MIRA INFORM REPORT
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Report No. : |
306869 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOGAS IRAQ B.V. |
|
|
|
|
Registered Office : |
Prins Bernhardplein 200 1097JB Amsterdam |
|
|
|
|
Country : |
Netherland |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.11.2009 |
|
|
|
|
Com. Reg. No.: |
KvK-nummer: 34366433 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Refining of Petroleum. |
|
|
|
|
No. of Employee : |
Not Available |
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 |
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|
|
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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) |
|
Netherland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 KOGAS Iraq B.V.
Operative address Prins Bernhardplein 200
1097JB Amsterdam
Netherlands
Legal form Private Company
Registration number KvK-nummer: 34366433
VAT-number 821548086
|
Year |
2013 |
Mutation |
2012 |
Mutation |
2011 |
|
Fixed assets |
261.620.106 |
15,46 |
226.590.125 |
44,00 |
157.349.871 |
|
Total receivables |
233.801.228 |
12,47 |
207.876.315 |
32,39 |
157.019.088 |
|
Total equity |
389.375.369 |
30,96 |
297.328.342 |
49,05 |
199.479.865 |
|
Short term liabilities |
69.777.450 |
45,41 |
47.987.723 |
43,28 |
33.493.314 |
|
Net result |
58.939.260 |
73,68 |
33.935.881 |
310,87 |
8.259.525 |
|
Working capital |
220.091.440 |
16,76 |
188.502.357 |
31,91 |
142.903.624 |
|
Quick ratio |
4,15 |
-15,82 |
4,93 |
-6,45 |
5,27 |
Contact
information
Company name KOGAS Iraq B.V.
Trade names KOGAS Iraq B.V.
KOGAS Iraq B.V.
Operative address Prins Bernhardplein 200
1097JB Amsterdam
Netherlands
Correspondence address Prins Bernhardplein 200
1097JB Amsterdam
Netherlands
Telephone number 0205214777
Registration
Registration number KvK-nummer: 34366433
Branch number 000016893514
VAT-number 821548086
Status Active
First registration company register 2009-11-24
Memorandum 2009-11-23
Establishment date 2009-11-23
Legal form Private Company
Last proposed admendment 2013-05-24
Issued placed capital EUR 236.948.776
Paid up share capital EUR 236.948.776
Activities
SBI Refining of petroleum (19201)
Exporter No
Importer No
Goal Het verrichten van activiteiten op het gebied van de verwerking van aardolie en aardgas producten, alsmede de handel in vloeibare koolwaterstoffen en/of gassen en aanverwante grondstoffen en producten
Relations
Shareholders Naam: Korea Gas Corporation
Bezoekadres: 215 Jeongja Bundang Seongnam, Gyeonggi, Korea
Ingeschreven in: Court Registration / Companies Office Korea, Zuid-Korea onder nummer 114671-0006125
Enig aandeelhouder sedert: 23-11-2009
Companies on same address Amount: 3744
Management
Active management Intertrust
(Netherlands) B.V.
