MIRA INFORM REPORT

Report No. :	504993
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	BEUTE B.V.
Registered Office :	Oevers 11, 8331VC Steenwijk
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	25.03.1998
Com. Reg. No.:	04055829
Legal Form :	Private Limited Company
Line of Business :	· Manufacture of plastic plates · Manufacture of builders' ware of plastic · Manufacture of other plastic products · Wholesale of heating equipment
No. of Employees :	48 - Chamber of Commerce - 2018

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Netherlands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 consistently high trade surplus, stable industrial relations, and low 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 euro zone, 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 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has 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. In 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

Source : CIA

Summary

Company name	BEUTE B.V.
Operative address	Oevers 11 8331VC Steenwijk Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 04055829
VAT-number	807254915
European VAT-number	NL807254915B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	861.010	4,73	822.133	-8,04	894.035
Total receivables	927.571	11,43	832.455	25,24	664.679
Total equity	1.024.814	18,25	866.640	35,49	639.642
Short term liabilities	1.029.500	-8,78	1.128.610	19,14	947.283
Working capital	312.995	-0,73	315.307	221,49	98.078
Quick ratio	0,93	2,20	0,91	30,00	0,70

Contact information

Company name	BEUTE B.V.
Trade names	BEUTE B.V. BEUTECH
Operative address	Oevers 11 8331VC Steenwijk Netherlands
Correspondence address	Korenbloemweg 25 7971EA Havelte Netherlands

Telephone number	0521343536
Fax number	0521343444
Email address	info@beutech.nl
Website	www.beutech.nl

Registration

Registration number	KvK-nummer: 04055829
Branch number	000017058619
VAT-number	807254915
European VAT-number	NL807254915B01
Status	Active
First registration company register	1998-03-27
Memorandum	1998-03-25
Establishment date	1998-03-25

Legal form	Private Limited Company
Issued placed capital	EUR 70.336
Paid up share capital	EUR 70.336

Activities

SBI	2221: Manufacture of plastic plates 2223: Manufacture of builders' ware of plastic 2229: Manufacture of other plastic products 46742: Wholesale of heating equipment
Exporter	Yes
Importer	Yes

Goal	Processing and production of plastics Wholesale of heating systems and accessories

Relations

Shareholders	Beute Holding B.V. Korenbloemweg 25 7971EA Havelte Netherlands Registration number: 04055827 Percentage: 100%
Affiliates	Beutech Agro B.V. Korenbloemweg 25 7971EA Havelte Netherlands Registration number: 57964610

Companies on same address

Rexon Tubing Registration number: 05084066 Appel Bouw 2.0 B.V. Registration number: 68216270

Real Estate

Details operative address

Surface area: 4054 m2 Purpose: Industrial function Construction year: 2003 Status: Building in use Under investigation: No

Management

Active management

Beute Holding B.V. Korenbloemweg 25 7971EA Havelte Netherlands Registration number: 04055827 Competence: Fully authorized Function: Manager Starting date: 1998-03-25 H.J. Wierenga Hendrik Johannes De Plevier 55 7905CK Hoogeveen Netherlands Competence: Fully authorized Function: Manager Starting date: 2007-10-01 Date of birth: 1969-05-13, Emmen, NL Involved with the following companies: Beutech Agro B.V. Korenbloemweg 25 7971EA Havelte Netherlands Registration number: 57964610 Function: Proxy Starting date: 2017-12-27 Contrans Transport en Kraanverhuur B.V. Calandstraat 88 M 3125BB SCHIEDAM Netherlands Registration number: 69960909 Function: Proxy Starting date: 2017-10-31

Employees

Year	2018	2017	2016	2015	2014
Annual			52	47	45
Chamber of Commerce	48	48	48	48	50

Payments

Description

Regular

Total	EUR 25.759
	Last quarter	Last year
Average payment period (days)	20	24
Average delay (days)	0	1

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q2	A	64,00%	36,00%	0,00%	0,00%	0,00%	0,00%
2018 Q1	A	84,00%	16,00%	0,00%	0,00%	0,00%	0,00%
2017 Q4	A	63,00%	37,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	A	100,00%	0,00%	0,00%	0,00%	0,00%	0,00%
2017 Q2	A	70,00%	30,00%	0,00%	0,00%	0,00%	0,00%

A = < 10.000, B = < 25.000, C = < 50.000, D = < 125.000, E = > 125.000

Payments within industry		Last quarter			Last year
Average payment period (days)		39			37
Average delay (days)		18			16
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2018 Q2	73,00%	24,00%	1,00%	1,00%		0,00%	1,00%
2018 Q1	69,00%	26,00%	3,00%	1,00%		0,00%	1,00%
2017 Q4	68,00%	26,00%	2,00%	1,00%		0,00%	1,00%
2017 Q3	63,00%	31,00%	4,00%	1,00%		0,00%	1,00%
2017 Q2	70,00%	26,00%	3,00%	1,00%		0,00%	1,00%

The above data is an indication of the average payment behaviour of the client. the payment experieneces can be affected by disputes, payment arrangements, etc.

