MIRA INFORM REPORT

Report Date :

23.07.2011

IDENTIFICATION DETAILS

Name :	BOSCH PACKAGING TECHNOLOGY B.V.

Registered Office :	Conradstraat 4 3125BC Schiedam

Country :	Netherlands

Financials (as on) :	31.12.2009

Date of Incorporation :	07.02.1986

Legal Form :	Private Company

Line of Business :	Manufacture Of Machinery And Equipment

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	€ 500.000
Status :	Good
Payment Behaviour :	Usually 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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Netherlands

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

CONTACTINFORMATION

Company name	Bosch Packaging Technology B.V.
Tradename	Bosch Packaging Technology B.V.
Address	Conradstraat 4
	3125BC Schiedam
	Netherlands
Mail address	Postbus 35
	3100AA Schiedam
	Netherlands
Telephone number	0104885899
Telefax number	0104377628
E-mail address	info.packaging-sdm@bosch.com
Website	www.boschpackaging.com
VAT number	001885145

CREDIT LIMIT

Credit limit Risk factor A credit of € 500.000 may be granted Normal

COMPANY STRUCTURE

Shareholder

Robert Bosch Investment Netherlands

B.V. Kruisbroeksestraat 1

5281RV BOXPHONE Netherlands

KvK: 34166287

Active since: 10-07-2007

Percentage: 100.00%

Ultimate parent company Robert Bosch GmbH

990004823277

Holding company

Robert Bosch Investment Netherlands

B.V. Kruisbroeksestraat 1 5281RV BOXPHONE

KvK: 34166287

Affiliated companies Robert Bosch Packaging Technology B.V.

Industriekade 43

6001SE Weert KvK: 13007394

Professional Communication, Security & Imaging International Holding B.V.

Kruisbroeksestraat 1 5281RV BOXPHONE

KvK: 17136179

Bosch Transmission Technology B.V.

Dr. Hub van Doorneweg 120

5026RA TILBURG KvK: 18018770

Holger Christiansen Benelux B.V.

Penningweg 32

4879AG ETTEN-LEUR KvK: 20071504

Robert Bosch B.V.

De Wel 22

3871MV Hoevelaken

KvK: 33190908

Bankers ABN Amro Bankers NV

Account number: 50.24.32.659

ING Bankers NV

Account number: 354265

Real estate Property owned

MANAGEMENT

Management C.W.H. van de Wiel

Cornelis Wilhelmus Henricus

Authorization: Fully authorized

Position: Manager

Date appointed: 01-05-2008

Date of birth: 30-10-1963

D.A. Blanca Datan Anthony

Authorization: Limited authorization (max: € 100.000)

Position: Proxy

Date appointed: 01-10-2008

Date of birth: 10-02-1961

D.A. Hofman Dirk Anthony

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-08-1994

Date of birth: 24-02-1957

F. Klefenz

Friedbert

Authorization: Fully authorized

Position: Proxy

Date appointed: 06-04-2005

Date of birth: 20-03-1955

J. Lukas Johannes

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-11-1994

Date of birth: 06-09-1948

M.A. Poot - van Hattem Martha Adriana

Authorization: Limited authorization

Position: Proxy

Date appointed: 07-04-2003

Date of birth: 08-11-1961

L.C. Remmerswaal - Oostdijk Lena Cornelia

Authorization: Limited authorization

Position: Proxy

Date appointed: 07-04-2003

Date of birth: 18-03-1958

S. Rutgers Sjoerd

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2002

Date of birth: 26-11-1952

J.A. van Slobbe Jacobus Adrianus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-09-2009

Date of birth: 28-01-1954

B. Veltman Bob

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2002

Date of birth: 25-09-1953

B.J. Hardenbol Male

Resigned Anjoulaan 7

5627HM Eindhoven

Authorization: Fully authorized

Position: Manager

Date appointed: 01-06-2005

Date of birth: 22-09-1959

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 25.000

Quarter: 4 2010: 31 Average days

Quarter: 1 2011: 22 Average days

Quarter: 2 2011: 42 Average days

Quarter: 3 2011: 32 Average days

	invoices	current quarter		2011 Q2	2011 Q1	2010 Q4
Total	292	100%	264.890	277.197	289.615	283.408
Within terms	228	93,9%	248.772	191.162	226.296	221.112
Delayed 0 - 30	60	6,1%	16.118	83.812	58.874	60.073
Delayed 31 - 60	⁴	0,0%		2.223	4.445	2.223
Delayed 61 - 90
Delayed 91 - 120
Delayed 120+days

