MIRA INFORM REPORT

 

 

Report No. :

316727

Report Date :

09.04.2015

 

IDENTIFICATION DETAILS

 

Name :

THE MEDICAL EXPORT GROUP B.V.

 

 

Registered Office :

Papland 16, 4206CL Gorinchem

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.07.1980

 

 

Com. Reg. No.:

23044580

 

 

Legal Form :

Besloten Vennootschap

 

 

Line of Business :

Wholesale of medical and dental instruments (46462)

 

 

No of Employees :

54

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Netherlands

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

 

 

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                        The Medical Export Group B.V.

Operative address                    Papland 16

4206CL Gorinchem

Netherlands

Legal form                               Besloten Vennootschap

Registration number                KvK-nummer: 23044580

VAT-number                             005351261

 

Year

2013

Mutation

2012

Mutation

2011

Fixed assets

614.732

87,39

328.045

-4,52

343.570

Total receivables

8.692.298

-35,84

13.547.508

181,25

4.816.932

Total equity

6.587.065

19,67

5.504.519

46,85

3.748.449

Short term liabilities

10.093.074

-31,90

14.821.514

210,01

4.780.970

Net result

2.882.547

40,20

2.056.071

119,03

938.712

Working capital

6.185.536

15,38

5.361.223

52,33

3.519.369

Quick ratio

0,86

-5,49

0,91

-9,90

1,01

 

 

Contact information

 

Company name                        The Medical Export Group B.V.

Trade names                            The Medical Export Group B.V.

Operative address                    Papland 16

4206CL Gorinchem

Netherlands

 

Correspondence address         Postbus 598

4200AN Gorinchem

Netherlands

 

Telephone number                   0183 356100

Fax number                              0183 356122

Email address                          info@meg.nl

Website                                    www.meg.nl

 

 

Registration

 

Registration number                            KvK-nummer: 23044580

Branch number                                    000020069634

VAT-number                                         005351261

 

Status                                                  Active

First registration company register      1980-09-26

Memorandum                                       1980-09-05

Establishment date                              1980-07-01

 

Legal form                                           Besloten Vennootschap

Last proposed admendment                 2004-10-28

 

Issued placed capital                           EUR 349.581

Paid up share capital                           EUR 349.581

 

 

Activities

 

SBI                                                       Wholesale of medical and dental instruments (46462)

 

Exporter                                               Yes

Importer                                               Yes

 

Branche organisations                         TFCH - Task Force Health Care

Goal                                                     Het verwerven van orders in het buitenland ten behoeve van ondernemingen in de branche van apparaten en gebruiksgoederen in ziekenhuizen, alsmede de handel in deze en soortgelijke of aanverwante goederen

 

 

Bank details

 

Accounts                                              ABN Amro Bank NV

Account number:                                   64.28.76.908

 

 

Management

 

Active management                              C. te Kloese (Christian)

Netherlands

Competence: Limited authorization

Function: Manager

Starting date: 2013-06-01

Date of birth: 1978-08-04, Naarden, NL

 

Movaria B.V.

Nassaulaan 55

3743CB BAARN

Netherlands

Registration number: 310359390000

Competence: Fully authorized

Function: General Director

Starting date: 1992-07-01

 

J.W. Maasland (Jan Willem)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1998-06-30

Date of birth: 1955-03-09, Strijen, NL

 

M.F.G. Vos (Monica Francisca Geertruida)

Netherlands

Competence: Fully authorized

Function: Proxy

Starting date: 2007-05-01

Date of birth: 1969-10-28, Ubbergen, NL

 

G. Ranselaar (Guido)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2013-06-01

Date of birth: 1974-02-12, Nijkerk, NL

 

Employees

 

Year

2013

2012

2011

2010

2009

Total

54

25

25

35

35

 

 

Payments

 

Score                                       6,89

Description                              The payments are regular

 

 

Key figures

 

