MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	BVA AUCTIONS B.V.

Registered Office :	Bijenvlucht 32 Hoevelaken, 3871 JJ

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	28.09.2006

Com. Reg. No.:	32118690

Legal Form :	Private Subsidiary

Line of Business :	Sale of motor vehicles

No. of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Netherland

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

Company name and address

Top of Form

Bottom of Form

Top of Form

Bva Auctions B.V.

Bijenvlucht 32


Hoevelaken, 3871 JJ
Netherlands

Tel:	+31 033-2542960

Employees:	15
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Bva Holding B.V.

Incorporation Date:	28-Sep-2006

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	NA
Total Assets:	22.7

Business Description

BVA Auctions B.V. is primarily engaged in sale of new motor vehicles; and sale of used motor vehicles.

Industry

Industry	Retail (Specialty)
ANZSIC 2006:	391 - Motor Vehicle Retailing
NACE 2002:	5010 - Sale of motor vehicles
NAICS 2002:	4411 - Automobile Dealers
UK SIC 2003:	5010 - Sale of motor vehicles
US SIC 1987:	5012 - Automobiles and Other Motor Vehicles

Key Executives

Name	Title
R. Meijer	Marketing manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Bijenvlucht 32
Hoevelaken, 3871 JJ
Netherlands

Tel:	+31 033-2542960

Suggest Company URL

Sales EUR(mil):	NA
Assets EUR(mil):	16.9
Employees:	15
Fiscal Year End:	31-Dec-2010


Industry:	Retail (Specialty)

Incorporation Date:	28-Sep-2006
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(NLD):	32118690


Marketing manager:	R. Meijer

Contents

ANZSIC 2006 Codes:
391	-	Motor Vehicle Retailing
696	-	Management and Related Consulting Services

NACE 2002 Codes:
5010	-	Sale of motor vehicles
7032	-	Management of real estate on a fee or contract basis

NAICS 2002 Codes:
53131	-	Real Estate Property Managers
4411	-	Automobile Dealers

US SIC 1987:
5012	-	Automobiles and Other Motor Vehicles
8744	-	Facilities Support Management Services

UK SIC 2003:
5010	-	Sale of motor vehicles
7032	-	Management of real estate on a fee or contract basis

Business Description

BVA Auctions B.V. is primarily engaged in sale of new motor vehicles; and sale of used motor vehicles.

Financial Data

Financials in:	EUR(mil)

Assets:	16.9
Current Assets:	16.4
Total Liabilities:	16.9
Net Worth:	3.9

Date of Financial Data:	31-Dec-2010

1 Year Growth

Subsidiaries

Company	Percentage Owned	Country
Bva Europe B.V.		Netherlands

Corporate Structure News

Bva Auctions B.V. Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Bva Holding B.V.	Parent
Bva Auctions B.V.	Subsidiary	Hoevelaken, Gelderland	Netherlands	Retail (Specialty)		15

Executives Report

Executives

Name

Title

Function

R. Meijer

Marketing manager

Marketing Executive

Annual Profit & Loss

	31-Dec-2010
Period Length	12 Months
Filed Currency	EUR
Exchange Rate (Period Average)	0.755078
Consolidated	No

Gross profit	12.0
Total payroll costs	3.5
Change in value of fixed assets arising from revaluation	0.1
Other operating costs	1.9
Net operating income	6.5
Total financial income	0.2
Total expenses	0.1
Profit before tax	6.5
Profit attributable to minority interest shareholdings	0.2
Profit on ordinary activities after tax	5.0
Total taxation	1.7
Profit after tax	5.0
Net profit	5.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Share premium account	0.1	0.1	-
Other reserves	-	6.1	0.2
Profit brought forward from previous year(s)	5.1	-	-
Total stockholders equity	5.2	6.3	0.2
Provisions and allowances	0.1	-	-
Total current liabilities	17.4	19.6	10.3
Total liabilities (including net worth)	22.7	25.9	10.5
Total tangible fixed assets	0.6	0.6	0.2
Total asset investment	0.2	0.3	-
Total non-current assets	0.8	0.9	0.2
Total receivables	14.2	16.5	7.7
Cash and liquid assets	7.7	8.4	2.5
Total current assets	21.9	25.0	10.2
Total assets	22.7	25.9	10.5

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Current ratio	1.30	1.30	1.00
Acid test ratio	1.30	1.30	1.00
Current liabilities to net worth	3.35%	3.12%	10.00%
Fixed assets to net worth	0.15%	0.14%	1.09%
Return on assets	0.29%	-	-
Shareholders' return	1.28%	-	-
Profit per employee	123.56	-	-
Return on capital	1.24%	-	-
Average wage per employee	65.92	-	-
Net worth	5.2	6.3	0.2
Number of employees	40	31	20

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.05
UK Pound	1	Rs.86.69
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

PRL

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.

MIRA INFORM REPORT

Company name and address

Corporate Overview

Financial Data

Corporate Structure News

Executives Report

Annual Profit & Loss

Unit