MIRA INFORM REPORT
|
Report No. : |
320411 |
|
Report Date : |
02.05.2015 |
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 : |
·
Import
of and wholesale trade in textiles ·
Wholesale of textile basic materials and textile
semi-finished products |
|
|
|
|
No. of Employees : |
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 – 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 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 Import of and wholesale trade in textiles
Relations
Shareholders Vingino Group
B.V.
Mariënhoef 6
3851ST Ermelo
Netherlands
Registration number: 601873440000
Percentage: 100%
Vinci Blue 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 Vinci Blue Holding B.V.
Mariënhoef 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
|
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 and
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
• Vinci Blue Holding B.V.
Mariënhoef 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.63.57 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.