MIRA INFORM REPORT

 

 

Report Date :

27.05.2014

 

IDENTIFICATION DETAILS

 

Name :

LISMAN VORKHEFTRUCKS N.V.

 

 

Registered Office :

Techniekweg 1, 3401MH Ijsselstein Ut

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.04.1967

 

 

Com. Reg. No.:

30041674

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

·         Engaged in wholesaling used material handling equipment

Wholesaler of construction machinery (building equipment)

Wholesaler of internal transport equipment

 

Subject product ranges includes

·         Forklifts

Warehouse trucks

Access equipment

No-runner and Miscellaneous

Attachments

 

 

No of Employees :

44 (2014)

 

 

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, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

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 2012-13 tax revenues dropped, 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 summary

 

Company name                       Lisman Vorkheftrucks N.V.

Operative address                   Techniekweg 1

3401MH Ijsselstein Ut

Status                                      Active

Legal form                               Naamloze Vennootschap (Limited Liability Company)

Registration number                KvK-nummer: 30041674

VAT-number                            003370276

 

 

Year

2012

Mutation

2011

Mutation

2010

Fixed assets

25.000

 

 

 

 

Total receivables

5.991.006

17,96

5.079.051

370,37

1.079.804

Total equity

8.334.304

15,65

7.206.498

53,11

4.706.650

Short term liabilities

3.343.066

-22,77

4.328.500

-15,25

5.107.522

Net result

1.127.806

-54,89

2.499.848

447,40

-719.583

Working capital

8.801.274

14,24

7.704.404

47,03

5.239.884

Quick ratio

2,13

28,31

1,66

56,60

1,06

 

 

 

Contact      information

 

Company name           Lisman Vorkheftrucks N.V.

Trade names               Lisman Vorkheftrucks N.V.

Operative address       Techniekweg 1

3401MH Ijsselstein Ut

Netherlands

Correspondence address Postbus 233

3400AE Ijsselstein Ut

Netherlands

Telephone number      0306884884

Fax number                 0306886001

Email address              info@lisman.nl

Website                       www.lisman.nl

 

Registration

 

Registration number                KvK-nummer: 30041674

Branch number                        000018117341

VAT-number                            003370276

Status                                      Active

Memorandum                          1975-05-20

Establishment date                  1967-04-01

Legal form                               Naamloze Vennootschap (Limited Liability Company)

Last proposed admendment 2014-02-05

 

 

Activities

 

·         Engaged in wholesaling used material handling equipment

Wholesaler of construction machinery (building equipment)

Wholesaler of internal transport equipment

 

 

Exporter           Yes

Importer           No

 

Goal                 Revisie- en handelsbedrijf, t.w. kleinhandel in vorkheftrucks en wegenbouwmachines en de

reparatie daarvan, (service) de verhuur van vorkheftrucks

 

(Revision and trade, viz retail sale of forklift trucks and road construction and  repair thereof, (service) the rental of forklifts)

 

Subject product ranges includes

·         Forklifts

Warehouse trucks

Access equipment

No-runner and Miscellaneous

Attachments

 

Relations

 

Shareholders               Lifting Power B.V.

Techniekweg 1

3401MH IJSSELSTEIN UT

Netherlands

Registration number: 301973990000

Percentage: 100.00%

 

Companies on same address Amount: 12

 

Management

 

Active Management

 

A.J.M. Lisman (Antonius Jozef Maria)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 1986-01-01

Date of birth: 1949-03-01, Utrecht, NL

 

K.A.T. Lisman (Koen Antonius Theodorus)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2004-06-01

Date of birth: 1972-04-27, Vleuten-De Meern, NL

 

B.J.H. Backers (Bob Jacobus Henricus)

Netherlands

Competence: Limited authorization

Function: Manager

Starting date: 2012-10-01

Date of birth: 1967-11-07, Haarlem, NL

 

 

Employees

 

Year                 2014                 2012                 2011                 2010                 2009

 

Total                 44                     44                     44                     65                     44

 

 

 

Payments

 

Description                  Payments are made regularly no complaints are known

 

