MIRA INFORM REPORT

Report No. :	494093
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	VAN LEEUWEN STAINLESS B.V.
Registered Office :	Industrieweg 26, 4153BW Beesd
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	25.02.1960
Com. Reg. No.:	11011149
Legal Form :	Private Limited Company
Line of Business :	Wholesale of non-ferrous metals and non-ferrous semi-finished products
No. of Employees :	65 [2017]

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 (30.09.2017)	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

Company name

Name	Van Leeuwen Stainless B.V.

Summary

Company name	Van Leeuwen Stainless B.V.
Operative address	Industrieweg 26 4153BW Beesd Netherlands
Status	Active
Specification	This company can meet all its obligations.

Legal form	Private Limited Company
Registration number	KvK-nummer: 11011149
VAT-number	001482634
European VAT-number	NL001482634B01

Year	2016	Mutation	2015	Mutation	2014
Fixed assets	7.291.000	-12,02	8.287.000	0,47	8.248.000
Total receivables	50.358.000	-18,51	61.800.000	39,45	44.318.000
Total equity	13.114.000	-5,33	13.852.000	-1,06	14.000.000
Short term liabilities	75.801.000	-11,80	85.939.000	-2,11	87.788.000
Net result	-738.000	-222,59	602.000	-86,99	4.627.000
Working capital	38.882.000	2,99	37.755.000	-3,51	39.130.000
Quick ratio	0,71	-2,74	0,73	21,67	0,60

Contact information

Company name	Van Leeuwen Stainless B.V.
Trade names	Van Leeuwen Stainless B.V.
Operative address	Industrieweg 26 4153BW Beesd Netherlands
Correspondence address	Postbus 19 4153ZG Beesd Netherlands

Telephone number	0345687777
Fax number	0345687733
Email address	sales.stainless@vanleeuwen.nl
Website	www.stainless.nl

Registration

Registration number	KvK-nummer: 11011149
Branch number	000018961878
VAT-number	001482634
European VAT-number	NL001482634B01
Status	Active
First registration company register	1972-09-05
Memorandum	1972-09-05
Establishment date	1960-02-25

Legal form	Private Limited Company
Legal person since	1972-09-05
Last proposed admendment	2002-04-03
Issued placed capital	EUR 56.750
Paid up share capital	EUR 56.750

Activities

SBI	46723: Wholesale of non-ferrous metals and non-ferrous semi-finished products
Exporter	No
Importer	No

Goal	Wholesale of stainless steel (pipes, bends and fittings) and non-ferrous metals.

Relations

Shareholders	Van Leeuwen Nederland B.V. Lindtsedijk 120 3336LE Zwijndrecht Netherlands Registration number: 62090275 Percentage: 100%
Affiliates	P. van Leeuwen jr.'s Buizenhandel B.V. Lindtsedijk 100 3336LE Zwijndrecht Netherlands Registration number: 23031688 Teuling Staal B.V. Lindtsedijk 100 3336LE Zwijndrecht Netherlands Registration number: 24159356 Van Leeuwen Precisie B.V. Hamburgweg 6 7418ES Deventer Netherlands Registration number: 38015406

Liability statements

Van Leeuwen Nederland B.V. Lindtsedijk 120 3336LE Zwijndrecht Netherlands Registration number: 62090275 date of issue: 2015-01-19 Starting date: 2015-01-19

Bank details

Accounts

ABN Amro Bank NV Account number: NL83RBOS0469230215 BIC: ABNANL2A

Real Estate

Details operative address

Surface area: 9100 m2 Purpose: Industrial function Construction year: 1990 Status: Building in use Under investigation: No

Management

Active management

H.R. ten Cate Henk Robert Netherlands Competence: Fully authorized Function: Manager Starting date: 2015-01-01 Date of birth: 1966-10-02, Deventer, NL Involved with the following companies: Combulex B.V. Stuartweg 3 4131NH VIANEN Netherlands Registration number: 23029432 Function: Manager Starting date: 2015-01-01 Van Leeuwen Buizen Europa B.V. Lindtsedijk 120 3336LE Zwijndrecht Netherlands Registration number: 23009425 Competence: Fully authorized Function: Proxy Starting date: 2009-04-28

Employees

Year	2017	2015	2013	2012	2011
Annual				65	63
Chamber of Commerce	65	67	65

Payments

Description

Regular

Total	EUR 3.032
	Last quarter	Last year
Average payment period (days)	34	26
Average delay (days)	4	4

