MIRA INFORM REPORT

Report Date :

26.08.2011

IDENTIFICATION DETAILS

Name :	LUVATA MALAYSIA SDN. BHD
Formerly Known As :	OUTOKUMPU COPPER PRODUCTS (MALAYSIA) SDN. BHD
Registered Office :	Suite 335A, 3rd Floor, Johor Tower Jalan Gereja Town, Johor Bahru Province Johor, Zip/postal code 80100
Country :	Malaysia
Financials (as on) :	31.12.2010
Date of Incorporation :	16.01.1997
Com. Reg. No.:	417125-K
Legal Form :	Private Limited Company Limited By Shares
Line of Business :	Manufacturer of copper products such as copper busbars, copper rods, copper tapes, copper strips and copper profiles.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 9,000,000
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Malaysia	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Identification details Bottom of Form

Verified Address

Subject name : LUVATA MALAYSIA SDN. BHD.

Business address : Plot 573, Jalan Keluli 10

Kawasan

Perindustrian

PasirGudang

Town : Pasir Gudang Province : Johor Zip/postal code : 81700

Country : Malaysia

Tel : +60 7 2526688

Fax : +60 7 2523733

Website : www.luvata.com

Registered address : Suite 335A, 3rd Floor, Johor Tower

Jalan Gereja Town : Johor Bahru Province : Johor Zip/postal code 80100

_{Country : Malaysia}

Summary details

Executive Summary

Date founded or registered : 16/01/1997

Legal form : Private Limited Company Limited By Shares

Chief executive : Peter Johan Friis

Issued & paid up capital : MYR 120,000,000

Sales turnover : MYR 816,247,283 (Non-consolidated 12 months, 31/12/2010) Net income : MYR 22,608,789 (Non-consolidated 12 months, 31/12/2010) Total fixed assets : MYR 257,387,188 (Non-consolidated 12 months, 31/12/2010)

Line of business : Manufacturer of copper products such as copper busbars, copper

rods, copper tapes, copper strips and copper profiles.

_{Staff employed : 300 (Subject) 7,150 (Luvata Group)}

Credit risk opinion

Company Analysis

Country risk Country risk is minimal

Operation trend Operational trend is progressing

Management experience Management is adequately experienced

Financial performance : Financial performance is very good

Organisation structure : Organisational structure is consistent

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion USD 9,000,000}

Credit amount asked : Not described.

Comments : Larger credit can still be considered. The Subject is well positioned in the market

and the financial stability of the group is positive.

Statutory details

Registry Data

Registration date : 16/01/1997

Legal form : Private Limited Company Limited By Shares

Registration no 417125-K

Registered authority : Companies Commission of Malaysia

Registry status : Live/Active

Previous name : The Subject was established under the name OUTOKUMPU COPPER PRODUCTS (MALAYSIA) SDN. BHD. on 16-01-1997 and changed to current style on 27-06-2006.

_{Change of legal form : None reported.}

Management / directors

Key Management

Name : Peter Johan Friis

Designation : Managing

Director Name : Geraldine Lau

Designation : Human Resources & Administration Manager

Name Alson Tang

Designation : Sales Manager

Name Yahya Ahmad

Designation : Planning/Logistic Manager

Name : Petri Juusola

_{Designation Technical Manager}

Board of directors /other appointments

Appointments

Name : Michael Nordgen Designation : Director Identification no : 10396272

Appointment date : 19/09/03

Address : Vapaalanpolku 8

01650 Vantaa

Finland

Name : Hannu Kalevi Wahlroos

Designation : Director

Identification no : 13926199

Appointment date : 06/07/00

Address : Hong Lok Road East, 108 Hong Lok Yuen

Tai Po, New Territories

Hong Kong

Name : Kalevi Juhani Nikkila

Designation : Director

Identification no : 14143300

Appointment date : 06/07/00

Address : Hakamäentie 5A

02120, Espoo

Finland

_{Name Kauko Ilmari Laukkanen}

Designation Director

Identification no 15127471

Appointment date 27/11/03

Address Huhtakoukku 16D

02340 Espoo

Finland

Name Peter Johan Friis

Designation Managing Director Identification no 16916859

Appointment date 05/09/00

Address 12A, Jln. Tengku Petrie 1

#07-19 Condominium Petrie

80200 Johor Bahru, Johor

Malaysia

Name Datuk Haji Abdul Raman Bin Haji Saad

Designation Director

Identification no 490402-04-5557

Appointment date 10/12/97

Address No. 42 Jalan Jingga 4

Taman Pelangi

80400, Johor Bahru

Johor

Malaysia

Name Low Chuay Yeok

Designation : Company Secretary

Identification no : 640930-06-5050

Appointment date 05/09/00

Address : No. 17, Jalan Jingga

Taman Pelangi

80400 Johor Bahru

Johor

Malaysia

Staff employed : 300 (Subject) 7,150 (Luvata Group)

