MIRA INFORM REPORT

 

 

Report No. :

325239

Report Date :

03.06.2015

 

IDENTIFICATION DETAILS

 

Name :

KIREMKO B.V.

 

 

Registered Office :

Tasveld 7 3417XS Montfoort

 

 

Country :

Netherlands

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

15.09.1988

 

 

Com. Reg. No.:

KvK-nummer: 30087348

 

 

Legal Form :

Private Company

 

 

Line of Business :
  • Manufacture of other general-purpose machinery and equipment n.e.c.
  • Manufacture of machinery for food, beverage and tobacco processing

 

 

No. of Employee :

109

 

 

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 – 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

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NETHERLANDS ECONOMIC OVERVIEW

 

Netherlands, the sixth-largest economy in the euro-zone, is noted for its important role as a European transportation hub, sizable trade surplus, stable industrial relations, and moderate unemployment and inflation. Industry focuses on 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 food-processing and export. 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 injected billions of dollars of capital into financial institutions to stem the deterioration. To address the economic downturn, the government also sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. 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 to reduce the budget deficit, and, in 2013, the government brought the budget deficit below the euro-zone limit of 3% of GDP. Though the Dutch economy remains fragile, a gradual improvement in GDP growth in 2014 helped reduce the deficit further through an increase in government tax revenues. Private consumption remains subdued because of high unemployment, low wage growth, and still-high levels of debt, which together with tax increases, have made households reluctant to spend. Private investment and export growth are susceptible to slower activity in the Netherlands’ European trading partners and geopolitical tensions that constrain international trade.

 

Source : CIA

 

Summary

 

Company name                        Kiremko B.V.

Operative address                    Tasveld 7

3417XS Montfoort

Netherlands

 

Legal form                               Private Company

Registration number                KvK-nummer: 30087348

VAT-number                             009127161

 

 

Year

2013

Mutation

2012

Mutation

2011

Fixed assets

2.522.572

11,86

2.255.192

3,55

2.177.848

Total receivables

5.130.442

-43,74

9.119.051

31,17

6.951.847

Total equity

4.946.345

9,79

4.505.132

-0,08

4.508.900

Short term liabilities

7.471.256

-31,11

10.844.428

63,75

6.622.703

Net result

1.078.431

4.224,45

24.938

-98,10

1.309.440

Working capital

3.463.151

11,50

3.105.963

-3,63

3.222.922

Quick ratio

1,26

7,69

1,17

-10,69

1,31

 

 

 

Contact information

 

 

Company name

Kiremko B.V.

Trade names

Kiremko B.V.

 

Operative address

Tasveld 7

 

3417XS Montfoort

 

Netherlands

Correspondence address

Postbus 5

 

3417ZG Montfoort

 

Netherlands

 

Telephone number

0348479400

Fax number

0348471307

Email address

kiremko@kiremko.com

Website

www.kiremko.com

 

 

Registration

 

Registration number

KvK-nummer: 30087348

Branch number

000016993454

VAT-number

009127161

Status

Active

 

 

First registration company register

1988-10-27

Memorandum

1988-09-15

Establishment date

1988-09-15

 

 

Legal form

Private Company

Last proposed admendment

2004-07-07

 

 

Issued placed capital

EUR 18.151

Paid up share capital

EUR 18.151

 

 

Activities

 

SBI

Manufacture of other general-purpose machinery and equipment n.e.c. (2829)

 

Manufacture of machinery for food, beverage and tobacco processing (2893)

 

Exporter

Yes

Importer

Yes

 

Branche organisations

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

BMD Advies Rijndelta

 

 

 

Goal

De fabricage en assemblage van- en handel in apparatuur voor voedselverwerking in de meest ruime zin.

 

 

Relations

 

Shareholders                           Kiremko Holding B.V.

Waardsedijk 23

3425TC SNELREWAARD

Netherlands

Registration number: 301950660000

Percentage: 100%

 

Companies on same                BedrijvenVereniging Montfoort, BV-M

address                                    Registration number: 404822470000

Kiremko Group B.V.

Registration number: 623058240000

Kiremko Onroerend Goed B.V.

Registration number: 623229900000

Kiremko Installaties B.V.

Registration number: 623228420000

 

 

Management

 

Active management      P.J. Oosterlaken (Paulus Jozef)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2004-09-02

Date of birth: 1958-08-21, Oudewater, NL

A.R. Gowing (Andrew Reginald)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2004-09-02

Date of birth: 1962-09-18, Bromborough, GB

G.F. Gerritsma (Gerard Frans)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1997-11-01

Date of birth: 1965-10-15, Bussum, NL

R. van den Hurk (Radboud)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-10-15

Date of birth: 1966-04-29, Amsterdam, NL

A.A. Bregman (Adrianus Arie)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2013-12-23

Date of birth: 1957-03-17, Gouda, NL

Active management

B.G.J. Bonte (Bernardus Gustaaf Johan)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-01-08

Date of birth: 1957-01-25, Terneuzen, NL

 

 

Employees

 

Year

 

2015

2013

2012

2011

2010

Total

109

111

109

109

103

 

 

 

 

Payments

 

Description                  Payments are made regularly no complaints are known

 

 

Key figures

 

Year

 

2013

2012

2011

2010

2009

Quick ratio

1,26

1,17

1,31

1,19

1,43

Current ratio

1,46

1,29

1,49

1,28

1,60

Working capital/ balance total

0,26

0,19

0,27

0,19

0,31

Equity / balance total

0,37

0,28

0,38

0,29

0,40

Equity / Fixed assets

1,96

2,00

2,07

2,12

2,48

Equity / liabilities

0,58

0,39

0,60

0,41

0,66

Balance total / liabilities

1,58

1,39

1,60

1,41

1,66

Working capital

3.463.151

3.105.963

3.222.922

3.045.847

3.112.030

Equity

4.946.345

4.505.132

4.508.900

4.710.564

3.920.912

Mutation equity

9,79

-0,08

-4,28

20,14

8,57

Mutation short term liabilities

-31,11

63,75

-39,44

110,40

-37,31

Return on total assets (ROA)

10,95

0,28

14,74

-0,67

15,41

Return on equity (ROE)

29,79

0,99

39,31

-2,29

38,87

Gross margin

13.707.662

10.812.497

11.629.130

8.803.917

11.202.569

Operating result

1.401.561

3.566

1.646.535

-138.616

1.441.628

Net result after taxes

1.078.431

24.938

1.309.440

-103.382

1.129.814

Cashflow

1.661.986

537.672

1.741.896

379.873

1.577.947

EBIT

1.401.561

3.566

1.646.535

-138.616

1.441.628

EBITDA

1.985.116

516.300

2.078.991

344.639

1.889.761

 

 

Summary         The 2013 financial result structure is a postive working captial of 3.463.151 euro, which is in

agreement with 26 % of the total assets of the company.

The working capital has increased with 11.5 % 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 1.46. 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 1.26. 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 3.105.963 euro, which is in

agreement with 19 % of the total assets of the company.

The working capital has diminished with -3.63 % 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 1.29. 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 1.17. 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                        Kiremko B.V.

Tasveld 7

3417XS Montfoort

Netherlands

Registration number: 300873480000

 

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

2.466.150

2.199.548

2.123.366

2.173.365

1.530.473

Financial fixed assets

56.422

55.644

54.482

52.260

51.360

Fixed assets

2.522.572

2.255.192

2.177.848

2.225.625

1.581.833

Total stock

1.551.115

1.276.562

1.185.995

925.576

852.480

Total receivables

5.130.442

9.119.051

6.951.847

5.115.850

6.068.800

Liquid funds

4.252.850

3.554.778

1.707.783

7.940.449

1.388.595

Current assets

10.934.407

13.950.391

9.845.625

13.981.875

8.309.875

Total assets

13.456.979

16.205.583

12.023.473

16.207.500

9.891.708

Issued capital

18.151

18.151

18.151

18.151

18.151

Revaluation reserve

1.118.840

908.204

1.092.744

1.264.080

589.357

Legal and statutory reserve

51.090

50.312

49.150

46.928

46.028

Other reserves

3.758.264

3.528.465

3.348.855

3.381.405

3.267.376

Total reserves

4.928.194

4.486.981

4.490.749

4.692.413

3.902.761

Total equity

4.946.345

4.505.132

4.508.900

4.710.564

3.920.912

Provisions

842.660

605.036

891.870

560.908

772.951

Long term interest yielding debt

196.718

250.987

 

 

 

Long term liabilities

196.718

250.987

 

 

 

Short term liabilities

7.471.256

10.844.428

6.622.703

10.936.028

5.197.845

Total short and long term liabilities

8.510.634

11.700.451

7.514.573

11.496.936

5.970.796

Total liabilities

13.456.979

16.205.583

12.023.473

16.207.500

9.891.708

 

 

Summary         The total assets of the company decreased with -16.96 % between 2012 and 2013.

