MIRA INFORM REPORT

Report Date :

14.08.2014

IDENTIFICATION DETAILS

Name :	VELDHOVEN INTERNATIONAL B.V.
Registered Office :	Gouwelandenlaan 11 2408ZG Alphen aan den Rijn
Country :	Netherlands
Financials (as on) :	2012
Date of Incorporation :	01.05.1950
Com. Reg. No.:	28032975
Legal Form :	Private Company
Line of Business :	· Agents involved in the sale of textiles, clothing, footwear and leather goods · Wholesale of outerwear
No. of Employees	29

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and 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. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US 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. 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. To recover, the government 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 austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract

Source : CIA

Company name and address

Summary

Company name VELDHOVEN INTERNATIONAL B.V.

Operative address Gouwelandenlaan 11

2408ZG Alphen aan den Rijn

Netherlands

Legal form Private Company

Registration number KvK-nummer: 28032975

VAT-number 006248871

Year 2012

Fixed assets 31.147.653

Total receivables 2.570.510

Total equity 30.907.559

Short term liabilities 3.605.586

Working capital -240.094

Quick ratio 0,93

contact information

Company name Veldhoven International B.V.

Trade names Veldhoven International B.V.

Veldhoven

Operative address Gouwelandenlaan 11

2408ZG Alphen aan den Rijn

Netherlands

Correspondence address Gyroscoopweg 86- 88

1042AX Amsterdam

Netherlands

Telephone number 0172429000

Fax number 0172429010

Email address veldhoven@veldhovengroup.com

Website www.veldhoven-intl.com

Registration

Registration number KvK-nummer: 28032975

Branch number 000017602300

VAT-number 006248871

Status Active

Memorandum 1981-12-23

Establishment date 1950-05-01

Legal form Private Company

Last proposed admendment 2008-07-31

Activities

SBI Agents involved in the sale of textiles, clothing, footwear and leather goods (4616)

Wholesale of outerwear (46421)

Exporter No

Importer No

Goal De groothandel, alsmede de agenturenhandel, zowel in binnen- als buitenland in

hoofdzakelijk bovenkleding en sportkleding

Relations

Shareholders Veldan Beheer B.V.

Gouwelandenlaan 11

2408ZG ALPHEN AAN DEN RIJN

Netherlands

Registration number: 280479460000

Percentage: 100%

Companies on same address Amount: 12

Liability statements R. Veldhoven Beheermaatschappij B.V.

Gouwelandenlaan 11

2408ZG ALPHEN AAN DEN RIJN

Netherlands

Registration number: 280370330000

date of issue: 1997-02-18

Starting date: 1995-01-01

Management

Active management

M.R.A. Veldhoven (Martijn Rudolf Ariaan)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2006-12-15

Date of birth: 1971-12-10, Wassenaar, NL

Involved with the following companies

• Stills Atelier B.V.

Gyroscoopweg 86t/m 88

1042AX Amsterdam

Netherlands

Registration number: 583477040000

Function: Manager

• Veldhoven The Netherlands B.V.

Gouwelandenlaan 11

2408ZG Alphen aan den Rijn

Netherlands

Registration number: 273235050000

Function: Manager

W.N.A.M. Veldhoven (Willem Nicolaas Alphons Marie)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1995-12-01

Date of birth: 1944-05-18, Maartensdijk, NL

Employees

Year	2012	2011	2010	2009	2008
Total	29	29	35	50	29

Payments

Description

Payments made under regular condition

Key figures

Year	2012
Quick ratio	0,93
Current ratio	0,93
Working capital/ balance total	-0,01
Equity / balance total	0,90
Equity / Fixed assets	0,99
Equity / liabilities	8,57
Balance total / liabilities	9,57
Working capital	-240.094
Equity	30.907.559

Summary

The 2012 financial result structure is a negative working captial of -240.094 euro, which is in

agreement with -1 % of the total assets of the company.

The current ratio of the company in 2012 was 0.93. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2012 of the company was 0.93. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

Financial statement

Type of annual account Corporate

Annual account R. Veldhoven Beheermaatschappij B.V.

Gouwelandenlaan 11

2408ZG ALPHEN AAN DEN RIJN

Netherlands

Registration number: 280370330000

Balance

Year 2012

End date 2012-12-31

Financial fixed assets 31.147.653

Fixed assets 31.147.653

Total receivables 2.570.510

Securities 509.848

Liquid funds 285.134

Current assets 3.365.492

Total assets 34.513.145

Issued capital 52.800

Share premium reserve 3.045.000

Other reserves 27.809.759

Total reserves 30.854.759

Total equity 30.907.559

Short term liabilities 3.605.586

Total short and long term liabilities 3.605.586

Total liabilities 34.513.145

Analysis

Branch (SBI) Wholesale trade (no motor vehicles and motorcycles) (46)

Region Rijnland

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Rijnland 4319 of the companies are registered with the SBI code 46

In the Netherlands 2387 of the bankrupcties are published within this sector

In the region Rijnland 97 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Rijnland is normal

Publications

Publications

Consent statements 04-04-2014: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.

27-02-2014: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.

Liability statements 04-04-2014: Per 02-04-2014 is een aansprakelijkheidsverklaring door Veldan Beheer B.V. gedeponeerd.

Filings 06-02-2013: De jaarrekening over 2011 is gepubliceerd.

17-02-2012: De jaarrekening over 2010 is gepubliceerd.

24-11-2011: De jaarrekening over 2009 is gepubliceerd.

02-03-2010: De jaarrekening over 2008 is gepubliceerd.

Company structure

Stichting Administratiekantoor R. Veldhoven Beheermaatschappij

Gouwelandenlaan 11

2408ZG ALPHEN AAN DEN RIJN

Netherlands

Registration number: 411549310000

• R. Veldhoven Beheermaatschappij B.V.

Gouwelandenlaan 11

2408ZG ALPHEN AAN DEN RIJN

Netherlands

Registration number: 280370330000

• Veldan Beheer B.V.

Gouwelandenlaan 11

2408ZG ALPHEN AAN DEN RIJN

Netherlands

Registration number: 280479460000

• Veldhoven International B.V.

Gouwelandenlaan 11

2408ZG Alphen aan den Rijn

Netherlands

Registration number: 280329750000

• Veldhoven The Netherlands B.V.

Gouwelandenlaan 11

2408ZG Alphen aan den Rijn

Netherlands

Registration number: 273235050000

• Veldhoven Distributie International B.V.

Handelsweg 4

2404CD ALPHEN AAN DEN RIJN

Netherlands

Registration number: 280869020000

• Modedesign B.V.

Gyroscoopweg 86-88

1042AX Amsterdam

Netherlands

Registration number: 332410600000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.25
UK Pound	1	Rs.103.02
Euro	1	Rs.81.90

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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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.