MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	C. MEIJER B.V.
Registered Office :	Bathseweg 45, 4411 RK Rilland
Country :	Netherlands
Financials (as on) :	15.07.2013
Date of Incorporation :	10.10.1950
Com. Reg. No.:	22024805
Legal Form :	Private Company
Line of Business :	Subject is engaged in Cultivation, wholesale, import and export of potatoes and seed potatoes. Exploitation of cold stores. Divide and multiply, as well as wholesale, import and export of raw material for agriculture and horticulture.
No of Employees :	28 [2014]

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 :	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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

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 C. Meijer B.V.

Operative address Bathseweg 45

4411RK Rilland

Netherlands

Legal form Private Company

Registration number KvK-nummer: 22024805

VAT-number 001388150

Year	2013	Mutation	2012	Mutation	2011
Fixed assets	95.772.000	10,29	86.839.000	16,49	74.545.000
Total receivables	7.137.000	0.38	7.110.000	18,46	8.720.000
Total equity	112.354.000	14,80	97.868.000	15,42		84.790.000
Short term liabilities	6.306.000	-2,61	6.475.000	19,18		5.433.000
Net result	17.879.000	-26,87	24.447.000	193,02		8.343.000
Working capital	19.516.000	28,97	15.132.000	10,74		13.664.000
Quick ratio	4,06	22,66	3,31	-5,16		3,49

Contact information

Company name C. Meijer B.V.

Trade names C. Meijer B.V.

Operative address Bathseweg 45

4411RK Rilland

Netherlands

Correspondence address Postbus 33

4416ZG Kruiningen

Netherlands

Telephone number 0113760100

Fax number 0113760119

Email address info@meijer-potato.com

Website www.meijer-potato.com

Registration

Registration number KvK-nummer: 22024805

Branch number 000016361032

VAT-number 001388150

Status Active

Memorandum 1950-10-10

Establishment date 1950-10-10

Legal form Private Company

Last proposed admendment 2012-01-31

Activities

SBI Growing of cereals, leguminous crops and oil seeds (0111)

Wholesale of seeds (46212)

Wholesale of edible potatoes (46312)

Exporter No

Importer No

Goal Cultivation, wholesale, import and export of potatoes and seed potatoes. Exploitation of cold stores. Divide and multiply, as well as wholesale, import and export of raw material for agriculture and horticulture.

Relations

Shareholders Meijer Beheer B.V.

Stationsweg 18/A

4416PJ KRUININGEN

Netherlands

Registration number: 220263440000

Percentage: 100%

BRANCHES:

C. Meijer B.V.

Verlengde Gildenweg 10B

8304BK EMMELOORD

Netherlands

Registration number: 220248050006

C. Meijer B.V.

Maatje Harings Jobsweg 9

4307NL OOSTERLAND

Netherlands

Registration number: 220248050012

C. Meijer B.V.

Bathseweg 47

4411RK RILLAND

Netherlands

Registration number: 220248050014

COMPANIES ON SAME ADDRESS

Meijer International B.V.

Registration number: 390166210000

LIABILITY STATEMENTS

Meijer Beheer B.V.

Stationsweg 18/A

4416PJ KRUININGEN

Netherlands

Registration number: 220263440000

date of issue: 2007-02-27

Starting date: 2007-02-27

BANK DETAILS

Accounts

ABN Amro Bank NV

Account Number: 48.08.18.800

MANAGEMENT

Meijer Beheer B.V.

Stationsweg 18/A

4416PJ KRUININGEN

Netherlands

Registration number: 220263440000

Competence: Fully authorized

Function: Manager

Starting date: 2007-03-01

J.P.M. Muijsers (Johannes Petrus Maria)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 1998-07-13

Date of birth: 1955-12-02, Zwolle, NL

J.W.M. van der Stee (Johannes Wilhelmus Marinus)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2014-01-01

Date of birth: 1972-08-29, Zevenbergen, NL

M.L. van der Vliet (Marinus Levinus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2007-01-01

Date of birth: 1978-09-16, Kapelle, NL

W.A. in 't Anker (Willem Adriaan)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2008-11-01

Date of birth: 1973-10-18, Kapelle, NL

J.J. Driessen - Janse (Jacomina Jantina)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-01-01

Date of birth: 1966-02-12, Kloetinge, NL

M.G.S. Van Ommen (Michael Gerardus Stephanus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-01-01

