MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	SAMSONITE EUROPE
Registered Office :	Westerring 17, Eine, 9700
Country :	Belgium
Financials (as on) :	31.12.2011
Year of Establishment :	1966
Com. Reg. No.:	400245655
Legal Form :	Private Subsidiary
Line of Business :	Subject is a designer, manufacturer and distributor of luggage, as well as a distributor of travel-related consumer products
No. of Employees :	564 employees

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

Status :	Satisfactory
Payment Behaviour :	Regular
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Samsonite Europe

Westerring 17

Eine, 9700

Belgium

Tel: 055 33 32 11

Fax: 055 31 56 60

Web: www.samsonite.com

Synthesis

Employees: 564

Company Type: Private Subsidiary

Corporate Family: 101 Companies

Ultimate Parent: Samsonite Corporation

Incorporation Date: 1966

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 374.5 1

Total Assets: 333.3

Business Description

Samsonite Europe is a division of Samsonite Corporation is a designer, manufacturer and distributor of luggage, as well as a distributor of travel-related consumer products. Samsonite sells its products under a number of brand names, such as Samsonite, American Tourister, Lacoste and Trunk & Co. The company's product lines include luggage, business and computer bags, and outdoor and casual bags. Samsonite also manufactures and sells luggage, casual bags, clothing, shoes and accessories in the luxury segment of the market under the Samsonite, Samsonite Black label and Lacoste brands. The company's products are sold in more than 100 countries at various types of retail establishments, such as department stores, specialty stores, mass merchants, warehouse clubs, computer and electronic superstores, office superstores, bookstores and travel product stores. Samsonite also sells certain products through company-operated retail stores in the United States, Canada, Mexico, Latin America, Asia and Europe. Samsonite Europe has a location in Oudenaarde, Belgium.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 1320 - Leather Tanning, Fur Dressing and Leather Product Manufacturing

NACE 2002: 1920 - Manufacture of luggage, handbags and the like, saddlery and harness

NAICS 2002: 316991 - Luggage Manufacturing

UK SIC 2003: 1920 - Manufacture of luggage, handbags and the like, saddlery and harness

UK SIC 2007: 1512 - Manufacture of luggage, handbags and the like, saddlery and harness

US SIC 1987: 3161 - Luggage

Key Executives

Name	Title
Arne Borrey	Directeur General
Patrick Baele	Finance Manager
Vincent Joly	Export Manager
Giuseppe Fremder	Administrator
H. Isobar	Directeur Informatique

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

Westerring 17

Eine, 9700

Belgium

Tel: 055 33 32 11

Fax: 055 31 56 60

Web: www.samsonite.com

Sales EUR(mil) 269.4

Assets EUR(mil): 256.7

Employees: 564

Fiscal Year End: 31-Dec-2011

Industry: Apparel and Accessories

Incorporation Date: 1966

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(VAT): 400245655

Directeur General: Arne Borrey

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Industry Codes

ANZSIC 2006 Codes:

1320 - Leather Tanning, Fur Dressing and Leather Product Manufacturing

NACE 2002 Codes:

1920 - Manufacture of luggage, handbags and the like, saddlery and harness

NAICS 2002 Codes:

316991 - Luggage Manufacturing

US SIC 1987:

3161 - Luggage

UK SIC 2003:

1920 - Manufacture of luggage, handbags and the like, saddlery and harness

UK SIC 2007:

1512 - Manufacture of luggage, handbags and the like, saddlery and harness

Business Description

Wholesale of other household hoods nec

More Business Descriptions

Manufacture of travel bags and suitcases

Samsonite Europe is a division of Samsonite Corporation is a designer, manufacturer and distributor of luggage, as well as a distributor of travel-related consumer products. Samsonite sells its products under a number of brand names, such as Samsonite, American Tourister, Lacoste and Trunk & Co. The company's product lines include luggage, business and computer bags, and outdoor and casual bags. Samsonite also manufactures and sells luggage, casual bags, clothing, shoes and accessories in the luxury segment of the market under the Samsonite, Samsonite Black label and Lacoste brands. The company's products are sold in more than 100 countries at various types of retail establishments, such as department stores, specialty stores, mass merchants, warehouse clubs, computer and electronic superstores, office superstores, bookstores and travel product stores. Samsonite also sells certain products through company-operated retail stores in the United States, Canada, Mexico, Latin America, Asia and Europe. Samsonite Europe has a location in Oudenaarde, Belgium.

