MIRA INFORM REPORT
|
Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOENS FOOD INGREDIENTS B.V. |
|
|
|
|
Registered Office : |
Oranjestraat 40A 4515CA IJzendijke |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.05.2001 |
|
|
|
|
Com. Reg. No.: |
22048339 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
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|
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|
|
No. of Employees : |
20 |
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 – 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
|
Company |
DOENS FOOD INGREDIENTS B.V. |
|
Address |
Oranjestraat 40A 4515CA IJzendijke Netherlands |
|
Legal form |
Private
Company |
|
Registration number |
KvK-nummer:
22048339 |
|
VAT-number |
809802223 |
|
Year |
2013 |
|
Mutation |
2012 |
|
Mutation |
2011 |
|
Fixed
assets |
740.896 |
|
-10,85 |
831.113 |
|
258,08 |
232.101 |
|
Total
receivables |
11.319.785 |
|
46,31 |
7.736.841 |
t |
38,66 |
5.579.803 |
|
|
|||||||
|
Total
equity |
12.037.620 |
|
29,61 |
9.287.699 |
t |
34,94 |
6.882.775 |
|
Short term
liabilities |
29.140.983 |
|
53,53 |
18.980.696 |
t |
62,95 |
11.648.214 |
|
|
|||||||
|
Net result |
3.999.744 |
* |
66,33 |
2.404.745 |
t |
56,48 |
1.536.778 |
|
|
|||||||
|
Working
capital |
11.300.608 |
* |
33,42 |
8.470.139 |
t |
26,89 |
6.675.023 |
|
Quick ratio |
0,39 |
|
-7,14 |
0,42 |
S |
-12,50 |
0,48 |
Contact
information
Company name Doens Food
Ingredients B.V.
Trade names Doens Food
Ingredients B.V.
Operative address Oranjestraat 40A
4515CA IJzendijke
Netherlands
Correspondence address Oranjestraat 40A
4515CA IJzendijke
Netherlands
Telephone number 0117302020
Fax number 0117301811
Email address info@doensfood.com
Website www.doensfood.com
Registration
Registration number KvK-nummer:
22048339
Registered in Kamer van
Koophandel Zuidwest-Nederland
Branch number 000017334179
VAT-number 809802223
Status Active
First registration company register 2001-05-31
Memorandum 2001-05-29
Establishment date
1920-01-01
Legal form Private Company
Activities
SBI Manufacture of
prepared feeds for farm animals (1091)
Wholesale of seeds (46212)
Wholesale of arable farming products and
cattle feeds (46218)
Exporter Yes
Importer Yes
Branche organisations Koninklijke
Vereniging het Comité van Graanhandelaren
VBP - Vereniging
Biologische Producenten en Handel
Goal Groot- en
kleinhandel in-, alsmede de im- en export en opslag van akkerbouwprodukten,
dierenvoeders, kunstmeststoffen, granen en zaden, schonen en drogen van
akkerbouwprodukten Het voeren van agentschappen van akkerbouw-
produkten.
Graanmaalderij
Relations
Shareholders Doens Holding B.V.
Oranjestraat 40/A
4515CA IJZENDIJKE
Netherlands
Registration number: 210005360000
Percentage: 100%
Liability statements Doens Holding B.V.
Oranjestraat 40/A
4515CA IJZENDIJKE
Netherlands
Registration number: 210005360000
date of issue: 2003-07-03
Starting date: 2003-06-24
End date: 2009-05-13
Management
Active management
Doens Holding B.V.
