MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	KGT KOOL GRAPHIC TRADE B.V.
Registered Office :	Edisonweg 1 5482TJ Schijndel
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	01.04.1987
Legal Form :	Private Company
Line of Business :	Wholesale of machines for the graphics industry
No. of Employees :	15

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

Company name and address

Company name KGT KOOL GRAPHIC TRADE B.V.

Operative address Edisonweg 1

5482TJ Schijndel

Netherlands

Legal form Private Company

Registration number KvK-nummer: 17166197

VAT-number 813488205

Year	2013		Mutation	2012		Mutation	2011
Fixed assets
Total receivables	3.568.868	*	122,15	1.606.506		10,39	1.455.319
Total equity	1.841.361	4	-37,90	2.964.932		15,97	2.556.560
Short term liabilities	4.696.362		173,62	1.716.391		-36,39	2.698.262
Net result	376.429		-7,82	408.372		-37,75	656.044
Working capital	3.466.144	*	12,73	3.074.605		14,74	2.679.540
Quick ratio	0,78	4	-29,09	1,10	t	74,60	0,63

Contact information

Company name KGT KOOL GRAPHIC TRADE B.V.

Trade names KGT KOOL GRAPHIC TRADE B.V.

Operative address Edisonweg 1

5482TJ Schijndel

Netherlands

Correspondence address Postbus 123

5480AC Schijndel

Netherlands

Telephone number 0735442500

Fax number 0735494064

Email address kool@kgt.nl

Website www.kgt.nl

Registration

Registration number KvK-nummer: 17166197

Branch number 000018400264

VAT-number 813488205

Status Active

First registration company register 2004-06-01

Memorandum 2004-05-26

Establishment date 1987-04-01

Legal form Private Company

Last proposed admendment 2014-07-03

Activities

SBI Wholesale of machines for the graphics industry (46681)

Exporter Yes

Importer Yes

Goal De handel in en de im- en export van grafische machines en andere kapitaalgoederen

Relations

Shareholders Kgt Holding B.V.

Edisonweg 1

5482TJ SCHIJNDEL

Netherlands

Registration number: 160534410000

Percentage: 100%

COMPANIES ON SAME ADDRESS

IGM Investments B.V.

Registration number: 160484640000

IGM Vastgoed II B.V.

Registration number: 160484630000

Interbuilding Investments B.V.

Registration number: 160587100000

Kgt Holding B.V.

Registration number: 160534410000

Kgt Kool Graphic Machines B.V.

Registration number: 171675960000

Koolpen B.V.

Registration number: 160467420000

Stichting Administratiekantoor KGT Holding

Registration number: 171667950000

Kool Invest B.V.

Registration number: 172698030000

Stichting Administratiekantoor Kool Invest

Registration number: 172697670000

Management

ACTIVE MANAGEMENT

Kgt Holding B.V.

Edisonweg 1

5482TJ SCHIJNDEL

Netherlands

Registration number: 160534410000

Competence: Fully authorized

Function: Manager

Starting date: 2004-05-26

Employees

Total according to the Chamber of Commerce	15
Year		2014	2013	2012	2011	2010
Total		15	16	15	15	15

Payments

Description Payments made under regular condition

Key figures

Year 2013 2012 2011 2010 2009

Quick ratio 0,78 1,10 0,63 1,21 1,03

Current ratio 1,74 2,79 1,99 3,36 1,74

Working capital/ balance total 0,42 0,64 0,50 0,70 0,42

Equity / balance total 0,23 0,62 0,48 0,68 0,42

Equity / Fixed assets 195,03 22,09

Equity / liabilities 0,29 1,62 0,91 2,16 0,74

Balance total / liabilities 1,29 2,62 1,91 3,16 1,74

Working capital 3.466.144 3.074.605 2.679.540 3.995.257 3.208.474

Equity 1.841.361 2.964.932 2.556.560 3.900.516 3.256.312

Mutation equity -37,90 15,97 -34,46 19,78 -6,36

Mutation short term liabilities 173,62 -36,39 59,66 -60,96 18,01

Return on total assets (ROA) 6,16 10,97 16,26 14,94 - 3,46

Return on equity (ROE) 27,31 17,72 34,21 21,86 -8,17

Gross margin 2.980.648 2.980.315 3.177.137 3.201.169 2.041.342

Operating result 524.679 581.957 882.310 908.734 -169.222

Net result after taxes 376.429 408.372 656.044 644.204 -221.090

EBIT 524.679 581.957 882.310 908.734 -169.222

Summary

The 2013 financial result structure is a postive working captial of 3.466.144 euro, which is in

agreement with 42 % of the total assets of the company.

The working capital has increase with 12.73 % 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 1.74. 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 0.78. 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 3.074.605 euro, which is in

agreement with 64 % of the total assets of the company.

