MIRA INFORM REPORT

 

 

Report No. :

490258

Report Date :

05.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SEAFOOD CONNECTION B.V.

 

 

Registered Office :

Het Spijk 12, 8321WT Urk

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

12.12.1995

 

 

Com. Reg. No.:

39090057

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of fish

 

 

No. of Employees :

27 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Netherlands

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 consistently high trade surplus, stable industrial relations, and low 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 euro zone, 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 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has 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. In 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

 

Source : CIA

 

Company name

 

Name

Seafood Connection B.V.

 

Summary

 

Company name

Seafood Connection B.V.

Operative address

Het Spijk 12
8321WT Urk
Netherlands

Status

Active

Specification

This company can meet all its obligations.

 

Legal form

Private Limited Company

Registration number

KvK-nummer: 39090057

VAT-number

814547813

European VAT-number

NL814547813B01

 

Year

2016

Mutation

2015

Mutation

2014

Fixed assets

576.599

-5,97 

613.192

4,36 

587.570

Total receivables

30.964.155

71,24 

18.082.576

34,77 

13.417.025

Total equity

15.239.862

52,65 

9.983.440

2,02 

9.786.221

Short term liabilities

58.321.021

116,68 

26.915.653

-6,58 

28.811.198

Net result

2.976.718

102,12 

1.472.719

-26,78 

2.011.343

Working capital

14.738.701

56,54 

9.415.139

1,37 

9.287.543

Quick ratio

0,53

-20,90 

0,67

42,55 

0,47

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/SUMMARY-01-bar-large.png

Contact information

 

Company name

Seafood Connection B.V.

Trade names

Seafood Connection B.V.
Seacon
SEALIGHT
Blue Planet

Operative address

Het Spijk 12
8321WT Urk
Netherlands

Correspondence address

Postbus 73
8320AB Urk
Netherlands

 

Telephone number

0527687066

Fax number

0527687067

Email address

info@seafoodconnection.nl

Website

www.seafoodconnection.nl | www.seacon.eu

 

Registration

 

Registration number

KvK-nummer: 39090057

Branch number

000018408672

VAT-number

814547813

European VAT-number

NL814547813B01

Status

Active

First registration company register

2005-05-19

Memorandum

2005-05-18

Establishment date

1995-12-12

 

Legal form

Private Limited Company

Legal person since

2005-05-18

Issued placed capital

EUR 18.000

Paid up share capital

EUR 18.000

 

Activities

 

SBI

46382: Wholesale of fish

Exporter

Yes

Importer

Yes

 

Goal

Het exploiteren van een handelsonderneming in vis en visproducten.

 

Relations

 

Shareholders

Seafood Connection Holding B.V.
Het Spijk 12
8321WT Urk
Netherlands
Registration number: 39061180
Percentage: 100%

Affiliates

Weerstand Beheer B.V.
Foksdiep 1
8321MK Urk
Netherlands
Registration number: 39075877

 

Branches

Seafood Connection B.V.
Burgemeester Haspelslaan 51
1181NB AMSTELVEEN
Netherlands
Registration number: 39090057

Companies on same address

Seafood Connection Holding B.V.
Registration number: 39061180

 

Stichting Liberi Foundation
Registration number: 67383262

 

Real Estate

 

Details operative address

Surface area: 838 m2
Purpose: Office function
Construction year: 2004
Status: Property in use (not been measured)
Under investigation: No

 

Management

 

Active management

Seafood Connection Holding B.V.
Het Spijk 12
8321WT Urk
Netherlands
Registration number: 39061180
Competence: Fully authorized
Function: General Director
Starting date: 2005-05-18

 

J. Kaptijn Jan
Netherlands
Competence: Fully authorized
Function: Managing Director
Starting date: 2005-05-19
Date of birth: 1970-11-23, Urk, NL
Involved with the following companies:

Trans-Europe Seafood Sales B.V.
Burgemeester Haspelslaan 51
1181NB AMSTELVEEN
Netherlands
Registration number: 34183128
Status: Dissolved
Function: Manager
Starting date: 2013-10-01

 

Seafood Connection Holding B.V.
Het Spijk 12
8321WT Urk
Netherlands
Registration number: 39061180
Function: General Director
Starting date: 2013-12-30

 

Fishlink B.V.
Zuiderhoofd 7
8321LA Urk
Netherlands
Registration number: 39063589
Function: General Director
Starting date: 1996-11-18

 

Seafood Connection Holding B.V.
Het Spijk 12
8321WT Urk
Netherlands
Registration number: 39061180
Function: Managing Director
Starting date: 1996-12-09

 

