MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	VAN LEEUWEN STAINLESS B.V.

Registered Office :	Industrieweg 26 4153BW Beesd

Country :	Netherlands

Financials (as on) :	31.12.2012

Date of Incorporation :	25.02.1960

Legal Form :	Besloten Vennootschap

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

No. of Employees :	65

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, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Netherlands

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

CONTACTINFORMATION

Company name	Van Leeuwen Stainless B.V.
Tradename	Van Leeuwen Stainless B.V.
Address	Industrieweg 26
	4153BW Beesd
	Netherlands
Mail address	Postbus 19
	4153ZG Beesd
	Netherlands
Telephone number	0345687777
Telefax number	0345687733
E-mail address	sales.stainless@vanleeuwen.nl
Website	www.stainless.nl
VAT number / RSIN	001482634

COMPANY STRUCTURE

Shareholder Van Leeuwen Buizen Europe B.V.

Lindtsedijk 120 3336LE ZWIJNDRECHT Netherlands

KvK: 23009425

Active since: 04-11-1987

Percentage: 100.00%

Ultimate parent company Foundation Leonum

Lindtsedijk 120 3336LE ZWIJNDRECHT

KvK: 41118016

Holding company Van Leeuwen Buizen Europe B.V.

Lindtsedijk 120 3336LE ZWIJNDRECHT

KvK: 23009425

Affiliated companies P. van Leeuwen Jr.'s Buizenhandel B.V.

Lindtsedijk 100 3336LE ZWIJNDRECHT

KvK: 23031688

Van Leeuwen Tubi Italia B.V.

Lindtsedijk 120 3336LE ZWIJNDRECHT

KvK: 23044895

Van Leeuwen Precisie B.V.

Hamburgweg 6 7418ES Deventer

KvK: 38015406

Liability declaration Van Leeuwen Buizen Europe B.V. (23009425)

Lindtsedijk 120 3336LE ZWIJNDRECHT

Issue date: 22-05-1995

Since: 17-06-1994

Bank ABN Amro Bank NV

Account number: 46.92.30.215

Real estate Lease

MANAGEMENT

Management	A. Dekker
	Adriaan
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 01-08-2008
	Date of birth: 19-07-1961
	Van Leeuwen Buizen Europe B.V.
	Lindtsedijk 120
	3336LE ZWIJNDRECHT
	Netherlands
	KvK: 23009425
	Authorization: Fully authorized
	Position: Proxy
	Date appointed: 28-04-2009
	M.A. Saas
	Marcel Andre
	Authorization: Limited authorization (max: € 125.000)
	Position: Proxy
	Date appointed: 01-03-2001
	Date of birth: 13-04-1963

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

Quarter: 2 2012: 77 Average days

Quarter: 3 2012: 36 Average days

Quarter: 4 2012: 33 Average days

Quarter: 1 2013: 56 Average days

	invoices	current quarter		2012 Q4	2012 Q3	2012 Q2
Total	66	100%	89.420	91.807	85.229	11.376
Within terms	¹⁹	72,9%	65.200	91.210	83.560
Delayed 0 - 30	44	25,3%	22.630	597	1.669	11.086
Delayed 31 - 60	²	1,8%	1.590
Delayed 61 - 90	¹	0,0%				290
Delayed 91 - 120
Delayed 120+ days

FINANCIAL INFORMATION

Auditor	Ernst & Young
Type of publication	Consolidated
Annual accounts van	Van Leeuwen Buizen Europe B.V.
	Lindtsedijk 120
	3336LE ZWIJNDRECHT
	KvK: 23009425
Publication	Steady

CORE FIGURES
BOOKYEAR	2012	2011	2010
Quick ratio	0,84	0,52	0,06
Current ratio	1,82	1,10	0,06
Nett workingcapital / Balance total	0,41	0,08	-0,71
Capital and reserves / Balance total	0,04	0,04	0,24
Capital and reserves / Fixed assets	0,44	0,46	0,26
Solvency	0,05	0,05	0,32
Nett workingcapital	97.984.000	20.084.000	-46.208.000
Capital and reserves	10.393.000	11.125.000	15.818.000
Change capital and reserves	-6,58%	-29,67%	-0,04%
change short term liabilities	-42,59%	321,14%	-62,87%
Operating profit	6.973.000	13.961.000
Nett Turnover	428.963.000	441.950.000

Annual accounts The published financial information is the consolidated group information.

