MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	VIRAJ EUROPE B.V.
Registered Office :	Siriusdreef 17- 27, 2132WT Hoofddorp
Country :	Netherlands
Financials (as on) :	31.03.2013
Date of Incorporation :	06.02.2012
Com. Reg. No.:	54609208
Legal Form :	Private Company
Line of Business :	· Engaged as Wholesaler of Ferrous Metals and Ferrous Semi-Finished Products · Engaged as Wholesaler of Non-Ferrous Metals and Non-Ferrous Semi-Finished Products · Engaged as Financial Holding
No. of Employees	02 (2014)

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 summary

Company name Viraj Europe B.V.

Operative address Siriusdreef 17- 27

2132WT Hoofddorp

Netherlands

Status Active

Legal form Besloten Vennootschap (Private Company)

Registration number KvK-nummer: 54609208

VAT-number 851370500

Year 2013

Fixed assets 52.761

Total receivables 3.082

Total equity -275.885

Short term liabilities 365.053

Working capital -328.646

Quick ratio 0,10

Contact information

Company name Viraj Europe B.V.

Trade names Viraj Europe B.V.

Operative address Siriusdreef 17- 27

2132WT Hoofddorp

Netherlands

Correspondence address Siriusdreef 17- 27

2132WT Hoofddorp

Netherlands

Telephone number 0235689100

Registration

Registration number KvK-nummer: 54609208

Branch number 000024356468

VAT-number 851370500

Status Active

First registration

company register 2012-02-06

Memorandum 2012-02-06

Establishment date 2012-02-06

Legal form Besloten Vennootschap (Private Company)

Last proposed admendment 2013-11-12

Activities

SBI

· Engaged as Wholesaler of ferrous metals and ferrous semi-finished products (46722)

· Engaged as Wholesaler of non-ferrous metals and non-ferrous semi-finished products (46723)

· Engaged as Financial holding (6420)

Exporter No

Importer Yes

Goal Het opslaan, verkopen en/of handelen in roestvrij staalproducten gefabriceerd en

geimporteerd door de vennootschap in Nederland en/of de rest van de wereld. Het handelen in ijzerhoudende en niet-ijzerhoudende metalen en metaalproducten in Nederland en/of de rest van de wereld. Houdster- en financieringsmaatschappij.

(Storing, selling and / or trading manufactured in stainless steel and imported by the company in the Netherlands and / or the rest of the world. Dealing in ferrous and non-ferrous metals and metal products in the Netherlands and / or the rest of the world. Holding and finance)

Relations

Shareholders

Naam: Viraj Profiles Limited

Bezoekadres: G-34 MIDC Tarapur Industrial Area Boisar, Taluka-Palghar, District Thane,

Maharashta 401 506, India

Ingeschreven in: Registrar of Companies Maharashta, Mumbai, India onder nummer

U28113MH1996PLC096835

Enig aandeelhouder sedert: 06-02-2012 (datum registratie: 06-02-2012)

Viraj Europe

Management

Active Management

R.N. Kochhar (Renu Neeraj)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2012-02-06

Date of birth: 1958-10-10, New Delhi, IN

N.R. Kochhar (Neeraj Raja)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2012-02-06

Date of birth: 1958-09-16, New Delhi, IN

A.A. Malekar (Anantkumar Ambadas)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2013-06-08

Date of birth: 1965-06-06, Pune, IN

Employees

Total according to the Chamber of Commerce 2

Year 2014 2013 2012

Total 2 2 2

Payments

Description The payments are regular

Key figures

Year 2013

Quick ratio 0,10

Current ratio 0,10

Working capital/ balance total -3,69

Equity / balance total -3,09

Equity / Fixed assets -5,23

Equity / liabilities -0,76

Balance total / liabilities 0,24

Working capital -328.646

Equity -275.885

Summary

The 2013 financial result structure is a negative working capital of -328.646 euro, which is in agreement with -369 % of the total assets of the company.

The current ratio of the company in 2013 was 0.1. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.1. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Type of annual account Corporate

Annual account Viraj Europe B.V.

Siriusdreef 17- 27

2132WT Hoofddorp

Netherlands

Registration number: 546092080000

Balance Sheets

Year 2013

End date 2013-03-31

Tangible fixed assets 3.004

Financial fixed assets 49.757

Fixed assets 52.761

Total receivables ` 13.082

Liquid funds 23.325

Current assets 36.407

Total assets 89.168

Issued capital 90.000

Other reserves -365.885

Total reserves -365.885

Total equity -275.885

Short term liabilities 365.053

Total short and long

term liabilities 365.053

Total liabilities 89.168

Summary

In 2013 the assets of the company were 59.17 % composed of fixed assets and 40.83 % by current assets. The assets are being financed by an equity of -309.4 %, and total debt of 409.4 %.

Analysis

Branch (SBI)

Financial institutions, except insurance and pension funding (64)

Region

Kennemerland

In the Netherlands 377806 of the companies are registered with the SBI code 64

In the region Kennemerland 13265 of the companies are registered with the SBI code 64

In the Netherlands 3279 of the bankrupcties are published within this sector

In the region Kennemerland 90 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is Low

The risk of this specific sector in the region Kennemerland is Low

Publications

Filings

19-12-2013: De jaarrekening over 2013 (gebroken boekjaar) is gepubliceerd.

Functions

09-09-2013: Per 08-06-2013 is gevolmachtigde Anantkumar Ambadas Malekar in functie getreden.

07-02-2012: Per 06-02-2012 is bestuurder Neeraj Raja Kochhar in functie getreden.

07-02-2012: Per 06-02-2012 is bestuurder Renu Neeraj Kochhar in functie getreden.

Amendments

13-11-2013: Geplaatst kapitaal gewijzigd in EUR 90.000,00 Gestort kapitaal gewijzigd in EUR 90.000,00.

13-11-2013: Per 12-11-2013 statuten gewijzigd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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.