MIRA INFORM REPORT

Report Date :

17.10.2012

IDENTIFICATION DETAILS

Name :	VAN DALEN INTERNATIONAL B.V.

Registered Office :	Graanweg 18, 4782PP Moerdijk

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	11.01.1996

Com. Reg. No.:	10144857

Legal Form :	Limited company

Line of Business :	Demolition and wrecking of buildings

No. of Employees :	11 employees

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 :	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

(31.03.2012)

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	Van Dalen International B.V.
Tradename	Van Dalen International B.V.
Address	Graanweg 18
	4782PP Moerdijk
	Netherlands
Mail address	Postbus 56
	4780AB Moerdijk
	Netherlands
Telephone number	0168330130
Telefax number	0168330138
E-mail address	info@vandalenrecycling.nl
Website	www.vandalenrecycling.nl
VAT number / RSIN	804701775

History HANDELSWEG 19 -21

6541 CS NIJMEGEN

Tot: 15-10-2009

COMPANY STRUCTURE

Shareholder VADA Materieel B.V.

Graanweg 18

4782PP MOERDIJK

Netherlands

KvK: 23015438

Active since: 16-09-2009

Percentage: 100.00%

Ultimate parent company Stichting Administratiekantoor Shares van Dalen

Eemnesserweg 34

1261HJ BLARICUM

KvK: 41121978

Holding company VADA Materieel B.V.

Graanweg 18

4782PP MOERDIJK

KvK: 23015438

Affiliated companies Van Dalen Doetinchem B.V.

Fabriekstraat 49

7005AP DOETINCHEM

KvK: 09082208

De Ruiter Schroot B.V.

Nijverheidsweg 72

6541CN NIJMEGEN

KvK: 10019931

Van Dalen Nieuwerkerk aan den IJssel B.V.

Kortenoord 57

2911BD NEWRKERK AD IJSSEL

KvK: 10019932

Van Dalen Nijmegen B.V.

Handelsweg 19

6541CS NIJMEGEN

KvK: 10034348

Van Dalen Moerdijk B.V.

Graanweg 18

4782PP MOERDIJK

KvK: 20080354

Van Dalen H.I. Ambacht B.V.

Graanweg 18

4782PP MOERDIJK

KvK: 23035230

Exploitatiemaatschappij R. van Dalen-Ambacht B.V.

Graanweg 18

4782PP MOERDIJK

KvK: 23038096

Pensioenfonds R. van Dalen Ambacht B.V.

Graanweg 18

4782PP MOERDIJK

KvK: 23047565

Van Dalen Export B.V.

Graanweg 18

4782PP MOERDIJK

KvK: 23085513

Van Dalen Middelburg B.V.

Kleverskerkseweg 65

4338PM MIDDELBURG

KvK: 24333881

Handelsonderneming Pametex B.V.

Binckhorstlaan 162

2516BG 'S-GRAVENHAGE

KvK: 27043786

Groothandel in Grondstoffen voor de Papier- en Kartonindustrie A. van Vemde B.V.

Binckhorstlaan 162

2516BG 'S-GRAVENHAGE

KvK: 27066554

Van Dalen Nieuwerkerk Real estate B.V.

Kortenoord 57

2911BD NEWRKERK AD IJSSEL

KvK: 29047408

De Ruiter Handelmaatschappij B.V.

Bobinestraat 2

3903KG VEENENDAAL

KvK: 30014356

Real estate Unknown

The real estate is checked at the land registration office

Object code: No registration

MANAGEMENT

Management VADA Dordrecht B.V.

Graanweg 18

4782PP MOERDIJK

Netherlands

KvK: 23049899

Authorization: Fully authorized

Position: Manager

Date appointed: 01-01-1998

B.C.A. Vervoorn

Bernardus Cornelis Andreas

3319EW

Authorization: Limited authorization (max: € 500.000)

Position: Manager

Date appointed: 01-01-2002

Date of birth: 03-03-1951

Other directorships:

- Proxy: Van Dalen Moerdijk B.V. - MOERDIJK (KvK: 20080354)

F.H. Heukeshoven

Frederik Hendrik

Authorization: Limited authorization (max: € 500.000)

Position: General director

Date appointed: 14-03-2011

Date of birth: 05-06-1967

PAYMENT INFORMATION

Payment experiences

There are no payment experiences known

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2010 are published on 14-02-2012

