|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VITAFOR NV |
|
|
|
|
Registered Office : |
Noordlaan 18-19, 9100
Sint-Niklaas |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.10.1972 |
|
|
|
|
Legal Form : |
Public Limited Liability
Company (BE) |
|
|
|
|
Line of Business : |
Wholesale of pharmaceutical goods |
|
|
|
|
No. of Employees |
7 |
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 : |
Slow but correct |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
|
Business number |
412725991 |
|
Company name |
VITAFOR NV |
|
Address |
NOORDLAAN 18-19 |
|
|
9100 SINT-NIKLAAS |
|
Number of staff |
7 |
|
Date of establishment |
23/1 0/1 972 |
|
Telephone number |
037667265 |
|
Fax number |
037660370 |
|
The business was established over 41 years ago. |
|
The business has 10 employees. |
|
The business has been at the address for over 2 years. |
|
Operating Result in the latest trading period decreased 21% on the
previous trading period. |
|
Pre-tax profits decreased by 74% compared to the previous trading
period. |
|
The business saw an increase in their Cash Balance of 221% during the
latest trading period. |
Accounts
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31/12/2012 |
19,585,494 |
60,520 |
3,258,372 |
2,862,967 |
|
31/12/2011 |
20,669,055 |
237,872 |
3,243,635 |
2,803,292 |
|
31/12/2010 |
23,114,118 |
269,060 |
3,042,219 |
2,719,551 |
Accounts
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2012 |
7,875,066 |
7 |
100,000 |
44,337 |
|
31/12/2011 |
6,937,063 |
8 |
100,000 |
231,105 |
|
31/12/2010 |
6,968,307 |
8 |
100,000 |
252,086 |
Trends
|
Profitability |
|
||
|
Liquidity |
|
||
|
Net worth |
|
||
|
Payment expectations |
|||
|
Past payments |
|
Payment expectation days |
24.33 |
|
Industry average payment |
75.13 |
Industry average day sales |
115.16 |
|
expectation days |
|
outstanding |
|
|
Day sales outstanding |
60.35 |
||
Court
data summary
|
BANKRUPTCY DETAILS |
|
|
Court action type |
no |
|
PROTESTED BILLS |
|
|
Bill amount |
- |
|
NSSO DETAILS |
|
|
Date of summons |
- |
|
Business number Fax number Company
status Currency Activity code Activity
description Belgian Bullettin of Acts Publications |
412725991 037660370 active Euro (€)
46460 Wholesale of
pharmaceutical goods moniteur belge |
Company
name Date founded Company type Date of latest accounts Liable for VAT VAT Number |
VITAFOR NV 23/10/1972 Public Limited Liability Company (BE) 31/12/2012 yes BE.0412.725.991 Check VAT number |
|
|
Contractor
details |
||||
|
Registered
contractor number |
- |
|
|
|
|
Contractor
description |
- |
|
|
|
|
Date
struck off register |
||||
|
Social
Balance Sheet Details |
||||
|
|
||||
|
Social
Balance Sheet |
|
Total |
|
|
|
During the
reporting year ended 31-12-2012 |
||||
|
Full-time
Employees |
|
7 |
|
|
|
Part-time
Employees |
|
3 |
|
|
|
Total Fte
Employees |
|
9 |
|
|
|
|
||||
|
Number of
hours worked |
||||
|
Full-time
Employees |
|
11,850 |
|
|
|
Part-time
Employees |
|
2,566 |
|
|
|
Total |
|
14,416 |
|
|
|
|
||||
|
Personnel
Charges |
||||
|
Full-time
Employees |
|
296,064 |
|
|
|
Part-time
Employees |
|
64,135 |
|
|
|
Total |
|
360,198 |
|
|
|
Benefits
In Addition To Wages |
0 |
|
|
|
|
|
||||
|
During the
previous reporting year |
||||
|
Average
number employees in Fte |
8 |
|
|
|
|
Actual
working hours |
|
1 3,684 |
|
|
|
Personnel
Charges |
|
333,841 |
|
|
|
Benefits
In Addition To Wages |
0 |
|
|
|
|
■ |
|
|
|
|
|
|
|
|
|
|
|
Type of
Contract |
Full-Time |
Part-Time |
Total Fte |
|
|
Unlimited
Duration Contracts |
6 |
3 |
8 |
|
|
