MIRA INFORM REPORT

Report Date :

23.11.2013

IDENTIFICATION DETAILS

Name :	CSPS B.V.

Registered Office :	Torenstraat 47 3281XN Numansdorp

Country :	Netherlands

Financials (as on) :	2012

Date of Incorporation :	28.07.2003

Com. Reg. No.:	24350911

Legal Form :	Private Company

Line of Business :	· Subject involved in the sale of a variety of goods · Trade in services related - products including, but not limited -, purchasing and sales, support and consultancy on any objective related account of the above-mentioned trade.

No. of Employees :	01

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 :	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 – 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	CSPS B.V.
Tradename	CSPS B.V.
Address	Torenstraat 47
	3281XN Numansdorp
	Netherlands
Mail address	Torenstraat 47
	3281XN Numansdorp
	Netherlands
Telephone number	0186657800
Telefax number	0186657880
E-mail address	info@csps.nl
Website	www.csps.nl
VAT number / RSIN	812330195

COMPANY STRUCTURE

Shareholder	Byne Holding B.V.
	Torenstraat 47
	3281XN NUMALESDORP
	Netherlands
	KvK: 24350908
	Active since: 16-07-2003
	Percentage: 100.00%
Ultimate parent company	C.W. Konijnendijk Holding B.V.
	Putter 14
	3281RA NUMALESDORP
	KvK: 23070585
Holding company	Byne Holding B.V.
	Torenstraat 47
	3281XN NUMALESDORP
	KvK: 24350908
Affiliated companies	First Class Art B.V.
	Torenstraat 45
	3281XN NUMALESDORP
	KvK: 24350917

Bank Rabobank Netherlands

Account number: 34.74.71.935

MANAGEMENT

Management	Byne Holding B.V.
	Torenstraat 47
	3281XN NUMALESDORP
	Netherlands
	KvK: 24350908
	Authorization: Fully authorized
	Position: General director
	Date appointed: 16-07-2003

PAYMENT INFORMATION

Payment experiences Payments are regular, no complaints are known

Payments Based on multiple payment experiences up to € 50.000

Quarter: 1 2013: 91 Average days

Quarter: 2 2013: 83 Average days

Quarter: 3 2013: 47 Average days

Quarter: 4 2013: 52 Average days

	invoices	current quarter		2013 Q3	2013 Q2	2013 Q1
Total	44	100%	39.384	54.874	30.418	25.546
Within terms	16	83,0%	32.693	48.695	19.808	14.031
Delayed 0 - 30	18	17,0%	6.691	6.179	6.782	6.932
Delayed 31 - 60	6	0,0%			3.360	3.960
Delayed 61 - 90
Delayed 91 - 120	2	0,0%			187	249
Delayed 120+ days	2	0,0%			281	374

FINANCIAL INFORMATION

Publication financial statement

Annual accounts 2011 are published on 02-10-2012 Annual accounts 2010 are published on 23-04-2012 Annual accounts 2009 are published on 09-06-2011 Annual accounts 2008 are published on 14-07-2010 Annual accounts 2007 are published on 12-03-2009

Type of publication Publication

Corporate

Publication according to obligations by law

CORE FIGURES

BOOKYEAR	2011	2010	2009
Quick ratio	1,47	4,19	3,11
Current ratio	1,47	4,19	3,11
Nett workingcapital / Balance total	0,32	0,76	0,67
Capital and reserves / Balance total	0,32	0,76	0,68
Capital and reserves / Fixed assets	760,37	196,64	85,31
Solvency	0,47	3,21	2,13
Nett workingcapital	167.820	107.994	74.450
Capital and reserves	168.041	108.546	75.333
Change capital and reserves	54,81%	44,09%	-26,16%
change short term liabilities	960,07%	-4,22%	66,32%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Tendency Changeable

$Description: C:\Users\user\Desktop\csps.png$

BALANCE

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Tangible assets	221	552	883
Fixed assets	221	552	883

Accounts receivable	526.179	133.667	109.759
Liquid assets	158	8.147
Current assets	526.337	141.814	109.759
Total assets	526.558	142.366	110.642

Capital and reserves	168.041	108.546	75.333
Total short term debt	358.517	33.820	35.309
Total debt	358.517	33.820	35.309
Total Liabilities	526.558	142.366	110.642

Company structure

• C.W. Konijnendijk Holding B.V. (23070585) NUMALESDORP

o C.W. Konijnendijk Pensioen B.V. (23073863)

NUMALESDORP

Subsidiary (100%)

o Byne Holding B.V. (24350908)

NUMALESDORP

Subsidiary (100%)

· Csps B.V. (24350911)

Numansdorp

Subsidiary (100%)

· First Class Art B.V. (24350917)

NUMALESDORP

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.02
UK Pound	1	Rs.102.04
Euro	1	Rs.84.92

INFORMATION DETAILS

Report Prepared by :

NIS

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	24350911
Registered in	Chamber of commerce Rotterdam
First registration	28-07-2003
Act of foundation	16-07-2003
Date of constitution	16-07-2003
Legal form	private Company
Place of constitution	Numansdorp
Issued capital	18.000

MIRA INFORM REPORT

CONTACT INFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

CORE FIGURES

BALANCE

Company structure

Unit