MIRA INFORM REPORT

Report No. :	489907
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	CIPARO B.V.
Registered Office :	Mariniersweg 151 1e verdieping, 3011NK Rotterdam
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	27.11.1995
Com. Reg. No.:	24262762
Legal Form :	Private Limited Company
Line of Business :	Wholesale of other used materials and waste materials
No. of Employees :	9 [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	Acceptable Risk	Business dealings permissible with moderate 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 (30.06.2017)	Current Rating (30.09.2017)
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

Company name

Name	Ciparo B.V.

Summary

Company name	Ciparo B.V.
Operative address	Mariniersweg 151 1e verdieping 3011NK Rotterdam Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 24262762
VAT-number	804607965
European VAT-number	NL804607965B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	743.512	5,10	707.454	8,86	649.847
Total receivables	3.291.370	5,93	3.107.060	-21,05	3.935.496
Total equity	2.152.924	15,51	1.863.837	32,55	1.406.116
Short term liabilities	2.737.432	64,00	1.669.118	-38,39	2.709.106
Net result			549.500	84,82	297.316
Working capital	2.459.928	11,92	2.197.853	24,21	1.769.413
Quick ratio	1,64	-28,70	2,30	54,36	1,49

Contact information

Company name	Ciparo B.V.
Trade names	Ciparo Aim Reclaim
Operative address	Mariniersweg 151 1e verdieping 3011NK Rotterdam Netherlands
Correspondence address	Mariniersweg 151 1e verdieping 3011NK Rotterdam Netherlands

Telephone number	0102136212
Fax number	0104046291
Email address	joris@ciparo.nl
Website	www.ciparo.nl

Registration

Registration number	KvK-nummer: 24262762
Branch number	000002295083
VAT-number	804607965
European VAT-number	NL804607965B01
Status	Active
First registration company register	1996-01-29
Memorandum	1996-01-24
Establishment date	1995-11-27

Legal form	Private Limited Company
Legal person since	1996-01-24
Last proposed admendment	1997-09-03
Issued placed capital	EUR 18.151
Paid up share capital	EUR 18.151

Activities

SBI	46779: Wholesale of other used materials and waste materials
ISO certified	Yes
ISO certifier	SGS Nederland b.v.
ISO standard	ISO 14001:2004

Exporter	Yes
Importer	Yes
Goal	Exporteur van grondstoffen / halffabrikaten t.b.v. papierindustrie en aanverwante industrietakken. Import van ongeregelde goederen

Relations

Shareholders

Ciparo Holding B.V. Mariniersweg 151 1EVERDIEPIN 3011NK ROTTERDAM Netherlands Registration number: 55474608 Percentage: 100%

Management

Active management

J.J.R. de Caluwé Joris Josephina Rene Netherlands Competence: Fully authorized Function: Manager Starting date: 1997-09-03 Date of birth: 1969-02-03, Koewacht, NL Involved with the following companies: Ciparo Holding B.V. Mariniersweg 151 1EVERDIEPIN 3011NK ROTTERDAM Netherlands Registration number: 55474608 Function: Manager Starting date: 2012-05-31 J.J.R. de Caluwe Holding B.V. Mariniersweg 151 1EVERDIEPIN 3011NK ROTTERDAM Netherlands Registration number: 24278454 Function: Manager Starting date: 1997-09-30 Paper Alliance B.V. Mariniersweg 151 1EVERDIEPIN 3011NK ROTTERDAM Netherlands Registration number: 55474454 Function: Manager Starting date: 2012-05-31 Ciparo Products B.V. Mariniersweg 151 1e verdieping 3011NK Rotterdam Netherlands Registration number: 24191107 Function: Manager Starting date: 1995-07-25 H.G. Moonen Hendrik Geert Netherlands Competence: Fully authorized Function: Manager Starting date: 2007-07-15 Date of birth: 1971-05-19, Geldrop, NL

Employees

Year	2018	2016	2015	2014	2013
Annual		11	11	12	10
Chamber of Commerce	9	10	10	10

Payments

Description

Payments made under regular condition

Total	EUR 593.440
	Last quarter	Last year
Average payment period (days)	61	50
Average delay (days)	7	2

