MIRA INFORM REPORT

Report Date :

24.07.2014

IDENTIFICATION DETAILS

Name :	ARGOLANDA B.V.

Registered Office :	Weena 693, 3013AM Rotterdam

Country :	Netherlands

Financials (as on) :	31.12.2012

Date of Incorporation :	29.06.1926

Com. Reg. No.:	24024531

Legal Form :	Private Company

Line of Business :	· Wholesaler of hides and skins Wholesaler of Basic and Industrial Chemicals for Leather & Tanning Industry supplier of splits (wetblue and crust) for the productions of suede, PU Coated Leather and Gloves in Wetblue or Crust

No of Employees :	18 (2012)

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 :	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, 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 reducing 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 SUMMARY

Company name Argolanda B.V.

Operative address Weena 693

3013AM Rotterdam

Netherlands

Status Active

Legal form Besloten Vennootschap (Private Company)

Registration number KvK-nummer: 24024531

VAT-number 001836936

Year	2012	Mutation	2011	Mutation	2010
Fixed assets	98.000	13,95	86.000	32,31	65.000
Total receivables	2.323.000	-13,45	2.684.000	23,18	2.179.000
Total equity	990.000	-25,51	1.329.000	48,16	897.000
Short term liabilities	3.538.000	8,96	3.247.000	-3,25	3.356.000
Net result	353.000	-18,29	432.000	63,02	265.000
Working capital	1.091.000	-22,57	1.409.000	54,33	913.000
Quick ratio	0,66	-20,48	0,83	27,69	0,65

Contact information

Company name Argolanda B.V.

Trade names Argolanda B.V.

Operative address Weena 693

3013AM Rotterdam

Netherlands

Correspondence address Postbus 45

3000AA Rotterdam

Netherlands

Telephone number 010 2800000

Fax number 010 4045794

Email address info@argolanda.nl

Website www.argolanda.nl

Registration

Registration number KvK-nummer: 24024531

Registered in Kamer van Koophandel Rotterdam

Branch number 000017466474

VAT-number 001836936

Status Active

First registration company

register 1926-09-20

Memorandum 1926-06-29

Establishment date 1926-06-29

Legal form Besloten Vennootschap (Private Company)

Last proposed admendment 1988-05-02

Activities

· Wholesaler of hides and skins

Wholesaler of Basic and Industrial Chemicals for Leather & Tanning Industry

supplier of splits (wetblue and crust) for the productions of suede, PU Coated Leather and Gloves in Wetblue or Crust

Exporter Yes

Importer Yes

Goal Groothandel (im- en export) in bewerkte en onbewerkte huiden en dierevellen alsmede

groothandel (im- en export) in chemicaliën.

(Wholesale trade (imports and exports) in processed and unprocessed animal hides and skins as well wholesale trade (imports and exports) in chemicals)

Relations

Shareholders

Argolanda Beheer B.V.

Weena 693

3013AM ROTTERDAM

Netherlands

Registration number: 241588020000

Percentage: 100%

bank details

Accounts ABN Amro Bank NV

Account number: 42.60.69.048

Management

Active Management

C.E.J. Granneman (Christiaan Ernest Johannes)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 1988-06-30

Date of birth: 1957-04-26, Rotterdam, NL

Involved with the following companies

Unico Leather B.V.

Vierbundersweg 1

5107NL DONGEN

Netherlands

Registration number: 18056872

Insolvency: Default

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

L.T.W.M. Granneman (Leonardus Theodorus Wilhelmus)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 1988-06-30

Date of birth: 1952-08-12, Antwerpen, BE

Involved with the following companies

Unico Leather B.V.

Vierbundersweg 1

5107NL DONGEN

Netherlands

Registration number: 18056872

Insolvency: Default

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

Unico Leather B.V.

Registration number: 18056872

Function: Manager

F.J.M. Driever (Fredericus Johannes Maria)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1993-01-01

Date of birth: 1955-10-17, Rotterdam, NL

J.C.N. van Mullem (Johannes Cornelis Nicolaas)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 1993-01-01

Date of birth: 1959-02-01, Rotterdam, NL

Employees

Total according to the Chamber of Commerce 18

Year 2012 2011 2010 2009 2008

Total 18 18 18 18 18

Payments

Description Payments are made regularly no complaints are known

Year		2012		2011	2010		2009	2008
Quick ratio		0,66		0,83	0,65		0,75	1,05
Current ratio		1,31		1,43	1,27		1,22	1,27
Working capital/ balance total		0,23		0,30	0,21		0,18	0,21
Equity / balance total		0,21		0,28	0,21		0,15	0,19
Equity / Fixed assets		10,10		15,45	13,80		24,31	8,64
Equity / liabilities		0,26		0,39	0,26		0,17	0,23
Balance total / liabilities		1,26		1,39	1,26		1,17	1,23
Working Capital		1.091.000		1.409.000	913.00		771.000	638.000
Equity	990.000		1.329.000		897.000	632.000		579.000
Mutation equity	-25,51		48,16		41,93	9,15		8,22
Mutation short term liabilities	8,96		-3,25		-3,12	44,70		10,32
Return on total assets (ROA)	9,69		11,85		7,89	1,57		1,84
Return on equity (ROE)	46,26		42,29		38,13	10,60		9,84
Gross margin	2.000.000		2.527.000		1.875.000	1.291.000		1.394.000
Operating result	465.000		580.000		392.000	129.000		122.000
Net result after taxes	353.000		432.000		265.000	53.000		44.000
Cashflow	399.000		464.000		296.000	95.000		88.000
EBIT		465.000	580.000		392.000	129.000		122.000
EBITDA		511.000	612.000		423.000	171.000		166.000

Summary

The 2012 financial result structure is a positive working capital of 1.091.000 euro, which is in

agreement with 23 % of the total assets of the company.

