MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	PERSTORP WASPIK B.V.

Registered Office :	Industrieweg 8, 5165NH Waspik

Country :	Netherlands

Financials (as on) :	31.12.2013

Date of Incorporation :	01.10.1977

Com. Reg. No.:	KvK-nummer: 18116759

Legal Form :	Besloten Vennootschap

Line of Business :	Manufacture of pharmaceutical preparations

No. of Employees :	32

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Netherlands

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

NETHERLANDS - ECONOMIC OVERVIEW

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and 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. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US 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. 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. To recover, the government 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 austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract

Source : CIA

Summary

Company name	Perstorp Waspik B.V.
Operative address	Industrieweg 8 5165NH Waspik Netherlands
Legal form	Besloten Vennootschap
Registration number	KvK-nummer: 18116759
VAT-number	004441072

Year	2013		Mutation	2012		Mutation	2011
Fixed assets	3.208		-99,89	2.873.000		21,74	2.360.000
Total receivables	4.422	4	-99,88	3.621.000		-8,47	3.956.000

Total equity	3.909		-99,87	2.907.000		20,92	2.404.000
Short term liabilities	5.518		-99,89	5.252.000		4,56	5.023.000

Net result			-100,00	503.000	t	65,46	304.000

Working capital	851		-99,75	334.000		-64,84	950.000
Quick ratio	0,83		15,28	0,72		-12,20	0,82

Contact information

Company name Perstorp Waspik B.V.

Trade names Franklin Products International

Perstorp Waspik B.V.

FPI

Perstorp Franklin

Operative address Industrieweg 8

5165NH Waspik

Netherlands

Correspondence address Postbus 10

5165ZG Waspik

Netherlands

Telephone number 0416317700

Fax number 0416316698

Email address info@perstorpfeed.com

Website www.perstorpfeed.com

Registration

Registration number KvK-nummer: 18116759

Branch number 000018616534

VAT-number 004441072

Status Active

Memorandum 1978-02-22

Establishment date 1977-10-01

Legal form Besloten Vennootschap

Last proposed admendment 2007-10-01

Activities

SBI Manufacture of pharmaceutical preparations (212)

Manufacture of pharmaceutical preparations (2120)

Manufacture of pharmaceutical products, no raw (212001)

Exporter No

Importer No

Branche organisations BMD Advies Rijndelta

Nefato (Verengiging van Nederlandse Fabrikanten van Voedertoevoegingen)

Goal De fabricage van- en groothandel in diergenees- kundige preparaten en

veevoederadditieven, alsmede de fabricage en productie van- en groothandel in mengsels

van zuren

relations

Shareholders Perstorp Holding B.V.

Schoolstraat 1

2912CP NIEUWERKERK AD IJSSEL

Netherlands

Registration number: 340892500000

Percentage: 100%

Management

H.C.M. Peijnenburg (Henricus Cornelis Maria)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2007-11-01

Date of birth: 1969-09-27, Esch, NL

H.C.M. Peijnenburg (Henricus Cornelis Maria)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2007-11-01

Date of birth: 1969-09-27, Esch, NL

M. Grönborg (Marie)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2013-01-01

Date of birth: 1970-09-03, Varberg, SE

M. Grönborg (Marie)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2013-01-01

Date of birth: 1970-09-03, Varberg, SE

R. Kuiper (Rudy)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2013-04-01

Date of birth: 1968-06-20, Rotterdam, NL

Active management

R. Kuiper (Rudy)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2013-04-01

Date of birth: 1968-06-20, Rotterdam, NL

Employees

Year 2014 2013 2012 2011 2010

Total 32 34 32 32 32

Payments

Description Payments made under regular condition

Key figures

Year	2013	2012	2011	2010	2009
Quick ratio	0,83	0,72	0,82	1,04	1,29
Current ratio	1,15	1,06	1,19	1,39	1,71

Working capital/ balance total	0,09	0,04	0,11	0,19	0,29
Equity / balance total	0,41	0,34	0,29	0,44	0,51
Equity / Fixed assets	1,22	1,01	1,02	1,44	1,74
Equity / liabilities	0,69	0,52	0,41	0,79	1,06
Balance total / liabilities	1,69	1,52	1,41	1,79	2,06

Working capital	851	334.000	950.000	1.585.000	2.636.000
Equity	3.909	2.907.000	2.404.000	3.600.000	4.651.000
Mutation equity	-99,87	20,92	-33,22	-22,60	12,67
Mutation short term liabilities	-99,89	4,56	23,23	9,07	-4,91