Oranjestraat 40/A
4515CA IJZENDIJKE
Netherlands
Registration number: 210005360000
Competence: Fully authorized
Function: Manager
Starting date: 2001-05-29
Employees
|
Total according to the Chamber of
Commerce |
20 |
|
|
|
|
|
|
Year |
|
2013 |
2012 |
2011 |
2010 |
2009 |
|
Total |
|
20 |
21 |
21 |
25 |
19 |
Payments
Description Payments made under regular condition
Key figures
|
|
|||||
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Quick ratio |
0,39 |
0,42 |
0,48 |
0,57 |
0,28 |
|
Current ratio |
1,39 |
1,45 |
1,57 |
1,71 |
1,48 |
|
|
|||||
|
Working capital/ balance total |
0,27 |
0,30 |
0,36 |
0,41 |
0,32 |
|
Equity / balance total |
0,29 |
0,33 |
0,37 |
0,42 |
0,34 |
|
Equity / Fixed assets |
16,25 |
11,18 |
29,65 |
26,30 |
13,22 |
|
Equity / liabilities |
0,41 |
0,49 |
0,59 |
0,73 |
0,50 |
|
Balance total / liabilities |
1,41 |
1,49 |
1,59 |
1,73 |
1,50 |
|
|
|||||
|
Working capital |
11.300.608 |
8.470.139 |
6.675.023 |
5.183.129 |
2.881.684 |
|
Equity |
12.037.620 |
9.287.699 |
6.882.775 |
5.345.820 |
3.063.040 |
|
Mutation equity |
29,61 |
34,94 |
28,75 |
74,53 |
|
|
Mutation short term liabilities |
53,53 |
62,95 |
59,01 |
21,63 |
|
|
|
|||||
|
Return on total assets (ROA) |
12,90 |
11,30 |
10,98 |
23,96 |
10,03 |
|
Return on equity (ROE) |
44,15 |
34,40 |
29,59 |
56,97 |
29,90 |
|
Gross profit margin |
6,46 |
|
|
|
|
|
Net profit margin |
5,19 |
|
|
|
|
|
|
|||||
|
Average collection ratio |
2,64 |
|
|
|
|
|
Average payment ratio |
6,81 |
|
|
|
|
|
Equity turnover ratio |
6,40 |
|
|
|
|
|
Total assets turnover ratio |
1,87 |
|
|
|
|
|
Fixed assets turnover ratio |
104,02 |
|
|
|
|
|
Inventory conversion ratio |
2,65 |
|
|
|
|
|
|
|||||
|
Turnover |
77.066.205 |
|
|
|
|
|
Gross margin |
8.553.402 |
6.719.566 |
5.163.421 |
6.083.205 |
4.009.780 |
|
Operating result |
4.977.931 |
2.992.940 |
2.245.780 |
3.341.088 |
1.061.629 |
|
Net result after taxes |
4.096.960 |
2.490.219 |
1.536.778 |
2.282.780 |
686.264 |
|
Cashflow |
4.096.960 |
2.490.219 |
1.614.247 |
2.343.382 |
737.082 |
|
EBIT |
4.977.931 |
2.992.940 |
2.245.780 |
3.341.088 |
1.061.629 |
|
EBITDA |
5.075.147 |
3.078.414 |
2.323.249 |
3.401.690 |
1.112.447 |
Summary
The 2013 financial result structure is a postive working captial of 11.300.608
euro, which is in
agreement with 27 % of the total assets of the company.
The working capital has increase with 33.42 % compared to previous year.
The ratio with
respect to the total assets of the company has however, declined.
The improvement between 2012 and 2013 has mainly been caused by a
current liabilities
reduction.
The current ratio of the company in 2013 was 1.39. 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 0.39. 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
8.470.139 euro, which is in
agreement with 30 % of the total assets of the company.
The working capital has increase with 26.89 % 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 1.45. 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 0.42. 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
Doens Food Ingredients B.V.
Oranjestraat 40A
4515CA IJzendijke
Netherlands
Registration number: 220483390000
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 |
353.578 |
275.661 |
195.115 |
203.268 |
231.771 |
|
Financial fixed assets |
387.318 |
555.452 |
36.986 |
|
|
|
Fixed assets |
740.896 |
831.113 |
232.101 |
203.268 |
231.771 |
|
|
|||||
|
Total stock |
29.029.578 |
19.411.685 |
12.686.484 |
8.323.303 |
7.203.344 |
|
Accounts
receivable |
6.247.604 |
|
|
|
1.239.768 |
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
End date |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Other
receivables |
5.072.181 |
|
|
|
416.088 |
|
Total receivables |
11.319.785 |
7.736.841 |
5.579.803 |
4.098.883 |
1.655.856 |
|
Liquid
funds |
92.228 |
302.309 |
56.950 |
86.445 |
45.185 |
|
Current assets |
40.441.591 |
27.450.835 |
18.323.237 |
12.508.631 |
8.904.385 |
|
Total assets |
41.182.487 |
28.281.948 |
18.555.338 |
12.711.899 |
9.136.156 |
|
|
|||||
|
Issued capital |
18.200 |
18.200 |
18.200 |
18.200 |
18.200 |
|
Share
premium reserve |
579.143 |
579.143 |
579.143 |
579.143 |
|
|
Other
reserves |
11.440.277 |
8.690.356 |
6.285.432 |
4.748.477 |
3.044.840 |
|
Total reserves |
12.019.420 |
9.269.499 |
6.864.575 |
5.327.620 |
3.044.840 |
|
Total equity |
12.037.620 |
9.287.699 |
6.882.775 |
5.345.820 |
3.063.040 |
|
|
|||||
|
Provisions |
3.884 |
7.692 |
8.337 |
8.450 |
4.721 |
|
Long term
interest yielding debt |
|
5.861 |
16.012 |
32.127 |
45.694 |
|
Long term liabilities |
|
5.861 |
16.012 |
32.127 |
45.694 |
|
Accounts
payable |
1.928.253 |
|
|
|
1.758.173 |
|
Other short
term liabilities |
27.212.730 |
|
|
|
4.264.528 |
|
Short term liabilities |
29.140.983 |
18.980.696 |
11.648.214 |
7.325.502 |
6.022.701 |
|
Total short and long term
liabilities |
29.144.867 |
18.994.249 |
11.672.563 |
7.366.079 |
6.073.116 |
|
Total liabilities |
41.182.487 |
28.281.948 |
18.555.338 |
12.711.899 |
9.136.156 |
Summary
The total assets of the company increased with 45.61 % between 2012 and
2013.
