MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	PAGUNETTE A/S

Registered Office :	Skælskør Landevej 39, 4200 Slagelse

Country :	Denmark

Financials (as on) :	30.06.2011

Date of Incorporation :	1960

Legal Form :	Limited company

Line of Business :	Wholesale of textiles

No. of Employees :	30

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 :	Estimated 4.500.000
Status :	Good
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Denmark

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

Company ID

Main name PAGUNETTE A/S

Main address SKÆLSKØR LANDEVEJ 39

City 4200 SLAGELSE

Country Denmark

Phone-no. +45-58-570400

Nat. partner ID-no. 1152742

ID-/Reg.-no. 27508219 A/S

Legal form Limited company

Company Status Active

Latest change 2012-01-29

Activity

Activity 46.41 Wholesale of textiles

No of employees empl 30

Management Information

Management CARSTEN VENDAL SØRENSEN

Board of directors BENNY CHRISTENSEN (Chairman of the board)

HELLE VENDAL SØRENSEN (Member of the board)

CARSTEN VENDAL SØRENSEN (Member of the board)

Historical Data

Established 1960

Registered 2004-01-14

Credit Facilities

Bankers JYSKE BANK GL. TORV 5 4200 SLAGELSE

Financial data

Currency Danish Krone

Closing date 2011-06-30 2010-06-30 2009-06-30

Source Ann. report Ann. report Ann. report

Ordinary result 1.565.000 298.000 435.000

Tax 483.000 92.000 147.000

Annual result 1.082.000 206.000 288.000

<* Assets *>

Fixed assets 8.991.000 10.811.000 12.742.000

Current assets 25.904.000 25.331.000 25.428.000

<* Liabilities *>

Equity capital 22.857.000 23.114.000 23.158.000

Share capital 1.500.000 1.500.000 1.500.000

Long-term debts 2.121.000 2.353.000 2.585.000

Short-term debts 8.382.000 8.795.000 10.378.000

<* Company Ratios *>

Gearing I 75,75 90,61 124,45

Acid test ratio I 309,04 288,02 245,02

Acid test ratio II 170,41 150,11 138,38

Return on investment 5,19 -0,72 3,25

Return on equity 6,85 1,29 1,88

Solvency ratio 65,50 63,95 60,67

Property

Property Yes

Property ass. value 8.200.000 (Annual report)

Mortgaging I Yes Total mortgaging 2.353.000

Corporate Structure

Parent company TEXCARE-GRUPPEN A/S (ID:139303) (100%)

Subsidiaries PAGUNETTE GMBH (100%)

Secondary names(s) ARKITEX-TEXTIL A/S

BIRGITTA-GARDINER A/S

MULTI LINE BOLIGTEXTILER A/S

P-DESIGN A/S

Payment profile

Payment profile Payment regular

Credit Summary

Credit limit Estimated 4.500.000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.