MIRA INFORM REPORT

 

 

Report Date :

02.03.2013

 

IDENTIFICATION DETAILS

 

Name :

MEXX EUROPE B.V.

 

 

Registered Office :

Johan Huizingalaan 400 1066JS Amsterdam

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.08.1991

 

 

Com. Reg. No.:

28054067

 

 

Legal Form :

Besloten Vennootschap

 

 

Line of Business :

Wholesale of outerwear

 

 

No. of Employees :

200

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Netherlands

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

Source : CIA

CONTACTINFORMATION    

 

Company name

Mexx Europe B.V.

Tradename

Mexx Europe B.V.

 

Ussence Dist.

Address

Johan Huizingalaan 400

 

1066JS Amsterdam

 

Netherlands

Mail address

Postbus 90092

 

1006BB Amsterdam

 

Netherlands

Telephone number

0205140000

Telefax number

0205143333

E-mail address

info@mexx.com

Website

www.mexx.com

VAT number / RSIN

800919038

Branch(es)

Mexx Europe B.V. (28054067.0001)

 

Rooseveltstraat 80

 

2321BM LEIDEN

 

Mexx Europe B.V. (28054067.0002)

 

Industrieweg 15 /C

 

2254AE VOORSCHOINN

 

 

COMPANY INFORMATION

 

Handelsregisternummer          28054067

Registered in                           Chamber of commerce Amsterdam

 

First registration

29-08-1991

 

Act of foundation

20-08-1991

 

Date of constitution

13-03-1991

 

Continuation date

20-08-1991

 

Last change in statutes

29-12-2008

 

Legal form

Besloten Vennootschap

 

Place of constitution

Amsterdam

 

Issued capital

91.000

 

Paid up capital

91.000

 

 

NACE-code

Wholesale of outerwear (51421)

SBI-code

Wholesale of outerwear (46421)

Formal objective

Im- en export van en groothandel in dames-, heren- en kinderkleding

 

Employees

Total: 200

Employees according to CoC

Chamber of commerce: 200

 

COMPANY STRUCTURE

 

Shareholder

Mexx Holding Netherlands B.V.

 

Johan Huizingalaan 400

 

1066JS AMSTERDAM

 

Netherlands

 

KvK: 28048659

 

Active since: 14-03-2000

 

Percentage: 100.00%

Ultimate parent company

LCI Acquisition U.S., Inc.

 

990004919317

Holding company

Mexx Holding Netherlands B.V.

 

Johan Huizingalaan 400

 

1066JS AMSTERDAM

 

KvK: 28048659

Affiliated companies

Mexx Sporting activities Benelux B.V.

 

Johan Huizingalaan 400

 

1066JS AMSTERDAM

 

KvK: 18127712

 

Mexx Europroduction B.V.

 

Johan Huizingalaan 400

 

1066JS AMSTERDAM

 

KvK: 28054654

 

Mexx Netherlands Retail B.V.

 

Johan Huizingalaan 400

 

1066JS AMSTERDAM

 

KvK: 28073698

 

Mexx Netherlands B.V.

 

 

KvK: 30100731

Liability declaration

Mexx Lifestyle B.V. (53592174)

 

Johan Huizingalaan 400

 

1066JS AMSTERDAM

 

Issue date: 29-06-2012

 

Since: 01-11-2011

 

Bank Bank                               BNP Paribas SA Rabobank Netherlands

Banque Artesia NV

 

Real estate                              Lease The real estate is checked at the land registration office Object code: SLOTEN (N.H.) F 2904 Owner: Axa Investment Managers Deutschland Gesellschaft Mit Beschrankter Haftung

 

 

MANAGEMENT

 

Management                           G.J. Berghuis Gerard Johannes 2243 AH

Authorization: Fully authorized

Position: Manager

Date appointed: 06-04-2006

Date of birth: 09-04-1966

Other directorships: - Manager: Mexx Group B.V. - Amsterdam (KvK: 28045039)

