MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
WE
EUROPE B.V. |
|
|
|
|
Registered Office : |
Reactorweg 101 3542AD Utrecht |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.01.2010 |
|
|
|
|
Date of Incorporation : |
08.12.1977 |
|
|
|
|
Legal Form : |
Private
Company |
|
|
|
|
Line of Business : |
Activities of holding companies (none financial holding) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
€ 500.000 |
|
Status : |
Good |
|
Payment Behaviour : |
Usually Correct |
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Netherlands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CONTACTINFORMATION
|
Company name |
We Europe B.V. |
|
Tradename |
We Europe B.V. |
|
|
WE Fashion |
|
Address |
Reactorweg 101 |
|
|
3542AD Utrecht |
|
|
Netherlands |
|
Mail address |
Postbus 30200 |
|
|
3503AD Utrecht |
|
|
Netherlands |
|
Telephone
number |
030-2479479 |
|
E-mail address |
|
|
Website |
CREDIT LIMIT
Credit limit A credit of € 500.000 may be granted
Risk factor Normal
COMPANY INFORMATION
|
Handelsregisternummer |
30089877 |
|
Registered in |
Chamber of
commerce Midden-Netherlands |
|
Act of
foundation |
08-12-1977 |
|
Date of
constitution |
08-12-1977 |
|
Last change in
statutes |
10-01-2008 |
|
Legal form |
private Company |
|
Place of constitution |
Utrecht |
|
Capital |
EUR 4.500.000 |
|
Issued capital |
EUR 2.268.900 |
|
Paid up capital |
EUR 2.268.900 |
NACE-code Activities of holding companies
(none financial holding) (7415)
SBI-code Activities of holding companies (none
financiele) (70102)
Formal objective Houdstermaatschappij.
COMPANY STRUCTURE
Shareholder Logo International B.V. Minervum
7032
4817ZLBREDA
Netherlands
KvK: 30219802
Active since: 01-02-2007
Percentage: 100.00%
Ultimate parent
company We Finance and Services (Luxem
990004823384
Holding company
Logo International B.V.
Minervum 7032 4817ZL
BREDA KvK: 30219802
Subsidiary
We France B.V.
KvK: 30089871
We Germany B.V.
Reactorweg 101 3542AD UTRECHT
KvK: 30089874
We Belgium B.V.
Reactorweg 101 3542AD UTRECHT
KvK:
30089879 We Netherlands B.V.
Reactorweg 101 3542AD UTRECHT
KvK: 30091181
We Real Estate Management B.V.
Reactorweg 101 3542AD UTRECHT
KvK: 30210137
Affiliated
companies
Setpoint Holding B.V.
Minervum 7032 4817ZL BREDA KvK: 09146424
Boardco B.V. Oosteinde 32 2361HE WARMOND
KvK: 20131624
Waalwear Group B.V.
Minervum 7032
4817ZLBREDA
KvK: 30089876
Liability declaration WE International B.V. (30091261)
Reactorweg 101
3542AD Utrecht
Bankers
ABN Amro Bankers NV
Fortis Bankers (Netherlands) NV
MANAGEMENT
Management
Logo International B.V.
Minervum 7032 4817ZL BREDA
Netherlands
KvK: 30219802
Authorization: Fully authorized
Position: Manager
Date appointed: 01-05-2007
W.A. Kolk Wouter Albert
Authorization: Fully authorized
Position: Manager
Date appointed: 01-06-2007
Date of birth: 26-04-1966
R.S.M. Wijnhoven
Rogier Silvester Marie
Authorization: Fully authorized
Position: Manager
Date appointed: 01-05-2007
Date of birth: 15-07-1968
J.F. Balkema Jan Fokko
Position: Commissaris
Date appointed: 28-09-1998
Date of birth: 01-09-1947
D.Y.J.F. Du Monceau Bergendal
Diego Yves Jean Francois
Position: Commissaris
Date appointed: 09-10-2001
Date of birth: 13-09-1949
M.R. Borletti
Maurizio Romualdo
Position: Commissaris
Date appointed: 23-09-2008
Date of birth: 06-06-1967
R. de Waal
Ronald
Position: Commissaris
Date appointed: 03-09-1997
Date of birth: 13-02-1952
P.G.C.M. de Groot-v Amelsvoort
Petronella Gerdina Cornelia Ma
Authorization: Limited authorization
Position: Proxy
Date appointed: 04-10-2007
Date of birth: 11-03-1960
PAYMENT INFORMATION
Payment
experiences Payments are regular, no complaints
are known
Payments Based on multiple payment experiences
up to € 25.000
Quarter: 3 2010: 51 Average days
Quarter: 4 2010: 48 Average days