Return on total assets (ROA)		7,92	4,70	7,21	7,60
Return on equity (ROE)		23,05	16,31	16,33	14,77
Gross profit margin		3,07	3,36	3,28	3,48
Net profit margin		1,94	1,34	2,26	2,61

Average collection ratio		4,94	4,52	4,88	5,37
Average payment ratio		7,16	5,73	5,91	5,29
Equity turnover ratio		8,92	9,43	5,53	4,31
Total assets turnover ratio		3,07	2,72	2,44	2,22
Fixed assets turnover ratio		9,03	9,61	7,97	7,51
Inventory conversion ratio		14,49	12,31	13,91	12,90

Turnover		25.941.000	22.681.000	19.897.000	20.056.000
Gross margin		5.833.000	4.985.000	4.766.000	4.932.000
Operating result		797.000	763.000	653.000	697.000
Net result after taxes		503.000	304.000	449.000	523.000

Year	2013 2012	2011	2010	2009

Cashflow	868.000	652.000	812.000	878.000
Gross profit		22.681.000	19.897.000	20.056.000
EBIT	797.000	763.000	653.000	697.000
EBITDA	1.162.000	1.111.000	1.016.000	1.052.000

Summary

The 2013 financial result structure is a postive working captial of 851 euro, which is in

agreement with 9 % of the total assets of the company.

The working capital has diminished with -99.75 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The deterioration between 2012 and 2013 has been caused by a current assets reduction

and current liabilities increase.

The current ratio of the company in 2013 was 1.15. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.83. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 334.000 euro, which is in

agreement with 4 % of the total assets of the company.

The working capital has diminished with -64.84 % compared to previous year. The ratio, with

respect to the total assets of the company has however, declined.

The deterioration between 2011 and 2012 has mainly been caused by an increase of the

current liabilities.

The current ratio of the company in 2012 was 1.06. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2012 of the company was 0.72. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities

Financial statement

Remark annual account The company is obliged to file its financial statements.

Type of annual account Corporate

Annual account Perstorp Waspik B.V.

Industrieweg 8

5165NH Waspik

Netherlands

Registration number: 181167590000

Balance

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Intangible fixed assets	19	65.000	112.000	158.000	204.000
Tangible fixed assets	3.061	2.680.000	2.082.000	2.172.000	2.270.000
Financial fixed assets	128	128.000	166.000	166.000	197.000
Fixed assets	3.208	2.873.000	2.360.000	2.496.000	2.671.000

Total stock	1.772	1.790.000	1.843.000	1.430.000	1.555.000
Accounts receivable		3.200.000	3.739.000	3.094.000	3.282.000
Other receivables		421.000	217.000	275.000	509.000
Total receivables	4.422	3.621.000	3.956.000	3.369.000	3.791.000
Liquid funds	175	175.000	174.000	862.000	1.027.000
Current assets	6.369	5.586.000	5.973.000	5.661.000	6.373.000
Total assets	9.577	8.459.000	8.333.000	8.157.000	9.044.000

Issued capital	19	19.000	19.000	19.000	19.000
Other reserves	3.890	2.385.000	2.081.000	3.132.000	4.109.000
Non-distributable profit		503.000	304.000	449.000	523.000
Total reserves	3.890	2.888.000	2.385.000	3.581.000	4.632.000
Total equity	3.909	2.907.000	2.404.000	3.600.000	4.651.000

Long term interest yielding debt	150	300.000	906.000	481.000	656.000
Long term liabilities	150	300.000	906.000	481.000	656.000
Accounts payable		831.000	822.000	631.000	1.055.000
Other short term liabilities		4.421.000	4.201.000	3.445.000	2.682.000
Short term liabilities	5.518	5.252.000	5.023.000	4.076.000	3.737.000
Total short and long term liabilities	5.668	5.552.000	5.929.000	4.557.000	4.393.000
Total liabilities	9.577	8.459.000	8.333.000	8.157.000	9.044.000

Summary

The total assets of the company decreased with -99.89 % between 2012 and 2013.

Assets reduction is explained by a Net Worth decrease of -99.87 %, and an indebtedness

reduction of -99.9 %.

In 2013 the assets of the company were 33.5 % composed of fixed assets and 66.5 % by

current assets. The assets are being financed by an equity of 40.82 %, and total debt of

59.18 %.

The total assets of the company increased with 1.51 % between 2011 and 2012.

The total asset increase is retrievable in the fixed asset growth of 21.74 %.

