MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	ZEEMAN TEXTIELSUPERS B.V.

Registered Office :	De Schans 15, 2405XX Alphen aan den Rijn

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	16.03.1967

Com. Reg. No.:	28034863

Legal Form :	Besloten Vennootschap

Line of Business :	Festivity halls and festivity buildings exploitation

No. of Employees :	375

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	ZEEMAN TEXTIELSUPERS B.V.
Tradename	ZEEMALE textielSupers B.V.
Address	De Schans 15
	2405XX Alphen aan den Rijn
	Netherlands
Mail address	Postbus 301
	2400AH Alphen aan den Rijn
	Netherlands
Telephone number	0172482911
Telefax number	0172482293
E-mail address	zeeman@zeeman.com
Website	www.zeeman.com
VAT number / RSIN	005154820
Branch(es)	599 branches

COMPANY STRUCTURE

Shareholder	Zeeman Groep B.V.
	De Schans 15
	2405XX ALPHEN AAN DEN RIJN
	Netherlands
	KvK: 28047313
	Active since: 31-12-1993
	Percentage: 100.00%
Holding company	Zeeman Groep B.V.
	De Schans 15
	2405XX ALPHEN AAN DEN RIJN
	KvK: 28047313
Affiliated companies	Tex-Style Europe 2000 B.V.
	De Schans 15
	2405XX ALPHEN AAN DEN RIJN
	KvK: 34117499
Liability declaration	Zeeman Groep B.V. (28047313)
	De Schans 15
	2405XX ALPHEN AAN DEN RIJN

Bank	Rabobank Netherlands
	Account number: 39.17.42.744
	ING Bank NV
	Account number: 65.24.14.184

Real estate	Lease
	The real estate is checked at the land registration office
	Object code: ALPHEN AAN DEN RIJN B 6975
	Owner: DE SCHANS B.V.
	Description: De Schans 15

MANAGEMENT

Management	A.W.M. van Bolderen
	Albertus Wilhelmus Maria
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 01-06-2011
	Date of birth: 02-02-1955
	B.E. Karis
	Barthold Eduard
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 24-05-2007
	Date of birth: 11-12-1958

PAYMENT INFORMATION

Payment experiences Payments are regular, no complaints are known

Payments Based on multiple payment experiences up to € 50.000

Quarter: 2 2012: 41 Average days

Quarter: 3 2012: 37 Average days

Quarter: 4 2012: 45 Average days

Quarter: 1 2013: 47 Average days

	invoices	current quarter		2012 Q4	2012 Q3	2012 Q2
Total	84	100%	155.078	153.735	157.314	156.877
Within terms	64	74,1%	114.915	144.825	141.676	118.064
Delayed 0 - 30	¹³	24,0%	37.260	3.105	12.420	38.813
Delayed 31 - 60
Delayed 61 - 90	¹	0,0%			2.250
Delayed 91 - 120	³	0,7%	1.161	2.322	387
Delayed 120+ days	³	1,1%	1.742	3.483	581

FINANCIAL INFORMATION

Type of publication	Consolidated
Annual accounts van	Zeeman Groep B.V.
	De Schans 15
	2405XX ALPHEN AAN DEN RIJN
	KvK: 28047313
Publication	Publication according to obligations by law

CORE FIGURES

BOOKYEAR	2010	2009	2008
Quick ratio	0,15	0,20	0,32
Current ratio	1,00	1,02	1,14
Nett workingcapital / Balance total	-0,00	0,01	0,09
Capital and reserves / Balance total	0,31	0,32	0,38
Capital and reserves / Fixed assets	0,91	1,00	1,27
Solvency	0,46	0,48	0,62
Nett workingcapital Capital and reserves	-89.000 56.949.000	1.726.000 54.623.000	14.840.000 64.347.000
Change capital and reserves change short term liabilities	4,26% 9,25%	-15,11% 10,27%
Operating profit Nett Turnover	33.336.000 529.358.000	26.124.000 498.910.000	33.341.000 476.305.000

Annual accounts The published financial information is the consolidated group information.

