MIRA
INFORM REPORT
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Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
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Name : |
REYNAERS ALUMINIUM |
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Registered Office : |
Oude Liersebaan 266 Duffel, 2570 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1989 |
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Com. Reg. No.: |
437278077 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
Manufacture of aluminium window and door frames, sliding door systems, curtain walls, conservatories and sun screening systems |
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No. of Employees : |
314 |
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 : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Belgium - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized
on its central geographic location, highly developed transport network, and
diversified industrial and commercial base. Industry is concentrated mainly in the
more heavily-populated region of Flanders in the north. With few natural
resources, Belgium imports substantial quantities of raw materials and exports
a large volume of manufactures, making its economy vulnerable to volatility in
world markets. Roughly three-quarters of Belgium's trade is with other EU
countries, and Belgium has benefited most from its proximity to Germany. In
2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7%
from 8.3% the previous year, and the government reduced the budget deficit from
a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement
in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that
has contributed to investor perceptions that the country is increasingly
vulnerable to spillover from the euro-zone crisis. Belgian banks were severely
affected by the international financial crisis in 2008 with three major banks
receiving capital injections from the government, and the nationalization of
the Belgian arm of a Franco-Belgian bank. An ageing population and rising
social expenditures are mid- to long-term challenges to public finances.
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Source : CIA |
company name and address
Reynaers Aluminium
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Business Description
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Manufacture of aluminium window and door frames, sliding door systems,
curtain walls, conservatories and sun screening systems |
Industry
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Industry |
Construction - Supplies and Fixtures |
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ANZSIC 2006: |
2229 - Other Structural Metal Product
Manufacturing |
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NACE 2002: |
2812 - Manufacture of builders' carpentry and
joinery of metal |
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NAICS 2002: |
332321 - Metal Window and Door
Manufacturing |
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UK SIC 2003: |
2812 - Manufacture of builders' carpentry
and joinery of metal |
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US SIC 1987: |
3442 - Metal Doors, Sash, Frames, Molding,
and Trim Manufacturing |
Key Executives
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News
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
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Corporate Structure News
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Reynaers
Aluminium |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Duffel |
Belgium |
Construction - Supplies and Fixtures |
234.7 |
314 |
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Subsidiary |
Lieusaint |
France |
Construction - Supplies and Fixtures |
57.4 |
149 |
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Subsidiary |
Duffel |
Belgium |
Miscellaneous Fabricated Products |
15.9 |
47 |
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Subsidiary |
Breendonk |
Belgium |
Construction Services |
0.0 |
21 |
Executives Report
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Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Turnover |
234.7 |
205.7 |
212.6 |
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Other Operating Income |
1.8 |
1.1 |
1.1 |
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Operating Income |
236.5 |
206.8 |
213.7 |
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Purchases |
168.1 |
142.7 |
143.7 |
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Increase or Decrease
in Stocks |
-2.2 |
-1.8 |
4.9 |
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Raw Materials, Consumables, and Goods for
Release |
165.9 |
140.9 |
148.6 |
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Services and Sundry Goods |
23.3 |
17.5 |
19.2 |
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Remuneration, Social Security Charges, and
Pensions |
24.3 |
22.4 |
24.1 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
6.3 |
5.5 |
6.4 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
0.0 |
1.3 |
0.7 |
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Provisions for Liabilities and Charges |
-0.3 |
-0.6 |
-1.7 |
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Other Operating Charges |
0.3 |
0.2 |
0.2 |
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Operating Charges |
219.9 |
187.2 |
197.5 |
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Income From Financial Fixed Assets |
7.0 |
- |
- |
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Income From Current Assets |
0.7 |
0.4 |
0.4 |
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Other Financial Income |
2.4 |
2.2 |
1.6 |
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Financial Income |
10.0 |
2.6 |
2.0 |
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Interest and Other Debt Charges |
0.3 |
0.2 |
0.1 |
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Other Financial Charges |
2.1 |
2.8 |
2.2 |
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Financial Charges |
2.4 |
3.0 |
2.4 |
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Gain on Disposal of Fixed Assets |
0.1 |
17.9 |
0.0 |
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Other Extraordinary Income |
0.0 |
0.1 |
0.0 |