Key Advisors

Auditors : KPMG

KPMG Tower

8 First Avenue

Bandar Utama 47800, Petaling Jaya

Selangor Darul Ehsan

_Malaysia

Share capital

Composition

Authorized Capital : MYR 120,000,000

No of shares : 20,000,000 Ordinary Shares / 100,000,000 Preference Shares

Share par value : MYR 1

Issued capital : MYR 120,000,000

Paid up capital : MYR 120,000,000

Changed in capital : The Subject increased its share capital from MYR 100,000 to MYR 120,000,000 on 20-12-1997.

Ownership / shareholders

How listed Full List

Composition

Shareholder name LUVATA OY Address : Tuulikuja 2

P.O.Box 78

FI-02101 Espoo

Finland

No. of shares 20,000,000 Ordinary Shares / 100,000,000 Preference Shares

% of shares 100%

Ownership / Shareholding comment : The Subject was previously part of the Outokumpu Group in Finland.

On April 5, 2005, Outokumpu and Nordic Capital signed a sales and purchase agreement whereby Outokumpu sold its fabricated copper products business (Outokumpu Copper Products Oy), excluding the Tube and Brass division, to the private equity firm Nordic Capital. The transaction was closed on June 7,

2005. The total consideration of the transaction was EUR 612 million.

The scope of the transaction comprised the following divisions and businesses of the former Outokumpu Copper business area: Americas, Europe, Automotive Heat Exchangers, Appliance Heat Exchangers & Asia, including 100% of Outokumpu Heatcraft, and the Forming equipment businesses.

Related companies & Corporate Affiliations

Name : NORDIC CAPITAL LIMITED Affiliation type : Ultimate Holding Company

Address : 26 Esplanade

St Helier, Jersey JE2 3QA Jersey Island

Comments : Nordic Capital is a private equity investment firm focusing on leveraged buyout transactions primarily in the Nordic region (e.g., Denmark, Finland, Norway and Sweden). Nordic invests across a broad array of industries and will invest in turnaround and growth capital transactions.

Nordic is based in Stockholm, Sweden and was founded in 1989. The firm has approximately EUR 4.5 billion of capital under management and was among the

50 largest private equity firms globally. Since its foundation, Nordic Capital has acquired over 50 companies.

Name LUVATA INTERNATIONAL OY

Affiliation type Intermediate Holding

Company Address Tuulikuja 2

P.O.Box 78

FI-02101 Espoo

Finland

Name LUVATA OY

Affiliation type Parent Company

Address Tuulikuja 2

P.O.Box 78

FI-02101 Espoo

Finland

Name LUVATA HONG KONG LIMITED

Affiliation type Sister Company

Address House # 77 Boulevard du Lac

The Beverly Hills

23 Sam Mun Tsai Road

Tai Po, N.T. Hong Kong

Name LUVATA GAILTAL GMBH

Affiliation type Sister Company

Address Industriestrasse 450

A-9640 Kötschach-Mauthen

Austria

Name LUVATA TUBE (ZHONGSHAN) LTD.

Affiliation type Sister Company

Address Xingpu Road

HuangPu Town, Zhongshan

Guangdong 528429

China

_{Name LUVATA ESPOO OY}

Affiliation type Sister Company

Address Tuulikuja 2, P.O.Box 78

FI-02101 Espoo

Finland

Name LUVATA ITALY SRL

Affiliation type Sister Company

Address Via Giulio Locatelli 22

33050 Pocenia (Udine)

Italy

Name LUVATA U.K. LTD

Affiliation type Sister Company

Address The Gatekeeper’s House

1-18 The Old Pumping Station Pump Alley, Brentford, TW8 0AB United Kingdom

Name LUVATA NETHERLANDS B.V.

Affiliation type Sister Company

Address Oostzeestraat 1

NL-7200 AA, Zutphen

_Netherlands

Related companies and corporate affiliations comments:-

Other companies of the Luvata and Nordic Capital Group should be co0nsidered affiliates of the subject.

