MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	Aerox b.v.
Registered Office :	Utrechtseweg 4A 3451GG Vleuten
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	03.04.1975
Com. Reg. No.:	KvK-nummer: 31020309
Legal Form :	Private Company
Line of Business :	Manufacture of Other General-Purpose Machinery and Equipment n.e.c.
No of Employees :	4

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 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

Company Summary

Company name	Aerox B.V.
Operative address	Utrechtseweg 4A 3451GG Vleuten Netherlands
Legal form	Private Company
Registration number	KvK-nummer: 31020309
VAT-number	003094042

Year	2012	Mutation	2011	Mutation	2010
Fixed assets	26.932	115,73	12.484	-32,43	18.476
Total receivables	173.840	-44,92	315.611	101,09	156.954
Total equity	323.099	26,98	254.448	-50,33	512.295
Short term liabilities	452.867	-19,15	560.122	-15,40	662.055
Working capital	296.167	22,40	241.964	-51,00	493.819
Quick ratio	0,81		0,81	-25,00	1,08

Contact information

Company name Aerox B.V.

Trade names Aerox B.V.

Operative address Utrechtseweg 4A, 3451GG Vleuten, Netherlands

Correspondence address Postbus 1 3450AA Vleuten, Netherlands

Telephone number 0306779180

Fax number 0306779189

Email address info@aerox.nl

Website www.aeroxinjector.com

Registration

Registration number KvK-nummer: 31020309

Branch number 000016404475

VAT-number 003094042

Status Active

Memorandum 1975-03-04

Establishment date 1975-03-04

Legal form Private Company

Last proposed admendment 2001-02-09

Activities

SBI Manufacture of other general-purpose machinery and equipment n.e.c. (2829)

Other technical engineering activities and related technical consultancy (711208)

Exporter Yes

Importer Yes

Branche organisations Aqua Nederland

VLM - Vereniging van Leveranciers van Milieutechnologie

Goal Het ontwerpen of doen ontwerpen, het fabriceren of doen fabriceren, het leveren en monteren, de import en export van milieutechnische installaties en componenten voor apparaten, machines en installaties voor de procesindustrie en het verhuren van voormelde apparaten, machines en installaties, zowel voor eigen rekening als op provisie-basis en voorts het verrichten van al hetgeen met het vorenstaande verband houdt of daaraan bevorderlijk kan zijn.

Relations

Shareholders Pindustry B.V.

Utrechtseweg 4A

3451GG VLEUTEN

Netherlands

Registration number: 601344610000

Percentage: 100%

Management

Active management Verder Holding B.V.

Utrechtseweg 4a

3451GG Vleuten

Netherlands

Registration number: 300243150000

Competence: Fully authorized

Function: Manager

Starting date: 1997-05-01

G.P.A. Leenders (Gerardus Petrus Adrianus)

Netherlands

Competence: Fully authorized

Function: Proxy

Starting date: 2001-03-01

Date of birth: 1960-10-28, Amersfoort, NL

T.C. van Haaren (Timo Carel)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2007-04-03

Date of birth: 1975-02-28, Valburg, NL

Employees

Total according to the Chamber of Commerce	4
Year		2014	2012	2011	2010	2009
Total		4	4	4	4	4

Payment

Description Payments made under regular condition

Key figures

Year	2012	2011	2010	2009	2008
Quick ratio	0,81	0,81	1,08	1,15	1,07
Current ratio	1,65	1,43	1,75	2,97	2,86
Working capital/ balance total	0,38	0,30	0,42	0,63	0,62
Equity / balance total	0,42	0,31	0,44	0,68	0,67
Equity / Fixed assets	12,00	20,38	27,73	13,72	15,04
Equity / liabilities	0,71	0,45	0,77	2,12	1,99
Balance Total / Liabilities	1,71	1,45	1,77	3,12	2,99
Working Capital	296.167	241.964	493.819	396.772	332.757

Equity	323.099	254.448	512.295	427.960	356.455
Mutation equity	26,98	-50,33	19,71	20,06	-15,13
Mutation short term liabilities	-19,15	-15,40	228,36	12,63	-51,61

Summary The 2012 financial result structure is a postive working captial of 296.167 euro, which is in agreement with 38 % of the total assets of the company.

The working capital has increased with 22.4 % 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 1.65. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2012 of the company was 0.81. 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 241.964 euro, which is in agreement with 30 % of the total assets of the company.

The working capital has diminished with -51 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2010 and 2011 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2011 was 1.43. 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 0.81. 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 Aerox B.V.

Utrechtseweg 4A

3451GG Vleuten

Netherlands

Registration number: 310203090000

Balance

Year	2012	2011	2010	2009	2008
End date	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31
Tangible fixed assets	26.932	12.484	18.476	31.188	23.698
Fixed assets	26.932	12.484	18.476	31.188	23.698

Total stock	382.780	347.673	441.117	367.018	320.910
Total receivables	173.840	315.611	156.954	70.820	111.151
Liquid funds	192.414	138.802	557.803	160.561	79.721
Current assets	749.034	802.086	1.155.874	598.399	511.782
Total assets	775.966	814.570	1.174.350	629.587	535.480
Issued capital	45.378	45.378	45.378	45.378	45.378
Other reserves	277.721	209.070	466.917	382.582	311.077
Total reserves	277.721	209.070	466.917	382.582	311.077
Total equity	323.099	254.448	512.295	427.960	356.455
Short term liabilities	452.867	560.122	662.055	201.627	179.025
Total short and long term liabilities	452.867	560.122	662.055	201.627	179.025
Total liabilities	775.966	814.570	1.174.350	629.587	535.480

Summary The total assets of the company decreased with -4.74 % between 2011 and 2012.

Despite the total assets decrease, non current assets grew with 115.73 %.

The asset reduction is in contrast with the equity growth of 26.98 %. Due to this the total debt decreased with -19.15 %.

In 2012 the assets of the company were 3.47 % composed of fixed assets and 96.53 % by current assets. The assets are being financed by an equity of 41.64 %, and total debt of 58.36 %.

The total assets of the company decreased with -30.64 % between 2010 and 2011.

This downturn is mainly retrievable in the fixed asset decrease of -32.43 %.

Assets reduction is explained by a Net Worth decrease of -50.33 %, and an indebtedness reduction of -15.4 %.

In 2011 the assets of the company were 1.53 % composed of fixed assets and 98.47 % by current assets. The assets are being financed by an equity of 31.24 %, and total debt of 68.76 %.

Analysis

Branch (SBI) Architects, engineers and technical design and consultancy; testing and analysis (71)

Region Westelijk Utrecht

In the Netherlands 47723 of the companies are registered with the SBI code 71

In the region Westelijk Utrecht 2173 of the companies are registered with the SBI code 71

In the Netherlands 534 of the bankrupcties are published within this sector

In the region Westelijk Utrecht 16 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

Publications

Filings 16-10-2013: De jaarrekening over 2012 is gepubliceerd.

08-02-2013: De jaarrekening over 2011 is gepubliceerd.

26-03-2012: De jaarrekening over 2010 is gepubliceerd.

07-04-2011: De jaarrekening over 2009 is gepubliceerd.

04-02-2010: De jaarrekening over 2008 is gepubliceerd.

Functions 14-01-2011: Per 01-01-2011 is gevolmachtigde Grietje Ella Klabbers-van Driest uit functie getreden.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.03

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.