MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TROUW NUTRITION
INTERNATIONAL B.V. |
|
|
|
|
Registered Office : |
Nijverheidsweg 2, 3881LA Putten |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.09.2003 |
|
|
|
|
Com. Reg. No.: |
08118433 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Production, processing
and trade in food for humans and animals, chemical and other nutrients as well as the in-and sale of raw materials, in both its own behalf and on behalf of others, take part in, to manage
and the far lending services to other companies as co-holding activities |
|
|
|
|
No. of Employees : |
4 |
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 : |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
Summary
Company name TROUW
NUTRITION INTERNATIONAL B.V.
Operative address Nijverheidsweg
2
3881LA Putten
Netherlands
Legal form Private Company
Registration number KvK-nummer:
08118433
VAT-number 812439466
|
Year |
2013 |
Mutation |
2012 |
Mutation |
2011 |
|
Fixed assets |
1.013.100.000 |
-11,43 |
1.143.900.000 |
9,53 |
1.044.400.000 |
|
Total receivables |
1.178.100.000 |
13,19 |
1.040.800.000 |
0,91 |
1.031.400.000 |
|
Total equity |
942.200.000 |
-3,07 |
972.000.000 |
11,15 |
874.500.000 |
|
Short term liabilities |
1.222.200.000 |
-7,04 |
1.314.800.000 |
5,10 |
1.251.000.000 |
|
Net result |
150.801.000 |
-15,09 |
177.600.000 |
35,36 |
131.201.000 |
|
Working capital |
388.900.000 |
8,30 |
359.100.000 |
41,38 |
254.000.000 |
|
Quick ratio |
1,08 |
9,09 |
0,99 |
2,06 |
0,97 |
Contact
information
Company name Trouw
Nutrition International B.V.
Trade names Trouw
Nutrition International B.V.
TNI Feed
Ingredients
Operative address Nijverheidsweg
2
3881LA Putten
Netherlands
Correspondence address Postbus
40
3880AA Putten
Netherlands
Telephone number 0341371611
Fax number 0341371786
Email address trouw.nutrition@nutreco.com
Website www.trouwnutrition.com
Registration
Registration number KvK-nummer:
08118433
Branch number 000015831043
VAT-number 812439466
Status Active
First registration company register 2003-09-11
Memorandum 2003-09-05
Establishment date 2003-09-05
Legal form Private Company
Activities
SBI Non-specialized
wholesale of food (4639)
Exporter No
Importer No
Goal Production, processing and trade
in food for humans and animals, chemical and other nutrients as well as the in-and sale of raw materials, in both its own behalf and on behalf of others,
take part in, to
manage and the far
lending services to other companies as co-holding activities, in the broadest sense of the word.
Relations
Shareholders Nutreco
International B.V.
Veerstraat 38
5831JN BOXMEER
Netherlands
Registration number: 160743270000
Percentage: 100.00%
Branches Trouw
Nutrition International B.V.
Jellinghausstraat 22
5048AZ TILBURG
Netherlands
Registration
number: 081184330001
Companies on same address Trouw
Nutrition Nederland B.V.
Registration
number: 080139190000
Liability statements Nutreco
N.V.
Veerstraat 38
5831JN Boxmeer
Netherlands
Registration number: 160743050000
date of issue: 2004-06-03
Starting date: 2003-01-01
Management
Active management J.J.
Zandbergen (Jurriën Jacobus)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2013-04-01
Date of birth: 1971-01-18, Heemskerk, NL
H.A.G. Keurentjes (Henricus Augustinus
Gerardus)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2012-08-20
Date of birth: 1962-10-19, Noordoostpolder,
NL
Involved with the
following companies
• Nutreco Nederland B.V.
