MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	TEN KATE TEXTIEL B.V.

Registered Office :	A. Einsteinweg 23, 2408AP Alphen aan den Rijn

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	14.03.2000

Com. Reg. No.:	28042048

Legal Form :	Limited Company

Line of Business :	Wholesale of textile products

No. of Employees :	09 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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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	Ten Kate Textiel B.V.
Tradename	Ten Kate Textiel B.V.
Address	A. Einsteinweg 23
	2408AP Alphen aan den Rijn
	Netherlands
Mail address	A. Einsteinweg 23
	2408AP Alphen aan den Rijn
	Netherlands
Telephone number	0172-494244
Telefax number	0172-472613
E-mail address	tenkate@tenkatetextiel.nl
Website	www.tenkatetext iel.nl
VAT number / RSIN	808636418

COMPANY STRUCTURE


Shareholder	Ten Kate Holding B.V.
	A. Einsteinweg 23
	2408AP ALPHEN AAN DEN RIJN
	Netherlands
	KvK: 28085389
	Active since: 07-03-2000
	Percentage: 100.00%
Holding company	Ten Kate Holding B.V.
	A. Einsteinweg 23
	2408AP ALPHEN AAN DEN RIJN
	KvK: 28085389

Bank ABN Amro Bank NV

Account number: 42.00.25.561

Real estate Property owned

The real estate is checked at the land registration office

Object code: ALPHEN AAN DEN RIJN A 6950

Owner: INN KATE HOLDING B.V.

MANAGEMENT


Management	Ten Kate Holding B.V.
	A. Einsteinweg 23
	2408AP ALPHEN AAN DEN RIJN
	Netherlands
	KvK: 28085389
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 07-03-2000

Payments information

Payment experiences Payments are regular, no complaints are known

Payments Based on multiple payment experiences up to € 2.000

Quarter: 4 2011: 31 Average days

Quarter: 1 2012: 60 Average days

Quarter: 2 2012: 42 Average days

Quarter: 3 2012: 33 Average days

	invoices	current quarter		2012 Q2	2012 Q1	2011 Q4
Total	49	100%	3.631	3.616	3.621	3.637
Within terms	39	93,3%	3.386	2.840	2.549	3.532
Delayed 0 - 30	⁶	6,7%	245	595	595	105
Delayed 31 - 60	²	0,0%		181	253
Delayed 61 - 90
Delayed 91 - 120	¹	0,0%			90
Delayed 120+ days	¹	0,0%			134

FINANCIAL INFORMATION


Auditor	LTB ADVISEURS EN AUDITORS BV
	Alphen aan den Rijn
Publication financial statement	Annual accounts 2011 are published on 14-08-2012
	Annual accounts 2010 are published on 04-08-2011
	Annual accounts 2009 are published on 14-09-2010
	Annual accounts 2008 are published on 21-09-2009
	Annual accounts 2007 are published on 10-10-2008
Type of publication	Corporate
Publication	Steady

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	1,88	3,13	2,55
Current ratio	3,46	5,15	5,23
Nett workingcapital / Balance total	0,68	0,78	0,78
Capital and reserves / Balance total	0,72	0,81	0,82
Capital and reserves / Fixed assets	18,02	31,02	19,64
Solvency	2,61	4,29	4,46
Nett workingcapital	834.267	986.439	776.416
Capital and reserves	883.287	1.019.294	818.072
Change capital and reserves	-13,34%	24,60%	0,50%
change short term liabilities	42,69%	29,61%	118,26%

BALANCE sheet


BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Tangible assets	49.020	32.855	41.656
Fixed assets	49.020	32.855	41.656

Stocks and work in progress	536.312	481.323	491.425
Accounts receivable	330.194	237.176	247.855
Liquid assets	306.826	505.569	220.472
Current assets	1.173.332	1.224.068	959.752
Total assets	1.222.352	1.256.923	1.001.408

Capital and reserves	883.287	1.019.294	818.072
Total short term debt	339.065	237.629	183.336
Total debt	339.065	237.629	183.336
Total Liabilities	1.222.352	1.256.923	1.001.408

Company structure

Ten Kate Holding B.V. (28085389)

ALPHEN AAN DEN RIJN

Ten Kate Textiel B.V. (28042048)

Alphen aan den Rijn Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.44
UK Pound	1	Rs.89.31
Euro	1	Rs.71.62

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.

Capital	EUR 90.756,04
Issued capital	EUR 18.151,21
Paid up capital	EUR 18.151,21

Employees	Total: 9
Bookyear		2011	2010	2009
Number		9	9	9
Change		0,00%	0,00%	0,00%