MIRA INFORM REPORT

Report Date :

21.07.2014

IDENTIFICATION DETAILS

Name :	VLISCO B.V.

Registered Office :	Binnen Parallelweg 27 5701PH Helmond

Country :	Netherlands

Financials (as on) :	2012

Date of Incorporation :	15.08.1846

Com. Reg. No.:	17000185

Legal Form :	Private Company

Line of Business :	Trade in textiles, plastics.

No. of Employees	05

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 :	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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Netherlands

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

Company name	VLISCO B.V.
Operative address	Binnen Parallelweg 27 5701PH Helmond Netherlands

Legal form Private Company

Registration number KvK-nummer: 17000185

VAT-number 001353329

Year	2013		Mutation	2012		Mutation	2011
Fixed assets	129.039.000		6,06	121.668.000		6,51	114.233.000
Total receivables	14.656.000		1,52	14.436.000		-9,22	15.902.000

Total equity	46.498.000		11,21	41.812.000	t	31,00	31.918.000
Short term liabilities	73.147.000		23,08	59.432.000		-14,43	69.454.000

Net result	7.249.000		-49,03	14.222.000	t	53,54	9.263.000

Working capital	30.031.000	%	-14,73	35.220.000	t	90,41	18.497.000
Quick ratio	0,40	%	-23,08	0,52		15,56	0,45

Contact information

Company name Vlisco B.V.

Trade names Vlisco

Operative address Binnen Parallelweg 27

5701PH Helmond

Netherlands

Correspondence address Postbus 21

5700MA Helmond

Netherlands

Telephone number 0492570922

Email address vlisco@vlisco.nl

Website www.vlisco.com

Registration

Registration number KvK-nummer: 17000185

Branch number 000019541341

VAT-number 001353329

Status Active

Memorandum 1916-12-11

Establishment date 1846-08-15

Legal form Private Company

Last proposed admendment 2009-07-07

Activities

SBI Finishing of textiles (133)

Finishing of textiles (1330)

Goal The production and editing - as well as the trade in textiles, plastics, the
required for this commodity or related goods

Relations

Shareholders African Fabrics B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 506314970000

Percentage: 100%

Branches : Vlisco B.V.

Hoogeindsestraat 51

5705AL HELMOND

Netherlands

Registration number: 170001850001

Vlisco B.V.

Hoogeindsestraat 49

5705AL HELMOND

Netherlands

Registration number: 170001850002

Companies on same address : Borma Chemical Products Trading Company B.V.

Registration number: 170301510000

Suplica B.V.

Registration number: 170729700000

Stichting for Technical Education in Ghana

Registration number: 171829730000

African Fabrics ManCo B.V.

Registration number: 273335400000

African Fabrics B.V.

Registration number: 506314970000

African Fabrics Finco B.V.

Registration number: 506313220000

African Fabrics Holdings B.V.

Registration number: 506314540000

Vlisco Netherlands B.V.

Registration number: 507514920000

African Fabrics ManCo Holding B.V.

Registration number: 564700100000

Stichting Administratiekantoor African Fabrics

Registration number: 563336840000

Liability statements African Fabrics Holdings B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 506314540000

date of issue: 2011-08-03

Starting date: 2010-09-07

Management

ACTIVE MANAGEMENT

African Fabrics B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 506314970000

Competence: Fully authorized

Function: Manager

Starting date: 2010-09-07

G.L.E. Slits (Gerarda Lamberta Elisabeth)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2011-01-01

Date of birth: 1955-04-09, Erp, NL

Involved with the following companies

• Vlisco Netherlands B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 507514920000

Function: Proxy

P.F. Fransen (Petrus Franciscus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2011-01-01

Date of birth: 1962-07-21, Deurne, NL

Involved with the following companies

• Vlisco Netherlands B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 507514920000

Function: Proxy

• Suplica B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 170729700000

Function: Proxy

W.M.H. Dams (Wijnandus Maria Henricus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1988-10-01

Date of birth: 1951-10-07, Helmond, NL

Involved with the following companies

• Suplica B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 170729700000

Function: Proxy

G.M.L. Hems - van der Els (Gertruda Maria Louise)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2011-01-01

Date of birth: 1955-08-25, Stiphout, NL

Involved with the following companies

• Vlisco Netherlands B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 507514920000

Function: Proxy

J.A.M. Ouwendijk (Johannes Andreas Maria)

Netherlands

Competence: Fully authorized

Function: Proxy

Starting date: 2011-02-07

Date of birth: 1953-12-31, Delft, NL

Involved with the following companies

• Vlisco Netherlands B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 507514920000

Function: Proxy

• Suplica B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 170729700000

Function: Proxy

A. Miranda da Cunha (Augusto)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2011-12-01

Date of birth: 1970-04-24, Onbekend

Involved with the following companies

• Suplica B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 170729700000

Function: Proxy

Employees

Year		2014
Total		5

Payments

Description Payments made under regular condition

Key figures

Year	2013	2012	2011	2010
Quick ratio	0,40	0,52	0,45	0,73
Current ratio	1,41	1,59	1,27	1,46

