MIRA INFORM REPORT

 

 

Report Date :

24.09.2014

 

IDENTIFICATION DETAILS

 

Correct Name :

VESPO CORPORATE TEXTILES B.V.

 

 

Registered Office :

Adriaan Mulderweg 4-10, 5657EM Eindhoven

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.02.1989

 

 

Com. Reg. No.:

KvK-nummer: 17064355

 

 

Legal Form :

Besloten Vennootschap

 

 

Line of Business :

Wholesale of textile products

 

 

No. of Employees :

23

 

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

 

 

 

Summary

 

Company name             Vespo Corporate Textiles B.V.

Operative address          Adriaan Mulderweg 4-10

5657EM Eindhoven

Netherlands

Legal form                     Besloten Vennootschap

Registration number       KvK-nummer: 17064355

VAT-number                  009090691

 

Year

2012

 

Mutation

2011

 

Mutation

2010

Fixed assets

Total receivables

2.176.458

 

0,97

2.155.540

 

-20,70

2.718.200

 

Total equity

3.175.618

 

10,15

2.882.930

 

15,15

2.503.612

Short term liabilities

2.522.643

%

-16,55

3.023.054

 

-0,55

3.039.689

 

Net result

292.688

 

-48,22

565.276

 

34,50

420.267

 

Working capital

3.175.618

 

10,15

2.882.930

 

15,15

2.503.612

Quick ratio

0,86

 

21,13

0,71

 

-26,04

0,96

 

 

Contact information

 

Company name                         Vespo Corporate Textiles B.V.

Trade names                             Vespo Corporate Textiles B.V.

Vespo Corporate Textiles B.V.

Operative address                      Adriaan Mulderweg 4-10

5657EM Eindhoven

Netherlands

Correspondence address            Postbus 8585

5605KN Eindhoven

Netherlands

Telephone number                      0402380300

Fax number                               0402380388

Email address                           verkoop@vespo.nl

Website                                    www.vespoct.nl

 

 

Registration

 

Registration number                               KvK-nummer: 17064355

Branch number                                      000015834670

VAT-number                                          009090691

Status                                                   Active

First registration company register           1989-02-17

Memorandum                                        1989-02-13

Establishment date                                1989-02-13

Legal form                                             Besloten Vennootschap

Last proposed admendment                    2009-03-01

 

 

Activities

 

SBI                               Wholesale of textile products (46429)

Exporter                        Yes

Importer                        Yes

Goal                             De handel in textiel(goederen), aanverwante artikelen en promotie-artikelen

 

 

Relations

 

Shareholders                 Vespo Groep B.V.

Adriaan Mulderweg 4-10

5657EM EINDHOVEN

Netherlands

Registration number: 171724740000

Percentage: 100%

Liability statements        Vespo Groep B.V.

Adriaan Mulderweg 4-10

 

5657EM EINDHOVEN

Netherlands

Registration number: 171724740000

date of issue: 2006-12-01

Starting date: 2005-01-03

End date: 2010-04-08

 

Management

 

Vespo Holding B.V.

Ekenrooisestraat 59

5583TE WAALRE

Netherlands

Registration number: 171724690000

Competence: Fully authorized

Function: Manager

Starting date: 2005-01-03

K.F.H. Meerding (Klaas Franciscus Henricus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2010-10-01

Date of birth: 1965-11-17, Helmond, NL

Active management

K.F.H. Meerding (Klaas Franciscus Henricus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2010-10-01

Date of birth: 1965-11-17, Helmond, NL

 

 

Employees

 

Year                 2014     2012     2011     2010     2009

Total                 23         23         23         20         23

 

Payments

 

Description Payments made under regular condition

 

 

Key figures

 

Year

2012

2011

2010

2009

Quick ratio

0,86

0,71

0,96

0,87

Current ratio

2,26

1,95

1,82

1,61

 

Working capital/ balance total

0,56

0,49

0,45

0,38

Equity / balance total

0,56

0,49

0,45

0,38

Equity / Fixed assets

 

 

 

287,40

Equity / liabilities

1,26

0,95

0,82

0,61

Balance total / liabilities

2,26

1,95

1,82

1,61

Working capital

3.175.618

2.882.930

2.503.612

2.083.345

 

Equity

3.175.618

2.882.930

2.503.612

2.083.345

Mutation equity

10,15

15,15

20,17

 

Mutation short term liabilities

-16,55

-0,55

-10,35

 

 

Return on total assets (ROA)

6,42

12,76

9,97

5,63

Return on equity (ROE)

11,52

26,14

22,08

14,80

Gross margin

3.864.973

5.005.114

3.766.777

3.043.946

Operating result

436.578

819.898

597.097

401.340

Net result after taxes

292.688

565.276

420.267

233.610

Cashflow

 

 

420.267

233.610

 

EBIT

436.578

819.898

597.097

401.340

EBITDA

 

 

604.346

537.504

 

 

Summary

 

The 2012 financial result structure is a postive working captial of 3.175.618 euro, which is in

agreement with 56 % of the total assets of the company.

The working capital has increased with 10.15 % 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 2.26. 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 0.86. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 2.882.930 euro, which is in

agreement with 49 % of the total assets of the company.

