MIRA INFORM REPORT

 

 

Report No. :

329366

Report Date :

29.06.2015

 

IDENTIFICATION DETAILS

 

Name :

PASSINA PRODUCTS B.V.

 

 

Registered Office :

Belcrumweg 3A, 4815HA Breda

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

03.03.1998

 

 

Com. Reg. No.:

KvK-nummer: 20088611

 

 

Legal Form :

Private Company

 

 

Line of Business :
  • Manufacture of fruit and vegetable juice
  • Wholesale of beverages (no dairy products)

 

 

No. of Employee :

45

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and moderate unemployment. Industry focuses on 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 food-processing and underpins the country’s status as the world’s second largest agricultural exporter. The Netherlands is part of the Eurozone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 90% of banking assets. The sector suffered as a result of the global financial crisis and required billions of dollars of government support, but the European Banking Authority completed stringent reviews in 2014 and deemed Dutch banks to be well-capitalized. To address the 2009 and 2010 economic downturns, the government sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. 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 has since implemented significant austerity measures to improve public finances and has instituted broad structural reforms in in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. As a result, the government budget deficit at the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during which unemployment doubled to 7.4% and household consumption contracted for nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8 percent and a rise in most economic indicators. Drivers of growth included increased exports and business investments, as well as newly invigorated household consumption.

 

Source : CIA

 

 

Summary

 

Company name

PASSINA PRODUCTS B.V.

Operative address

Belcrumweg 3A

 

4815HA Breda

 

Netherlands

 

 

Legal form

private Company

Registration number

KvK-nummer: 20088611

VAT-number

806599790

 

 

Year

2013

Mutation

2012

Mutation

2011

Fixed assets

403.291

-16,54

483.201

-25,60

649.427

Total receivables

7.491.329

-21,45

9.536.829

28,46

7.423.751

Total equity

10.459.057

14,82

9.108.900

6,71

8.535.812

Short term liabilities

14.444.310

-30,95

20.917.354

-25,12

27.935.080

Net result

1.744.473

136,36

738.059

249,68

-493.096

Working capital

10.055.766

16,58

8.625.698

9,37

7.886.386

Quick ratio

0,52

13,04

0,46

70,37

0,27

 

 

 

Contact information

 

Company name

Passina Products B.V.

Trade names

Passina Products B.V.

Operative address

Belcrumweg 3A

 

4815HA Breda

 

Netherlands

Correspondence address

Postbus 3548

 

4800DM Breda

 

Netherlands

Telephone number

0765722880

Fax number

0765722888

Email address

passina@passina.nl

 

 

Registration

 

 

Registration number

KvK-nummer: 20088611

Branch number

000017519683

VAT-number

806599790

Status

Active

First registration company register

1998-03-16

Memorandum

1998-03-03

Establishment date

1998-03-03

Legal form

Private Company

Issued placed capital

EUR 18.151

Paid up share capital

EUR 18.151

 

 

Activities

 

SBI

Manufacture of fruit and vegetable juice (1032)

 

Wholesale of beverages (no diary products) (4634)

Exporter

No

Importer

No

Goal

Holding, handel in en het produceren van vruchtensappen en vruchtensapconcentraten.

 

 

Relations

 

Shareholders

 

Passina Holding B.V.

 

Belcrumweg 3A 4815HA BREDA Netherlands

 

Registration number: 200886100000 Percentage: 100%

 

 

Management

 

Active management

 

Passina Holding B.V.

 

Belcrumweg 3A 4815HA BREDA Netherlands

 

Registration number: 200886100000 Competence: Fully authorized Function: Manager

 

Starting date: 1998-03-03

 

C. Holdermans (Cornelis)

 

Netherlands

 

Competence: Limited authorization Function: Proxy

 

Starting date: 1998-03-03

 

Date of birth: 1958-08-02, Capelle aan den IJssel, NL Involved with the following companies

 

•   Concentra Nederland B.V.

            Belcrumweg 3A

 

4815HA BREDA Netherlands

 

Registration number: 201036110000 Function: Proxy

 

W.J. Jansen (Wim Johan)

 

Netherlands

 

Competence: Limited authorization Function: Proxy

 

Starting date: 1998-03-03

 

Date of birth: 1955-04-28, Hilversum, NL

 

J.A.C. Meeuwissen (Johannes Adrianus Cornelius)

 

Netherlands

 

Competence: Limited authorization Function: Proxy

 

Starting date: 2004-07-01

 

Date of birth: 1954-10-28, Oosterhout, NL

 

 

Employees

 

Fulltime

0

 

 

 

 

Year

2015

2013

2012

2011

2010

Total

45

52

45

45

51

 

 

 

Key figures

 

