MIRA
INFORM REPORT
|
Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TUNTURI FITNESS
B.V. |
|
|
|
|
Registered Office : |
Purmerweg 1, 1311XE Almere |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.03.2005 |
|
|
|
|
Com. Reg. No.: |
01107615 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Financial
holdings (Working with, the driving directions and the provision of advice and other
services to companies and businesses. borrowing and lending of funds.) |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
Summary
Company name TUNTURI
FITNESS B.V.
Operative address Purmerweg
1
1311XE Almere
Netherlands
Legal form Private Company
Registration number KvK-nummer:
01107615
VAT-number 814356412
|
Year |
2012 |
Mutation |
2011 |
Mutation |
2010 |
|
Fixed assets |
193.941.000 |
53,82 |
126.086.000 |
13,20 |
111.382.000 |
|
Total receivables |
132.479.000 |
15,64 |
114.564.000 |
24,14 |
92.289.000 |
|
Total equity |
247.710.000 |
15,40 |
214.646.000 |
18,99 |
180.392.000 |
|
Short term liabilities |
310.275.000 |
103,46 |
152.497.000 |
15,89 |
131.588.000 |
|
Net result |
23.167.000 |
-42,48 |
40.277.000 |
10,71 |
36.380.000 |
|
Working capital |
97.867.000 |
-37,03 |
155.413.000 |
10,25 |
140.964.000 |
|
Quick ratio |
0,45 |
-42,31 |
0,78 |
9,86 |
0,71 |
Contact information
Company name Tunturi
Fitness B.V.
Trade names Tunturi
Fitness B.V.
Operative address Purmerweg
1
1311XE Almere
Netherlands
Correspondence address Postbus
60001
1320AA Almere
Netherlands
Telephone number 0365460050
Fax number 0365460055
Email address info@tunturi-fitness.com
Website www.tunturi.nl
Registration
Registration number KvK-nummer:
01107615
Branch number 000019245637
VAT-number 814356412
Status Active
First registration company register 2005-03-09
Memorandum 2005-03-07
Establishment date 2005-03-07
Legal form Private Company
Last proposed admendment 2012-03-20
Activities
SBI Financial
holdings (642)
Financial holdings
(6420)
Exporter No
Importer No
Goal Working with, the driving directions and the
provision of advice and other services to companies and businesses. borrowing and lending of funds.
Relations
Shareholders Accell
Group N.V.
Industrieweg 4
8444AR Heerenveen
Netherlands
Registration number: 010822890000
Percentage: 100.00%
Companies on same address Micor
Sporting Goods International B.V.
Registration
number: 390474150000
Liability statements Accell
Group N.V.
Industrieweg 4
8444AR Heerenveen
Netherlands
Registration number: 010822890000
date of issue: 2006-05-03
Starting date: 2005-03-07
Management
Active management R.J.
Takens (René Jan)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2005-03-07
Date of birth: 1954-11-04, Amsterdam, NL
Involved with the following companies
• Accell Pro B.V.
Sutton 4
7327AB APELDOORN
Netherlands
Registration number: 110195710000
Function: Manager
• Van Nicholas B.V.
Energieweg 23
3281NH Numansdorp
Netherlands
Registration number: 244363010000
Function: General Director
H.H. Sybesma (Hielke Hayo)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2005-03-07
Date of birth: 1967-09-07, Krimpen aan den
IJssel, NL
Involved with the following companies
• Accell Pro B.V.
