MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Correct Name :	B & S GLOBAL FOOD PURCHASE B.V.
Registered Office :	Rijksstraatweg 7, 3316EE Dordrecht
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	31.12.1992
Com. Reg. No.:	KvK-nummer: 24235642
Legal Form :	Besloten Vennootschap
Line of Business :	Non-specialised wholesale of consumer goods
No. of Employees :	14

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 :	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 – 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 B & S Global Food Purchase B.V.

Operative address Rijksstraatweg 7

3316EE Dordrecht

Netherlands

Legal form Besloten Vennootschap

Registration number KvK-nummer: 24235642

VAT-number 801460840

Year	2013		Mutation	2012	Mutation	2011
Total receivables	8.613.000		79,03	4.811.000	-53,60	10.369.000
Total equity	14.894.000		0,03	14.890.000		14.890.000
Short term liabilities	22.952.000	*	5,77	21.700.000	-11,56	24.537.000
Net result	4.000				-100,00	2.000
Working capital	14.894.000		0,03	14.890.000		14.890.000
Quick ratio	0,50		127,27	0,22	-48,84	0,43

Contact information

Company name B & S Global Food Purchase B.V.

Trade names Global F&B Purchase

B & S Global Food Purchase B.V.

Global Food Purchase

B&S Global Purchase

Global Electronics Purchase

Operative address Rijksstraatweg 7

3316EE Dordrecht

Netherlands

Correspondence address Postbus 3119

3301DC Dordrecht

Netherlands

Telephone number 0786534438

Fax number 0786534439

Email address info@bs-gg.com

Website www.global-fb.com

Registration

Registration number KvK-nummer: 24235642

Branch number 000017168805

VAT-number 801460840

Status Active

First registration company register 1993-01-12

Memorandum 1992-12-31

Establishment date 1992-12-31

Legal form Besloten Vennootschap

Last proposed admendment 2009-10-01

Activities

SBI Non-specialised wholesale of consumer goods (46901)

Exporter Yes

Importer Yes

Branche organisations GemZu (Brancheorganisatie voor de Nederlandse Zuivehandel)

Goal De inkoop, daaronder begrepen import, van en de bemiddeling in consumentenartikelendaaronder begrepen levensmiddelen, tabakswaren, drogisterij-artikelen en drunken

Relations

Shareholders B & S B.V.

Rijksstraatweg 7

3316EE Dordrecht

Netherlands

Registration number: 242254070000

Percentage: 100%

Companies on same address Amount: 40

Management

Active management B & S B.V.

Rijksstraatweg 7

3316EE Dordrecht

Netherlands

Registration number: 242254070000

Competence: Fully authorized

Function: Manager

Starting date: 2000-01-01

Employees

Total according to the Chamber of Commerce	14
Year		2014	2013	2012	2011	2010
Total		14	14	14	14	6

Payments

Score 7,4

Description Payments are made regularly no complaints are known

Key figures

Year	2013	2012	2011	2010	2009
Quick ratio	0,50	0,22	0,43	0,62	0,95
Current ratio	1,65	1,69	1,61	1,78	2,18
Working capital/ balance total	0,39	0,41	0,38	0,44	0,54
Equity / balance total	0,39	0,41	0,38	0,44	0,54
Equity / liabilities	0,65	0,69	0,61	0,78	1,18

Year	2013	2012	2011	2010	2009
Balance total / liabilities	1,65	1,69	1,61	1,78	2,18
Working capital	14.894.000	14.890.000	14.890.000	14.894.000	14.791.000
Equity	14.894.000	14.890.000	14.890.000	14.894.000	14.791.000
Mutation equity	0,03		-0,03	0,70
Mutation short term liabilities	5,77	-11,56	28,06	52,56	-32,23
Return on total assets (ROA)	0,02		0,01	0,40
Return on equity (ROE)	0,04		0,01	0,92
Gross profit margin	0,11	0,21	0,14	0,10	-0,31
Net profit margin	0,00		0,00	0,08
Average collection ratio	6,75	7,74	6,34	6,61	7,93
Average payment ratio	18,00	34,91	14,99	10,61	8,32
Equity turnover ratio	10,41	11,28	10,44	8,50	6,74
Total assets turnover ratio	4,10	4,59	3,94	3,72	3,64
Inventory conversion ratio	5,88	5,29	5,37	5,72	6,48
Turnover	155.012.000	167.964.000	155.454.000	126.560.000	99.629.000
Gross margin	1.843.000	1.332.000	1.296.000	1.390.000	234.000
Operating result	172.000	357.000	211.000	129.000	-306.000
Net result after taxes	4.000		2.000	103.000
Gross profit		167.964.000	155.454.000	126.560.000	99.629.000
EBIT	172.000	357.000	211.000	129.000	-306.000

Summary

The 2013 financial result structure is a postive working captial of 14.894.000 euro, which is in

agreement with 39 % of the total assets of the company.

The working capital remained unchanged compared to previous year. The ratio with respect

to the total assets of the company has however, declined.

