MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	HEIPLOEG B.V.

Registered Office :	Panserweg 14 9974SL Zoutkamp

Country :	Netherlands

Financials (as on) :	31.03.2012

Date of Incorporation :	01.01.1900

Com. Reg. No.:	KvK-nummer: 02022924

Legal Form :	Besloten Vennootschap

Line of Business :	Manufacture of food products

No. of Employees :	117

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – 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 Heiploeg B.V.

Operative address Panserweg 14 9974SL Zoutkamp Netherlands

Legal form Besloten Vennootschap

Registration number KvK-nummer: 02022924

VAT-number 001082516

Year	2012		Mutation	2011	Mutation	2010
Fixed assets	47.444.000		638,31	6.426.000	0,47	6.396.000
Total receivables	42.890.000		17,97	36.357.000	-10,82	40.770.000

Total equity	23.071.000		-15,15	27.189.000	3,55	26.257.000
Short term liabilities	107.398.000		6,89	100.477.000	17,39	85.595.000

Net result	-4.117.000	4	-542,21	931.000	-86,00	6.648.000

Working capital	-23.844.000		-210,57	21.564.000	3,14	20.908.000
Quick ratio	0,41	4	-50,00	0,82	5,13	0,78

Insolvencies

Insolvency Default: F.14/28

Publications • Date: 2014-01-29

Characteristics: 18.nne.14.28.F.1300.1.14

Uitspraak faillissement op 28 januari 2014

Court Groningen

Magistrate mr. L.T. de Jonge

Administrator mr. P. Lettinga

Postbus 96

9700AB Groningen

Netherlands

Telephone number: 050-5206520

Contact information

Company name Heiploeg B.V.

Trade names Heiploeg B.V.

Operative address Panserweg 14

9974SL Zoutkamp

Netherlands

Correspondence address Postbus 2

9974ZG Zoutkamp

Netherlands

Telephone number 0595405555

Email address info@heiploeg.nl

Website www.heiploeg.nl

Registration

Registration number KvK-nummer: 02022924

Branch number 000015938069

VAT-number 001082516

Status Active

Memorandum 1962-10-09

Establishment date 1900-01-01

Legal form Besloten Vennootschap

Legal person since 1972-10-03

Last proposed admendment 2006-02-03

Activities

SBI AGRICULTURE (01)

Processing and preserving of fish and fish products (1020)

Manufacture of prepared feeds for farm animals (1091)

Wholesale of fish (46382)

Exporter Yes

Importer Yes

Goal Tijdens het faillissement worden de volgende activiteiten verricht: het exploiteren van een

groothandel in vis, gepelde en ongepelde garnalen, puf en nest en visconserven;

Garnalenpellerij en garnalen- en garnalendoppendrogerij. Maal- en menginrichting en

vismeel- en gritfabriek. Fabricage van grondstoffen voor indische gerechten Im- en/of export

van garnalen en vis. Al hetgeen tot bovengenoemde behoort, zowel de handel in haar

onbewerkte, verwerkte en bewerkte producten

Relations

Shareholders Heiploeg Beheer B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

Registration number: 020363320000

Insolvency: Default

Percentage: 100%

Companies on same address Amount: 18

Bank details

Accounts

ABN Amro Bank NV

Account number: 40.53.50.007

ING Bank NV

Account number: 41763

ING Bank NV

Account number: 810210

Accounts

Rabobank Nederland

Account number: 32.94.63.748

Management

Active management Heiploeg Beheer B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

Registration number: 020363320000

Insolvency: Default

Competence: Fully authorized

Function: Manager

Starting date: 1988-10-05

E.J.C. Wielinga (Eduard Johannes Christoffel)

Netherlands

Competence: Limited authorization

Function: Manager

Starting date: 2013-09-02

Date of birth: 1960-11-09, Leeuwarden, NL

E.B. Abels (Edo Berend)

Netherlands

Competence: Limited authorization

Function: Manager

Starting date: 2013-09-02

Date of birth: 1969-05-05, Smallingerland, NL

Active management

W.D. van Dijken (Willem Derk)

Netherland

Competence: Limited authorization

Function: Proxy

Starting date: 1993-12-28

Date of birth: 1953-02-02, Eenrum, NL

M. Tjoelker (Meindert)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2005-06-01

Date of birth: 1958-12-02, Grootegast, NL

M.I.K. Boer (Micha Istvan Kai)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2008-09-01

Date of birth: 1981-08-19, Oldehove, NL

H.O. Pouw (Hermanus Onno)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2008-09-01

Date of birth: 1965-11-07, Delfzijl, NL

J.H. Kort (Jan Harmannus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2011-01-12

Date of birth: 1959-01-11, 't Zandt, NL

J. Cornelissen (Johannes)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2013-02-01

Date of birth: 1965-03-31, Geleen, NL

Involved with the following companies

• Heitrans B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

Registration number: 020424670000

Insolvency: Default

Function: Proxy

P. Westra (Patrick)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-12-01

Date of birth: 1977-01-13, Ulrum, NL

Employees

Year 2014 2013 2012 2011 2010

Total 117 117 272 30 31

Payments

Description Activities ceased

Key figures

Year	2012	2011	2010	2009	2008
Quick ratio	0,41	0,82	0,78	0,59	0,42
Current ratio	0,78	1,21	1,24	1,16	0,96

Working capital/ balance total	-0,18	0,17	0,19	0,13	-0,03
Equity / balance total	0,18	0,21	0,23	0,19	0,17
Equity / Fixed assets	0,49	4,23	4,11	3,44	0,83
Equity / liabilities	0,21	0,27	0,30	0,23	0,21
Balance total / liabilities	1,21	1,27	1,30	1,23	1,21

Working capital	-23.844.000	21.564.000	20.908.000	13.913.000	-2.830.000
Equity	23.071.000	27.189.000	26.257.000	19.610.000	16.928.000
Mutation equity	-15,15	3,55	33,90	15,84	-54,12
Mutation short term liabilities	6,89	17,39	1,13	6,83	102,29

Return on total assets (ROA)	-3,80	0,99	7,93	3,41	14,15
Return on equity (ROE)	-21,56	4,66	34,09	18,13	80,87
Gross profit margin	-1,53	1,21	4,66	3,72	8,85
Net profit margin	-1,80	0,43	3,24	1,37	4,80

Average collection ratio	2,13	2,17	2,40	2,28	2,64
Average payment ratio	5,34	5,99	5,03	4,99	6,30
Equity turnover ratio	9,93	8,01	7,81	9,86	12,35
Total assets turnover ratio	1,75	1,70	1,82	1,86	2,16
Fixed assets turnover ratio	4,83	33,90	32,06	33,95	10,26
Inventory conversion ratio	5,72	5,53	5,13	3,99	4,85

Turnover	228.994.000	217.825.000	205.072.000	193.386.000	209.022.000
Operating result	-3.496.000	2.645.000	9.560.000	7.186.000	18.502.000
Net result after taxes	-4.117.000	931.000	6.648.000	2.642.000	10.029.000

Year	2012	2011	2010	2009	2008
Cashflow					11.600.000
Gross profit					28.833.000
EBIT	-3.496.000	2.645.000	9.560.000	7.186.000	18.502.000
EBITDA					20.073.000

Summary

The 2012 financial result structure is a negative working captial of -23.844.000 euro, which is

in agreement with -18 % of the total assets of the company.

The working capital has diminished with -210.57 % 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 0.78. 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 0.41. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 21.564.000 euro, which is in

agreement with 17 % of the total assets of the company.

The working capital has increase with 3.14 % compared to previous year. The ratio with

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

The improvement between 2010 and 2011 has mainly been caused by a current liabilities

reduction.

