MIRA INFORM REPORT

 

 

Report Date :

23.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

PRE-MERVO B.V.

 

 

Registered Office :

Protonweg 10, 3542AJ Utrecht

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

03.05.1968

 

 

Com. Reg. No.:

KvK-nummer: 30105552

 

 

Legal Form :

Besloten Vennootschap

 

 

Line of Business :

Manufacture of prepared feeds for farm animals

Manufacture of food products

 

 

No. of Employees :

63

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and 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. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US 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. 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. To recover, the government 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 austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract

Source : CIA

 

 

 

Summary

 

Company name

Pre-Mervo B.V.

 

Operative address

Protonweg 10 3542AJ Utrecht Netherlans

 

Legal form

Besloten Vennootschap

 

Registration number

KvK-nummer: 30105552

 

VAT-number

007179558

 

 

Year

2013

 

Mutation

2012

 

Mutation

2011

Fixed assets

366.104.000

 

3,89

352.391.000

 

-5,32

372.206.000

Total receivables

226.270.000

 

-22,37

291.459.000

t

38,68

210.173.000

 

Total equity

388.755.000

 

2,29

380.053.000

 

3,90

365.796.000

Short term liabilities

368.785.000

 

-22,01

472.850.000

 

18,59

398.735.000

 

Net result

20.377.000

 

-3,63

21.145.000

t

110,78

10.032.000

 

Working capital

75.084.000

 

5,57

71.125.000

t

114,56

33.149.000

Quick ratio

0,68

 

4,62

0,65

 

16,07

0,56

 

 

Contact information

 

Company name                       Pre-Mervo B.V.

Trade names                           Pre-Mervo B.V.

Nuscience

Nuscience Nederland

Nuscience Netherlands

Operative address                   Protonweg 10

3542AJ Utrecht

Netherlands

Correspondence address         Postbus 40248

3504AA Utrecht

Netherlands

Telephone number                  0302482060

Fax number                             0302410234

Email address                          premervo@premervo.nl

Website                                   www.premervo.nl

 

 

Registration

 

Registration number                KvK-nummer: 30105552

Branch number                        000012101869

VAT-number                            007179558

Status                                      Active

Memorandum                          1968-05-03

Establishment date                  1968-05-03

Legal form                               Besloten Vennootschap

Last proposed admendment    2011-01-07

Activities

 

Activities

 

SBI                               Manufacture of prepared feeds for farm animals (1091)

Wholesale trade (no motor vehicles and motorcycles) (46)

Wholesale of cattle feeds (46215)

Exporter                       No

Importer                       No

Goal                             Het (doen) vervaardigen van mengvoedervoormengels en ander voor dierlijke concumptie bestemde voedingsmiddelen en daaraan verwante producten.

 

 

Relations

 

Shareholders                                       Agrifirm Group B.V.

Landgoedlaan 20

7325AW APELDOORN

Netherlands

Registration number: 500036310000

Percentage: 100%

 

Companies on same address               Pricor B.V.

Registration number: 301170420000

 

Liability statements                             Koninklijke Coöperatie Agrifirm U.A.

Landgoedlaan 20

7325AW APELDOORN

Netherlands

Registration number: 082268360000

date of issue: 2011-09-02

Starting date: 2010-09-01

 

 

Management

 

Active management                Agrifirm Group B.V.

Landgoedlaan 20

7325AW APELDOORN

Netherlands

Registration number: 500036310000

Competence: Fully authorized

Function: Manager

Starting date: 2011-01-07

J.R.M. De Schepper (Johan Richard M)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2014-01-21

Date of birth: 1960-11-06, Sint-Niklaas, BE

M.J.H. Hoogendijk (Martinus Johannes Hubertinus)

4102AA

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-12-17

Date of birth: 1964-01-26, Helmond, NL

P.F. de Vries (Peter Frank)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1994-10-01

Date of birth: 1953-02-19, Zaandam, NL

I. Muilwijk (IJmert)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2000-09-13

Date of birth: 1954-03-18, Gorinchem, NL

 

P.P.M. Jansen (Petrus Paulus Marinus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-12-17

Date of birth: 1967-09-15, Boxtel, NL

Active management

R.G.S. Piontek (Raphaël Godfried Shane)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-04-01

Date of birth: 1964-08-03, Telukbetung, ID

 

Management                           Name: Nuscience N.V.

