MIRA INFORM REPORT

Report Date :

12.10.2013

IDENTIFICATION DETAILS

Name :	GAWA EQUIPMENT CONNECTION
Registered Office :	5 Pottenbakkersstraat, SNEEK 8601WS
Country :	Netherlands
Financials (as on) :	2012
Date of Incorporation :	01.11.2002
Com. Reg. No.:	01098395
Legal Form :	Private limited liability company
Line of Business :	Manufacture of other general- purpose machinery and equipment n.e.c
No. of Employees :	Not Available

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 :	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	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 and address

_{GAWA EQUIPMENT CONNECTION}

Company Summary

Company Name Gawa Equipment Connection Company Registration Number 01098395

Country NL

Activity Code 2829 Activity Description Manufacture of other general- purpose machinery and equipment n.e.c.

Company Status Active

Company Identification

Activities

Activity Code 2829

Activity Description Manufacture of other general- purpose machinery and equipment n.e.c

.

Basic Information

Company Name Gawa Equipment Connection

Registered Company Name GAWA Equipment Connection B.V.

Company Registration Number 01098395

Date of Company Registration 01/11/2002

Legal Form Private limited liability company (BV)

with ordinary structure

Company Status Active

Principal Activity Code 2829

Principal Activity Description Manufacture of other general- purpose machinery and equipment n.e.c.

Contact Address 5 Pottenbakkersstraat, SNEEK 8601

Contact Telephone Number 0515460180

Main Address

Address 5 Pottenbakkersstraat, SNEEK 8601WS

Country NL

Other Addresses

Address 5 Pottenbakkersstraat, SNEEK 8601WS

Telephone 0515460180

Web Addresses

www.gawa.nl

Current Directors Managers

Name Willem Elgersma

Position Director

Share Capital Structure

Issued Share capital 18,000.00 (EUR)

Extended Group Structure

Company Name Registration Number Status Last Financials

1 GAWA Equipment Connection B.V. 010983950000 Active 31/12/2012

2 Frisian ProCess Solutions B.V. 515140360000 Active 31/12/2011

2 ProcEss Solutions B.V. 011812930000 Active 31/12/2012

Employee Information

Year 2012

Number of Employees 0

Year 2011

Number of Employees 0

Year 2010

Number of Employees 0

Year 2009

Number of Employees 0

Year 2008

Number of Employees 0

Financial Statements

Profit & Loss

Financial Year 2010

Number of Weeks 52

Currency EUR

Balance Sheet

Financial Year 2012 2011 2010

Number of Weeks 52 52 52

Currency EUR EUR EUR

Consolidated Accounts False False False

Total Tangible Assets 2,178,354.00 1,951,250.00 961,118.00

Investments 85,500.00 122,500.00 148,000.00

Total Fixed Assets 2,263,854.00 2,073,750.00 1,109,118.00

Total Inventories 308,538.00 344,675.00 158,633.00

Trade Receivables 467,810.00 223,244.00 278,751.00

Miscellaneous Receivables 12,179.00 9,193.00 8,196.00

Total Receivables 479,989.00 232,437.00 286,947.00

Cash 342,773.00 432,661.00 205,796.00

Other Current Assets 0.00 0.00 0.00

Total Current Assets 1,131,300.00 1,009,773.00 651,376.00

Total Assets 3,395,154.00 3,083,523.00 1,760,494.00

Trade Payables 281,971.00 122,109.00 163,284.00

Miscellaneous Liabilities 102,268.00 102,502.00 58,500.00

Total Current Liabilities 384,239.00 224,611.00 221,784.00

Miscellaneous Liabilities 1,903,230.00 2,037,665.00 792,837.00

due after 1 year

Total Long Term Liabilities 1,903,230.00 2,037,665.00 792,837.00

Total Liabilities 2,287,469.00 2,262,276.00 1,014,621.00

Called Up Share Capital 60,000.00 60,000.00 60,000.00

Revenue Reserves 0.00 0.00 0.00

Other Reserves 1,047,685.00 761,247.00 685,873.00

Total Shareholders Equity 1,107,685.00 821,247.00 745,873.00

Other Financials

Working Capital 747,061.00 785,162.00 429,592.00

Net Worth 1,107,685.00 821,247.00 745,873.00

Ratios

Current Ratio 2.94 4.50 2.94

Liquidity Ratio/Acid Test 2.14 2.96 2.22

Current Debt Ratio 0.35 0.27 0.30

Gearing 171.82 248.12 106.30

Equity in Percentage 32.63 26.63 42.37

Total Debt Ratio 2.07 2.75 1.36

Additional Information

MISCELLANEOUS

Ceased Trading Date

Exporter No

Importer No

INDUSTRY COMPARISON

Industry Avg Credit Limit 36,122.15 (EUR)

Industry Avg Credit Rating 51.92

PAYMENT EXPECTATIONS SUMMARY

Payment Expectation Days Industry Avg Payment 32.57

Expectation Days

DaySalesOutstanding Industry Avg Day Sales 57.71

Outstanding

Suspension Of Payments Mora No

INDUSTRY QUARTILE ANALYSIS

Payment Expectation Days

Payment Expectations Lower 37.21

Payment Expectations Median 49.19

Payment Expectations Upper 62.32

DAY SALES OUTSTANDING

Day Sales Outstanding Lower 13.80

Day Sales Outstanding Median 36.67

Day Sales Outstanding Upper 40.28

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.16
UK Pound	1	Rs.97.77
Euro	1	Rs.82.78

INFORMATION DETAILS

Report Prepared by :

NIS

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.