MIRA INFORM REPORT

Report No. :	355855
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	D.P. PUMPS B.V.
Registered Office :	Kalkovenweg 13 2401lj Alphen Aan Den Rijn
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	17.09.1992
Com. Reg. No.:	KvK-nummer: 28058289
Legal Form :	Private Limited Company
Line of Business :	Wholesale of internal combustion engines.
No. of Employee :	13

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and moderate unemployment. Industry focuses on 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 food-processing and underpins the country’s status as the world’s second largest agricultural exporter. The Netherlands is part of the Eurozone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 90% of banking assets. The sector suffered as a result of the global financial crisis and required billions of dollars of government support, but the European Banking Authority completed stringent reviews in 2014 and deemed Dutch banks to be well-capitalized. To address the 2009 and 2010 economic downturns, the government sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. 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 has since implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. As a result, the government budget deficit at the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during which unemployment doubled to 7.4% and household consumption contracted for nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8 percent and a rise in most economic indicators. Drivers of growth included increased exports and business investments, as well as newly invigorated household consumption.

Source : CIA

Summary

Company name D.P. Pumps B.V.

Operative address Kalkovenweg 13

2401LJ ALPHEN AAN DEN RIJN

Netherlands

Legal form Private Limited Company

Registration number KvK-nummer: 28058289

VAT-number 800917546

Year	2013	Mutation	Mutation
Fixed assets	15.376.753
Total receivables	13.871.016
Total equity	39.061.387
Short term liabilities	12.961.118
Net result	11.682.424.000
Working capital	25.230.042
Quick ratio	2,48	0,00	0,00

Contact information

Company name	D.P. Pumps B.V.
Trade names	D.P. Pumps B.V.
Operative address	Kalkovenweg 13
	2401LJ ALPHEN AAN DEN RIJN
	Netherlands
Correspondence address	Kalkovenweg 13
	2401LJ ALPHEN AAN DEN RIJN
	Netherlands
Telephone number	0172-488388
Fax number	0172 468967
Email address	dp@dp-pumps.com
Website	www.dp-pumps.com

Registration

Registration number	KvK-nummer: 28058289
Registered in	Kamer van Koophandel Den Haag
Branch number	000018758878
VAT-number	800917546
Status	Active
First registration company register	1992-09-17
Memorandum	1992-09-17
Establishment date	1992-09-17
Legal form	Private Limited Company
Issued placed capital	EUR 18.151
Paid up share capital	EUR 18.151

Activities

SBI	46693: Wholesale of internal combustion engines
Exporter	No
Importer	No
Goal	Verkoop (groothandel) van pompen, pompinstallaties en onderdelen daarvan

Relations

Shareholders D.P. Industries B.V.

Kalkovenweg 13

2401LJ Alphen aan den Rijn

Netherlands

Shareholders D.P. Industries B.V.

Kalkovenweg 13

2401LJ Alphen aan den Rijn

NetherlandsRegistration number: 28058288

Percentage: 100%

Companies on same address D.P. Industries B.V.

Registration number: 28058288

D.P. Industries Personeelsvereniging

Registration number: 40447689

D.P. Pompen B.V.

Registration number: 28040038

D.P. Service B.V.

Registration number: 28040039

Duijvelaar Installatie Bouw B.V.

Registration number: 28040035

KSB B.V.

Registration number: 28040036

Liability statements D.P. Industries B.V.

Kalkovenweg 13

2401LJ Alphen aan den Rijn

Netherlands

Registration number: 28058288

Starting date: 1992-01-01

Management

Active management D.P. Industries B.V.

Kalkovenweg 13

2401LJ Alphen aan den Rijn

Netherlands

Registration number: 28058288

Competence: Limited authorization

Function: Manager

Starting date: 1992-09-17

Employees

Year	2015	2011
Total	13	12

Payments

Description none klachten

Key figures

Year	2013	2010
Quick ratio	2,48	1,83
Current ratio	2,95	2,34
Working capital/ balance total	0,47	0,35
Equity / balance total	0,73	0,58
Equity / Fixed assets	2,54	1,48
Equity / liabilities	2,69	1,40
Balance total / liabilities	3,69	2,40
Working capital	25.230.042	13.140.303
Equity	39.061.387	22.119.237
Return on total assets (ROA)	25.354,10	30,00
Return on equity (ROE)	34.770,05	51,37
Gross profit margin	22.974,44	22,47
Net profit margin	19.917,89	15,81
Average collection ratio	4,53	5,22
Average payment ratio	4,23	5,68
Equity turnover ratio	1,50	2,31
Total assets turnover ratio	1,09	1,35
Fixed assets turnover ratio	3,81	3,43
Inventory conversion ratio	9,65	10,16
Turnover	58.652.905	51.199.253
Gross margin	37.090.815	33.152.836
Operating result	13.475.179	11.505.807
Net result after taxes	11.682.424	8.096.633
Cashflow		10.153.464
EBIT	13.475.179	11.505.807
EBITDA	15.778.650	13.562.638

Summary The 2013 financial result structure is a postive working captial of 25.230.042 euro, which is in agreement with 47 % of the total assets of the company.

