MIRA INFORM REPORT

 

 

Report No. :

303087

Report Date :

19.01.2015

 

IDENTIFICATION DETAILS

 

Name :

LOVE FOR DENIM B.V.

 

 

Registered Office :

Mariënhoef 6, 3851ST Ermelo

 

 

Country :

Netherlands

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

20.12.2006

 

 

Com. Reg. No.:

08153661

 

 

Legal Form :

Private Company

 

 

Line of Business :

·         Wholesale of textile basic materials and textile semi-finished products

·         Imports from and wholesale textile

 

 

No. of Employee :

20 [2015]

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

Company summary

 

Company name                        Love for Denim B.V.

Operative address                    Mariënhoef 6

3851ST Ermelo

Netherlands

Legal form                               Private Company

Registration number                KvK-nummer: 08153661

VAT-number                             817379502

 

Year

2013

Mutation

2012

Mutation

2011

Fixed assets

870.926

-15,92

1.035.773

-73,96

3.977.605

Total receivables

7.605.853

5,05

7.240.562

21,85

5.942.283

Total equity

5.647.278

2,07

5.532.968

106,83

2.675.104

Short term liabilities

5.902.039

-22,81

7.645.624

12,98

6.767.501

Net result

3.839.310

-4,21

4.007.863

69,74

2.361.156

Working capital

4.776.352

5,89

4.510.474

654,31

-813.708

Quick ratio

1,29

35,79

0,95

7,95

0,88

 

 

 

Contact information

 

Company name                                    Love for Denim B.V.

Trade names                                        Vingino

Vingino Jeans

Vingino Blue Jeans

Love for Denim B.V.

Operative address                                Mariënhoef 6

3851ST Ermelo

Netherlands

Correspondence address                     Postbus 214

3850AE Ermelo

Netherlands

Telephone number                               0341562588

Fax number                                          0341550686

Email address                                      info@vinginojunior.nl

Website                                                www.vinginojunior.nl

 

 

Registration

 

Registration number                            KvK-nummer: 08153661

Branch number                                    000020208677

VAT-number                                         817379502

Status                                                  Active

First registration company register      2006-12-21

Memorandum                                       2006-12-20

Establishment date                              2006-12-20

Legal form                                           Private Company

Last proposed admendment                 2008-11-17

Issued placed capital                           EUR 18.000

Paid up share capital                           EUR 18.000

 

 

Activities

 

SBI                                                       Wholesale of textile basic materials and textile semi-finished products (46761)

Exporter                                               No

Importer                                               Yes

Goal                           Imports from and wholesale textile

 

 

 

Relations

Shareholders                                       VG '97 Holding B.V.

Marienhoef 6

3851ST ERMELO

Netherlands

 

Registration number: 341680310000

Percentage: 100%

 

VG '97 Holding B.V.

Registration number: 341680310000

MB Vastgoed Ermelo B.V.

Registration number: 081536530000

Companies on same address

Vingino Group B.V.

Registration number: 601873440000

 

Management

 

Active management                              VG '97 Holding B.V.

Marienhoef 6

3851ST ERMELO

Netherlands

Registration number: 341680310000

Competence: Fully authorized

Function: Manager

Starting date: 2006-12-20

 

Employees

 

Total according to the Chamber of Commerce             20

 

Year

2015

2013

2012

2011

2010

Total

20

36

20

20

19

 

 

 

 

Payments

 

Description Payments made under regular condition

 

 

Key figures

 

 

 

 

 

Year

2013

2012

2011

2010

2009

Quick ratio

1,29

0,95

0,88

1,13

1,10

Current ratio

1,81

1,59

0,88

1,63

1,66

 

Year

 

2013

2012

2011

2010

2009

Working capital/ balance total

0,41

0,34

-0,08

0,35

0,35

Equity / balance total

0,49

0,42

0,27

0,41

0,40

Equity / Fixed assets

6,48

5,34

0,67

3,73

3,29

Equity / liabilities

0,96

0,72

0,37

0,69

0,66

Balance total / liabilities

1,96

1,72

1,37

1,69

1,66

Working capital

4.776.352

4.510.474

-813.708

2.603.532

2.026.626

Equity

5.647.278

5.532.968

2.675.104

3.065.717

2.300.500

Mutation equity

2,07

106,83

-12,74

33,26

-13,83

Mutation short term liabilities

-22,81

12,98

64,99

34,46

-18,04

Return on total assets (ROA)

44,22

40,42

31,57

61,60

88,45

Return on equity (ROE)

90,43

96,38

117,19

151,25

222,11

Gross margin

13.345.235

14.232.568

12.416.654

11.688.184

11.323.120

Operating result

5.310.137

5.602.007

3.455.174

4.834.863

5.378.585

Net result after taxes

3.839.310

4.007.863

2.361.156

3.458.591

3.820.101

Cashflow

4.209.158

4.338.392

2.667.420

3.697.348

4.011.403

EBIT

5.310.137

5.602.007

3.455.174

4.834.863

5.378.585

EBITDA

5.679.985

5.932.536

3.761.438

5.073.620

5.569.887

 

 

Summary The 2013 financial result structure is a postive working captial of 4.776.352 euro, which is in

agreement with 41 % of the total assets of the company.

The working capital has increased with 5.89 % 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 1.81. 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 1.29. 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 4.510.474 euro, which is in

agreement with 34 % of the total assets of the company.

The working capital has increased with 654.31 % 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 1.59. 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 0.95. 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                        Love for Denim B.V.

