MIRA INFORM REPORT

 

 

Report No. :

303762

Report Date :

17.01.2015

 

 

IDENTIFICATION DETAILS

 

Name :

ISACO SA

 

 

Registered Office :

Rue De L'instruction 121, 1070 Bruxelles

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.05.2000

 

 

Com. Reg. No.:

471940632

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacture of Workwear

 

 

No. of Employee :

01

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Belgium

A2

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                     471940632

Branche Unit Number               2232741842

Company name                        ISACO SA

Address                                   RUE DE L'INSTRUCTION 121

1070 BRUXELLES

Number of staff                        0

Date of establishment               17/05/2000

Telephone number                   025228128

Fax number                              025230866

 

 

Commentary

 

The business was established over 14 years ago.

The business has 1 employees.

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

Operating Result in the latest trading period decreased 256% on the previous trading period.

Net Worth decreased by 61% during the latest trading period.

A 58% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 2990% compared to the previous trading period.

The business saw an increase in their Cash Balance of 22370146% during the latest trading period.

Turnover in the latest trading period increased 22% on the previous trading period.

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

563,102

-148,625

94,843

88,713

31/12/2012

458,527

5,141

243,468

238,444

31/12/2011

 

0

421,894

1,426,673

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

543,955

0

237,915

-147,562

31/12/2012

1,311,841

0

237,915

-177,758

31/12/2011

1,431,365

0

237,915

0

 

Payment Expectations

 

Past  payments

 

Payment  expectation  days

66.49

Industry  average  payment expectation  days

66.18

Industry  average  day  sales outstanding

94.51

Day  sales  outstanding

159.15

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type PROTESTED BILLS

No

 

 

 

Bill amount

-

 

 

 

NSSO DETAILS

Date of summons

-

 

 

 

 

 

Company information

 

Business  number

471940632

Company  name

ISACO  SA

Fax  number

025230866

Date  founded

17/05/2000

Company  status

active

Company  type

Public  Limited  Liability Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

14120

Liable  for  VAT

yes

Activity  description

Manufacture  of  workwear

VAT  Number

BE.0471.940.632  Check  VAT number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Joint Industrial Committee (JIC)

 

Significant Events

Event Date                    23/07/2014

Event Description         Registered as a basic management company

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2009

%

31-12-2008

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

6,130

22.03

5,024

7.08

4,691

0.62

4,662

-32.28

6,885

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

2,062

115

955

53.28

623

4.89

594

-76.46

2,525

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

650

-

-

-

-

-

429

-80.00

2,145

Furniture  &  Vehicles

799

-16.39

955

53.28

623

277

165

-56.51

380

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

614

-

0

-

0

-

0

-

0

Financial  fixed  assets

4,068

0

4,068

0

4,068

0

4,068

-6.69

4,360

Total  current  assets

537,825

-58.84

1,306,818

-8.40

1,426,673

-5.72

1,513,254

-17.21

1,827,726

Inventories

242,797

-27.56

335,186

-35.56

520,147

-15.11

612,756

-28.36

855,352

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

242,797

-27.56

335,186

-35.56

520,147

-15.11

612,756

-28.36

855,352

Trade  debtors

245,521

-70.84

841,987

2.21

823,762

-0.05

824,145

0.74

818,080

Other  amounts  receivable

19,908

-84.64

129,645

56.64

82,764

39.76

59,218

5.02

56,389

Cash

29,081

22370146

0

-

-

-

11,786

-87.74

96,154

Miscellaneous  current  assets

517

-

0

-

0

-100

5,350

205

1,750

Total  Assets

543,955

-58.53

1,311,841

-8.35

1,431,365

-5.70

1,517,917

-17.26

1,834,611

 

Liabilities

Total  shareholders  equity

94,843

-61.04

243,468

-42.29

421,894

-23.84

553,967

-30.61

798,367

Issued  share  capital

237,915

0

237,915

0

237,915

0

237,915

0

237,915

Share  premium  account

416,551

0

416,551

0

416,551

0

416,551

0

416,551

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

-559,623

-36.16

-410,998

-76.72

-232,572

-131

-100,499

-169

143,901

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

449,112

-57.96

1,068,373

-

-

-

963,950

-6.98

1,036,244

Other  long  term  loans

-

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-100

1,009,471

-

0

-

0

Total  long  term  debts

0

-

0

-100

1,009,471

-

0

-

0

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

186,331

-76.58

795,665

-2.43

815,490

-9.40

900,075

-1.88

917,335

Trade  creditors

110,678

4.92

105,487

43.54

73,491

183

25,885

-23.38

33,783

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

13,521

-76.87

58,443

52.37

38,355

35.45

28,316

-63.76

78,127

Miscellaneous  current  liabilities

138,582

27.40

108,779

11.73

-927,336

-9684

9,675

38.24

6,999

Total  current  liabilities

449,112

-57.96

1,068,373

-

0

-100

963,950

-6.98

1,036,244

Total  Liabilities

543,955

-58.53

1,311,841

-8.35

1,431,365

-5.70

1,517,917

-17.26

1,834,611

 

