MIRA INFORM REPORT
|
Report No. : |
344587 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
AURUBIS NETHERLANDS B.V. |
|
|
|
|
Registered Office : |
Oostzeestraat 1 7202CM Zutphen |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
09.06.2011 |
|
|
|
|
Com. Reg. No.: |
52930610 |
|
|
|
|
Legal Form : |
Private company |
|
|
|
|
Line of Business : |
Copper production |
|
|
|
|
No. of Employees : |
156 |
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 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 Aurubis
Netherlands B.V.
Operative address Oostzeestraat 1
7202CM Zutphen
Netherlands
Legal form Private company
Registration number KvK-nummer:
52930610
VAT-number 850670676
|
Year |
2014 |
|
Mutation |
2013 |
Mutation |
2012 |
|
|
Fixed
assets |
46.826.000 |
|
6,64 |
43.912.000 |
25,75 |
34.921.000 |
|
|
Total
receivables |
42.176.000 |
|
94,58 |
21.675.000 |
3,63 |
20.916.000 |
|
|
Total
equity |
7.847.000 |
|
17,75 |
6.664.000 |
-40,48 |
11.197.000 |
|
|
Short
term liabilities |
64.623.000 |
|
56,58 |
41.271.000 |
203,33 |
13.606.000 |
|
|
Net
result |
-18.817.000 |
-315,11 |
-4.533.000 |
-60,80 |
-2.819.000 |
||
|
Working
capital |
30.535.000 |
|
49,66 |
20.403.000 |
-50,97 |
41.616.000 |
|
|
Quick
ratio |
0,72 |
|
28,57 |
0,56 |
-72,14 |
2,01 |
|
Contact
information
Company name Aurubis
Netherlands B.V.
Trade names Aurubis
Netherlands B.V.
Operative address Oostzeestraat 1
7202CM Zutphen
Netherlands
Correspondence address Oostzeestraat 1
7202CM Zutphen
Netherlands
Telephone number 0575594594
Email address info.zutphen@aurubis.com
Website www.aurubis.com
Registration
Registration number KvK-nummer:
52930610
Branch number 000022824391
VAT-number 850670676
Status Active
First registration company register 2011-06-14
Memorandum 2011-06-09
Establishment date 2011-06-09
Legal form Private company
Last proposed admendment 2014-09-22
Issued placed capital EUR 20.018.000
Paid up share capital EUR 20.018.000
Activities
SBI 2444: Copper
production
Exporter No
Importer No
Branche organisations VNMI -
Vereniging Nederlandse Metallurgische Industrie
Goal Productie van en
handel in alle soorten (half) afgewerkte producten uit non-ferro metalen enhet
verrichten van alle andere handelingen van commerciële, industriële of
financiële aard.
Relations
Shareholders Aurubis
Belgium NV/SA
Rue de Marais 31
B-1000 Brussel
Belgium
Percentage: 100%
Shareholders Naam: Aurubis
Belgium NV/SA
Bezoekadres: Rue de Marais
31, B-1000 Brussel, België
Ingeschreven in:
Kruispuntbank van Ondernemingen Brussel, België onder nummer
0873.533.993
Enig aandeelhouder sedert:
09-06-2011 (datum registratie: 14-06-2011)
Companies on same address Personeelsvereniging
Luvata
Registration
number: 40101332
Stichting Sociaal Fonds
Luvata Netherlands B.V.
Registration number:
08154907
Bedrijfsartsenpraktijk
Minjon
Registration number: 08196333
BCPC B.V.
Registration number:
56245599
Management
Active management T.
