MIRA INFORM REPORT

Report No. :	323541
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	BESSELING GROUP B.V.
Registered Office :	Oosterblokker 17A, 1696BA Oosterblokker
Country :	Netherlands
Financials (as on) :	31.12.2013
Date of Incorporation :	01.07.1986
Com. Reg. No.:	KvK-nummer: 37099969
Legal Form :	Private Company
Line of Business :	Subject is engaged in engineers and other technical design and consultancy
No. of Employee :	2

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, the sixth-largest economy in the euro-zone, is noted for its important role as a European transportation hub, sizable trade surplus, stable industrial relations, and moderate unemployment and inflation. 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 export. 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 injected billions of dollars of capital into financial institutions to stem the deterioration. To address the economic downturn, the government also 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 began implementing austerity measures in early 2011 to reduce the budget deficit, and, in 2013, the government brought the budget deficit below the euro-zone limit of 3% of GDP. Though the Dutch economy remains fragile, a gradual improvement in GDP growth in 2014 helped reduce the deficit further through an increase in government tax revenues. Private consumption remains subdued because of high unemployment, low wage growth, and still-high levels of debt, which together with tax increases, have made households reluctant to spend. Private investment and export growth are susceptible to slower activity in the Netherlands’ European trading partners and geopolitical tensions that constrain international trade.

Source : CIA

Summary
Company name	BESSELING GROUP B.V.
Operative address	Oosterblokker 17A
	1696BA Oosterblokker
	Netherlands
Legal form	Private Company
Registration number	KvK-nummer: 37099969

VAT-number	810447642
Year	2013	Mutation	2012	Mutation	2011
Total receivables	713.108	27,27	560.310	39,21	402.485
Total equity	141.303	2,19	138.274	24,69	110.893
Short term liabilities	153.055	-46,98	288.686	72,06	167.785
Working capital	568.137	106,58	275.024	7,38	256.131
Quick ratio	4,71	141,54	1,95	-22,92	2,53

Contact information

Company name	BESSELING GROUP B.V.
Trade names	Besseling Group B.V.
Operative address	Oosterblokker 17A
	1696BA Oosterblokker
	Netherlands
Correspondence address	Oosterblokker 17A
	1696BA Oosterblokker
	Netherlands
Telephone number	0229212154
Fax number	0229247708
Email address	info@besseling-group.com
Website	www.besseling-group.com

Registration
Registration number	KvK-nummer: 37099969
Branch number	000017573106
VAT-number	810447642
Status	Active
First registration company register	2002-01-24
Memorandum	2002-01-21
Establishment date	1986-07-01
Legal form	Private Company
Legal person since	2002-01-21
Last proposed admendment	2009-01-21
Issued placed capital	EUR 18.000
Paid up share capital	EUR 18.000

Activities
SBI	Engineers and other technical design and consultancy (7112)
Exporter	Yes
Importer	Yes
Goal	Groothandel in, im- en export van apparatuur op het gebied van koel- en conditionerings- technieken.

Relations
Shareholders	Ton Besseling jr. Holding B.V.
	Westerblokker 34
	1695AH BLOKKER
	Netherlands Registration number: 370992110000 Percentage: 100%

Management

Active management

Ton Besseling jr. Holding B.V.

Westerblokker 34 1695AH BLOKKER Netherlands

Registration number: 370992110000 Competence: Fully authorized Function: Manager

Starting date: 2002-01-21

A.M. Koelemeijer (Alida Maria)

1695AH

Netherlands

Competence: Fully authorized Function: Proxy

Starting date: 2006-07-07

Date of birth: 1964-12-18, Blokker, NL Involved with the following companies

• Salco B.V.

