MIRA INFORM REPORT

Report No. :	487757
Report Date :	23.01.2018

IDENTIFICATION DETAILS

Name :	EUROBOLT B.V.
Registered Office :	De Immenhorst 12, 7041KE 'S-Heerenberg
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	15.12.1978
Com. Reg. No.:	24135115
Legal Form :	Private Limited Company
Line of Business :	Processing of steel and iron, production, import, export of and trade in semi-finished and fasteners, steel and iron operations.
No. of Employees :	31 [2016]

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 Netherlands achieved growth of 3.1% in 2017, with unemployment decreasing to 5.1%.

Source : CIA

Summary

Company name	EUROBOLT B.V.
Operative address	De Immenhorst 12 7041KE 'S-Heerenberg Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 24135115
VAT-number	004652447
European VAT-number	NL004652447B01

Year	2016	Mutation	2015	Mutation	2014
Fixed assets	913.282	-2,63	937.963	-4,97	986.970
Total receivables	1.974.161	34,14	1.471.707	13,66	1.294.782
Total equity	5.155.999	7,13	4.812.632	9,18	4.407.871
Short term liabilities	4.943.233	7,83	4.584.463	73,36	2.644.457
Net result	343.367	-15,17	404.761	405,26	80.109
Working capital	5.058.685	7,81	4.692.037	9,30	4.292.986
Quick ratio	0,40	25,00	0,32	-38,46	0,52

Contact information

Company name	Eurobolt B.V.
Trade names	Eurobolt B.V.
Operative address	De Immenhorst 12 7041KE 'S-HEERENBERG Netherlands
Correspondence address	De Immenhorst 12 7041KE 'S-HEERENBERG Netherlands

Telephone number	0314-675700
Fax number	0314664126
Email address	info@eurobolt.com

Registration

Registration number	KvK-nummer: 24135115
Branch number	000020198485
VAT-number	004652447
European VAT-number	NL004652447B01
Status	Active
First registration company register	1978-12-15
Memorandum	1978-12-15
Establishment date	1978-12-15

Legal form	Private Limited Company
Last proposed admendment	2009-05-19
Issued placed capital	EUR 56.250
Paid up share capital	EUR 56.250

Activities

SBI	46741: Wholesale of hardware (ironware and metal products)
Exporter	Yes
Importer	Yes

Goal	Processing of steel and iron, production, import, export of and trade in semi-finished and fasteners, steel and iron operations.

Relations

Liability statements

Klaassen Fasteners B.V. Dokwerkerstraat 2 2984BJ Ridderkerk Netherlands Registration number: 20054272 Starting date: 1991-03-06 End date: 2009-12-31

Real Estate

Details operative address

Surface area: 7551 m2 Purpose: Industrial function Construction year: 2007 Status: Building in use Under investigation: No

Management

Active management

Beleggingsmaatschappij Tobur Rotterdam B.V. Molenlaan 55 3055EG ROTTERDAM Netherlands Registration number: 24166621 Competence: Fully authorized Function: Manager Starting date: 2005-01-10 H.J.M. Snijders Hendrikus Johannes Margaretha Netherlands Competence: Fully authorized Function: Manager Starting date: 2002-04-01 Date of birth: 1968-10-20, Bergh, NL

Employees

Year	2016	2015	2014	2013	2012
Annual	31	31	31	31	31
Chamber of Commerce		33			33

Payments

Description	No Complaints
Payments within industry	Last quarter	Last year
Average payment period (days)	35	32
Average delay (days)	17	14

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	67,00%	22,00%	3,00%	2,00%	2,00%	3,00%
2017 Q4	67,00%	22,00%	3,00%	2,00%	2,00%	3,00%
2017 Q3	61,00%	30,00%	5,00%	1,00%	0,00%	3,00%
2017 Q2	63,00%	29,00%	5,00%	0,00%	0,00%	3,00%
2017 Q1	64,00%	27,00%	5,00%	2,00%	1,00%	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	0,40	0,32	0,52	0,57	0,33
Current ratio	2,02	2,02	2,62	3,08	2,63
Working capital/ balance total	0,46	0,46	0,54	0,60	0,56
Equity / balance total	0,47	0,47	0,56	0,55	0,52
Equity / Fixed assets	5,65	5,13	4,47	4,68	5,09
Equity / liabilities	0,90	0,89	1,25	1,25	1,07
Balance total / liabilities	1,90	1,89	2,25	2,25	2,07
Working capital	5.058.685	4.692.037	4.292.986	4.640.594	5.530.975
Equity	5.155.999	4.812.632	4.407.871	4.327.762	5.129.698
Mutation equity	7,13	9,18	1,85	-15,63	0,56
Mutation short term liabilities	7,83	73,36	18,45	-34,22	-37,03
Return on total assets (ROA)	3,22	3,95	0,99	-10,38	0,33
Return on equity (ROE)	6,82	8,38	1,79	-18,70	0,65
Gross margin	3.533.577	3.440.207	2.956.841	2.285.409	3.039.763
Operating result	518.684	575.721	264.617	-612.915	316.142
Net result after taxes	343.367	404.761	80.109	-801.936	28.749
Cashflow	525.763	575.992	224.781	-649.904	229.918
EBIT	518.684	575.721	264.617	-612.915	316.142
EBITDA	701.080	746.952	409.289	-460.883	517.311
Summary	The 2016 financial result structure is a postive working captial of 5.058.685 euro, which is in agreement with 46 % of the total assets of the company. The working capital has increased with 7.81 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged. The improvement between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 2.02. 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 0.4. 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 4.692.037 euro, which is in agreement with 46 % of the total assets of the company. The working capital has increase with 9.3 % 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 2.02. 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 0.32. 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 company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Eurobolt B.V. De Immenhorst 12 7041KE 'S-HEERENBERG Netherlands Registration number: 24135115

