MIRA INFORM REPORT

Report No. :	489029
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	VERMEER EEMHAVEN INTERNATIONAL B.V.
Registered Office :	Bunschotenweg 110, 3089KC Rotterdam
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	18.12.2009
Com. Reg. No.:	30276468
Legal Form :	Private Limited Company
Line of Business :	Manufacture of metal structures and parts of structures
No. of Employees :	45

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 :	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

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

Summary

Company name	Vermeer Eemhaven International B.V.
Operative address	Bunschotenweg 110 3089KC Rotterdam Netherlands
Risk	Average risk
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 30276468
VAT-number	821682349
European VAT-number	NL821682349B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	733.786	-20,25	920.080	21,49	757.313
Total receivables	6.176.321	7,28	5.757.199	158,25	2.229.323
Total equity	2.647.699	-14,62	3.101.161	-18,81	3.819.648
Short term liabilities	5.479.364	-7,87	5.947.132	182,16	2.107.746
Net result	546.538	-69,32	1.781.513	13,76	1.566.075
Working capital	2.097.120	-6,98	2.254.577	-28,88	3.170.262
Quick ratio	1,18	-7,81	1,28	-27,27	1,76

Contact information

Company name	Vermeer Eemhaven International B.V.
Trade names	Vermeer Eemhaven International B.V.
Operative address	Bunschotenweg 110 3089KC Rotterdam Netherlands
Correspondence address	Bunschotenweg 110 3089KC Rotterdam Netherlands

Telephone number	0104299666
Fax number	0104293190
Website	www.vermeereemhaven.nl

Registration

Registration number	KvK-nummer: 30276468
Branch number	000019288050
VAT-number	821682349
European VAT-number	NL821682349B01
Status	Active
First registration company register	2009-12-18
Memorandum	2009-12-18
Establishment date	2009-12-18

Legal form	Private Limited Company
Last proposed admendment	2011-07-22
Issued placed capital	EUR 18.000
Paid up share capital	EUR 18.000

Activities

SBI	2511: Manufacture of metal structures and parts of structures
Exporter	No
Importer	No

Goal	Device construction and repair. Production, maintenance and repair of heat exchangers and coolers for petrochemistry and shipping

Relations

Shareholders

Vermeer Eemhaven Holding B.V. Driebergseweg 17 3708JA Zeist Netherlands Registration number: 30229871 Percentage: 100%

Affiliates

Vermeer Thermex International B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 61140813 Vermeer Denver International B.V. Bunschotenweg 110 3089KC ROTTERDAM Netherlands Registration number: 64100561 Vermeer Process Technology B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 24366032 Vermeer India B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 24449249 Vermeer Site Services B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 53152344 Vermeer Onroerende Zaak B.V. Driebergseweg 17 3708JA Zeist Netherlands Registration number: 54576504

Companies on same address

Vermeer Process Technology B.V. Registration number: 24366032 Vermeer India B.V. Registration number: 24449249 Vermeer Site Services B.V. Registration number: 53152344 Vermeer Thermex International B.V. Registration number: 61140813 Vermeer Denver International B.V. Registration number: 64100561

Real Estate

Details operative address

Surface area: 4676 m2 Purpose: Industrial function Construction year: 1971 Status: Building in use Under investigation: No

Management

Active management

P.M. Blonk Paul Martin Netherlands Competence: Fully authorized Function: General Director Starting date: 2011-07-22 Date of birth: 1962-05-27, Rotterdam, NL Involved with the following companies: Vermeer Denver International B.V. Bunschotenweg 110 3089KC ROTTERDAM Netherlands Registration number: 64100561 Function: Manager Starting date: 2015-11-05 Vermeer Process Technology B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 24366032 Function: Manager Starting date: 2012-03-02 Vermeer Thermex International B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 61140813 Function: Manager Starting date: 2015-11-05 PMBS Holding B.V. Waspiksedijk 37 5161NS Sprang-Capelle Netherlands Registration number: 17091199 Function: Manager Starting date: 2011-07-12 Vermeer Eemhaven Beheer B.V. Henry Dunantlaan 1 2992KP Barendrecht Netherlands Registration number: 24087821 Status: Dissolved Function: Manager Starting date: 1991-05-16 Vermeer Site Services B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 53152344 Function: General Director Starting date: 2011-07-22 Vermeer India B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 24449249 Function: General Director Starting date: 2012-01-01

Employees

Year	2017	2016	2015	2014	2013
Annual		56	52	50	49
Chamber of Commerce	45	45	45

Payments

Description

No Complaints

Total	EUR 179.296
	Last quarter	Last year
Average payment period (days)	64	45
Average delay (days)	38	18

