MIRA INFORM REPORT

Report Date :

30.08.2012

IDENTIFICATION DETAILS

Name :	MCB NETHERLANDS B.V.

Registered Office :	John F. Kennedylaan 59 5555XC Valkenswaard

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	24.06.1992

Com. Reg. No.:	17075728

Legal Form :	Limited Company

Line of Business :	Wholesale of ferrous metals and ferrous semi-finished products

No. of Employees :	635 employees

RATING & COMMENTS

MIRA’s Rating :

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^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Netherlands

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

CONTACT INFORMATION


Company name	MCB Netherlands B.V.
Tradename	Metaalcompagnie "Brabant" MCB Netherlands B.V. MCB Information Services
Address	John F. Kennedylaan 59 5555XC Valkenswaard Netherlands
Mail address	Postbus 2 5550AA Valkenswaard Netherlands
Telephone number	0402088333
Telefax number	0402043795
E-mail address	info@mcb.nl
Website	www.mcb.nl
VAT number / RSIN	800807431
Branch(es)	MCB Netherlands B.V. (17075728.0001) De Vest 38 5555XP VALKENSWAARD MCB Netherlands B.V. (17075728.0002) De Schakel 7 5651GH EINDHOVEN

Press report Date: 28-06-2012

Source: www.ed.nl

Press report: VALKENSWAARD - Honderd medewerkers van MCB in Valkenswaard

verliezen hun baan. Dat heeft het metaalverwerkend bedrijf donderdag bekendgemaakt.

Het gaat om 50 vaste medewerkers en 50 flexkrachten. Een lagere vraag to de

producten van MCB is de hoofdoorzaak van de reorganisatie.

Bij MCB werken 685 mensen. Verder wil het bedrijf de organisatie aanpassen aan

nieuwe omstandigheden. Daarbij zal een scheiding gemaakt worden tussen een

frontoffice en een backoffice.

Het employees is op de hoogte gesteld. Er vindt overleg met bonden en OR place over

een sociaal plan.

Company structure

Shareholder MCB International B.V.

John F Kennedylaan 59

5555XC VALKENSWAARD

Netherlands

KvK: 17011393

Active since: 29-05-1992

Percentage: 100.00%

Holding company MCB International B.V.

John F Kennedylaan 59

5555XC VALKENSWAARD

KvK: 17011393

Affiliated companies Staalmarkt Netherlands B.V.

Ekkersrijt 7204

5692HE SON

KvK: 17096466

MCB Business & Information Services B.V.

John F Kennedylaan 59

5555XC VALKENSWAARD

KvK: 17138782

MCB Central Europe B.V.

John F Kennedylaan 59

5555XC VALKENSWAARD

KvK: 17185147

Valx B.V.

John F Kennedylaan 51

5555XC VALKENSWAARD

KvK: 17240011

Hamel Metaal B.V.

Damsluisweg 60

1332EJ Almere

KvK: 39065330

Bank	ABN Amro Bank NV
	Account number: 444046003
	ING Bank NV
	Account number: 1109861
	Rabobank Netherlands
	Account number: 17.29.45.437
	F. van Lanschot Bankiers NV
	Account number: 22.63.11.600

Real estate	Property owned
	The real estate is checked at the land registration office
	Object code: VALKENSWAARD F 3354
	Owner: MCB NETHERLANDS B.V.

MANAGEMENT

Management MCB International B.V.

John F Kennedylaan 59

5555XC VALKENSWAARD

Netherlands

KvK: 17011393

Authorization: Fully authorized

Position: Manager

Date appointed: 23-05-2008

E.J. Hendriksen

Evert Jan

Authorization: Limited authorization

Position: Manager

Date appointed: 29-05-1992

Date of birth: 12-09-1957

P.A.H. Bergs

Peter Alouis Hildefons

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-02-2003

Date of birth: 28-04-1966

L.F.C.M. van de Schans

Lambertus Franciscus Cornelis

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-09-1998

Date of birth: 15-06-1956

C.G.M. van den Hout

Cornelius Gerardus Maria

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2000

Date of birth: 12-08-1957

W.W.J. Derkx

Wilhelmus Wilhelmina Jan

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-07-1996

Date of birth: 01-07-1959

A.C. van Laatum

Antoon Cornelis

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-07-1996

Date of birth: 08-01-1951

R.P.F. Maandonks

Ronald Pieter Francois

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-07-1996

Date of birth: 17-11-1958

H.J.T. Spikmans

Hendrikus Jacobus Theodorus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2002

