MIRA INFORM REPORT

 

 

Report Date :

02.09.2013

 

IDENTIFICATION DETAILS

 

Name :

O'NEILL EUROPE B.V.

 

 

Registered Office :

32 Oosteinde, Warmond 2361he

 

 

Country :

Netherlands

 

 

Date of Incorporation :

24.02.1981

 

 

Com. Reg. No.:

28036121

 

 

Legal Form :

Private limited liability company (BV) with ordinary structure

 

 

Line of Business :

Wholesaler of outerwear

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 sixth-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 in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent.

 

Source : CIA

 

Company Summary

 

Company Name                                    O'Neill Europe B.V.

Company Registration Number            28036121

Country                                                NL

 

Activity Code                                        46421

Activity Description                              Wholesale of outerwear

 

Company Status                                   Other

 

Company Identification

Activities

Activity Code                                        46421

Activity Description                              Groothandel in bovenkleding

(Wholesale of outerwear)

Basic Information

Company Name                                    O'Neill Europe B.V.

Registered Company Name                  O'Neill Europe B.V.

Company Registration Number            28036121

Country                                                NL

Date of Company Registration 24/02/1981

Commercial Court Legal Form             Private limited liability company (BV) with ordinary structure

Company Status                                   Other

Principal Activity Code                         46421

Principal Activity Description               Wholesaler of outerwear

 

Contact Address                                   32 Oosteinde, WARMOND 2361HE

Contact Telephone Number                  0715600800

 

Main Address

Address                                               32 Oosteinde, WARMOND 2361HE

Country                                                NL

 

Other Addresses

Address                                               32 Oosteinde, WARMOND 2361HE

Telephone                                            0715600800

Web Addresses                                    www.oneilleurope.com

 

 

Share Capital Structure

 

Issued Share capital                 45,800.00 (EUR)

Name                                       O'Neill Europe Holding B.V.

Address                                   32 Oosteinde, WARMOND 2361HE

Share Percent                          100.00 %

Extended Group Structure

 

Company Name                                                 Registration Number                 Status        Last Financials

 

0  WE Finance and Services (Luxembourg) S.à r.l.

B57450

Active

31/01/2012

1  We International B.V.

300912610000

Active

31/01/2013

2  Ronstreet Properties Holding B.V.

300898750000

Other

 

3  Ronstreet Properties B.V.

300916420000

Other

 

4  WE Duitsvast B.V.

301064460000

Other

 

2  Logo International B.V.

302198020000

Other

 

3  Waalwear Group B.V.

300898760000

Other

 

4  Van Gils Fashion B.V.

180761600000

Other

 

4  Van Gils Retail B.V.

180763340000

Other

 

3  We Europe B.V.

300898770000

Other

 

4  We Germany B.V.

300898740000

Other

 

4  We Belgium B.V.

300898790000

Other

 

4  We Netherlands B.V.

300911810000

Other

 

4  We Real Estate Management B.V.

302101370000

Other

 

3  Setpoint Holding B.V.

091464240000

Other

 

4  Setpoint B.V.

090688600000

Other

 

3  Waalwear Kids B.V.

180761580000

Other

 

4  The Kids Company B.V.

343421390000

Other

 

3  Boardco B.V.

201316240000

Other

 

4  O'Neill Europe Holding B.V.                                 280799440000                           Other            30/11/2006

5  O'Neill Netherlands B.V.

280335660000

Other

30/11/2006

5  O'Neill Europe B.V.

280361210000

Other

 

5  O'Neill Retail Europe B.V.

280521980000

Other

30/11/2006

6  O'Neill Retail Netherlands B.V.

310430410000

Other

30/11/2006

5  O'Neill Germany B.V.

310430420000

Other

30/11/2006

4  O'Neill Trademark B.V.

180761570000

Other

31/01/2011

 

 

Affiliated Companies

 

Affiliate Name               We International B.V.

Affiliate ID                    NL007/X/300912610000

Country                        NL

 

Affiliate Name               Ronstreet Properties Holding B.V.

