MIRA INFORM REPORT

 

 

Report Date :

21.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ATLAS COPCO AIRPOWER NV

 

 

Registered Office :

Boomsesteenweg, 957, 2610 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

21.06.1937

 

 

Com. Reg. No.:

403992231

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacturer of fluid power equipment

 

 

No of Employees :

2,683 (31.12.2012)

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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

 

Business number         403992231

Company name           ATLAS COPCO AIRPOWER NV

Address                        BOOMSESTEENWEG

957

2610 ANTWERPEN

Number of staff            2,683 (31.12.2012)

Date of establishment 21/06/1937

Telephone number      03870 21 11

Fax number                 03870 24 43

 

 

Ultimate holding company

 

Company name                         ATLAS COPCO AB

 

 

Commentary

           

The business was established over 76 years ago.

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_nochange.gif

The business has 2683 employees.

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_nochange.gif

The business is part of a group.

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_nochange.gif

The business has been at the address for over 2 years.

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_nochange.gif

The business saw a decrease in their Cash Balance of 38% during the latest trading period.

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_down.gif

 

 

Accounts                                          

                                               

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

1,638,625,874

422,484,815

3,258,915,724

549,260,916

31/12/2011

1,560,413,117

364,020,962

2,927,528,213

224,014,637

31/12/2010

1,331,494,316

322,671,440

2,610,874,093

-83,871,987

                                                                                                                                           

Accounts                 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

6,065,808,425

2,683

1,435,000,000

357,928,913

31/12/2011

5,737,291,158

2,728

1,435,000,000

339,053,601

31/12/2010

5,682,610,113

2,594

1,435,000,000

244,333,066

 


 

TRENDS

 

Profitability

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_up.gif

Liquidity

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_up.gif

Net worth

Description: http://app.creditsafeuk.com/CSUKlive/Images/arrow_up.gif

 

 

Payment expectations           

                         

Past payments

 ---

Payment expectation days

54.77

Industry average payment

expectation days

84.25

 

Industry average day sales

89.62

outstanding

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                                   no

 

 

Company information

 

Business number

403992231

Company name

ATLAS COPCO AIRPOWER NV

Fax number

03870 24 43

Date founded

21/06/1937

Company status

active

Company type

Public Limited Liability Company (BE)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

28120

liable for VAT

 

Activity description

Manufacturer of fluid power equipment

VAT Number

BE.0403.992.231

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Social Balance Sheet Details               

 

Social Balance Sheet

Total

 

 

During the reporting year ended 31-12-2012

 

 

 

Full-time Employees

2,506

 

 

Part-time Employees

314

 

 

Total Fte Employees

2,741

 

 

 

 

 

 

Number of hours worked

 

 

 

Full-time Employees

3,767,356

 

 

Part-time Employees

331,648

 

 

Total

4,099,004

 

 

 

 

 

 

Personnel Charges

 

 

 

Full-time Employees

177,708,537

 

 

Part-time Employees

15,168,877

 

 

Total

192,877,414

 

 

Benefits In Addition To Wages

3,065,337

 

 

 

 

 

 

During the previous reporting year

 

 

 

Average number employees in Fte

2,655

 

 

Actual working hours

3,898,572

 

 

Personnel Charges

183,346,580

 

 

Benefits In Addition To Wages

2,802,865

 

 

 

 

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

2,365

316

2,602

Limited Duration Contracts

81

1

82

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

Gender and Education Level

 

Men

Full-Time

Part-Time

Total Fte

Primary education

22

12

31

Secondairy education

1,344

169

1,472

Higher education (non university)

513

24

530

Higher education (university)

317

5

320

Women

Full-Time

Part-Time

Total Fte

Primary education

1

-

1

Secondairy education

73

49

112

Higher education (non university)

76

35

99

Higher education (university)

100

23

118

 

Working Category

Full-Time

Part-Time

Total Fte

Management

11

-

11

White collar worker

1,174

129

1,271

Blue collar worker

1,261

188

1,402

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

50

Actual working hours

98,253

Cost of temporary staff

1,878,077

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

198

-

198

Leavers

223

15

234

 

Total of formal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

2,050

311

Number of training hours

51,995

9,741

Net costs for enterprise

5,085,704

59,697

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

169

28

Number of training hours

24,798

2,780

Net costs for enterprise

809,920

91,107

Total of initial training initiatives at the expense of the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

 

 

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

 

Significant Events   

 

Event Date

23/01/2014

Event Description

authority appointed

Event Details

Commentaar 23-01-2014: De aan de heer Jian Zhang verleende bijzondere volmacht van Controller Quality Air Divisie, wordt met ingang van 30/11/2013 ingetrokken. De heer Matteo Dall'Ora wordt benoemd tot Controll

 

Event Date

23/01/2014

Event Description

authority appointed

Event Details

er Quality Air Divisie, waarbij bijzondere tekenbevoegdheid wordt verleend voor de dagelijkse verrichtingen met inbegrip van die financiele aard, samen handelend met de algemeen directeur van zijn divisie.

