|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANFIELD B.V. |
|
|
|
|
Registered Office : |
Larenweg 70, 5234KC 's-Hertogenbosch |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
01.08.1958 |
|
|
|
|
Com. Reg. No.: |
KvK-nummer: 16019389 |
|
|
|
|
Legal Form : |
Besloten Vennootschap |
|
|
|
|
Line of Business : |
Wholesaler of footwear |
|
|
|
|
No of Employees : |
228 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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) |
|
Netherland |
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 |
NETHERLAND - 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 |
|
Company name |
Manfield B.V. |
|
Operative
address |
Larenweg 70 |
|
|
5234KC 's-Hertogenbosch |
|
|
Netherlands |
|
|
|
|
Legal form |
Besloten Vennootschap |
|
Registration
number |
KvK-nummer: 16019389 |
|
VAT-number |
001646631 |
|
Year |
2013 |
|
Mutation |
2012 |
|
Mutation |
2011 |
|
Fixed assets |
228.962.000 |
|
-1,52 |
232.487.000 |
|
-31,50 |
339.421.000 |
|
Total receivables |
20.483.000 |
|
-53,25 |
43.818.000 |
|
-28,48 |
61.265.000 |
|
|
|||||||
|
Total equity |
194.432.000 |
|
-7,73 |
210.713.000 |
|
-41,08 |
357.603.000 |
|
Short term liabilities |
241.241.000 |
|
47,87 |
163.149.000 |
|
1,06 |
161.436.000 |
|
|
|||||||
|
Net result |
-12.145.000 |
|
89,87 |
-119.875.000 |
|
-221,36 |
98.778.000 |
|
|
|||||||
|
Working capital |
23.269.000 |
|
-74,33 |
90.638.000 |
|
-24,41 |
119.900.000 |
|
Quick ratio |
0,20 |
|
-41,18 |
0,34 |
|
-32,00 |
0,50 |
|
Company name |
Manfield B.V. |
|
Trade names |
Manfield |
|
|
Manfield B.V. |
|
|
|
|
Operative
address |
Larenweg 70 |
|
|
5234KC 's-Hertogenbosch |
|
|
Netherlands |
|
|
|
|
Correspondence
address |
Postbus 3065 |
|
|
5203DB 's Hertogenbosch |
|
|
Netherlands |
|
|
|
|
Telephone number |
0736483483 |
|
Email address |
|
|
Website |
|
Registration
number |
KvK-nummer: 16019389 |
|
Branch number |
000018828175 |
|
VAT-number |
001646631 |
|
|
|
|
Status |
Active |
|
|
|
|
Memorandum |
1958-08-19 |
|
Establishment
date |
1958-08-01 |
|
|
|
|
Legal form |
Besloten Vennootschap |
|
|
|
|
Last proposed
admendment |
1999-12-17 |
|
SBI |
Wholesale of footwear (46424) |
|
|
|
|
Exporter |
No |
|
Importer |
No |
|
|
|
|
Goal |
De detailhandel in schoenen. |
|
Shareholders |
Hoogenbosch
Retail Group B.V. |
|
|
Larenweg 70 |
|
|
5234KC 'S-HERTOGENBOSCH |
|
|
Netherlands |
|
|
Registration number: 160875180000 |
|
|
Percentage: 100.00% |
|
|
|
|
Companies on
same address |
Dolcis B.V. |
|
|
Registration number: 160350160000 |
|
|
|
|
|
Hoogenbosch
Retail Group B.V. |
|
|
Registration number: 160875180000 |
|
|
|
|
|
Invito B.V. |
|
|
Registration number: 160579750000 |
|
|
|
|
|
Pro Sport B.V. |
|
|
Registration number: 160505140000 |
|
|
|
|
|
S.A. Service
B.V. |
|
|
Registration number: 160657120000 |
|
|
|
|
|
Sears Clothing
B.V. |
|
|
Registration number: 160734910000 |
|
|
|
|
|
Dolcis Belgie
B.V. |
|
|
Registration number: 172137510000 |
|
|
|
|
|
IZET B.V. |
|
|
Registration number: 160350150001 |
|
|
|
|
Liability
statements |
Macintosh Retail
Group N.V. |
|
|
Amerikalaan 100 |
|
|
6199AE MAASTRICHT-AIRPORT |
|
|
Netherlands |
|
|
Registration number: 146283000000 |
|
|
date of issue: 2002-09-12 |
|
|
Starting date: 2000-01-01 |
|
Active
management |
Hoogenbosch
Retail Group B.V. |
|
|
Larenweg 70 |
|
|
5234KC 'S-HERTOGENBOSCH |
|
|
Netherlands |
|
|
Registration number: 160875180000 |
|
|
Competence: Fully authorized |
|
|
Function: Manager |
|
|
Starting date: 2005-08-16 |
|
Total according
to the Chamber of Commerce |
228 |
|
Year |
2014 |
|
Total |
228 |
|
Score |
5,4 |
|
Description |
The payments are slightly delayed |
|
Year
|
2013 |
2012 |
2011 |
2010 |
2009 |
|||||
|
Quick ratio |
0,20 |
0,34 |
0,50 |
0,30 |
0,38 |
|||||
|
Current ratio |
1,10 |
1,56 |
1,74 |
1,40 |
1,44 |
|||||
|
|
|
|
|
|
|
|||||
|
Working capital/ balance total |
0,05 |
0,19 |
0,19 |
0,14 |
0,14 |
|||||
|
Equity / balance total |
0,39 |
0,43 |
0,58 |
0,44 |
0,39 |
|||||
|
Equity / Fixed assets |
0,85 |
0,91 |
1,05 |
0,86 |
0,73 |
|||||
|
Equity / liabilities |
