MIRA INFORM REPORT
|
Report No. : |
329460 |
|
Report Date : |
30.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
AK STEEL INTERNATIONAL B.V. |
|
|
|
|
Registered Office : |
Rat Verleghstraat 2A, 4815NZ Breda |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.09.1996 |
|
|
|
|
Com. Reg. No.: |
20082595 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Wholesale of Ferrous Metals and Ferrous Semi-Finished Products. |
|
|
|
|
No. of Employees : |
36 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
The Netherlands, the sixth-largest economy in the European
Union, plays an important role as a European transportation hub, with a persistently
high trade surplus, stable industrial relations, and moderate unemployment.
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
underpins the country’s status as the world’s second largest agricultural
exporter. The Netherlands is part of the Eurozone, and as such, its monetary
policy is controlled by the European Central Bank. The Dutch financial sector
is highly concentrated, with four commercial banks possessing over 90% of
banking assets. The sector suffered as a result of the global financial crisis
and required billions of dollars of government support, but the European Banking
Authority completed stringent reviews in 2014 and deemed Dutch banks to be
well-capitalized. To address the 2009 and 2010 economic downturns, the
government 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 has since implemented significant austerity measures to
improve public finances and has instituted broad structural reforms in in key
policy areas, including the labor market, the housing sector, the energy
market, and the pension system. As a result, the government budget deficit at
the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during
which unemployment doubled to 7.4% and household consumption contracted for
nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8
percent and a rise in most economic indicators. Drivers of growth included
increased exports and business investments, as well as newly invigorated
household consumption.
|
Source
: CIA |
Company
Summary
|
Company name |
AK Steel International B.V. |
|
Operative address |
Rat Verleghstraat 2A |
|
|
4815NZ Breda |
|
|
Netherlands |
|
Status |
Active |
|
Legal form |
Private Company |
|
Registration number |
KvK-nummer: 20082595 |
|
VAT-number |
805041060 |
|
Year |
2013 |
Mutation |
2012 |
Mutation |
2011 |
|
Fixed assets |
353.663 |
180,08 |
126.273 |
-18,19 |
154.342 |
|
Total receivables |
14.225.797 |
-12,21 |
16.204.918 |
-39,14 |
26.625.096 |
|
Total equity |
6.352.402 |
1.111,94 |
-627.746 |
-9,23 |
-574.699 |
|
Short term liabilities |
23.854.934 |
-55,56 |
53.681.790 |
-30,70 |
77.461.302 |
|
Net result |
-719.852 |
-1.256,85 |
-53.053 |
97,40 |
-2.039.060 |
|
Working capital |
5.998.739 |
895,57 |
-754.019 |
-3,43 |
-729.041 |
|
Quick ratio |
0,65 |
85,71 |
0,35 |
-14,63 |
0,41 |
Contact
Information
|
Company name |
AK Steel International B.V. |
|
Trade names |
AK Steel International B.V. |
|
|
AK Steel International |
|
|
|
|
Operative address |
Rat Verleghstraat 2A |
|
|
4815NZ Breda |
|
|
Netherlands |
|
Correspondence address |
Rat Verleghstraat 2A |
|
|
4815NZ Breda |
|
|
Netherlands |
|
|
|
|
Telephone number |
0765237300 |
|
Fax number |
0765237399 |
|
Email address |
netherlands@aksteel.eu |
|
Website |
www.aksteel.eu |
Registration
|
Registration number |
KvK-nummer: 20082595 |
|
Branch number |
000017466849 |
|
VAT-number |
805041060 |
|
|
|
|
Status |
Active |
|
First registration company register |
1996-11-05 |
|
Memorandum |
1996-11-01 |
|
Establishment date |
1996-09-13 |
