MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	NORTHROP GRUMMAN SPERRY MARINE B.V.

Formerly Known As :	SPERRY MARINE EUROPE BV

Registered Office :	Burlington House, 118 Burlington Road, New Malden, Surrey, Kt3 4nr.

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	14.02.1997

Com. Reg. No.:	FC020139

Legal Form :	Private Company

Line of Business :	Assembling, Marketing, Selling & Servicing of nautical & marine systems

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 :	GBP 250,000

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)

United Kingdom

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

company Identification Details

Subject Reported on	NORTHROP GRUMMAN SPERRY MARINE B.V.
Registration Number	FC020139
VAT Number	GB765355702
Address	BURLINGTON HOUSE, 118 BURLINGTON ROAD, NEW MALDEN, SURREY, KT3 4NR.
Telephone	020 8329 2000
Facsimile	020 8329 2415
Web Address	www.sperry-marine.com

Creditline Recommendations

Monthly Credit Guide

GBP 250,000

Payment Behaviour

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	See Report
Registration Number	FC020139
VAT Number	GB765355702
Subject Status	Trading
Date of Incorporation	14/02/1997
Registered Office	JAMES WATIWEG 22, 3133KK VLARRRDINGEN, NETHERLANDS.
History	Previously located at 247 BURLINGTON RD, NEW MALDEN, SURREY, KT3 4N.
	28/03/1997 : Change of name from SPERRY MARINE EUROPE BV.
Accounts	The last filed accounts at Companies House are those to 31/12/2010

Operations

Activities	Assembling, marketing, selling & servicing of nautical & marine systems.
Nace Code	3320
Premises	Leased,Offices,Factory,Warehouse
Staff Employed	382
Trade Names	SPERRY MARINE UK
Product Names	SPERRY, DECCA, C.PLATH
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	LLOYDS TSB BANK PLC
Address	CITY OFFICE.
Sort Code	300002
Auditors	Deloitte Accountants B.V.
Branches	OLD HERRING SALES ROOM, FARMERS LANE, PETERHEAD, SCOTLAND, AB42 1DG.
	UNIT 2, EAST RIVERSIDE, IMMINGHAM DOCK IMMINGHAM, SOUTH HUMBERSIDE, DN40 2QJ.

Historical Rating

Date	Monthly Credit Guide
04/10/2011	250,000
04/07/2011	250,000
04/04/2011	250,000
04/01/2011	250,000
04/10/2010	0

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
3	5	8

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
08/09/2011	Miscellaneous
08/09/2011	Miscellaneous
04/08/2011	Miscellaneous
10/06/2011	Miscellaneous
10/06/2011	Miscellaneous
13/12/2010	Miscellaneous
10/12/2010	Miscellaneous
10/12/2010	Miscellaneous
03/08/2010	Miscellaneous

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Directors

Commercial Director	MR ALAN STUART DIX
Service Address	207 THE STREET, CAPEL, SURREY, RH5 5ER.
Country of Origin	UNITED KINGDOM
Date of Birth	04/07/1955
Appointment Date	31/01/2007
Other Directorships	NORTHROP GRUMMAN SPERRY MARINE LIMITED
Director	UWE GEHARD FRIEDHELM OLDEKOP
Service Address	UNIT 5 QUINN CLOSE MANOR PARK, WHITELY, COVENTRY, WEST MIDLANDS, CV3 4LH.
Country of Origin	GERMANY
Date of Birth	19/03/1958
Appointment Date	27/11/2009
Director	CORNELIS CHRISTIAAN VOLKERS
Service Address	UNIT 5 QUINN CLOSE MANOR PARK, WHITLEY, COVENTRY, WEST MIDLANDS, CV3 4LH.
Country of Origin	NETHERLANDS
Date of Birth	13/06/1951
Appointment Date	27/11/2009
Director	MR NELSON ANDREW MURPHY
Service Address	UNIT 5 QUINN CLOSE, MANOR PARK WHITLEY, COVENTRY, WEST MIDLANDS, CV3 4LH.
Country of Origin	USA
Date of Birth	07/05/1960
Appointment Date	22/07/2011
Other Directorships	NORTHROP ELECTRONIC SYSTEMS INTEGRATION LIMITED, NORTHROP GRUMMAN SPERRY MARINE LIMITED

General Information

26/02/2009

The subject is a Foreign Registered company & therefore is not obligedto file accounts/annual return at Companies House. Branch number: BR003806.

