MIRA
INFORM REPORT
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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
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Name : |
LENGER SEAFOODS YERSEKE B.V. |
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Registered Office : |
Industrieweg 35, Yerseke, 4401 LA |
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Country : |
Netherlands |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
02.10.1975 |
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Com. Reg. No.: |
22019862 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
Subject is engaged in freezing of fish; and other fish processing and
preserving |
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No. of Employees : |
85 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Netherlands |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Netherlands - ECONOMIC OVERVIEW
The Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.
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Source : CIA |
Company name & address
Lenger Seafoods Yerseke B.V.
Industrieweg 35
Yerseke, 4401 LA
Netherlands
Tel: +31 0113-579279
Fax: +31 0113-579280
Synthesis
Employees: 85
Company Type: Private Subsidiary
Corporate Family: 7
Companies
Ultimate Parent: The Lenger Seafoods Group B.V.
Incorporation Date:
02-Oct-1975
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2011
Reporting Currency: Euro
Annual Sales: 75.4
Total Assets: 51.8
Business Description
Lenger Seafoods Yerseke B.V. is primarily engaged in freezing of fish;
and other fish processing and preserving.
Industry
Industry Food Processing
ANZSIC 2006: 1120 - Seafood
Processing
NACE 2002: 1520 - Processing
and preserving of fish and fish products
NAICS 2002: 31171 - Seafood
Product Preparation and Packaging
UK SIC 2003: 1520 - Processing
and preserving of fish and fish products
UK SIC 2007: 1020 - Processing
and preserving of fish, crustaceans and molluscs
US SIC 1987: 2091 - Canned and
Cured Fish and Seafoods
Key Executives
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Name |
Title |
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K. Van Langevelde |
Purchasing manager |
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C. Maas |
Personnel manager |
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Pieter De Bourgraaf |
Member of the board |
|
Nicolaas De Wilde |
Member of the board |
|
Simon Lenger |
Member of the board |
Registered
No.(NLD): 22019862
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7571683
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.704672
Corporate Overview
Location
Industrieweg 35
Yerseke, 4401 LA
Netherlands
Tel: +31 0113-579279
Fax: +31 0113-579280
Sales EUR(mil): 57.1
Assets EUR(mil): 36.5
Employees: 85
Fiscal Year End: 31-Mar-2011
Industry: Food Processing
Incorporation Date: 02-Oct-1975
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(NLD): 22019862
Personnel manager: C. Maas
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1120 - Seafood Processing
360 - Grocery, Liquor and Tobacco Product Wholesaling
NACE 2002 Codes:
1520 - Processing and preserving of fish and fish products
5138 - Wholesale of other food including fish, crustaceans and
molluscs
NAICS 2002 Codes:
31171 - Seafood Product Preparation and Packaging
424460 - Fish and Seafood Merchant Wholesalers
US SIC 1987:
2091 - Canned and Cured Fish and Seafoods
514 - Groceries and Related Products
UK SIC 2003:
1520 - Processing and preserving of fish and fish products
5138 - Wholesale of other food including fish, crustaceans and
molluscs
UK SIC 2007:
1020 - Processing and preserving of fish, crustaceans and molluscs
4638 - Wholesale of other food, including fish, crustaceans and
molluscs
Business
Description
Lenger Seafoods Yerseke B.V. is primarily engaged in freezing of fish; and other fish processing and preserving.