Despite the total assets decrease, non current assets grew with 11.86 %.

The asset reduction is in contrast with the equity growth of 9.79 %. Due to this the total debt

decreased with -27.26 %.

In 2013 the assets of the company were 18.75 % composed of fixed assets and 81.25 % by

current assets. The assets are being financed by an equity of 36.76 %, and total debt of

63.24 %.

The total assets of the company increased with 34.78 % between 2011 and 2012.

The fixed asset growth of 3.55 % is lower than the total asset growth.

The asset growth is explained by a reduction of 55.7 % of the company's indebtness, this

while, the Net Worth remains unchanged.

In 2012 the assets of the company were 13.92 % composed of fixed assets and 86.08 % by

current assets. The assets are being financed by an equity of 27.8 %, and total debt of 72.2 %.

 

 

 

 

 

Profit and loss

 

Year

 

2013

2012

2011

2010

2009

Gross margin

13.707.662

10.812.497

11.629.130

8.803.917

11.202.569

Wages and salaries

8.371.506

7.348.701

7.083.164

5.969.085

6.588.010

Amorization and depreciation

583.555

512.734

432.456

483.255

448.133

other operating costs

3.351.040

2.947.496

2.466.975

2.490.193

2.724.798

Operating expenses

12.306.101

10.808.931

9.982.595

8.942.533

9.760.941

Operating result

1.401.561

3.566

1.646.535

-138.616

1.441.628

Financial income

86.436

52.081

126.106

32.979

82.502

Financial expenses

14.287

10.959

 

2.372

 

Financial result

72.149

41.122

126.106

30.607

82.502

Result on ordinary operations before taxes

1.473.710

44.688

1.772.641

-108.009

1.524.130

Taxation on the result of ordinary activities

395.279

19.750

463.201

-4.627

394.316

Result of ordinary activities after taxes

1.078.431

24.938

1.309.440

-103.382

1.129.814

Net result

1.078.431

24.938

1.309.440

-103.382

1.129.814

 

Summary         The gross profit of the company grew with 26.78 % between 2012 and 2013.

The operating result of the company grew with 39203.45 % 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

3810.71 % of the analysed period, being equal to 2012 % in the year 2013.

The Net Result of the company decreased by 4224.45 % 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

2909.09 % of the analysed period, being 29.79 % in the year 2013.

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

The gross profit of the company decreased by -7.02 % between 2011 and 2012.

The operating result of the company declined with -99.78 % 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 -98.1 %

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

The Net Result of the company increased by -98.1 % 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 -97.48 % of the analysed period, being 0.99 % in the year 2012.

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

 

 

 

 

Analysis

 

Branch (SBI)                 Manufacture of machinery and equipment n.e.c. (28)

Region                         Westelijk Utrecht

In the Netherlands 4630 of the companies are registered with the SBI code 28

In the region Westelijk Utrecht 148 of the companies are registered with the SBI code 28

In the Netherlands 136 of the bankrupcties are published within this sector

In the region Westelijk Utrecht 4 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                                     28-11-2014: De jaarrekening over 2013 is gepubliceerd.

10-12-2013: De jaarrekening over 2012 is gepubliceerd.

14-11-2012: De jaarrekening over 2011 is gepubliceerd.

11-11-2011: De jaarrekening over 2010 is gepubliceerd.

02-12-2010: De jaarrekening over 2009 is gepubliceerd.

Functions                     09-01-2014: Per 08-01-2014 is gevolmachtigde Bernardus Gustaaf Johan Bonte in functie getreden.

24-12-2013: Per 23-12-2013 is gevolmachtigde Adrianus Arie Bregman in functie getreden.

 

 

Company structure

 

Relations                      5

 

3417XS MONTFOORT

Netherlands

Registration number: 623058240000

• Kiremko Holding B.V.

Waardsedijk 23

3425TC SNELREWAARD

Netherlands

Registration number: 301950660000

• Kiremko B.V.

Tasveld 7

3417XS Montfoort

Netherlands

Registration number: 300873480000

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.83

UK Pound

1

Rs.97.10

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

 

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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.