Veerstraat 38
5831JN Boxmeer
Netherlands
Registration number: 160587210000
Function: Proxy
E.J. Schutte (Ernst Jan)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2013-11-01
Date of birth: 1963-01-07, Leiden, NL
A.J. Goodberry (Andrew John)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2013-11-01
Date of birth: 1966-04-10, Walton on Thames,
GB
R.A. Zandberg (Richard Alexander)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2013-11-01
Date of birth: 1969-03-23, Opsterland, NL
R.J.F.M. Kemme (Roland Johannes Franciscus
Mar)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2013-11-01
Date of birth: 1963-07-09, Vleuten-De Meern,
NL
Employees
Total according to the Chamber of Commerce 4
Year 2014
Total 4
Payments
Description Payments
made under regular condition
Key
figures
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
||
|
Quick ratio |
1,08 |
0,99 |
0,97 |
0,86 |
1,02 |
||
|
Current ratio |
1,32 |
1,27 |
1,20 |
1,11 |
1,28 |
||
|
Working capital/ balance total |
0,15 |
0,13 |
0,10 |
0,06 |
0,13 |
||
|
Equity / balance total |
0,36 |
0,34 |
0,34 |
0,34 |
0,34 |
||
|
Equity / Fixed assets |
0,93 |
0,85 |
0,84 |
0,81 |
0,80 |
||
|
Equity / liabilities |
0,57 |
0,53 |
0,52 |
0,52 |
0,53 |
||
|
Balance total / liabilities |
1,58 |
1,53 |
1,53 |
1,53 |
1,53 |
||
|
Working capital |
388.900.000 |
359.100.000 |
254.000.000 |
137.700.000 |
267.800.000 |
||
|
Equity |
942.200.000 |
972.000.000 |
874.500.000 |
809.400.000 |
730.200.000 |
||
|
Mutation equity |
-3,07 |
11,15 |
8,04 |
10,85 |
11,48 |
||
|
Mutation short term liabilities |
-7,04 |
5,10 |
2,04 |
30,36 |
-7,99 |
||
|
Return on total assets (ROA) |
6,48 |
7,52 |
7,01 |
6,57 |
6,33 |
||
|
Return on equity (ROE) |
18,04 |
21,79 |
20,43 |
19,19 |
18,43 |
||
|
Gross profit margin |
5,05 |
4,49 |
4,15 |
3,82 |
3,65 |
||
|
Net profit margin |
3,90 |
3,40 |
2,78 |
2,29 |
2,06 |
||
|
Average collection ratio |
3,16 |
3,98 |
3,77 |
4,03 |
4,80 |
||
|
Average payment ratio |
3,28 |
5,02 |
4,58 |
6,00 |
6,23 |
||
|
Equity turnover ratio |
4,10 |
5,38 |
5,40 |
6,10 |
6,18 |
||
|
Total assets turnover ratio |
1,47 |
1,86 |
1,85 |
2,09 |
2,12 |
||
|
Fixed assets turnover ratio |
3,82 |
4,57 |
4,52 |
4,94 |
4,92 |
||
|
Inventory conversion ratio |
13,52 |
14,13 |
15,91 |
15,99 |
17,97 |
||
|
Turnover |
3.867.100.000 |
5.229.100.000 |
4.721.100.000 |
4.939.700.000 |
4.511.700.000 |
||
|
Operating result |
195.100.000 |
234.600.000 |
196.100.000 |
188.900.000 |
164.800.000 |
||
|
Net result after taxes |
150.801.000 |
177.600.000 |
131.201.000 |
113.001.000 |
93.001.000 |
||
|
Gross profit |
3.879.700.000 |
5.239.200.000 |
|
4.946.900.000 |
4.516.000.000 |
||
|
EBIT |
195.100.000 |
234.600.000 |
196.100.000 |
188.900.000 |
164.800.000 |
||
Summary The 2013
financial result structure is a postive working captial of 388.900.000 euro,
which is in agreement with 15 % of the total assets of the company.
The working capital has increased with 8.3 %
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
1.32. When the current ratio is below 1.5, the company may have problems
meeting its short-term obligations.
The quick ratio in 2013 of the company was
1.08. 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 359.100.000 euro, which is in agreement with 13 % of
the total assets of the company.
The working capital has increased with 41.38
% 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
1.27. 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
0.99. 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 Nutreco
N.V.
