MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

AK STEEL INTERNATIONAL B.V.

 

 

Registered Office :

Rat Verleghstraat 2A 4815NZ Breda

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

13.09.1996

 

 

Com. Reg. No.:

20082595

 

 

Legal Form :

Private company

 

 

Line of Business :

Wholesale of ferrous metals and ferrous semi-finished products

 

 

No. of Employees :

36

 

 

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 :

Slow but correct

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

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 and address

 

AK STEEL INTERNATIONAL B.V.

 

Operative address        Rat Verleghstraat 2A 4815NZ Breda Netherlands

 

Legal form                   Private Company

Registration number    KvK-nummer: 20082595

VAT-number                 805041060

 

 

Year

2013

 

Mutation

2012

 

Mutation

2011

Fixed assets

353.663

 

180,08

126.273

 

-18,19

154.342

Total receivables

14.225.797

 

-12,21

16.204.918

 

-39,14

26.625.096

 

Total equity

6.352.402

 

1.111,94

-627.746

 

-9,23

-574.699

Short term liabilities

23.854.934

4

-55,56

53.681.790

 

-30,70

77.461.302

 

Net result

-719.852

 

-1.256,85

-53.053

t

97,40

-2.039.060

 

Working capital

5.998.739

 

895,57

-754.019

s

-3,43

-729.041

Quick ratio

0,65

r

85,71

0,35

 

-14,63

0,41

 

 

 

Contact information

 

Company name                        AK Steel International B.V.

Trade names                            AK Steel International B.V.

AK Steel International

Operative address                    Rat Verleghstraat 2A

4815NZ Breda

Netherlands

 

Correspondence address         Rat Verleghstraat 2A

4815NZ Breda

Netherlands

Telephone number                   0765237300

Fax number                              0765237399

Email address                          netherlands@aksteel.eu

Website                                    www.aksteel.eu

 

 

Registration

 

Registration number                KvK-nummer: 20082595

Branch number                        000017466849

VAT-number                             805041060

Status Active

First registration company register 1996-11-05

Memorandum                           1996-11-01

Establishment date                  1996-09-13

Legal form                               Private Company

Last proposed admendment     2014-05-09

 

 

Activities

 

SBI                               Wholesale of ferrous metals and ferrous semi-finished products (46722)

Exporter                       Yes

Importer                       Yes

Goal                             De vervaardiging van goederen, met name staal en staalproducten, de handel in deze

goederen, het transport van deze goederen, houdster- en beheermaatschappij.

 

 

Relations

 

Shareholders               Naam: AK Steel International limited

Bezoekadres:                PO Box 501, The Nexus Building, Broadway, Letchworth Garden City, Herts,

SG6 9BL, Verenigd Koninkrijk

Ingeschreven in:            Companies Registration Office Cardiff, Verenigd Koninkrijk onder nummer

3502584

Enig aandeelhouder sedert: 24-08-1998

 

 

Management

 

Active management

 

J.L. Geraeds (Johann Ludwig)

Netherlands

Competence:    Fully authorized

Function:          Manager

Starting date:    2007-04-01

Date of birth:    1960-08-30, Breda, NL

 

E.S. Petersen (Eric Shayne)

Netherlands

Competence:    Fully authorized

Function:          Manager

Starting date:    2014-03-24

Date of birth:    1969-02-20, Azle, NL

 

G.G.M.A. Baert (Gerard Gaston Madeleine Albert)

Netherlands

Competence:    Fully authorized

Function:          General Director

Starting date:    2003-11-25

Date of birth:    1952-03-03, Oudenaarde, BE

 

 

Employees

 

Year

2014

2013

2012

2011

2010

Total

36

32

36

36

26

 

                       

 

 

 

Payments

 

Description

 

Payments         are slow but correct

 

 

Key figures

 

Year

2013

2012

2011

2010

2009

Quick ratio

0,65

0,35

0,41

0,34

0,45

Current ratio

1,25

0,99

0,99

1,02

1,02

 

Working capital/ balance total

0,20

-0,01

-0,01

0,02

0,01

Equity / balance total

0,21

-0,01

-0,01

0,02

0,02

Equity / Fixed assets

17,96

-4,97

-3,72

7,83

15,94

Equity / liabilities

0,27

-0,01

-0,01

0,02

0,02

 

Year

2013

2012

2011

2010

2009

Balance total / liabilities

1,27

0,99

0,99

1,02

1,02

 

