MIRA INFORM REPORT
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Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANUCHAR STEEL NV |
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Registered Office : |
Rietschoorvelden 20, 2170 Antwerpen |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.06.2004 |
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Legal Form : |
NV Public Limited Company
[nat. law] |
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Line of Business : |
Trader of Iron, Steel and Minerals. |
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 : |
Ave 10 Days Beyond Terms |
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Litigation : |
Clear |
Name & address
MANUCHAR STEEL NV
Rietschoorvelden
20
2170 ANTWERPEN
Tel.:+32
(0)3-6409302
Fax.:+32
(0)3-6409330
Legal
status
NV Public limited company
[nat. law]
Founded
09/06/2004 as P.l.c.
Trade
register
99797353
Capital
nominal EUR 3.500.000,--
issued and paid up EUR 3.500.000,--
Management
-Dirk Aerts,
Hermelijnstraat 34, 2900 Schoten
-Erik Heymans, Ho
Chi Min City (Vietnam)
-Mark Jacobs,
Boelaerlei 61, 2140 Borgerhout
-Peter Roegiest, Koningshoflei 5, 2900
Schoten
-Philippe Huybrechs, Breemlaan 20, 2530
Boechout
Activity
The trade in iron,
steel and minerals.
Staff
Not known
Turnover
Net turnover:
2007 Euro 262.096.725
2006 Euro 214.969.390
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 1.875.056
2006 Euro 3.271.864
The shareholders equity was as of:
31/12/2007 Euro 10.669.235
31/12/2006 Euro 8.044.179
The working capital was as of:
31/12/2007 Euro 11.096.800
31/12/2006 Euro 8.510.208
Subsidiaries and participations according to the latest filed accounts:
DI:-Erik Heymans, Ho Chi Min City (Vietnam)
DI:-Mark Jacobs, Boelaerlei 61, 2140 Borgerhout
DI:-Peter Roegiest, Koningshoflei 5, 2900 Schoten
DI:-Philippe Huybrechs, Breemlaan 20, 2530 Boechout
Dochterondernemingen en deelnemingen:
-Manuchar Thailand LTD, Thailand (0,1%)
-Manuchar Steel Hong Kong Ltd, Hong-Kong
(100%)
Website: www.manuchar.be/
Banks
Fortis Bank
ING Bank
VAT-nr.
BE865797353
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 :
Manuchar Steel Nv
Rietschoorvelden
20, 2170 ANTWERPEN
Trade
register 99797353
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Manuchar Steel Nv ***
BALANCE SHEET ***
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Intangible assets 0 0
Tangible assets 0 0
Financial assets 0 100.001
Miscellaneous fixed assets 0 0
Total fixed
assets 0 100.001
Stock 0 0
Receivables 66.284.011 66.735.558
Shares 639.665 232.629
Liquid assets 1.340.428 5.594.956
Miscellaneous current assets 192.183 274.396
Total current
assets 68.456.287 72.837.539
Shareholders
equity 8.044.179 10.669.235
Provisions 0 0
Long-term liabilities 0 0
Current liabilities 59.946.079 61.740.739
Minority interests 0 0
Miscellaneous
liabilities 466.029 527.566
Total liabilities 68.456.287 72.937.540
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2006--- ------31-12-2007---
Turnover 214.969.390 262.096.725
Other income 0 0
Total expenses 203.752.554 252.279.286
Operating profit 11.216.836 9.817.439
Balance financial P/L -5.485.360 -6.285.819
Net profit/loss 1] 5.731.476 3.531.620
Taxation 1.709.639 906.823
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 4.021.837 2.624.797
Balance extraordinary P/L 27 259
Taxation 0 0
Extraordinary P/L 2] 27 259
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L -750.000 -750.000
Net result 3.271.864 1.875.056
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL
RATIOS
-----2006----- -----2007-----
EQUITY
%
Equity gearing 11,8 14,6
Equity/outside capital 13,3 17,1
LIQUIDITY
Current ratio 1,1 1,2
Acid test 1,1 1,2
RATES OF RETURN %
Total assets 8,4 4,8
Shareholders
equity 71,2 33,1
Pre tax margin
% 2,7 1,3
Turnover rate 314 359,3
(x
1) (x 1)
-------------------- --------------------
Working capital 8.510.208 11.096.800
Shareholders
equity + Equalization acc. 8.044.179 10.669.235
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.34 |
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%)