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MIRA INFORM REPORT

 

 

Report No. :

332080

Report Date :

20.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SEAMINOX NV

 

 

Registered Office :

Lepelboomstraat 15 8790 Waregem

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

05.03.2007

 

 

Com. Reg. No.:

888083894

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of metals and metal ores.

 

 

No. of Employee :

3

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

Company summary

 

Business number                     888083894

Branche Unit Number               2160563548

Company name                        SEAMINOX NV

Address                                   LEPELBOOMSTRAAT 15

8790 WAREGEM

Number of staff                        3

Date of establishment               05/03/2007

Telephone number                   056776597

Fax number                             

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

30/06/2011

7,766,192

622,472

1,094,541

1,458,712

30/06/2010

9,877,638

-527,063

502,417

883,132

30/09/2008

8,084,426

78,902

518,973

1,323,616

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

30/06/2011

5,581,025

3

1,000,000

629,577

30/06/2010

5,217,985

2

1,000,000

-348,854

30/09/2008

5,624,691

1

500,000

259,123

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

10.72

Industry  average  payment

61.68

Industry  average  day  sales

296.62

expectation  days

 

outstanding

 

Day  sales  outstanding

152.25

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

PROTESTED BILLS

Bill amount                                --

NSSO DETAILS

Date of summons                    

 

 

Company information

 

Business  number

888083894

Company  name

SEAMINOX  NV

Fax  number

-

Date  founded

05/03/2007

Company  status

inactive

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

30/06/2011

Activity  code

46720

Liable  for  VAT

no

Activity  description

Wholesale of metals and

metal ores

 

 

Belgian Bullettin of Acts

Publications

moniteur belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

JIC  Code

149.04

Description

Joint  subcommittee  for  the  trade  in  metals

category

 

 

JIC  Code

218

Description

Additional  national  joint  committee  for  the  employees

category

 

 

 

SIGNIFICANT  EVENTS

 

Event  Date

31/12/2010

Event  Description

resignation-appointment  of  director(s)

Event  Details

Commentaar 31-12-2010: Ontslag Van Der Rasieren Pascal met ingang vanaf 31/12/2010,

benoeming van Huysentrujt Eric als bestuurder met ingang van 01/01/11.

 

Event  Date

15/11/2011

Event  Description

proposal  of  merger  by  absorption  filed

Event  Details

Commentaar  15-11-2011:  Voorstel  tot  geruisloze  fusie  naar  aanleiding  van  de  met  fusie  door overneming  gelijkgestelde  verrichting  waarbij  de  naamloze  vennootschap  'Seaminox'  overgenomen wordt  door  de  naamloze  vennootschap  'Dh-Group',  met  ze

 

Event  Date

15/11/2011

Event  Description

proposal  of  merger  by  absorption  filed

Event  Details

Commentaar  15-11-2011:  Voorstel  tot  geruisloze  fusie  naar  aanleiding  van  de  met  fusie  door overneming  gelijkgestelde  verrichting  waarbij  de  naamloze  vennootschap  'Seaminox'  overgenomen wordt  door  de  naamloze  vennootschap  'Dh-Group',  met  ze

 

Event  Date

31/12/2010

Event  Description

resignation-appointment  of  director(s)

Event  Details

Commentaar  31-12-2010:  Ontslag  Van  Der  Rasieren  Pascal  met  ingang  vanaf  31/12/2010, benoeming  van  Huysentrujt  Eric  als  bestuurder  met  ingang  van  01/01/11.

 

Event  Date

15/11/2011

Event  Description

proposal  of  merger  by  absorption  filed

Event  Details

tel  te  3500  Hasselt,  Zilstraat  5,  RPR  Hasselt  en  met  BTW-nummer  BE  0456.843.571.

 

Event  Date

15/11/2011

Event  Description

proposal  of  merger  by  absorption  filed

Event  Details

tel  te  3500  Hasselt,  Zilstraat  5,  RPR  Hasselt  en  met  BTW-nummer  BE  0456.843.571.

 

Event  Date

22/02/2012

Event  Description

no  longer  subject  to  VAT  tax

Event  Details

 

 

Event  Date

22/02/2012

Event  Description

no  longer  subject  to  VAT  tax

Event  Details

 

 

 

Company accounts

 

ASSETS

 

Annual  accounts

30-06-2011

%

30-06-2010

%

30-09-2008

Weeks

52

 

91

 

83

Currency

EUR

 

EUR

 

