MIRA INFORM REPORT

Report Date :

27.07.2007

IDENTIFICATION DETAILS

Name :	Vetus Den Ouden N.V.

Registered Office :	Fokkerstraat 571, 3125 Bd Schiedam

Country :	Netherlands

Financials (as on) :	31.12.2006

Date of Incorporation :	01/07/1964

Legal Form :	Private Limited Company

Line of Business :	Trade in and the import/export and transit trade in technical and gift articles for the shipping industry, construction industry; manufacture and assembly of these articles; trade in envelopes and related articles.

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 :	Average 10 days beyond terms

Litigation :	Clear

name & address

Vetus Den Ouden N.V.

Fokkerstraat 571

3125 BD SCHIEDAM

Tel.:+31 (0)10-4377700

Fax.:+31 (0)10-4153249

Legal status

NV Public limited company [nat. law]

Founded

01/07/1964, P.l.c. since 04/02/1965

Trade register

24219798

Capital

nominal EUR 113.445,--

issued and paid up EUR 68.293,--

Management

B. Kik, born 20/08/1957, De Werf 9, 2941 AZ LEKKERKERK

M. Borsboom, born 21/08/1969, Voordijk 405, 2993 BC BARENDRECHT

Activity

Trade in and the import/export and transit trade in technical and gift articles for the shipping industry, construction industry; manufacture and assembly of these articles; trade in envelopes and related articles.

Trade name:

-Vetusgift

-Vetus

-Vetus + Botal

-Vetus Diesel

-Budget Marine

Staff

124 employees

Turnover

from the consolidated balance sheet of Vetus Den Ouden N.V.

2006 Euro 53.208.500

2005 Euro 52.453.376

2004 Euro 48.203.036

Real estate

The business premises at the mentioned address has been rented by the company, as far as we know.

Finances

See balance sheet

Remarks

Subsidiary company of

-Vetus Holding BV,

Fokkerstraat 571, 3125 BD SCHIEDAM

Previous name of the company:

-WH. den Ouden NV

The next financial data is extracted from the consolidated balance sheet of 'Vetus Den Ouden N.V. '

Consolidated net result:

2006 Euro 5.122.768

2005 Euro 4.876.086

2004 Euro 4.203.365

The shareholders equity was as of:

31/12/2006 Euro 15.553.381

31/12/2005 Euro 11.771.490

31/12/2004 Euro 11.654.240

The working capital was as of:

31/12/2006 Euro 13.085.180

31/12/2005 Euro 8.526.140

31/12/2004 Euro 8.686.196

Foreign subsidiaries are reportedly:

-Vetus den Ouden SA - Belgium : 100 %

- W.H. den Ouden Vertriebsgesellschaft für Deutschland mbH, (100%) - Germa

-WH. den Ouden USA Inc., Baltimore - the USA

- WH. den Ouden Espania SA, Barcelona - Spain

- WH. den Ouden France SARL, Antibes - France

Import : World-wide

Website : www.vetus.com

Banks

Fortis Bank, 24.00.08.278

ABN-AMRO NV, 42.60.53.591

VAT-nr.

NL001881425B01

Mode of payment

On average 10 days beyond terms.

Credit demand

No objections against entering into a business relationship.

The following financial data is retrieved from the consolidated balance sheet of :

Vetus Den Ouden N.V.

Fokkerstraat 571, 3125 BD SCHIEDAM

Trade register 24219798

-----------------------------------------------------------------------------------

Vetus Den Ouden N.V. *** BALANCE SHEET ***

Consolidated in Euro(x 1) Euro(x 1)

---31-12-2005--- ------31-12-2006---

Intangible assets 459.279 542.742

Tangible assets 5.978.220 5.453.982

Financial assets 26.310 470.633

Miscellaneous fixed assets 0 0

Total fixed assets 6.463.809 6.467.357

Stock 12.240.497 12.524.933

Receivables 11.045.709 13.259.683

Shares 0 0

Liquid assets 88.333 150.703

Miscellaneous current assets 0 0

Total current assets 23.374.539 25.935.319

Shareholders equity 11.771.490 15.553.381

Provisions 780.959 2.663.394

Long-term liabilities 2.437.500 1.335.762

Current liabilities 14.848.399 12.850.139

Minority interests 0 0

Miscellaneous liabilities 0 0

Total liabilities 29.838.348 32.402.676

-----------------------------------------------------------------------------------

Vetus Den Ouden N.V. *** PROFIT & LOSS ACCOUNT ***

Consolidated in Euro(x 1) Euro(x 1)

---31-12-2005--- ------31-12-2006---

Turnover 52.453.376 53.208.500

Other income 0 0

Total expenses 44.650.375 45.400.795

Operating profit 7.803.001 7.807.705

Balance financial P/L -571.186 -524.375

Net profit/loss 1] 7.231.815 7.283.330

Taxation 2.355.729 2.160.562

Share in P/L of subsidiaries 0 0

Net profit/loss 2] 4.876.086 5.122.768

Balance extraordinary P/L 0 0

Taxation 0 0

Extraordinary P/L 2] 0 0

Res. sub. companies 2] 0 0

Minority interests 0 0

Miscellaneous P/L 0 0

Net result 4.876.086 5.122.768

----------------------------------------------------------------------------------

Legend : 1] = Before tax

2] = After tax

-----------------------------------------------------------------------------------

Vetus Den Ouden N.V. *** FINANCIAL RATIOS ***

-----2005----- -----2006-----

EQUITY %

Equity gearing 39,5 48

Equity/outside capital 65,2 92,3

LIQUIDITY

Current ratio 1,6 2

Acid test 0,7 1

RATES OF RETURN %

Total assets 24,2 22,5

Shareholders equity 61,4 46,8

Pre tax margin % 13,8 13,7

Turnover rate 175,8 164,2

(x 1) (x 1)

-------------------- --------------------

Working capital 8.526.140 13.085.180

Shareholders equity + Equalization acc. 11.771.490 15.553.381

-----------------------------------------------------------------------------------

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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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