MIRA INFORM REPORT

Report Date :

16.02.2011

IDENTIFICATION DETAILS

Correct Name :	RONALD SMITS DESIGN & DEVELOPMENT B.V.
Registered Office :	Tergouwen 13, 6051JE Maasbracht, Netherlands
Country :	Netherlands
Financials (as on) :	31.12.2009
Date of Incorporation :	02.08.2002
Com. Reg. No.:	13034582
Legal Form :	Limited Company
Line of Business :	Development of Creative and Communicative Design and Production

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	€ 7.500
Status :	Moderate
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

Company name Ronald Smits Design & Development B.V.

Tradename Ronald Smits Design & Development B.V.

Address Tergouwen 13

6051JE Maasbracht

Netherlands

Mail address Tergouwen 13

6051JE Maasbracht

Netherlands

Telephone number 0475468196

Telefax number 0475468197

E-mail address info@rsd-clothing.com

_{Website www.rsd-clothing.com}

CREDIT LIMIT

Credit limit A credit of € 7.500 may be granted

COMPANY INFORMATION

Handels Register Number 13034582

Registered in Chamber of commerce Limburg

First registration 05-08-2002

Act of foundation 02-08-2002

Date of constitution 01-04-1994

Continuation date 02-08-2002

Legal form Besloten Vennootschap (Limited Company)

Place of constitution Maasbracht

Capital EUR 90.000

Issued capital EUR 18.000

Paid up capital EUR 18.000

NACE-code Advertising agencies (74401)

SBI-code Reclame-ontwerp- en -adviesbureaus (731101)

Formal objective Ontwikkeling van creatieve en communicatieve vormgeving en producties (Development of creative and communicative design and production)

_{Employees Total: 1}

Bookyear	2009	2008	2007
Number	1	1	1
Change	0,00%	0,00%	0,00%

COMPANY STRUCTURE

Shareholder Ronald Smits

Active since: 02-08-2002

Percentage: 100.00%

Real estate

Privately-property owned

The real estate is checked at the land registration office

Object code: MAASBRACHT E 1964

Owner: RONALD SMITS Description: Tergouwen 13

MANAGEMENT

Management

R. Smits

Ronald

Authorization: Fully authorized

Position: Manager

Date appointed: 02-08-2002

_{Date of birth: 12-05-1966}

PAYMENT INFORMATION

_{Payment experiences No complaints are known}

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2009 are published on 01-10-2010

Annual accounts 2008 are published on 10-09-2009

Annual accounts 2007 are published on 08-01-2009

Type of publication Corporate

_{Publication Publication according to obligations by law}

Core Figures

BOOKYEAR 2009 2008 2007

Quick ratio 1,29 0,05 0,09

Current ratio 1,31 0,05 0,09

Nett workingcapital / Balance

Total 0,19 -1,45 -1,06

Capital and reserves / Balance

Total 0,03 -0,59 -0,25

Capital and reserves / Fixed

Assets 0,16 -0,64 -0,27

Solvency 0,03 -0,37 -0,20

Nett workingcapital 173.000 -374.000 -297.000

Capital and reserves 26.000 -151.000 -69.000

Change capital and reserves 117,22% -118,84% -592,86%

change short term liabilities 40,00% 21,17% 1.711,11%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2009

Tendency Changeable

Capital and reserves 2009 26.000

Total debt 2009 865.000

Current ratio 2009 1,31

Quick ratio 2009 1,29

Nett workingcapital 2009 173.000

Profitability Positive

Solvency Positive

Liquidity Positive

BALANCE Sheet

BOOKYEAR	2009	2008	2007
End of bookyear	31-12-2009	31-12-2008	31-12-2007
Intangible assets	148.000	168.000	188.000
Tangible assets	17.000	27.000	37.000
Financial assets		41.000	28.000
Fixed assets	166.000	237.000	253.000
Stocks and work in progress	15.000
Accounts receivable	531.000	20.000	25.000
Liquid assets	180.000	1.000	4.000
Current assets	726.000	21.000	29.000
Total assets	891.000	258.000	281.000
Capital and reserves	26.000	-151.000	-69.000
other long term debts	312.000	14.000	24.000
Long term liabilities	312.000	14.000	24.000
Other short term debts	553.000	395.000	326.000
Total short term debt	553.000	395.000	326.000
Total debt	865.000	409.000	351.000
Total Liabilities	891.000	258.000	281.000

COMPANY STRUCTURE

Ronald Smits Design & Development B.V.

(13034582) Maasbracht

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.45
UK Pound	1	Rs.72.90
Euro	1	Rs.61.43

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%)

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