MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	HOWDEN THOMASSEN COMPRESSORS B.V.

Registered Office :	Havelandseweg 8 a, 6991GS Rheden

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	27.08.1999

Reg. No.:	09107206

Legal Form :	Private Company

Line of Business :	Manufacture of Machinery and Equipment

No. of Employees :	309

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Netherlands

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

Netherlands - ECONOMIC OVERVIEW

The Dutch economy is the fifth-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 of 3.8% of GDP.

Source : CIA

CONTACTINFORMATION

Company name	HOWDEN THOMASSEN COMPRESSORS B.V.
Tradename	Howden Thomassen Compressors B.V.
Address	Havelandseweg 8 a
	6991GS Rheden
	Netherlands
Mail address	Postbus 99
	6990AB Rheden
	Netherlands
Telephone number	0264975200
Telefax number	0264975201
Mobile phone	0654247787
E-mail address	tcs@thomassen.com
Website	www.thomassen.com
VAT number / RSIN	808051337

COMPANY STRUCTURE

Shareholder Howden Group B.V.

Lansinkesweg 4

7553AE HENGELO OV

Netherlands

KvK: 08112151

Active since: 28-03-2011

Percentage: 100.00%

Ultimate parent company Stichting Administratiekantoor Citadel Enterprises

Rijksstraatweg 18

3631AC NEWRSLUIS

KvK: 32110780

Holding company Citadel Industries B.V.

Soestdijkerstraatweg 66

1213XE HILVERSUM

KvK: 32104972

Subsidiary Howden Thomassen Service Europe B.V.

Havelandseweg 8

6991GS RHEDEN

KvK: 09142224

Affiliated companies T.R.C.S. B.V.

Havelandseweg 8

6991GS RHEDEN

KvK: 06039601

Haveland Petro Services B.V.

Havelandseweg 8

6991GS RHEDEN

KvK: 09171394

Mapro Holding B.V.

Soestdijkerstraatweg 62

1213XE HILVERSUM

KvK: 16053303

S.P.G. Holding B.V.

P v M Gelderland Groen 2

6666LP HETHONORN

KvK: 18057237

Bank	ABN Amro Bank NV
	Account number: 53.48.03.032
	ING Bank NV
	Account number: 831585

Real estate	Lease
	The real estate is checked at the land registration office
	Object code: RHEDEN D 6502 gedeeltelijk
	Owner: FREDERICUS JOHANNES KROIJMALES
	Description: Havelandseweg 8

MANAGEMENT

Management F.W.H.M. Bisseling

Franciscus Wilhelmus Hubertus

Authorization: Fully authorized

Position: Manager

Date appointed: 25-08-1999

Date of birth: 10-11-1953

M.P.C.M. Wijnen

Martinus Petrus Cornelis Maria

Authorization: Fully authorized

Position: Manager

Date appointed: 28-03-2011

Date of birth: 15-04-1964

Manager HR F.L.P.M. van Baal

Floris Lodewijk Peter Maria

6661CL

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2002

Date of birth: 09-11-1954

L.H.A. Bisselink

Laurentius Hermanus Albertus

7038DA

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2003

Date of birth: 20-12-1952

A. Blankestijn

Adrianus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-10-2008

Date of birth: 12-03-1952

R. Corveleijn

Richard

8252 CN

Authorization: Limited authorization

Position: Proxy

Date appointed: 15-05-2006

Date of birth: 28-08-1959

J. van der Gaag

Johannes

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2002

Date of birth: 26-11-1957

G.J. Donderwinkel

Gerrit Jan

Authorization: Limited authorization (max: € 25.000)

Position: Proxy

Date appointed: 11-04-2011

Date of birth: 14-05-1976

Manager As T.J. Geurts

Theodorus Johannes

6881LP

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2002

Date of birth: 28-01-1949

E.I. Goedhart

Erica Inge

Authorization: Limited authorization (max: € 100.000)

