MIRA INFORM REPORT
|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAKE SIDE FRANCHISE B.V. |
|
|
|
|
Registered Office : |
Burgemeester Burgerslaan 40A, 5245NH Rosmalen |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.08.1984 |
|
|
|
|
Com. Reg. No.: |
02040129 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Wholesaler of outerwear for men’s &
women’s |
|
|
|
|
No. of Employees : |
40 (2013) |
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 : |
Slow but Correct |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Netherlands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
Source : CIA
Summary
Company name Lake Side Franchise B.V.
Operative address Burgemeester
Burgerslaan 40A
5245NH Rosmalen
Netherlands
Status Active
Legal form Besloten
Vennootschap (Private Company)
Registration number KvK-nummer:
02040129
VAT-number 006701231
|
Year |
2012 |
Mutation |
2011 |
Mutation |
2010 |
|
Fixed assets |
2.695.839 |
24,28 |
2.169.137 |
-0,89 |
2.188.602 |
|
Total receivables |
7.780.306 |
48,02 |
5.256.299 |
48,35 |
3.543.171 |
|
Total equity |
287.146 |
5,66 |
271.762 |
-40,23 |
454.655 |
|
Short term liabilities |
18.977.832 |
73,92 |
10.911.626 |
122,27 |
4.909.228 |
|
Net result |
15.384 |
108,41 |
-182.892 |
-52,07 |
-120.269 |
|
Working capital |
-2.408.693 |
-26,95 |
-1.897.375 |
-296,40 |
966.053 |
|
Quick ratio |
0,71 |
20,34 |
0,59 |
-19,18 |
0,73 |
Contact information
Company name Lake
Side Franchise B.V.
Trade names Lake
Side Franchise B.V.
Operative address Burgemeester
Burgerslaan 40A
5245NH Rosmalen
Netherlands
Correspondence
address Postbus
12
5240AA Rosmalen
Netherlands
Telephone number 0735118019
Fax number 0735187490
Email address info@lakeside.nl
Website www.lakeside.nl
Registration
Registration number KvK-nummer:
02040129
Registered in Kamer
van Koophandel Brabant
Branch number 000016754395
VAT-number 006701231
Status Active
Memorandum 1984-08-16
Establishment date 1984-08-16
Legal Form Besloten
Vennootschap (Private Company)
Last proposed
admendment 2011-03-22
Activities
SBI Wholesale
of outerwear for men’s & women’s
Exporter No
Importer No
Goal Het
(doen) exploiteren van detailhandel- ondernemingen op franchisebasis
(The
(do) operate retail businesses on a franchise basis)
Product Details
· Shirts
· Jeans
· Pants
· Coats
· Scarves
· Belts
· Shoe
Relations
Shareholders VDR
Holding B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number: 514500460000
Percentage: 100.00%
Liability statements Houdstermaatschappij
Poelman Beheer Leek B.V.
Stadionstraat 2
4815NG BREDA
Netherlands
Registration number: 020342670000
End date: 2009-12-31
Management
Active management
VDR Holding B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number: 514500460000
Competence: Fully authorized
Function: Manager
Starting date: 2011-03-24
J.J. den Arend (Johannes Jan)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2009-08-26
Date of birth: 1961-07-06, Rotterdam, NL
Involved with the following companies
• VDR Holding B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number: 514500460000
Function: Manager
• Shoeby Franchise
B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number: 160788430000
Function: Proxy
Employees
Total according to the Chamber of Commerce 40
Year 2013
2012
2011
2010
2009
Total 40
50
50
25
25
Payments
Description
Payments are made regularly with some delay
Key figures
Year 2012
2011
2010
2009
2008
Quick ratio 0,71
0,59
0,73
0,71
2,07
Current ratio 0,87
0,83
1,20
1,17
2,39
Working capital/ balance total -0,13
-0,17 0,12
0,11
0,47
Equity / balance total 0,01
0,02
0,06
0,06
0,11
Equity / Fixed assets 0,11
0,13
0,21
0,25
0,56
Equity / liabilities 0,02
0,02
0,06
0,07
0,12
Balance total / liabilities 1,02
1,02
1,06
1,07
1,12
Working capital -2.408.693 -1.897.375
966.053
999.519
2.352.975
Equity 287.146
271.762
454.655
574.924
556.004
Mutation equity 5,66
-40,23 -20,92 3,40
102,18
Mutation short term liabilities 73,92 122,27
-18,93 256,88
-34,71
Return on total assets (ROA) 0,08 -1,66
-1,49
0,33
16,32
Return on equity (ROE) 5,36
-68,17
-26,45
5,36
148,24
Gross margin 7.057.431
8.439.435
6.780.890
6.877.712
4.248.543
Operating result 70.771
255.376
150.847
299.498
1.014.988
Net result after taxes 15.384
-182.892 -120.269
18.920
66.260
Cashflow 917.291
305.434
370.075
558.610
109.634
EBIT 70.771
255.376
150.847
299.498
1.014.988
EBITDA 972.678
743.702 641.191 839.188
1.058.362
Summary
The 2012 financial result structure is a negative working
capital of -2.408.693 euro, which is
in agreement with -13 % of the total assets of the
company.