Key figures

Year

2012

2011

2010

2009

2008

Quick ratio

2,13

1,66

1,06

1,17

 

Current ratio

3,63

2,78

2,03

2,56

 

Working capital/ balance total

0,72

0,64

0,51

0,61

1,00

Equity / balance total

0,68

0,60

0,45

0,56

0,58

Equity / Fixed assets

333,37

 

 

 

 

Equity / liabilities

2,17

1,49

0,83

1,28

1,36

Balance total / liabilities                                      3,17                  2,49          1,83                2,28                2,36

Working capital                                                  8.801.274          7.704.404 5.239.884       5.892.824   12.990.975

Equity                                                               8.334.304          7.206.498 4.706.650     5.426.234     7.497.217

Mutation equity                                                  15,65                53,11       -13,26            -27,62               6,81

Mutation short term liabilities                              -22,77               -15,25       35,33

Return on total assets (ROA)

12,37

27,61

-8,67

-30,31

4,81

Return on equity (ROE)

18,05

46,10

-19,07

-53,99

8,34

Gross margin

7.819.438

10.045.202

9.065.688

4.136.669

8.865.081

Operating result

1.410.581

3.239.115

2.939.944

-2.909.923

717.337

Net result after taxes

1.127.806

2.499.848

-719.583

-2.070.983

478.205

EBIT

1.410.581

3.239.115

2.939.944

-2.909.923

717.337

 

Summary

 

The 2012 financial result structure is a positive working capital of 8.801.274 euro, which is in

agreement with 72 % of the total assets of the company.

 

The working capital has increased with 14.24 % 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 3.63. If the current ratio exceeds 3.0, the

company may not be using its current assets or its short-term financing facilities efficiently .

 

The quick ratio in 2012 of the company was 2.13. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

 

The 2011 financial result structure is a positive working capital of 7.704.404 euro, which is in

agreement with 64 % of the total assets of the company.

 

The working capital has increased with 47.03 % compared to previous year. The ratio, with

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

 

The improvement between 2010 and 2011 has mainly been caused by an increase of the

current assets.

 

The current ratio of the company in 2011 was 2.78. A company with a current ratio between

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

 

The quick ratio in 2011 of the company was 1.66. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

 

 

 

Financial statement

 

Type of annual account           Corporate

 

Annual account                       Lisman Vorkheftrucks N.V.

Techniekweg 1

3401MH Ijsselstein Ut

Netherlands

Registration number: 300416740000

 

 

Balance Sheet

Year                             2012                 2011                 2010                 2009                 2008

End date                       2012-12-31        2011-12-31        2010-12-31        2009-12-31        2008-12-31

Financial fixed assets 25.000

Fixed assets                 25.000

Total stock                   5.011.199          4.865.488          4.914.973          5.254.256          10.246.474

Accounts receivable       1.207.090

Other receivables           166.970

Total receivables         5.991.006          5.079.051          1.079.804          2.160.395          1.374.060

Liquid funds                   1.142.135          2.088.365          4.352.629          2.252.193          1.370.441

Current assets 12.144.340        12.032.904        10.347.406        9.666.844          12.990.975

Total assets                  12.169.340        12.032.904        10.347.406        9.666.844          12.990.975

Issued capital              27.227              27.227              27.227              27.227              27.227

Other reserves               8.307.077          7.179.271          4.679.423          5.399.007          6.991.785

Non-distributable profit                                                                                                    478.205

Total reserves              8.307.077          7.179.271          4.679.423          5.399.007          7.469.990

Total equity                 8.334.304          7.206.498          4.706.650          5.426.234          7.497.217

Provisions                     491.970             497.906             533.234             466.590             392.620

Long term interest

yielding debt                                                                                                                  5.101.138

Long term liabilities                                                                                                    5.101.138

Short term liabilities    3.343.066          4.328.500          5.107.522          3.774.020

Total short and

long term liabilities     3.835.036          4.826.406          5.640.756          4.240.610          5.493.758

Total liabilities             12.169.340        12.032.904        10.347.406        9.666.844          12.990.975

 

Summary

 

The total assets of the company increased with 1.13 % between 2011 and 2012.

