MIRA INFORM REPORT

 

 

Report Date :

24.09.2014

 

IDENTIFICATION DETAILS

 

Name :

FLORIGO INTERNATIONAL B.V.

 

 

Registered Office :

de Bleek 5 3447GV Woerden

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

28.12.2011

 

 

Com. Reg. No.:

54237718

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacture of metal structures and parts of structures (2511)

 

 

No. of Employees :

0

 

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

Summary

 

Company name                       FLORIGO INTERNATIONAL B.V.

Operative address                   de Bleek 5

3447GV Woerden

Netherlands

Legal form                               Private Company

Registration number:               54237718

VAT-number                            851223667

 

 

Year

2013

Mutation

2012

Fixed assets

1.943.858

217,37

612.480

Total Receivables

20.603

-97,16

726.477

Total Equity

107.699

-75,47

439.091

Short term liabilities

1.252.556

-50,65

2.538.162

Working capital

-552.141

-232,90

415.464

Quick ratio

0,56

-37,78

0,90

 

 

 

 

Contact information

 

Company name                         Florigo International B.V.

Trade names                             Florigo International B.V.

h & h

Ferguson

Florigo

Komen & Kuin

Operative address                      de Bleek 5

3447GV Woerden

Netherlands

Correspondence address            de Bleek 5

3447GV Woerden

Netherlands

Telephone number                      0348435435

Fax number                               0348439394

Email address                           info@florigo.com

Website                                    www.florigo.com | www.florigo.eu | www.florigo-international.com

 

 

Registration

 

Registration number:                              54237718

Branch number                                      000024037176

VAT-number                                          851223667

           

Status                                                   Active

First registration company register           2011-12-28

Memorandum                                        2011-12-28

Establishment date                                2011-12-28

 

Legal form                                             Private Company

Last proposed admendment                    2012-04-25

 

 

Activities

 

SBI                                           Manufacture of metal structures and parts of structures (2511)

Financial holding (6420)

 

Exporter                                    No

Importer                                    No

 

Branche organisations                GMV - Groep Fabrieken van Machines voor de Voedings- en Genotmiddelenindustrie

Goal                                         The company gave aims: 1 manufacturing and development of - and trade in machinery, manufacturing of construction works, as well as the development and manufacture of industrial processing lines. 2 acquire, develop, manage, and exploit intellectual property related to the machines mentioned under paragraph 1, and holding activities. 3 Manufacture of machinery for the production of food and beverage

 

 

Relations

 

Companies on same address      BMA Nederland B.V.

Registration number: 301378990002

Florigo Industry B.V.

Registration number: 565928680000

 

Stichting Administratiekantoor Florigo International

Registration number: 566420670000

 

 

Management

 

Active management                    M. Hendrikse (Michiel)

3818 EP

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2012-04-25

Date of birth: 1970-07-31, Nijmegen, NL

Involved with the following companies

·         Hala" Nederlandsche Lampen Fabriek B.V.

Algolweg 3

3821BG AMERSFOORT

Netherlands

Registration number: 300658410000

Insolvency: Default

Function: Manager

Active management

I.G.M. Verbruggen (Irenaeus Gerardus Maria)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2011-12-28

Date of birth: 1959-10-01, Haarlem, NL

 

 

Employees

 

Total according to the Chamber of Commerce

0

 

 

 

Year

 

2014

2013

2012

Total

 

0

0

16

 

 

 

 

 

 

 

 

 

 

Payments

 

Description                                The payments are regular

 

 

Key figures

 

Year

2013

2012

Quick Ratio

0.56

0.90

Current Ratio

0.56

1.16

Equity / balance total

0,04

0,12

Equity / Fixed assets

0,06

0,72

Equity / liabilities

0,04

0,14

Balance Total / Liabilities

1,04

1,14

Working Capital

-552,141

415,464

Equity

    107.699

439.091

Mutation equity

-75,47

 

Mutation short term liabilities

-50,65

 

 

Summary                      The 2013 financial result structure is a negative working captial of -552.141 euro, which is in agreement with -21 % of the total assets of the company.

The working capital has diminished with -232.9 % 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 0.56. 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 0.56. 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 415.464 euro, which is in agreement with 12 % of the total assets of the company.

