MIRA INFORM REPORT
|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
VECO B.V. |
|
|
|
|
Registered Office : |
Karel van Gelreweg 22, 6961LB Eerbeek |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.07.1938 |
|
|
|
|
Com. Reg. No.: |
08007802 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Treatment and coating of metals |
|
|
|
|
No. of Employees : |
140 |
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
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 VECO
B.V.
Operative address Karel
van Gelreweg 22
6961LB Eerbeek
Netherlands
Legal form Private Company
Registration number KvK-nummer:
08007802
VAT-number 001046597
|
Year |
2013 |
Mutation |
2012 |
Mutation |
2011 |
|
Fixed assets |
33.402.000 |
14,52 |
29.167.000 |
2,96 |
28.328.000 |
|
Total receivables |
43.350.000 |
15,64 |
37.488.000 |
-8,53 |
40.983.000 |
|
Total equity |
36.150.000 |
26,82 |
28.504.000 |
-21,90 |
36.497.000 |
|
Short term liabilities |
36.163.000 |
-38,19 |
58.502.000 |
36,79 |
42.767.000 |
|
Net result |
23.366.000 |
12,62 |
20.748.000 |
16,97 |
17.738.000 |
|
Working capital |
49.797.000 |
133,53 |
21.324.000 |
-46,95 |
40.198.000 |
|
Quick ratio |
1,67 |
79,57 |
0,93 |
-31,62 |
1,36 |
Contact
information
Company name Veco
B.V.
Trade names Veco
B.V.
Operative address Karel
van Gelreweg 22
6961LB Eerbeek
Netherlands
Correspondence address Postbus
10
6960AA Eerbeek
Netherlands
Telephone number 0313672911
Fax number 0313672900
Email address info.veco@stork.com
Website www.storkveco.com
Registration
Registration number KvK-nummer:
08007802
Branch number 000016788982
VAT-number 001046597
Status Active
Memorandum 1938-07-01
Establishment date 1938-07-01
Legal form Private Company
Legal person since 1972-06-22
Last proposed admendment 2013-10-24
Activities
SBI Treatment
and coating of metals (2561)
Machining (2562)
ISO certified Yes
Exporter No
Importer No
Goal Production of geelectroformeerde
and / or etched precision parts,
and trading in these and related
products.
Relations
Shareholders Stork
Prints B.V.
Raamstraat 3
5831AT Boxmeer
Netherlands
Registration number: 160320340000
Percentage: 100.00%
Liability statements Stork
Prints B.V.
Raamstraat 3
5831AT Boxmeer
Netherlands
Registration number: 160320340000
date of issue: 2008-01-02
Starting date: 2007-11-13
Management
Active management Stork
Prints B.V.
Raamstraat 3
5831AT Boxmeer
Netherlands
Registration number: 160320340000
Competence: Fully authorized
Function: Manager
Starting date: 2010-09-20
S.A.V.M. Haagh (Stephan Adrianus Victor
Maria)
5913HE
Netherlands
Competence: Limited authorization
Function: Manager
Starting date: 2009-02-09
Date of birth: 1953-06-30, Gilze en Rijen,
NL
H.H. Smies - Winterman (Hendrina Hendrika)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2005-01-01
Date of birth: 1953-10-04, Brummen, NL
J.M. Keizers (Joris Maria)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2010-07-01
Date of birth: 1972-11-18, Nijmegen, NL
J.A.W. van Roijen (Johannes Antonius
Wilhelmus)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2013-01-01
Date of birth: 1972-04-01, Arnhem, NL
Employees
Total according to the Chamber of Commerce 140
Year 2014 2013 2012
Total 140 140 140
Payments
Description The
payments are regular
Key
figures
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|||
|
Quick ratio |
1,67 |
0,93 |
1,36 |
1,26 |
1,62 |
|
|||
|
Current ratio |
2,38 |
1,36 |
1,94 |
1,88 |
2,24 |
|
|||
|
Working capital/ balance
total |
0,42 |
0,20 |
0,36 |
0,35 |
0,40 |
|
|||
|
Equity / balance total |
0,30 |
0,26 |
0,33 |
0,27 |
0,26 |
|
|||
|
Equity / Fixed assets |
1,08 |
0,98 |
1,29 |
1,04 |
0,97 |
|
|||
|
Equity / liabilities |
0,46 |
0,35 |
0,51 |
0,38 |
0,37 |
|
|||
|
Balance total /
liabilities |
1,51 |
1,35 |
1,56 |
1,43 |
1,41 |
|
|||
|
Working capital |
49.797.000 |
21.324.000 |
40.198.000 |
37.023.000 |
39.703.000 |
|
