MIRA INFORM REPORT

Report Date :

18.08.2014

IDENTIFICATION DETAILS

Name :	SETEMA B.V.
Registered Office :	Kerkstraat 32 5843AP Westerbeek
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	01.01.2003
Com. Reg. No.:	17151190
Legal Form :	Private Company
Line of Business :	Manufacture of machinery for textile, apparel and leather production
No. of Employees	02

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 :	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	B1	B1

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

ummar

Company name SETEMA B.V.

Operative address Kerkstraat 32

5843AP Westerbeek

Netherlands

Legal form Private Company

Registration number KvK-nummer: 17151190

VAT-number 811982452

Year	2012		Mutation	2011		Mutation	2010
Fixed assets	4.319		-42,52	7.514		-34,45	11.463
Total receivables	76.539		-15,77	90.866	t	155,87	35.513
Total equity	100.000		464,33	-27.448	t	75,28	-111.032
Short term liabilities	294.663	r	51,66	194.297		-31,52	283.736
Working capital	95.681		373,67	-34.962	t	71,46	-122.495
Quick ratio	1,32	r	60,98	0,82	t	43,86	0,57

Contact information

Company name Setema B.V.

Trade names SETeMa B.V.

Operative address Kerkstraat 32

5843AP Westerbeek

Netherlands

Correspondence address Kerkstraat 32

5843AP Westerbeek

Netherlands

Telephone number 0485385764

Fax number 0485385751

Email address info@setema.com

Website www.setema.com

Registration

Registration number KvK-nummer: 17151190

Branch number 000018767710

VAT-number 811982452

Status Active

First registration company register 2003-03-24

Memorandum 2003-03-21

Establishment date 2003-01-01

Legal form Private Company

Activities

SBI Manufacture of machinery for textile, apparel and leather production (2894)

Exporter Yes

Importer Yes

Goal Het ontwikkelen, verrichten van research, het verzorgen van produktie, de verkoop, lease en

export van textielmachines en onderdelen van textielmachines.

Relations

Shareholders SETeMa Holding B.V.

Kerkstraat 32

5843AP WESTERBEEK

Netherlands

Registration number: 171855020000

Percentage: 100%

Companies on same address SETeMa Holding B.V.

Registration number: 171855020000

Stichting Psychologica

Registration number: 172375560000

Management

Active management

SETeMa Holding B.V.

Kerkstraat 32

5843AP WESTERBEEK

Netherlands

Registration number: 171855020000

Competence: Fully authorized

Function: Manager

Starting date: 2008-12-01

Employees

Year 2014 2012 2011 2010 2009

Total 2 2 2 2 2

Payments

Description Payments made under regular condition

Key figures

Year	2012	2011	2010	2009	2008
Quick ratio	1,32	0,82	0,57	0,65	1,21
Current ratio	1,32	0,82	0,57	0,65	1,21
Working capital/ balance total	0,24	-0,21	-0,71	-0,47	0,16
Equity / balance total	0,25	-0,16	-0,64	-0,36	0,04
Equity / Fixed assets	23,15	-3,65	-9,69	-3,14	0,73
Equity / liabilities	0,34	-0,14	-0,39	-0,26	0,04
Balance total / liabilities	1,34	0,86	0,61	0,74	1,04

Year	2012	2011	2010	2009	2008
Working capital	95.681	-34.962	-122.495	-54.558	46.184
Equity	100.000	-27.448	-111.032	-41.377	10.169
Mutation equity	464,33	75,28	-168,34	-506,89	-86,44
Mutation short term liabilities	51,66	-31,52	80,58	-29,67	4,40

Summary

The 2012 financial result structure is a postive working captial of 95.681 euro, which is in

agreement with 24 % of the total assets of the company.

The working capital has increased with 373.67 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The improvement between 2011 and 2012 has mainly been caused by an increase of the

current assets.

The current ratio of the company in 2012 was 1.32. 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 1.32. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

The 2011 financial result structure is a negative working captial of -34.962 euro, which is in

agreement with -21 % of the total assets of the company.

The working capital has increased with 71.46 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The improvement between 2010 and 2011 has mainly been caused by an increase of the

current assets.

The current ratio of the company in 2011 was 0.82. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2011 of the company was 0.82. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities

Financial statement

Remark annual account The company is obliged to file its financial statements.

Type of annual account Corporate

Annual account Setema B.V.

Kerkstraat 32

5843AP Westerbeek

Netherlands

Registration number: 171511900000

Balance

Year	2012	2011	2010	2009	2008
End date	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31
Tangible fixed assets	4.319	7.514	11.463	13.181	13.985
Fixed assets	4.319	7.514	11.463	13.181	13.985

Total receivables	76.539	90.866	35.513	18.177	187.254
Liquid funds	313.805	68.469	125.728	84.393	82.351
Current assets	390.344	159.335	161.241	102.570	269.605
Total assets	394.663	166.849	172.704	115.751	283.590
Issued capital	18.000	18.000	18.000	18.000	18.000
Other reserves	82.000	-45.448	-129.032	-59.377	-7.831
Total reserves	82.000	-45.448	-129.032	-59.377	-7.831
Total equity	100.000	-27.448	-111.032	-41.377	10.169
Long term interest yielding debt					50.000
Long term liabilities					50.000
Short term liabilities	294.663	194.297	283.736	157.128	223.421
Total short and long term liabilities	294.663	194.297	283.736	157.128	273.421
Total liabilities	394.663	166.849	172.704	115.751	283.590

Summary

The total assets of the company increased with 136.54 % between 2011 and 2012.

Despite the assets growth, the non current assets decreased with -42.52 %.

The asset growth has mainly been financed by a Net Worth increase of 464.33 %. Debt,

however, grew with 51.66 %.

In 2012 the assets of the company were 1.09 % composed of fixed assets and 98.91 % by

current assets. The assets are being financed by an equity of 25.34 %, and total debt of

74.66 %.

The total assets of the company decreased with -3.39 % between 2010 and 2011.

This downturn is mainly retrievable in the fixed asset decrease of -34.45 %.

The asset reduction is in contrast with the equity growth of 75.28 %. Due to this the total debt

decreased with -31.52 %.

In 2011 the assets of the company were 4.5 % composed of fixed assets and 95.5 % by

current assets. The assets are being financed by an equity of -16.45 %, and total debt of

116.45 %.

Analysis

Branch (SBI) Manufacture of machinery and equipment n.e.c. (28)

Region Noord-Oost-Brabant

In the Netherlands 4630 of the companies are registered with the SBI code 28

In the region Noord-Oost-Brabant 151 of the companies are registered with the SBI code 28

In the Netherlands 136 of the bankrupcties are published within this sector

In the region Noord-Oost-Brabant 4 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 Noord-Oost-Brabant is normal

Publications

Filings 27-09-2013: De jaarrekening over 2012 is gepubliceerd.

09-10-2012: De jaarrekening over 2011 is gepubliceerd.

19-10-2011: De jaarrekening over 2010 is gepubliceerd.

10-12-2010: De jaarrekening over 2009 is gepubliceerd.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Analysis Done by :	KAR
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.