Sturm Thomas
Netherlands
Competence: Fully
authorized
Function: General Director
Starting date: 2013-10-01
Date of birth: 1969-07-24,
Rheinfelden, DE
S.C.R.J. Boel Stefan Cyriel
Robert Jean
Netherlands
Function: Commissaris
Starting date: 2012-03-01
Date of birth: 1966-06-09,
Hamme, BE
H.L. Rosenstock Hans Ludwig
Netherlands
Function: Commissaris
Starting date: 2015-08-01
Date of birth: 1960-12-31,
Siegen, DE
G. Vriezekolk Gerritje
Netherlands
Competence: Limited
authorization
Function: Proxy
Starting date: 2011-09-01
Date of birth: 1968-05-07,
Apeldoorn, NL
W.J.P. Eijkelkamp -
Meijerman Wilhelmina Johanna Petronella
Netherlands
Competence: Limited
authorization
Function: Proxy
Starting date: 2011-09-01
Date of birth: 1966-09-26,
Doetinchem, NL
I. Wiltink - Simon Ilona
Netherlands
Competence: Limited
authorization
Function: Proxy
Starting date: 2011-09-01
Date of birth: 1961-09-04,
Deventer, NL
G.J. Brouwer Gerrit Jan
Netherlands
Competence: Limited
authorization
Function: Proxy
Starting date: 2011-09-01
Date of birth: 1953-09-21,
Voorst, NL
D. Smits Daniëlle
Netherlands
Competence: Limited
authorization
Function: Proxy
Starting date: 2011-09-01
Date of birth: 1964-07-27,
Ede, NL
A.G. Helmus Alfred Gerard
Netherlands
Competence: Fully
authorized
Function: Proxy
Starting date: 2013-03-01
Date of birth:
1972-09-19, Groningen, NL
Employees
Total according to the Chamber of Commerce 156
Year 2015 2014 2013 2012
2011
Total 156
156 156 156 156
Payments
Description Payments are
made regularly no complaints are known
Key
figures
|
Year |
2014 |
2013 |
2012 |
|
Quick
ratio |
0,72 |
0,56 |
2,01 |
|
|
|
|
|
|
Year |
2014 |
2013 |
2012 |
|
Current
ratio |
1,47 |
1,49 |
4,06 |
|
|
|
|
|
|
|
|
|
|
|
Working
capital/ balance total |
0,22 |
0,19 |
0,46 |
|
|
|
|
|
|
Equity /
balance total |
0,06 |
0,06 |
0,12 |
|
|
|
|
|
|
Equity
/ Fixed assets |
0,17 |
0,15 |
0,32 |
|
|
|
|
|
|
Equity
/ liabilities |
0,06 |
0,07 |
0,14 |
|
|
|
|
|
|
Balance
total / liabilities |
1,06 |
1,07 |
1,14 |
|
|
|
|
|
|
Working
capital |
30.535.000 |
20.403.000 |
41.616.000 |
|
|
|
|
|
|
Equity |
7.847.000 |
6.664.000 |
11.197.000 |
|
|
|
|
|
|
Mutation
equity |
17,75 |
-40,48 |
|
|
|
|
|
|
|
Mutation
short term liabilities |
56,58 |
203,33 |
|
|
|
|
|
|
|
Return on
total assets (ROA) |
-14,80 |
-17,66 |
-11,19 |
|
|
|
|
|
|
Return
on equity (ROE) |
-267,83 |
-279,82 |
-90,05 |
|
|
|
|
|
|
Gross
profit margin |
-8,49 |
-12,19 |
-4,90 |
|
|
|
|
|
|
Net
profit margin |
-8,42 |
-3,22 |
-1,57 |
|
|
|
|
|
|
Average
collection ratio |
3,46 |
3,42 |
13,24 |
|
|
|
|
|
|
Average
payment ratio |
5,30 |
6,50 |
8,61 |
|
|
|
|
|
|
Equity
turnover ratio |
28,49 |
21,16 |
16,09 |
|
|
|
|
|
|
Total
assets turnover ratio |
1,57 |
1,34 |
2,00 |
|
|
|
|
|
|
Fixed assets
turnover ratio |
4,77 |
3,21 |
5,16 |
|
|
|
|
|
|
Inventory
conversion ratio |
4,60 |
3,66 |
6,47 |
|
|
|
|
|
|
Turnover |
223.568.000 |
140.983.000 |
180.105.000 |
|
|
|
|
|
|
Gross
margin |
1.539.000 |
393.000 |
2.299.000 |
|
|
|
|
|
|
Operating
result |
-18.978.000 |
-17.184.000 |
-8.820.000 |
|
|
|
|
|
|
Net
result after taxes |
-18.817.000 |
-4.533.000 |
-2.819.000 |
|
|
|
|
|
|
Cashflow |
-15.216.000 |
|
3.240.000 |
|
|
|
|
|
|
EBIT |
-18.978.000 |
-17.184.000 |
-8.820.000 |
|
|
|
|
|
|
EBITDA |
-15.377.000 |
|
-2.761.000 |
Summary The 2014
financial result structure is a postive working captial of 30.535.000 euro,
which is in agreement with 22 % of the total assets of the company. The working