Year

2013

2012

2011

2010

2009

Quick ratio

0,52

0,46

0,27

0,42

0,44

Current ratio

1,70

1,41

1,28

1,46

1,49

Working capital/ balance total

0,40

0,29

0,22

0,31

0,32

Equity / balance total

0,42

0,30

0,23

0,33

0,34

Equity / Fixed assets

25,93

18,85

13,14

20,39

16,75

Equity / liabilities

0,72

0,44

0,31

0,48

0,52

Balance total / liabilities

1,72

1,44

1,31

1,48

1,52

Working capital

10.055.766

8.625.698

7.886.386

8.309.902

6.995.108

Equity

10.459.057

9.108.900

8.535.812

8.738.513

7.439.175

Mutation equity

14,82

6,71

-2,32

17,47

-5,19

Mutation short term liabilities

-30,95

-25,12

53,94

27,56

-8,37

Return on total assets (ROA)

7,00

2,46

-1,53

2,69

-1,21

Return on equity (ROE)

16,68

8,10

-6,52

8,27

-3,54

Gross profit margin

3,53

2,14

0,13

2,02

0,42

Net profit margin

2,76

1,10

-0,83

1,07

-0,26

Average collection ratio

4,38

3,22

2,14

3,72

3,77

Average payment ratio

8,44

7,06

8,04

8,92

8,56

Equity turnover ratio

6,04

7,40

6,99

7,73

7,22

Total assets turnover ratio

2,54

2,24

1,64

2,51

2,48

Fixed assets turnover ratio

156,76

139,41

91,89

157,60

120,91

Inventory conversion ratio

3,72

3,37

2,11

3,59

3,60

Turnover

63.221.907

67.360.779

59.678.732

67.550.873

53.689.965

Gross margin

6.237.567

6.228.920

4.669.839

5.362.460

3.677.363

Operating result

2.230.980

1.439.631

79.347

1.361.632

227.418

Net result after taxes

1.744.473

738.059

-493.096

722.288

-140.903

Cashflow

1.887.671

897.851

-356.592

819.300

-69.143

EBIT

2.230.980

1.439.631

79.347

1.361.632

227.418

EBITDA

2.374.178

1.599.423

215.851

1.458.644

299.178

 

 

Summary

 

The 2013 financial result structure is a postive working captial of 10.055.766 euro, which is in agreement with 40 % of the total assets of the company.

 

The working capital has increased with 16.58 % 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 1.7. 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 0.52. 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 8.625.698 euro, which is in agreement with 29 % of the total assets of the company.

 

The working capital has increased with 9.37 % 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 1.41. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

 

The quick ratio in 2012 of the company was 0.46. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

 

 

 

 

 

Financial statement

 

Last annual account

2013

Remark annual account

The company is obliged to file its financial statements.

Type of annual account

Corporate

Annual account

Passina Products B.V.

Belcrumweg 3A 4815HA Breda Netherlands

Registration number: 200886110000

 

 

Balance

 

Year

2013

2012

2011

2010

2009

End date

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Intangible fixed assets

105.286

137.563

168.328

189.677

201.221

Tangible fixed assets

298.005

345.639

481.098

238.934

242.845

Fixed assets

403.291

483.201

649.427

428.611

444.066

Total stock

16.982.966

19.995.563

28.335.696

18.832.830

14.903.723

Accounts receivable

7.042.859

9.215.235

7.084.901

7.322.475

5.921.871

Other receivables

448.471

321.595

338.849

249.086

351.113

Total receivables

7.491.329

9.536.829

7.423.751

7.571.561

6.272.984

Liquid funds

25.781

10.660

62.019

52.294

44.822

Current assets

24.500.076

29.543.052

35.821.466

26.456.685

21.221.528

Total assets

24.903.367

30.026.254

36.470.892

26.885.296

21.665.595

Issued capital

14.140

14.779

15.071

14.586

13.536

Share premium reserve

9.063.882

9.474.004

9.660.716

9.350.000

8.676.938

Other reserves

1.381.035

-379.883

-1.139.974

-626.073

-1.251.299

Total reserves

10.444.917

9.094.120

8.520.741

8.723.927

7.425.639

Total equity

10.459.057

9.108.900

8.535.812

8.738.513

7.439.175

Accounts payable

2.986.328

5.183.523

3.418.718

3.169.598

2.324.432

Other short term liabilities

11.457.982

15.733.831

24.516.363

14.977.185

11.901.988

Short term liabilities

14.444.310

20.917.354

27.935.080

18.146.783

14.226.420

Total short and long term liabilities

14.444.310

20.917.354

27.935.080

18.146.783

14.226.420

Total liabilities

24.903.367

30.026.254

36.470.892

26.885.296

21.665.595

 

 

Summary

 

The total assets of the company decreased with -17.06 % between 2012 and 2013.

 

This total assets decrease has been reflected in a reduction of non current assets of -16.54 %.

