MIRA
INFORM REPORT
|
Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
LENGER SEAFOODS YERSEKE B.V. |
|
|
|
|
Registered Office : |
Industrieweg 35 4401LA Yerseke |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
14.05.1975 |
|
|
|
|
Com. Reg. No.: |
22019862 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
·
Manufacturing, wholesale, and export of seafood. ·
Wholesale import and export of fish and fish
products |
|
|
|
|
No. of Employees |
82 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Delayed |
|
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) |
|
Netherlands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
Company name and address
Summary
Company name LENGER SEAFOODS YERSEKE B.V.
Operative address Industrieweg 35
4401LA Yerseke
Netherlands
Legal form Private Company
Registration number KvK-nummer: 22019862
VAT-number 003464192
|
Year |
2012 |
|
Mutation |
2011 |
|
Mutation |
2010 |
|
Fixed assets |
7.608.000 |
|
9,86 |
6.925.000 |
|
25,00 |
5.540.000 |
|
Total receivables |
11.532.000 |
% |
-7,46 |
12.462.000 |
|
-7,83 |
13.520.000 |
|
|
|||||||
|
Total equity |
17.775.000 |
% |
-4,38 |
18.589.000 |
|
-10,02 |
20.659.000 |
|
Short term liabilities |
16.238.000 |
% |
-7,20 |
17.498.000 |
|
7,08 |
16.341.000 |
|
|
|||||||
|
Net result |
-814.000 |
* |
60,68 |
-2.070.000 |
|
-3,34 |
-2.003.000 |
|
|
|||||||
|
Working capital |
11.311.000 |
|
-6,35 |
12.078.000 |
s |
-22,16 |
15.517.000 |
|
Quick ratio |
0,71 |
|
|
0,71 |
|
-14,46 |
0,83 |
Contact information
Company name Lenger Seafoods Yerseke B.V.
Trade names Lenger Seafoods Yerseke B.V.
Operative address Industrieweg 35
4401LA Yerseke
Netherlands
Correspondence address Postbus 55
4400AB Yerseke
Netherlands
Telephone number 0113579279
Fax number 0113579280
Email address info@hollandshellfish.nl
Website www.hollandshellfish.nl
Registration
Registration number KvK-nummer: 22019862
Registered in Kamer van Koophandel Zuidwest-Nederland
Branch number 000018230660
VAT-number 003464192
Status A ctive
Memorandum 1975-10-02
Establishment date 1975-05-14
Legal form Private Company
Legal person since 1975-10-02
Last proposed admendment 2008-08-29
Activities
SBI AGRICULTURE (01)
Processing and preserving of fish and fish products (1020)
Wholesale of fish (46382)
Exporter Yes
Importer No
Goal Manufacturing, wholesale, and export of seafood. Wholesale import and export of fish and fish products
Relations
Shareholders Shellfish
Beheer B.V.
Industrieweg 35
4401LA Yerseke
Netherlands
Registration number: 200780610000
Percentage: 100.00%
Companies on same address Amount: 13
Liability statements Jac.
van de Plasse jr. BV
Industrieweg 35
4401LA YERSEKE
Netherlands
Registration number: 220167320000
Starting date: 1991-01-23
End date: 2009-12-31
Management
Active management
Shellfish Beheer B.V.
Industrieweg 35
4401LA Yerseke
Netherlands
Registration number: 200780610000
Competence: Fully authorized
Function: Manager
Starting date: 1999-08-23
S.A. Lenger (Simon August)
2940
Netherlands
Competence: Fully authorized
Function: Proxy
Starting date: 2005-02-10
Date of birth: 1947-05-25, Harlingen, NL
Involved with the following companies
Holland Shellfish International B.V.
Industrieweg 35
4401LA Yerseke
Netherlands
Registration number: 020552570000
Function: Manager
Lenger Seafoods Harlingen B.V.
Industrieweg 2
8861VH Harlingen
Netherlands
Registration number: 010426340000
Function: Proxy
N. de Wilde (Nicolaas)
4617MK
Netherlands
Competence: Fully authorized
Function: Proxy
Starting date: 2005-02-10
Date of birth: 1953-09-19, Leeuwarden, NL
Involved with the following companies
Holland Shellfish International B.V.