 

Event Date

23/01/2014

Event Description

authority appointed

 

COMPANY ACCOUNTS

 

Comparison Mode

·         Average                               Median                                                  Export accounts to CSV File

 

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

1,638,625,874

5.01

1,560,413,117

17.19

1,331,494,316

65,904,563

2386

Total operating expenses

1,159,019,987

3.01

1,125,121,940

16.00

969,924,776

47,798,306

2324

Operating result

479,605,887

10.18

435,291,177

20.39

361,569,540

7,424,770

6359

Total financial income

11,644,659

81.27

6,423,868

77.66

28,760,782

234,980

4855

Total financial expenses

68,765,732

11.49

77,694,083

14.83

67,658,881

1,129,482

5988

Results on ordinary operations before taxation

422,484,815

16.06

364,020,962

12.81

322,671,440

6,546,694

6353

Taxation

86,803,574

99

43,540,048

59.81

108,333,436

1,663,198

5119

Results on ordinary operations after taxation

335,681,241

4.74

320,480,914

49.52

214,338,004

5,185,895

6372

Extraordinary items

-138,007

-141

332,051

95.67

7,670,156

-29,583

-366

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

335,543,234

4.59

320,812,965

44.51

222,008,160

5,156,654

6406

OTHER INFORMATION

 

 

 

 

 

 

 

Dividends

-

-

-

-

300,000,000

199,398

-

Director remuneration

-

-

-

-

-

113,625

-

Employee costs

198,475,532

4.75

189,473,482

12.43

168,528,788

5,755,243

3348

Wages and salary

120,102,235

5.86

113,455,216

10.82

102,381,067

3,622,518

3215

Employee pension costs

5,598,118

-

6,126,902

-

6,466,802

706,008

692

Social security contributions

50,682,545

4.10

48,688,268

16.60

41,754,907

1,587,208

3093

Other employee costs

22,092,634

4.20

21,203,096

18.28

17,926,012

372,072

5837

Amortization and depreciation

22,385,678

22.72

18,240,637

18.29

22,324,906

507,059

4314

 


