|
Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ECOVAL DAIRY TRADE B.V. |
|
|
|
|
Registered Office : |
Postweg 50a, 6523LD Nijmegen |
|
|
|
|
Country : |
Netherland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.12.2006 |
|
|
|
|
Com. Reg. No.: |
09165790 |
|
|
|
|
Legal Form : |
Besloten Vennootschap |
|
|
|
|
Line of Business : |
Wholesaler of dairy products and edible oils and fats (46331) |
|
|
|
|
No of Employees : |
24 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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
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 |
|
Company name |
Ecoval Dairy
Trade B.V. |
|
Operative
address |
Postweg 50a |
|
6523LD Nijmegen |
|
|
Netherlands |
|
|
Legal form |
Besloten Vennootschap |
|
Registration
number |
KvK-nummer: 09165790 |
|
VAT-number |
817335559 |
|
Year |
2012 |
Mutation |
2011 |
Mutation |
2010 |
|
Fixed assets |
1.782.000 |
141,14 |
739.000 |
-74,94 |
2.949.000 |
|
Total receivables |
50.408.000 |
8,65 |
46.395.000 |
-30,66 |
66.906.000 |
|
|
|||||
|
Total equity |
-1.066.000 |
-160,19 |
1.771.000 |
119,43 |
-9.115.000 |
|
Short term liabilities |
57.960.000 |
-3,23 |
59.896.000 |
-47,05 |
113.121.000 |
|
|
|||||
|
Net result |
-2.837.000 |
38,51 |
-4.614.000 |
7,27 |
-4.976.000 |
|
|
|||||
|
Working capital |
-1.004.000 |
-197,29 |
1.032.000 |
108,55 |
-12.064.000 |
|
Quick ratio |
0,90 |
11,11 |
0,81 |
35,00 |
0,60 |
|
Company name |
Ecoval Dairy Trade B.V. |
|
Trade names |
Ecoval Dairy Trade B.V. |
|
Operative address
|
Postweg 50a |
|
6523LD Nijmegen |
|
|
Netherlands |
|
|
Correspondence
address |
Postbus 190 |
|
6500AD Nijmegen |
|
|
Netherlands |
|
|
Telephone number |
0243277777 |
|
Fax number |
0243277770 |
|
Website |
|
Registration
number |
KvK-nummer: 09165790 |
|
Registered in |
Kamer van Koophandel Centraal Gelderland |
|
Branch number |
19106424 |
|
VAT-number |
817335559 |
|
Status |
Active |
|
First registration
company register |
2006-12-11 |
|
Memorandum |
2006-12-08 |
|
Establishment
date |
2006-12-08 |
|
Legal form |
Besloten Vennootschap |
|
Last proposed
admendment |
2011-12-30 |
|
SBI |
Wholesale of dairy products and edible oils
and fats (46331) |
|
Exporter |
No |
|
Importer |
No |
|
Branche
organisations |
GemZu (Brancheorganisatie voor de
Nederlandse Zuivehandel) |
|
Goal |
De handel, zowel voor eigen rekening als voor rekening van derden, in-
en de bewerking en verwerking van melk, melk- en zuivelproducten en andere
daaraan verwante artikelen, zowel voor menselijk als dierlijk gebruik. |
|
Shareholders |
Ecoval Holding
B.V. |
|
Postweg 50a |
|
|
6523LD Nijmegen |
|
|
Netherlands |
|
|
Registration number: 200509630000 |
|
|
Percentage: 100.00% |
|
Active
management |
Ecoval Holding
B.V. |
|
Postweg 50a |
|
|
6523LD Nijmegen |
|
|
Netherlands |
|
|
Registration number: 200509630000 |
|
|
Competence: Fully authorized |
|
|
Function: Manager |
|
|
Starting date: 2006-12-08 |
|
|
B.E. Ouwehand
(Bouwe Edwin) |
|
|
Netherlands |
|
|
Competence: Limited authorization |
|
|
Function: Proxy |
|
|
Starting date: 2006-12-21 |
|
|
Date of birth: 1966-08-07, Bodegraven, NL |
|
|
E.E.J. Meijer
(Esther Elisabeth Johanna) |
|
|
Netherlands |
|
|
Competence: Limited authorization |
|
|
Function: Proxy |
|
|
Starting date: 2011-10-18 |
|
|
