MIRA INFORM REPORT

Report Date :

09.10.2007

IDENTIFICATION DETAILS

Name :	A. Klaassen B.V.

Registered Office :	Dokwerkerstraat 2, 2984 Bj Ridderkerk

Country :	Netherlands

Financials (as on) :	31.12.2006

Date of Incorporation :	15/12/1978

Legal Form :	Private Limited Company

Line of Business :	Wholesale in fastening materials.

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

A. Klaassen B.V.

Dokwerkerstraat 2

2984 BJ RIDDERKERK

Tel. : +31 (0)180-460800

Fax.: +31 (0)180-416644

Legal status

BV Private Company Ltd. acc. nat. law

Founded

15/12/1978 as Ltd.

Trade register

24135117

Capital

nominal EUR 113.500,--

issued and paid up EUR 22.700,--

Management

Johannes Maria Wilhelmus Geerts, born 24/06/1950, Lijsterlaan 6, 5104 PE DONGEN

Signatory

A. Heuvelman, born 26/05/1956, Aster 40, 2925 EE KRIMPEN AD IJSSEL

R. Szymaniewski, born 01/01/1960, Rembrandtlaan 67, 2951 PK ALBLASSERDAM

Activity

Wholesale in fastening materials.

Trade name

-Klaassen Fasteners

Staff

67 employees

Turnover

from the consolidated balance sheet of Borstlap Masters In Fasteners Group B.V.

2006 Euro 248.890.000

2005 Euro 238.614.000

2004 Euro 232.016.000

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

-Cema BV,

Dokwerkerstraat 2, 2984 BJ RIDDERKERK

Ultimate parent company

-BMF Participations BV,

Zevenheuvelenweg 44, 5048 AN TILBURG.

The next financial data is extracted from the consolidated balance sheet of 'Borstlap Masters In Fasteners Group B.V.'

Consolidated net result:

2006 Euro 12.024.000

2005 Euro 11.657.000

2004 Euro 11.560.000

The shareholders equity was as of:

31/12/2006 Euro 58.602.000

31/12/2005 Euro 54.679.000

31/12/2004 Euro 40.875.000

The working capital was as of:

31/12/2006 Euro 113.020.000

31/12/2005 Euro 106.116.000

31/12/2004 Euro 89.004.000

A declaration of liability has been issued in 2006 by Borstlap Masters in Fasteners Group B.V.; prior to that

there was a declaration of liability of Cema BV.

Website : www.klaassen.nl

Import : Belgium, Germany, the UK, France, Italy and Austria

Export : Eastern Europe and Scandinavia

Subsidiairy:

A. Klaassen BVBA, Belgium

Phone and fax number as suggested by you are also of subject matter.

Correspondence address:

Postbus 4181, 2980 GD RIDDERKERK.

Banks

Postbank, `s-Gravenhage, 00.00.13.348

ING Bank, Ridderkerk

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 :

Borstlap Masters In Fasteners Group B.V.

Zevenheuvelenweg, 5048AN TILBURG

Trade register 18027267

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Borstlap Masters In Fasteners Group B.V. *** BALANCE SHEET ***

Consolidated in Euro(x 1.000) Euro(x 1.000)

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

Intangible assets 4.406 2.755

Tangible assets 32.727 29.219

Financial assets 0 0

Miscellaneous fixed assets 0 0

Total fixed assets 37.133 31.974

Stock 73.789 74.656

Receivables 41.929 46.916

Shares 0 0

Liquid assets 28.161 17.685

Miscellaneous current assets 19.830 45.393

Total current assets 163.709 184.650

Shareholders equity 54.106 58.122

Provisions 9.844 10.498

Long-term liabilities 78.726 75.894

Current liabilities 57.593 71.630

Minority interests 573 480

Miscellaneous liabilities 0 0

Total liabilities 200.842 216.624

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Borstlap Masters In Fasteners Group B.V. *** PROFIT & LOSS ACCOUNT ***

Consolidated in Euro(x 1.000) Euro(x 1.000)

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

Turnover 238.614 248.890

Other income 0 0

Total expenses 215.346 226.537

Operating profit 23.268 22.353

Balance financial P/L -4.688 -4.580

Net profit/loss 1] 18.580 17.773

Taxation 6.950 5.749

Share in P/L of subsidiaries 0 0

Net profit/loss 2] 11.630 12.024

Balance extraordinary P/L 0 0

Taxation 0 0

Extraordinary P/L 2] 0 0

Res. sub. companies 2] 0 0

Minority interests -27 0

Miscellaneous P/L 0 0

Net result 11.657 12.024

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Legend : 1] = Before tax

2] = After tax

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Borstlap Masters In Fasteners Group B.V. *** FINANCIAL RATIOS ***

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

EQUITY %

Equity gearing 27,2 27,1

Equity/outside capital 36,9 36,7

LIQUIDITY

Current ratio 2,8 2,6

Acid test 1,6 1,5

RATES OF RETURN %

Total assets 9,3 8,2

Shareholders equity 34 30,3

Pre tax margin % 7,8 7,1

Turnover rate 118,8 114,9

(x 1.000) (x 1.000)

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

Working capital 106.116 113.020

Shareholders equity + Equalization acc. 54.679 58.602

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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.	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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