Sutton 4
7327AB APELDOORN
Netherlands
Registration number: 110195710000
Function: Manager
S.J. Ploeger (Stephanus Johannes)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2013-05-01
Date of birth: 1950-10-28, Amsterdam, NL
Payments
Description Payments
are made regularly no complaints are known
Key figures
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
|
Quick ratio |
0,45 |
0,78 |
0,71 |
0,83 |
0,81 |
|
|
Current ratio |
1,32 |
2,02 |
2,07 |
2,16 |
2,06 |
|
|
Working capital/ balance
total |
0,16 |
0,36 |
0,37 |
0,36 |
0,34 |
|
|
Equity / balance total |
0,41 |
0,49 |
0,47 |
0,45 |
0,39 |
|
|
Equity / Fixed assets |
1,28 |
1,70 |
1,62 |
1,33 |
1,20 |
|
|
Equity / liabilities |
0,70 |
0,98 |
0,89 |
0,82 |
0,71 |
|
|
Balance total /
liabilities |
1,70 |
1,98 |
1,89 |
1,82 |
1,80 |
|
|
Working capital |
97.867.000 |
155.413.000 |
140.964.000 |
120.030.000 |
115.496.000 |
|
|
Equity |
247.710.000 |
214.646.000 |
180.392.000 |
151.756.000 |
132.123.000 |
|
|
Mutation equity |
15,40 |
18,99 |
18,87 |
14,86 |
23,39 |
|
|
Mutation short term
liabilities |
103,46 |
15,89 |
27,03 |
-5,35 |
5,53 |
|
|
Return on total assets
(ROA) |
4,27 |
10,44 |
10,98 |
13,21 |
12,04 |
|
|
Return on equity (ROE) |
10,39 |
21,11 |
23,36 |
29,36 |
30,56 |
|
|
Gross profit margin |
4,21 |
5,90 |
8,02 |
8,71 |
8,58 |
|
|
Net profit margin |
3,00 |
6,41 |
6,30 |
5,72 |
5,31 |
|
|
Average collection ratio |
2,49 |
4,12 |
4,39 |
5,53 |
4,92 |
|
|
Average payment ratio |
5,83 |
5,49 |
6,25 |
6,74 |
6,10 |
|
|
Equity turnover ratio |
3,12 |
2,93 |
3,20 |
3,77 |
4,07 |
|
|
Total assets turnover
ratio |
1,28 |
1,45 |
1,50 |
1,70 |
1,60 |
|
|
Fixed assets turnover
ratio |
3,98 |
4,98 |
5,18 |
5,04 |
4,87 |
|
|
Inventory conversion ratio |
2,87 |
3,32 |
3,23 |
4,15 |
3,95 |
|
|
Turnover |
772.546.000 |
628.475.000 |
577.226.000 |
572.573.000 |
538.035.000 |
|
|
Operating result |
32.504.000 |
37.081.000 |
46.300.000 |
49.863.000 |
46.156.000 |
|
|
Net result after taxes |
23.167.000
|
40.277.000
|
36.380.000
|
32.740.000 |
28.567.000 |
|
|
Cashflow |
|
|
|
|
35.448.000 |
|
|
Gross profit |
|
|
|
|
537.473.000 |
|
|
EBIT |
32.504.000 |
37.081.000 |
46.300.000 |
49.863.000 |
46.156.000 |
|
|
EBITDA |
|
|
|
|
53.037.000 |
|
Summary The 2012
financial result structure is a postive working captial of 97.867.000 euro, which
is in agreement with 16 % of the total assets of the company.
The working capital has diminished with
-37.03 % 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
1.32. 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
0.45. 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 155.413.000 euro, which is in agreement with 36 % of
the total assets of the company.
The working capital has increase with 10.25
% compared to previous year. The ratio with respect to the total assets of the
company has however, declined.
The improvement between 2010 and 2011 has
mainly been caused by a current liabilities reduction.
The current ratio of the company in 2011 was
2.02. 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
0.78. 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 Accell
Group N.V.
