MIRA INFORM REPORT

 

 

Report No. :

345379

Report Date :

19.10.2015

 

IDENTIFICATION DETAILS

 

Name :

RICO TOOLS BELGIUM BVBA

 

 

Registered Office :

Grensstraat 11 2270 Herenthout

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

20.04.2009

 

 

Com. Reg. No.:

811260686

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Manufacture of metal forming machinery.

 

 

No. of Employee :

6

 

 

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 – 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                     811260686

Branche Unit Number              2178449952

Company name                       RICO TOOLS BELGIUM BVBA

Address                                    GRENSSTRAAT 11

2270 HERENTHOUT

Number of staff                        6

Date of establishment              20/04/2009

Telephone number                  014211868

Fax number                             014212684

 

 

Commentary

 

The business was established over 6 years ago.

The business has 6 employees.

The business has been at the address for over 6 years.

Operating Result in the latest trading period decreased 27% on the previous trading period.

A 21% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 23% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 29% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

 

280,476

1,196,601

1,197,090

31/12/2013

 

365,023

1,076,149

1,012,357

31/12/2012

 

474,187

861,609

791,318

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

1,476,099

6

335,000

156,678

31/12/2013

1,870,920

6

335,000

288,399

31/12/2012

1,529,156

5

83,600

438,250

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

66.66

Industry  average  day  sales

172.94

expectation  days

 

outstanding

 

Day  sales  outstanding

-

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                –

 

NSSO DETAILS

Date of summons                       –

 

 

Company information

 

Business  number

811260686

Company  name

RICO  TOOLS  BELGIUM

 

 

 

BVBA

Fax  number

014212684

Date  founded

20/04/2009

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

28410

Liable  for  VAT

yes

Activity  description

Manufacture  of  metal  forming machinery

VAT  Number

BE.0811.260.686  Check  VAT number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor details

 

CONTRACTOR DETAILS

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

----

 

 

SIGNIFICANT EVENTS

 

Event Date

28/01/2012

Event Description

 

Event Details

Rechtzetting akte dd. 01-4-2010 : er werd vergeten het doel van de overnemende vennootschap Rico Tools Belgium uit te breiden met volgende activiteiten het verhuren van voertuigen (auto's, motorhomes, campers, bestelwagens, en andere).

 

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

89

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

44,120

-59.76

109,651

-27.02

150,253

-31.09

218,054

43.38

152,084

Intangible  fixed  assets

4,333

-18.75

5,333

-15.79

6,333

-13.64

7,333

-15.30

8,658

Tangible  fixed  assets

39,786

-61.86

104,318

-27.52

143,920

-31.39

209,755

46.78

142,906

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

35,167

-49.25

69,296

-31.25

100,790

-31.32

146,742

193

50,069

Furniture  &  Vehicles

487

-98.34

29,279

-15.04

34,464

-32.98

51,424

-34.34

78,324

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

4,132

-28.04

5,742

-33.74

8,666

-25.23

11,589

-20.15

14,513

Financial  fixed  assets

0

-

0

-

0

-100

966

85.68

520

Total  current  assets

1,431,979

-18.70

1,761,269

27.73

1,378,903

29.78

1,062,493

41.24

752,261

Inventories

20,808

-24.12

27,423

-38.56

44,631

107

21,493

-40.97

36,412

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

20,808

-24.12

27,423

-38.56

44,631

107

21,493

-40.97

36,412

Trade  debtors

16,956

-63.96

47,053

124

20,947

-31.18

30,437

-67.57

93,848

Other  amounts  receivable

287,239

51.47

189,639

8.55

174,695

-4.03

182,024

5.96

171,784

Cash

855,459

-29.60

1,215,154

49.90

810,630

-2.05

827,601

83.82

450,217

Miscellaneous  current  assets

251,518

-8.61

275,200

-9.83

305,200

32439

938

-

0

Total  Assets

1,476,099

-21.10

1,870,920

22.35

1,529,156

19.41

1,280,547

41.60

904,345

 

LIABILITIES

           

