MIRA INFORM REPORT

Report Date :

06.06.2011

IDENTIFICATION DETAILS

Name :	NAUTOR OY AB

Registered Office :	Laukkogränd 3, 68600, Jakobstad

Country :	Finland

Financials (as on) :	31.12.2009

Date of Incorporation :	09.08.1989

Com. Reg. No.:	07723164

Legal Form :	Limited Company

Line of Business :	Building of pleasure and sporting boats

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	50.000 (€)
Status :	Satisfactory
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)

Finland

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

Company summary

Company Name	Nautor Oy Ab	Company Number	07723164
Trading Name	Nautor Oy Ab	Trade Registry Number	447897
Company Name	Oy Nautor Ab	Business ID	07723164
Previous Name	-
Telephone Number	067601111	Registered Address	Laukkogränd 3, 68600, JAKOBSTAD
Fax Number	067601777	Visiting Address	Laukonkuja 3, 68600, PIETARSAARI
Home Municipality	Pietarsaari	Postal Address	PL 10, 68601, PIETARSAARI
Incorporation Date	09.08.1989	Branches	3
Company Type	Limited company	Website Address
Primary Sic Code	30120	Accountant	KPMG Oy Ab
Primary Sic Description	Building of pleasure and sporting boats	Last Accounts Date	31.12.2009
Share Capital (€)	3.280.000	Holding Company	NAUTOR''S SWAN INTERNATIONAL SPA
Deals in importing	Yes	Foreign Ownership	ITALY
Deals in exporting	Yes	Currency	EUR

Credit Limit

Limit (€)

50.000

Key Financials

Year	31.12.2009	%	31.12.2008	%	31.12.2007	%	31.12.2006
Turnover (€)	41.205.000	-38%	66.262.000	-5%	70.042.000	3%	67.884.000
Result After Taxes(€)	-3.752.000	-512%	-613.000	77%	-2.713.000	73%	-10.063.000
Total Assets(€)	25.832.000	-30%	37.084.730	-7%	39.857.320	-1%	40.130.140
Number of Employees	377	-13%	431		250-499		443
Estimated Shareholders Funds	6.458.000	-13%	7.416.946	9%	6.775.744	-16%	8.026.028

Ratios

Year	31.12.2009	31.12.2008	31.12.2007	31.12.2006
Solvency Ratio	25%	20%	17%	20%
	Moderate Indebtedness	High Indebtedness	High Indebtedness	High Indebtedness
Operating Result Ratio	-8,30	-1,30	-4,40	-14,90
Turnover Employee Ratio	1.093,00	15.374,00	187,03	15.324,00

Solvency Ratio Definitions

Solvency Ratio is calculated as:

Shareholders Funds
Total Assets

Shareholder Information

Year	31.12.2009
Total Value of Shares	3.280.000
Number of Shares	205.000
Value of Shares	16

Registrations in Force

	State	Registration Date
Tax Administration	Registered	16.11.1989
Trade Register	Registered	09.08.1989
Employer Register	Registered	01.01.1990
Prepayment Register	Registered	01.03.1995
Value Added Tax-Liability	VAT-liable for business activity	01.06.1994

Payment Delays

Current Directors

Name	Sir Anthony Greener Anthony Armitage
Date of Birth	26.05.1940	Appointment Date	24.05.2011
Nationality	UNITED KINGDOM	Function	Actual Member of Board

Name	Sir Anthony Greener Anthony Armitage
Date of Birth	26.05.1940	Appointment Date	24.05.2011
Nationality	GREAT BRITAIN	Function	Actual Member of Board

Name	Scaramuccia Luciano
Date of Birth	24.07.1947	Appointment Date	24.05.2011
Nationality	ITALY	Function	Actual Member of Board

Name	Chieffi Enrico
Date of Birth	11.04.1963	Appointment Date	24.05.2011
Nationality	ITALY	Function	Actual Member of Board