Date of birth: 1961-08-20, Rose Park, AU

A. Tange (Adriaan)

Netherlands

Competence: Fully authorized

Function: Proxy

Starting date: 2011-07-01

Date of birth: 1966-12-10, Goes, NL

Employees
Total according to the Chamber of Commerce	28

Year 2014 2012

Total 28 11

KEY FIGURES
Year	2013	2012	2011	2010	2009
Quick ratio	4,06	3,31	3,49	5,55	1,94

Year	2013	2012	2011	2010	2009
Current ratio	4,09	3,34	3,52	5,59	1,96
Working capital/ balance total	0,16	0,14	0,15	0,14	0,08
Equity / balance total	0,92	0,90	0,91	0,93	0,88
Equity / Fixed assets	1,17	1,13	1,14	1,13	1,06
Equity / liabilities	12,16	9,25	9,58	13,92	9,89
Balance total / liabilities	13,16	10,25	10,58	14,92	11,27
Working capital	19.516.000	15.132.000	13.664.000	12.016.000	6.880.000
Equity	112.354.000	97.868.000	84.790.000	79.041.000	71.815.000
Mutation equity	14,80	15,42	7,27	10,06	-25,69
Mutation short term liabilities	-2,61	19,18	107,45	-63,56	-12,81
Return on total assets (ROA)	5,21	4,98	7,22	4,99	11,77
Return on equity (ROE)	5,64	5,51	7,97	5,35	13,41
Gross profit margin	10,49	9,25	11,37	8,30	9,73
Net profit margin	31,04	46,86	14,63	16,56	12,89
Average collection ratio	9,13	8,06	10,49	18,42	7,14
Average payment ratio	8,07	7,34	6,54	5,17	5,86
Equity turnover ratio	0,51	0,53	0,67	0,61	0,71
Total assets turnover ratio	0,47	0,48	0,61	0,57	0,63
Fixed assets turnover ratio	0,60	0,60	0,76	0,69	0,76
Inventory conversion ratio	278,23	347,82	435,21	473,05	442,10
Turnover	57.593.000	52.173.000	57.012.000	48.251.000	51.284.000
Gross margin			12.480.000	11.407.000
Operating result	6.040.000	4.828.000	6.484.000	4.004.000	4.990.000
Net result after taxes	17.879.000	24.447.000	8.343.000	7.990.000	6.612.000
Cashflow			9.035.000	8.684.000	7.268.000
Gross profit	57.593.000	52.173.000	57.012.000		51.284.000
EBIT	6.040.000	4.828.000	6.484.000	4.004.000	4.990.000
EBITDA			7.176.000	4.698.000	5.646.000

Summary

The 2013 financial result structure is a postive working captial of 19.516.000 euro, which is in agreement with 16 % of the total assets of the company.

The working capital has increased with 28.97 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2012 and 2013 has mainly been caused by an increase of the current assets.

The current ratio of the company in 2013 was 4.09. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2013 of the company was 4.06. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 15.132.000 euro, which is in agreement with 14 % of the total assets of the company.

The working capital has increase with 10.74 % compared to previous year. The ratio with respect to the total assets of the company has however, declined.

The improvement between 2011 and 2012 has mainly been caused by a current liabilities reduction.

The current ratio of the company in 2012 was 3.34. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently. The quick ratio in 2012 of the company was 3.31. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

REMARK ANNUAL ACCOUNT

The financial statements shown in the report relate to the consolidated financial statements of the group.

TYPE OF ANNUAL ACCOUNT

Consolidated

ANNUAL ACCOUNT

Meijer Beheer B.V.

Stationsweg 18/A

4416PJ KRUININGEN

Netherlands

Registration number: 220263440000

BALANCE SHEET

Year	2013	2012	2011	2010	2009
End date	2013-07-15	2012-07-15	2011-07-15	2010-07-15	2009-07-15
Intangible fixed assets	823.000	1.235.000	1.647.000	2.059.000	2.471.000
Other tangible fixed assets					3.417.000
Tangible fixed assets	6.435.000	6.224.000	5.979.000	4.660.000	3.417.000
Other financial fixed assets					61.886.000
Financial fixed assets	88.514.000	79.380.000	66.919.000	63.365.000	61.886.000
Fixed assets	95.772.000	86.839.000	74.545.000	70.084.000	67.774.000
Other stock					116.000
Total stock	207.000	150.000	131.000	102.000	116.000

Year	2013	2012	2011	2010	2009
End date	2013-07-15	2012-07-15	2011-07-15	2010-07-15	2009-07-15
Accounts receivable	4.171.000	4.143.000	3.628.000	4.056.000	3.292.000
Other receivables	2.966.000	2.967.000	5.092.000	5.273.000	5.467.000
Total receivables	7.137.000	7.110.000	8.720.000	9.329.000	8.759.000
Liquid funds	18.478.000	14.347.000	10.246.000	5.204.000	5.192.000
accruals					5.467.000
Current assets	25.822.000	21.607.000	19.097.000	14.635.000	14.067.000
Total assets	121.594.000	108.446.000	93.642.000	84.719.000	81.841.000
Other reserves					71.815.000
Total reserves					71.815.000
Total equity	112.354.000	97.868.000	84.790.000	79.041.000	71.815.000

Provisions	2.934.000	4.103.000	3.419.000	3.059.000	2.765.000
Other long term liabilities					74.000
Long term liabilities					74.000
Accounts payable	661.000	569.000	875.000	322.000	755.000
Other short term liabilities	5.645.000	5.906.000	4.558.000	2.297.000	6.432.000
Short term liabilities	6.306.000	6.475.000	5.433.000	2.619.000	7.187.000
Total short and long term liabilities	9.240.000	10.578.000	8.852.000	5.678.000	7.261.000
Total liabilities	121.594.000	108.446.000	93.642.000	84.719.000	81.841.000

SUMMARY

The total assets of the company increased with 12.12 % between 2012 and 2013.