The current ratio of the company in 2011 was 1.21. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2011 of the company was 0.82. 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 Heiploeg B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

Registration number: 020229240000

Insolvency: Default

Balance

Year	2012	2011	2010	2009	2008
End date	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31
Real estate					12.048.000
Plant and machinery					5.958.000
Other tangible fixed assets					846.000
Tangible fixed assets	8.444.000	6.426.000	6.229.000	5.453.000	20.048.000
Other financial fixed assets					320.000
Financial fixed assets	39.000.000		167.000	244.000	320.000
Fixed assets	47.444.000	6.426.000	6.396.000	5.697.000	20.368.000

Raw materials					2.198.000
Finished products					39.804.000
Other stock					1.084.000
Total stock	40.015.000	39.355.000	40.007.000	48.507.000	43.086.000
Accounts receivable	33.613.000	23.158.000	21.974.000	17.995.000	21.978.000
Receivables due from group and associated companies					10.992.000
Other receivables	9.277.000	13.199.000	18.796.000	20.747.000	11.204.000
Total receivables	42.890.000	36.357.000	40.770.000	38.742.000	33.182.000
Liquid funds	649.000	46.329.000	25.726.000	11.304.000	134.000
accruals					212.000
Current assets	83.554.000	122.041.000	106.503.000	98.553.000	76.402.000
Total assets	130.998.000	128.467.000	112.899.000	104.250.000	96.770.000

Issued capital	210.000	210.000	210.000	210.000	210.000
Other reserves	26.978.000	26.048.000	19.399.000	16.758.000	16.718.000
Non-distributable profit	4.117.000	931.000	6.648.000	2.642.000
Total reserves	35.212.000	26.979.000	26.047.000	19.400.000	16.718.000
Total equity	23.071.000	27.189.000	26.257.000	19.610.000	16.928.000

Provisions	250.000				610.000
Long term interest yielding debt	279.000	801.000	1.047.000
Long term liabilities	279.000	801.000	1.047.000
Accounts payable	22.565.000	17.432.000	11.362.000	7.529.000	3.828.000
Liabilities towards credit institutes					2.803.000
Short term interest yielding debt					52.113.000
Tax liabilities					50.000

Year	2012	2011	2010	2009	2008
End date	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31
Debts to subsidiary companies					12.534.000
Other short term liabilities	84.833.000	83.045.000	74.233.000	77.111.000	7.904.000
Short term liabilities	107.398.000	100.477.000	85.595.000	84.640.000	79.232.000
Total short and long term liabilities	107.927.000	101.278.000	86.642.000	84.640.000	79.842.000
Total liabilities	130.998.000	128.467.000	112.899.000	104.250.000	96.770.000

Summary

The total assets of the company increased with 1.97 % between 2011 and 2012.

The total asset increase is retrievable in the fixed asset growth of 638.31 %.

Asset growth is in contrasts with the net worth decline of -15.15 %. The company's

indebtedness has, therefore, increased with 6.57 %.

In 2012 the assets of the company were 36.22 % composed of fixed assets and 63.78 % by

current assets. The assets are being financed by an equity of 17.61 %, and total debt of

82.39 %.

The total assets of the company increased with 13.79 % between 2010 and 2011.

The total assets are entirely composed of current assets.

The asset growth has mainly been financed by a debt increase of 16.89 %. The Net Worth,

however, grew with 3.55 %.

In 2011 the assets of the company were 5 % composed of fixed assets and 95 % by current

assets. The assets are being financed by an equity of 21.16 %, and total debt of 78.84 %.

Profit and loss

Year	2012	2011	2010	2009	2008
Revenues	228.994.000	217.825.000	205.072.000	193.386.000	212.623.000

Year	2012	2011	2010	2009	2008
Other operating income					3.601.000
Net turnover	228.994.000	217.825.000	205.072.000	193.386.000	209.022.000

Wages and salaries					1.808.000
Amorization and depreciation					1.571.000
other operating costs					10.553.000
Production costs					12.066.000
Raw materials and consumables					168.123.000
Operating expenses	232.490.000	215.180.000	195.512.000	186.200.000	194.121.000
Operating result	-3.496.000	2.645.000	9.560.000	7.186.000	18.502.000

Financial income	373.000	331.000			484.000
Financial expenses	1.852.000	1.709.000	609.000	3.631.000	5.297.000
Financial result	-1.479.000	-1.378.000	-609.000	-3.631.000	-4.813.000
Result on ordinary operations before taxes	-4.975.000	1.267.000	8.951.000	3.555.000	13.689.000

Taxation on the result of ordinary activities	-858.000	336.000	2.303.000	913.000	3.660.000
Result of ordinary activities after taxes	-4.117.000	931.000	6.648.000	2.642.000	10.029.000

Net result	-4.117.000	931.000	6.648.000	2.642.000	10.029.000

Summary

The turnover of the company grew with 5.13 % between 2011 and 2012.