EUR

Total  fixed  assets

196,557

0.88

194,842

-29.96

278,202

Intangible  fixed  assets

12,347

-50.98

25,186

-29.44

35,693

Tangible  fixed  assets

147,185

46.26

100,631

-43.92

179,434

Land  &  building

-

-

-

-

-

Plant  &  machinery

76,157

111

35,962

-49.88

71,749

Furniture  &  Vehicles

52,452

28.50

40,819

-46.88

76,850

Leasing  &  Other  Similar  Rights

-

-

-

-

-

Other  tangible  assets

18,576

-22.11

23,850

-22.65

30,835

Financial  fixed  assets

37,025

-46.36

69,025

9.43

63,075

Total  current  assets

5,384,467

7.19

5,023,143

-6.05

5,346,489

Inventories

1,968,507

-24.87

2,620,000

78.06

1,471,391

Raw  materials  &  consumables

-

-

-

-

-

Work  in  progress

0

-

0

-

0

Finished  goods

1,968,507

-24.87

2,620,000

78.06

1,471,391

Other  stocks

0

-

0

-

0

Trade  debtors

3,239,452

70.91

1,895,360

-49.58

3,759,078

Other  amounts  receivable

-

-

87,575

-

-

Cash

176,509

-57.99

420,207

399

84,202

Miscellaneous  current  assets

0

-

0

-100

31,818

Total  Assets

5,581,025

6.96

5,217,985

-7.23

5,624,691

 

 

LIABILITIES

 

Total  shareholders  equity

1,106,888

109

527,603

-4.88

554,666

Issued  share  capital

1,000,000

0

1,000,000

100

500,000

Share  premium  account

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

Reserves

106,888

22.63

-472,397

-964

54,666

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

Creditors

4,474,136

-4.61

4,690,382

-7.49

5,070,025

Other  long  term  loans

548,381

-0.36

550,371

-47.44

1,047,152

Long  term  group  loans

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

Total  long  term  debts

548,381

-0.36

550,371

-47.44

1,047,152

Current  portion  of  long  term  debt

101,808

41.87

71,761

-16.99

86,444

Financial  debts

3,574,485

1.28

3,529,447

2.30

3,450,000

Trade  creditors

215,152

-60.03

538,264

18.52

454,146

Amounts  Payable  for  Taxes,  Remuneration  &  Social  Security

34,311

6265

539

-98.33

32,283

Miscellaneous  current  liabilities

0

-

0

-

0

Total  current  liabilities

3,925,756

-5.18

4,140,011

2.91

4,022,873

Total  Liabilities

5,581,025

6.96

5,217,985

-7.23

5,624,691

 

 

RATIO ANALYSIS

 

TRADING PERFORMANCE

 

Profit  Before  Tax

8.02

150

-5.34

-644

0.98

Return  on  capital  employed

37.61

76.93

-48.89

-1091

4.93

Return  on  total  assets  employed

11.15

110

-10.10

-821

1.40

Return  on  net  assets  employed

56.24

56.30

-99.90

-802

14.23

Sales  /  net  working  capital

5.32

-52.42

11.18

82.98

6.11

Stock  turnover  ratio

25.35

-4.41

26.52

45.71

18.20

Creditor  days

10.72

-42.77

18.73

-11.19

21.09

Debtor  days

152.25

117

70.04

-58.73

169.72

 

SHORT  TERM  STABILITY

 

Current  ratio

1.37

13.22

1.21

-9.02

1.33

Liquidity  ratio  /  acid  ratio

0.87

50.0

0.58

-39.58

0.96

Current  debt  ratio

3.55

-54.78

7.85

8.28

7.25

Liquidity  ratio  reprocessed

-

-

-

-

-

Cashflow

629,577

180

-348,854

-234

259,123

Net  worth

1,094,541

117

502,417

-3.19

518,973

 

LONG  TERM  STABILITY

 

Gearing

381.67

-51.50

786.88

-4.78

826.37

Equity  in  percentage

19.88

95.67

10.16

2.42

9.92

Total  debt  ratio

4.04

-54.56

8.89

-2.74

9.14

Working  capital

1,458,712

65.17

883,132

-33.28

1,323,616

 

 

PROFIT & LOSS

 

