MIRA INFORM REPORT

Report Date :

04.12.2013

IDENTIFICATION DETAILS

Name :	OSEIR OY
Registered Office :	Alasniitynkatu 30, 33560, Tampere
Country :	Finland
Financials (as on) :	31.12.2011
Date of Incorporation :	30.08.1999
Legal Form :	Limited Company
Line of Business :	Subject provides optical and spectroscopic equipment for measurement, diagnostics and material processing.
No. of Employees :	05

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		TATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Finland	A2	A2

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 almost as high as 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 2010-11. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland has taken action to ensure it will meet EU deficit targets by 2013 and retains its triple-A credit rating. Finland's main challenge in 2013 will be to stimulate growth in the face of weak demand in EU export markets and government austerity measures meant to reduce its budget deficit. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Source : CIA

Identification details

Trading Name	Oseir Oy	Trade Registry Number	768310
Company Name	Oseir Oy	Business ID	15433757
Previous Name	-	E-Mail:	info@oseir.com
		Website:	www.oseir.com
Telephone Number	033633960	Registered Address	Alasniitynkatu 30, 33560, TAMPERE
Fax Number	033633580	Visiting Address	Alasniitynkatu 30, 33560, TAMPERE
Home Municipality	Tampere	Postal Address	-, -, -
Incorporation Date	30.08.1999	Branches	1
Company Type	Limited company	Website Address
Primary Sic Code	46692	Accountant	KPMG Oy Ab
Primary Sic Description	Provides optical and spectroscopic equipment for measurement, diagnostics and material processing.	Last Accounts Date	31.12.2011
Share Capital (€)	17.942	Holding Company
Deals in importing	Yes	Foreign Ownership
Deals in exporting	Yes	Currency	EUR

Key Financials (€)

Year	31.12.2011	%	31.12.2010
Number of weeks	52		52
Turnover	289.104	22%	237.064
Operating Profit/Loss	365	-	-816
Profit/Loss after Financial Items	-25.554	-	-17.909
Profit/Loss after tax	-25.554	-	-17.910
Current Assets	135.439	-22%	174.155
Fixed Assets	156.697	-14%	183.267
Long Term Debts	221.647	-3%	229.147
Current Liabilities	88.936	-27%	121.168
Shareholders Equity	-18.447	-	7.107
Balance sheet total	292.136	-18%	357.422
Number of employees	05		-
Auditor qualification	Not audited		Not audited

Ratios

Year	31.12.2011	31.12.2010
Solvency Ratio	-6%	2%
		High Indebtedness
Net margin (%)	-9%	-8%
Interest Coverage Ratio (times)	0	0
Gearing (%)	-1256%	3506%
Liquidity Ratio/Acid Test	1	1
Risk Buffer (%)	-8%	-5%

Shareholder Information

Year	31.12.2011
Total Value of Shares	17.942
Number of Shares	1.068
Value of Shares	16.80

Registrations in Force

	State	Registration Date
Tax Administration	Registered	16.07.1999
Trade Register	Registered	30.08.1999
Employer Register	Registered	01.09.1999
Prepayment Register	Registered	06.07.1999
Value Added Tax-Liability	VAT-liable for business activity	05.07.1999

Current Directors

Name	Lindén Ismo Viljo
Date of Birth	06.03.1952	Appointment Date	09.04.2009
Nationality	FINLAND	Function	Actual Member of Board

Name	Lindén Ismo Viljo
Date of Birth	06.03.1952	Appointment Date	09.04.2009
Nationality	FINLAND	Function	Managing director

Other Company Officials

Name	Kärki Frans Yrjänä
Date of Birth	09.06.1952	Appointment Date	09.04.2009
Nationality	FINLAND	Function	Principal accountant

Name	Kriikka Niina Marjut
Date of Birth	06.04.1976	Appointment Date	06.07.2006
Nationality	FINLAND	Function	Procurist

Name	Larjo Jussi Pekka
Date of Birth	11.02.1968	Appointment Date	06.07.2006
Nationality	FINLAND	Function	Procurist

Name	Lepistö Antti Juhani
Date of Birth	05.03.1951	Appointment Date	09.04.2009
Nationality	FINLAND	Function	Alternate Member of Board