The operating result of the company declined with -232.17 % between 2011 and 2012. This

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

The result of these changes is a reduction of the company's Economic Profitability of -483.84

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

Despite the decline the assets turnover increased by 2.94 % reaching 1.75.

The Net Result of the company increased by -542.21 % between 2011 and 2012.

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

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

-562.66 % of the analysed period, being -21.56 % in the year 2012.

The company's financial profitability has been positively affected by its financial structure.

The turnover of the company grew with 6.22 % between 2010 and 2011.

The operating result of the company declined with -72.33 % between 2010 and 2011. This

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

The result of these changes is a reduction of the company's Economic Profitability of -87.52

% of the analysed period, being equal to 2010 % in the year 2011.

This fall has contributed to a asset turnover decrease, whose index evolved from -6.59 to a

level of 1.7.

The Net Result of the company increased by -86 % between 2010 and 2011.

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

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

-86.33 % of the analysed period, being 4.66 % in the year 2011.

The company's financial profitability has been positively affected by its financial structure

Analysis

Branch (SBI) Manufacture of food products (10)

Region Groningen

In the Netherlands 6059 of the companies are registered with the SBI code 10

In the region Groningen 184 of the companies are registered with the SBI code 10

In the Netherlands 140 of the bankrupcties are published within this sector

In the region Groningen 8 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 Groningen is normal

Publications

Filings 29-03-2013: De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd.

04-05-2012: De jaarrekening over 2011 (gebroken boekjaar) is gepubliceerd.

05-04-2011: De jaarrekening over 2009 (gebroken boekjaar) is gepubliceerd.

31-03-2011: De jaarrekening over 2010 (gebroken boekjaar) is gepubliceerd.

Functions 19-12-2013: Per 02-09-2013 is gevolmachtigde Edo Berend Abels in functie getreden.

11-10-2013: Per 02-09-2013 is gevolmachtigde Eduard Johannes Christoffel Wielinga in

functie getreden.

25-02-2013: Per 01-02-2013 is gevolmachtigde Johannes Cornelissen in functie getreden.

24-12-2012: Per 01-12-2012 is gevolmachtigde Patrick Westra in functie getreden.

30-11-2012: Per 01-10-2012 is gevolmachtigde Jan Ernst Veenman uit functie getreden.

15-11-2012: Per 26-09-2012 is gevolmachtigde Ramon Diego Mendes de Leon uit functie

getreden.

15-11-2012: Per 26-09-2012 is gevolmachtigde Willem Smit uit functie getreden.

15-04-2011: Per 07-04-2011 is gevolmachtigde Ronny Marinus Johannes Koerhuis uit functie

getreden.

21-01-2011: Per 12-01-2011 is gevolmachtigde Jan Harmannus Kort in functie getreden.

21-01-2011: Per 12-01-2011 is gevolmachtigde Onno Nienhuis uit functie getreden

21-01-2011: Per 12-01-2011 is gevolmachtigde Bernard Tjalling Anton Oosterbaan uit functie

getreden.

30-09-2010: Per 30-09-2010 is gevolmachtigde Jan Berent Vogel uit functie getreden.

16-09-2010: Per 15-09-2010 is gevolmachtigde Ronny Marinus Johannes Koerhuis in functie

Getreden

Company structure

Relations 9

Heiploeg Holding B.V.

Panserweg 14

9974SL ZOUTKAMP

Netherlands

Registration number: 302100200000

Insolvency: Default

• Heiploeg Beheer B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

Registration number: 020363320000

Insolvency: Default

• Heiploeg B.V.

Panserweg 14

9974SL Zoutkamp

Netherlands

Registration number: 020229240000

Insolvency: Default

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.42
UK Pound	1	Rs.100.11
Euro	1	Rs.79.74

INFORMATION DETAILS

Analysis Done by :	RAS

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

Insolvencies

Contact information

Registration

Activities

Relations

Bank details

Management

Employees

Payments

Key figures

Summary

Financial statement

Balance

Summary

Profit and loss

Summary

Analysis

Publications

Company structure

Unit