|||
|
Equity |
36.150.000 |
28.504.000 |
36.497.000 |
28.408.000 |
25.786.000 |
|
|||
|
Mutation equity |
26,82 |
-21,90 |
28,47 |
10,17 |
29,78 |
|
|||
|
Mutation short term
liabilities |
-38,19 |
36,79 |
1,85 |
31,33 |
-36,76 |
|
|||
|
Return on total assets (ROA) |
22,29 |
20,67 |
18,00 |
18,68 |
5,92 |
|
|||
|
Return on equity (ROE) |
73,59 |
79,05 |
54,90 |
70,02 |
22,60 |
|
|||
|
Gross profit margin |
13,36 |
12,26 |
11,14 |
12,22 |
5,46 |
|
|||
|
Net profit margin |
10,90 |
10,75 |
9,23 |
9,95 |
2,87 |
|
|||
|
Average collection ratio |
5,93 |
3,30 |
4,49 |
4,25 |
4,79 |
|
|||
|
Average payment ratio |
4,94 |
5,15 |
4,69 |
4,17 |
3,96 |
|
|||
|
Equity turnover ratio |
5,93 |
6,77 |
5,27 |
6,29 |
5,93 |
|
|||
|
Total assets turnover
ratio |
1,80 |
1,77 |
1,73 |
1,68 |
1,56 |
|
|||
|
Fixed assets turnover
ratio |
6,42 |
6,62 |
6,78 |
6,51 |
5,73 |
|
|||
|
Inventory conversion ratio |
8,34 |
7,64 |
7,72 |
6,85 |
7,64 |
|
|||
|
Turnover |
214.330.000 |
193.078.000 |
192.173.000 |
178.668.000 |
153.011.000 |
|
|||
|
Gross margin |
77.947.000 |
69.861.000 |
67.512.000 |
67.459.000 |
|
|
|||
|
Operating result |
28.641.000 |
23.670.000 |
21.410.000 |
21.838.000 |
8.356.000 |
|
|||
|
Net result after taxes |
23.366.000 |
20.748.000 |
17.738.000 |
17.782.000 |
4.384.000 |
|
|||
|
Gross profit |
214.330.000 |
|
192.173.000 |
|
153.011.000 |
||||
|
EBIT |
28.641.000 |
23.670.000 |
21.410.000 |
21.838.000 |
8.356.000 |
||||
Summary
The 2013
financial result structure is a postive working captial of 49.797.000 euro,
which is in agreement with 42 % of the total assets of the company. The working
capital has increased with 133.53 % 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 2.38. A company with a current ratio between 1.5 and 3.0
generally indicates good short-term financial strength.
The quick ratio in 2013 of the
company was 1.67. A company with a Quick Ratio of more than 1 can currently pay
back its current liabilities.
The 2012 financial result structure
is a postive working captial of 21.324.000 euro, which is in agreement with 20
% of the total assets of the company.
The working capital has
diminished with -46.95 % 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 1.36. 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 0.93. A company with a Quick Ratio of less than 1 cannot currently
pay back its current liabilities.
Financial statement
Financial
statement
Type of annual account Consolidated
Annual account Stork
Prints B.V.
Raamstraat 3
5831AT Boxmeer
Netherlands
Registration number: 160320340000
Balance
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
End date |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Goodwill |
|
|
|
|
1.724.000 |
|
Intangible fixed assets |
1.781.000 |
1.770.000 |
2.454.000 |
2.576.000 |
2.390.000 |
|
Real estate |
|
|
|
|
6.655.000 |
|
Plant and machinery |
|
|
|
|
12.251.000 |
|
Other tangible fixed
assets |
|
|
|
|
880.000 |
|
Tangible fixed assets |
29.548.000 |
25.182.000 |
24.091.000 |
22.665.000 |
22.185.000 |
|
Other financial fixed
assets |
|
|
|
|
2.126.000 |
|
Financial fixed assets |
2.073.000 |
2.215.000 |
1.783.000 |
2.195.000 |
2.126.000 |
|
Fixed assets |
33.402.000 |
29.167.000 |
28.328.000 |
27.436.000 |
26.701.000 |
|
Raw materials |
|
|
|
|
8.141.000 |
|
Projects in progress |
|
|
|
|
3.130.000 |
|
Finished products |
|
|
|
|
8.756.000 |
|
Total stock |
25.708.000 |
25.282.000 |
24.886.000 |
26.090.000 |
20.027.000 |
|
Accounts receivable |
28.306.000 |
27.360.000 |
31.534.000 |
30.143.000 |
29.195.000 |
|
Receivables due from group
and associated companies |
|
|
|
|
6.053.000 |
|
Other receivables |
15.044.000 |
10.128.000 |
9.449.000 |
12.662.000 |
9.461.000 |
|
Total receivables |
43.350.000 |
37.488.000 |
40.983.000 |
42.805.000 |
38.656.000 |
|
Liquid funds |
16.902.000 |
17.056.000 |
17.096.000 |
10.120.000 |
12.995.000 |
