MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	VAN SILLEVOLDT RIJST B.V
Registered Office :	Ketelweg 34, Papendrecht, 3356 LE
Country :	Netherlands
Financials (as on) :	31.12.2010
Date of Incorporation :	31.05.1990
Com. Reg. No.:	23063811
Legal Form :	Private Subsidiary Company
Line of Business :	Subject is engaged in grain milling; and manufacture of breakfast cereals and cereals-based foods.
No. of Employees :	110 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but 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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 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

Company name & address

Van Sillevoldt Rijst B.V.

Ketelweg 34

Papendrecht, 3356 LE

Netherlands

Tel: +31 078-6420720

Fax: +31 078-6420729

Synthesis

Employees: 110

Company Type: Private Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: Siacom Nederland B.V.

Incorporation Date: 31-May-1990

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 108.5

Total Assets: 34.1

Business Description

Van Sillevoldt Rijst B.V. is primarily engaged in grain milling; and manufacture of breakfast cereals and cereals-based foods.

Industry

Industry Food Processing

ANZSIC 2006: 1161 - Grain Mill Product Manufacturing

NACE 2002: 1561 - Manufacture of grain mill products

NAICS 2002: 31121 - Flour Milling and Malt Manufacturing

UK SIC 2003: 1561 - Manufacture of grain mill products

UK SIC 2007: 1061 - Manufacture of grain mill products

US SIC 1987: 2041 - Flour and Other Grain Mill Products

Key Executives

Name	Title
F. Molendijk	Sales manager
J. Spanjersberg	EDP manager
H. Verschor	Purchasing manager
T. Pruisen	Head of accounting department
O. Lindhout	Personnel manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

Ketelweg 34

Papendrecht, 3356 LE

Netherlands

Tel: +31 078-6420720

Fax: +31 078-6420729

Sales EUR(mil): 82.0

Assets EUR(mil): 25.4

Employees: 110

Fiscal Year End: 31-Dec-2010

Industry: Food Processing

Incorporation Date: 31-May-1990

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 23063811

Head of accounting department:

T. Pruisen

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1161 - Grain Mill Product Manufacturing

NACE 2002 Codes:

1561 - Manufacture of grain mill products

NAICS 2002 Codes:

31121 - Flour Milling and Malt Manufacturing

US SIC 1987:

2041 - Flour and Other Grain Mill Products

UK SIC 2003:

1561 - Manufacture of grain mill products

UK SIC 2007:

1061 - Manufacture of grain mill products

Business Description

Van Sillevoldt Rijst B.V. is primarily engaged in grain milling; and manufacture of breakfast cereals and cereals-based foods.

Financial Data

Financials in:	EUR(mil)
Revenue:	82.0
Assets:	25.4
Current Assets:	21.3
Total Liabilities:	25.4
Net Worth:	8.7
Date of Financial Data:	31-Dec-2010

1 Year Growth

-20.7%

NA

Subsidiaries

Company	Percentage Owned	Country
Ejo B.V.		Netherlands

Key Corporate Relationships

Bank:	Fortis Bank Nederland NV, Postbank NV

Corporate Family	Corporate Structure News:
	Siacom Nederland B.V. Van Sillevoldt Rijst B.V.
Van Sillevoldt Rijst B.V. Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Siacom Nederland B.V.	Parent	Papendrecht, Zuid-Holland	Netherlands	Commercial Banks	108.6
Van Sillevoldt Rijst B.V.	Subsidiary	Papendrecht, South Holland	Netherlands	Food Processing	108.5	109

Executive report

Board of Directors

Name	Title	Function
Sylvie Armengaud	Member of the board	Director/Board Member
Jean Bourdillon	Member of the board	Director/Board Member
Johannes Castelijn	Member of the board	Director/Board Member
T. Pruisen	Head of accounting department	Director/Board Member
J. Spanjersberg	EDP manager	Director/Board Member
H. Verschor	Purchasing manager	Director/Board Member

Executives

Name	Title	Function
T. Pruisen	Head of accounting department	Accounting Executive
O. Lindhout	Personnel manager	Human Resources Executive
F. Molendijk	Sales manager	Sales Executive
J. Spanjersberg	EDP manager	Information Executive
H. Verschor	Purchasing manager	Purchasing Executive

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Net sales	108.5	143.7	173.2
Cost of goods sold	106.4	123.9	155.2
Cost of sales	106.4	123.9	155.2
Gross profit	2.1	19.8	17.9
General expenses	-	-	10.0
Total payroll costs	-	8.8	-
Change in value of fixed assets arising from revaluation	0.9	1.1	-
Other operating costs	3.0	1.1	-
Total operating costs	-	-	10.0
Net operating income	-	8.8	7.9
Total financial income	0.0	0.0	0.0
Total expenses	0.5	0.8	1.9
Profit before tax	-	8.0	6.0
Profit on ordinary activities after tax	-1.7	6.0	4.4
Total taxation	-0.6	2.0	1.6
Profit after tax	-1.7	6.0	4.4
Net profit	-	6.0	4.4
Net loss	-1.7	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Share premium account	0.4	0.5	0.5
Other reserves	10.9	10.5	8.0
Total reserves	0.1	-	-
Profit brought forward from previous year(s)	-	6.1	4.2
Total stockholders equity	11.6	19.1	14.6
Provisions and allowances	0.0	0.1	0.1
Total long-term liabilities	-	0.1	0.3
Trade creditors	10.7	5.8	10.4
Total current liabilities	22.4	17.1	29.5
Total liabilities (including net worth)	34.1	36.3	44.5
Total tangible fixed assets	5.0	4.3	4.2
Total asset investment	0.6	0.5	0.5
Total non-current assets	5.5	4.9	4.7
Net stocks and work in progress	16.0	13.1	19.8
Trade debtors	8.4	14.2	17.9
Other receivables	2.3	3.7	2.1
Total receivables	10.7	17.9	20.0
Cash and liquid assets	1.8	0.4	0.0
Total current assets	28.5	31.4	39.8
Total assets	34.1	36.3	44.5

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	1.30	1.80	1.40
Acid test ratio	0.60	1.10	0.70
Current liabilities to net worth	1.93%	0.89%	2.02%
Fixed assets to net worth	0.48%	0.26%	0.32%
Collection period	27.90	35.00	39.80
Stock turnover rate	6.90	11.30	8.30
Sales to net working capital	18.00	10.30	16.00
Asset turnover	3.23%	4.08%	3.70%
Profit margin	-0.02%	0.06%	0.04%
Return on assets	-0.07%	0.23%	0.13%
Shareholders' return	-0.20%	0.43%	0.39%
Sales per employee	745.10	930.78	986.72
Profit per employee	-15.58	51.72	34.36
Return on capital	-0.24%	0.39%	0.26%
Average wage per employee	-	57.01	-
Net worth	11.6	19.1	14.6
Number of employees	110	111	120

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

MNL

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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