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	EUR	EUR	EUR	EUR
SALES	3562	5176	41963	41349
Cost of goods sold			27533	25844
GROSS PROFIT			14430	15505
Wages and Salaries	18006	16942	16589	15806
PRE TAX PROFIT	3194	18850	(4616)	707

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	EUR	EUR	EUR	EUR
TOTAL FIXED ASSETS	4064	2727	1440	1007
Tangible Assets	3742	2727	1440	1007
Intangible Assets	322
TOTAL CURRENT ASSETS	118149	74897	49095	44969
Trade debtors	18244	16171	11379	3346
Other Current Assets	99905	58726	37716	41623
Due From Group	97434	57295	36301	40289
Cash	2471	1431	1415	1334
TOTAL ASSETS	122213	77624	50535	45976
TOTAL CURRENT LIABILITIES	95445	69808	53825	63493
Trade creditors	5750	5762	7745	6499
Short Term Loans	53166	42916	38220	48107
Due To Group	53166	42916	38220	48107
Other Liabilities	36529	21130	7860	8887
WORKING CAPITAL	22704	5089	(4730)	(18524)
TOTAL LONG TERM LIABS	11297	240	606	118
NET ASSETS/(LIABILITIES)	15471	7576	(3896)	(17635)
SHARE CAPITAL + RESERVES	15471	7576	(3896)	(17635)
Share Cap + Sundry Res	20602	20610	21561	2579
Profit and Loss account	(5131)	(13034)	(25457)	(20214)
SHAREHOLDERS FUNDS	15471	7576	(3896)	(17635)
CAPITAL EMPLOYED	26768	7816	(3290)	(17517)

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	EUR	EUR	EUR	EUR
Liquid Assets	20715	17602	12794	4680
Net Working Capital	22704	5089	(4730)	(18524)
Other Deferred Liabs	11297	240	606	118
Tangible Net Worth(T.N.W)	15149	7576	(3896)	(17635)
Equity	15471	7576	(3896)	(17635)
Number of Years Trading	12	11	10	9
Number of Employees	382	350	329	326
Profit per Employee	8361.3	53857.1	(14030.4)	2168.7
Sales per Employee	9324.6	14788.6	127547.1	126837.4

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	1.2	1.1	0.9	0.7
Pre Tax Profit Margin%	89.7	364.2	(11)	1.7
Gross Profit%			34.4	37.5
Creditors Days (D.P.O)	589	406	67	57
Quick Ratio	1.2	1.1	0.9	0.7
Return on Investment%	4	37.2	(13.2)	2.3
Return on Assets%	2.6	24.3	(9.1)	1.5
T.N.W/Total Assets%	12.4	9.8	(7.7)	(38.4)
Return on Capital%	11.9	241.2	140.3	(4)
Rtn on Shareholders Funds%	20.6	248.8		(4)
Working Capital/Sales%	637.4	98.3	(11.3)	(44.8)
Borrowing Ratio%	351	566.5	(981)	(272.8)
Equity Gearing%	14.5	10.8	(7.2)	(27.7)
Days Purchases Outstanding			102.7	91.8

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	147	1304	1542	1588
Pre-Tax Profit Margin	8.4	7.3	3.6	5.9
Current Ratio	2.3	2.4	2.3	2.1
Borrowing Ratio	38.3	31.2	22.8	47.2
Return on Capital	46.9	21.7	20.6	30.7
Creditors Days	31	65	70	58

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of instruments and appliances for measuring, checking, testing, navigating

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

Turnover

Turnover decreased by 31 % and reduced by 1,614,000 to EUR 3,562,000.

Pre Tax Profit

The subject's profit decreased by 83 % over the previous year.

Working Capital

The company's working capital has increased by 346 % in the period.

Net Worth

Net worth has increased by 104 % and now stands at EUR 15,471,000.

Fixed Assets

The subject's fixed assets increased during the year by EUR 1,337,000 to EUR 4,064,000 and are now 3 % of total assets compared with 3 % in the previous year.

Long Term Liabilities

The company's long term liabilities increased during the period by 4,607% and are now 73 % of net worth compared with 3 % in the previous period.

Long Term Liabilities

Long term liabilities are 42 % of capital employed, an increase of 39 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.23
UK Pound	1	Rs.76.07
Euro	1	Rs.65.06

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.