 

The asset reduction is in contrast with the equity growth of 14.82 %. Due to this the total debt decreased with -30.95 %.

 

In 2013 the assets of the company were 1.62 % composed of fixed assets and 98.38 % by current assets. The assets are being financed by an equity of 42 %, and total debt of 58 %.

 

The total assets of the company decreased with -17.67 % between 2011 and 2012. This downturn is mainly retrievable in the fixed asset decrease of -25.6 %. The asset reduction is in contrast with the equity growth of 6.71 %. Due to this the total debt decreased with -25.12 %.

 

In 2012 the assets of the company were 1.61 % composed of fixed assets and 98.39 % by current assets. The assets are being financed by an equity of 30.34 %, and total debt of 69.66 %.

 

 

 

Profit and loss

 

Year

2013

2012

2011

2010

2009

Revenues

63.221.907

67.360.779

59.678.732

67.550.873

53.689.965

Net turnover

63.221.907

67.360.779

59.678.732

67.550.873

53.689.965

Gross margin

6.237.567

6.228.920

4.669.839

5.362.460

3.677.363

Wages and salaries

1.582.872

1.893.884

1.754.463

1.655.025

1.441.491

Amorization and depreciation

143.198

159.792

136.504

97.012

71.760

Sales

56.984.340

61.131.858

55.008.893

62.188.412

50.012.603

other operating costs

2.280.517

2.735.614

2.699.525

2.248.791

1.936.693

Operating expenses

60.990.927

65.921.148

59.599.385

66.189.241

53.462.547

Operating result

2.230.980

1.439.631

79.347

1.361.632

227.418

Financial income

 

491.132

157.663

 

 

Financial expenses

486.507

1.192.704

793.911

639.344

490.593

Financial result

-486.507

-701.572

-636.248

-639.344

-490.593

Result on ordinary operations before taxes

1.744.473

738.059

-556.901

722.288

-263.174

Taxation on the result of ordinary activities

 

 

-63.805

 

-122.271

Result of ordinary activities after taxes

1.744.473

738.059

-493.096

722.288

-140.903

Net result

1.744.473

738.059

-493.096

722.288

-140.903

 

 

Summary

 

The turnover of the company decreased by -6.14 % between 2012 and 2013.

 

The gross profit of the company has remained the same between 2012 and 2013. The operating result of the company grew with 54.97 % between 2012 and 2013. 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 184.55 % of the analysed period, being equal to 2012 % in the year 2013.

 

This growth has contributed to the increase in assets turnover, increasing by 13.39 % reaching 2.54.

 

The Net Result of the company decreased by 136.36 % between 2012 and 2013. 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 105.93 % of the analysed period, being 16.68 % in the year 2013.

 

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

 

The turnover of the company grew with 12.87 % between 2011 and 2012. The gross profit of the company grew with 33.39 % between 2011 and 2012. The operating result of the company grew with 1714.35 % 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 260.78 % of the analysed period, being equal to 2011 % in the year 2012. This growth has contributed to the increase in assets turnover, increasing by 36.59 % reaching 2.24.

 

The Net Result of the company decreased by 249.68 % 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 224.23 % of the analysed period, being 8.1 % in the year 2012.

 

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

 

 

 

 

Analysis

 

Branch (SBI)

Manufacture of food products (10)

Region

West-Brabant

 

In the Netherlands 6059 of the companies are registered with the SBI code 10

In the region West-Brabant 257 of the companies are registered with the SBI code 10

In the Netherlands 140 of the bankrupcties are published within this sector

In the region West-Brabant 4 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 West-Brabant is normal

 

 

Publications

 

Filings

 

27-01-2015: De jaarrekening over 2013 is gepubliceerd.

18-10-2013: De jaarrekening over 2012 is gepubliceerd.

28-02-2013: De jaarrekening over 2011 is gepubliceerd.

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

25-01-2011: De jaarrekening over 2009 is gepubliceerd.

 

 

Functions

 

18-12-2013: Per 06-12-2013 is gevolmachtigde Ammerensje Aksenija Houweling uit functie getreden.

21-03-2012: Per 31-05-2011 is gevolmachtigde Johannes Pieter Luck uit functie getreden.

 

 

Company structure

 

Relations                      6

 

Concentra Holding AG

 

Switzerland

 

•   Concentra Europe B.V.

            Belcrumweg 3A

 

4815HA BREDA Netherlands

 

Registration number: 200519340000

 

•   Passina Holding B.V.

            Belcrumweg 3A

 

4815HA BREDA Netherlands

 

Registration number: 200886100000

 

•   Passina Products B.V.

            Belcrumweg 3A

 

4815HA Breda Netherlands

 

Registration number: 200886110000

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.60

UK Pound

1

Rs.100.09

Euro

1

Rs.71.23

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

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.