FINANCIAL INFORMATION

Auditor PricewaterhouseCoopers

Publication financial statement Annual accounts 2008 are published on 15-06-2009

Annual accounts 2007 are published on 15-09-2008

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2009	2008	2007
Quick ratio	6,33	3,86	0,80
Current ratio	6,75	4,38	1,33
Nett workingcapital / Balance total	0,77	0,69	0,19
Capital and reserves / Balance total	0,13	0,16	0,40
Capital and reserves / Fixed assets	1,40	1,51	1,67
Solvency	0,15	0,19	0,70
Nett workingcapital	37.355.950	27.469.000	2.464.000
Capital and reserves	6.342.344	6.153.000	5.263.000
Change capital and reserves	3,08%	16,91%	4,59%
change short term liabilities	-20,12%	7,95%	28,72%
Nett Turnover	20.384.178	21.511.000	22.937.000
Operating profit	-309.668		260.000
Profitability operating profit	negative		positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2009

Type of publication Corporate

Turnover 2009: 20.384.178

2008: 21.793.000

2007: 21.074.000

2006: 17.241.000

2005: 23.966.000

Operating profit 2009: 262.596

2007: 260.000

2006: -2.209.000

2005: -4.792.000

Result after taxes 2009: 189.382

2008: 890.000

2007: 232.000

2006: -1.264.000

2005: -3.450.000

Tendency Upward

BALANCE

BOOKYEAR	2009	2008	2007
End of bookyear	31-12-2009	31-12-2008	31-12-2007
Intangible assets	1.162.241	608.000
Tangible assets	2.332.140	2.357.000	2.351.000
Financial assets	1.037.152	1.110.000	799.000
Fixed assets	4.531.533	4.075.000	3.150.000

Stocks and work in progress	2.710.334	4.221.000	3.974.000
Accounts receivable	3.483.326	31.357.000	5.998.000
Liquid assets	37.662.729	29.000	31.000
Current assets	43.856.389	35.607.000	10.003.000
Total assets	48.387.922	39.682.000	13.153.000

Capital and reserves	6.342.344	6.153.000	5.263.000
Provisions	545.139	391.000	351.000
other long term debts		25.000.000
Long term liabilities	35.000.000	25.000.000
Trade debts suppliers	1.602.684		2.344.000
Other short term debts	4.897.755	8.138.000	5.195.000
Total short term debt	6.500.439	8.138.000	7.539.000
Total debt	42.045.578	33.529.000	7.890.000
Total Liabilities	48.387.922	39.682.000	13.153.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2009	2008	2007
Turnover		21.793.000	21.074.000
Other operating income		-283.000	1.863.000
Nett Turnover	20.384.178	21.511.000	22.937.000
Gross profit	20.384.178
Wages employees			6.785.000
Depreciation and amortization			132.000
Raw materials			11.831.000
Other operating charges			3.929.000
Operating charges	20.693.846	21.511.000	22.677.000
Operating profit	-309.668		260.000
Financial income		688.000
Financial charges			107.000
Financial result	572.264	688.000	-107.000
Result before taxes	262.596	688.000	153.000
Income taxes	73.214	-201.000	-79.000
Result after taxes	189.382	890.000	232.000
Nett result	189.382	890.000	232.000

History

Management Since 01-10-2008 is Proxy Datan Anthony Blanca appointed.

Since 01-10-2008 is Proxy Ronald Andre Wever out of office.

Since 01-09-2009 is Proxy Jacobus Adrianus van Slobbe appointed.

Since 01-05-2008 manager Cornelis Wilhelmus Henricus van de Wel, living in Vlijmen appointed.

Since 01-05-2008 manager Robert Hougee, living in Capelle aan den IJssel out of office.

Since 29-02-2008 manager Bert Jan Hardenbol, living in Eindhoven out of office.

Since 29-02-2008 manager Robert Hougee, living in Capelle aan den IJssel appointed.

Modifications Since 8-4-2009 statutes modified.

Since 8-4-2009 name changed to: Bosch Packaging Technology B.V..

Company structure

• Robert Bosch GmbH (990004823277)

o Robert Bosch Investment Netherlands B.V. (34166287) BOXPHONE

Subsidiary (100%)

■ Robert Bosch Packaging Technology B.V. (13007394)

Weert

Subsidiary (100%)

■ Professional Communication, Security & Imaging International Holding B.V. (17136179)

BOXPHONE

Subsidiary (100%)

■ Bosch Security Systems B.V. (17078624) Eindhoven Subsidiary (100%)

■ Bosch Transmission Technology B.V. (18018770) TILBURG

Subsidiary (100%)

■ Holger Christiansen Benelux B.V. (20071504)

ETTEN-LEUR Subsidiary (100%)

■ Bosch Packaging Technology B.V. (24232280) Schiedam

Subsidiary (100%)

■ Robert Bosch B.V. (33190908) Hoevelaken

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.37
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

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.

Capital	EUR 908.000
Issued capital	EUR 908.000
Paid up capital	EUR 908.000

MIRA INFORM REPORT

CONTACTINFORMATION

CREDIT LIMIT

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

BALANCE

History

Company structure

Unit