Financial Data

Financials in:	EUR(mil)
Revenue:	269.4
Assets:	256.7
Current Assets:	107.3
Fixed Assets:	149.4
Total Liabilities:	256.7
Issued Capital:	13.1
Net Worth:	13.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

NA

NA

Subsidiaries

Company	Percentage Owned	Country
Samsonite SAS	100%	FRANCE

Corporate Family	Corporate Structure News:
	Samsonite Corporation Samsonite Europe
Samsonite Europe Total Corporate Family Members: 101

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Samsonite Corporation	Parent	Mansfield, MA	United States	Apparel and Accessories	1,070.4	5,000
Samsonite Europe	Subsidiary	Eine	Belgium	Apparel and Accessories	374.5	564
Samsonite SpA	Subsidiary	Saltrio, Varese	Italy	Apparel and Accessories	74.0	115
Samsonite SAS	Subsidiary	Paris	France	Personal and Household Products	61.3	74
Samsonite Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	12.3	70
Samsonite Asia Limited	Subsidiary	Wan Chai, Hong Kong	Hong Kong	Miscellaneous Capital Goods	96.8	65
Samsonite España Sociedad Anonima	Subsidiary	Madrid	Spain	Retail (Specialty)	43.6	61
SAMSONITE Gesellschaft mit beschränkter Haftung	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	46.5	33
Samsonite B.V.	Subsidiary	Utrecht, Utrecht	Netherlands	Miscellaneous Capital Goods	23.3	5
Samsonite Sp Z O O	Subsidiary	Warszawa	Poland	Apparel and Accessories	6.1	3
Samsonite Finland Oy	Subsidiary	Helsinki	Finland	Apparel and Accessories	7.5	2
Samsonite México, S.A. de C.V.	Subsidiary	Cuautitlán Izcalli, Estado de México	Mexico	Apparel and Accessories		500
Samsonite México, S.A. De C.V.	Subsidiary	Cuautitlan Izcalli, Estado De Mexico	Mexico	Apparel and Accessories		107
Samsonite Mexico S.A. De C.V.	Branch	Cuautitlan Izcalli, Estado De Mexico	Mexico	Apparel and Accessories	7.5	375
Samsonite Ltd.	Subsidiary	London	United Kingdom	Apparel and Accessories	30.0	77
Samsonite Canada	Subsidiary	Stratford, ON	Canada	Apparel and Accessories		60
Samsonite	Branch	Orlando, FL	United States	Retail (Specialty)	4.5	15
Samsonite	Branch	Central Valley, NY	United States	Retail (Specialty)	3.3	11
Samsonite	Branch	Sunrise, FL	United States	Retail (Specialty)	2.1	7
Samsonite	Branch	San Marcos, TX	United States	Retail (Specialty)	1.9	6
Samsonite	Branch	San Diego, CA	United States	Retail (Specialty)	1.9	6
Samsonite	Branch	Cabazon, CA	United States	Retail (Specialty)	1.9	6
Samsonite	Branch	Camarillo, CA	United States	Retail (Specialty)	1.9	6
Samsonite	Branch	Mercedes, TX	United States	Retail (Specialty)	1.3	6
Samsonite	Branch	Gilroy, CA	United States	Retail (Specialty)	1.6	5
Samsonite	Branch	Vacaville, CA	United States	Retail (Specialty)	1.6	5
Samsonite	Branch	Barstow, CA	United States	Retail (Specialty)	1.6	5
Samsonite	Branch	Carlsbad, CA	United States	Retail (Specialty)	1.6	5
Samsonite	Branch	Commerce, CA	United States	Retail (Specialty)	1.6	5
Samsonite	Branch	Las Vegas, NV	United States	Retail (Specialty)	1.5	5
Samsonite	Branch	Waipahu, HI	United States	Retail (Specialty)	1.4	5
Samsonite	Branch	Concord, NC	United States	Retail (Specialty)	1.4	5
Samsonite	Branch	Katy, TX	United States	Retail (Specialty)		5
Samsonite	Branch	Grapevine, TX	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Round Rock, TX	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Cypress, TX	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Dallas, TX	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Elizabeth, NJ	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Secaucus, NJ	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Napa, CA	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Milpitas, CA	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Cabazon, CA	United States	Retail (Specialty)	1.3	4
Samsonite	Branch	Las Vegas, NV	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Aurora, IL	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Riverhead, NY	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Waterloo, NY	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Niagara Falls, NY	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Fort Myers, FL	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Ellenton, FL	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Jacksonville, FL	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Orlando, FL	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Naples, FL	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Anthem, AZ	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Tempe, AZ	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Hanover, MD	United States	Retail (Specialty)	1.2	4
Samsonite Factory Outlet	Branch	Hagerstown, MD	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Lakewood, CO	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Silverthorne, CO	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Loveland, CO	United States	Retail (Specialty)	1.2	4
Samsonite	Branch	Grove City, PA	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Reading, PA	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Dawsonville, GA	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Troutdale, OR	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Leesburg, VA	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Williamsburg, VA	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Wrentham, MA	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Warren, RI	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Aurora, OH	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Howell, MI	United States	Retail (Specialty)	1.1	4
Samsonite	Branch	Birch Run, MI	United States	Retail (Specialty)	0.8	4
Samsonite	Branch	Orlando, FL	United States	Retail (Specialty)	1.2	3
Samsonite	Branch	Smithfield, NC	United States	Retail (Specialty)	1.1	3
Samsonite	Branch	San Marcos, TX	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Allen, TX	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Jackson, NJ	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Niagara Falls, NY	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Florida City, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	St Augustine, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Orlando, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Estero, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Sunrise, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Destin, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Orlando, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Vero Beach, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Naples, FL	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Queenstown, MD	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Castle Rock, CO	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Lawrenceville, GA	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Commerce, GA	United States	Retail (Specialty)	0.9	3
Samsonite	Branch	Woodbridge, VA	United States	Retail (Specialty)	0.8	3
Samsonite	Branch	Lebanon, TN	United States	Retail (Specialty)	0.8	3
Samsonite	Branch	Edinburgh, IN	United States	Retail (Specialty)	0.8	3
Samsonite	Branch	Myrtle Beach, SC	United States	Retail (Specialty)	0.8	3
Samsonite	Branch	Auburn Hills, MI	United States	Retail (Specialty)	0.8	3
Samsonite	Branch	Pleasant Prairie, WI	United States	Retail (Specialty)	0.8	3
Samsonite	Branch	Gonzales, LA	United States	Retail (Department and Discount)	0.6	3
Samsonite	Branch	Rehoboth Beach, DE	United States	Apparel and Accessories	1.4	2
Samsonite	Branch	Orlando, FL	United States	Retail (Specialty)	0.6	2
Samsonite	Branch	Park City, UT	United States	Retail (Specialty)	0.6	2
Samsonite	Branch	Albertville, MN	United States	Retail (Specialty)	0.5	2
Samsonite Japan Co.,Ltd.	Subsidiary	Shibuya-Ku, Tokyo	Japan	Personal and Household Products	51.2

