MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	EGON VON RUVILLE GMBH
Registered Office :	Billbrookdeich 112, Hamburg, 22113
Country :	Germany
Financials (as on) :	31.12.2010
Date of Incorporation :	27.07.1993
Com. Reg. No.:	53325
Legal Form :	Private Subsidiary Company
Line of Business :	Other Motor Vehicle Parts Manufacturing
No. of Employees :	169 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 :	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 – June 30^th, 2012

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

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name & address

Egon von Ruville GmbH

Billbrookdeich 112

Hamburg, 22113

Germany

Tel: +49 (0) 40 733440

Fax: +49 (0) 40 73344199

Web: www.ruville.de

synthesis

Employees: 169

Company Type: Private Subsidiary

Corporate Family: 116 Companies

Ultimate Parent: INA-Holding Schaeffler GmbH & Co KG

Incorporation Date: 27-Jul-1993

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 214.9

Total Assets: 129.4

Business Description

Other Motor Vehicle Parts Manufacturing

Industry

Industry Retail (Specialty)

ANZSIC 2006: 3921 - Motor Vehicle Parts Retailing

NACE 2002: 5030 - Sale of motor vehicle parts and accessories

NAICS 2002: 441310 - Automotive Parts and Accessories Stores

UK SIC 2003: 5030 - Sale of motor vehicle parts and accessories

UK SIC 2007: 4532 - Retail trade of motor vehicle parts and accessories

US SIC 1987: 5013 - Motor Vehicle Supplies and New Parts

Key Executives

Name Title

Siegfried KronmUller GeschUftsfUhrer

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

Billbrookdeich 112

Hamburg, 22113

Germany

Tel: +49 (0) 40 733440

Fax: +49 (0) 40 73344199

Web: www.ruville.de

Sales EUR(mil): 162.3

Assets EUR(mil): 96.5

Employees: 169

Fiscal Year End: 31-Dec-2010

Industry: Retail (Specialty)

Incorporation Date: 27-Jul-1993

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 53325

GeschUftsfUhrer: Siegfried KronmUller

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3921 - Motor Vehicle Parts Retailing

NACE 2002 Codes:

5030 - Sale of motor vehicle parts and accessories

NAICS 2002 Codes:

441310 - Automotive Parts and Accessories Stores

US SIC 1987:

5013 - Motor Vehicle Supplies and New Parts

UK SIC 2003:

5030 - Sale of motor vehicle parts and accessories

UK SIC 2007:

4532 - Retail trade of motor vehicle parts and accessories

Business Description

Egon von Ruville GmbH is primarily engaged in sale of motor vehicle parts and accessories.

More Business Descriptions

Other Motor Vehicle Parts Manufacturing

Financial Data

Financials in:	EUR(mil)
Revenue:	162.3
Assets:	96.5
Current Assets:	79.8
Total Liabilities:	96.5
Issued Capital:	0.0
Net Worth:	59.8
Date of Financial Data:	31-Dec-2010

1 Year Growth

15.5%

NA

Key Corporate Relationships

Bank:	UniCredit Bank - HypoVereinsbank

Corporate Family	Corporate Structure News:
	INA-Holding Schaeffler GmbH & Co KG Egon von Ruville GmbH
Egon von Ruville GmbH Total Corporate Family Members: 116