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	A	21,00%	79,00%	0,00%	0,00%	0,00%	0,00%
2017 Q4	A	21,00%	79,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	A	55,00%	45,00%	0,00%	0,00%	0,00%	0,00%
2017 Q2	A	55,00%	45,00%	0,00%	0,00%	0,00%	0,00%
2017 Q1	A	0,00%	100,00%	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)		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
Quick ratio	0,71	0,73	0,60
Current ratio	1,51	1,44	1,45
Working capital/ balance total	0,32	0,29	0,29
Equity / balance total	0,11	0,10	0,10
Equity / Fixed assets	1,80	1,67	1,70
Equity / liabilities	0,12	0,12	0,12
Balance total / liabilities	1,12	1,12	1,12
Working capital	38.882.000	37.755.000	39.130.000
Equity	13.114.000	13.852.000	14.000.000
Mutation equity	-5,33	-1,06
Mutation short term liabilities	-11,80	-2,11
Return on total assets (ROA)	-0,60	0,60	4,40
Return on equity (ROE)	-5,60	5,70	42,46
Gross profit margin	0,12	0,74	2,40
Net profit margin	-0,37	0,24	1,71
Average collection ratio	2,65	2,96	3,08
Average payment ratio	3,98	4,11	6,10
Equity turnover ratio	15,29	18,36	19,30
Total assets turnover ratio	1,64	1,93	2,00
Fixed assets turnover ratio	27,51	30,68	32,76
Inventory conversion ratio	3,30	4,20	3,63
Turnover	200.562.000	254.256.000	270.211.000
Gross margin	38.598.000	41.357.000	48.210.000
Operating result	233.000	1.869.000	6.483.000
Net result after taxes	-738.000	602.000	4.627.000
Cashflow	804.000	1.971.000	5.742.000
EBIT	233.000	1.869.000	6.483.000
EBITDA	1.775.000	3.238.000	7.598.000

Summary

The 2016 financial result structure is a postive working captial of 38.882.000 euro, which is in agreement with 32 % of the total assets of the company. The working capital has increased with 2.99 % 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 1.51. 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 0.71. 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 37.755.000 euro, which is in agreement with 29 % of the total assets of the company. The working capital has diminished with -3.51 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged. 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 1.44. 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 0.73. 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 financial statements shown in the report relate to the consolidated financial statements of the group.
Type of annual account	Consolidated
Annual account	Van Leeuwen Nederland B.V. Lindtsedijk 120 3336LE Zwijndrecht Netherlands Registration number: 62090275

Balance

Year	2016	2015	2014
End date	2016-12-31	2015-12-31	2014-12-31
Type of annual account	Consol.	Consol.	Consol.
Intangible fixed assets	1.703.000	2.334.000	2.075.000
Tangible fixed assets	5.588.000	5.953.000	6.173.000
Fixed assets	7.291.000	8.287.000	8.248.000
Total stock	60.836.000	60.536.000	74.409.000
Accounts receivable	41.826.000	51.049.000	30.586.000
Other receivables	8.532.000	10.751.000	13.732.000
Total receivables	50.358.000	61.800.000	44.318.000
Liquid funds	3.489.000	1.358.000	8.191.000
Current assets	114.683.000	123.694.000	126.918.000
Total assets	121.974.000	131.981.000	135.166.000
Total equity	13.114.000	13.852.000	14.000.000
Provisions	14.059.000	13.190.000	13.378.000
Financial debts	19.000.000	19.000.000	20.000.000
Long term liabilities	19.000.000	19.000.000	20.000.000
Accounts payable		31.072.000	37.840.000
Other short term liabilities		54.867.000	49.948.000
Short term liabilities	75.801.000	85.939.000	87.788.000
Total short and long term liabilities	108.860.000	118.129.000	121.166.000
Total liabilities	121.974.000	131.981.000	135.166.000

Summary

The total assets of the company decreased with -7.58 % between 2015 and 2016. This downturn is mainly retrievable in the fixed asset decrease of -12.02 %. Assets reduction is explained by a Net Worth decrease of -5.33 %, and an indebtedness reduction of -7.85 %. In 2016 the assets of the company were 5.98 % composed of fixed assets and 94.02 % by current assets. The assets are being financed by an equity of 10.75 %, and total debt of 89.25 %. The total assets of the company decreased with -2.36 % between 2014 and 2015. The total assets are entirely composed of current assets. Assets reduction is explained by a Net Worth decrease of -1.06 %, and an indebtedness reduction of -2.51 %. In 2015 the assets of the company were 6.28 % composed of fixed assets and 93.72 % by current assets. The assets are being financed by an equity of 10.5 %, and total debt of 89.5 %.

