MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	TRAXYS EUROPE SA

Registered Office :	19-21, Rte d'arlon 8009 Strassen

Country :	Luxembourg

Financials (as on) :	2012

Date of Incorporation :	09.07.1986

Com. Reg. No.:	B 24.562

Legal Form :	Limited company by shares

Line of Business :	Wholesale of metals and metal ores

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

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)

Luxembourg

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LUXEMBOURG ECONOMIC OVERVIEW

This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, automobile components, and other products. Growth in the financial sector, which now accounts for about 36% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted 3.6% in 2009, but rebounded in 2010-11 before slowing again in 2012. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world, and is the highest in the euro zone. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011 and 0.9% in 2012. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks

Source : CIA

Company name and address

Company name	Traxys Europe SA
Operative address	19-21, Rte d'arlon 8009 Strassen Luxembourg

Legal form	Limited company by shares - SA
Registration number	Trade register number: B 24.562 (Luxembourg) Trade register number: B 24.562 (Luxembourg)
VAT-number	LU13238340

Year		2012		Mutation		2011		Mutation		2010
Fixed assets		11.642.461		0,69		11.563.100		24,73		9.270.457
Total receivables		159.113.035		-2,66		163.453.300		18,04		138.477.782

Total equity	82.835.385		0,43		82.481.575		30,03		63.431.762
Short term liabilities	373.960.232		637,98		50.673.370		-83,28		303.008.003

Net result

Working capital	76.164.077		-78,51		354.403.797		441,80		65.412.789

Quick ratio	0,50		-87,59		4,03		583,05		0,59

Contact information

Company name	TRAXYS EUROPE SA
Operative address	19-21, Rte d'arlon 8009 Strassen Luxembourg
Correspondence address	19-21, Rte d'arlon 8009 Strassen Luxembourg

Telephone number	+352 459999
Fax number	+352 459999222

Registration

Registration number	Trade register number: B 24.562 (Luxembourg) Trade register number: B 24.562 (Luxembourg)
VAT-number	LU13238340
Status	Active
Establishment date	1986-07-09

Legal form	Limited company by shares - SA
Subscribed share capital	EUR 6.932.758

Activities

NACE

Wholesale of metals and metal ores (4672)

Relations

Shareholders	ULTIMATE GLOBAL SHAREHOLDER Name: T-IS HOLDINGS L.P. Country: KY Type: Industrial company ULTIMATE DOMESTIC SHAREHOLDER Name: T-I HOLDINGS SARL National id number: B 106.007 (Luxembourg) Address: 19-21, Rte d'Arlon Zipcode: 8009 City: STRASSEN Country: LU Type: Industrial company Total assets: 273.09 mil. USD Shareholders funds: 33.26082 mil. USD SHAREHOLDERS Name: TRAXYS SARL National id number: B 90.829 (Luxembourg) Address: 19-21, Rte d'Arlon Zipcode: 8009 City: STRASSEN Country: LU Phone: +352 4599991 Fax: +352 459999222 Type: Industrial company Share direct: WO% Total assets: 803.06 mil. USD Shareholders funds: 197.05709 mil. USD Number of employees: 0
Structure	SUBSIDIARIES Name: TRAXYS (UK) LIMITED National id number: 02212312 Address: Suite 8 Zipcode: S9 4WG City: SHEFFIELD Country: GB Type: Financial company Phone: +44 1142447991 Website: www.traxys.com Share direct: 100.00% Turnover: 10.42 mil. USD Total assets: 1.59 mil. USD Profit loss before tax: -0.30857 mil. USD Profit loss after tax net income: -0.30879 mil. USD Shareholders funds: 1.48834 mil. USD Number of employees: 3 Name: TRAXYS EUROPE SA National id number: 0449097429 Address: NOORDERLAAN 147 Zipcode: 2030 City: ANTWERPEN Country: BE Type: Industrial company Share direct: MO% Name: PREDSTAVITELSTVO AKTSIONERGO OBSHCHESTVA TRAKSIS EVROP S.A. (LYUKSEMBURG) National id number: 9909209609 Address: Ul bolshaya andronyevskaya, D 25/33 Zipcode: 109147 City: MOSCOW Country: RU Type: Industrial company

Management

Management

Fullname: Mr Bernard De Busscher
Type: Individual
Gender: Male
date of birth: 1954
Age: 60
Address: Rue de Reckenthal 180, 2410, Strassen, Luxembourg
Number of involvements: 2
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Renaud de Tarragon
Type: Individual
Gender: Male
date of birth: 1974
Age: 40
Address: Rue Adolphe Fischer 102, 1521, Luxembourg, Luxembourg
Number of involvements: 2
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Alan Keith Docter
Type: Individual
Gender: Male
date of birth: 1943/11/24
Age: 70
Country of nationality: United States of America
Address: Palm Beach, FL, United States
Number of involvements: 7
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Mark Slater Kristoff
Type: Individual
Gender: Male
date of birth: 1961/11/10
Age: 52
Country of nationality: United States of America
Address: New Canaan, CT, United States
Number of involvements: 9
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Michel Le Clef
Type: Individual
Gender: Male
date of birth: 1948/03/26
Age: 66
Country of nationality: Belgium
Address: Rue de Bettembourg 88, 5811, Fentange, Luxembourg
Number of involvements: 5
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Jean Dominique Marie Sorel
Type: Individual
Gender: Male
date of birth: 1949/01/25
Age: 65
Country of nationality: France
Address: Ave Gaston Diderich 5, 1420, Luxembourg, Luxembourg
Number of involvements: 5
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Serge Joseph Pierre Weber
Type: Individual
Gender: Male
date of birth: 1964/01/05
Age: 50
Country of nationality: Luxembourg
Address: Rue de la Gare 9, 8705, Useldange, Luxembourg
Number of involvements: 9
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: DELOITTE Audit Sarl
Type: Company
Address: Rue de Neudorf 560, 2220, Luxembourg, Luxembourg
Number of involvements: 255
Function: Member, Supervisory Board (AG)
Level of responsibility: Member

