MIRA INFORM REPORT
|
Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ORFFA ADDITIVES B.V. |
|
|
|
|
Registered Office : |
Vierlinghstraat 51, 4251LC Werkendam |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2012 (consolidated) |
|
|
|
|
Date of Incorporation : |
17.10.1980 |
|
|
|
|
Com. Reg. No.: |
18129478 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
· Manufacturer of prepared feeds for farm animals · Wholesaler of seeds · Wholesaler of arable farming products and cattle feeds |
|
|
|
|
No. of Employees |
05 (2012) |
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 – 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 Orffa Additives B.V.
Operative address Vierlinghstraat
51
4251LC Werkendam
Netherlands
Status Active
Specification This
company can meet all its obligations.
Legal form Besloten
Vennootschap (Private Company)
Registration number KvK-nummer:
18129478
VAT-number 005780937
|
Year |
2012 |
Mutation |
2011 |
Mutation |
2010 |
|
Fixed assets |
2.204.000 |
-34,81 |
3.381.000 |
903,26 |
337.000 |
|
Total receivables |
27.442.000 |
-7,64 |
29.711.000 |
7,32 |
27.684.000 |
|
Total equity |
15.670.000 |
-9,64 |
17.342.000 |
0,43 |
17.268.000 |
|
Short term liabilities |
26.858.000 |
-11,85 |
30.468.000 |
20,57 |
25.269.000 |
|
Net result |
3.823.000 |
-24,49 |
5.063.000 |
15,15 |
4.397.000 |
|
Working capital |
15.565.000 |
-10,16 |
17.326.000 |
0,68 |
17.209.000 |
|
Quick ratio |
1,13 |
14,14 |
0,99 |
-22,66 |
1,28 |
Contact
information
Company name Orffa
Additives B.V.
Trade names Orffa
Additives B.V.
Operative address Vierlinghstraat
51
4251LC Werkendam
Netherlands
Correspondence
address Vierlinghstraat
51
4251LC
Werkendam
Netherlands
Telephone number 0183
447766
Fax number 0183
441210
Email address info@orffa.net
Website www.orffa.net
Registration
Registration number KvK-nummer:
18129478
Registered in Kamer
van Koophandel Brabant
Branch number 000018332919
VAT-number 005780937
Status Active
First registration
company register 1980-11-05
Memorandum 1980-10-17
Establishment date 1980-10-17
Legal form Besloten
Vennootschap (Private Company)
Last proposed
admendment 2005-12-23
Activities
SBI Manufacturer
of prepared feeds for farm animals (1091)
Wholesaler of seeds (46212)
Wholesaler of arable farming
products and cattle feeds (46218)
Exporter No
Importer No
Goal De
import en export van, en de handel in grondstoffen voor de veevoeder- en
levensmiddelenindustrie
en de produktie van die grondstoffen,
zulks voor eigen rekening, alsmede het verlenen van bemiddeling bij de handel
of produktie van genoemde grondstoffen.
(The import and export of, and
trade in raw materials for the feed and food industry and the production of
these commodities, so for their own account, as well as acting as an
intermediary in the trade or production of raw materials listed.)
