MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	ADNAN HOLDING B.V.

Registered Office :	Leif Erikssonstraat 1, 1363LG Almere

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	24.02.1998

Com. Reg. No.:	33300402

Legal Form :	Limited Company

Line of Business :	Wholesaler of leather and semi-finished leather products

No. of Employees :	02 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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

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	Adnan Holding B.V.
Tradename	Adnan Holding B.V.
Address	Leif Erikssonstraat 1
	1363LG Almere
	Netherlands
Mail address	Leif Erikssonstraat 1
	1363LG Almere
	Netherlands
Telephone number	0365239668
Telefax number	0365239669
Mobile phone	0653804038
E-mail address	adnan_int@hotmail.com
Website	unknown
VAT number / RSIN	806739502

History	HANS ANDREUSSTRAAT 22
	1321 SL ALMERE
	Tot: 22-3-2012

COMPANY STRUCTURE

Shareholder	Mohammad Adnan Nasim
	Active since: 19-02-1998
	Percentage: 100.00%

Real estate	Privately-property owned
	The real estate is checked at the land registration office
	Object code: ALMERE W 771
	Owner: MOHAMMAD ADNAN NASIM

MANAGEMENT

Management	M.A. Nasim
	Mohammad Adnan
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 19-02-1998
	Date of birth: 22-09-1970

PAYMENT INFORMATION

Payment experiences

There are no payment experiences known

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2010 are published on 17-05-2011

Annual accounts 2009 are published on 17-05-2011

Annual accounts 2008 are published on 21-07-2009

Annual accounts 2007 are published on 21-11-2008

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2010	2009	2008
Quick ratio	12,90	14,34	7,90
Current ratio	12,90	14,34	7,90
Nett workingcapital / Balance total	0,92	0,93	0,87
Capital and reserves / Balance total	0,67	0,72	0,67
Capital and reserves / Fixed assets	-	-	-
Solvency	8,58	10,30	5,27
Nett workingcapital	175.027	214.194	207.000
Capital and reserves	126.201	165.368	158.000
Change capital and reserves	-23,68%	4,66%	36,21%
change short term liabilities	-8,38%	-46,47%	500,00%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Tendency Changeable

Tendency capital and reserves

Capital and reserves 2010 126.201

Total debt 2010 63.540

Current ratio 2010 12,90

Quick ratio 2010 12,90

Nett working capital 2010 175.027

Profitability Negative

Solvency More than sufficient

Liquidity More than sufficient

Current- & quick Ratio

Balance sheet

BALANCE
BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008

Accounts receivable	154.118	208.570	169.000
Liquid assets	35.623	21.684	68.000
Current assets	189.741	230.254	237.000
Total assets	189.741	230.254	237.000

Capital and reserves	126.201	165.368	158.000
Provisions	48.826	48.826	49.000
Other short term debts			30.000
Total short term debt	14.714	16.060	30.000
Total debt	63.540	64.886	79.000
Total Liabilities	189.741	230.254	237.000

Company structure

Adnan Holding B.V. (33300402)

Almere

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

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%)

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.

Handelsregisternummer	33300402
Registered in	Chamber of commerce Gooi-, Eem- en Flevoland
First registration	24-02-1998
Act of foundation	19-02-1998
Date of constitution	19-02-1998
Legal form	Besloten Vennootschap (Limited Company)
Place of constitution	Amsterdam
Issued capital	18.151,21
Paid up capital	18.151,21

Employees	Total: 2
Employees according to CoC	Chamber of commerce: 2
Bookyear		2012	2010
Number		2	2
Change		0,00%