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	913.282	937.963	986.970	925.423	1.007.180
Fixed assets	913.282	937.963	986.970	925.423	1.007.180
Total stock	8.022.328	7.793.765	5.568.025	5.598.572	7.815.495
Total receivables	1.974.161	1.471.707	1.294.782	1.185.098	1.048.426
Liquid funds	5.429	11.028	74.636	89.554	61.177
Current assets	10.001.918	9.276.500	6.937.443	6.873.224	8.925.098
Total assets	10.915.200	10.214.463	7.924.413	7.798.647	9.932.278
Issued capital	56.722	56.722	56.722	56.722	56.722
Share premium reserve	658.053	658.053	658.053	658.053	658.053
Revaluation reserve	63.874	69.474	75.074	80.674	86.274
Other reserves	4.377.350	4.028.383	3.618.022	3.532.313	4.328.649
Total reserves	5.099.277	4.755.910	4.351.149	4.271.040	5.072.976
Total equity	5.155.999	4.812.632	4.407.871	4.327.762	5.129.698
Provisions	15.968	17.368	18.768	20.168	21.568
Long term interest yielding debt	800.000	800.000	853.317	1.218.087	1.386.889
Long term liabilities	800.000	800.000	853.317	1.218.087	1.386.889
Short term liabilities	4.943.233	4.584.463	2.644.457	2.232.630	3.394.123
Total short and long term liabilities	5.759.201	5.401.831	3.516.542	3.470.885	4.802.580
Total liabilities	10.915.200	10.214.463	7.924.413	7.798.647	9.932.278
Summary	The total assets of the company increased with 6.86 % between 2015 and 2016. Despite the assets growth, the non current assets decreased with -2.63 %. The asset growth has mainly been financed by a Net Worth increase of 7.13 %. Debt, however, grew with 6.62 %. In 2016 the assets of the company were 8.37 % composed of fixed assets and 91.63 % by current assets. The assets are being financed by an equity of 47.24 %, and total debt of 52.76 %. The total assets of the company increased with 28.9 % between 2014 and 2015. Despite the assets growth, the non current assets decreased with -4.97 %. The asset growth has mainly been financed by a debt increase of 53.61 %. The Net Worth, however, grew with 9.18 %. In 2015 the assets of the company were 9.18 % composed of fixed assets and 90.82 % by current assets. The assets are being financed by an equity of 47.12 %, and total debt of 52.88 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Gross margin	3.533.577	3.440.207	2.956.841	2.285.409	3.039.763
Wages and salaries	1.726.622	1.584.840	1.523.837	1.575.725	1.550.054
Amorization and depreciation	182.396	171.231	144.672	152.032	201.169
other operating costs	1.105.875	1.108.415	1.023.715	1.170.567	972.398
Operating expenses	3.014.893	2.864.486	2.692.224	2.898.324	2.723.621
Operating result	518.684	575.721	264.617	-612.915	316.142
Financial expenses					282.974
Financial result	-166.813	-172.360	-185.908	-196.240	-282.974
Result on ordinary operations before taxes	351.871	403.361	78.709	-809.155	33.168
Taxation on the result of ordinary activities	8.504	-1.400	-1.400	-7.219	4.419
Result of ordinary activities after taxes	343.367	404.761	80.109	-801.936	28.749
Net result	343.367	404.761	80.109	-801.936	28.749
Summary	The gross profit of the company grew with 2.71 % between 2015 and 2016. The operating result of the company declined with -9.91 % 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 -18.48 % of the analysed period, being equal to 3.22 in the year 2016. The Net Result of the company decreased by -15.17 % 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 -18.62 % of the analysed period, being 6.82 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The gross profit of the company grew with 16.35 % between 2014 and 2015. The operating result of the company grew with 117.57 % between 2014 and 2015. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 298.99 % of the analysed period, being equal to 3.95 in the year 2015. The Net Result of the company increased by 405.26 % between 2014 and 2015. 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 368.16 % of the analysed period, being 8.38 in the year 2015. The company's financial structure has slowed down its financial profitability.

Analysis

Branch (SBI)	Wholesale of hardware (ironware and metal products) (SBI code 46741)
Region	Achterhoek
Summary	In the Netherlands 2188 of the companies are registered with the SBI code 46741 In the region Achterhoek 83 of the companies are registered with the SBI code 46741 In the Netherlands 36 of the bankrupcties are published within this sector In the region Achterhoek 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 Achterhoek is normal

Year	2016	Company	2015	Company	2014
Equity	162.047	5.155.999	153.108	4.812.632	152.868
Working capital	169.442	5.058.685	134.220	4.692.037	124.856
Balance total	552.310	10.915.200	587.537	10.214.463	574.091
Quick ratio	1,04	0,40	1,03	0,32	0,91
Current ratio	1,41	2,02	1,56	2,02	1,55
Equity / balance total	0,39	0,47	0,38	0,47	0,34
Turnover	8.277.794	3.533.577	7.710.187	3.440.207	5.601.710
Net result	1.044.215	343.367	912.955	404.761	638.131

Publications

Deposits

25-07-2017: De jaarrekening over 2016 is gepubliceerd. 19-05-2016: De jaarrekening over 2015 is gepubliceerd. 28-05-2015: De jaarrekening over 2013 is gepubliceerd. 11-05-2015: De jaarrekening over 2014 is gepubliceerd. 20-06-2013: De jaarrekening over 2012 is gepubliceerd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.89
UK Pound	1	INR 88.60
Euro	1	INR 78.12
Euro	1	INR 78.19

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

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.