MIRA INFORM REPORT

Report Date :

08.09.2012

IDENTIFICATION DETAILS

Name :	NAHKA-ALAN IMMO OY

Registered Office :	Kirkkokatu 1, 48100, KOTKA

Country :	Finland

Financials (as on) :	31.12.2011

Date of Incorporation :	22.09.1993

Com. Reg. No.:	Not Available

Legal Form :	Limited Company

Line of Business :	Wholesale of clothing and footwear

No. of Employees :	07 employees

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 :	Unknown
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)

Finland

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

Finland - ECONOMIC OVERVIEW

Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010. The recession left a deep mark on general government finances and the debt ratio, turning previously strong budget surpluses into deficits. In addition to marginal growth prospects, general government finances will remain in deficit during the next few years. The great challenge of economic policy will be to mitigate a possible recession in 2012 in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Trading Name	Nahka-alan Immo Oy	Trade Registry Number	570158
Company Name	Nahka-alan Immo Oy	Business ID	09251930
Previous Name	-
Telephone Number	052871155	Registered Address
Fax Number	05215443	Visiting Address	Kirkkokatu 1, 48100, KOTKA
Home Municipality	Kotka	Postal Address	PL 66, 48101, KOTKA
Incorporation Date	22.09.1993	Branches	1
Company Type	Limited company	Website Address
Primary Sic Code	46421	Accountant	-
Primary Sic Description	Wholesale of clothing and footwear	Last Accounts Date	31.12.2006
Share Capital (€)	34.000	Holding Company
Deals in importing	Yes	Foreign Ownership
Deals in exporting	No	Currency	EUR

DIRECTORS/MANAGEMENT

Current Directors

Name	Immonen Erkki Olavi
Date of Birth	27.11.1950	Appointment Date	21.01.2005
Nationality	FINLAND	Function	Managing director

Name	Paronen Anna Stiina Tuulia
Date of Birth	09.06.1982	Appointment Date	08.09.2008
Nationality	FINLAND	Function	Actual Member of Board

Name	Immonen Erkki Olavi
Date of Birth	27.11.1950	Appointment Date	08.09.2008
Nationality	FINLAND	Function	Actual Member of Board

Name	Almgren Mikko Markus
Date of Birth	12.08.1975	Appointment Date	08.09.2008
Nationality	FINLAND	Function	Actual Member of Board

Name	Hänni Risto Evert
Date of Birth	27.09.1952	Appointment Date	08.09.2008
Nationality	FINLAND	Function	Chairman of Board

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholder Information

Year	31.12.2011
Total Value of Shares	34.000
Number of Shares	100
Value of Shares	-

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

No group structure

Linked Companies

No linked companies

FINANCIAL INFORMATION

Key Financials (€)

Year	31.12.2011	%	31.12.2010
Number of weeks	52		52
Turnover	621.900	14%	546.664
Operating Profit/Loss	94.851	24%	76.681
Profit/Loss after Financial Items	73.598	21%	60.986
Profit/Loss after tax	53.959	20%	44.909
Current Assets	1.162.518	-2%	1.186.648
Fixed Assets	14.699	-23%	19.152
Long Term Debts	237.624	164%	89.983
Current Liabilities	465.819	-29%	656.002
Shareholders Equity	473.774	3%	459.815
Balance sheet total	1.177.217	-2%	1.205.800
Number of employees	7		-
Auditor qualification	The auditor has no reservations		The auditor has no reservations

Ratios

Year	31.12.2011	31.12.2010
Solvency Ratio	40%	38%
	Exceptionally Low Indebtedness	Moderate Indebtedness
Net margin (%)	12%	11%
Interest Coverage Ratio (times)	4	4
Gearing (%)	102%	136%
Liquidity Ratio/Acid Test	0	0
Risk Buffer (%)	5%	4%

Registrations in Force

	State	Registration Date
Tax Administration	Registered	29.04.1993
Trade Register	Registered	22.09.1993
Employer Register	Registered	27.04.1993
Prepayment Register	Registered	01.03.1995
Value Added Tax-Liability	VAT-liable for business activity	01.06.1994

