MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
STEELFORCE
AMERICAS |
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Registered Office : |
Lange Klarenstraat 16 B.20, 2000 Antwerpen |
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Country : |
Belgium |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
04.07.1950 |
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Com. Reg. No.: |
352838, ANTWERPEN |
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Legal Form : |
Private Company Limited by Shares |
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Line of Business : |
Wholesaler of Metals and Metal Ores |
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 : |
US$ 200,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
STEELFORCE
AMERICAS
LANGE
KLARENSTRAAT 16 B.20
2000 ANTWERPEN BE
Tel. Number
+32-3-2241080
Fax number
+32-3-2241083
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Business founded |
04 July 1950 |
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Business registered |
01 July 1950 - Private company limited by shares |
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Registration number, |
352838, ANTWERPEN, |
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Alternative tradename(s), |
COMPANSID, |
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VAT number, |
BE402950965, |
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Legal form |
Private company limited by shares |
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Activities |
Wholesale of metals and metal ores |
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Payment experience |
no complaints have been registered |
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Credit opinion |
Credit opinion |
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Maximum credit limit 248000 EUR is advised |
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Cash situation (balance sheet analysis) : Limited |
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Profitability (balance sheet analysis) : Very good |
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Commitments (regarding contractual obligations) : Currently
fulfilled |
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Payment defaults : None |
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Employees (Business) |
10 |
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Total share capital30 September 2006 |
EUR 1860000,00 |
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Branch office(s) |
LANGE KLARENSTRAAT 16 20,2000 ANTWERPEN |
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Bank |
FORTIS BANK |
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Board members |
ALEXANDER FRANCOIS ALBERT LODEWIJK MARIA Deputy
board member |
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CROFIMA Board member |
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HEMELEERS GUIDO GUILLAUME Board member |
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STEELFORCE Board member |
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WATERKEYN JEROME PIERRE FRANCINE JEAN Board member |
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WILDMANN BERNARD Boardmember |
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PANNEMANS KAREL FRANCISCA LODEWIJK Board member |
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WINKEL BERTHOLD Board member |
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SCHMID WOLFGANG Board member |
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SMOLDERS LUCIEN HUGO JOANNES Board member |
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STAFF ARMAND Board member |
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Management |
WATERKEYN JEROME PIERRE FRANCINE JEAN Agent |
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DOCKX RENE Agent |
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HEMELEERS GUIDO GUILLAUME Agent |
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RENSON PASCALE Agent |
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STEGEN JEAN-PAUL Agent |
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FRANCOIS PHILIPPE ANNA RICHARD Representative and
auditor |
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Auditor |
WESTEN, FRANCOIS & CO, BEDRIJFSREVISOREN
Auditors´ president |
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(Part-) Owner |
879808311 WATERKEYN
INVESTMENTS 15,00 % |
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880317065 HEXIT 15,00
% |
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Parent company : |
477502492 STEELFORCE 100,00
% |
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The business owns or partly owns one or more pieces of land and
buildings? Yes(Property) |
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Turnover for the period: 00 0000 - 30 September 2006 in
EUR 174.875.000,00 |
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Not consolidated profit and loss turnover of the business: |
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Corporate balance sheet for the year: 00 0000 - 30 September
2006 in EUR |
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Total assets incl. prepaid expenses and accrued income |
29.890.000,- |
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Total fixed assets |
396.000,- |
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Total tangible fixed assets |
341.000,- |
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Land and buildings |
315.000,- |
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Total financial fixed assets |
54.000,- |
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Loans, shares and participations |
6.000,- |
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Investments (long-term) |
48.000,- |
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Total Current assets |
29.494.000,- |
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Inventories and work in progress (incl. prepayments) |
2.956.000,- |
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Accounts receivable (trade) |
26.360.000,- |
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Cash in hand and at bank |
160.000,- |
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Total accrued income and prepaid expenses |
18.000,- |
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Total equity, provisions, liabilities, accrued expenses and deferred
income |
29.890.000,- |
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Total equity (Shareholders' funds) |
3.145.000,- |
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Issued (subscribed) capital |
1.860.000,- |
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Statutory reserves |
5.000,- |
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Legal reserves |
192.000,- |
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Profit or loss carried forward |
1.088.000,- |
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Total liabilities |
26.745.000,- |
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Total long-term liabilities |
203.000,- |
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Long-term liabilities to credit institutions |
203.000,- |
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Total current liabilities |
26.355.000,- |
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Current accounts payable (trade) |
7.948.000,- |
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Current liabilities to credit institutions |
16.530.000,- |
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Income and social tax liabilities |
193.000,- |
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Total accrued expenses and deferred income |
187.000,- |
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Corporate profit and loss account for the year: 00 0000 - 30
September 2006 in EUR |
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Total operating income/revenue |
175.010.000,- |
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Main revenue (sales/turnover) |
174.875.000,- |
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Total operating expenses |
-170.010.000,- |
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Cost of materials (type of expenditure format) |
167.584.000,- |
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Cost of goods sold (operational format) |
170.010.000,- |
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Gross profit or loss after cost of materials or after cost of goods
sold |
5.000.000,- |
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Personnel costs |
877.000,- |
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Depreciation |
24.000,- |
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Operating profit or loss |
5.000.000,- |
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Financial income |
1.870.000,- |
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Financial expenses |
-3.734.000,- |
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Result of ordinary operations |
3.136.000,- |
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Extraordinary result |
3.136.000,- |
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Taxes |
-1.093.000,- |
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Net profit or loss |
2.043.000,- |
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Borrowing ratio |
849,41 % |
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Current ratio |
111,12 % |
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Debt gearing |
6,45 % |
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Profit margin. |
2,86 % |
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Quick ratio |
100,62 % |
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Return on assets |
15,94 % |
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Return on equity. |
64,96 % |
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Solidity or equity ratio |
