MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	GARFIELD ALUMINIUM B.V.

Registered Office :	's-Gravelandseweg 244, 3125BK Schiedam

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	23.01.1974

Com. Reg. No.:	24224685

Legal Form :	Limited Company

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

No. of Employees :	31

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	€ 500.000

Status :	Satisfactory

Payment Behaviour :	Regular

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Netherlands

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

CONTACTINFORMATION

Company name	Garfield Aluminium B.V.
Tradename	Garfield Aluminium B.V.
Address	's-Gravelandseweg 244
	3125BK Schiedam
	Netherlands
Mail address	Postbus 4052
	3102GB Schiedam
	Netherlands
Telephone number	0102382888
Telefax number	0104621851
E-mail address	schiedam@garfield.nl
Website	www.garfield.nl
VAT number / RSIN	002768495
Branch(es)	Garfield Aluminium B.V. (24224685.0001)
	Beversestraat 28
	5431SH CUIJK

CREDIT LIMIT

Credit limit A credit of € 500.000 may be granted

COMPANY STRUCTURE

Shareholder	Amari Activities of holding companies B.V.
	Aluminiumstraat 1
	4823AL BREDA
	Netherlands
	KvK: 23035129
	Active since: 31-12-2010
	Percentage: 100.00%
Holding company	Amari Metals Europe Ltd.
	990004679793
Subsidiary	Aluland B.V.
	Viltweg 2
	3295KT 'S-GRAVENDEEL
	KvK: 27157397
Affiliated companies	TAD Inox Service B.V.
	Sourethweg 5
	6422PC Heerlen
	KvK: 14047255
	Almet Netherlands B.V.
	Aluminiumstraat 1
	4823AL BREDA
	KvK: 20069213

Bank ABN Amro Bank NV

MANAGEMENT

Management	Amari Activities of holding companies B.V.
	Aluminiumstraat 1
	4823AL BREDA
	Netherlands
	KvK: 23035129
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 01-01-2011
	L.M. van IJzerloo
	Leon Maurice
	Authorization: Limited authorization (max: € 1.000.000)
	Position: Proxy
	Date appointed: 01-01-2010
	Date of birth: 31-03-1970

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 15.000

· Quarter: 2 2011: 51 Average days

· Quarter: 3 2011: 57 Average days

· Quarter: 4 2011: 53 Average days

· Quarter: 1 2012: 54 Average days

	invoices	current quarter		2011 Q4	2011 Q3	2011 Q2
Total	153	100%	62.081	61.984	65.106	64.086
Within terms	76	53,3%	33.108	34.357	24.362	33.108
Delayed 0 - 30	68	42,3%	26.259	24.913	39.726	30.299
Delayed 31 - 60	⁹	4,4%	2.714	2.714	1.018	679
Delayed 61 - 90
Delayed 91 - 120
Delayed 120 + Days

FINANCIAL INFORMATION

Publication financial statement	Annual accounts 2010 are published on 07-10-2011
	Annual accounts 2009 are published on 02-11-2010
	Annual accounts 2008 are published on 11-09-2009
Type of publication	Consolidated
Annual accounts van	Garfield Aluminium B.V.
	's-Gravelandseweg 244
	3125BK Schiedam
	KvK: 24224685
Publication	Steady

Core figures

Bookyear	2010	2009	2008
Quick ratio	1,20	2,18	1,52
Current ratio	1,90	3,06	3,350
Nett workingcapital / Balance total	0,33	0,62	0,66
Capital and reserves / Balance total	0,60	0,67	0,67
Capital and reserves / Fixed assets	1,99	9,03	8,95
Solvency	1,63	2,22	2,28
Nett workingcapital	6.795.000	10.590.000	12.017.000
Capital and reserves	12.363.000	11.420.000	12.098.000
Change capital and reserves	8,26%	-5,60%
change short term liabilities	45,95%	7,22%
Operating profit	1.156.000	-968.000	1.229.000
Profitability operating profit	positive	negative	positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2010

