MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	INNOVATEST EUROPE B.V.
Registered Office :	Borgharenweg 140 6222AA Maastricht
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	06.12.2004
Com. Reg. No.:	14082830
Legal Form :	Private Company
Line of Business :	· Manufacture of instruments for measuring, testing, navigation and controlling · Wholesale of measuring and control equipment
No. of Employees	11

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Netherlands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 INNOVATEST EUROPE B.V.

Operative address Borgharenweg 140

6222AA Maastricht

Netherlands

Legal form Private Company

Registration number KvK-nummer: 14082830

VAT-number 813844459

Contact information

Company name INNOVATEST EUROPE B.V.

Trade names INNOVATEST, ISOTEST, TIME, CV INSTRUMENTS

Operative address Borgharenweg 140

6222AA Maastricht

Netherlands

Correspondence address Borgharenweg 140

6222AA Maastricht

Netherlands

Telephone number 0433520060

Fax number 0433631168

Email address info@innovatest-europe.com

Website www.innovatest-europe.com

Registration

Registration number KvK-nummer: 14082830

Registered in Kamer van Koophandel Limburg

Branch number 000008895252

VAT-number 813844459

Status Active

First registration company register 2005-01-24

Memorandum 2005-01-17

Establishment date 2004-12-06

Legal form Private Company

Legal person since 2005-01-17

Last proposed admendment 2009-11-26

Activities

SBI Manufacture of instruments for measuring, testing, navigation and controlling (2651)

Wholesale of measuring and control equipment (46695)

Exporter Yes

Importer Yes

Goal Research and development in measuring equipment, manufacture of measuring equipment, wholesale measuring equipment for materials research.

Relations

Companies on same address

Engbersen Holding B.V.

Registration number: 146316980000

INNOVATECH Holding B.V.

Registration number: 140862270000

Management

Active management

R.H.J.M. Engbersen (Roland Herman Joseph Maria)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2008-01-07

Date of birth: 1965-03-19, Maastricht, NL

N.C.G. Paulissen - Schiffer (Nicole Christina Gerarda)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2005-06-29

Date of birth: 1969-10-31, Millen, DE

Employees

Total according to the Chamber of Commerce 11

Employees
Total according to the Chamber of Commerce	11
Year		2013	2012	2011	2010	2009
Total		11	11	11	11	11

Payments
Score Description	7,2 Payments are made regularly no complaints are known

Key figures

Year	2012	2011	2010	2009	2008
Quick ratio	0,70	0,73	0,66	0,73	0,76
Current ratio	1,38	1,29	1,36	1,43	1,62
Working capital/ balance total	0,24	0,20	0,23	0,26	0,36
Equity / balance total	0,32	0,27	0,31	0,35	0,36
Equity / Fixed assets	2,91	2,51	2,46	2,32	6,79
Equity / liabilities	0,48	0,37	0,44	0,55	0,55
Balance total / liabilities	1,48	1,37	1,44	1,55	1,55
Working capital	401.863	290.039	250.571	236.720	305.242

Year	2012	2011	2010	2009	2008
Equity	531.757	390.056	332.242	326.965	299.333
Mutation equity	36,33	17,40	1,61	9,23	538,73
Mutation short term liabilities	5,62	44,43	27,64	11,36	259,94

Summary

The 2012 financial result structure is a postive working captial of 401.863 euro, which is in

agreement with 24 % of the total assets of the company.

The working capital has increased with 38.55 % compared to previous year. The ratio, with

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

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

current assets.

The current ratio of the company in 2012 was 1.38. 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 0.7. A company with a Quick Ratio of less than 1

cannot currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 290.039 euro, which is in

agreement with 20 % of the total assets of the company.

The working capital has increase with 15.75 % compared to previous year. The ratio with

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

The improvement between 2010 and 2011 has mainly been caused by a current liabilities

reduction.

The current ratio of the company in 2011 was 1.29. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2011 of the company was 0.73. 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

INNOVATEST Europe B.V.

Borgharenweg 140

6222AA Maastricht

Netherlands

Registration number: 140828300000

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				41.545
Tangible fixed assets	85.776	63.718	54.482		44.091
Financial fixed assets	97.105	91.892	80.802	99.413
Fixed assets	182.881	155.610	135.284	140.958	44.091

Total stock	715.616	558.829	489.284	385.304	425.117
Total receivables	742.984	734.309	456.748	374.671	349.043
Liquid funds	5.419	2.563	851	22.264	20.951
Current assets	1.464.019	1.295.701	946.883	782.239	795.111
Total assets	1.646.900	1.451.311	1.082.167	923.197	839.202

Issued capital	150.000	150.000	150.000	150.000	150.000
Other reserves	381.757	240.056	182.242	176.965	149.333
Total reserves	381.757	240.056	182.242	176.965	149.333
Total equity	531.757	390.056	332.242	326.965	299.333
Provisions	2.987	5.593	3.613	713
Long term interest yielding debt	50.000	50.000	50.000	50.000	50.000
Long term liabilities	50.000	50.000	50.000	50.000	50.000
Short term liabilities	1.062.156	1.005.662	696.312	545.519	489.869
Total short and long term liabilities	1.115.143	1.061.255	749.925	596.232	539.869
Total liabilities	1.646.900	1.451.311	1.082.167	923.197	839.202

Summary

The total assets of the company increased with 13.48 % between 2011 and 2012.

The total asset increase is retrievable in the fixed asset growth of 17.53 %.

The asset growth has mainly been financed by a Net Worth increase of 36.33 %. Debt,

however, grew with 5.08 %.

In 2012 the assets of the company were 11.1 % composed of fixed assets and 88.9 % by

current assets. The assets are being financed by an equity of 32.29 %, and total debt of

67.71 %.

The total assets of the company increased with 34.11 % between 2010 and 2011.

The fixed asset growth of 15.02 % is lower than the total asset growth.

The asset growth has mainly been financed by a debt increase of 41.51 %. The Net Worth,

however, grew with 17.4 %.

In 2011 the assets of the company were 10.72 % composed of fixed assets and 89.28 % by

current assets. The assets are being financed by an equity of 26.88 %, and total debt of

73.12 %.

Analysis

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

Region Limburg

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

In the region Limburg 5542 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 Limburg 125 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 Limburg is normal

Publications

Filings 24-02-2014: De jaarrekening over 2012 is gepubliceerd.

06-12-2012: De jaarrekening over 2011 is gepubliceerd.

02-03-2012: De jaarrekening over 2010 is gepubliceerd.

31-01-2011: De jaarrekening over 2009 is gepubliceerd.

28-01-2010: De jaarrekening over 2008 is gepubliceerd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.