MIRA INFORM REPORT

Report Date :

28.11.2013

IDENTIFICATION DETAILS

Name :	TEN KATE TEXTIEL B.V.

Registered Office :	A. Einsteinweg 23 2408AP Alphen aan den Rijn

Country :	Netherlands

Financials (as on) :	31.12.2012

Date of Incorporation :	14.03.2000

Com. Reg. No.:	28042048

Legal Form :	Private Company

Line of Business :	Wholesale of textile products

No. of Employees :	08

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 :	Slow but 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 – 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	Ten Kate Textiel B.V.
Tradename	Ten Kate Textiel B.V.
Address	A. Einsteinweg 23
	2408AP Alphen aan den Rijn
	Netherlands
Mail address	A. Einsteinweg 23
	2408AP Alphen aan den Rijn
	Netherlands
Telephone number	0172-494244
Telefax number	0172-472613
E-mail address	tenkate@tenkatetextiel.nl
Website	www.tenkatetext iel.nl
VAT number / RSIN	808636418

COMPANY STRUCTURE

Shareholder	Ten Kate Holding B.V.
	A. Einsteinweg 23
	2408AP ALPHEN AAN DEN RIJN
	Netherlands
	KvK: 28085389
	Active since: 07-03-2000
	Percentage: 100.00%
Holding company	Ten Kate Holding B.V.
	A. Einsteinweg 23
	2408AP ALPHEN AAN DEN RIJN
	KvK: 28085389

Bank ABN Amro Bank NV

Account number: 42.00.25.561

Real estate Property owned

The real estate is checked at the land registration office

Object code: ALPHEN AAN DEN RIJN A 6950

Owner: INN KATE HOLDING B.V.

MANAGEMENT

Management	Ten Kate Holding B.V.
	A. Einsteinweg 23
	2408AP ALPHEN AAN DEN RIJN
	Netherlands
	KvK: 28085389
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 07-03-2000

PAYMENT INFORMATION

Payment experiences According to terms

Payments Based on multiple payment experiences up to € 7.500

Quarter: 1 2013: 23 Average days

Quarter: 2 2013: 35 Average days

Quarter: 3 2013: 32 Average days

Quarter: 4 2013: 30 Average days

	invoices	current quarter		2013 Q3	2013 Q2	2013 Q1
Total	67	100%	10.264	10.258	10.213	10.599
Within terms	58	100,0%	10.264	9.959	9.061	10.162
Delayed 0 - 30	⁸	0,0%		105	1.152	437
Delayed 31 - 60	¹	0,0%		194
Delayed 61 - 90
Delayed 91 - 120
Delayed 120+ days

FINANCIAL INFORMATION

Auditor	LTB ADVISEURS EN AUDITORS BV
	Alphen aan den Rijn
Publication financial statement	Annual accounts 2012 are published on 20-09-2013
	Annual accounts 2011 are published on 14-08-2012
	Annual accounts 2010 are published on 04-08-2011
	Annual accounts 2009 are published on 14-09-2010
	Annual accounts 2008 are published on 21-09-2009
Type of publication	Corporate
Publication	Steady

CORE FIGURES

BOOKYEAR	2012	2011	2010
Quick ratio	2,24	1,88	3,13
Current ratio	6,13	3,46	5,15
Nett workingcapital / Balance total	0,80	0,68	0,78
Capital and reserves / Balance total	0,84	0,72	0,81
Capital and reserves / Fixed assets	20,87	18,02	31,02
Solvency	5,38	2,61	4,29
Nett workingcapital	871.250	834.267	986.439
Capital and reserves	915.099	883.287	1.019.294
Change capital and reserves	3,60%	-13,34%	24,60%
change short term liabilities	-49,87%	42,69%	29,61%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2012

Tendency Changeable

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BALANCE

BOOKYEAR	2012	2011	2010
End of bookyear	31-12-2012	31-12-2011	31-12-2010
Tangible assets	43.849	49.020	32.855
Fixed assets	43.849	49.020	32.855

Stocks and work in progress	661.306	536.312	481.323
Accounts receivable	329.506	330.194	237.176
Liquid assets	50.404	306.826	505.569
Current assets	1.041.216	1.173.332	1.224.068
Total assets	1.085.065	1.222.352	1.256.923

Capital and reserves	915.099	883.287	1.019.294
Total short term debt	169.966	339.065	237.629
Total debt	169.966	339.065	237.629
Total Liabilities	1.085.065	1.222.352	1.256.923

Company structure

• Ten Kate Holding B.V. (28085389)

ALPHEN AAN DEN RIJN

o Ten Kate Textiel B.V. (28042048)

Alphen aan den Rijn

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.36
UK Pound	1	Rs.101.11
Euro	1	Rs.84.68

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.

Capital	EUR 90.756,04
Issued capital	EUR 18.151,21
Paid up capital	EUR 18.151,21

Employees	Total: 8
Bookyear		2012	2011	2010
Number		8	8	7
Change		0,00%	14,29%	-22,22%