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

36,105,231

-

31,949,508

-

27,790,663

585,691

6064

Tangible fixed assets

40,670,267

-1.07

41,109,637

10.70

37,136,977

1,536,869

2546

Land & building

20,543,885

-5.81

21,810,550

-2.91

22,463,553

1,195,228

1618

Plant & machinery

18,851,983

2.36

18,417,405

30.67

14,094,165

929,257

1928

Furniture & Vehicles

1,274,400

44.54

881,682

52.21

579,259

67,341 14,027

1792

Leasing & Other Similar Rights

-

-

-

-

-

223,649 28,680

-

Other tangible assets

0

-

0

-

0

26,674

-100

Financial fixed assets

5,121,600,000

0.00

5,121,602,175

0

5,121,602,175

150,941,121

3293

Total fixed assets

5,198,375,498

0.07

5,194,661,320

0.16

5,186,529,815

87,637,588

5831

Inventories

126,384,441

-4.49

132,323,333

36.48

96,955,696

3,775,662

3247

Raw materials & consumables

42,719,277

13.16

49,192,378

54.67

31,805,462

5,605,335

662

Work in progress

25,498,295

3.51

24,634,725

38.82

17,746,121

487,681

5128

Finished goods

58,166,868

-0.56

58,496,230

23.40

47,404,113

1,090,511

5233

Other stocks

0

-

0

-

0

87,861

-100

Trade debtors

209,572,433

19.39

175,535,588

18.30

148,376,002

3,925,445

5238

Cash

199,766

38.90

326,950

6.72

306,351

104,521

91.13

other amounts receivable

529,179,032

127

232,405,737

-6.40

248,298,635

8,242,955

6319

Miscellaneous current assets

2,097,255

2.90

2,038,230

-4.92

2,143,613

124,300

1587

Total current assets

867,432,927

59.86

542,629,839

9.38

496,080,298

14,737,958

5785

Total Assets

6,065,808,425

5.73

5,737,291,158

0.96

5,682,610,113

94,408,493 615,357

6325

CURRENT LIABILITIES

Trade creditors

173,926,036

-7.11

187,231,970

7.56

174,068,180

3,144,723

5430

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

-

733,260 58,674

-

Current portion of long term debt

-

-

-

-

-

136,821 52,760

-

Amounts Payable for Taxes, Remuneration & Social Security

119,828,786

23.52

97,009,506

24.94

77,647,347

38,509 -

5238

Miscellaneous current liabilities

24,417,189

28.97

34,373,725

89.53

328,236,758

3251

- -

Total current liabilities

318,172,011

-0.14

318,615,202

45.06

579,952,285

6,025,050

5180

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

2,386,000,000

0

2,386,000,000

0

2,386,000,000

3449

- -

Deffered taxes

-

-

-

-

-

23,034 20,157

-

Provisions for Liabilities & Charges

66,615,460

-8.99

73,198,236

-6.15

77,993,072

1,033,707 0

6344

Other long term liabilities

0

-

0

-

0

17,184

-100

Total long term debts

2,452,615,460

-0.27

2,459,198,236

-0.19

2,463,993,072

37,716,259

6402

SHAREHOLDERS EQUITY

 

 

 

 

 

 

 

Issued share capital

1,435,000,000

0

1,435,000,000

0

1,435,000,000

22,059,507

6405

Share premium account

-

-

-

-

-

0

-

 

 

 

 

 

 

 

 

Reserves

1,860,020,955

22.01

1,524,477,721

26.65

1,203,664,756

28,607,676

6401

Revaluation reserve

-

-

-

-

-

0

-

Total shareholders equity

3,295,020,955

11.34

2,959,477,721

12.16

2,638,664,756

50,667,183

6403

Working capital

549,260,916

145

224,014,637

267

-83,871,987

8,712,908

6203

Cashflow

357,928,913

5.57

339,053,601

38.77

244,333,066

5,602,252

6289

Net worth

3,258,915,724

11.32

2,927,528,213

12.13

2,610,874,093

50,081,491

6407

 

Ratio Analysis

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

25.78

10.50

23.33

-3.71

24.23

1.375,00

-98.13

Return on capital employed

7.35

9.38

6.72

6.33

6.32

-62.271,00

0.01

Return on total assets employed

6.97

9.94

6.34

11.62

5.68

5,00

39.40

Return on net assets employed

12.82

4.23

12.30

0.57

12.23

42,00

-69.48

Sales / net working capital

2.98

-57.25

6.97

43.89

-15.88

-6,00

-99

Stock turnover ratio

7.71

-9.08

8.48

16.48

7.28

14,00

-44.93

Debtor days

46.68

13.69

41.06

0.96

40.67

105,00

-55.54

Creditor days

54.77

-9.83

60.74

-7.27

65.50

1.104,00

-95.04

SHORT TERM STABILITY

Current ratio

2.73

60.59

1.70

97.67

0.86

3,00

273

Liquidity ratio / acid ratio

2.33

80.62

1.29

86.96

0.69

3,00

-22.33

Current debt ratio

0.10

-9.09

0.11

-50.0

0.22

-1,00

10.00

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

72.41

-10.18

80.62

-10.84

90.42

181,00

-59.99

Equity in percentage

54.65

5.36

51.87

11.17

46.66

67,00

-18.43

Total debt ratio

0.84

-10.64

0.94

-18.26

1.15

1,00

-16.00

 

 

Industry comparison

           

Activity code

28120

Activity description

Manufacturer of fluid power equipment

 

 

Payment Information   

                                                                                                                                           

Payment Information Summary

 

Total number of Invoices available

61

Total number of Invoices paid within or up to 30 days after the due date

16

Total number of Invoices paid more than 30 days after the due date

36

Total number of Invoices currently outstanding where the due date has not yet been reached

0

Total number of Invoices currently outstanding beyond the due date

9

 

 


 

Payment expectations

Payment expectation days

54.77

Day sales outstanding

46.68

Industry comparison

Activity code

28120

Activity description

Manufacture of fluid power equipment

Industry average payment expectation days

84.25

Industry average day sales outstanding

89.62

 

Industry quartile analysis

 

Payment expectations

Company result

54.77

Lower

99.32

Median

77.09

Upper

56.37

 

 