The unchanged capital can be explained by a decrease in current assets and an increase in

current liabilities.

The current ratio of the company in 2013 was 1.65. 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 0.5. 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 14.890.000 euro, which is in

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

The working capital remained unchanged compared to previous year. The ratio with respect

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

The unchanged capital can be explained by an increase in current assets and a decrease in

current liabilities.

The current ratio of the company in 2012 was 1.69. 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 0.22. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities

Financial statement

Remark annual account The company is obliged to file its financial statements.

Type of annual account Corporate

Annual account B & S Global Food Purchase B.V.

Rijksstraatweg 7

3316EE Dordrecht

Netherlands

Registration number: 242356420000

Balance

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Total stock	26.359.000	31.779.000	28.940.000	22.121.000	15.375.000
Accounts receivable	334.000	124.000	121.000	85.000
Other receivables	8.279.000	4.687.000	10.248.000	11.848.000
Total receivables	8.613.000	4.811.000	10.369.000	11.933.000	11.975.000
Liquid funds	2.874.000		118.000
Current assets	37.846.000	36.590.000	39.427.000	34.054.000	27.350.000
Total assets	37.846.000	36.590.000	39.427.000	34.054.000	27.350.000
Issued capital	4.538.000	4.538.000	4.538.000	4.538.000	4.538.000
Share premium reserve	6.776.000	6.776.000	6.776.000	6.776.000	6.776.000

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Other reserves	3.576.000	3.576.000	3.574.000	3.477.000	3.477.000
Non-distributable profit	4.000		2.000	103.000
Total reserves	10.356.000	10.352.000	10.352.000	10.356.000	10.253.000
Total equity	14.894.000	14.890.000	14.890.000	14.894.000	14.791.000
Accounts payable	8.629.000	7.996.000	10.183.000	9.265.000
Other short term liabilities	14.323.000	13.704.000	14.354.000	9.895.000
Short term liabilities	22.952.000	21.700.000	24.537.000	19.160.000	12.559.000
Total short and long term liabilities	22.952.000	21.700.000	24.537.000	19.160.000	12.559.000
Total liabilities	37.846.000	36.590.000	39.427.000	34.054.000	27.350.000

Summary

The total assets of the company increased with 3.43 % between 2012 and 2013.

The asset growth is explained by a reduction of 5.77 % of the company's indebtness, this

while, the Net Worth remains unchanged.

The total assets of the company decreased with -7.2 % between 2011 and 2012.

Assets reduction is being explained by an indebtedness decrease -11.56 % while the Net

Worth remains unchanged

Profit and loss

Year	2013	2012	2011	2010	2009
Revenues	155.012.000	167.969.000	155.575.000	126.641.000	99.937.000

Year	2013	2012	2011	2010	2009
Other operating income		5.000	121.000	81.000	308.000
Net turnover	155.012.000	167.964.000	155.454.000	126.560.000	99.629.000
Gross margin	1.843.000	1.332.000	1.296.000	1.390.000	234.000
Wages and salaries	228.000	112.000	141.000
Sales	153.169.000	166.632.000	154.158.000	1.342.000	848.000
other operating costs	1.443.000	868.000	1.065.000
Operating expenses	154.840.000	167.612.000	155.364.000	126.512.000	100.243.000
Operating result	172.000	357.000	211.000	129.000	-306.000
Financial income	270.000		129.000	326.000	306.000
Financial expenses	436.000	357.000	338.000	318.000
Financial result	-166.000	-357.000	-209.000	8.000	306.000
Result on ordinary operations before taxes	6.000		2.000	137.000
Taxation on the result of ordinary activities	2.000			34.000
Result of ordinary activities after taxes	4.000		2.000	103.000
Net result	4.000		2.000	103.000

Summary

The turnover of the company decreased by -7.71 % between 2012 and 2013.

The gross profit of the company grew with 38.36 % between 2012 and 2013.

The operating result of the company declined with -51.82 % between 2012 and 2013. This

evolution implies an decrease of the company's economic profitability.

The turnover of the company grew with 8.05 % between 2011 and 2012.

The gross profit of the company grew with 2.78 % between 2011 and 2012.

The operating result of the company grew with 69.19 % between 2011 and 2012. This

evolution implies an increase of the company's economic profitability.

Analysis

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

Region Zuid-Holland Oost

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

In the region Zuid-Holland Oost 4943 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 Zuid-Holland Oost 86 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 Zuid-Holland Oost is normal

Publications

Filings 03-03-2014: De jaarrekening over 2013 is gepubliceerd.

14-03-2013: De jaarrekening over 2012 is gepubliceerd.

23-02-2012: De jaarrekening over 2011 is gepubliceerd.

04-03-2011: De jaarrekening over 2010 is gepubliceerd.

31-03-2010: De jaarrekening over 2009 is gepubliceerd

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.10
UK Pound	1	Rs.99.04
Euro	1	Rs.79.03

INFORMATION DETAILS

Analysis Done by :	RAS
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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