MIRA INFORM REPORT
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Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
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Name : |
OFICHEM B.V. |
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Registered Office : |
Heembadweg 5, Ter Apel, 9561 CZ |
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Country : |
Netherlands |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.07.2004 |
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Com. Reg. No.: |
02085056 |
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Legal Form : |
Private Independent |
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Line of Business : |
Engaged in wholesale of industrial chemicals |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
No complaints |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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
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Source
: CIA |
Company
name and address
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Ofichem B.V. |
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Employees: |
13 |
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Company Type: |
Private
Independent |
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Incorporation
Date: |
16-Jul-2004 |
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Fiscal Year End:
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31-Dec-2012 |
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Reporting
Currency: |
Euro |
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Annual Sales: |
NA |
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Total Assets: |
13.5 |
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Business Description |
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Ofichem B.V. is primarily engaged in
wholesale of industrial chemicals (aniline, printing ink, essential oils, industrial
gases, chemical glues, colouring matter, synthetic resin, methanol, paraffin,
scents and flavourings, soda, industrial salt, acids and sulphur, starch
derivatives, etc.); wholesale of fertilisers and agro-chemical products;
wholesale of plastic materials in primary forms; and wholesale of rubber. |
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Industry |
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Industry |
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ANZSIC 2006: |
3323 - Industrial and Agricultural Chemical Product
Wholesaling |
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ISIC Rev 4: |
4669 - Wholesale of waste and scrap and other products
n.e.c. |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
5169 - Chemicals and Allied Products, Not Elsewhere
Classified |
Registered No.(NLD)
02085056
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566
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Annual Profit &
Loss
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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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) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Gross profit |
4.6 |
5.6 |
5.0 |
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Total payroll costs |
0.8 |
0.9 |
0.7 |
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Change in value of fixed assets arising from revaluation |
0.0 |
0.0 |
0.0 |
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Other operating costs |
1.8 |
2.3 |
2.3 |
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Net operating income |
2.0 |
2.4 |
1.9 |
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Total financial income |
0.0 |
0.0 |
- |
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Total expenses |
0.5 |
0.6 |
0.7 |
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Profit before tax |
1.5 |
1.8 |
1.2 |
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Profit on ordinary activities after tax |
1.2 |
1.4 |
0.9 |
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Total taxation |
0.4 |
0.4 |
0.3 |
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Profit after tax |
1.2 |
1.4 |
0.9 |
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Net profit |
1.2 |
1.4 |
0.9 |
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Annual Balance Sheet |
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Other reserves |
6.2 |
4.9 |
3.7 |
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Total stockholders equity |
6.2 |
4.9 |
3.7 |
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Provisions and allowances |
0.0 |
0.0 |
0.0 |
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Total long-term liabilities |
4.8 |
4.8 |
0.7 |
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Total current liabilities |
2.5 |
5.8 |
11.1 |
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Total liabilities (including net worth) |
13.5 |
15.5 |
15.6 |
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Total tangible fixed assets |
0.1 |
0.1 |
0.1 |
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Total non-current assets |
0.1 |
0.1 |
0.1 |
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Net stocks and work in progress |
3.7 |
6.0 |
4.6 |
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Total receivables |
9.7 |
8.3 |
10.8 |
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Cash and liquid assets |
0.0 |
1.1 |
- |
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Total current assets |
13.4 |
15.5 |
15.4 |
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Total assets |
13.5 |
15.5 |
15.6 |
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Annual Ratios |
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Financials in: USD (mil) |
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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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 |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Current ratio |
5.30 |
2.60 |
1.40 |
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Acid test ratio |
3.80 |
1.60 |
1.00 |
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Current liabilities to net worth |
0.41% |
1.19% |
2.96% |
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Fixed assets to net worth |
0.02% |
0.02% |
0.03% |
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Return on assets |
0.12% |
0.11% |
0.08% |
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Shareholders' return |
0.26% |
0.34% |
0.33% |
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Profit per employee |
92.47 |
108.00 |
90.57 |
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Return on capital |
0.15% |
0.12% |
0.10% |
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Average wage per employee |
47.09 |
56.78 |
55.96 |
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Net worth |
6.2 |
4.9 |
3.7 |
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Number of employees |
13 |
12 |
10 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.24 |
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|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.84.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.