Veerstraat 38
5831JN Boxmeer
Netherlands
Registration number: 160743050000
Balance
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
End date |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Intangible fixed assets |
429.400.000 |
408.100.000 |
360.500.000 |
347.300.000 |
310.400.000 |
|
Tangible fixed assets |
500.100.000 |
639.600.000 |
583.300.000 |
564.600.000 |
517.100.000 |
|
Financial fixed assets |
83.600.000 |
96.200.000 |
100.600.000 |
88.100.000 |
89.500.000 |
|
Fixed assets |
1.013.100.000 |
1.143.900.000 |
1.044.400.000 |
1.000.000.000 |
917.000.000 |
|
Total stock |
286.100.000 |
370.100.000 |
296.800.000 |
309.000.000 |
251.000.000 |
|
Accounts
receivable |
611.900.000 |
357.400.000 |
742.000.000 |
601.400.000 |
540.800.000 |
|
Other
receivables |
566.200.000 |
683.400.000 |
289.400.000 |
222.500.000 |
183.900.000 |
|
Total receivables |
1.178.100.000 |
1.040.800.000 |
1.031.400.000 |
823.900.000 |
724.700.000 |
|
Liquid
funds |
146.900.000 |
263.000.000 |
176.800.000 |
230.800.000 |
232.600.000 |
|
Current assets |
1.611.100.000 |
1.673.900.000 |
1.505.000.000 |
1.363.700.000 |
1.208.300.000 |
|
Total assets |
2.624.200.000 |
2.817.800.000 |
2.549.400.000 |
2.363.700.000 |
2.125.300.000 |
|
Minority interests |
19.600.000 |
9.100.000 |
8.700.000 |
10.200.000 |
10.500.000 |
|
Total equity |
942.200.000 |
972.000.000 |
874.500.000 |
809.400.000 |
730.200.000 |
|
Provisions |
30.200.000 |
|
33.200.000 |
26.000.000 |
19.000.000 |
|
Long term interest
yielding debt |
410.000.000 |
521.900.000 |
382.000.000 |
292.100.000 |
425.100.000 |
|
Long term liabilities |
410.000.000 |
521.900.000 |
382.000.000 |
292.100.000 |
425.100.000 |
|
Accounts payable |
|
1.204.600.000 |
1.044.800.000 |
678.800.000 |
546.900.000 |
|
Other short term
liabilities |
|
110.200.000 |
206.200.000 |
547.200.000 |
393.600.000 |
|
Short term liabilities |
1.222.200.000 |
1.314.800.000 |
1.251.000.000 |
1.226.000.000 |
940.500.000 |
|
Total short and long term liabilities |
1.662.400.000 |
1.836.700.000 |
1.666.200.000 |
1.544.100.000 |
1.384.600.000 |
|
Total liabilities |
2.624.200.000 |
2.817.800.000 |
2.549.400.000 |
2.363.700.000 |
2.125.300.000 |
Summary The
total assets of the company decreased with -6.87 % between 2012 and 2013.
This downturn is mainly
retrievable in the fixed asset decrease of -11.43 %.
Assets reduction is explained by a Net Worth
decrease of -3.07 %, and an indebtedness reduction of -9.49 %.
In 2013 the assets of the company were 38.61
% composed of fixed assets and 61.39 % by current assets. The assets are being
financed by an equity of 35.9 %, and total debt of 64.1
%.
The total assets of the company increased
with 10.53 % between 2011 and 2012.
The fixed asset growth of 9.53 % is lower
than the total asset growth.
The asset growth has mainly been financed by
a Net Worth increase of 11.15 %. Debt, however, grew with 10.23 %.
In 2012 the assets of the company were 40.6
% composed of fixed assets and 59.4 % by current assets. The assets are being
financed by an equity of 34.49 %, and total debt of 65.51 %.
Profit
and loss
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Revenues |
3.887.700.000 |
5.248.100.000 |
4.724.500.000 |
4.979.200.000 |
4.552.400.000 |
|
Other operating income |
8.000.000 |
8.900.000 |
3.400.000 |
32.300.000 |
36.400.000 |
|
Net turnover |
3.867.100.000 |
5.229.100.000 |
4.721.100.000 |
4.939.700.000 |
4.511.700.000 |
|
Operating expenses |
3.692.600.000 |
5.013.500.000 |
4.528.400.000 |
4.790.300.000 |
4.387.600.000 |
|
Result in subsidiaries |
3.500.000 |
3.200.000 |
6.600.000 |
2.200.000 |
1.400.000 |
|
Operating result |
195.100.000 |
234.600.000 |
196.100.000 |
188.900.000 |
164.800.000 |
|
Financial income |
6.200.000 |
6.300.000 |
11.200.000 |
7.500.000 |
6.700.000 |
|
Financial expenses |
34.800.000 |
32.300.000 |
35.200.000 |
43.300.000 |
38.300.000 |
|
Financial result |
-28.600.000 |
-26.000.000 |
-24.000.000 |
-35.800.000 |
-31.600.000 |
|
Result on ordinary operations before taxes |
170.000.000 |
211.800.000 |
178.700.000 |
155.300.000 |
134.600.000 |
|
Taxation on the result of
ordinary activities |
42.399.000 |
54.100.000 |
45.499.000 |
39.099.000 |
34.699.000 |
|
Result of ordinary activities after taxes |
127.601.000 |
157.700.000 |
133.201.000 |
116.201.000 |
99.901.000 |
|
Extraordinary income |
|
20.500.000 |
7.100.000 |
1.000.000 |
2.200.000 |
|
Extraordinary expense |
100.000 |
600.000 |
9.100.000 |
4.200.000 |
9.100.000 |
|
Extraordinary result after
taxation |
-100.000 |
19.900.000 |
-2.000.000 |
-3.200.000 |
-6.900.000 |
|
Result subsidiaries after
taxes |
23.300.000 |
|
|
|
|
|
Net result |
150.801.000 |
177.600.000 |
131.201.000 |
113.001.000 |
93.001.000 |
Summary The
turnover of the company decreased by -26.05 % between 2012 and 2013.