Date of birth: 1972-01-23, Nijmegen, NL |
|
|
A.A.G. van
Oorschot (Ange Antoinico Gerardo) |
|
|
Netherlands |
|
|
Competence: Limited authorization |
|
|
Function: Proxy |
|
|
Starting date: 2011-10-18 |
|
|
Date of birth: 1971-09-12, Arnhem, NL |
|
|
A. Links
(Annelies) |
|
|
Netherlands |
|
|
Competence: Limited authorization |
|
|
Function: Proxy |
|
|
Starting date: 2013-03-01 |
|
|
Date of birth: 1960-11-11, Dordrecht, NL |
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Total |
24 |
18 |
18 |
18 |
18 |
|
Score |
7,5 |
|
Description |
Payments made under regular condition |
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
|
Quick ratio |
0,90 |
0,81 |
0,60 |
0,62 |
0,75 |
|
|
Current ratio |
0,98 |
1,02 |
0,89 |
0,85 |
0,88 |
|
|
|
||||||
|
Working capital/ balance total |
-0,02 |
0,02 |
-0,12 |
-0,16 |
-0,11 |
|
|
Equity / balance total |
-0,02 |
0,03 |
-0,09 |
-0,08 |
-0,04 |
|
|
Equity / Fixed assets |
-0,60 |
2,40 |
-3,09 |
-1,04 |
-0,29 |
|
|
Equity / liabilities |
-0,02 |
0,03 |
-0,08 |
-0,07 |
-0,04 |
|
|
Balance total / liabilities |
0,98 |
1,03 |
0,92 |
0,93 |
0,96 |
|
|
working Capital |
-1.004.000 |
1.032.000 |
-12.064.000 |
-8.134.000 |
-5.089.000 |
|
|
Equity |
-1.066.000 |
1.771.000 |
-9.115.000 |
-4.139.000 |
-1.727.000 |
|
|
Mutation equity |
-160,19 |
119,43 |
-120,22 |
-139,66 |
-402,03 |
|
|
Mutation short term liabilities |
-3,23 |
-47,05 |
103,41 |
26,57 |
-16,35 |
|
|
|
||||||
|
Return on total assets (ROA) |
-6,44 |
-9,97 |
-6,39 |
-6,29 |
-4,62 |
|
|
Return on equity (ROE) |
354,78 |
-347,32 |
72,90 |
78,23 |
119,63 |
|
|
Gross profit margin |
-0,62 |
-1,19 |
-2,12 |
-1,43 |
-0,35 |
|
|
Net profit margin |
-1,25 |
-1,32 |
-1,76 |
-1,40 |
-0,71 |
|
|
|
||||||
|
Average collection ratio |
3,92 |
5,83 |
2,49 |
3,10 |
4,96 |
|
|
Average payment ratio |
4,50 |
7,53 |
4,22 |
5,04 |
6,71 |
|
|
Equity turnover ratio |
-212,87 |
197,18 |
-30,96 |
-41,67 |
-126,15 |
|
|
Total assets turnover ratio |
3,86 |
5,66 |
2,71 |
3,35 |
4,87 |
|
|
Fixed assets turnover ratio |
127,34 |
472,53 |
95,70 |
43,17 |
37,17 |
|
|
Inventory conversion ratio |
47,05 |
27,63 |
8,64 |
13,00 |
36,98 |
|
|
|
||||||
|
Turnover |
226.922.000 |
349.202.000 |
282.233.000 |
172.462.000 |
217.862.000 |
|
|
Gross margin |
5.151.000 |
2.313.000 |
2.584.000 |
7.440.000 |
8.701.000 |
|
|
Operating result |
-1.406.000 |
-4.152.000 |
-5.989.000 |
-2.470.000 |
-769.000 |
|
|
Net result after taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cashflow |
-2.525.000 |
-2.769.000 |
-3.136.000 |
-546.000 |
458.000 |
|
|
Gross profit |
|
349.202.000 |
|
|
|
|
|
EBIT |
-1.406.000 |
-4.152.000 |
-5.989.000 |
-2.470.000 |
-769.000 |
|
|
EBITDA |
-1.094.000 |
-2.307.000 |
-4.149.000 |
-622.000 |
1.228.000 |
|
|
Summary |
The 2012 financial result structure is a negative working capital of
-1.004.000 euro, which is in agreement with -2 % of the total assets of the
company. The working capital has diminished with -197.29 % 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 0.9. A company with a Quick
Ratio of less than 1 cannot currently pay back its current liabilities. The 2011 financial result structure is a positive working capital of
1.032.000 euro, which is in agreement with 2 % of the total assets of the
company. The working capital has increased with 108.55 % compared to previous
