MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	HZPC HOLLAND B.V.

Registered Office :	Edisonweg 5, 8501XG Joure

Country :	Netherlands

Financials (as on) :	30.06.2012

Date of Incorporation :	23.04.1919

Com. Reg. No.:	01084958

Legal Form :	Private Company

Line of Business :	A. Growing of-, doing research on the properties from and representing breeders of varieties of agricultural and horticultural crops, especially potato and the granting of licenses to include industrial and intellectual property rights, including breeders' rights; B. (do) producing, marketing, export and distribution of seed and ware potatoes and all that is also in the broadest sense and to undertake any overage operations on commercial, industrial and financial field; management company.

No of Employees :	136 [2014]

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Netherlands

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 HZPC Holland B.V.

Operative address Edisonweg 5

8501XG Joure

Netherlands

Legal form Private Company

Registration number KvK-nummer: 01084958

VAT-number 807807928

Year	2012	Mutation	2011	Mutation	2010
Fixed assets	20.167.000	6,32	18.969.000	-3,39	19.635.000
Total receivables	49.606.000	25,87	39.412.000	13,94	34.591.000
Total equity	38.628.000	4,04	37.128.000	8,74	34.143.000
Short term liabilities	43.369.000	7,87	40.206.000	5,65	38.056.000
Net result	4.442.000	-48,17	8.571.000	136,57	3.623.000
Working capital	19.369.000	-5,96	20.597.000	16,81	17.633.000
Quick ratio	1,43	-4,03	1,49	2,76	1,45

Contact information

Company name HZPC Holland B.V.

Trade names ZPC

HZPC Holland

HZPC

Hettema

HZPC Holland afdeling Research en Development

Operative address Edisonweg 5

8501XG Joure

Netherlands

Correspondence address Postbus 88

8500AB Joure

Netherlands

Telephone number 0513489888

Fax number 0513489809

Email address info@hzpc.nl

Website www.hzpc.nl

Registration

Registration number KvK-nummer: 01084958

Branch number 000017100291

VAT-number 807807928

Status Active

First registration company register 1999-07-01

Memorandum 1999-06-30

Establishment date 1919-04-23

Legal form Private Company

Last proposed admendment 2005-09-13

Activities

Activities

SBI Support activities for crop production (0161)

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

Wholesale of edible potatoes (46312)

Exporter Yes

Importer No

Branch organizations Plantum (Trade Association for plant propagation materials sector)

Goal A. Growing of-, doing research on the properties from and representing breeders of varieties of agricultural and horticultural crops, especially potato and the granting of licenses to include industrial and intellectual property rights, including breeders' rights; B. (do) producing, marketing, export and distribution of seed and ware potatoes and all that is also in the broadest sense and to undertake any overage operations on commercial, industrial and financial field; management company.

Relations

Shareholders Vereniging HZPC

Edisonweg 5

8501XG JOURE

Netherlands

Registration number: 010866590000

Percentage: 100%

Branches Hzpc Holland B.V.

Roptawei 4

9123JB METSLAWIER

Netherlands

Registration number: 010849580002

Companies on same address Bonna Terra B.V.

Registration number: 390713540000

Participatie Maatschappij Buitenland B.V.

Registration number: 010446360000

Stichting Bevordering Veredelingsonderzoek

Registration number: 412464990000

Vereniging HZPC

Registration number: 010866590000

ZOS B.V.

Registration number: 010121510000

Management

ACTIVE MANAGEMENT

G.F.J. Backx (Gerardus Franciscus Jacobus)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2001-08-01

Date of birth: 1959-08-07, de Noordoostelijke Polder, NL

B.T. Visser (Biense Thomas)

3581 SH

Netherlands

Function: Commissaris

Starting date: 2006-10-05

Date of birth: 1952-07-29, Beek, NL

Involved with the following companies

• Kreatech Holding B.V.

Vlierweg 20

1032LG Amsterdam

Netherlands

Registration number: 332139170000

Function: Commissaris

• Coöperatie Koninklijke Cosun U.A.