Relations
Shareholders Orffa
International Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 181146900000
Percentage: 100.00%
Liability statements Orffa
International Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 181146900000
date of issue: 1997-01-02
Starting date: 1997-01-01
Bank
details
Accounts MeesPierson
NV
Account
number: 25.39.58.954
Management
Active management Orffa
International Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 181146900000
Competence: Fully authorized
Function: Manager
Starting date: 2011-04-22
Employees
Total according to the Chamber of Commerce :- 5
Year 2012 2011
Total 5
5
Payments
Description Payments
made under regular condition
|
Key figures |
|||||||
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
||
|
Quick ratio |
1,13 |
0,99 |
1,28 |
1,12 |
0,86 |
||
|
Current ratio |
1,58 |
1,57 |
1,68 |
1,53 |
1,35 |
||
|
Working capital/ balance total |
0,35 |
0,34 |
0,40 |
0,34 |
0,24 |
||
|
Equity / balance total |
0,35 |
0,34 |
0,40 |
0,36 |
0,29 |
||
|
Equity / Fixed assets |
7,11 |
5,13 |
51,24 |
13,77 |
6,13 |
||
|
Equity / liabilities |
0,55 |
0,52 |
0,68 |
0,57 |
0,41 |
||
|
Balance total / liabilities |
1,56 |
1,53 |
1,69 |
1,57 |
1,41 |
||
|
Working capital |
15.565.000 |
17.326.000 |
17.209.000 |
11.962.000 |
8.371.000 |
||
|
Equity |
15.670.000 |
17.342.000 |
17.268.000 |
12.726.000 |
9.994.000 |
||
|
Mutation equity |
-9,64 |
0,43 |
35,69 |
27,34 |
28,28 |
||
|
Mutation short term liabilities |
-11,85 |
20,57 |
12,41 |
-7,17 |
15,12 |
||
|
Return on total assets (ROA) |
11,43 |
13,27 |
13,16 |
11,48 |
49,44 |
||
|
Return on equity (ROE) |
32,54 |
39,15 |
32,64 |
31,90 |
169,28 |
||
|
Gross profit margin |
2,82 |
3,70 |
3,72 |
3,37 |
10,95 |
||
|
Net profit margin |
2,04 |
2,69 |
2,28 |
1,78 |
8,01 |
||
|
Average collection ratio |
6,99 |
6,17 |
7,64 |
6,82 |
6,47 |
||
|
Average payment ratio |
6,84 |
6,33 |
6,97 |
6,82 |
8,49 |
||
|
Equity turnover ratio |
11,98 |
10,84 |
11,18 |
12,06 |
15,67 |
||
|
Total assets turnover ratio |
4,21 |
3,67 |
4,51 |
4,34 |
4,58 |
||
|
Fixed assets turnover ratio |
85,16 |
55,62 |
572,63 |
166,03 |
96,04 |
||
|
Inventory conversion ratio |
15,71 |
10,70 |
19,08 |
16,48 |
13,44 |
||
|
Turnover |
187.699.000 |
188.059.000 |
192.975.000 |
153.414.000 |
156.639.000 |
||
|
Gross margin |
12.781.000 |
14.211.000 |
13.757.000 |
11.347.000 |
|
||
|
Operating result |
5.295.000 |
6.953.000 |
7.180.000 |
5.165.000 |
17.158.000 |
||
|
Net result after taxes |
3.823.000 |
5.063.000 |
4.397.000 |
2.734.000 |
12.541.000 |
||
|
Cashflow |
3.921.000 |
5.138.000 |
4.444.000 |
2.775.000 |
12.567.000 |
||
|
Gross profit |
|
|
|
|
156.639.000 |
||
|
EBIT |
5.295.000 |
6.953.000 |
7.180.000 |
5.165.000 |
17.158.000 |
||
|
EBITDA |
5.393.000 |
7.028.000 |
7.227.000 |
5.206.000 |
17.184.000 |
||
Summary
The 2012 financial result structure is a positive working
capital of 15.565.000 euro, which is in
agreement with 35 % of the total assets of the company.
The working capital has diminished with -10.16 % 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 1.58. A
company with a current ratio between
1.5 and 3.0 generally indicates good short-term financial
strength.
The quick ratio in 2012 of the company was 1.13. A company
with a Quick Ratio of more than
1 can currently pay back its current liabilities.
The 2011 financial result structure is a positive working
capital of 17.326.000 euro, which is in
agreement with 34 % of the total assets of the company.
The working capital remained unchanged compared to
previous year. The ratio with respect
to the total assets of the company has however, declined.
The unchanged capital can be explained by a decrease in
current assets and an increase in
current liabilities.
