MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	NNZ B.V.

Registered Office :	Aarhusweg 1, 9723JJ Groningen

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	23.12.1983

Com. Reg. No.:	02039320

Legal Form :	Limited Company

Line of Business :	Wholesaler of packaging materials

No. of Employees :	29

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 :	Regular

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

CONTACT INFORMATION

Company name NNZ B.V.

Tradename NNZ B.V.

Address Aarhusweg 1

9723JJ Groningen

Netherlands

Mail address Postbus 104

9700AC Groningen

Netherlands

Telephone number 0505207800

Telefax number 0505207801

E-mail address info@nnz.nl

Website www.nnz.nl

VAT number / RSIN 006718449

Branch(es) NNZ B.V. (02039320.0002)

Zoutketen 45

1601EX ENKHUIZEN

NNZ B.V. (02039320.0003)

Oostpolderweg 2

4413NN KRABBENDIJKE

COMPANY STRUCTURE

Shareholder NNZ Beheer B.V.

Aarhusweg 1

9723JJ GRONINGEN

Netherlands

KvK: 02047171

Active since: 31-05-1990

Percentage: 100.00%

Ultimate parent company Stichting Administratiekantoor Shares Libau

Aarhusweg 1

9723JJ GRONINGEN

KvK: 41011601

Holding company NNZ Beheer B.V.

Aarhusweg 1

9723JJ GRONINGEN

KvK: 02047171

Affiliated companies RhomCo B.V.

Aarhusweg 1

9723JJ GRONINGEN

KvK: 01180367

Liability declaration NNZ Beheer B.V. (02047171)

Aarhusweg 1

9723JJ GRONINGEN

Issue date: 24-12-1991

Since: 31-05-1990

Account number: 821237

Real estate Property owned

The real estate is checked at the land registration office

Object code: NOORDDIJK D 1350

Owner: Nnz Beheer Bv

Bank	Bank BNP Paribas SA
	Account number: 639818269
	ING Bank NV

Real estate Property owned

The real estate is checked at the land registration office

Object code: NOORDDIJK D 1350

Owner: Nnz Beheer Bv

MANAGEMENT

Management NNZ Beheer B.V.

Aarhusweg 1

9723JJ GRONINGEN

Netherlands

KvK: 02047171

Authorization: Fully authorized

Position: Manager

Date appointed: 31-05-1990

L.W.F. Boot

Leendert Willem Frederik

Authorization: Fully authorized

Position: Manager

Date appointed: 01-02-1999

Date of birth: 29-06-1959

R. Abel

Robert

Authorization: Fully authorized

Position: Proxy

Date appointed: 20-08-2001

Date of birth: 13-05-1955

R.T. Padding - de Haan

Renskje Tinie

Authorization: Limited authorization

Position: Proxy

Date appointed: 09-09-2010

Date of birth: 19-11-1966

R.C. Sauchelli

Roberto Christiaan

Authorization: Limited authorization

Position: Proxy

Date appointed: 09-09-2010

Date of birth: 10-06-1978

R.K. Veld

Roelof Klaas

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-04-1999

Date of birth: 30-08-1968

J.K. Zwier

Jan Koert

Authorization: Limited authorization

Position: Proxy

Date appointed: 15-06-2000

FINANCIAL INFORMATION

Type of publication	Consolidated
Annual accounts van	NNZ Beheer B.V.
	Aarhusweg 1
	9723JJ GRONINGEN
	KvK: 02047171

Publication	Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	0,66	0,70	0,69
Current ratio	1,60	1,53	1,52
Nett workingcapital / Balance total	0,30	0,28	0,27
Capital and reserves / Balance total	0,34	0,32	0,31
Capital and reserves / Fixed assets	1,79	1,66	1,37
Solvency	0,53	0,49	0,47
Nett workingcapital	15.186.000	13.479.000	11.581.000
Capital and reserves	16.811.000	15.368.000	13.453.000
Change capital and reserves	9,39%	14,23%	10,87%
change short term liabilities	0,08%	13,91%	-22,12%
Operating profit	3.733.000	4.083.000	3.127.000
Nett Turnover	115.260.000	109.855.000	98.725.000

