MIRA INFORM REPORT

Report No. :	329963
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	TRADE2RECYCLE B.V.
Registered Office :	De Huufkes 11, 5674TL Nuenen
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	13.12.2012
Com. Reg. No.:	56665946
Legal Form :	Private company with regular structure
Line of Business :	Recovery of Sorted Materials.
No. of Employees :	Not Available

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:

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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 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

Company Summary

Company name	Trade2Recycle B.V.
Operative address	De Huufkes 11
	5674TL NUENEN
	Netherlands
Status	Active
Legal form	Private company with regular structure
Registration number	KvK-nummer: 56665946
VAT-number	852246912

Year	2013	Mutation	2012	Mutation
Fixed assets	72.024	177,38	25.966
Total receivables	111.957	11,64	100.288
Total equity	16.899	298,51	-8.513
Short term liabilities	113.016	-2,15	115.500
Working capital	-125	-100,27	46.618
Quick ratio	1,00	-18,03	1,22

Contact information

Company name	Trade2Recycle B.V.
Trade names	Trade2Recycle B.V.
Operative address	De Huufkes 11
	5674TL NUENEN Netherlands
Correspondence address	De Huufkes 11
	5674TL NUENEN
	Netherlands
Telephone number	040-2221486

Registration

Registration number	KvK-nummer: 56665946
Branch number	000026194023
VAT-number	852246912
Status	Active
First registration company register	2012-12-13
Memorandum	2012-12-13
Establishment date	2012-12-13
Legal form	Private company with regular structure
Issued placed capital	EUR 10.000
Paid up share capital	EUR 10.000

Activities

SBI	Recovery of sorted materials (3832)
Exporter	No
Importer	No
Goal	het importeren en exporteren, het inkopen en verkopen, groothandel in recyclingproducten, restafval, commodities; het bemiddelen bij het tot stand komen van deze nationale- en internationale transacties en diensten

Relations

Shareholders	Trade2 Holding B.V. Hofstraat 195 5641TD EINDHOVEN Netherlands Registration number: 548948910000 Percentage: 100%
Companies on same address	De Beer Klimadvies & Service
	Registration number: 171107210000 IT2Recycle B.V. Registration number: 548950810000
Liability statements	Trade2 Holding B.V. Hofstraat 195 5641TD EINDHOVEN Netherlands Registration number: 548948910000 date of issue: 2013-09-24 Starting date: 2012-12-13

Management

Active management

Trade2 Holding B.V. Hofstraat 195 5641TD EINDHOVEN Netherlands Registration number: 548948910000 Competence: Fully authorized Function: General Director Starting date: 2012-12-13

Employees

Year	2015
Total	0

Key figures

Year	2013	2012
Quick ratio	1,00	1,22
Current ratio	1,00	1,40
Working capital/ balance total	0,00	0,25
Equity / balance total	0,09	-0,05
Equity / Fixed assets	0,23	-0,33
Equity / liabilities	0,10	-0,04
Balance total / liabilities	1,10	0,96
Working capital	-125	46.618
Equity	16.899	-8.513
Mutation equity	298,51
Mutation short term liabilities	-2,15

Summary

The 2013 financial result structure is a negative working captial of -125 euro, which is in agreement with 0 % of the total assets of the company. The working capital has diminished with -100.27 % 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 1. 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. 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 46.618 euro, which is in agreement with 25 % of the total assets of the company. The current ratio of the company in 2012 was 1.4. 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 1.22. 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 financial statements shown in the report relate to the consolidated financial statements of the group.
Type of annual account	Corporate
Annual account	Trade2 Holding B.V. Hofstraat 195 5641TD EINDHOVEN Netherlands Registration number: 548948910000

Balance

Year	2013	2012
End date	2013-12-31	2012-12-31
Tangible fixed assets		25.966
Financial fixed assets	72.024
Fixed assets	72.024	25.966
Total stock		21.268
Total receivables	111.957	100.288
Liquid funds	934	40.562
Current assets	112.891	162.118
Total assets	184.915	188.084
Issued capital	20.000	20.000
Other reserves	-3.101	-28.513
Total reserves	-3.101	-28.513
Total equity	16.899	-8.513
Long term interest yielding debt	55.000	81.097
Long term liabilities	55.000	81.097
Short term liabilities	113.016	115.500
Total short and long term liabilities	168.016	196.597
Total liabilities	184.915	188.084

Summary

The total assets of the company decreased with -1.68 % between 2012 and 2013. Despite the total assets decrease, non current assets grew with 177.38 %. The asset reduction is in contrast with the equity growth of 298.51 %. Due to this the total debt decreased with -14.54 %. In 2013 the assets of the company were 38.95 % composed of fixed assets and 61.05 % by current assets. The assets are being financed by an equity of 9.14 %, and total debt of 90.86 %. In 2012 the assets of the company were 13.81 % composed of fixed assets and 86.19 % by current assets. The assets are being financed by an equity of -4.53 %, and total debt of 104.53 %.

Analysis

Branch (SBI)	Waste collection, treatment and disposal activities; materials recovery (38)
Region	Zuid-Oost-Brabant
	In the Netherlands 1474 of the companies are registered with the SBI code 38 In the region Zuid-Oost-Brabant 84 of the companies are registered with the SBI code 38 In the Netherlands 29 of the bankrupcties 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 Zuid-Oost-Brabant is normal

Publications

Consent statements	25-09-2013: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.
Liability statements	25-09-2013: Per 24-09-2013 is een aansprakelijkheidsverklaring door IT2Recycle Holding B.V. gedeponeerd.
Filings	16-02-2015: De jaarrekening over 2013 is gepubliceerd.
Functions	18-12-2012: Per 13-12-2012 is bestuurder 54894891 IT2Recycle Holding B.V. in functie getreden.
Amendments	29-11-2013: Gestort kapitaal gewijzigd in EUR 10.000,00.

Company structure

Relations

2

Trade2 Holding B.V.

Hofstraat 195

5641TD EINDHOVEN

Netherlands

Registration number: 548948910000

• Trade2Recycle B.V.

De Huufkes 11

5674TL NUENEN

Netherlands

Registration number: 566659460000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.100.12
Euro	1	Rs.71.20

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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