MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	MPS RED MEAT SLAUGHTERING B.V.

Registered Office :	Albert Schweitzerstraat 33, Lichtenvoorde, 7131 PG

Country :	Netherlands

Financials (as on) :	31.12.2012

Date of Incorporation :	21.02.1957

Com. Reg. No.:	08075869

Legal Form :	Private Subsidiary Company

Line of Business :	manufacturer of agricultural dryers

No. of Employees :	569

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 & address

Mps Red Meat Slaughtering B.V.

Albert Schweitzerstraat 33

Lichtenvoorde, 7131 PG

Netherlands

Tel: +31 0544-390500

Fax: +31 0544-375255

Synthesis

Employees: 569

Company Type: Private Subsidiary

Corporate Family: 6 Companies

Ultimate Parent: Mps Holding Iv B.V.

Incorporation Date: 21-Feb-1957

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Euro

Annual Sales: 101.7

Total Assets: 82.5

Business Description

Mps Red Meat Slaughtering B.V. is primarily engaged in manufacture of agricultural dryers; manufacture of machinery for the dairy industry (cream separators; milk processing machinery (homogenisers and irradiators); milk converting machinery (butter churns, butter workers and moulding machines); cheese-making machines (homogenisers, moulders, presses, etc.); manufacture of machinery for the grain milling industry (winnowers, sieving belts, cyclone separators, aspirator separators, grain brushing machines and the like; grinding mills, â€œbreadingâ€ rolls or mills, feeders, sifters, bran cleaners, blenders, rice hullers, pea splitters); manufacture of presses, crushers, etc. used to make wine, cider, fruit juices, etc.; manufacture of machinery for the bakery industry or for making macaroni, spaghetti or similar products (manufacture of non-electric bakery ovens, dough mixers, dough-dividers, moulders, slicers, cake depositing machines, etc.); manufacture of machines and equipment to process diverse food (machinery to make confectionery, cocoa or chocolate; to manufacture sugar; for breweries; to process meat or poultry; to prepare fruit, nuts or vegetables; to prepare fish, shell fish or other sea-food; other machinery for the industrial preparation or manufacture of food or drink; manufacture of machinery for the extraction or preparation of animal or vegetable fats or oils; manufacture of machinery for the preparation of tobacco and for the making of cigarettes or cigars, or for pipe or chewing tobacco or snuff; and manufacture of machinery for the preparation of food in hotels and restaurants.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2469 - Other Specialised Machinery and Equipment Manufacturing

NACE 2002: 2953 - Manufacture of machinery for food, beverage and tobacco processing

NAICS 2002: 333294 - Food Product Machinery Manufacturing

UK SIC 2003: 2953 - Manufacture of machinery for food, beverage and tobacco processing

UK SIC 2007: 2893 - Manufacture of machinery for food, beverage and tobacco processing

US SIC 1987: 3556 - Food Products Machinery

Key Executives

Name	Title
Remko Rosman	Managing director
J. Te Molder	Sales manager
M. Kamps	EDP manager
M. Middelhuis	Purchasing manager
Mignon Bats - Brundel	Member of the board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location

Albert Schweitzerstraat 33

Lichtenvoorde, 7131 PG

Netherlands

Tel: +31 0544-390500

Fax: +31 0544-375255

Sales EUR(mil): 79.1

Assets EUR(mil): 62.5

Employees: 569

Fiscal Year End: 31-Dec-2012

Industry: Miscellaneous Capital Goods

Incorporation Date: 21-Feb-1957

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 08075869

Managing director: Remko Rosman

Industry Codes

ANZSIC 2006 Codes:

2469 - Other Specialised Machinery and Equipment Manufacturing

NACE 2002 Codes:

2953 - Manufacture of machinery for food, beverage and tobacco processing

NAICS 2002 Codes:

333294 - Food Product Machinery Manufacturing

US SIC 1987:

3556 - Food Products Machinery

UK SIC 2003:

2953 - Manufacture of machinery for food, beverage and tobacco processing

UK SIC 2007:

2893 - Manufacture of machinery for food, beverage and tobacco processing

Business Description

Financial Data

Financials in:	EUR(mil)

Revenue:	79.1
Assets:	62.5
Current Assets:	49.0
Total Liabilities:	62.5
Net Worth:	5.8

