MIRA INFORM REPORT

 

 

Report Date :

03.05.2014

 

IDENTIFICATION DETAILS

 

Name :

LOVE FOR DENIM B.V.

 

 

Registered Office :

Mariënhoef 6, 3851ST Ermelo

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

20.12.2006

 

 

Com. Reg. No.:

08153661

 

 

Legal Form :

Private Company

 

 

Line of Business :

Wholesaler of textile basic materials and textile semi-finished products

 

 

No of Employees :

20 (2012)

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

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 2012-13 tax revenues dropped, 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

 

Company Summary

 

Company name                        Love for Denim B.V.

Operative address                    Mariënhoef 6

3851ST Ermelo

Netherlands

Status                                      Active

Legal form                               Besloten Vennootschap (Private Company)

Registration number                KvK-nummer: 08153661

VAT-number                             817379502

 

Year

2012

Mutation

2011

Mutation

2010

Fixed assets

1.035.773

-73,96

3.977.605

383,78

822.185

Total receivables

7.240.562

21.85

5.942.283

28,19

4.635.426

Total equity

5.532.968

106,83

2.675.104

-12,74

3.065.717

Short term liabilities

7.645.624

12,98

6.767.501

64,99

4.101.775

Net result

4.007.863

69,74

2.361.156

-31,73

3.458.591

Working capital

4.510.474

654,31

-813.708

-131,25

2.603.532

Quick ratio

0,95

7,95

0,88

-22,12

1,13

 

 

 

Contact information

 

Company name                        Love for Denim B.V.

 

Trade names                            Vingino

Vingino Jeans

Vingino Blue Jeans

Love for Denim B.V.

 

Operative address                    Mariënhoef 6

3851ST Ermelo

Netherlands

 

Correspondence address         Postbus 214

3850AE Ermelo

Netherlands

 

Telephone number                   0341 562588

Fax number                              0341 550686

Email address              info@vinginojunior.nl

Website                                    www.vingino.com

 

 

Registration

 

Registration number                KvK-nummer: 08153661

Registered in                            Kamer van Koophandel Oost Nederland

Branch number                        000020208677

VAT-number                             817379502

Status                                      Active

First registration

company register                     2006-12-21

Memorandum                           2006-12-20

Establishment date                  2006-12-20

Legal form                               Besloten Vennootschap (Private Company)

Last proposed admendment     2008-11-17

 

 

Activities

 

SBI                               Wholesaler of textile basic materials and textile semi-finished products (46761)

Exporter                       No

Importer                       Yes

Goal                             De import van- en groothandel in textiel

 

 

Relations

 

Shareholders

 

VG '97 Holding B.V.

Marienhoef 6

3851ST ERMELO

Netherlands

Registration number: 341680310000

Percentage: 100.00%

 

 

Management

 

Active management VG '97 Holding B.V.

Marienhoef 6

3851ST ERMELO

Netherlands

Registration number: 341680310000

Competence: Fully authorized

Function: Manager

Starting date: 2006-12-20

 

 

Employees

 

Year                 2012                 2011                 2010                 2009                 2008

Total                 20                     20                     19                     20                     20

 

 


Payments

 

Description                              Payments made under regular condition

 

 

Key Figures

Year

2012

2011

2010

2009

2008

Quick ratio

0,95

0,88

1,13

1,10

1,18

Current ratio

1,59

0,88

1,63

1,66

1,66

Working capital/ balance total

0,34

-0,08

0,35

0,35

0,36

Equity / balance total

0,42

0,27

0,41

0,40

0,39

Equity / Fixed assets

5,34

0,67

3,73

3,29

3,88

Equity / liabilities

0,72

0,37

0,69

0,66

0,64

Balance total / liabilities

1,72

1,37

1,69

1,66

1,64

Working capital

4.510.474

-813.708

2.603.532

2.026.626

2.458.075

 

Equity

5.532.968

2.675.104

3.065.717

2.300.500

2.669.614

 

Mutation equity

106,83

-12,74

33,26

-13,83

188,30

 

Mutation short term liabilities

12,98

64,99

34,46

-18,04

-0,75

 

Return on total assets (ROA)

40,42

31,57

61,60

88,45

 

 

Return on equity (ROE)

96,38

117,19

151,25

222,11

 

 

Gross margin

14.232.568

12.416.654

11.688.184

11.323.120

 

 

Operating result

5.602.007

3.455.174

4.834.863

5.378.585

 

 

Net result after taxes

4.007.863

2.361.156

3.458.591

3.820.101

 

 

Cashflow

4.338.392

2.667.420

3.697.348

4.011.403

 

 

EBIT

5.602.007

3.455.174

4.834.863

5.378.585

 

 

EBITDA

5.932.536

3.761.438

5.073.620

5.569.887

 

 

 

Summary

 

The 2012 financial result structure is a positive working capital of 4.510.474 euro, which is in

agreement with 34 % of the total assets of the company.

 

The working capital has increased with 654.31 % 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 1.59. 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 0.95. 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 -813.708 euro, which is in

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

 

The working capital has diminished with -131.25 % 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 0.88. 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 0.88. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

 

 

 

 

 

Financial statement

 

Type of annual account            Corporate

 

Annual account                        Love for Denim B.V.