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

Last annual accounts 2011

Type of publication Corporate

Turnover 2011: 115.260.000

2010: 109.855.000

2009: 98.725.000

2008: 95.689.000

2007: 88.871.000

2006: 78.584.000

Operating profit 2011: 3.733.000

2010: 4.083.000

2009: 3.127.000

2008: 2.634.000

2007: 2.868.000

2006: 2.311.000

Result after taxes 2011: 1.863.000

2010: 2.219.000

2009: 1.544.000

2008: 895.000

2007: 1.104.000

2006: 948.000

Tendency Constant

BALANCE sheet


BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Goodwill		18.000
Intangible assets	6.000	18.000	30.000
Land and buildings		7.278.000
Machinery		341.000
Other tangible assets		1.144.000
Tangible assets	8.760.000	8.763.000	8.966.000
Related companies		401.000
Other financial assets		91.000
Financial assets	616.000	492.000	790.000
Fixed assets	9.382.000	9.273.000	9.786.000

Stocks and work in progress	23.722.000	20.991.000	18.373.000
Trade debtors	13.886.000	15.048.000	12.729.000
Due from related parties		45.000
Other amounts receivable	775.000	847.000	632.000
Accounts receivable	14.661.000	15.895.000	13.361.000
Liquid assets	2.034.000	1.804.000	1.979.000
Deferred charges and accrued income	775.000	802.000
Current assets	40.417.000	38.690.000	33.713.000
Total assets	49.799.000	47.963.000	43.499.000

Capital and reserves	16.811.000	15.368.000	13.453.000
Provisions	1.090.000	1.070.000	1.324.000
Achtergestelde leningen		6.314.000
Financial debts		6.314.000
Long term liabilities	6.667.000	6.314.000	6.590.000
Trade debts suppliers	8.665.000	7.522.000	6.900.000
Taxes, remuneration & soc.security		1.990.000
Other short term debts	16.566.000	15.699.000	15.232.000
Total short term debt	25.231.000	25.211.000	22.132.000
Total debt	31.898.000	31.525.000	30.046.000
Total Liabilities	49.799.000	47.963.000	43.499.000

PROFIT & LOSS ACCOUNT

BOOKYEAR	2011	2010	2009
Turnover	115.260.000	109.855.000	98.725.000
Nett Turnover	115.260.000	109.855.000	98.725.000
Wages employees		11.778.000
Productiekosten		84.770.000
Depreciation and amortization		876.000
Other operating charges		8.376.000
Operating charges	111.527.000	105.772.000	95.598.000
Result participations	33.000	45.000	12.000
Operating profit	3.733.000	4.083.000	3.127.000
Financial charges	987.000	929.000	885.000
Financial result		-929.000	-885.000
Result before taxes	33.000	3.199.000	2.254.000
Income taxes	909.000	980.000	734.000
Result after taxes		2.219.000	1.520.000
Extraordinary income			24.000
Extraordinary result after taxes			24.000
Nett result	1.863.000	2.219.000	1.544.000

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 09-09-2010 is Proxy Roberto Christiaan Sauchelli appointed. Per 09-09-2010 is Proxy Renskje Tinie Padding-de Haan appointed.

Company structure

Stichting Administratiekantoor Shares Libau (41011601)

GRONINGEN

Libau B.V. (02057079)

GRONINGEN

Subsidiary (100%)

NNZ Beheer B.V. (02047171)

GRONINGEN

Subsidiary

RhomCo B.V. (01180367)

GRONINGEN

Subsidiary

NNZ B.V. (02039320)

Groningen

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.38
UK Pound	1	Rs.82.07
Euro	1	Rs.70.37

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.

NACE-code	Wholesale of packaging materials (51913)
SBI-code	Wholesale of packaging materials (46696)
Formal objective	Groothandel in en im- en export van verpakkingsmateriaal, vooral zakken van jute, papier, polyethyleen, alsmede netzakken

Employees	Total: 29
Employees according to CoC	Chamber of commerce: 29

MIRA INFORM REPORT

CONTACT INFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

FINANCIAL INFORMATION

BALANCE sheet

PROFIT & LOSS ACCOUNT

History

Company structure

Unit