The current ratio of the company in 2011 was 1.57. 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 0.99. 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 Orffa
International Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 181146900000
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 |
53.000 |
62.000 |
|
||
|
Other tangible fixed assets |
|
|
|
|
90.000 |
|
Tangible fixed assets |
380.000 |
298.000 |
298.000 |
261.000 |
90.000 |
|
Other financial fixed assets |
|
|
|
|
1.541.000 |
|
Financial fixed
assets |
1.771.000 |
3.021.000 |
39.000 |
663.000 |
1.541.000 |
|
Fixed assets |
2.204.000 |
3.381.000 |
337.000 |
924.000 |
1.631.000 |
|
|
|||||
|
Inventories |
11.951.000 |
17.571.000 |
10.115.000 |
9.311.000 |
11.655.000 |
|
Accounts receivable |
25.027.000 |
27.123.000 |
25.642.000 |
22.224.000 |
17.961.000 |
|
Other receivables |
2.415.000 |
2.588.000 |
2.042.000 |
279.000 |
485.000 |
|
Total receivables |
27.442.000 |
29.711.000 |
27.684.000 |
22.503.000 |
18.446.000 |
|
Liquid funds |
3.030.000 |
512.000 |
4.679.000 |
2.627.000 |
2.485.000 |
|
accruals |
|
|
|
|
485.000 |
|
Current assets |
42.423.000 |
47.794.000 |
42.478.000 |
34.441.000 |
32.586.000 |
|
Total assets |
44.627.000 |
51.175.000 |
42.815.000 |
35.365.000 |
34.217.000 |
|
|
|||||
|
Minority interests |
337.000 |
305.000 |
226.000 |
160.000 |
2.000 |
|
Total equity |
15.670.000 |
17.342.000 |
17.268.000 |
12.726.000 |
9.994.000 |
|
Provisions |
12.000 |
10.000 |
2.000 |
|
5.000 |
|
Long term interest yielding debt |
1.750.000 |
3.050.000 |
50.000 |
|
|
|
Other long term liabilities |
|
|
|
|
1.000 |
|
Long term liabilities |
1.750.000 |
3.050.000 |
50.000 |
|
1.000 |
|
Accounts payable |
22.958.000 |
|
|
|
|
|
Other short term liabilities |
3.900.000 |
|
|
|
24.215.000 |
|
Short term
liabilities |
26.858.000 |
30.468.000 |
25.269.000 |
22.479.000 |
24.215.000 |
|
Total short and long
term liabilities |
28.620.000 |
33.528.000 |
25.321.000 |
22.479.000 |
24.216.000 |
|
Total liabilities |
44.627.000 |
51.175.000 |
42.815.000 |
35.365.000 |
34.217.000 |
Summary
The total assets of the company decreased with -12.8 %
between 2011 and 2012.
This downturn is mainly retrievable in the fixed asset
decrease of -34.81 %.
Assets reduction is explained by a Net Worth decrease of
-9.64 %, and an indebtedness
reduction of -14.64 %.
In 2012 the assets of the company were 4.94 % composed of
fixed assets and 95.06 % by
current assets. The assets are being financed by an equity
of 35.11 %, and total debt of
64.89 %.
The total assets of the company increased with 19.53 %
between 2010 and 2011.
The total asset increase is retrievable in the fixed asset
growth of 903.26 %.
The asset growth is explained by a reduction of 32.41 % of
the company's indebtness, this
while, the Net Worth remains unchanged.
In 2011 the assets of the company were 6.61 % composed of
fixed assets and 93.39 % by
current assets. The assets are being financed by an equity
of 33.89 %, and total debt of
66.11 %.