Position: Proxy

Date appointed: 15-07-2010

Date of birth: 22-02-1971

K.A.A. Hilgersom

Karel Arnoldus Antonius

6932AC

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2007

Date of birth: 07-07-1969

I.P. Hofman

Irene Petronella

Authorization: Limited authorization

Position: Proxy

Date appointed: 28-03-2011

Date of birth: 17-02-1969

Manager Sa A.C.J. de Kievit

Albert Cornelis Jan

6987 EA

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-09-2004

Date of birth: 14-02-1957

D. Klopman

Danny

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-02-2006

Date of birth: 08-08-1970

Manager tr J.W. Kool

Jeroen Wilco

7255 CJ

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-02-2006

Date of birth: 11-08-1959

A.J. Pol

Arend Jan

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2002

Date of birth: 16-06-1953

Manager ic S.C.H. van Ravenswaaij

Sebastiaan Christiaan Henri

6715 HT

Authorization: Limited authorization

Position: Proxy

Date appointed: 16-06-2005

Date of birth: 13-03-1975

facturist J.G.H. Thiadens

John George Hendrik

6881 RE

Authorization: Fully authorized

Position: Proxy

Date appointed: 01-04-2001

Date of birth: 06-07-1968

C.T. Wesseling

Christina Theodora

6932AD

Authorization: Limited authorization

Position: Proxy

Date appointed: 15-05-2006

Date of birth: 09-10-1957

Manager Se M.J. Wijnheijmer

Maarten Jozef

7545RX

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-12-2003

Date of birth: 28-12-1962

Management Name: Howden Activities of holding companies Limited

Office address: One London Wall, London EC2Y 5AB, United Kingdom

Registered in: Companies Registration Office Cardiff, United Kingdom with registration number 4493562

Date in function: 28-03-2011 (date registration type: 04-04-2011)

Titel: Manager

Authorization: Fully authorized

PAYMENT INFORMATION

Payment experiences Payments are slightly delayed

Payments Based on multiple payment experiences up to € 50.000

Quarter: 1 2012: 53 Average days

Quarter: 2 2012: 48 Average days

Quarter: 3 2012: 50 Average days

Quarter: 4 2012: 120 Average days

	invoices	current quarter		2012 Q3	2012 Q2	2012 Q1
Total	121	100%	241.379	272.812	275.617	275.447
Within terms	62	42,9%	103.648	152.744	163.655	166.382
Delayed 0 - 30		25,7%	61.956	112.647	107.015	87.302
Delayed 31 - 60		0,0%		7.421	4.947	19.788
Delayed 61 - 90		15,0%	36.275
Delayed 91 - 120	⁴	6,5%	15.800			790
Delayed 120+ days	⁵	9,8%	23.700			1.185

FINANCIAL INFORMATION

Auditor Ernst & Young

Publication financial statement Annual accounts 2010 are published on 22-07-2011

Annual accounts 2009 are published on 23-12-2010

Annual accounts 2008 are published on 12-11-2009

Annual accounts 2007 are published on 15-07-2008

Type of publication Consolidated

Annual accounts van Howden Thomassen Compressors B.V.

Havelandseweg 8

6991GS Rheden

KvK: 09107206

Publication Publication according to obligations by law

BOOKYEAR	2010	2009	2008
Quick ratio	2,04	1,29	2,35
Current ratio	2,30	1,46	1,91
Nett workingcapital / Balance total	0,52	0,29	0,44
Capital and reserves / Balance total	0,47	0,29	0,41
Capital and reserves / Fixed assets	6,60	4,87	4,91
Solvency	1,16	0,45	0,86
Nett workingcapital	41.170.000	26.643.000	20.670.000
Capital and reserves	36,772,000	26,476,000	19,508,000
Change capital and reserves	38.89%	35.72%	29.55%
Change short term liabilities	-45.74%	157.13%	-19.58%
Net turnover	142.424.000	95.513.000	104.981.000
Operating Profit	20.443.000	12.423.000	7.808.000
Profitability operating profit	Positive	Positive	Positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Type of publication Consolidated