Working capital/ balance total	0,13	0,16	0,09	0,12
Equity / balance total	0,20	0,19	0,16	0,14
Equity / Fixed assets	0,36	0,34	0,28	0,22
Equity / liabilities	0,25	0,24	0,19	0,16

Year	2013	2012	2011	2010
Equity	46.498.000	41.812.000	31.918.000	23.513.000
Mutation equity	11,21	31,00	35,75
Mutation short term liabilities	23,08	-14,43	61,40

Return on total assets (ROA)	5,81	9,54	7,66	-0,72
Return on equity (ROE)	29,03	49,35	48,55	-5,16
Gross profit margin	9,11	11,45	10,11	1,15
Net profit margin	2,68	5,33	4,12	-3,30

Average collection ratio	3,70	4,49	3,24	1,53
Average payment ratio	18,45	18,50	14,15	6,18
Equity turnover ratio	5,82	6,39	7,05	2,79
Total assets turnover ratio	1,16	1,23	1,11	0,39
Fixed assets turnover ratio	2,10	2,19	1,97	0,62
Inventory conversion ratio	3,65	4,20	3,95	2,09

Turnover	270.468.000	267.051.000	224.935.000	65.655.000
Operating result	24.645.000	30.570.000	22.747.000	757.000
Net result after taxes	7.249.000	14.222.000	9.263.000	-2.164.000

Gross profit	278.946.000	277.911.000
EBIT	24.645.000	30.570.000	22.747.000	757.000

Summary

The 2013 financial result structure is a postive working captial of 30.031.000 euro, which is in

agreement with 13 % of the total assets of the company.

The working capital has diminished with -14.73 % compared to previous year. The ratio, with

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

The deterioration between 2012 and 2013 has mainly been caused by an increase of the

current liabilities.

The current ratio of the company in 2013 was 1.41. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.4. A company with a Quick Ratio of less than 1

cannot currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 35.220.000 euro, which is in

agreement with 16 % of the total assets of the company.

The working capital has increased with 90.41 % 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 1.59. A company with a current ratio between

1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2012 of the company was 0.52. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

Financial statement

Type of annual account Consolidated

Annual account African Fabrics Holdings B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 506314540000

Balance

Year	2013	2012	2011	2010
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Intangible fixed assets	74.008.000	75.447.000	77.573.000	83.428.000
Tangible fixed assets	51.684.000	42.743.000	34.468.000	22.634.000
Financial fixed assets	3.347.000	3.478.000	2.192.000	429.000

Accounts receivable	3.970.000	4.847.000	4.350.000	2.224.000
Other receivables	10.686.000	9.589.000	11.552.000	8.408.000
Total receivables	14.656.000	14.436.000	15.902.000	10.632.000
Liquid funds	14.455.000	16.596.000	15.150.000	20.797.000
Current assets	103.178.000	94.652.000	87.951.000	62.836.000
Total assets	232.217.000	216.320.000	202.184.000	169.327.000

Year	2013	2012	2011	2010
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31

Total equity	46.498.000	41.812.000	31.918.000	23.513.000

Provisions	17.627.000	17.230.000	17.861.000	12.983.000
Long term interest yielding debt	92.562.000	95.928.000	81.548.000	88.352.000
Long term liabilities	92.562.000	95.928.000	81.548.000	88.352.000
Accounts payable	26.081.000	15.696.000	17.632.000	8.907.000
Other short term liabilities	47.066.000	43.736.000	51.822.000	34.124.000
Short term liabilities	73.147.000	59.432.000	69.454.000	43.031.000
Total short and long term liabilities	183.336.000	172.590.000	168.863.000	144.366.000
Total liabilities	232.217.000	216.320.000	202.184.000	169.327.000

Summary

The total assets of the company increased with 7.35 % between 2012 and 2013.

The fixed asset growth of 6.06 % is lower than the total asset growth.

The asset growth has mainly been financed by a Net Worth increase of 11.21 %. Debt,

however, grew with 6.23 %.

In 2013 the assets of the company were 55.57 % composed of fixed assets and 44.43 % by

current assets. The assets are being financed by an equity of 20.02 %, and total debt of

79.98 %.

The total assets of the company increased with 6.99 % between 2011 and 2012.

The fixed asset growth of 6.51 % is lower than the total asset growth.

The asset growth has mainly been financed by a Net Worth increase of 31 %. Debt, however,

grew with 2.21 %.

In 2012 the assets of the company were 56.24 % composed of fixed assets and 43.76 % by

current assets. The assets are being financed by an equity of 19.33 %, and total debt of

80.67 %.

Vlisco B.

Profit and loss 1


Year	2013	2012	2011	2010
Revenues	279.711.000	282.255.000	238.214.000	66.091.000
Other operating income	765.000	4.344.000	13.279.000	436.000
Net turnover	270.468.000	267.051.000	224.935.000	65.655.000

Operating expenses	255.066.000	251.685.000	215.467.000	65.334.000
Operating result	24.645.000	30.570.000	22.747.000	757.000

Financial income			114.000	70.000
Financial expenses	11.146.000	9.937.000	7.364.000	2.041.000
Financial result	-11.146.000	-9.937.000	-7.250.000	-1.971.000
Result on ordinary operations before taxes	13.499.000	20.633.000	15.497.000	-1.214.000

Taxation on the result of ordinary activities	6.250.000	6.411.000	6.182.000	944.000
Result of ordinary activities after taxes	7.249.000	14.222.000	9.315.000	-2.158.000

Extraordinary expense			52.000	6.000
Extraordinary result after taxation			-52.000	-6.000
Net result	7.249.000	14.222.000	9.263.000	-2.164.000

Summary

The turnover of the company grew with 1.28 % between 2012 and 2013.