Van de Reijtstraat 15

4814NE Breda

Netherlands

Registration number: 200286990000

Function: Commissaris

E. Kraaijenzank (Eddy)

Netherlands

Function: Commissaris

Starting date: 2011-05-12

Date of birth: 1956-09-27, Deventer, NL

Involved with the following companies

• Avebe Nederland B.V.

Prins Hendrikplein 20

9641GK Veendam

Netherlands

Registration number: 023229090000

Function: Manager

• Coöperatie AVEBE U.A.

Prins Hendrikplein 20

9641GK Veendam

Netherlands

Registration number: 02300804

Function: Manager

• Solanic B.V.

Prins Hendrikplein 20

9641GK Veendam

Netherlands

Registration number: 023260420000

Function: Manager

A. Oosterhof (Ate)

Netherlands

Function: Commissaris

Starting date: 2009-05-14

Date of birth: 1947-12-11, Leeuwarden, NL

M.J. Ubbens (Meertinus Jan)

Netherlands

Function: Commissaris

Starting date: 2009-10-08

Date of birth: 1957-02-12, Haren, NL

W. Sinnema (Wigle)

Netherlands

Function: Commissaris

Starting date: 2012-05-10

Date of birth: 1961-01-01, Wonseradeel, NL

G.J. Feddes (Gerrit Jan)

8252 HK

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-01-01

Date of birth: 1962-11-29, Noordoostpolder, NL

Involved with the following companies

• Sensient Natural Ingredients B.V.

Industriestraat 1

8081HH ELBURG

Netherlands

Registration number: 080108780000

Function: Proxy

J.J. Geelhoed (Jacobus Johannis)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1952-07-15, Kortgene, NL

J.J. Prins (Jan Johannes)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1956-06-23, Baflo, NL

G. Riemersma (Gooitzen)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1958-08-12, Tietjerksteradeel, NL

S. Olijnsma - Touwen (Sietske)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1964-06-24, Leeuwarden, NL

H. Veenstra (Hero)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1950-07-30, Uithuizermeeden, NL

A.G. Waalkens (Anne Gerrit)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1963-02-13, Wedde, NL

J.J. Bos (Jelle Jan)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1956-02-24, Leeuwarden, NL

A. van Luyk (Adriaan)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1953-09-02, Aalsmeer, NL

E.P. de Koning (Emma Pleuntje)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1999-07-01

Date of birth: 1973-04-12, Heerenveen, NL

H. Verveld (Hermanus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2001-01-18

Date of birth: 1962-04-01, Amsterdam, NL

H.K. Witteveen (Hendrik Koenraad)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2001-01-18

Date of birth: 1970-02-06, Leeuwarden, NL

L. Gommers - Posthuma (Lammigje)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2001-07-01

Date of birth: 1962-06-02, de Noordoostelijke Polder, NL

J.K. Vos - Feenstra (Jacoba Klasiena)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2001-07-01

Date of birth: 1965-07-13, Noordoostpolder, NL

A.J. Plomp (Arie Jan)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2006-07-01

Date of birth: 1969-10-21, Noordoostpolder, NL

F. van der Werff (Frank)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2006-12-01

Date of birth: 1966-10-19, Menaldumadeel, NL

J.H. van der Tas (Jan Hendrik)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2007-09-03

Date of birth: 1960-06-12, Delft, NL

M.F.W. Jansen Klomp (Martin Frederik Willem)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2007-09-10

Date of birth: 1961-03-14, Haarlem, NL

R.P. Graveland (Rocus Pieter)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2007-09-10

Date of birth: 1969-04-19, Klaaswaal, NL

W. Greven (Willem)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2009-09-01

Date of birth: 1965-10-28, Noordoostpolder, NL

B.W. Rooze (Bertus Wiebe)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-01-01

