MIRA INFORM REPORT

Report No. :	486231
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	STAPPERT NOXON B.V.
Registered Office :	Vossenbeemd 51, 5705CL Helmond
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	21.06.1990
Com. Reg. No.:	17069403
Legal Form :	Private Limited Company
Line of Business :	Wholesale of ferrous metals and ferrous semi-finished products
No. of Employees :	88

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 (30.06.2017)	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 persistently 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 2016, the government budget returned to a surplus of 0.3% of GDP, with economic growth of 2.1%, and GDP per capita finally surpassed pre-crisis levels. The Dutch government projects steady but modest economic growth of 2.1% in 2017 and unemployment decreasing to 4.9%.

Source : CIA

Company name

Name	STAPPERT Noxon

Summary

Company name	STAPPERT Noxon B.V.
Operative address	Vossenbeemd 51 5705CL Helmond Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 17069403
VAT-number	008537343
European VAT-number	NL008537343B01

Year	2016	Mutation	2015	Mutation	2014
Fixed assets	1.339.000	251,44	381.000	-2,56	391.000
Total receivables	4.464.000	-2,91	4.598.000	2,00	4.508.000
Total equity	7.169.000	2,18	7.016.000	15,19	6.091.000
Short term liabilities	8.721.000	2,98	8.469.000	-20,85	10.700.000
Net result	653.000	-29,41	925.000	-29,23	1.307.000
Working capital	5.838.000	-12,24	6.652.000	15,99	5.735.000
Quick ratio	0,51	-5,56	0,54	28,57	0,42

Contact information

Company name	STAPPERT Noxon B.V.
Trade names	STAPPERT Noxon B.V. STAPPERT Noxon STAPPERT Nederland
Operative address	Vossenbeemd 51 5705CL Helmond Netherlands
Correspondence address	Postbus 6096 5700ET Helmond Netherlands

Telephone number	0492582111
Fax number	0492538970
Email address	info@noxon.nl

Registration

Registration number	KvK-nummer: 17069403
Branch number	000017851777
VAT-number	008537343
European VAT-number	NL008537343B01
Status	Active
First registration company register	1991-09-17
Memorandum	1991-07-18
Establishment date	1990-06-21

Legal form	Private Limited Company
Legal person since	1991-07-18
Last proposed admendment	2017-01-06
Issued placed capital	EUR 2.610.000
Paid up share capital	EUR 2.610.000

Activities

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

Goal	Groothandel in roestvrijstalen halffabrikaten en aanverwante artikelen

Relations

Shareholders	Stappert Deutschland GmbH Willstätter Strasse 13 40549 Düsseldorf Germany Percentage: 100%
Shareholders	Naam: Stappert Deutschland GmbH Bezoekadres: Willstätter Strasse 13, 40549 Düsseldorf, Bondsrepubliek Duitsland Ingeschreven in: Handelsregister Handelsregister B des amtsgerichts Düsseldorf, Bondsrepubliek Duitsland onder nummer HRB 20 Enig aandeelhouder sedert: 21-12-2011 (datum registratie: 29-12-2011)
Branches	STAPPERT Noxon B.V. Stationsplein 4 4EVERDIEPIN 3331LL ZWIJNDRECHT Netherlands Registration number: 17069403

Companies on same address	Noxon Personeelsvereniging Registration number: 54422981 FONCIERE HELMOND B.V. Registration number: 65825020
Liability statements	Foreign entity Starting date: 1992-03-23

Real Estate

Details operative address

Surface area: 7469 m2 Purpose: Industrial function, Office function Construction year: 1978 Status: Building in use Under investigation: No

