MIRA INFORM REPORT

Report Date :

04.06.2014

IDENTIFICATION DETAILS

Name :	T.L.P. INTERNATIONAL B.V.
Registered Office :	Finantiën 7 5175NW Loon op Zand
Country :	Netherlands
Financials (as on) :	2012
Date of Incorporation :	11.10.1988
Com. Reg. No.:	18125184
Legal Form :	Private Company
Line of Business :	Wholesale and production of chemicals for the textile, leather and paper industry
No. of Employees	07

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Netherlands	B1	B1

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 T.L.P. INTERNATIONAL B.V.

Operative address Finantiën 7

5175NW Loon op Zand

Netherlands

Legal form Private Company

Registration number KvK-nummer: 18125184

VAT-number 803996597

Year	2012		Mutation	2011		Mutation	2010
Fixed assets	219.035	%	-7,21	236.057		-9,99	262.243
Total receivables	273.735	%	-12,20	311.778	t	47,86	210.865
Total equity	194.951	%	-8,42	212.882	\	-23,69	278.965
Short term liabilities	248.937	%	-14,91	292.548	t	45,99	200.394
Working capital	256.632	%	-8,65	280.922		-18,36	344.118
Quick ratio	1,69		-0,59	1,70		-26,09	2,30

Contact information

Company name T.L.P. International B.V.

Trade names T.L.P. International B.V.

Operative address Finantiën 7

5175NW Loon op Zand

Netherlands

Correspondence address Finantiën 7

5175NW Loon op Zand

Netherlands

Telephone number 0134560106

Fax number 0134560107

Email address tlpintbv@wxs.nl

Website www.tlpinternational.nl

Registration

Registration number KvK-nummer: 18125184

Branch number 000008465584

VAT-number 803996597

Status A ctive

First registration company register 1995-03-29

Memorandum 1995-03-23

Establishment date 1988-10-11

Legal form Private Company

Activities

SBI Wholesale of basic and industrial chemicals (46751)

Exporter No

Importer No

Goal Wholesale and production of chemicals for the textile, leather and paper industry

Relations

Companies on same address Westendorp Holding B.V.

Registration number: 181277360000

Management

Active management W.H. Westendorp (Walter Herman)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 1995-03-23

Date of birth: 1938-07-09, Tilburg, NL

M.H.W. Westendorp (Mark Herman Wolfgang)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2007-04-24

Date of birth: 1970-05-14, Goirle, NL

Employees

Total according to the Chamber of Commerce 7

Year	2014	2012	2011	2010	2009
Total	7	7	7	7	7

Payments

Score 7,3

Description Payments are made regularly no complaints are known

Key figures

Year	2012	2011	2010	2009	2008
Quick ratio	1,69	1,70	2,30	2,63	2,72
Current ratio	2,03	1,96	2,72	3,01	3,11
Working capital/ balance total	0,35	0,35	0,43	0,46	0,46
Equity / balance total	0,27	0,26	0,35	0,35	0,32
Equity / Fixed assets	0,89	0,90	1,06	1,15	1,00
Equity / liabilities	0,37	0,36	0,53	0,54	0,48
Balance total / liabilities	1,37	1,36	1,53	1,54	1,48
Working capital	256.632	280.922	344.118	367.771	350.890
Equity	194.951	212.882	278.965	275.927	246.722
Mutation equity	-8,42	-23,69	1,10	11,84
Mutation short term liabilities	-14,91	45,99	9,58	9,89

Summary

The 2012 financial result structure is a postive working captial of 256.632 euro, which is in agreement with 35 % of the total assets of the company.

The working capital has diminished with -8.65 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged.

The deterioration between 2011 and 2012 has mainly been caused by a reduction of the current assets.

The current ratio of the company in 2012 was 2.03. 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 1.69. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 280.922 euro, which is in agreement with 35 % of the total assets of the company.

The working capital has diminished with -18.36 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2010 and 2011 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2011 was 1.96. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2011 of the company was 1.7. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities

Financial statement

Type of annual account Corporate

Annual account T.L.P. International B.V.

Finantiën 7

5175NW Loon op Zand

Netherlands

Registration number: 181251840000

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	215.549	230.771	252.457	226.500	230.706
Financial fixed assets	3.486	5.286	9.786	14.286	16.786
Total receivables	273.735	311.778	210.865	191.996	162.465
Liquid funds	147.745	186.523	249.590	289.153	289.722
Current assets	505.569	573.470	544.512	550.646	517.305
Total assets	724.604	809.527	806.755	791.432	764.797
Issued capital	18.151	18.151	18.151	18.151	18.151
Other reserves	176.800	194.731	260.814	257.776	228.571
Total reserves	176.800	194.731	260.814	257.776	228.571
Total equity	194.951	212.882	278.965	275.927	246.722
Provisions	193.103	198.204	203.223	204.029	208.901
Long term interest yielding debt	87.613	105.893	124.173	128.601	142.759
Long term liabilities	87.613	105.893	124.173	128.601	142.759
Short term liabilities	248.937	292.548	200.394	182.875	166.415
Total short and long term liabilities	529.653	596.645	527.790	515.505	518.075

Summary

The total assets of the company decreased with -10.49 % between 2011 and 2012.

This total assets decrease has been reflected in a reduction of non current assets of -7.21 %.

Assets reduction is explained by a Net Worth decrease of -8.42 %, and an indebtedness

reduction of -11.23 %.

In 2012 the assets of the company were 30.23 % composed of fixed assets and 69.77 % by

current assets. The assets are being financed by an equity of 26.9 %, and total debt of 73.1 %. The total assets remained the same between 2010 and 2011.

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

-9.99 %. Despite the unchanged assets the net worth declined with -23.69 %, which has resulted in

the fact that the company's indebtedness increased with 13.05 %.

In 2011 the assets of the company were 29.16 % composed of fixed assets and 70.84 % by

current assets. The assets are being financed by an equity of 26.3 %, and total debt of 73.7

%.

Analysis

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

(SBI) Region Midden-Brabant

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

In the region Midden-Brabant 5737 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 Midden-Brabant 108 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 Midden-Brabant is normal

Filings

24-09-2013: De jaarrekening over 2012 is gepubliceerd.

01-11-2012: De jaarrekening over 2011 is gepubliceerd.

11-11-2011: De jaarrekening over 2010 is gepubliceerd.

01-03-2011: De jaarrekening over 2009 is gepubliceerd.

16-11-2009: De jaarrekening over 2008 is gepubliceerd

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 :	SUM
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.