The working capital has diminished with -26.95 % compared
to previous year. The ratio, with
respect to the total assets of the company has however,
increased.
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 0.87. 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 0.71. A company
with a Quick Ratio of less than
1 cannot currently pay back its current liabilities.
The 2011 financial result structure is a negative working
capital of -1.897.375 euro, which is
in agreement with -17 % of the total assets of the
company.
The working capital has diminished with -296.4 % 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 0.83. 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 0.59. 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 Lake
Side Franchise B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number: 020401290000
Balance
BALANCE SHEET
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
End date |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
Intangible fixed assets |
176.363 |
129.473 |
123.395 |
160.079 |
|
|
Tangible fixed assets |
1.702.241 |
1.271.542 |
1.694.102 |
1.985.734 |
228.863 |
|
Financial fixed assets |
817.235 |
768.122 |
371.105 |
129.592 |
770.377 |
|
Fixed assets |
2.695.839 |
2.169.137 |
2.188.602 |
2.275.405 |
999.240 |
|
Inventories |
3.033.547 |
2.540.984 |
2.296.943 |
2.777.731 |
539.612 |
|
Accounts receivable |
3.293.029 |
3.043.228 |
2.584.636 |
2.713.984 |
2.253.189 |
|
Other receivables |
4.487.277 |
2.213.071 |
958.535 |
1.407.432 |
118.850 |
|
Total receivables |
7.780.306 |
5.256.299 |
3.543.171 |
4.121.416 |
2.372.039 |
|
Liquid funds |
5.755.286 |
1.216.968 |
35.167 |
155.978 |
1.138.136 |
|
Current assets |
16.569.139 |
9.014.251 |
5.875.281 |
7.055.125 |
4.049.787 |
|
Total assets |
19.264.978 |
11.183.388 |
8.063.883 |
9.330.530 |
5.049.027 |
|
Total equity |
287.146 |
271.762 |
454.655 |
574.924 |
556.004 |
|
Provisions |
|
|
|
|
1.096.211 |
|
Long term interest yielding debt |
|
|
2.700.000 |
2.700.000 |
1.700.000 |
|
Long term liabilities |
|
2.700.000 |
2.700.000 |
1.700.000 |
|
|
Accounts payable |
|
|
|
|
1.099.804 |
|
Other short term liabilities |
|
|
|
|
597.008 |
|
Short term liabilities |
18.977.832 |
10.911.626 |
4.909.228 |
6.055.606 |
1.696.812 |
|
Total short and long term liabilities |
18.977.832 |
10.911.626 |
7.609.228 |
8.755.606 |
4.493.023 |
|
Total liabilities |
19.264.978 |
11.183.388 |
8.063.883 |
9.330.530 |
5.049.027 |
Summary
The total assets of the company increased with 72.26 % between
2011 and 2012.
The fixed asset growth of 24.28 % is lower than the total
asset growth.
The asset growth has mainly been financed by a debt
increase of 5.66 %. The Net Worth,
however, grew with 73.92 %.
In 2012 the assets of the company were 13.99 % composed of
fixed assets and 86.01 % by
current assets. The assets are being financed by an equity
of 1.49 %, and total debt of 98.51
%.
The total assets of the company increased with 38.68 %
between 2010 and 2011.
The total assets are entirely composed of current assets.
Asset growth is in contrasts with the net worth decline of
-40.23 %. The company's
indebtedness has, therefore, increased with 43.4 %.
In 2011 the assets of the company were 19.4 % composed of
fixed assets and 80.6 % by
current assets. The assets are being financed by an equity
of 2.43 %, and total debt of 97.57
%.
