|
|
|
MIRA INFORM REPORT
|
Report No. : |
517556 |
|
Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Wervikstraat
320 8930 Menen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
30.06.1982 |
|
|
|
|
Com. Reg. No.: |
422834084 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
It is engaged in recycling ferrous metals, non-ferrous metals and
plastics. |
|
|
|
|
No. of Employees : |
225 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
|
Belgium |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BELGIUM - ECONOMIC OVERVIEW
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.
Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.
|
Source
: CIA |
Contact
information
|
|
|
Company
name |
GALLOO
NV |
|
Trading
name |
|
|
Registered
address |
WERVIKSTRAAT
320 8930
MENEN |
|
Correspondence
address |
WERVIKSTRAAT
320 8930
MENEN |
|
Telephone
number |
+3256521300 |
|
Website |
www.galloo.com |
Registration
|
|
|
Registration
number |
422834084 |
|
VAT-number |
BE.0422.834.084 |
|
Status |
active |
|
Establishment
date |
30/06/1982 |
|
Legal
form |
Public
limited company |
|
Subscribed
share capital |
€
2,764,244 |
Activities
|
|
Recycling
company. |
Line
of Business : It is engaged in recycling ferrous metals, non-ferrous metals and
plastics.
Relations
|
|
|
Shareholders |
GALLOO
HOLDING NV |
|
Structure |
Sister companies: - - GALLOO FINANCE NV - - GALLOO LOGISTICS NV - - GALLOO TERTRE SA -
- GALLOO WALLONIE SA -
- RECUPERATIE- EN TRANSPORTMAATSCHAPPIJ NV -
- - RENOFE NV -
- AMOVERINGSTECHNIEK BENELUX B.V. -
- ENVIRONNEMENT 2000 -
- GALLOO FRANCE SA -
- SCHROOT RECYCLING HULST B.V. -
- SCHROOTVERWERKING ZEEUWS-VLAANDEREN |
|
Branches |
LODEWIJK
COISEAUKAAI 15 8000 BRUGGE ATLASSTRAAT
5 8680 KOEKELARE MANDELLAAN
473 8800 ROESELARE INDUSTRIELAAN
ZN 8930 MENEN ROPSWALLE ZN 8930
MENEN WERVIKSTRAAT
320 8930 MENEN SCHEEPZATESTRAAT
9 9000 GENT WISSENSTRAAT
(BAA) 12 9200 DENDERMONDE |
Management
|
|
|
Name |
JVD
INVEST BVBA |
|
Position |
Managing
Director |
|
Start
Date |
01/09/2017 |
|
|
|
|
Position |
Director |
|
Start
Date |
01/09/2017 |
|
Name |
Pierre Vandeputte |
|
|
|
|
Position |
Managing
Director |
|
Start
Date |
02/01/2013 |
|
Position |
Permanent
representative legal entity |
|
|
|
|
Start
Date |
01/01/2015 |
|
Name |
Rik Debaere |
|
Position |
Managing
Director |
|
|
|
|
Start
Date |
02/01/2013 |
|
Position |
Director |
|
Start
Date |
31/12/2012 |
|
|
|
|
Name |
DE
GELUWEBEEK BVBA |
|
Position |
Director |
|
Start
Date |
01/01/2015 |
|
|
|
|
Name |
Antoine Vandeputte |
|
Position |
Director |
|
Start
Date |
14/05/2012 |
|
|
|
|
Name |
Joëla Galloo |
|
Position |
Director |
|
Start
Date |
14/05/2012 |
|
|
|
|
Name |
Jan Vandeputte |
|
Position |
Permanent
representative legal entity |
|
Start
Date |
01/09/2017 |
Employees
|
|
|
Date |
31/12/2017 |
|
|
225 |
Bank
|
|
ING
Bank |
Payments
|
|
|
Total number of Invoices
available |
1167 |
|
Total number of Invoices paid
within or up to 30 days after the due date |
1004 |
|
Total number of Invoices paid
more than 30 days after the due date |
57 |
|
Total number of Invoices
currently outstanding where the due date has not yet been reached |