Prins Bernhardplein 200
1097JB AMSTERDAM
Netherlands
Registration number: 331442020000
Competence: Jointly authorized
Function: Manager
Starting date: 2009-11-23
S.S. Park (Sung Soo)
Netherlands
Competence: Jointly
authorized
Function: Manager
Starting date: 2013-12-16
Date of birth: 1961-04-08,
Seoul, KR
S.S. Park (Sung Soo)
Netherlands
Competence: Jointly authorized
Function: Manager
Starting date: 2013-12-16
Date of birth: 1961-04-08,
Seoul, KR
C.S. Yoo (Chong Su)
Netherlands
Competence: Jointly
authorized
Function: Manager
Starting date: 2013-12-16
Date of birth: 1960-09-01,
Seoul, KR
C.S. Yoo (Chong Su)
Netherlands
Competence: Jointly
authorized
Function: Manager
Starting date: 2013-12-16
Date of birth: 1960-09-01,
Seoul, KR
K.H. Lee (Kyung Hoon)
Netherlands
Competence: Jointly
authorized
Function: Manager
Starting date: 2014-11-10
Date of birth: 1963-02-01,
Seoul, KR
K.H. Lee (Kyung Hoon)
Netherlands
Competence: Jointly
authorized
Function: Manager
Starting date: 2014-11-10
Date of birth: 1963-02-01, Seoul, KR
Employees
|
Total according to the Chamber of Commerce |
0 |
|
|
Year |
2015 |
2013 |
|
Total |
0 |
26 |
Payments
Description No Complaints
Key
figures
|
Year |
2013 |
2012 |
2011 |
2010 |
|
Quick ratio |
4,15 |
4,93 |
5,27 |
7,82 |
|
Current ratio |
4,15 |
4,93 |
5,27 |
7,82 |
|
Working capital/ balance total |
0,40 |
0,41 |
0,43 |
0,39 |
|
Equity / balance total |
0,71 |
0,64 |
0,60 |
0,57 |
|
Equity / Fixed assets |
1,49 |
1,31 |
1,27 |
1,03 |
|
Equity / liabilities |
2,40 |
1,79 |
1,49 |
1,33 |
|
Balance total / liabilities |
3,40 |
2,79 |
2,49 |
2,33 |
|
Working capital |
220.091.440 |
188.502.357 |
142.903.624 |
90.205.804 |
|
Equity |
389.375.369 |
297.328.342 |
199.479.865 |
133.253.203 |
|
Mutation equity |
30,96 |
49,05 |
49,70 |
|
|
Mutation short term liabilities |
45,41 |
43,28 |
153,34 |
|
|
Return on total assets (ROA) |
16,26 |
11,31 |
4,18 |
10,93 |
|
Return on equity (ROE) |
23,04 |
17,62 |
7,00 |
19,15 |
|
Gross profit margin |
26,82 |
19,24 |
11,82 |
49,56 |
|
Net profit margin |
17,65 |
12,47 |
7,00 |
28,09 |
|
Average collection ratio |
4,79 |
5,67 |
3,52 |
4,45 |
|
Average payment ratio |
1,43 |
1,31 |
0,75 |
0,98 |
|
Equity turnover ratio |
0,86 |
0,92 |
0,59 |
0,44 |
|
Total assets turnover ratio |
0,61 |
0,59 |
0,35 |
0,25 |
|
Fixed assets turnover ratio |
1,28 |
1,20 |
0,75 |
0,45 |
|
Turnover |
333.892.566 |
272.090.354 |
117.929.514 |
58.895.274 |
|
Gross margin |
92.383.753 |
|
|
|
|
Operating result |
89.561.170 |
52.347.281 |
13.943.890 |
29.186.959 |
|
Net result after taxes |
58.939.260 |
33.935.881 |
8.259.525 |
16.545.011 |
|
Cashflow |
58.960.166 |
|
|
|
|
Year |
2013 |
2012 |
2011 |
2010 |
|
Gross profit |
333.892.566 |
272.090.354 |
|
|
|
EBIT |
89.561.170 |
52.347.281 |
13.943.890 |
29.186.959 |
|
EBITDA |
89.582.076 |
|
|
|
Summary The 2013 financial
result structure is a postive working captial of 220.091.440 euro, which is in
agreement with 40 % of the total assets of the company.
The working capital has
increase with 16.76 % 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 4.15. If the current ratio exeeds 3.0, the company may not
be using its current assets or its short-term financing facilities efficiently
.
The quick ratio in 2013 of
the company was 4.15. A company with a Quick Ratio of more than 1 can currently
pay back its current liabilities.
The 2012 financial result
structure is a postive working captial of 188.502.357 euro, which is in
agreement with 41 % of the total assets of the company.
The working capital has
increase with 31.91 % 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 4.93. If the current ratio exeeds 3.0, the company may not
be using its current assets or its short-term financing facilities efficiently
.
The quick ratio in 2012 of
the company was 4.93. A company with a Quick Ratio of more than 1 can 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 KOGAS Iraq B.V.