RATIO ANALYSIS

 

Trading  Performance

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

-26.39

-2456

1.12

-

-

-

-

-

-

Return  on  capital  employed

-156.71

-7527

2.11

-

-

-

-44.12

-153

-17.39

Return  on  total  assets  employed

-27.32

-7105

0.39

-

-

-

-16.10

-112

-7.57

Return  on  net  assets  employed

-156.71

-7527

2.11

-

-

-

-44.12

-153

-17.39

Sales  /  net  working  capital

6.35

230

1.92

-

-

-

-

-

-

Stock  turnover  ratio

43.12

-41.01

73.10

-

-

-

-

-

-

Creditor  days

66.49

-25.73

89.52

-

-

-

-

-

-

Debtor  days

159.15

-76.25

670.24

-

-

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.20

-1.64

1.22

-

-

-

1.57

-10.80

1.76

Liquidity  ratio  /  acid  ratio

0.66

-27.47

0.91

-

-

-

0.93

-1.06

0.94

Current  debt  ratio

4.74

7.97

4.39

-

-

-

1.74

33.85

1.30

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

-147,562

83.01

-177,758

-

0

0

-242,470

-199

-80,833

Net  worth

94,843

-61.04

243,468

-42.29

421,894

-23.84

553,967

-30.61

798,367

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

196.46

-39.88

326.80

69.07

193.29

18.96

162.48

41.41

114.90

Equity  in  percentage

17.44

-6.03

18.56

-37.02

29.47

-19.26

36.50

-16.13

43.52

Total  debt  ratio

4.74

7.97

4.39

83.68

2.39

37.36

1.74

33.85

1.30

Working  capital

88,713

-62.80

238,444

-83.29

1,426,673

159

549,304

-30.60

791,482

 

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

563,102

22.81

458,527

-

-

-

-

-

-

Total  operating  expenses

607,568

41.26

430,091

-

-

-

-

-

-

Gross  Operating  Margin

51,746

73.54

29,818

-

-

-

-167,378

-2443

-6,581

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

856

-

-

-

-

-

-

-

8,235

Wages  and  salary

856

-

-

-

-

-

-

-

6,478

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

880

Other  employee  costs

0

-

0

-

0

-

0

-100

878

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

1,063

59.19

668

-

-

-

1,931

-69.14

6,255

Operating  result

-44,466

-256

28,436

-

0

0

-174,425

-381

-36,230

Total  financial  income

0

-

-

-

-

-

1,683

-92.76

23,263

Total  financial  expenses

104,159

347

23,294

-

-

-

71,658

-43.09

125,906

Results  on  ordinary  operations  before  taxation

-148,625

-2990

5,141

-

0

0

-244,400

-75.99

-138,873

Extraordinary  Income

-

-

-

-

-

-

-

-

51,785

Extraordinary  Charges

-

-

183,567

-

-

-

-

-

-

Extraordinary  items

0

0

-183,567

-

0

-

0

-100

51,785

Results  for  the  Year  Before  Taxation

-148,625

83.30

-178,426

-

-

-

-244,400

-180

-87,088

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Results  on  ordinary  operations  after  taxation

-148,625

-2990

5,141

-

0

0

-244,400

-75.99

-138,873

Net  result

-148,625

83.30

-178,426

-

0

0

-244,400

-180

-87,088

Profit  (Loss)  for  the  Year  to  be  appropriated

-148,625

83.30

-178,426

-

-

-

-244,400

-180

-87,088

Dividends

-

-

-

-

-

-

-

-

-

 

Industry comparison

Activity code

14120

 

Activity description

Manufacture of workwear

 

 

 

Payment Information

 

Payment expectations

Payment expectation days

66.49

 

Day sales outstanding

159.15

 

 

 

 

Industry comparison

 

Activity code

14120

 

Activity description

Manufacture of workwear

 

Industry average payment expectation days

66.18

 

Industry average day sales outstanding

94.51

 

 

Industry quartile analysis

Payment expectations

Company result

66.49

Lower

108.66

Median

57.67

Upper

21.44

 

Day sales outstanding

Company result

159.15

Lower

76.19

Median

40.32

Upper

19.42

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

Companies that match this address

 

Business  number

Company  name

Date  of  accounts

425269972

MINADI  SPRL

31/12/2013

451812835

GALAFRANCE  SA

31/12/1999

478692228

CIPANGO  MEDIA  SPRLU

31/12/2013

862005148

EYTAN  &  CO  SPRL

31/12/2013

 

Summons

There is no data for this company

 

Protested Bills

There is no data for this company

 

Bankruptcy and other legal events

 

Legal  event  type

Judicial  Reorganization  Plan:  Resolution  Agreed

 

 

Event  date

28/04/2011

 

 

Court  number

 

Registry  body  identfier

134

Court  type

Commercial  Court

Court  name

Bruxelles

 

 

 

 

Legal  event  type

Judicial  Reorganization  Plan:  Resolution  Agreed

 

 

Event  date

28/04/2011

Secondary  event  date

28/04/2011

Court  number

 

Registry  body  identfier

134

Court  type

Commercial  Court

Court  name

Bruxelles

 

 

 

 

Legal  event  type

Procedure  Judicial  Reorganization

 

 

Event  date

03/12/2010

 

 

Court  number

 

Registry  body  identfier

368

Court  type

Commercial  Court

Court  name

Bruxelles

 

 

 

 

Creditor's  name

Isaco

3rd  party  type

Debtor

Creditor's  address

Rue  de  l'Instruction,  121

 

 

 

Bruxelles

 

 

 

1070

 

 

Creditor's  name

Isaco

3rd  party  type

Debtor

Creditor's  address

Rue  de  l'Instruction,  121

 

 

 

Bruxelles

 

 

 

1070

 

 

Creditor's  name

Isaco

3rd  party  type

Debtor

Creditor's  address

Rue  de  l'Instruction,  121

 

 

 

Bruxelles

 

 

 

1070

 

 

Creditor's  name

De  Moor,  A

3rd  party  type

Chief  Judge

Creditor's  name

De  Moor,  A

3rd  party  type

Chief  Judge

Creditor's  name

De  Moor,  A

3rd  party  type

Chief  Judge

 

Legal  event  type

Procedure  Judicial  Reorganization

 

 

Event  date

03/12/2010

Secondary  event  date

03/12/2010

Court  number

 

Registry  body  identfier

368

Court  type

Commercial  Court

Court  name

Bruxelles

Legal  event  type

Judicial  reorganization  by  collective  agreement

 

 

Event  date

03/12/2010

 

 

Court  number

 

Registry  body  identfier

368

Court  type

Commercial  Court

Court  name

Bruxelles

 

 

Director details

 

CURRENT  DIRECTOR  DETAILS

 

 

Name

ALFONSO  ANTINORO

Position

Chairman  of  the  Board

Start  Date

17/05/2000

Street

54 RUE  PAUL  BARRÉ  CHARLEROI

Post  code

6020

Country

Belgium

 

 

Position

Managing  Director

Start  Date

17/05/2000

Street

54 RUE  PAUL  BARRÉ  CHARLEROI

Post  code

6020

Country

Belgium

 

 

Position

Director

Start  Date

17/05/2000

Street

54 RUE  PAUL  BARRÉ  CHARLEROI

Post  code

6020

Country

Belgium

 

 

Name

ABRAM  KAWA

Position

Director

Start  Date

30/12/2011

Date  of  birth

01/12/1950

Street

105 RUE  DE  L'ANGE  NAMUR

Post  code

5000

Country

Belgium

 

 

Name

ABRAM  KAWA

Position

Director

Start  Date

30/12/2011

Street

121 RUE  DE  L'INSTRUCTION

Post  code

0

Country

Belgium

 

 

Name

RUTCHI  SA

Position

Director

Start  Date

30/12/2011

Date  of  birth

19/12/1983

Street

6 PLACE  GEORGES  BRUGMANN  BRUXELLES

Post  code

1050

Country

Belgium

 

Name

VICTOR  KAWA

Position

Director

Start  Date

30/12/2011

Date  of  birth

07/10/1958

Street

24 SQUARE  MASSÉNA  BRUXELLES

Post  code

1180

Country

Belgium

 

 

FORMER  DIRECTOR  DETAILS

 

 

Name

ABRAM  KAWA

Position

Managing  Director

Start  Date

12/05/2006

End  Date

31/12/2012

Date  of  birth

01/12/1950

Street

105 RUE  DE  L'ANGE  NAMUR

Post  code

5000

Country

Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.89

UK Pound

1

Rs.93.92

Euro

1

Rs.72.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.