MIRA INFORM REPORT

Report No. :	337208
Report Date :	27.08.2015

IDENTIFICATION DETAILS

Name :	NEIJNENS SOLUTIONS B.V.
Registered Office :	Maaseikerweg 65, 6005AB Weert
Country :	Netherlands
Financials (as on) :	2013
Date of Incorporation :	01.04.2015
Com. Reg. No.:	KvK-nummer: 12053627
Legal Form :	Besloten Vennootschap
Line of Business :	Consultancy in the field of management and operations (no public relations and organizational consultancies)
No. of Employee :	1

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and moderate unemployment. Industry focuses on 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 food-processing and underpins the country’s status as the world’s second largest agricultural exporter. The Netherlands is part of the Eurozone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 90% of banking assets. The sector suffered as a result of the global financial crisis and required billions of dollars of government support, but the European Banking Authority completed stringent reviews in 2014 and deemed Dutch banks to be well-capitalized. To address the 2009 and 2010 economic downturns, the government sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. 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 has since implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. As a result, the government budget deficit at the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during which unemployment doubled to 7.4% and household consumption contracted for nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8 percent and a rise in most economic indicators. Drivers of growth included increased exports and business investments, as well as newly invigorated household consumption.

Source : CIA

Summary
Company name	NEIJNENS SOLUTIONS B.V.
Operative address	Maaseikerweg 65
	6005AB Weert
	Netherlands
Legal form	Besloten Vennootschap
Registration number	KvK-nummer: 12053627
VAT-number	812999034

Year	2013	Mutation	2012	Mutation	2011
Total receivables	5.192	121,79	2.341	-20,70	2.952
Total equity	72.628	1,59	71.493	1,62	70.356
Short term liabilities	67.161	-21,20	85.232	-40,41	143.031
Working capital	72.628	1,59	71.493	1,62	70.356
Quick ratio	2,08	13,04	1,84	23,49	1,49

Contact information

Company name	Neijnens Solutions B.V.
Trade names	Neijnens Solutions B.V.
Operative address	Maaseikerweg 65
	6005AB Weert
	Netherlands
Correspondence address	Maaseikerweg 65
	6005AB Weert
	Netherlands
Telephone number	0495430500
Fax number	0495664102
Mobile number	0653368031
Email address	info@neijnens.nl
Website	www.neijnens.nl

Registration

Registration number	KvK-nummer: 12053627
Branch number	000015136787
VAT-number	812999034
Status	Active
First registration company register	2004-05-11
Memorandum	2004-05-06
Establishment date	2004-04-01
Legal form	Besloten Vennootschap
Legal person since	2004-05-06
Issued placed capital	EUR 18.000
Paid up share capital	EUR 18.000

Activities

SBI	Consultancy in the field of management and operations (no public relations and
	organizational consultancies) (70222)
Exporter	No
Importer	No
Goal	Handelsonderneming, handelen in en bemiddeling bij aan- en verkoop van registergoederen, werk- zaamheden betrekking hebbende op personeelswer- ving-selectie-opleidingbemiddeling & organisa- tie uitvoeren, optreden als interim manager en adviseur, organiseren en uitvoeren van werk- zaamheden betrekking hebbende op faciliteiten dienstverlening + holdingactiviteiten

Management

Active management

P.J.J. Neijnens (Peter Jacobus Josephus) Netherlands Competence: Fully authorized Function: General Director Starting date: 2004-05-06 Date of birth: 1942-04-05, Weert, NL A.H.A. Neijnens (Audrey Henriëtte Antoinette) Netherlands Competence: Fully authorized Function: General Director Starting date: 2011-12-01 Date of birth: 1971-05-07, Horn, NL D.J.J. Hendriks - Neijnens (Denise Johanna Jacqueline) Netherlands Competence: Fully authorized Function: General Director Starting date: 2011-12-01 Date of birth: 1975-04-19, Roermond, NL

