MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	MAXTREND ENTERPRISES LIMITED

Registered Office :	Cartografenweg 28 b 5141MT Waalwijk

Country :	Netherlands

Financials (as on) :	31.12.2009

Date of Incorporation :	17.11.1992

Legal Form :	Buitenlandse Legal Form

Line of Business :	Wholesale of footwear

No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	€ 60.000
Status :	Small Company
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Netherlands

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

CONTACTINFORMATION

Company name	Maxtrend Enterprises Limited
Tradename	Maxus the Shoecompany
	Courage Shoes
Address	Cartografenweg 28 b
	5141MT Waalwijk
	Netherlands
Mail address	Cartografenweg 28 b
	5141MT Waalwijk
	Netherlands
Telephone number	0416652041
Telefax number	0416652002
Mobile phone	0653153665
E-mail address	info@maxusshoecompany.nl
Website	www.courageshoes.nl
VAT number / RSIN	802671433

CREDIT LIMIT

Credit limit A credit of € 60.000 may be granted

Registered in Administration of Industry and Commerce Hong Kong, China with registration number 444781

Special remarks According to the staatscourant the 2010 annual accounts are published. But the annual accounts are not jet available at the chamber of commerce.

COMPANY STRUCTURE

Subsidiary	Courage Shoes B.V.
	Cartografenweg 28
	5141MT WAALWIJK
	KvK: 18129867

Bank ABN Amro Bank NV

Bank BNP Paribas SA

Real estate Unknown

The real estate is checked at the land registration office

MANAGEMENT

Management	G.J.R. Ankone
	Gerrit Jan Reginald
	Authorization: Limited authorization
	Position: Manager
	Date appointed: 17-08-1993
	Date of birth: 25-05-1939

PAYMENT INFORMATION

Payment experiences There are no payment experiences known

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2010 are published on 17-10-2011

Annual accounts 2009 are published on 12-08-2010

Annual accounts 2008 are published on 14-09-2009

Annual accounts 2007 are published on 04-03-2009

Type of publication Corporate

Publication Although the statutory deadline, the company's annual documents are not yet published in the register of the Chamber of Commerce.

CORE FIGURES
BOOKYEAR	2009	2008	2007
Quick ratio	8,97	6,00	7,07
Current ratio	9,79	7,09	7,87
Nett workingcapital / Balance total	0,87	0,83	0,83
Capital and reserves / Balance total	0,62	0,59	0,59
Capital and reserves / Fixed assets	17,78	15,85	11,43
Solvency	1,70	1,55	1,55
Nett workingcapital	925.891	907.000	818.000
Capital and reserves	659.587	650.000	583.000
Change capital and reserves	1,47%	11,49%
change short term liabilities	-29,30%	25,21%

Annual accounts The company is not obligated to publish its financial account.

Last annual accounts 2009

Tendency Changeable

Capital and reserves 2009 659.587

Total debt 2009 408.747

Current ratio 2009 9,79

Quick ratio 2009 8,97

Nett workingcapital 2009 925.891

Profitability Nil

Solvency More than sufficient

Liquidity More than sufficient

Currency Euro

Balance

BOOKYEAR	2009	2008	2007
End of bookyear	31-12-2009	31-12-2008	31-12-2007
Intangible assets	25.000	25.000	25.000
Tangible assets	12.094	16.000	10.000
Financial assets	1		16.000
Fixed assets	37.095	41.000	51.000

Stocks and work in progress	86.045	162.000	96.000
Accounts receivable	233.357	304.000	101.000
Liquid assets	711.837	590.000	740.000
Current assets	1.031.239	1.056.000	937.000
Total assets	1.068.334	1.097.000	988.000

Capital and reserves	659.587	650.000	583.000
Provisions	20.205	28.000	28.000
other long term debts	283.194	270.000	257.000
Long term liabilities	283.194	270.000	257.000
Other short term debts	105.348	149.000	119.000
Total short term debt	105.348	149.000	119.000
Total debt	408.747	447.000	404.000
Total Liabilities	1.068.334	1.097.000	988.000

Company structure

• Maxtrend Enterprises Limited (18129959) Waalwijk

o Courage Shoes B.V. (18129867)

WAALWIJK

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.31
UK Pound	1	Rs.79.04
Euro	1	Rs.65.82

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.

Date of constitution	17-11-1992
Continuation date	17-08-1993
Legal form	Buitenlandse Legal form
Place of constitution	Hong Kong
Capital	EUR
Issued capital	EUR 10.000
Paid up capital	EUR

NACE-code	Wholesale of footwear (51424)
SBI-code	Wholesale of footwear (46424)
Formal objective	Import en export van schoenen
Import	Italy, Slovakian Republic, Czech Republic, Asia
Export	Europe
Brand(s)	Shoot

Employees	Total: 4
Employees according to CoC	Chamber of commerce: 4
Bookyear	2012	2009	2008
Number	4	4	6
Change	0,00%	-33,33%	50,00%