MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	FLORIGO INDUSTRY B.V.
Registered Office :	De Bleek 5, 3447GV Woerden
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	29.11.2012
Com. Reg. No.:	56592868
Legal Form :	Private Company
Line of Business :	· Manufacture of metal structures and parts of structures Wholesale of construction machinery (building equipment)
No. of Employees :	30 (2013)

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 – 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

Summary

Company name Florigo Industry B.V.

Operative address De Bleek 5, 3447GV Woerden, Netherlands

Legal form Private Company

Registration number KvK-nummer: 56592868

VAT-number 852203809

Year 2013

Fixed assets 272.799

Total receivables 2.256.979

Total equity 1.610.521

Short term liabilities 1.767.080

Working capital 1.419.722

Quick ratio 1,37

Contact Information

Company name Florigo Industry B.V.

Trade names Florigo Industry B.V.

Operative address de Bleek 5

3447GV Woerden

Netherlands

Correspondence address de Bleek 5

3447GV Woerden

Netherlands

Telephone number 0348435435

Registration

Registration number KvK-nummer: 56592868

Branch number 000026130963

VAT-number 852203809

Status Active

First registration company register 2013-01-29

Memorandum 2013-01-28

Establishment date 2012-11-29

Legal form Private Company

Activities

SBI Manufacture of metal structures and parts of structures (2511)

Wholesale of construction machinery (building equipment) (4663)

Exporter No

Importer No

Goal The manufacture and development of - and trade in - machinery, manufacture of structures and the development and manufacture of industrial processing lines.

Relations

Shareholders Florigo International B.V.

de Bleek 5

3447GV Woerden

Netherlands

Registration number: 542377180000

Percentage: 100%

Companies on same address BMA Nederland B.V.

Registration number: 301378990002

Florigo International B.V.

Registration number: 542377180000

Stichting Administratiekantoor Florigo International

Registration number: 566420670000

Management

Active management Florigo International B.V.

de Bleek 5

3447GV Woerden

Netherlands

Registration number: 542377180000

Competence: Fully authorized

Function: Manager

Starting date: 2013-01-28

Employees

Year	2014	2013
Total	0	30

Payments

Description Payments made under regular condition

Key Figures

Year 2013

Quick ratio 1,37

Current ratio 1,80

Working capital/ balance total 0,41

Equity / balance total 0,47

Equity / Fixed assets 5,90

Equity / liabilities 0,87

Balance total / liabilities 1,87

Year 2013
Working Capital 1,419,722

Equity 1,610,521

Summary

The 2013 financial result structure is a postive working captial of 1.419.722 euro, which is in agreement with 41 % of the total assets of the company. The current ratio of the company in 2013 was 1.8. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2013 of the company was 1.37. 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 Florigo Industry B.V.

de Bleek 5

3447GV Woerden

Netherlands

Registration number: 565928680000

Balance

Year	2013
End date	2013-12-31
Tangible fixed assets	272.799
Fixed assets	272.799
Total stock	772.783
Total receivables	2.256.979
Liquid funds	157.040
Current assets	3.186.802
Total assets	3.459.601
Issued capital	50.000
Share premium reserve	1.740.676
Other reserves	-180.155
Total reserves	1.560.521
Total equity	1.610.521
Provisions	82.000
Short term liabilities	1.767.080
Total short and long term liabilities	1.849.080
Total liabilities	3.459.601

Analysis

Branch (SBI) Manufacture of fabricated metal products, except machinery and equipment (25)

Region Westelijk Utrecht

In the Netherlands 12215 of the companies are registered with the SBI code 25

In the region Westelijk Utrecht 323 of the companies are registered with the SBI code 25

In the Netherlands 347 of the bankrupcties are published within this sector

In the region Westelijk Utrecht 11 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 Westelijk Utrecht is normal

Publication

Filings 26-06-2014: De jaarrekening over 2013 is gepubliceerd.

Functions 30-01-2013: Per 28-01-2013 is bestuurder Willem Arie van Eijk in functie getreden.

30-01-2013: Per 28-01-2013 is bestuurder 54237718 Florigo International B.V. in functie

getreden.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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.