MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	CONDOR CARPETS B.V.
Registered Office :	Randweg 14, 8061RW Hasselt
Country :	Netherlands
Financials (as on) :	31.12.2010
Date of Incorporation :	20.05.1994
Com. Reg. No.:	05054016
Legal Form :	Limited company
Line of Business :	Manufacturer of carpets and rugs
No. of Employees :	130 employees

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 :	€ 500.000
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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Netherlands	A1	A1

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

Netherlands - ECONOMIC OVERVIEW

The Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.

Source : CIA

CONTACTINFORMATION

Company name	Condor Carpets B.V.
Tradename	Condor Carpets B.V.
Address	Randweg 14
	8061RW Hasselt
	Netherlands
Mail address	Postbus 21
	8060AA Hasselt
	Netherlands
Telephone number	0384778111
Telefax number	0384778122
E-mail address	info@condorcarpets.nl
Website	www.condorcarpets.nl
VAT number / RSIN	802729964

CREDIT LIMIT

Credit limit A credit of € 500.000 may be granted

Risk factor Normal

COMPANY INFORMATION

Handelsregisternummer 05054016

Registered in Chamber of commerce Oost Netherlands

First registration 20-05-1994

Act of foundation 11-03-1994

Date of constitution 22-03-1973

Continuation date 11-03-1994

Last change in statutes 16-05-2006

Legal form Besloten Vennootschap

Place of constitution Hasselt

Capital	EUR
Issued capital	EUR 18.200
Paid up capital	EUR 18.200

NACE-code	Manufacture of carpets and rugs (1751)
	Manufacture of carpets (175102)
SBI-code	Manufacture of carpets and rugs (1393)
	Wholesale of furnishing textiles and floor coverings (46472)
Formal objective	Vervaardigen en de groothandel in en export van stoffen, tapijten en soortgelijke aanverwante zaken.

Employees Total: 130

Employees according to CoC Chamber of commerce: 130

Bookyear 2012 2010 2009

Number 130 183 130

Change -28,96% 40,77% -8,45%

COMPANY STRUCTURE

Shareholder Condor Constructions B.V.

Randweg 14

8061RW HASSELT

Netherlands

KvK: 55903797

Active since: 10-10-2012

Percentage: 100.00%

Ultimate parent company B.V. Hoekman Commercial Technical and Business Managing

Greente 3

8281KL GENEMUIDEN

KvK: 05035871

Holding company Condor Capital B.V.

Randweg 4

8061RW HASSELT

KvK: 33278238

Affiliated companies VeBe Floorcoverings B.V.

Inslag 12

8281JV Genemuiden

KvK: 05022291

Condor Cartex B.V.

Inslag 12

8281JV GENEMUIDEN

KvK: 05086004

Ossfloor Tapijtfabrieken B.V.

Kantsingel 15

5349AJ Oss

KvK: 16020110

Bank ING Bank NV

Account number: 69.18.11.504

ING Bank NV

Account number: 68.10.48.786

Real estate Group-property owned

Surface: 7500 m2

MANAGEMENT

Management Condor Constructions B.V.

Randweg 14

8061RW HASSELT

Netherlands

KvK: 55903797

Authorization: Fully authorized

Position: Manager

Date appointed: 22-10-2012

D. Abma

Dennis

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-07-2004

Date of birth: 25-02-1983

L. Elken

Lennart

Authorization: Limited authorization

Position: Proxy

Date appointed: 26-09-2001

Date of birth: 01-09-1972

G. Hoekman

Gerrit

Authorization: Fully authorized

Position: Proxy

Date appointed: 17-01-1995

Date of birth: 20-04-1960

J. Hoekman

Jan

Authorization: Fully authorized

Position: Proxy

Date appointed: 17-01-1995

Date of birth: 17-03-1955

R.H. Oostenbrink

Roelof Hendrik

Authorization: Limited authorization

Position: Proxy

Date appointed: 26-09-2001

Date of birth: 16-02-1964

F.R.K. Scheper

Frank Robbert Kors

Authorization: Limited authorization

Position: Proxy

Date appointed: 26-09-2001

Date of birth: 10-03-1971

R.E. Scholte

Renee Erwin

Authorization: Limited authorization

Position: Proxy

Date appointed: 11-06-2004

Date of birth: 17-03-1967

H. Wielink

Hendrikje

Authorization: Limited authorization

Position: Proxy

Date appointed: 21-02-2000

Date of birth: 28-12-1972

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

l Quarter: 1 2012: 49 Average days

l Quarter: 2 2012: 71 Average days

l Quarter: 3 2012: 55 Average days

l Quarter: 4 2012: 43 Average days

	invoices	current quarter		2012 Q3	2012 Q2	2012 Q1
Total	198	100%	276.690	275.380	520.295	277.929
Within terms	123	70,5%	194.961	175.465	340.432	178.250
Delayed 0 - 30	55	29,5%	81.729	87.178	132.099	89.902
Delayed 31 - 60
Delayed 61 - 90	7	0,0%			13.914	9.777
Delayed 91 - 120	5	0,0%		5.095	13.540
Delayed 120+ days	8	0,0%		7.642	20.310