Office address: Booiebos 5, 9031 Drongen, Belgium

Registered in: Kruispuntbank van Companies Drongen, Belgium with registration number

0478240385

 

date in function: 07-01-2011 (date Registration type: 11-01-2011)

Titel: Manager

Authorization: Fully authorized

 

 

Employees

 

Total according to the Chamber of Commerce                        63

 

Year                             2014                 2009                 2007                 2006                 2005

Total                             63                     63                     56                     54                     47

 

 

 

Payments

 

Description Payments made under regular condition

 

 

Key figures

 

Year

2013

2012

2011

2010

2009

Quick ratio

0,68

0,65

0,56

0,57

0,55

Current ratio

1,20

1,15

1,08

1,17

1,06

 

Working capital/ balance total

0,09

0,08

0,04

0,07

0,03

Equity / balance total

0,48

0,42

0,45

0,48

0,47

Equity / Fixed assets

1,06

1,08

0,98

0,98

0,84

Equity / liabilities

0,93

0,74

0,84

0,92

0,94

Balance total / liabilities

1,94

1,74

1,84

1,94

2,02

 

Working capital

75.084.000

71.125.000

33.149.000

56.579.000

19.517.000

Equity

388.755.000

380.053.000

365.796.000

360.881.000

354.762.000

Mutation equity

2,29

3,90

1,36

1,72

 

Mutation short term liabilities

-22,01

18,59

19,75

4,55

 

 

Return on total assets (ROA)

3,77

3,07

2,04

3,39

8,49

Return on equity (ROE)

7,86

7,23

4,49

7,14

18,19

Gross profit margin

1,31

0,76

0,77

0,73

1,21

Net profit margin

0,80

0,87

0,44

1,25

3,13

 

 

Year

2013

2012

2011

2010

2009

Average collection ratio

6,86

5,15

5,70

5,95

5,98

Average payment ratio

11,19

8,36

10,81

11,67

12,24

Equity turnover ratio

6,51

6,41

6,21

5,49

5,37

Total assets turnover ratio

3,13

2,72

2,83

2,61

2,51

Fixed assets turnover ratio

6,92

6,91

6,10

5,37

4,52

Inventory conversion ratio

13,10

10,24

10,93

9,93

11,61

 

Turnover

2.531.646.000

2.436.446.000

2.271.755.000

1.982.737.000

1.905.766.000

Operating result

33.289.000

18.464.000

17.545.000

14.466.000

23.075.000

Net result after taxes

20.377.000

21.145.000

10.032.000

24.740.000

59.571.000

 

Cashflow

 

 

 

 

90.615.000

Gross profit

2.532.215.000

2.436.541.000

2.272.403.000

1.985.341.000

1.888.948.000

EBIT

33.289.000

18.464.000

17.545.000

14.466.000

23.075.000

EBITDA

 

 

 

 

54.119.000

 

Summary

 

The 2013 financial result structure is a postive working captial of 75.084.000 euro, which is in

agreement with 9 % of the total assets of the company.

The working capital has increased with 5.57 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The improvement between 2012 and 2013 has mainly been caused by an increase of the

current assets.

The current ratio of the company in 2013 was 1.2. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.68. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 71.125.000 euro, which is in

agreement with 8 % of the total assets of the company.

The working capital has increased with 114.56 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The improvement between 2011 and 2012 has mainly been caused by an increase of the

current assets.

The current ratio of the company in 2012 was 1.15. 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 0.65. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

 

 

 

 

Financial statement

 

Remark annual account          The financial statements shown in the report relate to the consolidated financial statements of the group.

Type of annual account           Consolidated

Annual account                       Koninklijke Coöperatie Agrifirm U.A.