Total  shareholders  equity

1,200,934

11.05

1,081,482

24.60

867,942

70.57

508,846

101

253,043

Issued  share  capital

335,000

0

335,000

300

83,600

0

83,600

0

83,600

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

865,934

16.00

746,482

-4.83

784,342

84.44

425,246

150

169,443

Provisions  for  Liabilities  &  Charges

25,057

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

250,108

-68.32

789,438

19.39

661,213

-14.32

771,701

18.49

651,302

Other  long  term  loans

15,219

-62.45

40,526

-44.96

73,628

-34.30

112,060

189

38,750

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

40,276

-0.62

40,526

-44.96

73,628

-34.30

112,060

189

38,750

Current  portion  of  long  term  debt

25,307

-23.55

33,102

-13.87

38,432

2.36

37,548

150

15,000

Financial  debts

55,952

-30.96

81,047

14.21

70,963

2.30

69,368

589

10,060

Trade  creditors

98,289

-52.40

206,493

225

63,524

-53.94

137,903

-19.62

171,571

Amounts  Payable  for  Taxes,

52,841

92.30

27,479

-31.57

40,159

-45.10

73,156

14.76

63,748

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

2,499

-99

400,791

7.02

374,507

9.61

341,665

-2.98

352,173

Total  current  liabilities

234,889

-68.64

748,912

27.46

587,585

-10.92

659,640

7.69

612,552

Total  Liabilities

1,476,099

-21.10

1,870,920

22.35

1,529,156

19.41

1,280,547

41.60

904,345

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

-

Return  on  capital  employed

22.60

-30.53

32.53

-35.41

50.36

-11.13

56.67

-54.14

123.58

Return  on  total  assets  employed

19.00

-2.61

19.51

-37.08

31.01

12.85

27.48

-31.08

39.87

Return  on  net  assets  employed

23.35

-30.81

33.75

-38.22

54.63

-21.01

69.16

-51.47

142.50

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

-

Creditor  days

-

-

-

-

-

-

-

-

-

Debtor  days

-

-

-

-

-

-

-

-

-

 

SHORT TERM STABILITY

 

Current  ratio

6.10

159

2.35

0

2.35

45.96

1.61

30.89

1.23

Liquidity  ratio  /  acid  ratio

6.01

159

2.32

2.20

2.27

43.67

1.58

35.04

1.17

Current  debt  ratio

0.20

-71.01

0.69

1.47

0.68

-47.69

1.30

-46.28

2.42

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

156,678

-45.67

288,399

-34.19

438,250

22.51

357,727

-6.01

380,600

Net  worth

1,196,601

11.19

1,076,149

24.90

861,609

71.80

501,513

105

244,385

 

LONG TERM STABILITY

 

