MIRA INFORM REPORT

Report Date :

04.06.2014

IDENTIFICATION DETAILS

Name :	STUDIO MODERNA HOLDINGS B.V.

Registered Office :	Naritaweg 165 Telestone 8 1043BW Amsterdam

Country :	Netherlands

Financials (as on) :	31.12.2012

Date of Incorporation :	11.10.2001

Legal Form :	Private limited liability company

Line of Business :	Subject is a Financial holdings.

No. of Employees	01

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	71,000 EURO
Status :	Moderate
Payment Behaviour :	Unknown
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 STUDIO MODERNA HOLDINGS B.V.

Address Naritaweg 165 Telestone 8

1043BW AMSTERDAM

Telephone number 0205722300

RSIN Number 810186184

Company type Private limited liability company (BV) with

ordinary structure

Branch number 000016605861

Establishment date 11/10/2001

Commentary

The business was established over 12 years ago.

No employees are recorded for this business.

The business has been at the address for over 4 years.

The financial statements on file are 17 months old.

A 32% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 92% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Net worth	Working capital	Quick ratio
31/12/2012	37,523,014	-9,856,750	0.10
31/12/2011	39,424,842	-17,332,612	0.13
31/12/2010	41,964,870	-25,796	0.97

Payment Information Summary

Industry average payment

expectation days 54.39 Industry average day sales outstanding 52.80

Suspension of payments / moratorium no

Court Data Summary

Court action no

Activities

Main Activity Code: 6420

Main Activity Description: Financial holdings

Mailing address details

Street	Postbus	House or po box number	7241
City	AMSTERDAM	Post code	1007JE
Country

Capital details

Nominal capital		Placed capital	218,000
Deposited capital	218,000

Employees details

Number of employees

Number of Employees (Source: Accounts) 1

Employees Fulltime

Balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009	%	31-12-2008
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Consolidated (y/n)	N		N		N		N		N
Intangible fixed assets	325,000
Tangible fixed assets
Financial fixed assets	107,379,764	35.1%	79,499,177	21.6%	65,376,610	-6.1%	69,623,241	9.6%	63,512,006
Total fixed assets	107,704,764	35.5%	79,499,177	21.6%	65,376,610	-6.1%	69,623,241	9.6%	63,512,006
Inventories
Trade Debtors
Other receivables	903,628	168.5%	336,546	-51.8%	698,259	-73%	2,581,599	19.5%	2,160,370
Cash	180,012	-92.1%	2,283,234	999.9%	124,850	-28.9%	175,619	-41.3%	299,315
Miscellaneous current assets	0		0		0		0		0
Total current assets	1,083,640	-58.6%	2,619,780	218.3%	823,109	-70.1%	2,757,218	12.1%	2,459,685
Trade creditors
Other current liabilities including accruals &	10,940,390	-45.2%	19,952,392	999.9%	848,905	-81.3%	4,538,177	-22.8%	5,879,098
defered income
Total current liabilities	10,940,390	-45.2%	19,952,392	999.9%	848,905	-81.3%	4,538,177	-22.8%	5,879,098
Subordinated loans
Other long term liabilities	60,000,000	163.8%	22,741,723	-2.8%	23,385,944	-16.2%	27,910,157	202.6%	9,223,603
Total long term debts	60,000,000	163.8%	22,741,723	-2.8%	23,385,944	-16.2%	27,910,157	202.6%	9,223,603
Issued share capital	218,000	0.00 %	218,000	0.00 %	218,000	0.00 %	218,000	0.00 %	218,000
Retained earnings	-1,576,829	37.9%	-2,540,028		2,032,744		-936,865		21,484,086
Group Net Worth	0		0		0		0		0
Total Equity	37,848,014	-4%	39,424,842	-6.1%	41,964,870	5.1%	39,932,125	-21.5%	50,868,990
Other reserves	39,206,843	-6.1%	41,746,870	5.1%	39,714,126	-2.3%	40,650,990	39.4%	29,166,904
Minority interests
Total Assets	108,788,404	32.5%	82,118,957	24%	66,199,719	-8.5%	72,380,459	9.7%	65,971,691
Total Liabilities	108,788,404	32.5%	82,118,957	24%	66,199,719	-8.5%	72,380,459	9.7%	65,971,691
Working capital	-9,856,750	43.1%	-17,332,612	-999.9%	-25,796	98.6%	-1,780,959	47.9%	-3,419,413
Net worth	37,523,014	-4.8%	39,424,842	-6.1%	41,964,870	5.1%	39,932,125	-21.5%	50,868,990

Ratio analysis

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009	%	31-12-2008
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Consolidated (y/n)	N		N		N		N		N
TRADING PERFORMANCE
Results on ordinary operations before taxation margin	-	-	-	-	-	-	-	-	-
Return on capital employed	-	-	-	-	-	-	-	-	-
Return on total assets employed	-	-	-	-	-	-	-	-	-
Return on net assets employed	-	-	-	-	-	-	-	-	-
Sales / networking capital	-	-	-	-	-	-	-	-	-
OPERATING EFFICIENCY
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.10	-23.1%	0.13	-86.6%	0.97	59%	0.61	45.2%	0.42
Liquidity ratio / acid ratio	0.10	-23.1%	0.13	-86.6%	0.97	59%	0.61	45.2%	0.42
Current debt ratio	0.29	-43.1%	0.51	999.9%	0.02	-81.8%	0.11	-8.3%	0.12
LONG TERM STABILITY
Gearing	158.53	174.8%	57.68	3.5%	55.73	-20.3%	69.89	285.5%	18.13
Equity in percentage	34.89	-27.3%	48.01	-24.3%	63.39	14.9%	55.17	-28.5%	77.11
Total debt ratio	1.87	73.1%	1.08	86.2%	0.58	-28.4%	0.81	170%	0.30

Industry comparison

Activity code 6420

Activity description Financial holdings

Industry average credit rating 65.79

Industry average credit limit 122,226

Shareholder

There is no data for this company

Court data

There is no data for this company

Director

Director details

this product is only available for Belgium & Dutch customers.

Event History

Date	Event
23/08/2013	Newaccounts filed.
22/06/2012	Newaccounts filed.
07/03/2012	Newaccounts filed.
31/10/2011	Phone number change
17/08/2011	Newaccounts filed.
11/05/2011	Newaccounts filed.
06/05/2011	Newaccounts filed.

KvK filings (since 20-12-2012)

Filing Date	Filed Event
30/09/2013	Directors out function
30/09/2013	Directors in function
09/08/2013	Deposit Accounts

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.21
UK Pound	1	Rs.99.17
Euro	1	Rs.80.56

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.

Trading name	Studio Moderna Holdings B.V.	Office type	Main Office
Street	Naritaweg	House or po box number	165 Telestone 8
City	AMSTERDAM	Post code	1043BW
Telephone number	0205722300	Web address
Company Status	Active	Company type	Private limited liability company (BV) with ordinary structure
Date of company type change	11/10/2001	Establishment date	11/10/2001
Business Group Type
Exporter	no	Importer	no
Ceased trading date		Continuance date
Date of latest accounts	31/12/2012
Reason for Dissolution ¹		Reason for Registration