MIRA
INFORM REPORT
|
Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
STEELFORCE NV |
|
|
|
|
Registered Office : |
16 Lange Klarenstraat Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
30.09.2007 |
|
|
|
|
Date of Incorporation : |
29.07.1950 |
|
|
|
|
Com. Reg. No.: |
402950965 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of Metals and Metal Ores |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
(€) 2,450,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company
Summary
|
COMPANY SUMMARY |
|
|
Business Name |
STEELFORCE NV |
|
Business Number |
402950965 |
|
Address |
16 LANGE KLARENSTRAAT ANTWERPEN |
|
Post Code |
2000 |
|
Telephone |
032241160 |
|
Fax Number |
032241170 |
|
Date of Establisment |
29-07-1950 |
|
Number of Employees |
9 |
|
CREDIT
INFORMATION SUMMARY |
||
|
Company Status |
ACTIVE |
|
|
Today's Credit Limit (€) |
2,450,000 |
|
|
Today's Purchase Limit (€) |
22,900,000 |
|
|
Date of Deposit at Registry |
08-04-2008 |
|
|
Date of Last Accounts |
30-09-2007 |
|
|
Turnover |
91,665,098 |
|
|
Results of Ordinary Operations Before Tax |
902,614 |
|
|
Networth |
3,259,849 |
|
|
PAST PAYMENTS |
|
|
Payment Expectation Days |
8.82 |
|
Days Sales Outstanding |
38.97 |
|
Industry Average Payment Expectation Days |
64.20 |
|
Industry Average Day Sales Outstanding |
82.12 |
|
COURT DATA
SUMMARY |
|
|
bankruptcy
details |
|
|
Court Action Type |
None |
|
Protested
Bills |
|
|
Bill Amount |
|
|
NSSO
Details |
|
|
Date of Summons |
-- |
Company
Information
|
COMPANY DETAILS |
|
|
Business Number |
402950965 |
|
Name |
STEELFORCE NV |
|
Fax Number |
032241170 |
|
Establishment Date |
29-07-1950 |
|
Company Status |
ACTIVE |
|
Company Type |
Limited company |
|
Activity Description |
Wholesale of metals and metal ores |
|
Activity Code |
46720 |
|
Liable For Vat |
yes |
|
Currency |
Euro (€) |
|
LATEST BRANCH
DETAILS |
|
|
Street |
GRAMAYESTRAAT |
|
House Number |
4 |
|
City |
ANTWERPEN |
|
Postal Code |
2000 |
|
Trade Registered Number |
352838 |
|
Trade Registered Entry Date |
01-01-2003 |
|
CONTRACTOR
DETAILS |
|
|
Registration Number |
-- |
|
Contractor Description |
-- |
|
Striking Off Date |
-- |
|
LATEST EVENT |
|
|
Serial Number |
136146 |
|
Event Description |
Proposal of merger |
|
|
|
Accounts
& Ratio
|
PERIOD |
|||||
|
Accounts End Date |
30-09-2007 |
% |
30-09-2006 |
% |
30-09-2005 |
|
Weeks |
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
PROFIT &
LOSS |
|||||
|
Turnover |
91,665,098 |
-47.6% |
174,875,000 |
24.2% |
140,764,000 |
|
Total Operating Expenses |
89,519,814 |
-47.3% |
169,875,000 |
22.5% |
138,635,000 |
|
Operating Result |
2,145,284 |
-57.1% |
5,000,000 |
134.9% |
2,129,000 |
|
Total Financial Income |
2,230,364 |
19.3% |
1,870,000 |
92.4% |
972,000 |
|
Total Financial Expenses |
3,473,034 |
-7.0% |
3,734,000 |
304.1% |
924,000 |
|
Results on Ordinary Operations Before Tax |
902,614 |
-71.2% |
3,136,000 |
44.1% |
2,177,000 |
|
Taxation |
273,998 |
-74.9% |
1,093,000 |
47.3% |
742,000 |
|
Results on Ordinary Operations After Tax |
628,616 |
-69.2% |
2,043,000 |
42.4% |
1,435,000 |
|
Extraordinary Items |
-13,884 |
- |
0 |
- |
0 |
|
Net Result |
614,732 |
-69.9% |
2,043,000 |
42.4% |
1,435,000 |
|
Other Information |
|||||
|
Dividends |
500,000 |
-68.8% |
1,600,000 |
23.1% |
1,300,000 |
|
Director Remuneration |
- |
- |
- |
- |
- |
|
Employee Costs |
848,804 |
5.6% |
804,000 |
29.5% |
