MIRA INFORM REPORT

Report No. :	507760
Report Date :	08.05.2018

IDENTIFICATION DETAILS

Name :	CABOT NORIT NEDERLAND B.V.
Registered Office :	Astronaut 34 3824MJ Amersfoort
Country :	Netherlands
Financials (as on) :	30.09.2016
Date of Incorporation :	04.08.1921
Com. Reg. No.:	31020246
Legal Form :	Private Limited Company
Line of Business :	Manufacture of other chemical products n.e.c. Financial holding Sale of activated carbon and related services and systems, the provision of security, the granting of guarantees, the connection of the company and the encumbrance of assets of the company for the benefit of companies and companies with which the company is affiliated in a group and for third parties
No. of Employees :	299 (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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	EUR 1.000.000
Status :	Excellent
Payment Behaviour :	Regular
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	Cabot Norit Nederland B.V.
Operative address	Astronaut 34 3824MJ Amersfoort Netherlands
Credit limit	EUR 1.000.000
Status	Active
Specification	This company can meet all its obligations.

Legal form	Private Limited Company
Registration number	KvK-nummer: 31020246
VAT-number	001472057
European VAT-number	NL001472057B01

Year	2016	Mutation	2014	Mutation	2013
Fixed assets	43.770.214	8,54	40.327.266	1,93	39.564.131
Total receivables	22.864.957	-21,47	29.115.164	105,10	14.195.563
Total equity	16.329.393	34,69	12.123.657	-78,17	55.529.371
Short term liabilities	17.527.904	-17,93	21.357.923	2,69	20.799.239
Net result	4.205.736	1.136,63	-405.714	93,30	-6.057.199
Working capital	44.703.069	-27,39	61.563.619	-19,63	76.597.967
Quick ratio	1,41	-8,44	1,54	-36,36	2,42

Contact information

Company name	Cabot Norit Nederland B.V.
Trade names	Cabot Norit Nederland B.V.
Operative address	Astronaut 34 3824MJ Amersfoort Netherlands
Correspondence address	Postbus 105 3800AC Amersfoort Netherlands

Telephone number	0334648911
Fax number	0334617429
Email address	info@norit.com
Website	www.norit.com

Registration

Registration number	KvK-nummer: 31020246
Branch number	000018926983
VAT-number	001472057
European VAT-number	NL001472057B01
Status	Active
First registration company register	1972-09-25
Memorandum	1972-09-25
Establishment date	1921-08-04

Legal form	Private Limited Company
Legal person since	1972-09-25
Last proposed admendment	2015-12-09
Issued placed capital	EUR 2.269.000
Paid up share capital	EUR 2.269.000

Activities

SBI	2059: Manufacture of other chemical products n.e.c. 6420: Financial holding
Exporter	No
Importer	No

Goal

Verkoop van actieve kool en daarbij behorende diensten en systemen, het stellen van zekerheden, het strekken van garanties, het verbinden van de vennootschap en het bezwaren van activa van de vennootschap ten behoeve van ondernemingen en vennootschappen waarmee de vennootschap in een groep is verbonden en ten behoeve van derden

Relations

Shareholders	Norit EAPA Holding B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 31048655 Percentage: 100%
Affiliates	Cabot Norit Technology B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 66205794

Branches

Cabot Norit Nederland B.V. Mr. Ovingkanaal OZ 3 7891EV KLAZIENAVEEN Netherlands Registration number: 31020246 Cabot Norit Nederland B.V. Pieter Ghijsenlaan 42 1506PW ZAANDAM Netherlands Registration number: 31020246

Companies on same address

Norit EAPA Holding B.V. Registration number: 31048655 Norit International B.V. Registration number: 31014453 Norit Real Estate B.V. Registration number: 31020247 Personeelsvereniging Norit Amersfoort Registration number: 40507891 Stichting Norit Pensioenfonds Registration number: 41188191 Norit Holding B.V. Registration number: 34274012 Cabot Activated Carbon B.V. Registration number: 55725368 Cabot Norit Technology B.V. Registration number: 66205794

Liability statements

Norit Holding B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 34274012 date of issue: 2013-03-04 Starting date: 2011-01-01 End date: 2015-02-11

Bank details

Accounts

ABN Amro Bank NV Account number: NL79ABNA0411592254 BIC: ABNANL2A ING Bank NV Account number: NL79INGB0000082697 BIC: INGBNL2A

