MIRA INFORM REPORT

Report No. :	354785
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	ACT GLOBAL SPORTS B.V.
Registered Office :	Dinxperlosestraatweg 50, 7122AH Aalten
Country :	Netherlands
Financials (as on) :	2013
Date of Incorporation :	23.07.2010
Com. Reg. No.:	KvK-nummer: 50868411
Legal Form :	Private Limited Company
Line of Business :	Manufacture of man-made fibres Consultancy in the field of management and operations (no public relations and organizational consultancies)
No. of Employee :	1

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 :	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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and moderate unemployment. Industry focuses on 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 food-processing and underpins the country’s status as the world’s second largest agricultural exporter. The Netherlands is part of the Eurozone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 90% of banking assets. The sector suffered as a result of the global financial crisis and required billions of dollars of government support, but the European Banking Authority completed stringent reviews in 2014 and deemed Dutch banks to be well-capitalized. To address the 2009 and 2010 economic downturns, the government sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. 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 has since implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. As a result, the government budget deficit at the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during which unemployment doubled to 7.4% and household consumption contracted for nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8 percent and a rise in most economic indicators. Drivers of growth included increased exports and business investments, as well as newly invigorated household consumption.

Source : CIA

Company Name

ACT GLOBAL SPORTS B.V.

Summary

Company name	Act Global Sports B.V.
Operative address	Dinxperlosestraatweg 50
	7122AH Aalten
	Netherlands
Status	Active
Legal form	Private Limited Company
Registration number	KvK-nummer: 50868411
VAT-number	822860363

Year	2013	Mutation	2012	Mutation	2011
Fixed assets	1
Total receivables	1.747.620	436,11	325.980	139,24	136.259
Total equity	145.766	733,05	-23.026	82,46	-131.287
Short term liabilities	2.009.519	284,55	522.559	48,96	350.809
Working capital	145.765	733,05	-23.026	82,46	-131.287
Quick ratio	0,93	32,86	0,70	29,63	0,54

Contact information

Company name	Act Global Sports B.V.
Trade names	Act Global Sports B.V.
Operative address	Dinxperlosestraatweg 50
	7122AH Aalten
	Netherlands
Correspondence address	Dinxperlosestraatweg 50
	7122AH Aalten
	Netherlands
Telephone number	+35799402062
Email address	info@actglobalsports.com

Registration

Registration number	KvK-nummer: 50868411
Branch number	000020764731
VAT-number	822860363
Status	Active
First registration company register	2010-09-22
Memorandum	2010-07-23
Establishment date	2010-07-23
Legal form	Private Limited Company
Issued placed capital	EUR 18.000
Paid up share capital	EUR 18.000

Activities

SBI	2060: Manufacture of man-made fibres
	70222: Consultancy in the field of management and operations (no public relations and
	organizational consultancies)
Exporter	Yes
Importer	Yes
Goal	Het ontwikkelen, produceren en verkopen van kunststoftapijten voor sport en/of recreatief gebruik alsmede het verstrekken van de daarbij behorende management adviezen.

Relations

Shareholders	ACT Global Limited 12 Harcourt Road 1301 Bank of Central Hong Kong China Percentage: 100%
Shareholders	Naam: ACT Global Limited Bezoekadres: 12 Harcourt Road, 1301 Bank of America Tower, Central Hong Kong, China Ingeschreven in: Companies Registry CR Hong Kong, China onder nummer 1003789 Enig aandeelhouder sedert: 23-07-2010 (datum registratie: 22-09-2010)

Management

Active management

J.T. Baize John Thomas Netherlands Competence: Jointly authorized Function: Manager Starting date: 2012-11-21 Date of birth: 1972-11-23, Tokyo, JP C.D. Clapham Christopher David Netherlands Competence: Jointly authorized Function: Manager Starting date: 2012-11-21 Date of birth: 1955-03-12, Stockport, GB C.D. Clapham Christopher David Netherlands Competence: Fully authorized Function: Proxy Starting date: 2012-11-21 Date of birth: 1955-03-12, Stockport, GB