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	C	35,00%	65,00%	0,00%	0,00%	0,00%	0,00%
2017 Q4	E	79,00%	21,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	B	100,00%	0,00%	0,00%	0,00%	0,00%	0,00%
2017 Q2	C	75,00%	25,00%	0,00%	0,00%	0,00%	0,00%
2017 Q1	D	74,00%	26,00%	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)		34			34
Average delay (days)		17			17
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2018 Q1	61,00%	30,00%	3,00%	1,00%		1,00%	3,00%
2017 Q4	71,00%	22,00%	2,00%	2,00%		1,00%	2,00%
2017 Q3	48,00%	37,00%	13,00%	1,00%		1,00%	0,00%
2017 Q2	64,00%	28,00%	7,00%	1,00%		0,00%	0,00%
2017 Q1	75,00%	23,00%	1,00%	0,00%		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	1,64	2,30	1,49	1,70	1,28
Current ratio	1,90	2,32	1,65	1,70	1,28
Working capital/ balance total	0,41	0,48	0,35	0,40	0,21
Equity / balance total	0,36	0,41	0,27	0,34	0,16
Equity / Fixed assets	2,90	2,63	2,16	9,56	6,16
Equity / liabilities	0,57	0,69	0,38	0,51	0,19
Balance total / liabilities	1,57	1,69	1,38	1,51	1,19
Working capital	2.459.928	2.197.853	1.769.413	2.024.724	1.531.912
Equity	2.152.924	1.863.837	1.406.116	1.720.646	1.177.508
Mutation equity	15,51	32,55	-18,28	46,13	-36,71
Mutation short term liabilities	64,00	-38,39	-6,39	-47,66	-18,72
Return on total assets (ROA)		14,01	0,83	1,54	-7,24
Return on equity (ROE)		34,39	3,01	4,56	-44,61
Gross profit margin		2,42			-1,18
Net profit margin		2,47			-2,57
Average collection ratio		13,34			4,89
Average payment ratio		7,16			4,06
Equity turnover ratio		11,94			22,95
Total assets turnover ratio		4,87			3,73
Fixed assets turnover ratio		31,46			141,35
Inventory conversion ratio		706,64
Turnover		22.259.208			27.028.690
Gross margin		1.757.693	1.403.508	1.410.366	1.149.477
Operating result		539.220	127.278	95.611	-319.013
Net result after taxes		549.500	297.316	78.533	-694.513
Cashflow		568.342	337.438	115.048	-409.284
EBIT		539.220	127.278	95.611	-319.013
EBITDA		558.062	167.400	132.126	-33.784

Summary

The 2016 financial result structure is a postive working captial of 2.459.928 euro, which is in agreement with 41 % of the total assets of the company. The working capital has increase with 11.92 % compared to previous year. The ratio with respect to the total assets of the company has however, declined. The improvement between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.9. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2016 of the company was 1.64. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 2.197.853 euro, which is in agreement with 48 % of the total assets of the company. The working capital has increased with 24.21 % 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 2.32. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2015 of the company was 2.3. A company with a Quick Ratio of more than 1 can 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	Ciparo B.V. Mariniersweg 151 1e verdieping 3011NK Rotterdam Netherlands Registration number: 24262762

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	Consol.
Tangible fixed assets	150.838	197.281	148.553	79.700	119.695
Financial fixed assets	592.674	510.173	501.294	100.378	71.528
Fixed assets	743.512	707.454	649.847	180.078	191.223
Total stock	700.390	31.500	444.355
Accounts receivable				3.907.218	5.415.664
Other receivables				967.451	1.237.786
Total receivables	3.291.370	3.107.060	3.935.496	4.874.669	6.653.450
Liquid funds	1.205.600	728.411	98.668	43.997	407.278
Current assets	5.197.360	3.866.971	4.478.519	4.918.666	7.060.728
Total assets	5.940.872	4.574.425	5.128.366	5.098.744	7.251.951
Issued capital	18.151	18.151	18.151	18.151
Legal and statutory reserve	356.518	201.673	131.294	2.858
Other reserves	1.778.255	1.644.013	1.256.671	1.621.104
Non-distributable profit				78.533
Total reserves	2.134.773	1.845.686	1.387.965	1.702.495
Total equity	2.152.924	1.863.837	1.406.116	1.720.646	1.177.508
Provisions					51.632
Long term interest yielding debt	1.050.516	1.041.470	1.013.144	217.865	493.995
Financial debts				266.291
Long term liabilities	1.050.516	1.041.470	1.013.144	484.156	493.995
Accounts payable				1.742.356	2.474.671
Other short term liabilities				1.151.586	3.054.145
Short term liabilities	2.737.432	1.669.118	2.709.106	2.893.942	5.528.816
Total short and long term liabilities	3.787.948	2.710.588	3.722.250	3.378.098	6.074.443
Total liabilities	5.940.872	4.574.425	5.128.366	5.098.744	7.251.951