|
|
|
|
Legal form |
Private Company |
|
Legal person since |
1996-11-01 |
|
Last proposed admendment |
2014-05-09 |
|
|
|
|
Issued placed capital |
EUR 1.152.200 |
|
Paid up share capital |
EUR 1.152.200 |
Activities
|
SBI |
Wholesale of ferrous metals and ferrous semi-finished products (46722) |
|
|
|
|
Exporter |
Yes |
|
Importer |
Yes |
|
|
|
|
Goal |
De vervaardiging van goederen, met name staal en staalproducten, de handel
in deze goederen, het transport van deze goederen, houdster- en
beheermaatschappij |
Relations
|
Shareholders |
Naam: AH (UK) Inc. |
|
|
Bezoekadres: 300 Delaware Avenue, Suite 1704, Wilmington, Delaware,
Verenigde Staten |
|
|
van Amerika Ingeschreven in: Secretary of State Delaware, Verenigde
Staten van Amerika onder nummer 2028781 Enig aandeelhouder sedert: 05-12-2014 (datum registratie: 12-12-2014) |
Management
|
Active management |
J.L. Geraeds
(Johann Ludwig) Netherlands Competence: Fully authorized Function: Manager Starting date: 2007-04-01 Date of birth: 1960-08-30, Breda, NL E.S. Petersen (Eric Shayne) Netherlands Competence: Fully authorized Function: Manager Starting date: 2014-03-24 Date of birth: 1969-02-20, Azle, NL G.G.M.A. Baert (Gerard Gaston Madeleine Albert) Netherlands Competence: Fully authorized Function: General Director Starting date: 2003-11-25 Date of birth: 1952-03-03, Oudenaarde, BE |
Employees
|
Year |
2015 |
2014 |
2013 |
2012 |
2011 |
|
Total |
36 |
36 |
32 |
36 |
36 |
Key
figures
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Quick ratio |
0,65 |
0,35 |
0,41 |
0,34 |
0,45 |
|
Current ratio |
1,25 |
0,99 |
0,99 |
1,02 |
1,02 |
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Working capital/ balance total |
0,20 |
-0,01 |
-0,01 |
0,02 |
0,01 |
|
Equity / balance total |
0,21 |
-0,01 |
-0,01 |
0,02 |
0,02 |
|
Equity / Fixed assets |
17,96 |
-4,97 |
-3,72 |
7,83 |
15,94 |
|
Equity / liabilities |
0,27 |
-0,01 |
-0,01 |
0,02 |
0,02 |
|
Balance total / liabilities |
1,27 |
0,99 |
0,99 |
1,02 |
1,02 |
|
Working capital |
5.998.739 |
-754.019 |
-729.041 |
1.277.404 |
1.154.328 |
|
Equity |
6.352.402 |
-627.746 |
-574.699 |
1.464.361 |
1.231.612 |
|
Mutation equity |
1.111,94 |
-9,23 |
-139,25 |
18,90 |
-87,75 |
|
Mutation short term liabilities |
-55,56 |
-30,70 |
3,18 |
-1,59 |
12,92 |
|
Return on total assets (ROA) |
-3,13 |
-0,33 |
-3,56 |
0,47 |
-4,41 |
|
Return on equity (ROE) |
-14,90 |
28,29 |
476,10 |
24,76 |
-277,65 |
|
Gross profit margin |
-1,10 |
-0,37 |
-0,47 |
1,15 |
-2,22 |
|
Net profit margin |
-0,57 |
-0,03 |
-0,77 |
0,10 |
-1,06 |
|
Average collection ratio |
5,29 |
3,53 |
3,44 |
3,15 |
3,42 |
|
Average payment ratio |
8,88 |
11,69 |
9,99 |
10,85 |
8,64 |
|
Equity turnover ratio |
19,88 |
-301,80 |
-463,01 |
161,55 |
211,67 |
|
Total assets turnover ratio |
4,18 |
3,57 |
3,46 |
3,09 |
3,36 |
|
Fixed assets turnover ratio |
357,12 |
1.500,35 |
1.724,06 |
1.265,39 |
3.373,23 |
|
Inventory conversion ratio |
8,74 |
5,58 |
5,93 |
4,64 |
6,05 |
|
Turnover |
126.300.601 |
189.453.543 |
266.094.187 |
236.573.228 |
260.696.676 |
|
Gross margin |
2.125.445 |
4.460.864 |
4.679.089 |
8.051.130 |
-1.217.624 |
|
Operating result |
-1.387.218 |
-696.091 |
-1.249.167 |
2.712.808 |
-5.799.661 |
|
Net result after taxes |
-719.852 |
-53.053 |
-2.039.060 |
232.749 |
-2.768.718 |
|
Cashflow |
-668.963 |
-1.531 |
-1.994.460 |
279.163 |
-2.753.084 |
|
EBIT |
-1.387.218 |
-696.091 |
-1.249.167 |
2.712.808 |
-5.799.661 |
|
EBITDA |
-1.336.329 |
-644.569 |
-1.204.567 |
2.759.222 |
-5.784.027 |
Summary The 2013 financial
result structure is a postive working captial of 5.998.739 euro, which is in agreement with 20 % of the total assets of
the company.