Affiliate ID                    NL007/X/300898750000

Country                        NL

 

Affiliate Name               Ronstreet Properties B.V.

Affiliate ID                    NL007/X/300916420000

Country                        NL

 

Affiliate Name               WE Duitsvast B.V.

Affiliate ID                    NL007/X/301064460000

Country                        NL

Affiliate Name               Logo International B.V.

Affiliate ID                    NL007/X/302198020000

Country                        NL

 

Affiliate Name               Waalwear Group B.V.

Affiliate ID                    NL007/X/300898760000

Country                        NL

 

Affiliate Name               Van Gils Fashion B.V.

Affiliate ID                    NL007/X/180761600000

Country                        NL

 

Affiliate Name               Van Gils Retail B.V.

Affiliate ID                    NL007/X/180763340000

Country                        NL

 

Affiliate Name               We Europe B.V.

Affiliate ID                    NL007/X/300898770000

Country                        NL

 

Affiliate Name               We Germany B.V.

Affiliate ID                    NL007/X/300898740000

Country                        NL

 

Affiliate Name               We Belgium B.V.

Affiliate ID                    NL007/X/300898790000

Country                        NL

 

Affiliate Name               We Netherlands B.V.

Affiliate ID                    NL007/X/300911810000

Country                        NL

 

Affiliate Name               We Real Estate Management B.V.

Affiliate ID                    NL007/X/302101370000

Country                        NL

 

Affiliate Name               Setpoint Holding B.V.

Affiliate ID                    NL007/X/091464240000

Country                        NL

 

Affiliate Name               Setpoint B.V.

Affiliate ID                    NL007/X/090688600000

Country                        NL

 

Affiliate Name               Waalwear Kids B.V.

Affiliate ID                    NL007/X/180761580000

Country                        NL

 

Affiliate Name               The Kids Company B.V.

Affiliate ID                    NL007/X/343421390000

Country                        NL

 

Affiliate Name               Boardco B.V.

Affiliate ID                    NL007/X/201316240000

Country                        NL

 

Affiliate Name               O'Neill Netherlands B.V.

Affiliate ID                    NL007/X/280335660000

Country                        NL

 

Affiliate Name               O'Neill Retail Europe B.V.

Affiliate ID                    NL007/X/280521980000

Country                        NL

 

Affiliate Name               O'Neill Retail Netherlands B.V.

Affiliate ID                    NL007/X/310430410000

Country                        NL

 

Affiliate Name               O'Neill Germany B.V.

Affiliate ID                    NL007/X/310430420000

Country                        NL

 

Affiliate Name               O'Neill Trademark B.V.

Affiliate ID                    NL007/X/180761570000

Country                        NL

 

 

Additional Information

 

Miscellaneous

Ceased Trading Date

Exporter                                                           Yes

Importer                                                           Yes

 

Payment Expectations Summary

Industry Avg Payment Expectation Days          45.04

Industry Avg Day Sales Outstanding                44.27

 

Suspension Of Payments Mora                        No

 

Industry Quartile Analysis

 

Payment Expectation Days

Payment Expectations Lower                           6.98

Payment Expectations Median                         37.68

Payment Expectations Upper                           47.51

 

Day Sales Outstanding

Day Sales Outstanding Lower                          4.30

Day Sales Outstanding Median             7.98

Day Sales Outstanding Upper                           23.22

Letters Of Liability Information

 

Financial Year                          2012

Company Name                        We International B.V.

Company Number                    30091261

Date Submitted                        03/07/2013

 

 

Letter Of Liability Start Date                 15/05/2007         Letter Of Liability Submitted Date 06/06/2008

Letter Of Liability Removal Submitted               Letter Of Liability Removal Date

 

Letter Of Liability Start Date                                         Letter Of Liability Submitted Date

Letter Of Liability Removal Submitted              Letter Of Liability Removal Date

 

 LetterOfLiabilityStartDate_Parent2                               LetterOfLiabilitySubmittedDate_Parent2

LetterOfLiabilityRemovalSubmitted_Parent2                LetterOfLiabilityRemovalDate_Parent2

 

LetterOfLiabilityStartDate_Parent2                                LetterOfLiabilitySubmittedDate_Parent2

LetterOfLiabilityRemovalSubmitted_Parent2                LetterOfLiabilityRemovalDate_Parent2

Note:

The subject has a letter of liability regarding We International B.V

 

 

Company Summary

 

Company Name                        We International B.V.