Bank & mortgages

Bank Details

Name of bank HSBC Bank Malaysia Berhad

Address Malaysia

Account details : Current Account

Name of bank Malayan Banking Berhad (Maybank) Address Malaysia

Account details : Current Account

Name of bank : CIMB Bank Berhad

Address : Malaysia

Account details : Current Account

Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

Mortgages : None reported.

Legal Fillings

Bankruptcy fillings None reported.

Court judgements None reported.

Tax liens : None reported.

Others : None reported.

Financial data

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 31/12/10

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 2.99 as of 26-08-2011

Summarized Financial Information

^{Consolidation type :} Non Consolidated Non Consolidated Non Consolidated ^{Currency :} Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) ^{Denomination :} (x1) One (x1) One (x1) One

Date of financial year end : _{31/12/10 31/12/09 31/12/08}

Length of accounts :	12 months	12 months	12 months
Sale turnover / Income :	816,247,283	514,211,182	781,603,820
Profit before tax :	23,256,081	51,507,277	-29,519,846
Net income :	22,608,789	45,257,620	-22,740,138
Non current assets :	97,298,745	89,997,338	87,356,243
Current assets :	160,088,443	130,223,121	104,658,421
Total assets :	257,387,188	220,220,459	192,014,664
Current liabilities :	71,366,835	37,035,547	27,951,372
Non current liabilities :	13,791,145
Total liabilities :	85,157,980	37,035,547	27,951,372
Share equity :	172,229,208	183,184,912	164,063,292
Retained earning :	52,229,208	29,620,419	-15,637,201

Main activities : The Subject is engages in manufacturing and trading of copper products.

The Subject serves customers from industries such as power generation, architecture, automotive, transport, medicine, air-conditioning, industrial refrigeration, scientific research, clothing, consumer products and construction.

Product & services : Copper industrial rolled products

Copper architectural solutions

Copper heat transfer solution

Copper tubes products

Copper sheets products

Copper rod products

Copper wires

_{Copper engineered metallurgical components}

Purchases

Local : Yes

International : Worldwide

Sales

Local : Yes

International : Worldwide

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of administrative office, production facilities, warehouse.

_{Branches : None reported.}

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$ 136.1 billion as of 15 August 2011

Gross domestic product - GDP : US$ 247.781 billion

GPP (Purchasing power parity) : 442.01 billion of International dollars

GDP per capita - current prices : US$ 8,624

GDP - composition by sector : agriculture: 9.4%

industry: 40.9%

services: 49.7%

Inflation 2008: 5.4%

2009: 0.6%

2010: 1.7

Unemployment rate : 2008: 3.3%

2009: 3.6%

_{2010: 3.3%}

Public debt

(General Government gross debt as a % GDP) 2008: 42.8%

2009: 55.4%

_{2010: 54.2%}

Government bond ratings Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

_{Moody's outlook: STA}

Market value of publicly traded shares: US$420 billion

Largest companies in the country : CIMB Group Holdings (Banking), Sime Darby (Conglomerates), PublicBank (Banking), Maybank (Banking), Tenaga Nasional (Utilities), Petronas Chemicals (Chemicals), Maxis Berhad (Telecommunications)

Trade & Competitiveness Overview

Total exports : US$210.3 billion

Exports commodities : electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

Total imports : US$156.2 billion

Imports commodities : electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

Export - major partners : US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand

5%,HongKong 4.6%

Import - major partners : Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan5.7%,Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

FDI Inflows 2007: US$8,538 million

2008: US$7,318 million

_{2009: US$1,381 million}

FDI Outflows 2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

Best countries for doing business : 21 out of 183 countries

Global competitiveness ranking : 26 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 28.23 million

Total area : 329,847 km2

Capital : Kuala Lumpur

_{Currency : Malaysia Ringgits (MYR)}

Internet users as % of total population 57.61%

Purchase Term

Local : Bank transfer, Credit up to 120 days

International : L/C, Credit up to 120 days

Sales Term

Local : Prepayment, Cash against document, Credit up to 120 days

International : L/C, Prepayment, Credit up to 120 days

Trade Reference/ Payment

Behaviour

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources : Interviews and material provided by the Subject

: Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.13
UK Pound	1	Rs.75.52
Euro	1	Rs.66.53

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.