Operating  Income

7,794,923

-21.41

9,918,454

22.51

8,096,093

Turnover

7,766,192

-21.38

9,877,638

22.18

8,084,426

Total  operating  expenses

7,327,900

-30.13

10,487,795

33.41

7,861,309

Gross  Operating  Margin

-

-

-

-

-

Operating  Charges

7,356,631

-30.13

10,528,612

33.73

7,872,976

Employee  costs

184,659

-30.24

264,720

42.83

185,338

Wages  and  salary

104,745

-31.02

151,854

38.14

109,925

Employee  pension  costs

-

-

-

-

-

Social  security  contributions

64,085

-36.19

100,437

44.95

69,292

Other  employee  costs

15,828

27.34

12,429

103

6,121

Director  remuneration

-

-

-

-

-

Amortization  and  depreciation

50,292

-71.78

178,209

-12.84

204,457

Operating  result

438,292

71.83

-610,158

-373

223,117

Total  financial  income

357,125

22.09

292,513

48.32

197,224

Total  financial  expenses

172,946

-17.42

209,419

-38.67

341,439

Results  on  ordinary  operations  before  taxation

622,472

118

-527,063

-767

78,902

Extraordinary  Income

-

-

-

-

-

Extraordinary  Charges

26,797

-

-

-

7,000

Extraordinary  items

-26,797

-

0

0

-7,000

Results  for  the  Year  Before  Taxation

595,674

113

-527,063

-833

71,902

Other  appropriations

-

-

-

-

-

Taxation

16,389

-

-

-

17,236

Results  on  ordinary  operations  after  taxation

606,083

114

-527,063

-954

61,666

Net  result

579,286

109

-527,063

-1064

54,666

Profit  (Loss)  for  the  Year  to  be  appropiated

579,286

109

-527,063

-1064

54,666

Dividends

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  30-06-2011

 

Full-time  Employees

3

Part-time  Employees

0

Total  Fte  Employees

3

Number  of  hours  worked

 

Full-time  Employees

4,832

Part-time  Employees

312

Total

5,144

Personnel  Charges

 

Full-time  Employees

-

Part-time  Employees

-

Total

184,659

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

2

Actual  working  hours

6,052

Personnel  Charges

264,720

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

3

1

4

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

 

Gender  and  Education

 

 

 

Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

2

1

3

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

1

-

1

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

Working  Category

 

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

1

-

1

Blue  collar  worker

1

1

2

Other

-

-

-

 

 

Temporary  personnel

 

Total

Average  number  of  temporary  staff

0

Actual  working  hours

112

Cost  of  temporary  staff

3,193

 

 

New  staff  and  leavers

 

Full-Time

Part-Time

Total  Fte

New  Starters

1

1

2

Leavers

-

-

-

 

 

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

Industry comparison

 

Activity  code

46720

Activity  description

Wholesale  of  metals  and  metal  ores

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

Company result            10.72

Lower                           83.19

Median                         61.44

Upper                           33.75

 

DAY SALES OUTSTANDING

Company result            152.25

Lower                           54.01

Median                         33.29

Upper                           19.46

 

 

Shareholder Details

 

SUMMARY

 

Group - Number of Companies             4

Linkages - Number of Companies        0

Number of Countries                            0

 

GROUP STRUCTURE

 

Company  name

Number

Latest

 

 

financials

- R.L.E.  BVBA

457328175

30-11-2013

- - DH-GROUP  NV

456843571

31-12-2013

- - - SEAMINOX  NV

888083894

30-06-2011

- - LBX-INVEST  BVBA

896615045

31-12-2013

 

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY INTERESTS

No minority interests found

 

 

Linked Companies

 

SUMMARY

Group - Number of Companies             4

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

 

Legal  event  type

Merger

 

 

Event  date

30/12/2011

 

 

Creditor's  name

Seaminox

3rd  party  type

Absorbed  Company

Creditor's  address

Lepelboomstraat,  15

 

 

 

Waregem

 

 

 

8790

 

 

Creditor's  name

Dh-Group

3rd  party  type

Absorbing  Company

Creditor's  address

Zeilstraat, 5 Hasselt 3500

 

 

Creditor's company number

456843571

 

 

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

--

 

 

FORMER DIRECTOR DETAILS

 

Name

LODEWIJK  MASQUILLIER

Position

Director

Start  Date

01/01/2008

End  Date

30/06/2011

Street

12 GROENINGELAAN  LIER

Post  code

2500

Country

Belgium

Name

ERIC  RENÉ  HUYSENTRUIJT

Position

Director

Start  Date

01/01/2011

End  Date

Unknown  date

Date  of  birth

03/08/1951

Street

23 GROENINGEKAAI  KORTRIJK

Post  code

8500

Country

Belgium

Name

PASCAL  MARC  VAN  DER  RASIEREN

Position

Director

Start  Date

20/03/2007

End  Date

Unknown  date

Date  of  birth

16/09/1970

Street

16 ZUIDERLAAN  WAREGEM

Post  code

8790

Country

Belgium

Name

BIRNA  HUYSENTRUIJT

Position

Director

Start  Date

10/12/2009

End  Date

Unknown  date

Date  of  birth

03/10/1978

Street

27 SINT-AMANDSTRAAT  ZWEVEGEM

Post  code

8550

Country

Belgium

Name

FILIP  D'HAVÉ

Position

Director

Start  Date

29/09/2009

End  Date

Unknown  date

Street

15 GRAVIN  MADELEINE  D'ALCANTARALAAN  KAPRIJKE

Post  code

9971

Country

Belgium

Name

FILIP  D'HAVE

Position

Director

Start  Date

29/09/2009

End  Date

Unknown  date

Date  of  birth

13/12/1971

Street

10 SCHEUTBOS  KAPRIJKE

Post  code

9971

Country

Belgium

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.63.49

UK Pound

1

Rs.99.43

Euro

1

Rs.69.14

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 


 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.