MIRA INFORM REPORT
|
Report No. : |
351738 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ORFFA ADDITIVES B.V. |
|
|
|
|
Registered Office : |
Vierlinghstraat 51, 4251LC Werkendam |
|
|
|
|
Country : |
Netherlands
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
17.10.1980 |
|
|
|
|
Com. Reg. No.: |
18129478 |
|
|
|
|
Legal Form : |
Private Company With Regular Structure |
|
|
|
|
Line of Business : |
The import and export
, and the trade in raw materials for the feed and food industry and the
production of raw materials, so on their own account and acting as an
intermediary in the trade or production of that commodity |
|
|
|
|
No. of Employees : |
5 |
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 – 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 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 |
Summary
Company name Orffa
Additives B.V.
Operative address Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Legal form Private Company With Regular Structure
Registration number KvK-nummer: 18129478
VAT-number 005780937
|
Year |
2014 |
Mutation |
2013 |
Mutation |
2012 |
|
Fixed assets |
2.136.000 |
444,90 |
392.000 |
-82,21 |
2.204.000 |
|
Total receivables |
28.345.000 |
14,13 |
24.835.000 |
-9,50 |
27.442.000 |
|
Total equity |
14.489.000 |
11,57 |
12.986.000 |
-17,13 |
15.670.000 |
|
Short term liabilities |
36.191.000 |
44,07 |
25.120.000 |
-6,47 |
26.858.000 |
|
Net result |
4.270.000 |
53,21 |
2.787.000 |
-27,10 |
3.823.000 |
|
Working capital |
12.821.000 |
-1,03 |
12.954.000 |
-16,77 |
15.565.000 |
|
Quick ratio |
0,81 |
-24,30 |
1,07 |
-5,31 |
1,13 |
Contact
information
Company name Orffa Additives
B.V.
Trade names Orffa Additives
B.V.
Operative address Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Correspondence address Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Telephone number 0183-447766
Fax number 0183 441210
Email address info@orffa.net
Registration
Registration number KvK-nummer:
18129478
Registered in Kamer van
Koophandel Brabant
Branch number 000018332919
VAT-number 005780937
Status Active
First registration company register 1980-10-17
Memorandum 1980-10-17
Establishment date 1980-10-17
Legal form Private Company With Regular Structure
Last proposed admendment 2005-12-23
Issued placed capital EUR 45.000
Paid up share capital EUR 45.000
Activities
SBI 1091: Manufacture
of prepared feeds for farm animals
46212: Wholesale of seeds
46218: Wholesale of arable farming products
and cattle feeds
Exporter No
Importer No
Goal The import and export , and the trade in
raw materials for the
feed and food industry and the production of raw materials, so on their own account and acting as an intermediary in the trade or production of that commodity
Relations
Shareholders Orffa
International Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 18114690
Percentage: 100%
Companies on same address Orffa
International Holding B.V.
Registration number: 18114690
Orffa Pharma B.V.
Registration number: 18130956
Stichting Administratiekantoor Aandelenbezit
Orffa Holding B.V.
Registration number: 18084093
Ketels Invest Nederland B.V.
Registration number: 18084085
Excentials B.V.
Registration number: 17259936
Olympus Holding B.V.