Annual accounts 2009 are published on 01-03-2011

Annual accounts 2008 are published on 23-02-2010

Annual accounts 2007 are published on 03-02-2009

Type of publication Corporate

Publication Publication according to obligations by law

Cores figures

BOOKYEAR	2010	2009	2008
Quick ratio	1,00	1,67	21,12
Current ratio	1,00	1,67	21,12
Nett workingcapital / Balance total	0,00	0,40	0,95
Capital and reserves / Balance total	0,00	0,40	0,95
Capital and reserves / Fixed assets	--	--	--
Solvency	0,00	0,67	20,12
Nett workingcapital	18.151	18.151	18.151
Capital and reserves	18.151	18.151	18.151
Change capital and reserves	0,00%	0,00%	0,00%
change short term liabilities	50.446,05%	2.893,35%	80,40%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Tendency constant

Tendency Capital and reserves

Capital and reserves 2010 18.151

Total debt 2010 13.647.433

Current ratio 2010 1,00

Quick ratio 2010 1,00

Nett workingcapital 2010 18.151

Profitability Negative

Solvency Own resources are worn out

Liquidity Own resources are worn out

Current & Quick Rartio

Currency Euro

BALANCE sheet


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

Accounts receivable	9.834.688	45.021	172
Liquid assets	3.830.896	130	18.881
Current assets	13.665.584	45.151	19.053
Total assets	13.665.584	45.151	19.053

Capital and reserves	18.151	18.151	18.151
Other short term debts		27.000
Total short term debt	13.647.433	27.000	902
Total debt	13.647.433	27.000	902
Total Liabilities	13.665.584	45.151	19.053

History

Management Per 14-03-2011 is Proxy Frederik Hendrik Heukeshoven appointed.

Company structure

Stichting Administratiekantoor Shares van Dalen (41121978)

BLARICUM

VADA Dordrecht B.V. (23049899)

MOERDIJK

Subsidiary (100%)

VADA Real estate B.V. (10013874)

MOERDIJK

Subsidiary

VADA Materieel B.V. (23015438)

MOERDIJK

Subsidiary (100%)

Van Dalen Doetinchem B.V. (09082208)

DOETINCHEM

Subsidiary (100%)

De Ruiter Schroot B.V. (10019931)

NIJMEGEN

Subsidiary (100%)

Van Dalen Nieuwerkerk aan den IJssel B.V. (10019932)

NEWRKERK AD IJSSEL

Subsidiary (100%)

Van Dalen Nijmegen B.V. (10034348)

NIJMEGEN

Subsidiary (100%)

Van Dalen International B.V. (10144857)

Moerdijk

Subsidiary (100%)

Van Dalen Moerdijk B.V. (20080354)

MOERDIJK

Subsidiary (100%)

Van Dalen H.I. Ambacht B.V. (23035230)

MOERDIJK

Subsidiary (100%)

Exploitatiemaatschappij R. van Dalen-Ambacht B.V. (23038096)

MOERDIJK

Subsidiary (100%)

Pensioenfonds R. van Dalen Ambacht B.V. (23047565)

MOERDIJK

Subsidiary (100%)

Van Dalen Export B.V. (23085513)

MOERDIJK

Subsidiary (100%)

Van Dalen Middelburg B.V. (24333881)

MIDDELBURG

Subsidiary (100%)

Handelsonderneming Pametex B.V. (27043786)

'S-GRAVENHAGE

Subsidiary (100%)

Recycling Service Holland B.V. (27094210)

'S-GRAVENHAGE

Subsidiary (100%)

Groothandel in Grondstoffen voor de Papier- en Kartonindustrie A. van Vemde B.V. (27066554)

'S-GRAVENHAGE

Subsidiary (100%)

Van Dalen Nieuwerkerk Real estate B.V. (29047408)

NEWRKERK AD IJSSEL

Subsidiary (100%)

De Ruiter Handelmaatschappij B.V. (30014356)

VEENENDAAL

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.82
UK Pound	1	Rs.84.96
Euro	1	Rs.68.61

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.

Legal form	Besloten Vennootschap (Limited company)
Place of constitution	Moerdijk
Capital	EUR
Issued capital	EUR 18.151,21
Paid up capital	EUR 18.151,21

Employees	Total: 11
Employees according to CoC	Chamber of commerce: 11

MIRA INFORM REPORT

CONTACT INFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

Cores figures

BALANCE sheet

History

Company structure

Unit