The operating result of the company declined with -19.38 % between 2012 and 2013. This

evolution implies an decrease of the company's economic profitability.

The result of these changes is a reduction of the company's Economic Profitability of -39.1 %

of the analysed period, being equal to 2012 % in the year 2013.

This fall has contributed to a asset turnover decrease, whose index evolved from -5.69 to a

level of 1.16.

The Net Result of the company increased by -49.03 % between 2012 and 2013.

The company's Financial Profitability has been positively affected by the financial activities in

comparison to the EBITs behaviour. The result of these variations is a profitability increase of

-41.18 % of the analysed period, being 29.03 % in the year 2013.

The company's financial profitability has been positively affected by its financial structure.

The turnover of the company grew with 18.72 % between 2011 and 2012.

The operating result of the company grew with 34.39 % between 2011 and 2012. This

evolution implies an increase of the company's economic profitability.

The result of these changes is an increase of the company's Economic Profitability of 24.54

% of the analysed period, being equal to 2011 % in the year 2012.

This growth has contributed to the increase in assets turnover, increasing by 10.81 %

reaching 1.23.

The Net Result of the company decreased by 53.54 % between 2011 and 2012.

The company's Financial Profitability has been negatively affected by the financial activities in

comparison to the EBITs behaviour. The result of these variations is a profitability reduction

of 1.65 % of the analysed period, being 49.35 % in the year 2012.

The company's financial structure has slowed down its financial profitability

Analysis

Branch (SBI) MANUFACTURE OF TEXTILES (13)

Region Zuid-Oost-Brabant

In the Netherlands 2146 of the companies are registered with the SBI code 13

In the region Zuid-Oost-Brabant 152 of the companies are registered with the SBI code 13

In the Netherlands 34 of the bankrupcties are published within this sector

In the region Zuid-Oost-Brabant 1 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 Zuid-Oost-Brabant is normal

Publications

Consent statements

04-04-2014: Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.

09-07-2013: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.

18-12-2012: Voor boekjaar 2011 is een instemmingsverklaring gedeponeerd.

03-08-2011: Voor boekjaar 2010 is een instemmingsverklaring gedeponeerd.

Liability statements

03-08-2011: Per 21-09-2010 is een aansprakelijkheidsverklaring door Gamma Holding N.V.

ingetrokken.

03-08-2011: Per 03-08-2011 is een aansprakelijkheidsverklaring door African Fabrics

Holdings B.V. gedeponeerd.

22-09-2010: Per 21-09-2010 is een aansprakelijkheidsverklaring door Gamma Holding N.V.

ingetrokken.

Functions 29-10-2012: Per 01-10-2012 is gevolmachtigde Kareline Huberta Wilhelmina Dekkers uit

functie getreden.

03-03-2011: Per 07-02-2011 is gevolmachtigde Johannes Andreas Maria Ouwendijk in

functie getreden.

03-03-2011: Per 01-01-2011 is gevolmachtigde Gerarda Lamberta Elisabeth Slits in functie

getreden.

03-03-2011: Per 01-01-2011 is gevolmachtigde Kareline Huberta Wilhelmina Dekkers in

functie getreden.

03-03-2011: Per 01-01-2011 is gevolmachtigde Gertruda Maria Louise Hems-van der Els in

functie getreden.

03-03-2011: Per 01-01-2011 is gevolmachtigde Petrus Franciscus Fransen in functie

getreden.

09-12-2010: Per 04-09-2010 is gevolmachtigde Michaël Christianus Marie Dams uit functie

getreden.

20-09-2010: Per 07-09-2010 is bestuurder 50631497 African Fabrics B.V. in functie getreden.

17-09-2010: Per 07-09-2010 is bestuurder Johannes van der Meij uit functie getreden.

Company structure

Relations 7

African Fabrics Finco B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 506313220000

• African Fabrics Holdings B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 506314540000

• African Fabrics B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 506314970000

• Vlisco B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 170001850000

• Borma Chemical Products Trading Company B.V.

Binnen Parallelweg 27

5701PH HELMOND

Netherlands

Registration number: 170301510000

• Suplica B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 170729700000

Vlisco Netherlands B.V.

Binnen Parallelweg 27

5701PH Helmond

Netherlands

Registration number: 507514920000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.58

INFORMATION DETAILS

Analysis Done by :	RAS

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.

MIRA INFORM REPORT

Company name and address

Contact information

Registration

Activities

Relations

Management

Employees

Payments

Key figures

Summary

Financial statement

Balance

Summary

Profit and loss 1

Summary

Analysis

Publications

Company structure

Unit