Date of birth: 1959-05-27, Leeuwarden, NL

S. van der Woude (Siemen)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-03-20

Date of birth: 1977-02-20, Leeuwarden, NL

H.D. Tabernée Heijtmeijer (Herman Dingeman)

Netherlands

Competence: Fully authorized

Function: Proxy

Starting date: 2014-07-14

Date of birth: 1964-04-17, Distrikt Suriname, SR

EMPLOYEES

Total according to the Chamber of Commerce 136

Year 2014 2012 2011 2010 2009

Total 136 245 237 226 226

KEY FIGURES
Year	2012	2011	2010	2009	2008
Quick ratio	1,43	1,49	1,45	1,60	1,51
Current ratio	1,45	1,51	1,46	1,62	1,52
Working capital/ balance total	0,23	0,26	0,23	0,31	0,29
Equity / balance total	0,47	0,47	0,45	0,45	0,40
Equity / Fixed assets	1,92	1,96	1,74	2,43	2,50
Equity / liabilities	0,87	0,87	0,83	0,81	0,65
Balance total / liabilities	1,87	1,87	1,83	1,81	1,65
Working capital	19.369.000	20.597.000	17.633.000	22.921.000	22.724.000
Equity	38.628.000	37.128.000	34.143.000	32.678.000	31.104.000
Mutation equity	4,04	8,74	4,48	5,06	9,13
Mutation short term liabilities	7,87	5,65	3,31	-15,40	-0,46
Return on total assets (ROA)	7,53	14,78	6,67	9,85	13,22
Return on equity (ROE)	16,16	31,75	14,72	22,06	33,45
Gross profit margin	2,44	3,97	2,36	3,19	4,19
Net profit margin	1,91	3,02	1,71	2,12	3,13
Average collection ratio	5,36	7,06	5,55	6,15	5,38
Average payment ratio	4,68	7,20	6,11	6,22	7,95
Equity turnover ratio	6,01	7,65	6,19	6,94	7,54
Total assets turnover ratio	2,80	3,56	2,81	3,10	2,98
Fixed assets turnover ratio	11,52	14,97	10,76	16,88	18,87
Inventory conversion ratio	323,60	365,41	356,30	283,66	363,48
Turnover	232.346.000	283.923.000	211.287.000	226.644.000	234.443.000

Year	2012	2011	2010	2009	2008
Gross margin	34.348.000	37.201.000	28.291.000	29.940.000	32.231.000
Operating result	5.662.000	11.260.000	4.996.000	7.230.000	9.812.000
Net result after taxes	4.442.000	8.571.000	3.623.000	4.812.000	7.329.000
Cashflow	6.744.000	10.632.000	5.493.000	6.363.000	8.768.000
Gross profit	232.346.000	283.923.000	211.287.000	226.644.000	234.443.000
EBIT	5.662.000	11.260.000	4.996.000	7.230.000	9.812.000
EBITDA	7.964.000	13.321.000	6.866.000	8.781.000	11.251.000

Summary

The 2012 financial result structure is a postive working captial of 19.369.000 euro, which is in agreement with 23 % of the total assets of the company. The working capital has diminished with -5.96 % 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 1.45. 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 1.43. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 20.597.000 euro, which is in agreement with 26 % of the total assets of the company. The working capital has increased with 16.81 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2010 and 2011 has mainly been caused by an increase of the current assets. The current ratio of the company in 2011 was 1.51. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2011 of the company was 1.49. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

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

Type of annual account Consolidated

Annual account HZPC Holland B.V.

