MIRA INFORM REPORT

Report No. :	493775
Report Date :	22.02.2018

IDENTIFICATION DETAILS

Name :	MARON STEEL SUPPLIES B.V.
Registered Office :	Campagneweg 11 c, 4761RM Zevenbergen
Country :	Netherland
Financials (as on) :	31.12.2016
Date of Incorporation :	18.12.2009
Com. Reg. No.:	20164579
Legal Form :	Private Limited Company
Line of Business :	Wholesale of ferrous metals and ferrous semi-finished products
No. of Employees :	5

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 (30.09.2017)	Current Rating (31.12.2017)
Netherland	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

NETHERLAND - 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	Maron Steel Supplies B.V.
Operative address	Campagneweg 11 c 4761RM Zevenbergen Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 20164579
VAT-number	821700571
European VAT-number	NL821700571B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	2.170	-59,03	5.296	-27,91	7.346
Total receivables	579.435	-31,13	841.372	53,86	546.854
Total equity	114.491	-54,03	249.058	-19,92	311.016
Short term liabilities	294.859	-51,00	601.696	51,34	397.571
Working capital	288.428	18,32	243.762	-19,73	303.670
Quick ratio	1,98	40,43	1,41	-19,89	1,76

Contact information

Company name	Maron Steel Supplies B.V.
Trade names	Maron Steel Supplies B.V. Maron Steel Supplies B.V.
Operative address	Campagneweg 11 c 4761RM Zevenbergen Netherlands
Correspondence address	Campagneweg 11 c 4761RM Zevenbergen Netherlands

Telephone number	0168371212
Email address	info@maronsteel.com
Website	www.maronsteel.com

Registration

Registration number	KvK-nummer: 20164579
Branch number	000016268180
VAT-number	821700571
European VAT-number	NL821700571B01
Status	Active
First registration company register	2009-12-23
Memorandum	2009-12-18
Establishment date	2009-12-18

Legal form	Private Limited Company
Issued placed capital	EUR 18.000
Paid up share capital	EUR 18.000

Activities

SBI	46722: Wholesale of ferrous metals and ferrous semi-finished products
Exporter	No
Importer	No

Goal	De handel in stalen producten.

Relations

Shareholders	Maron Beheer B.V. Campagneweg 11 C 4761RM ZEVENBERGEN Netherlands Registration number: 20111511 Percentage: 100%
Companies on same address	Maron Beheer B.V. Registration number: 20111511 Maron Onroerend Goed B.V. Registration number: 20118353 Partners At Risk Management Nederland B.V. Registration number: 68328656

Real Estate

Details operative address

Surface area: 141 m2 Purpose: Industrial function Construction year: 2004 Status: Building in use Under investigation: No

Management

Active management

Maron Beheer B.V. Campagneweg 11 C 4761RM ZEVENBERGEN Netherlands Registration number: 20111511 Competence: Fully authorized Function: Manager Starting date: 2009-12-18 R.L. van de Cappelle Ronald Laurentius Netherlands Competence: Fully authorized Function: Manager Starting date: 2014-10-29 Date of birth: 1974-09-15, Rotterdam, NL R.L. van de Cappelle Ronald Laurentius Netherlands Competence: Fully authorized Function: Manager Starting date: 2014-10-29 Date of birth: 1974-09-15, Rotterdam, NL J.P. van Amelsvoort Joris Pieter Netherlands Competence: Fully authorized Function: Proxy Starting date: 2010-03-26 Date of birth: 1978-10-10, Zevenbergen, NL

Employees

Year	2018	2015	2014	2013	2012
Annual		4	6	7	7
Chamber of Commerce	5	5			7

Payments

Description	Payments are made regularly no complaints are known
Payments within industry	Last quarter	Last year
Average payment period (days)	38	35
Average delay (days)	17	14

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	53,00%	40,00%	4,00%	3,00%	0,00%	0,00%
2017 Q4	47,00%	42,00%	7,00%	1,00%	0,00%	3,00%
2017 Q3	47,00%	42,00%	10,00%	2,00%	0,00%	0,00%
2017 Q2	56,00%	33,00%	8,00%	2,00%	0,00%	0,00%
2017 Q1	49,00%	42,00%	7,00%	2,00%	0,00%	0,00%

