MIRA INFORM REPORT

Report Date :

27.12.2011

IDENTIFICATION DETAILS

Name :	VAN ES HOME B.V.
Registered Office :	Industrieweg Noord 12 Amerongen, 3958 VT
Country :	Netherlands
Financials (as on) :	31.12.2009
Date of Incorporation :	22.12.1981
Com. Reg. No.:	30058930
Legal Form :	Private Subsidiary
Line of Business :	Retail sale of furniture, lighting equipment and household articles not elsewhere classified
No. of Employees :	Not Available

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Netherlands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Van Es Home B.V.

Industrieweg Noord 12
Amerongen, 3958 VT
Netherlands
Tel:	+31 0343-473036
Fax:	+31 0343-442594
Suggest Company URL

Employees:	NA
Company Type:	Private Subsidiary
Corporate Family:	4 Companies
Ultimate Parent:	Stichting Administratiekantoor Isan
Incorporation Date:	22-Dec-1981

Financials in:	USD (mill)
Fiscal Year End:	31-Dec-2009
Reporting Currency:	Euro
Annual Sales:	NA
Total Assets:	16.6

Business Description

Van Es Home B.V. is primarily engaged in the retail sale of household furniture. These stores may also sell home furnishings, major appliances, and floor coverings.

Industry

Industry	Retail (Specialty)
ANZSIC 2006:	421 - Furniture, Floor Coverings, Houseware and Textile Goods Retailing
NACE 2002:	5244 - Retail sale of furniture, lighting equipment and household articles not elsewhere classified
NAICS 2002:	442 - Furniture and Home Furnishings Stores
UK SIC 2003:	5244 - Retail sale of furniture, lighting equipment and household articles not elsewhere classified
US SIC 1987:	5712 - Furniture Stores

Key Executives

Name	Title
Roeland Smits	Managing director
J. Stolk	Marketing manager
K. Schipsma	Purchasing manager
C. Jansma	Personnel manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location
Industrieweg Noord 12
Amerongen, 3958 VT
Netherlands

Tel:	+31 0343-473036
Fax:	+31 0343-442594

Suggest Company URL

Sales EUR(mil):	NA
Assets EUR(mil):	11.6
Employees:	NA
Fiscal Year End:	31-Dec-2009

Industry:	Retail (Specialty)

Incorporation Date:	22-Dec-1981
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(NLD):	30058930

Managing director:	Roeland Smits

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
421	-	Furniture, Floor Coverings, Houseware and Textile Goods Retailing

NACE 2002 Codes:
5244	-	Retail sale of furniture, lighting equipment and household articles not elsewhere classified

NAICS 2002 Codes:
442	-	Furniture and Home Furnishings Stores

US SIC 1987:
5712	-	Furniture Stores

UK SIC 2003:
5244	-	Retail sale of furniture, lighting equipment and household articles not elsewhere classified

Business Description

Van Es Home B.V. is primarily engaged in the retail sale of household furniture. These stores may also sell home furnishings, major appliances, and floor coverings.

Financial Data

Financials in:	EUR(mil)
Assets:	11.6
Current Assets:	10.6
Total Liabilities:	11.6
Net Worth:	1.2
Date of Financial Data:	31-Dec-2009

1 Year Growth

NA

Key Corporate Relationships

Bank:	ABN AMRO Bank NV

Corporate Structure News

Van Es Home B.V.
Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Stichting Administratiekantoor Isan	Parent
Floros B.V.	Subsidiary	Amerongen, Utrecht	Netherlands	Miscellaneous Financial Services
Burmann B.V.	Subsidiary	Hoevelaken, Gelderland	Netherlands	Miscellaneous Capital Goods		10
Van Es Home B.V.	Subsidiary	Amerongen, Utrecht	Netherlands	Retail (Specialty)

Executives Report

Executives

Name	Title	Function
Roeland Smits	Managing director	Managing Director
C. Jansma	Personnel manager	Human Resources Executive
J. Stolk	Marketing manager	Marketing Executive
K. Schipsma	Purchasing manager	Purchasing Executive

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	Yes	No	No
Gross profit	13.4	13.8	12.8
Total payroll costs	3.8	3.7	2.4
Change in value of fixed assets arising from revaluation	0.4	0.3	0.2
Other operating costs	5.5	4.9	3.9
Net operating income	3.6	5.0	6.3
Total financial income	0.1	0.1	0.0
Total expenses	0.8	1.1	1.4
Profit before tax	2.9	4.0	4.9
Profit on ordinary activities after tax	2.2	3.0	3.5
Total taxation	0.7	1.0	1.4
Profit after tax	2.2	3.0	3.5
Profit distributed to shareholders	0.0	-	-
Net profit	2.1	3.0	3.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	Yes	No	No
Other reserves	-	2.8	3.8
Total reserves	-	0.0	0.0
Total stockholders equity	-	2.9	3.8
Minority interests	0.1	-	-
Total long-term liabilities	5.2	5.0	5.3
Trade creditors	1.7	2.2	3.2
Total current liabilities	9.1	7.5	8.7
Total liabilities (including net worth)	16.6	15.4	17.8
Intangibles	0.5	-	-
Total tangible fixed assets	0.9	0.9	0.7
Total asset investment	0.0	0.0	0.0
Total non-current assets	1.4	1.0	0.8
Net stocks and work in progress	5.2	5.7	6.9
Total receivables	7.3	6.9	9.5
Cash and liquid assets	2.6	1.8	0.6
Total current assets	15.2	14.4	17.0
Total assets	16.6	15.4	17.8

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	Yes	No	No
Current ratio	1.70	1.90	2.00
Acid test ratio	1.10	1.20	1.20
Current liabilities to net worth	5.25%	2.61%	2.31%
Fixed assets to net worth	0.83%	0.34%	0.21%
Return on assets	0.18%	0.25%	0.29%
Shareholders' return	-	1.32%	1.38%
Profit per employee	44.56	64.64	84.98
Return on capital	0.28%	0.34%	0.41%
Average wage per employee	59.97	59.86	41.32
Net worth	1.7	2.9	3.8
Number of employees	46	42	42

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.82
UK Pound	1	Rs.82.47
Euro	1	Rs.68.93

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.