Profit and loss

Year	2016	2015	2014
Revenues	200.562.000	254.256.000	270.211.000
Net turnover	200.562.000	254.256.000	270.211.000
Gross margin	38.598.000	41.357.000	48.210.000
Wages and salaries	23.655.000	24.528.000	26.458.000
Amorization and depreciation	1.542.000	1.369.000	1.115.000
Sales	161.964.000	212.899.000	222.001.000
other operating costs	13.168.000	13.591.000	14.154.000
Operating expenses	200.329.000	252.387.000	263.728.000
Operating result	233.000	1.869.000	6.483.000
Financial income		1.000	5.000
Financial expenses	967.000	1.080.000	543.000
Financial result	-967.000	-1.079.000	-538.000
Result on ordinary operations before taxes	-734.000	790.000	5.945.000
Taxation on the result of ordinary activities	4.000	188.000	1.318.000
Result of ordinary activities after taxes	-738.000	602.000	4.627.000
Net result	-738.000	602.000	4.627.000

Summary

The turnover of the company decreased by -21.12 % between 2015 and 2016. The gross profit of the company decreased by -6.67 % between 2015 and 2016. The operating result of the company declined with -87.53 % 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 -200 % of the analysed period, being equal to -0.6 in the year 2016. This fall has contributed to a asset turnover decrease, whose index evolved from -15.03 to a level of 1.64. The Net Result of the company decreased by -222.59 % 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 -198.25 % of the analysed period, being -5.6 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The turnover of the company decreased by -5.9 % between 2014 and 2015. The gross profit of the company decreased by -14.21 % between 2014 and 2015. The operating result of the company declined with -71.17 % between 2014 and 2015. 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 -86.36 % of the analysed period, being equal to 0.6 in the year 2015. This fall has contributed to a asset turnover decrease, whose index evolved from -3.5 to a level of 1.93. The Net Result of the company decreased by -86.99 % 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 -86.58 % of the analysed period, being 5.7 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Wholesale of non-ferrous metals and non-ferrous semi-finished products (SBI code 46723)
Region	Nijmegen-Rivierenland
Summary	In the Netherlands 1587 of the companies are registered with the SBI code 46723 In the region Nijmegen-Rivierenland 83 of the companies are registered with the SBI code 46723 In the Netherlands 33 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 Nijmegen-Rivierenland is normal

Year	2016	Company	2015	Company	2014
Equity	256.154	13.114.000	236.000	13.852.000	233.248
Working capital	245.029	38.882.000	216.424	37.755.000	205.687
Balance total	791.305	121.974.000	825.893	131.981.000	875.166
Quick ratio	1,18	0,71	1,21	0,73	1,10
Current ratio	1,47	1,51	1,71	1,44	1,65
Equity / balance total	0,42	0,11	0,40	0,10	0,39
Turnover	13.928.678	200.562.000	7.355.634	254.256.000	5.987.148
Net result	728.474	-738.000	381.263	602.000	395.245

Publications

Consent statements	30-03-2017: Voor boekjaar 2016 is een instemmingsverklaring gedeponeerd. 06-04-2016: Voor boekjaar 2015 is een instemmingsverklaring gedeponeerd. 26-01-2015: Voor boekjaar 2014 is een instemmingsverklaring gedeponeerd. 10-04-2014: Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.
Liability statements	26-01-2015: Per 19-01-2015 is een aansprakelijkheidsverklaring door Van Leeuwen Nederland B.V. gedeponeerd. 07-01-2015: Per 29-12-2014 is een aansprakelijkheidsverklaring door Van Leeuwen Buizen Europa B.V. ingetrokken.
Functions	05-01-2015: Per 01-01-2015 is bestuurder Henk Robert ten Cate in functie getreden. 05-01-2015: Per 01-01-2015 is bestuurder Adriaan Dekker uit functie getreden.

Company structure

Relations	13
Company	Registration number
Van Leeuwen Buizen Groep B.V. (Zwijndrecht)	23038035
| - - Van Leeuwen Nederland B.V. (Zwijndrecht)	62090275
| - - | - - Van Leeuwen Precisie B.V. (Deventer)	38015406
| - - | - - Teuling Staal B.V. (Zwijndrecht)	24159356
| - - | - - P. van Leeuwen jr.'s Buizenhandel B.V. (Zwijndrecht)	23031688
| - - | - - Van Leeuwen Stainless B.V. (Beesd)	11011149
| - - Buisleeuw International B.V. (ZWIJNDRECHT)	23082130
| - - | - - Van Leeuwen Pipe and Tube Global Contracts B.V. (ZWIJNDRECHT)	24403635
| - - Van Leeuwen Pipe and Tube North America B.V. (ZWIJNDRECHT)	23082115
| - - Van Leeuwen Buizen Europa B.V. (Zwijndrecht)	23009425
| - - Van Leeuwen Pipe and Tube Asia Pacific B.V. (ZWIJNDRECHT)	23040682
| - - | - - Bergstaal B.V. (ZWIJNDRECHT)	38024721
| - - | - - Van Leeuwen Pipe and Tube Asia B.V. (ZWIJNDRECHT)	24388979

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
Euro	1	INR 79.56

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

INFORMATION DETAILS

Analysis Done by :	PRI
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.