MIRA INFORM REPORT

Report No. :	510097
Report Date :	21.05.2018

IDENTIFICATION DETAILS

Name :	GLOBE AIRMOTORS B.V.
Registered Office :	Boerhaaveweg 9 – 11 2408AD Alphen Aan Den Rijn
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	15.08.2001
Com. Reg. No.:	28091516
Legal Form :	Private Limited Company
Line of Business :	Manufacture of engines and turbines, not for aircraft, vehicles and cycles The development and production of and the (large) trade in (both import and export) of air engines.
No. of Employees :	1

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow and delayed
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	Globe Airmotors B.V.
Operative address	Boerhaaveweg 9 - 11 2408AD Alphen aan den Rijn Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 28091516
VAT-number	809993442
European VAT-number	NL809993442B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	23.593	20,69	19.549	-19,39	24.252
Total receivables	348.393	31,13	265.678	-9,67	294.119
Total equity	754.938	-8,22	822.592	13,73	723.293
Short term liabilities	143.423	-6,93	154.100	-45,63	283.416
Working capital	891.345	-7,44	963.043	26,88	759.041
Quick ratio	2,97	21,72	2,44	132,38	1,05

Contact information

Company name	Globe Airmotors B.V.
Trade names	Globe Airmotors B.V. Pneumaticmotor Airmotor Globe
Operative address	Boerhaaveweg 9 - 11 2408AD Alphen aan den Rijn Netherlands
Correspondence address	Boerhaaveweg 9 - 11 2408AD Alphen aan den Rijn Netherlands

Telephone number	0172426608
Fax number	0172426607
Email address	info@globe-benelux.nl
Website	www.globe-benelux.nl

Registration

Registration number	KvK-nummer: 28091516
Branch number	000016967313
VAT-number	809993442
European VAT-number	NL809993442B01
Status	Active
First registration company register	2001-10-09
Memorandum	2001-10-04
Establishment date	2001-08-15

Legal form	Private Limited Company
Legal person since	2001-10-04
Issued placed capital	EUR 18.000
Paid up share capital	EUR 18.000

Activities

SBI	2811: Manufacture of engines and turbines, not for aircraft, vehicles and cycles
Exporter	Yes
Importer	Yes

Goal	De ontwikkeling en produktie van en de (groot) handel in (zowel im- als export) van luchtmotoren.

Relations

Shareholders	Globe Pneumatics B.V. Boerhaaveweg 9 -11 2408AD ALPHEN AAN DEN RIJN Netherlands Registration number: 67502954 Percentage: 100%
Affiliates	Globe Benelux B.V. Boerhaaveweg 9 -11 2408AD ALPHEN AAN DEN RIJN Netherlands Registration number: 28069085 Globe Benelux Services B.V. Boerhaaveweg 9 -11 2408AD ALPHEN AAN DEN RIJN Netherlands Registration number: 28071235 Globe Test Equipment B.V. Boerhaaveweg 9 -11 2408AD ALPHEN AAN DEN RIJN Netherlands Registration number: 28073996

Management

Active management

Globe Pneumatics B.V. Boerhaaveweg 9 -11 2408AD ALPHEN AAN DEN RIJN Netherlands Registration number: 67502954 Competence: Fully authorized Function: Manager Starting date: 2016-12-16

Employees

Year	2018	2016	2015	2014	2013
Chamber of Commerce	1	1	1	1	1

Payments

Description	Slow and delayed
Payments within industry	Last quarter	Last year
Average payment period (days)	32	36
Average delay (days)	11	16

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q2	55,00%	28,00%	9,00%	2,00%	3,00%	2,00%
2018 Q1	43,00%	19,00%	16,00%	13,00%	5,00%	3,00%
2017 Q4	34,00%	43,00%	9,00%	12,00%	1,00%	1,00%
2017 Q3	29,00%	55,00%	12,00%	3,00%	1,00%	1,00%
2017 Q2	48,00%	39,00%	10,00%	1,00%	1,00%	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	2,97	2,44	1,05	2,37	1,26
Current ratio	7,21	7,25	3,68	4,29	3,63
Working capital/ balance total	0,84	0,85	0,71	0,76	0,72
Equity / balance total	0,71	0,72	0,68	0,71	0,66
Equity / Fixed assets	32,00	42,08	29,82	192,38	731,27
Equity / liabilities	2,49	2,62	2,11	2,46	1,91
Balance total / liabilities	3,49	3,62	3,11	3,46	2,91
Working capital	891.345	963.043	759.041	812.109	638.377
Equity	754.938	822.592	723.293	756.039	579.169
Mutation equity	-8,22	13,73	-4,33	30,54	23,73
Mutation short term liabilities	-6,93	-45,63	14,83	1,55	7,90
Summary	The 2016 financial result structure is a postive working captial of 891.345 euro, which is in agreement with 84 % of the total assets of the company. The working capital has diminished with -7.44 % 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 7.21. 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 2.97. 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 963.043 euro, which is in agreement with 85 % of the total assets of the company. The working capital has increased with 26.88 % 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 7.25. 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 2.44. 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	Globe Airmotors B.V. Boerhaaveweg 9 - 11 2408AD Alphen aan den Rijn Netherlands Registration number: 28091516