Employees

Year	2015	2013	2012	2011	2010
Total	1	3	1	1	1

Payments

Description

Overeenkomstig conditie

Key figures

Year	2013	2012	2011	2010	2009
Quick ratio	2,08	1,84	1,49	1,65	1,37
Current ratio	2,08	1,84	1,49	1,65	1,37
Working capital/ balance total	0,52	0,46	0,33	0,39	0,27
Equity / balance total	0,52	0,46	0,33	0,39	0,27
Equity / liabilities	1,08	0,84	0,49	0,65	0,37
Balance total / liabilities	2,08	1,84	1,49	1,65	1,37

Year	2013	2012	2011	2010	2009
Working capital	72.628	71.493	70.356	67.962	65.164
Equity	72.628	71.493	70.356	67.962	65.164
Mutation equity	1,59	1,62	3,52	4,29	8,86
Mutation short term liabilities	-21,20	-40,41	36,74	-40,66	-21,12

Summary

The 2013 financial result structure is a postive working captial of 72.628 euro, which is in agreement with 52 % of the total assets of the company.

The working capital has increased with 1.59 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased.

The improvement between 2012 and 2013 has mainly been caused by an increase of the current assets.

The current ratio of the company in 2013 was 2.08. 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 2.08. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 71.493 euro, which is in agreement with 46 % of the total assets of the company.

The working capital has increased with 1.62 % 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 1.84. 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 1.84. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2013
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Neijnens Solutions B.V. Maaseikerweg 65 6005AB Weert Netherlands Registration number: 120536270000

Balance

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Total stock	62	76	172	115	94
Total receivables	5.192	2.341	2.952	2.610	107.953
Liquid funds	134.535	154.308	210.263	169.838	133.400
Current assets	139.789	156.725	213.387	172.563	241.447
Total assets	139.789	156.725	213.387	172.563	241.447
Issued capital	18.000	18.000	18.000	18.000	18.000
Other reserves	54.628	53.493	52.356	49.962	47.164
Total reserves	54.628	53.493	52.356	49.962	47.164
Total equity	72.628	71.493	70.356	67.962	65.164
Short term liabilities	67.161	85.232	143.031	104.601	176.283
Total short and long term liabilities	67.161	85.232	143.031	104.601	176.283
Total liabilities	139.789	156.725	213.387	172.563	241.447

Summary

The total assets of the company decreased with -10.81 % between 2012 and 2013.

The asset reduction is in contrast with the equity growth of 1.59 %. Due to this the total debt decreased with -21.2 %.

The total assets of the company decreased with -26.55 % between 2011 and 2012. The asset reduction is in contrast with the equity growth of 1.62 %. Due to this the total debt decreased with -40.41 %.

Analysis

Branch (SBI)	Holding companies (not financial) (70)
Region	Limburg
	In the Netherlands 164954 of the companies are registered with the SBI code 70 In the region Limburg 7067 of the companies are registered with the SBI code 70 In the Netherlands 1108 of the bankrupcties are published within this sector In the region Limburg 57 of the bankruptcies are published within this sector The risk of this specific sector in the Netherlands is Low The risk of this specific sector in the region Limburg is Low

Publications

Filings	13-01-2015: De jaarrekening over 2013 is gepubliceerd. 21-08-2013: De jaarrekening over 2012 is gepubliceerd. 05-02-2013: De jaarrekening over 2011 is gepubliceerd. 25-08-2011: De jaarrekening over 2010 is gepubliceerd. 07-09-2010: De jaarrekening over 2009 is gepubliceerd
Functions	07-12-2011: Per 01-12-2011 is bestuurder Denise Johanna Jacqueline Hendriks-Neijnens in functie getreden. 07-12-2011: Per 01-12-2011 is bestuurder Audrey Henriëtte Antoinette Neijnens in functie getreden.
Amendments	04-01-2012: Per 1-12-2011 is de bevoegdheid van Bestuurder Denise Johanna Jacqueline Hendriks-Neijnens gewijzigd. 04-01-2012: Per 1-12-2011 is de bevoegdheid van Bestuurder Audrey Henriëtte Antoinette Neijnens gewijzigd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.16
UK Pound	1	Rs.103.88
Euro	1	Rs.75.89

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ASH

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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