capital has increased with 49.66 % compared to previous year. The ratio, with
respect to the total assets of the company has however, increased. The
improvement between 2013 and 2014 has mainly been caused by a current
liabilities reduction. The current ratio of the company in 2014 was 1.47. 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 0.72. 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 20.403.000 euro, which is in agreement with 19 % of the total assets of the
company.The working capital has diminished with -50.97 % 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 1.49. 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
0.56. A company with a Quick Ratio of less than 1 cannot currently pay back its
current liabilities.
Financial
statement
Last annual account 2014
Remark annual account The company is
obliged to file its financial statements.
Type of annual account Corporate
Annual account Aurubis
Netherlands B.V.
Oostzeestraat 1
7202CM Zutphen
Netherlands
Registration number: 52930610
Balance
|
Year |
2014 |
2013 |
2012 |
|
End date |
2014-09-30 |
2013-09-30 |
2012-09-30 |
|
Tangible
fixed assets |
38.316.000 |
33.419.000 |
30.941.000 |
|
Financial
fixed assets |
8.510.000 |
10.493.000 |
3.980.000 |
|
Fixed
assets |
46.826.000 |
43.912.000 |
34.921.000 |
|
|
|
|
|
|
Total
stock |
48.609.000 |
38.529.000 |
27.820.000 |
|
Accounts
receivable |
41.181.000 |
19.542.000 |
18.629.000 |
|
|
|
|
|
|
Other
receivables |
995.000 |
2.133.000 |
2.287.000 |
|
|
|
|
|
|
Total
receivables |
42.176.000 |
21.675.000 |
20.916.000 |
|
Liquid
funds |
4.373.000 |
1.470.000 |
6.486.000 |
|
Current
assets |
95.158.000 |
61.674.000 |
55.222.000 |
|
Total
assets |
141.984.000 |
105.586.000 |
90.143.000 |
|
|
|
|
|
|
Issued
capital |
|
18.000 |
|
|
Other
reserves |
26.664.000 |
6.646.000 |
14.016.000 |
|
|
|
|
|
|
Non-distributable
profit |
-18.817.000 |
|
-2.819.000 |
|
|
|
|
|
|
Total
reserves |
7.847.000 |
6.646.000 |
11.197.000 |
|
Total
equity |
7.847.000 |
6.664.000 |
11.197.000 |
|
|
|
|
|
|
Provisions |
5.113.000 |
4.312.000 |
3.692.000 |
|
|
|
|
|
|
Long term
interest yielding debt |
64.401.000 |
53.339.000 |
61.648.000 |
|
|
|
|
|
|
Long
term liabilities |
64.401.000 |
53.339.000 |
61.648.000 |
|
Accounts
payable |
25.147.000 |
20.134.000 |
11.290.000 |
|
|
|
|
|
|
Other
short term liabilities |
39.476.000 |
21.137.000 |
2.316.000 |
|
|
|
|
|
|
Short
term liabilities |
64.623.000 |
41.271.000 |
13.606.000 |
|
Total
short and long term liabilities |
134.137.000 |
98.922.000 |
78.946.000 |
|
Total
liabilities |
141.984.000 |
105.586.000 |
90.143.000 |
Summary The total
assets of the company increased with 34.47 % between 2013 and 2014. The fixed
asset growth of 6.64 % is lower than the total asset growth. The asset growth
has mainly been financed by a debt increase of 35.6 %. The Net Worth, however,
grew with 17.75 %. In 2014 the assets of the company were 32.98% composed of
fixed assets and 67.02 % by current assets. The assets are being financed by an
equity of 5.53 %, and total debt of 94.47 %. The total assets of the company
increased with 17.13 % between 2012 and 2013. The total asset increase is
retrievable in the fixed asset growth of 25.75 %. Asset growth is in contrasts
with the net worth decline of -40.48 %. The company's indebtedness has,
therefore, increased with 25.3 %. In 2013 the assets of the company were 41.59
% composed of fixed assets and 58.41 % by current assets. The assets are being
financed by an equity of 6.31 %, and total debt of 93.69 %.
