MIRA INFORM REPORT

Report Date :

04.02.2014

IDENTIFICATION DETAILS

Name :	MAGOTTEAUX SA
Registered Office :	Rue Adolphe Dumont 4051 Chaudfontaine
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	13.07.1982
Com. Reg. No.:	422984633
Legal Form :	Public Limited Liability Company
Line of Business :	Subject is engaged in Casting of steel
No. of Employees :	50

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 :	Good
Payment Behaviour :	Regular
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 and address

Business number	422984633
Company name	MAGOTTEAUX SA
Address	RUE ADOLPHE DUMONT
	4051 CHAUDFONTAINE
Number of staff	68
Date of establishment	13/07/1982
Telephone number	04361 76 17
Fax number	04361 76 99

Commentary

The business was established over 31 years ago.

The business has 50 employees.

The business is part of a group.

The business has been at the address for over 5 years.

The business saw a decrease in their Cash Balance of 22% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	220,050,892	1,403,746	9,518,200	10,480,043
31/12/2011	227,609,280	1,339,218	9,954,984	10,971,009
31/12/2010	210,590,878	1,370,671	12,108,174	13,603,411

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	50,558,587	68	8,478,000	1,044,301
31/12/2011	48,833,175	68	8,478,000	650,835
31/12/2010	47,724,538	71	8,478,000	962,857

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	46.67
Industry average payment expectation days	49.27	Industry average day sales outstanding	53.70
Day sales outstanding	27.87

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	422984633	Company name	MAGOTTEAUX SA
Fax number	04361 76 99	Date founded	13/07/1982
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	24520	liable for VAT	yes
Activity description	Casting of steel	VAT Number	BE.0422.984.633
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		56
Part-time Employees		21
Total Fte Employees		70
Number of hours worked
Full-time Employees		81,621
Part-time Employees		22,492
Total		104,113
Personnel Charges
Full-time Employees		5,236,650
Part-time Employees		1,231,599
Total		6,468,249
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		69
Actual working hours		106,463
Personnel Charges		6,757,534
Benefits In Addition To Wages		87,623
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	54	21	69
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	14	5	18
Higher education (non university)	7	-	7
Higher education (university)	19	1	20
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	5	10	12
Higher education (non university)	7	4	10
Higher education (university)	2	1	3
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	54	21	69
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		1
Actual working hours		2,332
Cost of temporary staff		88,521
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	13	2	14
Leavers	9	6	14

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	40	26
Number of training hours	538	402
Net costs for enterprise	37,440	26,811
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	14	8
Number of training hours	31	21
Net costs for enterprise	1,258	479
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 50 TO 99 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	111
Description	JC for the metal, machinery and electrical construction
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

Significant Events

Event Date	28/06/2013
Event Description	re-appointment of director(s)
Event Details	Commentaire 28-06-2013: Renouvellement des mandats d'administrateur pour une durée de 5 ans de la SPRL Domarc, la SPRL W7, et de la SPRL Caleo.

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	220,050,892	-3.32	227,609,280	8.08	210,590,878	69,260,237	217
	Total operating expenses	217,623,822	-3.26	224,966,299	8.17	207,983,757	75,030,176	190
	Operating result	2,427,070	-8.17	2,642,981	1.38	2,607,121	-3,598,167	67.45
	Total financial income	182,230	-71.05	629,527	258	175,673	261,630	-30.35
	Total financial expenses	1,205,554	-37.64	1,933,290	36.91	1,412,123	337,440	257
	Results on ordinary operations before taxation	1,403,746	4.82	1,339,218	-2.29	1,370,671	-3,690,328	38.04
	Taxation	433,399	-39.93	721,442	61.54	446,614	184,744	134
	Results on ordinary operations after taxation	970,347	57.07	617,776	-33.15	924,057	-3,851,980	25.19
	Extraordinary items	0	-	0	-	0	-2,621,572	0
	Other appropriations	0.00	-	0	-	0	-	-
	Net result	970,347	57.07	617,776	-33.15	924,057	-6,467,760	15.00
	other information
	Dividends	1,407,131	-49.22	2,770,966	-	-	1,303,566	7.94
	Director remuneration	-	-	-	-	-	-	-
	Employee costs	6,658,023	-4.44	6,967,037	1.73	6,848,419	8,476,635	-21.45
	Wages and salary	4,503,773	-7.14	4,849,840	-2.28	4,962,965	5,395,524	-16.53
	Employee pension costs	189,774	-	209,503	-	182,644	590,569	-67.87
	Social security contributions	1,202,855	-12.12	1,368,721	8.28	1,264,068	1,922,389	-37.43
	Other employee costs	761,621	41.31	538,973	22.85	438,742	539,648	41.13
	Amortization and depreciation	73,955	123	33,059	-14.80	38,800	1,031,606	-92.83
	back to top

balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	18,361	-100
	Tangible fixed assets	340,765	41.25	241,249	765	27,875	13,891,609	-97.55
	Land & building	-	-	-	-	-	9,989,990	-
	Plant & machinery	245,884	14.16	215,377	-	-	4,869,757	-94.95
	Furniture & Vehicles	94,881	273	25,436	-5.30	26,859	148,023 30,029	-35.90
	Leasing & Other Similar Rights	-	-	-	-	-	205,627 205,627	-
	Other tangible assets	0	-100	436	-57.09	1,016	1,869,273	-100
	Financial fixed assets	51,659	-51.59	106,706	0	106,706	3,764,414	-98.63
	Total fixed assets	392,424	12.78	347,955	158	134,581	14,819,550	-97.35
	Inventories	7,479,022	-6.00	7,956,190	35.34	5,878,739	11,058,832	-32.37
	Raw materials & consumables	635,558	-8.97	698,192	37.37	508,258	8,371,111	-92.41
	Work in progress	51,056	3.09	49,524	57.10	31,523	535,326	-90.46
	Finished goods	6,115,540	-12.69	7,004,117	53.36	4,567,154	3,163,614	93.31
	Other stocks	676,868	231	204,357	-73.52	771,804	73,663	818
	Trade debtors	16,800,384	-19.63	20,904,860	22.47	17,069,237	5,030,730	233
	Cash	581,188	-22.25	747,465	-70.60	2,542,697	1,939,731	-70.04
	other amounts receivable	25,231,427	34.04	18,824,489	-14.63	22,049,865	2,275,495	1008
	Miscellaneous current assets	74,142	41.99	52,216	5.66	49,419	5,676,100	-98.69
	Total current assets	50,166,163	3.47	48,485,220	1.88	47,589,957	21,833,827	129
	Total Assets	50,558,587	3.53	48,833,175	2.32	47,724,538	35,727,155 1,182,146	41.51
	current liabilities
	Trade creditors	27,824,785	7.57	25,866,142	9.63	23,593,938	7,157,712	288
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	280,733	-	-	-	189,038	4,849,863 280,733	-94.21
	Current portion of long term debt	-	-	-	-	-	912,948 43,742	-
	Amounts Payable for Taxes, Remuneration & Social Security	1,482,718	-52.67	3,132,543	109	1,497,909	418,070 -	-11.69
	Miscellaneous current liabilities	10,097,884	18.58	8,515,526	-2.18	8,705,661	583	- -
	Total current liabilities	39,686,120	5.79	37,514,211	10.38	33,986,546	12,784,725	210
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Deffered taxes	-	-	-	-	-	5,302 5,302	-
	Provisions for Liabilities & Charges	1,354,268	-0.71	1,363,980	-16.31	1,629,818	9,298,140 0	-85.44
	Other long term liabilities	0	-	0	-	0	96	-100
	Total long term debts	1,354,268	-0.71	1,363,980	-16.31	1,629,818	11,777,610	-88.50
	shareholders equity
	Issued share capital	8,478,000	0	8,478,000	0	8,478,000	11,770,141	-27.97
	Share premium account	-	-	-	-	-	-	-
	Reserves	1,040,200	-29.57	1,476,984	-59.31	3,630,174	-1,956,120	53.18
	Revaluation reserve	-	-	-	-	-	21,612,792	-
	Total shareholders equity	9,518,200	-4.39	9,954,984	-17.78	12,108,174	11,164,821	-14.75
	Working capital	10,480,043	-4.48	10,971,009	-19.35	13,603,411	9,049,103	15.81
	Cashflow	1,044,301	60.46	650,835	-32.41	962,857	-5,565,105	18.77
	Net worth	9,518,200	-4.39	9,954,984	-17.78	12,108,174	11,146,460	-14.61
	back to top

ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	0.64	8.47	0.59	-9.23	0.65	6,00	-89.33
	Return on capital employed	12.91	9.13	11.83	18.54	9.98	68,00	-81.01
	Return on total assets employed	2.78	1.46	2.74	-4.53	2.87	6,00	-53.67
	Return on net assets employed	14.75	9.67	13.45	18.82	11.32	91,00	-83.79
	Sales / net working capital	21	1.20	20.75	34.04	15.48	3,00	-99
	Stock turnover ratio	3.40	-2.86	3.50	25.45	2.79	17,00	-80.00
	Debtor days	27.87	-16.86	33.52	13.32	29.58	56,00	-50.23
	Creditor days	46.67	11.20	41.97	1.35	41.41	44,00	6.07
	short term stability
	Current ratio	1.26	-2.33	1.29	-7.86	1.40	8,00	42.00
	Liquidity ratio / acid ratio	1.08	0	1.08	-12.20	1.23	8,00	-86.50
	Current debt ratio	4.17	10.61	3.77	34.16	2.81	-3,00	139
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	2.95	-	-	-	1.56	-290,00	1.02
	Equity in percentage	18.83	-7.65	20.39	-19.63	25.37	36,00	-47.69
	Total debt ratio	4.31	10.23	3.91	32.99	2.94	-3,00	143

Industry comparison

Activity code	24520
Activity description	Casting of steel
industry average credit rating	72.69
Industry average credit limit	262642.86

Payment Information Summary

Total number of Invoices available	6
Total number of Invoices paid within or up to 30 days after the due date	2
Total number of Invoices paid more than 30 days after the due date	1
Total number of Invoices currently outstanding where the due date has not yet been reached	2
Total number of Invoices currently outstanding beyond the due date	1

Payment expectations

Payment expectation days	46.67
Day sales outstanding	27.87

Industry comparison

Activity code	24520
Activity description	Casting of steel
Industry average payment expectation days	49.27
Industry average day sales outstanding	53.70

Industry quartile analysis

Payment expectations
Company result		46.67
Lower		63.77
Median		41.35
Upper		39.83
Day sales outstanding
Company result		27.87
Lower		61.24
Median		50.84
Upper		25.26
Company result	27.87
Lower	61.24
Median	50.84
Upper	25.26

Summary

Group - Number of Companies	29
Linkages - Number of Companies	4
Number of Countries	3

Company name	Number	Latest financials
- MAGOTTEAUX GROUP SA	881285382	15-03-2013
- - MAGOTTEAUX INTERNATIONAL PARTICIPATIONS ...	418366740	31-12-2008
- - - MAGOFIN INTERNATIONAL
- - MAGOTTEAUX INTERNATIONAL SA	405785543	31-12-2012
- - - CERAPOLE SA	472227474	31-12-2012
- - - - CERAMAG SA	461342193	31-12-2012
- - - - MEGACERAM SA	458504647	31-12-2012
- - - MAGOLUX SA	451293389	31-12-2012
- - - MAGOTTEAUX FINANCIAL CENTER SA	896977608	31-12-2012
- - - MAGOTTEAUX LIÈGE SA	443936435	31-12-2012
- - - MAGOTTEAUX SA	422984633	31-12-2012
- - - SLEGTEN SA	400524678	31-12-2012
- - - SOREGAM SA	441825201	31-12-2012
- - - FINOGAM SARL SOC.ETR. E.P.B.
- - - MAGOTTEAUX ALLOYED MATERIAL (SUZHOU) CO....
- - - MAGOFIN INTERNATIONAL BV-SE SOC.ETR. E.P...
- - - MAGOTTEAUX AUSTRALIA PTY LTD SOC.ETR. E....
- - - MAGOTTEAUX BRASIL - SOC.ETR. E.P.B.
- - - MAGOTTEAUX EAST MEDITERRANEAN LTD SOC.ET...
- - - MAGOTTEAUX (GREAT BRITAIN) LIMITED	01592235	31-12-2012
- - - MAGOTTEAUX INDUSTRIES PVT LTD - SOC.ETR....
- - - MAGOTTEAUX ITALIA SRL SOC.ETR. E.P.B.
- - - MAGOTTEAUX JAPAN CO LTD - SOC.ETR. E.P.B...
- - - MAGOTTEAUX NAVARRA SA - SCÉTÉ RPÉN
- - - MAGOTTEAUX PTY LTD SOC.ETR. E.P.B.
- - - MAGOTTEAUX SA	304398563	31-12-2012
- - - MAGOTTEAUX SA DE CV - SOC.ETR. E.P.B.
- - - MAGOTTEAUX SINGAPORE PRIVATE LIMITED SOC...
- - - MAGOTTEAUX VITORIA SL - SCÉTÉ RPÉN