0,65 |
0,76 |
1,36 |
0,80 |
0,65 |
|||||
|
Balance total / liabilities |
1,65 |
1,76 |
2,36 |
1,80 |
1,65 |
|||||
|
|
|
|
|
|
|
|||||
|
Working capital |
|
|
|
|
|
|||||
|
Equity |
194.432.000 |
210.713.000 |
357.603.000 |
270.782.000 |
233.992.000 |
|||||
|
Mutation equity |
-7,73 |
-41,08 |
32,06 |
15,72 |
16,11 |
|||||
|
Mutation short term liabilities |
47,87 |
1,06 |
-23,03 |
9,93 |
7,26 |
|||||
|
|
||||||||||
|
Return on total assets (ROA) |
-1,05 |
-24,87 |
16,46 |
7,88 |
6,11 |
|||||
|
Return on equity (ROE) |
-2,67 |
-57,39 |
28,56 |
17,72 |
15,51 |
|||||
|
Gross profit margin |
-0,12 |
-13,14 |
3,15 |
4,95 |
4,00 |
|||||
|
Net profit margin |
-1,48 |
-13,42 |
11,29 |
3,54 |
2,81 |
|||||
|
|
||||||||||
|
Average collection ratio |
3,41 |
5,47 |
5,42 |
5,39 |
5,85 |
|||||
|
Average payment ratio |
40,13 |
20,39 |
14,28 |
23,52 |
23,63 |
|||||
|
Equity turnover ratio |
4,23 |
4,24 |
2,45 |
4,18 |
4,77 |
|||||
|
Total assets turnover ratio |
1,67 |
1,84 |
1,41 |
1,86 |
1,88 |
|||||
|
Fixed assets turnover ratio |
3,59 |
3,84 |
2,58 |
3,59 |
3,50 |
|||||
|
Inventory conversion ratio |
3,80 |
4,49 |
4,35 |
4,91 |
5,53 |
|||||
|
|
||||||||||
|
Turnover |
822.082.000 |
893.231.000 |
875.168.000 |
1.130.939.000 |
1.116.620.000 |
|||||
|
Gross margin |
419.576.000 |
465.782.000 |
447.973.000 |
533.403.000 |
512.984.000 |
|||||
|
Operating result |
-1.003.000 |
-117.367.000 |
27.570.000 |
55.927.000 |
44.687.000 |
|||||
|
Net result after taxes |
-12.145.000 |
-119.875.000 |
98.778.000 |
40.074.000 |
31.373.000 |
|||||
|
|
|
|
|
|
|
|||||
|
Cashflow |
9.345.000 |
|
|
65.114.000 |
|
|||||
|
|
|
|
|
|
|
|||||
|
Gross profit |
|
|
875.168.000 |
|
|
||||
|
EBIT |
-1.003.000 |
-117.367.000 |
27.570.000 |
55.927.000 |
44.687.000 |
||||
|
EBITDA |
20.487.000 |
|
|
80.967.000 |
|
||||
|
Summary |
The 2013 financial result structure is a positive working capital of 23.269.000
euro, which is in agreement with 5 % of the total assets of the company. The working capital has diminished with -74.33 % compared to previous
year. The ratio, with respect to the total assets of the company has however,
declined. The deterioration between 2012 and 2013 has mainly been caused by an
increase of the current liabilities. The current ratio of the company in 2013 was 1.1. 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 0.2. A company with a Quick
Ratio of less than 1 cannot currently pay back its current liabilities. The 2012 financial result structure is a postive working captial of
90.638.000 euro, which is in agreement with 19 % of the total assets of the
company. The working capital has diminished with -24.41 % compared to previous
year. The ratio with respect to the total assets of the company remains
unchanged. 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 1.56. 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 0.34. A company with a
Quick Ratio of less than 1 cannot currently pay back its current liabilities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type of annual
account |
Consolidated |
|
Annual account |
Macintosh Retail
Group N.V. |
|
|
Amerikalaan 100 |
|
|
6199AE MAASTRICHT-AIRPORT |
|
|
Netherlands |
|
|
Registration number: 146283000000 |
|
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 |
149.267.000 |
150.696.000 |
246.652.000 |
216.131.000 |
216.872.000 |
|
Tangible fixed
assets |
68.638.000 |
78.766.000 |
89.503.000 |
94.523.000 |
99.759.000 |
|
Financial fixed
assets |
11.057.000 |
3.025.000 |
3.266.000 |
4.221.000 |
2.620.000 |
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
End date |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Fixed assets |
228.962.000 |
232.487.000 |
339.421.000 |
314.875.000 |
319.251.000 |
|
|
|||||
|
Total stock |
216.549.000 |
198.905.000 |
201.322.000 |
230.189.000 |
201.990.000 |
|
Accounts receivable |
4.825.000 |
|
|
|
23.381.000 |
|
Other receivables |
15.658.000 |
|
|
|
23.876.000 |
|
Total
receivables |
20.483.000 |
43.818.000 |
61.265.000 |
48.078.000 |
47.257.000 |
|
Liquid funds |
27.478.000 |
11.064.000 |
18.749.000 |
15.568.000 |
24.959.000 |