Management

Active management

T.R.A. Philippe Thierry Robert Arthur Netherlands Competence: Fully authorized Function: Manager Starting date: 2012-11-23 Date of birth: 1975-07-02, Toulouse, FR Involved with the following companies: IMS Nederland B.V. Gildenweg 21 3334KC Zwijndrecht Netherlands Registration number: 23042855 Function: Manager Starting date: 2015-10-02 FINKENHOLL BENELUX B.V. Schotsbossenstraat 14 4705AG ROOSENDAAL Netherlands Registration number: 60583800 Function: Manager Starting date: 2014-04-29 STAPPERT Nederland B.V. Stationsplein 4 4EVERDIEPIN 3331LL ZWIJNDRECHT Netherlands Registration number: 23042192 Status: Dissolved Function: Manager Starting date: 2011-09-15 Abraservice Nederland B.V. Nijverheidsweg 10 1442LD PURMEREND Netherlands Registration number: 53249151 Function: Manager Starting date: 2011-07-27 INTRA METALS B.V. Pedro de Medinalaan 65 1086XP Amsterdam Netherlands Registration number: 66026474 Function: Manager Starting date: 2016-05-13 M. Dankers Mark Netherlands Competence: Jointly authorized Function: Manager Starting date: 2015-04-01 Date of birth: 1972-12-26, Helmond, NL J.J.M. Sassen Jacobus Johannes Maria Netherlands Competence: Jointly authorized Function: Manager Starting date: 2017-01-05 Date of birth: 1952-07-02, Rotterdam, NL Involved with the following companies: STAPPERT Nederland B.V. Stationsplein 4 4EVERDIEPIN 3331LL ZWIJNDRECHT Netherlands Registration number: 23042192 Status: Dissolved Function: Manager Starting date: 1985-12-20 M. Steffen Marc Netherlands Competence: Jointly authorized Function: Manager Starting date: 2016-11-28 Date of birth: 1971-03-15, Krefeld, DE E.M. Jacquet Eric Michel Netherlands Function: Commissaris Starting date: 2010-07-01 Date of birth: 1959-01-09, Lyon, FR Involved with the following companies: Abraservice Nederland B.V. Nijverheidsweg 10 1442LD PURMEREND Netherlands Registration number: 53249151 Function: Manager Starting date: 2011-07-27 JACFRIESLAND B.V. Galvanilaan 11 9207HG Drachten-Azeven Netherlands Registration number: 01101917 Function: Commissaris Starting date: 2005-06-10 P. Goczol Philippe Netherlands Function: Commissaris Starting date: 2010-07-01 Date of birth: 1965-12-05, Mons, BE Involved with the following companies: JMS Middle East Holding 2 B.V. Volume 119 B 1446WH PURMEREND Netherlands Registration number: 61164240 Function: Manager Starting date: 2014-07-28 FINKENHOLL BENELUX B.V. Schotsbossenstraat 14 4705AG ROOSENDAAL Netherlands Registration number: 60583800 Function: Manager Starting date: 2014-04-29 STAPPERT Nederland B.V. Stationsplein 4 4EVERDIEPIN 3331LL ZWIJNDRECHT Netherlands Registration number: 23042192 Status: Dissolved Function: Manager Starting date: 2011-09-15 Abraservice Nederland B.V. Nijverheidsweg 10 1442LD PURMEREND Netherlands Registration number: 53249151 Function: Manager Starting date: 2011-07-27 JACFRIESLAND B.V. Galvanilaan 11 9207HG Drachten-Azeven Netherlands Registration number: 01101917 Function: Commissaris Starting date: 2005-06-10 P.M.P. de Groot Paulus Martinus Petrus Netherlands Competence: Limited authorization Function: Proxy Starting date: 2013-10-28 Date of birth: 1969-01-27, Asten, NL Involved with the following companies: FINKENHOLL BENELUX B.V. Schotsbossenstraat 14 4705AG ROOSENDAAL Netherlands Registration number: 60583800 Function: Proxy Starting date: 2014-06-01

Employees

Year	2017	2016	2015	2014	2013
Annual	81	71	71	74	74
Chamber of Commerce	88		81	81	81

Payments

Description

No complaints

Total	EUR 73.930
	Last quarter	Last year
Average payment period (days)	21	23
Average delay (days)	0	1

