MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	CHROMATECH EUROPE B.V.

Registered Office :	Dijkweg 159, 2675AD Honselersdijk

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	04.10.2004

Com. Reg. No.:	27304372

Legal Form :	Limited Company

Line of Business :	Wholesaler of basic and industrial chemicals

No. of Employees :	02

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 :	Usually Correct

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	Chromatech Europe B.V.

Tradename	Chromatech Europe B.V.

Address	Dijkweg 159
	2675AD Honselersdijk
	Netherlands

Mail address	Dijkweg 159
	2675AD Honselersdijk
	Netherlands

Telephone number	0174272299
Telefax number	0174272270
E-mail address	j.v.roon@colornl.com
Website	unknown

VAT number / RSIN	818349712

MANAGEMENT

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

Johannes Gerardus Joseph Maria

Authorization: Fully authorized

Position: Manager

Date appointed: 28-09-2007

Date of birth: 16-05-1948

R. Perlove

Roy

Authorization: Fully authorized

Position: Manager

Date appointed: 28-09-2007

Date of birth: 17-05-1952

E.H.G. Kuijper

Evert Herman Gerrit

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2013

Date of birth: 08-12-1966

J.G. van Roon

Jacob Gerardus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2013

Date of birth: 30-07-1948

Other directorships:

- Proxy: B.V. Chemische Factory Triade - Honselersdijk (KvK: 27218293

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 25.000

· Quarter: 2 2012: 57 Average days

· Quarter: 3 2012: 56 Average days

	invoices	current quarter		2012 Q4	2012 Q3	2012 Q2
Total	20	100%	14.412	14.485	14.568	14.570
Within terms	9	41,0%	5.908	10.086	5.331	5.187
Delayed 0 - 30		59,0%	8.504	4.399	9.237	9.383

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2011 are published on 01-05-2012

Annual accounts 2010 are published on 24-03-2011

Annual accounts 2009 are published on 28-04-2010

Annual accounts 2008 are published on 22-05-2009

Annual accounts 2007 are published on 23-07-2008

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	1,94	1,99	1,24
Current ratio	2,92	2,71	1,78
Nett workingcapital / Balance total	0,61	0,63	0,44
Capital and reserves / Balance total	0,69	0,63	0,44
Capital and reserves / Fixed assets	8,62	-	-
Solvency	2,18	1,71	0,78
Nett workingcapital	364.809	338.641	177.641
Capital and reserves	412.708	338.641	177.641
Change capital and reserves	21,87%	90,63%	46,71%
change short term liabilities	-4,23%	-13,60%	1,51%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Tendency Changeable

Capital and reserves 2011 412.708

Total debt 2011 189.605

Tendency capital and reserves

BALANCE sheet

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Other tangible assets	47.899
Tangible assets	47.899
Fixed assets	47.899

Stocks and work in progress	186.537	142.287	122.428
Accounts receivable	123.084	88.031	144.772
Liquid assets	244.793	306.301	139.587
Current assets	554.414	536.619	406.787
Total assets	602.313	536.619	406.787

Capital and reserves	412.708	338.641	177.641
Total short term debt	189.605	197.978	229.146
Total debt	189.605	197.978	229.146
Total Liabilities	602.313	536.619	406.787

History

Management Per 01-01-2013 is Proxy Evert Herman Gerrit Kuijper appointed.

Company structure

Chromatech Europe B.V. (27304372)

Honselersdijk

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.09
UK Pound	1	Rs.82.47
Euro	1	Rs.70.49

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 basic and industrial chemicals (51551)
SBI-code	Manufacture of pesticides and other agrochemical products (2020)
	Wholesale of basic and industrial chemicals (46751)
Formal objective	De groothandel in en productie en verwerking van chemicalien en aanverwante producten