MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	ARNOLD SUHR NETHERLANDS B.V.
Registered Office :	12 –B, (1) Zonnebaan, Utrecht 3542ec
Country :	Netherlands
Financials (as on) :	2011
Date of Incorporation :	07.09.1987
Com. Reg. No.:	30082985
Legal Form :	Private limited liability company (BV) with ordinary structure
Line of Business :	Agents involved in the sale of food and beverages
No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

Ca

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	A1	A1

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

Company Summary

Company Name ARNOLD SUHR NETHERLANDS B.V.

Company Registration Number 30082985

Country NL

Activity Code 4617 Activity Description Agents involved in the sale of food and beverages

Company Status Active

Rating Indicator discretion Profit 261,836.00 (EUR) Before Tax

Company Identification

Activities

Activity Code 4617

Activity Description Handelsbemiddeling in foods, beverages and tobacco

Basic Information

Company Name Arnold Suhr Netherlands B.V.

Registered Company Name Arnold Suhr Netherlands B.V.

Company Registration Number 30082985

Country NL

Date of Company Registration 07/09/1987

Commercial Court Legal Form Private limited liability company (BV) with ordinary structure

Type of Ownership Company Status Active

Principal Activity Code 4617

Principal Activity Description Agents involved in the sale of food and beverages

Contact Address 12 -B

(1) Zonnebaan, UTRECHT 3542EC

Contact Telephone Number 0302481010

Main Address

Address 12 -B(1) Zonnebaan, UTRECHT 3542EC

Country NL

Other Addresses

Address 12 -B(1) Zonnebaan, UTRECHT 3542EC

Telephone 0302481010

Current Directors Managers

Name Nicolaas La Maitre

Gender Male

Position Director

Share Capital Structure

Issued Share capital 46,285.00 (EUR)

Employee Information

Year 2011

Number of Employees 20

Year 2010

Number of Employees 20

Year 2009

Number of Employees 20

Year 2008

Number of Employees 21

Year 2007

Number of Employees 21

Financial Statements

Profit & Loss

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR Consolidated Accounts True False False Operating Profit 516,353.00 -853,180.00 288,718.00

Wages & Salaries 916,308.00 1,012,102.00 1,196,374.00

Depreciation 56,073.00 33,792.00 73,083.00

Financial Expenses 254,517.00 180,289.00 806,658.00

Profit Before Tax 261,836.00 -908,957.00 -517,940.00

Tax -50,014.00 698.00 700.00

Profit After Tax 311,850.00 -909,655.00 -518,640.00

Retained Profit 311,850.00 -909,655.00 -518,640.00

Balance Sheet

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR

Consolidated Accounts True False False

Total Tangible Assets 148,768.00 160,807.00 111,550.00

Investments 0.00 0.00 0.00

Total Fixed Assets 148,768.00 160,807.00 111,550.00

Total Inventories 2,232,531.00 1,268,822.00 1,222,133.00

Trade Receivables 838,018.00 1,016,845.00 1,194,399.00

Miscellaneous Receivables 4,331,458.00 3,972,810.00 4,370,329.00

Total Receivables 5,169,476.00 4,989,655.00 5,564,728.00

Cash 476,611.00 115,124.00 237,198.00

Other Current Assets 0.00 0.00 0.00

Total Current Assets 7,878,618.00 6,373,601.00 7,024,059.00

Total Assets 8,027,386.00 6,534,408.00 7,135,609.00

Trade Payables 1,604,771.00

Miscellaneous Liabilities 7,399,279.00 7,822,926.00 7,514,472.00

Total Current Liabilities 9,004,050.00 7,822,926.00 7,514,472.00

Miscellaneous Liabilities

due after 1 year 0.00 0.00 0.00

Total Long Term Liabilities 0.00 0.00 0.00

Total Liabilities 9,004,050.00 7,822,926.00 7,514,472.00

Called Up Share Capital 18,151.00 18,151.00

Revenue Reserves 0.00 -909,655.00 -518,640.00

Other Reserves -976,664.00 -397,014.00 121,626.00

Total Shareholders Equity -976,664.00 -1,288,518.00 -378,863.00

Other Financials

Working Capital -1,125,432.00 -1,449,325.00 -490,413.00

Net Worth -976,664.00 -1,288,518.00 -378,863.00

Ratios

Return on Capital Employed -26.81 70.54 136.71

Return on Total Assets

Employed 3.26 -13.91 -7.26

Return on Net Assets Employed -26.81 70.54 136.71

Current Ratio 0.88 0.81 0.93

Liquidity Ratio/Acid Test 0.63 0.65 0.77

Current Debt Ratio -9.22 -6.07 -19.83

Equity in Percentage -12.17 -19.72 -5.31

Total Debt Ratio -9.22 -6.07 -19.83

Additional Information

Miscellaneous

Ceased Trading Date

Exporter Yes

Importer Yes

Industry Comparison

Industry Avg Credit Limit 15,780.52 (EUR)

Industry Avg Credit Rating 51.41

Payment Expectations Summary

Industry Avg Payment Expectation Days 96.97

Industry Avg Day Sales Outstanding 70.97

Suspension Of Payments Mora No

Industry Quartile Analysis

Payment Expectation Days

Payment Expectations Lower 12.54

Payment Expectations Median 29.27

Payment Expectations Upper 56.46

Day Sales Outstanding

Day Sales Outstanding Lower 12.22

Day Sales Outstanding Median 13

Day Sales Outstanding Upper 19.36

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

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%)

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