Profit & Loss
|
Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Revenues |
187.699.000 |
188.059.000 |
192.975.000 |
153.414.000 |
156.639.000 |
|
Net turnover |
187.699.000 |
188.059.000 |
192.975.000 |
153.414.000 |
156.639.000 |
|
Gross margin |
12.781.000 |
14.211.000 |
13.757.000 |
11.347.000 |
|
|
Wages and salaries |
4.521.000 |
4.334.000 |
4.121.000 |
3.595.000 |
3.423.000 |
|
Amorization and depreciation |
98.000 |
75.000 |
47.000 |
41.000 |
26.000 |
|
Sales |
174.918.000 |
173.848.000 |
179.218.000 |
142.067.000 |
|
|
other operating costs |
2.867.000 |
2.849.000 |
2.409.000 |
2.546.000 |
2.583.000 |
|
Raw materials and consumables |
|
|
|
|
133.449.000 |
|
Operating expenses |
182.404.000 |
181.106.000 |
185.795.000 |
148.249.000 |
139.481.000 |
|
Result in subsidiaries |
|
|
-483.000 |
-949.000 |
4.000 |
|
Operating result |
5.295.000 |
6.953.000 |
7.180.000 |
5.165.000 |
17.158.000 |
|
Financial income |
127.000 |
155.000 |
14.000 |
37.000 |
39.000 |
|
Financial expenses |
323.000 |
318.000 |
1.075.000 |
193.000 |
283.000 |
|
Financial result |
-196.000 |
-163.000 |
-1.061.000 |
-156.000 |
-244.000 |
|
Result on ordinary
operations before taxes |
5.099.000 |
6.790.000 |
5.636.000 |
4.060.000 |
16.918.000 |
|
Taxation on the result of ordinary activities |
1.236.000 |
1.687.000 |
1.228.000 |
1.306.000 |
4.377.000 |
|
Result of ordinary
activities after taxes |
3.863.000 |
5.103.000 |
4.408.000 |
2.754.000 |
12.541.000 |
|
Net result |
3.823.000 |
5.063.000 |
4.397.000 |
2.734.000 |
12.541.000 |
|
Attributable to third parties |
40.000 |
40.000 |
11.000 |
20.000 |
|
Summary
The turnover of the company remained the same between 2011
and 2012.
The gross profit of the company decreased by -10.06 %
between 2011 and 2012.
The operating result of the company declined with -23.85 %
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 -13.87
% of the analysed period, being equal to 2011 % in the
year 2012.
Despite the decline the assets turnover increased by 14.71
% reaching 4.21.
The Net Result of the company increased by -24.49 %
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
-16.88 % of the analysed period, being 32.54 % in the year
2012.
The company's financial profitability has been positively
affected by its financial structure.
The turnover of the company decreased by -2.55 % between
2010 and 2011.
The gross profit of the company grew with 3.3 % between
2010 and 2011.
The operating result of the company declined with -3.16 %
between 2010 and 2011. This
evolution implies an decrease of the company's economic
profitability.
The company's Economic Profitability did not change during
the analysed period, but
remained equal to 2010 % in the year 2011.
Despite the unchanged economic profitability the asset
turnover decreased, whose index
evolved from -18.63 to a level of 3.67.
The Net Result of the company decreased by 15.15 % 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 19.94 % of the analysed period, being 39.15 % in the
year 2011.
The company's financial structure has slowed down its
financial profitability.
Analysis
Branch (SBI) Manufacture
of food products (10)
Region Zuid-Holland
Oost
In the Netherlands 6059 of the
companies are registered with the SBI code 10
In the region Zuid-Holland
Oost 170 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 Zuid-Holland
Oost 5 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 Zuid-Holland Oost is normal
Publications
Consent statements
05-06-2013: Voor boekjaar 2012 is een
instemmingsverklaring gedeponeerd.
19-04-2012: Voor boekjaar 2011 is een
instemmingsverklaring gedeponeerd.
08-04-2011: Voor boekjaar 2010 is een
instemmingsverklaring gedeponeerd.
04-05-2010: Voor boekjaar 2009 is een
instemmingsverklaring gedeponeerd.
Functions
16-06-2011: Per 22-04-2011 is bestuurder 18114690 Orffa
International Holding B.V. in functie getreden.
16-06-2011: Per 22-04-2011 is bestuurder 18084295 Orffa
Holding B.V. uit functie getreden.
16-06-2011: Per 22-04-2011 is bestuurder Eddy Maria Alois
Ketels uit functie getreden.
Company
structure
Relations 6
Olympus Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 523876310000
Orffa International Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 181146900000
Orffa Additives B.V.
Vierlinghstraat 51
4251LC Werkendam
Netherlands
Registration number: 181294780001
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
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%
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.