MIRA INFORM REPORT

 

 

Report Date :

08.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MORUBEL NV

 

 

Registered Office :

Ankerstraat 2, 8400 Oostende

 

 

Country :

Belgium

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

24.11.1999

 

 

Com. Reg. No.:

468144665

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Processing and preserving of fish, crustaceans and molluscs

 

 

No of Employees :

106

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

A1

A2

 

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 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 summary

 

Business number         468144665

Company name            MORUBEL NV

Address                       ANKERSTRAAT 2

8400 OOSTENDE

Number of staff            106

Date of establishment 24/11/1999

Telephone number       059322868

Fax number                  059324660

 

 

Commentary

 

The business was established over 14 years ago.

The business has 111 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 12 years.

The business saw a decrease in their Cash Balance of 50% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS                               TURNOVER                   PROFIT BEFORE TAX                  NET WORTH                 WORKING CAPITAL

31/03/2013                                     80,900,643            5,532,426                      44,491,226            43,297,216

31/03/2012                                     80,436,467            6,829,458                      53,426,202            52,128,234

31/03/2011                                     73,095,345            5,607,924                      48,328,139            47,668,274

 

 

Accounts

 

DATE OF LATEST ACCOUNTS                               BALANCE TOTAL            NUMBER OF EMPLOYEES           CAPITAL                         CASHFLOW

31/03/2013                                     76,831,249            106                             61,988                 4,398,231

31/03/2012                                     92,037,385            106                             61,988                 5,432,284

31/03/2011                                     88,231,651            107                             61,988                 4,862,365

 

 

Payment expectations

 

Past payments

 

Payment expectation days

64.33

Industry average payment expectation days

132.07

Industry average day sales Outstanding        

74.14

Day sales outstanding

65.11

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type          no

PROTESTED BILLS

Bill amount                  -

NSSO DETAILS

Date of summons         -

 

 

COMPANY INFORMATION

 

Business number

468144665

Company name

MORUBEL NV

Fax number

059324660

Date founded

24/11/1999

Company status

active

Company type

Public Limited Liability

Company (BE)

Currency

Euro (€)

Date of latest accounts

31/03/2013

Activity code

10200

Liable for VAT

yes

Activity description

Processing and preserving of fish, crustaceans and molluscs

VAT Number

BE.0468.144.665 Check

VAT number

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

During the reporting year

 

ended 31-03-2013

 

Full-time Employees

92

Part-time Employees

20

Total Fte Employees

107

 

Number of hours worked

Full-time Employees

141,183

Part-time Employees

23,324

Total

164,507

 

Personnel Charges

Full-time Employees

4,983,109

Part-time Employees

724,694

Total

5,707,803

 

 

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

109

Actual working hours

167,678

Personnel Charges

5,665,151

Benefits In Addition To Wages

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

93

18

107

 

Gender and Education Level

 

Men

Full-Time

Part-Time

Total Fte

Primary education

22

2

24

Secondairy education

32

3

34

Higher education (non university)

16

-

16

Higher education

(university)

2

-

2

 

Women

Full-Time

Part-Time

Total Fte

Primary education

3

4

6

Secondairy education

14

7

20

Higher education (non university)

4

2

6

Higher education

(university)

-

-

-

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

Management       

-

-

-

White collar worker

37

7

42

Blue collar worker

56

11

65

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

13

Actual working hours

24,731

Cost of temporary staff

616,304

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

9

-

9

Leavers

5

4

8

 

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

Male

Female

Number of employees

85

35

Number of training hours

205

80

Net costs for enterprise

20,007

3,125

 

 

Personnel (NSSO classification)

 

Code                            -

Description                  -

 

 

Joint Industrial Committee (JIC)

 

JIC Code                                  118

Description category                Joint committee for the food industry

 

JIC Code                                  220

Description category                Joint committee for the employees in the food industry

 

 

Significant Events

 

Event Date                                14/07/2014

Event Description

Event Details                            Neerlegging van de schriftelijk besluitvorming van de aandeelhouders dd. 30/05/2014 houdende de wijziging van controle overeenkomstig artikel 556 van het Wetboek van Vennootschappen.

