MIRA INFORM REPORT

Report No. :	489574
Report Date :	31.01.2018

IDENTIFICATION DETAILS

Name :	METROHM AUTOLAB B.V.
Registered Office :	Kanaalweg 29 G, 3526KM Utrecht
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	17.08.1995
Com. Reg. No.:	30128927
Legal Form :	Private Limited Company
Line of Business :	Manufacture of instruments for measuring, testing, navigation and controlling
No. of Employees :	42 [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 :	Satisfactory
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	Metrohm Autolab B.V.

Summary

Company name	Metrohm Autolab B.V.
Operative address	Kanaalweg 29 G 3526KM Utrecht Netherlands
Status	Active
Specification	This company can meet all its obligations.

Legal form	Private Limited Company
Registration number	KvK-nummer: 30128927
VAT-number	803912316
European VAT-number	NL803912316B01

Year	2016	Mutation	2015	Mutation	2014
Fixed assets	1.603.654	-16,02	1.909.586	-12,62	2.185.386
Total receivables	1.347.386	-36,22	2.112.655	-7,39	2.281.168
Total equity	9.528.026	10,40	8.630.620	8,17	7.978.399
Short term liabilities	680.597	-21,14	863.029	15,41	747.781
Net result					816.237
Working capital	7.924.372	17,90	6.721.034	16,02	5.793.013
Quick ratio	9,76	54,68	6,31	15,15	5,48

Contact information

Company name	Metrohm Autolab B.V.
Trade names	Metrohm Autolab B.V.
Operative address	Kanaalweg 29 G 3526KM Utrecht Netherlands
Correspondence address	Kanaalweg 29 G 3526KM Utrecht Netherlands

Telephone number	030-2893154
Fax number	0302880715
Email address	info@metrohm-autolab.com
Website	www.metrohm-autolab.com

Registration

Registration number	KvK-nummer: 30128927
Branch number	000005486343
VAT-number	803912316
European VAT-number	NL803912316B01
Status	Active
First registration company register	1995-08-17
Memorandum	1995-08-17
Establishment date	1995-08-17

Legal form	Private Limited Company
Last proposed admendment	2009-09-08
Issued placed capital	EUR 18.160
Paid up share capital	EUR 18.160

Activities

SBI	2651: Manufacture of instruments for measuring, testing, navigation and controlling
Exporter	No
Importer	No

Goal	Het ontwikkelen van technisch wetenschappelijke software voor derden; het ontwikkelen en verkopen van computergestuurde laboratorium instrumenten; het uitvoeren van laboratorium automatiseringsprojecten voor derden.

Relations

Shareholders	Metrohm A.G. Oberdorfstrasse 68 CH-9100 Herisau Switzerland Percentage: 100%
Shareholders	Naam: Metrohm A.G. Bezoekadres: Oberdorfstrasse 68, CH-9100 Herisau, Zwitserland Ingeschreven in: Handelsregister Herisau, Zwitserland onder nummer CH-300.3.012.064-1 Enig aandeelhouder sedert: 15-04-2011 (datum registratie: 21-04-2011)

Real Estate

Details operative address

Surface area: 1430 m2 Purpose: Industrial function Construction year: 2000 Status: Building in use Under investigation: No

Management

Active management

A. Mijiritskii Andrei Netherlands Competence: Fully authorized Function: Manager Starting date: 2015-05-01 Date of birth: 1973-01-26, Moskou, NL J.J.M. Coenen Josef Johan Maria Netherlands Competence: Limited authorization Function: Proxy Starting date: 2010-01-01 Date of birth: 1963-07-17, Utrecht, NL J.E. van Dillen Jaco Enrique Netherlands Competence: Limited authorization Function: Proxy Starting date: 2015-05-13 Date of birth: 1972-05-05, Culemborg, NL

Employees

Year	2017	2016	2015	2014	2013
Annual	42	42	41	38	36
Chamber of Commerce		42	34

Payments

Description	No complaints
Payments within industry	Last quarter	Last year
Average payment period (days)	40	39
Average delay (days)	21	18

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	55,00%	31,00%	5,00%	2,00%	2,00%	6,00%
2017 Q4	55,00%	31,00%	5,00%	2,00%	2,00%	6,00%
2017 Q3	51,00%	31,00%	6,00%	5,00%	1,00%	6,00%
2017 Q2	47,00%	39,00%	3,00%	2,00%	1,00%	8,00%
2017 Q1	54,00%	37,00%	2,00%	5,00%	0,00%	3,00%

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	9,76	6,31	5,48	4,04	3,18
Current ratio	12,64	8,79	8,75	6,21	4,80
Working capital/ balance total	0,78	0,71	0,66	0,60	0,54
Equity / balance total	0,93	0,91	0,91	0,88	0,86
Equity / Fixed assets	5,94	4,52	3,65	3,12	2,65
Equity / liabilities	14,00	10,00	10,67	7,67	6,10
Balance total / liabilities	15,00	11,00	11,67	8,67	7,10
Working capital	7.924.372	6.721.034	5.793.013	5.374.730	4.825.403
Equity	9.528.026	8.630.620	7.978.399	7.912.161	7.744.849
Mutation equity	10,40	8,17	0,84	2,16	8,12
Mutation short term liabilities	-21,14	15,41	-27,51	-18,79	-22,07
Return on total assets (ROA)			12,25	21,59	23,22
Return on equity (ROE)			13,39	24,40	27,03
Gross margin			4.643.804	5.340.757	5.368.799
Operating result			1.047.816	1.899.897	2.058.507
Net result after taxes			816.237	1.467.312	1.581.372
Cashflow			962.675	1.604.994	1.714.786
EBIT			1.047.816	1.899.897	2.058.507
EBITDA			1.194.254	2.037.579	2.191.921

Summary

The 2016 financial result structure is a postive working captial of 7.924.372 euro, which is in agreement with 78 % of the total assets of the company. The working capital has increased with 17.9 % 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 12.64. 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 2016 of the company was 9.76. 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 6.721.034 euro, which is in agreement with 71 % of the total assets of the company. The working capital has increased with 16.02 % 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 8.79. 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 2015 of the company was 6.31. 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	Metrohm Autolab B.V. Kanaalweg 29 G 3526KM Utrecht Netherlands Registration number: 30128927

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
Intangible fixed assets	38.046	71.469
Tangible fixed assets	1.565.608	1.538.117	1.585.386	1.637.431	1.719.446
Financial fixed assets		300.000	600.000	900.000	1.200.000
Fixed assets	1.603.654	1.909.586	2.185.386	2.537.431	2.919.446
Total stock	1.961.193	2.136.868	2.443.351	2.238.599	2.055.199
Total receivables	1.347.386	2.112.655	2.281.168	2.278.867	1.956.201
Liquid funds	5.296.390	3.334.540	1.816.275	1.888.843	2.084.332
Current assets	8.604.969	7.584.063	6.540.794	6.406.309	6.095.732
Total assets	10.208.623	9.493.649	8.726.180	8.943.740	9.015.178
Issued capital	18.160	18.160	18.160	18.160	18.160
Other reserves	9.509.866	8.612.460	7.960.239	7.894.001	7.726.689
Total reserves	9.509.866	8.612.460	7.960.239	7.894.001	7.726.689
Total equity	9.528.026	8.630.620	7.978.399	7.912.161	7.744.849
Short term liabilities	680.597	863.029	747.781	1.031.579	1.270.329
Total short and long term liabilities	680.597	863.029	747.781	1.031.579	1.270.329
Total liabilities	10.208.623	9.493.649	8.726.180	8.943.740	9.015.178

Summary

The total assets of the company increased with 7.53 % between 2015 and 2016. Despite the assets growth, the non current assets decreased with -16.02 %. The assets growth has been financed by a Net Worth increase of 10.4 %. The company's net increase has also covered a reduction of -21.14 % of the company's indebtedness. In 2016 the assets of the company were 15.71 % composed of fixed assets and 84.29 % by current assets. The assets are being financed by an equity of 93.33 %, and total debt of 6.67 %. The total assets of the company increased with 8.8 % between 2014 and 2015. Despite the assets growth, the non current assets decreased with -12.62 %. The asset growth has mainly been financed by a debt increase of 15.41 %. The Net Worth, however, grew with 8.17 %. In 2015 the assets of the company were 20.11 % composed of fixed assets and 79.89 % by current assets. The assets are being financed by an equity of 90.91 %, and total debt of 9.09 %.