Limited
Duration Contracts |
0 |
0 |
0 |
|
|
Contracts
For Specific Work |
0 |
0 |
0 |
|
|
Contracts Regarding
Substitution |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
||||
|
Gender and
Education Level |
|
|
|
|
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary
education |
0 |
0 |
0 |
|
|
Secondairy
education |
3 |
0 |
3 |
|
|
Higher education (non university) |
0 |
0 |
0 |
|
|
Higher education (university) |
0 |
0 |
0 |
|
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary
education |
0 |
0 |
0 |
|
|
Secondairy
education |
3 |
3 |
5 |
|
|
Higher education (non university) |
0 |
0 |
0 |
|
|
Higher education (university) |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
||||
|
Working
Category |
Full-Time |
Part-Time |
Total Fte |
|
|
Management |
0 |
0 |
0 |
|
|
White
collar worker |
6 |
3 |
8 |
|
|
Blue
collar worker |
0 |
0 |
0 |
|
|
Other |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
||||
|
Temporary
personnel |
|
Total |
|
|
|
Average
number of temporary staff |
0 |
|
|
|
|
Actual
working hours |
|
252 |
|
|
|
Cost of
temporary staff |
|
8,399 |
|
|
|
|
|
|
|
|
|
|
||||
|
New staff
and leavers |
Full-Time |
Part-Time |
Total Fte |
|
|
New
Starters |
2 |
0 |
2 |
|
|
Leavers |
2 |
1 |
3 |
|
|
|
|
|
|
|
Total of
formal continuing vocational training initiatives
|
for workers
paid by the employer |
Male |
Female |
|
Number of
employees |
0 |
0 |
|
Number of
training hours |
0 |
0 |
|
Net costs
for enterprise |
0 |
0 |
|
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer |
Male |
Female |
|
Number of
employees |
0 |
0 |
|
Number of
training hours |
0 |
0 |
|
Net costs
for enterprise |
0 |
0 |
|
Total of
initial training initiatives at the expense of the employer |
Male |
Female |
|
Number of
employees |
0 |
0 |
|
Number of
training hours |
0 |
0 |
|
Net costs
for enterprise |
0 |
0 |
Personnel (NSSO classification) Code
-
Description FROM
10 TO 19
Joint
Industrial Committee (JIC)
|
JIC Code |
100 |
|
Description |
Additional joint committee for labourers |
|
category |
|
|
JIC Code |
218 |
|
Description |
Additional national joint committee for
the employees |
|
category |
|
|
Significant
Events |
|
|
Event Date |
28/06/2011 |
|
Event
Description |
|
|
Event
Details |
Uitbreiding van het maatschappelijk doel. |
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 |
19,585,494 |
-5.24 |
20,669,055 |
-10.58 |
23,114,118 |
37,432,666 |
-47.68 |
|
Total
operating expenses |
19,333,199 |
-4.98 |
20,346,100 |
-10.02 |
22,610,913 |
37,256,438 |
-48.11 |
|
Operating
result |
252,295 |
-21.88 |
322,955 |
-35.82 |
503,205 |
118,141 |
113 |
|
Total
financial income |
302,597 |
29.62 |
233,457 |
-32.62 |
346,493 |
780,491 |
-61.23 |
|
Total
financial expenses |
494,371 |
55.20 |
318,540 |
-45.14 |
580,638 |
694,543 |
-28.82 |
|
Results on
ordinary operations before taxation |
60,520 |
-74.56 |
237,872 |
-11.59 |
269,060 |
134,277 |
-54.93 |
|
Taxation |
75,965 |
38.75 |
54,750 |
-11.12 |
61,597 |
166,110 |
-54.27 |
|
Results on ordinary operations
after taxation |
-15,445 |
-108 |
183,122 |
-11.73 |
207,463 |
7,493 |
-306 |
|
Extraordinary
items |
30,182 |
64.98 |
18,294 |
46.25 |
12,509 |
-1,277 |
2363 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
Net result OTHER INFORMATION |
14,737 |
-92.68 |
201,416 |
-8.44 |
219,972 |
7,036 |
109 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
209,445 |
- |
|
Dividends |
0 |
- |
0 |
- |
0 |
1,271,922 |
-100 |
|
Director
remuneration |
0 |
- |
0 |
- |
0 |
270,927 |
-100 |
|
Employee
costs |
360,198 |
