MIRA INFORM REPORT
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Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEXX EUROPE
INTERNATIONAL B.V. |
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Registered Office : |
Johan Huizingalaan 400 1066JS Amsterdam |
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Country : |
Netherlands |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.03.2004 |
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Com. Reg. No.: |
28100841 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is engaged in production and trade of clothing, also holding and finance company; the production and trade in apparel, operating stores in children and associated accessories, more in particular a right of the clothing |
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No. of Employees |
569 |
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 : |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 2012-13 tax revenues dropped, 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
Company name MEXX EUROPE INTERNATIONAL B.V.
Operative address Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Legal form Private Company
Registration number KvK-nummer: 28100841
VAT-number 813299421
|
Year |
2012 |
|
Mutation |
2011 |
Mutation |
|
Fixed assets |
117.932.000 |
% |
-2,36 |
120.787.000 |
|
|
Total receivables |
37.386.000 |
4 |
-33,65 |
56.348.000 |
|
|
|
|||||
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Total equity |
62.372.000 |
|
-53,64 |
134.532.000 |
|
|
Short term liabilities |
131.010.000 |
|
18,09 |
110.939.000 |
|
|
|
|||||
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Net result |
-85.724.000 |
|
-234,36 |
63.801.000 |
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|
|
|||||
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Working capital |
-2.253.000 |
|
-104,66 |
48.382.000 |
|
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Quick ratio |
0,54 |
4 |
-37,21 |
0,86 |
|
Contact
information
Company name MEXX EUROPE INTERNATIONAL B.V.
Trade names MEXX EUROPE
MEXX EUROPE INTERNATIONAL
MEXX EUROPE INTERNATIONAL B.V.
Operative address Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Correspondence address Postbus 90092
1006BB Amsterdam
Netherlands
Telephone number 0205144000
Fax number 0205143333
Website mexx.com
Registration
Registration number KvK-nummer: 28100841
Branch number 000012714283
VAT-number 813299421
Status Active
First registration company register 2004-03-31
Memorandum 2004-03-30
Establishment date 2004-03-30
Legal form Private Company
Last proposed admendment 2011-10-05
Activities
SBI Wholesale of outerwear (46421)
Shops selling outerwear and clothing accessories (non-specialised) (47713)
Financial holdings (6420)
Exporter No
Importer No
Goal The production and trade of clothing, also holding and finance company; the
production and trade in apparel, operating stores in children and associated
accessories, more in particular a right of the clothing brand "Mexx"
Relations
Branches Mexx Europe International B.V.
Industrieweg 15C
2254AE VOORSCHOTEN
Netherlands
Registration number: 281008410001
Companies on same address Amount: 13
Liability statements Mexx Lifestyle B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 535921740000
date of issue: 2012-06-29
Starting date: 2011-11-01
Management
Active management
S. Dembeck (Sandra)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2013-06-01
Date of birth: 1974-03-06, Passau, DE
Involved with the following companies
• Mexx Europe B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 28054067
Function: Manager
J. Hansen (Julia)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2013-10-01
Date of birth: 1968-04-16, Hannover, DE
Involved with the following companies
• Mexx Europe B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 28054067
Function: Manager
Y.R.C. Boeltjes de Vries (Yves Roelof Christiaan)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2008-05-07
Date of birth: 1955-11-21, Eindhoven, NL
Involved with the following companies
• Mexx Europe B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 28054067
Function: Proxy
H. de Graaf (Helmuth)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2009-04-01
Date of birth: 1968-02-13, Utrecht, NL
Involved with the following companies
• Mexx Europe B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 28054067
Function: Proxy
Employees
Total according to
the Chamber of Commerce 569
|
Year |
|
2014 |
|
Total |
|
569 |
Payments
Description Payments are made regularly no complaints are known
Key
figures
|
Year |
2012 |
2011 |
|
Quick ratio |
0,54 |
0,86 |
|
Current ratio |
0,98 |
1,44 |
|
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||
|
Working capital/ balance
total |
-0,01 |
0,17 |
|
Equity / balance total |
0,25 |
0,48 |
|
Equity / Fixed assets |