 

D.A. Diemoz Douglas Albert

Authorization: Fully authorized

Position: Manager

Date appointed: 01-11-2011

Date of birth: 13-01-1968

 

Y.R.C. Boeltjes de Vries Yves Roelof Christiaan

Authorization: Limited authorization

Position: Proxy

Date appointed: 07-05-2008

Date of birth: 21-11-1955

 

G.L.J. van der Hoeven Guido Leonard Johan

Authorization: Limited authorization

Position: Proxy

Date appointed: 04-11-2009

Date of birth: 06-09-1972

 

H. de Graaf Helmuth

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-04-2009

Date of birth: 13-02-1968

 

H.L. van Keulen - Wachter Hester Laura

Authorization: Limited authorization

Position: Proxy

Date appointed: 31-05-2002

Date of birth: 01-08-1971

 

 

PAYMENT INFORMATION   

 

Payment experiences

Payments are regular

 

 

FINANCIAL INFORMATION 

 

Type of publication

Consolidated

Annual accounts van

Mexx Europe Holding B.V.

 

Johan Huizingalaan 400

 

1066JS AMSTERDAM

 

KvK: 28048657

Publication

Although the statutory deadline, the company's annual documents are not yet published

 

in the register of the Chamber of Commerce.

 

 

CORE FIGURES  

                       

BOOKYEAR

2010

2009

2008

Quick ratio

1,02

0,19

0,87

Current ratio

1,65

0,36

1,49

Nett workingcapital / Balance total

0,25

-0,79

0,15

Capital and reserves / Balance total

0,28

-0,25

0,11

Capital and reserves / Fixed assets

0,81

-0,45

0,21

Solvency

0,42

-0,21

0,13

Nett workingcapital

48.850.000

-293.303.000

79.385.000

Capital and reserves

54.290.000

-94.416.000

58.394.000

Change capital and reserves

157,50%

-261,69%

 

change short term liabilities

-83,49%

182,39%

 

Nett Turnover

436.864.000

525.203.000

788.027.000

Operating profit

-204.003.000

-81.549.000

-14.023.000

 

Annual accounts                      The published financial information is the consolidated group information. Last annual accounts                      2010

 

Type of publication

Consolidated

Turnover

2010: 436.864.000

 

2009: 525.203.000

 

2008: 788.027.000

 

2007: 892.939.000

 

2006: 924.386.000

 

2005: 864.300.000

Gross profit

2007: 498.910.000

 

2006: 513.155.000

 

2005: 489.886.000

Operating profit

2010: -204.003.000

 

2009: -81.549.000

 

2008: -14.023.000

2007: 21.979.000

2006: 41.781.000

2005: 55.417.000

 

Result after taxes                     2010: -91.175.000

2009: -152.809.000

2008: -61.053.000

2007: 682.000

2006: 36.738.000

2005: 25.248.000

 

Tendency                                 Not to be judged because of the absence of sufficient financial information

 

Capital and reserves                2010 54.290.000

Total debt                                2010 128.137.000

Current ratio                            2010 1,65

Quick ratio                               2010 1,02

Nett workingcapital                 2010 48.850.000

 

Profitability                              More than sufficient

Solvency                                  Sufficient

Liquidity                                  Moderate

 

Currency                                  Euro

 

 

Balance

 

BOOKYEAR                                          2010                             2009                             2008

End of bookyear                                     31-12-2010                    31-12-2009                   31-12-2008

Other intangible assets                           7.036.000                                                          8.630.000

Intangible assets                                  7.036.000                      8.530.000                      8.630.000

Land and buildings                                                                                                         2.250.000

Tangible assets                                    51.775.000                    69.491.000                    95.419.000

Other financial assets                                                                                                     170.813.000

Financial assets                                   8.626.000                     129.532.000                  175.163.000

Other fixed assets                                                                                                        4.350.000