Despite the assets growth, the non current assets decreased with -10.85
%.
The asset growth has mainly been financed by a debt increase of 53.44 %.
The Net Worth,
however, grew with 29.61 %.
In 2013 the assets of the company were 1.8 % composed of fixed assets
and 98.2 % by
current assets. The assets are being financed by an equity of 29.23 %,
and total debt of
70.77 %.
The total assets of the company increased with 52.42 % between 2011 and
2012.
The total asset increase is retrievable in the fixed asset growth of
258.08 %.
The asset growth has mainly been financed by a debt increase of 62.73 %.
The Net Worth,
however, grew with 34.94 %.
In 2012 the assets of the company were 2.94 % composed of fixed assets
and 97.06 % by
current assets. The assets are being financed by an equity of 32.84 %,
and total debt of
67.16 %.
Profit
and loss
|
|
|||||
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Revenues |
77.066.205 |
|
|
|
|
|
Net turnover |
77.066.205 |
|
|||
|
|
|||||
|
Gross margin |
8.553.402 |
6.719.566 |
5.163.421 |
6.083.205 |
4.009.780 |
|
|
|||||
|
Wages and
salaries |
1.142.611 |
1.452.002 |
1.364.003 |
1.220.091 |
1.080.982 |
|
Amorization
and depreciation |
97.216 |
85.474 |
77.469 |
60.602 |
50.818 |
|
Sales |
68.512.803 |
|
|
|
|
|
other
operating costs |
2.335.644 |
2.189.150 |
1.476.169 |
1.461.424 |
1.816.351 |
|
Operating
expenses |
72.088.274 |
3.726.626 |
2.917.641 |
2.742.117 |
2.948.151 |
|
Operating result |
4.977.931 |
2.992.940 |
2.245.780 |
3.341.088 |
1.061.629 |
|
|
|||||
|
Financial
income |
747.824 |
|
108.055 |
85.858 |
96.245 |
|
Financial
expenses |
411.477 |
|
316.889 |
381.671 |
241.950 |
|
Financial
result |
336.347 |
201.777 |
-208.834 |
-295.813 |
-145.705 |
|
Result on ordinary operations
before taxes |
5.314.278 |
3.194.717 |
2.036.946 |
3.045.275 |
915.924 |
|
|
|||||
|
Taxation on
the result of ordinary activities |
1.321.694 |
790.224 |
500.468 |
767.995 |
229.660 |
|
Result of ordinary activities after
taxes |
3.992.584 |
2.404.493 |
1.536.478 |
2.277.280 |
686.264 |
|
|
|||||
|
Extraordinary
income |
7.160 |
252 |
300 |
5.500 |
|
|
Extraordinary
result after taxation |
7.160 |
252 |
300 |
5.500 |
|
|
Net result |
3.999.744 |
2.404.745 |
1.536.778 |
2.282.780 |
686.264 |
Summary
The operating result of the company grew with 66.32 % 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 14.16
% of the analysed period, being equal to 2012 % in the year 2013.
The Net Result of the company decreased by 66.33 % 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 28.34 % of the analysed period, being 44.15 % in the year 2013.
The company's financial structure has slowed down its financial
profitability.
The gross profit of the company grew with 30.14 % between 2011 and 2012.
The operating result of the company grew with 33.27 % 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 2.91 %
of the analysed period, being equal to 2011 % in the year 2012.
The Net Result of the company decreased by 56.48 % 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 16.26 % of the analysed period, being 34.4 % 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 Zeeland
In the Netherlands 109662 of the companies
are registered with the SBI code 46
In the region Zeeland 1978 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 Zeeland 36 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 Zeeland is normal
Publications
Filings 11-09-2014: De
jaarrekening over 2013 is gepubliceerd.
24-10-2013: De jaarrekening over 2012 is
gepubliceerd.
09-07-2012: De jaarrekening over 2011 is
gepubliceerd.
30-06-2011: De jaarrekening over 2010 is
gepubliceerd.
05-11-2010: De jaarrekening over 2009 is
gepubliceerd.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.