MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	HAPPENEX HOLDING B.V.

Registered Office :	Van der Oudermeulenlaan 1, 2243CR Wassenaar

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	14.08.1986

Com. Reg. No.:	27158035

Legal Form :	Limited Company

Line of Business :	· Telephone Companies · Financial Holding

No. of Employees :	Not Available

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 :	Moderate

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

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 Happenex Holding B.V.

Trade name Happenex Holding B.V.

Address Van der Oudermeulenlaan 1

2243CR Wassenaar

Netherlands

Mail address Postbus 210

2240AE Wassenaar

Netherlands

Telephone number 0705140257

Telefax number 0705115690

E-mail address unknown

Website unknown

VAT number / RSIN 007918239

MANAGEMENT

Management P.B. de Ridder

Pieter Barend

Authorization: Fully authorized

Position: Manager

Date appointed: 18-01-1996

Date of birth: 18-05-1946

M. Tverskoi

Mihhail

Authorization: Fully authorized

Position: Manager

Date appointed: 13-11-2009

Date of birth: 18-03-1981

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2011 are published on 14-09-2012

Annual accounts 2010 are published on 22-03-2011

Annual accounts 2009 are published on 26-08-2010

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES

BOOKYEAR	2011	2010	2009
Quick ratio	0,32	0,56	8,47
Current ratio	0,32	0,56	8,47
Nett workingcapital / Balance total	-2,13	-0,80	0,88
Capital and reserves / Balance total	-2,13	-0,80	0,88
Capital and reserves / Fixed assets	-	-	-
Solvency	-0,68	-0,44	7,47

Capital and reserves

-7.353

-5.641

52.651

Change capital and reserves

change short term liabilities

-30,35%

-15,19%

-110,71%

80,57%

---

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 -7.353

Total debt 2011 10.800

Current ratio 2011 0,32

Quick ratio 2011 0,32

Nett workingcapital 2011 -7.353

Currency Euro

Profitability Negative

Solvency Negative

Liquidity Negative

BALANCE sheet

BOOKYEAR	2011		2010		2009
End of bookyear	31-12-2011		31-12-2010		31-12-2009
Accounts receivable Liquid assets Current assets		3.447 3.447	379 6.715 7.094	9.399 50.304 59.703
Total assets		3.447	7.094	59.703

Capital and reserves Total short term debt Total debt		-7.353 10.800 10.800	-5.641 12.734 12.734			52.651 7.052 7.052
Total Liabilities		3.447	7.094			59.703

History

Modifications Per 1-11-2012 statutes modified.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.77
UK Pound	1	Rs.83.31
Euro	1	Rs.70.46

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.

MIRA INFORM REPORT

Contact information

COMPANY INFORMATION

MANAGEMENT

FINANCIAL INFORMATION

BALANCE sheet

History

Unit