Profit and
loss
|
Year |
2014 |
2013 |
2012 |
|
|
Revenues |
|
223.568.000 |
140.983.000 |
180.105.000 |
|
|
|
|
|
|
|
Net
turnover |
223.568.000 |
140.983.000 |
180.105.000 |
|
|
|
|
|
|
|
|
Gross
margin |
223.568.000 |
393.000 |
2.299.000 |
|
|
|
|
|
|
|
|
Wages
and salaries |
|
13.729.000 |
|
|
|
|
|
|
|
|
|
Amorization
and depreciation |
3.601.000 |
|
6.059.000 |
|
|
|
|
|
|
|
|
Sales |
|
222.029.000 |
140.590.000 |
177.806.000 |
|
|
|
|
|
|
|
other
operating costs |
16.916.000 |
3.848.000 |
5.060.000 |
|
|
|
|
|
|
|
|
Operating
expenses |
242.546.000 |
158.167.000 |
188.925.000 |
|
|
|
|
|
|
|
|
Operating
result |
-18.978.000 |
-17.184.000 |
-8.820.000 |
|
|
|
|
|
|
|
|
Financial
income |
2.000 |
1.000 |
140.000 |
|
|
|
|
|
|
|
|
Financial
expenses |
2.041.000 |
1.464.000 |
1.403.000 |
|
|
|
|
|
|
|
|
Financial
result |
-2.039.000 |
-1.463.000 |
-1.263.000 |
|
|
|
|
|
|
|
|
Result on
ordinary operations before taxes |
-21.017.000 |
-18.647.000 |
-10.083.000 |
|
|
|
|
|
|
|
|
Taxation on the result of ordinary activities |
-2.738.000 |
-5.806.000 |
-745.000 |
|
|
|
|
|
|
|
|
Result
of ordinary activities after taxes |
-23.755.000 |
-12.841.000 |
-9.338.000 |
|
|
|
|
|
|
|
|
Extraordinary
income |
4.938.000 |
8.308.000 |
7.032.000 |
|
|
|
|
|
|
|
|
Extraordinary
expense |
|
|
513.000 |
|
|
|
|
|
|
|
|
Extraordinary
result before taxation |
4.938.000 |
|
|
|
|
|
|
|
|
|
|
Extraordinary
result after taxation |
4.938.000 |
8.308.000 |
6.519.000 |
|
|
|
|
|
|
|
|
Net result |
-18.817.000 |
-4.533.000 |
-2.819.000 |
|
|
|
|
|
|
|
|
Attributable
to shareholders |
-18.817.000 |
|
|
|
Summary The turnover of
the company grew with 58.58 % between 2013 and 2014. The gross profit of the
company grew with 291.6 % between 2013 and 2014. The operating result of the
company declined with -10.44% between 2013 and 2014. 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 16.19% of the
analysed period, being equal to -14.8 in the year 2014. This growth has
contributed to the increase in assets turnover, increasing by 17.16 % reaching
1.57. The Net Result of the company decreased by -315.11 % 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 4.28 % of the analysed period, being
-267.83 in the year 2014. The company's financial structure has slowed down its
financial profitability. The turnover of the company decreased by -21.72 % between
2012 and 2013. The gross profit of the company decreased by -82.91 % between
2012 and 2013. The operating result of the company declined with -94.83 %
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 -57.82% of the analysed period, being equal
to -17.66 in the year 2013. This fall has contributed to a asset turnover
decrease, whose index evolved from -33 to a level of 1.34. The Net Result of
the company decreased by -60.8 % 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 -210.74 % of the analysed period, being -279.82 in the year 2013.
