MIRA
INFORM REPORT
|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HARMON
INTERNATIONAL |
|
|
|
|
Registered Office : |
Herenweg 115, 2105MG Heemstede |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.02.2009 |
|
|
|
|
Com. Reg. No.: |
34325239 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
· Wholesaler of paper and paperboard Financial holding |
|
|
|
|
No of Employees : |
02 (2014) |
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 |
|
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 |
Summary
Company name Harmon International Europe B.V.
Operative address Herenweg 115
2105MG Heemstede
Netherlands
Status Active
Legal form Besloten
Vennootschap (Private Company)
Registration number KvK-nummer:
34325239
VAT-number 820400622
|
Year |
2012 |
Mutation |
2011 |
Mutation |
2010 |
|
Fixed
assets |
144.519 |
|
|
|
|
|
Total
receivables |
2.259.207 |
38,64 |
1.629.542 |
-23,16 |
2.120.589 |
|
Total
equity |
597.964 |
67,85 |
356.240 |
86,53 |
190.978 |
|
Short term
liabilities |
2.345.882 |
45,83 |
1.608.646 |
-37,80 |
2.586.315 |
|
Net result |
241.724 |
46,27 |
165.262 |
-5,60 |
175.070 |
|
Working
capital |
453.445 |
27,29 |
356.240 |
86,53 |
190.978 |
|
Quick ratio |
0,96 |
-4,95 |
1,01 |
23,17 |
0,82 |
Contact information
Company name Harmon
International Europe B.V.
Trade names Harmon
International Europe B.V.
Operative address Herenweg 115
2105MG Heemstede
Netherlands
Correspondence address Postbus 219
2100AE Heemstede
Netherlands
Telephone number 0235849431
Fax number 0235849062
Mobile number 0611014626
Email address jeroen.devries@gapac.com
Website www.gpharmon.com
Registration
Registration number KvK-nummer:
34325239
Branch number 000018172725
VAT-number 820400622
Status Active
First registration
company register 2009-02-04
Memorandum 2009-02-03
Establishment date 2009-02-03
Legal form Besloten
Vennootschap (Private Company)
Last proposed admendment 2012-09-11
Activities
SBI Wholesaler of
paper and paperboard (46762)
Financial holding
(6420)
Exporter Yes
Importer Yes
Goal De im- en export
van en de groothandel in alle soorten papier, papierwaren en
kunststoffen,
alsmede houdster- en financieringsmaatschappij
(The import and export and wholesale of all kinds of paper, paper products and
plastics, as well as holding and finance)
Management
Active management J.K. de Vries
(Jeroen Kees)
Netherlands
Competence: Jointly authorized
Function: Manager
Starting date: 2009-02-03
Date of birth: 1966-04-09, Haarlem, NL
Involved with the following companies
• Georgia-Pacific Nederland B.V.
Teleportboulevard 140
1043EJ Amsterdam
Netherlands
Registration number: 160310730000
Function: Manager
M.A. Forman (Marc Andrew)
Netherlands
Competence: Jointly authorized
Function: Manager
Starting date: 2012-07-06
Date of birth: 1955-12-27, New York City, US
J.K. de Vries (Jeroen Kees)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2009-02-11
Date of birth: 1966-04-09, Haarlem, NL
Involved with the following companies
• Georgia-Pacific Nederland B.V.
Teleportboulevard 140
1043EJ Amsterdam
Netherlands
Registration number: 160310730000
Function: Manager
Employees
Total according to the Chamber of Commerce 2
Year 2014
2013 2012 2011 2010
Total
2 2 2 2 2
Payments
Description Payments made
under regular condition
Key figures
Year 2012
2011 2010 2009
Quick ratio 0,96
1,01 0,82
Current ratio 1,19
1,22 1,07
Working capital/ balance total 0,15 0,18 0,07 1,00
Equity / balance total 0,20 0,18 0,07 1,00
Equity / Fixed assets 4,14
Equity / liabilities 0,25 0,22 0,07
Balance total / liabilities 1,25 1,22
1,07
Working capital 453.445
356.240 190.978 15.908
Equity 597.964 356.240 190.978
15.908
Mutation equity 67,85
86,53 1.100,52
Mutation short term liabilities 45,83 -37,80
Return on total assets (ROA) 11,12 9,79 7,89 -13,15
Return on equity (ROE) 54,73
54,00 114,76 -13,15
Gross profit margin 1,51
1,01 1,39
Net profit margin 1,12
0,75 1,07
Average collection ratio 9,21
13,67 6,36
Average payment ratio 9,57
13,50 7,75
Equity turnover ratio 36,15
61,74 86,07
Total assets turnover ratio 7,34 11,19
5,92
Fixed assets turnover ratio 149,57
Inventory conversion ratio 40,02 65,58
25,03
Turnover 21.615.824
21.993.505 16.437.153
Gross margin 1.074.499
867.766 858.485
Operating result 325.815 221.960 228.900
-1.524
Net result after taxes 241.724 165.262 175.070
-2.092
EBIT 325.815
221.960 228.900 -1.524
Summary
The 2012 financial result structure is a positive working capital of
453.445 euro, which is in
agreement with 15 % of the total assets of the company.
The working capital has increase with 27.29 % compared to previous year.
The ratio with
respect to the total assets of the company has however, declined.
The improvement between 2011 and 2012 has mainly been caused by a
current liabilities
reduction.
The current ratio of the company in 2012 was 1.19. 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 0.96. 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
356.240 euro, which is in
agreement with 18 % of the total assets of the company.
