MIRA INFORM REPORT

Report No. :	494563
Report Date :	27.02.2018

IDENTIFICATION DETAILS

Name :	CHFI B.V.
Registered Office :	Jellinghausstraat 6 5048AZ TILBURG
Country :	Netherlands
Financials (as on) :	31.12.2015
Date of Incorporation :	21.02.2014
Com. Reg. No.:	60067845
Legal Form :	Private Limited Company
Line of Business :	Manufacture of prepared feeds for farm animals Wholesale of arable farming products and cattle feeds
No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
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)
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	CHFI B.V.
Operative address	Jellinghausstraat 6 5048AZ TILBURG Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 60067845
VAT-number	853752989
European VAT-number	NL853752989B01
Year	2015	Mutation	2014
Fixed assets	64.075	7.482,84	845
Total receivables	180.500	1.409,58	11.957
Total equity	19.206	184,47	-22.738
Short term liabilities	171.534	1.723,28	9.408
Working capital	48.306	137,47	20.342
Quick ratio	1,11	-13,95	1,29

Contact information

Company name	CHFI B.V.
Trade names	CHFI B.V. CFI CFI feed ingredients
Operative address	Jellinghausstraat 6 5048AZ TILBURG Netherlands
Correspondence address	Jellinghausstraat 6 5048AZ TILBURG Netherlands

Mobile number

06-21174908

Registration

Registration number	KvK-nummer: 60067845
Branch number	000029299217
VAT-number	853752989
European VAT-number	NL853752989B01
Status	Active
First registration company register	2014-02-21
Memorandum	2014-02-21
Establishment date	2014-02-21

Legal form	Private Limited Company
Issued placed capital	EUR 100
Paid up share capital	EUR 100

Activities

SBI	1091: Manufacture of prepared feeds for farm animals 46218: Wholesale of arable farming products and cattle feeds
Exporter	Yes
Importer	Yes

Real Estate

Details operative address

Surface area: 1343 m2 Purpose: Industrial function Construction year: 1978 Status: Building in use Under investigation: No

Management

Active management

Ferco Holding B.V. Gildehof 18 5268CS HELVOIRT Netherlands Registration number: 17144685 Competence: Fully authorized Function: Manager Starting date: 2014-02-21

Payments

Description	No Complaints
Payments within industry	Last quarter	Last year
Average payment period (days)	37	35
Average delay (days)	18	16

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	62,00%	38,00%	0,00%	0,00%	0,00%	1,00%
2017 Q4	62,00%	36,00%	1,00%	0,00%	0,00%	0,00%
2017 Q3	62,00%	29,00%	5,00%	2,00%	0,00%	2,00%
2017 Q2	61,00%	36,00%	3,00%	0,00%	0,00%	0,00%
2017 Q1	41,00%	23,00%	1,00%	0,00%	0,00%	35,00%

Key figures

Year	2015	2014
Quick ratio	1,11	1,29
Current ratio	1,28	3,16
Working capital/ balance total	0,17	0,66
Equity / balance total	0,07	-0,74
Equity / Fixed assets	0,30	-26,91
Equity / liabilities	0,07	-0,43
Balance total / liabilities	1,07	0,57
Working capital	48.306	20.342
Equity	19.206	-22.738
Mutation equity	184,47
Mutation short term liabilities	1.723,28
Summary	The 2015 financial result structure is a postive working captial of 48.306 euro, which is in agreement with 17 % of the total assets of the company. The working capital has increase with 137.47 % compared to previous year. The ratio with respect to the total assets of the company has however, declined. The improvement between 2014 and 2015 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2015 was 1.28. 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 1.11. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2014 financial result structure is a postive working captial of 20.342 euro, which is in agreement with 66 % of the total assets of the company. The current ratio of the company in 2014 was 3.16. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2014 of the company was 1.29. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2015
Remark annual account	Although the statutory period has expired, the company's annual reports are not yet published.
Type of annual account	Corporate
Annual account	CHFI B.V. Jellinghausstraat 6 5048AZ TILBURG Netherlands Registration number: 60067845

Balance

Year	2015	2014
End date	2015-12-31	2014-12-31
Type of annual account	Corporate	Corporate
Tangible fixed assets	64.075	845
Fixed assets	64.075	845
Total stock	30.260	17.602
Total receivables	180.500	11.957
Liquid funds	9.080	191
Current assets	219.840	29.750
Total assets	283.915	30.595
Issued capital		100
Other reserves	19.206	-22.838
Total reserves	19.206	-22.838
Total equity	19.206	-22.738
Long term interest yielding debt	93.175	43.925
Long term liabilities	93.175	43.925
Short term liabilities	171.534	9.408
Total short and long term liabilities	264.709	53.333
Total liabilities	283.915	30.595
Summary	The total assets of the company increased with 827.98 % between 2014 and 2015. The total asset increase is retrievable in the fixed asset growth of 7482.84 %. The asset growth has mainly been financed by a debt increase of 396.33 %. The Net Worth, however, grew with 184.47 %. In 2015 the assets of the company were 22.57 % composed of fixed assets and 77.43 % by current assets. The assets are being financed by an equity of 6.76 %, and total debt of 93.24 %. In 2014 the assets of the company were 2.76 % composed of fixed assets and 97.24 % by current assets. The assets are being financed by an equity of -74.32 %, and total debt of 174.32 %.

Analysis

Branch (SBI)	Manufacture of prepared feeds for farm animals (SBI code 1091)
Region	Midden-Brabant
Summary	In the Netherlands 323 of the companies are registered with the SBI code 1091 In the region Midden-Brabant 15 of the companies are registered with the SBI code 1091 In the Netherlands 4 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 Midden-Brabant is normal
Year	2015	Company	2014	Company
Equity	502.276	19.206	503.342	-22.738
Working capital	241.730	48.306	200.522	20.342
Balance total	1.114.436	283.915	1.259.414	30.595
Quick ratio	1,17	1,11	1,20	1,29
Current ratio	1,38	1,28	1,62	3,16
Equity / balance total	0,44	0,07	0,43	-0,74

Publications

Deposits

22-11-2016: De jaarrekening over 2015 is gepubliceerd. 15-04-2016: De jaarrekening over 2014 is gepubliceerd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.66
UK Pound	1	INR 90.65
Euro	1	INR 79.70
Euro	1	INR 80.02

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TRU / 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.