MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	TOLSMA TECHNIEK EMMELOORD B.V.
Registered Office :	Fabrieksweg 7 Emmeloord, 8304 AT
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	19.05.2003
Com. Reg. No.:	39082729
Legal Form :	Private Subsidiary
Line of Business :	Subject is engaged in manufacturing refrigeration equipment and systems and similar equipment for commercial and industrial use; complete air-conditioning units for domestic, commercial, and industrial use; and warm air furnaces.
No. of Employees :	37

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 :	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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Netherlands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

netherland - ECONOMIC OVERVIEW

The Dutch economy is the sixth-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 in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent.

Source : CIA

Company name and addres

TOLSMA TECHNIEK EMMELOORD B.V.

Fabrieksweg 7

Emmeloord, 8304 AT

Netherlands

Tel:	+31 0527-636465

Employees:	37
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Tolsma Beheer Emmeloord B.V.
Incorporation Date:	19-May-2003

Financials in:	USD (In Millions)
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 manufacturing refrigeration equipment and systems and similar equipment for commercial and industrial use; complete air-conditioning units for domestic, commercial, and industrial use; and warm air furnaces. This includes manufacturing soda fountains and beer dispensing equipment and humidifiers and dehumidifiers, except portable, are also classified in this industry.

Industry

Industry	Machinery and Equipment Manufacturing
ANZSIC 2006:	2452 - Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
ISIC Rev 4:	2819 - Manufacture of other general-purpose machinery
NACE Rev 2:	2825 - Manufacture of non-domestic cooling and ventilation equipment
NAICS 2012:	333415 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing
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
Anne Wesseling	Managing director
D.J. De Visser	Sales manager
K. Ras	EDP manager
S. Zeijlstra	Purchasing manager
R. Waterham	Head of accounting department

Corporate Overview

Location
Fabrieksweg 7
Emmeloord, 8304 AT
Netherlands

Tel:	+31 0527-636465

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

Managing director:	Anne Wesseling

Industry Codes

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

ISIC Rev 4 Codes:
2819	-	Manufacture of other general-purpose machinery

NACE Rev 2 Codes:
2825	-	Manufacture of non-domestic cooling and ventilation equipment

NAICS 2012 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 2007:
2825	-	Manufacture of non-domestic cooling and ventilation equipment

Business Description

Tolsma Techniek Emmeloord B.V. is primarily engaged in manufacturing refrigeration equipment and systems and similar equipment for commercial and industrial use; complete air-conditioning units for domestic, commercial, and industrial use; and warm air furnaces. This includes manufacturing soda fountains and beer dispensing equipment and humidifiers and dehumidifiers, except portable, are also classified in this industry.

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

Registered No.(NLD): 39082729

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

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tolsma Beheer Emmeloord B.V.	Parent	Emmeloord, Flevoland	Netherlands	Banking
Tolsma Techniek Emmeloord B.V.	Subsidiary	Emmeloord, Flevoland	Netherlands	Machinery and Equipment Manufacturing		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

Executives

Name	Title	Function
Anne Wesseling	Managing director	Managing Director
R. Waterham	Head of accounting department	Accounting Executive
D.J. De Visser	Sales manager	Sales Executive
J. Van Maldegem	Marketing manager	Marketing Executive
K. Ras	EDP manager	Information Executive
S. Zeijlstra	Purchasing manager	Purchasing Executive

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Gross profit	14.3	17.2	10.6
Total payroll costs	6.6	6.1	4.8
Change in value of fixed assets arising from revaluation	0.3	0.3	0.2
Other operating costs	5.3	6.5	4.1
Net operating income	2.0	4.3	1.5
Total financial income	0.0	0.3	0.1
Total expenses	0.0	0.0	0.0
Profit before tax	2.0	4.6	1.6
Profit attributable to minority interest shareholdings	0.9	-	-
Profit on ordinary activities after tax	1.5	3.5	1.2
Total taxation	0.5	1.1	0.4
Profit after tax	1.5	3.5	1.2
Net profit	2.4	3.5	1.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Other reserves	4.0	5.7	6.0
Total stockholders equity	4.0	5.7	6.0
Provisions and allowances	0.5	0.7	0.4
Total current liabilities	9.6	3.4	3.4
Total liabilities (including net worth)	14.1	9.8	9.8
Total tangible fixed assets	1.1	1.0	0.9
Total asset investment	4.0	-	-
Total non-current assets	5.1	1.0	0.9
Net stocks and work in progress	3.4	3.0	2.9
Total receivables	5.2	5.7	5.5
Cash and liquid assets	0.5	0.2	0.4
Total current assets	9.0	8.8	8.9
Total assets	14.1	9.8	9.8

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Current ratio	0.90	2.60	2.60
Acid test ratio	0.60	1.70	1.80
Current liabilities to net worth	2.39%	0.59%	0.57%
Fixed assets to net worth	1.27%	0.17%	0.16%
Return on assets	0.15%	0.44%	0.17%
Shareholders' return	0.51%	0.76%	0.27%
Profit per employee	18.00	43.23	18.04
Return on capital	0.45%	0.67%	0.25%
Average wage per employee	59.88	56.51	53.68
Net worth	4.0	5.7	6.0
Number of employees	86	77	67

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

SDA

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