MIRA INFORM REPORT

 

 

Report Date :

04.12.2013

 

IDENTIFICATION DETAILS

 

Name :

MORUBEL

 

 

Registered Office :

Ankerstraat 2, Oostende, 8400

 

 

Country :

Belgium

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

1999

 

 

Com. Reg. No.:

468144665

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

Processing and packing of frozen and chilled seafood products, both branded and private label

 

 

No. of Employees :

111

 

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 :

No complaints

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

 

Source : CIA

 

Company name & address

 

MORUBEL

                                                                                                                                                                                                                                                                                                                                                                           

 

Ankerstraat 2

 

 

Oostende, 8400

Belgium

 

 

Tel:

059 32 28 68

Fax:

059 32 46 60

 

 7

 

Employees:

111

Company Type:

Private Subsidiary

Corporate Family:

2 Companies

Ultimate Parent:

HSI Holding NV

 

 

Incorporation Date:

1999

Financials in:

               

 

 

Fiscal Year End:

31-Mar-2012

Reporting Currency:

Euro

Annual Sales:

110.7  1

Total Assets:

122.2

                           

 

Business Description     

 

 

Processing and packing of frozen and chilled seafood products, both branded and private label

 

 

Industry

 

 

Industry

Food Manufacturing

ANZSIC 2006:

1120 - Seafood Processing

ISIC Rev 4:

1020 - Processing and preserving of fish, crustaceans and molluscs

NACE Rev 2:

1020 - Processing and preserving of fish, crustaceans and molluscs

NAICS 2012:

311710 - Seafood Product Preparation and Packaging

UK SIC 2007:

1020 - Processing and preserving of fish, crustaceans and molluscs

US SIC 1987:

2092 - Prepared Fresh or Frozen Fish and Seafoods

                                                                                                   

 

Key Executives   

 

Name

Title

Marc De Wulf

Decision-maker

Jef Compère

Sales Manager

Michel Veerman

Director, Administrator

Wim Aernoudt

Technical, Security and Environment Manager

Stefaan Vanneste

IT Manager

 

 

Registered No.(VAT): 468144665

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7269425 

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7534632

 

Corporate Overview

 

Location
Ankerstraat 2
Oostende, 8400
Belgium

 

Tel:

059 32 28 68

Fax:

059 32 46 60

 

www.morubel.be

Sales EUR(mil):

80.4

Assets EUR(mil):

92.0

Employees:

111

Fiscal Year End:

31-Mar-2012

 

 

 

Industry:

Food Processing

Incorporation Date:

1999

Company Type:

Private Subsidiary

Quoted Status:

Not Quoted

Registered No.(VAT):

468144665

 

Office Manager:

Erika Wybouw

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1120

-

Seafood Processing

 

ISIC Rev 4 Codes:

1020

-

Processing and preserving of fish, crustaceans and molluscs

 

NACE Rev 2 Codes:

1020

-

Processing and preserving of fish, crustaceans and molluscs

 

NAICS 2012 Codes:

311710

-

Seafood Product Preparation and Packaging

 

US SIC 1987:

2092

-

Prepared Fresh or Frozen Fish and Seafoods

 

UK SIC 2007:

1020

-

Processing and preserving of fish, crustaceans and molluscs

 

 

Business Description

 

Freezing of fish

 

 

More Business Descriptions

Processing and packing of frozen and chilled seafood products, both branded and private label

Seafood Product Preparation and Packaging

 

Brand/Trade Names

 

Morubel

Seafood Delicatess

Seafood Delight

 

 

Financial Data

 

Financials in:

EUR(mil)

 

Revenue:

80.4

Assets:

92.0

Current Assets:

90.6

 

Fixed Assets:

1.5

 

Total Liabilities:

92.0

 

Issued Capital:

0.1

 

Net Worth:

0.1

 

 

 

Date of Financial Data:

31-Mar-2012

 

1 Year Growth

NA

NA

 

 

Subsidiaries

 

Company                                                      Percentage Owned             Country

Morubel Deutschland GmbH                            100%                                   GERMANY

 

 

 

Corporate Family

 

Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

HSI Holding NV

Parent

 

 

 

 

 

Morubel

Subsidiary

Oostende

Belgium

Food Manufacturing

110.7

111

 

 

 

 

Executive report

 

Board of Directors

 

 

Name

Title

Function

 

Michel Veerman

 

Director, Administrator

Director/Board Member

 

Executives

 

 

Name

Title

Function

 

Marc De Wulf

 

Decision-maker

Senior Management (General)

 

Gino Maus

 

Decision-maker

Senior Management (General)

 

Wim Aernoudt

 

Technical, Security and Environment Manager

Environment/Safety Executive

 

Han Cornelissen

 

Administrator

Administration Executive

 

Michel Veerman

 

Director, Administrator

Administration Executive

 

Erika Wybouw

 

Office Manager

Administration Executive

 

Peter Robert Patrick Opsomer

 

Representative/Auditor

Accounting Executive

 

Age: 41

 

Jef Compère

 

Sales Manager

Sales Executive

 

 

Jan Nijborg

 

Sales Manager

Sales Executive

 

 

Chris Meskens

 

Marketing and Advertising Manager

Marketing Executive

 

 

Bart Vermeersch

 

Research and Development and Product Development Manager

Marketing Executive

 

 

Stefaan Vanneste

 