|
accruals |
|
|
|
|
3.408.000 |
|
Current assets |
85.960.000 |
79.826.000 |
82.965.000 |
79.015.000 |
71.678.000 |
|
Total assets |
119.362.000 |
108.993.000 |
111.293.000 |
106.451.000 |
98.379.000 |
|
Issued capital |
|
|
|
|
45.000 |
|
Share premium reserve |
|
|
|
|
10.942.000 |
|
Revaluation reserve |
|
|
|
|
-2.167.000 |
|
Non-distributable profit |
|
|
|
|
16.966.000 |
|
Total reserves |
|
|
|
|
25.741.000 |
|
Minority interests |
3.924.000 |
|
3.450.000 |
3.466.000 |
2.844.000 |
|
Total equity |
36.150.000 |
28.504.000 |
36.497.000 |
28.408.000 |
25.786.000 |
|
Provisions |
389.000 |
10.261.000 |
10.884.000 |
443.000 |
|
|
Long term interest
yielding debt |
42.736.000 |
11.726.000 |
17.695.000 |
32.142.000 |
|
|
Tax liabilities |
|
|
|
|
402.000 |
|
Other long term
liabilities |
|
|
|
|
37.372.000 |
|
Long term liabilities |
42.736.000 |
11.726.000 |
17.695.000 |
32.142.000 |
37.774.000 |
|
Accounts payable |
10.739.000 |
|
13.324.000 |
11.419.000 |
25.340.000 |
|
Other short term
liabilities |
25.424.000 |
|
29.443.000 |
30.573.000 |
6.635.000 |
|
Short term liabilities |
36.163.000 |
58.502.000 |
42.767.000 |
41.992.000 |
31.975.000 |
|
Total short and long term liabilities |
79.288.000 |
80.489.000 |
71.346.000 |
74.577.000 |
69.749.000 |
|
Total liabilities |
119.362.000 |
108.993.000 |
111.293.000 |
106.451.000 |
98.379.000 |
Summary The total
assets of the company increased with 9.51 % between 2012 and 2013.
The total asset increase is retrievable in
the fixed asset growth of 14.52 %.
The assets growth has been financed by a Net
Worth increase of 26.82 %. The company's net increase has also covered a
reduction of -1.49 % of the company's indebtedness.
In 2013 the assets of the company were 27.98
% composed of fixed assets and 72.02 % by current assets. The assets are being
financed by an equity of 30.29 %, and total debt of69.71 %.
The total assets of the company decreased
with -2.07 % between 2011 and 2012.
Despite the total assets decrease, non
current assets grew with 2.96 %.
The asset reduction results in an equity
decrease of -21.9 %. Despite the decrease, the indebtness increased with 12.82
%.
In 2012 the assets of the company were 26.76
% composed of fixed assets and 73.24 % by current assets. The assets are being
financed by an equity of 26.15 %, and total debt of 73.85 %.
Profit
and loss
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Revenues |
214.580.000 |
193.078.000 |
192.198.000 |
178.668.000 |
153.011.000 |
|
Other operating income |
250.000 |
|
25.000 |
|
|
|
Net turnover |
214.330.000 |
193.078.000 |
192.173.000 |
178.668.000 |
153.011.000 |
|
Gross margin |
77.947.000 |
69.861.000 |
67.512.000 |
67.459.000 |
|
|
Sales |
49.556.000 |
46.191.000 |
46.127.000 |
45.621.000 |
|
|
other operating costs |
|
|
|
|
27.573.000 |
|
Production costs |
|
|
|
|
20.246.000 |
|
Raw materials and
consumables |
|
|
|
|
96.836.000 |
|
Operating expenses |
185.939.000 |
169.408.000 |
170.788.000 |
156.830.000 |
144.655.000 |
|
Operating result |
28.641.000 |
23.670.000 |
21.410.000 |
21.838.000 |
8.356.000 |
|
Financial income |
539.000 |
1.033.000 |
762.000 |
584.000 |
468.000 |
|
Financial expenses |
2.578.000 |
2.171.000 |
2.134.000 |
2.532.000 |
2.996.000 |
|
Financial result |
-2.039.000 |
-1.138.000 |
-1.372.000 |
-1.948.000 |
-2.528.000 |
|
Result on ordinary operations before taxes |
26.602.000 |
22.532.000 |
20.038.000 |
19.890.000 |
5.828.000 |
|
Taxation on the result of
ordinary activities |
3.236.000 |
1.784.000 |
2.300.000 |
2.036.000 |
1.444.000 |
|
Result of ordinary activities after taxes |
23.366.000 |
20.748.000 |
17.738.000 |
17.854.000 |
4.384.000 |
|
Result subsidiaries after
taxes |
|
|
|
-72.000 |
|
|
Net result |
23.366.000 |
20.748.000 |
17.738.000 |
17.782.000 |
4.384.000 |
Summary The
turnover of the company grew with 11.01 % between 2012 and 2013.
