MIRA INFORM REPORT

Report Date :

27.01.2011

IDENTIFICATION DETAILS

Name :	BOFO SOLUTIONS PRIVATE LIMITED
Registered Office :	Gat No.213/1 and 214, At and Post Mahalunge, Talegaon-Chakan Road, Tal Khed, Pune-410501, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.11.2008
Com. Reg. No.:	11-135290
CIN No.: [Company Identification No.]	U74990PN2008FTC135290
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Vacuum Lifting Devices, Magnetic Lifting Devices and Water Lifting Devices etc.

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Recently Commenced Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, the company has recently commenced its business activities. Business is active. Payment terms are not known. The company can be considered for business dealings on a secured trade terms and conditions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Ms. Kirti Gholap
Designation :	Office Manager
Contact No.:	91-9552528769
Date :	18.01.2011

LOCATIONS

Registered Office / Factory :	Gat No.213/1 and 214, At and Post Mahalunge, Talegaon-Chakan Road, Tal Khed, Pune-410501, Maharashtra, India
Tel. No.:	91-20-30122900
Mobile No.:	91-9552528769 (Ms. Kirti Gholap)
E-Mail :	info@bofosolutions.com
Website :	www.bofosolutions.com
Area :	2000Sq.ft.
Location :	Rented
Marketing Office :	Vishwakalyan, Eastern Wing, 1^st and 2^nd Floor, 149/3, Off ITI road, Parihar Chowk, Aundh, Pune-411007, Maharashtra, India
Tel. No.:	91-20-30122900

DIRECTORS

As On : 30.09.2010

Name :	Mr. Pekka Antero Kallio
Designation :	Director
Address :	Myllysaarenkuja 6, Pattijoki, 92140, Finland
Date of Birth/Age :	27.07.1954
Date of Appointment :	14.05.2009
DIN No :	02456467
Name :	Mr. Janne Antero Kallio
Designation :	Director
Address :	Keinutie 8, Pattijoki, 92140, Finland
Date of Birth/Age :	22.04.1982
Date of Appointment :	14.05.2009
DIN No :	02456486
Name :	Mr. Praveen Shiv Shankar Agarwal
Designation :	Director
Address :	248,CA Apartments, A-3, Paschim Vihar, New Delhi, 110063, Delhi, India
Date of Birth/Age :	13.09.1960
Date of Appointment :	18.11.2008
DIN No :	00163874
Name :	Mr. Manish Vikramrao Palwe
Designation :	Director
Address :	Shree' Sainath Nagar, At Post Pathardi, Ahmednagar-414102, Maharashtra, India
Date of Birth/Age :	10.06.1976
Date of Appointment :	12.04.2010
DIN No :	02788082
Name :	Mr. Antti Juhani Matti Niinivaara
Designation :	Director
Address :	1c, Oakwood Residence Naylor, North Main Road, Koregaon Park, Pune - 411 001, Maharashtra, India
Date of Birth/Age :	28.04.1956
Date of Appointment :	30.09.2010
DIN No :	03281297

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
PMP Partners Oy, Finland	52305
Rannikon Konetekniikka Oy, Finland	420245
Total	472550

AS ON 05.07.2010

Names of Allottees	No. of Shares
Rannikon Konetekniika OY, Finland	23500

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Vacuum Lifting Devices, Magnetic Lifting Devices and Water Lifting Devices etc.
Products :	Ø Orange Peel Grapple Ø Hydraulic Mechanical BOFO OPG6/1 Ø Clamshell Bucket Ø Hydraulic Mechanical Ø Chain Rope Ø Container Spreader Ø Fixed Multipurpose Trestle Ø Coil Lifter Ø Turning Claws Ø Hydraulic Electromechanical Ø Fixed Claws Ø Slab- and Bundle Tong
Exports :
Products :	1. Vacuum Lifting Devices 2. Magnetic Lifting Devices 3. Water Lifting Devices
Countries :	Finland
Imports :
Products :	Machinery
Countries :	Finland
Terms :
Selling :	Cash, Credit (30 days)
Purchasing :	Cash, Credit (30 days)

GENERAL INFORMATION

Customers :

Ø Avesta Polarit Oy, Tornio, Finland

Ø Boliden Kokkola Oy, Kokkola, Finland

Ø Eka Nobel, Sweden

Ø Ekokem Oy, Riihimäki, Finland

Ø Finnsementti Oy, Lappeenranta, Finland

Ø Finnsteve Oy, Helsinki, Finland

Ø Haifa Port, Haifa, Israel

Ø Hanko Port, Hanko, Finland

Ø Havator Oy, Tornio, Finland

Ø Helaakoski Oy, Raahe, Finland

Ø Helsinki Port, Helsinki, Finland

Ø Inkoo Port, Inkoo, Finland

Ø Inkoo Shipping Oy, Inkoo, Finland

Ø Jero Craft Oy, Finland

No. of Employees :

40 (In Office-10 and In Factory-30) (Approximately)

Bankers :

· Standard Chartered Bank, SME Credit, 23-25, M. G. Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions
(Secured against Movable fixed Assets, Stocks and Book Debts)
Term Loan	6.162
WCTL	5.000
Total	11.162

Banking Relations :	--
Auditors :
Name :	Joshi and Kulkarni Chartered Accountant
Address :	C. T. S. No.108/10, “Utkarsh”, Bharati Niwas Society, Sahakar Darshan Path, Prabhat Road, Lane No.14, Erandawane, Pune-411004, Maharashtra, India
Tel. No.:	91-20-2546901/ 25464913
Fax No.:	91-20-25467853
Subsidiaries :	Finnish Rannikon Konetekniikka (RKT) Oy