 

 

Profit & loss

 

Annual accounts

31-03-2013

%

31-03-2012

%

31-03-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

80,900,643

0.58

80,436,467

10.04

73,095,345

24,371,566

231

Total operating expenses

75,151,847

0.24

74,975,459

10.10

68,098,925

23,775,475

216

Operating result

5,748,796

5.27

5,461,008

9.30

4,996,420

218,985

2525

Total financial income

2,695,850

-0.46

2,708,344

14.60

2,363,380

106,454

2432

Total financial expenses

2,912,220

117

1,339,894

-23.52

1,751,876

139,233

1991

Results on ordinary operations

Before taxation

5,532,426

-18.99

6,829,458

21.78

5,607,924

179,755

2977

Taxation

1,462,482

-19.20

1,810,096

32.28

1,368,412

130,923

1017

Results on ordinary operations after taxation

4,069,944

-18.92

5,019,362

18.39

4,239,512

88,505

4498

Extraordinary items

0

-100

77,133

-54.01

167,722

35,482

-100

Other appropriations

0

-

0

-

0

-

-

Net result

4,069,944

-20.14

5,096,495

15.64

4,407,234

124,992

3156

OTHER INFORMATION

 

 

 

 

 

 

 

Gross Operating Margin

-

-

-

-

-

285,383

-

Dividends

13,000,000

-

-

-

-

2,693,121

382

Director remuneration

-

-

-

-

-

-

-

Employee costs

5,717,586

0.84

5,669,741

9.89

5,159,378

901,436

534

Wages and salary

3,955,302

-0.49

3,974,672

8.78

3,653,761

656,609

502

Employee pension costs

9,783

-

4,590

-

1,753

4,950

97.64

Social security contributions

1,310,827

-1.07

1,324,949

10.44

1,199,744

219,512

497

Other employee costs

441,674

20.83

365,530

20.19

304,120

44,660

888

Amortization and depreciation

328,287

-2.23

335,789

-26.22

455,131

155,743

110

Balance sheet

 

Annual accounts

31-03-2013

%

31-03-2012

%

31-03-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

6,157

-

1,237

-

2,805

34,002

-81.89

Tangible fixed assets

1,157,359

-14.67

1,356,338

-1.47

1,376,525

646,192

79.10

Land & building

-

-

-

-

-

382,438

-

Plant & machinery

1,077,773

-12.27

1,228,563

2.68

1,196,490

317,217

239

Furniture & Vehicles

33,589

-2.61

34,489

-12.88

39,589

41,424 25,793

-18.91

Leasing & Other Similar Rights

45,997

-50.69

93,286

-33.58

140,446

223,020 100,000

-79.38

Other tangible assets

0

-

0

-

0

6,933

-100

Financial fixed assets

130,125

17.29

110,941

8.71

102,054

165,467

-21.36

Total fixed assets

1,293,641

-11.91

1,468,516

-0.87

1,481,384

761,335

69.92

Inventories

28,229,768

17.30

24,067,126

13.66

21,174,401

1,865,565

1413

Raw materials & consumables

 

 

 

23.18

12,800,621

4,905,038

321

 

 

20,655,670

31.00

15,767,501

 

 

 

 

 

 

 

 

Work in progress

658,359

189

227,693

-45.87

420,665

26,080

2424

Finished goods

6,915,739

-14.32

8,071,932

1.49

7,953,115

571,202

1110

Other stocks

0

-

0

-

0

72,838

-100

Trade debtors

14,430,702

21.87

11,841,108

2.08

11,599,970

1,586,716

809

Cash

15,320,422

-50.09

30,698,586

3.60

29,632,108

730,578

1997

Other amounts receivable

17,097,401

-26.77

23,346,402

-1.12

23,611,189

615,127

2679

Miscellaneous current assets

459,315

-25.39

615,647

-15.96

732,599

166,513

175

Total current assets

75,537,608

-16.60

90,568,869

4.40

86,750,267

4,490,101

1582

Total Assets

76,831,249

-16.52

92,037,385

4.31

88,231,651

5,182,224

488,649

1382

current liabilities

 

