MIRA INFORM REPORT

Report No. :	511529
Report Date :	26.05.2018

IDENTIFICATION DETAILS

Name :	BENZLER-TECHNISCH BURO AANDRIJFTECHNIEK B.V.
Registered Office :	Jachthavenweg 2, 5928NT Venlo
Country :	Netherlands
Financials (as on) :	31.03.2017
Date of Incorporation :	01.07.1983
Com. Reg. No.:	12021081
Legal Form :	Private Limited Company
Line of Business :	Manufacturing, assembling and wholesale trade in mechanical and electronic drive components and systems.
No. of Employees :	10 [2018-Chamber of Commerce]

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 (30.09.2017)	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	BENZLER-TECHNISCH BURO AANDRIJFTECHNIEK B.V.
Operative address	Jachthavenweg 2 5928NT Venlo Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 12021081
VAT-number	006495771
European VAT-number	NL006495771B01
Year	2017	Mutation	2016	Mutation	2015
Fixed assets	181.150	-2,39	185.580	15,03	161.330
Total receivables	1.316.229	-2,65	1.352.024	-15,22	1.594.790
Total equity	1.232.458	15,49	1.067.180	20,61	884.795
Short term liabilities			1.105.541	-21,56	1.409.497
Working capital	1.909.756	116,62	881.600	21,86	723.465
Quick ratio			1,33	9,02	1,22

Contact information

Company name	BENZLER-TECHNISCH BURO AANDRIJFTECHNIEK B.V.
Trade names	BENZLER-TECHNISCH BURO AANDRIJFTECHNIEK B.V. BENZLERS
Operative address	Jachthavenweg 2 5928NT Venlo Netherlands
Correspondence address	Jachthavenweg 2 5928NT Venlo Netherlands

Telephone number	0773245900
Fax number	0773245901
Email address	mail@benzlers.com
Website	www.benzlers.com

Registration

Registration number	KvK-nummer: 12021081
Branch number	000018914926
VAT-number	006495771
European VAT-number	NL006495771B01
Status	Active
First registration company register	1983-07-14
Memorandum	1983-07-04
Establishment date	1983-07-01

Legal form	Private Limited Company
Last proposed admendment	2018-05-18
Issued placed capital	EUR 204.300
Paid up share capital	EUR 204.300

Activities

SBI	46699: Wholesale of other machines, equipment and supplies for manufacturing and trade n.e.c.
Exporter	No
Importer	No

Goal	Manufacturing, assembling and wholesale trade in mechanical and electronic drive components and systems.

Relations

Shareholders	AB Benzler Porfyrgatan 7 Helsingborg 25468 Sweden Percentage: 100%
Shareholders	Naam: AB Benzler Bezoekadres: Porfyrgatan 7, Helsingborg 25468, Zweden Ingeschreven in: Bolagsverket Sundsvall, Zweden onder nummer 556043-6007 Enig aandeelhouder sedert: 30-06-1994

Real Estate

Details operative address

Surface area: 924 m2 Purpose: Industrial function Construction year: 1988 Status: Building in use Under investigation: No

Management

Active management

P.C. Amin Prashant Chandrakant Netherlands Competence: Fully authorized Function: Manager Starting date: 2010-11-26 Date of birth: 1956-08-09, Tatanagar, NL C.B. Patel Chandrakant Babubhai Netherlands Competence: Fully authorized Function: Manager Starting date: 2018-01-23 Date of birth: 1939-04-12, Ba, FJ H.J.V.M. van Meijel Henricus Johannes Vincentius Maria Netherlands Competence: Limited authorization Function: Proxy Starting date: 2005-04-19 Date of birth: 1962-01-20, Venray, NL L.L.V. Johansson Leif Lennart Veine Netherlands Competence: Limited authorization Function: Proxy Starting date: 2009-11-03 Date of birth: 1959-02-27, Vetlanda, SE R.M. Bhagwatkar Rushikesh Mahendra Netherlands Competence: Fully authorized Function: Proxy Starting date: 2014-11-27 Date of birth: 1987-09-16, Nagpur, IN

Employees

Year	2018	2017	2015	2014	2012
Annual		9
Chamber of Commerce	10	9	16	17	17

Payments

Description	No Complaints
Total	EUR 6.208

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q2	A	33,00%	67,00%	0,00%	0,00%	0,00%	0,00%
2018 Q1	A	33,00%	67,00%	0,00%	0,00%	0,00%	0,00%
2017 Q4	A	100,00%	0,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	A	100,00%	0,00%	0,00%	0,00%	0,00%	0,00%
2017 Q2	A	100,00%	0,00%	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)			38			36
Average delay (days)			17			16
Quarter	Not overdue	1-30	31-60	61-90	91-120		121+
2018 Q2	67,00%	26,00%	5,00%	1,00%	1,00%		0,00%
2018 Q1	65,00%	28,00%	5,00%	1,00%	0,00%		1,00%
2017 Q4	73,00%	21,00%	3,00%	1,00%	1,00%		1,00%
2017 Q3	61,00%	32,00%	4,00%	2,00%	0,00%		1,00%
2017 Q2	54,00%	38,00%	5,00%	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	2017	2016	2015	2014	2013
Quick ratio		1,33	1,22	1,42	1,53
Current ratio		1,80	1,51	2,11	2,03
Working capital/ balance total	0,91	0,41	0,32	0,47	0,45
Equity / balance total	0,59	0,49	0,39	0,58	0,57
Equity / Fixed assets	6,80	5,75	5,48	5,29	4,59
Equity / liabilities	1,44	0,97	0,63	1,37	1,32
Balance total / liabilities	2,44	1,97	1,63	2,37	2,32
Working capital	1.909.756	881.600	723.465	679.059	634.229
Equity	1.232.458	1.067.180	884.795	837.529	810.959
Mutation equity	15,49	20,61	5,64	3,28	1,76
Mutation short term liabilities		-21,56	129,80	0,06	7,61
Summary	The 2017 financial result structure is a postive working captial of 1.909.756 euro, which is in agreement with 91 % of the total assets of the company. The working capital has increased with 116.62 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2016 and 2017 has mainly been caused by a change of the current assets. The 2016 financial result structure is a postive working captial of 881.600 euro, which is in agreement with 41 % of the total assets of the company. The working capital has increased with 21.86 % 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 1.8. 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 1.33. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2017
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Benzler-Technisch Buro Aandrijftechniek B.V. Jachthavenweg 2 5928NT Venlo Netherlands Registration number: 12021081

