MIRA INFORM REPORT

Report Date :

14.01.2014

Tel. No.:	31 180 631011
Fax No.:	31 180 633268

IDENTIFICATION DETAILS

Name :	LEHMANN & TROOST B.V.
Registered Office :	Transportweg 33, Waddinxveen, 2742 RH
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	29.12.1977
Com. Reg. No.:	29023564
Legal Form :	Private Subsidiary
Line of Business :	Subject is engaged in wholesale of unprocessed fruit and vegetables including potatoes.
No. of Employees :	21

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 :	Slow but 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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 & address

LEHMANN & TROOST B.V.

Transportweg 33
Waddinxveen, 2742 RH
Netherlands
Tel:	+31 0180-631011

Employees:	21
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Holding Familie Troost B.V.
Incorporation Date:	29-Dec-1977

Financials in:	As Reported (mil) As Reported (000) USD (mil) USD (000) GBP (mil) GBP (000) EUR (mil) EUR (000)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	NA
Total Assets:	12.7

Business Description

Lehmann & Troost B.V. is primarily engaged in wholesale of unprocessed fruit and vegetables including potatoes.

Industry

Industry	Grocery Wholesale
ANZSIC 2006:	3605 - Fruit and Vegetable Wholesaling
ISIC Rev 4:	4630 - Wholesale of food, beverages and tobacco
NACE Rev 2:	4631 - Wholesale of fruit and vegetables
NAICS 2012:	424480 - Fresh Fruit and Vegetable Merchant Wholesalers
UK SIC 2007:	4631 - Wholesale of fruit and vegetables
US SIC 1987:	5148 - Fresh Fruits and Vegetables

Key Executives

Name	Title
Abraham Troost	Managing director
Leendert Van Den Bos	Managing director
Maurice Van Der Lans	Managing director
J. Slingerland	EDP manager
A.F. Troost Jr.	Purchasing manager

Registered No.(NLD): 29023564

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Transportweg 33
Waddinxveen, 2742 RH
Netherlands

Tel:	+31 0180-631011

Sales EUR(mil):	NA
Assets EUR(mil):	9.6
Employees:	21
Fiscal Year End:	31-Dec-2012

Industry:	Food Processing

Incorporation Date:	29-Dec-1977
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(NLD):	29023564

Managing director:	Maurice Van Der Lans

Industry Codes

ANZSIC 2006 Codes:
3605	-	Fruit and Vegetable Wholesaling

ISIC Rev 4 Codes:
4630	-	Wholesale of food, beverages and tobacco

NACE Rev 2 Codes:
4631	-	Wholesale of fruit and vegetables

NAICS 2012 Codes:
424480	-	Fresh Fruit and Vegetable Merchant Wholesalers

US SIC 1987:
5148	-	Fresh Fruits and Vegetables

UK SIC 2007:
4631	-	Wholesale of fruit and vegetables

Business Description

Lehmann & Troost B.V. is primarily engaged in wholesale of unprocessed fruit and vegetables including potatoes.

Financial Data

Financials in:	EUR(mil)
Assets:	9.6
Current Assets:	9.3
Total Liabilities:	9.6
Net Worth:	3.8
Date of Financial Data:	31-Dec-2012

1 Year Growth

NA

Key Corporate Relationships

Bank:	ING Bank NV

Corporate Family

Total Corporate Family Members: 2 Corporate Structure News:

Holding Familie Troost B.V.

Lehmann & Troost B.V.

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Holding Familie Troost B.V.	Parent	Waddinxveen, Zuid-Holland	Netherlands	Banking	32.0
Lehmann & Troost B.V.	Subsidiary	Waddinxveen, Zuid-Holland	Netherlands	Grocery Wholesale		21

Executives Report

Executives

Name	Title	Function
Abraham Troost	Managing director	Managing Director
Leendert Van Den Bos	Managing director	Managing Director
Maurice Van Der Lans	Managing director	Managing Director
J. Slingerland	EDP manager	Information Executive
A.F. Troost Jr.	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	5.6	6.8	6.0
Total payroll costs	1.6	1.7	1.6
Change in value of fixed assets arising from revaluation	0.1	0.1	0.1
Other operating costs	1.6	2.0	1.6
Net operating income	2.3	3.0	2.7
Total financial income	-	0.0	0.1
Total expenses	-	0.0	0.0
Profit before tax	2.3	3.0	2.8
Profit attributable to minority interest shareholdings	-	0.0	0.0
Profit on ordinary activities after tax	1.7	2.3	2.1
Total taxation	0.6	0.7	0.7
Profit after tax	1.7	2.3	2.1
Net profit	1.7	2.3	2.1

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
Share premium account	1.2	1.2	1.2
Other reserves	2.0	2.0	1.6
Profit brought forward from previous year(s)	1.8	2.1	2.1
Total stockholders equity	5.0	5.3	5.0
Provisions and allowances	0.0	0.1	0.1
Trade creditors	-	-	5.4
Total current liabilities	7.6	5.6	8.2
Total liabilities (including net worth)	12.7	11.0	13.2
Total tangible fixed assets	0.4	0.4	0.3
Total asset investment	-	0.1	0.1
Total non-current assets	0.4	0.5	0.4
Net stocks and work in progress	1.7	1.1	2.1
Trade debtors	-	-	8.5
Other receivables	-	-	0.1
Total receivables	9.7	6.6	8.6
Cash and liquid assets	0.9	2.8	2.2
Total current assets	12.3	10.5	12.9
Total assets	12.7	11.0	13.2

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	1.60	1.90	1.60
Acid test ratio	1.40	1.70	1.30
Current liabilities to net worth	1.52%	1.06%	1.64%
Fixed assets to net worth	0.08%	0.09%	0.08%
Return on assets	0.19%	0.25%	0.21%
Shareholders' return	0.47%	0.53%	0.56%
Profit per employee	-	119.31	116.81
Return on capital	0.47%	0.52%	0.56%
Average wage per employee	-	68.87	66.47
Net worth	5.0	5.3	5.0
Number of employees	-	18	18

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Report Prepared by :

NNA

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%)