MIRA INFORM REPORT

Report Date :

06.11.2013

IDENTIFICATION DETAILS

Name :	VAN SILLEVOLDT RIJST B.V.
Registered Office :	Ketelweg 34, Papendrecht, 3356 LE, Netherlands
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	31.05.1990
Com. Reg. No.:	23063811
Legal Form :	Private Subsidiary
Line of Business :	Engaged in grain milling; and manufacture of breakfast cereals and cereals-based foods.
No. of Employees :	110

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 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

Van Sillevoldt Rijst B.V.

Ketelweg 34

Papendrecht, 3356 LE

Netherlands

Employees:	110
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Siacom Nederland B.V.
Incorporation Date:	31-May-1990

Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	139.3
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 Manufacturing
ANZSIC 2006:	1161 - Grain Mill Product Manufacturing
ISIC Rev 4:	1061 - Manufacture of grain mill products
NACE Rev 2:	1061 - Manufacture of grain mill products
NAICS 2012:	31121 - Flour Milling and Malt Manufacturing
UK SIC 2007:	1061 - Manufacture of grain mill products
US SIC 1987:	2041 - Flour and Other Grain Mill Products

Key Executives

Name	Title
E. Hardam	Sales manager
H. Verschor	Purchasing manager
T. Pruisen	Head of accounting department
Sylvie Armengaud	Member of the board
Jean Bourdillon	Member of the board

Registered No.(NLD):

23063811

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
Ketelweg 34
Papendrecht, 3356 LE
Netherlands

Suggest Company URL

Sales EUR(mil):	108.4
Assets EUR(mil):	25.8
Employees:	110
Fiscal Year End:	31-Dec-2012

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

Industry Codes

ANZSIC 2006 Codes:
1161	-	Grain Mill Product Manufacturing

ISIC Rev 4 Codes:
1061	-	Manufacture of grain mill products

NACE Rev 2 Codes:
1061	-	Manufacture of grain mill products

NAICS 2012 Codes:
31121	-	Flour Milling and Malt Manufacturing

US SIC 1987:
2041	-	Flour and Other 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:	108.4
Assets:	25.8
Current Assets:	21.3
Total Liabilities:	25.8
Net Worth:	9.9
Date of Financial Data:	31-Dec-2012

1 Year Growth

10.4%

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	Holding Companies
Van Sillevoldt Rijst B.V.	Subsidiary	Papendrecht, Zuid-Holland	Netherlands	Food Manufacturing	139.3	110

Van Sillevoldt Rijst B.V. Papendrecht, Zuid-Holland, Netherlands

Executives 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
Jeanette Spanjersberg-Meinster	Member of the board	Director/Board Member
H. Verschor	Purchasing manager	Director/Board Member

Executives

Name	Title	Function
T. Pruisen	Head of accounting department	Accounting Executive
E. Hardam	Sales manager	Sales Executive
H. Verschor	Purchasing manager	Purchasing Executive

Annual Profit & Loss

Van Sillevoldt Rijst B.V.

Papendrecht, Zuid-Holland, Netherlands

	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	No	No	No
Net sales	139.3	136.5	108.5
Cost of goods sold	129.4	130.9	106.4
Cost of sales	129.4	130.9	106.4
Gross profit	9.9	5.6	2.1
Change in value of fixed assets arising from revaluation	0.9	0.9	0.9
Other operating costs	4.4	5.0	3.0
Net operating income	4.6	-	-
Total financial income	0.0	0.0	0.0
Total expenses	0.6	0.9	0.5
Profit before tax	3.9	-	-
Profit attributable to minority interest shareholdings	0.0	-	-
Profit on ordinary activities after tax	3.0	-0.9	-1.7
Total taxation	1.0	-0.3	-0.6
Profit after tax	3.0	-0.9	-1.7
Net profit	3.0	-	-
Net loss	-	-0.9	-1.7

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	No	No	No
Share premium account	0.4	0.4	0.4
Other reserves	7.7	8.2	10.9
Total reserves	-	0.2	0.1
Profit brought forward from previous year(s)	3.1	-	-
Total stockholders equity	13.0	9.8	11.6
Provisions and allowances	0.1	0.1	0.0
Total long-term liabilities	0.7	-	-
Trade creditors	7.2	5.5	10.7
Total current liabilities	20.3	23.6	22.4
Total liabilities (including net worth)	34.1	33.5	34.1
Total tangible fixed assets	5.3	5.5	5.0
Total asset investment	0.7	0.6	0.6
Total non-current assets	5.9	6.1	5.5
Net stocks and work in progress	12.3	13.0	16.0
Trade debtors	13.8	12.9	8.4
Other receivables	0.8	1.4	2.3
Total receivables	14.6	14.4	10.7
Cash and liquid assets	1.3	0.0	1.8
Total current assets	28.2	27.3	28.5
Total assets	34.1	33.5	34.1

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	No	No	No
Current ratio	1.40	1.20	1.30
Acid test ratio	0.80	0.60	0.60
Current liabilities to net worth	1.55%	2.41%	1.93%
Fixed assets to net worth	0.46%	0.63%	0.48%
Collection period	35.20	37.10	27.90
Stock turnover rate	11.70	9.80	6.90
Sales to net working capital	18.10	34.00	18.00
Asset turnover	4.20%	3.81%	3.23%
Profit margin	0.03%	-0.01%	-0.02%
Return on assets	0.12%	-0.03%	-0.07%
Shareholders' return	0.31%	-0.12%	-0.20%
Sales per employee	985.37	892.58	745.10
Profit per employee	27.93	-8.04	-15.58
Return on capital	0.29%	-0.12%	-0.24%
Net worth	13.0	9.8	11.6
Number of employees	110	110	110

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.98.65
Euro	1	Rs.83.41

INFORMATION DETAILS

Report Prepared by :

PDT

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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