MIRA INFORM REPORT

Report Date :

18.11.2011

IDENTIFICATION DETAILS

Name :	ENAG

Registered Office :	47 Avenue Pierre Mendes France Quimper, 29000

Country :	France

Financials (as on) :	31.12.2010

Date of Incorporation :	15.06.1989

Com. Reg. No.:	351349998

Legal Form :	Public Parent

Line of Business :	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

RATING & COMMENTS

MIRA’s Rating :

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

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

France

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

Company name and address

Top of Form

Bottom of Form

Enag

47 Avenue Pierre Mendes France


Quimper, 29000
France

Tel:	+33 02 98 55 51 99
Fax:	+33 02 98 55 51 67

Suggest Company URL

Employees:	50
Company Type:	Public Parent
Corporate Family:	3 Companies

Incorporation Date:	15-Jun-1989

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	14.2
Total Assets:	9.8

Business Description

Enag is primarily engaged in manufacture of internal combustion piston engines and parts thereof except aircraft, motor vehicle and cycle engines (marine engines; and railway engines); and manufacture of turbines and parts thereof (steam turbines and other vapour turbines; hydraulic turbines, water-wheels and regulators thereof; and gas turbines).

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
NAICS 2002:	33361 - Engine, Turbine, and Power Transmission Equipment Manufacturing
UK SIC 2003:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
US SIC 1987:	3621 - Motors and Generators

Key Executives

Name	Title
Didier Margerand	President
Jacques Cloirec	Director
Thibaut Perruchot	Director

News

Title	Date
C Suisse handles Swiss Enag's CHF30m bond sale EquityBites (90 Words)	10-Nov-2011
Swiss Enag to issue CHF 170m bond ADP Switzerland News (78 Words)	4-Jan-2011
C Suisse helps Enag sell CHF170m 2023 debt EquityBites (60 Words)	4-Jan-2011

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
47 Avenue Pierre Mendes France
Quimper, 29000
France

Tel:	+33 02 98 55 51 99
Fax:	+33 02 98 55 51 67

Suggest Company URL

$\\vivek\D\ENAG_files\spacer.gif$

Sales EUR(mil):	10.8
Assets EUR(mil):	7.3
Employees:	50
Fiscal Year End:	31-Dec-2010

$\\vivek\D\ENAG_files\spacer.gif$
Industry:	Miscellaneous Capital Goods

$\\vivek\D\ENAG_files\spacer.gif$

Incorporation Date:	15-Jun-1989
Company Type:	Public Parent
Quoted Status:	Not Quoted
Registered No.(FRA):	351349998

$\\vivek\D\ENAG_files\spacer.gif$
President:	Didier Margerand

Contents

$\\vivek\D\ENAG_files\spacer.gif$

Key Corporate Relationships

$\\vivek\D\ENAG_files\spacer.gif$

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

NAICS 2002 Codes:
33361	-	Engine, Turbine, and Power Transmission Equipment Manufacturing

US SIC 1987:
3621	-	Motors and Generators

UK SIC 2003:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Business Description

Enag is primarily engaged in manufacture of internal combustion piston engines and parts thereof except aircraft, motor vehicle and cycle engines (marine engines; and railway engines); and manufacture of turbines and parts thereof (steam turbines and other vapour turbines; hydraulic turbines, water-wheels and regulators thereof; and gas turbines).

Financial Data

Financials in:	EUR(mil)
$\\vivek\D\ENAG_files\spacer.gif$
Revenue:	10.8
Assets:	7.3
Current Assets:	5.4
Total Liabilities:	7.3
Issued Capital:	1.4
Net Worth:	3.9
$\\vivek\D\ENAG_files\spacer.gif$
Date of Financial Data:	31-Dec-2010

$\\vivek\D\ENAG_files\spacer.gif$

1 Year Growth

19.0%

Subsidiaries

Company	Percentage Owned	Country
Breteltech		France
Sa Cristec Industries		France

Key Corporate Relationships

Bank:	Credit Maritime Mutuel, Credit Agricole, Societe Generale
$\\vivek\D\ENAG_files\spacer.gif$
$\\vivek\D\ENAG_files\spacer.gif$

Corporate Structure News

Enag Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Enag	Parent	Quimper	France	Miscellaneous Capital Goods	14.2	50
Breteltech	Subsidiary	Quimper	France	Business Services	3.2	17
Sa Cristec Industries	Subsidiary	Quimper	France	Miscellaneous Capital Goods	2.6	7

Executives Report

$\\vivek\D\ENAG_files\spacer.gif$

Executives

Name

Title

Function

Didier Margerand

President

Jacques Cloirec

Director

Administration Executive

Thibaut Perruchot

Director

Administration Executive

C Suisse handles Swiss Enag's CHF30m bond sale

EquityBites: 10 November 2011
[What follows is the full text of the news story.]

10 November 2011 - Credit Suisse (VTX:CSGN) has acted as lead manager of the CHF30m (USD33.2m) bond issue of Swiss power supplier Enag Energiefinanzierungs AG, Reuters said today.

The debt was sold in a re-opening of the company's existing issue maturing on 31 January 2023. After the increase, the instrument totals CHF200m.

