MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	JAIN (ISRAEL) B.V.
Registered Office :	24 Claude Debussylaan, Amsterdam 1082M
Country :	Netherlands
Financials (as on) :	2013
Date of Incorporation :	08.05.2001
Com. Reg. No.:	17136438
Legal Form :	Private limited liability company (BV) with ordinary structure
Line of Business :	Buying and selling of own real estate
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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	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 name

JAIN (ISRAEL) B.V.

Company Summary

Company Name Jain (Israel) B.V.

Company Registration Number 17136438

Country NL

Activity Code 6810

Activity Description Buying and selling of own real estate

Company Status Active

Profit –Before Tax 922,580.76(EUR)

Company Identification

Activities

Activity Code 6810

Activity Description Handel in eigen onroerend goed

Basic Information

Company Name Jain (Israel) B.V.

Registered Company Name Jain (Israel) B.V.

Company Registration Number 17136438

Country NL

Date of Company Registration 08/05/2001

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

Type of Ownership Company Status Active

Principal Activity Code 6810

Principal Activity Description Buying and selling of own real estate

Contact Address 24 Claude Debussylaan, AMSTERDAM 1082M

Contact Telephone Number 0205222555

Main Address

Address 24 Claude Debussylaan, AMSTERDAM 1082MD

Country NL

Other Addresses

Address 24 Claude Debussylaan, AMSTERDAM 1082MD

Telephone 0205222555

Current Directors Managers

Name Anil B. Jain

Gender Male

Position Director

Share Capital Structure

Issued Share capital 3,250,000.00 (EUR)

Name Jain Overseas B.V.

Address 24 Claude Debussylaan, AMSTERDAM 1082MD

Share Percent 100.00 %

Extended Group Structure

Company Name Registration Number Status Last Financials

0 JISL OVERSEAS LIMITED Other

1 Jain Overseas B.V. 341610540000 Active 31/03/2013

2 Jain (Israel) B.V. 171364380000 Active 31/03/2013

Employee Information

Year 2013

Number of Employees 4

Year 2012

Number of Employees 0

Year 2011

Number of Employees 0

Year 2010

Number of Employees 4

Year 2009

Number of Employees 4

Financial Statements

Profit & Loss

Financial Year 2013 2012

Number of Weeks 52 52

Currency EUR EUR

Balance Sheet

Financial Year 2013 2012 2011

Number of Weeks 52 52 52

Currency EUR EUR EUR

Consolidated Accounts False False Fals Investments 19,334,665.87 16,105,640.93 16,212,756.86

Total Fixed Assets 19,334,665.87 16,105,640.93 16,212,756.86

Miscellaneous Receivables 3,804,759.98 2,132,525.16 0.00

Total Receivables 3,804,759.98 2,132,525.16 0.00

Cash 79,697.62 27,201.72

Other Current Assets 0.00 0.00 1,512,076.05

Total Current Assets 3,884,457.60 2,159,726.88 1,512,076.05

Total Assets 23,219,123.47 18,265,367.81 17,724,832.91

Miscellaneous Liabilities 15,985,253.20 10,933,740.64 5,199,404.09

Total Current Liabilities 15,985,253.20 10,933,740.64 5,199,404.09

Other Loans/Finance 134,087.57 2,420,737.17

due after 1 year

Miscellaneous Liabilities 6,213,000.45 5,254,089.02 8,429,679.72

due after 1 year

Total Long Term Liabilities 6,213,000.45 5,388,176.59 10,850,416.89

Total Liabilities 22,198,253.65 16,321,917.23 16,049,820.98

Called Up Share Capital 2,670,495.67 2,813,171.02 2,813,171.02

Revenue Reserves -922,580.76 268,438.64 -221,833.10

Other Reserves -727,045.09 -1,138,159.08 -916,325.98

Total Shareholders Equity 1,020,869.82 1,943,450.58 1,675,011.94

Other Financials

Working Capital -12,100,795.60 -8,774,013.76 -3,687,328.04

Net Worth 1,020,869.82 1,943,450.58 1,675,011.94

Ratios

Current Ratio 0.24 0.20 0.29

Liquidity Ratio/Acid Test 0.24 0.20 0.29

Current Debt Ratio 15.66 5.63 3.10

Gearing 608.60 277.25 647.78

Equity in Percentage 4.40 10.64 9.45

Total Debt Ratio 21.74 8.40 9.58

Additional Information

Miscellaneous

Ceased Trading Date

Exporter No

Importer No

Industry Comparison

Industry Avg Credit Limit 76,137.10 (EUR)

Industry Avg Credit Rating 59.58

Payment Expectations Summary

Payment Expectation Days

Industry Avg Payment 76.08

Expectation Days

Day Sales Outstanding

Industry Avg Day Sales 43.99

Outstanding

Suspension Of Payments Mora No

Industry Quartile Analysis

Payment Expectation Days

Payment Expectations Lower 7.13

Payment Expectations Median 21.96

Payment Expectations Upper 55.06

Day Sales Outstanding

Day Sales Outstanding Lower 3.20

Day Sales Outstanding Median 7.16

Day Sales Outstanding Upper 13.46

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.78
UK Pound	1	Rs.100.70
Euro	1	Rs.84.66

INFORMATION DETAILS

Report Prepared by :

NLM

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.