L. Brouwer Lucas
Netherlands
Competence: Fully authorized
Function: Proxy
Starting date: 2005-05-19
Date of birth: 1978-05-30, Urk, NL

 

K.H. van Eerde Klaas Hessel
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2005-05-19
Date of birth: 1972-08-26, Urk, NL

 

Employees

 

Year

2018

2016

2015

2014

2013

Annual

37

33

29

27

Chamber of Commerce

27

22

22

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/EMPLOYEES-01-bar-large.png

 

Payments

 

Description

The payments are regular

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/PAYMENTS-01-line-large.png

Total

EUR 8.621

 

Last quarter

Last year

Average payment period (days)

25

24

Average delay (days)

2

1

 

Quarter

Volume

Not overdue

1-30

31-60

61-90

91-120

121+

2018 Q1

A

45,00%

55,00%

0,00%

0,00%

0,00%

0,00%

2017 Q4

A

51,00%

49,00%

0,00%

0,00%

0,00%

0,00%

2017 Q3

A

59,00%

41,00%

0,00%

0,00%

0,00%

0,00%

2017 Q2

A

49,00%

51,00%

0,00%

0,00%

0,00%

0,00%

2017 Q1

A

46,00%

54,00%

0,00%

0,00%

0,00%

0,00%

A = < 10.000, B = < 25.000, C = < 50.000, D = < 125.000, E = > 125.000

Payments within industry

Last quarter

Last year

Average payment period (days)

40

38

Average delay (days)

22

21

Quarter

Not overdue

1-30

31-60

61-90

91-120

121+

 

2018 Q1

57,00%

35,00%

3,00%

1,00%

2,00%

2,00%

 

2017 Q4

52,00%

38,00%

6,00%

2,00%

1,00%

1,00%

 

2017 Q3

44,00%

45,00%

7,00%

1,00%

3,00%

1,00%

 

2017 Q2

60,00%

35,00%

3,00%

1,00%

0,00%

0,00%

 

2017 Q1

58,00%

35,00%

4,00%

1,00%

0,00%

2,00%

 

 

The above data is an indication of the average payment behaviour of the client. the payment experieneces can be affected by disputes, payment arrangements, etc.

 

Key figures

 

Year

2016

2015

2014

2013

2012

Quick ratio

0,53

0,67

0,47

0,59

0,73

Current ratio

1,25

1,35

1,32

1,41

1,46

Working capital/ balance total

0,20

0,25

0,24

0,29

0,31

Equity / balance total

0,21

0,27

0,25

0,30

0,33

Equity / Fixed assets

26,43

16,28

16,66

13,06

15,46

Equity / liabilities

0,26

0,37

0,34

0,44

0,49

Balance total / liabilities

1,26

1,37

1,34

1,44

1,49

Working capital

14.738.701

9.415.139

9.287.543

7.541.359

6.394.061

Equity

15.239.862

9.983.440

9.786.221

8.024.878

6.836.113

Mutation equity

52,65

2,02

21,95

17,39

5,19

Mutation short term liabilities

116,68

-6,58

57,59

32,10

-11,33

Return on total assets (ROA)

5,39

5,26

6,90

8,44

4,36

Return on equity (ROE)

26,03

19,48

27,27

27,79

13,19

Gross profit margin

2,46

2,11

3,30

3,55

1,77

Net profit margin

1,66

1,28

2,12

2,33

0,94

Average collection ratio

3,07

4,26

3,29

3,97

5,27

Average payment ratio

5,78

6,34

7,06

6,69

7,22

Equity turnover ratio

11,75

11,48

9,67

9,05

10,68

Total assets turnover ratio

2,43

3,10

2,45

2,75

3,53

Fixed assets turnover ratio

310,58

186,94

161,13

118,13

165,09

Inventory conversion ratio

4,25

6,28

3,84

4,85

7,21

Turnover

179.082.375

114.629.779

94.673.316

72.600.560

72.978.946

Gross margin

9.598.781

6.557.461

6.790.980

5.475.255

3.892.711

Operating result

4.414.257

2.423.482

3.126.903

2.579.423

1.291.513

Net result after taxes

2.976.718

1.472.719

2.011.343

1.688.765

687.015

Cashflow

3.068.745

1.551.231

2.083.884

1.754.396

766.412

Gross profit

179.082.375

114.629.779

94.673.316

72.600.560

72.978.946

EBIT

4.414.257

2.423.482

3.126.903

2.579.423

1.291.513

EBITDA

4.506.284

2.501.994

3.199.444

2.645.054

1.370.910

 

