MIRA INFORM REPORT

Report Date :

30.10.2012

IDENTIFICATION DETAILS

Name :	SKYTRON ENERGY GMBH
Registered Office :	Ernst-Augustin-Str. 12, D 12489 Berlin
Country :	Germany
Financials (as on) :	31.12.2010
Date of Incorporation :	18.12.2008
Com. Reg. No.:	HRB 119505 B
Legal Form :	Private Limited Company
Line of Business :	Manufacturer of instruments and appliances for measuring, testing and navigation
No. of Employees :	60 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 :	Slow but Correct
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

skytron energy GmbH

Company address

Ernst-Augustin-Str. 12

D 12489 Berlin

Telephone: 030/6883159-0

Telefax: 030/6883159-99

Homepage: www.skytron-energy.com

E-mail: info@skytron-energy.com

VAT no

DE263165082

Tax ID number

37/248/21559

Synthesis

LEGAL FORM Private limited company

Date of foundation: 18.12.2008

Shareholders'

agreement: 18.12.2008

Registered on: 29.04.2009

Commercial Register: Local court 14057 Berlin

under: HRB 119505 B

Share capital: EUR 25,100.00

Shareholder

AEG Power Solutions B.V.

NL Amsterdam

Legal form: Other legal form

Share: EUR 25,100.00

Manager

Bob Roos

E Sitges(Barcelona

born: 01.02.1963

Nationality: Spanish

COMPANY HISTORY

29.04.2009 - 02.03.2010 skytron energy Beteiligungs GmbH

Ernst-Augustin-Str. 12

D 12489 Berlin

Private limited company

BUSINESS ACTIVITIES

Sectors

2651 Manufacture of instruments and appliances for measuring, testing and navigation

2790 Manufacture of other electric equipment n.e.c.

46149 Agents involved in the sale of electrotechnical and electronical products n.e.c.

62019 Other software development activities

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information: We have no negative information at hand.

Balance sheet year: 2010

REAL ESTATE

Type of ownership: Tenant

Address Ernst-Augustin-Str. 12

D 12489 Berlin

Land register documents were not available.

BANKERS

DEUTSCHE BANK PRIVAT UND GESCHÄFTSKUNDEN F 700, BERLIN

Sort. code: 10070024, BIC: DEUTDEDBBER

FINANCIAL FIGURES

Turnover: 2010 EUR 12,000,000.00

2011 EUR 12,000,000.00

Profit: 2010 EUR 716,444.00

further business figures:

Equipment: EUR 460,000.00

Ac/ts receivable: EUR 2,263,085.00

Liabilities: EUR 2,757,159.00

Employees: 60

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 [%]: 50.24

Liquidity ratio: 10.00

Return on total capital [%]: 10.36

Balance sheet ratios 01.01.2009 - 31.12.2009

Equity ratio [%]: 40.22

Liquidity ratio: 4.74

Return on total capital [%]: 1.55

Balance sheet ratios 19.12.2008 - 31.12.2008

Equity ratio [%]: 92.03

Liquidity ratio: 10.00

Return on total capital [%]: -7.55

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.

Return on total capital

The return on total capital shows the efficiency and return on the total capital employed in the company. The higher the return on total capital, the more economically does the company work with the invested capital.

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2010 - 31.12.2010

ASSETS EUR 7,351,789.22

Fixed assets EUR 1,010,985.00

Intangible assets EUR 877,608.00

Other / unspecified intangible assetsEUR 877,608.00

Tangible assets EUR 133,377.00

Other / unspecified tangible assets EUR 133,377.00

Current assets EUR 6,305,722.39

Stocks EUR 481,081.45

Accounts receivable EUR 2,263,084.81

Other debtors and assets EUR 2,263,084.81

Liquid means EUR 3,561,556.13

Remaining other assets EUR 35,081.83

Accruals (assets) EUR 35,081.83

LIABILITIES EUR 7,351,789.22

Shareholders' equity EUR 3,860,853.27

Capital EUR 25,100.00

Subscribed capital (share capital) EUR 25,100.00

Reserves EUR 3,120,276.11

Capital reserves EUR 3,120,276.11

Balance sheet profit/loss (+/-) EUR 715,477.16

Profit / loss brought forward EUR -967.03

Annual surplus / annual deficit EUR 716,444.19

Provisions EUR 733,777.08

Liabilities EUR 2,757,158.87

Other liabilities EUR 2,757,158.87

Unspecified other liabilities EUR 2,757,158.87

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2009 - 31.12.2009

ASSETS EUR 59,748.62

Current assets EUR 59,748.62

Accounts receivable EUR 31,927.19

Other debtors and assets EUR 31,927.19

Liquid means EUR 27,821.43

LIABILITIES EUR 59,748.62

Shareholders' equity EUR 24,032.97

Capital EUR 25,000.00

Subscribed capital (share capital) EUR 25,000.00

Balance sheet profit/loss (+/-) EUR -967.03

Profit / loss brought forward EUR -1,895.10

Annual surplus / annual deficit EUR 928.07

Provisions EUR 1,165.00

Liabilities EUR 34,550.65

Other liabilities EUR 34,550.65

Unspecified other liabilities EUR 34,550.65

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.81
UK Pound	1	Rs.86.52
Euro	1	Rs.69.50

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.