MIRA INFORM REPORT

Report Date :

26.12.2013

IDENTIFICATION DETAILS

Name :	BOS HOMOGENISERS B.V.

Registered Office :	Oscar Romerolaan 18 1216TK Hilversum

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	22.02.1949

Com. Reg. No.:	32047020

Legal Form :	Private Company

Line of Business :	Manufacture of other general-purpose machinery and equipment

No. of Employees :	07

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 sixth-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 in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent

Source : CIA

Company name and address

Summary

Company name BOS HOMOGENISERS B.V.

Operative address Oscar Romerolaan 18

1216TK Hilversum

Netherlands

Legal form Private Company

Registration number KvK-nummer: 32047020

VAT-number 005700012

Summary

Year	2010		Mutation	2009	Mutation	2008
Fixed assets	127.711		11,54	114.497	-15,17	134.980
Total receivables	715.094	4	-29,08	1.008.275	8,92	925.709

Total equity	1.182.777	%	-7,19	1.274.408	25,30	1.017.104
Short term liabilities	750.049	%	-2,63	770.305	14,15	674.804

Working capital	1.521.609	%	-10,31	1.696.607	13,18	1.499.064
Quick ratio	1,30	%	-16,13	1,55	-12,43	1,77

Registration

Registration number KvK-nummer: 32047020

Registered in Kamer van Koophandel Gooi-, Eem- en Flevoland

Branch number 000019896875

VAT-number 005700012

Status Active

First registration company register 1989-11-23

Memorandum 1989-11-14

Establishment date 1949-02-22

Status Active

First registration company register 1989-11-23

Memorandum 1989-11-14

Establishment date 1949-02-22

Legal form Private Company

Last proposed admendment 2000-09-05

Activities

SBI Manufacture of other general-purpose machinery and equipment n.e.c. (2829)

Exporter No

Importer No

Goal Het uitoefenen van een machinereparatiebedrijf

Relations

Shareholders Bos Holding en Onroerend Goed B.V.

Oscar Romerolaan 18

1216TK HILVERSUM

Netherlands

Registration number: 321241020000

Percentage: 100.00%

Companies on same address Alloy Cast Products (A.C.P.) Europe B.V.

Registration number: 320757680000

Bos Beheer B.V.

Registration number: 320133540000

Bos Holding en Onroerend Goed B.V.

Registration number: 321241020000

management

P.J.F. Nendels (Petrus Johannes Franciscus)

Netherlands

Competence: Fully authorized Function: General Director Starting date: 1989-11-14 Date of birth: 1962-01-06, Eindhoven, NL Involved with the following companies

· Bos Beheer B.V.

Oscar Romerolaan 18

1216TK Hilversum Netherlands

Registration number: 320133540000 Function: General Director

C.J.P. Nendels (Cornelis Josephus Petrus)

Netherlands

Competence: Fully authorized Function: General Director Starting date: 1989-11-14 Date of birth: 1959-03-05, Eindhoven, NL Involved with the following companies

· Bos Beheer B.V.

Oscar Romerolaan 18

1216TK Hilversum Netherlands

Registration number: 320133540000 Function: General Director

E.G.J. Lauppe - Nendels (Elisabeth Gertruda Josephina)

Netherlands

Competence: Fully authorized Function: General Director Starting date: 1990-01-01 Date of birth: 1966-01-08, Eindhoven, NL

P.L.J. Nendels (Petrus Lambertus Josephus)

Netherlands Function: Commissaris Starting date: 2000-09-05 Date of birth: 1936-03-03, Eindhoven, NL

Employees

Total according to the Chamber of Commerce 7

Year	2013	2012	2011	2010	2009
Total	7	7	7	3	3

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Payments

Score 7,6

Description Payments made under regular condition

Key figures

Year	2010	2009	2008	2007	2006
Quick ratio	1,30	1,55	1,77	1,69	1,28
Current ratio	3,03	3,20	3,22	3,01	2,58