621,000 |
|
- Wages & Salaries |
594,029 |
8.4% |
548,000 |
33.3% |
411,000 |
|
- Social Security Contributions |
242,947 |
0.0% |
243,000 |
22.1% |
199,000 |
|
- Other Employee Costs |
11,828 |
-9.0% |
13,000 |
18.2% |
11,000 |
|
Amortization & Depreciation |
160 |
-99.3% |
24,000 |
100.0% |
12,000 |
|
BALANCE SHEET |
|||||
|
Accounts End Date |
30-09-2007 |
% |
30-09-2006 |
% |
30-09-2005 |
|
Weeks |
52 |
- |
52 |
- |
52 |
|
Intangible Fixed Assets |
0 |
- |
0 |
- |
0 |
|
Tangible Fixed Assets |
311,662 |
-8.6% |
341,000 |
67.2% |
204,000 |
|
- Land And Buildings |
300,986 |
-4.4% |
315,000 |
59.9% |
197,000 |
|
- Plant And Machinery |
0 |
- |
0 |
- |
0 |
|
- Other Tangible Assets |
10,676 |
-58.9% |
26,000 |
271.4% |
7,000 |
|
Financial Fixed Assets |
54,062 |
-1.7% |
55,000 |
1.9% |
54,000 |
|
Total Fixed Assets |
365,724 |
-7.6% |
396,000 |
53.5% |
258,000 |
|
Inventories |
|||||
|
- Raw Materials & Consumables |
0 |
- |
0 |
- |
0 |
|
- Work in Progress |
0 |
- |
0 |
- |
0 |
|
- Finished Goods |
0 |
- |
0 |
- |
0 |
|
- Other Stocks |
1,643,556 |
-44.4% |
2,956,000 |
-17.8% |
3,595,000 |
|
Trade Debtors |
9,785,765 |
-62.8% |
26,292,000 |
40.0% |
18,776,000 |
|
Cash |
1,785,547 |
1,016.0% |
160,000 |
-70.5% |
542,000 |
|
- Miscellaneous Current Assets |
116,208 |
35.1% |
86,000 |
32.3% |
65,000 |
|
Total Current Assets |
13,331,076 |
-54.8% |
29,494,000 |
28.4% |
22,978,000 |
|
|
|||||
|
- Trade Creditors |
2,163,252 |
-72.8% |
7,948,000 |
33.9% |
5,937,000 |
|
- Short Term Group Loans |
112,619 |
-11.3% |
127,000 |
-26.2% |
172,000 |
|
- Other Short Term Loans |
7,376,990 |
-55.7% |
16,640,000 |
30.5% |
12,755,000 |
|
- Miscellaneous Current Liabilities |
433,800 |
-73.5% |
1,640,000 |
23.7% |
1,326,000 |
|
Total Current Liabilities |
10,086,661 |
-61.7% |
26,355,000 |
30.5% |
20,190,000 |
|
|
|||||
|
- Long Term Group Loans |
0 |
- |
0 |
- |
0 |
|
- Other Long Term Loans |
147,500 |
-27.3% |
203,000 |
-21.3% |
258,000 |
|
- Other Long Term Liabilities |
202,789 |
8.4% |
187,000 |
117.4% |
86,000 |
|
Total Long Term Debts |
350,289 |
-10.2% |
390,000 |
13.4% |
344,000 |
|
|
|||||
|
- Issued Share Capital |
1,860,000 |
0.0% |
1,860,000 |
0.0% |
1,860,000 |
|
- Share Premium Account |
0 |
- |
0 |
- |
0 |
|
- Reserves |
1,399,849 |
8.9% |
1,285,000 |
52.6% |
842,000 |
|
- Revaluation Reserve |
0 |
- |
0 |
- |
0 |
|
Total Shareholders Equity |
3,259,849 |
3.7% |
3,145,000 |
16.4% |
2,702,000 |
|
|
|||||
|
Working Capital |
3,244,415 |
3.4% |
3,139,000 |
12.6% |
2,788,000 |
|
Net Worth |
3,259,849 |
3.7% |
3,145,000 |
16.4% |
2,702,000 |
|
RATIO ANALYSIS |
|||||
|
Trading
Performance |
|||||
|
Pre-tax Profit Margin |
0.98 |
-45.3% |
1.79 |
15.5% |
1.55 |
|
Return On Capital Employed |
25.00 |
-71.8% |
88.71 |
24.1% |
71.47 |
|
Return On Total Assets Employed |
6.59 |
-37.2% |
10.49 |
12.0% |
9.37 |
|
Return On Net Assets Employed |
27.82 |
-72.2% |
99.90 |
27.9% |
78.08 |
|
Sales / Net Working Capital |
28.25 |
-49.3% |
55.71 |
10.3% |
50.49 |
|
Operating
Efficiency |
|||||
|
Stock Turnover Ratio |
1.79 |
5.9% |
1.69 |
-33.7% |
2.55 |
|
Debtor Days |
38.97 |
-29.0% |
54.88 |
12.7% |
48.69 |
|
Creditor Days |
8.82 |
-48.4% |
17.08 |
9.3% |
15.63 |
|
Short Term
Stability |
|||||
|
Current Ratio |
1.32 |
17.9% |
1.12 |
-1.8% |
1.14 |
|
Liquidity Ratio / Acid Ratio |
1.16 |
14.9% |
1.01 |
5.2% |
0.96 |
|
Current Debt Ratio |
3.09 |
-63.1% |
8.38 |
