MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	RGC COÖPERATIEF U.A.
Registered Office :	Remmerden 19F, 3911TZ Rhenen
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	23.06.2011
Com. Reg. No.:	53020138
Legal Form :	Cooperative
Line of Business :	· Wholesale of other intermediary products · Wholesale of rubber
No. of Employees :	Not Available

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 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 RGC Coöperatief U.A.

Operative address Remmerden 19F

3911TZ Rhenen

Netherlands

Legal form Cooperative

Registration number KvK-nummer: 53020138

VAT-number 850710923

Year	2013	Mutation	2012	Mutation
Total receivables	96	-99,98	401.246
Total equity	-38.257	-315,97	17.714
Short term liabilities	39.298	-84,65	256.080
Working capital	-38.257	-118,42	207.714
Quick ratio	0,03	-98,09	1,57

Contact information

Company name RGC Coöperatief U.A.

Trade names RGC Coöperatief U.A.

Operative address Remmerden 19F

3911TZ Rhenen

Netherlands

Correspondence address Remmerden 19F

3911TZ Rhenen

Netherlands

Telephone number 0317616516

Registration

Registration number KvK-nummer: 53020138

Branch number 000022906347

VAT-number 850710923

Status Active

First registration company register 2011-06-27

Memorandum 2011-06-23

Establishment date 2011-06-23

Legal form Cooperative

Last proposed admendment 2012-11-28

Activities

SBI Wholesale of other intermediary products n.e.c. (46769)

Wholesale of rubber (467691)

Exporter Yes

Importer Yes

Goal Import, export en groothandel in rubber en gelieerde producten; deelnemen in andere

ondernemingen en vennootschappen

Relations

Companies on same address Arbon Agenturen B.V.

Registration number: 30142543

Management

Active management Arbon Holding B.V.

Remmerden 19F

3911TZ RHENEN

Netherlands

Registration number: 528385870000

Competence: Jointly authorized

Function: Manager

Starting date: 2011-06-23

MJJ Holding Veenendaal B.V.

Linnaeuslaan 37

3903GR VEENENDAAL

Netherlands

Registration number: 301530800000

Competence: Jointly authorized

Function: Manager

Starting date: 2011-06-23

Employees

Total according to the Chamber of Commerce 0

Year	2014
Total	0

Key Figures
Year	2013	2012
Quick ratio	0,03	1,57

Equity / balance total	-36,75	0,04
Equity / liabilities	-0,97	0,04

Equity	-38.257	17.714
Mutation equity	-315,97
Mutation short term liabilities	-84,65

Summary The 2013 financial result structure is a negative working captial of -38.257 euro, which is in agreement with -3675 % of the total assets of the company.

The working capital has diminished with -118.42 % compared to previous year. The ratio,

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

The deterioration between 2012 and 2013 has mainly been caused by an increase of the

current liabilities.

The current ratio of the company in 2013 was 0.03. 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 0.03. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 207.714 euro, which is in agreement with 45 % of the total assets of the company.

The current ratio of the company in 2012 was 1.81. 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 1.57. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Remark annual account This company is not obliged to file its financial statements

Type of annual account Corporate

Annual account RGC Coöperatief U.A.

Remmerden 19F

3911TZ Rhenen

Netherlands

Registration number: 530201380000

Balance

Year	2013	2012
End date	2013-12-31	2012-12-31
Total stock		62.366
Total receivables	96	401.246
Liquid funds	945	182
Current assets	1.041	463.794
Total assets	1.041	463.794

Year	2013		2012
End date	2013-12-31		2012-12-31
Other reserves	-58.257		-2.286
Total reserves	-58.257		-2.286
Total equity	-38.257	17.714
Long term interest yielding debt			190.000
Long term liabilities		190.000
Short term liabilities	39.298	256.080
Total short and long term liabilities	39.298	446.080
Total liabilities	1.041	463.794

Summary The total assets of the company decreased with -99.78 % between 2012 and 2013.

Assets reduction is explained by a Net Worth decrease of -315.97 %, and an indebtedness reduction of -91.19 %.

Analysis

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

Region Oostelijk Utrecht

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

In the region Oostelijk Utrecht 4173 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 Oostelijk Utrecht 61 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 Oostelijk Utrecht is normal

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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.