MIRA
INFORM REPORT
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Report Date : |
9th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
COOPERATIE AVEBE U.A. |
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Registered Office : |
Prins Hendrikplein 20, 9641 Gk Veendam |
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Country : |
Netherlands |
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Financials (as on) : |
31.07.2006 |
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Date of Incorporation : |
11.11.1919 |
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Legal Form : |
Cooperative society |
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Line of Business : |
Manufacturing and trade
in potato products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR 500.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name & Address
Coöperatie AVEBE U.A.
Prins Hendrikplein 20
9641 GK VEENDAM
Tel. :+31 (0)598-669111
Fax. :+31 (0)598-664368
Legal
status
Cooperative society
Founded
11/11/1919 as Co-op
Trade
register
02300804
Chairman
Lee Hauw Koo, born 02/02/1959, Dijkstraat
28, ROELOFARENDSVEEN
Management
Gertjan Noordermeer, born 06/01/1964,
Koninginneweg 2, VALKENBURG LB
Commissioner
F. Schepers, born 09/06/1943, Baalder Esch
53, HARDENBERG
Ruud Arend Vos, born 21/09/1945, Zandmeer
19, SMILDE
Werner Hilse, born 26/03/1952, DUITSLAND
J.W. Hoekman, born 28/10/1958, Zuidzijde
3-A, ODOORNERVEEN
Reinder Hoekzema, born 14/11/1945, De Brink
124, GRONINGEN
Hermann Deuling, born 20/07/1960, DUITSLAND
Gesienus Hendrik Wichers, born 24/03/1952,
Havenkade 50, GASSELTERNIJVEEN
Andries Arij Olijslager, born 01/01/1944,
Rinia van Nautaweg 25, GYTSJERK
Activity
Manufacturing and
trade in potato products.
Branch[es]
-Cooperatie Avebe U.A.,
Baptistenkade 40,
9514 AH GASSELTERNIJVEEN
-Cooperatie Avebe
U.A.,
Beneden Oosterdiep
158, 9645 LJ VEENDAM
-Cooperatie Avebe
U.A.,
Musselkanaal en O.
Weg 13, 9563 TM TER APELKANAAL
-Cooperatie Avebe
U.A.,
Industrieweg 12,
9641 HM VEENDAM
-Cooperatie Avebe U.A.,
Avebe Weg 1, 9607 PT
FOXHOL
-Cooperatie Avebe
U.A.,
Fabriekswijk 1,
7782 PW DE KRIM
Trade name:
-AVEBE
Staff
1.428 employees
Turnover
from the
consolidated balance sheet of Coöperatie AVEBE U.A.
2006 Euro 633.668.000
2005 Euro 591.624.000
2004 Euro 700.505.000
Real
estate
The business
premises at the mentioned address has been rented by the company, as far as we
know.
Finances
See balance sheet
Remarks
Subsidiary[ies]:
-Avebe Nederland
BV,
Avebe-weg 1, 9607
PT FOXHOL
-Duintjer,
Wilkens, Meihuizen en Co. BV,
Prins Hendrikplein 20, 9641 GK VEENDAM
-Avebe South America Holding BV,
Avebe-Weg 1, 9607 PT
FOXHOL
-Proteinplant BV,
Avebe-Weg 1, 9607 PT
FOXHOL
-Avebe Total Quality Support BV,
Avebe-Weg 1, 9607 PT
FOXHOL
-Avebe Asia Pacific Holding BV,
Avebe-Weg 1, 9607
PT FOXHOL
-Latenstein B.V.,
Waalbandijk 22, 6541 AJ NIJMEGEN
-Avebe Food Investments BV,
Avebe-Weg 1, 9607 PT
FOXHOL
-Averis Seeds BV,
Avebe-Weg 1, 9607
PT FOXHOL
The next financial data is extracted from the consolidated balance sheet
of 'Coöperatie AVEBE U.A. '
Consolidated net result:
2006 Euro (4.618.000)
2005 Euro (69.407.000)
2004 Euro 423.000
The shareholders equity was as
of:
31/7/2006 Euro 133.721.000
31/07/2005 Euro 149.160.000
30/07/2004 Euro 220.513.000
The working capital was as of:
31/7/2006 Euro 13.366.000
31/07/2005 Euro 34.110.000
30/07/2004 Euro 47.792.000
Website : www.avebe.nl
In the end of 2005 a reorganization has taken place as a result of
disappointing figures. The financial situation has improved. The 4.000 members
will be investing a total of EUR 40.000.000,-
in 3 years.
The financial year ends on 31.07.
Banks
Rabobank, UTRECHT, 30.00.00.022
ABN-AMRO NV, AMSTERDAM,
48.35.15.337
VAT-nr.
NL002546024B01
Mode
of payment
On average 15 days beyond
terms.
Credit
demand
No objections against
entering into a business relationship.
A maximum credit limit of
EUR 500.000 is advised
The following financial data is retrieved from the consolidated balance
sheet of :
Coöperatie AVEBE U.A.
Prins Hendrikplein 20, 9641 GK VEENDAM
Trade register 02300804
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BALANCE
SHEET
Consolidated in Euro(x
1.000) Euro(x 1.000)
---31-07-2005--- ------31-07-2006---
Intangible assets 2.579 1.493
Tangible assets 161.482 157.602
Financial assets 30.066 24.471
Miscellaneous fixed assets 0 0
Total fixed
assets 194.127 183.566
Stock 143.909 122.600
Receivables 117.881 101.980
Shares 0 0
Liquid assets 3 5
Miscellaneous current assets 0 0
Total current
assets 261.793 224.585
Shareholders
equity 149.160 132.713
Provisions 54.751 48.880
Long-term liabilities 24.326 14.331
Current liabilities 227.683 211.219
Minority interests 0 1.008
Miscellaneous liabilities 0 0
Total liabilities 455.920 408.151
PROFIT
& LOSS ACCOUNT
Consolidated in Euro(x
1.000) Euro(x 1.000)
---31-07-2005--- ------31-07-2006---
Turnover 591.624 633.668
Other income 3.475 8.016
Total expenses 698.395 616.181
Operating profit -59.212 8.421
Balance financial P/L -7.719 -9.708
Net profit/loss 1] -66.931 -1.287
Taxation 2.351 2.397
Share in P/L of subsidiaries -226 -910
Net profit/loss 2] -69.508 -4.594
Balance extraordinary P/L 0 0
Taxation 0 0
Extraordinary P/L 2] 0 0
Res. sub. companies 2] 0 0
Minority interests -101 24
Miscellaneous P/L 0 0
Net result -69.407 -4.618
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL
RATIOS
-----2005----- -----2006-----
EQUITY %
Equity gearing 32,7 32,8
Equity/outside
capital 48,6 48,2
LIQUIDITY
Current ratio 1,1 1,1
Acid test 0,5 0,5
RATES OF RETURN %
Total assets -14,7 -0,3
Shareholders equity -44,9 -1
Pre tax
margin % -11,3 -0,2
Turnover rate 129,8 155,3
(x
1.000) (x 1.000)
-------------------- --------------------
Working capital 34.110 13.366
Shareholders equity + Equalization acc. 149.160 133.721
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)