The assets growth has been financed by a Net Worth increase of 20.92 %. The company's

net increase has also covered a reduction of -6.36 % of the company's indebtedness.

In 2012 the assets of the company were 33.96 % composed of fixed assets and 66.04 % by

current assets. The assets are being financed by an equity of 34.37 %, and total debt of

65.63 %.

Profit and loss

Year	2012	2011	2010	2009
Revenues	25.941.000	23.179.000	20.260.000	20.271.000
Other operating income		498.000	363.000	215.000
Net turnover	25.941.000	22.681.000	19.897.000	20.056.000

Gross margin	5.833.000	4.985.000	4.766.000	4.932.000

Wages and salaries	1.656.000	1.574.000	1.457.000	1.405.000
Amorization and depreciation	365.000	348.000	363.000	355.000
Sales	20.108.000	17.696.000	15.131.000	15.124.000
other operating costs	3.015.000	2.798.000	2.656.000	2.690.000
Operating expenses	25.144.000	22.416.000	19.607.000	19.574.000
Operating result	797.000	763.000	653.000	697.000

Financial income		4.000	1.000	12.000
Financial expenses	127.000	375.000	66.000	22.000
Financial result	-127.000	-371.000	-65.000	-10.000
Result on ordinary operations before taxes	670.000	392.000	588.000	687.000

Taxation on the result of ordinary activities	167.000	88.000	139.000	164.000
Result of ordinary activities after taxes	503.000	304.000	449.000	523.000

Year		2012	2011	2010	2009
Net result		503.000	304.000	449.000	523.000

Summary

The turnover of the company grew with 14.37 % between 2011 and 2012.

The gross profit of the company grew with 17.01 % between 2011 and 2012.

The operating result of the company grew with 4.46 % between 2011 and 2012. This

evolution implies an increase of the company's economic profitability.

The result of these changes is an increase of the company's Economic Profitability of 68.51

% of the analysed period, being equal to 2011 % in the year 2012.

This growth has contributed to the increase in assets turnover, increasing by 12.87 %

reaching 3.07.

The Net Result of the company decreased by 65.46 % between 2011 and 2012.

The company's Financial Profitability has been negatively affected by the financial activities in

comparison to the EBITs behaviour. The result of these variations is a profitability reduction

of 41.32 % of the analysed period, being 23.05 % in the year 2012.

The company's financial structure has slowed down its financial profitability

Analysis

Branch (SBI) Manufacture of basic pharmaceutical products and pharmaceutical preparations (21)

Region Midden-Brabant

In the Netherlands 351 of the companies are registered with the SBI code 21

In the region Midden-Brabant 17 of the companies are registered with the SBI code 21

In the Netherlands 7 of the bankrupcties are published within this sector

In the region Midden-Brabant 1 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Midden-Brabant is normal

Publications

Filings 26-03-2013: De jaarrekening over 2012 is gepubliceerd.

23-05-2012: De jaarrekening over 2011 is gepubliceerd.

06-12-2011: De jaarrekening over 2010 is gepubliceerd.

10-06-2010: De jaarrekening over 2009 is gepubliceerd.

19-01-2010: De jaarrekening over 2008 is gepubliceerd.

Functions 18-07-2014: Per 01-06-2014 is bestuurder Maria Helana Cerine Haglund uit functie getreden.

25-03-2014: Per 01-02-2014 is bestuurder Eva-Brita Valter uit functie getreden.

04-04-2013: Per 03-04-2013 is bestuurder Leendert Muis uit functie getreden.

03-04-2013: Per 01-04-2013 is bestuurder Rudy Kuiper in functie getreden.

16-01-2013: Per 01-01-2013 is bestuurder Marie Grönborg in functie getreden.

05-11-2012: Per 02-11-2012 is bestuurder Eva-Brita Valter in functie getreden.

01-05-2012: Per 19-04-2012 is bestuurder Paul Österberg uit functie getreden.

15-10-2010: Per 07-09-2010 is bestuurder Gunnar Modalen uit functie getreden.

Other 16-08-2012: ... Datum deponering: 15-08-2012 Soort deponering: Geconsolideerde

jaarrekening 408.

08-12-2011: Datum deponering: 08-12-2011 Soort deponering: Geconsolideerde

jaarrekening 408.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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

Summary

Contact information

Registration

Activities

relations

Management

Employees

Payments

Key figures

Summary

Financial statement

Balance

Summary

Profit and loss

Summary

Analysis

Publications

Unit