MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	B.V. CHEMISCHE FACTORY TRIADE

Registered Office :	Dijkweg 159, 2675AD Honselersdijk

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	01.01.1978

Com. Reg. No.:	27218293

Legal Form :	Limited Company

Line of Business :	Manufacturer of paints, varnishes and similar coatings, printing ink a mastics (203) Manufacture of paints, varnishes and similar coatings, printing ink a mastics

No. of Employees :	01

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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 sixth-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 in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent.

Source : CIA

CONTACT INFORMATION

Company name	B.V. Chemische Factory Triade

Tradename	Helion Chemie
	Italcolor
	Colorants Azoiques et Produits Auxilaires (C.A.P.A.)
	Greenville Colorants

Address	Dijkweg 159
	2675AD Honselersdijk
	Netherlands

Mail address	Postbus 17
	2670AA Naaldwijk
	Netherlands
Telephone number	0174 272222
Telefax number	0174 272270
E-mail address	sales@helion.nl
Website	www.triade.nl

VAT number / RSIN	004388082

COMPANY STRUCTURE

Ultimate shareholder/ manager	Syncolor Beheer B.V.
	Dijkweg 159
	2675AD HONSELERSDIJK
	Netherlands
	KvK: 27217262
	Lida Investments B.V.
	Thorbeckelaan 102
	2641XJ PIJNACKER
	Netherlands
	KvK: 27145310

Holding company	Syncolor Beheer B.V.
	Dijkweg 159
	2675AD HONSELERSDIJK
	KvK: 27217262

Affiliated companies	Helion Chemie B.V.
	Dijkweg 159
	2675AD HONSELERSDIJK
	KvK: 27212937

Bank ABN Amro Bank NV

Account number: 47.37.15.244

Real estate Lease

Surface: 1500 m2

The real estate is checked at the land registration office

Object code: NAALDWIJK H 1776

Owner: HETRI HOLDING B.V.

Description: Dijkweg 159

MANAGEMENT

Management J.G.J.M. van der Ligt

Johannes Gerardus Joseph Maria

Authorization: Fully authorized

Position: Manager

Date appointed: 17-02-1978

Date of birth: 16-05-1948

J.G. van Roon

Jacob Gerardus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-11-1997

Date of birth: 30-07-1948

Other directorships:

- Proxy: Chromatech Europe B.V. - Honselersdijk (KvK: 27304372)

R.J. Zeegers

Rudolf Jan

Authorization: Limited authorization

Position: Proxy

Date appointed: 02-04-2002

Date of birth: 15-02-1952

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 25.000

Quarter: 4 2012: 77 Average days

Quarter: 1 2013: 92 Average days

Quarter: 2 2013: 86 Average days

Quarter: 3 2013: 54 Average days

	invoices	current quarter		2013 Q2	2013 Q1	2012 Q4
Total	27	100%	29.791	34.327	34.687	35.949
Within terms	4	30,7%	9.137	2.125	425
Delayed 0 - 30	14	69,3%	20.654	21.379	22.104	32.612
Delayed 31 - 60	5	0,0%		10.343	11.678	3.337
Delayed 61 - 90
Delayed 91 - 120	2	0,0%		192	192
Delayed 120+ days	2	0,0%		288	288

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2011 are published on 11-02-2013

Annual accounts 2010 are published on 26-10-2011

Annual accounts 2009 are published on 08-12-2010

Annual accounts 2008 are published on 08-10-2009

Annual accounts 2007 are published on 22-12-2008

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	1,13	0,97	1,22
Current ratio	1,72	1,71	1,84
Nett workingcapital / Balance total	0,41	0,41	0,45
Capital and reserves / Balance total	0,43	0,43	0,46
Capital and reserves / Fixed assets	20,67	23,93	33,59
Solvency	0,76	0,74	0,87
Nett workingcapital	4.012.132	3.998.407	3.584.860
Capital and reserves	4.216.149	4.172.798	3.694.851
Change capital and reserves	1,04%	12,94%	-5,11%
change short term liabilities	-0,53%	31,67%	5,11%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Tendency Changeable

Tendency capital and reserves

Capital and reserves 2011 4.216.149

Total debt 2011 5.583.745

Current ratio 2011 1,72

Quick ratio 2011 1,13

Nett workingcapital 2011 4.012.132

Profitability Limited

Solvency Positive

Liquidity Positive

Current- & Quickratio

BALANCE sheet

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Financial assets	204.017	174.391	109.991
Fixed assets	204.017	174.391	109.991

Stocks and work in progress	3.273.084	4.155.055	2.666.635
Accounts receivable	4.595.429	5.247.987	4.042.287
Liquid assets	1.727.364	208.739	1.139.171
Current assets	9.595.877	9.611.781	7.848.093
Total assets	9.799.894	9.786.172	7.958.084

Capital and reserves	4.216.149	4.172.798	3.694.851
Total short term debt	5.583.745	5.613.374	4.263.233
Total debt	5.583.745	5.613.374	4.263.233
Total Liabilities	9.799.894	9.786.172	7.958.084

History

Liability statements Per 01-02-2011 filed a withdrawal of declaration of liability by Helion

Chemie B.V..

Company structure

Syncolor Beheer B.V. (27217262)

HONSELERSDIJK

Helion Chemie B.V. (27212937)

HONSELERSDIJK

Subsidiary

B.V. Chemische Factory Triade (27218293)

Honselersdijk

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.05
UK Pound	1	Rs.90.89
Euro	1	Rs.78.27

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.

Place of constitution	Honselersdijk
Capital	EUR 453.780,22
Issued capital	EUR 226.890,11
Paid up capital	EUR 226.890,11

NACE-code	Manufacture of paints (2430)
SBI-code	Manufacture of paints, varnishes and similar coatings, printing ink a mastics (203) Manufacture of paints, varnishes and similar coatings, printing ink a mastics (2030)
Formal objective	Het fabriceren van en de handel in chemische produkten alsmede de uitoefening van agenturen- en commissiehandel in die produkten.
Import	The whole world
Export	The whole world