MIRA
INFORM REPORT
|
Report No. : |
311318 |
|
Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Correct Name : |
TUYTELAERS NV |
|
|
|
|
Registered Office : |
Klein Ravels 87, 2380 Ravels |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.02.1954 |
|
|
|
|
Com. Reg. No.: |
403774178 |
|
|
|
|
Legal Form : |
Public Limited Liability Company |
|
|
|
|
Line of Business : |
·
Engaged in processing
of granite and bluestone for the production of gravestones Engaged in processing
of Composite Stone Engaged as distributor
of Diresco Stone. Engaged as distributor
of Caesar Stone |
|
|
|
|
No of Employees : |
28 (31.12.2013) |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 name & address
Business number 403774178
Branche Unit Number 2006120643
Company name TUYTELAERS NV
Address KLEIN RAVELS 87
2380 RAVELS
Number of staff 28 (31.12.2013)
Date of establishment 10/02/1954
Telephone number 014654444
Fax number 014654422
Commentary
|
The business was established over 50 years
ago. |
|
|
|
The business has 28 employees. |
|
|
|
The business has been at the address for
over 22 years. |
|
|
Accounts
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
|
31/12/2013 |
24,147,403 |
66,048 |
12,227,364 |
11,062,255 |
|
|
31/12/2012 |
25,446,047 |
-72,558 |
12,142,337 |
10,804,047 |
|
|
31/12/2011 |
27,408,483 |
297,124 |
12,205,303 |
10,656,393 |
|
Accounts
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
|
31/12/2013 |
18,031,477 |
28 |
400,000 |
415,380 |
|
|
31/12/2012 |
18,707,421 |
28 |
400,000 |
310,502 |
|
|
31/12/2011 |
18,600,741 |
28 |
400,000 |
788,162 |
|
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment expectations
Payment expectation days 62.16
Industry average payment
expectation days 64.40
Industry average day sales
Outstanding 80.01
Day sales outstanding 69.81
Company information
Business number 403774178 Company name TUYTELAERS NV
Fax number 014654422 Date founded 10/02/1954
Company status active Company
type Public
Limited Liability
Company (BE)
Currency Euro (€) Date of latest accounts 31/12/2013
Liable for VAT yes
VAT Number BE.0403.774.178 Belgian Bullettin of Acts
Publications Moniteur Belge
Activity description
·
Engaged in processing of granite and bluestone for the production
of gravestones
Engaged in processing of
Composite Stone
Engaged as distributor of
Diresco Stone.
Engaged as distributor of
Caesar Stone
Joint Industrial Committee
(JIC)
JIC Code 124
Description Joint committee
for the construction
category
JIC Code 218
Description Additional
national joint committee for the employees
category
Significant Events
Event Date 31/05/2013
Event Description
Event Details Herbenoemd als
bestuurders voor een periode van zes jaar : Peeters Antonia en
Tyutelaerts Daniel
(tevens als gedelegeerd bestuurder)
Company accounts
Assets
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 52 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Total fixed assets |
2,369,020 |
-14.51 |
2,771,248 |
-9.86 |
3,074,483 |
-8.04 |
3,343,367 |
-8.81 |
3,666,417 |
|
Intangible fixed assets |
0 |
- |
0 |
- |
0 |
|
76,500 |
-15.00 |
90,000 |
|
Tangible fixed assets |
2,369,020 |
-12.16 |
2,696,873 |
-12.28 |
3,074,483 |
-5.89 |
3,266,867 |
-8.66 |
3,576,417 |
|
Land & building |
2,039,878 |
-10.46 |
2,278,257 |
-10.54 |
2,546,744 |
-7.94 |
2,766,404 |
-11.02 |
3,108,906 |
|
Plant & machinery |
69,787 |
-15.35 |
82,443 |
