MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	ERIK NIESTE AGENTUREN B.V.

Registered Office :	IJweg 501 B, 2143CL Boesingheliede

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	01.06.2005

Com. Reg. No.:	34229882

Legal Form :	Besloten Vennootschap

Line of Business :	Agents involved in the sale of textiles

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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 – 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

CONTACT INFORMATION

Company name	Erik Nieste Agenturen B.V.
Tradename	Erik Nieste Agenturen B.V.
	N-INX
Address	IJweg 501 B
	2143CL Boesingheliede
	Netherlands
Mail address	IJweg 501 B
	2143CL Boesingheliede
	Netherlands
Telephone number	0235551524
Telefax number	0235552484
Mobile phone	0630359833
E-mail address	erik@n-tex.eu
Website	unknown
VAT number / RSIN	814905511

COMPANY STRUCTURE

Shareholder	Erik Nieste Holding B.V.
	IJweg 501
	2143CL BOESINGHELIEDE
	Netherlands
	KvK: 34229880
	Active since: 12-09-2005
	Percentage: 100.00%
Holding company	Erik Nieste Holding B.V.
	IJweg 501
	2143CL BOESINGHELIEDE
	KvK: 34229880

Bank ABN Amro Bank NV

Account number: 54.36.85.160

Real estate	Property owned
	The real estate is checked at the land registration office
	Object code: HAARLEMMERMEER AB 1794
	Owner: ERIK NIESIN HOLDING B.V.

MANAGEMENT

Management	Erik Nieste Holding B.V.
	IJweg 501
	2143CL BOESINGHELIEDE
	Netherlands
	KvK: 34229880
	Authorization: Fully authorized
	Position: General director
	Date appointed: 12-09-2005

PAYMENT INFORMATION

Payment experiences According to terms

Payments Based on multiple payment experiences up to € 2.000

Quarter: 4 2011: 30 Average days

Quarter: 1 2012: 30 Average days

Quarter: 2 2012: 30 Average days

Quarter: 3 2012: 30 Average days

FINANCIAL INFORMATION

Auditor

Publication financial statement

Meester & Kuiper Accountants en Bel.adv.

Annual accounts 2010 are published on 06-12-2011

Annual accounts 2009 are published on 13-12-2010

Annual accounts 2008 are published on 25-03-2010

Annual accounts 2007 are published on 25-02-2009

Type of publication Publication

Corporate

Publication according to obligations by law

CORE FIGURES

BOOKYEAR	2010	2009	2008
Quick ratio	1,79	2,12	3,07
Current ratio	1,79	2,12	3,07
Nett workingcapital / Balance total	0,37	0,44	0,61
Capital and reserves / Balance total	0,52	0,61	0,71
Capital and reserves / Fixed assets	3,52	3,59	6,93
Solvency	1,10	1,55	2,42
Nett workingcapital	108.367	144.784	172.000
Capital and reserves	151.325	200.741	201.000
Change capital and reserves	-24,62%	-0,13%	46,72%
change short term liabilities	6,70%	55,72%	-79,51%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Tendency Declining

Capital and reserves 2010 151.325

Total debt 2010 137.907

Current ratio 2010 1,79

Quick ratio 2010 1,79

Nett workingcapital 2010 108.367

Profitability Negative

Solvency Sufficient

Liquidity Positive

BALANCE

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Tangible assets	42.958	55.957	29.000
Fixed assets	42.958	55.957	29.000

Accounts receivable	94.818	145.148	164.000
Liquid assets	151.456	128.885	91.000
Current assets	246.274	274.033	255.000
Total assets	289.232	329.990	283.000

Capital and reserves	151.325	200.741	201.000
Other short term debts			83.000
Total short term debt	137.907	129.249	83.000
Total debt	137.907	129.249	83.000
Total Liabilities	289.232	329.990	283.000

Company structure

• Erik Nieste Holding B.V. (34229880) BOESINGHELIEDE

o Erik Nieste Agenturen B.V. (34229882) Boesingheliede Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.44

INFORMATION DETAILS

Report Prepared by :

PDT

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.

Place of constitution	Amsterdam
Capital	EUR 90.000
Issued capital	EUR 18.000
Paid up capital	EUR 18.000

NACE-code	Agents involved in the sale of textiles (5116)
SBI-code	Agents involved in the sale of textiles, clothing, footwear and leather goods (4616)
Formal objective	Intermediair tussen fabrieken en afnemers in binnen- en buitenland op het gebied van
	kleding

Employees	Total: 1
Employees according to CoC	Chamber of commerce: 1
Bookyear	2012	2010	2009
Number	1	3	1
Change	-66,67%	200,00%	0,00%