MIRA INFORM REPORT

Report Date :

05.02.2014

IDENTIFICATION DETAILS

Name :	NATRAJACALI
Registered Office :	Brugsesteenweg 95 Bredene, 8450
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	1988
Com. Reg. No.:	433882879
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of cocoa; chocolate and sugar confectionery
No. of Employees :	98

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	40,000 EUR
Status :	Moderate
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Belgium	A1	A1

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

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank

Source : CIA

Company name and address

NATRAJACALI

Brugsesteenweg 95
Bredene, 8450
Belgium
Tel:	059 34 03 30
Fax:	059 34 03 31

Employees:	98
Company Type:	Private Subsidiary
Corporate Family:	12 Companies
Ultimate Parent:	Natra SA
Incorporation Date:	1988

Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	36.8 ^1
Total Assets:	31.6

Business Description

Chocolate Mfr

Industry

Industry	Food Manufacturing
ANZSIC 2006:	1182 - Confectionery Manufacturing
ISIC Rev 4:	1073 - Manufacture of cocoa, chocolate and sugar confectionery
NACE Rev 2:	1082 - Manufacture of cocoa, chocolate and sugar confectionery
NAICS 2012:	311351 - Chocolate and Confectionery Manufacturing from Cacao Beans
UK SIC 2007:	10821 - Manufacture of cocoa, and chocolate confectionery
US SIC 1987:	2066 - Chocolate and Cocoa Products

Key Executives

Name	Title
Eric Cools	Managing Director
Larranaga Mikel Beitia	Managing Director
Lorea Biain	Decision-maker
Martine Buysse	Auditor
Rosita Maria Edmonda Angela Van Maele	Representative/Auditor

Registered No.(VAT): 433882879

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
Brugsesteenweg 95
Bredene, 8450
Belgium

Tel:	059 34 03 30
Fax:	059 34 03 31

www.natra.es

Sales EUR(mil):	28.6
Assets EUR(mil):	23.9
Employees:	98
Fiscal Year End:	31-Dec-2012

KeyID^SM:	45080856
Industry:	Food Processing

Incorporation Date:	1988
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(VAT):	433882879

Decision-maker:

Ignacio Miras

Industry Codes

ANZSIC 2006 Codes:
1182	-	Confectionery Manufacturing

ISIC Rev 4 Codes:
1073	-	Manufacture of cocoa, chocolate and sugar confectionery

NACE Rev 2 Codes:
1082	-	Manufacture of cocoa, chocolate and sugar confectionery

NAICS 2012 Codes:
311351	-	Chocolate and Confectionery Manufacturing from Cacao Beans

US SIC 1987:
2066	-	Chocolate and Cocoa Products

UK SIC 2007:
10821	-	Manufacture of cocoa, and chocolate confectionery

Business Description

Manufacture of cocoa; chocolate and sugar confectionery

More Business Descriptions

Chocolate Mfr

Financial Data

Financials in:	EUR(mil)
Revenue:	28.6
Assets:	23.9
Current Assets:	19.5
Fixed Assets:	4.4
Total Liabilities:	23.9
Issued Capital:	0.8
Net Worth:	0.8
Date of Financial Data:	31-Dec-2012

1 Year Growth

0.7%

NA

Corporate Structure News

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Natra SA	Parent	Madrid	Spain	Food Manufacturing	456.9	1,105
NatraZahor	Subsidiary	Guipuzcoa	Spain	Food Manufacturing		500
Natra Oñati Sociedad Anonima	Subsidiary	Oñati, Guipuzcoa	Spain	Food Manufacturing	88.7	404
Natra Allcrump	Subsidiary	Oostmalle	Belgium	Food Manufacturing	135.2	206
Natracacao	Subsidiary	Valencia	Spain	Food Manufacturing		150
NatraZahor france	Subsidiary	Saint Etienne	France	Food Manufacturing	56.3	149
Natra Cacao Sociedad Limitada	Subsidiary	Quart De Poblet, Valencia	Spain	Food Manufacturing	143.0	148
Natraceutical SA	Subsidiary	Sant Cugat Del Valles	Spain	Food Manufacturing	38.5	103
Braes Holdings Ltd.	Subsidiary	Egham	United Kingdom	Holding Companies
Braes Group Ltd.	Subsidiary	Egham	United Kingdom	Holding Companies
Natrajacali	Subsidiary	Bredene	Belgium	Food Manufacturing	36.8	98
Natra US	Subsidiary	Chula Vista, CA	United States	Food Manufacturing

Executives Report

Board of Directors

Name	Title	Function
Larranaga Mikel Beitia	Managing Director	Director/Board Member
Age: 43
Miguel Alejandro Trinidad	Managing Director	Director/Board Member
Age: 36

