MIRA INFORM REPORT

Report Date :

26.05.2012

IDENTIFICATION DETAILS

Name :	KARL MENZEL MASCHINENFABRIK GMBH & CO.

Registered Office :	Friedrichsdorfer Strasse 61, Bielefeld, 33659

Country :	Germany

Financials (as on) :	31.12.2010

Date of Incorporation :	01.01.1974

Com. Reg. No.:	9784

Legal Form :	Private Subsidiary Company

Line of Business :	manufacturer of textile machinery

No. of Employees :	63

RATING & COMMENTS

MIRA’s Rating :

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

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Germany

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

Company name & address

Karl Menzel Maschinenfabrik GmbH & Co.

Friedrichsdorfer Strasse 61

Bielefeld, 33659

Germany

Tel: +49 (0) 521 404140

Fax: +49 (0) 521 401531

Synthesis

Employees: 63

Company Type: Private Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Menzel Familiengesellschaft mbH & Co. KG

Incorporation Date: 01-Jan-1974

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 6.7

Business Description

Karl Menzel Maschinenfabrik GmbH & Co. is primarily engaged in manufacture of textile machinery (machines for preparing, producing, extruding, drawing, texturing or cutting man-made textile fibres, materials or yarns; machines for preparing textile fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool scourers, wool carbonisers, combs, carders, roving frames, etc.; spinning machines; machines for preparing textile yarns: reelers, warpers and related machines; weaving machines (looms) including hand looms; knitting machines; machines for making knotted net, tulle, lace, braid, etc.); manufacture of auxiliary machines or equipment for textile machinery (dobbies, Jacquards, automatic stop motions, shuttle changing mechanisms, spindles and spindle flyers, etc.); manufacture of machinery for fabric processing (machinery for washing, bleaching, dyeing, dressing, finishing, coating or impregnating textile fabrics; manufacture of machines for reeling, unreeling, folding, cutting or pinking textile fabrics); manufacture of laundry machinery (ironing machines including fusing presses; laundry-type washing and drying machines; dry cleaning machines); manufacture of sewing machines, sewing machine heads and sewing machine needles; manufacture of machines for producing or finishing felt or nonwovens; manufacture of leather machines (machinery for preparing, tanning or working hides, skins or leather; and machinery for making or repairing footwear or other articles of hides, skins, leather or furskins).

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2469 - Other Specialised Machinery and Equipment Manufacturing

NACE 2002: 2954 - Manufacture of machinery for textile, apparel and leather production

NAICS 2002: 333292 - Textile Machinery Manufacturing

UK SIC 2003: 2954 - Manufacture of machinery for textile, apparel and leather production

US SIC 1987: 3552 - Textile Machinery

Registered No.(DEU): 9784

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

Friedrichsdorfer Strasse 61

Bielefeld, 33659

Germany

Tel: +49 (0) 521 404140

Fax: +49 (0) 521 401531

Sales EUR(mil): NA

Assets EUR(mil): 5.0

Employees: 63

Fiscal Year End: 31-Dec-2010

Industry: Miscellaneous Capital Goods

Incorporation Date: 01-Jan-1974

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 9784

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3494 - Other Electrical and Electronic Goods Wholesaling

2469 - Other Specialised Machinery and Equipment Manufacturing

2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:

2924 - Manufacture of other general purpose machinery not elsewhere classified

2954 - Manufacture of machinery for textile, apparel and leather production

5143 - Wholesale of electrical household appliances and radio and television goods

2956 - Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:

4236 - Electrical and Electronic Goods Merchant Wholesalers

333292 - Textile Machinery Manufacturing

333298 - All Other Industrial Machinery Manufacturing

33399 - All Other General Purpose Machinery Manufacturing

US SIC 1987:

5064 - Electrical Appliances, Television and Radio Sets

3552 - Textile Machinery

3569 - General Industrial Machinery and Equipment, Not Elsewhere Classified

UK SIC 2003:

2924 - Manufacture of other general purpose machinery not elsewhere classified

2954 - Manufacture of machinery for textile, apparel and leather production

5143 - Wholesale of electrical household appliances and radio and television goods

2956 - Manufacture of other special purpose machinery not elsewhere classified

Business Description

Financial Data

Financials in:	EUR(mil)

Assets:	5.0
Current Assets:	4.7
Total Liabilities:	5.0
Net Worth:	1.4

Date of Financial Data:	31-Dec-2010

1 Year Growth

Subsidiaries

Company	Percentage Owned	Country
KARL MENZEL BETEILIGUNGS GmbH		Germany

Key Corporate Relationships

Bank:	Deutsche Bank, Sparkasse Bielefeld

Corporate Family	Corporate Structure News:
	Menzel Familiengesellschaft mbH & Co. KG Karl Menzel Maschinenfabrik GmbH & Co.
Karl Menzel Maschinenfabrik GmbH & Co. Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Menzel Familiengesellschaft mbH & Co. KG	Parent	SchloÃŸ Holte-Stukenbrock, Nordrhein-Westfalen	Germany	Consumer Financial Services		3
Karl Menzel Maschinenfabrik GmbH & Co.	Subsidiary	Bielefeld, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods		70
Gebr. Menzel Maschinenfabrik GmbH & Co.	Subsidiary	SchloÃŸ Holte-Stukenbrock, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods		63

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

Taxes and social security costs	0.7	0.7	0.8
Total payroll costs	4.2	4.4	5.3
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	5.2	4.7	9.3
Net operating income	-0.7	-1.6	0.8
Income received from associated companies	0.0	0.0	0.0
Other income	0.0	0.0	0.0
Interest payable on loans	0.0	0.0	0.0
Total expenses	0.0	0.0	0.0
Profit before tax	-0.7	-1.6	0.8
Provisions	1.2	1.2	2.1
Other taxes	0.0	0.0	0.0
Total taxation	0.0	-	0.1
Profit distributed to shareholders	-	1.6	-
Net profit	-	-	0.6
Net loss	-0.8	-	-

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

Total stockholders equity	1.9	2.9	2.8
Provisions and allowances	1.2	1.2	2.0
Total current liabilities	3.6	6.2	2.9
Total liabilities (including net worth)	6.7	10.3	7.7
Intangibles	0.0	0.1	0.1
Land and buildings	0.0	0.0	0.0
Machinery and tools	0.0	0.0	0.0
Fixtures and equipment	0.0	0.0	0.0
Total tangible fixed assets	0.2	0.2	0.2
Total financial assets	0.2	0.2	0.2
Total non-current assets	0.4	0.5	0.6
Net stocks and work in progress	1.6	5.3	2.5
Other receivables	-	3.6	4.3
Total receivables	3.2	3.9	4.3
Cash and liquid assets	1.5	0.6	0.3
Total current assets	6.3	9.8	7.1
Total assets	6.7	10.3	7.7

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	17.85	15.82	24.38
Acid test ratio	13.22	7.21	15.97
Total liabilities to net worth	0.18%	0.22%	0.10%
Net worth to total assets	0.03%	0.03%	0.04%
Current liabilities to net worth	0.18%	0.22%	0.10%
Current liabilities to stock	0.22%	0.12%	0.12%
Fixed assets to net worth	0.02%	0.02%	0.02%
Return on assets	-0.01%	-0.02%	0.01%
Shareholders' return	-0.04%	-0.06%	0.02%
Profit per employee	-0.90	-1.86	0.62
Average wage per employee	5.09	5.07	5.15
Net worth	1.9	2.9	2.8
Number of employees	63	63	70

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.84

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.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Corporate Overview

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit