MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	AV EUROPE B.V.

Registered Office :	Renhoek 5 5595GE Leende

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	25.06.2010

Com. Reg. No.:	50275984

Legal Form :	Private Company

Line of Business :	Software development, producing and publishing

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Small Company

Payment Behaviour :	Slow

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

netherland - 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	AV EUROPE B.V.
Tradename	AV Europe B.V.
Address	Renhoek 5
	5595GE Leende
	Netherlands
Mail address	Renhoek 5
	5595GE Leende
	Netherlands
Mobile phone	0620002628
E-mail address	info@av.eu
Website	www.av.eu
VAT number / RSIN	822653576

COMPANY STRUCTURE

Shareholder	TOAS B.V.
	Renhoek 5
	5595GE LEENDE
	Netherlands
	KvK: 50275585
	Active since: 25-06-2010
	Percentage: 100.00%
Holding company	TOAS B.V.
	Renhoek 5
	5595GE LEENDE
	KvK: 50275585
Affiliated companies	Virusec B.V.
	Renhoek 5
	5595GE LEENDE
	KvK: 50547798

MANAGEMENT

Management	TOAS B.V.
	Renhoek 5
	5595GE LEENDE
	Netherlands
	KvK: 50275585
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 25-06-2010

PAYMENT INFORMATION

Payment experiences No complaints are known

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2011 are published on 12-02-2013

Annual accounts 2010 are published on 15-02-2012

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES

BOOKYEAR	2011	2010
Quick ratio	0,85	1,39
Current ratio	0,85	1,39
Nett workingcapital / Balance total	-0,15	0,28
Capital and reserves / Balance total	-0,09	0,28
Capital and reserves / Fixed assets	-0,58	-
Solvency	-0,08	0,39
Nett workingcapital	-44.791	7.424
Capital and reserves	-26.816	7.424
Change capital and reserves	-461,21%
change short term liabilities	1.483,41%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Tendency Declining

20K
-20K	1 1	1
	2010	2011
-40K

Tendency capital and reserves

Capital and reserves 2011 -26.816

Total debt 2011 325.894

Current ratio 2011 0,85

Quick ratio 2011 0,85

Nett workingcapital 2011 -44.791

Profitability Negative

Solvency Negative

Liquidity Negative

Current- & Quickratio

Untitled

BALANCE

BOOKYEAR	2011	2010
End of bookyear	31-12-2011	31-12-2010
Intangible assets	2.891
Tangible assets	42.997
Fixed assets	45.888

Accounts receivable	250.476	26.243
Liquid assets	2.714
Current assets	253.190	26.243
Total assets	299.078	26.243
Capital and reserves	-26.816	7.424
Long term liabilities	27.913
Total short term debt	297.981	18.819
Total debt	325.894	18.819
Total Liabilities	299.078	26.243

History

Management Per 25-06-2010 manager 50275585 TOAS B.V. appointed.

Company structure

TOAS B.V. (50275585)

LEENDE

AV Europe B.V. (50275984)

Leende

Subsidiary (100%)

Virusec B.V. (50547798)

LEENDE

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.83.67
Euro	1	Rs.71.02

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.

Handelsregisternummer	50275984
Registered in	Chamber of commerce Brabant
First registration	28-06-2010
Act of foundation	25-06-2010
Date of constitution	25-06-2010
Legal form	Private Company
Place of constitution	Leende, gemeente Heeze-Leende
Issued capital	18.000
Paid up capital	18.000

Employees	Total: 2
Employees according to CoC	Chamber of commerce: 2
Bookyear	2013	2012	2011
Number	2	3	1
Change	-33,33%	200,00%	-66,67%