MIRA INFORM REPORT

Report No. :	307469
Report Date :	10.02.2015

IDENTIFICATION DETAILS

Name :	JMD METAL TRADE B.V.
Registered Office :	Siriusdreef 17 2132WT Hoofddorp
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	25.07.2012
Com. Reg. No.:	KvK-nummer: 55758657
Legal Form :	Besloten Vennootschap
Line of Business :	Wholesale of iron and steel scrap and used nonferrous metals.
No. of Employee :	Not Available

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	JMD Metal Trade B.V.
Operative address	Siriusdreef 17
	2132WT Hoofddorp
	Netherlands

Legal form	Besloten Vennootschap
Registration number	KvK-nummer: 55758657
VAT-number	851849040

Year	2013	Mutation	Mutation
Fixed assets	11.453
Total receivables	5.822.091
Total equity	864.998
Short term liabilities	5.907.009
Net result	364.998
Working capital	853.545
Quick ratio	1,01

Contact information

Company name JMD Metal Trade B.V.

Trade names JMD Metal Trade B.V.

Operative address Siriusdreef 17

2132WT Hoofddorp

Netherlands

Correspondence address Siriusdreef 17

2132WT Hoofddorp

Netherlands

Telephone number 0235689100

Registration

Registration number KvK-nummer: 55758657

Branch number 000025378589

VAT-number 851849040

Status Active

First registration company register 2012-07-26

Memorandum 2012-07-25

Establishment date 2012-07-25

Legal form Besloten Vennootschap

Last proposed admendment 2013-05-14

Issued placed capital EUR 500.000

Paid up share capital EUR 500.000

Activities

SBI Wholesale of iron and steel scrap and used nonferrous metals (46772)

Exporter Yes

Importer Yes

Goal De im- en export van, alsmede het opslaan, verkopen en handelen (groothandelen) in staalen metaalproducten

Relations

Shareholders D&K Group B.V.

Siriusdreef 17

2132WT HOOFDDORP

Netherlands

Registration number: 557544490000

Percentage: 100%

Companies on same address Amount: 53

Management

Active management D&K Group B.V.

Siriusdreef 17

2132WT HOOFDDORP

Netherlands

Registration number: 557544490000

Competence: Fully authorized

Function: Manager

Starting date: 2013-07-01

Employees

Total according to the Chamber of Commerce 0

Year	2015	2013
Total	0	1

Payments

Description Representative payment experiences are not known.

Key figures

Year	2013
Quick ratio	1,01
Current ratio	1,14
Working capital/ balance total	0,13
Equity / balance total	0,13
Equity / Fixed assets	75,53
Equity / liabilities	0,15
Balance total / liabilities	1,15
Working capital	853.545
Equity	864.998
Return on total assets (ROA)	7,01
Return on equity (ROE)	54,87

Year	2013
Gross margin	1.082.940
Operating result	597.896
Net result after taxes	364.998

Summary The 2013 financial result structure is a postive working captial of 853.545 euro, which is in agreement with 13 % of the total assets of the company.

The current ratio of the company in 2013 was 1.14. 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 1.01. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Finanstatement

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 JMD Metal Trade B.V.

Siriusdreef 17

2132WT Hoofddorp

Netherlands

Registration number: 557586570000

Balance

Year	2013
End date	2013-12-31
Intangible fixed assets	11.179
Tangible fixed assets	274
Fixed assets	11.453
Total stock	818.832
Accounts receivable	5.803.828
Tax receivables	17.313
Other receivables	950
Total receivables	5.822.091
Liquid funds	119.631
Current assets	6.760.554
Total assets	6.772.007
Issued capital	500.000
Other reserves	364.998
Total reserves	364.998
Total equity	864.998
Accounts payable	4.062.199
Tax liabilities	113.670
Debts to subsidiary companies	1.730.250
Other short term liabilities	890
Short term liabilities	5.907.009
Total short and long term liabilities	5.907.009
Total liabilities	6.772.007

Summary In 2013 the assets of the company were 0.17 % composed of fixed assets and 99.83 % by current assets. The assets are being financed by an equity of 12.77 %, and total debt of 87.23 %.

Profit and loss

Year	2013
Gross margin	1.082.940
Wages and salaries	22.500
Amorization and depreciation	2.545
other operating costs	572.851
Operating expenses	597.896
Operating result	485.044
Financial result	-10.379
Result on ordinary operations before taxes	474.665
Taxation on the result of ordinary activities	109.667
Result of ordinary activities after taxes	364.998
Net result	364.998
Attributable to shareholders	364.998

Summary	The company's Financial Profitability has been neutrally affected by the financial activities in
	comparison to the EBITs behaviour. The result of these variations is the unchanged
	profitability of the analysed period, remaining unchanged at 54.87 % in the year 2013.

Analysis

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

Region Kennemerland

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

In the region Kennemerland 2933 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 Kennemerland 57 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 Kennemerland is normal

Publications

Filings 30-01-2015: De jaarrekening over 2013 is gepubliceerd.

Functions 23-08-2013: Per 01-07-2013 is bestuurder 55754449 D&K Group B.V. in functie getreden.

23-08-2013: Per 01-07-2013 is bestuurder Dhruv Neeraj Kochhar uit functie getreden.

27-07-2012: Per 25-07-2012 is bestuurder Dhruv Neeraj Kochhar in functie getreden.

Amendments 06-01-2014: Geplaatst kapitaal gewijzigd in EUR 500.000,00 Gestort kapitaal gewijzigd in

EUR 500.000,00.

16-05-2013: Per 14-5-2013 statuten gewijzigd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.14
UK Pound	1	Rs.94.79
Euro	1	Rs.70.38

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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.