FINANCIAL INFORMATION

Auditor Deloitte & Touche

Publication financial statement Annual accounts 2010 are published on 30-01-2012

Annual accounts 2009 are published on 10-06-2010

Annual accounts 2008 are published on 18-02-2010

Annual accounts 2007 are published on 26-09-2008

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES

Bookyear	2010	2009	2008
Quick ratio	0,50	0,45	0,63
Current ratio	1,20	1,21	1,10
Nett workingcapital / Balance total	0,16	0,17	0,09
Capital and reserves / Balance total	0,16	0,17	0,11
Capital and reserves / Fixed assets	3,51	3,44	2,71
Solvency	0,20	0,21	0,12
Nett workingcapital	10.079.000	10.575.000	8.121.000
Capital and reserves	10.225.000	10.768.000	10.036.000
Change capital and reserves	-5,04%	7,29%	-25,88%
change short term liabilities	-0,74%	-38,62%	39,62%
Nett Turnover	132.040.000	137.386.000	139.458.000
Operating profit	756.000	2.693.000	-1.857.000
Profitability operating profit	positive	positive	negative

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Type of publication	Corporate
Turnover	2010:	132.040.000
	2009:	137.386.000
	2008:	139.458.000
	2007:	148.091.000
	2006:	127.265.000
	2005:	111.133.000
Gross profit	2007:	27.817.000
	2006:	23.477.000
	2005:	19.612.000
Operating profit	2010:	756.000
	2009:	2.693.000
	2008:	-1.857.000
	2007:	4.995.000
	2006:	2.858.000
	2005:	1.923.000
Result after taxes	2010:	-543.000
	2009:	732.000
	2008:	-3.505.000
	2007:	1.786.000
	2006:	810.000
	2005:	439.000

Capital and reserves 2010 10.225.000

Total debt 2010 50.626.000

Current ratio 2010 1,20

Quick ratio 2010 0,50

Nett workingcapital 2010 10.079.000

Profitability Negative

Tendency changeable

Tendency capital and reserves

Balance sheet

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Tangible assets	2.914.000	3.130.000	3.699.000
Fixed assets	2.914.000	3.130.000	3.699.000
Stocks and work in progress	34.647.000	37.951.000	37.835.000
Trade debtors	24.210.000	21.467.000	34.699.000
Other amounts receivable	488.000	791.000	16.448.000
Accounts receivable	24.698.000	22.258.000	51.147.000
Current assets	59.345.000	60.209.000	88.982.000
Total assets	62.259.000	63.340.000	92.681.000
Capital and reserves	10.225.000	10.768.000	10.036.000
Provisions	1.408.000	1.408.000	1.784.000
other long term debts		1.530.000
Long term liabilities	1.360.000	1.530.000
Other short term debts	37.197.000	38.421.000	64.561.000
Total short term debt	49.266.000	49.634.000	80.861.000
Total debt	50.626.000	51.164.000	82.645.000
Total Liabilities	62.259.000	63.340.000	92.681.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2010	2009	2008
Turnover	132.040.000	137.386.000	139.458.000
Nett Turnover	132.040.000	137.386.000	139.458.000
Wages employees	11.641.000	11.847.000	10.211.000
Depreciation and amortization			1.161.000
Raw materials	109.653.000	113.023.000	117.056.000
Other operating charges	9.990.000	9.823.000	12.887.000
Operating charges	131.284.000	134.693.000	141.315.000
Operating profit	756.000	2.693.000	-1.857.000
Financial income		682.000
Financial charges	1.484.000	2.392.000	2.848.000
Financial result		-1.710.000	-2.848.000
Result before taxes		983.000	-4.705.000
Income taxes	-186.000	251.000	-1.200.000
Result after taxes		732.000	-3.505.000
Nett result	-543.000	732.000	-3.505.000

History

Management	Per	22-10-2012	manager 55903797 Condor	Constructions B.V. appointed.
	Per	10-10-2012	manager 33278238 Condor	Capital B.V. out of office.
	Per	01-02-2010	is Proxy Frederik Ewald de	Lange out of office.
	Per	31-12-2008	manager 33278238 Condor	Capital B.V. appointed.
	Per	31-12-2008	manager 05046612 Condor	Control B.V. out of office.

Company structure

B.V. Hoekman Commercial Technical and Business Managing (05035871)

GENEMUIDEN

B.V. Beleggingsmaatschappij "Genua (05044448)

GENEMUIDEN

Subsidiary (100%)

Condor Capital B.V. (33278238)

HASSELT

Management relation

VeBe Floorcoverings B.V. (05022291)

Genemuiden

Subsidiary

Condor Carpets B.V. (05054016)

Hasselt

Subsidiary (100%)

Condor Cartex B.V. (05086004)

GENEMUIDEN

Subsidiary (100%)

Ossfloor Tapijtfabrieken B.V. (16020110)

Oss

Subsidiary (100%)

Calamity: Default

Hova B.V. (54532884)

HASSELT

Management relation

Bonthuis Real estate B.V. (39016772)

MARKNESSE

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.