Industrieweg 35
4401LA Yerseke
Netherlands
Registration number: 020552570000
Function: Manager
Lenger Seafoods Harlingen B.V.
Industrieweg 2
8861VH Harlingen
Netherlands
Registration number: 010426340000
Function: Financieel Manager
Employees
|
||||||
|
Total according to the
Chamber of Commerce |
82 |
|
|
|
|
|
|
Year |
|
2013 |
2012 |
2011 |
2010 |
2009 |
|
Total |
|
82 |
100 |
85 |
72 |
71 |
Payments
|
|||||
|
Score Description |
4,93 The payments are delayed |
|
|
|
|
Key figures
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|||||
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|
|||||
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Quick ratio |
0,71 |
0,71 |
0,83 |
0,86 |
0,63 |
|
Current ratio |
1,70 |
1,69 |
1,95 |
2,12 |
1,27 |
|
|
|||||
|
Working capital/ balance
total |
0,32 |
0,33 |
0,41 |
0,48 |
0,16 |
|
Equity / balance total |
0,51 |
0,51 |
0,55 |
0,56 |
0,42 |
|
Equity / Fixed assets |
2,34 |
2,68 |
3,73 |
6,89 |
1,60 |
|
Equity / liabilities |
1,02 |
1,04 |
1,23 |
1,28 |
0,73 |
|
Balance total /
liabilities |
2,02 |
2,04 |
2,23 |
2,28 |
1,73 |
|
|
|||||
|
Working capital |
11.311.000 |
12.078.000 |
15.517.000 |
19.546.000 |
10.174.000 |
|
Equity |
17.775.000 |
18.589.000 |
20.659.000 |
22.662.000 |
27.112.000 |
|
Mutation equity |
-4,38 |
-10,02 |
-8,84 |
-16,41 |
-0,76 |
|
Mutation short term
liabilities |
-7,20 |
7,08 |
-6,51 |
-53,09 |
-28,10 |
|
|
|||||
|
Return on total assets
(ROA) |
-3,09 |
-7,60 |
-7,01 |
-14,54 |
-0,24 |
|
Return on equity (ROE) |
-6,10 |
-14,92 |
-12,68 |
-25,87 |
-0,57 |
|
Gross profit margin |
-1,15 |
-4,19 |
-5,73 |
-13,06 |
-0,57 |
|
Net profit margin |
-1,23 |
-3,63 |
-4,61 |
-11,81 |
-0,47 |
|
|
|||||
|
Average collection ratio |
4,07 |
3,26 |
2,66 |
2,16 |
1,18 |
|
Average payment ratio |
5,73 |
4,58 |
3,21 |
2,43 |
1,87 |
|
Equity turnover ratio |
3,72 |
3,07 |
2,10 |
1,66 |
1,63 |
|
Total assets turnover
ratio |
1,88 |
1,56 |
1,16 |
0,94 |
0,68 |
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Fixed assets turnover
ratio |
8,68 |
8,24 |
7,84 |
11,46 |
2,60 |
|
Inventory conversion ratio |
4,13 |
3,34 |
2,37 |
1,72 |
1,85 |
|
|
|||||
|
Turnover |
66.066.000 |
57.094.000 |
43.438.000 |
37.695.000 |
44.068.000 |
|
Operating result |
-761.000 |
-2.393.000 |
-2.491.000 |
-4.922.000 |
-252.000 |
|
Net result after taxes |
-814.000 |
-2.070.000 |
-2.003.000 |
-4.450.000 |
-207.000 |
|
|
|||||
|
EBIT |
-761.000 |
-2.393.000 |
-2.491.000 |
-4.922.000 |
-252.000 |
Summary
The 2012 financial result structure is a postive working captial of 11.311.000 euro, which is in
agreement with 32 % of the total assets of the company.
The working capital has diminished with -6.35 % 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 a reduction of the
current assets.
The current ratio of the company in 2012 was 1.7. A company with a current ratio between
1.5 and 3.0 generally indicates good short-term financial strength.
The quick ratio in 2012 of the company was 0.71. 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 12.078.000 euro, which is in
agreement with 33 % of the total assets of the company.
The working capital has diminished with -22.16 % compared to previous year. The ratio, with
respect to the total assets of the company has however, declined.
The deterioration between 2010 and 2011 has mainly been caused by an increase of the
current liabilities.