The working capital has increased with 14.74 % 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 2.79. 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 1.1. 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

Kgt Kool Graphic Trade B.V.

Edisonweg 1

5482TJ Schijndel

Netherlands

Registration number: 171661970000

Balance sheet

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Financial fixed assets				20.000	147.400
Fixed assets				20.000	147.400
Total stock	4.522.471	2.898.052	3.690.911	3.647.596	3.073.204
Total receivables	3.568.868	1.606.506	1.455.319	1.767.392	2.107.978
Liquid funds	71.167	286.438	231.572	270.222	2.355.920
Current assets	8.162.506	4.790.996	5.377.802	5.685.210	7.537.102
Total assets	8.162.506	4.790.996	5.377.802	5.705.210	7.684.502

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Issued capital	18.000	18.000	18.000	18.000	18.000
Other reserves	1.823.361	2.946.932	2.538.560	3.882.516	3.238.312
Total reserves	1.823.361	2.946.932	2.538.560	3.882.516	3.238.312
Total equity	1.841.361	2.964.932	2.556.560	3.900.516	3.256.312
Provisions	124.783	109.673	122.980	114.741	99.562
Long term interest yielding debt	1.500.000
Long term liabilities	1.500.000
Short term liabilities	4.696.362	1.716.391	2.698.262	1.689.953	4.328.628
Total short and long term liabilities	6.321.145	1.826.064	2.821.242	1.804.694	4.428.190
Total liabilities	8.162.506	4.790.996	5.377.802	5.705.210	7.684.502

Summary

The total assets of the company increased with 70.37 % between 2012 and 2013.

Asset growth is in contrasts with the net worth decline of -37.9 %. The company's

indebtedness has, therefore, increased with 246.16 %.

The total assets of the company decreased with -10.91 % between 2011 and 2012.

The asset reduction is in contrast with the equity growth of 15.97 %. Due to this the total debt

decreased with -35.27 %

Profit and loss

Year	2013	2012	2011	2010	2009
Gross margin	2.980.648	2.980.315	3.177.137	3.201.169	2.041.342
Wages and salaries	1.091.299	1.048.734	941.115	925.185	913.379
other operating costs	1.364.670	1.349.624	1.353.712	1.367.250	1.297.185
Operating expenses	2.455.969	2.398.358	2.294.827	2.292.435	2.210.564
Operating result	524.679	581.957	882.310	908.734	-169.222
Financial income	1.750	510	8.547	20.109	25.690
Financial expenses	23.477	57.104	16.306	76.337	122.437
Financial result	-21.727	-56.594	-7.759	-56.228	-96.747
Result on ordinary operations before taxes	502.952	525.363	874.551	852.506	-265.969
Taxation on the result of ordinary activities	126.523	116.991	218.507	208.302	-44.879
Result of ordinary activities after taxes	376.429	408.372	656.044	644.204	-221.090
Net result	376.429	408.372	656.044	644.204	-221.090

Summary

The gross profit of the company has remained the same between 2012 and 2013.

The operating result of the company declined with -9.84 % 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 -43.85

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

The Net Result of the company increased by -7.82 % between 2012 and 2013.

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 54.12 % of the analysed period, being 27.31 % in the year 2013.

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

The gross profit of the company decreased by -6.19 % between 2011 and 2012.

The operating result of the company declined with -34.04 % 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 -32.53

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

The Net Result of the company increased by -37.75 % between 2011 and 2012.

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

-48.2 % of the analysed period, being 17.72 % in the year 2012.

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

Analysis

Branch (SBI) Wholesale trade (no motor vehicles and motorcycles) (46) Noord-Oost-Brabant

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

In the region Noord-Oost-Brabant 2539 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 Noord-Oost-Brabant 46 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 Noord-Oost-Brabant is normal

Publications

Filings 14-07-2014: De jaarrekening over 2013 is gepubliceerd.

10-07-2013: De jaarrekening over 2012 is gepubliceerd.

29-06-2012: De jaarrekening over 2011 is gepubliceerd.

22-06-2011: De jaarrekening over 2010 is gepubliceerd.

26-07-2010: De jaarrekening over 2009 is gepubliceerd.

Amendments 09-07-2014: Per 3-7-2014 statuten gewijzigd.

Company structure

Stichting Administratiekantoor

KGT Holding

Edisonweg 1

5482TJ SCHIJNDEL

Netherlands

Registration number: 171667950000

• Kgt Holding B.V.

Edisonweg 1

5482TJ SCHIJNDEL

Netherlands

Registration number: 160534410000

• Kgt Kool Graphic Trade B.V.

Edisonweg 1

5482TJ Schijndel

Netherlands

Registration number: 171661970000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Analysis Done by :	SUB
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.