-21.34 |
104,815 |
75.52 |
59,716 |
-3.63 |
61,963 |
|
Furniture & Vehicles |
259,355 |
-22.85 |
336,172 |
-20.51 |
422,923 |
-4.04 |
440,747 |
17.22 |
376,002 29,546 0 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
- |
0 |
-100 |
|
|
Other tangible assets |
0 |
-100 |
1 |
- |
0 |
- |
0 |
- |
|
|
Financial fixed assets |
- |
- |
74,375 |
- |
- |
- |
- |
- |
--- |
|
Total current assets |
15,662,457 |
-1.72 |
15,936,173 |
2.64 |
15,526,258 |
5.00 |
14,787,249 |
4.31 |
14,175,636 |
|
Inventories |
7,834,181 |
-4.80 |
8,229,038 |
8.77 |
7,565,651 |
5.62 |
7,162,779 |
44.25 |
4,965,462 |
|
Raw materials & consumables |
1,387,739 |
-8.43 |
1,515,502 |
5.39 |
1,438,053 |
-6.12 |
1531796 |
30.31 |
1175515 |
|
Work in progress |
0 |
- |
0 |
- |
0 |
-100 |
3135568 |
40.58 |
2230495 |
|
Finished goods |
6,446,442 |
-3.98 |
6,713,536 |
9.56 |
6,127,598 |
145 |
2495415 |
60.02 |
1559452 |
|
Trade debtors |
4,618,387 |
11.76 |
4,132,555 |
-0.63 |
4,158,676 |
2.03 |
4075984 |
-1.52 |
4138688 |
|
Other amounts receivable |
285,181 |
36.64 |
208,713 |
-48.10 |
402,132 |
9.02 |
368,858 |
48.61 |
248,212 |
|
Cash |
1,152,859 |
-18.27 |
1,410,597 |
-3.25 |
1458000 |
5.97 |
1,375,895 |
-54.41 |
3,018,276 |
|
Miscellaneous current assets |
1,771,849 |
-9.38 |
1,955,270 |
0.69 |
1,941,800 |
7.65 |
1,803,733 |
-0.07 |
1,804,998 |
|
Total Assets |
18,031,477 |
-3.61 |
18,707,421 |
0.57 |
18,600,741 |
2.59 |
18,130,616 |
1.62 |
17,842,053 |
|
Liabilities |
|||||||||
|
Total shareholders equity |
12,227,364 |
0.70 |
12,142,337 |
-0.52 |
12,205,303 |
2.84 |
11,868,024 |
4.33 |
11,375,199 |
|
Issued share capital |
400,000 |
0 |
400,000 |
0 |
400,000 |
0 |
400,000 |
0 |
400,000 |
|
Reserves |
11,827,364 |
0.72 |
11,742,337 |
-0.53 |
11,805,303 |
2.94 |
11,468,024 |
4.49 |
10,975,199 |
|
Provisions for Liabilities & Charges |
128,014 |
-37.21 |
203,867 |
30.67 |
156,018 |
-21.98 |
199,962 |
-22.20 |
257,028 |
|
Deferred taxes |
42,565 |
-31.81 |
62,424 |
-10.25 |
69,556 |
12.97 |
61,571 |
-8.36 |
67,186 |
|
Creditors |
5,633,535 |
-10.56 |
6,298,793 |
2.09 |
6,169,864 |
2.81 |
6,001,058 |
-2.30 |
6,142,640 |
|
Other long term loans |
1,033,333 |
-11.43 |
1,166,667 |
-10.26 |
1,300,000 |
-9.30 |
1,433,333 |
-8.51 |
1,566,667 |
|
Other long term liabilities |
-1 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total long term debts |
1,203,911 |
-15.98 |
1,432,958 |
-6.07 |
1,525,574 |
-9.99 |
1,694,867 |
-10.37 |
1,890,881 |
|
Current portion of long term debt |
133,333 |
0 |
133,333 |
0.00 |
133,333 |
0 |
133,333 |
0.00 |
133,333 |
|
Financial debts |
- |
- |
121 |
- |
- |
- |
- |
- |
- |
|
Trade creditors |
4,101,951 |
-10.45 |
4,580,768 |
9.75 |
4,173,832 |
3.41 |
4,036,313 |
-0.11 |
4,040,848 |
|
Amounts Payable for Taxes, Remuneration
& Social Security |
166,181 |
-17.52 |
201,482 |
-36.88 |
319,215 |
71.83 |
185,778 |
-10.59 |
207,791 |
|
Miscellaneous current liabilities |
198,737 |
-8.17 |
216,422 |
-11.11 |
243,484 |
14.69 |
212,302 |
9.43 |
194,001 |
|
Total current liabilities |
4,600,202 |
-10.36 |
5,132,126 |
5.39 |
4,869,864 |
6.61 |
4,567,725 |
-0.18 |
4,575,973 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
18,031,477 |
-3.61 |
18,707,421 |
0.57 |
18,600,741 |
2.59 |
18,130,616 |
1.62 |
17,842,053 |
ratio analysis
|
TRADING PERFORMANCE |
|||||||||
|
Profit Before Tax |
0.27 |
93.10 |
-0.29 |
-126 |
1.08 |
-44.33 |
