MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Correct Name :	B.V. CHEMISCHE FACTORYTRIADE
Registered Office :	Dijkweg 159, 2675AD Honselersdijk
Country :	Netherlands
Financials (as on) :	31.12.2009
Date of Incorporation :	01.01.1978
Com. Reg. No.:	27218293
Legal Form :	Limited Company
Line of Business :	Manufacture of Paints

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

Maximum Credit Limit :	€ 250.000
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Netherlands	A1	A1

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

CONTACT INFORMATION

B.V. Chemische FactoryTriade

Tradename Helion Chemie

Italcolor

Colorants Azoiques et Produits Auxilaires

(C.A.P.A.)

Greenville Colorants

Company Address

Dijkweg 159

2675AD Honselersdijk

Netherlands

Mail address

Postbus 17

2670AA Naaldwijk

Netherlands

Telephone number 0174272222

Telefax number 0174272270

E-mail address sales@helion.nl

_{Website www.triade.nl}

CREDIT LIMIT

Credit limit A credit of € 250.000 may be granted

COMPANY INFORMATION

_{Handels Register Number 27218293}

Registered in Chamber of commerce Den Haag

Act of foundation 17-02-1978

Date of constitution 01-01-1978

Last change in statutes 04-09-1991

Legal form Besloten Vennootschap (Limited Company)

Place of constitution Honselersdijk

Capital EUR 453.780,22

Issued capital EUR 226.890,11

Paid up capital EUR 226.890,11

NACE-code Manufacture of paints (2430)

SBI-code Manufacture of paints, varnishes and similar coatings, printing ink a mastics (203)

Formal objective Het fabriceren van en de handel in chemische produkten alsmede de uitoefening van agenturen- en commissiehandel in die produkten.

_{Employees Total: 1}

Bookyear 2009 2008 2007

Number 1 1 1

_{Change 0,00% 0,00% 0,00%}

COMPANY STRUCTURE

Ultimate shareholder/ manager

Syncolor Beheer B.V.

Dijkweg 159

2675AD HONSELERSDIJK

Netherlands

KvK: 27217262

Lida Investments B.V.

Thorbeckelaan 102

2641XJ PIJNACKER

Netherlands

KvK: 27145310

Holding company

Syncolor Beheer B.V.

_{Dijkweg 159}

2675AD HONSELERSDIJK

KvK: 27217262

Affiliated companies

Helion Chemie B.V.

Dijkweg 159

2675AD HONSELERSDIJK

KvK: 27212937

Liability declaration

Helion Chemie B.V. (27212937)

Dijkweg 159

2675AD HONSELERSDIJK

Bankers

ABN Amro Bankers NV

Real estate

Lease

The real estate is checked at the land registration office

Object code: NAALDWIJK H 1776

Owner: HETRI HOLDING B.V. Description: Dijkweg 159

MANAGEMENT

Management

J.G.J.M. van der Ligt

Johannes Gerardus Joseph Maria Authorization: Fully authorized Position: Manager

Date appointed: 17-02-1978

Date of birth: 16-05-1948

J.G. van Roon

Jacob Gerardus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-11-1997

Date of birth: 30-07-1948

R.J. Zeegers

Rudolf Jan

Authorization: Limited authorization

Position: Proxy

Date appointed: 02-04-2002

_{Date of birth: 15-02-1952}

PAYMENT INFORMATION

_{Payment experiences No complaints are known}

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2009 are published on 08-12-2010

Annual accounts 2008 are published on 08-10-2009

Annual accounts 2007 are published on 22-12-2008

Type of publication Corporate

_{Publication Publication according to obligations by law}

Core Figures

Bookyear 2009 2008 2007

Quict Ratio 1,22 1,14 0,96

Current Ratio 1,84 1,95 1,45

Nett Workingcapital / Balance total 0,45 0,48 0,31

Capital and reserves / Balance total 0,46 0,49 0,31

Capital and reserves / Fixed assets 33,59 44,57 0,31

Solvency

Nett working capital 3.584.860 3.866.055 3.560.000

Capital and reserve 3.694.851 3.893.846 3.500.000

Change capital and reserve -5,11% 11,25% -4.37%

Change short term liabilities 5,11% -48,37% 11,34%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2009

Tendency Changeable

_{Tendency capital and reserves}

Capital and reserves 2009 3.694.851

_{Total debt 2009 4.263.233}

Current ratio 2009 1,84

Quick ratio 2009 1,22

Nett workingcapital 2009 3.584.860

Profitability Negative

Solvency Positive

Liquidity Positive

BALANCE sheet

BOOKYEAR 2009 2008 2007

End of bookyear 31-12-2009 31-12-2008 31-12-2007

Financial assets 109.991 87.366 59.000

Fixed assets 109.991 87.366 59.000

Stocks and work in progress 2.666.635 3.288.158 3.843.000

Accounts receivable 4.042.287 3.966.327 5.562.000

Liquid assets 1.139.171 667.373 2.010.000

Current assets 7.848.093 7.921.858 11.415.000

Total assets 7.958.084 8.009.224 11.474.000

Capital and reserves 3.694.851 3.893.846 3.500.000

Provisions 59.575 119.000

Other short term debts 7.855.000

Total short term debt 4.263.233 4.055.803 7.855.000

Total debt 4.263.233 4.115.378 7.974.000

Total Liabilities 7.958.084 8.009.224 11.474.000

COMPANY STRUCTURE

Syncolor Beheer B.V. (27217262) HONSELERSDIJK

Helion Chemie B.V. (27212937) HONSELERSDIJK

Subsidiary (100%)

B.V. Chemische FactoryTriade (27218293) Honselersdijk

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.24
Euro	1	Rs.62.68

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 Company	----

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.