The working capital has increased with
895.57 % 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
1.25. 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
0.65. A company with a Quick Ratio of less than 1 cannot currently pay back its
current liabilities.
The 2012 financial result structure is a
negative working captial of -754.019 euro, which is in agreement with -1 % of
the total assets of the company.
The working capital has diminished with
-3.43 % compared to previous year. The ratio with respect to the total assets
of the company remains unchanged.
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
0.99. 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
0.35. 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 AK
Steel International B.V.
Rat Verleghstraat 2A
4815NZ Breda
Netherlands
Registration
number: 200825950000
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 |
85.374 |
120.121 |
148.190 |
186.957 |
77.284 |
|
Financial fixed assets |
268.289 |
6.152 |
6.152 |
|
|
|
Fixed assets |
353.663 |
126.273 |
154.342 |
186.957 |
77.284 |
|
Total stock |
14.456.423 |
33.946.990 |
44.907.725 |
50.994.026 |
43.065.177 |
|
Accounts receivable |
12.794.727 |
14.198.551 |
23.280.930 |
19.289.501 |
28.038.538 |
|
Other receivables |
1.431.070 |
2.006.367 |
3.344.166 |
2.520.861 |
2.144.920 |
|
Total receivables |
14.225.797 |
16.204.918 |
26.625.096 |
21.810.362 |
30.183.458 |
|
Liquid funds |
1.171.453 |
2.775.863 |
5.199.440 |
3.544.860 |
4.189.271 |
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
End date |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Current assets |
29.853.673 |
52.927.771 |
76.732.261 |
76.349.248 |
77.437.906 |
|
Total assets |
30.207.336 |
53.054.044 |
76.886.603 |
76.536.205 |
77.515.190 |
|
Issued capital |
1.152.100 |
382.100 |
382.100 |
382.100 |
382.100 |
|
Share premium reserve |
6.930.340 |
340 |
340 |
340 |
340 |
|
Other reserves |
-1.010.186 |
-957.133 |
1.081.921 |
849.172 |
3.617.890 |
|
Non-distributable profit |
719.852 |
53.053 |
2.039.061 |
232.749 |
2.768.718 |
|
Total reserves |
7.359.858 |
-850.687 |
5.160.383 |
1.082.261 |
9.155.666 |
|
Total equity |
6.352.402 |
-627.746 |
-574.699 |
1.464.361 |
1.231.612 |
|
Accounts payable |
|
|
|
1.420.997 |
|
|
Other short term liabilities |
|
|
|
73.650.847 |
|
|
Short term liabilities |
23.854.934 |
53.681.790 |
77.461.302 |
75.071.844 |
76.283.578 |
|
Total short and long term liabilities |
23.854.934 |
53.681.790 |
77.461.302 |
75.071.844 |
76.283.578 |
|
Total liabilities |
30.207.336 |
53.054.044 |
76.886.603 |
76.536.205 |
77.515.190 |
Summary The total assets of
the company decreased with -43.06 % between 2012 and 2013.
Despite the total
assets decrease, non current assets grew with 180.08 %.
The asset reduction is in contrast with the
equity growth of 1111.94 %. Due to this the
total debt decreased with -55.56 %.
In 2013 the assets of the company were 1.17
% composed of fixed assets and 98.83 % by current assets. The assets are being
financed by an equity of 21.03 %, and total debt of 78.97 %.
The total assets of the company decreased
with -31 % between 2011 and 2012.
This total assets decrease has been
reflected in a reduction of non current assets of -18.19 %.
Assets reduction is explained by a Net Worth
decrease of -9.23 %, and an indebtedness
reduction of -30.7 %.
In 2012 the assets of the company were 0.24
% composed of fixed assets and 99.76 % by current assets. The assets are being
financed by an equity of -1.18 %, and total debt of 101.18 %.