Executive report

Board of Directors

Name	Title	Function
Fabio Rugarli	Chairman/Managing Director	Chairman

Executives

Name	Title	Function
Arne Borrey	Directeur General	Chief Executive Officer
Kyle F Gendreau	Managing Director	Managing Director
Social:
Timothy Charles Parker	Managing Director	Managing Director
Age: 57 Education: Oxford, MA (Philosophy , Politics And Economics) Oxford University, MA (Politics , Philosophy And Economics)
Fabio Rugarli	Chairman/Managing Director	Managing Director
Karlheinz Tretter	Managing Director	Managing Director
Age: 69
Luc Augusta Marie Van Nevel	Managing Director	Managing Director
Age: 65
Geert Moens	Security and Environment Manager	Environment/Safety Executive
Giuseppe Fremder	Administrator	Administration Executive
Steven J Green	Administrator	Administration Executive
Tom Leonard	Administrator	Administration Executive
Education: Cornell University
Nick Noell	Administrator	Administration Executive
Patrick Baele	Finance Manager	Finance Executive
Sophie Brabants	Representative/Auditor	Accounting Executive
Jan Meskens	Human Resources Manager	Human Resources Executive
Vincent Joly	Export Manager	Sales Executive
Damien Mignot	Directeur-Ventes & Marketing	Sales Executive
Paul Robert	Sales Manager	Sales Executive
Gert Weyers	Marketing Manager	Marketing Executive
H. Isobar	Directeur Informatique	Information Executive
Marc Mortaignie	Responsable Informatique	Information Executive
Dirk De Smyter	IT Manager	Engineering/Technical Executive
Rik Hillaert	Research and Development Manager	Research & Development Executive
Caroline Giraldo	Legal Department Manager	Legal Executive
Arno Deteuil	Directeur de la Production	Manufacturing Executive
Dirk Vermeersch	Production Manager	Manufacturing Executive
Rick Lecluyse	Responsable-Logistique	Logistics Executive
Véronique Brossé	Purchasing Manager	Purchasing Executive
Johan Pareyt	Responsable-Qualité	Quality Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Turnover	374.5	305.5	263.8
Increase or Decrease in Stocks of Finished Goods, and Orders in Progress	0.6	0.0	-1.5
Other Operating Income	7.0	1.7	2.1
Operating Income	382.1	307.2	264.3
Purchases	208.3	205.6	125.9
Increase or Decrease in Stocks	0.0	-39.9	26.8
Raw Materials, Consumables, and Goods for Release	208.2	165.7	152.7
Services and Sundry Goods	93.7	86.0	46.8
Remuneration, Social Security Charges, and Pensions	42.1	43.8	43.6
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	5.5	4.8	6.7
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	4.4	0.1	3.7
Provisions for Liabilities and Charges	-0.7	-14.0	0.0
Other Operating Charges	0.7	1.9	0.7
Operating Charges	354.0	288.2	254.2
Income From Financial Fixed Assets	29.4	4.3	12.5
Income From Current Assets	3.7	5.5	5.8
Other Financial Income	13.8	2.2	0.2
Financial Income	46.8	12.0	18.5
Interest and Other Debt Charges	0.5	0.2	5.4
Other Financial Charges	4.9	11.6	2.2
Financial Charges	5.4	11.7	7.6
Gain on Disposal of Fixed Assets	0.7	62.4	0.1
Extraordinary Income	0.7	62.4	0.1
Amounts Written Off on Financial Fixed Assets	-	-	14.6
Provisions for Extraordinary Liabilities and Charges	-	-	19.1
Loss on Disposal of Fixed Assets	0.2	0.1	0.4
Other Extraordinary Charges	-	-	15.3
Extraordinary Charges	0.2	0.1	49.5
Transfer from Differed Taxes	0.0	0.1	0.0
Income Taxes	13.2	1.5	1.2
Income Taxes	13.2	1.5	1.2
Transfer from Untaxed Reserves	0.1	0.2	0.1
To the Legal Reserve	-	1.2	-
Transfers to Capital and Reserves	-	1.2	-
Return on Capital	27.8	-	-
Profit to be Distributed	27.8	-	-
Employees	564	540	724