Profit and loss

Year	2014	2013	2012
Gross margin	4.643.804	5.340.757	5.368.799
Wages and salaries	2.666.238	2.569.528	2.395.312
Amorization and depreciation	146.438	137.682	133.414
other operating costs	783.312	733.650	781.566
Operating expenses	3.595.988	3.440.860	3.310.292
Operating result	1.047.816	1.899.897	2.058.507
Financial income	46.162	56.290	56.325
Financial expenses	25.397	25.234	21.077
Financial result	20.765	31.056	35.248
Result on ordinary operations before taxes	1.068.581	1.930.953	2.093.755
Taxation on the result of ordinary activities	252.344	470.618	512.383
Result of ordinary activities after taxes	816.237	1.460.335	1.581.372
Result subsidiaries after taxes		6.977
Net result	816.237	1.467.312	1.581.372

Analysis

Branch (SBI)	Manufacture of instruments for measuring, testing, navigation and controlling (SBI code 2651)
Region	Westelijk Utrecht
Summary	In the Netherlands 794 of the companies are registered with the SBI code 2651 In the region Westelijk Utrecht 32 of the companies are registered with the SBI code 2651 In the Netherlands 19 of the bankrupcties are published within this sector The risk of this specific sector in the Netherlands is High The risk of this specific sector in the region Westelijk Utrecht is High

Year	2016	Company	2015	Company	2014
Equity	113.486	9.528.026	138.290	8.630.620	164.427
Working capital	172.010	7.924.372	138.268	6.721.034	141.540
Balance total	461.763	10.208.623	514.076	9.493.649	566.926
Quick ratio	1,47	9,76	1,28	6,31	1,20
Current ratio	1,45	12,64	1,59	8,79	1,58
Equity / balance total	0,48	0,93	0,48	0,91	0,42
Turnover					11.704.455
Net result					899.910

Publications

Deposits	07-09-2017: De jaarrekening over 2016 is gepubliceerd. 20-06-2016: De jaarrekening over 2015 is gepubliceerd. 29-10-2015: De jaarrekening over 2014 is gepubliceerd. 03-11-2014: De jaarrekening over 2013 is gepubliceerd. 20-09-2013: De jaarrekening over 2012 is gepubliceerd.
Functions	06-07-2016: Per 01-04-2016 is bestuurder Timoer Frelink uit functie getreden. 15-05-2015: Per 13-05-2015 is gevolmachtigde Jaco Enrique van Dillen in functie getreden. 15-05-2015: Per 01-05-2015 is bestuurder Andrei Mijiritskii in functie getreden. 27-03-2015: Per 17-03-2015 is bestuurder Timoer Frelink in functie getreden. 27-03-2015: Per 17-03-2015 is bestuurder Martin Heule uit functie getreden. 27-03-2015: Per 17-03-2015 is gevolmachtigde Timoer Frelink uit functie getreden.
Other	06-07-2016: Per 1-4-2016 is de bevoegdheid van Bestuurder Andrei Mijiritskii gewijzigd. 15-05-2015: Per 1-5-2015 is de bevoegdheid van Bestuurder Timoer Frelink gewijzigd.

Company structure

Relations	2
Company	Registration number
Metrohm A.G. (CH-9100 Herisau)
| - - Metrohm Autolab B.V. (Utrecht)	30128927

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.75
UK Pound	1	INR 89.39
Euro	1	INR 78.54
Euro	1	INR 79.25

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	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.