Quarter: 1 2011: 41 Average days
Quarter: 2 2011: 46 Average days
|
|
invoices |
current quarter |
2011 Q1 |
2010 Q4 |
2010 Q3 |
|
|
Total |
101 |
100% |
158.149 |
137.919 |
117.129 |
170.808 |
|
Within terms |
|
34,6% |
54.722 |
64.431 |
69.727 |
47.662 |
|
Delayed 0 - 30 |
|
65,4% |
103.427 |
73.488 |
43.548 |
122.479 |
|
Delayed 31 - 60 |
|
|
|
|
|
|
|
Delayed 61 - 90 |
1 |
0,0% |
|
|
2.520 |
|
|
Delayed 91 -
120 |
2 |
0,0% |
|
|
534 |
267 |
|
Delayed 120+
days |
2 |
0,0% |
|
|
800 |
400 |
FINANCIAL INFORMATION
|
Type of
publication |
Consolidated |
|||
|
Annual accounts
van |
WE
International B.V. |
|||
|
|
Reactorweg 101 |
|||
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|
3542AD Utrecht |
|||
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|
KvK: 30091261 |
|||
|
Publication |
Steady |
|||
|
CORE FIGURES |
|
|
|
|
|
BOOKYEAR |
2010 |
2009 |
2008 |
|
|
Quick ratio |
0,54 |
0,49 |
0,72 |
|
|
Current ratio |
0,94 |
0,84 |
1,20 |
|
|
Nett
workingcapital / Balance total |
-0,01 |
-0,04 |
0,04 |
|
|
Capital and
reserves / Balance total |
0,30 |
0,28 |
0,25 |
|
|
Capital and
reserves / Fixed assets |
0,38 |
0,35 |
0,33 |
|
|
Solvency |
0,51 |
0,46 |
0,41 |
|
|
Nett
workingcapital |
-8.933.000 |
-29.381.000 |
29.817.000 |
|
|
Capital and reserves |
204.235.000 |
195.015.000 |
187.893.000 |
|
|
Change capital
and reserves |
4,73% |
3,79% |
9,91% |
|
|
change short
term liabilities |
-11,64% |
22,97% |
131,15% |
|
|
Nett Turnover |
509.076.000 |
548.397.000 |
525.009.000 |
|
|
Operating
profit |
27.221.000 |
-29.239.000 |
17.766.000 |
|
Annual accounts The published financial information
is the consolidated group information.
Last annual
accounts 2010
|
Type of
publication |
Consolidated |
|
|
Turnover |
2010: |
561.480.000 |
|
|
2009: |
458.976.000 |
|
|
2008: |
504.884.000 |
|
|
2007: |
504.884.000 |
|
|
2006: |
391.912.000 |
|
|
2005: |
387.689.000 |
|
Gross profit |
2008: |
216.274.000 |
|
|
2007: |
216.274.000 |
|
|
2006: |
165.341.000 |
|
|
2005: |
164.590.000 |
|
Operating
profit |
2010: |
27.221.000 |
|
|
2009: |
-29.239.000 |
|
|
2008: |
17.766.000 |
|
|
2007: |
17.766.000 |
|
|
2006: |
16.339.000 |
|
|
2005: |
43.831.000 |
|
Result after
taxes |
2010: |
6.817.000 |
|
|
2009: |
-43.529.000 |
|
|
2008: |
5.046.000 |
|
|
2007: |
5.046.000 |
|
|
2006: |
8.273.000 |
|
|
2005: |
27.269.000 |
Tendency Constant
Tendency capital
and reserves
Capital and
reserves 2010 204.235.000
Total debt 2010 483.398.000
Current ratio 2010 0,94
Quick ratio 2010 0,54
Nett
workingcapital 2010 -8.933.000
Profitability Positive
Solvency Positive
Liquidity Negative
BALANCE
|
BOOKYEAR |
2010 |
2009 |
2008 |
|
|
End of bookyear |
31-01-2010 |
31-01-2009 |
31-01-2008 |
|
|
Intangible assets |
131.075.000 |
129.524.000 |
147.505.000 |
|
|
Tangible assets |
381.863.000 |
393.963.000 |
392.771.000 |
|
|
Financial assets |
23.120.000 |
33.307.000 |
22.474.000 |
|
|
Fixed assets |
536.058.000 |
556.794.000 |
562.750.000 |
|
|
|
||||
|
Stocks and work
in progress |
64.589.000 |
62.930.000 |
70.966.000 |
|
|
Accounts
receivable |
74.334.000 |
79.277.000 |
87.080.000 |
|
|
Liquid assets |
11.823.000 |
9.119.000 |
18.718.000 |
|
|
Current assets |
150.746.000 |
151.326.000 |
176.764.000 |
|
|
Total assets |
686.804.000 |
708.120.000 |
739.514.000 |
|
|
Minority
interest |
-829.000 |
-829.000 |
-546.000 |
|
|
Capital and
reserves |
204.235.000 |
195.015.000 |
187.893.000 |
|
|
Provisions |
84.348.000 |
90.261.000 |
91.312.000 |
|
|
Long term
interest yealding debts |
|
1.212.000 |
241.878.000 |
|
|
other long term
debts |
|
241.754.000 |
72.030.000 |
|
|
Long term
liabilities |
239.371.000 |
242.966.000 |
313.908.000 |
|
|
Trade debts
suppliers |
|
36.044.000 |
29.294.000 |
|
|
Short term
interest yielding debt |
|
