MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Name :	INTEGRA TRADING APS

Registered Office :	Trørødvej 63 B 2950 Vedbæk

Country :	Denmark

Financials (as on) :	30.04.2011

Year of Establishment:	1989

Legal Form :	Limited Company

Line of Business :	Engineering activities and related technical consultancy

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	Estimated 45.000 Danish Krone
Status :	Moderate
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)

Denmark

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

Activity

Activity 71.12 Engineering activities and related technical consultancy

No of employees empl 2

Management Information

Management CARSTEN THORSEN

Board of directors MICHAEL NIELS THORSEN (Member of the board)

PETER THORSEN (Member of the board)

CARSTEN THORSEN (Member of the board)

Historical Data

Established 1989

Registered 1990-08-01

Credit Facilities

Bankers JYSKE BANK HOVEDGADEN 33-35 2970 HØRSHOLM

Financial data

Currency Danish Krone

Closing date 2011-04-30 2010-04-30 2009-04-30

Source Ann. report Ann. report Ann. report

Turnover 36.346.000 18.534.000 8.015.000

Costs 35.758.000 18.132.000 7.835.000

Ordinary result 466.000 396.000 270.000

Tax 116.000 -65.000 83.000

Annual result 350.000 462.000 187.000

Assets

Fixed assets 10.000 12.000 5.000

Current assets 6.761.000 4.316.000 3.797.000

Liabilities

Equity capital 294.000 -56.000 -517.000

Share capital 125.000 125.000 125.000

Short-term debts 6.477.000 4.385.000 4.319.000

Company Ratios

Gearing I 2.280,63 -6.448,53 -827,39

Acid test ratio I 104,38 98,43 87,91

Acid test ratio II 104,38 98,43 87,91

Return on investment 8,68 9,29 4,73

Return on equity 158,50 -707,14 -52,22

Solvency ratio 4,34 -1,29 -13,60

Property

Property No

Corporate Structure

Shareholder CARSTEN THORSEN (52%) (Shareholder)

Associated business INTEGRA HOLDING APS (ID:86951) (48%)

Secondary names(s) CT-TECHNOLOGIES APS

Payment profile

Payment profile Payment regular

Credit Summary

Risk class Moderate

Credit limit Estimated 45.000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.14
UK Pound	1	Rs.77.86
Euro	1	Rs.66.06

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.