year. The ratio, with respect to the total assets of the company has however,
increased. The improvement between 2010 and 2011 has mainly been caused by an
increase of the current assets. The current ratio of the company in 2011
was 1.02. 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 0.81. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. |
|
Type of annual
account |
Corporate |
|
|
|
|
Annual account |
Ecoval Dairy
Trade B.V. |
|
Postweg 50a |
|
|
6523LD Nijmegen |
|
|
Netherlands |
|
|
Registration number: 091657900000 |
|
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 |
|
306.000 |
2.146.000 |
3.986.000 |
5.826.000 |
|
Tangible fixed
assets |
21.000 |
27.000 |
9.000 |
9.000 |
27.000 |
|
Financial fixed assets |
1.761.000 |
406.000 |
794.000 |
|
9.000 |
|
Fixed assets |
1.782.000 |
739.000 |
2.949.000 |
3.995.000 |
5.862.000 |
|
|
|||||
|
Total stock |
4.823.000 |
12.639.000 |
32.684.000 |
13.270.000 |
5.891.000 |
|
Accounts receivable |
43.890.000 |
40.794.000 |
62.839.000 |
29.039.000 |
26.178.000 |
|
Other receivables |
6.518.000 |
5.601.000 |
4.067.000 |
5.168.000 |
6.300.000 |
|
Total
receivables |
50.408.000 |
46.395.000 |
66.906.000 |
34.207.000 |
32.478.000 |
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
End date |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
Liquid funds |
1.725.000 |
1.894.000 |
1.467.000 |
|
478.000 |
|
Current assets |
56.956.000 |
60.928.000 |
101.057.000 |
47.477.000 |
38.847.000 |
|
Total assets |
58.738.000 |
61.667.000 |
104.006.000 |
51.472.000 |
44.709.000 |
|
|
|||||
|
Issued capital |
2.430.000 |
2.430.000 |
2.500.000 |
2.500.000 |
2.500.000 |
|
Other reserves |
-659.000 |
3.955.000 |
-6.639.000 |
-4.227.000 |
-2.688.000 |
|
Non-distributable profit |
2.837.000 |
4.614.000 |
4.976.000 |
2.412.000 |
1.539.000 |
|
Total reserves |
5.015.000 |
13.183.000 |
3.313.000 |
597.000 |
390.000 |
|
Total equity |
-1.066.000 |
1.771.000 |
-9.115.000 |
-4.139.000 |
-1.727.000 |
|
|
|||||
|
Provisions |
1.844.000 |
|
|
|
|
|
Financial debts |
|
|
|
|
2.500.000 |
|
Long term
liabilities |
|
2.500.000 |
|||
|
Accounts payable |
15.435.000 |
21.373.000 |
30.600.000 |
13.062.000 |
6.975.000 |
|
Other short term liabilities |
42.525.000 |
38.523.000 |
82.521.000 |
42.549.000 |
36.961.000 |
|
Short term
liabilities |
57.960.000 |
59.896.000 |
113.121.000 |
55.611.000 |
43.936.000 |
|
Total short and
long term liabilities |
59.804.000 |
59.896.000 |
113.121.000 |
55.611.000 |
46.436.000 |
|
Total
liabilities |
58.738.000 |
61.667.000 |
104.006.000 |
51.472.000 |
44.709.000 |
|
Summary |
The total assets of the company decreased with -4.75 % between 2011
and 2012. Despite the total assets decrease, noncurrent assets grew with 141.14
%. Assets reduction is explained by a Net Worth decrease of -160.19 %
while the indebtedness remains unchanged. In 2012 the assets of the company were 3.03 % composed of fixed assets
and 96.97 % by current assets. The assets are being financed by an equity of
-1.81 %, and total debt of 101.81 %. The total assets of the company decreased with -40.71 % between 2010
and 2011. This downturn is mainly retrievable in the fixed asset decrease of
-74.94 %. The asset reduction is in contrast with the equity growth of 119.43 %.