Korenmarkt 4

1681PB ZWAAGDIJK-OOST Netherlands

Registration number: 360138970000 Function: Proxy

E.W.J.J. van der Zwet (Eric Wouter Johannes Jacobus)

Netherlands

Competence: Limited authorization Function: Proxy

Starting date: 2006-07-24

Date of birth: 1971-02-02, Leiden, NL

A.A.B. van Dienst (André Alexander Benjamin)

Netherlands

Competence: Limited authorization Function: Proxy

Starting date: 2006-07-24

Date of birth: 1976-06-23, Purmerend, NL

Employees

CIM_REPORT_FULLTIME	0
Year	2015	2014	2012	2011	2010
Total	2	2	2	2	2

Key figures
Year	2013	2012	2011	2010	2009
Quick ratio	4,71	1,95	2,53	2,10	2,62
Current ratio	4,71	1,95	2,53	2,10	2,62
Working capital/ balance total	0,79	0,49	0,60	0,52	0,62
Equity / balance total	0,20	0,25	0,26	0,47	0,50
Equity / liabilities	0,24	0,33	0,35	0,87	1,01
Balance total / liabilities	1,24	1,33	1,35	1,87	2,01
Working capital	568.137	275.024	256.131	261.120	196.670
Equity	141.303	138.274	110.893	231.613	159.520
Mutation equity	2,19	24,69	-52,12	45,19	27,95
Mutation short term liabilities	-46,98	72,06	-29,12	95,57	43,85

SUMMARY

The 2013 financial result structure is a postive working captial of 568.137 euro, which is in

agreement with 79 % of the total assets of the company.

The working capital has increased with 106.58 % 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 4.71. 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 2013 of the company was 4.71. 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 275.024 euro, which is in agreement with 49 % of the total assets of the company.

The working capital has increase with 7.38 % compared to previous year. The ratio with respect to the total assets of the company has however, declined.

The improvement between 2011 and 2012 has mainly been caused by a current liabilities reduction.

The current ratio of the company in 2012 was 1.95. 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 1.95. 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	Besseling Group B.V. Oosterblokker 17A 1696BA Oosterblokker Netherlands Registration number: 370999690000

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 receivables	713.108	560.310	402.485	441.079	277.352
Securities		3.400
Liquid funds	8.084		21.431	56.763	40.362
Current assets	721.192	563.710	423.916	497.842	317.714
Total assets	721.192	563.710	423.916	497.842	317.714
Issued capital	18.000	18.000	18.000	18.000	18.000
Other reserves	123.303	120.274	92.893	213.613	141.520
Total reserves	123.303	120.274	92.893	213.613	141.520

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Total equity	141.303	138.274	110.893	231.613	159.520
Long term interest yielding debt	426.834	136.750	145.238	29.507	37.150
Long term liabilities	426.834	136.750	145.238	29.507	37.150
Short term liabilities	153.055	288.686	167.785	236.722	121.044
Total short and long term liabilities	579.889	425.436	313.023	266.229	158.194
Total liabilities	721.192	563.710	423.916	497.842	317.714

SUMMARY

The total assets of the company increased with 27.94 % between 2012 and 2013.

The asset growth has mainly been financed by a debt increase of 36.3 %. The Net Worth, however, grew with 2.19 %.

The total assets of the company increased with 32.98 % between 2011 and 2012.

The asset growth has mainly been financed by a debt increase of 35.91 %. The Net Worth, however, grew with 24.69 %.

Analysis

Branch (SBI)	Architects, engineers and technical design and consultancy; testing and analysis (71)
Region	Noord-Holland Noord

In the Netherlands 47723 of the companies are registered with the SBI code 71 In the region Noord-Holland Noord 1515 of the companies are registered with the SBI code 71

In the Netherlands 534 of the bankrupcties are published within this sector In the region Noord-Holland Noord 14 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 Noord-Holland Noord is normal

Publications

Filings

23-10-2014: De jaarrekening over 2013 is gepubliceerd.

09-12-2013: De jaarrekening over 2012 is gepubliceerd.

12-12-2012: De jaarrekening over 2011 is gepubliceerd.

21-12-2011: De jaarrekening over 2010 is gepubliceerd.

08-12-2010: De jaarrekening over 2009 is gepubliceerd.

Company structure

Relations 3

Ton Besseling jr. Holding B.V.

Westerblokker 34

1695AH BLOKKER Netherlands

Registration number: 370992110000

• Besseling Group B.V.

Oosterblokker 17A

1696BA Oosterblokker Netherlands

Registration number: 370999690000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.99.67
Euro	1	Rs.70.93

INFORMATION DETAILS

Analysis Done by :	RAS
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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.