Profit & Loss (€)

OPERATING INCOME	31.12.2011	%	31.12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
Sales Revenue	289.104	22%	237.064
Other Operating Income	2.653	-	0
Total Operating Income	291.757	23%	237.064
Wages & Salaries	58.696	-7%	62.853
Depreciation	73.392	-14%	85.137
Total Operating Expenses	291.392	22%	237.880
Operating Profit/Loss	365	-	-816
RESULT FROM FINANCIAL INVESTMENTS
Financial Income	2	-99%	156
Financial Expenses	25.921	50%	17.249
Total Financial Investments	-25.919	-	-17.093
Profit/Loss after Financial Items	-25.554	-	-17.909
Extraordinary Income	0	-	0
Extraordinary Expenses	0	-	0
Profit/Loss Before Tax	-25.554	-	-17.910
Tax	0	-	0
Profit/Loss After Tax	-25.554	-	-17.910

Balance Sheet (€)

ASSETS	12.2011	%	12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
FIXED ASSETS
Intangible Assets	152.066	-14%	177.093
Tangible Assets	4.631	-25%	6.174
Other Fixed Assets	0	-	0
Total Fixed Assets	156.697	-14%	183.267
CURRENT ASSETS
Inventories	59.039	-5%	62.196
Trade Receivables	65.267	-37%	104.082
Other Receivables	5.804	-14%	6.761
Cash & Bank Balances	5.329	378%	1.116
Other Current Assets	0	-	0
Total Current Assets	135.439	-22%	174.155
Total Assets	292.136	-18%	357.422

Equity and Liabilities (€)

EQUITY
Share Capital	17.942	0%	17.942
Share Premium Reserve	0	-	0
Retained Earnings	-183.640	-	-158.086
Other Reserves	147.251	0%	147.251
Total Equity	-18.447	-	7.107
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	71.647	-9%	79.147
Other Long Term Liabilities Finance	150.000	0%	150.000
Other Long Term Liabilities	0	-	0
Total Long Term Debts	221.647	-3%	229.147
CURRENT LIABILITIES
Trade Payables	8.820	-70%	28.979
Liabilities to Financial Institutions	10.000	-50%	20.000
Other Short Term Financial Loans	0	-	0
Other Short Term Liabilities	70.116	-3%	72.189
Total Current Liabilities	88.936	-27%	121.168
Total Liabilities	310.583	-11%	350.315
Total Equity & Liabilities	292.136	-18%	357.422

Other Financials (€)

Working Capital	46.503	-12%	52.987
Net Worth	-170.513	-	-169.986

Key Ratios

	31.12.2011	31.12.2010
Number of weeks	52	52
Consolidated Accounts	no	no
PROFITABILITY
Net Margin %	-8,8%	-7,6%
Operating Profit/Loss %	0,1%	-0,3%
Pre-Tax Profit Margin %	-8,8%	-7,6%
TRADING PERFORMANCE
Return on Net Assets Employed %	138,5%	-252,0%
Return on Total Capital %	0,1%	-0,2%
Interest Coverage Ratio (times)	0	0
Return on Capital Employed %	-12,6%	-7,6%
Return on Total Assets Employed %	-8,8%	-5,0%
Interest on Debt %	8,4%	4,9%
Risk Buffer %	-8,2%	-5,1%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	1	1
Current Ratio %	152,0%	144,0%
Debtor Days	82	160
Working capital	46.503	52.987
LONG TERM LIQUIDITY
Equity Ratio %	-6,3%	2,0%
Gearing %	-1255,7%	3505,7%
Current Debt Ratio	-5	17
Total Debt Ratio	-17	49
Relative debt %	107,4%	147,8%
BUSINESS MEASURES
Change in turnover %	22,0%	-
Sales/Net Working Capital	6	4
Stock Turnover Ratio %	20,4%	26,2%
Creditor Days	11	45
Equity in Percentage %	-13,2%	3,9%

Group structure

No group structure

Linked Companies

No linked companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.34
UK Pound	1	Rs.102.06
Euro	1	Rs.84.46

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.