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Intangible Assets	1.7	2.3	1.9
Land & Buildings	2.7	2.8	3.1
Plant, Machinery, and Equipment	5.2	6.1	8.7
Furniture and Vehicles	1.9	1.8	1.0
Assets Under Construction and Advance Payments	4.2	3.4	1.8
Tangible Assets	14.0	14.0	14.5
Participating Interests	178.0	184.0	129.3
Affiliated Enterprises	178.0	184.0	129.3
Amounts Receivable and Cash Guarantees	0.3	0.3	0.4
Other Capital Assets	0.3	0.3	0.4
Capital Assets	178.3	184.3	129.7
Fixed Assets	194.0	200.6	146.1
Raw Materials and Consumables	5.3	4.6	3.3
Work in Progress	0.7	0.8	1.1
Finished Goods	3.0	2.5	2.3
Goods Purchased for Resale	56.3	59.1	21.6
Stocks	65.3	66.9	28.4
Inventory and Orders in Progress	65.3	66.9	28.4
Trade Debtors	27.5	22.9	33.2
Other Amounts Receivable	34.9	153.2	168.2
Amounts Receivable Within One Year	62.4	176.0	201.4
Other Investments and Deposits	5.2	2.9	-
Investments	5.2	2.9	-
Liquid Assets	5.7	24.4	26.4
Adjustment Accounts	0.7	0.4	0.7
Current Assets	139.3	270.7	256.9
Total Assets	333.3	471.3	403.0
Issued Capital	17.0	17.6	5.3
Capital	17.0	17.6	5.3
Gain From Revaluation of Assets	0.5	0.6	0.6
Legal Reserve	1.7	1.8	0.5
Other	0.2	0.2	0.2
Reserves Not Available for Distribution	0.2	0.2	0.2
Untaxed Reserves	1.8	1.9	2.3
Reserves	3.7	3.9	3.0
Pensions and Similar Obligations	1.4	1.3	1.6
Major Repairs and Maintenance	1.6	1.5	1.4
Other Liabilities and Charges	17.3	18.8	35.3
Provisions for Liabilities and Charges	20.3	21.6	38.3
Deferred Taxation	0.3	0.3	0.4
Provisions and Deferred Taxes	20.6	21.9	38.7
Capital and Reserves	199.7	178.3	90.4
Credit Institutions	-	154.9	167.7
Financial Debts	-	154.9	167.7
Amounts Due After More Than One Year	-	154.9	167.7
Current Portion of Amounts Payable After More Than One Year	29.8	10.4	12.2
Credit Institutions	-	-	1.4
Financial Debts	-	-	1.4
Suppliers	42.8	85.4	37.8
Trade Debts	42.8	85.4	37.8
Taxes	1.2	1.2	1.3
Remuneration and Social Security	9.5	8.6	8.1
Taxes, Wages, and Social Security	10.7	9.8	9.4
Other Amounts Payable	26.0	6.0	43.0
Amounts Payable Within One Year	109.2	111.6	103.9
Adjustment Accounts	3.8	4.6	2.3
Creditors	113.0	271.1	273.9
Total Liabilities + Shareholders' Equity	333.3	471.3	403.0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.32
UK Pound	1	Rs.87.36
Euro	1	Rs.70.36

INFORMATION DETAILS

Report Prepared by :

MNL

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.