Profit
and loss
|
Year |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Revenues |
126.300.601 |
189.453.543 |
266.094.187 |
236.573.228 |
260.696.676 |
|
Net turnover |
126.300.601 |
189.453.543 |
266.094.187 |
236.573.228 |
260.696.676 |
|
Gross margin |
2.125.445 |
4.460.864 |
4.679.089 |
8.051.130 |
-1.217.624 |
|
Wages and salaries |
2.388.541 |
2.364.446 |
2.380.536 |
1.958.920 |
1.841.958 |
|
Amorization and depreciation |
50.889 |
51.522 |
44.600 |
46.414 |
15.634 |
|
Sales |
124.175.156 |
184.992.679 |
261.415.098 |
228.522.098 |
261.914.300 |
|
other operating costs |
1.073.233 |
2.740.987 |
3.503.120 |
3.332.988 |
2.724.445 |
|
Operating expenses |
127.687.819 |
190.149.634 |
267.343.354 |
233.860.420 |
266.496.337 |
|
Operating result |
-1.387.218 |
-696.091 |
-1.249.167 |
2.712.808 |
-5.799.661 |
|
Financial income |
469.487 |
590.608 |
92.796 |
78.220 |
2.669.627 |
|
Financial expenses |
28.739 |
72.113 |
1.579.790 |
2.428.409 |
289.540 |
|
Financial result |
440.748 |
518.495 |
-1.486.994 |
-2.350.189 |
2.380.087 |
|
Result on ordinary operations before taxes |
-946.470 |
-177.596 |
-2.736.161 |
362.619 |
-3.419.574 |
|
Taxation on the result of ordinary activities |
-226.618 |
-124.543 |
-702.234 |
129.870 |
-650.856 |
|
Result of ordinary activities after taxes |
-719.852 |
-53.053 |
-2.033.927 |
232.749 |
-2.768.718 |
|
Extraordinary expense |
|
|
5.133 |
|
|
|
Extraordinary result after taxation |
|
|
-5.133 |
|
|
|
Net result |
-719.852 |
-53.053 |
-2.039.060 |
232.749 |
-2.768.718 |
Summary The turnover of
the company decreased by -33.33 % between 2012 and 2013.
The gross profit
of the company decreased by -52.35 % between 2012 and 2013.
The operating result of the company declined
with -99.29 % between 2012 and 2013. 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 -848.48 % of the analysed period,
being equal to 2012 % in the year 2013.
Despite the decline the assets turnover
increased by 17.09 % reaching 4.18.
The Net Result of the company increased by
-1256.85 % 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
-152.67 % of the analysed period, being -14.9 % in the year 2013.
The company's financial profitability has
been positively affected by its financial structure.
The turnover of the company decreased by
-28.8 % between 2011 and 2012.
The gross profit of the company decreased by
-4.66 % between 2011 and 2012.
The operating result of the company grew
with 44.28 % 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 90.73 % of the analysed period,
being equal to 2011 % in the year 2012.
This growth has contributed to the increase
in assets turnover, increasing by 3.18 % reaching 3.57.
The Net Result of the company decreased by
97.4 % 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
-94.06 % of the analysed period, being 28.29 % 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 West-Brabant
In the Netherlands 109662 of the companies are
registered with the SBI code 46
In the region West-Brabant 4857 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 West-Brabant 119 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 West-Brabant is normal
Publications
Filings 22-04-2014: De
jaarrekening over 2013 is gepubliceerd.
11-04-2013: De jaarrekening
over 2012 is gepubliceerd.
19-04-2012: De jaarrekening over 2011 is
gepubliceerd.
17-05-2011: De jaarrekening over 2010 is
gepubliceerd.
Functions 12-05-2014: Per
24-03-2014 is bestuurder Eric Shayne Petersen in functie getreden.
Mergers 09-12-2014: Op 04-12-2014 fusieakte
verleden. Verkrijgende rechtspersoon: AK Steel
International
B.V., 20082595 Verdwijnende rechtspersoon: AK Steel International limited,
ingeschreven in:
Companies Registration Office te Cardiff, Verenigd Koninkrijk onder
nummer 3502584.
04-08-2014: Op 01-08-2014 fusievoorstel
gedeponeerd. Verkrijgende rechtspersoon: AK
Steel International B.V., 20082595
Verdwijnende rechtspersoon: AK Steel International
limited, ingeschreven in: Companies Registration
Office te Cardiff, Verenigd Koninkrijk onder nummer 3502584.
Amendments 15-12-2014:
Geplaatst kapitaal gewijzigd in EUR 1.152.200,00 Gestort kapitaal gewijzigd in
EUR 1.152.200,00.
12-05-2014: Per
9-5-2014 statuten gewijzigd. Per 9-5-2014 naam gewijzigd in: AK Steel
International
B.V..
Company
structure
Relations 2
AH (UK) Inc.
300 Delaware Avenue, Suit e 1704
Wilmington, Delaware
United States
• AK Steel International B.V.
Rat Verleghstraat 2A
4815NZ Breda
Netherlands
Registration number: 200825950000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.92 |
|
|
1 |
Rs.100.40 |
|
Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.