Financial analysis

Trend	Fluctuating
Profitability	Positive
Solvability	Limited
Liquidity	Sufficient
Show amount in	Euro

Key figures

Year	2012	2011	2010	2009
Quick ratio	0,50	4,03	0,59	0,45
Current ratio	1,20	7,99	1,22	0,99

Working capital/ balance total	0,16	0,85	0,17
Equity / balance total	0,18	0,20	0,17	0,15
Equity / Fixed assets	7,11	7,13	6,84	0,73
Working capital	76.164.077	354.403.797	65.412.789	-651.139
Equity	82.835.385	82.481.575	63.431.762	20.884.671
Mutation equity	0,43	30,03	203,72
Mutation short term liabilities	637,98	-83,28	177,18

Return on total assets (ROA)				0,83
Return on equity (ROE)				5,46
Gross profit margin				0,60
Net profit margin				0,15

Average collection ratio				4,72
Average payment ratio				15,35
Equity turnover ratio				24,72
Total assets turnover ratio				3,76
Fixed assets turnover ratio				17,96
Inventory conversion ratio				8,76

Turnover				516.338.966
Operating result				3.117.811
Net result after taxes				784.554

Cashflow				809.292
Gross profit				7.876.961
EBITDA				3.142.549

Summary	The 2012 financial result structure is a postive working captial of 76.164.077 euro, which is in agreement with 16 % of the total assets of the company. The working capital has diminished with -78.51 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2011 and 2012 has mainly been caused by an increase of the current liabilities. The current ratio of the company in 2012 was 1.2. 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 0.5. 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 354.403.797 euro, which is in agreement with 85 % of the total assets of the company. The working capital has increased with 441.8 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2010 and 2011 has mainly been caused by an increase of the current assets. The current ratio of the company in 2011 was 7.99. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2011 of the company was 4.03. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2012
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Traxys Europe SA 19-21, Rte d'arlon 8009 Strassen Luxembourg

Balance

Year	2012	2011	2010	2009
End date	2012-11-30	2011-11-30	2010-11-30	2009-11-30
Intangible fixed assets	4.716.491	4.900.935	3.295.541	345.683
Tangible fixed assets	1.066.933	997.997	1.186.037	120.631
Other fixed assets	5.859.037	5.664.168	4.788.880	28.282.349
Fixed assets	11.642.461	11.563.100	9.270.457	28.748.663

Total stock	262.405.308	201.071.876	188.263.885	58.960.337
Total receivables	159.113.035	163.453.300	138.477.782	33.628.857
Liquid funds	4.662.513	2.702.955	13.169.408	3.745.266
Other current assets	23.943.453	37.849.036	28.509.717	12.333.404
Current assets	450.124.309	405.077.167	368.420.792	108.667.864
Total assets	461.766.770	416.640.267	377.691.249	137.416.526

Total equity	82.835.385	82.481.575	63.431.762	20.884.671

Provisions	4.971.153	13.290.737	10.373.592	7.212.852
Accounts payable	86.765.460		36.135.897	8.863.176
Liabilities towards credit institutes	79.854.515		1.957.066	3.624.468
Other short term liabilities	207.340.257	50.673.370	264.915.040	96.831.359
Short term liabilities	373.960.232	50.673.370	303.008.003	109.319.003
Total liabilities	461.766.770	416.640.267	377.691.249	137.416.526
Summary	The total assets of the company increased with 10.83 % between 2011 and 2012. The total assets are entirely composed of current assets. In 2012 the assets of the company were 2.52 % composed of fixed assets and 97.48 % by current assets. The assets are being financed by an equity of 17.94 %, and total debt of 82.06 %. The total assets of the company increased with 10.31 % between 2010 and 2011. The total asset increase is retrievable in the fixed asset growth of 24.73 %. In 2011 the assets of the company were 2.78 % composed of fixed assets and 97.22 % by current assets. The assets are being financed by an equity of 19.8 %, and total debt of 80.2 %.

Profit and loss

Year				2009
Revenues				466.632.562
Net turnover				516.338.966

Wages and salaries				4.610.125
Amorization and depreciation				24.738
Production costs				499.326.748
Operating result				3.117.811

Financial income				124.286
Financial expenses				2.101.817
Financial result				-1.977.530
Result on ordinary operations before taxes				1.140.281

Taxation on the result of ordinary activities				355.727
Result of ordinary activities after taxes				784.554


Net result				784.554

Publications

Remarks

Status: Active
Category: Very large company
Last year: 2012
TOTAL assets last year: 461.766.770 EUR
Number of employees: 45
Number of shareholders: 1
Number of subsidiaries: 3
Number of branches: 0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.44

INFORMATION DETAILS

Report Prepared by :

PDT

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.