Management

Name: ACT Global LIMITED Office address: 12 Harcourt Road, 1301 Bank of America Tower, Central Hong Kong, China Registered in: Companies Registry CR Hong Kong, China with registration number 1003789 date in function: 23-07-2010 (date Registration type: 22-09-2010) Titel: General Director Authorization: Fully authorized

Employees

Total according to the Chamber of Commerce	1
Year	2015	2012	2011	2010
Total	1	1	1	1

Payments

Slow but Correct

Key figures

Year	2013	2012	2011	2010
Quick ratio	0,93	0,70	0,54	1,81
Current ratio	1,07	0,96	0,63	1,81
Working capital/ balance total	0,07	-0,05	-0,60	0,45
Equity / balance total	0,07	-0,05	-0,60	0,45
Equity / Fixed assets	145.766,00
Equity / liabilities	0,07	-0,04	-0,37	0,81
Balance total / liabilities	1,07	0,96	0,63	1,81
Working capital	145.765	-23.026	-131.287	15.042
Equity	145.766	-23.026	-131.287	15.042
Mutation equity	733,05	82,46	-972,80
Mutation short term liabilities	284,55	48,96	1.796,47

Summary

The 2013 financial result structure is a postive working captial of 145.765 euro, which is in agreement with 7 % of the total assets of the company.

The working capital has increased with 733.05 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased.

The improvement between 2012 and 2013 has mainly been caused by an increase of the current assets.

The current ratio of the company in 2013 was 1.07. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.93. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a negative working captial of -23.026 euro, which is in agreement with -5 % of the total assets of the company.

The working capital has increased with 82.46 % 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 0.96. 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 0.7. A company with a Quick Ratio of less than 1 cannot 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	Act Global Sports B.V. Dinxperlosestraatweg 50 7122AH Aalten Netherlands Registration number: 50868411

Balance

Year	2013	2012	2011	2010
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Financial fixed assets	1
Fixed assets	1
Total stock	277.067	133.747	28.460
Total receivables	1.747.620	325.980	136.259	18.397
Liquid funds	130.597	39.806	54.803	15.143
Current assets	2.155.284	499.533	219.522	33.540
Total assets	2.155.285	499.533	219.522	33.540
Issued capital	18.000	169.308	18.000	18.000
Other reserves	127.766	-192.334	-149.287	-2.958
Total reserves	127.766	-192.334	-149.287	-2.958
Total equity	145.766	-23.026	-131.287	15.042
Short term liabilities	2.009.519	522.559	350.809	18.498
Total short and long term liabilities	2.009.519	522.559	350.809	18.498
Total liabilities	2.155.285	499.533	219.522	33.540

Summary

The total assets of the company increased with 331.46 % between 2012 and 2013.

The asset growth has mainly been financed by a Net Worth increase of 733.05 %. Debt, however, grew with 284.55 %.

In 2013 the assets of the company were 0 % composed of fixed assets and 100 % by current assets. The assets are being financed by an equity of 6.76 %, and total debt of 93.24 %.

The total assets of the company increased with 127.55 % between 2011 and 2012. The asset growth has mainly been financed by a Net Worth increase of 82.46 %. Debt, however, grew with 48.96 %.

Analysis

Branch (SBI)	MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS (SBI code 20)
Region	Achterhoek
Summary	In the Netherlands 1365 of the companies are registered with the SBI code 20 In the region Achterhoek 29 of the companies are registered with the SBI code 20 In the Netherlands 17 of the bankrupcties 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 Achterhoek is normal

Publications

10-03-2015: De jaarrekening over 2013 is gepubliceerd.

05-02-2014: De jaarrekening over 2012 is gepubliceerd.

28-05-2013: De jaarrekening over 2011 is gepubliceerd.

27-04-2012: De jaarrekening over 2010 is gepubliceerd.

06-12-2012: Per 21-11-2012 is bestuurder John Thomas Baize in functie getreden.

06-12-2012: Per 21-11-2012 is bestuurder Christopher David Clapham in functie getreden.

06-12-2012: Per 21-11-2012 is gevolmachtigde Christopher David Clapham in functie getreden.

Company structure

Relations

2

Company	Registration number
ACT Global Limited (Central Hong Kong)
| - - Act Global Sports B.V. (Aalten)	50868411

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10
EUR	1	Rs. 73.81

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ASH

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.