MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	OUTSOURCE INTERNATIONAL B.V.
Registered Office :	Florijnstraat 4E, 4879AH Etten-Leur
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	04.09.2002
Com. Reg. No.:	20107581
Legal Form :	Private Company
Line of Business :	Wholesale of materials for the benefit of the petrochemical industry.
No of Employees :	Not Available

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Netherlands	A1	A1

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

Summary

Company name OUTSOURCE INTERNATIONAL B.V.

Operative address Florijnstraat 4E

4879AH Etten-Leur

Netherlands

Legal form   Private Company

Registration number KvK-nummer: 20107581

VAT-number 818681263

Year	2013	Mutation	2012	Mutation	2011
Fixed assets	20.625	-21,05	26.125	-17,86	31.807
Total receivables	144.841	21,77	118.943	147,87	47.986
Total equity	248.104	2,20	242.761	33,48	181.871
Short term liabilities	147.128	22,59	120.016	-74,40	468.747
Working capital	227.479	5,01	216.636	44,36	150.064
Quick ratio	2,55	-9,25	2,81	155,45	1,10

Contact information

Company name Outsource International B.V.

Trade names Outsource International B.V.

Operative address Florijnstraat 4E

4879AH Etten-Leur

Netherlands

Correspondence address Postbus 573

4870AN Etten-Leur

Netherlands

Mobile number 0610665213

Email address sales@outsource-international.com

Website www.outsource-international.com

Registration

Registration number KvK-nummer: 20107581

Branch number 000016753038

VAT-number 818681263

Status Active

First registration company register 2007-11-15

Memorandum 2007-11-14

Establishment date 2002-09-04

Legal form Private Company

Activities

SBI Wholesale of fittings, technical supplies. (46694)

Exporter No

Importer No

Goal   Wholesale of materials for the benefit of the petrochemical industry.

Relations

Shareholders Outsource Holding B.V.

Florijnstraat 4E

4879AH ETTEN-LEUR

Netherlands

Registration number: 201349340000

Percentage: 100%

Bank details

Accounts ABN Amro Bank NV

Account number: 45.46.88.423

Management

Active management Outsource Holding B.V.

Florijnstraat 4E

4879AH ETTEN-LEUR

Netherlands

Registration number: 201349340000

Competence: Fully authorized

Function: General Director

Starting date: 2007-11-14

Employees
Total according to the Chamber of Commerce	0
Year		2014	2013	2012	2011	2010
Total		0	0	0	0	1

Payments

Description Payments made under regular condition

Key figures

Year	2013	2012	2011	2010	2009
Quick ratio	2,55	2,81	1,10	1,32	1,22
Current ratio	2,55	2,81	1,32	1,32	1,22
Working capital/ balance total	0,58	0,60	0,23	0,23	0,17
Equity / balance total	0,63	0,67	0,28	0,29	0,22
Equity / Fixed assets	12,03	9,29	5,72	4,84	4,12
Equity / liabilities	1,69	2,02	0,39	0,41	0,29
Balance total / liabilities	2,69	3,02	1,39	1,41	1,29
Working capital	227.479	216.636	150.064	144.299	137.765
Equity	248.104	242.761	181.871	181.871	181.871
Mutation equity	2,20	33,48			-16,32
Mutation short term liabilities	22,59	-74,40	4,74	-28,87	-4,59

Summary The 2013 financial result structure is a postive working captial of 227.479 euro, which is in agreement with 58 % of the total assets of the company.

The working capital has increase with 5.01 % compared to previous year. The ratio with

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

The improvement between 2012 and 2013 has mainly been caused by a current liabilities

reduction.

The current ratio of the company in 2013 was 2.55. A company with a current ratio between

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

The quick ratio in 2013 of the company was 2.55. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 216.636 euro, which is in

agreement with 60 % of the total assets of the company.

The working capital has increased with 44.36 % 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 2.81. 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 2.81. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

Financial statement

Last annual account 2013

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

Type of annual account Corporate

Annual account Outsource International B.V.

Florijnstraat 4E

4879AH Etten-Leur

Balance

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Intangible fixed assets	20.625	26.125	31.625	37.125	42.625
Tangible fixed assets			182	447	1.481
Fixed assets	20.625	26.125	31.807	37.572	44.106
Total stock			104.734
Total receivables	144.841	118.943	47.986	66.123	419.117
Liquid funds	229.766	217.709	466.091	525.695	347.821
Current assets	374.607	336.652	618.811	591.818	766.938
Total assets	395.232	362.777	650.618	629.390	811.044
Issued capital	18.000	18.000	18.000	18.000	18.000
Share premium reserve	163.871	163.871	163.871	163.871
Other reserves	66.233	60.890			163.871
Total reserves	230.104	224.761	163.871	163.871	163.871
Total equity	248.104	242.761	181.871	181.871	181.871
Short term liabilities	147.128	120.016	468.747	447.519	629.173
Total short and long term liabilities	147.128	120.016	468.747	447.519	629.173
Total liabilities	395.232	362.777	650.618	629.390	811.044

Summary The total assets of the company increased with 8.95 % between 2012 and 2013.

Despite the assets growth, the non current assets decreased with -21.05 %.

The asset growth has mainly been financed by a debt increase of 22.59 %. The Net Worth, however, grew with 2.2 %.

In 2013 the assets of the company were 5.22 % composed of fixed assets and 94.78 % by current assets. The assets are being financed by an equity of 62.77 %, and total debt of 37.23 %.

The total assets of the company decreased with -44.24 % between 2011 and 2012.

This total assets decrease has been reflected in a reduction of non current assets of -17.86 %.

The asset reduction is in contrast with the equity growth of 33.48 %. Due to this the total debt decreased with -74.4 %.

In 2012 the assets of the company were 7.2 % composed of fixed assets and 92.8 % by current assets. The assets are being financed by an equity of 66.92 %, and total debt of 33.08 %.

Analysis

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

Region West-Brabant

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

In the region West-Brabant 4857 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 West-Brabant 119 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 West-Brabant is normal

Publications

Filings 11-11-2014: De jaarrekening over 2013 is gepubliceerd.

08-10-2013: De jaarrekening over 2012 is gepubliceerd.

04-07-2012: De jaarrekening over 2011 is gepubliceerd.

11-03-2011: De jaarrekening over 2010 is gepubliceerd.

14-04-2010: De jaarrekening over 2009 is gepubliceerd.

Company structure

Relations 2

Outsource Holding B.V.

Florijnstraat 4E

4879AH ETTEN-LEUR

Netherlands

Registration number: 201349340000

Outsource International B.V.

Florijnstraat 4E

4879AH Etten-Leur

Netherlands

Registration number: 201075810000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.56
UK Pound	1	Rs.97.10
Euro	1	Rs.76.61

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SMN

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.