MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	INTERBULK PACKAGING B.V

Registered Office :	Margrietlaan 5 5263BT Vught

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	02.08.2002

Com. Reg. No.:	22050759

Legal Form :	Limited Company

Line of Business :	Manufacture of lifting and handling equipment

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	€ 6.000
Status :	Satisfactory
Payment Behaviour :	Unknown
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^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Netherlands

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

CONTACTINFORMATION

Company name Interbulk Packaging B.V.

Tradename Interbulk Packaging B.V.

Address Margrietlaan 5 5263BT Vught Netherlands

Mail address Postbus 2168

5260CD Vught

Netherlands

Telefax number 0738440080 / 0736894676

Mobile phone 0648421285/0612990449

E-mail address mf@interbulkpackaging.com

Website www.interbulkpackaging.com

VAT umber / RSIN 810934516

Credit limit

A credit of € 6.000 may be granted

COMPANY STRUCTURE

Shareholder	Maxim Holding B.V.
	Margrietlaan 5
	5263BT VUGHT
	Netherlands
	KvK: 24221421
	Active since: 28-03-2008
	Percentage: 100.00%
Holding company	Maxim Holding B.V.
	Margrietlaan 5
	5263BT VUGHT
	KvK: 24221421

Bank ING Bank NV

Real estate	Lease
	The real estate is checked at the land registration office
	Owner: MAXIMILIAAN FISCHER
	Description: VUGHT K 1877

MANAGEMENT

Management	Maxim Holding B.V.
	Margrietlaan 5
	5263BT VUGHT
	Netherlands
	KvK: 24221421
	Authorization: Limited authorization
	Position: General director
	Date appointed: 31-07-2002

PAYMENT INFORMATION

Payment experiences There are no payment experiences known

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2010 are published on 08-04-2011

Annual accounts 2009 are published on 09-04-2010

Annual accounts 2008 are published on 27-05-2009

Annual accounts 2007 are published on 16-03-2009

Type of publication Corporate

Publication Steady

CORE FIGURES
BOOKYEAR	2010	2009	2008
Quick ratio	0,60	0,84	0,69
Current ratio	1,18	1,19	1,19
Nett workingcapital / Balance total	0,14	0,15	0,16
Capital and reserves / Balance total	0,12	0,08	0,08
Capital and reserves / Fixed assets	1,67	0,90	2,50
Solvency	0,13	0,09	0,09
Nett workingcapital	87.000	83.000	136.000
Capital and reserves	70.000	45.000	70.000
Change capital and reserves	55,56%	-35,71%	66,67%
change short term liabilities	9,91%	-37,91%	43,53%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Tendency Changeable

Capital and reserves 2010 70.000

Total debt 2010 536.000

Current ratio 2010 1,18

Quick ratio 2010 0,60

Nett workingcapital 2010 87.000

Profitability Nil

Solvency Moderate

Liquidity Moderate

BALANCE sheet

BOOKYEAR		2010	2009		2008
End of bookyear		31-12-2010	31-12-2009		31-12-2008
Tangible assets		42.000	50.000		28.000
Fixed assets		42.000	50.000		28.000

Stocks and work in progress		279.000	151.000		354.000
Accounts receivable		285.000	284.000		435.000
Liquid assets			82.000		46.000
Current assets		564.000	517.000		835.000
Total assets		606.000	567.000		863.000
Capital and reserves	70.000			45.000		70.000
other long term debts	59.000			87.000		94.000
Long term liabilities	59.000			87.000		94.000
Other short term debts	477.000			434.000		699.000
Total short term debt	477.000			434.000		699.000
Total debt	536.000			521.000		793.000
Total Liabilities	606.000			567.000		863.000

History

Management Since 28-03-2008 manager 22040138 Interbulk B.V. out of office.

Company structure

Maxim Holding B.V. (24221421) VUGHT

Interbulk Packaging B.V. (22050759)

Vught

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.27
UK Pound	1	Rs.82.09
Euro	1	Rs.68.90

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

NACE-code	Engineering activities and related technical consultancy not specialized (74207)
SBI-code	Manufacture of lifting and handling equipment (2822)
	Engineering activities and related technical consultancy on mechanics (711205)
	Engineering activities and related technical consultancy not specialized
	(711207)
Formal objective	Ontwerpen en vervaardigen van, alsmede (large)handel in toebehoren voor laad- en lossystemen, met name van bulkgoederen. (Designing and manufacturing, as well as (large) trade in accessories loading and unloading systems, particularly of bulk goods.)