Industrieweg 4
8444AR Heerenveen
Netherlands
Registration number: 010822890000
Balance
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
|
End date |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
|
Goodwill |
|
|
|
|
25.273.000 |
|
|
Intangible fixed assets |
98.310.000 |
50.030.000 |
42.244.000 |
42.382.000 |
39.611.000 |
|
|
Other tangible fixed
assets |
|
|
|
|
61.329.000 |
|
|
Tangible fixed assets |
76.981.000 |
64.110.000 |
59.600.000 |
61.219.000 |
61.329.000 |
|
|
Associated and affliated
companies |
|
|
|
|
699.000 |
|
|
Other financial fixed
assets |
|
|
|
|
3.433.000 |
|
|
Financial fixed assets |
18.650.000 |
11.946.000 |
9.538.000 |
10.085.000 |
9.539.000 |
|
|
Fixed assets |
193.941.000 |
126.086.000 |
111.382.000 |
113.686.000 |
110.479.000 |
|
|
Raw materials |
|
|
|
|
50.149.000 |
|
|
Finished products |
|
|
|
|
68.540.000 |
|
|
Advanced payments |
|
|
|
|
17.361.000 |
|
|
Total stock |
269.111.000 |
189.087.000 |
178.941.000 |
137.835.000 |
136.050.000 |
|
|
Accounts receivable |
104.493.000 |
85.576.000 |
76.369.000 |
78.281.000 |
74.273.000 |
|
|
Other receivables |
27.986.000 |
28.988.000 |
15.920.000 |
6.651.000 |
13.978.000 |
|
|
Total receivables |
132.479.000 |
114.564.000 |
92.289.000 |
84.932.000 |
88.251.000 |
|
|
Liquid funds |
6.552.000 |
4.259.000 |
1.322.000 |
849.000 |
640.000 |
|
|
accruals |
|
|
|
|
13.978.000 |
|
|
Current assets |
408.142.000 |
307.910.000 |
272.552.000 |
223.616.000 |
224.941.000 |
|
|
Total assets |
602.083.000 |
433.996.000 |
383.934.000 |
337.302.000 |
335.420.000 |
|
|
Issued capital |
|
|
|
|
196.000 |
|
|
Other reserves |
|
|
|
|
131.927.000 |
|
|
Total reserves |
|
|
|
|
131.927.000 |
|
|
Total equity |
247.710.000 |
214.646.000 |
180.392.000 |
151.756.000 |
132.123.000 |
|
|
Provisions |
3.936.000 |
8.344.000 |
10.823.000 |
22.124.000 |
17.118.000 |
|
|
Pension |
|
|
|
|
4.175.000 |
|
|
Long term interest
yielding debt |
40.162.000 |
58.509.000 |
61.131.000 |
59.336.000 |
500.000 |
|
|
Financial debts |
|
|
|
500.000 |
500.000 |
|
|
Tax liabilities |
|
|
|
|
6.843.000 |
|
|
Other long term
liabilities |
|
|
|
|
65.216.000 |
|
|
Long term liabilities |
40.162.000 |
58.509.000 |
61.131.000 |
59.836.000 |
76.734.000 |
|
|
Accounts payable |
|
52.711.000 |
|
|
52.166.000 |
|
|
Liabilities towards credit
institutes |
|
|
|
|
33.926.000 |
|
|
Short term interest
yielding debt |
|
|
|
|
33.926.000 |
|
|
Tax liabilities |
|
|
|
|
6.087.000 |
|
|
Other short term
liabilities |
|
99.786.000 |
|
|
17.266.000 |
|
|
Short term liabilities |
310.275.000 |
152.497.000 |
131.588.000 |
103.586.000 |
109.445.000 |
|
|
Total short and long term liabilities |
354.373.000 |
219.350.000 |
203.542.000 |
185.546.000 |
186.179.000 |
|
|
Total liabilities |
602.083.000 |
433.996.000 |
383.934.000 |
337.302.000 |
335.420.000 |
|
Summary The
total assets of the company increased with 38.73 % between 2011 and 2012.
The total asset increase
is retrievable in the fixed asset growth of 53.82 %.
The asset growth has mainly been financed by
a debt increase of 61.56 %. The Net Worth, however, grew with 15.4 %.
In 2012 the assets of the company were 32.21
% composed of fixed assets and 67.79 % by current assets. The assets are being
financed by an equity of 41.14 %, and total debt of 58.86 %.
The total assets of the company increased
with 13.04 % between 2010 and 2011.
The total asset increase is retrievable in the
fixed asset growth of 13.2 %.
The asset growth has mainly been financed by
a Net Worth increase of 18.99 %. Debt, however, grew with 7.77 %.
In 2011 the assets of the company were 29.05
% composed of fixed assets and 70.95 % by current assets. The assets are being
financed by an equity of 49.46 %, and total debt of 50.54 %.