 

 

 

 

 

 

Trade creditors

13,244,531

-5.26

13,979,831

-14.14

16,282,720

1,335,830

891

Short term group loans   

-

-

-

-

-

-

-

Financial debts

17,430,135

-24.15

22,979,502

8.81

21,119,721

2,447,829 931,896

612

Current portion of long term debt

38,907

0

38,907

0

38,907

85,542 38,907

-54.52

Amounts Payable for Taxes, Remuneration & Social Security

1,517,216

16.87

1,298,225

14.92

1,129,641 39,095-

637

Miscellaneous current liabilities

9,603

-93.34

144,170

-71.79

511,004

-94.46

--

Total current liabilities

32,240,392

-16.13

38,440,635

-1.64

39,081,993

2,794,419

1053

long term debts and liabilities

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

--

Other long term loans

38,023

-50.57

76,930

-33.59

115,837

-92.77

--

Deffered taxes

-

-

-

-

-

25,189 14,759

-

Provisions for Liabilities & Charges

55,451

-39.98

92,381

-86.86

702,877

1,8910

2832

Other long term liabilities

0

-

0

-

0

16,650

-100

Total long term debts

93,474

-44.79

169,311

-79.32

818,714

405,498

-76.95

shareholders equity

 

 

 

 

 

 

 

Issued share capital

61,988

0

61,988

0

61,988

546,348

-88.65

Share premium account      

-

-

-

-

-

-

-

Reserves

44,435,395

-16.73

53,365,451

10.56

48,268,956

1,407,694

3056

Revaluation reserve

-

-

-

-

-

310,914

-

Total shareholders equity

44,497,383

-16.71

53,427,439

10.54

48,330,944

1,982,307

2144

Working capital

43,297,216

-16.94

52,128,234

9.36

47,668,274

1,695,682

2453

Cash flow

4,398,231

-19.04

5,432,284

11.72

4,862,365

261,856

1579

Net worth

44,491,226

-16.72

53,426,202

10.55

48,328,139

1,948,305

2183

 

Ratio analysis

 

Annual accounts

31-03-2013

(Change) %

31-03-2012

(Change) %

31-03-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

6.84

-19.43

8.49

10.69

7.67

-4,00

171

Return on capital employed

12.41

-2.59

12.74

11.66

11.41

-4,00

310

Return on total assets employed

7.20

-2.96

7.42

16.67

6.36

-8,00

90.00

Return on net assets employed

12.43

-2.74

12.78

10.17

11.60

-4,00

310

Sales / net working capital

1.87

21.43

1.54

0.65

1.53

0,00

-99

Stock turnover ratio

34.89

16.61

29.92

3.28

28.97

18,00

93.83

Debtor days

65.11

21.18

53.73

-7.23

57.92

74,14

-12.18

Creditor days

64.33

-5.48

68.06

-22.01

87.27

132,07

-51.29

SHORT TERM STABILITY

 

 

 

 

 

 

 

Current ratio

2.34

-0.85

2.36

6.31

2.22

17,00

134

Liquidity ratio/acid ratio

1.47

-15.03

1.73

2.98

1.68

17,00

-91.35

Current debt ratio

0.72

0

0.72

-11.11

0.81

1,00

-28.00

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

39.34

-9.00

43.23

-1.79

44.02

195,00

-79.83

Equity in percentage

57.92

-0.22

58.05

5.97

54.78

12,00

382

Total debt ratio

0.73

1.39

0.72

-13.25

0.83

2,00

-63.50

 

 

Industry comparison

 

Activity code

10200

Activity description

Processing and preserving of fish, crustaceans and molluscs

industry average credit

72.76

Industry average credit

133416.67

 

Payment Information

 

Payment Information Summary

 

Total number of Invoices available        

3

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

3

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

0

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   

0

 

Payment expectations

 

Payment expectation days

64.33

Day sales outstanding     

65.11

 