30 |
|
Total number of Invoices
currently outstanding beyond the due date |
76 |
Remarks
|
|
Auditor:
Ernst & Young The name suggested by you relates
partly to one of the branches. |
Financials
|
|||||||||
|
Assets |
|||||||||
|
Annual
accounts |
31-12-2017 |
% |
31-12-2016 |
% |
31-12-2015 |
% |
31-12-2014 |
% |
31-12-2013 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Total
fixed assets |
129,246,252 |
-0.05 |
129,310,103 |
-1.89 |
131,798,943 |
0.32 |
131,383,810 |
-3.31 |
135,885,938 |
|
Intangible
fixed assets |
5,981,768 |
-9.43 |
6,604,306 |
-8.61 |
7,226,844 |
-7.97 |
7,853,022 |
-7.40 |
8,480,627 |
|
Tangible
fixed assets |
40,414,333 |
1.37 |
39,868,921 |
-4.48 |
41,740,357 |
2.56 |
40,699,047 |
-8.69 |
44,573,570 |
|
Land
&; building |
16,487,575 |
-16.64 |
19,777,989 |
0.55 |
19,669,281 |
-7.77 |
21,325,275 |
-3.12 |
22,011,144 |
|
Plant
&; machinery |
16,508,605 |
13.81 |
14,505,055 |
-1.61 |
14,742,905 |
52.88 |
9,643,616 |
-10.09 |
10,726,415 |
|
Furniture
&; Vehicles |
4,845,256 |
84.76 |
2,622,490 |
-28.28 |
3,656,455 |
-19.88 |
4,563,786 |
-20.51 |
5,741,403 |
|
Leasing &; Other Similar
Rights |
2,389,957 |
-13.53 |
2,763,948 |
-20.02 |
3,455,777 |
-20.16 |
4,328,476 |
-25.95 |
5,845,668 |
|
Other
tangible assets |
182,940 |
-8.27 |
199,440 |
-7.64 |
215,940 |
-74.23 |
837,894 |
236 |
248,939 |
|
Financial
fixed assets |
82,850,151 |
0.02 |
82,836,876 |
0.01 |
82,831,741 |
0 |
82,831,741 |
0 |
82,831,741 |
|
Total
current assets |
142,108,625 |
42.08 |
100,017,904 |
-0.23 |
100,252,424 |
-30.20 |
143,622,119 |
14.62 |
125,300,744 |
|
Inventories |
53,815,861 |
1.33 |
53,111,469 |
4.39 |
50,879,908 |
-11.07 |
57,210,358 |
21.61 |
47,045,692 |
|
Raw
materials &; consumables |
44,239,460 |
9.13 |
40,537,939 |
-2.33 |
41,506,465 |
-13.57 |
48,023,953 |
24.37 |
38,614,693 |
|
Work
in progress |
62,600 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Finished
goods |
8,134,621 |
-16.64 |
9,759,002 |
29.60 |
7,530,032 |
-8.78 |
8,254,908 |
-1.03 |
8,340,609 |
|
Other
stocks |
1,379,180 |
-51.00 |
2,814,528 |
52.68 |
1,843,411 |
97.90 |
931,497 |
930 |
90,390 |
|
Trade
debtors |
39,220,160 |
22.20 |
32,094,092 |
33.33 |
24,071,424 |
-59.61 |
59,594,552 |
28.12 |
46,516,289 |
|
Other
amounts receivable |
41,251,298 |
319 |
9,831,465 |
-49.93 |
19,635,214 |
-8.35 |
21,423,705 |
-11.04 |
24,083,480 |
|
Cash |
4,079,758 |
201 |
1,352,295 |
-36.91 |
2,143,564 |
32.53 |
1,617,381 |
-57.71 |
3,824,661 |
|
Miscellaneous
current assets |
3,741,549 |
3.11 |
3,628,583 |
3.02 |
3,522,314 |
-6.72 |
3,776,122 |
-1.42 |
3,830,623 |
|
Total
Assets |
271,354,877 |
18.33 |
229,328,006 |
-1.17 |
232,051,367 |
-15.62 |
275,005,929 |
5.29 |
261,186,682 |
|
Liabilities |
|||||||||
|
Total
shareholders equity |
135,406,358 |
27.58 |
106,134,587 |
12.76 |
94,124,664 |
-7.98 |
102,289,805 |
0.85 |
101,425,732 |
|
Issued
share capital |
2,764,244 |
-1.43 |
2,804,360 |
0 |
2,804,360 |
0 |
2,804,360 |
0 |
2,804,360 |
|
Share
premium account |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Revaluation
reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Reserves |
132,642,114 |
28.37 |
103,330,226 |
