MIRA INFORM REPORT
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Report No. : |
316542 |
|
Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
DACAPO STAINLESS B.V. |
|
|
|
|
Registered Office : |
Vossenbeemd 111 5705CL Helmond |
|
|
|
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Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
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Date of Incorporation : |
04.06.2008 |
|
|
|
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Com. Reg. No.: |
27320333 |
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|
|
|
Legal Form : |
Private Company |
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|
|
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Line of Business : |
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No. of Employee : |
26 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
No complaints |
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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 |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
NETHERLAND - 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 DACAPO STAINLESS B.V.
Operative address Vossenbeemd 111
5705CL Helmond
Netherlands
Legal form Private Company
Registration number 27320333
VAT-number 819537512
|
Year |
2013 |
|
Mutation |
2012 |
|
Mutation |
2011 |
|
Fixed
assets |
35.287 |
|
-69,67 |
116.359 |
|
-15,92 |
138.390 |
|
Total
receivables |
4.019.262 |
|
108,05 |
1.931.879 |
|
-21,98 |
2.476.096 |
|
|
|||||||
|
Total
equity |
-1.117.325 |
|
-28,77 |
-867.711 |
|
-229,42 |
-263.402 |
|
Short term
liabilities |
4.770.870 |
|
-25,21 |
6.378.698 |
|
-1,18 |
6.454.885 |
|
|
|||||||
|
Net result |
-249.614 |
58,69 |
-604.309 |
|
-8.352,21 |
7.323 |
|
|
|
|||||||
|
Working
capital |
3.747.388 |
|
626,34 |
515.930 |
|
-53,02 |
1.098.208 |
|
Quick ratio |
0,87 |
171,88 |
0,32 |
|
-20,00 |
0,40 |
|
Contact
information
Company name Dacapo Stainless B.V.
Trade names Dacapo
Stainless B.V.
Operative address
Vossenbeemd 111
5705CL Helmond
Netherlands
Correspondence address Postbus 6065
5700ET Helmond
Netherlands
Telephone number 0492 577777
Fax number 0492
577799
Email address contact-nl@dacapo.com
Website www.dacapo.com
Registration
Registration number 27320333
Branch number 000016782232
VAT-number 819537512
Status Active
First registration company register 2008-06-26
Memorandum 2008-06-20
Establishment date 2008-06-04
Legal form Private Company
Last proposed admendment 2008-10-31
Issued placed capital EUR 2.500.000
Paid up share capital EUR 2.500.000
Activities
SBI Manufacture
of basic iron and steel and of ferro-alloys (2410)
Wholesale of ferrous metals and ferrous semi-finished products (46722)
Exporter Yes
Importer Yes
Goal The purchase, sale, export and wholesale import
and processing stainless steel (semi-) finished.
Relations
Shareholders Name: Dacapo Stainless A / S
Visiting address:
Nptunvej 1 Silksborg DK-8600,
Denmark
Registered in: Ehrvervs-og Selskabsstyrelsen Copenhagen,
Denmark under number 2668824
Sole shareholder since: 30-12-2008
Bank
details
Accounts ABN
Amro Bank NV
Account number: NL58ABNA0462258351
BIC: ABNANL2A
Management
Active Management H.S. Sylvest (Henrik Saxtrup)
Netherlands
Competence: Fully
authorized
Function: Manager
Starting date:
2011-02-09
Date of birth:
1965-05-25, Rodovre, DK
K.S. Sylvest
(Kristian Saxtrup)
Netherlands
Function:
Commissaris
Starting date:
2011-02-09
Date of birth:
1971-10-01, Kopenhagen, DK
T.J.J.M. van Welij
(Theodorus Josephus Johannes Ma)
Netherlands
Competence:
Limited authorization
Function: Proxy
Starting date:
2008-10-01
Date of birth:
1963-05-14, Bakel en Milheeze, NL
S.J.W. van den
Eijnde (Stephan Jozef Wilhelm)
Netherlands
Competence:
Limited authorization
Function: Proxy
Starting date:
2011-09-01
Date of birth:
1975-01-29, Helmond, NL
H.P. Verbakel
(Hein Pierre)
Netherlands
Competence:
Limited authorization
Function: Proxy
Starting date:
2011-09-01
Date of birth: 1972-06-11,
Helmond, NL
Employees
Total according to the Chamber of Commerce 26
Year 2014
2012 2011 2010
2009
Total 26
26 20 29 26
Payments
Description Payments made under regular condition
Key
Figures
|
Key figures |
|
|
|
|
|
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Quick ratio |
0,87 |
0,32 |
0,40 |
0,40 |
0,39 |
|
Current ratio |
1,79 |
1,08 |
1,17 |