Edisonweg 5

8501XG Joure

Netherlands

Registration number: 010849580000

BALANCE SHEET

Year	2012	2011	2010		2009	2008
End date	2012-06-30	2011-06-30	2010-06-30		2009-06-30	2008-06-30
Intangible fixed assets	312.000
Tangible fixed assets	16.434.000	15.802.000		16.844.000	12.617.000	11.443.000
Financial fixed assets	3.421.000	3.167.000		2.791.000	809.000	981.000
Fixed assets	20.167.000	18.969.000		19.635.000	13.426.000	12.424.000
Total stock	718.000	777.000		593.000	799.000	645.000
Accounts receivable	40.835.000	32.620.000		28.535.000	30.479.000	24.324.000
Other receivables	8.771.000	6.792.000		6.056.000	5.960.000	5.155.000
Total receivables	49.606.000	39.412.000		34.591.000	36.439.000	29.479.000
Liquid funds	12.414.000	20.614.000		20.505.000	22.520.000	36.143.000
Current assets	62.738.000	60.803.000		55.689.000	59.758.000	66.267.000
Total assets	82.905.000	79.772.000		75.324.000	73.184.000	78.691.000
Total equity	38.628.000	37.128.000		34.143.000	32.678.000	31.104.000
Provisions	908.000	801.000		1.487.000	2.026.000	1.828.000
Long term interest yielding debt		1.637.000		1.638.000	1.643.000	2.216.000
Long term liabilities		1.637.000		1.638.000	1.643.000	2.216.000
Accounts payable	14.134.000	6.743.000		10.037.000	10.894.000	10.397.000
Other short term liabilities	29.235.000	33.463.000		28.019.000	25.943.000	33.146.000
Short term liabilities	43.369.000	40.206.000		38.056.000	36.837.000	43.543.000
Total short and long term liabilities	44.277.000	42.644.000		41.181.000	40.506.000	47.587.000
Total liabilities	82.905.000	79.772.000		75.324.000	73.184.000	78.691.000

Summary

The total assets of the company increased with 3.93 % between 2011 and 2012. The total asset increase is retrievable in the fixed asset growth of 6.32 %. The asset growth has mainly been financed by a Net Worth increase of 4.04 %. Debt, however, grew with 3.83 %.

In 2012 the assets of the company were 24.33 % composed of fixed assets and 75.67 % by current assets. The assets are being financed by an equity of 46.59 %, and total debt of 53.41 %.

The total assets of the company increased with 5.91 % between 2010 and 2011. Despite the assets growth, the non-current assets decreased with -3.39 %. The asset growth has mainly been financed by a Net Worth increase of 8.74 %. Debt, however, grew with 3.55 %.

In 2011 the assets of the company were 23.78 % composed of fixed assets and 76.22 % by current assets. The assets are being financed by an equity of 46.54 %, and total debt of 53.46 %.

PROFIT & LOSS

Year	2012	2011	2010	2009	2008
Revenues	237.076.000	289.922.000	215.943.000	231.037.000	237.208.000
Other operating income	4.730.000	5.999.000	4.656.000	4.393.000	2.765.000
Net turnover	232.346.000	283.923.000	211.287.000	226.644.000	234.443.000
Gross margin	34.348.000	37.201.000	28.291.000	29.940.000	32.231.000
Wages and salaries	18.155.000	16.880.000	15.674.000	15.229.000	14.390.000
Amorization and depreciation	2.302.000	2.061.000	1.870.000	1.551.000	1.439.000
Sales	197.998.000	246.722.000	182.996.000	196.704.000	202.212.000
other operating costs	12.959.000	12.999.000	10.407.000	10.323.000	9.355.000

Year	2012	2011	2010	2009	2008
Operating expenses	231.414.000	278.662.000	210.947.000	223.807.000	227.396.000
Result in subsidiaries	688.000	665.000		-21.000	288.000
Operating result	5.662.000	11.260.000	4.996.000	7.230.000	9.812.000
Financial income	399.000	359.000	575.000	928.000	1.343.000
Financial expenses	508.000	495.000	545.000	929.000	1.038.000
Financial result	-109.000	-136.000	30.000	-1.000	305.000
Result on ordinary operations before taxes	6.241.000	11.789.000	5.026.000	7.208.000	10.405.000
Taxation on the result of ordinary activities	1.799.000	3.218.000	1.473.000	2.396.000	3.076.000
Result of ordinary activities after taxes	4.442.000	8.571.000	3.553.000	4.812.000	7.329.000
Result subsidiaries after taxes			70.000
Net result	4.442.000	8.571.000	3.623.000	4.812.000	7.329.000

Summary

The turnover of the company decreased by -18.17 % between 2011 and 2012. The gross profit of the company decreased by -7.67 % between 2011 and 2012. The operating result of the company declined with -49.72 % 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 -49.05 % 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 -21.35 to a level of 2.8.