Company Registration 30091261

Country                                    NL

Activity Code                            66191  

Activity Description                  Trust offices

Company Status                       Active

Latest Turnover                        426,886,000.00 (EUR)

Profit Before                             (EUR) 8,716,000.00

Tax

 

 

Company Identification

 

Activities

Activity Code                                        66191

Activity Description                              Administratiekantoren voor aandelen en obligaties

(Administration offices for stocks and bonds)

 

Basic Information

Company Name                                    We International B.V.

Registered Company Name                  We International B.V.

Company Registration Number            30091261

Country                                                NL

Date of Company Registration 01/02/1917

 

Commercial Court Legal Form             Private limited liability company (BV) with ordinary structure

Type of Ownership Company Status    Active

 

Principal Activity Code                         66191

Principal Activity Description               Trust offices

Contact Address                                   101 Reactorweg, UTRECHT 3542A

Contact Telephone Number                  0302479479

 

Main Address

Address                                               101 Reactorweg, UTRECHT 3542AD

Country                                                NL

 

Other Addresses

Address                                               101 Reactorweg, UTRECHT 3542AD

Telephone                                            0302479479

Current Directors Managers

 

Name                                      PETER J. TRUIJEN

Gender                                     Male

Position                                   Director

 

 

Share Capital Structure

 

Issued Share capital     5,897,400.00 (EUR)

Name                           We Finance and Services (Luxembourg) S.A.R.L.

Address                       0 17, rue Beaumont, Luxemburg

Share Percent              100.00 %

 

 

Extended Group Structure  

 

Company Name

Registration Number

Status

Last Financials

0  WE Finance and Services (Luxembourg) S.à r.l.

B57450

Active

31/01/2012

1  We International B.V.

300912610000

Active

31/01/2013

2  Ronstreet Properties Holding B.V.

300898750000

Other

 

3  Ronstreet Properties B.V.

300916420000

Other

 

4  WE Duitsvast B.V.

301064460000

Other

 

2  Logo International B.V.

302198020000

Other

 

3  Waalwear Group B.V.

300898760000

Other

 

4  Van Gils Fashion B.V.

180761600000

Other

 

4  Van Gils Retail B.V.

180763340000

Other

 

3  We Europe B.V.

300898770000

Other

 

4  We Germany B.V.

300898740000

Other

 

4  We Belgium B.V.

300898790000

Other

 

4  We Netherlands B.V.

300911810000

Other

 

4  We Real Estate Management B.V.

302101370000

Other

 

3  Setpoint Holding B.V.

091464240000

Other

 

4  Setpoint B.V.

090688600000

Other

 

3  Waalwear Kids B.V.

180761580000

Other

 

4  The Kids Company B.V.

343421390000

Other

 

3  Boardco B.V.

201316240000

Other

 

4  O'Neill Europe Holding B.V.                                280799440000                            Other            30/11/2006

5  O'Neill Netherlands B.V.

280335660000

Other

30/11/2006

5  O'Neill Europe B.V.

280361210000

Other

 

5  O'Neill Retail Europe B.V.

280521980000

Other

30/11/2006

6  O'Neill Retail Netherlands B.V.

310430410000

Other

30/11/2006

5  O'Neill Germany B.V.

310430420000

Other

30/11/2006

4  O'Neill Trademark B.V.

180761570000

Other

31/01/2011

 

Affiliated Companies

 

Affiliate Name   Ronstreet Properties B.V.

Affiliate ID        NL007/X/300916420000

Country            NL

 

Affiliate Name WE Duitsvast B.V.