The working capital has increased with 86.53 % 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 1.22. 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 1.01. A company with a Quick
Ratio of more than
1 can currently pay back its current liabilities.
Financial statement
Type of annual account Corporate
Annual account Harmon
International Europe B.V.
Herenweg 115
2105MG Heemstede
Netherlands
Registration number: 343252390000
Balance Sheet
Year 2012
2011 2010 2009
End date 2012-12-31 2011-12-31 2010-12-31 2009-12-31
Financial fixed assets 144.519
Fixed assets 144.519
Total stock 540.120
335.344 656.704
Accounts receivable 2.108.461
1.603.060 2.067.463
Other receivables 150.746
26.482 53.126
Total receivables 2.259.207
1.629.542 2.120.589
Liquid funds 15.908
Current assets 2.799.327
1.964.886 2.777.293 15.908
Total assets 2.943.846
1.964.886 2.777.293 15.908
Issued capital 18.000
18.000 18.000 18.000
Other reserves 579.964
338.240 172.978 -2.092
Total reserves 579.964
338.240 172.978 -2.092
Total equity 597.964
356.240 190.978 15.908
Accounts payable 1.374.207
1.058.392 1.477.835
Other short term liabilities 971.675 550.254
1.108.480
Short term liabilities 2.345.882
1.608.646 2.586.315
Total short and long
term liabilities 2.345.882
1.608.646 2.586.315
Total liabilities 2.943.846
1.964.886 2.777.293 15.908
Summary
the total assets of the company increased with 49.82
% between 2011 and 2012.
The asset growth has mainly been financed by a Net Worth increase of
67.85 %. Debt,
however, grew with 45.83 %.
In 2012 the assets of the company were 4.91 % composed of fixed assets
and 95.09 % by
current assets. The assets are being financed by an equity of 20.31 %,
and total debt of
79.69 %.
The total assets of the company decreased with -29.25 % between 2010 and
2011.
The asset reduction is in contrast with the equity growth of 86.53 %.
Due to this the total debt
decreased with -37.8 %.
Profit & Loss
|
Year |
2012 |
2011 |
2010 |
2009 |
|
Revenues |
21.615.824 |
21.993.505 |
16.437.153 |
|
|
Net turnover |
21.615.824 |
21.993.505 |
16.437.153 |
|
|
Gross margin |
1.074.499 |
867.766 |
858.485 |
|
|
Sales |
748.684 |
645.806 |
629.585 |
|
|
Operating expenses |
21.290.009 |
21.771.545 |
16.208.253 |
1.524 |
|
Operating result |
325.815 |
221.960 |
228.900 |
-1.524 |
|
Financial income |
1.438 |
|
|
|
|
Financial expenses |
|
29.608 |
9.735 |
|
|
Financial result |
1.438 |
-29.608 |
-9.735 |
-568 |
|
Result of ordinary activities after taxes |
241.724 |
165.262 |
175.070 |
-2.092 |
|
Net result |
241.724 |
165.262 |
175.070 |
-2.092 |
Summary
The turnover of the company decreased by -1.72 % between 2011 and 2012.
The gross profit of the company grew with 23.82 % between 2011 and 2012.
The operating result of the company grew with 46.79 % 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 13.59
% of the analysed period, being equal to 2011 % in the year 2012.
Despite the growth the assets turnover decreased, whose index evolved
with -34.41 % to a
level of 7.34.
The Net Result of the company decreased by 46.27 % 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
1.35 % of the analysed period, being 54.73 % in the year 2012.
The company's financial structure has slowed down its financial
profitability.
The turnover of the company grew with 33.8 % between 2010 and 2011.
The gross profit of the company grew with 1.08 % between 2010 and 2011.
The operating result of the company declined with -3.03 % between 2010
and 2011. This
evolution implies an decrease of the company's economic profitability.
The result of these changes is an increase of the company's Economic
Profitability of 24.08
% of the analysed period, being equal to 2010 % in the year 2011.
This growth has contributed to the increase in assets turnover,
increasing by 89.02 %
reaching 11.19.
The Net Result of the company increased by -5.6 % 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
-52.95 % of the analysed period, being 54 % in the year 2011.
The company's financial profitability has been positively affected by
its financial structure.
Analysis
Branch (SBI) Wholesale trade
(no motor vehicles and motorcycles) (46)
Region Kennemerland
In the Netherlands 109662 of the companies
are registered with the SBI code 46
In the region Kennemerland 2933 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 Kennemerland 57 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 Kennemerland is normal
Publications
Filings 02-09-2013: De
jaarrekening over 2012 is gepubliceerd.
26-07-2012: De jaarrekening over 2011 is
gepubliceerd.
07-07-2011: De jaarrekening over 2010 is
gepubliceerd.
02-07-2010: De jaarrekening over 2009 is
gepubliceerd.
Functions 25-07-2012: Per
19-07-2012 is bestuurder Lisa Mitchell uit functie getreden.
20-07-2012: Per 06-07-2012 is bestuurder
Marc Anthony Forman in functie getreden.
09-09-2010: Per 01-07-2010 is bestuurder
Jane Louise Ponting uit functie getreden.
09-09-2010: Per 03-02-2009 is bestuurder
Jeroen Kees de Vries in functie getreden.
09-09-2010: Per 01-07-2010 is bestuurder
Jeroen Kees de Vries uit functie getreden.
09-09-2010: Per 01-07-2010 is bestuurder
Lisa Mitchell in functie getreden.
Amendments 14-09-2012: Per 11-9-2012 statuten gewijzigd. Zetel gewijzigd in:
Amsterdam.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
UK Pound |
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.