Landgoedlaan 20

7325AW APELDOORN

Netherlands

Registration number: 082268360000

 

Balance

 

Year

2013

2012

2011

2010

2009

End date

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Intangible fixed assets

42.985.000

49.223.000

56.803.000

52.478.000

46.245.000

Tangible fixed assets

234.601.000

212.393.000

189.162.000

189.194.000

181.333.000

Financial fixed assets

88.518.000

90.775.000

126.241.000

127.437.000

194.482.000

Fixed assets

366.104.000

352.391.000

372.206.000

369.109.000

422.060.000

Total stock

193.267.000

237.944.000

207.933.000

199.732.000

164.194.000

Accounts receivable

197.097.000

221.437.000

190.899.000

154.211.000

 

Other receivables

29.173.000

70.022.000

19.274.000

15.678.000

13.757.000

Total receivables

226.270.000

291.459.000

210.173.000

169.889.000

155.671.000

Liquid funds

24.332.000

14.572.000

13.778.000

19.941.000

18.145.000

accruals

 

 

 

 

13.757.000

Current assets

443.869.000

543.975.000

431.884.000

389.562.000

338.010.000

Total assets

809.973.000

896.366.000

804.090.000

758.671.000

760.070.000

 

Minority interests

4.468.000

2.356.000

1.565.000

6.869.000

13.223.000

Total equity

388.755.000

380.053.000

365.796.000

360.881.000

354.762.000

 

Provisions

17.367.000

24.445.000

17.555.000

30.874.000

15.205.000

Long term interest yielding debt

30.598.000

16.662.000

20.439.000

27.064.000

 

Long term liabilities

30.598.000

16.662.000

20.439.000

27.064.000

58.387.000

Accounts payable

154.616.000

157.274.000

112.716.000

97.818.000

 

Other short term liabilities

214.169.000

315.576.000

286.019.000

235.165.000

84.631.000

 

Year

2013

2012

2011

2010

2009

End date

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Short term liabilities

368.785.000

472.850.000

398.735.000

332.983.000

318.493.000

Total short and long term liabilities

416.750.000

513.957.000

436.729.000

390.921.000

376.880.000

Total liabilities

809.973.000

896.366.000

804.090.000

758.671.000

760.070.000

 

Summary

The total assets of the company decreased with -9.64 % between 2012 and 2013.

Despite the total assets decrease, non current assets grew with 3.89 %.

The asset reduction is in contrast with the equity growth of 2.29 %. Due to this the total debt

decreased with -18.91 %.

In 2013 the assets of the company were 45.2 % composed of fixed assets and 54.8 % by

current assets. The assets are being financed by an equity of 48 %, and total debt of 52 %.

The total assets of the company increased with 11.48 % between 2011 and 2012.

Despite the assets growth, the non current assets decreased with -5.32 %.

The asset growth has mainly been financed by a debt increase of 17.68 %. The Net Worth,

however, grew with 3.9 %.

In 2012 the assets of the company were 39.31 % composed of fixed assets and 60.69 % by

current assets. The assets are being financed by an equity of 42.4 %, and total debt of 57.6

%.

 

 

 

 

Profit and loss

 

Year

2013

2012

2011

2010

2009

 

 

 

 

 

 

Revenues

2.555.843.000

2.459.231.000

2.285.329.000

1.998.514.0000

1.895.886.000

Other operating income

23.628.000

 

22.690.000

12.926.000

 

13.173.000

 

6.938.000

 

Net turnover

2.531.646.000

2.436.446.000

2.271.755.000

1.982.737.000

1.905.766.000

 

 

 

 

 

 

 

Year

2013

2012

2011

2010

2009

Wages and salaries

 

 

 

 

164.945.000

Amorization and depreciation

 

 

 

 

31.044.000

other operating costs

 

 

 

 

169.071.000

Raw materials and consumables

 

 

 

 

1.507.751.000

Operating expenses

2.522.554.000

2.440.767.000

2.267.784.000

1.984.048.000

1.872.811.000

Result in subsidiaries

4.903.000

16.935.000

5.619.000

13.631.000

45.887.000

Operating result

33.289.000

18.464.000

17.545.000

14.466.000

23.075.000

 