The current ratio of the company in 2011 was 1.69. A company with a current ratio between
1.5 and 3.0 generally indicates good short-term financial strength.
The quick ratio in 2011 of the company was 0.71. A company with a Quick Ratio of less than
1 cannot currently pay back its current liabilities.
balances
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
End date |
2012-03-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
2008-03-31 |
|
Intangible fixed assets |
|
106.000 |
|
||
|
Tangible fixed assets |
4.447.000 |
4.164.000 |
3.762.000 |
3.184.000 |
977.000 |
|
Financial fixed assets |
3.161.000 |
2.761.000 |
1.778.000 |
|
15.976.000 |
|
Fixed assets |
7.608.000 |
6.925.000 |
5.540.000 |
3.290.000 |
16.953.000 |
|
|
|||||
|
Total stock |
16.010.000 |
17.103.000 |
18.328.000 |
21.909.000 |
23.835.000 |
|
Accounts receivable |
6.536.000 |
6.617.000 |
5.047.000 |
4.648.000 |
4.014.000 |
|
Other receivables |
4.996.000 |
5.845.000 |
8.473.000 |
10.835.000 |
19.532.000 |
|
Total receivables |
11.532.000 |
12.462.000 |
13.520.000 |
15.483.000 |
23.546.000 |
|
Liquid funds |
7.000 |
11.000 |
10.000 |
-367.000 |
52.000 |
|
Current assets |
27.549.000 |
29.576.000 |
31.858.000 |
37.025.000 |
47.433.000 |
|
Issued capital |
27.000 |
27.000 |
27.000 |
27.000 |
27.000 |
|
Other reserves |
17.748.000 |
18.562.000 |
20.632.000 |
22.635.000 |
27.085.000 |
|
Total reserves |
17.748.000 |
18.562.000 |
20.632.000 |
22.635.000 |
27.085.000 |
|
Total equity |
17.775.000 |
18.589.000 |
20.659.000 |
22.662.000 |
27.112.000 |
|
|
|||||
|
Provisions |
|
|
|
|
15.000 |
|
Long term interest
yielding debt |
1.144.000 |
414.000 |
398.000 |
174.000 |
|
|
Long term liabilities |
1.144.000 |
414.000 |
398.000 |
174.000 |
|
|
Accounts payable |
5.579.000 |
5.102.000 |
|
2.774.000 |
2.446.000 |
|
Other short term
liabilities |
10.659.000 |
12.396.000 |
|
14.705.000 |
34.813.000 |
|
Short term liabilities |
16.238.000 |
17.498.000 |
16.341.000 |
17.479.000 |
37.259.000 |
|
Total short and long term
liabilities |
17.382.000 |
17.912.000 |
16.739.000 |
17.653.000 |
37.274.000 |
|
Total liabilities |
35.157.000 |
36.501.000 |
37.398.000 |
40.315.000 |
64.386.000 |
Summary
The total assets of the company decreased with -3.68 % between 2011 and 2012.
Despite the total assets decrease, non current assets grew with 9.86 %.
Assets reduction is explained by a Net Worth decrease of -4.38 %, and an indebtedness
reduction of -2.96 %.
In 2012 the assets of the company were 21.64 % composed of fixed assets and 78.36 % by
current assets. The assets are being financed by an equity of 50.56 %, and total debt of
49.44 %.
The total assets of the company decreased with -2.4 % between 2010 and 2011.
Despite the total assets decrease, non current assets grew with 25 %.
The asset reduction results in an equity decrease of -10.02 %. Despite the decrease, the
indebtness increased with 7.01 %.
In 2011 the assets of the company were 18.97 % composed of fixed assets and 81.03 % by
current assets. The assets are being financed by an equity of 50.93 %, and total debt of
49.07 %.