Type of publication Consolidated

Gross profit 2010: 5.963.000

2009: 3.927.000

2008: 7.021.000

Operation profit 2010: 1.156.000

2009: -968.000

2008: 1.229.000

Result after Taxes 2010: 943.000

2009: -678.000

2008 : 937.000

Tendency changeable

Tendency capital & reserves

Capital & reserves 2010 12.363.000

Total debt 2010 8.156.000

Current ratio 2010 1,90

Quick ratio 2010 1,20

Networking capital 2010 6.795.000

Profitability Sufficient

Solvency More than sufficient

Liquidity just Satisfactory

Current & Quick Ratio

BALANCE sheet

BOOKYEAR	2010	2009	2008
End of bookyear	31-12-2010	31-12-2009	31-12-2008
Tangible assets	901.000	1.142.000	1.228.000
Financial assets	5.302.000	124.000	122.000
Fixed assets	6.203.000	1.265.000	1.351.000

Stocks and work in progress	5.262.000	4.484.000	9.512.000
Accounts receivable	4.190.000	3.098.000	4.176.000
Liquid assets	4.865.000	8.161.000	3.135.000
Current assets	14.316.000	15.743.000	16.823.000
Total assets	20.519.000	17.008.000	18.174.000

Capital and reserves	12.363.000	11.420.000	12.098.000
Provisions	585.000	436.000	770.000
Long term liabilities	50.000		500.000
Other short term debts	7.521.000	5.153.000	4.806.000
Total short term debt	7.521.000	5.153.000	4.806.000
Total debt	8.156.000	5.589.000	6.076.000
Total Liabilities	20.519.000	17.008.000	18.174.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2010	2009	2008
Gross profit	5.963.000	3.927.000	7.021.000
Wages employees	2.835.000	3.025.000	3.791.000
Depreciation and amortization	241.000	270.000	236.000
Other operating charges	1.732.000	1.600.000	1.766.000
Operating charges	4.807.000	4.895.000	5.792.000
Operating profit	1.156.000	-968.000	1.229.000
Financial income	119.000	56.000	40.000
Financial charges	24.000	13.000	12.000
Financial result	95.000	44.000	28.000
Result before taxes	1.251.000	-925.000	1.258.000
Income taxes	307.000	-247.000	321.000
Result after taxes	943.000	-678.000	937.000
Nett result	943.000	-678.000	937.000

History

Liability statements

Since 30-10-2008 filed a withdrawal of declaration of liability by CRH Netherlands

B.V..

Management

Since 01-01-2011 manager 23035129 Amari Activities of holding companies B.V. appointed.

Since 01-01-2011 manager Jan Webe Ottink out of office. Since 01-01-2011 manager David Sims out of office. Since 01-01-2010 is Proxy Leon Maurice Ijzerloo appointed. Since 30-09-2009 is Proxy Hendrik Matthijs Tettelaar out of office. Since 01-04-2009 manager Jan Webe Ottink appointed.

Modifications

Since 23-7-2009 statutes modified.

Company structure

Amari Metals Europe Ltd. (990004679793)

TAD Inox Service B.V. (14047255) Heerlen

Subsidiary (100%)

Almet Netherlands B.V. (20069213)

BREDA

Subsidiary (100%)

Garfield Aluminium B.V. (24224685)

Schiedam Subsidiary (100%)

Aluland B.V. (27157397)

'S-GRAVENDEEL Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.06
UK Pound	1	Rs.78.48
Euro	1	Rs.64.99

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	24224685
Registered in	Chamber of commerce Rotterdam
Act of foundation	23-01-1974
Date of constitution	28-09-1973
Continuation date	23-01-1974
Last change in statutes	23-07-2009
Legal form	Besloten Vennootschap (Limited Company)

Place of constitution	Schiedam
Capital	EUR 1.000.000
Issued capital	EUR 200.000
Paid up capital	EUR 200.000

Employees	Total: 31
Employees according to CoC	Chamber of commerce: 31
Bookyear	2012	2010	2009
Number	31	54	31
Change	-42,59%	74,19%	-52,31%