Registration number: 52387631
Liability statements Orffa International
Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 18114690
date of issue: 1997-01-02
Starting date: 1997-01-01
Bank details
Accounts ABN
Amro Bank NV
Account number: 25.39.58.954
BIC: ABNANL2A
Management
Active management Orffa International
Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration number: 18114690
Competence: Fully authorized
Function: Manager
Starting date: 2011-04-22
Employees
|
Year |
2015 |
2012 |
2011 |
|
Total |
5 |
5 |
5 |
Payments
Description Overeenkomstig
conditie
Key figures
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Quick ratio |
0,81 |
1,07 |
1,13 |
0,99 |
1,28 |
|
Current ratio |
1,35 |
1,52 |
1,58 |
1,57 |
1,68 |
|
Working capital/ balance
total |
0,25 |
0,34 |
0,35 |
0,34 |
0,40 |
|
Equity / balance
total |
0,28 |
0,34 |
0,35 |
0,34 |
0,40 |
|
Equity / Fixed
assets |
6,78 |
33,13 |
7,11 |
5,13 |
51,24 |
|
Equity / liabilities |
0,40 |
0,52 |
0,55 |
0,52 |
0,68 |
|
Balance total /
liabilities |
1,41 |
1,53 |
1,56 |
1,53 |
1,69 |
|
Working capital |
12.821.000 |
12.954.000 |
15.565.000 |
17.326.000 |
17.209.000 |
|
Equity |
14.489.000 |
12.986.000 |
15.670.000 |
17.342.000 |
17.268.000 |
|
Mutation equity |
11,57 |
-17,13 |
-9,64 |
0,43 |
35,69 |
|
Mutation short term
liabilities |
44,07 |
-6,47 |
-11,85 |
20,57 |
12,41 |
|
Return on total
assets (ROA) |
11,27 |
9,72 |
11,43 |
13,27 |
13,16 |
|
Return on equity
(ROE) |
39,79 |
28,79 |
32,54 |
39,15 |
32,64 |
|
Gross profit margin |
3,28 |
2,10 |
2,82 |
3,70 |
3,72 |
|
Net profit margin |
2,33 |
1,51 |
2,04 |
2,69 |
2,28 |
|
Average collection ratio |
5,06 |
7,35 |
6,99 |
6,17 |
7,64 |
|
Average payment ratio |
6,47 |
7,43 |
6,84 |
6,33 |
6,97 |
|
Equity turnover ratio |
12,65 |
14,21 |
11,98 |
10,84 |
11,18 |
|
Total assets turnover
ratio |
3,58 |
4,80 |
4,21 |
3,67 |
4,51 |
|
Fixed assets turnover
ratio |
85,79 |
470,78 |
85,16 |
55,62 |
572,63 |
|
Inventory conversion ratio |
9,31 |
16,59 |
15,71 |
10,70 |
19,08 |
|
Turnover |
183.257.000 |
184.546.000 |
187.699.000 |
188.059.000 |
192.975.000 |
|
Gross margin |
16.430.000 |
12.159.000 |
12.781.000 |
14.211.000 |
13.757.000 |
|
Operating result |
6.013.000 |
3.873.000 |
5.295.000 |
6.953.000 |
7.180.000 |
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Net result
after taxes |
4.270.000 |
2.787.000 |
3.823.000 |
5.063.000 |
4.397.000 |
|
Cashflow |
4.374.000 |
2.892.000 |
3.921.000 |
5.138.000 |
4.444.000 |
|
EBIT |
6.013.000 |
3.873.000 |
5.295.000 |
6.953.000 |
7.180.000 |
|
EBITDA |
6.117.000 |
3.978.000 |
5.393.000 |
7.028.000 |
7.227.000 |
Summary
The 2014 financial result structure is a
postive working captial of 12.821.000 euro, which is in
agreement with 25 % of the total assets of
the company.
The working capital has diminished with
-1.03 % compared to previous year. The ratio, with
respect to the total assets of the company
has however, declined.
The deterioration between 2013 and 2014 has
mainly been caused by an increase of the
current liabilities.
The current ratio of the company in 2014 was
1.35. When the current ratio is below 1.5, the
company may have problems meeting its
short-term obligations.
The quick ratio in 2014 of the company was
0.81. A company with a Quick Ratio of less than
1 cannot currently pay back its current
liabilities.
The 2013 financial result structure is a
postive working captial of 12.954.000 euro, which is in
agreement with 34 % of the total assets of
the company.
The working capital has diminished with
-16.77 % compared to previous year. The ratio, with
respect to the total assets of the company
has however, declined.
The deterioration between 2012 and 2013 has
mainly been caused by an increase of the
current liabilities.
The current ratio of the company in 2013 was
1.52. 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
1.07. A company with a Quick Ratio of more than
1 can currently pay back its current
liabilities.
Financial
statement
Last annual account 2014
Remark annual account The financial statements shown in the report
relate to the consolidated financial statements of the group.
Type of annual account Consolidated
Annual account Orffa International Holding B.V.
