MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	EUROPE METALS B.V.
Registered Office :	Industrieweg 111, Heeze, 5591 JL
Country :	Netherlands
Financials (as on) :	31.12.2011
Date of Incorporation :	15.08.1990
Com. Reg. No.:	17076718
Legal Form :	Private Subsidiary Company
Line of Business :	wholesaler of ferrous and non-ferrous metal ores
No. of Employees :	43

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^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 Dutch economy is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an 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. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. 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 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. 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. The government also 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 fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent.

Source : CIA

Company name & address

Europe Metals B.V.

Industrieweg 111

Heeze, 5591 JL

Netherlands

Tel: +31 040-2241919

Fax: +31 040-2241918

Synthesis

Employees: 43

Company Type: Private Subsidiary

Corporate Family: 72 Companies

Ultimate Parent: ALBA plc & Co. KGaA

Incorporation Date: 15-Aug-1990

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 591.8

Total Assets: 73.1

Business Description

Europe Metals B.V. is primarily engaged in wholesale of ferrous and non-ferrous metal ores; wholesale of ferrous and non-ferrous metals in primary forms; wholesale of ferrous and non-ferrous semi-finished metal products not elsewhere classified; and wholesale of gold and other precious metals.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 3322 - Metal and Mineral Wholesaling

NACE 2002: 5152 - Wholesale of metals and ores

NAICS 2002: 423520 - Coal and Other Mineral and Ore Merchant Wholesalers

UK SIC 2003: 5152 - Wholesale of metals and ores

UK SIC 2007: 4672 - Wholesale of metals and metal ores

US SIC 1987: 5051 - Metals Service Centers and Offices

Key Executives

Name	Title
Marcel Pierre	Managing director
R. Nansink	EDP manager
G. Wallhaven	Head of accounting department
Cornelis Van Pinxteren	Member of the board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

Industrieweg 111

Heeze, 5591 JL

Netherlands

Tel: +31 040-2241919

Fax: +31 040-2241918

Sales EUR(mil): 425.6

Assets EUR(mil): 56.3

Employees: 43

Fiscal Year End: 31-Dec-2011

Industry: Miscellaneous Capital Goods

Incorporation Date: 15-Aug-1990

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 17076718

Managing director: Marcel Pierre

Industry Codes

ANZSIC 2006 Codes:

3322 - Metal and Mineral Wholesaling

NACE 2002 Codes:

5152 - Wholesale of metals and ores

NAICS 2002 Codes:

423520 - Coal and Other Mineral and Ore Merchant Wholesalers

US SIC 1987:

5051 - Metals Service Centers and Offices

UK SIC 2003:

5152 - Wholesale of metals and ores

UK SIC 2007:

4672 - Wholesale of metals and metal ores

Business Description

Europe Metals B.V. is primarily engaged in wholesale of ferrous and non-ferrous metal ores; wholesale of ferrous and non-ferrous metals in primary forms; wholesale of ferrous and non-ferrous semi-finished metal products not elsewhere classified; and wholesale of gold and other precious metals.

Financial Data

Financials in:	EUR(mil)
Revenue:	425.6
Assets:	56.3
Current Assets:	49.3
Total Liabilities:	56.3
Net Worth:	3.9
Date of Financial Data:	31-Dec-2011

1 Year Growth

45.3%

NA

Key Corporate Relationships

Bank:	ABN AMRO Bank NV, F. van Lanschot Bankiers NV

Corporate Family	Corporate Structure News:
	ALBA plc & Co. KGaA Europe Metals B.V.
Europe Metals B.V. Total Corporate Family Members: 72