13.15 |
91,320,303 |
-8.21 |
99,485,445 |
0.88 |
98,621,371 |
|
Provisions for Liabilities
&; Charges |
731,377 |
-2.62 |
751,071 |
13.99 |
658,886 |
-69.32 |
2,147,682 |
8.23 |
1,984,407 |
|
Deffered
taxes |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Creditors |
135,217,142 |
10.43 |
122,442,348 |
-10.80 |
137,267,818 |
-19.52 |
170,568,441 |
8.11 |
157,776,544 |
|
Other
long term loans |
40,231,952 |
1.78 |
39,526,504 |
-45.59 |
72,651,015 |
-7.56 |
78,588,865 |
-13.91 |
91,281,705 |
|
Other
long term liabilities |
0 |
-100 |
1,000 |
0 |
1,000 |
0 |
1,000 |
0 |
1,000 |
|
Total
long term debts |
40,963,330 |
1.70 |
40,278,575 |
-45.06 |
73,310,900 |
-9.20 |
80,737,547 |
-13.43 |
93,267,112 |
|
Current portion of long term
debt |
9,069,507 |
-35.75 |
14,115,888 |
-2.02 |
14,406,953 |
7.16 |
13,444,695 |
-6.97 |
14,451,413 |
|
Financial
debts |
2,850,000 |
- |
0 |
-100 |
2,850,000 |
0 |
2,850,000 |
0 |
2,850,000 |
|
Trade
creditors |
52,204,904 |
22.30 |
42,686,239 |
69.49 |
25,185,311 |
-25.56 |
33,830,766 |
-0.07 |
33,854,970 |
|
Amounts Payable for Taxes,
Remuneration &; Social Security |
2,651,708 |
14.73 |
2,311,305 |
-8.25 |
2,519,087 |
-17.75 |
3,062,657 |
-10.39 |
3,417,880 |
|
Miscellaneous
current liabilities |
28,209,071 |
18.52 |
23,801,412 |
21.10 |
19,654,452 |
-49.33 |
38,790,459 |
225 |
11,919,576 |
|
Total
current liabilities |
94,985,190 |
14.56 |
82,914,844 |
28.32 |
64,615,803 |
-29.75 |
91,978,577 |
38.33 |
66,493,839 |
|
Total
Liabilities |
271,354,877 |
18.33 |
229,328,006 |
-1.17 |
232,051,367 |
-15.62 |
275,005,929 |
5.29 |
261,186,682 |
|
Ratio
analysis |
|||||||||
|
TRADING
PERFORMANCE |
|||||||||
|
Profit
Before Tax |
6.86 |
75.45 |
3.91 |
135 |
-2.88 |
-5660 |
-0.05 |
-110 |
0.49 |
|
Return
on capital employed |
17.01 |
110 |
8.09 |
150 |
-5.38 |
-4790 |
-0.11 |
-110 |
1.07 |
|
Return on total assets employed |
11.06 |
114 |
5.16 |
132 |
-3.89 |
-5457 |
-0.07 |
-108 |
0.80 |
|
Return on net assets employed |
22.16 |
98.74 |
11.15 |
116 |
-9.58 |
-4690 |
-0.20 |
-109 |
2.05 |
|
Sales
/ net working capital |
9.28 |
-47.57 |
17.70 |
101 |
8.77 |
3.42 |
8.48 |
17.94 |
7.19 |
|
Stock
turnover ratio |
12.31 |
-29.86 |
17.55 |
7.87 |
16.27 |
24.58 |
13.06 |
17.45 |
11.12 |
|
Creditor
days |
47.13 |
-13.00 |
54.17 |
87.89 |
28.83 |
1.34 |
28.45 |
-4.01 |
29.64 |
|
Debtor
days |
32.74 |
-15.40 |
38.70 |
37.72 |
28.10 |
-43.43 |
49.67 |
23.77 |
40.13 |
|
SHORT
TERM STABILITY |
|||||||||
|
Current
ratio |
1.50 |
23.97 |
1.21 |
-21.94 |
1.55 |
-0.64 |
1.56 |
-17.02 |
1.88 |
|
Liquidity
ratio / acid ratio |
0.93 |
63.16 |
0.57 |
-25.00 |
0.76 |
-19.15 |
0.94 |
-20.34 |
1.18 |
|
Current
debt ratio |
0.70 |
-10.26 |
0.78 |
13.04 |
0.69 |
-23.33 |
0.90 |
36.36 |
0.66 |
|
Cashflow |
39,104,358 |
92.91 |
20,270,634 |
1707 |
1,121,318 |
-89.71 |
10,896,100 |
-15.27 |
12,860,219 |
|
Net
worth |
129,424,590 |
30.04 |
99,530,281 |
14.54 |
86,897,819 |
-7.98 |
94,436,783 |
1.60 |
92,945,105 |
|
LONG
TERM STABILITY |
|||||||||
|
Gearing |
38.51 |
-23.80 |
50.54 |
-47.09 |
95.52 |
2.98 |
92.76 |
-13.36 |
107.06 |
|
Equity
in percentage |
51.02 |
7.07 |
47.65 |
13.80 |
41.87 |
9.35 |