Summary

The 2016 financial result structure is a postive working captial of 14.738.701 euro, which is in agreement with 20 % of the total assets of the company.
The working capital has increase with 56.54 % compared to previous year. The ratio with respect to the total assets of the company has however, declined.
The improvement between 2015 and 2016 has mainly been caused by a change of the current liabilities.
The current ratio of the company in 2016 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 2016 of the company was 0.53. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2015 financial result structure is a postive working captial of 9.415.139 euro, which is in agreement with 25 % of the total assets of the company.
The working capital has increased with 1.37 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased.
The improvement between 2014 and 2015 has mainly been caused by a change of the current assets.
The current ratio of the company in 2015 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 2015 of the company was 0.67. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/KEYFIGURES-01-bar-large.png

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/KEYFIGURES-02-bar-large.png

 

Financial statement

 

Last annual account

2016

Remark annual account

The company is obliged to file its financial statements.

Type of annual account

Corporate

Annual account

Seafood Connection B.V.
Het Spijk 12
8321WT Urk
Netherlands
Registration number: 39090057

 

Balance

 

Year

2016

2015

2014

2013

2012

End date

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Type of annual account

Corporate

Corporate

Corporate

Corporate

Corporate

Intangible fixed assets

19.065

26.830

29.352

36.240

43.125

Tangible fixed assets

387.084

432.362

404.218

417.890

230.100

Financial fixed assets

170.450

154.000

154.000

160.441

168.827

Fixed assets

576.599

613.192

587.570

614.571

442.052

Total stock

42.090.030

18.240.471

24.677.200

14.959.587

10.125.143

Accounts receivable

25.915.248

12.088.296

10.173.649

9.288.259

Other receivables

5.048.907

1.328.729

685.249

818.621

Total receivables

30.964.155

18.082.576

13.417.025

10.858.898

10.106.880

Liquid funds

5.537

7.745

4.516

4.867

1.432

Current assets

73.059.722

36.330.792

38.098.741

25.823.352

20.233.455

Total assets

73.636.321

36.943.984

38.686.311

26.437.923

20.675.507

Issued capital

18.000

18.000

18.000

18.000

18.000

Share premium reserve

6.282.872

2.003.168

2.003.168

2.003.168

2.003.168

Other reserves

8.938.990

7.962.272

7.765.053

6.003.710

4.814.945

Total reserves

15.221.862

9.965.440

9.768.221

8.006.878

6.818.113

Total equity

15.239.862

9.983.440

9.786.221

8.024.878

6.836.113

Provisions

75.438

Long term interest yielding debt

44.891

88.892

131.052

Long term liabilities

44.891

88.892

131.052

Short term liabilities

58.321.021

26.915.653

28.811.198

18.281.993

13.839.394

Total short and long term liabilities

58.396.459

26.960.544

28.900.090

18.413.045

13.839.394

Total liabilities

73.636.321

36.943.984

38.686.311

26.437.923

20.675.507

 

Summary

The total assets of the company increased with 99.32 % between 2015 and 2016.
Despite the assets growth, the non current assets decreased with -5.97 %.
The asset growth has mainly been financed by a debt increase of 116.6 %. The Net Worth, however, grew with 52.65 %.
In 2016 the assets of the company were 0.78 % composed of fixed assets and 99.22 % by current assets. The assets are being financed by an equity of 20.7 %, and total debt of 79.3 %.

The total assets of the company decreased with -4.5 % between 2014 and 2015.
Despite the total assets decrease, non current assets grew with 4.36 %.
The asset reduction is in contrast with the equity growth of 2.02 %. Due to this the total debt decreased with -6.71 %.
In 2015 the assets of the company were 1.66 % composed of fixed assets and 98.34 % by current assets. The assets are being financed by an equity of 27.02 %, and total debt of 72.98 %.

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/BALANCESHEETS-01-bar-large.png

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/BALANCESHEETS-02-bar-large.png

 

Profit and loss

 

