MIRA
INFORM REPORT
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Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
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Name : |
MORUBEL |
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Registered Office : |
Ankerstraat 2, Oostende,
8400 |
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Country : |
Belgium |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
468144665 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Processing and packing of frozen and chilled seafood products, both
branded and private label |
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No. of Employees : |
111 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Belgium |
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 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.
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Source
: CIA |
Company name & address
MORUBEL
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Business Description
Processing and packing of frozen and chilled seafood products, both branded
and private label
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
1020 -
Processing and preserving of fish, crustaceans and molluscs |
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NACE Rev 2: |
1020 -
Processing and preserving of fish, crustaceans and molluscs |
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NAICS 2012: |
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UK SIC 2007: |
1020 -
Processing and preserving of fish, crustaceans and molluscs |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Marc De Wulf |
Decision-maker |
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Jef Compère |
Sales Manager |
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Michel Veerman |
Director, Administrator |
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Wim Aernoudt |
Technical, Security and Environment Manager |
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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
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ANZSIC 2006 Codes: |
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1120 |
- |
Seafood Processing |
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ISIC Rev 4 Codes: |
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1020 |
- |
Processing and preserving of fish, crustaceans and molluscs |
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NACE Rev 2 Codes: |
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1020 |
- |
Processing and preserving of fish, crustaceans and molluscs |
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NAICS 2012 Codes: |
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311710 |
- |
Seafood Product Preparation and Packaging |
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US SIC 1987: |
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2092 |
- |
Prepared Fresh or Frozen Fish and Seafoods |
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UK SIC 2007: |
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1020 |
- |
Processing and preserving of fish, crustaceans and molluscs |
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
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Company Percentage Owned Country
Morubel Deutschland GmbH 100% GERMANY
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Corporate
Family
Total Corporate Family Members: 2
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
HSI Holding NV |
Parent |
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Subsidiary |
Oostende |
Belgium |
Food Manufacturing |
110.7 |
111 |
Executive report
Board of Directors
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Director, Administrator |
Director/Board Member |
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Executives
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Decision-maker |
Senior Management (General) |
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Decision-maker |
Senior Management (General) |
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Technical, Security and Environment Manager |
Environment/Safety Executive |
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Administrator |
Administration Executive |
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Director, Administrator |
Administration Executive |
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Office Manager |
Administration Executive |
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Representative/Auditor |
Accounting Executive |
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Sales Manager |
Sales Executive |
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Sales Manager |
Sales Executive |
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Marketing and Advertising Manager |
Marketing Executive |
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Research and Development and Product Development Manager |
Marketing Executive |
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IT Manager |
Engineering/Technical Executive |
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Logistics Manager |
Logistics Executive |
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Purchasing Manager |
Purchasing Executive |
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Quality Control Manager |
Quality Executive |
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Annual
Profit & Loss
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31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.726943 |
0.757168 |
0.70861 |
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Consolidated |
No |
No |
No |
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Turnover |
110.7 |
96.5 |
82.6 |
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Increase or Decrease in Stocks of Finished
Goods, and Orders in Progress |
0.0 |
4.9 |
0.9 |
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Other Operating Income |
0.0 |
0.0 |
0.1 |
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Operating Income |
110.7 |
101.5 |
83.5 |
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Purchases |
86.3 |
73.6 |
56.2 |
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Increase or Decrease in
Stocks |
-4.3 |
2.0 |
2.2 |
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Raw Materials, Consumables, and Goods for
Release |
82.0 |
75.6 |
58.4 |
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Services and Sundry Goods |
13.0 |
12.3 |
9.3 |
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Remuneration, Social Security Charges, and
Pensions |
7.8 |
6.8 |
6.7 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.5 |
0.6 |
1.4 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
0.3 |
-0.5 |
-0.7 |
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Provisions for Liabilities and Charges |
-0.8 |
-0.3 |
0.3 |
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Other Operating Charges |
0.4 |
0.4 |
0.1 |
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Operating Charges |
103.2 |
94.9 |
75.6 |
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Income From Current Assets |
3.0 |
2.3 |
1.3 |
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Other Financial Income |
0.7 |
0.8 |
0.4 |
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Financial Income |
3.7 |
3.1 |
1.7 |
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Interest and Other Debt Charges |
0.9 |
1.0 |
0.5 |
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Other Financial Charges |
0.9 |
1.3 |
0.6 |
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Financial Charges |
1.8 |
2.3 |
1.0 |
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Gain on Disposal of Fixed Assets |
- |
0.3 |
0.0 |
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Other Extraordinary Income |
0.1 |
0.0 |
0.0 |
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Extraordinary Income |
0.1 |
0.3 |
0.0 |
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Loss on Disposal of Fixed Assets |
0.0 |
0.1 |
- |
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Other Extraordinary Charges |
- |
0.0 |
- |
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Extraordinary Charges |
0.0 |
0.1 |
- |
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Income Taxes |
2.5 |
1.8 |
2.1 |
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Adjustment of Income Taxes and Write-Back of
Tax Provisions |
- |
0.0 |
0.0 |
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Income Taxes |
2.5 |
1.8 |
2.1 |
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To Other Reserves |
7.0 |
5.8 |
6.5 |
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Transfers to Capital and Reserves |
7.0 |
5.8 |
6.5 |
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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 |
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Consolidated |
No |
No |
No |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
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Land & Buildings |
- |
- |
4.0 |
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Plant, Machinery, and
Equipment |
1.6 |
1.7 |
3.3 |
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Furniture and Vehicles |
0.0 |
0.1 |
0.1 |
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Leasing and Other
Similar Rights |
0.1 |
0.2 |
0.3 |
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Tangible Assets |
1.8 |
2.0 |
7.6 |
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Participating
Interests |
- |
0.0 |
0.0 |
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Affiliated Enterprises |
- |
0.0 |
0.0 |
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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 |
0.1 |
0.1 |
0.1 |
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Fixed Assets |
1.9 |
2.1 |
7.8 |
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Raw Materials and
Consumables |
20.9 |
18.2 |
18.6 |
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Work in Progress |
0.3 |
0.6 |
0.2 |
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Finished Goods |
10.7 |
11.3 |
6.1 |
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Stocks |
31.9 |
30.0 |
24.9 |
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Inventory and Orders in Progress |
31.9 |
30.0 |
24.9 |
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Trade Debtors |
15.7 |
16.5 |
13.4 |
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Other Amounts Receivable |
31.0 |
33.5 |
29.2 |
|
Amounts Receivable Within One Year |
46.7 |
50.0 |
42.6 |
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Liquid Assets |
40.7 |
42.1 |
32.0 |
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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 |
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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 |
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Remuneration and
Social Security |
1.4 |
1.5 |
1.2 |
|
Taxes, Wages, and
Social Security |
1.7 |
1.6 |
1.6 |
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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.61.99 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.83.98 |
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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.