Profit & Loss (€)

Operating Income	31.12.2011	%	31.12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
Sales Revenue	621.900	14%	546.664
Other Operating Income	0	-	0
Total Operating Income	621.900	14%	546.664
Wages & Salaries	269.011	6%	254.569
Depreciation	4.453	-17%	5.374
Total Operating Expenses	527.049	12%	469.983
Operating Profit/Loss	94.851	24%	76.681
Result From Financial Investments
Financial Income	1.931	-55%	4.277
Financial Expenses	23.184	16%	19.972
Total Financial Investments	-21.253	-	-15.695
Profit/Loss after Financial Items	73.598	21%	60.986
Extraordinary Income	0	-	0
Extraordinary Expenses	0	-	0
Profit/Loss Before Tax	73.598	21%	60.985
Tax	19.639	22%	16.076
Profit/Loss After Tax	53.959	20%	44.909

Balance Sheet (€)

Assets	12.2011	%	12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
Fixed Assets
Intangible Assets	5.301	-32%	7.791
Tangible Assets	5.889	-25%	7.852
Other Fixed Assets	3.509	0%	3.509
Total Fixed Assets	14.699	-23%	19.152
Current Assets
Inventories	1.007.820	1%	999.700
Trade Receivables	149.369	135%	63.479
Other Receivables	3.000	-97%	118.459
Cash & Bank Balances	2.329	-54%	5.010
Other Current Assets	0	-	0
Total Current Assets	1.162.518	-2%	1.186.648
Total Assets	1.177.217	-2%	1.205.800

Equity and Liabilities (€)

EQUITY
Share Capital	34.000	0%	34.000
Share Premium Reserve	0	-	0
Retained Earnings	389.774	4%	375.815
Other Reserves	50.000	0%	50.000
Total Equity	473.774	3%	459.815
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	237.624	164%	89.983
Other Long Term Liabilities Finance	0	-	0
Other Long Term Liabilities	0	-	0
Total Long Term Debts	237.624	164%	89.983
CURRENT LIABILITIES
Trade Payables	118.887	267%	32.400
Liabilities to Financial Institutions	245.000	-54%	534.786
Other Short Term Financial Loans	0	-	0
Other Short Term Liabilities	101.932	15%	88.816
Total Current Liabilities	465.819	-29%	656.002
Total Liabilities	703.443	-6%	745.985
Total Equity & Liabilities	1.177.217	-2%	1.205.800

Other Financials (€)

	Working Capital	696.699	31%	530.646
	Net Worth	468.473	4%	452.024

Key Ratios

	31.12.2011	31.12.2010
Number of weeks	52	52
Consolidated Accounts	no	no
PROFITABILITY
Net Margin %	11,8%	11,2%
Operating Profit/Loss %	15,3%	14,0%
Pre-Tax Profit Margin %	11,8%	11,2%
TRADING PERFORMANCE
Return on Net Assets Employed %	15,5%	13,3%
Return on Total Capital %	8,2%	6,7%
Interest Coverage Ratio (times)	4	4
Return on Capital Employed %	10,4%	11,1%
Return on Total Assets Employed %	6,3%	5,1%
Interest on Debt %	3,3%	2,7%
Risk Buffer %	4,9%	4,0%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	0	0
Current Ratio %	250,0%	181,0%
Debtor Days	88	42
Working capital	696.699	530.646
LONG TERM LIQUIDITY
Equity Ratio %	40,3%	38,1%
Gearing %	101,9%	135,9%
Current Debt Ratio	1	1
Total Debt Ratio	1	2
Relative debt %	113,1%	136,5%
BUSINESS MEASURES
Change in turnover %	13,8%	-
Turnover/employees	88843	-
Sales/Net Working Capital	1	1

Stock Turnover Ratio %	162,1%	182,9%
Creditor Days	70	22
Equity in Percentage %	40,6%	38,5%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55. 52
UK Pound	1	Rs.88.49
Euro	1	Rs.70.20

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.