Real Estate

Details operative address

Surface area: 2881 m2 Purpose: Industrial function, Office function Construction year: 2000 Status: Building in use Under investigation: No

Management

Active management

B.P. Genemans Bartholomeus Petrus Netherlands Competence: Fully authorized Function: Manager Starting date: 2009-12-31 Date of birth: 1957-08-28, 's-Gravenhage, NL Involved with the following companies: Norit Real Estate B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 31020247 Function: Manager Starting date: 2013-09-30 Norit EAPA Holding B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 31048655 Function: Manager Starting date: 2013-09-30 Norit International B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 31014453 Function: Manager Starting date: 2013-10-01 Norit Holding B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 34274012 Function: Manager Starting date: 2013-10-01 Stichting Formule Race Talent Watersniplaan 5 2261DH LEIDSCHENDAM Netherlands Registration number: 27275692 Status: Dissolved Function: Chairman Starting date: 2005-03-17 Cabot Norit Technology Holdings B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 66205441 Status: Dissolved Function: Manager Starting date: 2016-06-08 Cabot Activated Carbon B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 55725368 Function: Manager Starting date: 2013-09-30 M.D. Maloney Marc David Netherlands Competence: Fully authorized Function: Manager Starting date: 2014-04-14 Date of birth: 1972-12-24, New York, US A.H.G.M. Beenackers - François Anna Henrica Gemma Maria Netherlands Competence: Fully authorized Function: Manager Starting date: 2016-01-29 Date of birth: 1982-08-13, Breda, NL Involved with the following companies: Norit Real Estate B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 31020247 Function: Manager Starting date: 2016-01-29 Norit EAPA Holding B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 31048655 Function: Manager Starting date: 2016-01-29 Norit International B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 31014453 Function: Manager Starting date: 2016-01-29 Norit Holding B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 34274012 Function: Manager Starting date: 2016-01-29 Cabot Norit Technology Holdings B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 66205441 Status: Dissolved Function: Manager Starting date: 2016-06-08 Cabot Activated Carbon B.V. Astronaut 34 3824MJ AMERSFOORT Netherlands Registration number: 55725368 Function: Manager Starting date: 2016-01-29 J.W. de With Jan Willem Netherlands Competence: Limited authorization Function: Secretaris Starting date: 1997-05-01 Date of birth: 1953-11-07, Apeldoorn, NL Involved with the following companies: Stichting Reünisten U.S.C. Janskerkhof 14 3512BL UTRECHT Netherlands Registration number: 30195851 Function: Manager Starting date: 2004-04-26

Employees

Year	2016	2015	2014	2013	2012
Annual			310	315	309
Chamber of Commerce	299	338	338	338	78

Payments

Description

Payments are made regularly with some delay

Total	EUR 46.607
	Last quarter	Last year
Average payment period (days)	16	47
Average delay (days)	0	8

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q2	A	100,00%	0,00%	0,00%	0,00%	0,00%	0,00%
2018 Q1	A	100,00%	0,00%	0,00%	0,00%	0,00%	0,00%
2017 Q4	B	35,00%	45,00%	8,00%	6,00%	1,00%	6,00%
2017 Q3	B	58,00%	42,00%	0,00%	0,00%	0,00%	0,00%
2017 Q2	B	51,00%	49,00%	0,00%	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)		45			43
Average delay (days)		18			17
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2018 Q2	60,00%	27,00%	8,00%	2,00%		1,00%	2,00%
2018 Q1	52,00%	32,00%	7,00%	2,00%		1,00%	6,00%
2017 Q4	52,00%	32,00%	6,00%	2,00%		2,00%	7,00%
2017 Q3	58,00%	34,00%	6,00%	1,00%		1,00%	1,00%
2017 Q2	61,00%	34,00%	2,00%	1,00%		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	2014	2013	2012
Quick ratio	1,41	1,54	2,42	0,58
Current ratio	3,55	3,88	4,68	1,29
Working capital/ balance total	0,42	0,50	0,56	0,15
Equity / balance total	0,15	0,10	0,41	0,49
Equity / Fixed assets	0,37	0,30	1,40	1,41
Equity / liabilities	0,18	0,11	0,68	0,96
Balance total / liabilities	1,18	1,11	1,68	1,96
Working capital	44.703.069	61.563.619	76.597.967	18.630.666
Equity	16.329.393	12.123.657	55.529.371	61.586.570
Mutation equity		-78,17	-9,84
Mutation short term liabilities		2,69	-67,23
Return on total assets (ROA)	5,29	-0,44	-5,90	1,64
Return on equity (ROE)	34,34	-4,46	-14,54	3,34
Gross profit margin		0,20	-5,98	2,78
Net profit margin		-0,36	-5,42	1,46
Average collection ratio		5,25	5,37	1,67
Average payment ratio		3,85	7,87	4,50
Equity turnover ratio		9,26	2,01	1,72
Total assets turnover ratio		0,91	0,82	0,84
Fixed assets turnover ratio		2,78	2,82	2,42
Inventory conversion ratio		2,24	2,38	2,35
Turnover		112.206.864	111.670.205	105.864.051
Operating result	7.520.744	222.351	-6.675.491	2.941.745
Net result after taxes	4.205.736	-405.714	-6.057.199	1.543.883
Gross profit		112.206.864	111.670.205	105.739.951
EBIT	7.520.744	222.351	-6.675.491	2.941.745

Summary

The 2016 financial result structure is a postive working captial of 44.703.069 euro, which is in agreement with 42 % of the total assets of the company. The current ratio of the company in 2016 was 3.55. 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 1.41. 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	Cabot Norit Nederland B.V. Astronaut 34 3824MJ Amersfoort Netherlands Registration number: 31020246

Balance

Year	2016	2014	2013	2012
End date	2016-09-30	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate
Intangible fixed assets	2.142.239	2.315.970	2.246.968	2.106.133
Other tangible fixed assets	1.523.254
Tangible fixed assets	41.627.975	38.011.296	37.317.163	40.489.771
Financial fixed assets				1.100.000
Fixed assets	43.770.214	40.327.266	39.564.131	43.695.904
Total stock	37.454.335	50.124.540	47.016.911	45.038.503
Accounts receivable	14.535.507		3.269.852	16.849.152
Other receivables	8.329.450		10.925.711	6.692.868
Total receivables	22.864.957	29.115.164	14.195.563	23.542.020
Liquid funds	1.911.682	3.681.838	36.184.732	13.530.059
Current assets	62.230.973	82.921.542	97.397.206	82.110.582
Total assets	106.001.187	123.248.808	136.961.337	125.806.486
Issued capital	2.269.000	2.269.000	2.269.000	2.269.000
Share premium reserve			33.100.896	33.100.896
Legal and statutory reserve	2.142.238	2.315.970	2.246.968	2.106.133
Other reserves	11.918.155	7.538.687	17.912.507	24.110.541
Total reserves	14.060.393	9.854.657	53.260.371	59.317.570
Total equity	16.329.393	12.123.657	55.529.371	61.586.570
Provisions	2.224.642	1.171.065	1.610.526	740.000
Long term interest yielding debt	69.919.248	88.596.163	59.022.201
Long term liabilities	69.919.248	88.596.163	59.022.201
Accounts payable	11.170.305		12.415.550	15.930.839
Other short term liabilities	6.357.599		8.383.689	47.549.077
Short term liabilities	17.527.904	21.357.923	20.799.239	63.479.916
Total short and long term liabilities	89.671.794	111.125.151	81.431.966	64.219.916
Total liabilities	106.001.187	123.248.808	136.961.337	125.806.486

Summary

In 2016 the assets of the company were 41.29 % composed of fixed assets and 58.71 % by current assets. The assets are being financed by an equity of 15.4 %, and total debt of 84.6 %.

Profit and loss

Year	2016	2014	2013	2012
Revenues	198.412.435	113.394.504	112.557.296	106.831.410
Other operating income		1.187.640	887.091	1.091.459
Net turnover		112.206.864	111.670.205	105.864.051
Changes in inventories of finished goods and work in progress				-124.100
Operating expenses	190.891.691	113.172.153	119.232.787	103.889.665
Operating result	7.520.744	222.351	-6.675.491	2.941.745
Financial income	1.925.144	143.325	79.306	434.362
Financial expenses	3.838.240	906.628	1.480.080	1.317.596
Financial result	-1.913.096	-763.303	-1.400.774	-883.234
Result on ordinary operations before taxes	5.607.648	-540.952	-8.076.265	2.058.511
Taxation on the result of ordinary activities	1.401.912	-135.238	-2.019.066	514.628
Result of ordinary activities after taxes	4.205.736	-405.714	-6.057.199	1.543.883
Net result	4.205.736	-405.714	-6.057.199	1.543.883

Summary

The company's Financial Profitability has been neutrally affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is the unchanged profitability of the analysed period, remaining unchanged at 34.34 in the year 2016.