0,53 |
1,11 |
|
Equity / liabilities |
0,34 |
0,92 |
|
Balance total /
liabilities |
1,34 |
1,92 |
|
|
||
|
Working capital |
-2.253.000 |
48.382.000 |
|
Equity |
62.372.000 |
134.532.000 |
|
Mutation equity |
-53,64 |
|
|
Mutation short term
liabilities |
18,09 |
|
|
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||
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Return on total assets
(ROA) |
-34,81 |
-3,29 |
|
Return on equity (ROE) |
-137,68 |
-6,85 |
|
Gross profit margin |
-15,35 |
-11,16 |
|
Net profit margin |
-17,20 |
69,22 |
|
Year |
2012 |
2011 |
|
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||
|
Average collection ratio |
3,80 |
0,83 |
|
Average payment ratio |
13,33 |
1,64 |
|
Equity turnover ratio |
7,99 |
0,69 |
|
Total assets turnover
ratio |
2,02 |
0,33 |
|
Fixed assets turnover
ratio |
4,23 |
0,76 |
|
Inventory conversion ratio |
8,66 |
1,44 |
|
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||
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Turnover |
498.312.000 |
92.173.000 |
|
Gross margin |
246.254.000 |
49.297.000 |
|
Operating result |
-75.473.000 |
-10.285.000 |
|
Net result after taxes |
-85.724.000 |
63.801.000 |
|
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||
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Gross profit |
|
92.173.000 |
|
EBIT |
|
-10.285.000 |
Summary
The 2012 financial result structure is a negative working captial of -2.253.000 euro, which is
in agreement with -1 % of the total assets of the company.
The working capital has diminished with -104.66 % compared to previous year. The ratio,
with respect to the total assets of the company has however, declined.
The deterioration between 2011 and 2012 has mainly been caused by an increase of the
current liabilities.
The current ratio of the company in 2012 was 0.98. When the current ratio is below 1.5, the
company may have problems meeting its short-term obligations.
The quick ratio in 2012 of the company was 0.54. A company with a Quick Ratio of less than
1 cannot currently pay back its current liabilities.
The 2011 financial result structure is a postive working captial of 48.382.000 euro, which is in
agreement with 17 % of the total assets of the company.
The current ratio of the company in 2011 was 1.44. When the current ratio is below 1.5, the
company may have problems meeting its short-term obligations.
The quick ratio in 2011 of the company was 0.86. A company with a Quick Ratio of less than
1 cannot currently pay back its current liabilities.
Financial
statement
Type of annual account Consolidated
Annual account Mexx Lifestyle B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 535921740000
balances
|
Year |
2012 |
2011 |
|
|
End date |
2012-12-31 |
2011-12-31 |
|
|
Intangible fixed assets |
74.835.000 |
81.304.000 |
|
|
Tangible fixed assets |
40.446.000 |
37.553.000 |
|
|
Financial fixed assets |
|
1.930.000 |
|
|
Other fixed assets |
2.651.000 |
|
|
|
Fixed assets |
117.932.000 |
120.787.000 |
|
|
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|||
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Total stock |
57.573.000 |
63.870.000 |
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Accounts receivable |
29.584.000 |
32.195.000 |
|
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Receivables due from group
and associated companies |
7.802.000 |
|
|
|
Other receivables |
|
24.153.000 |
|
|
Total receivables |
37.386.000 |
56.348.000 |
|
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Liquid funds |
28.701.000 |
39.103.000 |
|
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Other current assets |
5.097.000 |
|
|
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Current assets |
128.757.000 |
159.321.000 |
|
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Total assets |
246.689.000 |
280.108.000 |
|
|
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|||
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Total equity |
62.372.000 |
134.532.000 |
|
|
|
|||
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Provisions |
3.829.000 |
19.647.000 |
|
|
Long term interest
yielding debt |
|
14.990.000 |
|
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Long term liabilities |
49.478.000 |
14.990.000 |
|
|
Accounts payable |
35.918.000 |
30.625.000 |
|
|
Liabilities towards credit
institutes |
7.657.000 |
|
|
|
Tax liabilities |
1.164.000 |
|
|
|
Debts to subsidiary
companies |
25.533.000 |
|
|
|
Year |
2012 |
2011 |
|
|
End date |
2012-12-31 |
2011-12-31 |
|
|
Other short term
liabilities |
60.738.000 |
80.314.000 |
|
|
Short term liabilities |
131.010.000 |
110.939.000 |
|
|
Total short and long term
liabilities |
184.317.000 |
145.576.000 |
|
|
Total liabilities |
246.689.000 |
280.108.000 |
|
Summary
The total assets of the company decreased with -11.93 % between 2011 and 2012.