1.94 |
-28.68 |
2.72 |
|
Return on capital employed |
0.49 |
92.45 |
-0.53 |
-124 |
2.16 |
-41.14 |
3.67 |
-25.86 |
4.95 |
|
Return on total assets employed |
0.37 |
94.87 |
-0.39 |
-124 |
1.60 |
-41.82 |
2.75 |
-25.27 |
3.68 |
|
Return on net assets employed |
0.54 |
90.0 |
-0.60 |
-124 |
2.43 |
-42.14 |
4.20 |
-27.34 |
5.78 |
|
Sales / net working capital |
2.18 |
-7.63 |
2.36 |
-8.17 |
2.57 |
1.98 |
2.52 |
0.40 |
2.51 |
|
Stock turnover ratio |
32.44 |
0.31 |
32.34 |
17.17 |
27.60 |
-0.79 |
27.82 |
35.18 |
20.58 |
|
Creditor days |
62.16 |
-5.68 |
65.90 |
17.03 |
56.31 |
-3.61 |
58.42 |
-7.36 |
63.06 |
|
Debtor days |
69.81 |
17.76 |
59.28 |
7.04 |
55.38 |
-4.17 |
57.79 |
-7.70 |
62.61 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Current ratio |
3.40 |
9.32 |
3.11 |
-2.51 |
3.19 |
-1.54 |
3.24 |
4.52 |
3.10 |
|
Liquidity ratio / acid ratio |
1.70 |
13.33 |
1.50 |
-7.98 |
1.63 |
-2.40 |
1.67 |
-16.92 |
2.01 |
|
Current debt ratio |
0.38 |
-9.52 |
0.42 |
5.00 |
0.40 |
5.26 |
0.38 |
-5.00 |
0.40 |
|
Cashflow |
415,380 |
33.78 |
310,502 |
-60.60 |
788,162 |
-16.53 |
944,196 |
-15.93 |
1,123,156 |
|
Net worth |
12,227,364 |
0.70 |
12,142,337 |
-0.52 |
12,205,303 |
3.51 |
11,791,524 |
4.49 |
11,285,199 |
|
LONG TERM STABILITY |
|||||||||
|
Gearing |
9.54 |
-10.92 |
10.71 |
-8.77 |
11.74 |
-11.06 |
13.20 |
-11.65 |
14.94 |
|
Equity in percentage |
67.81 |
4.47 |
64.91 |
-1.08 |
65.62 |
-0.18 |
65.74 |
2.59 |
64.08 |
|
Total debt ratio |
0.47 |
-12.96 |
0.54 |
3.85 |
0.52 |
-1.89 |
0.53 |
-7.02 |
0.57 |
|
Working capital |
11,062,255 |
2.39 |
10,804,047 |
1.39 |
10,656,393 |
4.27 |
10,219,524 |
6.46 |
9,599,663 |
Profit & loss
|
Operating Income |
24,267,867 |
-6.00 |
25,816,306 |
-6.01 |
27,466,438 |
2.76 |
26,729,434 |
12.74 |
23,708,523 |
|
Turnover |
24,147,403 |
-5.10 |
25,446,047 |
-7.16 |
27,408,483 |
6.46 |
25,744,420 |
6.70 |
24,127,154 |
|
Total operating expenses |
24,086,704 |
-5.07 |
25,371,857 |
-6.23 |
27,056,235 |
7.29 |
25,217,120 |
7.81 |
23,389,970 |
|
Operating Charges |
24,207,168 |
-5.96 |
25,742,116 |
-5.06 |
27,114,189 |
3.48 |
26,202,134 |
14.06 |
22,971,339 |
|
Employee costs |
1,427,669 |
-2.03 |
1,457,248 |
-0.74 |
1,468,044 |
5.99 |
1,385,087 |
0.86 |
1,373,300 |
|
Wages and salary |
932,723 |
0.30 |
929,925 |
-0.24 |
932,161 |
5.90 |
880,260 |
1.91 |
863,791 |
|
Social security contributions |
396,510 |
-0.44 |
398,277 |
-0.61 |
400,708 |
4.66 |
382,867 |
0.10 |
382,503 |
|
Other employee costs |
98,435 |
-23.72 |
129,045 |
-4.53 |
135,175 |
10.84 |
121,960 |
-3.97 |
127,005 |
|
Amortization and depreciation |
330,353 |
-11.54 |
373,468 |
-17.17 |
450,883 |
-0.11 |
451,371 |
-16.98 |
543,692 |
|
Operating result |
60,699 |
-18.18 |
74,190 |
-78.94 |
352,249 |
-33.20 |
527,300 |
-28.47 |
737,184 |
|
Total financial income |
83,237 |
58.54 |
52,501 |
-58.03 |
125,102 |
9.88 |
113,854 |
42.48 |
79,909 |
|
Total financial expenses |
77,889 |
-60.91 |
199,249 |
10.55 |
180,226 |
26.11 |
142,908 |
-10.77 |
160,163 |
|
Results on ordinary operations before
taxation |
66,048 |
91.03 |
-72,558 |
-124 |
297,124 |
-40.37 |
498,246 |
-24.16 |
656,930 |
|
Extraordinary Income |
248 |
-99 |
40,430 |
-19.05 |
49,942 |
860 |
5,200 |
30.36 |
3,989 |
|
Extraordinary Charges |
- |
- |
28,806 |
- |
- |
- |
12,861 |
- |
- |
|
Extraordinary items |
248 |
-97.87 |
11,624 |
-76.72 |
49,942 |
651 |
-7,661 |
-292 |
3,989 |