Affiliate ID        NL007/X/301064460000

Country            NL

 

Affiliate Name Waalwear Group B.V.

Affiliate ID        NL007/X/300898760000

Country            NL

 

Affiliate Name Van Gils Fashion B.V.

Affiliate ID        NL007/X/180761600000

Country            NL

 

Affiliate Name Van Gils Retail B.V.

Affiliate ID        NL007/X/180763340000

Country            NL

 

Affiliate Name We Europe B.V.

Affiliate ID        NL007/X/300898770000

Country            NL

 

Affiliate Name We Germany B.V.

Affiliate ID        NL007/X/300898740000

Country            NL

 

Affiliate Name We Belgium B.V.

Affiliate ID        NL007/X/300898790000

Country            NL

 

Affiliate Name   We Netherlands B.V.

Affiliate ID        NL007/X/300911810000

Country            NL

 

Affiliate Name We Real Estate Management B.V.

Affiliate ID        NL007/X/302101370000

Country            NL

 

Affiliate Name Setpoint Holding B.V.

Affiliate ID        NL007/X/091464240000

Country            NL

 

Affiliate Name Setpoint B.V.

Affiliate ID        NL007/X/090688600000

Country            NL

Affiliate Name Waalwear Kids B.V.

Affiliate ID        NL007/X/180761580000

Country            NL

 

Affiliate Name The Kids Company B.V.

Affiliate ID        NL007/X/343421390000

Country            NL

 

Affiliate Name   Boardco B.V.

Affiliate ID        NL007/X/201316240000

Country            NL

 

Affiliate Name   O'Neill Europe Holding B.V.

Affiliate ID        NL007/X/280799440000

Country            NL

 

Affiliate Name   O'Neill Netherlands B.V.

Affiliate ID        NL007/X/280335660000

Country            NL

 

Affiliate Name O'Neill Europe B.V.

Affiliate ID        NL007/X/280361210000

Country            NL

 

Affiliate Name   O'Neill Retail Europe B.V.

Affiliate ID        NL007/X/280521980000

Country            NL

 

Affiliate Name   O'Neill Retail Netherlands B.V.

Affiliate ID        NL007/X/310430410000

Country            NL

 

Affiliate Name   O'Neill Germany B.V.

Affiliate ID        NL007/X/310430420000

Country            NL

 

Affiliate Name   O'Neill Trademark B.V.

Affiliate ID        NL007/X/180761570000

Country            NL

 

 

Employee Information

 

Year                             2013

Number of Employees 2127

 

Year                             2012

Number of Employees 2301

Year                             2011

Number of Employees 2559

 

 

Year                             2010

Number of Employees 3819

 

Year                             2009

Number of Employees 3964

 

 

Financial Statements

 

 

Profit & Loss

Financial Year                       2013                                     2012                                     2011

Number of Weeks                  52                                        52                                         52

Currency                                EUR                                    EUR                                     EUR

Consolidated Accounts          True                                     True                                      True

Revenue                                485,477,000.00                     459,560,000.00                      474,604,000.00

Operating Costs                    463,396,000.00                     504,624,000.00                      533,382,000.00

Operating Profit                     22,081,000.00                       -45,064,000.00                      -58,778,000.00

Wages & Salaries                  92,928,000.00                       100,763,000.00                      109,305,000.00

Financial Income                  1,992,000.00                        385,000.00                            405,000.00

Financial Expenses               15,357,000.00                       18,011,000.00                       18,955,000.00

Profit Before Tax                   8,716,000.00                        -72,574,000.00                      -42,751,000.00

Tax                                        3,851,000.00                        2,382,000.00                         1,019,000.00

Profit After Tax                      4,865,000.00                        -74,956,000.00                      -43,770,000.00

Minority Interests                  19,000.00                             15,000.00                              2,000.00

Retained Profit                      4,884,000.00                        -74,941,000.00                      -43,768,000.00

 

 

Balance Sheet

Financial Year                       2013                                     2012                                     2011

Number of Weeks                  52                                        52                                         52