Working capital

5.998.739

-754.019

-729.041

1.277.404

1.154.328

Equity

6.352.402

-627.746

-574.699

1.464.361

1.231.612

Mutation equity

1.111,94

-9,23

-139,25

18,90

-87,75

Mutation short term liabilities

-55,56

-30,70

3,18

-1,59

12,92

 

Return on total assets (ROA)

-3,13

-0,33

-3,56

0,47

-4,41

Return on equity (ROE)

-14,90

28,29

476,10

24,76

-277,65

Gross profit margin

-1,10

-0,37

-0,47

1,15

-2,22

Net profit margin

-0,57

-0,03

-0,77

0,10

-1,06

 

Average collection ratio

5,29

3,53

3,44

3,15

3,42

Average payment ratio

8,88

11,69

9,99

10,85

8,64

Equity turnover ratio

19,88

-301,80

-463,01

161,55

211,67

Total assets turnover ratio

4,18

3,57

3,46

3,09

3,36

Fixed assets turnover ratio

357,12

1.500,35

1.724,06

1.265,39

3.373,23

Inventory conversion ratio

8,74

5,58

5,93

4,64

6,05

 

Turnover

126.300.601

189.453.543

266.094.187

236.573.228

260.696.676

Gross margin

2.125.445

4.460.864

4.679.089

8.051.130

-1.217.624

Operating result

-1.387.218

-696.091

-1.249.167

2.712.808

-5.799.661

Net result after taxes

-719.852

-53.053

-2.039.060

232.749

-2.768.718

 

Cashflow

-668.963

-1.531

-1.994.460

279.163

-2.753.084

EBIT

-1.387.218

-696.091

-1.249.167

2.712.808

-5.799.661

EBITDA

-1.336.329

-644.569

-1.204.567

2.759.222

-5.784.027

 

 

Summary

 

The 2013 financial result structure is a postive working captial of 5.998.739 euro, which is in agreement with 20 % of the total assets of the company.

 

The working capital has increased with 895.57 % 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 1.25. 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 0.65. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

 

The 2012 financial result structure is a negative working captial of -754.019 euro, which is in agreement with -1 % of the total assets of the company.

 

The working capital has diminished with -3.43 % 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 0.99. 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 0.35. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

 

 

 

Financial statement

 

Last annual account                 2013

Remark annual account            The company is obliged to file its financial statements.

Type of annual account            Corporate

 

Annual account                        AK Steel International B.V.

Rat Verleghstraat 2A

4815NZ Breda

Netherlands

Registration number: 200825950000

 

 

Balance

 

Year

2013

2012

2011

2010

2009

End date

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Tangible fixed assets

85.374

120.121

148.190

186.957

77.284

Financial fixed assets

268.289

6.152

6.152

 

Fixed assets

353.663

126.273

154.342

186.957

77.284

 

Total stock

14.456.423

33.946.990

44.907.725

50.994.026

43.065.177

Accounts receivable

12.794.727

14.198.551

23.280.930

19.289.501

28.038.538

Other receivables

1.431.070

2.006.367

3.344.166

2.520.861

2.144.920

Total receivables

14.225.797

16.204.918

26.625.096

21.810.362

30.183.458

Liquid funds

1.171.453

2.775.863

5.199.440

3.544.860

4.189.271

 

 

Year

2013

2012

2011

2010

2009

End date

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Current assets

29.853.673

52.927.771

76.732.261

76.349.248

77.437.906

Total assets

30.207.336

53.054.044

76.886.603

76.536.205

77.515.190

 

Issued capital

1.152.100

382.100

382.100

382.100

382.100

Share premium reserve

6.930.340

340

340

340

340

Other reserves

-1.010.186

-957.133

1.081.921

849.172

3.617.890

Non-distributable profit

719.852

53.053

2.039.061

232.749

2.768.718

Total reserves

7.359.858

-850.687

5.160.383

1.082.261

9.155.666

Total equity

6.352.402

-627.746

-574.699

1.464.361

1.231.612

 

Accounts payable

 

 

 

1.420.997

 

Other short term liabilities

 

 

 

73.650.847

 

Short term liabilities

23.854.934

53.681.790

77.461.302

75.071.844

76.283.578

Total short and long term liabilities

23.854.934

53.681.790

77.461.302

75.071.844

76.283.578

Total liabilities

30.207.336

53.054.044

76.886.603

76.536.205

77.515.190

 

 

Summary

 

The total assets of the company decreased with -43.06 % between 2012 and 2013.

 

Despite the total assets decrease, non current assets grew with 180.08 %.

 

The asset reduction is in contrast with the equity growth of 1111.94 %. Due to this the total debt decreased with -55.56 %.