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
INA-Holding Schaeffler GmbH & Co KG	Parent	Herzogenaurach, Bayern	Germany	Miscellaneous Fabricated Products	12,574.9	65,000
Schaeffler Group USA Inc	Subsidiary	Fort Mill, SC	United States	Miscellaneous Fabricated Products	130.0	1,200
Schaeffler Group USA Inc	Branch	Joplin, MO	United States	Miscellaneous Fabricated Products	228.8	760
Schaeffler Group USA Inc	Branch	Spartanburg, SC	United States	Miscellaneous Fabricated Products	90.3	300
Schaeffler Group USA Inc	Branch	Valley City, OH	United States	Miscellaneous Fabricated Products	42.8	75
Fag Bearings Corporation USA	Subsidiary	Danbury, CT	United States	Auto and Truck Parts	327.0	35
FAG Interamericana	Branch	Coral Gables, FL	United States	Miscellaneous Fabricated Products	5.1	9
Schaeffler Group USA Inc	Branch	Troy, MI	United States	Miscellaneous Fabricated Products	10.3	18
Schaeffler Group USA Inc	Branch	Lisle, IL	United States	Miscellaneous Fabricated Products	5.7	10
Schaeffler Group USA Inc	Branch	Newtown, PA	United States	Miscellaneous Fabricated Products	5.1	9
Schaeffler Group USA Inc	Branch	Danbury, CT	United States	Miscellaneous Fabricated Products	5.1	9
Schaeffler Group USA Inc	Branch	Waukesha, WI	United States	Miscellaneous Fabricated Products	2.3	4
Schaeffler Group USA Inc	Branch	Cheraw, SC	United States	Miscellaneous Fabricated Products	1.2	4
Schaeffler Group USA Inc	Branch	Dayton, OH	United States	Miscellaneous Fabricated Products	1.7	3
Schaeffler Group USA Inc	Branch	Minnetonka, MN	United States	Miscellaneous Fabricated Products	1.7	3
INA Bearing Co Inc	Branch	Germantown, TN	United States	Miscellaneous Fabricated Products	0.6	1
Schaeffler Group USA Inc	Branch	Louisville, KY	United States	Miscellaneous Fabricated Products	0.6	1
Schaeffler Group USA Inc	Branch	Mckinney, TX	United States	Miscellaneous Fabricated Products	0.6	1
Schaeffler Austria GmbH	Subsidiary	Berndorf	Austria	Miscellaneous Fabricated Products	228.2	612
IDAM Verwaltungs GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Business Services		100
Schaeffler Holding GmbH & Co. KG	Subsidiary	Herzogenaurach, Bayern	Germany	Commercial Banks		5
Schaeffler Technologies AG & Co. KG	Subsidiary	Herzogenaurach, Bayern	Germany	Miscellaneous Capital Goods	12,660.0	67,509
FAG Aerospace GmbH & Co. KG	Subsidiary	Schweinfurt, Bayern	Germany	Miscellaneous Capital Goods	113.1	450
WPB Water Pump Bearing GmbH & Co. KG	Subsidiary	Herzogenaurach, Bayern	Germany	Miscellaneous Capital Goods	85.7	350
FAG Industrial Services GmbH	Subsidiary	Herzogenrath, Nordrhein-Westfalen	Germany	Scientific and Technical Instruments		100
INA Beteiligungsverwaltungs GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Commercial Banks
Schaeffer Ansan Corporation	Subsidiary	Ansan, Kyonggi-Do	Korea, Republic of	Auto and Truck Parts	63.6	177
Industriewerk Schaeffler INA-Ingenieurdienst-, Gesellschaft mit beschrUnkter Haftung	Subsidiary	Herzogenaurach, Bayern	Germany	Commercial Banks
Schaeffler México, S. De R.L. De C.V.	Subsidiary	Irapuato, Baja California	Mexico	Electronic Instruments and Controls		580
Ina Lanskroun, S.R.O.	Subsidiary	Lanskroun	Czech Republic	Nonclassifiable Industries	45.1	370
Schaeffler Argentina	Subsidiary	Capital Federal, Buenos Aires	Argentina	Miscellaneous Capital Goods		100
Schaeffler Polska Sp Z O O	Subsidiary	Warszawa	Poland	Auto and Truck Parts	78.0	53
Schaeffler Russland Ooo	Subsidiary	Moscow	Russian Federation	Miscellaneous Fabricated Products	47.7	34
Schaeffler Cz S.R.O.	Subsidiary	Praha 10	Czech Republic	Miscellaneous Fabricated Products	13.4	24
Schaeffler Finland Oy	Subsidiary	Espoo	Finland	Miscellaneous Capital Goods	41.5	20
Schaeffler Philippines Inc	Subsidiary	Metro Manila	Philippines	Miscellaneous Fabricated Products	8.2	16
Ina México, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Miscellaneous Fabricated Products	1.6	11
