MIRA INFORM REPORT

Report No. :	486295
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	VG RECYCLING GROEP B.V.
Registered Office :	Corverslaan 4, 1951AM Velsen-Noord
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	01.01.2007
Com. Reg. No.:	34263705
Legal Form :	Private Limited Company
Line of Business :	· Treatment of non-hazardous waste · Wholesale of other used materials and waste materials · Financial holding
No. of Employees :	12 [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 :	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	VG Recycling Groep B.V.

Summary

Company name	VG Recycling Groep B.V.
Operative address	Corverslaan 4 1951AM Velsen-Noord Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 34263705
VAT-number	817446862
European VAT-number	NL817446862B01

Year	2016	Mutation	2015	Mutation	2014
Fixed assets	846.832	-1,06	855.867	-12,03	972.929
Total receivables	5.138.860	-15,41	6.075.087	86,61	3.255.583
Total equity	2.385.173	-21,85	3.052.085	23,46	2.472.190
Short term liabilities	3.937.798	-9,44	4.348.295	112,76	2.043.762
Net result	333.088	-42,56	579.895	-41,63	993.539
Working capital	1.538.341	-29,95	2.196.218	25,38	1.751.613
Quick ratio	1,31	-7,75	1,42	-16,47	1,70

Contact information

Company name	VG Recycling Groep B.V.
Trade names	VG Recycling Groep B.V.
Operative address	Corverslaan 4 1951AM Velsen-Noord Netherlands
Correspondence address	Corverslaan 4 1951AM Velsen-Noord Netherlands

Telephone number	0251229198
Fax number	0251211872
Email address	info@vgrecycling.nl

Registration

Registration number	KvK-nummer: 34263705
Branch number	000017635551
VAT-number	817446862
European VAT-number	NL817446862B01
Status	Active
First registration company register	2007-01-25
Memorandum	2007-01-24
Establishment date	2007-01-01

Legal form	Private Limited Company
Legal person since	2007-01-24
Issued placed capital	EUR 19.450
Paid up share capital	EUR 19.450

Activities

SBI	3821: Treatment of non-hazardous waste 46779: Wholesale of other used materials and waste materials 6420: Financial holding
Exporter	Yes
Importer	Yes

Branche organisations

FNOI - Federatie Nederlandse Oudpapier Industrie

Goal

Het inzamelen van, de groothandel in, het verwerken en bewerken van oud papier, afvalstoffen, grondstoffen voor industriële doeleinden, alsmede de im- en export van deze artikelen. Het oprichten en verwerven van, deelnemen in, het samenwerken met, het besturen van, alsmede het (doen) financieren van andere ondernemingen, in welke rechtsvorm ook, alsmede het verstrekken en aangaan van geldleningen, het beheren van en het beschikken over registergoeder en het stellen van zekerheden, ook voor schulden van anderen en het verrichten van alle verdere handelingen, die met het voorenstaande verband houdt

Relations

Shareholders	VG Recycling Groep Beheer B.V. Corverslaan 4 1951AM Velsen-Noord Netherlands Registration number: 57124809 Percentage: 100%
Affiliates	Van Gelder Papier Groep B.V. Oostzeestraat 3 a 7202CM Zutphen Netherlands Registration number: 08026653

Companies on same address

Van Gelder Recycling Groep Beheer B.V. Registration number: 34043228 Van Gelder Recycling Groep B.V. Registration number: 34227719 Stichting Administratiekantoor VG Recycling Groep Registration number: 34289232 VG Recycling Groep Beheer B.V. Registration number: 57124809

Real Estate

Details operative address

Surface area: 1780 m2 Purpose: Industrial function Construction year: 1977 Status: Building in use Under investigation: No

Management

Active management

Melvin de Groot Beheer B.V. Burgemeester den Texlaan 23 2111CB Aerdenhout Netherlands Registration number: 34225092 Competence: Fully authorized Function: General Director Starting date: 2007-01-24