The working capital has diminished with -22.57 % compared to previous year. The ratio, with

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

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

current liabilities.

The current ratio of the company in 2012 was 1.31. 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 0.66. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2011 financial result structure is a positive working capital of 1.409.000 euro, which is in

agreement with 30 % of the total assets of the company.

The working capital has increased with 54.33 % 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 1.43. 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 0.83. 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 Argolanda B.V.

Weena 693

3013AM Rotterdam

Netherlands

Registration number: 240245310000

Balance Sheets

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	98.000	86.000	65.000	26.000	67.000
Fixed assets	98.000	86.000	65.000	26.000	67.000
Total stock	2.299.000	1.967.000	2.087.000	1.621.000	513.000
Accounts receivable	2.193.000	2.537.000	2.027.000	2.327.000	2.431.000
Other receivables	130.000	147.000	152.000	170.000	86.000
Total receivables	2.323.000	2.684.000	2.179.000	2.497.000	2.517.000
Liquid funds	7.000	5.000	3.000	117.000	2.000
Current assets	4.629.000	4.656.000	4.269.000	4.235.000	3.032.000
Total assets	4.727.000	4.742.000	4.334.000	4.261.000	3.099.000

Issued capital	281.000	281.000	281.000	281.000	281.000
Share premium reserve	58.000	58.000	58.000	58.000	58.000
Other reserves	651.000	990.000	293.000	293.000	240.000
Non-distributable profit			265.000
Total reserves	709.000	1.048.000	616.000	351.000	298.000
Total equity	990.000	1.329.000	897.000	632.000	579.000

Provisions	199.000	166.000	81.000	165.000	126.000
Short term liabilities	3.538.000	3.247.000	3.356.000	3.464.000	2.394.000
Total short and long term liabilities	3.737.000	3.413.000	3.437.000	3.629.000	2.520.000
Total liabilities	4.727.000	4.742.000	4.334.000	4.261.000	3.099.000

Summary

The total assets remained the same between 2011 and 2012.

Despite the fact that the total assets remained the same, the fixed assets increased with

13.95 %.

Despite the unchanged assets the net worth declined with -25.51 %, which has resulted in

the fact that the company's indebtedness increased with 9.49 %.

In 2012 the assets of the company were 2.07 % composed of fixed assets and 97.93 % by

current assets. The assets are being financed by an equity of 20.94 %, and total debt of

79.06 %.

The total assets of the company increased with 9.41 % between 2010 and 2011.

The total asset increase is retrievable in the fixed asset growth of 32.31 %.

In 2011 the assets of the company were 1.81 % composed of fixed assets and 98.19 % by

current assets. The assets are being financed by an equity of 28.03 %, and total debt of

Profit & Loss

Year	2012	2011	2010	2009	2008
Gross margin	2.000.000	2.527.000	1.875.000	1.291.000	1.394.000

Wages and salaries	759.000	911.000	553.000	578.000	600.000
Amorization and depreciation	46.000	32.000	31.000	42.000	44.000
other operating costs	730.000	1.004.000	899.000	542.000	628.000
Operating expenses	1.535.000	1.947.000	1.483.000	1.162.000	1.272.000
Operating result	465.000	580.000	392.000	129.000	122.000

Financial expenses	7.000	18.000	50.000	62.000	65.000
Financial result	-7.000	-18.000	-50.000	-62.000	-65.000
Result on ordinary operations before taxes	458.000	562.000	342.000	67.000	57.000

Taxation on the result of ordinary activities	105.000	130.000	77.000	14.000	13.000
Result of ordinary activities after taxes	353.000	432.000	265.000	53.000	44.000

Net result	353.000	432.000	265.000	53.000	44.000

Summary

The gross profit of the company decreased by -20.85 % between 2011 and 2012.

The operating result of the company declined with -19.83 % between 2011 and 2012. 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 -18.23

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

The Net Result of the company increased by -18.29 % 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 9.39 % of the analysed period, being 46.26 % in the year 2012.

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

The gross profit of the company grew with 34.77 % between 2010 and 2011.

The operating result of the company grew with 47.96 % between 2010 and 2011. 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 50.19

% of the analysed period, being equal to 2010 % in the year 2011.

The Net Result of the company decreased by 63.02 % between 2010 and 2011.

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 10.91 % of the analysed period, being 42.29 % in the year 2011.

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

Analysis

Branch (SBI)

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

Region

Groot Rotterdam

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

In the region Groot Rotterdam 8969 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 Groot Rotterdam 231 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 Groot Rotterdam is normal

Publications

Filings

30-08-2013: De jaarrekening over 2012 is gepubliceerd.

05-07-2012: De jaarrekening over 2011 is gepubliceerd.

15-07-2011: De jaarrekening over 2010 is gepubliceerd.

23-07-2010: De jaarrekening over 2009 is gepubliceerd.

Company structure

Relations 3

Argolanda Beheer B.V.

Weena 693

3013AM ROTTERDAM

Netherlands

Registration number: 241588020000

Argolanda B.V.

Weena 693

3013AM Rotterdam

Netherlands

Registration number: 240245310000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.18
UK Pound	1	Rs.102.68
Euro	1	Rs.81.03

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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 SUMMARY

Contact information

Registration

Activities

Relations

bank details

Management

Employees

Payments

Financial statement

Analysis

Company structure

Unit