Financial income

2.493.000

2.782.000

1.786.000

4.943.000

4.259.000

Financial expenses

10.123.000

10.686.000

8.529.000

7.289.000

8.697.000

Financial result

-7.630.000

-7.904.000

-6.743.000

-2.346.000

-4.438.000

Result on ordinary operations before taxes

30.562.000

27.495.000

16.421.000

25.751.000

64.524.000

 

Taxation on the result of ordinary activities

8.707.000

5.352.000

5.913.000

-1.224.000

2.259.000

Result of ordinary activities after taxes

21.855.000

22.143.000

10.508.000

26.975.000

62.265.000

 

Net result

20.377.000

21.145.000

10.032.000

24.740.000

59.571.000

 

Attributable to third parties

1.478.000

998.000

476.000

2.235.000

-2.694.000

 

Summary

The turnover of the company grew with 3.91 % between 2012 and 2013.

The operating result of the company grew with 80.29 % between 2012 and 2013. 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 22.8 %

of the analysed period, being equal to 2012 % in the year 2013.

This growth has contributed to the increase in assets turnover, increasing by 15.07 %

reaching 3.13.

The Net Result of the company increased by -3.63 % between 2012 and 2013.

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

8.71 % of the analysed period, being 7.86 % in the year 2013.

The company's financial structure has slowed down its financial profitability.

The turnover of the company grew with 7.25 % between 2011 and 2012.

The operating result of the company grew with 5.24 % 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 50.49

% of the analysed period, being equal to 2011 % in the year 2012.

Despite the growth the assets turnover decreased, whose index evolved with -3.89 % to a

level of 2.72.

The Net Result of the company decreased by 110.78 % 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 61.02 % of the analysed period, being 7.23 % in the year 2012.

The company's financial structure has slowed down its financial profitability.

 

 

 

Analysis

 

Branch (SBI)                Manufacture of food products (10)

Region                         Westelijk Utrecht

In the Netherlands 6059 of the companies are registered with the SBI code 10

In the region Westelijk Utrecht 211 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 Westelijk Utrecht 4 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 Westelijk Utrecht is normal

 

Publications

 

Consent statements     08-04-2014: Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.

03-06-2013: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.

07-12-2012: Voor boekjaar 2011 is een instemmingsverklaring gedeponeerd.

04-01-2012: Voor boekjaar 2010 is een instemmingsverklaring gedeponeerd.

Liability statements     08-09-2011: Per 02-09-2011 is een aansprakelijkheidsverklaring door Coöperatie Agrifirm

U.A. gedeponeerd.

Functions                     20-05-2014: Per 01-04-2014 is gevolmachtigde Raphaël Godfried Shane Piontek in functie getreden.

27-01-2014: Per 21-01-2014 is bestuurder Johan Richard M De Schepper in functie

getreden.

01-02-2012: Per 01-02-2012 is bestuurder Johannes Adrianus Henricus Maria Smulders in

functie getreden.

01-02-2012: Per 01-02-2012 is bestuurder Martin Jan Maria Bolscher uit functie getreden.

01-02-2012: Per 01-02-2012 is gevolmachtigde Martin Jan Maria Bolscher uit functie

getreden.

11-01-2011: Per 07-01-2011 is bestuurder Nuscience N.V. België in functie getreden

11-01-2011: Per 07-01-2011 is bestuurder 50003631 Agrifirm Holding B.V. in functie

getreden.

 

 

Company structure

 

Relations 42

Koninklijke Coöperatie Agrifirm U.A.

Landgoedlaan 20

7325AW APELDOORN

Netherlands

Registration number: 082268360000

• Agrifirm Group B.V.

Landgoedlaan 20

7325AW APELDOORN

Netherlands

Registration number: 500036310000

• Pre-Mervo B.V.

Protonweg 10

3542AJ Utrecht

Netherlands

Registration number: 301055520000

• Pricor B.V.

Protonweg 10

3542AJ UTRECHT

Netherlands

Registration number: 301170420000

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.43

UK Pound

1

Rs.100.23

Euro

1

Rs.80.35

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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%)

 

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.