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	0,93	0,91	0,70	0,79	0,79
Current ratio	1,30	1,28	1,10	1,13	1,16
Working capital/ balance total	0,14	0,14	0,05	0,08	0,10
Equity / balance total	0,47	0,38	0,33	0,32	0,33
Equity / Fixed assets	1,19	1,05	0,72	1,03	1,08
Equity / liabilities	0,87	0,62	0,49	0,48	0,50
Balance total / liabilities	1,87	1,62	1,49	1,48	1,50
Working capital	312.995	315.307	98.078	131.422	170.893
Equity	1.024.814	866.640	639.642	526.348	580.721
Mutation equity	18,25	35,49	21,52	-9,36	-23,66
Mutation short term liabilities	-8,78	19,14	-4,47	-4,31	7,54
Summary	The 2016 financial result structure is a postive working captial of 312.995 euro, which is in agreement with 14 % of the total assets of the company. The working capital and the proportion with respect to the total assets of the company has remained unchanged compared to previous year. The unchanged capital can be explained by an increase in current assets and a decrease in current liabilities. The current ratio of the company in 2016 was 1.3. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2016 of the company was 0.93. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 315.307 euro, which is in agreement with 14 % of the total assets of the company. The working capital has increased with 221.49 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2014 and 2015 has mainly been caused by a change of the current assets. The current ratio of the company in 2015 was 1.28. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2015 of the company was 0.91. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Beute B.V. Oevers 11 8331VC Steenwijk Netherlands Registration number: 04055829

Balance

Year	2016	2015	2014	2013	2012
End date	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Tangible fixed assets	861.010	822.133	894.035	503.980	528.643
Financial fixed assets				6.825	7.819
Fixed assets	861.010	822.133	894.035	510.805	536.462
Total stock	388.955	417.711	378.939	335.579	384.716
Total receivables	927.571	832.455	664.679	784.823	822.317
Liquid funds	25.969	193.751	1.743	2.625	132
Current assets	1.342.495	1.443.917	1.045.361	1.123.027	1.207.165
Total assets	2.203.505	2.266.050	1.939.396	1.633.832	1.743.627
Issued capital	70.336	70.336	70.336	70.336	18.000
Other reserves	954.478	796.304	569.306	456.012	562.721
Total reserves	954.478	796.304	569.306	456.012	562.721
Total equity	1.024.814	866.640	639.642	526.348	580.721
Long term interest yielding debt	149.191	270.800	352.471	115.879	126.634
Long term liabilities	149.191	270.800	352.471	115.879	126.634
Short term liabilities	1.029.500	1.128.610	947.283	991.605	1.036.272
Total short and long term liabilities	1.178.691	1.399.410	1.299.754	1.107.484	1.162.906
Total liabilities	2.203.505	2.266.050	1.939.396	1.633.832	1.743.627
Summary	The total assets of the company decreased with -2.76 % between 2015 and 2016. Despite the total assets decrease, non current assets grew with 4.73 %. The asset reduction is in contrast with the equity growth of 18.25 %. Due to this the total debt decreased with -15.77 %. In 2016 the assets of the company were 39.07 % composed of fixed assets and 60.93 % by current assets. The assets are being financed by an equity of 46.51 %, and total debt of 53.49 %. The total assets of the company increased with 16.84 % between 2014 and 2015. Despite the assets growth, the non current assets decreased with -8.04 %. The asset growth has mainly been financed by a Net Worth increase of 35.49 %. Debt, however, grew with 7.67 %. In 2015 the assets of the company were 36.28 % composed of fixed assets and 63.72 % by current assets. The assets are being financed by an equity of 38.24 %, and total debt of 61.76 %.

Analysis

Branch (SBI)	Manufacture of builders' ware of plastic (SBI code 2223)
Region	Noord-Overijssel
Summary	In the Netherlands 2471 of the companies are registered with the SBI code 2223 In the region Noord-Overijssel 71 of the companies are registered with the SBI code 2223 In the Netherlands 15 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 Noord-Overijssel is normal
Year	2016	Company	2015	Company	2014
Equity	2.132.123	1.024.814	2.032.402	866.640	2.110.213
Working capital	1.434.987	312.995	1.345.910	315.307	1.545.719
Balance total	4.828.476	2.203.505	4.604.899	2.266.050	4.696.656
Quick ratio	1,08	0,93	1,08	0,91	1,11
Current ratio	1,69	1,30	1,64	1,28	1,75
Equity / balance total	0,47	0,47	0,43	0,38	0,45

Publications

Deposits

20-06-2017: De jaarrekening over 2016 is gepubliceerd. 22-04-2016: De jaarrekening over 2015 is gepubliceerd. 08-05-2015: De jaarrekening over 2014 is gepubliceerd. 28-07-2014: De jaarrekening over 2013 is gepubliceerd. 06-06-2013: De jaarrekening over 2012 is gepubliceerd.

Company structure

Relations	3
Company	Registration Number
Beute Holding B.V. (Havelte)	04055827
| - - Beutech Agro B.V. (Havelte)	57964610
| - - Beute B.V. (Steenwijk)	04055829

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.68
UK Pound	1	INR 93.98
Euro	1	INR 81.30
Euro	1	INR 81.35

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.