The Net Result of the company increased by -48.17 % 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 -49.1 % of the analysed period, being 16.16 % in the year 2012. The company's financial profitability has been positively affected by its financial structure. The turnover of the company grew with 34.38 % between 2010 and 2011. The gross profit of the company grew with 31.49 % between 2010 and 2011. The operating result of the company grew with 125.38 % between 2010 and 2011. 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 121.59 % of the analysed period, being equal to 2010 % in the year 2011.

This growth has contributed to the increase in assets turnover, increasing by 26.69 % reaching 3.56.

The Net Result of the company decreased by 136.57 % between 2010 and 2011. 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 115.69 % of the analysed period, being 31.75 % in the year 2011. The company's financial structure has slowed down its financial profitability.

Analysis

Branch (SBI) AGRICULTURE (01)

Region Friesland

In the Netherlands 74409 of the companies are registered with the SBI code 01

In the region Friesland 5199 of the companies are registered with the SBI code 01

In the Netherlands 350 of the bankrupcties are published within this sector

In the region Friesland 11 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is Low

The risk of this specific sector in the region Friesland is Low

Publications

Filings 07-11-2012: De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd.

06-02-2012: De jaarrekening over 2011 (gebroken boekjaar) is gepubliceerd.

12-04-2011: De jaarrekening over 2008 (gebroken boekjaar) is gepubliceerd.

12-04-2011: De jaarrekening over 2009 (gebroken boekjaar) is gepubliceerd.

29-03-2011: De jaarrekening over 2010 (gebroken boekjaar) is gepubliceerd.

Functions 02-09-2014: Per 01-09-2014 is gevolmachtigde Feico Leffert Tijmstra uit functie getreden.

16-07-2014: Per 14-07-2014 is gevolmachtigde Herman Dingeman Tabernée Heijtmeijer in

functie getreden.

17-12-2013: Per 04-10-2012 is commissaris Tieo Schot uit functie getreden.

02-10-2013: Per 01-06-2013 is gevolmachtigde Rudi Kosters uit functie getreden.

02-10-2013: Per 07-09-2013 is gevolmachtigde Arie Westmaas uit functie getreden.

06-09-2012: Per 10-05-2012 is commissaris Wigle Sinnema in functie getreden.

02-05-2012: Per 01-05-2012 is gevolmachtigde Johannes Hermanus Hoogenboom uit functie

getreden.

06-04-2012: Per 01-10-2011 is gevolmachtigde Feico Leffert Tijmstra in functie getreden.

21-03-2012: Per 20-03-2012 is gevolmachtigde Siemen van der Woude in functie getreden.

19-03-2012: Per 01-11-2011 is commissaris Robertus Alexander de Vries uit functie

getreden.

19-03-2012: Per 01-01-2012 is gevolmachtigde Jakob Jan Brondijk uit functie getreden.

02-03-2012: Per 01-01-2012 is gevolmachtigde Bertus Wiebe Rooze in functie getreden.

11-07-2011: Per 12-05-2011 is commissaris Eddy Kraaijenzank in functie getreden.

11-07-2011: Per 12-05-2011 is bestuurder Eddy Kraaijenzank uit functie getreden.

08-07-2011: Per 12-05-2011 is bestuurder Eddy Kraaijenzank in functie getreden.

05-07-2011: Per 12-09-2010 is gevolmachtigde Cornelis Maria Warmerdam uit functie

getreden.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.43
UK Pound	1	Rs.99.73
Euro	1	Rs.77.93

INFORMATION DETAILS

Analysis Done by :	DIV

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.

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