Prins Bernhardplein 200
1097JB Amsterdam
Netherlands
Registration number: 343664330000
Balance
|
Year |
2013 |
2012 |
2011 |
2010 |
|
End date |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Intangible fixed assets |
14.092 |
19.706 |
13.139 |
|
|
Tangible fixed assets |
222.926.650 |
138.694.866 |
71.666.280 |
129.603.711 |
|
Financial fixed assets |
38.679.364 |
87.875.553 |
85.670.453 |
362.780 |
|
Fixed assets |
261.620.106 |
226.590.125 |
157.349.871 |
129.966.491 |
|
Total receivables |
233.801.228 |
207.876.315 |
157.019.088 |
60.220.730 |
|
Liquid funds |
56.067.661 |
28.613.765 |
19.377.850 |
43.205.974 |
|
Current assets |
289.868.890 |
236.490.080 |
176.396.938 |
103.426.704 |
|
Total assets |
551.488.996 |
463.080.204 |
333.746.809 |
233.393.195 |
|
Issued capital |
236.519.247 |
167.970.296 |
117.832.134 |
74.292.853 |
|
Share premium reserve |
45.978.728 |
67.767.169 |
50.271.272 |
41.887.998 |
|
Other reserves |
106.877.394 |
61.590.877 |
31.376.458 |
527.340 |
|
Non-distributable profit |
|
|
|
16.545.011 |
|
Total reserves |
152.856.122 |
129.358.046 |
81.647.731 |
58.960.350 |
|
Total equity |
389.375.369 |
297.328.342 |
199.479.865 |
133.253.203 |
|
Provisions |
38.565.490 |
117.764.139 |
100.773.629 |
86.919.093 |
|
Long term interest yielding debt |
53.770.687 |
|
|
|
|
Long term liabilities |
53.770.687 |
|
|
|
|
Short term liabilities |
69.777.450 |
47.987.723 |
33.493.314 |
13.220.900 |
|
Total short and long term liabilities |
162.113.627 |
165.751.863 |
134.266.944 |
100.139.992 |
|
Total liabilities |
551.488.996 |
463.080.204 |
333.746.809 |
233.393.195 |
Summary The total assets of the company increased with 19.09 % between 2012 and 2013.
The fixed asset growth of 15.46 % is lower than the total asset growth.
The assets growth has been financed by a Net Worth increase of 30.96 %. The company's net increase has also covered a reduction of -2.19 % of the company's indebtedness.
In 2013 the assets of the company were 47.44 % composed of fixed assets and 52.56 % by current assets. The assets are being financed by an equity of 70.6 %, and total debt of 29.4 %.
The total assets of the company increased with 38.75 % between 2011 and 2012.
The total asset increase is retrievable in the fixed asset growth of 44 %.
The asset growth has mainly been financed by a Net Worth increase of 49.05 %. Debt,
however, grew with 23.45 %.
In 2012 the assets of the company were 48.93 % composed of fixed assets and 51.07 % by current assets. The assets are being financed by an equity of 64.21 %, and total debt of 35.79 %.
Profit and
loss
|
Year |
2013 |
2012 |
2011 |
2010 |
|
Revenues |
333.950.182 |
273.268.920 |
117.929.514 |
58.895.274 |
|
Other operating income |
57.617 |
1.178.566 |
|
|
|
Net turnover |
333.892.566 |
272.090.354 |
117.929.514 |
58.895.274 |
|
Gross margin |
92.383.753 |
|
|
|
|
Wages and salaries |
1.581.820 |
|
|
|
|
Amorization and depreciation |
20.906 |
|
|
|
|
Sales |
241.508.813 |
|
|
|
|
other operating costs |
1.277.473 |
|
|
|
|
Operating expenses |
244.389.012 |
220.921.639 |
103.985.624 |
29.708.315 |
|
Operating result |
89.561.170 |
52.347.281 |
13.943.890 |
29.186.959 |
|
Financial income |
131.566 |
42.444 |
12.366 |
50.116 |
|
Financial expenses |
|
|
|
3.722.048 |
|
Financial result |
131.566 |
42.444 |
12.366 |
-3.671.932 |
|
Result on ordinary operations before taxes |
89.692.736 |
52.389.724 |
13.956.256 |
25.515.027 |
|
Taxation on the result of ordinary activities |
31.736.525 |
18.453.843 |
5.358.219 |
8.970.016 |
|
Result of ordinary activities after taxes |
57.956.211 |
33.935.881 |
8.598.037 |
16.545.011 |
|
Extraordinary income |
983.049 |
|
|
|
|
Extraordinary expense |
|
|
338.511 |
|
|
Year |
2013 |
2012 |
2011 |
2010 |
|
Extraordinary result after taxation |
983.049 |
|
-338.511 |
|
|
Net result |
58.939.260 |
33.935.881 |
8.259.525 |
16.545.011 |
Summary The turnover of the company grew with 22.71 % between 2012 and 2013.