Gearing

8.03

-43.85

14.30

-32.20

21.09

-50.99

43.03

70.62

25.22

Equity  in  percentage

81.60

40.76

57.97

1.70

57.00

42.61

39.97

41.49

28.25

Total  debt  ratio

0.23

-68.49

0.73

-3.95

0.76

-50.0

1.52

-40.86

2.57

Working  capital

1,197,090

18.25

1,012,357

27.93

791,318

96.43

402,853

188

139,709

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

628,894

-18.99

776,356

-8.70

850,315

14.99

739,458

-6.64

792,078

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

280,945

-8.73

307,801

3.75

296,668

15.73

256,334

-9.45

283,080

Wages  and  salary

196,260

-1.92

200,103

6.82

187,319

8.39

172,817

-6.42

184,681

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

63,387

-25.92

85,563

5.12

81,392

15.92

70,215

22.65

57,248

Other  employee  costs

21,298

-3.78

22,135

-20.83

27,957

110

13,302

-67.67

41,151

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

37,227

-17.01

44,859

-43.33

79,154

-22.34

101,924

-10.69

114,127

Operating  result

279,958

-27.71

387,246

-18.22

473,505

31.70

359,525

-4.01

374,554

Total  financial  income

27,578

-2.57

28,307

-2.29

28,971

46.47

19,780

49.42

13,238

Total  financial  expenses

27,060

-46.45

50,529

78.62

28,289

3.21

27,408

0.77

27,198

Results  on  ordinary  operations  before  taxation

280,476

-23.16

365,023

-23.02

474,187

34.75

351,898

-2.41

360,594

Extraordinary  Income

-

-

-

-

-

-

30,000

207

9,761

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

-

-

0

-

0

-100

30,000

207

9,761

Results  for  the  Year  Before  Taxation

280,476

-23.16

365,023

-23.02

474,187

24.17

381,898

3.12

370,355

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

161,024

32.55

121,484

5.55

115,091

-8.73

126,095

21.38

103,882

Results  on  ordinary  operations  after  taxation

119,452

-50.95

243,540

-32.18

359,096

59.03

225,803

-12.04

256,712

Net  result

119,452

-50.95

243,540

-32.18

359,096

40.38

255,803

-4.00

266,473

Profit  (Loss)  for  the  Year  to  be  appropiated

119,452

-50.95

243,540

10.15

221,096

-13.57

255,803

-4.00

266,473

Dividends

-

-

300,000

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2014

 

Full-time  Employees

5

Part-time  Employees

2

Total  Fte  Employees

6

Number  of  hours  worked

 

Full-time  Employees

7,000

Part-time  Employees

2,674

Total

9,674

Personnel  Charges

 

Full-time  Employees

203,280

Part-time  Employees

77,665

Total

280,945

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

6

Actual  working  hours

10,176

Personnel  Charges

307,801

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

5

2

6

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

 

 

Gender  and  Education Level

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

4

1

5

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

1

1

2

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

Working  Category

 

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

-

1

1

Blue  collar  worker

5

1

6

Other

-

-

-

 

 

Temporary  personnel

 

Total

Average  number  of  temporary  staff

-

Actual  working  hours

-

Cost  of  temporary  staff

-

 

 

New  staff  and  leavers

 

Full-Time

Part-Time

Total  Fte

New  Starters

-

-

-

Leavers

-

1

0

 

 

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

28410

Activity  description

Manufacture  of  metal  forming  machinery

industry  average  credit

78.09

Industry average credit limit

60132.84

 

 

Payment Information Summary

 

Total  number  of  Invoices  available

33

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

29

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

4

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

 

 

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY

 

Amount

-

Details

-

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

-

Day  sales  outstanding

-

 

 

INDUSTRY  COMPARISON

 

Activity  code

28410

Activity  description

Manufacture  of  metal  forming  machinery

Industry  average  payment

66.66

expectation  days

 

Industry  average  day  sales

172.94

outstanding

 

 

 

Industry quartile analysis

 

PAYMENT  EXPECTATIONS

 

Company  result

-

Lower

77.87

Median

48.87

Upper

29

 

 

DAY SALES OUTSTANDING

 

Company  result

-

Lower

119.38

Median

79.79

Upper

61.44

 

 

Shareholder Details

 

SUMMARY

 

Group - Number of Companies            0

Linkages - Number of Companies        0

Number of Countries                            0

 

GROUP STRUCTURE

No group structure for this company.

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY INTERESTS

No minority interests found

 

INDIVIDUAL SHAREHOLDERS

 

SHAREHOLDER NAME

Forename

Patrick

Middle  name

Franciscus

Surname

Meir

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

20/04/2009(estimated)

End  date

-

Percentage  owned

92.3%

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Sint-Waldetrudisstraat

House  number

82

Minor  town

-

Postal  town

Herentals

Post  code

2200

Country

Belgium

SHAREHOLDER  NAME

 

 

 

Forename

Ann

Middle  name

-

Surname

Van  Thielen

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

20/04/2009(estimated)

End  date

-

Percentage  owned

7.69%

 

 

SHAREHOLDER  ADDRESS

Street  name

Elzenbos

House  number

5

Minor  town

-

Postal  town

Grobbendonk

Post  code

2280

Country

Belgium

 

 

Linked Companies

 

SUMMARY

 

Group - Number of Companies            0

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

 

Position

Permanent  representative  legal  entity

Start  Date

20/04/2009

Street

 

Post  code

 

Country

 

Name

Patrick  Meir

Position

Manager

Start  Date

20/04/2009

Street

 

Post  code

 

Country

 

 

 

FORMER DIRECTOR DETAILS

 

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FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.97

UK Pound

1

Rs.100.54

Euro

1

Rs.73.99

 

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

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

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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.