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
449050	Equity Shares	Rs. 10/- each	Rs. 4.491 millions
	Share Application Money		Rs.0.652 million
	Total		Rs. 5.143 millions

As On : 30.09.2010

Authorised Capital : Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital : Rs. 4.726 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (9 months)	30.06.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.491	1.000
2] Share Application Money		0.652	0.086
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(2.117)	0.000
NETWORTH		3.026	1.086
LOAN FUNDS
1] Secured Loans		11.162	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		11.162	0.000
DEFERRED TAX LIABILITIES		0.035	0.000
TOTAL		14.223	1.086
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.017	0.000
Capital work-in-progress		10.733	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.019	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	3.126	0.818
	Other Current Assets	1.631	0.000
	Loans & Advances	1.418	0.120
Total Current Assets		6.175	0.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.215	0.000
	Other Current Liabilities	4.450	0.194
	Provisions	0.163	0.000
Total Current Liabilities		4.828	0.194
Net Current Assets		1.347	0.744
MISCELLANEOUS EXPENSES		0.106	0.341
TOTAL		14.223	1.086

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (9 months)
	SALES
		Income	0.900
		Other Income
		TOTAL (A)	0.900
Less	EXPENSES
		Office Expenses	3.002
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	3.002
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2.102)
Less	FINANCIAL EXPENSES (D)		NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA
	PROFIT BEFORE TAX (E-F) (G)		(2.102)
Less	TAX (H)		0.015
	PROFIT AFTER TAX (G-H) (I)		(2.117)

KEY RATIOS

PARTICULARS		31.03.2010 (9 months)	30.06.2009
PAT / Total Income	(%)	(235.22)	NA
Net Profit Margin (PBT/Sales)	(%)	(233.56)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(25.60)	NA
Return on Investment (ROI) (PBT/Networth)		(0.69)	NA
Debt Equity Ratio (Total Liability/Networth)		1.28	4.83
Current Ratio (Current Asset/Current Liability)		1.28	4.84

LOCAL AGENCY FURTHER INFORMATION

NOTE : Registered office address change from Finland Trade Centre, Y. B. Chavan Centre, 3^rd Floor, Mumbai-400021, Maharashtra, India to the present address w.e.f.22.06.2009

TRADE REFERENCE :

· Visa Steel, Jaipur

· Bhushan Steel, Khopoli

FORM 8

Corporate identity number of the company	U74990MH2008FTC188306
Name of the company	BOFO SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No.213/1 and 214, At and Post Mahalunge, Talegaon-Chakan Road, Tal Khed, Pune-410501, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, M. G. Road, Fort, Mumbai-400001, Maharashtra, India
Nature of instrument creating charge	Hypothecation Agreement.
Date of instrument Creating the charge	23.11.2009
Amount secured by the charge	Rs.42.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facility. Interest / Commission - As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As applicable, if any Extent and operation of the charge The Bank is having first charge on the security given by the Company.
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first charge on: a) all the stock in trade both present and future consisting of raw materials, Finished goods, goods in process of manufacturing and other merchandise. b) all the present and future book debts, outstanding moneys receivable, claims and bills. c) All the movable fixed assets. (as more described in attached agreement)

FIXED ASSETS

· Plant and Machinery

· Factory Appliances

· Office appliances

· Furniture and Fixtures

· Computer and Peripherals

WEB SIDE DETAILS

History

Subject was incorporated in India in early 2009. The company has its Indian headquarters in Pune, where the manufacturing will soon begin as well.

Bofo Solutions is a subsidiary of Finnish Rannikon Konetekniikka (RKT) Oy, which was established already in 1988. Since then Rannikon Konetekniikka has been providing its customers with machinery workshop and installation services; logistical solutions and turn-key deliveries. BOFO lifting devices were added into product portfolio in the early 2000s, when RKT acquired the trademark from another Finnish organization and continued the product development and production.

Over the years RKT has been growing steadily and today it employs around 150 people in its headquarters and two manufacturing units located in Finland.

NEWS

Rannikon Konetekniikka establishes a subsidiary – Bofo Solutions Private Limited – in India

A Finnish Rannikon Konetekniikka (RKT) Oy, specializing in machinery, logistics, lifting equipment and turn-key solutions, recently established a subsidiary in India. This Indian subsidiary, Bofo Solutions Private Limited, designs, manufacturers and markets BOFO lifting devices and crane attachments in Asian markets.

The company has already set up its office in Magarpatta City, Pune, and appointed a local Project Manager. The next step is to build up the supplier chain and establish the manufacturing unit. Production will also take place in Pune. Pune was chosen because of its suitable location, availability of skilled man power and presence of supporting services and industries.

This Indian unit is Group’s first foreign set up. Until now RKT has delivered all its products and solutions from two manufacturing units located in Finland. Mr. Pekka Kallio, Managing Director, RKT, sees India as an interesting market, where there is growing need for lifting solutions. “They have been thinking of market entry into India for quite some time. Finpro, Finland Trade Center provided us with relevant market studies and helped them with the company establishment.” continues Mr. Kallio.

Bofo Solutions’ lifting devices and crane attachments will be marketed for example for port developers and crane and hoist manufacturers. Also various industries like at cement, steel and power plants can benefit from Bofo’s products. The production in Pune plant will begin by the fourth quarter of 2009.

Mr. Pekka Kallio says that RKT came to India with a long-term strategy, and is here to stay. “Their customers can be sure that they will provide them with suitable solutions and customized services now and in future.” concludes Mr. Kallio

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.53
UK Pound	1	Rs.72.78
Euro	1	Rs.62.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		12

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%)

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	--

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.