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	21.201	15.611	18.768
Tangible fixed assets	2.392	3.938	5.484	3.930	792
Fixed assets	23.593	19.549	24.252	3.930	792
Total stock	609.321	740.773	744.898	474.564	574.220
Total receivables	348.393	265.678	294.119	482.780	295.721
Liquid funds	77.054	110.692	3.440	101.568	11.467
Current assets	1.034.768	1.117.143	1.042.457	1.058.912	881.408
Total assets	1.058.361	1.136.692	1.066.709	1.062.842	882.200
Issued capital	18.000	18.000	18.000	18.000	18.000
Legal and statutory reserve	21.201
Other reserves	715.737	804.592	705.293	738.039	561.169
Total reserves	736.938	804.592	705.293	738.039	561.169
Total equity	754.938	822.592	723.293	756.039	579.169
Provisions	10.000	10.000	10.000	10.000	10.000
Long term interest yielding debt	150.000	150.000	50.000	50.000	50.000
Long term liabilities	150.000	150.000	50.000	50.000	50.000
Short term liabilities	143.423	154.100	283.416	246.803	243.031
Total short and long term liabilities	303.423	314.100	343.416	306.803	303.031
Total liabilities	1.058.361	1.136.692	1.066.709	1.062.842	882.200
Summary	The total assets of the company decreased with -6.89 % between 2015 and 2016. Despite the total assets decrease, non current assets grew with 20.69 %. Assets reduction is explained by a Net Worth decrease of -8.22 %, and an indebtedness reduction of -3.4 %. In 2016 the assets of the company were 2.23 % composed of fixed assets and 97.77 % by current assets. The assets are being financed by an equity of 71.33 %, and total debt of 28.67 %. The total assets of the company increased with 6.56 % between 2014 and 2015. Despite the assets growth, the non current assets decreased with -19.39 %. The assets growth has been financed by a Net Worth increase of 13.73 %. The company's net increase has also covered a reduction of -8.54 % of the company's indebtedness. In 2015 the assets of the company were 1.72 % composed of fixed assets and 98.28 % by current assets. The assets are being financed by an equity of 72.37 %, and total debt of 27.63 %.

Analysis

Branch (SBI)	Manufacture of engines and turbines, not for aircraft, vehicles and cycles (SBI code 2811)
Region	Oost-Zuid-Holland
Summary	In the Netherlands 273 of the companies are registered with the SBI code 2811 In the region Oost-Zuid-Holland 3 of the companies are registered with the SBI code 2811 In the Netherlands 1 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 Oost-Zuid-Holland is normal
Year	2016	Company	2015	Company	2014
Equity	47.503	754.938	50.026	822.592	86.107
Working capital	63.547	891.345	41.163	963.043	23.777
Balance total	211.868	1.058.361	214.176	1.136.692	252.288
Quick ratio	1,27	2,97	1,17	2,44	1,06
Current ratio	1,57	7,21	1,57	7,25	1,49
Equity / balance total	0,39	0,71	0,37	0,72	0,37

Publications

Deposits	29-06-2017: De jaarrekening over 2016 is gepubliceerd. 14-07-2016: De jaarrekening over 2015 is gepubliceerd. 22-07-2015: De jaarrekening over 2014 is gepubliceerd. 10-07-2014: De jaarrekening over 2013 is gepubliceerd. 24-05-2013: De jaarrekening over 2012 is gepubliceerd.
Functions	21-12-2016: Per 16-12-2016 is bestuurder 67502954 Globe Pneumatics B.V. in functie getreden. 21-12-2016: Per 16-12-2016 is bestuurder 30175630 J.G.G. Wannet Holding B.V. uit functie getreden.

Company structure

Relations	5
Company	Registration number
Globe Pneumatics B.V. (ALPHEN AAN DEN RIJN)	67502954
| - - Globe Airmotors B.V. (Alphen aan den Rijn)	28091516
| - - Globe Test Equipment B.V. (ALPHEN AAN DEN RIJN)	28073996
| - - Globe Benelux Services B.V. (ALPHEN AAN DEN RIJN)	28071235
| - - Globe Benelux B.V. (ALPHEN AAN DEN RIJN)	28069085

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.96
UK Pound	1	INR 91.88
Euro	1	INR 80.28
Euro	1	INR 80.04

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.