MIRA
INFORM REPORT
|
Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHEMITEX SA |
|
|
|
|
Registered Office : |
Avenue Louise 221 Bte 4
1050 Bruxelles |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
01.12.1970 |
|
|
|
|
Legal Form : |
NV Public Limited Company |
|
|
|
|
Line of Business : |
Wholesale
business in textile materials, fibres and cotton tissue, polyester cotton, viscose,
etc for use in the textile industry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Average 5 days beyond terms |
|
|
|
|
Litigation : |
Clear |
name & address
Chemitex SA
Avenue Louise 221
Bte 4
1050 BRUXELLES
Tel.:+32
(0)2-6492118
Fax.:+32
(0)2-6270741
Legal
status
NV Public limited company
[nat. law]
Founded
01/12/1970, P.l.c. since
07/11/1977
Trade
register
07685456
Capital
Nominal EUR 1.250.000,--
Issued and paid up EUR 1.250.000,--
Management
Igal Kandiyoti, born 01/08/1970,
Avenue de la Petite Espinette 5,
BRUXELLES
Claude
IsaacKandiyoti, born 22/08/1972, Avenue Albert Lancaster 97, BRUXELLES
Adnan Kandiyoti, Av
du Gui 52, 1180 Uccle
Erol Kandiyoti, Av des Chrysanthemes 17,
1640 Rhode-Saint-Genese
Metin Kandiyoti, Rue des Astronomes 38, 1180
Uccle.
Ralfi Kandiyoti, Rue
Louis Hymans 40, 1050 Ixelles.
K Finance SA, Av.
Louise 22 1/4, 1050 Ixelles.
Activity
Wholesale
business in textile materials, fibres and cotton tissue, polyester cotton,
viscose, etc for use in the textile industry.
Staff
38 employees
Turnover
Net turnover:
2007 Euro 174.279.000
2006 Euro 178.473.000
2005 Euro 172.165.000
Real
estate
The business
premises at the mentioned address is owned by the company, as far as we know.
Finances
See balance sheet
Remarks
Net result:
2007 Euro 8.563.000
2006 Euro 19.741.000
2005 Euro 8.657.000
The
shareholders equity was as of:
31/12/2007 Euro 92.076.000
31/12/2006 Euro 83.512.000
31/12/2005 Euro 67.775.000
The working
capital was as of:
31/12/2007 Euro 92.063.000
31/12/2006 Euro 83.262.000
31/12/2005 Euro 64.218.000
Parent company:
K. Finance SA,
Av. Louise 22
1/4, 1050 IXELLES
Banks
Banque Paribas
Fortis Bank
VAT-nr.
BE407685456
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 :
Chemitex SA
BALANCE
SHEET
Corporate in Euro(x
1.000) Euro(x 1.000)
---31-12-2006--- ------31-12-2007---
Intangible assets 0 0
Tangible assets 1.426 1.240
Financial assets 395 392
Miscellaneous fixed assets 0 0
Total fixed
assets 1.821 1.632
Stock 42.918 42.904
Receivables 59.679 56.284
Shares 78.843 71.273
Liquid assets 11.869 7.976
Miscellaneous current assets 134 435
Total current
assets 193.443 178.872
Shareholders
equity 83.512 92.076
Provisions 1.431 1.531
Long-term liabilities 0 0
Current liabilities 110.181 86.809
Minority interests 0 0
Miscellaneous
liabilities 140 88
Total liabilities 195.264 180.504
PROFIT & LOSS ACCOUNT
Corporate in Euro(x
1.000) Euro(x 1.000)
---31-12-2006--- ------31-12-2007---
Turnover 178.473 174.279
Other income 344 274
Total expenses 169.837 164.815
Operating profit 8.980 9.738
Balance financial P/L 2.210 1.744
Net profit/loss 1] 11.190 11.482
Taxation 3.289 2.918
Share in P/L of subsidiaries 0 0
Net profit/loss 2] 7.901 8.564
Balance extraordinary P/L 11.840 -1
Taxation 0 0
Extraordinary P/L 2] 11.840 -1
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 19.741 8.563
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2]
= After tax
FINANCIAL RATIOS
-----2006----- -----2007-----
EQUITY %
Equity gearing 42,8 51
Equity/outside
capital 74,7 104,1
LIQUIDITY
Current ratio 1,8 2,1
Acid test 1,4 1,6
RATES OF RETURN %
Total assets 5,7 6,4
Shareholders equity 13,4 12,5
Pre tax
margin % 6,3 6,6
Turnover rate 91,4 96,6
(x
1.000) (x 1.000)
-------------------- --------------------
Working capital 83.262 92.063
Shareholders equity + Equalization acc. 83.512 92.076
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
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%)