Year

2016

2015

2014

2013

2012

Revenues

179.132.770

114.701.805

94.768.362

72.725.890

73.080.802

Other operating income

50.395

72.026

95.046

125.330

101.856

Net turnover

179.082.375

114.629.779

94.673.316

72.600.560

72.978.946

Gross margin

9.598.781

6.557.461

6.790.980

5.475.255

3.892.711

Wages and salaries

2.899.919

2.317.841

2.206.057

1.679.582

1.281.542

Amorization and depreciation

92.027

78.512

72.541

65.631

79.397

Sales

169.483.594

108.072.318

87.882.336

67.125.305

69.086.235

other operating costs

2.242.973

1.809.652

1.480.525

1.275.949

1.342.115

Operating expenses

174.718.513

112.278.323

91.641.459

70.146.467

71.789.289

Operating result

4.414.257

2.423.482

3.126.903

2.579.423

1.291.513

Financial income

64.141

Financial expenses

453.880

Financial result

-448.079

-478.740

-458.082

-349.309

-389.739

Result on ordinary operations before taxes

3.966.178

1.944.742

2.668.821

2.230.114

901.774

Taxation on the result of ordinary activities

989.460

472.023

660.666

541.349

214.759

Result of ordinary activities after taxes

2.976.718

1.472.719

2.008.155

1.688.765

687.015

Extraordinary income

3.188

Extraordinary result after taxation

3.188

Net result

2.976.718

1.472.719

2.011.343

1.688.765

687.015

 

Summary

The turnover of the company grew with 56.23 % between 2015 and 2016.
The gross profit of the company grew with 46.38 % between 2015 and 2016.
The operating result of the company grew with 82.15 % between 2015 and 2016. 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 2.47 % of the analysed period, being equal to 5.39 in the year 2016.
Despite the growth the assets turnover decreased, whose index evolved with -21.61 % to a level of 2.43.
The Net Result of the company increased by 102.12 % between 2015 and 2016.
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 33.62 % of the analysed period, being 26.03 in the year 2016.
The company's financial structure has slowed down its financial profitability.

The turnover of the company grew with 21.08 % between 2014 and 2015.
The gross profit of the company decreased by -3.44 % between 2014 and 2015.
The operating result of the company declined with -22.5 % between 2014 and 2015. 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 -23.77 % of the analysed period, being equal to 5.26 in the year 2015.
Despite the decline the assets turnover increased by 26.53 % reaching 3.1.
The Net Result of the company decreased by -26.78 % between 2014 and 2015.
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 -28.57 % of the analysed period, being 19.48 in the year 2015.
The company's financial profitability has been positively affected by its financial structure.

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/PROFITLOSSACCOUNTS-01-bar-large.png

Description: http://kredietinformatie.creditdevice.nl/cache/ci-report-1261365-EN/PROFITLOSSACCOUNTS-02-bar-large.png

 

Analysis

 

Branch (SBI)

Wholesale of fish (SBI code 46382)

Region

Flevoland

Summary

In the Netherlands 27836 of the companies are registered with the SBI code 46382
In the region Flevoland 678 of the companies are registered with the SBI code 46382
In the Netherlands 351 of the bankrupcties are published within this sector
In the region Flevoland 19 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 Flevoland is normal

Year

2016

Company

2015

Company

2014

Equity

75.424

15.239.862 

75.869

9.983.440 

70.534

Working capital

73.594

14.738.701 

56.920

9.415.139 

51.859

Balance total

425.361

73.636.321 

412.553

36.943.984 

425.862

Quick ratio

1,15

0,53 

1,25

0,67 

1,22

Current ratio

1,18

1,25 

1,41

1,35 

1,44

Equity / balance total

0,35

0,21 

0,37

0,27 

0,37

Turnover

10.413.835

179.082.375 

7.032.841

114.629.779 

6.688.606

Net result

1.090.716

2.976.718 

789.972

1.472.719 

650.427

 

Publications

 

Deposits

29-08-2017: De jaarrekening over 2016 is gepubliceerd.
11-10-2016: De jaarrekening over 2015 is gepubliceerd.
28-07-2015: De jaarrekening over 2014 is gepubliceerd.
06-08-2014: De jaarrekening over 2013 is gepubliceerd.
02-08-2013: De jaarrekening over 2012 is gepubliceerd.

Mergers

06-01-2016: Op 04-01-2016 fusieakte verleden. Verkrijgende rechtspersoon: Seafood Connection B.V., 39090057 Verdwijnende rechtspersoon: Trans-Europe Seafood Sales B.V., 34183128.
03-11-2015: Op 30-10-2015 fusievoorstel gedeponeerd. Verkrijgende rechtspersoon: Seafood Connection B.V., 39090057 Verdwijnende rechtspersoon: Trans-Europe Seafood Sales B.V., 34183128.

 

Company structure

 

Relations

5

Company

Registration number

Seafood Connection Holding B.V. (Urk)

39061180  

| - - Seafood Connection B.V. (Urk)

39090057  

| - - Weerstand Beheer B.V. (Urk)

39075877  

| - - | - - Fiskkoer B.V. (Urk)

01090524  

| - - | - - Weerstand Foods B.V. (Urk)

39062374  

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.08

UK Pound

1

INR 91.34

Euro

1

INR 80.03

Euro

1

INR 79.77 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.