Vierlinghstraat 51
4251LC WERKENDAM
Netherlands
Registration
number: 18114690
Balance
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
End date |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Intangible fixed assets |
20.000 |
37.000 |
53.000 |
62.000 |
|
|
Tangible fixed assets |
342.000 |
332.000 |
380.000 |
298.000 |
298.000 |
|
Financial fixed assets |
1.774.000 |
23.000 |
1.771.000 |
3.021.000 |
39.000 |
|
Fixed assets |
2.136.000 |
392.000 |
2.204.000 |
3.381.000 |
337.000 |
|
Total stock |
19.677.000 |
11.127.000 |
11.951.000 |
17.571.000 |
10.115.000 |
|
Accounts receivable |
26.680.000 |
22.686.000 |
25.027.000 |
27.123.000 |
25.642.000 |
|
Other receivables |
1.665.000 |
2.149.000 |
2.415.000 |
2.588.000 |
2.042.000 |
|
Total receivables |
28.345.000 |
24.835.000 |
27.442.000 |
29.711.000 |
27.684.000 |
|
Liquid funds |
990.000 |
2.112.000 |
3.030.000 |
512.000 |
4.679.000 |
|
Current assets |
49.012.000 |
38.074.000 |
42.423.000 |
47.794.000 |
42.478.000 |
|
Total assets |
51.148.000 |
38.466.000 |
44.627.000 |
51.175.000 |
42.815.000 |
|
Minority interests |
454.000 |
350.000 |
337.000 |
305.000 |
226.000 |
|
Total equity |
14.489.000 |
12.986.000 |
15.670.000 |
17.342.000 |
17.268.000 |
|
Provisions |
14.000 |
10.000 |
12.000 |
10.000 |
2.000 |
|
Long term interest
yielding debt |
|
|
1.750.000 |
3.050.000 |
50.000 |
|
Long term liabilities |
|
|
1.750.000 |
3.050.000 |
50.000 |
|
Accounts payable |
|
|
22.958.000 |
|
|
|
Other short term
liabilities |
|
|
3.900.000 |
|
|
|
Short term liabilities |
36.191.000 |
25.120.000 |
26.858.000 |
30.468.000 |
25.269.000 |
|
Total short and
long term liabilities |
36.205.000 |
25.130.000 |
28.620.000 |
33.528.000 |
25.321.000 |
|
Total liabilities |
51.148.000 |
38.466.000 |
44.627.000 |
51.175.000 |
42.815.000 |
Summary
The total assets of
the company increased with 32.97 % between 2013 and 2014.
The total asset
increase is retrievable in the fixed asset growth of 444.9 %.
The asset growth
has mainly been financed by a debt increase of 44.07 %. The Net Worth,
however, grew with
11.57 %.
In 2014 the assets
of the company were 4.18 % composed of fixed assets and 95.82 % by
current assets. The
assets are being financed by an equity of 28.33 %, and total debt of
71.67 %.
The total assets of
the company decreased with -13.81 % between 2012 and 2013.
This downturn is mainly retrievable in the
fixed asset decrease of -82.21 %.
Assets reduction is explained by a Net Worth
decrease of -17.13 %, and an indebtedness reduction of -12.19 %.
In 2013 the assets of the company were 1.02 %
composed of fixed assets and 98.98 % by
current assets. The assets are being financed
by an equity of 33.76 %, and total debt of
66.24 %.