Mariënhoef 6

3851ST Ermelo

Netherlands

Registration number: 081536610000

 

 

Balance Sheet

 

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

860.400

1.035.773

994.580

822.185

699.331

Financial fixed assets

10.526

 

2.983.025

 

 

Fixed assets

870.926

1.035.773

3.977.605

822.185

699.331

Total stock

3.062.875

4.899.785

 

2.052.500

1.713.967

Total receivables

7.605.853

7.240.562

5.942.283

4.635.426

3.360.606

Liquid funds

9.663

15.751

11.510

17.381

2.687

Current assets

10.678.391

12.156.098

5.953.793

6.705.307

5.077.260

Total assets

11.549.317

13.191.871

9.931.398

7.527.492

5.776.591

Issued capital

18.000

18.000

18.000

18.000

18.000

Other reserves

5.629.278

5.514.968

2.657.104

3.047.717

2.282.500

Total reserves

5.629.278

5.514.968

2.657.104

3.047.717

2.282.500

Total equity

5.647.278

5.532.968

2.675.104

3.065.717

2.300.500

Provisions

 

 

450.000

360.000

360.000

Long term interest yielding debt

 

13.279

38.793

 

65.457

Long term liabilities

 

13.279

38.793

 

65.457

Short term liabilities

5.902.039

7.645.624

6.767.501

4.101.775

3.050.634

Total short and long term liabilities

5.902.039

7.658.903

7.256.294

4.461.775

3.476.091

Total liabilities

11.549.317

13.191.871

9.931.398

7.527.492

5.776.591

 

Summary The total assets of the company decreased with -12.45 % between 2012 and 2013.

This downturn is mainly retrievable in the fixed asset decrease of -15.92 %.

The asset reduction is in contrast with the equity growth of 2.07 %. Due to this the total debt

decreased with -22.94 %.

In 2013 the assets of the company were 7.54 % composed of fixed assets and 92.46 % by

current assets. The assets are being financed by an equity of 48.9 %, and total debt of 51.1

%.

The total assets of the company increased with 32.83 % between 2011 and 2012.

Despite the assets growth, the non current assets decreased with -73.96 %.

The asset growth has mainly been financed by a Net Worth increase of 106.83 %. Debt,

however, grew with 5.55 %.

In 2012 the assets of the company were 7.85 % composed of fixed assets and 92.15 % by

current assets. The assets are being financed by an equity of 41.94 %, and total debt of

58.06 %.

 

 

 

 

Profit & Loss

 

Year

2013

2012

2011

2010

2009

Gross margin

13.345.235

14.232.568

12.416.654

11.688.184

11.323.120

Wages and salaries

1.862.081

1.869.889

1.764.939

1.440.013

934.042

Amorization and depreciation

369.848

330.529

306.264

238.757

191.302

other operating costs

5.803.169

6.430.143

6.890.277

5.174.551

4.819.191

Operating expenses

8.035.098

8.630.561

8.961.480

6.853.321

5.944.535

Operating result

5.310.137

5.602.007

3.455.174

4.834.863

5.378.585

Financial income

5.750

12.045

4.352

49

 

Financial expenses

208.906

281.567

324.652

198.055

269.025

 

Year

2013

2012

2011

2010

2009

Financial result

-203.156

-269.522

-320.300

-198.006

-269.025

Result on ordinary operations before taxes

5.106.981

5.332.485

3.134.874

4.636.857

5.109.560

Taxation on the result of ordinary activities

1.268.197

1.324.622

773.718

1.169.047

1.290.296

Result of ordinary activities after taxes

3.838.784

4.007.863

2.361.156

3.467.810

3.819.264

Extraordinary income

 

 

 

18.911

5.837

Extraordinary expense

 

 

 

28.130

5.000

Extraordinary result after taxation

 

 

 

-9.219

837

Result subsidiaries after taxes

526

 

 

 

 

Net result

3.839.310

4.007.863

2.361.156

3.458.591

3.820.101

 

Summary The gross profit of the company decreased by -6.23 % between 2012 and 2013.

The operating result of the company declined with -5.21 % between 2012 and 2013. This

evolution implies an decrease of the company's economic profitability.

The result of these changes is an increase of the company's Economic Profitability of 9.4 %

of the analysed period, being equal to 2012 % in the year 2013.

The Net Result of the company increased by -4.21 % 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 -6.17 % of the analysed period, being 90.43 % in the year 2013.

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

 

The gross profit of the company grew with 14.62 % between 2011 and 2012.

The operating result of the company grew with 62.13 % 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 28.03

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

The Net Result of the company decreased by 69.74 % 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 -17.76 % of the analysed period, being 96.38 % in the year 2012.

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

 

 

 

 

Analysis

 

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

Region                                     Veluwe

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

In the region Veluwe 4703 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 Veluwe 71 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 Veluwe is normal

 

 

Publications

 

Filings                                                 05-05-2014: De jaarrekening over 2013 is gepubliceerd.

28-06-2013: De jaarrekening over 2012 is gepubliceerd.

13-11-2012: De jaarrekening over 2011 is gepubliceerd.

26-08-2011: De jaarrekening over 2010 is gepubliceerd.

24-08-2010: De jaarrekening over 2009 is gepubliceerd.

 

 

Company structure

 

Relations                                  4

 

L.B. Beheer Ermelo B.V.

Koninginnelaan 7

3851XX ERMELO

Netherlands

Registration number: 081882540000

 

• VG '97 Holding B.V.

Marienhoef 6

3851ST ERMELO

Netherlands

Registration number: 341680310000

 

• Love for Denim B.V.

Mariënhoef 6

3851ST Ermelo

Netherlands

Registration number: 081536610000

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.89

UK Pound

1

Rs.93.92

Euro

1

Rs.72.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.