178.705 1.134.885
Financial assets 810.786 905.326
Miscellaneous
fixed assets 0 0
Total fixed assets 1.989.491 2.040.211
Stock 1.304.139 938.137
Receivables 10.790.846 15.674.755
Shares 7.055.000 0
Liquid assets 1.403.067 316.891
Miscellaneous current assets 2.073 6.327
Total current
assets 20.555.125 16.936.110
Shareholders
equity 3.838.577 5.674.124
Provisions 109.812 245.680
Long-term liabilities 1.005.989 1.004.708
Current liabilities 17.529.554 12.041.807
Minority interests 0 0
Miscellaneous
liabilities 60.684 10.002
Total liabilities 22.544.616 18.976.321
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 110.764.046 81.694.602
Other income 103.929 364.527
Total expenses 102.715.550 78.594.866
Operating profit 2.518.498 3.122.616
Balance financial P/L 129.306 -509.394
Net profit/loss 1] 2.647.804 2.613.222
Taxation 882.152 883.636
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 1.765.652 1.729.586
Balance extraordinary P/L 138.027 105.961
Taxation 0 0
Extraordinary P/L 2] 138.027 105.961
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 1.903.679 1.835.547
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 17 29,9
Equity/outside
capital 20,5 42,7
LIQUIDITY
Current ratio 1,2 1,4
Acid test 1,1 1,3
RATES OF RETURN %
Total assets 11,7 13,8
Shareholders equity 69 46,1
Pre tax
margin % 2,4 3,2
Turnover rate 491,3 430,5
(x
1) (x 1)
-------------------- --------------------
Working capital 3.025.571 4.894.303
Shareholders equity + Equalization acc. 3.838.577 5.674.124
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%)
MIRA
INFORM REPORT
|
Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
A S E METALS NV |
|
|
|
|
Registered Office : |
De Keyserlei 58,
18 ANTWERPEN |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
15.12.1969 |
|
|
|
|
Legal Form : |
NV Public Limited Company |
|
|
|
|
Line of Business : |
Worldwide supply of Iron, Steel and Non Ferrous Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name & address
Asemetals NV
De Keyserlei 58
2018 ANTWERPEN
Tel.:+32
(0)3-2216262
Fax.:+32
(0)3-2216260
Legal
status
NV Public limited company
[nat. law]
Founded
15/12/1969, P.l.c. since
01/01/1970
Trade
register
52187490
Capital
nominal EUR 62.000,--
issued and paid up EUR 62.000,--
Management
-Ernst PeterKomrowski,
Hamburg (D)
-Thomas Komrowski,
Hamburg (D)
-Wolfgang Eilers,
Hamburg (D)
Activity
Worldwide supply of
iron, steel and non ferrous products.
Staff
18 employees
Turnover
Net turnover:
2006 Euro 81.694.602
2005 Euro 110.764.046
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
Previous name of the
company:-Unamills NV
Net result
2006 Euro 1.835.547
2005 Euro 1.903.679
The
shareholders equity was as of
31/12/2006 Euro 5.674.124
31/12/2005 Euro 3.838.577
The
working capital was as of
31/12/2006 Euro 4.894.303
31/12/2005 Euro 3.025.571
Import and export to a wide
range of countries.
Import share : 40 %
Export share : 10 %
Subject acquired & merged early 2004 with Ase Metals NV,
reg. nr. 0425.096.659.
General website : www.ase-metals.com
Banks
Fortis Bank
VAT-nr.
BE406940338
Mode
of payment
Within terms
Credit
demand
No objections against entering
into a business relationship.
The
following financial data is retrieved from the corporate balance sheet of :
A S E METALS NV
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 1.178.705 1.134.885
Financial assets 810.786 905.326
Miscellaneous
fixed assets 0 0
Total fixed assets 1.989.491 2.040.211
Stock 1.304.139 938.137
Receivables 10.790.846 15.674.755
Shares 7.055.000 0
Liquid assets 1.403.067 316.891
Miscellaneous current assets 2.073 6.327
Total current
assets 20.555.125 16.936.110
Shareholders
equity 3.838.577 5.674.124
Provisions 109.812 245.680
Long-term liabilities 1.005.989 1.004.708
Current liabilities 17.529.554 12.041.807
Minority interests 0 0
Miscellaneous
liabilities 60.684 10.002
Total liabilities 22.544.616 18.976.321
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 110.764.046 81.694.602
Other income 103.929 364.527
Total expenses 102.715.550 78.594.866
Operating profit 2.518.498 3.122.616
Balance financial P/L 129.306 -509.394
Net profit/loss 1] 2.647.804 2.613.222
Taxation 882.152 883.636
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 1.765.652 1.729.586
Balance extraordinary P/L 138.027 105.961
Taxation 0 0
Extraordinary P/L 2] 138.027 105.961
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 1.903.679 1.835.547
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 17 29,9
Equity/outside
capital 20,5 42,7
LIQUIDITY
Current ratio 1,2 1,4
Acid test 1,1 1,3
RATES OF RETURN %
Total assets 11,7 13,8
Shareholders equity 69 46,1
Pre tax
margin % 2,4 3,2
Turnover rate 491,3 430,5
(x
1) (x 1)
-------------------- --------------------
Working capital 3.025.571 4.894.303
Shareholders equity + Equalization acc. 3.838.577 5.674.124
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%)