Schaeffler (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Fabricated Products	123.4	7
Schaeffler Beteiligungsverwaltungs GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Commercial Banks
FAG Kugelfischer GmbH	Subsidiary	Schweinfurt, Bayern	Germany	Miscellaneous Fabricated Products		15,850
FAG Holding Corp.	Subsidiary	Danbury, CT	United States	Miscellaneous Fabricated Products	6.3	1,602
The Barden Corp.	Subsidiary	Danbury, CT	United States	Miscellaneous Fabricated Products	66.5	480
Winsted Precision Ball Co.	Division	Winsted, CT	United States	Miscellaneous Fabricated Products		70
Fag Magyarorszag Ipari Korlatolt Felelossegu Tarsasag	Subsidiary	Debrecen	Hungary	Miscellaneous Fabricated Products	148.4	1,320
FAG Bearings Ltd.	Subsidiary	Stratford, ON	Canada	Miscellaneous Fabricated Products	319.7	800
Barden Corporation(U.K.)Ltd.(The)	Subsidiary	Plymouth	United Kingdom	Miscellaneous Capital Goods	75.2	427
Schaeffler Nederland BV	Subsidiary	Barneveld	Netherlands	Miscellaneous Fabricated Products	95.4	107
PD Qualifizierung und BeschUftigung GmbH	Subsidiary	Schweinfurt, Bayern	Germany	Business Services		85
FAG South East Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Fabricated Products		70
FAG Italia S.p.A.	Subsidiary	Novara	Italy	Miscellaneous Fabricated Products		60
Schaeffler Australia Pty Ltd.	Subsidiary	French's Forest	Australia	Miscellaneous Fabricated Products	1.0	35
Schaeffler Japan Co., Ltd.	Subsidiary	Yokohama	Japan	Miscellaneous Capital Goods		20
GURAS Beteiligungs GmbH & Co. Vermietungs-KG	Subsidiary	Pullach I. Isartal, Bayern	Germany	Commercial Banks	12.0	1
Schaeffler Korea Corporation	Subsidiary	Changwon, Kyongsangnam-Do	Korea, Republic of	Auto and Truck Parts	519.7
Fag France	Subsidiary	Chatillon	France	Miscellaneous Financial Services	0.3
Schaeffler Bulgaria ood	Subsidiary	Sofia	Bulgaria	Miscellaneous Capital Goods
LuK GmbH & Co KG	Subsidiary	BUhl, Baden-WUrttemberg	Germany	Miscellaneous Capital Goods	2,187.5	9,720
LuK USA LLC	Subsidiary	Wooster, OH	United States	Auto and Truck Parts		840
Schaeffler Brasil Ltda	Subsidiary	Sorocaba , São Paulo	Brazil	Miscellaneous Capital Goods		4,462
Schaeffler Brasil Ltda	Subsidiary	Sorocaba, Sao Paulo	Brazil	Miscellaneous Fabricated Products		3,500
Schaeffler France SAS	Subsidiary	Haguenau	France	Miscellaneous Fabricated Products	978.0	2,536
FAG Bearings India Limited	Subsidiary	Vadodara	India	Miscellaneous Fabricated Products	287.1	1,456
Schaeffler Korea Corporation	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods		1,400
Ps& Marketing Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Broadcasting and Cable Television		500
Sk Telink	Subsidiary	Seoul, Seoul	Korea, Republic of	Communications Services	295.7	227
Sk Wyverns Co., Ltd.	Subsidiary	Inchon, Inchon	Korea, Republic of	Recreational Activities		35
Sk Planet Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Business Services	252.3
PAXNet Inc	Subsidiary	Seoul	Korea, Republic of	Computer Services	29.8	175
Commerce Planet Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Personal and Household Products	26.9	172
Schaeffler Group USA Inc	Subsidiary	Cheraw, SC	United States	Miscellaneous Fabricated Products	240.8	800
Raytech Composites Europe GmbH	Subsidiary	Morbach, Rheinland-Pfalz	Germany	Commercial Banks		584
Schaeffler Friction Products Hamm GmbH	Subsidiary	Hamm (Sieg), Rheinland-Pfalz	Germany	Auto and Truck Parts		100
Schaeffler Chain Drive Systems Sas	Subsidiary	Calais	France	Miscellaneous Capital Goods	72.5	510
Schaeffler Automotive Aftermarket GmbH & Co. KG	Subsidiary	Langen (Hessen), Hessen	Germany	Retail (Specialty)	75.0	400
Egon von Ruville GmbH	Subsidiary	Hamburg, Hamburg	Germany	Retail (Specialty)	214.9	172
Schaeffler (UK) Ltd.	Subsidiary	Sutton Coldfield	United Kingdom	Miscellaneous Capital Goods	100.2	324