Day sales outstanding

Company result

46.68

Lower

92.22

Median

43.13

Upper

31.65

 

 

Shareholder Details    

           

Summary

 

Group - Number of Companies

6

Linkages - Number of Companies

203

Number of Countries

47

 

 

Group Structure       

                                               

Company name

Number

Latest financials

- ATLAS COPCO AB

 

 

- - ATLAS COPCO AIRPOWER NV

403992231

31-12-2012

- - - ATLAS COPCO FINANCE EUROPE NV

439928751

31-12-2012

- - - ATLAS COPCO RENTAL EUROPE NV

452503614

31-12-2012

- - ATLAS COPCO FINANCE BELGIUM BVBA

821054421

31-12-2012

- - INTERNATIONAL COMPRESSOR DISTRIBUTION NV

443607625

31-12-2012

 

Minority Shareholders

 

No minority shareholders found

 

 

Minority Interests

 

No minority interests found

 

 

Linked Companies          

           

Summary

 

 

 

Group - Number of Companies

6

Linkages - Number of Companies

203

Number of Countries

47

 

 

 

Linked Companies                                

 

NAME

NUMBER

LATEST

KEY FINANCIALS

TURNOVER

ATLAS COPCO (INDIA)

11-20566

31.12.2009

€197.043.970

ATLAS COPCO AKTIEBOLAG

5560142720

31.12.2012

-

ATLAS COPCO UK HOLDINGS LIMITED

01194804

31.12.2012

£1.114.000

ATLAS COPCO FRANCE HOLDING

678200569

31.12.2012

€5.406.769

ATLAS COPCO HOLDING GMBH

HRB 7550

31.12.2012

€784.450.747

ATLAS COPCO LIMITED

00159809

31.12.2012

£151.500.000

ATLAS COPCO ROCK DRILLS AKTIEBOLAG

5560779018

31.12.2012

12.838.475 KSEK

ATLAS COPCO AS

910324381

31.12.2012

-

ATLAS COPCO DYNAPAC AB

5566550413

31.12.2012

-

DYNAPAC AB

5566550421

31.12.2012

2.512 KSEK

ATLAS COPCO LUGNET TREASURY AKTIEBOLAG

5562779537

31.12.2012

-

ATLAS COPCO ANLEGG- OG

954582736

31.12.2012

629.592

ATLAS COPCO BEHEER B.V.

23048106

31.12.2012

-

CONSTRUCTION TOOLS PC AB

5560697228

31.12.2012

343.177 KSEK

ATLAS COPCO SECOROC AKTIEBOLAG

5560019019

31.12.2012

2.642.422 KSEK

ATLAS COPCO KOMPRESSORTEKNIKK AS

854581112

31.12.2012

263.765 KNOK

ATLAS COPCO CONSTRUCTION TOOLS GMBH

HRB 11704

31.12.2012

€61.686.111

ATLAS COPCO CREPELLE

458501483

31.12.2012

€35.564.398

ATLAS COPCO COMPRESSEURS

348582834

31.12.2012

€109.740.844

ATLAS COPCO FORAGE ET CONSTRUCTION

303433908

31.12.2012

€55.080.502

 

 

Court data

                                                                                               

NSSO details

Business number

403992231

Name of defendant

-

 

 

Bankruptcy details

                                                                                              

There is no bankruptcy data against this company                      

                                                                                              

 

Bankruptcy Data

                                                                                              

Court Data

there is no data for this company                                              

 

 

Director details           

           

Current Director Details

Name

RONNIE LETEN

Position

Director

Start Date

18/08/2010

Street

26 BELLEKENSSTRAAT MOL

Post code

2400

Country

Belgium

 

Name

RONNIE LETEN

Position

Chairman of the Board

Start Date

25/06/2013

Street

26 BELLEKENSSTRAAT MOL

Post code

2400

Country

Belgium

 

Name

ALEX JAN CHRISTIAAN BONGAERTS

Position

Director

Start Date

12/06/2002

Street

17 FUCHSIALAAN KAPELLEN

Post code

2950

Country

Belgium

 

 

Mandates in other companies

 

Name                           Belgian Indusctrial R&B Board ASBL

Business number         534715765

Position                       Director

Start Date                    27/03/2013

 

Name                           Regionaal Technologisch Centrum Antwerpen VZW

Business number         873514296

Position                       Director

Start Date                    09/04/2008

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.58.75

UK Pound

1

Rs.98.77

Euro

1

Rs.80.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

 

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.