MIRA INFORM REPORT

Report Date :

11.01.2013

IDENTIFICATION DETAILS

Name :	IMT B.V.

Registered Office :	Pascalweg 10 a 4104BG Culemborg

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	31.12.1986

Legal Form :	Besloten Vennootschap

Line of Business :	Manufacture of electricity distribution and control apparatus

No. of Employees :	19

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	IMT B.V.
Tradename	Industrial Manufacturing and Trading
	IMT B.V.
	IMT
Address	Pascalweg 10 a
	4104BG Culemborg
	Netherlands
Mail address	Postbus 88
	4100AB Culemborg
	Netherlands
Telephone number	0881269100
Telefax number	0881269101
E-mail address	sales@imt.eu
Website	www.imt.eu
VAT number / RSIN	008502584

COMPANY STRUCTURE

Shareholder	IMT Holding B.V.
	Pascalweg 10
	4104BG CULEMBORG
	Netherlands
	KvK: 32110252
	Active since: 28-10-2005
	Percentage: 100.00%
Ultimate parent company	Mignot Finance B.V.
	Prinses Marielaan 4
	3818HM AMERSFOORT
	KvK: 32102985
Holding company	IMT Holding B.V.
	Pascalweg 10
	4104BG CULEMBORG
	KvK: 32110252
Subsidiary	Foundation Holland Marine House Brazil (HMHB)
	Boompjes 40
	3011XB ROTTERDAM
	KvK: 27350619

Bank	Rabobank Netherlands
	Account number: 33.53.34.555
	ABN Amro Bank NV
	Account number: 40.40.37.100

Real estate Lease

Management

Management	IMT Holding B.V.
	Pascalweg 10
	4104BG CULEMBORG
	Netherlands
	KvK: 32110252
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 27-05-2011
	J. van Hees
	Jeroen
	4102 CK
	Authorization: Limited authorization (max: € 150.000)
	Position: Proxy
	Date appointed: 13-06-2007
	Date of birth: 07-09-1973

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

Quarter: 2 2012: 61 Average days

Quarter: 3 2012: 59 Average days

Quarter: 4 2012: 49 Average days

Quarter: 1 2013: 49 Average days

	invoices	current quarter		2012 Q4	2012 Q3	2012 Q2
Total	64	100%	105.382	105.382	105.395	105.346
Within terms	31	59,5%	62.715	62.715	48.082	40.765
Delayed 0 - 30	²⁷	37,5%	39.514	39.514	45.753	54.072
Delayed 31 - 60	⁶	3,0%	3.153	3.153	11.560	10.509
Delayed 61 – 90
Delayed 91 – 120
Delayed 120+ Days

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2011 are published on 27-11-2012

Annual accounts 2010 are published on 22-11-2011

Annual accounts 2009 are published on 15-09-2010

Annual accounts 2008 are published on 18-06-2009

Annual accounts 2007 are published on 15-04-2008

Type of publication Corporate

Publication The company does not publish its annual accounts

Core figures

BOOK YEAR	2011	2010	2009
Quick ration	1,18	0,93	1,12
Current ration	1,61	1,38	2,01
Capital and reserves / Balance total	0,28	0,20	0,29
Capital and reserves / Fixed assets	1,30	1,08	1,68
Solvency	0,41	0,26	0,44
Nett workingcapital	1.013.775	835.427	1.133.177
Capital and reserves	964.742	755.797	799.235
Change capital and reserves	27,65%	-5,43%	-8,25%
change short term liabilities	-24,95%	97,59%	-20,29%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Type of publication Corporate

Turnover 2008: 5.615.000

Operating profit 2008: 364.000

Result after taxes 2008: 318.000

Tendency Changeable

Capital and reserves 2011 964.742

Total debt 2011 2.453.007

Current ratio 2011 1,61

Quick ratio 2011 1,18

Nett workingcapital 2011 1.013.775

Profitability Positive

Solvency To be followed

Liquidity To be followed

Currency Euro

Balance

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Intangible assets	406.059	447.798	151.245
Tangible assets	185.463	253.215	325.060
Financial assets	150.670
Fixed assets	742.192	701.013	476.305

Stocks and work in progress	712.131	989.938	1.001.838
Accounts receivable	1.932.354	2.033.251	1.233.120
Liquid assets	31.072	26.442	18.801
Current assets	2.675.557	3.049.631	2.253.759
Total assets	3.417.749	3.750.644	2.730.064

Capital and reserves	964.742	755.797	799.235
Provisions	98.225	87.643	117.247
Long term liabilities	693.000	693.000	693.000
Total short term debt	1.661.782	2.214.204	1.120.582
Total debt	2.453.007	2.994.847	1.930.829
Total Liabilities	3.417.749	3.750.644	2.730.064

History

Management Per 01-05-2012 is Proxy Nicolaas van Willigen out of office.

Per 27-05-2011 manager 32110252 MiMe Holding B.V. appointed.

Per 27-05-2011 manager Govert Jaap Meijer out of office.

Per 27-05-2011 manager Raynaud Louis Lucilien Marie Ghislain Mignot out of office.

Per 01-01-2011 is Proxy Marianne Steenhuis-Stroes out of office.

Per 07-02-2011 is Proxy Jeroen van Hees out of office.

Per 07-02-2011 is Proxy Nicolaas van Willigen out of office.

Per 07-02-2011 is Proxy Jeroen van Hees appointed.

Per 07-02-2011 is Proxy Nicolaas van Willigen appointed.

Per 01-07-2010 is Proxy Jan Henk van der Deen out of office.

Per 01-07-2010 is Proxy Richard Boogaard out of office.

Per 28-02-2010 is Proxy Raymond Johannes Wilhelmina Jacobs out of office.

Modifications Per 26-10-2011 statutes modified.

Per 26-10-2011 name changed to: IMT B.V..

Per 9-9-2011 statutes modified.

Per 9-9-2011 name changed to: IMT Netherlands B.V.. Office changed to: Culemborg.

Company structure

• Mignot Finance B.V. (32102985) AMERSFOORT

o IMT Beheer B.V. (32102987) CULEMBORG Management relation

■ IMT Holding B.V. (32110252)

CULEMBORG

Subsidiary (100%)

■ IMT B.V. (11020212) Culemborg Subsidiary (100%)

Foundation Holland Marine House Brazil (HMHB) (27350619)

ROTTERDAM

Management relation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.87.50
Euro	1	Rs.71.32

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.

Place of constitution	Culemborg
Issued capital	18.152
Paid up capital	18.152

NACE-code	Manufacture of electricity distribution and control apparatus (3120)
SBI-code	Manufacture of electricity distribution and control apparatus (2712)
Formal objective	Explosieveilige materialen en industriele verlichting (groothandel, im- en export en fabricage).

Employees	Total: 19
Employees according to CoC	Chamber of commerce: 19
Bookyear	2013	2012	2011
Number	19	19	27
Change	0,00%	-29,63%	-10,00%