 

The assets growth has been financed by a Net Worth increase of 15.65 %. The company's

net increase has also covered a reduction of -20.54 % of the company's indebtedness.

 

In 2012 the assets of the company were 0.21 % composed of fixed assets and 99.79 % by

current assets. The assets are being financed by an equity of 68.49 %, and total debt of

31.51 %.

 

The total assets of the company increased with 16.29 % between 2010 and 2011.

 

The assets growth has been financed by a Net Worth increase of 53.11 %. The company's

net increase has also covered a reduction of -14.44 % of the company's indebtedness.

 

 

 

Profit & Loss

Year

2012

2011

2010

2009

2008

Gross margin

7.819.438

10.045.202

9.065.688

4.136.669

8.865.081

 

Wages and salaries

2.336.371

2.576.616

2.243.287

3.522.744

3.393.669

other operating costs

4.072.486

4.229.471

3.882.457

3.523.848

4.754.075

Operating expenses

6.408.857

6.806.087

6.125.744

7.046.592

8.147.744

Operating result

1.410.581

3.239.115

2.939.944

-2.909.923

717.337

Financial income

236.983

200.908

95.593

42.010

164.370

Financial expenses

142.814

117.516

3.933.141

61.851

256.675

Financial result

94.169

83.392

-3.837.548

-19.841

-92.305

Result on ordinary operations before taxes

1.504.750

3.322.507

-897.604

-2.929.764

625.032

Taxation on the result of ordinary activities

376.944

822.659

-178.021

-858.781

146.827

Result of ordinary activities after taxes

1.127.806

2.499.848

-719.583

-2.070.983

478.205

 

Net result

1.127.806

2.499.848

-719.583

-2.070.983

478.205

 

Summary

The gross profit of the company decreased by -22.16 % between 2011 and 2012.

 

The operating result of the company declined with -56.45 % between 2011 and 2012. 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 -55.2 %

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

 

The Net Result of the company increased by -54.89 % between 2011 and 2012.

 

The company's Financial Profitability has been negatively affected by the financial activities in

comparison to the EBITs behaviour. The result of these variations is a profitability reduction

of -60.85 % of the analysed period, being 18.05 % in the year 2012.

 

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

 

The gross profit of the company grew with 10.8 % between 2010 and 2011.

 

The operating result of the company grew with 10.18 % between 2010 and 2011. 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 418.45

% of the analysed period, being equal to 2010 % in the year 2011.

 

The Net Result of the company decreased by 447.4 % between 2010 and 2011.

 

The company's Financial Profitability has been negatively affected by the financial activities in

comparison to the EBITs behaviour. The result of these variations is a profitability reduction

of 341.74 % of the analysed period, being 46.1 % in the year 2011.

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

 

 

 

Analysis

 

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

Region             Westelijk Utrecht

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

In the region Westelijk Utrecht 4157 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 Westelijk Utrecht 88 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 Westelijk Utrecht is normal

 

Publications

 

Filings              06-02-2014: De jaarrekening over 2012 is gepubliceerd.

29-01-2013: De jaarrekening over 2011 is gepubliceerd.

25-01-2012: De jaarrekening over 2010 is gepubliceerd.

19-01-2011: De jaarrekening over 2009 is gepubliceerd.

19-01-2010: De jaarrekening over 2008 is gepubliceerd.

 

Functions         02-10-2012: Per 01-10-2012 is gevolmachtigde Bob Jacobus Henricus Backers in functie

getreden.

 

Amendments   07-02-2014: Geplaatst kapitaal gewijzigd in EUR 45.000,00 Gestort kapitaal gewijzigd in EUR

45.000,00.

07-02-2014: Per 5-2-2014 statuten gewijzigd. Per 5-2-2014 naam gewijzigd in: Lisman

Vorkheftrucks N.V.. Rechtsvorm gewijzigd van Besloten vennootschap met gewone structuur

in Naamloze vennootschap met gewone structuur.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.58

UK Pound

1

Rs.98.66

Euro

1

Rs.79.81

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM 

 

 

Report Prepared by :

MNL

 

 

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.