The current ratio of the company in 2013 was 2.95. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2013 of the company was 2.48. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account 2013

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 D.P. Industries B.V.

Kalkovenweg 13

2401LJ Alphen aan den Rijn

Netherlands

Registration number: 28058288

Balance sheet

Year	2013	2010
End date	2013-12-31	2010-12-31
Tangible fixed assets	15.376.753	14.935.453
Fixed assets	15.376.753	14.935.453
Raw materials	6.080.154
Total stock	6.080.154	5.039.027
Accounts receivable		8.515.209
Other receivables		492.278
Total receivables	13.871.016	9.007.487
Liquid funds	18.239.990	8.896.951

Year	2013	2010
End date	2013-12-31	2010-12-31
Current assets	38.191.160	22.943.465
Total assets	53.567.913	37.878.918
Issued capital	400.000
Share premium reserve	8.402
Other reserves	26.970.561
Non-distributable profit	11.682.424
Total reserves	38.661.387
Total equity	39.061.387	22.119.237
Provisions	1.141.700	1.500.300
Long term interest yielding debt		4.456.219
Long term liabilities	403.708	4.456.219
Short term liabilities	12.961.118	9.803.162
Total short and long term liabilities	14.506.526	15.759.681
Total liabilities	53.567.913	37.878.918

Summary In 2013 the assets of the company were 28.71 % composed of fixed assets and 71.29 % by

current assets. The assets are being financed by an equity of 72.92 %, and total debt of

27.08 %.

Profit and loss

Year	2013	2010
Revenues		51.199.253
Net turnover	58.652.905.000	51.199.253
Cost of sales	21.562.590.000
Gross margin	37.090.315.000	33.152.836
Wages and salaries	17.141.715.000	15.830.278
Amorization and depreciation	2.303.471.000	2.056.831
Sales		18.046.417
other operating costs	4.169.950.000	3.759.920
Operating expenses	23.615.136.000	39.693.446
Operating result	13.475.179.000	11.505.807
Financial income		145.383
Financial expenses		287.995
Financial result	106.484.000	-142.612
Result on ordinary operations before taxes	13.581.663.000	11.363.195
Taxation on the result of ordinary activities	1.899.239.000	3.043.320
Result of ordinary activities after taxes	11.682.424.000	8.319.875
Extraordinary expense		223.242
Extraordinary result after taxation		-223.242
Net result	11.682.424.000	8.096.633
Attributable to shareholders	11.682.424.000

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

comparison to the EBITs behaviour. The result of these variations is the unchanged

profitability of the analysed period, remaining unchanged at 34770.05 in the year 2013.

Analysis

Branch (SBI) Wholesale trade (no motor vehicles and motorcycles) (SBI code 46)

Region Rijnland

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

In the region Rijnland 4319 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 Rijnland 97 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 Rijnland is normal

Company structure

Relations 10

Company Registration number

KSB Finanz S.A. (L-6468 Echternach)

| - - KSB Finance Nederland B.V. (Zwanenburg) 34062968

| - - | - - D.P. Industries B.V. (Alphen aan den Rijn) 28058288

| - - | - - | - - D.P. Pumps B.V. (ALPHEN AAN DEN RIJN) 28058289

| - - | - - | - - D.P. Service B.V. (ALPHEN AAN DEN RIJN) 28040039

| - - | - - | - - D.P. Pompen B.V. (Alphen aan den Rijn) 28040038

| - - | - - | - - KSB B.V. (ALPHEN AAN DEN RIJN) 28040036

| - - | - - | - - Duijvelaar Installatie Bouw B.V. (ALPHEN AAN DEN RIJN) 28040035

| - - | - - K.S.B. Nederland B.V. (ZWANENBURG) 34036913

| - - | - - | - - VRS Valve Reconditioning Services B.V. (Vierpolders) 22023126

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33
EUR	1	Rs.72.44

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ANK

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.