Hydrel GmbH	Subsidiary	Romanshorn	Switzerland	Miscellaneous Capital Goods		272
Schaeffler Friction Products GmbH	Subsidiary	Morbach, Rheinland-Pfalz	Germany	Auto and Truck Parts	16.9	250
Motomak GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Retail (Specialty)		250
Helmut Elges GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Business Services		2
Schaeffler Motorenelemente AG & Co. KG	Subsidiary	Herzogenaurach, Bayern	Germany	Auto and Truck Parts		250
Schaeffler Italia Srl	Subsidiary	Momo, NO	Italy	Miscellaneous Fabricated Products	243.0	160
AFT Atlas Fahrzeugtechnik GmbH	Subsidiary	Werdohl, Nordrhein-Westfalen	Germany	Biotechnology and Drugs		138
LuK Truckparts GmbH & Co. KG	Subsidiary	Kaltennordheim, ThUringen	Germany	Miscellaneous Capital Goods		130
Schaeffler Iberia S.L	Subsidiary	Sant Just Desvern, Barcelona	Spain	Tires	168.3	129
Rodisa Sa	Subsidiary	Elgoibar, Guipuzcoa	Spain	Miscellaneous Capital Goods	101.6	390
Schaeffler South Africa	Subsidiary	Johannesburg	South Africa	Construction Services	30.0	100
INA - Drives & Mechatronics AG & Co. KG	Subsidiary	Suhl, ThUringen	Germany	Miscellaneous Capital Goods	0.0	100
Schaeffler Group	Subsidiary	Estadeal	South Africa	Miscellaneous Capital Goods		100
LuK Unna GmbH & Co KG	Subsidiary	Unna, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	32.2	90
Schaeffler Canada Inc	Subsidiary	Oakville, ON	Canada	Miscellaneous Fabricated Products	41.0	55
Schaeffler Sverige AB	Subsidiary	Arlandastad, Stockholm	Sweden	Auto and Truck Parts	60.7	50
prUTEC Verwaltungs GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Scientific and Technical Instruments		42
Schaeffler Belgium	Subsidiary	Braine-L'alleud	Belgium	Miscellaneous Capital Goods	61.0	29
Schaeffler Danmark ApS	Subsidiary	Ã…rhus N	Denmark	Miscellaneous Fabricated Products	0.0	25
Schaeffler Norge AS	Subsidiary	Oslo, Oslo	Norway	Miscellaneous Fabricated Products	14.4	12
Schaeffler Canada Inc	Subsidiary	Saint-Laurent, QC	Canada	Miscellaneous Fabricated Products	4.4	11
Schaeffler Canada Inc	Subsidiary	Leduc, AB	Canada	Miscellaneous Fabricated Products	4.6	6
Schaeffler Immobilien AG & Co. KG	Subsidiary	Herzogenaurach, Bayern	Germany	Real Estate Operations		3
Saar Nadellager Beteiligungsgesellschaft mbH	Subsidiary	Herzogenaurach, Bayern	Germany	Business Services		2
IAB Verwaltungs GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Commercial Banks		2
Luk Vermögensverwaltungsgesellschaft mbH	Subsidiary	BUhl, Baden-WUrttemberg	Germany	Business Services		2
Industrieaufbaugesellschaft BUhl mit beschrUnkter Haftung	Subsidiary	BUhl, Baden-WUrttemberg	Germany	Business Services		2
AS Auslandsholding GmbH	Subsidiary	BUhl, Baden-WUrttemberg	Germany	Consumer Financial Services
Schaeffler Automotive Aftermarket (UK) Ltd.	Subsidiary	Hereford	United Kingdom	Retail (Specialty)	144.6	109
LuK Auslandsholding GmbH	Subsidiary	BUhl, Baden-WUrttemberg	Germany	Commercial Banks
LuK Savaria Kuplunggyártó Kft	Subsidiary	Szombathely	Hungary	Auto and Truck Parts	580.2	1,472
Luk (UK) Ltd.	Subsidiary	Sheffield	United Kingdom	Auto and Truck Parts	195.2	367
Luk (Hereford) Ltd.	Subsidiary	Sheffield	United Kingdom	Auto and Truck Parts
Luk (Hereford) Ltd	UK Branch/Trading address	Hereford	United Kingdom	Auto and Truck Parts
Schaeffler Vermögensverwaltungs GmbH	Subsidiary	Herzogenaurach, Bayern	Germany	Commercial Banks		1
Schaeffler Nederland Holding B.V.	Subsidiary	Barneveld, Gelderland	Netherlands	Miscellaneous Financial Services	104.4
Radine B.V.	Subsidiary	Barneveld, Gelderland	Netherlands	Construction and Agriculture Machinery	9.2	28
Luk Puebla, S.A. de C.V.	Subsidiary	Puebla, Puebla	Mexico	Auto and Truck Parts
Ina Lineartechnik Beteiligungsgesellschaft mbH	Subsidiary	Herzogenaurach, Bayern	Germany	Business Services		2
Schaeffler South Africa (Pty) Ltd	Subsidiary	Johannesburg	South Africa	Miscellaneous Capital Goods