Mariënhoef 6

3851ST Ermelo

Netherlands

Registration number: 081536610000

 

 

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

Tangible fixed assets

1.035.773

994.580

822.185

699.331

688.279

Financial fixed assets

 

2.983.025

 

Fixed assets

1.035.773

3.977.605

822.185

699.331

688.279

Total stock

4.899.785

 

2.052.500

1.713.967

1.771.984

 

Total receivables

7.240.562

5.942.283

4.635.426

3.360.606

4.321.546

 

Liquid funds

15.751

11.510

17.381

2.687

86.466

 

Current assets

12.156.098

5.953.793

6.705.307

5.077.260

6.179.996

 

Total assets

13.191.871

9.931.398

7.527.492

5.776.591

6.868.275

 

Issued capital

18.000

18.000

18.000

18.000

18.000

 

Other reserves

5.514.968

2.657.104

3.047.717

2.282.500

2.651.614

 

Total reserves

5.514.968

2.657.104

3.047.717

2.282.500

2.651.614

 

Total equity

5.532.968

2.675.104

3.065.717

2.300.500

2.669.614

 

Provisions

 

450.000

360.000

360.000

360.000

 

Long term interest yielding debt

13.279

38.793

 

65.457

116.740

 

Long term liabilities

13.279

38.793

 

65.457

116.740

 

Short term liabilities

7.645.624

6.767.501

4.101.775

3.050.634

3.721.921

 

Total short and long term liabilities

7.658.903

7.256.294

4.461.775

3.476.091

4.198.661

 

Total liabilities

13.191.871

9.931.398

7.527.492

5.776.591

6.868.275

 

 

Summary

 

The total assets of the company increased with 32.83 % between 2011 and 2012.

 

Despite the assets growth, the non current assets decreased with -73.96 %.

 

The asset growth has mainly been financed by a Net Worth increase of 106.83 %. Debt,

however, grew with 5.55 %.

 

In 2012 the assets of the company were 7.85 % composed of fixed assets and 92.15 % by

current assets. The assets are being financed by an equity of 41.94 %, and total debt of

58.06 %.

The total assets of the company increased with 31.94 % between 2010 and 2011.

 

The total asset increase is retrievable in the fixed asset growth of 383.78 %.

Asset growth is in contrasts with the net worth decline of -12.74 %. The company's

indebtedness has, therefore, increased with 62.63 %.

 

In 2011 the assets of the company were 40.05 % composed of fixed assets and 59.95 % by

current assets. The assets are being financed by an equity of 26.94 %, and total debt of

73.06 %.

 

 

 

 

 

 

Profit & Loss

Year

2012

2011

2010

2009

Gross margin

14.232.568

12.416.654

11.688.184

11.323.120

Wages and salaries

1.869.889

1.764.939

1.440.013

934.042

Amorization and depreciation

330.529

306.264

238.757

191.302

other operating costs

6.430.143

6.890.277

5.174.551

4.819.191

Operating expenses

8.630.561

8.961.480

6.853.321

5.944.535

Operating result

5.602.007

3.455.174

4.834.863

5.378.585

Financial income

12.045

4.352

49

 

Financial expenses

281.567

324.652

198.055

269.025

Financial result

-269.522

-320.300

-198.006

-269.025

Result on ordinary operations before taxes

5.332.485

3.134.874

4.636.857

5.109.560

 

Taxation on the result of ordinary activities

1.324.622

773.718

1.169.047

1.290.296

Result of ordinary activities after taxes

4.007.863

2.361.156

3.467.810

3.819.264

Extraordinary income

 

 

18.911

5.837

Extraordinary expense

 

 

28.130

5.000

Extraordinary result after taxation

 

 

-9.219

837

Net result

4.007.863

2.361.156

3.458.591

3.820.101

 

Summary

The gross profit of the company grew with 14.62 % between 2011 and 2012.

 

The operating result of the company grew with 62.13 % 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 28.03

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

 

The Net Result of the company decreased by 69.74 % 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 -17.76 % of the analysed period, being 96.38 % in the year 2012.

 

The company's financial profitability has been positively affected by its financial structure.

 

The gross profit of the company grew with 6.23 % between 2010 and 2011.

 

The operating result of the company declined with -28.54 % between 2010 and 2011. 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 -48.75

% of the analysed period, being equal to 2010 % in the year 2011.

 

The Net Result of the company increased by -31.73 % 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

-22.52 % of the analysed period, being 117.19 % 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

Veluwe

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Veluwe 4703 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 Veluwe 71 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 Veluwe is normal

 

Publications

 

Filings

28-06-2013: De jaarrekening over 2012 is gepubliceerd.

13-11-2012: De jaarrekening over 2011 is gepubliceerd.

26-08-2011: De jaarrekening over 2010 is gepubliceerd.

24-08-2010: De jaarrekening over 2009 is gepubliceerd.

04-06-2009: De jaarrekening over 2008 is gepubliceerd.

 

 

Company structure

 

Relations                                  4

 

 

L.B. Beheer Ermelo B.V.

Koninginnelaan 7

3851XX ERMELO

Netherlands

Registration number: 081882540000

 

VG '97 Holding B.V.

Marienhoef 6

3851ST ERMELO

Netherlands

Registration number: 341680310000

 

Love for Denim B.V.

Mariënhoef 6

3851ST Ermelo

Netherlands

Registration number: 081536610000

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.22

UK Pound

1

Rs.101.68

Euro

1

Rs.83.46

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.