Year

2013

2012

2011

2010

2009

Quick ratio

0,86

0,91

1,01

0,98

1,59

Current ratio

1,61

1,36

1,74

1,57

2,65

Working capital/ balance total

0,37

0,26

0,41

0,35

0,59

Equity / balance total

0,39

0,27

0,43

0,37

0,62

Equity / Fixed assets

10,72

16,78

10,91

10,79

13,26

Equity / liabilities

0,64

0,37

0,77

0,60

1,64

Balance total / liabilities

1,64

1,37

1,77

1,60

2,64

Working capital

6.185.536

5.361.223

3.519.369

3.190.812

3.018.064

Equity

6.587.065

5.504.519

3.748.449

3.409.737

3.160.830

Mutation equity

19,67

46,85

9,93

7,87

3,88

Mutation short term liabilities

-31,90

210,01

-14,87

207,23

-51,25

Return on total assets (ROA)

22,68

13,29

14,31

15,24

29,16

Return on equity (ROE)

58,17

49,51

32,99

40,78

46,91

Gross margin

8.866.254

7.167.788

4.981.826

4.703.708

4.354.561

Operating result

4.059.005

2.975.517

1.362.234

1.454.335

1.557.366

Net result after taxes

2.882.547

2.056.071

938.712

1.048.907

1.118.202

Cashflow

3.059.640

2.150.891

1.051.810

1.127.398

1.193.094

EBIT

4.059.005

2.975.517

1.362.234

1.454.335

1.557.366

EBITDA

4.236.098

3.070.337

1.475.332

1.532.826

1.632.258

 

 

Summary

The 2013 financial result structure is a postive working captial of 6.185.536 euro, which is in agreement with 37 % of the total assets of the company.

The working capital has increased with 15.38 % 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 1.61. A company with a current ratio between1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2013 of the company was 0.86. 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 5.361.223 euro, which is in agreement with 26 % of the total assets of the company.

The working capital has increase with 52.33 % 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 1.36. 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 0.91. 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                                    The Medical Export Group B.V.

Papland 16

4206CL Gorinchem

Netherlands

Registration number: 230445800000

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

614.732

328.045

343.570

316.104

238.409

Fixed assets

614.732

328.045

343.570

316.104

238.409

Total stock

7.578.679

6.629.639

3.451.139

3.316.914

1.939.062

Total receivables

8.692.298

13.547.508

4.816.932

5.456.070

2.723.647

Liquid funds

7.633

5.590

32.268

34.226

183.414

Current assets

16.278.610

20.182.737

8.300.339

8.807.210

4.846.123

Total assets

16.893.342

20.510.782

8.643.909

9.123.314

5.084.532

 

 

 

 

 

 

 

Year

2013

2012

2011

2010

2009

End date

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Issued capital

349.581

349.581

349.581

349.581

349.581

Other reserves

3.354.938

3.098.867

2.460.156

2.011.249

2.811.249

Non-distributable profit

2.882.546

2.056.071

938.712

1.048.907

 

Total reserves

6.237.484

5.154.938

3.398.868

3.060.156

2.811.249

Total equity

6.587.065

5.504.519

3.748.449

3.409.737

3.160.830

Provisions

213.203

184.749

114.490

97.179

95.643

Short term liabilities

10.093.074

14.821.514

4.780.970

5.616.398

1.828.059

Total short and long term liabilities

10.306.277

15.006.263

4.895.460

5.713.577

1.923.702

Total liabilities

16.893.342

20.510.782

8.643.909

9.123.314

5.084.532

 

 

Summary

The total assets of the company decreased with -17.64 % between 2012 and 2013.

Despite the total assets decrease, non current assets grew with 87.39 %.

The asset reduction is in contrast with the equity growth of 19.67 %. Due to this the total debt decreased with -31.32 %.

In 2013 the assets of the company were 3.64 % composed of fixed assets and 96.36 % by current assets. The assets are being financed by an equity of 38.99 %, and total debt of 61.01 %.

 

The total assets of the company increased with 137.29 % between 2011 and 2012.