The operating result of the company grew with 71.09 % 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 43.77 % of the analysed period, being equal to 2012 % in the year 2013. This growth has contributed to the increase in assets turnover, increasing by 3.39 % reaching 0.61.
The Net Result of the company decreased by 73.68 % 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 30.76 % of the analysed period, being 23.04 % in the year 2013.
The company's financial structure has slowed down its financial profitability.
The turnover of the company grew with 130.72 % between 2011 and 2012.
The operating result of the company grew with 275.41 % 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 170.57 % of the analysed period, being equal to 2011 % in the year 2012.
This growth has contributed to the increase in assets turnover, increasing by 68.57 % reaching 0.59.
The Net Result of the company decreased by 310.87 % 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 151.71 % of the analysed period, being 17.62 % in the year 2012.
The company's financial structure has slowed down its financial profitability.
Analysis
Branch (SBI) Manufacture of coke and refined petroleum products (19)
Region Groot Amsterdam
In the Netherlands 120 of the companies are registered with the SBI code 19
In the region Groot Amsterdam 21 of the companies are registered with the SBI code 19
The risk of this specific sector in the Netherlands is Lowest
The risk of this specific sector in the region Groot Amsterdam is Lowest
Publications
Filings 08-07-2014: De jaarrekening
over 2013 is gepubliceerd.
17-05-2013: De jaarrekening over 2012 is
gepubliceerd.
15-06-2012: De jaarrekening over 2011 is
gepubliceerd.
06-02-2012: De jaarrekening over 2010 is
gepubliceerd.
Functions
19-12-2014: Per 10-11-2014
is bestuurder Kyung Hoon Lee in functie getreden.
19-12-2014: Per 10-11-2014 is bestuurder
Myeongnam Kim uit functie getreden.
12-02-2014: Per 16-12-2013 is bestuurder
Chong Su Yoo in functie getreden.
12-02-2014: Per 16-12-2013 is bestuurder Sung
Soo Park in functie getreden.
12-02-2014: Per 16-12-2013 is bestuurder Yong
Don Cho uit functie getreden.
12-02-2014: Per 16-12-2013 is bestuurder
Seungrog Paik uit functie getreden.
30-08-2012: Per 11-06-2012 is bestuurder Yong
Don Cho in functie getreden.
26-06-2012: Per 18-05-2012 is bestuurder
Seungrog Paik in functie getreden.
26-06-2012: Per 11-06-2012 is bestuurder Jong
Ho Lee uit functie getreden.
05-04-2011: Per 01-02-2011 is bestuurder Jong
Ho Lee in functie getreden.
05-04-2011: Per 01-02-2011 is bestuurder
Young Sung Park uit functie getreden.
Amendments 28-05-2013: Geplaatst
kapitaal gewijzigd in EUR 236.948.776,00 Gestort kapitaal gewijzigd
in EUR 236.948.776,00.
28-05-2013: Per 24-5-2013 statuten gewijzigd.
25-04-2012: Geplaatst kapitaal gewijzigd in
EUR 167.539.076,00 Gestort kapitaal gewijzigd
in EUR 167.539.076,00.
26-05-2011: Geplaatst kapitaal gewijzigd in
EUR 117.832.901,00 Gestort kapitaal gewijzigd
in EUR 117.832.901,00.
Other 25-04-2012: ... Datum
deponering: 23-04-2012 Soort deponering: Bankverklaring (art. 93a lid 6 BW2 of
art. 203a lid 6 BW2).
03-06-2011: ... Datum deponering: 03-06-2011
Soort deponering: Bankverklaring (art. 93a lid 6 BW2 of art. 203a lid 6 BW2).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.876 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.