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	A	15,00%	22,00%	0,00%	0,00%	63,00%	0,00%
2017 Q4	D	14,00%	71,00%	13,00%	3,00%	0,00%	0,00%
2017 Q3	D	63,00%	36,00%	1,00%	0,00%	0,00%	0,00%
2017 Q2	C	68,00%	24,00%	8,00%	0,00%	0,00%	0,00%
2017 Q1	C	68,00%	24,00%	8,00%	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)		57			42
Average delay (days)		33			18
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2018 Q1	46,00%	39,00%	4,00%	2,00%		1,00%	10,00%
2017 Q4	47,00%	29,00%	6,00%	3,00%		5,00%	10,00%
2017 Q3	46,00%	39,00%	9,00%	5,00%		1,00%	1,00%
2017 Q2	57,00%	37,00%	4,00%	1,00%		0,00%	1,00%
2017 Q1	50,00%	41,00%	7,00%	1,00%		0,00%	1,00%

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	1,18	1,28	1,76	1,12	1,17
Current ratio	1,38	1,38	2,50	1,53	1,44
Working capital/ balance total	0,25	0,25	0,53	0,31	0,23
Equity / balance total	0,32	0,34	0,63	0,40	0,41
Equity / Fixed assets	3,61	3,37	5,04	3,83	1,79
Equity / liabilities	0,47	0,52	1,72	0,66	0,71
Balance total / liabilities	1,47	1,52	2,72	1,66	1,71
Working capital	2.097.120	2.254.577	3.170.262	2.450.318	909.655
Equity	2.647.699	3.101.161	3.819.648	3.123.573	1.607.600
Mutation equity	-14,62	-18,81	22,28	94,30	72,73
Mutation short term liabilities	-7,87	182,16	-54,03	121,97	-38,91
Return on total assets (ROA)	8,81	26,09	34,65
Return on equity (ROE)	27,64	76,74	54,75
Gross margin	8.873.521	10.120.271	8.807.841
Operating result	740.059	2.409.959	2.142.553
Net result after taxes	546.538	1.781.513	1.566.075
Cashflow	877.588	2.149.897	1.871.748
EBIT	740.059	2.409.959	2.142.553
EBITDA	1.071.109	2.778.343	2.448.226
Summary	The 2016 financial result structure is a postive working captial of 2.097.120 euro, which is in agreement with 25 % of the total assets of the company. The working capital has diminished with -6.98 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged. The deterioration between 2015 and 2016 has mainly been caused by a change of the current assets. The current ratio of the company in 2016 was 1.38. 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 1.18. 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 2.254.577 euro, which is in agreement with 25 % of the total assets of the company. The working capital has diminished with -28.88 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2014 and 2015 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2015 was 1.38. 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 1.28. 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	Vermeer Eemhaven International B.V. Bunschotenweg 110 3089KC Rotterdam Netherlands Registration number: 30276468

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	733.786	920.080	757.313	815.347	898.673
Fixed assets	733.786	920.080	757.313	815.347	898.673
Total stock	1.100.053	569.111	1.563.692	1.912.379	550.326
Accounts receivable		4.975.790	1.994.598
Other receivables		781.409	234.725
Total receivables	6.176.321	5.757.199	2.229.323	5.121.639	2.424.722
Liquid funds	300.110	1.875.399	1.484.993	1.248	140
Current assets	7.576.484	8.201.709	5.278.008	7.035.266	2.975.188
Total assets	8.310.270	9.121.789	6.035.321	7.850.613	3.873.861
Issued capital	18.000	18.000	18.000	18.000	18.000
Share premium reserve	482.000	482.000	482.000	482.000	482.000
Other reserves	2.147.699	2.601.161	3.319.648	2.623.573	1.107.600
Total reserves	2.629.699	3.083.161	3.801.648	3.105.573	1.589.600
Total equity	2.647.699	3.101.161	3.819.648	3.123.573	1.607.600
Provisions	11.933	9.400	5.583	3.473
Long term interest yielding debt	171.274	64.096	102.344	138.619	200.728
Long term liabilities	171.274	64.096	102.344	138.619	200.728
Accounts payable			1.091.012
Other short term liabilities			1.016.734
Short term liabilities	5.479.364	5.947.132	2.107.746	4.584.948	2.065.533
Total short and long term liabilities	5.662.571	6.020.628	2.215.673	4.727.040	2.266.261
Total liabilities	8.310.270	9.121.789	6.035.321	7.850.613	3.873.861
Summary	The total assets of the company decreased with -8.9 % between 2015 and 2016. This downturn is mainly retrievable in the fixed asset decrease of -20.25 %. Assets reduction is explained by a Net Worth decrease of -14.62 %, and an indebtedness reduction of -5.95 %. In 2016 the assets of the company were 8.83 % composed of fixed assets and 91.17 % by current assets. The assets are being financed by an equity of 31.86 %, and total debt of 68.14 %. The total assets of the company increased with 51.14 % between 2014 and 2015. The fixed asset growth of 21.49 % is lower than the total asset growth. Asset growth is in contrasts with the net worth decline of -18.81 %. The company's indebtedness has, therefore, increased with 171.73 %. In 2015 the assets of the company were 10.09 % composed of fixed assets and 89.91 % by current assets. The assets are being financed by an equity of 34 %, and total debt of 66 %.