The fixed asset growth of 10.29 % is lower than the total asset growth.

The assets growth has been financed by a Net Worth increase of 14.8 %. The company's net

increase has also covered a reduction of -12.65 % of the company's indebtedness.

In 2013 the assets of the company were 78.76 % composed of fixed assets and 21.24 % by

current assets. The assets are being financed by an equity of 92.4 %, and total debt of 7.6 %.

The total assets of the company increased with 15.81 % between 2011 and 2012.

The total asset increase is retrievable in the fixed asset growth of 16.49 %.

The asset growth has mainly been financed by a debt increase of 19.5 %. The Net Worth,

however, grew with 15.42 %.

In 2012 the assets of the company were 80.08 % composed of fixed assets and 19.92 % by

current assets. The assets are being financed by an equity of 90.25 %, and total debt of 9.75%.

PROFIT & LOSS

Year	2013		2012	2011	2010	2009
Revenues	58.515.000		53.052.000	57.956.000	48.251.000	51.284.000
Other operating income	922.000		879.000	944.000
Net turnover	57.593.000	52.173.000		57.012.000	48.251.000	51.284.000
Gross margin				12.480.000	11.407.000
Wages and salaries				4.409.000	4.462.000	4.116.000
Amorization and depreciation				692.000	694.000	656.000
Sales				44.532.000	36.844.000
other operating costs				1.839.000	2.247.000	2.188.000
Raw materials and consumables						39.334.000
Operating expenses	52.475.000		48.224.000	51.472.000	44.247.000	46.294.000
Result in subsidiaries						8.093.000
Operating result	6.040.000	4.828.000		6.484.000	4.004.000	4.990.000
Financial income	300.000		581.000	275.000	232.000	505.000
Financial expenses			13.000		5.000	3.955.000
Financial result	300.000		568.000	275.000	227.000	-3.450.000
Result on ordinary operations before taxes	6.340.000	5.396.000		6.759.000	4.231.000	9.633.000
Taxation on the result of ordinary activities	4.763.000		6.084.000	2.502.000	618.000	3.029.000
Result of ordinary activities after taxes	1.577.000	-688.000		4.257.000	3.613.000	6.604.000
Extraordinary income	129.000					8.000
Extraordinary result after taxation	129.000					8.000
Result subsidiaries after taxes	16.306.000		25.258.000	4.086.000	4.377.000
Net result	17.879.000	24.447.000		8.343.000	7.990.000	6.612.000
Attributable to third parties	133.000		123.000

SUMMARY

The turnover of the company grew with 10.39 % between 2012 and 2013.

The operating result of the company grew with 25.1 % between 2012 and 2013. 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 4.62 % of the analyzed period, being equal to 2012 % in the year 2013.

Despite the growth the assets turnover decreased, whose index evolved with -2.08 % to a level of 0.47.

The Net Result of the company increased by -26.87 % between 2012 and 2013.

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

2.36 % of the analysed period, being 5.64 % in the year 2013.

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

The turnover of the company decreased by -8.49 % between 2011 and 2012.

The operating result of the company declined with -25.54 % 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 -31.02

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

This fall has contributed to a asset turnover decrease, whose index evolved from -21.31 to a

level of 0.48.

The Net Result of the company decreased by 193.02 % 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 -30.87 % of the analysed period, being 5.51 % in the year 2012.

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

ANALYSIS

Branch (SBI)

Wholesale trade (no motor vehicles and motorcycles) (46)

Region

Zeeland

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Zeeland 1978 of the companies are registered with the SBI code 46

In the Netherlands 2387 of the bankrupcties are published within this sector

In the region Zeeland 36 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 Zeeland is normal

PUBLICATIONS

Consent statements

18-11-2013: Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.

04-12-2012: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.

18-01-2011: Voor boekjaar 2010 is een instemmingsverklaring gedeponeerd.

Functions

09-07-2014: Per 01-01-2014 is gevolmachtigde Johannes Wilhelmus Marinus van der Stee in

functie getreden.

04-10-2011: Per 01-07-2011 is gevolmachtigde Adriaan Tange in functie getreden.

Amendments 17-02-2012: Per 31-1-2012 statuten gewijzigd.

COMPANY STRUCTURE

Relations

8

Stichting Administratiekantoor van Aandelen Meijer Concern

Stationsweg 18a

4416PJ KRUININGEN

Netherlands

Registration number: 220484230000

• Meijer Beheer B.V.

Stationsweg 18/A

4416PJ KRUININGEN

Netherlands

Registration number: 220263440000

• C. Meijer B.V.

Bathseweg 45

4411RK Rilland

Netherlands

Registration number: 220248050000

• Meijer International B.V.

Bathseweg 45

4411RK RILLAND

Netherlands

Registration number: 390166210000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.03
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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.