Due to this the total debt decreased with -47.05 %. In 2011 the assets of the company were 1.2 % composed of fixed assets
and 98.8 % by current assets. The assets are being financed by an equity of
2.87 %, and total debt of 97.13 |
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Revenues |
226.922.000 |
350.566.000 |
282.233.000 |
172.462.000 |
217.862.000 |
|
Other operating income |
|
1.364.000 |
|
|
|
|
Net turnover |
226.922.000 |
349.202.000 |
282.233.000 |
172.462.000 |
217.862.000 |
|
|
|||||
|
Gross margin |
5.151.000 |
2.313.000 |
2.584.000 |
7.440.000 |
8.701.000 |
|
|
|||||
|
Wages and salaries |
1.356.000 |
1.537.000 |
1.139.000 |
1.028.000 |
1.063.000 |
|
Amorization and depreciation |
312.000 |
1.845.000 |
1.840.000 |
1.848.000 |
1.997.000 |
|
Sales |
221.771.000 |
346.889.000 |
279.649.000 |
165.022.000 |
209.161.000 |
|
other operating costs |
4.889.000 |
4.447.000 |
5.594.000 |
7.034.000 |
6.410.000 |
|
Operating expenses |
228.328.000 |
354.718.000 |
288.222.000 |
174.932.000 |
218.631.000 |
|
Operating result |
-1.406.000 |
-4.152.000 |
-5.989.000 |
-2.470.000 |
-769.000 |
|
|
|||||
|
Financial income |
|
195.000 |
749.000 |
57.000 |
471.000 |
|
Financial expenses |
2.376.000 |
2.194.000 |
1.405.000 |
825.000 |
1.768.000 |
|
Financial result |
-2.376.000 |
-1.999.000 |
-656.000 |
-768.000 |
-1.297.000 |
|
Result on ordinary
operations before taxes |
-3.782.000 |
-6.151.000 |
-6.645.000 |
-3.238.000 |
-2.066.000 |
|
|
|||||
|
Taxation on the result of ordinary
activities |
-945.000 |
-1.537.000 |
-1.669.000 |
-826.000 |
-527.000 |
|
Result of ordinary
activities after taxes |
-2.837.000 |
-4.614.000 |
-4.976.000 |
-2.412.000 |
-1.539.000 |
|
|
|||||
|
Net result |
-2.837.000 |
-4.614.000 |
-4.976.000 |
-2.412.000 |
-1.539.000 |
|
Summary |
The turnover of the company decreased by -35.02 % between 2011 and
2012. The gross profit of the company grew with 122.7 % between 2011 and
2012. The operating result of the company grew with 66.14 % 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 35.41 % of the analysed period, being equal to 2011 % in the
year 2012. Despite the growth the assets turnover decreased, whose index evolved
with -31.8 % to a level of 3.86. The Net Result of the company decreased by 38.51 % 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 202.15 % of the analysed
period, being 354.78 % in the year 2012. The company's financial structure
has slowed down its financial profitability. The turnover of the company grew with 23.73 % between 2010 and 2011. The gross profit of the company decreased by -10.49 % between 2010 and
2011. The operating result of the company grew with 30.67 % 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 -56.03% of the analysed period, being equal to 2010 % in the
year 2011. Despite the decline the assets turnover increased by 108.86 % reaching
5.66. The Net Result of the company decreased by 7.27 % 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 -576.43 % of the analysed
period, being -347.32 % in the year 2011. The company's financial profitability has been positively affected by
its financial structure. |
|
Branch (SBI) |
Wholesale trade (no motor vehicles and motorcycles) (46) |
|
Region |
Nijmegen-Rivierenland |
|
In the Netherlands 109662 of the companies are registered with the SBI
code 46 |
|
|
In the region Nijmegen-Rivierenland 4613 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 Nijmegen-Rivierenland 87 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 Nijmegen-Rivierenland
is normal |
|
Filings |
14-02-2014: De jaarrekening over 2012 is gepubliceerd. |
|
27-09-2012: De jaarrekening over 2011 is gepubliceerd. |
|
|
01-11-2011: De jaarrekening over 2010 is gepubliceerd. |
|
|
19-07-2010: De jaarrekening over 2009 is gepubliceerd. |
|
|
03-03-2010: De jaarrekening over 2008 is gepubliceerd. |
|
|
Functions |
28-03-2013: Per 01-03-2013 is gevolmachtigde Annelies Links in functie
getreden. |
|
04-11-2011: Per 18-10-2011 is gevolmachtigde Ange Antoinico Gerardo
van Oorschot in functie getreden. |
|
|
26-10-2011: Per 18-10-2011 is gevolmachtigde Esther Elisabeth Johanna
Meijer in functie getreden. |
|
|
21-09-2010: Per 03-09-2010 is gevolmachtigde Ferry Hendrikus Maria
Doeleman uit functie getreden. |
|
|
Amendments |
06-01-2012: Geplaatst kapitaal gewijzigd in EUR 2.430.000,00 Gestort kapitaal
gewijzigd in EUR 2.430.000,00. |
|
06-01-2012: Per 30-12-2011 statuten gewijzigd. |
|
|
04-01-2012: Geplaatst kapitaal gewijzigd in EUR 18.000.000,00 Gestort
kapitaal gewijzigd in EUR 18.000.000,00. |
|
|
04-01-2012: Per 29-12-2011 statuten gewijzigd. |
|
|
Other |
04-01-2012: Datum deponering: 30-12-2011 Soort deponering: Besluit tot
kapitaalvermindering (art. 100 lid 1/209 lid 1 BW2). |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.21 |
|
|
1 |
Rs. 99.16 |
|
Euro |
1 |
Rs. 80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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.