MIRA INFORM REPORT

Report Date :

23.12.2008

IDENTIFICATION DETAILS

Name :	VETUS N.V.

Registered Office :	571, Fokkerstraat, Schiedam 3125BD

Country :	Netherlands

Financials (as on) :	31.12.2007

Date of Incorporation :	01.07.1964

Legal Form :	Limited Company (NV) with Ordinary Structure

Line of Business :	Wholesale of Ship's Supplies and Fishing Supplies

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€) 1,250,000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Company Summary

COMPANY DETAILS
Company Name	Vetus N.V.
Chamber of Commerce Number	24219798
Street	Fokkerstraat
House Number	571
City	SCHIEDAM
Postal Code	3125BD
Phone	010 4377700
Incorporated Date	01-07-1964
Company Type	Limited company (NV) with ordinary structure

MAILING ADDRESS DETAILS
Street	Fokkerstraat
House Number	571
City	SCHIEDAM
Postal Code	3125BD

CREDIT INFORMATION SUMMARY
Credit Limit (€)	1,250,000
Purchase Limit (€)	12,900,000

PAYMENT EXPECTATIONS SUMMARY
Suspension of Payments / Mora	No
Payment Expectation Days	59.46
Day Sales Outstanding	64.52
Industry Average Payment Expectation Days	59.71
Industry Average Day Sales Outstanding	74.93

COURT DATA SUMMARY
Court Action	No
Type

HOLDING COMPANY DETAILS
Company Name	No

DIRECTOR
Director	B. Kik

Accounts & Ratios

PERIOD
Accounts End Date	31-12-2007	changes	31-12-2006	changes	31-12-2005
Weeks	52	-	52	-	52
Currency	EUR		EUR		EUR
Consolidated Accounts	N		N		N
Profit & Loss
Turnover	57,303,909	7.7%	53,208,500	1.4%	52,453,376
Total Operating Expenses	48,587,878	6.3%	45,704,569	2.4%	44,650,375
Operating Result	8,716,031	16.2%	7,503,931	-3.8%	7,803,001
Total Financial Income	-	-	-	-	-
Total Financial Expenses	-	-	-	-	-
Results on Ordinary Operations Before Tax	7,624,786	9.2%	6,979,556	-3.5%	7,231,815
Taxation	2,081,844	-3.6%	2,160,562	-8.3%	2,355,729
Results on Ordinary Operations After Tax	5,542,942	15.0%	4,818,994	-1.2%	4,876,086
Extraordinary Items	-	-	303,774	-	-
Net Result	5,542,942	8.2%	5,122,768	5.1%	4,876,086
Other Information
- Employee Costs	7,395,724	-1.8%	7,528,905	6.4%	7,076,414
- Social Security Contributions	1,127,012	-	-	-	-
- Amortization & Depreciation	1,227,138	-1.1%	1,241,187	10.0%	1,128,334

BALANCE SHEET
Accounts End Date	31-12-2007	-	31-12-2006	-	31-12-2005
Weeks	52		52		52
Currency	EUR		EUR		EUR
Consolidated Accounts	N		N		N
Intangible Fixed Assets	828,829	52.7%	542,742	18.2%	459,279
- Goodwill	0	-	0	-	0
- Other Intangible Fixed Assets	828,829	52.7%	542,742	18.2%	459,279
Tangible Assets	5,042,406	-7.5%	5,453,982	-8.8%	5,978,220
- Land And Buildings	2,841,892	-	0	-	0
- Plant And Machinery	0	-	0	-	0
- Other Tangible Fixed Assets	2,200,514	-59.7%	5,453,982	-8.8%	5,978,220
Financial Fixed Assets	470,633	0.0%	470,633	1,688.8%	26,310
- Investments In Group Company	0	-	0	-	0
- Recievables From Group Company	0	-	0	-	0
- Other Financial Assets	470,633	0.0%	470,633	1,688.8%	26,310
Fixed Assets	6,341,868	-1.9%	6,467,357	0.1%	6,463,809
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	0	-	0	-	0
Receivables	14,397,438	8.6%	13,259,683	20.0%	11,045,709
- Trade Debtors	10,128,799	8.2%	9,365,254	8.0%	8,672,241
- Group Accounts	3,219,361	-	0	-	0
- Cash	1,512,311	903.5%	150,703	70.6%	88,333
- Miscellaneous Current Assets	1,049,278	-73.1%	3,894,429	64.1%	2,373,468
Total Current Assets	29,821,610	15.0%	25,935,319	11.0%	23,374,539
Current Liabilities
- Trade Creditors	7,915,490	-	0	-	0
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	0	-	0	-	0
- Payments Received On Account	0	-	0	-	0
- Taxation	0	-	0	-	0
- Miscellaneous Current Liabilities	2,676,843	-79.2%	12,850,139	-13.5%	14,848,399
Total Current Liabilities	10,592,333	-17.6%	12,850,139	-13.5%	14,848,399
Long Term Debts
- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	15,000,000	-	0	-	0
- Other Long Term Liabilities	0	-100.0%	1,335,762	-45.2%	2,437,500
Total Long Term Debts	15,000,000	1,023.0%	1,335,762	-45.2%	2,437,500
Shareholders Equity
Issued Share Capital	68,294	-	0	-	0
Share Premium Account	1,479,468	-	0	-	0
Reserves	0	-	0	-	0
Revaluation Reserve	1,178,703	-	0	-	0
Legal & Statutory Reserves	713,604	-	0	-	0
Other Share Capital & Reserves	4,485,210	-71.2%	15,553,381	32.1%	11,771,490
Minority Interests	0	-	0	-	0
Total Shareholders Equity	7,925,279	-49.0%	15,553,381	32.1%	11,771,490

