MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TNT FASHION GROUP BV |
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Registered Office : |
Eekboerstraat 25 7575 AV
Oldenzaal |
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Country : |
Netherlands |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.01.1982 |
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Legal Form : |
BV Private Company
Limited |
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Line of Business : |
Holding Company. International and Domestic Parcel Service; Forwarding,
Storage, Logistical Services, Contract Management, etc. |
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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
TNT Fashion Group
BV
Eekboerstraat 25
7575 AV OLDENZAAL
Tel.:+31
(0)541-581400
Fax.:+31
(0)541-530855
Legal
status
BV Private Company Ltd.
acc. nat. law
Founded
27/01/1982 as Ltd.
Trade
register
06078339
Capital
Nominal EUR 27.000.000,--
Issued and paid up EUR 12.335.625,--
Management
Gerhardus Wilhelmus
Johannes Meulman, born 18/09/1972,
Cornelis Adrianus Willem
Noorlander, born 21/03/1951, -
Signatory
Pieter Hagendoorn,
born 21/12/1952,
Peter Öbbo harms,
born 28/04/1959, -
Activity
Holdingcompany.
International and
domestic parcel service; forwarding,
storage, logistical services, contract management, etc.
Branch[es]:
-TNT
Fashion Group BV,
Koningin
Wilhelminaplein 29 300 23a, 1062 HJ
AMSTERDAM
-TNT
Fashion Group BV,
Marconiweg
1, 4131 PD VIANEN UT
-TNT
Fashion Logistics,
Hanzepoort
30, 7575 DA OLDENZAAL
-TNT Fashion Logistics,
Jaartsveldstraat 38 S-39,
-TNT
Fashion Logistics,
Haverdijk
6, 5704 RC HELMOND
-TNT
Fashion Logistics,
Schuilenburglaan
1, 7604 BJ ALMELO
-TNT
Fashion Logistics,
Kolthofsingel
7, 7602 EM ALMELO
-TNT
Fashion Logistics,
Schuilenburglaan
5, 7604 BJ ALMELO
-TNT
Fashion Logistics,
Schuilenburglaan
3, 7064 BJ ALMELO
-TNT
Fashion Logistics,
Hazeldonk
6474, 4836 LH BREDA
-TNT
Fashion Logistics,
Hanzepoort
20, 7575 DA OLDENZAAL
+ 5 other
branchoffice[s].
Trade name:
-Algemeen Advies-, Bemiddelings- en Incassobureau Alcas
-TNT
Fashion Logistics
Staff
673 employees
Turnover
from the
consolidated balance sheet of Tnt N.V.
2007 Euro 10.885.000.000
2006 Euro 9.948.000.000
2005 Euro 10.050.000.000
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 company
of
-Tnt
Express Worldwide N.V.,
Neptunusstraat 41-63, 2132 JA HOOFDDORP
Ultimate parent company
-Tnt N.V.,
Neptunusstraat 41-63, 2132 JA Hoofddorp.
The next
financial data is extracted
from the
consolidated balance sheet of
'Tnt N.V.'
Consolidated
net result:
2007 Euro 989.000.000
2006 Euro 671.000.000
2005 Euro 661.000.000
The
shareholders equity was as of:
31/12/2007 Euro 1.951.000.000
31/12/2006 Euro 2.008.000.000
31/12/2005 Euro 3.279.000.000
The working
capital was as of:
31/12/2007 Euro (640.000.000)
31/12/2006 Euro (11.000.000)
31/12/2005 Euro 2.454.000.000
Correspondence
address:
Postbus 358
7570
AJ OLDENZAAL
Website :
www.tntfashion.nl
Henry van
Duuren is employed by subject matter as "site manager".
A
declaration of liability has been issued by the ultimate
parent
company.
Subject
matter itself filed accounts till July 2008.
According
to press clippings, FedEx of the USA had shown
interest in
acquiring the TNT NV group; the negotations
this
regarding are said to have stalled.
Banks
ING Bank
Mode
of payment
No complaints have been
registered
Credit
demand
No objections against
entering into a business relationship.
The following financial data is retrieved from
the consolidated balance sheet of :
Tnt N.V.