Fixed assets                                         67.437.000                    207.553.000                  279.212.000

Stocks and work in progress                47.190.000                    74.939.000                    99.941.000

Trade debtors                                        37.703.000                    48.690.000                    88.268.000

Due from related parties             13.001.000                                                        9.962.000

Other amounts receivable                       15.714.000                   23.992.000                   25.801.000

Accounts receivable                            66.418.000                    72.682.000                    119.681.000

Liquid assets                                        10.665.000                    15.936.000                    21.546.000

Current assets                          124.273.000                  163.557.000                 241.168.000

 

Total assets                                          191.710.000                  371.110.000                  520.380.000

 

Capital and reserves                            54.290.000                   -94.416.000                   58.394.000

Provisions                                             9.283.000                      4.976.000                      1.414.000

other long term debts                             52.714.000                                                        298.789.000

Long term liabilities                            52.714.000                    3.690.000                      298.789.000

Short term interest yielding debt                                                  479.762.000                  300.000

Other short term debts                           75.423.000                    190.722.000                  123.752.000

Total short term debt                           75.423.000                    456.860.000                  161.783.000

Total debt                                            128.137.000                  460.550.000                  461.986.000

 

Total Liabilities                                    191.710.000                  371.110.000                 520.380.000

 

PROFIT & LOSS ACCOUNT

BOOKYEAR                                                      2010                            2009                            2008

Turnover                                                            436.864.000                  525.203.000                  788.027.000

Nett Turnover                                                   436.864.000                 525.203.000                  788.027.000

Wages employees                                                                                 100.476.000

Depreciation and amortization                                                                26.086.000

Raw materials                                                    209.510.000                  252.028.000                  348.142.000

Other operating charges                                     431.357.000                 228.162.000                  453.908.000

Operating charges                                           640.867.000                  606.752.000                  802.050.000

Operating profit                                               -204.003.000                 -81.549.000                  -14.023.000

Financial income                                                112.548.000                  44.995.000                    4.462.000

Financial charges                                                                                  50.836.000                    26.651.000

Financial result                                                112.548.000                  -5.841.000                    -22.189.000

Result participations                                                                               -14.348.000

Result before taxes                                          -91.455.000                  -101.738.000                 -36.212.000

Income taxes                                                     941.000                         3.860.000                      24.841.000

 

Result after taxes                                             -92.396.000                   -105.598.000                -61.053.000

Extraordinary income                                         1.221.000

Extraordinary charges                                                                            46.192.000

Extraordinary result                                         1.221.000                     46.192.000

Extraordinary result after taxes                       1.221.000

Nett result                                                        -91.175.000                  -152.809.000                 -61.053.000

 

 

Company structure

• LCI Acquisition U.S., Inc. (990004919317)

 

o Mexx Europe Holding B.V. (28048657)

AMSTERDAM

Subsidiary (100%)

■   Mexx Holding International B.V. (28048660)

AMSTERDAM Subsidiary (100%)

■   Mexx Clothing 3 B.V. (28100840)

AMSTERDAM Subsidiary (100%)

■   Mexx Clothing 2 B.V. (34155771)

AMSTERDAM Subsidiary (100%)

■   Mexx Holding Netherlands B.V. (28048659)

AMSTERDAM

Several liability relation (100%)

■   Mexx Sporting activities Benelux B.V. (18127712)

AMSTERDAM Subsidiary (100%)

■   Mexx Europroduction B.V. (28054654)

 

AMSTERDAM Subsidiary (100%)

■   Mexx Netherlands Retail B.V. (28073698)

AMSTERDAM Subsidiary (100%)

■   Mexx Netherlands B.V. (30100731)

 

Subsidiary (100%)

■   Mexx Europe B.V. (28054067) Amsterdam

Subsidiary (100%)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.48

UK Pound

1

Rs.82.72

Euro

1

Rs.71.27

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.