MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	CK-KNOPF GMBH
Registered Office :	Westerriede 3, D 49424 Goldenstedt, Post Box: 11 08, D 49420 Goldenstedt
Country :	Germany
Financials (as on) :	31.12.2010
Date of Incorporation :	04.10.1990
Legal Form :	Private limited company
Line of Business :	Manufacture of made-up textiles
No. of Employees :	Not Available

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 and address

CK-Knopf GmbH

Westerriede 3

D 49424 Goldenstedt

Post Box:

11 08, D 49420 Goldenstedt

Telephone: 04444/9639-0

Telefax: 04444/9639-26

Homepage: www.creativ-knopf.de

E-mail: info@creativ-knopf.de

VAT no

DE117768723

CONCLUSION

Business relations are permissible.

Company details

LEGAL FORM Private limited company

Date of foundation: 04.10.1990

Shareholders'

agreement: 04.10.1990

Registered on: 20.12.1990

Commercial Register: Local court 26135 Oldenburg

under: HRB 110649

Share capital: EUR 26,000.00

Shareholder

Johannes Morthorst

Amselweg 4

D 49424 Goldenstedt

born: 24.12.1957

Share: EUR 26,000.00

Manager

Johannes Morthorst

Amselweg 4

D 49424 Goldenstedt

having sole power of representation

born: 24.12.1957

Profession: Businessman

Marital status: married

COMPANY HISTORY

20.12.1990 - 18.02.1998 CK-Knopf GmbH

Heiderosenweg 8

D 49424 Goldenstedt

Private limited company

BUSINESS ACTIVITIES

Main industrial sector

13920 Manufacture of made-up textiles (except apparel)

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information:We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Westerriede 3

D 49424 Goldenstedt

Real Estate of: Johannes Morthorst

Type of ownership: proprietor

Share: 100.00 %

Address Westerriede 3

D 49424 Goldenstedt

Land register documents were not available.

BANKERS

OLDENBURGISCHE LANDESBANK AG, GOLDENSTEDT, KR VECHTA

VOLKSBANK VECHTA, GOLDENSTEDT, KR VECHTA

FINANCIAL FIGURES

Turnover: 2009/2010 EUR 3,125,000.00

2010/2011 EUR 3,125,000.00

2011/2012 EUR 3,125,000.00

further business figures:

Equipment: EUR 275,000.00

Ac/ts receivable: EUR 598,801.00

Liabilities: EUR 443,401.00

Employees: 25

The aforementioned business figures may partly be estimated

information based on average values in the line of business.

BALANCE SHEETS

Balance sheet ratios 01.01.2010 - 31.12.2010

Equity ratio [%]: 48.15

Liquidity ratio: 3.41

Balance sheet ratios 01.01.2009 - 31.12.2009

Equity ratio [%]: 56.65

Liquidity ratio: 10.00

Balance sheet ratios 01.01.2008 - 31.12.2008

Equity ratio [%]: 59.53

Liquidity ratio: 10.00

Balance sheet ratios 01.10.2007 - 31.12.2007

Equity ratio [%]: 53.71

Liquidity ratio: 3.74

Equity ratio

The equity ratio indicates the portion of the equity as compared

to the total capital. The higher the equity ratio, the better the

economic stability (solvency) and thus the financial autonomy of

a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted

receivables and net liabilities. The higher the ratio, the lower

the company's financial dependancy from external creditors.

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2010 - 31.12.2010

ASSETS EUR 1,073,222.25

Fixed assets EUR 59,496.00

Intangible assets EUR 1,249.00

Other / unspecified intangible assetsEUR 1,249.00

Tangible assets EUR 58,247.00

Other / unspecified tangible assets EUR 58,247.00

Current assets EUR 1,004,281.49

Stocks EUR 141,476.00

Accounts receivable EUR 598,800.50

Other debtors and assets EUR 598,800.50

Liquid means EUR 264,004.99

Remaining other assets EUR 9,444.76

Accruals (assets) EUR 9,444.76

LIABILITIES EUR 1,073,222.25

Shareholders' equity EUR 513,125.56

Provisions EUR 116,695.85

Liabilities EUR 443,400.84

Other liabilities EUR 443,400.84

Unspecified other liabilities EUR 443,400.84

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2009 - 31.12.2009

ASSETS EUR 920,341.63

Fixed assets EUR 112,463.56

Intangible assets EUR 2,910.00

Other / unspecified intangible assetsEUR 2,910.00

Tangible assets EUR 54,369.00

Other / unspecified tangible assets EUR 54,369.00

Financial assets EUR 55,184.56

Other / unspecified financial assets EUR 55,184.56

Current assets EUR 802,935.34

Stocks EUR 114,318.00

Accounts receivable EUR 463,768.66

Other debtors and assets EUR 463,768.66

Liquid means EUR 224,848.68

Remaining other assets EUR 4,942.73

Accruals (assets) EUR 4,942.73

LIABILITIES EUR 920,341.63

Shareholders' equity EUR 513,021.98

Provisions EUR 159,612.58

Liabilities EUR 247,707.07

Other liabilities EUR 247,707.07

Unspecified other liabilities EUR 247,707.07

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

PDT

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.