7.90 |
333,841 |
26.62 |
263,650 |
2,632,633 |
-86.32 |
|
Wages and salary |
270,303 |
14.35 |
236,380 |
26.20 |
187,306 |
1,913,058 |
-85.87 |
|
Employee pension costs |
0 |
- |
0 |
- |
0 |
267,189 |
-100 |
|
Social security contributions |
64,610 |
18.01 |
54,749 |
29.41 |
42,306 |
522,859 |
-87.64 |
|
Other employee costs |
25,286 |
-40.80 |
42,713 |
25.48 |
34,038 |
154,584 |
-83.64 |
|
Amortization
and depreciation |
29,600 |
-0.30 |
29,689 |
-7.55 |
32,115 |
1,063,096 |
-97.22 |
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 |
1,844,707 |
-100 |
|
Tangible
fixed assets |
91,122 |
-15.76 |
108,174 |
30.12 |
83,133 |
1,017,781 |
-91.05 |
|
Land & building |
0 |
- |
0 |
- |
0 |
924,160 |
-100 |
|
Plant & machinery |
- |
- |
- |
- |
- |
390,708 |
- |
|
Furniture & Vehicles |
91,122 |
-15.76 |
108,174 |
30.12 |
83,133 |
59,898
13,228 |
52.13 |
|
Leasing & Other Similar Rights |
0 |
- |
0 |
- |
0 |
699,547
17,295 |
-100 |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
171,665 |
-100 |
|
Financial
fixed assets |
368,381 |
-26.35 |
500,176 |
17.35 |
426,212 |
17,957,675 |
-97.95 |
|
Total
fixed assets |
459,502 |
-24.47 |
608,350 |
19.44 |
509,344 |
14,591,346 |
-96.85 |
|
Inventories |
3,323,525 |
42.66 |
2,329,738 |
18.88 |
1,959,662 |
3,211,476 |
3.49 |
|
Raw materials & consumables |
0 |
- |
0 |
- |
0 |
2,011,004 |
-100 |
|
Work in progress |
0 |
- |
0 |
- |
0 |
7,729 |
-100 |
|
Finished goods |
3,323,525 |
42.66 |
2,329,738 |
18.88 |
1,959,662 |
1,817,587 |
82.85 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
88,680 |
-100 |
|
Trade
debtors |
3,238,372 |
43.41 |
2,258,057 |
-37.84 |
3,632,517 |
2,905,203 |
11.47 |
|
Cash |
443,297 |
221 |
137,762 |
-77.41 |
609,824 |
439,565 |
0.85 |
|
other
amounts receivable |
410,324 |
45.06 |
282,873 |
10.08 |
256,960 |
1,632,562 |
-74.87 |
|
Miscellaneous
current assets |
46 |
-99 |
1,320,283 |
- |
0 |
443,765 |
-99 |
|
Total
current assets |
7,415,564 |
17.17 |
6,328,713 |
-2.02 |
6,458,963 |
7,372,692 |
0.58 |
|
Total
Assets |
7,875,066 |
13.52 |
6,937,063 |
-0.45 |
6,968,307 |
20,835,662
588,591 |
-62.20 |
CURRENT
LIABILITIES
|
Trade
creditors |
1,288,791 |
-23.78 |
1,690,842 |
-9.07 |
1,859,418 |
2,583,407 |
-50.11 |
|
Short term
group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
3,095,049 |
83.42 |
1,687,431 |
-0.15 |
1,690,000 |
2,281,386
38,045 |
35.67 |
|
Current
portion of long term debt |
103,910 |
1.15 |
102,731 |
32.38 |
77,602 |
263,272
20,374 |
-60.53 |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
33,038 |
-17.19 |
39,896 |
-3.38 |
41,293 |
23,721 - |
-92.63 |
|
Miscellaneous
current liabilities |
31,809 |
603 |
4,520 |
-93.64 |
71,099 |
-98.51 |
- - |
|
Total
current liabilities |
4,552,597 |
29.14 |
3,525,420 |
-5.72 |
3,739,412 |
5,819,303 |
-21.77 |
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Long term
group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other long
term loans |
64,097 |
-61.85 |
168,007 |
-10.00 |
1 86,676 |
-99 |
- - |
|
Deffered
taxes |
0 |
- |
0 |
- |
0 |
1 30,387 23,096 |
-100 |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
278,293 0 |
-100 |
|
Other long
term liabilities |
0 |
- |
0 |
- |
0 |
98,104 |
-100 |
|
Total long
term debts |
64,097 |
-61.85 |
168,007 |
-10.00 |
1 86,676 |
5,462,880 |
-98.83 |
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Issued
share capital |
100,000 |
0 |
100,000 |
0 |
1 00,000 |
7,034,914 |
-98.58 |
|
Share
premium account |
0 |
- |
0 |
- |
0 |
1
5,915,742 |
-100 |
|
Reserves |
3,158,372 |
0.47 |
3,143,635 |
