MIRA INFORM REPORT

Report Date :

14.06.2012

IDENTIFICATION DETAILS

Name :	heiploeg b.v.
Registered Office :	Panserweg 14 9974SL Zoutkamp
Country :	Netherlands
Date of Incorporation :	09.10.1962
Com. Reg. No.:	02022924
Legal Form :	Besloten Vennootschap
Line of Business :	Manufacture of Food Products and Beverages
No. of Employees :	117

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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Netherlands	A1	A1

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

CONTACTINFORMATION

Company name	Heiploeg B.V.
Tradename	Heiploeg B.V.
Address	Panserweg 14
	9974SL Zoutkamp
	Netherlands
Mail address	Postbus 2
	9974ZG Zoutkamp
	Netherlands
Telephone number	0595405555
Telefax number	0595402354
E-mail address	info@heiploeg.nl
Website	www.heiploeg.nl
VAT number / RSIN	001082516

COMPANY INFORMATION

Handelsregisternummer 02022924

Registered in Chamber of commerce Noord-Netherlands

Act of foundation 09-10-1962

Date of constitution 00-00-1900

Continuation date 03-10-1972

Last change in statutes 03-02-2006

Legal form Besloten Vennootschap

Place of constitution Zoutkamp

Capital EUR 500.000

Issued capital EUR 209.440

Paid up capital EUR 209.440

NACE-code	Hunting (0150) MANUFACTURE OF FOOD PRODUCTS AND BEVERAGES (15) Fish preserving (152002)
SBI-code	AGRICULTURE (01)
Formal objective	Het exploiteren van een groothandel in vis, gepelde en ongepelde garnalen, puf en nest en visconserven Garnalenpellerij en garnalen- en garnalendoppendrogerij Maal- en menginrichting en vismeel- en gritfabriek Fabricage van grondstoffen voor indische gerechten Im- en/of export van garnalen en vis Al hetgeen - bovengenoemde behoort, zowel de handel in haar onbewerkte, verwerkte en bewerkte producten
Import	Europe
Export	Europe

Employees	Total: 117
Bookyear		2012	2011	2010
Number		117	116	117
Change		0,86%	-0,85%	254,55% 254,55%

COMPANY STRUCTURE

Shareholder Heiploeg Beheer B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

KvK: 02036332

Active since: 31-12-1980

Percentage: 100.00%

Ultimate parent company Heiploeg Holding B.V.

Panserweg 14

9974SL ZOUTKAMP

KvK: 30210020

Holding company Heiploeg Beheer B.V.

Panserweg 14

9974SL Zoutkamp

KvK: 02036332

Affiliated companies Heitrans B.V.

Panserweg 14

9974SL ZOUTKAMP

KvK: 02042467

Heiploeg Seafood B.V.

Panserweg 14

9974SL ZOUTKAMP

KvK: 02044714

Noord Zuid Beheer B.V.

Panserweg 14

9974SL ZOUTKAMP

KvK: 02047167

Heiboer B.V.

Panserweg 14

9974SL ZOUTKAMP

KvK: 02058587

Goldfish B.V.

Noordeinde 107

1131GE VOLENDAM

KvK: 36011868

Bank ABN Amro Bank NV

Account number: 40.53.50.007

ING Bank NV

Account number: 41763

Rabobank Netherlands

Account number: 32.94.63.748

ING Bank NV

Account number: 810210

Real estate Property owned

MANAGEMENT

Management Heiploeg Beheer B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

KvK: 02036332

Authorization: Fully authorized

Position: Manager

Date appointed: 05-10-1988

M.I.K. Boer

Micha Istvan Kai

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-09-2008

Date of birth: 19-08-1981

W.D. van Dijken

Willem Derk

Authorization: Limited authorization

Position: Proxy

Date appointed: 28-12-1993

Date of birth: 02-02-1953

J.H. Kort

Jan Harmannus

Authorization: Limited authorization

Position: Proxy

Date appointed: 12-01-2011

Date of birth: 11-01-1959

R.D. Mendes de Leon

Ramon Diego

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-10-2009

Date of birth: 18-05-1959

H.O. Pouw

Hermanus Onno

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-09-2008

Date of birth: 07-11-1965

W. Smit

Willem

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-06-2005

Date of birth: 12-11-1950

M. Tjoelker

Meindert

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-06-2005

Date of birth: 02-12-1958

J.E. Veenman

Jan Ernst

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-10-2009

Date of birth: 16-07-1959

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

Quarter: 3 2011: 47 Average days

Quarter: 4 2011: 61 Average days

Quarter: 1 2012: 54 Average days

Quarter: 2 2012: 70 Average days

	invoices	current quarter		2012 Q1	2011 Q4	2011 Q3
Total	219	100%	503.853	524.796	510.740	523.870
Within terms	113	42,5%	214.344	353.667	230.420	321.516
Delayed 0 - 30	75	33,2%	167.514	111.676	223.352	197.971
Delayed 31 - 60	27	22,6%	113.935	39.440	56.968	4.383
Delayed 61 - 90	2	1,6%	8.060	8.060
Delayed 91 - 120	1	0,0%		4.781
Delayed 120+ days	1	0,0%		7.172

FINANCIAL INFORMATION

Auditor Publication financial statement	PricewaterhouseCoopers Annual accounts 2011 are published on 04-05-2012 (Broken accounting year) Annual accounts 2010 are published on 31-03-2011 (Broken accounting year) Annual accounts 2009 are published on 05-04-2011 (Broken accounting year) Annual accounts 2008 are published on 16-09-2008 (Broken accounting year) Annual accounts 2007 are published on 08-10-2007 (Broken accounting year)
Type of publication Publication	Corporate Steady