Date of birth: 14-02-1964

C.G.M. van den Hout

Cornelius Gerardus Maria

Resigned

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2000

Date of birth: 12-08-1957

L.F.C.M. van de Schans

Lambertus Franciscus Cornelis

Resigned

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-09-1998

Date of birth: 15-06-1956

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

· Quarter: 4 2011: 42 Average days

· Quarter: 1 2012: 38 Average days

· Quarter: 2 2012: 36 Average days

· Quarter: 3 2012: 44 Average days

	invoices	current quarter		2012 Q2	2012 Q1	2011 Q4
Total	416	100%	1.086.113	1.091.698	1.090.428	1.101.288
Within terms	346	85,0%	923.483	934.347	988.670	869.160
Delayed 0 - 30	⁵²	11,2%	121.156	143.185	66.855	187.242
Delayed 31 - 60	⁶	0,0%		14.166	14.166	14.166
Delayed 61 - 90	²	0,0%				20.351
Delayed 91 - 120	⁴	1,5%	16.590		8.295	4.148
Delayed 120+ days	⁶	2,3%	24.884		12.442	6.221

FINANCIAL INFORMATION

Auditor Deloitte & Touche

Publication financial statement Annual accounts 2011 are published on 01-08-2012

Annual accounts 2009 are published on 29-07-2010

Annual accounts 2008 are published on 10-07-2009

Annual accounts 2007 are published on 23-06-2008

Type of publication Corporate

Publication Steady

Core figures

Book Year	2011	2010	2009
Quick ratio	0,67	0,73	0,89
Current ratio	1,64	1,37	1,94
Nett workingcapital / Balance total	0,27	0,20	0,33
Capital and reserves / Balance total	0,51	0,40	0,47
Capital and reserves / Fixed assets	1,67	1,63	1,46
Solvency	1,22	0,73	0,94
Nett workingcapital	74.342.264	70.758.000	93.436.000
Capital and reserves	141.480.147	141.093.000	131.553.000
Change capital and reserves	0,27%	7,25%	-22,04%
change short term liabilities	-39,83%	94,64%	-24,68%
Nett Turnover	641.037.434	554.587.000	436.136.000
Operating profit	15.418.517	15.248.000	10.343.000
Profitability operating profit	positive	positive	positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Type of publication Corporate

Turnover 2010: 554.587.000

2009: 436.136.000

2008: 707.275.000

2007: 745.521.000

2006: 631.567.000

Gross profit 2007: 56.433.000

2006: 57.507.000

Operating profit 2010: 15.248.000

2009: 10.343.000

2008: 32.031.000

2007: 41.137.000

2006: 44.000.000

Result after taxes 2010: 9.733.000

2009: 6.183.000

2008: 20.440.000

2007: 27.183.000

2006: 29.599.000

Capital and reserves 2011 141.480.147

Total debt 2011 133.542.739

Current ratio 2011 1,64

Quick ratio 2011 0,67

Nett workingcapital 2011 74.342.264

Profitability More than sufficient

Solvency Sufficient

Liquidity To be followed

untitled

Balance sheet

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Tangible assets	83.621.551	86.297.000	89.974.000
Financial assets	990.904	319.000	168.000
Fixed assets	84.612.455	86.616.000	90.142.000

Stocks and work in progress	112.279.459	123.747.000	104.711.000
Trade debtors		45.154.000	31.498.000
Other amounts receivable		94.710.000	56.089.000
Accounts receivable	77.240.755	139.864.000	87.587.000
Liquid assets	890.217	57.000	249.000
Current assets	190.410.431	263.668.000	192.547.000
Total assets	275.022.886	350.285.000	282.689.000