Date of Financial Data:	31-Dec-2012

1 Year Growth

22.6%

Key Corporate Relationships

Bank:	Rabobank

Corporate Family	Corporate Structure News:
	Mps Red Meat Slaughtering B.V.
Mps Red Meat Slaughtering B.V. Total Corporate Family Members: 6

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Mps Holding Iv B.V.	Parent
Mps Holding Ii B.V.	Subsidiary	Lichtenvoorde, Gelderland	Netherlands	Miscellaneous Financial Services	142.8
Mps Red Meat Slaughtering B.V.	Subsidiary	Lichtenvoorde, Gelderland	Netherlands	Miscellaneous Capital Goods	101.7
Mps Service & Spares B.V.	Subsidiary	Lichtenvoorde, Gelderland	Netherlands	Engineering Consultants	27.4
Aqua Industrial Watertreatment B.V.	Subsidiary	Lichtenvoorde, Gelderland	Netherlands	Engineering Consultants	17.6
Mps Food Logistic Systems B.V.	Subsidiary	Lichtenvoorde, Gelderland	Netherlands	Engineering Consultants	6.5

Executive report

Board of Directors

Name

Title

Function

Mignon Bats - Brundel

Member of the board

Director/Board Member

Marcel Vreeman

Member of the board

Director/Board Member

Executives

Name

Title

Function

Remko Rosman

Managing director

Managing Director

Gerhardus Van Vilsteren

Managing director

Managing Director

J. Te Molder

Sales manager

Sales Executive

M. Kamps

EDP manager

Information Executive

M. Middelhuis

Purchasing manager

Purchasing Executive

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	Yes	Yes	Yes

Net sales	101.7	89.8	86.7
Other operating income	-	-	0.1
Cost of goods sold	55.2	50.0	50.4
Cost of sales	55.2	50.0	50.4
Gross profit	46.5	39.7	36.3
General expenses	25.9	24.0	20.9
Total operating costs	25.9	24.0	20.9
Net operating income	20.6	15.7	15.4
Total financial income	2.3	0.1	-
Total expenses	1.3	-	1.6
Profit before tax	21.6	15.8	13.9
Profit on ordinary activities after tax	16.2	11.7	9.7
Total taxation	5.4	4.1	4.2
Profit after tax	16.2	11.7	9.7
Profit distributed to shareholders	0.1	0.0	0.1
Net profit	16.2	11.6	9.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	Yes	Yes	Yes

Minority interests	0.3	0.2	0.3
Provisions and allowances	1.8	0.3	0.8
Total long-term liabilities	16.1	18.9	18.3
Trade creditors	11.6	11.8	9.9
Total current liabilities	51.1	27.2	22.8
Total liabilities (including net worth)	82.5	55.9	48.3
Intangibles	5.7	5.4	5.5
Total tangible fixed assets	12.1	12.4	10.2
Total asset investment	-	23.9	11.0
Total non-current assets	17.8	41.7	26.7
Net stocks and work in progress	10.3	-6.2	-2.9
Trade debtors	13.7	8.3	8.0
Other receivables	35.3	5.7	6.5
Total receivables	49.0	14.0	14.6
Cash and liquid assets	5.5	6.4	10.0
Total current assets	64.7	14.2	21.7
Total assets	82.5	55.9	48.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	Yes	Yes	Yes

Current ratio	1.30	0.50	1.00
Acid test ratio	1.10	0.80	1.10
Current liabilities to net worth	6.68%	7.03%	10.00%
Fixed assets to net worth	2.33%	10.00%	10.00%
Collection period	47.60	36.20	33.40
Stock turnover rate	10.20	-13.50	-30.60
Sales to net working capital	7.60	-6.40	-79.50
Asset turnover	1.27%	1.50%	1.82%
Profit margin	0.21%	0.18%	0.16%
Return on assets	0.27%	0.26%	0.29%
Sales per employee	139.09	-	-
Profit per employee	29.56	-	-
Return on capital	0.71%	0.52%	0.49%
Net worth	7.7	3.9	0.6
Number of employees	569	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.09
UK Pound	1	Rs.91.58
Euro	1	Rs.78.08

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%)

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 & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Unit