MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	KLAAS PUUL B.V.
Registered Office :	Lupinestraat 117 1131JT Volendam
Country :	Netherlands
Financials (as on) :	31.03.2013
Date of Incorporation :	07.06.1990
Com. Reg. No.:	36036035
Legal Form :	Besloten Vennootschap
Line of Business :	Wholesale trade (no motor vehicles and motorcycles
No. of Employees :	131

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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Netherlands	A1	A1

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

NETHERLANDS - ECONOMIC OVERVIEW

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and 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. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US 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. 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. To recover, the government 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 austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract

Source : CIA

Summary

Company name	Klaas Puul B.V.
Operative address	Lupinestraat 117 1131JT Volendam Netherlands
Legal form	Besloten Vennootschap
Registration number	KvK-nummer: 36036035
VAT-number	008563500

Year	2013		Mutation	2012		Mutation	2011
Fixed assets	4.789.132		-16,80	5.755.829		-37,95	9.276.225
Total receivables	15.475.806		8,97	14.202.282		22,58	11.586.144
Total equity	28.338.591		2,43	27.667.236		7,06	25.843.482
Short term liabilities	22.600.059	4	-32,96	33.711.862		5,24	32.032.694
Net result	671.355		-63,19	1.823.754	t	42,97	1.275.596
Working capital	28.598.208		5,63	27.074.153	t	51,28	17.897.034
Quick ratio	0,69	*	46,81	0,47	t	27,03	0,37

Contact information

Company name Klaas Puul B.V.

Trade names HSG

Holland Seafood Group

E.E.G. 6136 : Volendam Holland

Klaas Puul B.V.

Operative address Lupinestraat 117

1131JT Volendam

Netherlands

Correspondence address Postbus 231

1130AE Volendam

Netherlands

Telephone number 0299364247

Fax number 0299367247

Email address info@klaaspuul.com

Website www.klaaspuul.com

Registration

Branch number 000016328159

VAT-number 008563500

Status Active

First registration company register 1990-06-07

Memorandum 1990-05-31

Establishment date 1968-06-15

Legal form Besloten Vennootschap

Last proposed admendment 2006-07-17

Activities

SBI Wholesale trade (no motor vehicles and motorcycles) (46)

Wholesale of fish (46382)

Retail sale of fish (4723)

Exporter Yes

Importer Yes

Goal Im- en export van en groot- en kleinhandel in vis en garnalen en aanverwante producten

Relations

Shareholders Klaas Puul Beheer B.V.

Lupinestraat 117

1131JT VOLENDAM

Netherlands

Registration number: 360387690000

Percentage: 100%

Branches Klaas Puul B.V.

Hamerstraat 26

1135GA EDAM

Netherlands

Registration number: 360360350001

Management

Active management

Klaas Puul Holding B.V.

Lupinestraat 117

1131JT VOLENDAM

Netherlands

Registration number: 360012330000

Competence: Fully authorized

Function: Manager

Starting date: 1990-05-31

J.P. Bootsman (Johan Petrus)

Netherlands

Competence: Fully authorized

Function: General Director

Starting date: 1992-05-14

Date of birth: 1962-06-25, Edam, NL

Active management

B.M.J. Mooijer (Bianca Margaretha Johanna)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1992-06-11

Date of birth: 1970-02-19, Edam, NL

Employees

Year 2014 2013 2012 2011 2010

Total 131 192 200 206 191

Payments

Score 7,6

Description Payments made under regular condition

Key figures

Year	2013	2012	2011	2010	2009
Quick ratio	0,69	0,47	0,37	0,58	0,50
Current ratio	2,27	1,80	1,56	1,81	1,81
Working capital/ balance total	0,51	0,41	0,30	0,40	0,40
Equity / balance total	0,51	0,42	0,44	0,41	0,35
Equity / Fixed assets	5,92	4,81	2,79	3,71	3,41
Equity / liabilities	1,02	0,71	0,77	0,70	0,57