 

In 2013 the assets of the company were 1.17 % composed of fixed assets and 98.83 % by current assets. The assets are being financed by an equity of 21.03 %, and total debt of 78.97 %.

 

The total assets of the company decreased with -31 % between 2011 and 2012.

 

This total assets decrease has been reflected in a reduction of non current assets of -18.19 %.

 

Assets reduction is explained by a Net Worth decrease of -9.23 %, and an indebtedness reduction of -30.7 %.

 

In 2012 the assets of the company were 0.24 % composed of fixed assets and 99.76 % by current assets. The assets are being financed by an equity of -1.18 %, and total debt of 101.18 %.

 

 

 

Profit and loss

 

Year

2013

2012

2011

2010

2009

Revenues

126.300.601

189.453.543

266.094.187

236.573.228

260.696.676

Net turnover

126.300.601

189.453.543

266.094.187

236.573.228

260.696.676

 

Gross margin

2.125.445

4.460.864

4.679.089

8.051.130

-1.217.624

 

Wages and salaries

2.388.541

2.364.446

2.380.536

1.958.920

1.841.958

Amorization and depreciation

50.889

51.522

44.600

46.414

15.634

Sales

124.175.156

184.992.679

261.415.098

228.522.098

261.914.300

other operating costs

1.073.233

2.740.987

3.503.120

3.332.988

2.724.445

Operating expenses

127.687.819

190.149.634

267.343.354

233.860.420

266.496.337

Operating result

-1.387.218

-696.091

-1.249.167

2.712.808

-5.799.661

 

Financial income

469.487

590.608

92.796

78.220

2.669.627

Financial expenses

28.739

72.113

1.579.790

2.428.409

289.540

Financial result

440.748

518.495

-1.486.994

-2.350.189

2.380.087

Result on ordinary operations before taxes

-946.470

-177.596

-2.736.161

362.619

-3.419.574

 

Taxation on the result of ordinary activities

-226.618

-124.543

-702.234

129.870

-650.856

Result of ordinary activities after taxes

-719.852

-53.053

-2.033.927

232.749

-2.768.718

 

Extraordinary expense

 

 

5.133

 

 

Extraordinary result after taxation

 

 

-5.133

 

 

Net result

-719.852

-53.053

-2.039.060

232.749

-2.768.718

 

 

Summary

 

The turnover of the company decreased by -33.33 % between 2012 and 2013.

 

The gross profit of the company decreased by -52.35 % between 2012 and 2013.

 

The operating result of the company declined with -99.29 % 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 -848.48 % of the analysed period, being equal to 2012 % in the year 2013.

 

Despite the decline the assets turnover increased by 17.09 % reaching 4.18.

 

The Net Result of the company increased by -1256.85 % 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 -152.67 % of the analysed period, being -14.9 % in the year 2013.

 

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

 

The turnover of the company decreased by -28.8 % between 2011 and 2012.

 

The gross profit of the company decreased by -4.66 % between 2011 and 2012.

 

The operating result of the company grew with 44.28 % 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 90.73 % of the analysed period, being equal to 2011 % in the year 2012.

 

This growth has contributed to the increase in assets turnover, increasing by 3.18 % reaching 3.57.

 

The Net Result of the company decreased by 97.4 % 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 -94.06 % of the analysed period, being 28.29 % in the year 2012.

 

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                         West-Brabant

 

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

In the region West-Brabant 4857 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 West-Brabant 119 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 West-Brabant is normal

 

 

Publications

 

Filings

22-04-2014: De jaarrekening over 2013 is gepubliceerd.

11-04-2013: De jaarrekening over 2012 is gepubliceerd.

19-04-2012: De jaarrekening over 2011 is gepubliceerd.

17-05-2011: De jaarrekening over 2010 is gepubliceerd.

20-04-2010: De jaarrekening over 2009 is gepubliceerd.

 

Functions                     12-05-2014: Per 24-03-2014 is bestuurder Eric Shayne Petersen in functie getreden.

 

Mergers                        04-08-2014: Op 01-08-2014 fusievoorstel gedeponeerd. Verkrijgende rechtspersoon: AK

Steel International B.V., 20082595 Verdwijnende rechtspersoon: AK Steel International

limited, ingeschreven in: Companies Registration Office te Cardiff, Verenigd Koninkrijk onder

nummer 3502584.

 

Amendments                12-05-2014: Per 9-5-2014 statuten gewijzigd. Per 9-5-2014 naam gewijzigd in: AK Steel

International B.V..

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.49

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SNT

 

               

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.