Capital and reserves	141.480.147	141.093.000	131.553.000
Provisions	17.474.572	16.282.000	11.457.000
other long term debts			40.568.000
Long term liabilities			40.568.000
Other short term debts		173.327.000	84.135.000
Total short term debt	116.068.167	192.910.000	99.111.000
Total debt	133.542.739	192.910.000	139.679.000
Total Liabilities	275.022.886	350.285.000	282.689.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2011	2010	2009
Turnover		554.587.000	436.136.000
Nett Turnover	641.037.434	554.587.000	436.136.000
Gross profit	641.037.434
Depreciation and amortization			646.000
Raw materials	605.492.233	519.763.000	407.387.000
Other operating charges	20.126.684	19.576.000	17.760.000
Operating charges	625.618.917	539.339.000	425.793.000
Operating profit	15.418.517	15.248.000	10.343.000
Financial income	290.882	1.215.000	1.332.000
Financial charges	3.803.271	3.507.000	3.269.000
Financial result	-3.512.389	-2.291.000	-1.937.000
Result participations	340.132	151.000	116.000
Result before taxes	12.246.260	13.108.000	8.522.000
Income taxes	3.283.280	3.374.000	2.340.000
Result after taxes	8.962.980	9.733.000	6.182.000
Nett result	8.962.980	9.733.000	6.183.000

History

Management Per 01-01-2011 is Proxy Augustinus Cornelis Henrica Maria van de Ven out of office.

Per 01-01-2011 is Proxy Aalbertus Uithol out of office.

Per 01-05-2010 is Proxy Igor Johannes La Vos out of office.

Company structure

MCB International B.V. (17011393)

VALKENSWAARD

MCB Netherlands B.V. (17075728)

Valkenswaard

Subsidiary

Staalmarkt Netherlands B.V. (17096466)

SON

Subsidiary

Metal2 B.V. (09149851)

VELDHOVEN

Management relation (100%)

MCB Business & Information Services B.V. (17138782)

VALKENSWAARD

Subsidiary

MCB Central Europe B.V. (17185147)

VALKENSWAARD

Subsidiary

Valx B.V. (17240011)

VALKENSWAARD

Subsidiary (100%)

Hamel Metaal B.V. (39065330)

Almere

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.67
UK Pound	1	Rs.88.05
Euro	1	Rs.69.96

INFORMATION DETAILS

Report Prepared by :

MNL

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.


Handelsregisternummer	17075728
Registered in	Chamber of commerce Brabant
First registration	24-06-1992
Act of foundation	29-05-1992
Date of constitution	16-05-1941
Continuation date	29-05-1992
Last change in statutes	27-05-2008
Legal form	Besloten Vennootschap (Limited Company)
Place of constitution	Valkenswaard
Capital	EUR 22.690.000
Issued capital	EUR 4.538.000
Paid up capital	EUR 4.538.000

NACE-code	WHOLESALE TRADE AND COMMISSION TRADE (51) Wholesale of ferrous metals and ferrous semi-finished products (51522)
SBI-code	Wholesale trade (no motor vehicles and motorcycles) (46) Wholesale of fittings, technical supplies etc. (46694) Wholesale of ferrous metals and ferrous semi-finished products (46722) Freight transport by road (no removal services) (4941)
Formal objective	Groothandel in staal en technische produkten alsmede uitoefenen van transportactiviteiten, zowel ten behoeve van eigen onderneming als ten behoeve van derden
Import	Whole world
Export	Europe

Employees	Total: 635
Employees according to CoC	Chamber of commerce: 635
Bookyear	2012	2010	2009
Number	635	635	1312
Change	0,00%	-51,60%	0,00%

MIRA INFORM REPORT

CONTACT INFORMATION

COMPANY INFORMATION

Company structure

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

Core figures

Balance sheet

History

Company structure

Unit