Name	Ferragamo Leonardo
Date of Birth	23.07.1953	Appointment Date	24.05.2011
Nationality	ITALY	Function	Chairman of Board

Name	Bichi Ruspoli Fonteguerri Ridolfo
Date of Birth	09.05.1950	Appointment Date	24.05.2011
Nationality	ITALY	Function	Actual Member of Board

Name	Chieffi Enrico
Date of Birth	11.04.1963	Appointment Date	24.05.2011
Nationality	ITALY	Function	Managing director

Name	Brunow Berndt Harald
Date of Birth	09.03.1950	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Actual Member of Board

Other Company Officials

Name	Seymour Greg Alexander Howard
Date of Birth	15.03.1976	Appointment Date	24.05.2011
Nationality	UNITED KINGDOM	Function	Procurist

Name	Sandvik Marina Isabella
Date of Birth	28.02.1964	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Name	Kjellman John Kristian
Date of Birth	27.05.1968	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Name	Ivaska Antti Joonas
Date of Birth	23.01.1975	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Name	Bertell Hans Erik
Date of Birth	16.04.1959	Appointment Date	29.12.2008
Nationality	FINLAND	Function	Principal accountant

Name	Jungell Marcus Johan
Date of Birth	06.07.1979	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Name	Finnäs Christer Ulf-Göran
Date of Birth	21.07.1957	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Name	Bertlin Sven Anders Sigfrid
Date of Birth	01.08.1974	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Name	Fellman Kjell Christian
Date of Birth	28.03.1964	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Name	Boork Tommy Ingemar
Date of Birth	05.11.1956	Appointment Date	24.05.2011
Nationality	SWEDEN	Function	Procurist

Name	Seymour Greg Alexander Howard
Date of Birth	15.03.1976	Appointment Date	24.05.2011
Nationality	GREAT BRITAIN	Function	Procurist

Name	Finnäs Jan Mikael
Date of Birth	12.07.1970	Appointment Date	24.05.2011
Nationality	FINLAND	Function	Procurist

Financial Statement

Year

2010

2009

Holding Company	NAUTOR''S SWAN INTERNATIONAL SPA	Companies in Group	8
Ultimate Holding Company	OY NAUTOR AB	Ownership Status	Ultimately Owned

Subsidiaries

Company Name	Country	Trade Registry Number	Business ID	Latest Key Financials	Ownership
NAUTOR SWAN CARIBBEAN	GUADELOUPE	-	-	-	100%
NAUTOR MED S.R.L.	ITALY	-	-	-	100%
NAUTOR''S SWAN INTERNATIONAL SPA	ITALY	-	-	-	100%
NAUTOR''S SWAN EUROPE SAM	MONACO	-	-	-	100%
NAUTOR VILLEFRANCHE SARL	FRANCE	-	-	-	100%
NAUTOR USA INC	UNITED STATES	-	-	-	100%
NAUTOR USA INC	UNITED STATES	-	-	-	100%

Minority Shares

Company Name		Country	Trade Registry Number	Business ID	Latest Key Financials	Ownership
BÅTBRANSCHENS TEKNOLOGICENTRUM BTC AB		FINLAND	412329	06843105	31.12.2009	38%

Group Structure

Company Name	Country	Trade Registry Number	Business ID	Latest Key Financials	Ownership
NAUTOR SWAN CARIBBEAN	GUADELOUPE	-	-	-	100%
NAUTOR MED S.R.L.	ITALY	-	-	-	100%
NAUTOR''S SWAN INTERNATIONAL SPA	ITALY	-	-	-	100%
NAUTOR''S SWAN EUROPE SAM	MONACO	-	-	-	100%
NAUTOR VILLEFRANCHE SARL	FRANCE	-	-	-	100%
BÅTBRANSCHENS TEKNOLOGICENTRUM BTC AB	FINLAND	412329	06843105	31.12.2009	38%
NAUTOR USA INC	UNITED STATES	-	-	-	100%
NAUTOR USA INC	UNITED STATES	-	-	-	100%

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

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.