Profit and loss
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Revenues |
772.546.000 |
628.595.000 |
577.226.000 |
572.714.000 |
537.473.000 |
|
Other operating income |
|
120.000 |
|
141.000 |
-562.000 |
|
Net turnover |
772.546.000 |
628.475.000 |
577.226.000 |
572.573.000 |
538.035.000 |
|
Wages and salaries |
|
|
|
|
69.694.000 |
|
Amorization and
depreciation |
|
|
|
|
6.881.000 |
|
other operating costs |
|
|
|
|
73.431.000 |
|
Raw materials and
consumables |
|
|
|
|
339.005.000 |
|
Operating expenses |
740.042.000 |
591.514.000 |
530.926.000 |
522.851.000 |
491.317.000 |
|
Result in subsidiaries |
|
16.079.000 |
75.000 |
193.000 |
178.000 |
|
Operating result |
32.504.000 |
37.081.000 |
46.300.000 |
49.863.000 |
46.156.000 |
|
Financial income |
588.000 |
414.000 |
250.000 |
241.000 |
755.000 |
|
Financial expenses |
7.353.000 |
8.259.000 |
4.478.000 |
5.740.000 |
6.708.000 |
|
Financial result |
-6.765.000 |
-7.845.000 |
-4.228.000 |
-5.499.000 |
-5.953.000 |
|
Result on ordinary operations before taxes |
25.739.000 |
45.315.000 |
42.147.000 |
44.557.000 |
40.381.000 |
|
Taxation on the result of
ordinary activities |
2.574.000 |
3.114.000 |
5.822.000 |
11.817.000 |
11.814.000 |
|
Result of ordinary activities after taxes |
23.165.000 |
42.201.000 |
36.325.000 |
32.740.000 |
28.567.000 |
|
Extraordinary income |
2.000 |
27.000 |
55.000 |
|
|
|
Extraordinary expense |
|
2.307.000 |
|
|
|
|
Extraordinary result after
taxation |
2.000 |
-2.280.000 |
55.000 |
|
|
|
Net result |
23.167.000 |
40.277.000 |
36.380.000 |
32.740.000 |
28.567.000 |
|
Attributable to third
parties |
|
-356.000 |
|
|
|
Summary The
turnover of the company grew with 22.92 % between 2011 and 2012.
The operating result of the company declined
with -12.34 % 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 -59.1 % of the analysed period,
being equal to 2011 % in the year 2012.
This fall has contributed to a asset
turnover decrease, whose index evolved from -11.72 to a level of 1.28.
The Net Result of the company increased by
-42.48 % 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 -50.78
% of the analysed period, being 10.39 % in the year 2012.
The company's financial profitability has
been positively affected by its financial structure.
The turnover of the company grew with 8.88 %
between 2010 and 2011.
The operating result of the company declined
with -19.91 % between 2010 and 2011. 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 -4.92 % of the analysed period,
being equal to 2010 % in the year 2011.
This fall has contributed to a asset
turnover decrease, whose index evolved from -3.33 to a level of 1.45.
The Net Result of the company decreased by
10.71 % between 2010 and 2011.
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 -9.63
% of the analysed period, being 21.11 % in the year 2011.
The company's financial profitability has
been positively affected by its financial structure.
Analysis
Branch (SBI) Financiële
instellingen (none Insurance en Guest-house funding) (64)
Region Flevoland
In the Netherlands 377806 of the companies are
registered with the SBI code 64
In the region Flevoland 7379 of the
companies are registered with the SBI code 64
In the Netherlands 3279 of the bankrupcties
are published within this sector
In the region Flevoland 80 of the
bankruptcies are published within this sector
The risk of this specific sector in the
Netherlands is Low
The risk of this specific sector in the
region Flevoland is Low
Publications
Consent statements 11-04-2013:
Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.
26-04-2012: Voor boekjaar 2011 is een
instemmingsverklaring gedeponeerd.
26-04-2011: Voor boekjaar 2010 is een
instemmingsverklaring gedeponeerd.
Functions 18-03-2014: Per
24-02-2014 is bestuurder Hendrik Johannes Martinus Schut uit functie getreden.
05-06-2013: Per 01-05-2013 is bestuurder
Stephanus Johannes Ploeger in functie getreden.
Amendments 23-03-2012: Per
20-3-2012 statuten gewijzigd. Per 20-3-2012 naam gewijzigd in: Tunturi Fitness
B.V..
Company structure
Relations 19
Accell Group N.V.
Industrieweg 4
8444AR Heerenveen
Netherlands
Registration number: 010822890000
• Tunturi Fitness B.V.
Purmerweg 1
1311XE Almere
Netherlands
Registration number: 011076150000
• Webena Sport Almere B.V.
De Steiger 95/96
1351AH ALMERE
Netherlands
Registration number: 390433040000
• Micor Sporting Goods International B.V.
Purmerweg 1
1311XE ALMERE
Netherlands
Registration number: 390474150000
• in2fitness B.V.
Koningsbeltweg 51
1329AE ALMERE
Netherlands
Registration number: 390965670000
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 : |
NNA |
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.