Employees

Year	2017	2016	2015	2014	2013
Annual		12	12	10	9
Chamber of Commerce	12	12	12	12

Payments

Description	No complaints
Payments within industry	Last quarter	Last year
Average payment period (days)	42	34
Average delay (days)	25	17

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	71,00%	22,00%	2,00%	2,00%	1,00%	2,00%
2017 Q4	71,00%	22,00%	2,00%	2,00%	1,00%	2,00%
2017 Q3	48,00%	37,00%	13,00%	1,00%	1,00%	0,00%
2017 Q2	64,00%	28,00%	7,00%	1,00%	0,00%	0,00%
2017 Q1	75,00%	23,00%	1,00%	0,00%	0,00%	1,00%

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	1,31	1,42	1,70	1,09	1,16
Current ratio	1,39	1,51	1,86	1,18	1,30
Working capital/ balance total	0,24	0,30	0,37	0,12	0,20
Equity / balance total	0,38	0,41	0,52	0,30	0,24
Equity / Fixed assets	2,82	3,57	2,54	1,71	2,26
Equity / liabilities	0,61	0,70	1,08	0,43	0,32
Balance total / liabilities	1,61	1,70	2,08	1,43	1,32
Working capital	1.538.341	2.196.218	1.751.613	612.759	1.299.232
Equity	2.385.173	3.052.085	2.472.190	1.478.651	1.524.673
Mutation equity	-21,85	23,46	67,19	-3,02	122,48
Mutation short term liabilities	-9,44	112,76	-40,32	-21,93	8,81
Return on total assets (ROA)	7,15	10,44	27,58	4,83	17,49
Return on equity (ROE)	18,95	25,32	53,19	16,01	72,97
Gross margin	2.758.842	3.172.210	3.272.116	1.714.183	4.470.006
Operating result	581.490	919.682	1.416.091	383.828	1.331.644
Net result after taxes	333.088	579.895	993.539	185.970	839.354
Cashflow	498.374	734.119	1.153.982	330.833	1.075.803
EBIT	581.490	919.682	1.416.091	383.828	1.331.644
EBITDA	746.776	1.073.906	1.576.534	528.691	1.568.093

Summary

The 2016 financial result structure is a postive working captial of 1.538.341 euro, which is in agreement with 24 % of the total assets of the company. The working capital has diminished with -29.95 % 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 1.39. 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 1.31. 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 2.196.218 euro, which is in agreement with 30 % of the total assets of the company. The working capital has increase with 25.38 % 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 1.51. 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 1.42. 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	VG Recycling Groep B.V. Corverslaan 4 1951AM Velsen-Noord Netherlands Registration number: 34263705

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	Consol.
Tangible fixed assets	566.832	555.867	565.597	541.205	675.441
Financial fixed assets	280.000	300.000	407.332	324.687
Fixed assets	846.832	855.867	972.929	865.892	675.441
Total stock	303.790	353.903	328.802	309.677	599.230
Total receivables	5.138.860	6.075.087	3.255.583	3.267.789	2.852.631
Liquid funds	33.489	115.523	210.990	459.709	2.233.842
Current assets	5.476.139	6.544.513	3.795.375	4.037.175	5.685.703
Total assets	6.322.971	7.400.380	4.768.304	4.903.067	6.361.144
Issued capital	19.450	19.450	19.450	19.450
Other reserves	2.365.723	3.032.635	2.452.740	1.459.201
Total reserves	2.365.723	3.032.635	2.452.740	1.459.201
Total equity	2.385.173	3.052.085	2.472.190	1.478.651	1.524.673
Provisions			252.352
Long term interest yielding debt					450.000
Long term liabilities					450.000
Short term liabilities	3.937.798	4.348.295	2.043.762	3.424.416	4.386.471
Total short and long term liabilities	3.937.798	4.348.295	2.296.114	3.424.416	4.836.471
Total liabilities	6.322.971	7.400.380	4.768.304	4.903.067	6.361.144

