MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Correct Name :	HORSTEN LEDERWAREN B.V

Registered Office :	Nobelstraat 6, 5051DV Goirle

Country :	Netherlands

Financials (as on) :	30.06.2010

Date of Incorporation :	04.02.1976

Com. Reg. No.:	18104115

Legal Form :	Limited Company

Line of Business :	Wholesale of other non-food consumer goods

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	€ 10.000

Status :	Poor

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Netherlands

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

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CONTACTINFORMATION

Company name	Horsten Lederwaren B.V.
Tradename	Horsten Leatherfashion
	Horsten Lederwaren B.V.
	Bagstage
Address	Nobelstraat 6
	5051DV Goirle
	Netherlands
Mail address	Postbus 221
	5050AE Goirle
	Netherlands
Telephone number	013-5349126
Telefax number	013-5341413
Mobile phone	0651186588
E-mail address	info@horsten-leatherfashion.com
Website	www.horsten-leatherfashion.com

CREDIT LIMIT

Credit limit A credit of € 10.000 may be granted

COMPANY STRUCTURE

Shareholder C.A.M. Horsten Beheersmaatschappij Waalwijk B.V.

Nobelstraat 6 5051DV GOIRLE Netherlands KvK: 18115792

Active since: 23-12-1981 Percentage: 100.00%

Holding company C.A.M. Horsten Beheersmaatschappij Waalwijk B.V.

Nobelstraat 6 5051DV GOIRLE

KvK: 18115792

Subsidiary Otazu Bags B.V.

Nobelstraat 6 5051DV GOIRLE

KvK: 18090392

Affiliated companies Diforza Vastgoedontwikkeling B.V.

Dr. Keyzerlaan 17

5051PB GOIRLE KvK: 17224783

Beheer- en Exploitatiemaatschappij Lennies B.V. Van Heuven Goedhartlaan 937 1181LD AMSTELVEEN

KvK: 18028718

C.A.M. Horsten Belegging B.V. Nobelstraat 6 5051DV GOIRLE

KvK: 18039074

Nobelstraat 6

5051DV GOIRLE

KvK: 18058274

Bankers Rabo Netherlands

Real estate Lease Value: € 72.000

MANAGEMENT

Management	C.A.M. Horsten
	Cornelis Antonius Maria
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 03-02-1976
	Date of birth: 29-08-1950

PAYMENT INFORMATION

Payment experiences There are no payment experiences known

FINANCIAL INFORMATION

Publication financial statement	Annual accounts 2010 are published on 17-12-2010 (Broken accounting year) Annual accounts 2009 are published on 16-11-2009 (Broken accounting year) Annual accounts 2008 are published on 18-03-2010 (Broken accounting year) Annual accounts 2007 are published on 14-11-2007 (Broken accounting year)
Type of publication Publication	Corporate Steady

CORE FIGURES

BOOKYEAR	2010	2009	2008
Quick ratio	0,56	0,61	0,64
Current ratio	1,32	1,30	1,34
Nett workingcapital / Balance total	0,22	0,21	0,24
Capital and reserves / Balance total	0,31	0,29	0,31
Capital and reserves / Fixed assets	3,08	2,87	4,12
Solvency	0,45	0,40	0,44
Nett workingcapital	337.913	343.732	385.000
Capital and reserves	477.398	476.622	498.000
Change capital and reserves	0,16%	-4,29%	39,50%
change short term liabilities	-8,93%	1,86%	3,89%

BALANCE sheet

BOOKYEAR	2010	2009	2008
End of bookyear	30-06-2010	30-06-2009	30-06-2008
Tangible assets	152.251	155.809	111.000
Financial assets	2.511	10.414	10.000
Fixed assets	154.762	166.223	121.000

Stocks and work in progress	791.234	793.887	794.000
Accounts receivable	483.465	584.022	659.000
Liquid assets	105.007	109.733	55.000
Current assets	1.379.706	1.487.642	1.508.000
Total assets	1.534.468	1.653.865	1.629.000

Capital and reserves	477.398	476.622	498.000
other long term debts	15.277	33.333	8.000
Long term liabilities	15.277	33.333	8.000
Other short term debts	1.041.793	1.143.910	1.123.000
Total short term debt	1.041.793	1.143.910	1.123.000
Total debt	1.057.070	1.177.243	1.131.000
Total Liabilities	1.534.468	1.653.865	1.629.000

Company structure

· C.A.M. Horsten Beheersmaatschappij Waalwijk B.V. (18115792) GOIRLE

· Diforza Vastgoedontwikkeling B.V. (17224783)

GOIRLE

Management relation (100%)

· Beheer- en Exploitatiemaatschappij Lennies B.V. (18028718)

AMSTELVEEN

Subsidiary

· C.A.M. Horsten Belegging B.V. (18039074)

GOIRLE

Subsidiary (100%)

· Burkely B.V. (18058274)

GOIRLE

Subsidiary

· Horsten Lederwaren B.V. (18104115)

Goirle

Subsidiary (100%)

· Otazu Bags B.V. (18090392)

GOIRLE

Management relation (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

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.

Place of constitution	Waalwijk
Capital	EUR 22.689,01
Issued capital	EUR 9.075,60
Paid up capital	EUR 9.075,60

NACE-code	Wholesale of other non-food consumer goods n.e.c. (51487)
SBI-code	Wholesale of other consumer goods n.e.g. (464999)
Formal objective	Groothandel, w.o. im- en exporthandel in kleine lederwaren, school-, (Wholesale, Wed import and export trade in small leather goods, school,)
	diplomaten- en clippertassen, relatiegeschenken e.d. Vervaardigd uit leder of ledervervangende materialen (clipper and diplomatic bags, gifts, etc. Made of leather or leather substitute materials)

Employees	Total: 6
Bookyear		2011	2009	2008
Number		6	6	8
Change		0,00%	-25,00%	60,00%

CONTACTINFORMATION

CREDIT LIMIT

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

CORE FIGURES

BALANCE sheet

Company structure

Unit