MIRA INFORM REPORT

Report Date :

02.09.2014

IDENTIFICATION DETAILS

Name :	Elgi Rubber Company B.V.
Registered Office :	Schoenerweg 36, 6222NX Maastricht
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	01.03.2012
Com. Reg. No.:	54912792
Legal Form :	Private Company
Line of Business :	Manufacture of rubber products
No of Employees :	01

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 01, 2014

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

SUMMARY

Company name ELGI RUBBER COMPANY B.V.

Operative address Schoenerweg 36

6222NX Maastricht

Netherlands

Legal form Private Company

Registration number KvK-nummer: 54912792

VAT-number 851488900

Year	2012	Mutation	Mutation
Fixed assets	33.959
Total receivables	32.297
Total equity	-44.263
Short term liabilities	305.001
Working capital	-78.222
Quick ratio	0,13

Contact information

Company name Elgi Rubber Company B.V.

Trade names Elgi Rubber Company B.V.

Operative address Schoenerweg 36

6222NX Maastricht

Netherlands

Correspondence address Postbus 437

6200AK Maastricht

Netherlands

Telephone number 0433290444

Fax number 0433290303

Registration

Registration number KvK-nummer: 54912792

Branch number 000024627690

VAT-number 851488900

Status Active

First registration company register 2012-04-13

Memorandum 2012-04-03

Establishment date 2012-03-01

Legal form Private Company

Activities

SBI Manufacture of rubber products (no tires) (2219)

Exporter No

Importer No

Goal Banden met loopvlakvernieuwing en handel in productie-artikelen voor banden met

loopvlakvernieuwing.

Relations

Shareholders Naam: Elgi Rubber Company Limited

Bezoekadres: 2000 Trichy Road,, Singanallur, Coimbatore 641 005 Tamil Nadu , India

Ingeschreven in: Registrar of Companies Tamil Nadu, Coimbatore, India onder nummer

U25119TZ2006PLC013144

Enig aandeelhouder sedert: 03-04-2012 (datum registratie: 13-04-2012)

Companies on same address Rubber Resources B.V.

Registration number: 146333890000

Management

Active management

R.J.H. Burlet (Rudolf Johannes Hubertus)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2012-04-03

Date of birth: 1957-01-05, Geleen, NL

Involved with the following companies

• Rubber Resources B.V.

Schoenerweg 36

6222NX Maastricht

Netherlands

Registration number: 146333890000

Function: Manager

J.M.A. Budé (Josephina Maria Antoinette)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-06-13

Date of birth: 1966-06-24, Heerlen, NL

Involved with the following companies

• Rubber Resources B.V.

Schoenerweg 36

6222NX Maastricht

Netherlands

Registration number: 146333890000

Function: Proxy

T.H. Knöpker (Theodorus Hubertus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-06-13

Date of birth: 1968-10-11, Heerlen, NL

Involved with the following companies

• Rubber Resources B.V.

Schoenerweg 36

6222NX Maastricht

Netherlands

Registration number: 146333890000

Function: Proxy

C.F.J. Bulten (Chantal Francina Johanna)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-06-13

Date of birth: 1971-12-21, Heerlen, NL

Involved with the following companies

• Rubber Resources B.V.

Schoenerweg 36

6222NX Maastricht

Netherlands

Registration number: 146333890000

Function: Proxy

M.J.M.J. Claasens (Maurice Johannes Maria Joseph)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-06-13

Date of birth: 1965-10-06, Maastricht, NL

Involved with the following companies

• Rubber Resources B.V.

Schoenerweg 36

6222NX Maastricht

Netherlands

Registration number: 146333890000

Function: Proxy

H.J.H. Ver (Hendrikus Jozef Hubertus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2012-06-13

Date of birth: 1964-10-09, Roermond, NL

Employees

Total according to the Chamber of Commerce	1
Year		2014	2013	2012
Total		1	1	1

Payments

Description	Slow
Year	2012
Quick ratio	0,13
Current ratio	0,74
Working capital/ balance total	-0,30
Equity / balance total	-0,17
Equity / Fixed assets	-1,30
Equity / liabilities	-0,15
Balance total / liabilities	0,85
Working capital	-78.222
Equity	-44.263

Summary

The 2012 financial result structure is a negative working captial of -78.222 euro, which is in agreement with -30 % of the total assets of the company.

The current ratio of the company in 2012 was 0.74. 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 0.13. A company with a Quick Ratio of less than 1 cannot 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 Elgi Rubber Company B.V.

Schoenerweg 36

6222NX Maastricht

Netherlands

Registration number: 549127920000

Balance

Year	2012
End date	2012-12-31
Intangible fixed assets	27.432
Tangible fixed assets	6.527
Fixed assets	33.959
Total Stock	186.131
Total receivables	32.297
Liquid funds	8.351
Current assets	226.779
Total assets	260.738
Issued capital	18.000
Other reserves	-62.263
Total reserves	-62.263
Total equity	-44.263
Short term liabilities	305.001
Total short and long term liabilities	305.001
Total liabilities	260.738

Summary In 2012 the assets of the company were 13.02 % composed of fixed assets and 86.98 % by current assets. The assets are being financed by an equity of -16.98 %, and total debt of 116.98 %.

Analysis

Branch (SBI) MANUFACTURE OF RUBBER AND PLASTIC PRODUCTS (22)

Region Limburg

In the Netherlands 1797 of the companies are registered with the SBI code 22

In the region Limburg 139 of the companies are registered with the SBI code 22

In the Netherlands 66 of the bankrupcties are published within this sector

In the region Limburg 7 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is High

The risk of this specific sector in the region Limburg is High

Publications

Filings 01-11-2013: De jaarrekening over 2012 is gepubliceerd.

Functions 05-07-2012: Per 13-06-2012 is gevolmachtigde Chantal Francina Johanna Bulten in functie getreden.

05-07-2012: Per 13-06-2012 is gevolmachtigde Maurice Johannes Maria Joseph Claasens in functie getreden.

27-06-2012: Per 13-06-2012 is gevolmachtigde Josephina Maria Antoinette Budé in functie getreden.

27-06-2012: Per 13-06-2012 is gevolmachtigde Hendrikus Jozef Hubertus Ver in functie getreden.

26-06-2012: Per 13-06-2012 is gevolmachtigde Theodorus Hubertus Knöpker in functie getreden.

16-04-2012: Per 03-04-2012 is bestuurder Rudolf Johannes Hubertus Burlet in functie getreden.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.43
Euro	1	Rs.79.40

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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.