MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	NOXON STAINLESS BV
Registered Office :	Vossenbeemd 51, Helmond, 5705 CL
Country :	Netherlands
Financials (as on) :	31.12.2011
Date of Incorporation :	18.06.1991
Com. Reg. No.:	17069403
Legal Form :	Private Subsidiary
Line of Business :	Stockist and distributor in stainless steel tubes and pipes, valves, bars, profiles, sheets and plates
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

Noxon Stainless BV

Vossenbeemd 51
Helmond, 5705 CL
Netherlands
Tel:	31-492582111
Fax:	31 (492) 53 89 70
www.noxon.nl

Employees:	NA
Company Type:	Private Subsidiary
Corporate Family:	58 Companies
Ultimate Parent:	Jacquet Metal Service SA
Incorporation Date:	18-Jul-1991

Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	61.9
Total Assets:	26.2

Business Description

Stockist and distributor in stainless steel tubes and pipes, valves, bars, profiles, sheets and plates

Industry

Industry	Metals and Minerals Wholesale
ANZSIC 2006:	3322 - Metal and Mineral Wholesaling
ISIC Rev 4:	4662 - Wholesale of metals and metal ores
NACE Rev 2:	4672 - Wholesale of metals and metal ores
NAICS 2012:	423510 - Metal Service Centers and Other Metal Merchant Wholesalers
UK SIC 2007:	4672 - Wholesale of metals and metal ores
US SIC 1987:	5051 - Metals Service Centers and Offices

Key Executives

Name	Title
Stefan Muller-Bernhardt	Managing director
Rutger Bogers	Manager-Sales
R. Bendsneijder	EDP manager
P. Kom	Purchasing manager
R. Pettersson	Head of accounting department

Registered No.(NLD):

17069403

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
Vossenbeemd 51
Helmond, 5705 CL
Netherlands

Tel:	31-492582111
Fax:	31 (492) 53 89 70

www.noxon.nl

Sales EUR(mil):	44.5
Assets EUR(mil):	20.2
Employees:	NA
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Incorporation Date:	18-Jul-1991
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(NLD):	17069403

Managing director:	Stefan Muller-Bernhardt

Industry Codes

ANZSIC 2006 Codes:
3322	-	Metal and Mineral Wholesaling

ISIC Rev 4 Codes:
4662	-	Wholesale of metals and metal ores

NACE Rev 2 Codes:
4672	-	Wholesale of metals and metal ores

NAICS 2012 Codes:
423510	-	Metal Service Centers and Other Metal Merchant Wholesalers

US SIC 1987:
5051	-	Metals Service Centers and Offices

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

Business Description

Stockist and distributor in stainless steel tubes and pipes, valves, bars, profiles, sheets and plates

More Business Descriptions

Distr of Stainless Steel Pipes, Tubes, Valves, Bars, Sheets, Profiles & Plates

Noxon Stainless 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:	44.5
Assets:	20.2
Current Assets:	18.7
Total Liabilities:	20.2
Net Worth:	4.2
Date of Financial Data:	31-Dec-2011

1 Year Growth

12.1%

NA

Key Corporate Relationships

Bank:

Banque Artesia Nederland NV

Corporate Structure News

Noxon Stainless BV
Total Corporate Family Members: 58

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Jacquet Metal Service SA	Parent	Saint-Priest	France	Metals and Minerals Wholesale	1,419.7	2,130
Stappert Spezial-Stahl Handel GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Metals and Minerals Wholesale	352.0	410
LEGA-INOX, spol. s.r.o.	Subsidiary	MenÃn	Czech Republic	Metals and Minerals Wholesale	41.2	84
IMS Stalserwis Sp. z.o.o.	Subsidiary	Gliwice	Poland	Metals and Minerals Wholesale	45.2	67
Fleischmann Spezialstahl-Handel GmbH	Subsidiary	Teesdorf	Austria	Metals and Minerals Wholesale		63
Hoselmann Stahl GmbH	Subsidiary	Hannover, Niedersachsen	Germany	Metal Products Manufacturing		60
Rév és Társai Nemesacél Kereskedelmi Kft	Subsidiary	Budapest	Hungary	Metals and Minerals Wholesale	34.0	41
IMS KUPA, a.s.	Subsidiary	Nováky	Slovakia	Metals and Minerals Wholesale	25.1	32
IMS Specialstål AB	Subsidiary	Älmhult	Sweden	Metals and Minerals Wholesale	29.4	23
UAB IMS Antera	Subsidiary	Kaunas	Lithuania	Metals and Minerals Wholesale	8.4	19
Noxon Stainless BV	Subsidiary	Helmond	Netherlands	Metals and Minerals Wholesale	61.9
Speciastal AB	Subsidiary	Almhult	Sweden	Metals and Minerals Wholesale
Aceros Ims Int Sociedad Anonima	Subsidiary	Abadiño, Vizcaya	Spain	Metals and Minerals Wholesale	109.3	185
IMS Portugal SA	Subsidiary	Lisbon	Portugal	Metals and Minerals Wholesale		50
Ims Portugal - Comércio De Aços, S.A.	Subsidiary	Sintra, Sintra	Portugal	Petroleum Wholesale	21.0	47
IMS SpA	Subsidiary	Arcore, MI	Italy	Metals and Minerals Wholesale	201.9	139
IMS Ozel Celik Ticaret Ltd Sirketi	Subsidiary	Kocaeli	Turkey	Metals and Minerals Wholesale
FFF Holding SAS	Subsidiary	Saint Priest	France	Metals and Minerals Wholesale		85
Oxycoupage Sciage Services OSS SARL	Subsidiary	Saint-Priest	France	Metals and Minerals Wholesale	6.4	20
OSS Sarl	Subsidiary	Joigny	France	Metal Products Manufacturing		12
Produr SAS	Subsidiary	Chambery	France	Metals and Minerals Wholesale	15.9	49
Fonciere Engis	Subsidiary	Clermont-Sous-Huy	Belgium	Metal Products Manufacturing	0.0	40
Jestion EURL	Subsidiary	Saint Priest, Saint Priest	France	Consulting Services	4.0	34
Euralliage SAS	Subsidiary	Lyon	France	Metals and Minerals Wholesale	9.8	32
Stappert Intramet	Subsidiary	Clermont-Sous-Huy	Belgium	Metals and Minerals Wholesale	20.3	29
Jacquet Metallservice GmbH	Subsidiary	Ohlsdorf	Austria	Metals and Minerals Wholesale	7.1	24
Jacquet (UK) Ltd.	Subsidiary	Barnsley	United Kingdom	Metal Products Manufacturing	10.5	21
Goldrider Ltd.	Subsidiary	Sheffield	United Kingdom
JACQUET Mid Atlantic Inc.	Subsidiary	Pottstown, PA	United States	Metal Products Manufacturing	28.5	20
JACQUET Midwest Inc.	Subsidiary	Racine, WI	United States	Metal Products Manufacturing		12
JACQUET Houston Inc.	Subsidiary	Houston, TX	United States	Metal Products Manufacturing	34.2	11
JACQUET West Inc.	Subsidiary	Irvine, CA	United States	Metal Products Manufacturing		9
JACQUET Southeast Inc.	Subsidiary	Pineville, NC	United States	Metals and Minerals Wholesale	16.8	8
JACQUET Finland Oy	Subsidiary	Hyvinkaa	Finland	Metals and Minerals Wholesale	14.3	20
JACQUET Sverige AB	Subsidiary	Hjo	Sweden	Metals and Minerals Wholesale	5.7	20
Jacquet Benelux	Subsidiary	Herstal	Belgium	Metals and Minerals Wholesale	17.1	18
I M S (UK) Ltd	Subsidiary	Birmingham	United Kingdom	Restaurants and Bars		17
Jacquet Paris SAS	Subsidiary	Saint Priest	France	Metals and Minerals Wholesale	6.0	14
Jacquet Iberica Sa	Subsidiary	Epila, Zaragoza	Spain	Metals and Minerals Wholesale	11.2	13
JACQUET Deutschland GmbH	Subsidiary	Essen, Nordrhein-Westfalen	Germany	Metals and Minerals Wholesale		12
CL Staal b.v.	Subsidiary	Dordrecht	Netherlands	Metals and Minerals Wholesale		11
JACQUET Italtaglio Srl	Subsidiary	Carre, Vicenza	Italy	Metals and Minerals Wholesale	8.0	10
Jacquet Nova SRL	Subsidiary	Arcore, Monza E Brianza	Italy	Metals and Minerals Wholesale	7.7	10
France Inox SAS	Subsidiary	Saint Priest	France	Metals and Minerals Wholesale	7.3	10
Jacquet Osiro AG	Subsidiary	Aesch	Switzerland	Metals and Minerals Wholesale		10
JACQUET Benelux SA	Subsidiary	Herstal, Liege	Belgium	Metal Products Manufacturing		9
Jacquet SAS	Subsidiary	Saint Priest	France	Metals and Minerals Wholesale	47.3	7
JACQUET Lyon SASU	Subsidiary	Saint Priest	France	Metals and Minerals Wholesale	11.0	7
Trinox SA	Subsidiary	Bex	Switzerland	Metals and Minerals Wholesale	1.8	5
JACQUET s.r.o.	Subsidiary	Prague	Czech Republic	Metals and Minerals Wholesale		4
JACQUET Portugal Lda	Subsidiary	Vila Nova de Gaia	Portugal	Metals and Minerals Wholesale		4
JACQUET Nordpol Sp. z o.o.	Subsidiary	Gdansk	Poland	Metals and Minerals Wholesale		3
Jacquet Nederland	Subsidiary	Purmerend	Netherlands	Metals and Minerals Wholesale
Jacfriesland B.V.	Subsidiary	Drachten, Friesland	Netherlands	Metal Products Manufacturing		40
JACQUET Steinau GmbH	Subsidiary	Steinau	Germany	Metal Products Manufacturing
JACQUET Deutschland GmbH	Subsidiary	Essen	Germany	Metal Products Manufacturing
IMS France SAS	Subsidiary	Paris	France	Metals and Minerals Wholesale
Calibracier SAS	Subsidiary	Vierzon	France	Metals and Minerals Wholesale