Currency                                EUR                                    EUR                                     EUR

Consolidated Accounts          True                                     True                                      True

Total Tangible Assets           363,751,000.00                     395,331,000.00                      399,164,000.00

Total Intangible Assets         83,798,000.00                       93,184,000.00                       124,787,000.00

Investments                           17,544,000.00                       19,032,000.00                       20,972,000.00

Total Fixed Assets                 465,093,000.00                     507,547,000.00                      544,923,000.00

Total Inventories                   54,752,000.00                       63,280,000.00                       67,417,000.00

Trade Receivables                 14,631,000.00                       28,668,000.00                       31,158,000.00

Miscellaneous  Receivables 22,246,000.00                        26,711,000.00                       29,674,000.00

Total Receivables                  36,877,000.00                       55,379,000.00                       60,832,000.00

Cash                                      13,432,000.00                       16,911,000.00                       9,797,000.00

Other Current Assets            0.00                                     0.00                                      0.00

Total Current Assets             105,061,000.00                     135,570,000.00                      138,046,000.00

Total Assets                          570,154,000.00                     643,117,000.00                      682,969,000.00

Trade Payables                      40,597,000.00                       39,492,000.00                       47,996,000.00

Miscellaneous  Liabilities      96,228,000.00                       228,370,000.00                      131,405,000.00

Total Current Liabilities        136,825,000.00                     267,862,000.00                      179,401,000.00

Miscellaneous  Liabilities

due after 1 year                        329,468,000.00     263,648,000.00                    326,764,000.00

Total Long Term Liabilities   329,438,000.00                     263,648,000.00                      326,764,000.00

Total Liabilities                     466,263,000.00                     531,510,000.00                      506,165,000.00

Revenue Reserves                 0.00                                     0.00                                      0.00

Other Reserves                      103,891,000.00                     111,607,000.00                      176,804,000.00

Total Shareholders  Equity    103,891,000.00                     111,607,000.00                      176,804,000.00

Other Financials

Working Capital                    -31,764,000.00                      -132,292,000.00                     -41,355,000.00

Net Worth                              20,093,000.00                       18,423,000.00                       52,017,000.00

 

 

Ratios

 

Pre-Tax Profit Margin            2.04                                     -15.79                                   -9.01

Return on Capital Employed 2.01                                     -19.34                                   -8.49

Return on Total Assets

Employed                                1.53                              -11.28                                       -6.26

Return on Net Assets

Employed                              8.39                                     -65.03                                   -24.18

Sales/Net Working Capital    -13.44                                   -3.47                                     -11.48

Stock Turnover Ratio            12.83                                    13.77                                    14.20

Debtor Days                           12.51                                    22.77                                    23.96

Creditor Days                        31.98                                    28.56                                    32.84

Current Ratio                         0.77                                     0.51                                      0.77

Liquidity Ratio/Acid Test       0.37                                     0.27                                      0.39

Current Debt Ratio                 1.32                                     2.40                                      1.01

Gearing                                 317.10                                  236.23                                  184.82

Equity in Percentage             21.36                                    20.29                                    31.67

Total Debt Ratio                     4.49                                     4.76                                      2.86

 

 

Additional Information

 

Miscellaneous

Ceased Trading Date

Exporter

Importer

 

Payment Expectations Summary

           

Payment Expectation Days                   31.98

 

Industry Avg Payment                          49.94

Expectation Days

 

Day Sales Outstanding                         12.51

 

Industry Avg Day Sales                        49.34

Outstanding

 

Suspension Of Payments Mora            No

 

Industry Quartile Analysis

 

Payment Expectation Days

Payment Expectations Lower               14.63

Payment Expectations Median            41.02

Payment Expectations Upper               70.27

 

Day Sales Outstanding

Day Sales Outstanding Lower              1.99

Day Sales Outstanding Median 10.01

Day Sales Outstanding Upper               27

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.57

UK Pound

1

Rs.103.34

Euro

1

Rs.88.16

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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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%)

 

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.