MIRA INFORM REPORT
|
Report No. : |
339580 |
|
Report Date : |
03.09.2015 |
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.: |
KvK-nummer: 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 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 |
AK Steel International B.V. |
|
Operative address |
Rat Verleghstraat 2A |
|
|
4815NZ Breda |
|
|
Netherlands |
|
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 |
46722: Wholesale of ferrous metals and
ferrous semi-finished products |
|
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 AH
(UK) Inc.
300 Delaware Avenue, Suit e
1704
Wilmington, Delaware
United States
Percentage: 100%
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
|
Total according to the Chamber of Commerce |
36 |
|
|
|
|
|
Year |
2015 |
2014 |
2013 |
2012 |
2011 |
|
Total |
36 |
36 |
32 |
39 |
34 |
Payments
|
Description |
Slow but correct |
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 |
|
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: 20082595 |
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 |
|
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) (SBI code 46) |
|
Region |
West-Brabant |
|
Summary |
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
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.
12-05-2014:
Per 24-03-2014 is bestuurder Eric Shayne Petersen in functie getreden.
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
|
Company |
Registration number |
|
AH
(UK) Inc. (Wilmington, Delaware) |
- - AK
Steel International B.V.
(Breda) |
20082595 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
UK Pound |
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.