12.2% |
7.47 |
|
Long Term
Stability |
|||||
|
Gearing |
234.28 |
-56.6% |
539.59 |
10.6% |
487.97 |
|
Equity In Percentage |
0.24 |
118.2% |
0.11 |
-8.3% |
0.12 |
|
Total Debt Ratio |
2.34 |
-56.7% |
5.40 |
10.7% |
4.88 |
Payment
Expectations
|
PAYMENT
EXPECTATIONS |
|
|
Payment Expectation Days |
8.82 |
|
Day Sales Outstanding |
38.97 |
|
INDUSTRY
COMPARISON |
|
|
Activity Code |
4672 |
|
Activity Description |
Wholesale of metals and metal ores |
|
Industry Average Day Sales Outstanding |
82.12 |
|
Industry Average Payment Expectation Days |
64.20 |
|
INDUSTRY
QUARTILE ANALYSIS |
|
|
Payment
Expectation Days |
|
|
Payment Expectations - Lower |
36.89 |
|
Payment Expectations - Median |
65.84 |
|
Payment Expectations - Upper |
89.29 |
|
Day
Sales Outstanding |
|
|
Day Sales Outstanding - Lower |
23.65 |
|
Day Sales Outstanding - Median |
47.26 |
|
Day Sales Outstanding - Upper |
74.42 |
Shareholders
|
HOLDING COMPANY |
|
|
Company Name |
STEELFORCE GROUP NV |
|
Business Number |
477502492 |
|
Share Percentage |
100 |
|
Annual Accounts Date |
01-09-2007 |
|
Holding Company |
|
|
Company Name |
HEXIT BVBA |
|
Business Number |
880317065 |
|
Share Percentage |
15 |
|
Annual Accounts Date |
01-03-2008 |
|
Holding Company |
|
|
Company Name |
WATERKEYN INVESTMENTS BVBA |
|
Business Number |
879808311 |
|
Share Percentage |
15 |
|
Annual Accounts Date |
01-03-2007 |
|
SUBSIDARY |
|
|
Company Name |
COMPTOIR COMMERCIAL ET MARITIME |
|
Business Number |
403431611 |
|
Share Percentage |
98 |
|
Annual Accounts Date |
01-12-2000 |
Court
Data
|
PROTESTED BILLS |
|
|
Drawee Name |
-- |
|
Drawee Address |
-- |
|
Bill Amount |
|
|
Bill Currency |
-- |
|
Maturity of Bill (month) |
|
|
Name of Drawer |
-- |
|
City of Drawer |
-- |
|
NSSO DETAILS |
|
|
Business Number |
|
|
Name of Defendant |
-- |
|
Legal Form of Defendant |
-- |
|
Date of Summons |
|
|
Labour Court |
-- |
|
BANKRUPTCY DATA |
|
There is no bankruptcy data against this company. |
Directors
|
COMPANY DIRECTOR |
|
|
FullName |
WOLFGANG SCHMID |
|
Position |
Director |
|
Address |
30 KAREL VAN LORREINENLAAN TERVUREN |
|
Postal Code |
3080 |
|
Country |
-- |
|
COMPANY DIRECTOR |
|
|
FullName |
FRANCOIS ALEXANDER |
|
Position |
Managing director |
|
Address |
25 LODEWIJK DE KONINCKSTRAAT ANTWERPEN(BERCHEM) |
|
Postal Code |
2600 |
|
Country |
-- |
|
COMPANY DIRECTOR |
|
|
FullName |
KAREL FRANCISCA LODE PANNEMANS |
|
Position |
Director |
|
Address |
49 RODEDREEF SCHILDE |
|
Postal Code |
2970 |
|
Country |
-- |
|
COMPANY DIRECTOR |
|
|
FullName |
LUCIEN SMOLDERS |
|
Position |
Director |
|
Address |
158 DEURNESTRAAT MORTSEL |
|
Postal Code |
2640 |
|
Country |
-- |
|
COMPANY DIRECTOR |
|
|
FullName |
GUIDO HEMELEERS |
|
Position |
Director |
|
Address |
40 MORRENWEG TERVUREN |
|
Postal Code |
3080 |
|
Country |
-- |
|
COMPANY DIRECTOR |
|
|
FullName |
JEROME WATERKEYN |
|
Position |
Director |
|
Address |
30 FRANCISKANENLAAN WOLUWE ST PIERRE |
|
Postal Code |
1150 |
|
Country |
-- |
|
COMPANY DIRECTOR |
|
|
FullName |
STEELFORCE GROUP NV |
|
Position |
Director |
|
Address |
16 LANGE KLARENSTRAAT ANTWERPEN |
|
Postal Code |
2000 |
|
Country |
-- |
|
COMPANY DIRECTOR |
|
|
FullName |
CROFIMA |
|
Position |
Director |
|
Address |
1 LOTHAR WYRTKI-LAAN RANST |
|
Postal Code |
2520 |
|
Country |
-- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
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%)