Balance

Year	2017	2016	2015	2014	2013
End date	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Tangible fixed assets	181.150	185.580	161.330	158.470	176.730
Fixed assets	181.150	185.580	161.330	158.470	176.730
Total stock	399.179	520.708	419.169	423.356	308.569
Total receivables	1.316.229	1.352.024	1.594.790	728.632	820.250
Liquid funds	194.348	114.409	119.003	140.439	118.429
Current assets	1.909.756	1.987.141	2.132.962	1.292.427	1.247.248
Total assets	2.090.906	2.172.721	2.294.292	1.450.897	1.423.978
Issued capital	204.300	204.300	204.300	204.300	204.300
Legal and statutory reserve	1.028.158
Other reserves		862.880	680.495	633.229	606.659
Total reserves	1.028.158	862.880	680.495	633.229	606.659
Total equity	1.232.458	1.067.180	884.795	837.529	810.959
Long term interest yielding debt	858.448
Long term liabilities	858.448
Short term liabilities		1.105.541	1.409.497	613.368	613.019
Total short and long term liabilities	858.448	1.105.541	1.409.497	613.368	613.019
Total liabilities	2.090.906	2.172.721	2.294.292	1.450.897	1.423.978
Summary	The total assets of the company decreased with -3.77 % between 2016 and 2017. This total assets decrease has been reflected in a reduction of non current assets of -2.39 %. The asset reduction is in contrast with the equity growth of 15.49 %. Due to this the total debt decreased with -22.35 %. In 2017 the assets of the company were 8.66 % composed of fixed assets and 91.34 % by current assets. The assets are being financed by an equity of 58.94 %, and total debt of 41.06 %. The total assets of the company decreased with -5.3 % between 2015 and 2016. Despite the total assets decrease, non current assets grew with 15.03 %. The asset reduction is in contrast with the equity growth of 20.61 %. Due to this the total debt decreased with -21.56 %. In 2016 the assets of the company were 8.54 % composed of fixed assets and 91.46 % by current assets. The assets are being financed by an equity of 49.12 %, and total debt of 50.88 %.

Analysis

Branch (SBI)	Wholesale of other machines, equipment and supplies for manufacturing and trade n.e.c. (SBI code 46699)
Region	Noord-Limburg
Summary	In the Netherlands 13535 of the companies are registered with the SBI code 46699 In the region Noord-Limburg 209 of the companies are registered with the SBI code 46699 In the Netherlands 58 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 Noord-Limburg is normal
Year	2017	Company	2016	Company	2015
Equity	1.791.362	1.232.458	1.742.004	1.067.180	1.720.367
Working capital	1.286.372	1.909.756	1.173.797	881.600	1.175.116
Balance total	4.033.584	2.090.906	3.999.454	2.172.721	3.835.066
Quick ratio			1,16	1,33	1,16
Current ratio			1,71	1,80	1,72
Equity / balance total	0,44	0,59	0,44	0,49	0,43

Publications

Deposits	26-06-2017: De jaarrekening over 2017 (gebroken boekjaar) is gepubliceerd. 18-05-2017: De jaarrekening over 2016 (gebroken boekjaar) is gepubliceerd. 08-03-2016: De jaarrekening over 2014 (gebroken boekjaar) is gepubliceerd. 03-08-2015: De jaarrekening over 2015 (gebroken boekjaar) is gepubliceerd. 12-06-2013: De jaarrekening over 2013 (gebroken boekjaar) is gepubliceerd.
Functions	01-02-2018: Per 23-01-2018 is bestuurder Chandrakant Babubhai Patel in functie getreden. 01-02-2018: Per 31-01-2016 is bestuurder Harish Chasmawalla Alias Shroff uit functie getreden. 05-01-2015: Per 27-11-2014 is bestuurder Mark Ashley Cooper uit functie getreden. 17-12-2014: Per 27-11-2014 is bestuurder Harish Chasmawalla Alias Shroff in functie getreden. 17-12-2014: Per 27-11-2014 is gevolmachtigde Rushikesh Mahendra Bhagwatkar in functie getreden. 08-12-2014: Per 27-11-2014 is bestuurder Rolf Hakan Nidsjo uit functie getreden.
Other	21-05-2018: Per 18-5-2018 statuten gewijzigd.

Company structure

Relations

2

Company	Registration number
AB Benzler (Helsingborg 25468)
| - - Benzler-Technisch Buro Aandrijftechniek B.V. (Venlo)	12021081

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
Euro	1	INR 78.95

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.