The current ratio of the company in 2012 was 1.16. 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 0.9. 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                          Florigo International B.V.

de Bleek 5

3447GV Woerden

Netherlands

Registration number:                  542377180000

 

Balance

 

Year                                                     2013                             2012

End date                                               2013-12-31                    2012-12-31

Intangible fixed assets                            333.337                         433.333

Tangible fixed assets                                                                  179.147

Financial fixed assets                             1.610.521

Fixed assets                                         1.943.858                      612.480

Total stock                                                                                679.727

Total receivables                                    20.603                          726.477

Liquid funds                                           679.812                         1.547.422

Current assets                                       700.415                         2.953.626

Total assets                                          2.644.273                      3.566.106

Issued capital                                        52.600                          52.600

Share premium reserve                           27.400                          27.400

Other reserves                                       27.699                          359.091

Total reserves                                        55.099                          386.491

Total equity                                           107.699                         439.091

Provisions                                             92.345                          147.184

Long term interest yielding debt              1.191.673                      441.669

Long term liabilities                                1.191.673                      441.669

Short term liabilities                               1.252.556                      2.538.162

Total short and long term liabilities           2.536.574                      3.127.015

Total liabilities                                        2.644.273                      3.566.106

 

Summary                                  The total assets of the company decreased with -25.85 % between 2012 and 2013.

Despite the total assets decrease, non current assets grew with 217.37 %.

Assets reduction is explained by a Net Worth decrease of -75.47 %, and an indebtedness reduction of -18.88 %.

In 2013 the assets of the company were 73.51 % composed of fixed assets and 26.49 % by current assets. The assets are being financed by an equity of 4.07 %, and total debt of 95.93%.

In 2012 the assets of the company were 17.18 % composed of fixed assets and 82.82 % by current assets. The assets are being financed by an equity of 12.31 %, and total debt of 87.69 %.

 

 

 

 

 

Analysis

 

Branch (SBI)                              Manufacture of fabricated metal products, except machinery and equipment (25)

Region Westelijk Utrecht

In the Netherlands 12215 of the companies are registered with the SBI code 25

In the region Westelijk Utrecht 323 of the companies are registered with the SBI code 25

In the Netherlands 347 of the bankrupcties are published within this sector

In the region Westelijk Utrecht 11 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 Westelijk Utrecht is normal

 

 

Publications

 

Filings                           26-06-2014: De jaarrekening over 2013 is gepubliceerd.

04-06-2013: De jaarrekening over 2012 is gepubliceerd.

Functions                      01-06-2012: Per 07-05-2012 is bestuurder 52252108 Braver Investments B.V. uit functie

Getreden

27-04-2012: Per 25-04-2012 is bestuurder Michiel Hendrikse in functie getreden.

23-04-2012: Per 12-04-2012 is bestuurder 52252108 Braver Investments B.V. in functie

getreden.

23-04-2012: Per 12-04-2012 is bestuurder Douwe Feenstra uit functie getreden.

23-04-2012: Per 12-04-2012 is bestuurder Cornelis van den Berg uit functie getreden.

04-01-2012: Per 28-12-2011 is bestuurder Irenaeus Gerardus Maria Verbruggen in functie getreden.

04-01-2012: Per 28-12-2011 is bestuurder Douwe Feenstra in functie getreden.

04-01-2012: Per 28-12-2011 is bestuurder Cornelis van den Berg in functie getreden.

Amendments                 19-02-2013: Geplaatst kapitaal gewijzigd in EUR 52.600,00 Gestort kapitaal gewijzigd in

EUR 52.600,00.

27-04-2012: Geplaatst kapitaal gewijzigd in EUR 50.000,00 Gestort kapitaal gewijzigd in EUR 50.000,00.

27-04-2012: Per 25-4-2012 statuten gewijzigd. Per 25-4-2012 naam gewijzigd in: Florigo

International B.V.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.03

UK Pound

1

Rs.99.43

Euro

1

Rs.77.84

 

INFORMATION DETAILS

 

Analysis Done by :

 RAS

 

 

Report Prepared by :

SDA

 

               

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.