The operating result of the company declined
with -16.84 % between 2012 and 2013. 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 -13.83 % of the analysed period,
being equal to 2012 % in the year 2013.
This fall has contributed to a asset
turnover decrease, whose index evolved from -20.97 to a level of 1.47.
The Net Result of the company increased by
-15.09 % between 2012 and 2013.
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
-17.21 % of the analysed period, being 18.04 % in the year 2013.
The company's financial profitability has
been positively affected by its financial structure.
The turnover of the company grew with 10.76
% between 2011 and 2012.
The operating result of the company grew
with 19.63 % 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 7.28 % of the analysed period, being
equal to 2011 % in the year 2012.
Despite the growth the asset turnover
remained the same at 1.86.
The Net Result of the company decreased by
35.36 % 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 6.66
% of the analysed period, being 21.79 % in the year 2012.
The company's financial structure has slowed
down its financial profitability.
Analysis
Branch (SBI)
Wholesale trade (no motor vehicles and motorcycles) (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
Consent statements 15-04-2014:
Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.
24-04-2013: Voor boekjaar 2012 is een
instemmingsverklaring gedeponeerd.
12-04-2012: Voor boekjaar 2011 is een instemmingsverklaring
gedeponeerd.
15-04-2011: Voor boekjaar 2010 is een
instemmingsverklaring gedeponeerd.
Functions 10-01-2014:
Per 01-12-2013 is bestuurder Harm de Wildt uit functie getreden.
03-12-2013: Per 01-11-2013 is gevolmachtigde
Roland Johannes Franciscus Maria Kemme in functie getreden.
03-12-2013: Per 01-11-2013 is gevolmachtigde
Andrew John Goodberry in functie getreden.
03-12-2013: Per 01-11-2013 is gevolmachtigde
Richard Alexander Zandberg in functie getreden.
03-12-2013: Per 01-11-2013 is gevolmachtigde
Ernst Jan Schutte in functie getreden.
03-12-2013: Per 01-11-2013 is gevolmachtigde
Lars Jan Willem van Arensbergen uit functie getreden.
12-04-2013: Per 01-04-2013 is bestuurder
Jurriën Jacobus Zandbergen in functie getreden.
12-04-2013: Per 01-04-2013 is bestuurder
Jerry Antony Vergeer uit functie getreden.
12-04-2013: Per 01-04-2013 is bestuurder
16015739 Nutreco B.V. uit functie getreden.
27-08-2012: Per 20-08-2012 is gevolmachtigde
Lars Jan Willem van Arensbergen in functie getreden.
27-08-2012: Per 20-08-2012 is gevolmachtigde
Henricus Augustinus Gerardus Keurentjes in functie getreden.
05-04-2012: Per 01-03-2012 is gevolmachtigde
Roeland Johan Tjebbes uit functie getreden.
08-06-2011: Per 01-06-2011 is bestuurder
Harm de Wildt in functie getreden.
23-05-2011: Per 01-05-2011 is bestuurder
Gerardes Antony Vergeer in functie getreden.
23-05-2011: Per 01-05-2011 is bestuurder
Frank Jurjen Tielens uit functie getreden.
23-05-2011: Per 01-05-2011 is gevolmachtigde
Roeland Johan Tjebbes in functie getreden.
23-05-2011: Per 01-05-2011 is gevolmachtigde
Herman Johan Abbink uit functie getreden.
Company
structure
Relations 21
Nutreco N.V.
Veerstraat 38
5831JN Boxmeer
Netherlands
Registration number: 160743050000
• Nutreco International B.V.
Veerstraat 38
5831JN BOXMEER
Netherlands
Registration number: 160743270000
• Trouw Nutrition International B.V.
Nijverheidsweg 2
3881LA Putten
Netherlands
Registration number: 081184330000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
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.