MIRA INFORM REPORT

 

 

Report Date :           

03.10.2011

 

IDENTIFICATION DETAILS

 

Name :

PASSINA PRODUCTS B.V.

 

 

Registered Office :

Belcrumweg 3A, Breda, 4815 HA

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

03.03.1998       

 

 

Com. Reg. No.:

200886110000

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

sun drying or artificially dehydrating fruits and vegetables, or in manufacturing packaged soup mixes from dehydrated ingredients

 

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 :

Usually 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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Netherlands

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Cozpany name & address 

 

Passina Products B.V.

Belcrumweg 3A

Breda, 4815 HA

Netherlands

Tel:       +31 076-5722880

Fax:      +31 076-5722888

 

 

Synthesis  

 

Employees:                  45

Company Type:            Private Subsidiary

Corporate Family:          6 Companies

Ultimate Parent:            Robarth Holding Ag

Incorporation Date:         03-Mar-1998    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2009

Reporting Currency:       US Dollar

Annual Sales:               77.3

Total Assets:                31.2

 

 

Business Description     

 

Passina Products B.V. is primarily engaged in sun drying or artificially dehydrating fruits and vegetables, or in manufacturing packaged soup mixes from dehydrated ingredients.

 

Industry

Industry            Food Processing

ANZSIC 2006:    1140 - Fruit and Vegetable Processing

NACE 2002:      1533 - Processing and preserving of fruit and vegetables not elsewhere classified

NAICS 2002:     3114 - Fruit and Vegetable Preserving and Specialty Food Manufacturing

UK SIC 2003:    1533 - Processing and preserving of fruit and vegetables not elsewhere classified

US SIC 1987:    2034 - Dried and Dehydrated Fruits, Vegetables, and Soup Mixes

 

Registered No.(NLD): 200886110000

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

Corporate Overview

 

Location

Belcrumweg 3A

Breda, 4815 HA

Netherlands

Tel:       +31 076-5722880

Fax:      +31 076-5722888

 

Sales USD(mil):             77.3

Assets USD(mil):           31.2

Employees:                   45

Fiscal Year End:            31-Dec-2009

Industry:                        Food Processing

Incorporation Date:         03-Mar-1998

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(NLD):     200886110000

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1140     -          Fruit and Vegetable Processing

360       -          Grocery, Liquor and Tobacco Product Wholesaling

 

NACE 2002 Codes:

5138     -          Wholesale of other food including fish, crustaceans and molluscs

1533     -          Processing and preserving of fruit and vegetables not elsewhere classified

 

NAICS 2002 Codes:

424460  -          Fish and Seafood Merchant Wholesalers

3114     -          Fruit and Vegetable Preserving and Specialty Food Manufacturing

 

US SIC 1987:

2034     -          Dried and Dehydrated Fruits, Vegetables, and Soup Mixes

514       -          Groceries and Related Products

 

UK SIC 2003:

1533     -          Processing and preserving of fruit and vegetables not elsewhere classified

5138     -          Wholesale of other food including fish, crustaceans and molluscs

 

Business Description

Passina Products B.V. is primarily engaged in sun drying or artificially dehydrating fruits and vegetables, or in manufacturing packaged soup mixes from dehydrated ingredients.

 

 

Financial Data

Financials in:

USD(mil)

 

Revenue:

77.3

Assets:

31.2

Current Assets:

30.6

 

Total Liabilities:

31.2

 

Net Worth:

10.4

 

 

 

Date of Financial Data:

31-Dec-2009

 

1 Year Growth

17.4%

NA

 

Key Corporate Relationships

Bank:

Fortis Bank Nederland NV

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Passina Products B.V.

Passina Products B.V. 
Total Corporate Family Members: 6 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Robarth Holding Ag

Parent

 

 

 

 

 

 

Concentra Europe B.V.

Subsidiary

Breda, Noord-Brabant

Netherlands

Miscellaneous Financial Services

90.2

 

 

Dohler France Sarl

Subsidiary

St Denis

France

Crops

3.9

14

 

Passina Holding B.V.

Subsidiary

Breda, Noord-Brabant

Netherlands

Miscellaneous Financial Services

90.2

 

 

Passina Products B.V.

Subsidiary

Breda, Noord-Brabant

Netherlands

Food Processing

77.3

45

 

Concentra Nederland B.V.

Subsidiary

Breda, Noord-Brabant

Netherlands

Food Processing

5.2

 

 

 

Annual Profit & Loss

 

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

Consolidated

No

No

No

 

 

 

 

Net sales

77.3

78.1

70.5

Cost of goods sold

72.0

74.2

64.0

Cost of sales

72.0

74.2

64.0

Gross profit

5.3

3.9

6.5

Total payroll costs

2.1

1.9

1.5

Change in value of fixed assets arising from revaluation

0.1

0.1

0.0

Other operating costs

2.8

3.6

3.4

Net operating income

0.3

-

1.6

Total financial income

-

0.0

0.0

Total expenses

0.7

0.6

0.7

Profit before tax

-

-

1.0

Profit on ordinary activities after tax

-0.2

-2.2

0.7

Total taxation

-0.2

-

0.2

Profit after tax

-0.2

-2.2

0.7

Net profit

-

-

0.7

Net loss

-0.2

-2.2

-

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

USD

USD

USD

Exchange Rate

1

1

1

Consolidated

No

No

No

 

 

 

 

Share premium account

12.5

12.5

12.5

Other reserves

-1.8

-1.6

0.6

Total stockholders equity

10.7

10.9

13.1

Trade creditors

3.3

3.3

4.6

Total current liabilities

20.5

21.6

27.4

Total liabilities (including net worth)

31.2

32.5

40.5

Intangibles

0.3

0.3

-

Total tangible fixed assets

0.3

0.3

0.2

Total non-current assets

0.6

0.6

0.2

Net stocks and work in progress

21.5

23.8

30.5

Trade debtors

8.5

6.8

7.6

Other receivables

0.5

1.3

2.1

Total receivables

9.0

8.0

9.7

Cash and liquid assets

0.1

0.0

0.1

Total current assets

30.6

31.9

40.3

Total assets

31.2

32.5

40.5

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

USD

USD

USD

Exchange Rate

1

1

1

Consolidated

No

No

No

 

 

 

 

Current ratio

1.50

1.50

1.50

Acid test ratio

0.40

0.40

0.40

Current liabilities to net worth

1.97%

2.04%

2.08%

Fixed assets to net worth

0.06%

0.06%

0.02%

Collection period

40.30

31.70

39.60

Stock turnover rate

3.60

3.30

2.30

Sales to net working capital

7.70

7.60

5.40

Asset turnover

2.48%

2.40%

1.74%

Profit margin

-0.01%

-0.03%

0.01%

Return on assets

-0.01%

-0.07%

0.02%

Shareholders' return

-0.04%

-0.21%

0.07%

Sales per employee

1,681.43

1,698.56

1,678.29

Profit per employee

-8.24

-48.30

22.66

Return on capital

-0.10%

-0.26%

0.02%

Average wage per employee

45.14

42.27

35.84

Net worth

10.4

10.6

13.1

Number of employees

46

46

42

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

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%)

 

 

 

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.