MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GALLOO NV |
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Registered Office : |
Wervikstraat 320 8930 MENEN |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.04.1939 |
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Legal Form : |
NV Public Limited Company |
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Line of Business : |
Recuparation of ferrous
and non-ferrous metals. |
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 5 days beyond terms |
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Litigation : |
Clear |
name & address
Galloo Nv
Wervikstraat 320
8930 MENEN
Tel.:+32
(0)56-521300
Fax.:+32
(0)56-521310
Legal
status
NV Public limited company
[nat. law]
Founded
01/04/1939 as P.l.c.
Trade
register
59019732
Capital
Nominal EUR 1.239.000,--
Issued and paid up EUR 1.239.000,--
Management
-Antoine Vandeputte, Voskenstraat 131, 8930
Menen
-Joella Galloo, Voskenstraat 131, 8930 Menen
-Jan Vandeputte, Voskenstraat 131, 8930
Menen.
-Mieke Watteyne, Boezingestraat 24, 8500
Kortrijk
Activity
Recuparation of
ferrous and non-ferrous metals.
Trade
name
-Group Galloo Recycling
Staff
20 employees
Turnover
Net turnover:
2006 Euro 114.947.975
2005 Euro 80.037.017
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:
2006 Euro 6.104.400
2005 Euro 7.928.310
The
shareholders equity was as of:
31/12/2006 Euro 36.746.512
31/12/2005 Euro 30.665.056
The working
capital was as of:
31/12/2006 Euro 10.169.006
31/12/2005 Euro 7.147.684
Website :
www.galloo.com
Style as
suggested by you is not entirely correct.
Other
bankers:
Artesia
Bank
Subsidairies,
according to the latest published accounts:
-Denolf
Recycling, Louis Coiseaukaai 15, Brugge (99,86%)
-Galloo
France, Halluin, F (76,85%)
-Cibie,
Halluin, F (87,52%)
-Valorauto
Belgium, Wervikenstraat 320, Menen (20%)
-Carmi,
Aniche, F, (95,23%)
-Metal
Recycling Transport, Wervikenstraat 320, Menen (50%)
-Galloometal
NV, Wervikenstraat 320, Menen (50%).
-Hainaut
Recyclage, Rue de la Hamaide 75, 7333 Tertre (99,85%)
-Almet
Holding, Scheepzatestraat 9, 9000 Gent (70%)
Banks
Banque Artésia
ING Bank, 385-0251454-93
VAT-nr.
BE405484843
Mode
of payment
On average 5 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 :
Galloo Nv
BALANCE
SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 6.001.050 7.244.025
Financial assets 19.272.514 20.065.014
Miscellaneous fixed assets 0 0
Total fixed assets 25.273.564 27.309.039
Stock 4.865.490 6.865.968
Receivables 9.231.905 16.856.382
Shares 4.703.175 1.591.133
Liquid assets 792.503 1.011.071
Miscellaneous current assets 40.024 51.239
Total current
assets 19.633.097 26.375.793
Shareholders
equity 30.665.056 36.746.512
Provisions 11.814 0
Long-term liabilities 1.721.604 685.431
Current liabilities 12.485.413 16.206.787
Minority interests 0 0
Miscellaneous
liabilities 22.774 46.102
Total liabilities 44.906.661 53.684.832
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 80.037.017 114.947.975
Other income 264.739 250.349
Total expenses 76.814.518 106.974.071
Operating profit 3.690.288 8.132.002
Balance financial P/L 3.834.363 328.498
Net profit/loss 1] 7.524.651 8.460.500
Taxation 1.542.604 2.778.078
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 5.982.047 5.682.422
Balance extraordinary P/L 1.911.415 387.219
Taxation 0 0
Extraordinary P/L 2] 1.911.415 387.219
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 34.848 34.759
Net result 7.928.310 6.104.400
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 68,3 68,4
Equity/outside
capital 215,3 216,9
LIQUIDITY
Current ratio 1,6 1,6
Acid test 1,2 1,2
RATES OF RETURN %
Total assets 16,8 15,8
Shareholders equity 24,5 23
Pre tax
margin % 9,4 7,4
Turnover rate 178,2 214,1
(x
1) (x 1)
-------------------- --------------------
Working capital 7.147.684 10.169.006
Shareholders equity + Equalization acc. 30.665.056 36.746.512
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End of report
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%)