The bond was set issue and re-offer prices of 103.687%, as well as a coupon of 2.625%.

The payment date is 8 December 2011.

((Comments on this story may be sent to info@m2.com))

Swiss Enag to issue CHF 170m bond

ADP Switzerland News: 04 January 2011
[What follows is the full text of the news story.]

(ADPnews) - Jan 4, 2011 - Swiss power supplier Enag Energiefinanzierungs AG will launch a bond of CHF 170 million (USD 180m/EUR 134m), Reuters reported today.

The security will have a coupon rate of 2.625% and will mature on January 31, 2023. Its issue price amounts to 100.905%.

Lead manager of the issue is Credit Suisse. The bond will be traded on the SIX Swiss Exchange.

(CHF 1.0 = USD 1.059/EUR 0.791)

C Suisse helps Enag sell CHF170m 2023 debt

EquityBites: 04 January 2011
[What follows is the full text of the news story.]

4 January 2011 - Credit Suisse (VTX:CSGN) has arranged the sale of CHF170m (USD180m/EUR134m) of bonds by Swiss power supplier Enag Energiefinanzierungs AG, Reuters said today.

The debt matures on 31 January 2023 and pays a coupon of 2.625%.

It was issued at 100.905%, the agency added.

((Comments on this story may be sent to info@m2.com))

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No

Total income	14.4	14.0	15.1
Net sales	14.2	14.7	14.3
Unfinished work in progress	0.0	-	0.7
Own work capitalised	0.0	0.0	0.0
Subsidies for operating costs	0.0	0.0	0.0
Supplementary operating income	0.1	0.1	0.1
Other operating income	0.0	0.0	0.0
Other external charges	2.1	2.4	2.1
Cost of goods sold	6.2	5.9	7.1
Taxes and social security costs	0.2	0.3	0.2
Social charges	1.3	1.2	1.2
Total payroll costs	3.2	3.1	3.0
Cost of stock depreciation and amortisation	0.1	0.1	0.1
Fixed asset depreciation and amortisation	0.2	0.2	0.3
Other operating costs	0.1	0.1	0.0
Total operating costs	13.4	13.2	14.0
Net operating income	1.1	0.8	1.1
Total financial income	0.3	0.2	0.2
Interest payable on loans	0.0	0.1	0.0
Other expenses	0.5	0.0	0.0
Total expenses	0.6	0.1	0.0
Profit before tax	0.8	1.0	1.3
Extraordinary income	0.0	-	0.0
Extraordinary expenses	0.0	0.0	-
Extraordinary result	0.0	-	0.0
Total taxation	0.2	0.2	0.3
Profit distributed to employees	0.1	0.1	0.1
Net profit	0.5	0.8	0.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Issued capital	1.8	2.0	1.9
Share premium account	0.1	0.1	0.1
Total reserves	2.8	2.7	2.5
Profits for the year	0.5	0.8	0.9
Total stockholders equity	5.2	5.5	5.3
Provisions and allowances	0.2	0.2	0.2
Trade creditors	1.4	1.9	2.2
Advances received	0.1	0.1	0.1
Bank loans and overdrafts	1.2	1.1	0.9
Current bank debts	0.0	-	-
Other loans	0.4	0.8	0.4
Other liabilities	0.0	0.2	0.0
Debts on fixed assets	-	-	0.2
Income stated in advance	0.1	0.1	0.2
Taxation and social security	1.3	1.4	1.1
Total current liabilities	3.3	4.4	4.3
Total debts	4.4	5.6	5.1
Total liabilities (including net worth)	9.8	11.3	10.6
Patents	0.0	0.0	0.0
Other fixed assets	1.0	1.0	0.6
Long-term investments	1.1	1.7	1.7
Other financial assets	0.4	0.3	0.2
Total non-current assets	2.5	3.0	2.5
Prepayments	-	0.0	0.0
Net stocks and work in progress	3.2	3.4	4.0
Trade debtors	3.1	4.6	3.3
Discounted bills not yet due	-	0.2	-
Other receivables	0.1	0.2	0.2
Prepaid expenses	0.1	0.0	0.0
Cash and liquid assets	0.2	0.1	0.2
Marketable securities	0.7	0.0	0.3
Total current assets	7.3	8.3	8.0
Total assets	9.8	11.3	10.6

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Current ratio	2.20	1.90	1.90
Quick ratio	1.20	1.10	0.90
Total liabilities to net worth	0.85%	1.02%	0.96%
Net worth to total assets	0.53%	0.49%	0.50%
Collection period	64.20	95.70	73.60
Stock turnover rate	4.50	4.50	3.40
Asset turnover	1.48%	1.35%	1.28%
Profit margin	0.06%	0.07%	0.09%
Return on assets	0.09%	0.09%	0.12%
Shareholders' return	0.16%	0.19%	0.23%
Sales per employee	979.59	977.36	984.73
Profit per employee	56.31	66.45	89.04
Average wage per employee	222.81	206.35	207.17
Net worth	5.2	5.5	5.3
Number of employees	72	71	65

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

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.

MIRA INFORM REPORT

Company name and address

Corporate Overview

Financial Data

Corporate Structure News

Executives Report

Annual Profit & Loss

Unit