Summary

The total assets of the company decreased with -14.56 % between 2015 and 2016. This total assets decrease has been reflected in a reduction of non current assets of -1.06 %. Assets reduction is explained by a Net Worth decrease of -21.85 %, and an indebtedness reduction of -9.44 %. In 2016 the assets of the company were 13.39 % composed of fixed assets and 86.61 % by current assets. The assets are being financed by an equity of 37.72 %, and total debt of 62.28 %. The total assets of the company increased with 55.2 % between 2014 and 2015. Despite the assets growth, the non current assets decreased with -12.03 %. The asset growth has mainly been financed by a debt increase of 89.38 %. The Net Worth, however, grew with 23.46 %. In 2015 the assets of the company were 11.57 % composed of fixed assets and 88.43 % by current assets. The assets are being financed by an equity of 41.24 %, and total debt of 58.76 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Gross margin	2.758.842	3.172.210	3.272.116	1.714.183	4.470.006
Wages and salaries	939.154	875.523	691.913	550.501	1.327.955
Amorization and depreciation	165.286	154.224	160.443	144.863	236.449
other operating costs	1.072.912	1.222.781	1.003.669	634.991	1.573.958
Operating expenses	2.177.352	2.252.528	1.856.025	1.330.355	3.138.362
Operating result	581.490	919.682	1.416.091	383.828	1.331.644
Financial expenses		147.023	101.096
Financial result	-129.546	-147.023	-101.096	-147.140	-219.061
Result on ordinary operations before taxes	451.944	772.659	1.314.995	236.688	1.112.583
Taxation on the result of ordinary activities	118.856	192.764	321.456	50.718	273.229
Result of ordinary activities after taxes	333.088	579.895	993.539	185.970	839.354
Net result	333.088	579.895	993.539	185.970	839.354

Summary

The gross profit of the company decreased by -13.03 % between 2015 and 2016. The operating result of the company declined with -36.77 % 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 -31.51 % of the analysed period, being equal to 7.15 in the year 2016. The Net Result of the company decreased by -42.56 % 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 -25.16 % of the analysed period, being 18.95 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The gross profit of the company decreased by -3.05 % between 2014 and 2015. The operating result of the company declined with -35.05 % 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 -62.15 % of the analysed period, being equal to 10.44 in the year 2015. The Net Result of the company decreased by -41.63 % 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 -52.4 % of the analysed period, being 25.32 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Wholesale of other used materials and waste materials (SBI code 46779)
Region	Kennemerland
Summary	In the Netherlands 2781 of the companies are registered with the SBI code 46779 In the region Kennemerland 93 of the companies are registered with the SBI code 46779 In the Netherlands 39 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 Kennemerland is normal

Year	2016	Company	2015	Company	2014
Equity	216.258	2.385.173	228.239	3.052.085	254.027
Working capital	145.469	1.538.341	109.872	2.196.218	139.810
Balance total	794.431	6.322.971	782.312	7.400.380	898.865
Quick ratio	1,07	1,31	1,03	1,42	1,00
Current ratio	1,24	1,39	1,47	1,51	1,57
Equity / balance total	0,38	0,38	0,39	0,41	0,39
Turnover	9.324.586	2.758.842	8.729.136	3.172.210	5.535.444
Net result	363.072	333.088	2.950	579.895	280.541

Publications

Deposits

23-05-2017: De jaarrekening over 2016 is gepubliceerd. 10-11-2016: De jaarrekening over 2015 is gepubliceerd. 09-06-2015: De jaarrekening over 2014 is gepubliceerd. 25-02-2013: De jaarrekening over 2012 is gepubliceerd.

Company structure

Relations	3
Company	Registration number
VG Recycling Groep Beheer B.V. (Velsen-Noord)	57124809
| - - VG Recycling Groep B.V. (Velsen-Noord)	34263705
| - - Van Gelder Papier Groep B.V. (Zutphen)	08026653

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 :	VAR
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.