Profit and loss
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Revenues |
66.066.000 |
57.094.000 |
43.438.000 |
37.695.000 |
44.068.000 |
|
Net turnover |
66.066.000 |
57.094.000 |
43.438.000 |
37.695.000 |
44.068.000 |
|
|
|||||
|
Operating expenses |
66.827.000 |
59.487.000 |
45.929.000 |
42.617.000 |
44.320.000 |
|
Operating result |
-761.000 |
-2.393.000 |
-2.491.000 |
-4.922.000 |
-252.000 |
|
|
|||||
|
Financial income |
77.000 |
33.000 |
147.000 |
715.000 |
1.145.000 |
|
Financial expenses |
401.000 |
414.000 |
276.000 |
1.655.000 |
1.048.000 |
|
Financial result |
-324.000 |
-381.000 |
-129.000 |
-940.000 |
97.000 |
|
Result on ordinary
operations before taxes |
-1.085.000 |
-2.774.000 |
-2.620.000 |
-5.862.000 |
-155.000 |
|
|
|||||
|
Taxation on the result of
ordinary activities |
-271.000 |
-704.000 |
-668.000 |
-1.479.000 |
28.000 |
|
Result of ordinary
activities after taxes |
-814.000 |
-2.070.000 |
-1.952.000 |
-4.383.000 |
-183.000 |
|
|
|||||
|
Result subsidiaries after
taxes |
|
|
-51.000 |
-67.000 |
-24.000 |
|
Net result |
-814.000 |
-2.070.000 |
-2.003.000 |
-4.450.000 |
-207.000 |
Summary
The turnover of the company grew with 15.71 % between 2011 and 2012.
The operating result of the company grew with 68.2 % between 2011 and 2012. This
evolution implies an increase of the company's economic profitability.
The result of these changes is an increase of the company's Economic Profitability of 59.34
% of the analysed period, being equal to 2011 % in the year 2012.
This growth has contributed to the increase in assets turnover, increasing by 20.51 %
reaching 1.88.
The Net Result of the company decreased by 60.68 % between 2011 and 2012.
The company's Financial Profitability has been positively affected by the financial activities in
comparison to the EBITs behaviour. The result of these variations is a profitability increase of
59.12 % of the analysed period, being -6.1 % in the year 2012.
The company's financial structure has slowed down its financial profitability.
The turnover of the company grew with 31.44 % between 2010 and 2011.
The operating result of the company grew with 3.93 % between 2010 and 2011. This
evolution implies an increase of the company's economic profitability.
The result of these changes is a reduction of the company's Economic Profitability of -8.42 %
of the analysed period, being equal to 2010 % in the year 2011.
Despite the decline the assets turnover increased by 34.48 % reaching 1.56.
The Net Result of the company increased by -3.34 % between 2010 and 2011.
The company's Financial Profitability has been positively affected by the financial activities in
comparison to the EBITs behaviour. The result of these variations is a profitability increase of
-17.67 % of the analysed period, being -14.92 % in the year 2011.
The company's financial profitability has been positively affected by its financial structure.
Analysis
Branch (SBI) Manufacture of food products (10)
Region Zeeland
In the Netherlands 6059 of the companies are registered with the SBI code 10
In the region Zeeland 181 of the companies are registered with the SBI code 10
In the Netherlands 140 of the bankrupcties are published within this sector
In the region Zeeland 7 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 Zeeland is normal
Publications
Filings
05-07-2013: De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd.
25-07-2012: De jaarrekening over 2009 (gebroken boekjaar) is gepubliceerd.
25-05-2012: De jaarrekening over 2010 (gebroken boekjaar) is gepubliceerd.
07-10-2009: De jaarrekening over 2008 (gebroken boekjaar) is gepubliceerd.
Functions
10-01-2013: Per 03-10-2012 is gevolmachtigde Pieter Johannes de Bourgraaf uit functie
getreden.
Company structure
Relations 27
The Lenger Seafoods Group B.V.
Industrieweg 35
4401LA YERSEKE
Netherlands
Registration number: 220578060000
Holland Shellfish International B.V.
Industrieweg 35
4401LA Yerseke
Netherlands
Registration number: 020552570000
Shellfish Beheer B.V.
Industrieweg 35
4401LA Yerseke
Netherlands
Registration number: 200780610000
Lenger Seafoods Yerseke B.V.
Industrieweg 35
4401LA Yerseke
Netherlands
Registration number: 220198620000
Visserijbedrijf Cousijn B.V.
Industrieweg 35
4401LA YERSEKE
Netherlands
Registration number: 220389370000
Wieringen 238 Theodora B.V.
Industrieweg 35
4401LA YERSEKE
Netherlands
Registration number: 220389380000
Lenger Seafoods Visserij B.V.
Industrieweg 35
4401LA YERSEKE
Netherlands
Registration number: 220416310000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.50 |
|
|
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
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 SCs 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.