MIRA INFORM REPORT

Report Date :

08.11.2012

DENTIFICATION DETAILS

Name :	TOLSMA TECHNIEK EMMELOORD B.V
Registered Office :	Fabrieksweg 7 Emmeloord, 8304 AT
Country :	Netherlands
Financials (as on) :	31.12.2011
Date of Incorporation :	19.05.2003
Com. Reg. No.:	39082729
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of non-domestic cooling and ventilation equipment
No. of Employees :	37

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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 Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in 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 the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. 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 began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Tolsma Techniek Emmeloord B.V.

Fabrieksweg 7
Emmeloord, 8304 AT
Netherlands
Tel:	+31 0527-636465
Fax:	+31 0527-699532

Employees:	37
Company Type:	Private Subsidiary
Corporate Family:	3 Companies
Ultimate Parent:	Tolsma Beheer Emmeloord B.V.
Incorporation Date:	19-May-2003

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	NA
Total Assets:	9.8

Business Description

Tolsma Techniek Emmeloord B.V. is primarily engaged in manufacture of refrigerating or freezing industrial equipment; manufacture of air-conditioning machines; manufacture of heat exchangers; and manufacture of non-domestic fans.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2452 - Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
NACE 2002:	2923 - Manufacture of non-domestic cooling and ventilation equipment
NAICS 2002:	333415 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing
UK SIC 2003:	2923 - Manufacture of non-domestic cooling and ventilation equipment
UK SIC 2007:	2825 - Manufacture of non-domestic cooling and ventilation equipment
US SIC 1987:	3585 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

Key Executives

Name	Title
K. Ras	EDP manager
S. Zeilstra	Purchasing manager
Peter Fokkens	Member of the board
Hendrikus Goos	Member of the board
Watsina Priet - Loman	Member of the board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
Fabrieksweg 7
Emmeloord, 8304 AT
Netherlands

Tel:	+31 0527-636465
Fax:	+31 0527-699532

Suggest Company URL

Sales EUR(mil):	NA
Assets EUR(mil):	7.5
Employees:	37
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Incorporation Date:	19-May-2003
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(NLD):	39082729

Purchasing manager:	S. Zeilstra

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2452	-	Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing

NACE 2002 Codes:
2923	-	Manufacture of non-domestic cooling and ventilation equipment

NAICS 2002 Codes:
333415	-	Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing

US SIC 1987:
3585	-	Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

UK SIC 2003:
2923	-	Manufacture of non-domestic cooling and ventilation equipment

UK SIC 2007:
2825	-	Manufacture of non-domestic cooling and ventilation equipment

Business Description

Tolsma Techniek Emmeloord B.V. is primarily engaged in manufacture of refrigerating or freezing industrial equipment; manufacture of air-conditioning machines; manufacture of heat exchangers; and manufacture of non-domestic fans.

Financial Data

Financials in:	EUR(mil)
Assets:	7.5
Current Assets:	6.8
Total Liabilities:	7.5
Net Worth:	4.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

NA

Key Corporate Relationships

Bank:	Rabobank

Corporate Structure News

Tolsma Techniek Emmeloord B.V.
Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tolsma Beheer Emmeloord B.V.	Parent	Emmeloord, Flevoland	Netherlands	Miscellaneous Financial Services
Machinefabriek Grisnich Onroerend Goed B.V.	Subsidiary	Emmeloord, Flevoland	Netherlands	Commercial Banks		50
Tolsma Techniek Emmeloord B.V.	Subsidiary	Emmeloord, Flevoland	Netherlands	Miscellaneous Capital Goods		37

Executives Report

Board of Directors

Name	Title	Function
Peter Fokkens	Member of the board	Director/Board Member
Hendrikus Goos	Member of the board	Director/Board Member
Watsina Priet - Loman	Member of the board	Director/Board Member
Wijbe Tichelaar	Member of the board	Director/Board Member
Wilhelmus Van Hooijdonk	Member of the board	Director/Board Member

Executives

Name	Title	Function
K. Ras	EDP manager	Information Executive
S. Zeilstra	Purchasing manager	Purchasing Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Gross profit	17.2	10.6	9.0
Total payroll costs	6.1	4.8	4.8
Change in value of fixed assets arising from revaluation	0.3	0.2	0.2
Other operating costs	6.5	4.1	2.7
Net operating income	4.3	1.5	1.2
Total financial income	0.3	0.1	0.0
Total expenses	0.0	0.0	0.0
Profit before tax	4.6	1.6	1.2
Profit on ordinary activities after tax	3.5	1.2	0.9
Total taxation	1.1	0.4	0.3
Profit after tax	3.5	1.2	0.9
Net profit	3.5	1.2	0.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Other reserves	5.7	6.0	5.1
Total stockholders equity	5.7	6.0	5.1
Provisions and allowances	0.7	0.4	0.2
Total current liabilities	3.4	3.4	1.4
Total liabilities (including net worth)	9.8	9.8	6.7
Total tangible fixed assets	1.0	0.9	0.6
Total non-current assets	1.0	0.9	0.6
Net stocks and work in progress	3.0	2.9	2.6
Total receivables	5.7	5.5	3.2
Cash and liquid assets	0.2	0.4	0.3
Total current assets	8.8	8.9	6.1
Total assets	9.8	9.8	6.7

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	2.60	2.60	4.50
Acid test ratio	1.70	1.80	2.50
Current liabilities to net worth	0.59%	0.57%	0.27%
Fixed assets to net worth	0.17%	0.16%	0.12%
Return on assets	0.44%	0.17%	0.19%
Shareholders' return	0.76%	0.27%	0.25%
Profit per employee	43.23	18.04	14.11
Return on capital	0.67%	0.25%	0.23%
Average wage per employee	56.51	53.68	55.74
Net worth	5.7	6.0	5.1
Number of employees	77	67	62

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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