MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	VAN ZUTPHEN OIRSCHOT B.V.

Registered Office :	de Stad 3, 5688NX Oirschot

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	13.12.2000

Reg. No.:	17047913

Legal Form :	Private Company

Line of Business :	Maintenance of motor vehicles and specialised repair and towing of motor vehicles

No. of Employees :	2

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

Status :	Moderate
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Netherland

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 VAN ZUTPHEN OIRSCHOT B.V.

Tradename Van Zutphen Oirschot B.V.

Address de Stad 3

5688NX Oirschot

Netherlands

Mail address de Stad 3

5688NX Oirschot

Netherlands

Telephone number 0499573084

Telefax number 0499571068

Mobile phone 0653452067

E-mail address unknown

Website unknown

VAT number / RSIN 809549098

COMPANY STRUCTURE

Shareholder Marinus Johannes Emanuel Zutphen

Active since: 13-12-2000

Percentage: 100.00%

Bank Rabobank Netherlands

Real estate Property owned

The real estate is checked at the land registration office

Object code: OIRSCHOT N 588

Owner: Van Zutphen Oirschot B.V.

MANAGEMENT

Management M.J.E. van Zutphen

Marinus Johannes Emanuel

Authorization: Fully authorized

Position: Manager

Date appointed: 13-12-2000

Date of birth: 25-12-1948

J.A.M. van Zutphen - van Houtum

Johanna Antonia Maria

Authorization: Fully authorized

Position: Manager

Date appointed: 13-12-2000

Date of birth: 09-11-1951

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2010 are published on 09-03-2012

Annual accounts 2009 are published on 31-12-2010

Annual accounts 2008 are published on 17-12-2009

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2010	2009	2008
Quick ratio	0,17	0,21	0,38
Current ratio	0,18	0,22	0,40
Nett workingcapital / Balance total	-0,69	-0,67	-0,54
Capital and reserves / Balance total	-1,13	-1,07	-1,17
Capital and reserves / Fixed assets	-1,34	-1,34	-1,86
Solvency	-0,53	-0,51	-0,54
Nett workingcapital	-47.385	-49.000	-38.000
Capital and reserves	-77.846	-78.000	-82.000
Change capital and reserves	0,20%	4,88%
change short term liabilities	-7,98%	0,00%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Tendency

Tendency capital and reserves

Capital and reserves 2010 -77.846

Total debt 2010 146.553

Current ratio 2010 0,18

Quick ratio 2010 0,17

Nett workingcapital 2010 -47.385

Profitability Nil

Solvency Negative

Liquidity Negative

Current- & Quickratio

Balance Sheet

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Tangible assets	58.122	58.000	44.000
Fixed assets	58.122	58.000	44.000

Stocks and work in progress	938	1.000	1.000
Accounts receivable	8.252	9.000	8.000
Liquid assets	1.395	4.000	17.000
Current assets	10.585	14.000	25.000
Total assets	68.707	73.000	70.000

Capital and reserves	-77.846	-78.000	-82.000
other long term debts		89.000	89.000
Long term liabilities	88.583	89.000	89.000
Other short term debts		63.000	63.000
Total short term debt	57.970	63.000	63.000
Total debt	146.553	151.000	151.000
Total Liabilities	68.707	73.000	70.000

Company structure

• Van Zutphen Oirschot B.V. (17047913) Oirschot

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.32
UK Pound	1	Rs.87.36
Euro	1	Rs.70.36

INFORMATION DETAILS

Report Prepared by :

SDA

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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