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
ALBA plc & Co. KGaA	Parent	Berlin, Berlin	Germany	Waste Management Services	1,104.8	5,000
ALBA Group plc & Co. KG	Subsidiary	Berlin, Berlin	Germany	Waste Management Services	4,448.8	1,780
Alba SE	Subsidiary	Koeln	Germany	Waste Management Services	2,476.0	1,910
INTERSEROH Dienstleistungs GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Waste Management Services		300
INTERSEROH Pfand-System GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Miscellaneous Financial Services	50.3	22
Repasack Gesellschaft Zur Verwertung Gebrauchter Papiersäcke Mbh	Subsidiary	Wiesbaden, Hessen	Germany	Miscellaneous Financial Services	5.0	7
INTERSEROH-Metallaufbereitung Ost GmbH	Subsidiary	Rostock, Mecklenburg-Vorpommern	Germany	Waste Management Services	309.2	120
INTERSEROH Scrap and Metals Holding GmbH	Subsidiary	Dortmund, Nordrhein-Westfalen	Germany	Business Services		3
INTERSEROH JADE-STAHL GmbH	Subsidiary	Wilhelmshaven, Niedersachsen	Germany	Miscellaneous Capital Goods	156.4	200
INTERSEROH NRW GmbH	Subsidiary	Dortmund, Nordrhein-Westfalen	Germany	Waste Management Services	225.9	125
INTERSEROH Franken Rohstoff GmbH	Subsidiary	Sennfeld, Bayern	Germany	Waste Management Services	157.2	110
TVF ALTWERT GmbH	Subsidiary	Lübbenau/Spreewald, Brandenburg	Germany	Construction Services	31.6	100
ARG Abbruch und Rückbau GmbH	Subsidiary	Schönefeld, Brandenburg	Germany	Construction Services		9
Interseroh Evert Heeren GmbH	Subsidiary	Leer (Ostfriesland), Niedersachsen	Germany	Miscellaneous Capital Goods		95
Groninger Vop Recycling B.V.	Subsidiary	Groningen, Groningen	Netherlands	Waste Management Services		9
Wagner Rohstoffe GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Waste Management Services		69
Brandenburgische Boden Gesellschaft für Grundstücksverwaltung und -verwertung mbH	Subsidiary	Zossen, Brandenburg	Germany	Business Services		40
Projektgesellschaft Nauen GmbH	Subsidiary	Zossen, Brandenburg	Germany	Consumer Financial Services		1
INTERSEROH BW Rohstoff und Recycling GmbH	Subsidiary	Stuttgart, Baden-Württemberg	Germany	Waste Management Services		35
INTERSEROH Rhein-Neckar Rohstoff GmbH	Subsidiary	Mannheim, Baden-Württemberg	Germany	Waste Management Services		27
INTERSEROH SEROG GmbH	Subsidiary	Bous, Saarland	Germany	Waste Management Services		23
Europe Metals B.V.	Subsidiary	Heeze, Noord-Brabant	Netherlands	Miscellaneous Capital Goods	591.8	19
RHS Rohstoff Handel GmbH, Stuttgart	Subsidiary	Stuttgart, Baden-Württemberg	Germany	Waste Management Services	250.4	15
Elvira Westarp GmbH	Subsidiary	Aschaffenburg, Bayern	Germany	Miscellaneous Capital Goods		12
INTERSEROH Scrap and Metals Trading GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Waste Management Services	411.9	11
Neckar-Schrott GmbH	Subsidiary	Horb Am Neckar, Baden-Württemberg	Germany	Waste Management Services		7
INTERSEROH Hansa Finance GmbH	Subsidiary	Dortmund, Nordrhein-Westfalen	Germany	Business Services	550.1
ALBA Facility Solutions GmbH	Subsidiary	Berlin, Berlin	Germany	Business Services		550
Wroclawskie Przedsiebiorstwo Oczyszczania ALBA S.A.	Subsidiary	Wroclaw	Poland	Waste Management Services	47.6	300
ALBA Braunschweig GmbH	Subsidiary	Braunschweig, Niedersachsen	Germany	Waste Management Services	29.6	200
ALBA Leipzig GmbH	Subsidiary	Leipzig, Sachsen	Germany	Waste Management Services		200
Abfallverwertung Leipzig GmbH (AVL)	Subsidiary	Leipzig, Sachsen	Germany	Waste Management Services	16.7	59
RDB plastics GmbH	Subsidiary	Aukrug, Schleswig-Holstein	Germany	Waste Management Services	95.0	150
Isr Interseroh Italia SRL	Subsidiary	Genova, Genova	Italy	Waste Management Services	26.8	8
ALBA Recycling GmbH	Subsidiary	Berlin, Berlin	Germany	Waste Management Services		150