6.85 |
2,942,219 |
1,737,805 |
81.74 |
|
Revaluation
reserve |
0 |
- |
0 |
- |
0 |
938,993 |
-100 |
|
Total
shareholders equity |
3,258,372 |
0.45 |
3,243,635 |
6.62 |
3,042,219 |
9,488,104 |
-65.66 |
|
Working
capital |
2,862,967 |
2.13 |
2,803,292 |
3.08 |
2,719,551 |
1,553,389 |
84.30 |
|
Cashflow |
44,337 |
-80.82 |
231,105 |
-8.32 |
252,086 |
941,669 |
-95.29 |
|
Net worth |
3,258,372 |
0.45 |
3,243,635 |
6.62 |
3,042,219 |
7,631,698 |
-57.30 |
ratio
analysis
|
Annual
accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry
average 2012 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.31 |
-73.04 |
1.15 |
-0.86 |
1.16 |
27,00 |
-98.85 |
|
Return on capital employed |
1.82 |
-73.89 |
6.97 |
-16.33 |
8.33 |
3,00 |
-39.33 |
|
Return on total assets employed |
0.77 |
-77.55 |
3.43 |
-11.14 |
3.86 |
-48,00 |
1.60 |
|
Return on net assets employed |
1.86 |
-74.62 |
7.33 |
-17.08 |
8.84 |
9,00 |
-79.33 |
|
Sales /
net working capital |
6.84 |
-7.19 |
7.37 |
-13.29 |
8.50 |
6,00 |
-99 |
|
Stock
turnover ratio |
16.97 |
50.58 |
11.27 |
32.90 |
8.48 |
17,00 |
-0.18 |
|
Debtor
days |
60.35 |
51.33 |
39.88 |
-30.47 |
57.36 |
129,00 |
-53.22 |
|
Creditor
days SHORT TERM STABILITY |
24.33 |
-19.78 |
30.33 |
1.03 |
30.02 |
85,00 |
-71.38 |
|
Current
ratio |
1.63 |
-9.44 |
1.80 |
4.05 |
1.73 |
175,00 |
-18.50 |
|
Liquidity
ratio / acid ratio |
0.90 |
-20.35 |
1.13 |
-5.83 |
1.20 |
174,00 |
-99 |
|
Current
debt ratio |
1.40 |
28.44 |
1.09 |
-11.38 |
1.23 |
2,00 |
-30.00 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
100.14 |
65.88 |
60.37 |
-6.02 |
64.24 |
159,00 |
-37.02 |
|
Equity in
percentage |
41.38 |
-11.51 |
46.76 |
7.10 |
43.66 |
-233,00 |
17.76 |
|
Total debt
ratio |
1.42 |
24.56 |
1.14 |
-11.63 |
1.29 |
3,00 |
-52.67 |
|
Activity code |
46460 |
|
Activity description |
Wholesale of pharmaceutical goods |
|
industry average credit rating |
61.92 |
|
Industry average credit limit |
125496.30 |
|
Payment Information |
|
|
Suspension of payments /
moratorium history |
|
|
Amount |
- |
|
Details |
- |
|
Payment expectations |
|
|
Payment expectation days |
24.33 |
|
Day sales outstanding |
60.35 |
|
Industry comparison |
|
|
Activity code |
46460 |
|
Activity description |
Wholesale of pharmaceutical goods |
|
Industry
average payment expectation days |
75.13 |
|
Industry
average day sales outstanding |
115.16 |
Industry
quartile analysis
|
Payment expectations |
|
|
Company result |
24.33 |
|
Lower |
106.67 |
|
Median |
68.18 |
|
Upper |
39.83 |
Shareholder
Details
Summary
Group -
Number of Companies 0
Linkages -
Number of Companies 0
Number of
Countries 0
Minority
Shareholders
|
Business
number |
Company name |
% |
Rating |
Limit |
Date of
accounts |
|
426417641 |
Diamond Feed NV |
39.82 |
82 |
€12.500 |
30/06/2013 |
|
472977938 |
Mereva BVBA |
10 |
82 |
€3.000 |
31/12/2012 |
|
Minority Interests |
|
|
|
|
|
|
Business
number |
Company name |
% |
Rating |
Limit |
Date of accounts |
|
- |
VIAL SPRL |
45 |
N/R |
- |
- |
Group - Number of Companies 0
Linkages - Number of
Companies 0
Number of Countries 0
Protested bills
Drawee name -
Address -
Bill amount -
Bill currency -
Maturity of bill -
Name of drawer -
City of drawer -
NSSO details
Business number 412725991
Name of defendant -
Legal form of defendant -
Date of summons -
Labour court -
Bankruptcy details
There is no bankruptcy data
against this company
Bankruptcy Data
court data
there is no data for this
company
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.07 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.