Analysis

Branch (SBI)	Manufacture of other chemical products n.e.c. (SBI code 2059)
Region	Utrecht
Summary	In the Netherlands 1871 of the companies are registered with the SBI code 2059 In the region Utrecht 99 of the companies are registered with the SBI code 2059 In the Netherlands 7 of the bankrupcties are published within this sector In the region Utrecht 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 Utrecht is normal

Year	2016	Company	2014	Company
Equity	51.193.208	16.329.393	50.589.000	12.123.657
Working capital	10.603.956	44.703.069	8.490.000	61.563.619
Balance total	97.276.597	106.001.187	101.090.000	123.248.808
Quick ratio	1,26	1,41	1,15	1,54
Current ratio	1,70	3,55	1,59	3,88
Equity / balance total	0,65	0,15	0,63	0,10
Turnover			76.321.136	112.206.864
Net result	4.221.845	4.205.736	3.556.500	-405.714

Publications

Liability statements	14-07-2016: Per 11-02-2015 is een aansprakelijkheidsverklaring door Norit Holding B.V. ingetrokken.
Deposits	20-12-2017: De jaarrekening over 2016 (gebroken boekjaar) is gepubliceerd. 30-08-2016: De jaarrekening over 2014 is gepubliceerd. 14-07-2016: De jaarrekening over 2013 is gepubliceerd. 20-02-2015: De jaarrekening over 2012 is gepubliceerd.
Functions	08-09-2017: Per 31-08-2017 is bestuurder Anna Henrica Gemma Maria Beenackers-François uit functie getreden. 25-02-2016: Per 29-01-2016 is bestuurder Anna Henrica Gemma Maria Beenackers-François in functie getreden. 17-02-2016: Per 29-01-2016 is bestuurder Dirk Eijgenraam uit functie getreden. 22-04-2015: Per 27-03-2015 is bestuurder Dirk Eijgenraam in functie getreden. 22-04-2015: Per 01-03-2015 is bestuurder Jasper Joost van Empelen uit functie getreden. 22-04-2015: Per 27-03-2015 is gevolmachtigde Dirk Eijgenraam uit functie getreden. 11-12-2014: Per 01-01-2014 is gevolmachtigde Dirk Eijgenraam in functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Oscar van Rikxoort uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Pieter Martinus Meijer uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Wouterus Bos uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Robert Willem Koedijk uit functie getreden. 04-12-2014: Per 01-01-2014 is gevolmachtigde Marjolein Blaauw uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Margaretha Maria Hogendoorn-Wassenaar uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Gertjan Hein van de Meerendonk uit functie getreden. 04-12-2014: Per 01-07-2014 is gevolmachtigde Robert Jan de Jonge uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Anthonius Philippus Maria Huppertz uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Helmert Hendrik van Rheenen uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Siebert Brugt Postma uit functie getreden. 04-12-2014: Per 01-11-2014 is gevolmachtigde Arie Pieter Markesteijn uit functie getreden. 04-12-2014: Per 01-07-2014 is gevolmachtigde Hendrika Josephine van Garder uit functie getreden.
Other	11-12-2015: Per 9-12-2015 statuten gewijzigd.

Company structure

Relations	8
Company	Registration number
Cabot Activated Carbon Holdings Uk Limited (CF64 5RP Penarth Vale of)
| - - Cabot Activated Carbon B.V. (AMERSFOORT)	55725368
| - - | - - Norit Holding B.V. (Amersfoort)	34274012
| - - | - - | - - Norit International B.V. (Amersfoort)	31014453
| - - | - - | - - | - - Norit Real Estate B.V. (Amersfoort)	31020247
| - - | - - | - - | - - Norit EAPA Holding B.V. (AMERSFOORT)	31048655
| - - | - - | - - | - - | - - Cabot Norit Nederland B.V. (Amersfoort)	31020246
| - - | - - | - - | - - | - - Cabot Norit Technology B.V. (AMERSFOORT)	66205794

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.11
UK Pound	1	INR 90.85
Euro	1	INR 80.12
Euro	1	INR 79.68

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

INFORMATION DETAILS

Analysis Done by :	NIY
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.