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	1,98	1,41	1,76	1,30	1,46
Current ratio	1,98	1,41	1,76	1,30	1,46
Working capital/ balance total	0,49	0,29	0,43	0,23	0,31
Equity / balance total	0,20	0,29	0,44	0,24	0,32
Equity / Fixed assets	52,76	47,03	42,34	14,53	47,42
Equity / liabilities	0,24	0,41	0,78	0,32	0,47
Balance total / liabilities	1,24	1,41	1,78	1,32	1,47
Working capital	288.428	243.762	303.670	152.010	239.490
Equity	114.491	249.058	311.016	163.246	244.649
Mutation equity	-54,03	-19,92	90,52	-33,27	35,37
Mutation short term liabilities	-51,00	51,34	-21,47	-3,46	4,01
Summary	The 2016 financial result structure is a postive working captial of 288.428 euro, which is in agreement with 49 % of the total assets of the company. The working capital has increased with 18.32 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2015 and 2016 has mainly been caused by a change of the current assets. The current ratio of the company in 2016 was 1.98. 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 1.98. 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 243.762 euro, which is in agreement with 29 % of the total assets of the company. The working capital has diminished with -19.73 % 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 1.41. 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 1.41. 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	Maron Steel Supplies B.V. Campagneweg 11 c 4761RM Zevenbergen Netherlands Registration number: 20164579

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	2.170	5.296	7.346	11.236	5.159
Fixed assets	2.170	5.296	7.346	11.236	5.159
Total receivables	579.435	841.372	546.854	507.563	863.626
Liquid funds	3.852	4.086	154.387	150.739	-99.702
Current assets	583.287	845.458	701.241	658.302	763.924
Total assets	585.457	850.754	708.587	669.538	769.083
Issued capital	18.000	18.000	18.000	18.000
Other reserves	96.491	231.058	293.016	145.246	244.649
Total reserves	96.491	231.058	293.016	145.246	244.649
Total equity	114.491	249.058	311.016	163.246	244.649
Long term interest yielding debt	176.107
Long term liabilities	176.107
Short term liabilities	294.859	601.696	397.571	506.292	524.434
Total short and long term liabilities	470.966	601.696	397.571	506.292	524.434
Total liabilities	585.457	850.754	708.587	669.538	769.083
Summary	The total assets of the company decreased with -31.18 % between 2015 and 2016. This downturn is mainly retrievable in the fixed asset decrease of -59.03 %. Assets reduction is explained by a Net Worth decrease of -54.03 %, and an indebtedness reduction of -21.73 %. In 2016 the assets of the company were 0.37 % composed of fixed assets and 99.63 % by current assets. The assets are being financed by an equity of 19.56 %, and total debt of 80.44 %. The total assets of the company increased with 20.06 % between 2014 and 2015. Despite the assets growth, the non current assets decreased with -27.91 %. Asset growth is in contrasts with the net worth decline of -19.92 %. The company's indebtedness has, therefore, increased with 51.34 %. In 2015 the assets of the company were 0.62 % composed of fixed assets and 99.38 % by current assets. The assets are being financed by an equity of 29.27 %, and total debt of 70.73 %.

Analysis

Branch (SBI)	Wholesale of ferrous metals and ferrous semi-finished products (SBI code 46722)
Region	West-Brabant
Summary	In the Netherlands 1587 of the companies are registered with the SBI code 46722 In the region West-Brabant 103 of the companies are registered with the SBI code 46722 In the Netherlands 33 of the bankrupcties are published within this sector In the region West-Brabant 3 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 West-Brabant is normal
Year	2016	Company	2015	Company	2014
Equity	256.154	114.491	236.000	249.058	233.248
Working capital	245.029	288.428	216.424	243.762	205.687
Balance total	791.305	585.457	825.893	850.754	875.166
Quick ratio	1,18	1,98	1,21	1,41	1,10
Current ratio	1,47	1,98	1,71	1,41	1,65
Equity / balance total	0,42	0,20	0,40	0,29	0,39

Publications

Deposits	30-06-2017: De jaarrekening over 2016 is gepubliceerd. 06-07-2016: De jaarrekening over 2015 is gepubliceerd. 07-08-2015: De jaarrekening over 2014 is gepubliceerd. 24-07-2015: De jaarrekening over 2013 is gepubliceerd. 21-03-2013: De jaarrekening over 2012 is gepubliceerd.
Functions	09-01-2017: Per 30-12-2016 is gevolmachtigde Matthijs Adam Cornelis Stoop uit functie getreden. 28-11-2014: Per 29-10-2014 is gevolmachtigde Ronald Laurentius van de Cappelle in functie getreden. 17-11-2014: Per 29-10-2014 is gevolmachtigde Matthijs Adam Cornelis Stoop in functie getreden.

Company structure

Relations	2
Company	Registration number
Maron Beheer B.V. (ZEVENBERGEN)	20111511
| - - Maron Steel Supplies B.V. (Zevenbergen)	20164579

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.81
UK Pound	1	INR 90.66
Euro	1	INR 79.94
Euro	1	INR 79.78

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