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2017 Q4	B	100,00%	0,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	A	76,00%	20,00%	4,00%	0,00%	0,00%	0,00%
2017 Q2	B	91,00%	9,00%	0,00%	0,00%	0,00%	0,00%
2017 Q1	C	90,00%	10,00%	0,00%	0,00%	0,00%	0,00%
2016 Q4	A	85,00%	14,00%	1,00%	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)		36			33
Average delay (days)		15			12
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2017 Q4	47,00%	43,00%	7,00%	1,00%		0,00%	2,00%
2017 Q3	48,00%	40,00%	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%
2016 Q4	54,00%	39,00%	6,00%	1,00%		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	0,51	0,54	0,42	0,44	0,38
Current ratio	1,67	1,79	1,54	1,33	1,29
Working capital/ balance total	0,37	0,43	0,34	0,24	0,21
Equity / balance total	0,45	0,45	0,36	0,26	0,25
Equity / Fixed assets	5,35	18,41	15,58	4,19	3,90
Equity / liabilities	0,82	0,83	0,57	0,35	0,34
Balance total / liabilities	1,82	1,83	1,57	1,35	1,34
Working capital	5.838.000	6.652.000	5.735.000	3.922.000	3.651.000
Equity	7.169.000	7.016.000	6.091.000	4.292.000	4.398.000
Mutation equity	2,18	15,19	41,92	-2,41	5,82
Mutation short term liabilities	2,98	-20,85	-8,62	-7,84	-18,14
Return on total assets (ROA)	5,30	7,95	10,35	0,22	1,85
Return on equity (ROE)	11,75	17,56	28,60	0,84	7,34
Gross profit margin	2,66		4,98	0,77	1,52
Net profit margin	1,79		3,36	0,05	0,56
Average collection ratio	4,19		3,63	3,28	3,39
Average payment ratio	8,19		8,62	7,47	9,00
Equity turnover ratio	5,10		6,38	8,94	9,78
Total assets turnover ratio	2,30		2,31	2,30	2,46
Fixed assets turnover ratio	27,30		99,37	37,46	38,10
Inventory conversion ratio	3,62		3,26	3,65	3,72
Turnover	36.557.000		38.854.000	38.354.000	43.020.000
Gross margin	8.797.000		9.700.000	8.085.000	9.210.000
Operating result	972.000	1.381.000	1.934.000	294.000	655.000
Net result after taxes	653.000	925.000	1.307.000	21.000	242.000
Cashflow	843.000		1.461.000	200.000	483.000
EBIT	972.000	1.381.000	1.934.000	294.000	655.000
EBITDA	1.162.000		2.088.000	473.000	896.000

Summary

The 2016 financial result structure is a postive working captial of 5.838.000 euro, which is in agreement with 37 % of the total assets of the company. The working capital has diminished with -12.24 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.67. 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 0.51. 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 6.652.000 euro, which is in agreement with 43 % of the total assets of the company. The working capital has increased with 15.99 % 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 1.79. 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 0.54. 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 liability statement is filed by a company outside the Netherlands. We advise to request a creditreport on the foreign entity to assess the creditlimit.
Type of annual account	Corporate
Annual account	STAPPERT Noxon B.V. Vossenbeemd 51 5705CL Helmond Netherlands Registration number: 17069403

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	1.203.000	381.000	391.000	465.000	598.000
Financial fixed assets	136.000			559.000	531.000
Fixed assets	1.339.000	381.000	391.000	1.024.000	1.129.000
Total stock	10.095.000	10.523.000	11.927.000	10.497.000	11.577.000
Accounts receivable			4.338.000	4.807.000	4.350.000
Other receivables			170.000	327.000	428.000
Total receivables	4.464.000	4.598.000	4.508.000	5.134.000	4.778.000
Liquid funds					1.000
Current assets	14.559.000	15.121.000	16.435.000	15.631.000	16.356.000
Total assets	15.898.000	15.502.000	16.826.000	16.655.000	17.485.000
Issued capital	2.632.000	2.632.000	2.632.000	2.632.000	2.632.000
Other reserves	4.537.000	4.384.000	3.459.000	1.660.000	1.766.000
Total reserves	4.537.000	4.384.000	3.459.000	1.660.000	1.766.000
Total equity	7.169.000	7.016.000	6.091.000	4.292.000	4.398.000
Provisions	8.000	17.000	35.000	654.000	382.000
Accounts payable			2.254.000	3.832.000	3.009.000
Other short term liabilities			8.446.000	7.877.000	9.696.000
Short term liabilities	8.721.000	8.469.000	10.700.000	11.709.000	12.705.000
Total short and long term liabilities	8.729.000	8.486.000	10.735.000	12.363.000	13.087.000
Total liabilities	15.898.000	15.502.000	16.826.000	16.655.000	17.485.000