1,21 |
1,11 |
|
Working capital/ balance total |
0,44 |
0,07 |
0,14 |
0,17 |
0,10 |
|
Equity / balance total |
-0,13 |
-0,12 |
-0,03 |
-0,04 |
0,04 |
|
Equity / Fixed assets |
-31,66 |
-7,46 |
-1,90 |
-1,38 |
1,00 |
|
Equity / liabilities |
-0,12 |
-0,11 |
-0,03 |
-0,04 |
0,05 |
|
Balance total / liabilities |
0,88 |
0,89 |
0,97 |
0,96 |
1,05 |
|
Working capital |
3.747.388 |
515.930 |
1.098.208 |
1.033.613 |
500.356 |
|
Equity |
-1.117.325 |
-867.711 |
-263.402 |
-270.725 |
228.844 |
|
Mutation equity |
-28,77 |
-229,42 |
2,70 |
-218,30 |
|
|
Mutation short term liabilities |
-25,21 |
-1,18 |
30,41 |
10,44 |
|
|
Return on total assets (ROA) |
-2,92 |
-8,62 |
0,10 |
|
|
|
Return on equity (ROE) |
22,34 |
69,64 |
-2,78 |
|
|
|
Gross profit margin |
-0,37 |
-2,11 |
|
|
|
|
Net profit margin |
-1,38 |
-3,50 |
|
|
|
|
Average collection ratio |
3,80 |
2,71 |
|
|
|
|
Average payment ratio |
4,51 |
8,94 |
|
|
|
|
Equity turnover ratio |
-16,23 |
-19,90 |
|
|
|
|
Total assets turnover ratio |
2,12 |
2,46 |
|
|
|
|
Fixed assets turnover ratio |
513,76 |
148,42 |
|
|
|
|
Inventory conversion ratio |
4,13 |
3,54 |
|
|
|
|
Turnover |
18.128.998 |
17.269.479 |
|
|
|
|
Gross margin |
2.251.910 |
2.270.583 |
3.546.102 |
|
|
|
Operating result |
-67.927 |
-364.859 |
173.650 |
|
|
|
Net result after taxes |
-249.614 |
-604.309 |
7.323 |
|
|
|
Cashflow |
-182.542 |
-515.981 |
73.021 |
|
|
|
EBIT |
-67.927 |
-364.859 |
173.650 |
|
|
|
EBITDA |
-855 |
-276.531 |
239.348 |
|
|
Summary The 2013 financial result structure is a postive
working captial of 3.747.388 euro, which is in agreement with 44 % of the total
assets of the company.
The
working capital has increased with 626.34 % 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 1.79. A company with a current ratio
between 1.5 and 3.0 generally indicates good short-term financial strength.
The
quick ratio in 2013 of the company was 0.87. 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 515.930 euro, which is in agreement with 7 % of the total assets of the company.
The working
capital has diminished with -53.02 % compared to previous year. The ratio, with
respect to the total assets of the company has however, declined.
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 1.08. 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 0.32. 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 Dacapo Stainless B.V.
Vossenbeemd 111
5705CL Helmond
Netherlands
Registration number: 273203330000
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 |
35.287 |
116.359 |
138.390 |
|
228.488 |
|
||||
|
Financial fixed
assets |
|
|
|
195.662 |
|
|||||
|
Fixed assets |
35.287 |
116.359 |
138.390 |
195.662 |
228.488 |
|||||
|
Total stock |
4.388.703 |
4.878.884 |
4.958.491 |
4.020.049 |
3.222.575 |
|||||
|
Accounts receivable |
1.988.744 |
1.869.924 |
|
1.569.150 |
962.710 |
|||||
|
Other receivables |
2.030.518 |
61.955 |
|
355.086 |
704.963 |
|||||
|
Total receivables |
4.019.262 |
1.931.879 |
2.476.096 |
1.924.236 |
1.667.673 |
|||||
|
Liquid funds |
110.293 |
83.865 |
118.506 |
38.977 |
91.700 |
|||||
|
Current assets |
8.518.258 |
6.894.628 |
7.553.093 |
5.983.262 |
4.981.948 |
|||||
|
Total assets |
8.553.545 |
7.010.987 |
7.691.483 |
6.178.924 |
5.210.436 |
|||||
|
Issued capital |
2.500.000 |
2.500.000 |
2.500.000 |
2.500.000 |
2.500.000 |
|||||
|
Other reserves |
-3.617.325 |
-3.367.711 |
-2.763.402 |
-2.770.725 |
-2.271.156 |
|||||
|
Total reserves |
-3.617.325 |
-3.367.711 |
-2.763.402 |
-2.770.725 |
-2.271.156 |
|||||
|
Total equity |
-1.117.325 |
-867.711 |
-263.402 |
-270.725 |
228.844 |
|||||
|
Long term interest yielding debt |
4.900.000 |
1.500.000 |
1.500.000 |
1.500.000 |
500.000 |
|||||
|
Long term liabilities |
4.900.000 |
1.500.000 |
1.500.000 |
1.500.000 |
500.000 |
|||||
|
Accounts payable |
975.880 |
898.125 |
|
509.377 |
369.907 |
|||||
|
Other short term liabilities |
3.794.990 |
5.480.573 |
|
4.440.272 |
4.111.685 |
|||||
|
Short term liabilities |
4.770.870 |
6.378.698 |
6.454.885 |
4.949.649 |
4.481.592 |
|||||
|
Total short and long term liabilities |
9.670.870 |
7.878.698 |
7.954.885 |
6.449.649 |
4.981.592 |
|||||
|
Total liabilities |
8.553.545 |
7.010.987 |
7.691.483 |
6.178.924 |
5.210.436 |
|||||
Summary The total assets of the company increased with 22 % between 2012 and
2013.