Turnover 2010: 142.424.000

2009: 95.513.000

2008: 104.981.000

2007: 117.287.000

2006: 58.239.000

2005: 51.594.000

Operating profit 2010: 20.443.000

2009: 12.423.000

2008: 7.808.000

2007: 9.935.000

2006: 5.706.000

2005: 3.906.000

Result after taxes 2010: 15.164.000

2009: 8.628.000

2008: 5.736.000

2007: 7.712.000

2006: 4.510.000

2005: 2.353.000

Tendency

Tendency capital and reserves

Capital and reserves 2010 36.772.000

Total debt 2010 31.689.000

Current ratio 2010 2,30

Quick ratio 2010 2,04

Nett workingcapital 2010 41.170.000

Profitability More than sufficient

Solvency Sufficient

Liquidity Sufficient

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Tangible assets	5.516.000	5.387.000	3.840.000
Financial assets	54.000	53.000	133.000
Fixed assets	5.570.000	5.440.000	3.973.000

Stocks and work in progress	8.139.000	9.863.000	-9.927.000
Trade debtors	30.644.000	23.869.000	28.978.000
Other amounts receivable	3.224.000	2.057.000	2.379.000
Accounts receivable	33.868.000	25.926.000	31.357.000
Liquid assets	30.852.000	49.257.000	21.954.000
Current assets	72.859.000	85.046.000	43.383.000
Total assets	78.429.000	90.486.000	47.356.000

Minority interest	181.000	173.000	-162.000
Capital and reserves	36.772.000	26.476.000	19.508.000
Provisions	9.787.000	5.434.000	4.931.000
Other short term debts	24.990.000	51.720.000	12.019.000
Total short term debt	31.689.000	58.403.000	22.713.000
Total debt	31.689.000	58.403.000	27.644.000
Total Liabilities	78.429.000	90.486.000	47.356.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2010	2009	2008
Turnover	124.194.000	88.507.000	94.946.000
Other operating income	36.353.000	13.868.000	19.723.000
Nett Turnover	142.424.000	95.513.000	104.981.000
Other operating charges		83.090.000
Operating charges	121.981.000	83.090.000	97.173.000
Operating profit	20.443.000	12.423.000	7.808.000
Financial income	490.000	652.000	263.000
Financial charges	212.000	254.000	442.000
Financial result	278.000	398.000	-179.000
Result before taxes	20.721.000	12.821.000	7.629.000
Income taxes	4.701.000	2.513.000	1.730.000
Result after taxes	16.020.000	10.308.000	5.898.000
Extraordinary charges	724.000	1.512.000
Extraordinary result	724.000	1.512.000
Taxes on extraordinary result		-1.512.000
Extraordinary result after taxes		-1.512.000
Nett result	15.164.000	8.628.000	5.736.000
Income attributable to minority interest	132.000	-168.000	205.000

History

Management Per 06-07-2011 is Proxy Aimé Arie Gerrit van Gorkom out of office.

Per 11-04-2011 is Proxy Gerrit Jan Donderwinkel appointed.

Per 28-03-2011 manager Martinus Petrus Cornelis Maria Wijnen appointed.

Per 28-03-2011 manager Howden Activities of holding companies Limited United

Kingdom appointed.

Per 28-03-2011 is Proxy Irene Petronella Hofman appointed.

Per 01-03-2011 is Proxy Hans Huibert Kervers out of office.

Per 15-07-2010 is Proxy Erica Inge Goedhart appointed.

Per 15-07-2010 is Proxy Jeroen Frederik Kroese out of office.

Per 14-06-2010 is Proxy Dirk Mulder out of office.

Per 01-04-2010 is Proxy Jan Willy Otto Regelink out of office.

Modifications Issued capital changed to EUR 45.400,00 Paid up capital changed to EUR 45.400,00.

