MIRA INFORM REPORT

Report Date :

08.01.2011

IDENTIFICATION DETAILS

Correct Name :	PREBO GRAPHICS B.V.
Registered Office :	Galvaniweg 29, 5482TN Schijndel
Country :	Netherlands
Financials (as on) :	31.12.2009
Date of Incorporation :	29.12.1986
Legal Form :	Limited Company
Line of Business :	Wholesaler of machines for the graphics industry

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 :	€ 100.000
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

CONTACTINFORMATION

Company name Prebo Graphics B.V.

Tradename Prebo Graphics B.V.

DGT Dutch Graphic Trade

Address Galvaniweg 29

5482TN SCHIJNDEL Netherlands

Mail address Galvaniweg 29

5482TN SCHIJNDEL Netherlands

Telephone number 0735-431150

Telefax number 0735-431155

E-mail address info@dgt-bv.nl

_{Website www.dgt-bv.nl}

CREDIT LIMIT

Credit limit A credit of € 100.000 may be granted

_{Risk factor Normal}

_{Creditscore The company has a creditscore of 6,7}

COMPANY INFORMATION

Handelsregisternummer 16053008

_{Registered in Chamber of commerce Brabant}

Act of foundation 15-01-1987

Date of constitution 29-12-1986

Continuation date 15-01-1987

Last change in statutes 23-06-2010

Legal form Besloten Vennootschap (Limited Company)

Place of constitution Schijndel

Capital 90.800

Issued capital 18.160

Paid up capital 18.160

Objective Wholesale of machines for the graphics industry (51871)

Formal objective Handel in, import en export of grafische machinery en andere

kapitaalgoederen, alsmede de revisie en onderhoud of grafische

machinery, alsmede beheers- en beleggingsmaatschappij

(Trading, import and export of machinery and other graphics capital, and the overhaul and maintenance or graphic machinery and management and investment companyListen

Read phonetically

Dictionary - View detailed dictionary

)

_{Employees Total: 12}

Bookyear 2009 2008 2007

Number 12 12 1

_{Change 0,00% 1.100,00% 0,00%}

COMPANY STRUCTURE

Shareholder Belnecom B.V.

Oetelaarsestraat 69

5292NK GEMONDE Netherlands

KvK: 17201326

Active since: 11-11-2008

Percentage: 100%

Ultimate parent company Stichting Administratiekantoor FIVECOM-I Oetelaarsestraat 69

5292NK GEMONDE KvK: 17236352

Holding company Belnecom B.V.

Oetelaarsestraat 69

5292NK GEMONDE

Affiliated companies G.E.C. Graphic Engineering Centre B.V.

Oetelaarsestraat 69

5292NK GEMONDE KvK: 16087432

Graphic Technical Assistance B.V. (G.T.A.) Huygensweg 16

5482TG SCHIJNDEL KvK: 17107310

Bankers ABN Amro Bankers NV

Rabobank Netherlands

Real estate Lease

Value: € 235.000

The real estate is checked at the land registration office

_{Object code: None registration type}

MANAGEMENT

Management Dual B.V.

De Jonglaan 41

5251SN VLIJMEN Netherlands

KvK: 17201336

Authorization: Fully authorized

Position: Manager

Date appointed: 11-11-2008

Management Name: Belhe B.V.B.A.

Address: De Lusthoven 33, Arendonk 2370, Belgium

Registered in: Kruispuntbank of Ondernemingen in Turnhout, Belgium with registration number 0884.504.297.

In function since: 11-11-2008

Titel: Zelfstandig bevoegd manager Authorization: Fully authorized buitenland: 1

PAYMENT INFORMATION

Payment experiences According to terms

Payments Based on multiple payment experiences up to € 15.000

Quarter: 4 2009: 44 Average days

Quarter: 1 2010: 40 Average days

Quarter: 2 2010: 46 Average days

_{Quarter: 3 2010: 42 Average days}

	invoices	current quarter		2010 Q2	2010 Q1	2009 Q4
Total	52	100%	22.508	23.129	22.974	23.074
Within terms	37	76,7%	17.258	14.079	17.258	15.214
Delayed 0 - 30	15	22,2%	5.002	9.050	5.716	7.860
Delayed 31 - 60			248
Delayed 61 - 90
Delayed 91 - 120
Delayed 120+ days

FINANCIAL INFORMATION

Auditor Of Daal & Partners

Schijndel

Publication financial statement 30-11-2009

Type of publication Corporate

_{Publication Steady}

CORE FIGURES

BOOKYEAR 2009 2008 2007

Quick ratio 0,74 0,82 0,82

_{Current ratio} 1,28 1,25 1,71

Nett workingcapital / Balance total 0,18 0,15 0,38

Capital and reserves / Balance total 0,18 0,19 0,26

Capital and reserves / Fixed

_{Assets 0,90 0,78 3,53}

Solvency 0,22 0,23 0,36

Nett workingcapital 1.279.187 1.075.560 2.855.000

Capital and reserves 1.321.175 1.308.019 1.965.000

Change capital and reserves 1,01% -33,43% 34,04%

change short term liabilities 5,49% 6,72% 303,10%

Operating profit 259.777 -555.230

Profitability Positive Negative

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2009

Tendency Upward

Capital and reserves 2009 1.321.175

Total debt 2009 5.976.450

Current ratio 2009 1,28

Quick ratio 2009 0,74

Nett workingcapital 2009 1.279.187

Profitability Limited

Solvency Positive

Liquidity Positive

BALANCE

BOOKYEAR 2009 2008 2007

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

Tangible assets 1.375.996 1.522.947 443.000

Financial assets 100.042 147.032 114.000

Fixed assets 1.476.038 1.669.979 557.000

Stocks and work in progress 2.437.849 1.869.872 3.598.000

Accounts receivable 3.132.745 3.502.446 2.905.000

Liquid assets 250.993 9.233 387.000

Current assets 5.821.587 5.381.551 6.890.000

Total assets 7.297.625 7.051.530 7.447.000

Capital and reserves 1.321.175 1.308.019 1.965.000

Provisions 59.050 62.520 72.000

other long term debts 1.375.000

Long term liabilities 1.375.000 1.375.000 1.375.000

Other short term debts 4.035.000

Total short term debt 4.542.400 4.305.991 4.035.000

Total debt 5.976.450 5.743.511 5.482.000

_{Total Liabilities 7.297.625 7.051.530 7.447.000}

PROFIT & LOSS ACCOUNT

BOOKYEAR 2009 2008

Gross profit 2.503.706 1.848.081

Wages employees 815.218 738.004

Social securities 110.842 84.500

Pension costs 10.370 10.821

Depreciation and amortization 170.571 135.022

Other operating charges 1.136.928 1.434.964

Operating charges 2.243.929 2.403.311

Operating profit 259.777 -555.230

Financial income 4.415 6.664

Financial charges 283.536 313.941

Financial result -279.121 -307.277

Result before taxes -19.344 -862.507

Income taxes 32.500 205.221

Result after taxes 13.156 -657.286

Nett result 13.156 -657.286

Income attributable to minority interest -86

COMPANY STRUCTURE

Stichting Administratiekantoor FIVECOM-I (17236352) GEMONDE

Belnecom B.V. (17201326) GEMONDE

Subsidiary (100%)

Prebo Graphics B.V. (16053008) SCHIJNDEL

Subsidiary (100%)

G.E.C. Graphic Engineering Centre B.V. (16087432) GEMONDE

Subsidiary (100%)

Graphic Technical Assistance B.V. (G.T.A.) (17107310) SCHIJNDEL

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.70.38
Euro	1	Rs.58.93

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

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.