MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	METAALCOMPAGNIE BRABANT

Registered Office :	59 John F. Kennedylaan, Valkenswaard 5555XC

Country :	Netherlands

Financials (as on) :	2011

Date of Incorporation :	16.05.1941

Com. Reg. No.:	17075728

Legal Form :	Private limited liability with ordinary structure

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

No. of Employees :	622

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 :	Good
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 – 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

Company name and address

_{Metaalcompagni}_{e "Brabant"}

Company Summary

Company Name Metaalcompagnie "Brabant"

Company 17075728

Country NL

Activity Code 46722

Activity Description Wholesale of ferrous metals and ferrous semi-finished products

Company Status Active

Latest Turnover 641,037,434.00 (EUR)

Company Identification

Activity Code 46722

Activity Description Groothandel in ferrometalen en -halffabrikaten

Basic Information

Company Name Metaalcompagnie "Brabant"

Registered Company Name MCB Nederland B.V.

Company Registration Number 17075728

Country NL

Date of Company Registration 16/05/1941

Legal Form Private limited liability with ordinary structure

Type of Ownership

Company Status Active

Principal Activity Code 46722

Principal Activity Description Wholesale of ferrous metals and ferrous semi-finished products

Contact Address 59 John F. Kennedylaan, VALKENSWAARD 5555X

Contact Telephone Number 0402088333

Main Address

Address 59 John F. Kennedylaan, VALKENSWAARD 5555XC

Country NL

Other Addresses

Address 59 John F. Kennedylaan, VALKENSWAARD 5555XC

Telephone 0402088333

Web Addresses

www.mcb.nl

Current Directors Managers

Name Ronald Pieter Maandonks

Position Authorised Signatory

Share Capital Structure

Issued Share capital 4,538,000.00 (EUR)

Name MCB International B.V.

Address 59 John F. Kennedylaan, VALKENSWAARD 5555XC

Share Percent 100.00 %

Extended Group Structure
Company Name	Registration Number	Status	Last Financials
1 MCB International B.V.	170113930000	Active	31/12/2012
2 MCB Nederland B.V.	170757280000	Active	31/12/2011
3 Metal2 B.V.	091498510000	Other	31/12/2007
2 Staalmarkt Nederland B.V.	170964660000	Other	31/12/2007
2 MCB Business & Information Services B.V.	171387820000	Active	31/12/2011
2 MCB Central Europe B.V.	171851470000	Active	31/12/2011
2 Valx B.V.	172400110000	Active	31/12/2011
2 Hamel Metaal B.V.	390653300000	Active	31/12/2011

Affiliated Companies

Affiliate Name Staalmarkt Nederland B.V.

Affiliate ID NL007/X/170964660000

Country NL

Affiliate Name MCB Business & Information Services B.V.

Affiliate ID NL007/X/171387820000

Country NL

Affiliate Name MCB Central Europe B.V.

Affiliate ID NL007/X/171851470000

Country NL

Affiliate Name Valx B.V.

Affiliate ID NL007/X/172400110000

Country NL

Affiliate Name Hamel Metaal B.V.

Affiliate ID NL007/X/390653300000

Country NL

Employee Information

Year 2011

Number of Employees 622

Year 2010

Number of Employees 640

Year 2009

Number of Employees 679

Year 2008

Number of Employees 721

Year 2007

Number of Employees 679

Financial Statements

Profit & Loss

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR

Consolidated Accounts False False False

Revenue 641,037,434.00 554,586,527.00 436,136,004.00

Operating Costs 625,618,917.00 539,338,634.00 425,792,668.00

Operating Profit 15,418,517.00 15,247,893.00 10,343,336.00

Financial Income 290,882.00 1,215,425.00 1,331,898.00

Financial Expenses 3,803,271.00 3,506,557.00 3,268,644.00

Profit Before Tax 11,906,128.00 12,956,761.00 8,406,590.00

Tax 3,283,280.00 3,374,414.00 2,339,799.00

Profit After Tax 8,622,848.00 9,582,347.00 6,066,791.00

Minority Interests 340,132.00 150,687.00 116,153.00

Retained Profit 8,962,980.00 9,733,034.00 6,182,944.00

Balance Sheet

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR

Consolidated Accounts False False False

Total Tangible Assets 83,621,551.00 86,297,402.00 89,973,925.00

Investments 990,904.00 318,878.00 168,191.00

Total Fixed Assets 84,612,455.00 86,616,280.00 90,142,116.00

Total Inventories 112,279,459.00 123,746,838.00 104,710,540.00

Trade Receivables 41,808,440.00 45,154,134.00 31,498,178.00

Miscellaneous

Receivables 35,432,315.00 94,710,167.00 56,089,154.00

Total Receivables 77,240,755.00 139,864,301.00 87,587,332.00

Cash 890,217.00 57,168.00 249,336.00

Other Current Assets 0.00 0.00 0.00

Total Current Assets 190,410,431.00 263,668,307.00 192,547,208.00

Total Assets 275,022,886.00 350,284,587.00 282,689,324.00

Trade Payables 19,663,058.00 19,583,075.00 14,976,158.00

Miscellaneous Liabilities 96,405,109.00 173,326,957.00 84,135,061.00

Total Current Liabilities 116,068,167.00 192,910,032.00 99,111,219.00

Miscellaneous Liabilities

due after 1 year

Total Long Term Liabilities 17,474,572.00 16,282,043.00 52,025,236.00

Total Liabilities 133,542,739.00 209,192,075.00 151,136,455.00

Called Up Share Capital 4,538,000.00 4,538,000.00 4,537,802.00

Revenue Reserves 8,962,980.00 9,733,034.00 6,182,944.00

Other Reserves 127,979,167.00 126,821,478.00 120,832,123.00

Total Shareholders

Equity 141,480,147.00 141,092,512.00 131,552,869.00

Other Financials

Working Capital 74,342,264.00 70,758,275.00 93,435,989.00

Net Worth 141,480,147.00 141,092,512.00 131,552,869.00

Ratios

Pre-Tax Profit Margin 1.86 2.34 1.93

Return on Capital Employed

Return on Total Assets 4.33 3.70 2.97

Return on Net Assets Employed 8.42 9.18 6.39

Sales/Net Working Capital 8.62 7.84 4.67

Stock Turnover Ratio 17.52 22.31 24.01

Debtor Days 23.81 29.72 26.36

Creditor Days 11.47 13.25 12.84

Current Ratio 1.64 1.37 1.94

Liquidity Ratio/Acid Test 0.67 0.73 0.89

Current Debt Ratio 0.82 1.37 0.75

Gearing 12.35 11.54 39.55

Equity in Percentage 51.44 40.28 46.54

Total Debt Ratio 0.94 1.48 1.15

Additional Information

Industry Comparison

Industry Avg Credit Limit 54,675.56 (EUR)

Industry Avg Credit Rating 51.64

Payment Expectations Summary

Payment Expectation Days 11.47

Industry Avg Payment 35.62

Expectation Days

DaySalesOutstanding 23.81

Suspension Of Payments Mora No

Industry Quartile Analysis

Payment Expectations Lower 37.39

Payment Expectations Median 48.49

Payment Expectations Upper 56.59

Day Sales Outstanding

Day Sales Outstanding Lower 6.67

Day Sales Outstanding Median 15.93

Day Sales Outstanding Upper 40.17

Negative Information

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.99.56
Euro	1	Rs.83.55

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.

MIRA INFORM REPORT

Company name and address

Company Summary

Company Identification

Basic Information

Type of Ownership

Financial Statements

Additional Information

Industry Quartile Analysis

Day Sales Outstanding

Unit