The gross profit of the company grew with
11.57 % between 2012 and 2013.
The operating result of the company grew
with 21 % 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 7.84 % of the analysed period, being
equal to 2012 % in the year 2013.
This growth has contributed to the increase
in assets turnover, increasing by 1.69 % reaching 1.8.
The Net Result of the company decreased by
12.62 % 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 -6.91
% of the analysed period, being 73.59 % in the year 2013.
The company's financial profitability has
been positively affected by its financial structure.
The turnover of the company remained the
same between 2011 and 2012.
The gross profit of the company grew with
3.48 % between 2011 and 2012.
The operating result of the company grew
with 10.56 % 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 14.83 % of the analysed period,
being equal to 2011 % in the year 2012.
This growth has contributed to the increase
in assets turnover, increasing by 2.31 % reaching 1.77.
The Net Result of the company decreased by
16.97 % 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 43.99
% of the analysed period, being 79.05 % in the year 2012.
The company's financial structure has slowed
down its financial profitability.
Analysis
Branch (SBI) Manufacture
of fabricated metal products, except machinery and equipment (25)
Region Arnhem
In the Netherlands 12215 of the companies
are registered with the SBI code 25
In the region Arnhem 214 of the companies
are registered with the SBI code 25
In the Netherlands 347 of the bankrupcties
are published within this sector
In the region Arnhem 10 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 Arnhem is normal
Publications
Consent statements 04-06-2014:
Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.
20-02-2014: Voor boekjaar 2012 is een
instemmingsverklaring gedeponeerd.
10-12-2012: Voor boekjaar 2011 is een
instemmingsverklaring gedeponeerd.
16-05-2011: Voor boekjaar 2010 is een
instemmingsverklaring gedeponeerd.
Functions 02-06-2014: Per
16-05-2014 is gevolmachtigde Michiel Daniel Wensing uit functie getreden.
11-12-2013: Per 01-12-2013 is gevolmachtigde
Fabian Gerrit Nijhuis uit functie getreden.
11-02-2013: Per 01-01-2013 is gevolmachtigde
Johannes Antonius Wilhelmus van Roijen in functie getreden.
27-03-2012: Per 31-12-2011 is gevolmachtigde
Jan Kroes uit functie getreden.
31-10-2011: Per 01-06-2011 is gevolmachtigde
Jan Kroes in functie getreden.
24-10-2011: Per 01-06-2011 is gevolmachtigde
Bastiaan Gerhardus Boschman uit functie getreden.
12-11-2010: Per 14-06-2010 is gevolmachtigde
Bastiaan Gerhardus Boschman in functie getreden.
11-11-2010: Per 01-07-2010 is gevolmachtigde
Joris Maria Keizers in functie getreden.
14-10-2010: Per 30-06-2010 is gevolmachtigde
Michiel Sjouke van Veen uit functie getreden.
14-10-2010: Per 30-06-2010 is gevolmachtigde
Michaël Kistemaker uit functie getreden.
30-09-2010: Per 20-09-2010 is bestuurder
16032034 Stork Prints B.V. in functie getreden.
30-09-2010: Per 20-09-2010 is bestuurder
34283494 Stork Prints Group B.V. uit functie getreden.
Amendments 30-10-2013:
Per 24-10-2013 statuten gewijzigd. Per 24-10-2013 naam gewijzigd in: Veco B.V..
Company
structure
Relations
7
SPGPrints Group B.V.
Zuidplein 76
1077XV AMSTERDAM
Netherlands
Registration number: 342979820000
• Stork Prints Group B.V.
Zuidplein 76
1077XV AMSTERDAM
Netherlands
Registration number: 342834940000
• Stork Prints B.V.
Raamstraat 3
5831AT Boxmeer
Netherlands
Registration number: 160320340000
• Veco B.V.
Karel van Gelreweg 22
6961LB Eerbeek
Netherlands
Registration number: 080078020000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.