Profit &
Loss
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Revenues |
183.257.000 |
184.546.000 |
187.699.000 |
188.059.000 |
192.975.000 |
|
Net turnover |
183.257.000 |
184.546.000 |
187.699.000 |
188.059.000 |
192.975.000 |
|
Gross margin |
16.430.000 |
12.159.000 |
12.781.000 |
14.211.000 |
13.757.000 |
|
Wages and salaries |
5.576.000 |
4.886.000 |
4.521.000 |
4.334.000 |
4.121.000 |
|
Amortization and depreciation |
104.000 |
105.000 |
98.000 |
75.000 |
47.000 |
|
Sales |
166.827.000 |
172.387.000 |
174.918.000 |
173.848.000 |
179.218.000 |
|
other operating costs |
4.737.000 |
3.295.000 |
2.867.000 |
2.849.000 |
2.409.000 |
|
Operating expenses |
177.244.000 |
180.673.000 |
182.404.000 |
181.106.000 |
185.795.000 |
|
Result in subsidiaries |
|
|
|
|
-483.000 |
|
Operating result |
6.013.000 |
3.873.000 |
5.295.000 |
6.953.000 |
7.180.000 |
|
Financial income |
53.000 |
60.000 |
127.000 |
155.000 |
14.000 |
|
Financial expenses |
301.000 |
194.000 |
323.000 |
318.000 |
1.075.000 |
|
Financial result |
-248.000 |
-134.000 |
-196.000 |
-163.000 |
-1.061.000 |
|
Result on ordinary
operations before taxes |
5.765.000 |
3.739.000 |
5.099.000 |
6.790.000 |
5.636.000 |
|
Taxation on the
result of ordinary
activities |
1.446.000 |
924.000 |
1.236.000 |
1.687.000 |
1.228.000 |
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Result of
ordinary activities after
taxes |
4.319.000 |
2.815.000 |
3.863.000 |
5.103.000 |
4.408.000 |
|
Net result |
4.270.000 |
2.787.000 |
3.823.000 |
5.063.000 |
4.397.000 |
|
Attributable to
third parties |
49.000 |
28.000 |
40.000 |
40.000 |
11.000 |
Summary
The turnover of the company remained the same
between 2013 and 2014.
The gross profit of the company grew with
35.13 % between 2013 and 2014.
The operating result of the company grew with
55.25 % between 2013 and 2014. 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 15.95
% of the analysed period, being equal to
11.27 in the year 2014.
Despite the growth the assets turnover
decreased, whose index evolved with -25.42 % to a
level of 3.58.
The Net Result of the company increased by
53.21 % between 2013 and 2014.
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 38.21 % of the analysed period, being
39.79 in the year 2014.
The company's financial structure has slowed
down its financial profitability.
The turnover of the company decreased by
-1.68 % between 2012 and 2013.
The gross profit of the company decreased by
-4.87 % between 2012 and 2013.
The operating result of the company declined
with -26.86 % 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 -14.96
% of the analysed period, being equal to 9.72
in the year 2013.
Despite the decline the assets turnover
increased by 14.01 % reaching 4.8.
The Net Result of the company decreased by
-27.1 % 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 -11.52 % of the analysed period, being
28.79 in the year 2013.
The company's
financial profitability has been positively affected by its financial
structure.
Analysis
Branch (SBI) Manufacture of food
products (SBI code 10)
Region Zuid-Holland Oost
Summary In the Netherlands
6059 of the companies are registered with the SBI code 10
In the region Zuid-Holland Oost 170 of the
companies are registered with the SBI code 10
In the Netherlands 140 of the bankrupcties
are published within this sector
In the region Zuid-Holland Oost 5 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 Zuid-Holland Oost is normal
Publications
Consent statements 29-04-2015: Voor boekjaar 2014 is een
instemmingsverklaring gedeponeerd.
21-05-2014: Voor boekjaar 2013 is een
instemmingsverklaring gedeponeerd.
05-06-2013: Voor boekjaar 2012 is een
instemmingsverklaring gedeponeerd.
19-04-2012: Voor
boekjaar 2011 is een instemmingsverklaring gedeponeerd.
Company
structure
Relations 5
|
Company |
Registration Number |
|
Olympus Holding
B.V. (WERKENDAM) |
52387631 |
|
| -
- Orffa International Holding
B.V. (WERKENDAM) |
18114690 |
|
| -
- | -
- Excentials B.V.
(WERKENDAM) |
17259936 |
|
| -
- | -
- Orffa Pharma
B.V. (WERKENDAM) |
18130956 |
|
| -
- | -
- Orffa Additives
B.V. (WERKENDAM) |
18129478 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.67 |
|
Euro |
1 |
Rs.70.87 |
|
NZD |
1 |
Rs.43.65 |
Note
: Above are approximate rates obtained from
sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.