|
Results for the Year Before |
66,296 |
108 |
-60,934 |
-117 |
347,066 |
-29.25 |
490,585 |
-25.77 |
660,919 |
|
Taxation |
1,128 |
-87.69 |
9,164 |
408 |
1,803 |
-46.59 |
3,375 |
-95.98 |
84,031 |
|
Results on ordinary operations |
64,920 |
79.44 |
-81,722 |
-127 |
295,322 |
-40.32 |
494,871 |
-13.62 |
572,899 |
Social Balance Sheet Details
Social Balance Sheet
Details
|
Social Balance Sheet |
Total |
|
|
|
|
During the reporting year ended 31-12-2013 |
|
|||
|
Full-time Employees |
27 |
|
|
|
|
Part-time Employees |
3 |
|
|
|
|
Total Fte Employees |
28 |
|
|
|
|
|
|
|||
|
Number of hours worked |
|
|
|
|
|
Full-time Employees |
41,752 |
|
|
|
|
Part-time Employees |
3,286 |
|
|
|
|
Total |
45,038 |
|
|
|
|
|
|
|||
|
Personnel Charges |
|
|||
|
Full-time Employees |
1,329,209 |
|
|
|
|
Part-time Employees |
98,460 |
|
|
|
|
Total |
1,427,669 |
|
|
|
|
Benefits In Addition To Wages |
- |
|
|
|
|
|
|
|||
|
During the previous reporting year |
|
|||
|
Average number employees in Fte |
29 |
|
|
|
|
Actual working hours |
45,944 |
|
|
|
|
Personnel Charges |
1,457,248 |
|
|
|
|
Benefits In Addition To Wages |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Type of Contract |
Full-Time |
Part-Time |
Total Fte |
|
|
Unlimited Duration Contracts |
26 |
3 |
28 |
|
|
Gender and
Education |
|
|
|
|
|
Level |
|
|
|
|
|
|
|
|
|
|
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary
education |
14 |
2 |
15 |
|
|
Secondary
education |
8 |
- |
8 |
|
|
Higher education
(non university) |
1 |
- |
1 |
|
|
Higher education
(university) |
1 |
- |
1 |
|
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary
education |
1 |
- |
1 |
|
|
Secondary
education |
1 |
1 |
2 |
|
|
|
|
|
|
|
|
Working Category |
Full-Time |
Part-Time |
Total Fte |
|
|
White collar worker |
9 |
1 |
10 |
|
|
Blue collar worker |
17 |
2 |
18 |
|
|
Temporary personnel |
|
Total |
|
|
|
Average number of temporary staff |
1 |
|
|
|
|
Actual working hours |
|
1,450 |
|
|
|
Cost of temporary staff |
|
47,079 |
|
|
|
|
||||
|
New staff and leavers |
Full-Time |
Part-Time |
Total Fte |
|
|
New Starters |
1 |
- |
1 |
|
|
Leavers |
1 |
1 |
2 |
|
Industry comparison
Activity
description
Engaged in processing of granite and bluestone for the production
of gravestones
Engaged in processing of
Composite Stone
Engaged as distributor of
Diresco Stone.
Engaged as distributor of
Caesar Stone
Industry average payment
expectation days 64.40
Industry average day sales
Outstanding 80.01
Industry quartile analysis
Payment expectations
Company result 62.16
Lower 98.83
Median 55.67
Upper 27.85
Day sales outstanding
Company result 69.81
Lower 77.30
Median 35.96
Upper 16.43
Director details
Current Director Details
Name DANIEL TUYTELAERS
Position Managing Director
Start Date 31/05/2013
Street 9 KAMPHEIDELAAN
TURNHOUT
Post code 2300
Country Belgium
Position Director
Start Date 31/05/2013
Street 9 KAMPHEIDELAAN
TURNHOUT
Post code 2300
Country Belgium
Name ANTONIA PEETERS
Position Director
Start Date 31/05/2013
Street 25 LUSTHOFSTRAAT
RAVELS
Post code 2380
Country Belgium
Name LUC LOUIS MARIA
SEGERS
Position Director
Start Date 31/05/2007
Date of birth 19/05/1960
Street 24 JAN DE
KNUYTSTRAAT RAVELS
Post code 2380
Country Belgium
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.75 |
|
UK Pound |
1 |
Rs.94.60 |
|
Euro |
1 |
Rs.67.09 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.