Profit and loss

Year	2016	2015	2014
Gross margin	8.873.521	10.120.271	8.807.841
Wages and salaries	3.746.954	3.481.444	3.379.280
Amorization and depreciation	331.050	368.384	305.673
other operating costs	4.055.458	3.860.484	2.980.335
Operating expenses	8.133.462	7.710.312	6.665.288
Operating result	740.059	2.409.959	2.142.553
Financial income			2.269
Financial expenses			53.488
Financial result	-8.332	-30.036	-51.219
Result on ordinary operations before taxes	731.727	2.379.923	2.091.334
Taxation on the result of ordinary activities	185.189	598.410	525.259
Result of ordinary activities after taxes	546.538	1.781.513	1.566.075
Net result	546.538	1.781.513	1.566.075
Summary	The gross profit of the company decreased by -12.32 % between 2015 and 2016. The operating result of the company declined with -69.29 % between 2015 and 2016. This evolution implies an decrease of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -66.23 % of the analysed period, being equal to 8.81 in the year 2016. The Net Result of the company decreased by -69.32 % between 2015 and 2016. 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 -63.98 % of the analysed period, being 27.64 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The gross profit of the company grew with 14.9 % between 2014 and 2015. The operating result of the company grew with 12.48 % between 2014 and 2015. This evolution implies an increase of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -24.7 % of the analysed period, being equal to 26.09 in the year 2015. The Net Result of the company increased by 13.76 % between 2014 and 2015. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 40.16 % of the analysed period, being 76.74 in the year 2015. The company's financial structure has slowed down its financial profitability.

Analysis

Branch (SBI)	Manufacture of metal structures and parts of structures (SBI code 2511)
Region	Groot Rotterdam
Summary	In the Netherlands 3424 of the companies are registered with the SBI code 2511 In the region Groot Rotterdam 330 of the companies are registered with the SBI code 2511 In the Netherlands 164 of the bankrupcties are published within this sector In the region Groot Rotterdam 14 of the bankruptcies are published within this sector The risk of this specific sector in the Netherlands is Highest The risk of this specific sector in the region Groot Rotterdam is Highest
Year	2016	Company	2015	Company	2014
Equity	203.104	2.647.699	196.418	3.101.161	191.541
Working capital	179.365	2.097.120	150.550	2.254.577	142.324
Balance total	686.396	8.310.270	685.127	9.121.789	716.785
Quick ratio	1,20	1,18	1,17	1,28	1,16
Current ratio	1,37	1,38	1,44	1,38	1,47
Equity / balance total	0,36	0,32	0,35	0,34	0,34
Turnover	10.183.080	8.873.521	9.595.500	10.120.271	8.550.001
Net result	889.540	546.538	575.503	1.781.513	365.353

Publications

Deposits

27-06-2017: De jaarrekening over 2016 is gepubliceerd. 01-06-2016: De jaarrekening over 2015 is gepubliceerd. 29-04-2015: De jaarrekening over 2014 is gepubliceerd. 10-04-2014: De jaarrekening over 2013 is gepubliceerd. 24-07-2013: De jaarrekening over 2012 is gepubliceerd.

Company structure

Relations	8
Company	Registration number
Vermeer Eemhaven Holding B.V. (Zeist)	30229871
| - - Vermeer Onroerende Zaak B.V. (Zeist)	54576504
| - - Vermeer Site Services B.V. (Rotterdam)	53152344
| - - Vermeer India B.V. (Rotterdam)	24449249
| - - Vermeer Process Technology B.V. (Rotterdam)	24366032
| - - Vermeer Denver International B.V. (ROTTERDAM)	64100561
| - - Vermeer Thermex International B.V. (Rotterdam)	61140813
| - - Vermeer Eemhaven International B.V. (Rotterdam)	30276468

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.81

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	KET

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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