This total assets decrease has been reflected in a reduction of non current assets of -2.36 %.
The asset reduction results in an equity decrease of -53.64 %. Despite the decrease, the
indebtness increased with 26.61 %.
In 2012 the assets of the company were 47.81 % composed of fixed assets and 52.19 % by
current assets. The assets are being financed by an equity of 25.28 %, and total debt of
74.72 %.
In 2011 the assets of the company were 43.12 % composed of fixed assets and 56.88 % by
current assets. The assets are being financed by an equity of 48.03 %, and total debt of
51.97 %.
Profit
and loss 1
|
|
||
|
Year |
2012 |
2011 |
|
Revenues |
|
93.473.000 |
|
Other operating income |
|
1.300.000 |
|
Net turnover |
498.312.000 |
92.173.000 |
|
|
||
|
Cost of sales |
252.058.000 |
|
|
Year |
2012 |
2011 |
|
|
Gross margin |
246.254.000 |
49.297.000 |
|
|
|
|||
|
Extra operating income |
15.025.000 |
|
|
|
Wages and salaries |
|
19.807.000 |
|
|
Sales |
248.301.000 |
42.876.000 |
|
|
other operating costs |
89.451.000 |
41.075.000 |
|
|
Operating expenses |
337.752.000 |
103.758.000 |
|
|
Operating result |
-76.473.000 |
-10.285.000 |
|
|
|
|||
|
Financial income |
7.000 |
1.771.000 |
|
|
Financial expenses |
9.407.000 |
696.000 |
|
|
Financial result |
-9.400.000 |
1.075.000 |
|
|
Result on ordinary
operations before taxes |
-85.873.000 |
-9.210.000 |
|
|
|
|||
|
Taxation on the result of
ordinary activities |
149.000 |
-478.000 |
|
|
Result of ordinary
activities after taxes |
-85.724.000 |
-8.732.000 |
|
|
|
|||
|
Extraordinary income |
|
72.533.000 |
|
|
Extraordinary result after
taxation |
|
72.533.000 |
|
|
Net result |
-85.724.000 |
63.801.000 |
|
|
|
|||
|
Attributable to
shareholders |
-85.724.000 |
|
|
Summary
The turnover of the company grew with 440.63 % between 2011 and 2012.
The gross profit of the company grew with 399.53 % between 2011 and 2012.
The operating result of the company declined with -633.82 % between 2011 and 2012. This
evolution implies an decrease of the company's economic profitability.
The result of these changes is a reduction of the company's Economic Profitability of -958.05
% of the analysed period, being equal to 2011 % in the year 2012.
Despite the decline the assets turnover increased by 512.12 % reaching 2.02.
The Net Result of the company increased by -234.36 % between 2011 and 2012.
The company's Financial Profitability has been negatively affected by the financial activities in
comparison to the EBITs behaviour. The result of these variations is a profitability reduction
of -1909.93 % of the analysed period, being -137.68 % in the year 2012.
The company's financial profitability has been positively affected by its financial structure.
The company's Financial Profitability has been neutrally affected by the financial activities in
comparison to the EBITs behaviour. The result of these variations is the unchanged
profitability of the analysed period, remaining unchanged at -6.85 % in the year 2011.