10,52 % |
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Turnover for the period: 00 0000 - 30 September 2005 in
EUR 140.764.000,00 |
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Not consolidated profit and loss turnover of the business: |
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Corporate balance sheet for the year: 00 0000 - 30 September
2005 in EUR |
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Total assets incl. prepaid expenses and accrued income |
23.236.000,- |
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Total fixed assets |
258.000,- |
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Total tangible fixed assets |
204.000,- |
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Land and buildings |
197.000,- |
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Total financial fixed assets |
54.000,- |
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Loans, shares and participations |
6.000,- |
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Investments (long-term) |
48.000,- |
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Total Current assets |
22.978.000,- |
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Inventories and work in progress (incl. prepayments) |
3.595.000,- |
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Accounts receivable (trade) |
18.841.000,- |
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Cash in hand and at bank |
542.000,- |
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Total equity, provisions, liabilities, accrued expenses and deferred
income |
23.236.000,- |
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Total equity (Shareholders' funds) |
2.702.000,- |
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Issued (subscribed) capital |
1.860.000,- |
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Statutory reserves |
5.000,- |
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Legal reserves |
192.000,- |
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Profit or loss carried forward |
645.000,- |
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Total provisions |
18.000,- |
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Total liabilities |
20.516.000,- |
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Total long-term liabilities |
258.000,- |
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Long-term liabilities to credit institutions |
258.000,- |
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Total current liabilities |
20.190.000,- |
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Current accounts payable (trade) |
5.937.000,- |
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Current liabilities to credit institutions |
12.645.000,- |
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Income and social tax liabilities |
253.000,- |
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Total accrued expenses and deferred income |
68.000,- |
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Corporate profit and loss account for the year: 00 0000 - 30
September 2005 in EUR |
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Total operating income/revenue |
140.889.000,- |
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Main revenue (sales/turnover) |
140.764.000,- |
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Total operating expenses |
-138.760.000,- |
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Cost of materials (type of expenditure format) |
136.933.000,- |
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Cost of goods sold (operational format) |
138.760.000,- |
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Gross profit or loss after cost of materials or after cost of goods
sold |
2.129.000,- |
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Personnel costs |
686.000,- |
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Depreciation |
12.000,- |
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Operating profit or loss |
2.129.000,- |
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Financial income |
972.000,- |
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Financial expenses |
-924.000,- |
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Result of ordinary operations |
2.177.000,- |
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Extraordinary result |
2.177.000,- |
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Taxes |
-742.000,- |
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Net profit or loss |
1.435.000,- |
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Borrowing ratio |
758,26 % |
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Current ratio |
113,42 % |
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Debt gearing |
9,54 % |
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Profit margin. |
1,50 % |
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Quick ratio |
96,00 % |
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Return on assets |
12,82 % |
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Return on equity. |
53,10 % |
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Solidity or equity ratio |
11,62 % |
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Turnover for the period: 00 0000 - 30 September 2004 in
EUR 84.932.000,00 |
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Not consolidated profit and loss turnover of the business: |
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Corporate balance sheet for the year: 00 0000 - 30 September
2004 in EUR |
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Total assets incl. prepaid expenses and accrued income |
19.646.000,- |
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Total fixed assets |
47.000,- |
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Total tangible fixed assets |
6.000,- |
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Total financial fixed assets |
41.000,- |
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Investments (long-term) |
41.000,- |
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Total Current assets |
19.599.000,- |
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Inventories and work in progress (incl. prepayments) |
1.339.000,- |
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Accounts receivable (trade) |
17.882.000,- |
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Cash in hand and at bank |
375.000,- |
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Total accrued income and prepaid expenses |
3.000,- |
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Total equity, provisions, liabilities, accrued expenses and deferred
income |
19.646.000,- |
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Total equity (Shareholders' funds) |
2.567.000,- |
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Issued (subscribed) capital |
1.860.000,- |
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Statutory reserves |
5.000,- |
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Legal reserves |
192.000,- |
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Profit or loss carried forward |
510.000,- |
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Total liabilities |
17.079.000,- |
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Total current liabilities |
16.964.000,- |
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Current accounts payable (trade) |
4.394.000,- |
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Current liabilities to credit institutions |
11.240.000,- |
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Income and social tax liabilities |
380.000,- |
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Total accrued expenses and deferred income |
115.000,- |
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Corporate profit and loss account for the year: 00 0000 - 30
September 2004 in EUR |
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Total operating income/revenue |
85.168.000,- |
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Main revenue (sales/turnover) |
84.932.000,- |
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Total operating expenses |
-83.865.000,- |
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Cost of materials (type of expenditure format) |
82.425.000,- |
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Cost of goods sold (operational format) |
83.865.000,- |
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Gross profit or loss after cost of materials or after cost of goods
sold |
1.303.000,- |
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Personnel costs |
474.000,- |
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Depreciation |
16.000,- |
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Operating profit or loss |
1.303.000,- |
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Financial income |
7.257.000,- |
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Financial expenses |
-6.863.000,- |
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Result of ordinary operations |
1.697.000,- |
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Extraordinary result |
1.697.000,- |
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Taxes |
-591.000,- |
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Net profit or loss |
1.106.000,- |
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Borrowing ratio |
664,38 % |
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Current ratio |
114,75 % |
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Profit margin. |
1,66 % |
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Quick ratio |
107,62 % |
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Return on assets |
11,72 % |
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Return on equity. |
43,08 % |
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Solidity or equity ratio |
13,06 % |
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%)