The working capital has increased with 15.15 % 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 1.95. A company with a current ratio between

1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2011 of the company was 0.71. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities

 

 

 

Financial statement

 

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

Type of annual account                           Corporate

Annual account                                      Vespo Corporate Textiles B.V.

Adriaan Mulderweg 4-10

5657EM Eindhoven

Netherlands

Registration number: 170643550000

 

 

 

Balance

 

Year

2012

2011

2010

2009

End date

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Tangible fixed assets

 

7.249

 

Fixed assets

 

7.249

 

 

Total stock

3.519.498

3.748.546

2.620.195

2.516.570

 

Total receivables

2.176.458

2.155.540

2.718.200

2.346.175

 

Liquid funds

2.305

1.898

204.906

603.926

Current assets

5.698.261

5.905.984

5.543.301

5.466.671

 

Total assets

5.698.261

5.905.984

5.543.301

5.473.920

 

 

Issued capital

18.200

18.200

18.200

18.200

 

Year

2012

2011

2010

2009

End date

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Other reserves

3.157.418

2.864.730

2.065.145

1.831.535

Non-distributable profit

 

 

420.267

233.610

Total reserves

3.157.418

2.864.730

2.485.412

2.065.145

Total equity

3.175.618

2.882.930

2.503.612

2.083.345

 

 

Short term liabilities

2.522.643

3.023.054

3.039.689

3.390.575

 

Total short and long term liabilities

2.522.643

3.023.054

3.039.689

3.390.575

 

Total liabilities

5.698.261

5.905.984

5.543.301

5.473.920

 

 

 

Summary

 

The total assets of the company decreased with -3.52 % between 2011 and 2012.

The asset reduction is in contrast with the equity growth of 10.15 %. Due to this the total debt decreased with -16.55 %. The total assets of the company increased with 6.54 % between 2010 and 2011.

 

 

 

 

 

 

 

Profit and loss

 

Year

2012

2011

2010

2009

 

Gross margin

3.864.973

5.005.114

3.766.777

3.043.946

 

Wages and salaries

938.467

870.350

1.376.164

1.019.800

 

Amortization and depreciation

 

 

7.249

136.164

 

Other operating costa

2.489.928

3.314.866

1.786.267

1.486.642

 

 

Year

2012

2011

2010

2009

 

Operating expenses

3.428.395

4.185.216

3.169.680

2.642.606

 

Operating result

436.578

819.898

597.097

401.340

 

 

Financial income

 

 

3.795

 

 

Financial expenses

70.718

66.241

48.120

93.095

 

Financial result

-70.718

-66.241

-44.325

-93.095

 

Result on ordinary operations before taxes

365.860

753.657

552.772

308.245

 

 

Taxation on the result of ordinary activities

73.172

188.381

132.505

74.635

 

Result of ordinary activities after taxes

292.688

565.276

420.267

233.610

 

 

Net result

292.688

565.276

420.267

233.610

 

 

 

Summary

 

 The gross profit of the company decreased by -22.78 % between 2011 and 2012.

The operating result of the company declined with -46.75 % 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 -49.69

% of the analysed period, being equal to 2011 % in the year 2012.

The Net Result of the company increased by -48.22 % 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

-55.93 % of the analysed period, being 11.52 % in the year 2012.

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

The gross profit of the company grew with 32.88 % between 2010 and 2011.

The operating result of the company grew with 37.31 % between 2010 and 2011. 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 27.98

% of the analysed period, being equal to 2010 % in the year 2011.

The Net Result of the company decreased by 34.5 % 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

18.39 % of the analysed period, being 26.14 % in the year 2011.

The company's financial structure has slowed down its financial profitability

 

 

 

Analysis

 

Branch (SBI)      Wholesale trade (no motor vehicles and motorcycles) (46)

Region              Zuid-Oost-Brabant

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

In the region Zuid-Oost-Brabant 5034 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 Zuid-Oost-Brabant 97 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 Zuid-Oost-Brabant is normal

 

 

Publications

 

Filings               15-07-2013: De jaarrekening over 2012 is gepubliceerd.

21-06-2012: De jaarrekening over 2011 is gepubliceerd.

20-10-2011: De jaarrekening over 2010 is gepubliceerd.

27-09-2010: De jaarrekening over 2009 is gepubliceerd.

Functions          07-02-2014: Per 27-06-2013 is gevolmachtigde Theodorus Johannes Cornelis Willems uit

functie getreden.

14-03-2013: Per 11-03-2013 is gevolmachtigde Cornelis Nicolaas Petrus Molenschot uit

functie getreden.

19-11-2012: Per 01-11-2012 is gevolmachtigde Cornelis Nicolaas Petrus Molenschot in

functie getreden.

12-10-2010: Per 01-10-2010 is gevolmachtigde Klaas Franciscus Henricus Meerding in

functie getreden.

12-10-2010: Per 01-01-2010 is gevolmachtigde Theodorus Johannes Cornelis Willems in

functie getreden.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.87

UK Pound

1

Rs.99.63

Euro

1

Rs.78.22

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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.