The company's financial profitability has been positively affected by its
financial structure.
Analysis
Branch (SBI) MANUFACTURE OF
BASIC METALS (SBI code 24)
Region Achterhoek
Summary In the
Netherlands 556 of the companies are registered with the SBI code 24
In the region Achterhoek 19
of the companies are registered with the SBI code 24
In the Netherlands 26 of
the bankrupcties are published within this sector
In the region Achterhoek 2
of the bankruptcies are published within this sector
The risk of this specific sector
in the Netherlands is Highest
The risk of this specific sector in the region Achterhoek is Highest
Publications
Deposits 15-04-2015: De
jaarrekening over 2014 (gebroken boekjaar) is gepubliceerd.
04-11-2014: De jaarrekening
over 2013 (gebroken boekjaar) is gepubliceerd.
03-07-2013: De jaarrekening
over 2012 (gebroken boekjaar) is gepubliceerd.
Functions 13-08-2015: Per
01-08-2015 is commissaris Hans Ludwig Rosenstock in functie getreden.
13-08-2015: Per 01-08-2015
is commissaris Ari Juhani Ingman uit functie getreden.
10-02-2015: Per 01-02-2015
is gevolmachtigde Dirk de Jong uit functie getreden.
10-12-2014: Per 01-10-2014
is commissaris Antonius Cornelis Petrus Ludovicus van
Overveld uit functie getreden.
04-10-2013: Per 30-09-2013
is bestuurder Theodorus Johannes Cornelius Maria Mimpen uit
Functie getreden.
04-10-2013: Per 01-10-2013
is bestuurder Thomas Sturm in functie getreden.
21-03-2013: Per 01-03-2013
is gevolmachtigde Alfred Gerard Helmus in functie getreden.
03-01-2013: Per 31-12-2012
is gevolmachtigde Jakob de Vries uit functie getreden.
28-03-2012: Per 01-03-2012
is bestuurder Ari Juhani Ingman uit functie getreden.
28-03-2012: Per 01-03-2012
is commissaris Stefan Cvriel Robert Jean Boel in functie getreden.
28-03-2012: Per 01-03-2012
is commissaris Ari Juhani Inoman in functie getreden.
28-03-2012: Per 01-03-2012
is commissaris Antonius Cornelis Petrus Ludovicus van
Overveld in functie
getreden.
27-01-2012: Per 01-09-2011
is gevolmachtigde Dirk de Jong in functie getreden.
27-01-2012: Per 01-09-2011
is gevolmachtigde Daniëlle Smits in functie getreden.
Amendments 26-09-2014:
Geplaatst kapitaal gewijzigd in EUR 20.018.000,00 Gestort kapitaal gewijzigd in
EUR 20.018.000,00.
26-09-2014: Per 22-9-2014
statuten gewijzigd.
04-01-2012: Per 27-12-2011 statuten gewijzigd.
Company
structure
Relations 2
Company Registration
number
Aurubis Belgium NV/SA (B-1000 Brussel)
| - - Aurubis
Netherlands B.V. (Zutphen) 52930610
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.11 |
|
UK Pound |
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TRU |
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.