MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	KIN NETHERLANDS B.V.

Registered Office :	Verheeskade 197 2521DD 's-Gravenhage

Country :	Netherlands

Date of Incorporation :	09.06.2006

Com. Reg. No.:	27289167

Legal Form :	Besloten Vennootschap

Line of Business :	Retail sale of jeweller's goods

No. of Employees :	1

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

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	KIN Netherlands B.V.
Tradename	Lucardi Juwelier
	KIN Netherlands B.V.
Address	Verheeskade 197
	2521DD 's-Gravenhage
	Netherlands
Mail address	Postbus 19385
	2500CJ 's-Gravenhage
	Netherlands
Telephone number	0703766300
E-mail address	info@lucardi.nl
Website	www.lucardi.nl
VAT number / RSIN	815801208
Branch(es)	94 branches

Non Registered Branch: Kin Theodor Stangstraat-107, 2521 DK Den Haag,

Amsterdam, Netherland

COMPANY STRUCTURE

Shareholder Klockgrossisten I Norden AB

Sweden

990005410924

Percentage: 100.00%

Shareholder Name: Klockgrossisten I Norden AB

Office address: Almungevägen 2, SE-194 51 Upplands Väsby, Sweden Registered in: Bolagsverket Upplands Väsby, Sweden with registration number DB 556438-6950 Only shareholder since: 08-06-2006

Holding company Klockgrossisten I Norden AB 990005410924

Subsidiary Kijkshop B.V. Schimminck 12 5301KR ZALTBOMMEL

KvK: 11017557

Bank	ABN Amro Bank NV
	ING Bank NV

Real estate	Lease

MANAGEMENT

Management T.A. Koomen Theodorus Antonius

Authorization: Fully authorized

Position: Manager

Date appointed: 15-01-2010

Date of birth: 14-05-1962

A. Al Saffar

Ayad Authorization: Fully authorized

Position: Manager

Date appointed: 08-06-2006

Date of birth: 25-07-1964

PAYMENT INFORMATION

Payment experiences Payments are regular, no complaints are known Payments Based on multiple payment experiences up to € 50.000

Quarter: 2 2012: 75 Average days

Quarter: 3 2012: 42 Average days

Quarter: 4 2012: 34 Average days

Quarter: 1 2013: 25 Average days

	invoices	current quarter		2012 Q4	2012 Q3	2012 Q2
Total	134	100%	147.822	150.358	162.729	203.283
Within terms	85	93,2%	137.745	129.136	103.309	47.350
Delayed 0 - 30	43	6,8%	10.077	21.222	59.420	106.106
Delayed 31 - 60	2	0,0%				19.190
Delayed 61 - 90	4	0,0%				30.637
Delayed 91 - 120
Delayed 120+ days

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2007 are published on 29-01-2008 (Broken accounting year)

Annual accounts	The company is not obligated to publish its financial account.
Tendency	Not to be judged because of the absence of sufficient financial information
Profitability	Not to be judged
Solvency	Not to be judged
Liquidity	Based on payment experiences the liquidity can be described as positive
Currency	Euro

History

Liability statements	Per 15-02-2008 filed a declaration of liability.
Consent statements	Over bookyear 2012 a consent agreement is filed
	Over bookyear 2011 a consent agreement is filed
	Over bookyear 2010 a consent agreement is filed
Management	Per 15-01-2010 manager Theodorus Antonius Koomen appointed.

Company structure

• Klockgrossisten I Norden AB (990005410924)

o KIN Netherlands B.V. (27289167) 's-Gravenhage

Subsidiary

■ Kijkshop B.V. (11017557)

ZALTBOMMEL

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.05
UK Pound	1	Rs.82.75
Euro	1	Rs.71.61

INFORMATION DETAILS

Report Prepared by :

PRL

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
Place of constitution	's-Gravenhage
Issued capital	400.000
Paid up capital	400.000
NACE-code	Financial holding (65234)
SBI-code	Retail sale of jeweller's goods (4777)
	Financial holding (642)
	Financial holding (6420)
Formal objective	Houdster- en financieringsmaatschappij