38.29 |
-4.61 |
40.14 |
|
Total
debt ratio |
1.00 |
-13.79 |
1.16 |
-21.09 |
1.47 |
-13.02 |
1.69 |
6.96 |
1.58 |
|
Working
capital |
47,123,435 |
175 |
17,103,059 |
-52.01 |
35,636,621 |
-31.00 |
51,643,542 |
-12.18 |
58,806,906 |
|
Profit
& loss |
|||||||||
|
Operating
Income |
446,278,239 |
42.37 |
313,468,273 |
-1.71 |
318,925,640 |
-28.41 |
445,517,063 |
4.07 |
428,108,593 |
|
Turnover |
437,178,137 |
44.43 |
302,683,530 |
-3.19 |
312,651,035 |
-28.61 |
437,953,113 |
3.51 |
423,089,031 |
|
Total
operating expenses |
404,330,710 |
40.57 |
287,628,190 |
-9.79 |
318,846,033 |
-26.55 |
434,104,771 |
4.12 |
416,939,604 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Operating
Charges |
446,966,434 |
42.50 |
313,658,818 |
-3.53 |
325,120,638 |
-26.39 |
441,668,722 |
4.67 |
421,959,165 |
|
Employee
costs |
12,900,742 |
6.35 |
12,130,862 |
-1.59 |
12,326,243 |
0.38 |
12,279,941 |
-10.71 |
13,753,002 |
|
Wages
and salary |
9,293,946 |
9.49 |
8,488,568 |
-0.08 |
8,495,459 |
-1.52 |
8,626,340 |
-10.26 |
9,612,853 |
|
Employee
pension costs |
16,451 |
-27.20 |
22,597 |
-21.34 |
28,726 |
19.02 |
24,136 |
-0.23 |
24,192 |
|
Social
security contributions |
2,745,384 |
0.45 |
2,733,139 |
-4.94 |
2,875,228 |
-2.03 |
2,934,757 |
-9.17 |
3,230,976 |
|
Other
employee costs |
844,961 |
-4.69 |
886,558 |
-4.35 |
926,831 |
33.41 |
694,708 |
-21.50 |
884,980 |
|
Director
remuneration |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Amortization
and depreciation |
8,422,812 |
2.07 |
8,252,111 |
-10.93 |
9,265,103 |
-0.91 |
9,349,787 |
-9.61 |
10,343,880 |
|
Operating
result |
32,847,428 |
118 |
15,055,340 |
243 |
-6,194,998 |
-260 |
3,848,341 |
-37.42 |
6,149,427 |
|
Total
financial income |
3,420,871 |
575 |
506,756 |
-66.90 |
1,530,918 |
-42.57 |
2,665,495 |
179 |
953,556 |
|
Total
financial expenses |
5,580,253 |
57.91 |
3,533,846 |
-18.79 |
4,351,585 |
-35.19 |
6,713,984 |
33.57 |
5,026,499 |
|
Results on ordinary operations
before taxation |
29,999,851 |
153 |
11,837,705 |
131 |
-9,015,665 |
-4404 |
-200,147 |
-109 |
2,076,485 |
|
Extraordinary
Income |
730,695 |
200 |
243,099 |
-72.49 |
883,536 |
-66.81 |
2,661,740 |
158 |
1,029,087 |
|
Extraordinary
Charges |
42,500 |
-19.13 |
52,553 |
375 |
11,055 |
-98.57 |
774,394 |
543 |
120,361 |
|
Extraordinary
items |
688,195 |
261 |
190,546 |
-78.16 |
872,481 |
-53.77 |
1,887,347 |
107 |
908,726 |
|
Results for the Year Before
Taxation |
30,688,046 |
155 |
12,028,251 |
147 |
-8,143,184 |
-582 |
1,687,199 |
-43.48 |
2,985,210 |
|
Taxation |
6,500 |
-33.18 |
9,728 |
1518 |
601 |
-99 |
140,886 |
-69.95 |
468,871 |
|
Results on ordinary operations
after taxation |
29,993,351 |
153 |
11,827,977 |
131 |
-9,016,266 |
-2543 |
-341,034 |
-121 |
1,607,614 |
|
Net
result |
30,681,546 |
155 |
12,018,523 |
147 |
-8,143,785 |
-626 |
1,546,313 |
-38.55 |
2,516,340 |
|
Profit (Loss) for the Year to
be appropiated |
- |
- |
- |
- |
-8,143,785 |
-626 |
1,546,313 |
-38.55 |
2,516,481 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.52 |
|
|
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.86 |
|
Euro |
1 |
INR 79.54 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.