CORE FIGURES

BOOKYEAR	2011	2010	2009
Quick ratio	0,82	0,78	0,59
Current ratio	1,21	1,24	1,16
Nett workingcapital / Balance total	0,17	0,19	0,13
Capital and reserves / Balance total	0,21	0,23	0,19
Capital and reserves / Fixed assets	4,23	4,11	3,44
Solvency	0,27	0,30	0,23
Nett workingcapital	21.564.000	20.908.000	13.913.000
Capital and reserves	27.189.000	26.257.000	19.610.000
Change capital and reserves	3,55%	33,90%	15,84%
change short term liabilities	17,39%	1,13%	6,83%
Nett Turnover	217.825.000	205.072.000	193.386.000
Operating profit	2.645.000	9.560.000	7.186.000
Profitability operating profit	positive	positive	positive

Annual accounts	The company is obligated to publish its annual accounts
Last annual accounts	2011
Type of publication	Corporate
Turnover	2010:	205.072.000
	2009:	193.386.000
	2008:	212.623.000
	2007:	209.022.000
	2006:	196.694.000
	2005:	187.783.000
Operating profit	2010:	9.560.000
	2009:	7.186.000
	2008:	18.502.000
	2007:	18.502.000
	2006:	14.611.000
	2005:	17.404.000
Result after taxes	2010:	6.648.000
	2009:	2.642.000
	2008:	10.029.000
	2007:	10.029.000
	2006:	7.516.000
	2005:	10.985.000
Tendency	Declining
etreft creditrating op Heiploeg B.V.	- MIRA INFORM (cc: mirainform@gmail.com) - 13 June 2012 - Page 5 van 9

Balance

BOOKYEAR	2011	2010	2009
End of bookyear	31 -03-2011	31-03-2010	31 -03-2009
Tangible assets	6.426.000	6.229.000	5.453.000
Financial assets		167.000	244.000
Fixed assets	6.426.000	6.396.000	5.697.000
Stocks and work in progress	39.355.000	40.007.000	48.507.000
Trade debtors		21.974.000	17.995.000
Other amounts receivable		18.796.000	20.747.000
Accounts receivable	36.357.000	40.770.000	38.742.000
Liquid assets	46.329.000	25.726.000	11.304.000
Current assets	122.041.000	106.503.000	98.553.000
Total assets	128.467.000	112.899.000	104.250.000
Capital and reserves	27.189.000	26.257.000	19.610.000
other long term debts		1.047.000
Long term liabilities	801.000	1.047.000
Other short term debts		74.233.000	77.111.000
Total short term debt	100.477.000	85.595.000	84.640.000
Total debt	101.278.000	86.642.000	84.640.000
Total Liabilities	128.467.000	112.899.000	104.250.000
PROFIT & LOSS ACCOUNT
BOOKYEAR	2011	2010	2009
Turnover	217.825.000	205.072.000	193.386.000
Nett Turnover	217.825.000	205.072.000	193.386.000
Gross profit	217.825.000
Other operating charges		195.512.000	186.200.000
Operating charges	215.180.000	195.512.000	186.200.000
Operating profit	2.645.000	9.560.000	7.186.000
Financial income	331.000
Financial charges	1.709.000	609.000	3.631.000
Financial result	-1.378.000	-609.000	-3.631.000
Result before taxes	1.267.000	8.951.000	3.555.000
Income taxes	336.000	2.303.000	913.000
Result after taxes	931.000	6.648.000	2.642.000
Nett result	931.000	6.648.000	2.642.000

History

Management	Since	07-04-2011	is	Proxy	Ronny Marinus Johannes Koerhuis out of office.
	Since	12-01-2011	is	Proxy	Jan Harmannus Kort appointed.
	Since	12-01-2011	is	Proxy	Onno Nienhuis out of office.
	Since	12-01-2011	is	Proxy	Bernard Tjalling Anton Oosterbaan out of office.
	Since	30-09-2010	is	Proxy	Jan Berent Vogel out of office.
	Since	15-09-2010	is	Proxy	Ronny Marinus Johannes Koerhuis appointed.
	Since	01-10-2009	is	Proxy	Jan Ernst Veenman appointed.
	Since	01-10-2009	is	Proxy	Ramon Diego Mendes de Leon appointed.
	Since	01-11-2009	is	Proxy	Hans Luit out of office.

Company structure

• Heiploeg Holding B.V. (30210020) ZOUTKAMP

o Heiploeg Beheer B.V. (02036332) Zoutkamp Subsidiary (100%)

Heiploeg B.V. (02022924) Zoutkamp Subsidiary

Heitrans B.V. (02042467)

ZOUTKAMP

Subsidiary

Heiploeg Seafood B.V. (02044714)

ZOUTKAMP

Subsidiary

Noord Zuid Beheer B.V. (02047167)

ZOUTKAMP

Subsidiary

Heiboer B.V. (02058587)

ZOUTKAMP

Subsidiary

Goldfish B.V. (36011868)

VOLENDAM

Subsidiary

■ Euro Shrimp B.V. (36036303)

VOLENDAM

Management relation (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.85
UK Pound	1	Rs.86.88
Euro	1	Rs.69.88

INFORMATION DETAILS

Report Prepared by :

PRL

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.