MIRA INFORM REPORT

Report Date :

03.09.2011

IDENTIFICATION DETAILS

Name :	BEELE ENGINEERING B.V.

Registered Office :	Beunkdijk 11 7122NZ Aalten

Country :	Netherlands

Financials (as on) :	31.12.2009

Date of Incorporation :	17.07.1974

Legal Form :	Besloten Vennootschap

Line of Business :	Activities of Holding Companies

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	€ 250.000

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^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	Beele Engineering B.V.
Tradename	Beele Engineering B.V.
Address	Beunkdijk 11
	7122NZ Aalten
	Netherlands
Mail address	Beunkdijk 11
	7122NZ Aalten
	Netherlands
Telephone number	0543461673
E-mail address	info@beele.com
Website	www.beele.com
VAT number	003023679

CREDIT LIMIT

Credit limit A credit of € 250.000 may be granted

Risk factor Normal

MANAGEMENT

Management J.A. Beele Johannes Alfred

7122 NZ

Authorization: Fully authorized

Position: General director

Date appointed: 01-01-1992

Date of birth: 27-10-1939

A. Beele - Werner

Agatha

Authorization: Fully authorized

Position: General director

Date appointed: 01-01-1992

Date of birth: 07-08-1942

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 25.000

Quarter: 4 2010: 58 Average days

Quarter: 1 2011: 45 Average days

Quarter: 2 2011: 43 Average days

Quarter: 3 2011: 44 Average days

	invoices	current quarter		2011 Q2	2011 Q1	2010 Q4
Total	53	100%	46.564	45.829	45.709	49.653
Within terms	30	62,4%	29.070	29.925	28.215	16.245
Delayed 0 - 30		36,4%	16.954	15.364	16.954	31.788
Delayed 31 - 60	⁴	1,2%	540	540	540	1.620
Delayed 61 - 90
Delayed 91 - 120
Delayed 120+ days

FINANCIAL INFORMATION

Dividend last book year 2.613.713

Publication financial statement Annual accounts 2009 are published on 08-02-2011

Annual accounts 2008 are published on 10-02-2010

Annual accounts 2007 are published on 25-02-2009

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2009	2008	2007
Quick ratio	0,51	0,63	0,52
Current ratio	0,66	0,77	0,62
Nett workingcapital / Balance total	-0,28	-0,19	-0,30
Capital and reserves / Balance total	0,17	0,17	0,21
Capital and reserves / Fixed assets	0,37	0,48	0,41
Solvency	0,20	0,21	0,26
Nett workingcapital	-2.587.000	-1.640.215	-2.200.000
Capital and reserves	1.518.000	1.518.000	1.518.000
Change capital and reserves	0,00%	0,00%	8.333,33%
change short term liabilities	6,71%	23,44%	-0,55%
Operating profit	3.680.000	5.236.196
Profitability operating profit	positive	positive

BALANCE

BOOKYEAR	2009	2008	2007
End of bookyear	31-12-2009	31-12-2008	31-12-2007
Tangible assets	4.105.000	3.158.215	3.718.000
Fixed assets	4.105.000	3.158.215	3.718.000

Stocks and work in progress	1.168.000	1.006.003	560.000
Accounts receivable	1.698.000	3.276.923	1.868.000
Liquid assets	2.196.000	1.246.011	1.180.000
Current assets	5.063.000	5.528.937	3.608.000
Total assets	9.168.000	8.687.152	7.326.000

Capital and reserves	1.518.000	1.518.000	1.518.000
Other short term debts	7.650.000		5.808.000
Total short term debt	7.650.000	7.169.152	5.808.000
Total debt	7.650.000	7.169.152	5.808.000
Total Liabilities	9.168.000	8.687.152	7.326.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2009	2008
Gross profit	7.231.000	9.281.063
Wages employees	54.000	584.858
Depreciation and amortization	1.254.000	1.116.871
Other operating charges	2.243.000	2.343.138
Operating charges	3.551.000	4.044.867
Operating profit	3.680.000	5.236.196
Financial income	6.000
Financial charges	191.000
Financial result	-185.000	-74.033
Result before taxes	3.494.000	5.162.163
Income taxes	881.000	1.302.431
Result after taxes	2.614.000	3.859.732
Nett result	2.614.000	3.859.732

History

Modifications Issued capital changed to EUR 18.000,00 Paid up capital changed to EUR

18.000,00.

Since 5-9-2008 statutes modified. Office changed to: Aalten.

Company structure

• Stichting Administratiekantoor J.A. Beele Beheer B.V. (41235435) AALINN

o J.A. Beele Beheer B.V. (09078288) AALINN Subsidiary

■ Beele Engineering B.V. (09077289) Aalten

Subsidiary

■ CSD International B.V. (09099911)

AALINN

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.89
UK Pound	1	Rs.74.31
Euro	1	Rs.65.41

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.

Handelsregisternummer	09077289
Registered in	Chamber of commerce Centraal Gelderland
Act of foundation	17-07-1974
Date of constitution	01-10-1973
Last change in statutes	05-09-2008
Legal form	Besloten Vennootschap
Place of constitution	Aalten
Capital	EUR 90.000
Issued capital	EUR 18.000

Employees	Total: 2
Bookyear			2011	2009	2007
Number			2	2	2
Change			0,00%	0,00%	0,00%
COMPANY STRUCTURE
Shareholder		J.A. Beele Beheer B.V.
		Beunkdijk 11
		7122NZ AALINN
		Netherlands
		KvK: 09078288
		Active since: 21-03-1975
		Percentage: 100.00%
Ultimate parent company		Stichting Administratiekantoor J.A. Beele Beheer B.V.
		Beunkdijk 11
		7122NZ AALINN
		KvK: 41235435
Holding company		J.A. Beele Beheer B.V.
		Beunkdijk 11
		7122NZ AALINN
		KvK: 09078288
Affiliated companies		CSD International B.V.
		Beunkdijk 11
		7122NZ AALINN
		KvK: 09099911