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
472227474	Cerapole SA	0.01	31/12/2012
472227474	Cerapole SA	0.01	31/12/2012

Companies that match this address

no Companies Match this address

Linked Companies

Name	number	Latest Key financials	Limit	Turnover
MAGOFIN INTERNATIONAL B.V.	33286422	31.12.2012	€315.000	-
SOCOPAR II SA	422456774	31.07.2001	-	-
SOCOPAR III SA	449306770	31.07.2001	-	-
SIGDO KOPPERS SA	-	-	-	-

NSSO details

Business number	422984633
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	W7 SPRL
Position	Legal Representative
Start Date	09/11/2011
Date of birth	26/10/2011
Street	10 LE WEYA WALHAIN
Post code	1457
Country	Belgium

Name	CALEO SPRL
Position	Legal Representative
Start Date	20/06/2012
Date of birth	15/05/2012
Street	17 ROUTE DE BEAUMONT LASNE
Post code	1380
Country	Belgium

Name	MICHEL EMILE ROGER DEVALCKENEER
Position	Director
Start Date	20/10/2008
Date of birth	08/12/1953
Street	8 RUE ULRIC COURTOIS CHAUDFONTAINE
Post code	4052
Country	Belgium

Name	JEAN MARC CÉLESTIN XHENSEVAL
Position	Director
Start Date	03/09/2012
Date of birth	31/07/1957
Street	64 RUE DE LA LOIGNERIE CHAUDFONTAINE
Post code	4050
Country	Belgium

Name	DOMARC SPRL
Position	Legal Representative
Start Date	09/11/2011
Date of birth	26/10/2011
Street	64 RUE DE LA LOIGNERIE CHAUDFONTAINE
Post code	4050
Country	Belgium

Name	PRICEWATERHOUSECOOPERS REVISEURS D'ENTREPRISES SCRL
Position	Commissioner
Start Date	20/06/2007
Date of birth	01/01/1985
Street	18 WOLUWEDAL ZAVENTEM
Post code	1932
Country	Belgium

Name	YVAN DEMARCHE
Position	Director
Start Date	20/10/2008
Date of birth	06/06/1963
Street	7 RÉSIDENCE DE LA MARGELLE DALHEM
Post code	4608
Country	Belgium

Name	PATRICK VISEUR
Position	Director
Start Date	20/10/2008
Date of birth	20/01/1962
Street	31 RUE BRIHÎ TIYOU OUFFET
Post code	4590
Country	Belgium

Former director details

Name	MICHEL DE GREEF
Position	Director
Start Date	30/11/1995
End Date	-
Date of birth	27/12/1951
Street	7 AVENUE DE L'URUGUAY BRUSSELS
Post code	1000
Country	Belgium

Name	SEDIAM SPRL
Position	Legal Representative
Start Date	09/11/2011
End Date	-
Date of birth	26/10/2011
Street	11 RUE MARCEL ROYER HANNUT
Post code	4280
Country	Belgium

Name	SEDIAM SPRL
Position	Director
Start Date	01/09/2007
End Date	-
Date of birth	26/10/2011
Street	11 RUE MARCEL ROYER HANNUT
Post code	4280
Country	Belgium

Name	SÉBASTIEN GEORGES VICTOR DOSSOGNE
Position	Director
Start Date	01/09/2007
End Date	09/11/2011
Date of birth	14/07/1971
Street	11 RUE MARCEL ROYER HANNUT
Post code	4280
Country	Belgium

Name	VINCENT PAUL THÉRÈSE WERBROUCK
Position	Director
Start Date	01/09/2007
End Date	09/11/2011
Date of birth	24/01/1964
Street	10 LE WEYA WALHAIN
Post code	1457
Country	Belgium

Name	DOMARC SPRL
Position	Director
Start Date	25/04/2003
End Date	-
Date of birth	26/10/2011
Street	64 RUE DE LA LOIGNERIE CHAUDFONTAINE
Post code	4050
Country	Belgium

Name	W7 SPRL
Position	Director
Start Date	01/09/2007
End Date	-
Date of birth	26/10/2011
Street	10 LE WEYA WALHAIN
Post code	1457
Country	Belgium

Name	CALEO SPRL
Position	Director
Start Date	20/06/2012
End Date	19/06/2013
Date of birth	15/05/2012
Street	17 ROUTE DE BEAUMONT LASNE
Post code	1380
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.69
UK Pound	1	Rs.102.97
Euro	1	Rs.84.58

INFORMATION DETAILS

Report Prepared by :

NIS

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.