Working capital/ balance total	0,63	0,66	0,65	0,62	0,55
Equity / balance total	0,49	0,49	0,44	0,35	0,23
Equity / Fixed assets	9,26	11,13	7,54	5,11	2,15
Equity / liabilities	0,97	0,98	0,79	0,54	0,31
Balance total / liabilities	1,97	1,98	1,79	1,54	1,31

Working capital	1.521.609	1.696.607	1.499.064 1.328.780 1.020.159
Equity	1.182.777	1.274.408	1.017.104	751.969	437.436
Mutation equity	-7,19	25,30	35,26	71,90	-54,86
Mutation short term liabilities	-2,63	14,15	1,88	2,31	-5,63
Summary	The 2010 financial result structure is a postive working captial of 1.521.609 euro, which is in agreement with 63 % of the total assets of the company. The working capital has diminished with -10.31 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2009 and 2010 has mainly been caused by an increase of the current liabilities. The current ratio of the company in 2010 was 3.03. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2010 of the company was 1.3. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2009 financial result structure is a postive working captial of 1.696.607 euro, which is in agreement with 66 % of the total assets of the company. The working capital has increased with 13.18 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2008 and 2009 has mainly been caused by a current liabilities reduction. The current ratio of the company in 2009 was 3.2. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2009 of the company was 1.55. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Year	2010	2009	2008	2007	2006
End date	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Tangible fixed assets	127.711	114.497	134.980	147.159	203.567
Fixed assets	127.711	114.497	134.980	147.159	203.567

Inventories	1.299.987	1.270.850	978.602	869.538	837.614
Total receivables	715.094	1.008.275	925.709	962.783	829.901
Liquid funds	256.577	187.787	269.557	158.790	35
Current assets	2.271.658	2.466.912	2.173.868	1.991.111	1.667.550
Total assets	2.399.369	2.581.409	2.308.848	2.138.270	1.871.117

Total equity	1.182.777	1.274.408	1.017.104	751.969	437.436
Provisions	126.543	116.696	116.940	143.970	126.290
Long term liabilities	340.000	420.000	500.000	580.000	660.000

Year	2010	2009	2008	2007	2006
End date	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Short term liabilities	750.049	770.305	674.804	662.331	647.391
Total short and long term liabilities	1.216.592	1.307.001	1.291.744	1.386.301	1.433.681
Total liabilities	2.399.369	2.581.409	2.308.848	2.138.270	1.871.117

Summary

The total assets of the company decreased with -7.05 % between 2009 and 2010. Despite the total assets decrease, non current assets grew with 11.54 %. Assets reduction is explained by a Net Worth decrease of -7.19 %, and an indebtedness reduction of -6.92 %.

In 2010 the assets of the company were 5.32 % composed of fixed assets and 94.68 % by current assets. The assets are being financed by an equity of 49.3 %, and total debt of 50.7

The total assets of the company increased with 11.81 % between 2008 and 2009. Despite the assets growth, the non current assets decreased with -15.17 %. The asset growth has mainly been financed by a Net Worth increase of 25.3 %. Debt, however, grew with 1.18 %.

In 2009 the assets of the company were 4.44 % composed of fixed assets and 95.56 % by current assets. The assets are being financed by an equity of 49.37 %, and total debt of

50.63 %.

Ana

anaylysis

Branch (SBI) Manufacture of machinery and equipment n.e.c. (28)

Region 't Gooi en omstreken

In the Netherlands 4751 of the companies are registered with the SBI code 28

In the region 't Gooi en omstreken 74 of the companies are registered with the SBI code 28

In the Netherlands 139 of the bankrupcties are published within this sector

The risk of this specific sector in the Netherlands is High

The risk of this specific sector in the region 't Gooi en omstreken is High

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.101.10
Euro	1	Rs.84.65

INFORMATION DETAILS

Report Prepared by :

NIS

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.

MIRA INFORM REPORT

Company name and address

Summary

Company information

Registration

Activities

Relations

management

Employees

Payments

Key figures

Summary

anaylysis

Unit