MIRA INFORM REPORT

Report Date :

31.10.2012

IDENTIFICATION DETAILS

Name :	DE IJSSELMOLEN B.V.
Registered Office :	Nijverheidstraat 50 2901AR Capelle aan den IJssel

Country :	Netherlands

Financials (as on) :	31.12.2011

Year of Establishment :	1823

Com. Reg. No.:	29022969

Legal Form :	Besloten Vennootschap

Line of Business :	Manufacture of grain mill products (excl. starches); grain mills

No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

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

(31.03.2011)

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	"De IJsselmolen" B.V.
Tradename	De IJsselmolen
	Polderbrood
Address	Nijverheidstraat 50
	2901AR Capelle aan den IJssel
	Netherlands
Mail address	Nijverheidstraat 50
	2901AR Capelle aan den IJssel
	Netherlands
Telephone number	0104501440
Telefax number	0104502599
E-mail address	info@ijsselmolen.nl
Website	www.ijsselmolen.nl
VAT number / RSIN	004960786

COMPANY STRUCTURE

Shareholder	IJsselmill Industries B.V.
	Nijverheidstraat 50
	2901AR CAPELLE AAN DEN IJSSEL
	Netherlands
	KvK: 29011455
	Active since: 30-10-1983
	Percentage: 100.00%
Ultimate parent company	De IJsselmolen" Beheer B.V.
	Nijverheidstraat 50
	2901AR CAPELLE AAN DEN IJSSEL
	KvK: 29038105
Holding company	IJsselmill Industries B.V.
	Nijverheidstraat 50
	2901AR CAPELLE AAN DEN IJSSEL
	KvK: 29011455
Affiliated companies	De IJsselmolen" Holding B.V.
	Nijverheidstraat 50
	2901AR CAPELLE AAN DEN IJSSEL
	KvK: 29045960

Bank Rabobank Netherlands

Real estate	Group-property owned
	The real estate is checked at the land registration office
	Object code: CAPELLE AAN DEN IJSSEL B 10125 Nijverhei
	Owner: DE IJSSELMILL HOLDING BV

MANAGEMENT

Management	De IJsselmolen" Beheer B.V.
	Nijverheidstraat 50
	2901AR CAPELLE AAN DEN IJSSEL
	Netherlands
	KvK: 29038105
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 01-10-1993

PAYMENT INFORMATION

Payment experiences	Payments are regular, no complaints are known
Payments	Based on multiple payment experiences up to € 1.000
	Quarter: 1 2012: 49 Average days
	Quarter: 2 2012: 43 Average days
	Quarter: 3 2012: 48 Average days
	Quarter: 4 2012: 61 Average days

FINANCIAL INFORMATION

Publication financial statement	Annual accounts 2011 are published on 20-06-2012
	Annual accounts 2010 are published on 02-02-2012
	Annual accounts 2009 are published on 20-01-2011
	Annual accounts 2008 are published on 12-11-2009
	Annual accounts 2007 are published on 27-01-2009
Type of publication	Corporate
Publication	Steady

CORE FIGURES

BOOKYEAR	2011	2010	2009
Quick ratio	0,41	0,52	0,45
Current ratio	0,96	1,03	0,97
Nett workingcapital / Balance total	-0,04	0,03	-0,03
Capital and reserves / Balance total	-0,06	-0,01	-0,07
Capital and reserves / Fixed assets	-1,10	-0,15	-0,88
Solvency	-0,06	-0,01	-0,07
Nett workingcapital	-39.908	21.183	-15.991
Capital and reserves	-53.399	-7.497	-43.141
Change capital and reserves	-612,27%	82,62%	-234,82%
change short term liabilities	40,75%	6,81%	2,12%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Tendency Changeable

Balance

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Financial assets	48.750	48.750	48.750
Fixed assets	48.750	48.750	48.750

Stocks and work in progress	484.248	324.948	309.310
Accounts receivable	168.021	159.154	109.775
Liquid assets	202.895	173.018	160.304
Current assets	855.164	657.120	579.389
Total assets	903.914	705.870	628.139

Capital and reserves	-53.399	-7.497	-43.141
Provisions	62.241	57.430	55.900
Long term liabilities		20.000	20.000
Total short term debt	895.072	635.937	595.380
Total debt	957.313	713.367	671.280
Total Liabilities	903.914	705.870	628.139

Company structure

• De IJsselmolen" Beheer B.V. (29038105) CAPELLE AAN DEN IJSSEL

o IJsselmill Industries B.V. (29011455)

CAPELLE AAN DEN IJSSEL

Subsidiary (100%)

■ "De IJsselmolen" B.V. (29022969) Capelle aan den IJssel Subsidiary

■ De IJsselmolen" Holding B.V. (29045960)

CAPELLE AAN DEN IJSSEL

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.86.83
Euro	1	Rs.69.85

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.

Handelsregisternummer	29022969
Registered in	Chamber of commerce Rotterdam
Act of foundation	13-11-1979
Date of constitution	1823
Continuation date	13-11-1979
Last change in statutes	07-10-1998
Legal form	Besloten Vennootschap

Place of constitution	Capelle aan den IJssel
Issued capital	31.764,62
Paid up capital	31.764,62

Employees	Total: 4
Employees according to CoC	Chamber of commerce: 4
Bookyear	2012	2011	2010
Number	4	4	4
Change	0,00%	0,00%	-20,00%