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Extraordinary Income |
0.1 |
18.0 |
0.0 |
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Loss on Disposal of Fixed Assets |
- |
0.3 |
0.0 |
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Other Extraordinary Charges |
1.4 |
0.0 |
0.1 |
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Extraordinary Charges |
1.4 |
0.3 |
0.1 |
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Transfer from Differed Taxes |
0.0 |
0.0 |
0.0 |
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Income Taxes |
3.7 |
5.6 |
1.9 |
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Adjustment of Income Taxes and Write-Back of
Tax Provisions |
0.6 |
0.3 |
0.7 |
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Income Taxes |
3.1 |
5.3 |
1.1 |
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To Other Reserves |
9.7 |
24.7 |
6.9 |
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Transfers to Capital and Reserves |
9.7 |
24.7 |
6.9 |
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Return on Capital |
10.1 |
7.0 |
7.8 |
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Profit to be Distributed |
10.1 |
7.0 |
7.8 |
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Employees |
314 |
304 |
308 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Land & Buildings |
24.8 |
28.4 |
26.7 |
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Plant, Machinery, and
Equipment |
2.5 |
3.3 |
5.5 |
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Furniture and Vehicles |
0.4 |
0.5 |
0.6 |
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Tangible Assets |
27.7 |
32.2 |
32.8 |
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Participating Interests |
3.9 |
4.0 |
5.4 |
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Amounts Receivable |
- |
- |
7.9 |
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Affiliated Enterprises |
3.9 |
4.0 |
13.3 |
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Shares |
0.0 |
0.0 |
0.0 |
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Amounts Receivable and
Cash Guarantees |
0.1 |
0.1 |
0.1 |
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Other Capital Assets |
0.1 |
0.1 |
0.1 |
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Capital Assets |
4.0 |
4.1 |
13.4 |
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Fixed Assets |
31.6 |
36.3 |
46.2 |
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Goods Purchased for
Resale |
28.3 |
27.1 |
27.0 |
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Stocks |
28.3 |
27.1 |
27.0 |
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Inventory and Orders in Progress |
28.3 |
27.1 |
27.0 |
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Trade Debtors |
59.1 |
62.2 |
60.5 |
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Other Amounts
Receivable |
7.1 |
15.0 |
3.4 |
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Amounts Receivable Within One Year |
66.2 |
77.2 |
63.9 |
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Other Investments and
Deposits |
32.5 |
0.0 |
0.0 |
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Investments |
32.5 |
0.0 |
0.0 |
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Liquid Assets |
19.9 |
33.9 |
23.1 |
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Adjustment Accounts |
1.1 |
0.9 |
0.7 |
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Current Assets |
147.9 |
139.1 |
114.7 |
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Total Assets |
179.6 |
175.4 |
160.9 |
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Issued Capital |
9.0 |
9.3 |
10.0 |
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Capital |
9.0 |
9.3 |
10.0 |
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Paid-In Capital |
2.1 |
2.2 |
2.3 |
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Legal Reserve |
0.9 |
0.9 |
1.0 |
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Reserves Available for
Distribution |
118.1 |
112.7 |
93.7 |
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Reserves |
119.0 |
113.6 |
94.7 |
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Pensions and Similar Obligations |
0.1 |
0.1 |
0.1 |
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Other Liabilities and
Charges |
2.1 |
2.5 |
3.3 |
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Provisions for
Liabilities and Charges |
2.2 |
2.6 |
3.4 |
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Deferred Taxation |
0.1 |
0.1 |
0.1 |
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Provisions and Deferred Taxes |
2.3 |
2.6 |
3.5 |
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Capital and Reserves |
130.2 |
125.3 |
107.2 |
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Other Amounts Payable |
0.0 |
0.1 |
0.1 |
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Amounts Due After More Than One Year |
0.0 |
0.1 |
0.1 |
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Other Loans |
21.9 |
22.7 |
22.6 |
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Financial Debts |
21.9 |
22.7 |
22.6 |
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Suppliers |
12.6 |
14.2 |
15.3 |
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Trade Debts |
12.6 |
14.2 |
15.3 |
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Taxes |
0.1 |
0.6 |
1.2 |
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Remuneration and
Social Security |
2.8 |
2.8 |
2.8 |
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Taxes, Wages, and
Social Security |
2.9 |
3.4 |
4.0 |
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Other Amounts Payable |
9.4 |
7.1 |
8.1 |
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Amounts Payable Within One Year |
46.8 |
47.4 |
50.0 |
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Adjustment Accounts |
0.2 |
0.1 |
0.1 |
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Creditors |
47.0 |
47.5 |
50.1 |
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Total Liabilities + Shareholders' Equity |
179.6 |
175.4 |
160.9 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.67 |
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UK Pound |
1 |
Rs.86.05 |
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Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.