|
Current assets |
264.510.000 |
253.787.000 |
281.336.000 |
293.835.000 |
274.206.000 |
|
Total assets |
493.472.000 |
486.274.000 |
620.757.000 |
608.710.000 |
593.457.000 |
|
|
|
|
|
|
|
|
Total equity |
194.432.000 |
210.713.000 |
357.603.000 |
270.782.000 |
233.992.000 |
|
|
|||||
|
Provisions |
|
|
15.688.000 |
12.027.000 |
28.133.000 |
|
Long term interest yielding debt |
57.799.000 |
112.412.000 |
86.030.000 |
116.160.000 |
140.539.000 |
|
Long term
liabilities |
57.799.000 |
112.412.000 |
86.030.000 |
116.160.000 |
140.539.000 |
|
Accounts payable |
65.974.000 |
|
|
95.132.000 |
71.399.000 |
|
Other short term liabilities |
175.267.000 |
|
|
114.609.000 |
119.394.000 |
|
Short term
liabilities |
241.241.000 |
163.149.000 |
161.436.000 |
209.741.000 |
190.793.000 |
|
Total short and
long term liabilities |
299.040.000 |
275.561.000 |
263.154.000 |
337.928.000 |
359.465.000 |
|
Total
liabilities |
493.472.000 |
486.274.000 |
620.757.000 |
608.710.000 |
593.457.000 |
|
Summary |
The total assets of the company increased with 1.48 % between 2012 and
2013. Despite the assets growth, the non current assets decreased with -1.52
%. Asset growth is in contrasts with the net worth decline of -7.73 %.
The company's indebtedness has, therefore, increased with 8.52 %. In 2013 the assets of the company were 46.4 % composed of fixed assets
and 53.6 % by current assets. The assets are being financed by an equity of
39.4 %, and total debt of 60.6%. The total assets of the company decreased with -21.66 % between 2011
and 2012. This downturn is mainly retrievable in the fixed asset decrease of
-31.5 %. The asset reduction results in an equity decrease of -41.08 %. Despite
the decrease, the indebtness increased with 4.71 %. In 2012 the assets of the company were 47.81 % composed of fixed
assets and 52.19 % by current assets. The assets are being financed by an
equity of 43.33 %, and total debt of 56.67 %. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Revenues |
822.082.000 |
893.231.000 |
875.860.000 |
1.130.939.000 |
1.116.620.000 |
|
Other operating income |
|
|
692.000 |
|
|
|
Net turnover |
822.082.000 |
893.231.000 |
875.168.000 |
1.130.939.000 |
1.116.620.000 |
|
|
|||||
|
Gross margin |
419.576.000 |
465.782.000 |
447.973.000 |
533.403.000 |
512.984.000 |
|
|
|||||
|
Wages and salaries |
177.773.000 |
447.694.000 |
|
206.380.000 |
204.811.000 |
|
Amorization and depreciation |
21.490.000 |
|
|
25.040.000 |
|
|
Sales |
402.506.000 |
427.449.000 |
421.095.000 |
597.536.000 |
603.636.000 |
|
other operating costs |
221.316.000 |
135.455.000 |
|
246.056.000 |
263.486.000 |
|
Operating expenses |
823.085.000 |
1.010.598.000 |
848.290.000 |
1.075.012.000 |
1.071.933.000 |
|
Result in subsidiaries |
-97.000 |
|
79.767.000 |
|
|
|
Operating result |
-1.003.000 |
-117.367.000 |
27.570.000 |
55.927.000 |
44.687.000 |
|
|
|||||
|
Financial income |
805.000 |
69.000 |
417.000 |
222.000 |
658.000 |
|
Financial expenses |
4.894.000 |
3.638.000 |
5.606.000 |
8.161.000 |
9.059.000 |
|
Financial result |
-4.089.000 |
-3.569.000 |
-5.189.000 |
-7.939.000 |
-8.401.000 |
|
Result on
ordinary operations before taxes |
-5.189.000 |
-120.936.000 |
102.148.000 |
47.988.000 |
36.286.000 |
|
|
|||||
|
Taxation on the result of ordinary
activities |
-1.362.000 |
-1.061.000 |
3.370.000 |
7.914.000 |
7.086.000 |
|
Result of
ordinary activities after taxes |
-3.827.000 |
-119.875.000 |
98.778.000 |
40.074.000 |
29.200.000 |
|
|
|||||
|
Extraordinary income |
1.522.000 |
|
|
|
2.173.000 |
|
Extraordinary expense |
9.840.000 |
|
|
|
|
|
Extraordinary result after taxation |
-8.318.000 |
|
|
|
2.173.000 |
|
Net result |
-12.145.000 |
-119.875.000 |
98.778.000 |
40.074.000 |
31.373.000 |
|
Summary |
The turnover of the company decreased by -7.97 % between 2012 and
2013. The gross profit of the company decreased by -9.92 % between 2012 and
2013. The operating result of the company grew with 99.15 % 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 95.78% of the analysed period, being equal to 2012 % in the
year 2013. Despite the growth the assets turnover decreased, whose index evolved