Summary

The total assets of the company increased with 29.87 % between 2015 and 2016. The fixed asset growth of 5.1 % is lower than the total asset growth. The asset growth has mainly been financed by a debt increase of 39.75 %. The Net Worth, however, grew with 15.51 %. In 2016 the assets of the company were 12.52 % composed of fixed assets and 87.48 % by current assets. The assets are being financed by an equity of 36.24 %, and total debt of 63.76 %. The total assets of the company decreased with -10.8 % between 2014 and 2015. Despite the total assets decrease, non current assets grew with 8.86 %. The asset reduction is in contrast with the equity growth of 32.55 %. Due to this the total debt decreased with -27.18 %. In 2015 the assets of the company were 15.47 % composed of fixed assets and 84.53 % by current assets. The assets are being financed by an equity of 40.74 %, and total debt of 59.26 %.

Profit and loss

Year	2015	2014	2013	2012
Revenues	22.259.208			27.028.690
Net turnover	22.259.208			27.028.690
Gross margin	1.757.693	1.403.508	1.410.366	1.149.477
Wages and salaries	594.478	580.104	540.581	641.607
Amorization and depreciation	18.842	40.122	36.515	285.229
Sales	20.501.515			25.879.213
other operating costs	605.153	656.004	737.659	541.654
Operating expenses	21.719.988	1.276.230	1.314.755	27.347.703
Result in subsidiaries	90.379		48.850	23.952
Operating result	539.220	127.278	95.611	-319.013
Financial income	11.401	7.958	8.159	16.431
Financial expenses		92.922	74.087	246.678
Financial result	11.401	-84.964	-65.928	-230.247
Result on ordinary operations before taxes	641.000	42.314	78.533	-525.308
Taxation on the result of ordinary activities	91.500	-176.191		169.205
Result of ordinary activities after taxes	549.500	218.505	78.533	-694.513
Extraordinary income		10.219
Extraordinary result after taxation		10.219
Result subsidiaries after taxes		68.592
Net result	549.500	297.316	78.533	-694.513

Summary

The gross profit of the company grew with 25.24 % between 2014 and 2015. The operating result of the company grew with 323.66 % between 2014 and 2015. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 1587.95 % of the analysed period, being equal to 14.01 in the year 2015. The Net Result of the company increased by 84.82 % between 2014 and 2015. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of 1042.52 % of the analysed period, being 34.39 in the year 2015. The company's financial structure has slowed down its financial profitability.

Analysis

Branch (SBI)	Wholesale of other used materials and waste materials (SBI code 46779)
Region	Groot Rotterdam
Summary	In the Netherlands 2781 of the companies are registered with the SBI code 46779 In the region Groot Rotterdam 235 of the companies are registered with the SBI code 46779 In the Netherlands 39 of the bankrupcties are published within this sector In the region Groot Rotterdam 4 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 Groot Rotterdam is normal

Year	2016	Company	2015	Company	2014
Equity	216.258	2.152.924	228.239	1.863.837	254.027
Working capital	145.469	2.459.928	109.872	2.197.853	139.810
Balance total	794.431	5.940.872	782.312	4.574.425	898.865
Quick ratio	1,07	1,64	1,03	2,30	1,00
Current ratio	1,24	1,90	1,47	2,32	1,57
Equity / balance total	0,38	0,36	0,39	0,41	0,39
Turnover			8.729.136	22.259.208	5.535.444
Net result			2.950	549.500	280.541

Publications

Deposits	06-09-2017: De jaarrekening over 2016 is gepubliceerd. 25-10-2016: De jaarrekening over 2015 is gepubliceerd. 22-01-2016: De jaarrekening over 2014 is gepubliceerd. 15-04-2015: De jaarrekening over 2013 is gepubliceerd. 02-12-2013: De jaarrekening over 2012 is gepubliceerd. 13-02-2013: De jaarrekening over 2011 is gepubliceerd.
Functions	06-02-2017: Per 31-01-2017 is gevolmachtigde Cornelis Arie Hooijmeijer uit functie getreden.

Company structure

Relations	3
Company	Registration number
Paper Alliance B.V. (ROTTERDAM)	55474454
| - - Ciparo Holding B.V. (ROTTERDAM)	55474608
| - - | - - Ciparo B.V. (Rotterdam)	24262762

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.89

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

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.