BALANCE
SHEET
Consolidated in Euro(x
1.000.000) Euro(x 1.000.000)
---31-12-2006--- ------31-12-2007---
Intangible assets 1.785 2.119
Tangible assets 1.678 1.785
Financial assets 314 325
Miscellaneous
fixed assets 0 594
Total fixed assets 3.777 4.823
Stock 29 30
Receivables 1.569 1.927
Shares 0 0
Liquid assets 297 295
Miscellaneous
current assets 636 10
Total current
assets 2.531 2.262
Shareholders equity 1.983 1.931
Provisions 0 0
Long-term
liabilities 1.612 2.232
Current
liabilities 2.542 2.902
Minority interests 25 20
Miscellaneous
liabilities 146 0
Total liabilities 6.308 7.085
PROFIT
& LOSS ACCOUNT
Consolidated in Euro(x
1.000.000) Euro(x 1.000.000)
---31-12-2006--- ------31-12-2007---
Turnover 9.948 10.885
Other income 177 207
Total expenses 8.849 9.900
Operating profit 1.276 1.192
Balance financial P/L -47 -94
Net profit/loss 1] 1.229 1.098
Taxation 395 316
Share in P/L of subsidiaries -6 1
Net profit/loss 2] 828 783
Balance extraordinary P/L -157 206
Taxation 0 0
Extraordinary P/L 2] -157 206
Res. sub. companies 2] 0 0
Minority interests 0 0
Miscellaneous P/L 0 0
Net result 671 989
----------------------------------------------------------------------------------------------------------------
Legend : 1]
= Before tax
2]
= After tax
FINANCIAL
RATIOS
-----2006----- -----2007-----
EQUITY
%
Equity gearing 31,8 27,5
Equity/outside capital 45,8 37,5
LIQUIDITY
Current ratio 1 0,8
Acid test 1 0,8
RATES OF RETURN %
Total assets 19,5 15,5
Shareholders
equity 61,2 56,3
Pre tax margin
% 12,4 10,1
Turnover rate 157,7 153,6
(x
1.000.000) (x 1.000.000)
-------------------- --------------------
Working capital -11 -640
Shareholders
equity + Equalization acc. 2.008 1.951
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The following
financial data is retrieved from the corporate balance sheet of :
TNT Fashion Group BV
BALANCE
SHEET
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Intangible assets 0 0
Tangible assets 12.437.300 12.093.133
Financial assets 2.317.629 2.611.911
Miscellaneous
fixed assets 0 0
Total fixed assets 14.754.929 14.705.044
Stock 0 0
Receivables 12.901.534 13.051.074
Shares 0 0
Liquid assets 1.155.004 189.501
Miscellaneous
current assets 0 0
Total current
assets 14.056.538 13.240.575
Shareholders equity 2.551.839 12.864.043
Provisions 4.094.745 4.487.678
Long-term
liabilities 0 0
Current
liabilities 22.164.883 10.593.898
Minority interests 0 0
Miscellaneous
liabilities 0 0
Total liabilities 28.811.467 27.945.619
PROFIT
& LOSS ACCOUNT
Corporate in Euro(x
1) Euro(x 1)
---31-12-2005--- ------31-12-2006---
Turnover 69.835.829 67.373.384
Other income 4.500.000 0
Total expenses 74.210.919 68.528.301
Operating profit 124.910 -1.154.917
Balance financial
P/L -431.468 -823.750
Net profit/loss 1] -306.558 -1.978.667
Taxation 49.684 -257.351
Share in P/L of subsidiaries 0 0
Net profit/loss 2] -356.242 -1.721.316
Balance extraordinary P/L 0 0
Taxation 0 0
Extraordinary P/L 2] 0 0
Res. sub. companies 2] 0 0
Minority interests 34.339 -33.520
Miscellaneous P/L 0 0
Net result -390.581 -1.687.796
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Legend : 1]
= Before tax
2]
= After tax
FINANCIAL
RATIOS
-----2005----- -----2006-----
EQUITY
%
Equity gearing 8,9 46
Equity/outside capital 9,7 85,3
LIQUIDITY
Current ratio 0,6 1,2
Acid test 0,6 1,2
RATES OF RETURN %
Total assets -1,1 -7,1
Shareholders
equity -12 -15,4
Pre tax margin
% -0,4 -2,9
Turnover rate 242,4 241,1
(x
1) (x 1)
-------------------- --------------------
Working capital -8.108.345 2.646.677
Shareholders
equity + Equalization acc. 2.551.839 12.864.043
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.47 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.66.14 |
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. |
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%)