MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	SADESA HOLDING B.V.

Registered Office :	Rivium 2 e Straat 44, 2909LG Capelle aan den IJssel

Country :	Netherlands

Financials (as on) :	31.12.2009

Date of Incorporation :	09.11.2000

Com. Reg. No.:	312938

Legal Form :	Limited Company

Line of Business :	Financial Holding

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 :	€ 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

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

CONTACTINFORMATION

Company name Sadesa Holding B.V.

Tradename Sadesa

Sadesa Holding B.V.

Address Rivium 2 e Straat 44

2909LG Capelle aan den IJssel

Netherlands

Mail address Rivium 2 e Straat 44

2909LG Capelle aan den IJssel

Netherlands

Telephone number 0102825333

Telefax number 0104045185

E-mail address infonl@sadesa.com

_{Website unknown}

CREDIT LIMIT

Credit limit A credit of € 250.000 may be granted

COMPANY STRUCTURE

Shareholder Lysander Inversiones SL Spain

990004854044

Percentage: 100.00%

Shareholder Name: Lysander Inversiones SL

Address: Calle Taragona 149- 147 Planta 14-2, 08014 Barcelona, Spain

Registered in: Registro Mercantil in Barcelona, Spain with registration number B-62.797.105.

Only shareholder since: 05-07-2006

Holding company Lysander Inversiones SL

990004854044

Subsidiary Sadesa Trading Europe B.V.

Rivium 2e Straat 44

2909LG CAPELLE AAN DEN IJSSEL KvK: 24219926

Bankers Fortis Bankers (Netherlands) NV ING Bankers NV

Real estate Unknown

The real estate is checked at the land registration office

_{Object code: No registration}

MANAGEMENT

Management B. Kurpershoek

Bertinus

Authorization: Fully authorized

Position: Manager

Date appointed: 09-11-2000

Date of birth: 28-09-1946

A.C.H. Sijbom

Antonius Cornelis Hermanus Authorization: Limited authorization Position: Proxy

Date appointed: 23-01-2001

Date of birth: 24-06-1959

P. Struijs

Peter

Authorization: Limited authorization

Position: Proxy

Date appointed: 23-01-2001

_{Date of birth: 20-02-1962}

PAYMENT INFORMATION

_Paymen_{t experiences No complaints are known}

FINANCIAL INFORMATION

Auditor Accountantskantoor Unknown

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

Annual accounts 2008 are published on 04-08-2009

Annual accounts 2007 are published on 13-03-2009

Type of publication Corporate

_Publicatio_{n Publication according to obligations by
law}

Core Figures

BOOK YEAR	2009	2008	2007
Quick Ratio	0,94	0,93	0,88
Current Ratio	0,96	0,93	0,88
Nett Working Capital / Balance Total	-0,01	-0,02	0,03
Capital and Reserves / Balance Total	0,68	0,72	0,75
Capital and Reserves / Fixed _assets	0,98	0,97	0,96
Solvency	2,08	2,51	3,05
Nett Working capital	-324.246	-393.000	-344.000
Capital and Reserves	16.640.243	14.512.000	8.991.000
Change Capital and Reserves	14,67%	61,41%	-1.27%
change Short Term Liabilities	38,41%	96,03%	1.90%
Operating Profit	----	----	19.000
Nett Turnover	----	----	515.000
Profitability	----	----	Positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2009

Type of publication Corporate

Turnover 2006: 11.876.000

Gross profit 2006: 500.000

Operating profit 2007: 19.000

2006: 22.000

Result after taxes 2007: 973.000

2006: 5.252.000

Tendency Upward

_{Tendency capital
and reserves}

_{Capital and reserves 2009 16.640.243}

Total debt 2009 7.995.968

Current ratio 2009 0,96

Quick ratio 2009 0,94

Nett workingcapital 2009 -324.246

Profitability Positive

Solvency Positive

Liquidity Negative

Current- & Quickratio

BALANCE SHEET

Currency in Euro

BOOKYEAR	2009	2008	2007
End of book year	31-12.2009	31-12.2008	31-12.2007
Tangible Assets	----	14.905.000	1.000
Financial Assets	----	----	9.334.000
Fixed Assets	16.964.489	14.905.000	9.335.000
Stocks and work in progress	144.590	-----	-----
Trade Debtors	1.269.632	-----	-----
Other Amounts Receivable	6.257.500	-----	-----
Accounts Receivable	7.527.132	5.384.000	2.596.000
Liquid Assets	----		7.000
Current Assets	7.671.722	5.384.000	2.603.000
Total Assets	24.636.211	20.290.000	11.938.000
Capital And Reserves	16.640.243	14.512.000	8.991.000
Trade Debts Suppliers			2.000
Other Short Term Debts	-----	5.777.000	2.945.000
Total Short Term Debt	7.995.968	5.777.000	2.947.000
Total Debt	7.995.968	5.777.000	2.947.000
Total Liabilities	24.636.211	20.290.000	11.938.000

PROFIT & LOSS ACCOUNT

BOOKYEAR 2007

Nett Turnover 515.000

Operating charges 496.000

Operating profit 19.000

Financial income 19.000

Financial charges 17.000

Financial result 2.000

Result participations 956.000

Result before taxes 977.000

Income taxes 4.000

Result after taxes 973.000

Nett result 973.000

COMPANY STRUCTURE

Lysander Inversiones SL (990004854044)

Sadesa Holding B.V. (24312938) Capelle aan den IJssel

Subsidiary (100%)

Sadesa Trading Europe B.V. (24219926) CAPELLE AAN DEN IJSSEL

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.25
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

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.

CONTACTINFORMATION

CREDIT LIMIT

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

BALANCE SHEET

PROFIT & LOSS ACCOUNT

COMPANY STRUCTURE

Unit