Equity	28.338.591	27.667.236	25.843.482	24.567.886	23.415.000
Mutation equity	2,43	7,06	5,19	4,92	-5,63
Mutation short term liabilities	-32,96	5,24	9,36	-10,91	132,39
Return on total assets (ROA)	1,65	3,96	2,44	2,32	-2,67
Return on equity (ROE)	3,25	9,53	5,60	5,64	-7,54
Gross profit margin	0,96	2,35	1,63	1,78	-0,11
Net profit margin	0,42	1,27	0,91	0,82	-1,01
Average collection ratio	7,04	4,25	4,39	4,79	4,21
Average payment ratio	10,28	10,10	12,15	8,47	9,36
Equity turnover ratio	5,61	5,18	5,45	5,72	5,91
Total assets turnover ratio	2,84	2,15	2,38	2,35	2,09
Fixed assets turnover ratio	33,21	24,91	15,17	21,20	20,13
Inventory conversion ratio	4,46	3,19	3,71	3,90	3,21
Turnover	159.068.463	143.372.563	140.763.224	140.439.329	138.287.000
Operating result	1.534.793	3.362.452	2.296.931	2.500.756	-154.000
Net result after taxes	671.355	1.823.754	1.275.596	1.152.783	-1.398.000
Gross Profit	---	--	--	--	138.287.0000
EBIT	1.534.793	3.362.452	2.296.931	2.500.756	-154.000

Summary

The 2013 financial result structure is a postive working captial of 28.598.208 euro, which is in

agreement with 51 % of the total assets of the company.

The working capital has increased with 5.63 % 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 2.27. A company with a current ratio between

1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2013 of the company was 0.69. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 27.074.153 euro, which is in

agreement with 41 % of the total assets of the company.

The working capital has increased with 51.28 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The improvement between 2011 and 2012 has mainly been caused by an increase of the

current assets.

The current ratio of the company in 2012 was 1.8. A company with a current ratio between

1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2012 of the company was 0.47. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities

Financial statement

Type of annual account Corporate

Annual account Klaas Puul B.V.

Lupinestraat 117

1131JT Volendam

Netherlands

Registration number: 360360350000

Balance

Year	2013	2012	2011	2010	2009
End date	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31
Intangible fixed assets	1.543.390	2.068.665	2.540.559	3.039.452	3.350.000
Other tangible fixed assets					3.477.000
Tangible fixed assets	3.184.983	3.605.573	4.197.479	3.535.270	3.477.000
Other financial fixed assets					41.000
Financial fixed assets	60.759	81.591	2.538.187	49.989	41.000
Fixed assets	4.789.132	5.755.829	9.276.225	6.624.711	6.868.000
Other stock					43.048.000
Total stock	35.632.061	44.896.968	37.985.418	35.993.553	43.048.000
Accounts receivable	12.197.801	10.841.014	9.203.257	10.757.513	10.444.000
Other receivables	3.278.005	3.361.268	2.382.887	5.816.378	4.327.000
Total receivables	15.475.806	14.202.282	11.586.144	16.573.891	14.770.000

Year	2013	2012	2011	2010	2009
End date	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31
Liquid funds	90.400	1.686.765	358.166	484.304	1.535.000
accruals					4.327.000
Current assets	51.198.267	60.786.015	49.929.728	53.051.748	59.353.000
Total assets	55.987.399	66.541.844	59.205.953	59.676.459	66.221.000
Issued capital	18.152	18.152	18.152	18.152	18.000
Share premium reserve	612.838	612.838	612.838	612.838	613.000
Other reserves	27.036.246	25.212.492	23.936.896	22.784.113	24.182.000
Non-distributable profit	671.355	1.823.754	1.275.596	1.152.783	-1.398.000
Total reserves	28.320.439	27.649.084	25.825.330	24.549.734	23.397.000
Total equity	28.338.591	27.667.236	25.843.482	24.567.886	23.415.000
Provisions	548.749	571.981	577.053	304.579	1.582.000
Long term interest yielding debt	4.500.000	4.590.765	252.724	5.512.791
Financial debts			500.000
Other long term liabilities					8.344.000
Long term liabilities	4.500.000	4.590.765	752.724	5.512.791	8.344.000
Accounts payable	2.098.294	2.815.174	2.674.463	2.900.181	1.872.000
Other short term liabilities	20.501.765	30.896.688	29.358.231	26.391.022	31.008.000
Short term liabilities	22.600.059	33.711.862	32.032.694	29.291.203	32.879.000
Total short and long term liabilities	27.648.808	38.874.608	33.362.471	35.108.573	41.223.000
Total liabilities	55.987.399	66.541.844	59.205.953	59.676.459	66.221.000

Summary

The total assets of the company decreased with -15.86 % between 2012 and 2013.