Working Capital	19,229,277	47.0%	13,085,180	53.5%	8,526,140
Net Worth	7,096,450	-52.7%	15,010,639	32.7%	11,312,211

RATIOS ANALYSIS
Trading Performance
Results on Ordinary Operations before Tax Profit Margin	0.13	0.0%	0.13	-7.1%	0.14
Return On Capital Employed	0.33	-19.5%	0.41	-19.6%	0.51
Return On Total Assets Employed	0.21	-4.5%	0.22	-8.3%	0.24
Return On Net Assets Employed	0.72	89.5%	0.38	-34.5%	0.58
Sales net Working Capital	-	-	-	-	-
Operating Efficiency
Stock Turnover Ratio	0.24	0.0%	0.24	4.3%	0.23
Debtor Days	64.52	0.4%	64.24	6.4%	60.35
Creditor Days	59.46	-	-	-	-
Short Term Stability
Current Ratio	2.82	39.6%	2.02	28.7%	1.57
Liquidity Ratio	1.50	44.2%	1.04	38.7%	0.75
Current Debt Ratio	1.34	61.4%	0.83	-34.1%	1.26
Long Term Stability
Gearing	189.27	2,103.4%	8.59	-58.5%	20.71
Equity In Percentage	22.43	-54.1%	48.82	21.8%	40.07
Total Debt Ratio	1.89	2,000.0%	0.09	-57.1%	0.21

Payment Expectations

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY
Date
Details

PAYMENT EXPECTATIONS
Payment Expectation Days	59.46
Day Sales Outstanding	64.52

INDUSTRY COMPARISON
Activity Code	5191
Activity Description	Other specialized wholesale
Industry Average Day Sales Outstanding	74.93
Industry Average Payment Expectation Days	59.71

INDUSTRY QUARTILE ANALYSIS
Payment Expectation Days
Payment Expectations - Lower	25.02
Payment Expectations - Median	46.74
Payment Expectations - Upper	70.96
Day Sales Outstanding
Day Sales Outstanding - Lower	13.04
Day Sales Outstanding - Median	33.75
Day Sales Outstanding - Upper	59.46

Shareholder Details

HOLDING COMPANY (100%)
Company Name	Vetus Holding B.V.
House Number	571
Street	Fokkerstraat
City	SCHIEDAM
Postal Code	3125BD

Subsidaries (100%)

No subsidaries for this company.

Court Data

Identification Details
Company Name
Trade Name
Chamber of Commerce Number
Street
City
Country
Post Code

Facts
Court Action
Details
Annulment (if applicable)
Date of Annulment	--

Dates
Enunciation Date	--
Voting Date (in case of Moratorium)	--

Receiver Details (if bankruptcy)
Name
Title
Gender
Street
City
Country
Post Code

Industry Details
Activity Description
Activity Code

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.99
UK Pound	1	Rs.72.49
Euro	1	Rs.68.44

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%)

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

CAPITAL DETAILS
Nominal Capital	113,445
Placed Capital	68,293
Deposited Capital	68,293

EMPLOYEE DETAILS
Number Of Employees	130