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Corporate Family |
Corporate
Structure News: |
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The
Lenger Seafoods Group B.V. |
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|
Lenger Seafoods Yerseke B.V. |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Yerseke, Zeeland |
Netherlands |
Commercial Banks |
117.9 |
|||
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Subsidiary |
Yerseke, Zeeland |
Netherlands |
Miscellaneous Financial Services |
||||
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Subsidiary |
Yerseke, Zeeland |
Netherlands |
Investment Services |
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Subsidiary |
Yerseke, Zeeland |
Netherlands |
Fish and Livestock |
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Subsidiary |
Yerseke, Zeeland |
Netherlands |
Food Processing |
75.4 |
82 |
||
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Subsidiary |
Harlingen, Friesland |
Netherlands |
Food Processing |
22.7 |
36 |
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Subsidiary |
Yerseke, Zeeland |
Netherlands |
Business Services |
1.2 |
14 |
D&B |
Executive report
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Board
of Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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Personnel manager |
Human Resources Executive |
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Purchasing manager |
Purchasing Executive |
Annual Profit & Loss
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.757168 |
0.70861 |
0.707647 |
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Consolidated |
No |
No |
No |
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Total income |
75.4 |
61.3 |
53.3 |
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Net sales |
75.4 |
61.3 |
53.3 |
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Total operating
costs |
78.6 |
64.8 |
60.2 |
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Total financial
income |
0.0 |
0.2 |
1.0 |
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Total expenses |
0.5 |
0.4 |
2.3 |
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Profit attributable to minority interest
shareholdings |
- |
-0.1 |
-0.1 |
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Profit on ordinary activities after tax |
-2.7 |
-2.8 |
-6.2 |
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Total taxation |
-0.9 |
-0.9 |
-2.1 |
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Profit after tax |
-2.7 |
-2.8 |
-6.2 |
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Net loss |
-2.7 |
-2.8 |
-6.3 |
Annual Balance
Sheet
Financials in: USD (mil)
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
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Consolidated |
No |
No |
No |
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Other reserves |
26.3 |
27.9 |
30.1 |
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Total
stockholders equity |
26.4 |
28.0 |
30.1 |
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Total long-term
liabilities |
0.6 |
0.5 |
0.2 |
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Trade creditors |
7.2 |
- |
3.7 |
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Total current
liabilities |
24.8 |
22.1 |
23.2 |
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Total
liabilities (including net worth) |
51.8 |
50.6 |
53.5 |
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Intangibles |
- |
- |
0.1 |
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Total tangible
fixed assets |
5.9 |
5.1 |
4.2 |
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Total asset investment |
3.9 |
2.4 |
- |
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Total
non-current assets |
9.8 |
7.5 |
4.4 |
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Net stocks and work in progress |
24.3 |
24.8 |
29.1 |
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Trade debtors |
9.4 |
6.8 |
6.2 |
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Other receivables |
8.3 |
11.5 |
14.4 |
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Total
receivables |
17.7 |
18.3 |
20.6 |
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Cash and liquid assets |
0.0 |
0.0 |
-0.5 |
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Total current
assets |
42.0 |
43.1 |
49.2 |
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Total assets |
51.8 |
50.6 |
53.5 |
Annual Ratios
Financials in: USD (mil)
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.70 |
2.00 |
2.10 |
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Acid test ratio |
0.70 |
0.80 |
0.90 |
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Current liabilities to net worth |
0.94% |
0.79% |
0.78% |
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Fixed assets to net worth |
0.37% |
0.27% |
0.15% |
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Collection period |
42.30 |
42.40 |
45.00 |
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Stock turnover rate |
3.30 |
2.40 |
1.70 |
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Sales to net working capital |
4.70 |
2.80 |
1.90 |
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Asset turnover |
1.56% |
1.16% |
0.94% |
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Profit margin |
-0.05% |
-0.06% |
-0.16% |
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Return on assets |
-0.08% |
-0.07% |
-0.15% |
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Shareholders' return |
-0.15% |
-0.13% |
-0.26% |
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Sales per employee |
671.69 |
611.80 |
530.92 |
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Profit per employee |
-32.64 |
-36.90 |
-82.56 |
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Return on capital |
-0.17% |
-0.14% |
-0.33% |
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Net worth |
26.4 |
28.0 |
29.9 |
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Number of employees |
85 |
71 |
71 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.04 |
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UK Pound |
1 |
Rs.84.83 |
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Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.