with -9.24 % to a level of 1.67. The Net Result of the company decreased by 89.87 % 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 95.35 % of the analysed
period, being -2.67 % in the year 2013. The company's financial structure has slowed down its financial
profitability. The turnover of the company grew with 2.06 % between 2011 and 2012. The gross profit of the company grew with 3.98 % between 2011 and
2012. The operating result of the company declined with -525.71 % 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 -251.09% of the analysed period, being equal to 2011 % in
the year 2012. Despite the decline the assets turnover increased by 30.5 % reaching
1.84. The Net Result of the company increased by -221.36 % 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 -300.95 % of the analysed
period, being -57.39 % in the year 2012. The company's financial profitability has been positively affected by
its financial structure. |
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Branch (SBI) |
Wholesale trade (no motor vehicles and motorcycles) (46) |
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Region |
Midden-Brabant |
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In the Netherlands 109662 of the companies are registered with the SBI
code 46 |
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In the region Midden-Brabant 5737 of the companies are registered with
the SBI code 46 |
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In the Netherlands 2387 of the bankrupcties are published within this
sector |
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In the region Midden-Brabant 108 of the bankruptcies are published within
this sector |
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The risk of this specific sector in the Netherlands is normal |
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The risk of this specific sector in the region Midden-Brabant is
normal |
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Consent
statements |
26-06-2012: Voor boekjaar 2011 is een instemmingsverklaring
gedeponeerd. |
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16-05-2011: Voor boekjaar 2010 is een instemmingsverklaring
gedeponeerd. |
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31-05-2010: Voor boekjaar 2009 is een instemmingsverklaring
gedeponeerd. |
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Functions |
05-07-2013: Per 18-07-2012 is bestuurder Roelof Pothof uit functie
getreden. |
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20-02-2012: Per 01-02-2012 is bestuurder Roelof Pothof in functie
getreden. |
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Relations
27 |
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Macintosh Retail
Group N.V. |
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Amerikalaan 100 |
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6199AE MAASTRICHT-AIRPORT |
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Netherlands |
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Registration number: 146283000000 |
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• Hoogenbosch
Retail Group B.V. |
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Larenweg 70 |
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5234KC 'S-HERTOGENBOSCH |
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Netherlands |
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Registration number: 160875180000 |
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• Manfield B.V. |
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Larenweg 70 |
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5234KC 's-Hertogenbosch |
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Netherlands |
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Registration number: 160193890000 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.03 |
|
|
1 |
Rs. 98.91 |
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Euro |
1 |
Rs. 80.33 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.