Despite the assets growth, the non current assets decreased with -4.52 %.

The asset growth has mainly been financed by a debt increase of 206.53 %. The Net Worth, however, grew with 46.85 %.

In 2012 the assets of the company were 1.6 % composed of fixed assets and 98.4 % by current assets. The assets are being financed by an equity of 26.84 %, and total debt of 73.16 %.

 

 

 

Profit and loss

 

Year

2013

2012

2011

2010

2009

Gross margin

8.866.254

7.167.788

4.981.826

4.703.708

4.354.561

Wages and salaries

2.848.144

2.584.094

2.157.540

1.872.397

1.633.386

Amorization and depreciation

177.093

94.820

113.098

78.491

74.892

other operating costs

1.782.012

1.513.357

1.348.954

1.298.485

1.088.917

Operating expenses

4.807.249

4.192.271

3.619.592

3.249.373

2.797.195

Operating result

4.059.005

2.975.517

1.362.234

1.454.335

1.557.366

Financial income

7.739

11.590

 

16.358

3.038

Financial expenses

235.245

261.659

 

80.033

77.579

Financial result

-227.506

-250.069

-125.663

-63.675

-74.541

Result on ordinary operations before taxes

3.831.499

2.725.448

1.236.571

1.390.660

1.482.825

Taxation on the result of ordinary activities

947.735

669.377

297.859

341.753

366.613

Result of ordinary activities after taxes

2.883.764

2.056.071

938.712

1.048.907

1.116.212

Extraordinary income

 

 

 

 

1.990

Extraordinary expense

1.217

 

 

 

 

Extraordinary result after taxation

-1.217

 

 

 

1.990

Net result

2.882.547

2.056.071

938.712

1.048.907

1.118.202

 

 

Summary

The gross profit of the company grew with 23.7 % between 2012 and 2013.

The operating result of the company grew with 36.41 % 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 70.65% of the analysed period, being equal to 2012 % in the year 2013.

The Net Result of the company decreased by 40.2 % 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 17.49 % of the analysed period, being 58.17 % in the year 2013.

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

 

The gross profit of the company grew with 43.88 % between 2011 and 2012.

The operating result of the company grew with 118.43 % between 2011 and 2012. This evolution implies an increase of the company's economic profitability.

The result of these changes is a reduction of the company's Economic Profitability of -7.13 % of the analysed period, being equal to 2011 % in the year 2012.

The Net Result of the company decreased by 119.03 % 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 50.08 % of the analysed period, being 49.51 % 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                                     Zuid-Holland Oost

 

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

In the region Zuid-Holland Oost 4943 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-Holland Oost 86 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-Holland Oost is normal

 

 

Publications

 

Filings                                                 18-11-2014: De jaarrekening over 2013 is gepubliceerd.

25-07-2013: De jaarrekening over 2012 is gepubliceerd.

20-07-2012: De jaarrekening over 2011 is gepubliceerd.

21-12-2011: De jaarrekening over 2010 is gepubliceerd.

06-08-2010: De jaarrekening over 2009 is gepubliceerd.

 

Functions                                 08-07-2013: Per 01-06-2013 is gevolmachtigde Guido Ranselaar in functie getreden.

28-06-2013: Per 01-06-2013 is gevolmachtigde Christian te Kloese in functie getrede1n.

01-02-2013: Per 30-01-2013 is gevolmachtigde Arnout van der Maas uit functie getreden.

 

 

Company structure

 

Relations                                              4

 

Stichting Administratiekantoor Movaria

Nassaulaan 55

3743CB BAARN

Netherlands

Registration number: 320971780000

 

• Movaria B.V.

Nassaulaan 55

3743CB BAARN

Netherlands

Registration number: 310359390000

 

• The Medical Export Group B.V.

Papland 16

4206CL Gorinchem

Netherlands

Registration number: 230445800000

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.32

UK Pound

1

Rs. 92.52

Euro

1

Rs. 67.59

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.