MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	ELKAY INTERNATIONAL (EUROPE) B.V.
Registered Office :	Schipholweg 103 2316XC Leiden
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	13.03.2008
Com. Reg. No.:	27315721
Legal Form :	Private Company
Line of Business :	Wholesale of electronic and communication equipment and related parts
No. of Employees	02

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and 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. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US 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. 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. To recover, the government 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 austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract

Source : CIA

Company name and address

Company name ELKAY INTERNATIONAL (EUROPE) B.V.

Operative address Schipholweg 103

2316XC Leiden

Netherlands

Legal form Private Company

Registration number KvK-nummer: 27315721

VAT-number 819111879

Year	2012		Mutation	2011	Mutation	2010
Fixed assets	265.697		-16,09	316.644	-13,41	365.690
Total receivables	289.440		90,78	151.711	-47,46	288.741
Total equity	-206.754		-97,00	-104.953	-63,66	-64.127
Short term liabilities	519.250		137,47	218.660	-39,94	364.062
Working capital	99.836		-46,01	184.909	-1,35	187.432
Quick ratio	1,01	%	-17,21	1,22	-19,21	1,51

Contact information

Company name ELKAY INTERNATIONAL (EUROPE) B.V.

Trade names ELKAY INTERNATIONAL (EUROPE) B.V.

Operative address Schipholweg 103

2316XC Leiden

Netherlands

Correspondence address Schipholweg 103

2316XC Leiden

Netherlands

Telephone number 0715249290

Fax number 0715149291

Email address elkay_europe@elkayintl.com

Website www.elkayintl.com

Registration

Registration number KvK-nummer: 27315721

Branch number 000004308271

VAT-number 819111879

Status Active

First registration company register 2008-03-20

Memorandum 2008-03-13

Establishment date 2008-03-13

Legal form Private Company

Activities

SBI Wholesale of electronic and communication equipment and related parts (4652)

Organisational planning (70221)

Exporter Yes

Importer Yes

Goal The import and export of electronic systems and components. b. Conducting activities in the field of business process outsourcing.

Relations

Companies on same address Amount: 43

Management

Active management R. Hari (Radhika)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2008-03-13

Date of birth: 1956-07-11, Bangalore, IN

S. Lamba (Sunil)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2008-03-13

Date of birth: 1969-02-22, Rajgarh, IN

Employees

Year	2014	2012	2011	2010	2009
Total	2	2	2	2	2

Payments

Description Payments made under regular condition

Key figures

Year	2012	2011	2010	2009	2008
Quick ratio	1,01	1,22	1,51	0,47	0,56
Current ratio	1,19	1,85	1,51	0,47	0,56
Working capital/ balance total	0,11	0,26	0,20	-0,59	-0,45
Equity / balance total	-0,23	-0,15	-0,07	-0,10	-0,04
Equity / Fixed assets	-0,78	-0,33	-0,18	-0,21	-0,09
Equity / liabilities	-0,19	-0,13	-0,07	-0,09	-0,03
Balance total / liabilities	0,81	0,87	0,93	0,91	0,97
Working capital	99.836	184.909	187.432	-503.463	-507.454
Equity	-206.754	-104.953	-64.127	-86.626	-40.302
Mutation equity	-97,00	-63,66	25,97	-114,94
Mutation short term liabilities	137,47	-39,94	-61,44	-19,01

Summary

The 2012 financial result structure is a postive working captial of 99.836 euro, which is in

agreement with 11 % of the total assets of the company.

The working capital has diminished with -46.01 % compared to previous year. The ratio, with

respect to the total assets of the company has however, declined.

The deterioration between 2011 and 2012 has mainly been caused by an increase of the

current liabilities.

The current ratio of the company in 2012 was 1.19. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2012 of the company was 1.01. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 184.909 euro, which is in

agreement with 26 % of the total assets of the company.

The working capital has diminished with -1.35 % compared to previous year. The ratio, with

respect to the total assets of the company has however, increased.

The deterioration between 2010 and 2011 has mainly been caused by a reduction of the

current assets.

The current ratio of the company in 2011 was 1.85. A company with a current ratio between

1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2011 of the company was 1.22. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities

Financial statement

Remark annual account The company is obliged to file its financial statements.

Type of annual account Corporate

Annual account Elkay International (Europe) B.V.

Schipholweg 103

2316XC Leiden

Netherlands

Registration number: 273157210000

Balae

Balance

Year	2012	2011	2010	2009	2008
End date	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31
Intangible fixed assets	262.500	312.500	362.500	412.500	462.500
Tangible fixed assets	3.197	4.144	3.190	4.337	4.652
Total receivables	289.440	151.711	288.741	243.528	572.326
Liquid funds	236.077	114.770	262.753	197.254	86.168
Current assets	619.086	403.569	551.494	440.782	658.494
Issued capital	18.000	18.000	18.000	18.000	18.000
Other reserves	-224.754	-122.953	-82.127	-104.626	-58.302
Total reserves	-224.754	-122.953	-82.127	-104.626	-58.302
Total equity	-206.754	-104.953	-64.127	-86.626	-40.302
Long term interest yielding debt	572.287	606.506	617.249
Long term liabilities	572.287	606.506	617.249
Short term liabilities	519.250	218.660	364.062	944.245	1.165.948
Total short and long term liabilities	1.091.537	825.166	981.311	944.245	1.165.948
Total liabilities	884.783	720.213	917.184	857.619	1.125.646

Summary

The total assets of the company increased with 22.85 % between 2011 and 2012.

Despite the assets growth, the non current assets decreased with -16.09 %.

Asset growth is in contrasts with the net worth decline of -97 %. The company's indebtedness

has, therefore, increased with 32.28 %.

In 2012 the assets of the company were 30.03 % composed of fixed assets and 69.97 % by

current assets. The assets are being financed by an equity of -23.37 %, and total debt of

123.37 %.

The total assets of the company decreased with -21.48 % between 2010 and 2011.

This total assets decrease has been reflected in a reduction of non current assets of -13.41

%.

Assets reduction is explained by a Net Worth decrease of -63.66 %, and an indebtedness

reduction of -15.91 %.

In 2011 the assets of the company were 43.97 % composed of fixed assets and 56.03 % by

current assets. The assets are being financed by an equity of -14.57 %, and total debt of

114.57 %.

Analysis

Branch (SBI) Wholesale trade (no motor vehicles and motorcycles) (46)

Region Rijnland

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Rijnland 4319 of the companies are registered with the SBI code 46

In the Netherlands 2387 of the bankrupcties are published within this sector

In the region Rijnland 97 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Rijnland is normal

Publications

Filings 07-07-2014: De jaarrekening over 2012 is gepubliceerd.

19-02-2013: De jaarrekening over 2011 is gepubliceerd.

15-02-2012: De jaarrekening over 2010 is gepubliceerd.

28-02-2011: De jaarrekening over 2009 is gepubliceerd.

22-03-2010: De jaarrekening over 2008 is gepubliceerd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	DIV
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.