PROFIT & LOSS
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Gross margin |
7.057.431 |
8.439.435 |
6.780.890 |
6.877.712 |
4.248.543 |
|
Wages and salaries |
4.166.655 |
4.816.804 |
3.857.267 |
3.472.024 |
1.487.374 |
|
Amorization and depreciation |
901.907 |
488.326 |
490.344 |
539.690 |
43.374 |
|
other operating costs |
1.918.098 |
2.878.929 |
2.282.432 |
2.566.500 |
1.702.807 |
|
Operating expenses |
6.986.660 |
8.184.059 |
6.630.043 |
6.578.214 |
3.233.555 |
|
Operating result |
70.771 |
255.376 |
150.847 |
299.498 |
1.014.988 |
|
Financial income |
9.444 |
7.004 |
4.666 |
108.628 |
56.110 |
|
Financial expenses |
64.831 |
447.643 |
275.782 |
377.334 |
246.877 |
|
Financial result |
-55.387 |
-440.639 |
-271.116 |
-268.706 |
-190.767 |
|
Result on ordinary operations before taxes |
15.384 |
-185.263 |
-120.269 |
30.792 |
824.221 |
|
Taxation on the result of ordinary activities |
|
-2.371 |
|
11.872 |
80.404 |
|
Result of ordinary activities after taxes |
15.384 |
-182.892 |
-120.269 |
18.920 |
743.817 |
|
Result subsidiaries after taxes |
|
|
|
|
-677.557 |
|
Net result |
15.384 |
-182.892 |
-120.269 |
18.920 |
66.260 |
Summary
The gross profit of the company decreased by -16.38 %
between 2011 and 2012.
The operating result of the company declined with -72.29 %
between 2011 and 2012. This
evolution implies an decrease of the company's economic
profitability.
The result of these changes is an increase of the
company's Economic Profitability of 104.82
% of the analysed period, being equal to 2011 % in the
year 2012.
The Net Result of the company decreased by 108.41 %
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 107.86 % of the analysed period, being 5.36 % in the
year 2012.
The company's financial structure has slowed down its
financial profitability.
The gross profit of the company grew with 24.46 % between
2010 and 2011.
The operating result of the company grew with 69.29 %
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 -11.41
% of the analysed period, being equal to 2010 % in the year
2011.
The Net Result of the company increased by -52.07 %
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
-157.73 % of the analysed period, being -68.17 % in the
year 2011.
The company's financial profitability has been positively
affected by its financial structure.
Analysis
Branch (SBI) Groothandel
en Wholesale on a fee or contract basis (niet in auto’s en motorfietsen)
(46)
Region Midden-Brabant
In the Netherlands 107516 of
the companies are registered with the SBI code 46
In the region Midden-Brabant
5482 of the companies are registered with the SBI code 46
In the Netherlands 2108 of the
bankrupcties are published within this sector
In the region Midden-Brabant
118 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 Midden-Brabant is normal
Publications
Filings 08-01-2014:
De jaarrekening over 2012 is gepubliceerd.
16-01-2013: De jaarrekening over
2011 is gepubliceerd.
24-11-2011: De jaarrekening
over 2010 is gepubliceerd.
07-12-2010: De jaarrekening
over 2009 is gepubliceerd.
25-02-2010: De jaarrekening
over 2008 is gepubliceerd.
Functions 04-04-2011:
Per 24-03-2011 is bestuurder 51450046 VDR Holding B.V. in functie getreden.
04-04-2011: Per 24-03-2011 is
bestuurder 16059472 Van Deursen Retail B.V. uit functie
getreden.
06-09-2010: Per 01-07-2010 is
gevolmachtigde Olaf Torvald Aschwin Redering uit functie
getreden.
Amendments 29-03-2011:
Per 22-3-2011 statuten gewijzigd.
Company structure
Relations 13
VDR Holding B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number: 514500460000
• Lake Side Franchise
B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number:
020401290000
• Lake Side Stores B.V.
Burgemeester Burgerslaan 40a
5245NH ROSMALEN
Netherlands
Registration number:
171883940000
• Lake Side Finance
B.V.
De Limiet 15c II
4131NR Vianen Ut
Netherlands
Registration number: 171959570000
• Lake Side Rental B.V.
Burgemeester Burgerslaan 40A
5245NH Rosmalen
Netherlands
Registration number:
302274500000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)