MIRA INFORM REPORT

 

 

Report Date :           

03.10.2011

 

IDENTIFICATION DETAILS

 

Name :

DEPT B.V.

 

 

Registered Office :

Mangaan 11, 's-Hertogenbosch, 5234 GD

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.10.2009

 

 

Com. Reg. No.:

160498740000

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Wholesale Distribution of men's and boys' apparel and furnishings, sportswear, hosiery, underwear, nightwear, and work clothing

 

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 :

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

 

Company name & address 

 

Dept B.V.

Mangaan 11

's-Hertogenbosch, 5234 GD

Netherlands

Tel:       +31 073-6443434

 

 

Synthesis     

 

Employees:                  NA

Company Type:            Private Subsidiary

Corporate Family:          5 Companies

Ultimate Parent:            Zinvest Fashion B.V.

Incorporation Date:         16-Oct-2009    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Euro

Annual Sales:               61.3

Total Assets:                43.1

 

 

Business Description     

 

Dept B.V. is primarily engaged in the wholesale distribution of men's and boys' apparel and furnishings, sportswear, hosiery, underwear, nightwear, and work clothing.

 

Industry

Industry            Apparel and Accessories

ANZSIC 2006:    371 - Textile, Clothing and Footwear Wholesaling

NACE 2002:      5142 - Wholesale of clothing and footwear

NAICS 2002:     4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

UK SIC 2003:    5142 - Wholesale of clothing and footwear

US SIC 1987:    5136 - Men's and Boy's Clothing and Furnishings

 

           


Key Executives   

 

Name

Title

Patrick Maes

Managing director

B. Ravestein

Marketing manager

T. Netten

Purchasing manager

A.F.A. Kok

Head of accounting department

Yogen Laijawalla

Member of the board

 

Registered No.(NLD): 160498740000

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

 

 

Corporate Overview

 

Location

Mangaan 11

's-Hertogenbosch, 5234 GD

Netherlands

Tel:       +31 073-6443434

           

Sales EUR(mil):             46.3

Assets EUR(mil):           32.1

Employees:                   NA

Fiscal Year End:            31-Dec-2010

Industry:                        Apparel and Accessories

Incorporation Date:         16-Oct-2009

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(NLD):     160498740000

Managing director:         Patrick Maes

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Subsidiaries

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

371       -          Textile, Clothing and Footwear Wholesaling

 

NACE 2002 Codes:

5142     -          Wholesale of clothing and footwear

 

NAICS 2002 Codes:

4243     -          Apparel, Piece Goods, and Notions Merchant Wholesalers

 

US SIC 1987:

5136     -          Men's and Boy's Clothing and Furnishings

 

UK SIC 2003:

5142     -          Wholesale of clothing and footwear

 

Business Description

Dept B.V. is primarily engaged in the wholesale distribution of men's and boys' apparel and furnishings, sportswear, hosiery, underwear, nightwear, and work clothing.

Source: D&B

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

46.3

Assets:

32.1

Current Assets:

21.5

 

Total Liabilities:

32.1

 

Net Worth:

17.3

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

NA

NA

Subsidiaries

Company

Percentage Owned

Country

Dept. Store B.V.

 

Netherlands

 

 

 

 

Key Corporate Relationships

Bank:

ABN AMRO Bank NV

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Dept B.V.

Total Corporate Family Members: 5 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Zinvest Fashion B.V.

Parent

 

 

 

 

 

 

Thijm B.V.

Subsidiary

Best, Noord-Brabant

Netherlands

Retail (Apparel)

73.1

74

 

Dept B.V.

Subsidiary

's-Hertogenbosch, Noord-Brabant

Netherlands

Apparel and Accessories

61.3

 

 

Dept. Store B.V.

Subsidiary

's-Hertogenbosch, Noord-Brabant

Netherlands

Retail (Apparel)

 

69

 

J.C. Rags B.V.

Subsidiary

's-Hertogenbosch, Noord-Brabant

Netherlands

Textiles - Non Apparel

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Yogen Laijawalla

 

Member of the board

Director/Board Member

 

Lydia Visser

 

Member of the board

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Patrick Maes

 

Managing director

Managing Director

 

A.F.A. Kok

 

Head of accounting department

Accounting Executive

 

B. Ravestein

 

Marketing manager

Marketing Executive

 

T. Netten

 

Purchasing manager

Purchasing Executive

 

 

 

Annual Profit & Loss

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

Consolidated

Yes

Yes

Yes

 

 

 

 

Net sales

61.3

68.5

-

Other operating income

0.9

4.9

-

Cost of goods sold

30.9

35.4

-

Cost of sales

30.9

35.4

-

Gross profit

30.4

33.1

29.9

Total payroll costs

10.8

6.8

5.0

Change in value of fixed assets arising from revaluation

2.0

1.3

1.1

Other operating costs

14.9

15.5

10.6

Net operating income

3.6

14.3

13.2

Total financial income

0.5

0.5

0.4

Total expenses

1.4

1.2

0.8

Profit before tax

2.7

13.6

12.8

Profit on ordinary activities after tax

1.5

9.6

9.5

Total taxation

1.2

4.1

3.3

Profit after tax

1.5

9.6

9.5

Net profit

1.5

9.6

9.5

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

Yes

Yes

Yes

Provisions and allowances

0.2

0.5

-

Total long-term liabilities

3.5

3.2

4.1

Trade creditors

5.3

5.5

-

Total current liabilities

12.2

19.6

3.4

Total liabilities (including net worth)

43.1

50.9

24.9

Intangibles

1.3

0.5

-

Total tangible fixed assets

6.0

4.1

2.4

Total asset investment

6.9

6.8

6.2

Total non-current assets

14.2

11.4

8.6

Net stocks and work in progress

7.8

6.4

2.1

Trade debtors

5.9

12.0

-

Other receivables

14.3

19.5

-

Total receivables

20.3

31.5

11.8

Cash and liquid assets

0.8

1.6

2.4

Total current assets

28.9

39.5

16.3

Total assets

43.1

50.9

24.9

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

Yes

Yes

Yes

Current ratio

2.40

2.00

4.80

Acid test ratio

1.70

1.70

4.20

Current liabilities to net worth

0.52%

0.80%

0.23%

Fixed assets to net worth

0.61%

0.47%

0.59%

Collection period

34.90

61.80

-

Stock turnover rate

7.90

11.10

-

Sales to net working capital

3.70

3.60

-

Asset turnover

1.44%

1.49%

-

Profit margin

0.05%

0.20%

-

Return on assets

0.07%

0.28%

0.49%

Sales per employee

350.64

572.71

-

Profit per employee

15.72

113.79

130.52

Return on capital

0.05%

0.45%

0.61%

Average wage per employee

61.61

56.85

51.13

Net worth

23.3

24.4

14.6

Number of employees

132

86

67

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

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%)

 

 

 

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.