Summary

The total assets of the company increased with 2.55 % between 2015 and 2016. The total asset increase is retrievable in the fixed asset growth of 251.44 %. The asset growth has mainly been financed by a debt increase of 2.86 %. The Net Worth, however, grew with 2.18 %. In 2016 the assets of the company were 8.42 % composed of fixed assets and 91.58 % by current assets. The assets are being financed by an equity of 45.09 %, and total debt of 54.91 %. The total assets of the company decreased with -7.87 % between 2014 and 2015. This total assets decrease has been reflected in a reduction of non current assets of -2.56 %. The asset reduction is in contrast with the equity growth of 15.19 %. Due to this the total debt decreased with -20.95 %. In 2015 the assets of the company were 2.46 % composed of fixed assets and 97.54 % by current assets. The assets are being financed by an equity of 45.26 %, and total debt of 54.74 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Revenues	36.557.000	39.177.000	38.854.000	38.354.000	43.020.000
Net turnover	36.557.000		38.854.000	38.354.000	43.020.000
Gross margin	8.797.000		9.700.000	8.085.000	9.210.000
Wages and salaries	3.621.000		3.722.000	3.826.000	3.938.000
Amorization and depreciation	190.000		154.000	179.000	241.000
Sales	27.760.000		29.154.000	30.269.000	33.810.000
other operating costs	4.014.000		3.890.000	3.786.000	4.376.000
Operating expenses	35.585.000	37.796.000	36.920.000	38.060.000	42.365.000
Operating result	972.000	1.381.000	1.934.000	294.000	655.000
Financial expenses			192.000	258.000	332.000
Financial result	-130.000	-149.000	-192.000	-258.000	-332.000
Result on ordinary operations before taxes	842.000	1.232.000	1.742.000	36.000	323.000
Taxation on the result of ordinary activities	189.000	307.000	435.000	15.000	81.000
Result of ordinary activities after taxes	653.000	925.000	1.307.000	21.000	242.000
Net result	653.000	925.000	1.307.000	21.000	242.000

Summary

The operating result of the company declined with -29.62 % 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 -33.33 % of the analysed period, being equal to 5.3 in the year 2016. The Net Result of the company decreased by -29.41 % between 2015 and 2016. 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 -33.09 % of the analysed period, being 11.75 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The operating result of the company declined with -28.59 % 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 -23.19 % of the analysed period, being equal to 7.95 in the year 2015. The Net Result of the company decreased by -29.23 % 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 -38.6 % of the analysed period, being 17.56 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Wholesale of ferrous metals and ferrous semi-finished products (SBI code 46722)
Region	Zuid-Oost-Brabant
Summary	In the Netherlands 1587 of the companies are registered with the SBI code 46722 In the region Zuid-Oost-Brabant 78 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 Zuid-Oost-Brabant 1 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 Zuid-Oost-Brabant is normal
Year	2016	Company	2015	Company	2014
Equity	173.889	7.169.000	179.273	7.016.000	179.273
Working capital	180.898	5.838.000	159.584	6.652.000	167.598
Balance total	650.901	15.898.000	723.832	15.502.000	741.980
Quick ratio	1,19	0,51	1,23	0,54	1,14
Current ratio	1,48	1,67	1,66	1,79	1,58
Equity / balance total	0,41	0,45	0,39	0,45	0,39
Turnover	7.990.907	36.557.000			6.281.228
Net result	628.311	653.000	270.965	925.000	504.718

Publications

Deposits	09-08-2017: De jaarrekening over 2016 is gepubliceerd. 05-10-2016: De jaarrekening over 2015 is gepubliceerd. 23-07-2015: De jaarrekening over 2014 is gepubliceerd. 05-02-2015: De jaarrekening over 2013 is gepubliceerd. 06-08-2013: De jaarrekening over 2012 is gepubliceerd.
Functions	09-02-2017: Per 05-01-2017 is bestuurder Jacobus Johannes Maria Sassen in functie getreden. 01-12-2016: Per 28-11-2016 is bestuurder Marc Steffen in functie getreden. 01-12-2016: Per 28-11-2016 is bestuurder Stefan Muller-Bernhardt uit functie getreden.
Mergers	10-01-2017: Op 05-01-2017 fusieakte verleden. Verkrijgende rechtspersoon: STAPPART Noxon B.V., 17069403 Verdwijnende rechtspersoon: STAPPERT Nederland B.V., 23042192. 01-12-2016: Op 30-11-2016 fusievoorstel gedeponeerd. Verkrijgende rechtspersoon: Noxon Stainless B.V., 17069403 Verdwijnende rechtspersoon: STAPPERT Nederland B.V., 23042192.
Other	10-01-2017: Per 6-1-2017 statuten gewijzigd. Per 6-1-2017 naam gewijzigd in: STAPPERT Noxon B.V.. 01-12-2016: Per 29-11-2016 is de bevoegdheid van Bestuurder Thierry Robert Arthur Philippe gewijzigd. 27-05-2015: Per 1-4-2015 is de bevoegdheid van Bestuurder Thierry Robert Arthur Philippe gewijzigd.

Company structure

Relations	2
Company	Registration number
Stappert Deutschland GmbH (40549 Düsseldorf)
| - - STAPPERT Noxon B.V. (Helmond)	17069403

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53
Euro	1	INR 77.62

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TRU

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.