Last annual accounts 2012

Type of publication Corporate

Turnover 2012: 428.963.000

2011: 441.950.000

2009: 338.284.000

2008: 606.297.000

2007: 577.947.000

2006: 463.979.000

2005: 419.529

Gross profit 2012: 81.717.000

2011: 82.897.000

2009: 64.823.000

2008: 109.188.000

2007: 122.751.000

2006: 98.974.000

Operating profit 2012: 6.973.000

2011: 13.961.000

2009: 8.361.000

2008: 35.555.000

2007: 52.729.000

2006: 37.325.000

Result after taxes 2012: 5.740.000

2011: 11.207.000

2009: 5.913.000

2008: 25.412.000

BALANCE

BOOKYEAR	2012	2011	2010
End of bookyear	31-12-2012	31-12-2011	31-12-2010
Intangible assets	684.000	432.000
Tangible assets	14.548.000	15.265.000
Financial assets	8.162.000	8.616.000	62.026.000
Fixed assets	23.394.000	24.313.000	62.026.000

Stocks and work in progress	117.343.000	119.258.000
Trade debtors	73.057.000	86.642.000
Other amounts receivable	10.625.000	10.361.000
Accounts receivable	83.682.000	97.003.000	2.929.000
Liquid assets	15.765.000	10.760.000
Current assets	216.790.000	227.021.000	2.929.000
Total assets	240.184.000	251.334.000	64.955.000

Capital and reserves	10.393.000	11.125.000	15.818.000
Provisions	27.017.000	27.464.000
Long term liabilities	83.968.000	5.808.000
Trade debts suppliers	55.650.000	49.730.000
Other short term debts	63.156.000	157.207.000
Total short term debt	118.806.000	206.937.000	49.137.000
Total debt	229.791.000	240.209.000	49.137.000
Total Liabilities	240.184.000	251.334.000	64.955.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2012	2011
Turnover	428.963.000	441.950.000
Nett Turnover	428.963.000	441.950.000
Gross profit	81.717.000	82.897.000
Wages employees	47.411.000	42.530.000
Sales costs	347.246.000	359.053.000
Depreciation and amortization	2.518.000	2.066.000
Other operating charges	24.815.000	24.340.000
Operating charges	421.990.000	427.989.000
Operating profit	6.973.000	13.961.000
Financial income	293.000	1.353.000
Financial charges	802.000	612.000
Financial result	-509.000	741.000
Result before taxes	6.464.000	14.702.000
Income taxes	1.224.000	3.495.000
Result after taxes	5.240.000	11.207.000
Extraordinary income	500.000
Extraordinary result after taxes	500.000
Result participations after taxes	793.000	2.119.000
Nett result	5.740.000	11.207.000

History

Consent statements

Over bookyear 2012 a consent agreement is filed Over bookyear 2011 a consent agreement is filed Over bookyear 2010 a consent agreement is filed Over bookyear 2009 a consent agreement is filed

Company structure

• Foundation Leonum (41118016) ZWIJNDRECHT

o Van Leeuwen Buizen Groep B.V. (23038035) Zwijndrecht Subsidiary (100%)

■ Van Leeuwen Buizen Europe B.V. (23009425)

ZWIJNDRECHT

Subsidiary (100%)

■ Van Leeuwen Stainless B.V. (11011149) Beesd

Subsidiary (100%)

■ P. van Leeuwen Jr.'s Buizenhandel B.V. (23031688)

ZWIJNDRECHT

Subsidiary (100%)

■ Van Leeuwen Tubi Italia B.V. (23044895)

ZWIJNDRECHT

Subsidiary (100%)

■ Van Leeuwen Precisie B.V. (38015406) Deventer

Subsidiary (100%)

■ Van Leeuwen Pipe and Tube Asia Pacific B.V. (23040682)

ZWIJNDRECHT

Subsidiary (100%)

■ Van Leeuwen Pipe and Tube Asia B.V. (24388979)

ZWIJNDRECHT

Subsidiary (100%)

■ Bergstaal B.V. (38024721)

ZWIJNDRECHT

Subsidiary (100%)

■ Van Leeuwen Pipe and Tube North America B.V. (23082115)

ZWIJNDRECHT

Subsidiary (100%)

■ Buisleeuw International B.V. (23082130)

ZWIJNDRECHT

Subsidiary (100%)

■ Van Leeuwen Pipe and Tube Qatar B.V. (24403635)

ZWIJNDRECHT

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.57.78
UK Pound	1	Rs.89.71
Euro	1	Rs.76.23

INFORMATION DETAILS

Report Prepared by :

PRL

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.

Place of constitution	Beesd
Capital	EUR
Issued capital	EUR 56.750
Paid up capital	EUR 56.750

Employees	Total: 65
Employees according to CoC	Chamber of commerce: 65
Bookyear	2013	2012	2011
Number	65	65	63
Change	0,00%	3,17%	-3,08%

MIRA INFORM REPORT

CONTACTINFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

BALANCE

History

Company structure

Unit