IT Manager

Engineering/Technical Executive

 

 

Peter Kestelyn

 

Logistics Manager

Logistics Executive

 

 

Geert Coucke

 

Purchasing Manager

Purchasing Executive

 

 

Ralph Sanders

 

Quality Control Manager

Quality Executive

 

 

 

 

Annual Profit & Loss

 

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

Period Length

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.726943

0.757168

0.70861

Consolidated

No

No

No

 

 

 

 

    Turnover

110.7

96.5

82.6

    Increase or Decrease in Stocks of Finished Goods, and Orders in Progress

0.0

4.9

0.9

    Other Operating Income

0.0

0.0

0.1

Operating Income

110.7

101.5

83.5

        Purchases

86.3

73.6

56.2

        Increase or Decrease in Stocks

-4.3

2.0

2.2

    Raw Materials, Consumables, and Goods for Release

82.0

75.6

58.4

    Services and Sundry Goods

13.0

12.3

9.3

    Remuneration, Social Security Charges, and Pensions

7.8

6.8

6.7

    Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets

0.5

0.6

1.4

    Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors

0.3

-0.5

-0.7

    Provisions for Liabilities and Charges

-0.8

-0.3

0.3

    Other Operating Charges

0.4

0.4

0.1

Operating Charges

103.2

94.9

75.6

    Income From Current Assets

3.0

2.3

1.3

    Other Financial Income

0.7

0.8

0.4

Financial Income

3.7

3.1

1.7

    Interest and Other Debt Charges

0.9

1.0

0.5

    Other Financial Charges

0.9

1.3

0.6

Financial Charges

1.8

2.3

1.0

    Gain on Disposal of Fixed Assets

-

0.3

0.0

    Other Extraordinary Income

0.1

0.0

0.0

Extraordinary Income

0.1

0.3

0.0

    Loss on Disposal of Fixed Assets

0.0

0.1

-

    Other Extraordinary Charges

-

0.0

-

Extraordinary Charges

0.0

0.1

-

    Income Taxes

2.5

1.8

2.1

    Adjustment of Income Taxes and Write-Back of Tax Provisions

-

0.0

0.0

Income Taxes

2.5

1.8

2.1

        To Other Reserves

7.0

5.8

6.5

    Transfers to Capital and Reserves

7.0

5.8

6.5

    Employees

111

111

103

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.753463

0.704672

0.739044

Consolidated

No

No

No

 

 

 

 

    Intangible Assets

0.0

0.0

0.0

        Land & Buildings

-

-

4.0

        Plant, Machinery, and Equipment

1.6

1.7

3.3

        Furniture and Vehicles

0.0

0.1

0.1

        Leasing and Other Similar Rights

0.1

0.2

0.3

    Tangible Assets

1.8

2.0

7.6

        Participating Interests

-

0.0

0.0

        Affiliated Enterprises

-

0.0

0.0

        Shares

0.0

0.0

0.0

        Amounts Receivable and Cash Guarantees

0.1

0.1

0.1

        Other Capital Assets

0.1

0.1

0.1

    Capital Assets

0.1

0.1

0.1

Fixed Assets

1.9

2.1

7.8

        Raw Materials and Consumables

20.9

18.2

18.6

        Work in Progress

0.3

0.6

0.2

        Finished Goods

10.7

11.3

6.1

        Stocks

31.9

30.0

24.9

    Inventory and Orders in Progress

31.9

30.0

24.9

        Trade Debtors

15.7

16.5

13.4

        Other Amounts Receivable

31.0

33.5

29.2

    Amounts Receivable Within One Year

46.7

50.0

42.6

    Liquid Assets

40.7

42.1

32.0

    Adjustment Accounts

0.8

1.0

0.6

Current Assets

120.2

123.1

100.1

Total Assets

122.2

125.2

107.9

        Issued Capital

0.1

0.1

0.1

    Capital

0.1

0.1

0.1

        Legal Reserve

0.0

0.0

0.0

        Reserves Available for Distribution

70.8

68.5

59.3

    Reserves

70.8

68.5

59.3

        Pensions and Similar Obligations

0.1

0.7

0.5

        Other Liabilities and Charges

0.0

0.3

0.7

        Provisions for Liabilities and Charges

0.1

1.0

1.2

    Provisions and Deferred Taxes

0.1

1.0

1.2

Capital and Reserves

70.9

68.6

59.4

        Leasing and Other Similar Obligations

0.1

0.2

0.2

        Financial Debts

0.1

0.2

0.2

    Amounts Due After More Than One Year

0.1

0.2

0.2

        Current Portion of Amounts Payable After More Than One Year

0.1

0.1

0.1

        Credit Institutions

30.5

30.0

27.0

        Financial Debts

30.5

30.0

27.0

        Suppliers

18.6

23.1

18.3

        Trade Debts

18.6

23.1

18.3

        Taxes

0.3

0.1

0.4

        Remuneration and Social Security

1.4

1.5

1.2

        Taxes, Wages, and Social Security

1.7

1.6

1.6

    Amounts Payable Within One Year

50.8

54.7

46.9

    Adjustment Accounts

0.2

0.7

0.0

Creditors

51.1

55.6

47.2

Total Liabilities + Shareholders' Equity

122.2

125.2

107.9

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.34

UK Pound

1

Rs.102.06

Euro

1

Rs.84.46

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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

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

----

NB

New Business

----

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.