Last annual accounts 2010

Type of publication	Consolidated
Turnover	2010:	529.358.000
	2009:	498.910.000
	2008:	476.305.000
	2007:	456.401.000
	2006:	433.537.000
Gross profit	2007:	211.348.000
	2006:	202.793.000
Operating profit	2010:	33.336.000
	2009:	26.124.000
	2008:	33.341.000
	2007:	33.050.000
	2006:	32.909.000
Result after taxes	2010:	22.809.000
	2009:	18.287.000
	2008:	32.185.000
	2007:	20.399.000
	2006:	18.428.000

Tendency capital and reserves

Capital and reserves 2010 56.949.000

Total debt 2010 124.951.000

Current ratio 2010 1,00

Quick ratio 2010 0,15

Nett workingcapital 2010 -89.000

Profitability More than sufficient

Solvency Sufficient

Liquidity Limited

Current- & Quickratio

Balance

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Other intangible assets	1.115.000
Intangible assets	1.115.000
Tangible assets	59.095.000	54.611.000	50.727.000
Financial assets	2.098.000
Fixed assets	62.308.000	54.611.000	50.727.000

Stocks and work in progress	105.502.000	93.181.000	85.526.000
Trade debtors	71.000	24.000	117.000
Other amounts receivable	4.126.000	7.505.000	17.521.000
Accounts receivable	4.197.000	7.529.000	17.638.000
Liquid assets	14.557.000	14.828.000	14.886.000
Current assets	124.256.000	115.538.000	118.050.000
Total assets	186.564.000	170.149.000	168.777.000

Capital and reserves	56.949.000	54.623.000	64.347.000
Provisions	4.664.000	1.714.000	1.220.000
other long term debts	606.000
Long term liabilities	606.000
Other short term debts	124.345.000		103.210.000
Total short term debt	124.345.000	113.812.000	103.210.000
Total debt	124.951.000	113.812.000	104.430.000
Total Liabilities	186.564.000	170.149.000	168.777.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2010	2009	2008
Turnover	529.358.000	498.910.000	476.305.000
Nett Turnover	529.358.000	498.910.000	476.305.000
Wages employees	112.962.000	109.478.000	101.018.000
Depreciation and amortization	14.744.000	13.634.000	12.640.000
Raw materials	280.390.000	267.430.000	254.729.000
Other operating charges	87.926.000	82.244.000	74.577.000
Operating charges	496.022.000	472.786.000	442.964.000
Operating profit	33.336.000	26.124.000	33.341.000
Financial income	16.000	404.000	1.357.000
Financial charges	3.946.000	3.551.000	4.405.000
Financial result	-3.930.000	-3.147.000	-3.048.000
Result before taxes	29.406.000	22.977.000	30.293.000
Income taxes	6.388.000	4.690.000	-2.221.000
Result after taxes	23.018.000	18.287.000	32.514.000
Extraordinary charges	209.000		329.000
Extraordinary result	209.000		329.000
Taxes on extraordinary result	-209.000		-329.000
Extraordinary result after taxes	-209.000		-329.000
Nett result	22.809.000	18.287.000	32.185.000

History

Consent statements

Over bookyear 2011 a consent agreement is filed Over bookyear 2010 a consent agreement is filed Over bookyear 2009 a consent agreement is filed

Management

Per 31 -05-2011 manager Eric Jan van der Woude out of office.

Per 01-06-2011 manager Albertus Wilhelmus Maria van Bolderen appointed.

Company structure

· Zeeman Groep B.V. (28047313)

ALPHEN AAN DEN RIJN

o Zeeman Textielsupers B.V. (28034863) Alphen aan den Rijn

Subsidiary (100%)

o Tex-Style Europe 2000 B.V. (34117499)

ALPHEN AAN DEN RIJN Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

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.

NACE-code	Festivity halls and festivity buildings exploitation (702041)
	Letting of real estate n.e.c. (702042)
SBI-code	Renting of non-residential real estate (68204)
Formal objective	Het exploiteren van detailhandelszaken op het gebied van textielgoederen, kleding,
	stukgoederen, huishoudelijke goods en speelgoed

Employees	Total: 375
Bookyear		2012	2011	2009
Number		375	375	375
Change		0,00%	0,00%	0,00%