85.798.000 |
28.691.000 |
|
|
Other short
term debts |
159.679.000 |
58.865.000 |
88.962.000 |
|
|
Total short term
debt |
159.679.000 |
180.707.000 |
146.947.000 |
|
|
Total debt |
483.398.000 |
513.934.000 |
552.167.000 |
|
|
Total Liabilities |
686.804.000 |
708.120.000 |
739.514.000 |
|
PROFIT & LOSS ACCOUNT
|
BOOKYEAR |
2010 |
2009 |
2008 |
|
Turnover |
|
458.976.000 |
504.884.000 |
|
Other operating
income |
|
3.178.000 |
20.125.000 |
|
Nett Turnover |
509.076.000 |
548.397.000 |
525.009.000 |
|
Cost of sales |
293.035.000 |
|
288.610.000 |
|
Gross profit |
216.041.000 |
|
216.274.000 |
|
Other operating
income |
52.404.000 |
|
|
|
Wages employees |
114.741.000 |
|
|
|
Sales costs |
|
|
218.633.000 |
|
Raw materials |
|
315.476.000 |
|
|
Other operating
charges |
126.483.000 |
251.235.000 |
|
|
Operating charges |
241.224.000 |
577.636.000 |
507.243.000 |
|
Operating profit |
27.221.000 |
-29.239.000 |
17.766.000 |
|
Financial
income |
1.187.000 |
6.153.000 |
5.451.000 |
|
Financial
charges |
17.534.000 |
26.132.000 |
20.696.000 |
|
Financial result |
-16.347.000 |
-19.979.000 |
-15.245.000 |
|
Result
participations |
|
412.000 |
7.229.000 |
|
Result before
taxes |
10.874.000 |
-48.806.000 |
9.750.000 |
|
Income taxes |
3.984.000 |
-5.277.000 |
4.704.000 |
|
Result after
taxes |
6.890.000 |
-43.529.000 |
5.046.000 |
|
Result participations after taxes |
-73.000 |
|
|
|
Nett result |
6.817.000 |
-43.529.000 |
5.046.000 |
History
Consent
statements Over bookyear 2010 a consent agreement is filed
Over bookyear 2009 a consent agreement is filed
Over bookyear 2007 a consent agreement is filed
Over bookyear 2008 a consent agreement is filed
Management Since 23-09-2008 is Commissaris
Maurizio Romualdo Borletti appointed.
Modifications Issued capital changed to EUR
2.268.900,00 Paid up capital changed to EUR
2.268.900,00.
Since 10-1-2008 statutes modified.
Company structure
• We Finance and Services
(Luxem (990004823384)
o Tendency Fin. B.V. (30089878)
UTRECHT Subsidiary
o WE International B.V. (30091261)
Utrecht
Subsidiary (100%)
■ Ronstreet
Properties Holding B.V. (30089875)
UTRECHT
Subsidiary
■ Ronstreet
Properties B.V. (30091642)
BREDA
Subsidiary (100%)
■ WE
Duitsvast B.V. (30106446)
UTRECHT
Subsidiary (100%)
■
Association van Eigenaars gebouw Burchtstraat 25-27 en Eiermarkt 9-10 in
Nijmegen
(09219138) BREDA
Management
relation (100%)
■
Logo International B.V. (30219802)
BREDA
Subsidiary
■ Setpoint
Holding B.V. (09146424)
BREDA
Subsidiary
■ Setpoint
B.V. (09068860)
BREDA
Subsidiary
■ Boardco
B.V. (20131624)
WARMOND
Subsidiary
■ O'Neill
Trademark B.V. (18076157)
WARMOND
Subsidiary
■ Team
O'Neill International B.V. (27327416)
WARMOND
Management
relation (100%)
■ O'Neill
Europe Holding B.V. (28079944)
WARMOND
Subsidiary
■ O'Neill
Netherlands B.V. (28033566)
WARMOND
Subsidiary (100%)
■ O'Neill
Europe B.V. (28036121)
WARMOND
Subsidiary (100%)
■ O'Neill
Germany B.V. (31043042)
WARMOND
Subsidiary (100%)
■ O'Neill
Retail Europe B.V. (28052198)
WARMOND
Subsidiary (100%)
■ O'Neill
Retail Netherlands B.V. (31043041)
WARMOND
Subsidiary (100%)
Waalwear Group B.V. (30089876) BREDA
Subsidiary
■ Waalwear
Kids B.V. (18076158)
BADHOEVEDORP
Subsidiary
■ The Kids
Company B.V. (34342139)
BADHOEVEDORP
Subsidiary
■ Van Gils
Fashion B.V. (18076160) Breda
Subsidiary
■ Van Gils
Retail B.V. (18076334)
BREDA
Subsidiary
We Europe B.V.
(30089877) Utrecht
Subsidiary
■ We France
B.V. (30089871)
Management
relation (100%) We Germany B.V. (30089874)
UTRECHT
Subsidiary
■ We
Belgium B.V. (30089879) UTRECHT
Subsidiary
■ We
Netherlands B.V. (30091181)
UTRECHT
Subsidiary
■ We Real
Estate Management B.V. (30210137) UTRECHT
Subsidiary
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
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.