Noxon Stainless BV Helmond, , Netherlands, Tel: 31-492582111, URL: http://www.noxon.nl

Executives Report

Board of Directors

Name	Title	Function
Philippe Goczol	Member of the board of directors	Director/Board Member
Eric Jacquet	Member of the board of directors	Director/Board Member

Executives

Name	Title	Function
Stefan Muller-Bernhardt	Managing director	Managing Director
Thierry Philippe	Managing director	Managing Director
Antonius Van Der Heijden	Managing director	Managing Director
Arthur van der Heijden	Operations Manager	Operations Executive
R. Pettersson	Head of accounting department	Accounting Executive
F. Verhees	Personnel manager	Human Resources Executive
Rutger Bogers	Manager-Sales	Sales Executive
C. Van Lieshout	Sales manager	Sales Executive
R. Bendsneijder	EDP manager	Information Executive
P. Kom	Purchasing manager	Purchasing Executive

Annual Profit & Los

Noxon Stainless BV Helmond, Netherlands, Tel: 31-492582111, URL: http://www.noxon.nl

s

	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	61.9	52.6	33.9
Cost of goods sold	48.2	40.7	30.7
Cost of sales	48.2	40.7	30.7
Gross profit	13.7	11.9	3.3
Total payroll costs	6.4	7.4	5.2
Change in value of fixed assets arising from revaluation	0.4	0.7	0.6
Other operating costs	5.8	6.7	5.4
Net operating income	1.1	-	-
Total financial income	0.2	0.2	-
Total expenses	0.7	0.7	0.2
Profit before tax	0.6	-	-
Profit on ordinary activities after tax	0.4	-2.7	-5.8
Extraordinary income	-	0.0	-
Extraordinary result	-	0.0	-
Profit after extraordinary items and before tax	-	0.0	-
Other taxes	0.0	0.0	-
Total taxation	0.1	-0.9	-2.3
Profit after tax	0.4	-2.7	-5.8
Net profit	0.4	-	-
Net loss	-	-2.6	-5.8

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
Other reserves	2.0	1.6	4.6
Total stockholders equity	5.4	5.2	8.4
Provisions and allowances	0.5	0.6	0.9
Total long-term liabilities	0.1	0.3	0.5
Trade creditors	9.0	5.2	5.5
Total current liabilities	20.1	19.9	14.8
Total liabilities (including net worth)	26.2	26.0	24.5
Total tangible fixed assets	1.1	1.5	2.3
Total asset investment	0.9	1.0	0.2
Total non-current assets	1.9	2.5	2.5
Net stocks and work in progress	16.8	15.0	14.5
Trade debtors	7.1	7.8	4.4
Other receivables	0.4	0.7	3.1
Total receivables	7.5	8.5	7.5
Cash and liquid assets	0.0	0.0	0.0
Total current assets	24.3	23.5	22.0
Total assets	26.2	26.0	24.5

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	1.20	1.20	1.50
Acid test ratio	0.40	0.40	0.50
Current liabilities to net worth	3.73%	3.86%	1.77%
Fixed assets to net worth	0.36%	0.49%	0.30%
Collection period	44.90	53.50	46.10
Stock turnover rate	3.40	3.60	2.40
Sales to net working capital	14.00	15.00	4.90
Asset turnover	2.20%	2.05%	1.43%
Profit margin	0.01%	-0.07%	-0.24%
Return on assets	0.02%	-0.14%	-0.34%
Shareholders' return	0.10%	-0.69%	-1.00%
Sales per employee	536.27	400.90	308.92
Profit per employee	4.92	-26.94	-73.58
Return on capital	0.09%	-0.70%	-0.88%
Average wage per employee	55.84	56.72	46.97
Net worth	5.4	5.2	8.4
Number of employees	83	99	79

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.37
UK Pound	1	Rs.100.85
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

PDT

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.