MIRA
INFORM REPORT
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Report Date : |
07.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
COTUBEL SA |
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Registered Office : |
Avenue Alexandre Fleming 1 1780
WEMMEL |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.12.1962 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
Wholesale Business of Stainly Forged Pipes and Accessories referring
itself to it |
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 : |
Average 15 days beyond terms |
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Litigation : |
Clear |
name & address
Cotubel SA
Avenue Alexandre
Fleming 1
1780 WEMMEL
Tel.:+32 (0)10-450020
Fax.:+32
(0)10-450020
Legal status
NV Public limited company [nat. law]
Founded
01/12/1962 as P.l.c.
Trade register
78060505
Capital
Nominal EUR 6.718.000,--
Issued and paid up EUR 6.718.000,--
Management
-Maria Da Fonseca-Fernandes.
-SA International Metal Service
-Fausto Beltrami
-Antonio Marcegaglia
-Maria-Orlando Ribeiro Fernandes
-Jean Michel Verhaegen
Activity
Wholesale business of stainly forged pipes
and accessories referring itself to it.
Staff
39 employees
Turnover
Net turnover:
2006
Euro 26.196.387
2005
Euro 15.528.176
2004
Euro 14.380.006
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
Subsidiary[ies]:
-Noxon Stainless BV,
Vossenbeemd 51, 5705 CL HELMOND
Net result:
2006 Euro 1.386.640
2005 Euro 5.325.287
2004 Euro 147.992
The shareholders equity was as of:
31/12/2006 Euro 14.218.623
31/12/2005 Euro 12.831.983
31/12/2004 Euro 12.071.993
The working capital was as of:
31/12/2006 Euro 6.782.328
31/12/2005 Euro 6.606.814
31/12/2004 Euro 1.297.996
Other bank relationship:
Banque de la Poste, acc. nr. 000-0027629-81
Foreign subsidiaries:
-Trinox S.A., Bex - Switzerland
-T.R.D. Inox, Soissons - France
Banks
Fortis Bank
ING Bank
VAT-nr.
BE401875255
Mode of payment
On average 15 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 :
Cotubel
SA
BALANCE SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 8.988 6.071
Tangible assets 1.103.862 1.055.596
Financial assets 9.352.005 10.245.554
Miscellaneous
fixed assets 0 0
Total fixed assets 10.464.855 11.307.221
Stock 5.067.021 9.345.046
Receivables 8.015.375 10.972.521
Shares 0 0
Liquid assets 1.221.189 601.608
Miscellaneous
current assets 39.917 44.857
Total current
assets 14.343.502 20.964.032
Shareholders equity 12.831.983 14.218.623
Provisions 276.697 149.316
Long-term
liabilities 3.924.586 3.669.191
Current
liabilities 7.736.688 14.181.704
Minority interests 0 0
Miscellaneous
liabilities 38.403 52.419
Total liabilities 24.808.357 32.271.253
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 15.528.176 26.196.387
Other income 79.824 46.301
Total expenses 15.721.249 24.140.451
Operating profit -408.298 2.006.579
Balance financial
P/L -278.477 -343.679
Net profit/loss 1] -686.775 1.662.900
Taxation -38 319.608
Share in P/L of
subsidiaries 0 0
Net profit/loss 2] -686.737 1.343.292
Balance
extraordinary P/L 6.012.024 43.348
Taxation 0 0
Extraordinary P/L
2] 6.012.024 43.348
Res. sub.
companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 5.325.287 1.386.640
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 51,7 44,1
Equity/outside
capital 107,1 78,8
LIQUIDITY
Current ratio 1,9 1,5
Acid test 1,2 0,8
RATES OF RETURN %
Total assets -2,8 5,2
Shareholders equity -5,4 11,7
Pre tax
margin % -4,4 6,3
Turnover rate 62,6 81,2
(x
1) (x 1)
-------------------- --------------------
Working capital 6.606.814 6.782.328
Shareholders equity + Equalization acc. 12.831.983 14.218.623
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%)