MIRA INFORM REPORT

Report Date :

19.02.2013

IDENTIFICATION DETAILS

Name :	RODACHEM B.V.

Registered Office :	Hogerwerf 1 4704RV Roosendaal

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	10.10.1986

Com. Reg. No.:	20051584

Legal Form :	Private Company

Line of Business :	Wholesale of basic and industrial chemicals

No. of Employees :	7

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)

Netherland

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	RODACHEM B.V.
Tradename	Rodachem B.V.
Address	Hogerwerf 1
	4704RV Roosendaal
	Netherlands
Mail address	Hogerwerf 1
	4704RV Roosendaal
	Netherlands
Telephone number	0165581888
Telefax number	0165561197
E-mail address	koopman@rodachem.nl
Website	www.rodachem.nl
VAT number / RSIN	008240863

COMPANY STRUCTURE

Shareholder	Itaned B.V.
	Hogerwerf 1
	4704RV ROOSENDAAL
	Netherlands
	KvK: 20104124
	Active since: 15-12-2004
	Percentage: 100.00%
Ultimate parent company	Koopman Holding B.V.
	Arnoldus Asselbergsstr 16
	4611CM BERGEN OP ZUNCLE
	KvK: 20104123
Holding company	Itaned B.V.
	Hogerwerf 1
	4704RV ROOSENDAAL
	KvK: 20104124
Affiliated companies	RDC International B.V.
	Hogerwerf 1
	4704RV ROOSENDAAL
	KvK: 54418992
	Rodadry B.V.
	Hogerwerf 1
	4704RV ROOSENDAAL
	KvK: 20131226
KvK: 20104124
Authorization: Fully authorized
Position: Manager
Date appointed: 15-12-2004
B.A.C. van der Wegen
Bastien Arnoldus Christiaan
Authorization: Limited authorization
Position: Proxy
Date appointed: 01-02-2010
Date of birth: 01-12-1975
R. Dijkgraaf - Kieskamp
Renate
Authorization: Limited authorization
Position: Proxy
Date appointed: 01-10-2000
Date of birth: 05-03-1976
M. Giovinazzo
Maurizio
Authorization: Fully authorized
Position: Proxy
Date appointed: 24-07-2002
Date of birth: 27-08-1976
A.A.H. Koopman
Adrianus Alouisius Hendrikus
Authorization: Fully authorized
Position: Proxy
Date appointed: 01-10-2000
Date of birth: 24-01-1966

PAYMENT INFORMATION

Payment experiences	Payments are regular
Payments	Based on multiple payment experiences up to € 12.500
	Quarter: 2 2012: 40 Average days
	Quarter: 3 2012: 62 Average days
	Quarter: 4 2012: 43 Average days
	Quarter: 1 2013: 46 Average days

FINANCIAL INFORMATION

Publication financial statement	Annual accounts 2011 are published on 12-07-2012
	Annual accounts 2010 are published on 06-05-2011
	Annual accounts 2009 are published on 04-06-2010
	Annual accounts 2008 are published on 20-11 -2009
	Annual accounts 2007 are published on 22-10-2008
Type of publication	Corporate
Publication	Steady

Core Figures

BOOKYEAR	2011	2010	2009
Quick ratio	1,55	0,69	0,87
Current ratio	2,49	1,42	1,93
Nett workingcapital / Balance total	0,60	0,29	0,48
Capital and reserves / Balance total	0,45	0,30	0,46
Capital and reserves / Fixed assets	148,11	39,42	41,69
Solvency	0,90	0,43	0,89
Nett workingcapital	2.271.350	1.003.934	841.721
Capital and reserves	1.733.051	1.019.801	811.448
Change capital and reserves	69,94%	25,68%	34,93%
change short term liabilities	-36,03%	163,06%	-65,99%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Type of publication Corporate

Gross profit 2008: 1.622.213

2007: 1.676.402

Operating profit 2008: 852.104

2007: 720.422

Result after taxes 2008: 392.532

2007: 292.713

Capital and reserves 2011 1.733.051

Total debt 2011 2.076.501

Current ratio 2011 2,49

Quick ratio 2011 1,55

Nett workingcapital 2011 2.271.350

Profitability Sufficient

Solvency Sufficient

Liquidity Sufficient

BALANCE

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Tangible assets	11.701	25.867	19.466
Fixed assets	11.701	25.867	19.466

Stocks and work in progress	1.428.809	1.744.183	963.203
Accounts receivable	2.367.706	1.645.422	785.316
Liquid assets	1.336	477	278
Current assets	3.797.851	3.390.082	1.748.797
Total assets	3.809.552	3.415.949	1.768.263

Capital and reserves	1.733.051	1.019.801	811.448
Provisions	150.000	10.000	49.739
Long term liabilities	400.000
Total short term debt	1.526.501	2.386.148	907.076
Total debt	2.076.501	2.396.148	956.815
Total Liabilities	3.809.552	3.415.949	1.768.263

History
Management	Per	01-02-2010	is	Proxy	Bastien Arnoldus Christiaan Van der Wegen appointed.
	Per	31-12-2009	is	Proxy	Adriana Margaretha Soetekouw-Voogt out of office.
	Per	31-01-2010	is	Proxy	Wendy Maria van der Meijden out of office.

Company structure

· Koopman Holding B.V. (20104123)

BERGEN OP ZUNCLE

o Itaned B.V. (20104124)

ROOSENDAAL

Management relation

§ Rodachem B.V. (20051584)

Roosendaal

Subsidiary (100%)

§ RDC International B.V. (54418992)

ROOSENDAAL

Subsidiary (100%)

§ Rodadry B.V. (20131226)

ROOSENDAAL

Management relation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.08

INFORMATION DETAILS

Report Prepared by :

SDA

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	20051584
Registered in	Chamber of commerce Zuidwest-Netherlands
Act of foundation	10-10-1986
Date of constitution	10-10-1986
Last change in statutes	24-07-2002
Legal form	Private Company
Place of constitution	Roosendaal
Issued capital	18.160
Paid up capital	18.160

Employees	Total: 7
Employees according to CoC	Chamber of commerce: 7
Bookyear	2013	2012	2011
Number	7	8	3
Change	-12,50%	166,67%	0,00%

MIRA INFORM REPORT

CONTACTINFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

PAYMENT INFORMATION

FINANCIAL INFORMATION

Core Figures

BALANCE

Company structure

Unit