Industry comparison

 

Activity code

10200

Activity description

Processing and preserving of fish, crustaceans and molluscs

Industry average payment

expectation days

132.07

Industry average day sales outstanding

74.14

 

Industry quartile analysis

 

Payment expectations

 

Company result

64.33

Lower

73.10

Median

59.76

Upper

36.66

 

Day sales outstanding

 

Company result

65.11

Lower

109.95

Median

62.95

Upper

35.08

 

 

Shareholder Details

 

Summary

 

Group - Number of Companies

2

Linkages - Number of Companies

0

Number of Countries

0

 

Group Structure

 

Company name

Number

Latest financials

- MORUBEL NV

468144665

31-03-2013

- - MORUBEL DEUTSCHLAND GMBH

HRB 120877

31-03-2011

 

Minority Shareholders

 

No minority shareholders found

 

Minority Interests

 

No minority interests found

 

Companies that match this address

 

Business number

Company name

Date of accounts

438999630

MORUBEL

31/03/2001

465464693

EUROPEAN SHRIMP PROCESSORS IN VEREFFENING EESV

31/12/2004

 

 

Linked Companies

 

Summary

 

Group - Number of Companies      

2

Linkages - Number of Companies  

0

Number of Countries        

0

 

Summons

 

There is no data for this company

 

Protested Bills

 

There is no data for this company

 

Bankruptcy and other legal events

 

There is no data for this company

 

 

Director details

 

Current director details

Name               BART RABAEY CONSULTING VOF

Position           Director

Start Date         30/06/2014

Date of birth     21/08/2006

Street               170 NIEUWELAAN MEISE

Post code         1860

Country            Belgium

 

Position           Legal Representative

Start Date         30/06/2014

Date of birth     21/08/2006

Street               170 NIEUWELAAN MEISE

Post code         1860

Country            Belgium

 

Name               GBC NV

Position           Director

Start Date         30/06/2014

Date of birth     03/06/2014

Street               2 CULLIGANLAAN MACHELEN

Post code         1831

Country            Belgium

 

Position           Legal Representative

Start Date         30/06/2014

Date of birth     03/06/2014

Street               2 CULLIGANLAAN MACHELEN

Post code         1831

Country            Belgium

 

Name               CLAJ MANAGEMENT BV SOC. ETRANGERE

Position           Director

Start Date         30/06/2014

Date of birth     30/06/2014

Street               0 ONBEKEND BELGISCH ADRES ONBEKEND

Post code         0000

Country            Belgium

 

Name               NICO MOOIJER

Position           Director

Start Date         30/09/2010

End Date          30/09/2016

Street

Post code

Country            The Netherlands

 

Former director details

 

Name               GINO MAUS

Position           Director

Start Date         15/10/2004

End Date          Unknown date

Street               5 MOLENDREEF ZEDELGEM

Post code         8210

Country            Belgium

 

Name               MICHEL VEERMAN

Position           Managing Director

Start Date         30/09/2010

End Date          24/02/2014

Street               36 JOOST VAN DE VONDELSTRAAT VOLENDAM

Post code         1132 SC

Country            The Netherlands

 

Position           Director

Start Date         30/09/2010

End Date          24/02/2014

Street               36 JOOST VAN DE VONDELSTRAAT VOLENDAM

Post code         1132 SC

Country            The Netherlands

 

Name               FREDERICUS PETRUS MARIA MAAS

Position           Chairman of the Board

Start Date         24/11/1999

End Date          Unknown date

Street               68 PEURSSENSTRAAT AARDENBURG

Post code         4547 BM

Country            The Netherlands

 

Position           Director

Start Date         24/11/1999

End Date          Unknown date

Street               68 PEURSSENSTRAAT AARDENBURG

Post code         4547 BM

Country            The Netherlands

 

Name               NICOLAAS MOOIJER

Position           Director

Start Date         15/10/2004

End Date          Unknown date

Street

Post code

Country

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.36

UK Pound

1

Rs.98.71

Euro

1

Rs.77.47 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SMN

 

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

 

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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.