Per 1-6-2011 statutes modified. Per 1-6-2011 name changed to: Howden Thomassen Compressors B.V.

Company structure

· Stichting Administratiekantoor Citadel Enterprises (32110780)

NEWRSLUIS

o Citadel Enterprises B.V. (32039365)

HILVERSUM

Subsidiary (100%)

§ Fremarona B.V. (24118327)

HILVERSUM

Subsidiary

§ Vennootschap voor Onroerende Zaken De Nederlanden B.V. (32023421)

HILVERSUM

Subsidiary

o W & F Investments B.V. (32053617)

HILVERSUM

Subsidiary

§ Citadel Maritiem B.V. (32051612)

HILVERSUM

Subsidiary

o Dutch Salvage and Towage Holding B.V. (32051619)

HILVERSUM

Subsidiary

§ Louder Activities of holding companies B.V. (34074302)

HILVERSUM

Management relation (100%)

o Facility Services Haveland B.V. (32075684)

RHEDEN

Subsidiary

o Citadel Industrieel Divisie B.V. (32080464)

HILVERSUM

Subsidiary

§ Stertil B.V. (01052551)

KOOTSINRTILLE

Subsidiary

§ Stertil Eastern Trading B.V. (01088557)

KOOTSINRTILLE

Subsidiary

§ Stokvis Service B.V. (24229199)

KOOTSINRTILLE

Subsidiary

§ Stertil-A.T.N. B.V. (30084576)

DEVENTER

Subsidiary

§ SINQ Trading B.V. (38014068)

DEVENTER

Subsidiary

§ Stokvis Equipment (Netherlands) B.V. (38015407)

DEVENTER

Subsidiary

· A.R.M.-Stokvis B.V. (33005904)

HILVERSUM

Subsidiary

· Citadel Components Group B.V. (32081072)

HILVERSUM

Subsidiary

§ Lasaulec Holding B.V. (01043050)

HEHONORNVEEN

Subsidiary

· Lasaulec B.V. (01030247)

Heerenveen

Subsidiary

o Lasaulec Export B.V. (39059123)

ALKMAAR

Subsidiary (100%)

§ Leeuwarden Onroerend Goed B.V. (01047938)

HEHONORNVEEN

Subsidiary

· Stokit B.V. (08095973)

ENSCHEDE

Subsidiary

· Citadel Industries B.V. (32104972)

HILVERSUM

Subsidiary

o T.R.C.S. B.V. (06039601)

RHEDEN

Subsidiary

o Howden Thomassen Compressors B.V. (09107206)

Rheden

Subsidiary

· Howden Thomassen Service Europe B.V. (09142224)

RHEDEN

Subsidiary

o Haveland Petro Services B.V. (09171394)

RHEDEN

Subsidiary

· Mapro Holding B.V. (16053303)

HILVERSUM

Subsidiary

o Mapro B.V. (16013828)

TIEL

Subsidiary

Flexmax B.V. (16049149)

Venray

Subsidiary

Calamity: Surseance van BetalingFaillissement

· Hz solutions B.V. (18018818)

HILVARENBEEK

Subsidiary

· Tool Engineering B.V. (18063599)

BRUCHEM

Subsidiary

§ Thomassen Machining B.V. (32075685)

RHEDEN

Subsidiary

§ S.P.G. Holding B.V. (18057237)

HETHONORN

Subsidiary

· S.P.G. Project Management B.V. (17145174)

HETHONORN

Subsidiary

§ Citadel Investments Germany B.V. (32126536)

HILVERSUM

Subsidiary

§ Matilda B.V. (32137046)

's-Hertogenbosch

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.52
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

SDA

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.

NACE-code	MANUFACTURE OF MACHINERY AND EQUIPMENT (29)
SBI-code	Manufacture of non-hydraulic pumps and compressors (2813)
Formal objective	Fabricage en service van gascompressoren.

MIRA INFORM REPORT

CONTACTINFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

History

Company structure

Unit