Analysis
Branch (SBI) Groothandel en Wholesale on a fee or contract basis (niet in auto’s en motorfietsen) (46)
Region Groot Amsterdam
In the Netherlands 109662 of the companies are registered with the SBI code 46
In the region Groot Amsterdam 10512 of the companies are registered with the SBI code 46
In the Netherlands 2387 of the bankrupcties are published within this sector
In the region Groot Amsterdam 209 of the bankruptcies are published within this sector
The risk of this specific sector in the Netherlands is normal
The risk of this specific sector in the region Groot Amsterdam is normal
Publications
Consent statements
11-06-2013: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.
18-09-2012: Voor boekjaar 2011 is een instemmingsverklaring gedeponeerd.
21-06-2011: Voor boekjaar 2010 is een instemmingsverklaring gedeponeerd.
17-02-2011: Voor boekjaar 2009 is een instemmingsverklaring gedeponeerd.
Liability statements
02-07-2012: Per 04-06-2012 is een aansprakelijkheidsverklaring door Mexx Europe Holding
B.V. ingetrokken.
02-07-2012: Per 29-06-2012 is een aansprakelijkheidsverklaring door Mexx Lifestyle B.V.
gedeponeerd.
05-06-2012: Per 04-06-2012 is een aansprakelijkheidsverklaring door Mexx Europe Holding
B.V. ingetrokken.
Functions
06-11-2013: Per 01-10-2013 is bestuurder Julia Hansen in functie getreden.
16-10-2013: Per 04-10-2013 is bestuurder Gerard Johannes Berghuis uit functie getreden.
16-10-2013: Per 01-06-2013 is gevolmachtigde Guido Leonard Johan van der Hoeven uit
functie getreden.
09-10-2013: Per 23-09-2013 is bestuurder Douglas Albert Diemoz uit functie getreden.
04-06-2013: Per 01-06-2013 is bestuurder Sandra Dembeck in functie getreden.
22-05-2012: Per 02-05-2012 is bestuurder Thomas Johannes Grote uit functie getreden.
20-03-2012: Per 01-03-2012 is gevolmachtigde Johannes Frederick Klopper uit functie
getreden.
24-11-2011: Per 01-11-2011 is bestuurder Douglas Albert Diemoz in functie getreden.
04-11-2011: Per 31-10-2011 is gevolmachtigde Nicholas Rubino uit functie getreden.
07-10-2011: Per 01-10-2011 is bestuurder Ivo Jaak Sylvain Vliegen uit functie getreden.
10-05-2010: Per 01-04-2010 is gevolmachtigde Jeanette Elizabeth Kehoe-Perkinson uit
functie getreden.
Mergers
22-10-2013: Op 22-11-2012 fusievoorstel gedeponeerd. Verkrijgende rechtspersoon: Mexx
Europe International B.V., 28100841 Verdwijnende rechtspersoon: Mexx Italy S.r.L.,
ingeschreven in: Registro delle Imprese te Milaan, Italië onder nummer 04924730965 Op
21-10-2013 is het fusievoorstel ingetrokken..
26-11-2012: Op 22-11-2012 fusievoorstel gedeponeerd. Verkrijgende rechtspersoon: Mexx
Europe International B.V., 28100841 Verdwijnende rechtspersoon: Mexx Italy S.r.L.,
ingeschreven in: Registro delle Imprese te Milaan, Italië onder nummer 04924730965.
10-10-2011: Op 04-10-2011 fusieakte verleden. Verkrijgende rechtspersoon: Mexx Europe
International B.V., 28100841 Verdwijnende rechtspersoon: Mexx Group B.V., 28045039.
30-06-2011: Op 30-06-2011 fusievoorstel gedeponeerd. Verkrijgende rechtspersoon: Mexx
Europe International B.V., 28100841 Verdwijnende rechtspersoon: Mexx Group B.V.,
28045039.
Amendments 10-10-2011: Per 4-10-2011 statuten gewijzigd
Company
structure
Relations 15
LCI ACQUISITION U.S.,
INC.
• Mexx Europe Holding B.V.
Johan Huizingalaan 400
1066JS AMSTERDAM
Netherlands
Registration number: 280486570000
• Mexx Europe International B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 281008410000
• Mexx Group B.V.
Johan Huizingalaan 400
1066JS Amsterdam
Netherlands
Registration number: 280450390000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.