Executives

Name	Title	Function
Larranaga Mikel Beitia	Managing Director	Managing Director
Age: 43
Eric Cools	Managing Director	Managing Director
Age: 56
Miguel Alejandro Trinidad	Managing Director	Managing Director
Age: 36
Lorea Biain	Decision-maker	Senior Management (General)
Mireia Huguet	Decision-maker	Senior Management (General)
Ignacio Miras	Decision-maker	Senior Management (General)
Manuel Moreno	Decision-maker	Senior Management (General)
Martine Buysse	Auditor	Accounting Executive
Age: 50
Rosita Maria Edmonda Angela Van Maele	Representative/Auditor	Accounting Executive
Age: 63

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Turnover	36.8	43.6	35.3
Increase or Decrease in Stocks of Finished Goods, and Orders in Progress	0.1	-0.5	-0.8
Other Operating Income	0.4	0.3	0.3
Operating Income	37.3	43.4	34.8
Purchases	21.8	26.1	22.1
Increase or Decrease in Stocks	0.4	0.0	-0.2
Raw Materials, Consumables, and Goods for Release	22.2	26.1	21.9
Services and Sundry Goods	6.3	6.8	5.9
Remuneration, Social Security Charges, and Pensions	6.1	7.0	6.0
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	1.4	1.6	1.6
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	0.1	0.0	0.1
Provisions for Liabilities and Charges	-	-	-0.4
Other Operating Charges	0.2	0.1	0.1
Operating Charges	36.2	41.6	35.1
Income From Current Assets	0.9	1.0	0.6
Other Financial Income	0.0	0.0	0.0
Financial Income	0.9	1.0	0.7
Interest and Other Debt Charges	0.3	0.4	0.4
Other Financial Charges	0.3	0.2	0.3
Financial Charges	0.6	0.6	0.7
Gain on Disposal of Fixed Assets	0.0	0.0	-
Extraordinary Income	0.0	0.0	-
Loss on Disposal of Fixed Assets	-	-	0.0
Other Extraordinary Charges	-	-	0.1
Extraordinary Charges	-	-	0.1
Transfer from Differed Taxes	0.0	0.0	0.0
Income Taxes	0.2	0.0	0.0
Adjustment of Income Taxes and Write-Back of Tax Provisions	0.0	-	-
Income Taxes	0.2	0.0	0.0
Employees	98	105	109

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
Intangible Assets	0.1	0.1	0.3
Land & Buildings	2.4	2.6	3.0
Plant, Machinery, and Equipment	3.2	3.5	3.6
Furniture and Vehicles	0.1	0.1	0.0
Leasing and Other Similar Rights	0.0	-	-
Tangible Assets	5.7	6.2	6.6
Participating Interests	0.0	0.0	0.0
Other Enterprises Linked by Participating Interests	0.0	0.0	0.0
Amounts Receivable and Cash Guarantees	0.0	0.0	0.0
Other Capital Assets	0.0	0.0	0.0
Capital Assets	0.0	0.0	0.0
Fixed Assets	5.9	6.3	7.0
Other Amounts Receivable	9.1	8.3	7.7
Amounts Receivable After More Than One Year	9.1	8.3	7.7
Raw Materials and Consumables	1.4	2.0	2.1
Work in Progress	0.9	0.8	1.4
Finished Goods	0.4	0.4	0.4
Goods Purchased for Resale	0.0	0.0	-
Stocks	2.8	3.2	3.8
Inventory and Orders in Progress	2.8	3.2	3.8
Trade Debtors	7.7	7.5	4.5
Other Amounts Receivable	6.2	5.9	7.9
Amounts Receivable Within One Year	13.9	13.4	12.4
Liquid Assets	0.0	0.1	0.6
Adjustment Accounts	0.1	0.0	0.0
Current Assets	25.8	25.0	24.7
Total Assets	31.6	31.4	31.6
Issued Capital	1.1	1.1	1.1
Capital	1.1	1.1	1.1
Legal Reserve	0.1	0.1	0.1
Reserves Available for Distribution	12.8	12.6	13.0
Reserves	12.9	12.7	13.1
Deferred Taxation	0.0	0.0	0.0
Provisions and Deferred Taxes	0.0	0.0	0.0
Capital and Reserves	16.8	15.1	13.5
Credit Institutions	1.6	2.1	3.5
Financial Debts	1.6	2.1	3.5
Amounts Due After More Than One Year	1.6	2.1	3.5
Current Portion of Amounts Payable After More Than One Year	0.6	1.3	1.4
Credit Institutions	4.0	4.5	4.7
Financial Debts	4.0	4.5	4.7
Suppliers	6.4	6.9	7.5
Trade Debts	6.4	6.9	7.5
Taxes	0.2	0.0	-
Remuneration and Social Security	1.0	1.5	1.0
Taxes, Wages, and Social Security	1.2	1.5	1.0
Other Amounts Payable	1.1	0.0	0.0
Amounts Payable Within One Year	13.2	14.1	14.6
Adjustment Accounts	-	0.0	0.1
Creditors	14.8	16.3	18.1
Total Liabilities + Shareholders' Equity	31.6	31.4	31.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.68
UK Pound	1	Rs.101.98
Euro	1	Rs.84.78

INFORMATION DETAILS

Report Prepared by :

NIS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.