Despite the assets
growth, the non current assets decreased with -69.67 %.
Asset growth is in
contrasts with the net worth decline of -28.77 %. The company's
indebtedness has,
therefore, increased with 22.75 %.
In 2013 the assets
of the company were 0.41 % composed of fixed assets and 99.59 % by current
assets. The assets are being financed by an equity of -13.06 %, and total debt
of 113.06 %.
The total assets
of the company decreased with -8.85 % between 2011 and 2012.
This downturn is
mainly retrievable in the fixed asset decrease of -15.92 %.
Assets reduction
is explained by a Net Worth decrease of -229.42 % while the indebtedness
remains unchanged.
In 2012 the assets
of the company were 1.66 % composed of fixed assets and 98.34 % by current
assets. The assets are being financed by an equity of -12.38 %, and total debt
of 112.38 %.
Profit
and loss
|
Year |
2013 |
2012 |
2011 |
|
Revenues |
18.128.998 |
17.269.479 |
|
|
Net turnover |
18.128.998 |
17.269.479 |
|
|
Gross margin |
2.251.910 |
2.270.583 |
3.546.102 |
|
Wages and salaries |
939.514 |
1.088.421 |
1.442.929 |
|
Amorization and depreciation |
67.072 |
88.328 |
65.698 |
|
Sales |
15.877.088 |
14.998.896 |
|
|
other operating costs |
1.313.251 |
1.458.693 |
1.863.825 |
|
Operating expenses |
18.196.925 |
17.634.338 |
3.372.452 |
|
Operating result |
-67.927 |
-364.859 |
173.650 |
|
Financial income |
|
36.981 |
|
|
Financial expenses |
|
276.431 |
|
|
Financial result |
-181.687 |
-239.450 |
-166.327 |
|
Result on ordinary
operations before taxes |
-249.614 |
-604.309 |
7.323 |
|
Result of ordinary
activities after taxes |
-249.614 |
-604.309 |
7.323 |
|
Net result |
-249.614 |
-604.309 |
7.323 |
Summary The turnover of the
company grew with 4.98 % between 2012 and 2013.
The gross profit of the company has remained the same between 2012 and 2013. The operating result of the company grew with 81.38 % 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 66.13 % of the analysed period, being equal to 2012 % in the year 2013.
Despite the growth the assets turnover decreased, whose index evolved with -13.82 % to a level of 2.12.
The Net Result of the company decreased by 58.69 % 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 -67.92 % of the analysed period, being 22.34 % in the year 2013.
The company's financial profitability has been positively affected by its financial structure.
The gross profit of the company decreased by -35.97 % between 2011 and 2012. The operating result of the company declined with -310.11 % 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 -8720 % of the analysed period, being equal to 2011 % in the year 2012.
The Net Result of the company increased by -8352.21 % between 2011 and 2012.
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 24-09-2014:
De jaarrekening over 2013 is gepubliceerd.
28-01-2014: De jaarrekening over 2012 is gepubliceerd.
21-03-2012: De jaarrekening over 2011 is gepubliceerd.
23-06-2011: De jaarrekening over 2009 is gepubliceerd.
23-06-2011: De jaarrekening over 2010 is gepubliceerd.
Functions 07-12-2012:
Per 01-12-2012 is gevolmachtigde Gerardus Hendrikus Alfonsus ten
Barge uit functie getreden.
08-09-2011: Per 01-09-2011 is gevolmachtigde Hein Pierre Verbakel in functie getreden.
08-09-2011: Per 01-09-2011 is gevolmachtigde Stephan Jozef Wilhelm van den Eijnde in functie getreden.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.