This downturn is mainly retrievable in the fixed asset decrease of -16.8 %.

The asset reduction is in contrast with the equity growth of 2.43 %. Due to this the total debt

decreased with -28.88 %.

In 2013 the assets of the company were 8.55 % composed of fixed assets and 91.45 % by

current assets. The assets are being financed by an equity of 50.62 %, and total debt of

49.38 %.

The total assets of the company increased with 12.39 % between 2011 and 2012.

Despite the assets growth, the non current assets decreased with -37.95 %.

The asset growth has mainly been financed by a debt increase of 16.52 %. The Net Worth,

however, grew with 7.06 %.

In 2012 the assets of the company were 8.65 % composed of fixed assets and 91.35 % by

current assets. The assets are being financed by an equity of 41.58 %, and total debt of

58.42 %.

Profit and loss

Year	2013	2012	2011	2010	2009
Revenues	159.068.463	143.372.563	140.763.224	140.439.329	138.287.000
Net turnover	159.068.463	143.372.563	140.763.224	140.439.329	138.287.000
other operating costs					138.441.000
Operating expenses	157.533.670	140.010.111	138.466.293	137.938.573	138.441.000
Operating result	1.534.793	3.362.452	2.296.931	2.500.756	-154.000
Financial income	61.639	42.747	99.519	3.573	3.000
Financial expenses	674.280	767.489	950.396	1.119.803	1.613.000
Financial result	-612.641	-724.742	-850.877	-1.116.230	-1.610.000
Result on ordinary operations before taxes	922.152	2.637.710	1.446.054	1.384.526	-1.765.000
Taxation on the result of ordinary activities	250.797	813.956	170.458	231.743	-366.000
Result of ordinary activities after taxes	671.355	1.823.754	1.275.596	1.152.783	-1.398.000
Net result	671.355	1.823.754	1.275.596	1.152.783	-1.398.000

Summary

The turnover of the company grew with 10.95 % between 2012 and 2013.

The operating result of the company declined with -54.35 % 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 -58.33

% of the analysed period, being equal to 2012 % in the year 2013.

Despite the decline the assets turnover increased by 32.09 % reaching 2.84.

The Net Result of the company increased by -63.19 % 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

-65.9 % of the analysed period, being 3.25 % in the year 2013.

The company's financial profitability has been positively affected by its financial structure.

The turnover of the company grew with 1.85 % between 2011 and 2012.

The operating result of the company grew with 46.39 % 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 62.3 %

of the analysed period, being equal to 2011 % in the year 2012.

Despite the growth the assets turnover decreased, whose index evolved with -9.66 % to a

level of 2.15.

The Net Result of the company decreased by 42.97 % between 2011 and 2012.

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

70.18 % of the analysed period, being 9.53 % in the year 2012.

The company's financial structure has slowed down its financial profitability.

Analysis

Branch (SBI) Wholesale trade (no motor vehicles and motorcycles) (46)

Region Groot Amsterdam

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Groot Amsterdam 10512 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 Groot Amsterdam 209 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 Groot Amsterdam is normal

Publications

Filings 02-10-2013: De jaarrekening over 2013 (gebroken boekjaar) is gepubliceerd.

07-08-2012: De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd.

19-09-2011: De jaarrekening over 2011 (gebroken boekjaar) is gepubliceerd.

15-07-2010: De jaarrekening over 2010 (gebroken boekjaar) is gepubliceerd.

29-10-2009: De jaarrekening over 2009 (gebroken boekjaar) is gepubliceerd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.33
UK Pound	1	Rs.103.43
Euro	1	Rs.81.96

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PDT

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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