Executive report

Executives

Name	Title	Function
Siegfried KronmUller	GeschUftsfUhrer	Chief Executive Officer
Stefan Bauerreis	Managing director	Managing Director
Michael Söding	Managing director	Managing Director

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
Total income	214.9	195.3	201.6
Net sales	214.9	195.3	201.6
Other operating income	1.9	1.1	0.9
Cost of sales	159.0	140.0	143.8
Gross profit	55.9	55.4	57.8
Advertising, distribution, and commercial expenses	23.3	21.0	21.8
General expenses	4.3	4.4	5.0
Other operating costs	3.0	3.7	3.1
Net operating income	27.3	27.4	28.7
Other income	0.1	0.1	0.8
Interest payable on loans	0.0	0.0	-
Total expenses	-0.1	-0.1	-0.8
Profit before tax	27.3	27.5	29.5
Extraordinary income	0.0	-	-
Provisions	14.3	10.4	15.9
Extraordinary expenses	0.0	-	-
Extraordinary result	0.0	-	-
Total taxation	0.0	0.0	-
Profit distributed to shareholders	-27.3	-27.5	-29.5

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
Issued capital	0.0	0.0	0.0
Capital reserves	63.0	67.3	65.2
Total reserves	0.1	0.0	0.0
Profits for the year	17.2	18.4	17.8
Profit brought forward from previous year(s)	17.2	18.4	17.8
Total stockholders equity	80.3	85.8	83.1
Deferred taxation	-	-	5.7
Other provisions	14.3	10.6	9.3
Provision for pensions	0.2	0.2	0.1
Provisions and allowances	14.5	10.8	15.1
Trade creditors	4.8	2.8	5.5
Taxation and social security	0.2	0.5	0.2
Due to group companies	29.6	29.6	28.7
Total current liabilities	34.6	32.9	34.5
Total liabilities (including net worth)	129.4	129.5	132.7
Patents	0.3	0.2	0.1
Goodwill	20.9	24.3	25.5
Intangibles	21.2	24.5	25.5
Land and buildings	0.1	0.0	0.0
Machinery and tools	0.1	0.0	0.0
Fixtures and equipment	0.1	0.0	0.0
Total tangible fixed assets	1.2	1.0	1.5
Total non-current assets	22.3	25.5	27.0
Raw materials	0.6	0.7	0.8
Finished goods	37.1	29.9	37.4
Net stocks and work in progress	37.7	30.6	38.2
Trade debtors	31.3	31.5	27.6
Other receivables	0.9	0.8	5.8
Total receivables	69.0	73.3	67.4
Owing from associated companies	36.8	41.0	34.0
Cash and liquid assets	0.4	0.0	0.1
Total current assets	107.1	104.0	105.7
Prepaid expenses and deferred costs	0.0	0.1	0.0
Total assets	129.4	129.5	132.7

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	30.91	31.57	30.65
Acid test ratio	20.01	22.27	19.58
Total liabilities to net worth	0.04%	0.04%	0.04%
Net worth to total assets	0.06%	0.07%	0.06%
Current liabilities to net worth	0.04%	0.04%	0.04%
Current liabilities to stock	0.09%	0.11%	0.09%
Fixed assets to net worth	0.03%	0.03%	0.03%
Collection period	526.00	569.00	526.00
Stock turnover rate	1.73	1.52	1.99
Profit margin	0.01%	0.01%	0.01%
Return on assets	0.02%	0.02%	0.02%
Shareholders' return	0.03%	0.03%	0.03%
Sales per employee	96.03	81.19	74.90
Profit per employee	12.21	11.44	10.97
Net worth	80.3	85.8	83.1
Number of employees	169	173	184

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

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%)

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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.