ALBA Management GmbH	Subsidiary	Berlin, Berlin	Germany	Business Services		150
ALBA Berlin GmbH	Subsidiary	Berlin, Berlin	Germany	Waste Management Services		120
ALBA Berlin GmbH	Subsidiary	Berlin, Berlin	Germany	Metal Mining	22.3	120
ACT Abfall Container Transport GmbH & Co. KG	Subsidiary	Berlin, Berlin	Germany	Waste Management Services		70
KVB Kunststoffverwertung Brandenburg GmbH	Subsidiary	Eisenhüttenstadt, Brandenburg	Germany	Waste Management Services		77
ALBA Services GmbH & Co. KG	Subsidiary	Berlin, Berlin	Germany	Waste Management Services		60
ALBA Consulting GmbH	Subsidiary	Berlin, Berlin	Germany	Waste Management Services		50
ALBA 2 Energy GmbH	Subsidiary	Velten, Brandenburg	Germany	Waste Management Services		44
SR Service GmbH (SRS)	Subsidiary	Rostock, Mecklenburg-Vorpommern	Germany	Waste Management Services		40
ALBA Wertstoffmanagement GmbH	Subsidiary	Velten, Brandenburg	Germany	Waste Management Services		32
ALBA Anhalt GmbH	Subsidiary	Oranienbaum-Wörlitz, Sachsen-Anhalt	Germany	Waste Management Services		20
ALBA Zschornewitz GmbH	Subsidiary	Zschornewitz, Sachsen-Anhalt	Germany	Waste Management Services		20
repaper Sekundärrohstoffe GmbH	Subsidiary	Zwenkau, Sachsen	Germany	Waste Management Services		15
FERTULA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Berlin KG	Subsidiary	Pullach I. Isartal, Bayern	Germany	Construction Services		3
INTERSEROH Holzkontor GmbH	Subsidiary	Berlin, Berlin	Germany	Waste Management Services		2
INTERSEROH Holzkontor OWL GmbH	Subsidiary	Bückeburg, Niedersachsen	Germany	Waste Management Services	7.2	17
ALBA Nord GmbH	Subsidiary	Schwerin, Mecklenburg-Vorpommern	Germany	Waste Management Services	51.3	280
ALBA Baustoffrecycling Nord GmbH	Subsidiary	Bartenshagen-Parkentin, Mecklenburg-Vorpommern	Germany	Waste Management Services	23.6	55
ALBA Cottbus GmbH	Subsidiary	Cottbus, Brandenburg	Germany	Waste Management Services	23.2	215
ALBA Lausitz GmbH	Subsidiary	Cottbus, Brandenburg	Germany	Waste Management Services		43
ALBA Oberschwaben Limited & Co. KG	Subsidiary	Bad Saulgau, Baden-Württemberg	Germany	Waste Management Services		215
Alba Zenica D.O.O. Zenica	Subsidiary	Zenica	Bosnia and Herzegovina	Nonclassifiable Industries		153
ALBA BERLIN Basketballteam GmbH	Subsidiary	Berlin, Berlin	Germany	Recreational Activities		86
ALBA Südost-Brandenburg GmbH	Subsidiary	Wriezen, Brandenburg	Germany	Waste Management Services		80
Harzer Papierfabrik GmbH & Co. KG	Subsidiary	Rhumspringe, Niedersachsen	Germany	Paper and Paper Products		80
ALBA Uckermark GmbH	Subsidiary	Schwedt/Oder, Brandenburg	Germany	Waste Management Services		60
ALBA Sachsen GmbH	Subsidiary	Oschatz, Sachsen	Germany	Waste Management Services		25
AWU Abfallwirtschaftsunion Wittenberg GmbH	Subsidiary	Kemberg, Sachsen-Anhalt	Germany	Waste Management Services		20
Nenn Entsorgung GmbH & Co. KG	Subsidiary	Berlin, Berlin	Germany	Waste Management Services		19
ALBA Süd Limited & Co.KG	Subsidiary	Waiblingen, Baden-Württemberg	Germany	Fabricated Plastic and Rubber		1
ALBA Stuttgart GmbH	Subsidiary	Waiblingen, Baden-Württemberg	Germany	Waste Management Services		320
ALBA Schwarzwald GmbH	Subsidiary	Dunningen, Baden-Württemberg	Germany	Waste Management Services		210
ALBA Nordbaden GmbH	Subsidiary	Karlsruhe, Baden-Württemberg	Germany	Trucking	35.8	200
ALBA Heilbronn-Franken GmbH & Co. KG	Subsidiary	Heilbronn, Baden-Württemberg	Germany	Waste Management Services		170
ALBA R-plus GmbH	Subsidiary	Eppingen, Baden-Württemberg	Germany	Waste Management Services	53.8	130
ALBA Neckar-Alb GmbH & Co. KG	Subsidiary	Metzingen, Baden-Württemberg	Germany	Waste Management Services		111
ALBA Süd Grundstücksverwaltungs-plc & Co. KG	Subsidiary	Waiblingen, Baden-Württemberg	Germany	Consumer Financial Services

Executive report

Board of Directors

Name	Title	Function
Cornelis Van Pinxteren	Member of the board	Director/Board Member

Executives

Name	Title	Function
Marcel Pierre	Managing director	Managing Director
G. Wallhaven	Head of accounting department	Accounting Executive
R. Nansink	EDP manager	Information Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Net sales	591.8	387.9	263.1
Cost of goods sold	581.3	372.7	244.8
Cost of sales	581.3	372.7	244.8
Gross profit	10.5	15.2	18.3
Total payroll costs	4.3	3.1	2.6
Change in value of fixed assets arising from revaluation	0.9	0.9	0.9
Other operating costs	2.5	11.6	7.2
Net operating income	2.8	-	7.6
Total financial income	-	-	0.0
Total expenses	1.3	0.8	0.8
Profit before tax	1.4	-	6.8
Profit on ordinary activities after tax	1.1	-1.0	5.0
Extraordinary expenses	0.0	-	-
Extraordinary result	0.0	-	-
Profit after extraordinary items and before tax	0.0	-	-
Other taxes	-0.3	0.2	-
Total taxation	0.4	-0.2	1.7
Profit after tax	1.1	-1.0	5.0
Net profit	1.3	-	5.0
Net loss	-	-1.2	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Share premium account	3.4	3.5	-
Other reserves	1.1	1.8	-0.9
Total reserves	0.0	0.0	0.0
Profit brought forward from previous year(s)	1.3	-	5.2
Total stockholders equity	5.8	5.3	4.3
Provisions and allowances	0.2	0.2	0.2
Total long-term liabilities	0.4	0.9	0.9
Trade creditors	20.7	16.9	12.7
Total current liabilities	56.9	39.8	23.8
Total liabilities (including net worth)	73.1	56.2	39.9
Intangibles	0.8	1.0	1.3
Total tangible fixed assets	3.4	3.8	4.0
Total asset investment	4.9	5.2	0.9
Total non-current assets	9.0	10.0	6.2
Net stocks and work in progress	7.7	10.6	17.8
Trade debtors	6.0	5.6	3.2
Other receivables	38.5	30.0	11.4
Total receivables	44.5	35.6	14.6
Cash and liquid assets	11.9	0.1	1.3
Total current assets	64.0	46.2	33.7
Total assets	73.1	56.2	39.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.10	1.20	1.40
Acid test ratio	1.00	0.90	0.70
Current liabilities to net worth	10.00%	9.28%	7.99%
Fixed assets to net worth	1.80%	2.33%	2.09%
Collection period	4.00	5.20	4.20
Stock turnover rate	72.00	37.00	15.20
Sales to net working capital	77.40	61.10	27.50
Asset turnover	7.56%	6.99%	6.80%
Profit margin	0.00%	0.00%	0.03%
Return on assets	0.02%	-0.02%	0.18%
Shareholders' return	0.27%	-0.29%	2.35%
Sales per employee	9,897.47	8,615.29	5,563.71
Profit per employee	23.98	-27.51	143.60
Return on capital	0.21%	-0.32%	1.16%
Average wage per employee	72.61	69.38	55.60
Net worth	5.0	4.3	3.0
Number of employees	43	34	34

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.09
UK Pound	1	Rs.91.58
Euro	1	Rs.78.08

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.