MIRA INFORM REPORT

Report Date :

08.02.2013

IDENTIFICATION DETAILS

Name :	SOLARONICS SA
Registered Office :	Zone Industrielle 3 Rue Du Kemmel , Armentieres, 59280
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	15.03.1993
Com. Reg. No.:	390569689
Legal Form :	Public Subsidiary
Line of Business :	Subject engaged in manufacture of machinery for working soft rubber or plastics etc.
No. of Employees :	65

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)
France	A1	A1

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

France - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

Company name & address

SOLARONICS SA

Zone Industrielle 3 Rue Du Kemmel

Armentieres, 59280

France

Tel: +33 03 20 10 59 49

Fax: +33 03 20 35 57 22

SYNTHESIS

Employees: 65

Company Type: Public Subsidiary

Corporate Family: 102 Companies

Ultimate Parent: NV Bekaert SA

Incorporation Date: 15-Mar-1993

Financials in: USD (mil)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 23.9

Total Assets: 21.0

Business Description

Solaronics Sa is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

Industry

Industry Construction - Supplies and Fixtures

ANZSIC 2006: 2449 - Other Domestic Appliance Manufacturing

NACE 2002: 2822 - Manufacture of central heating radiators and boilers

NAICS 2002: 333414 - Heating Equipment (except Warm Air Furnaces) Manufacturing

UK SIC 2003: 2822 - Manufacture of central heating radiators and boilers

UK SIC 2007: 2521 - Manufacture of central heating radiators and boilers

US SIC 1987: 3433 - Heating Equipment, Except Electric and Warm Air Furnaces

 Key Executives

Name	Title
Christophe Cortinovis,	General Manager
Eric Deghouy	Director
Delphine Desert	Director
Yannick Lescanne	Commercial director

Registered No.(FRA):390569689

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
Zone Industrielle 3 Rue Du Kemmel
Armentieres, 59280
France

Tel: +33 03 20 10 59 49

Fax: +33 03 20 35 57 22

Sales EUR(mil): 17.2

Assets EUR(mil): 16.2

Employees: 65

Fiscal Year End: 31-Dec-2011

Industry: Construction - Supplies and Fixtures

Incorporation Date: 15-Mar-1993

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(FRA): 390569689

General Manager : Christophe Cortinovis,

Industry Codes

ANZSIC 2006 Codes:

2449 - Other Domestic Appliance Manufacturing

NACE 2002 Codes:

2822 - Manufacture of central heating radiators and boilers

NAICS 2002 Codes:

333414 - Heating Equipment (except Warm Air Furnaces) Manufacturing

US SIC 1987:

3433 - Heating Equipment, Except Electric and Warm Air Furnaces

UK SIC 2003:

2822 - Manufacture of central heating radiators and boilers

UK SIC 2007:

2521 - Manufacture of central heating radiators and boilers

Business Description

Burner Mfr

More Business Descriptions

Solaronics Sa is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

Financial Data

Financials in: EUR(mil) 1 Year Growth

Revenue: 17.2 -6.5%

Assets: 16.2 NA

Current Assets: 12.1

Total Liabilities: 16.2

Issued Capital: 4.0

Net Worth: 6.5

Date of Financial Data: 31-Dec-2011

Subsidiaries

Company Percentage Owned Country

Solaronics Ab Sweden

Solaronics Gmbh Germany

Key Corporate Relationships

Bank: Societe Generale, Banque Worms, Credit Mutuel

Corporate Family	Corporate Structure News:
	NV Bekaert SA Solaronics SA
Solaronics SA Total Corporate Family Members: 102

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
NV Bekaert SA	Parent	Courtrai (Kortrijk)	Belgium	Miscellaneous Fabricated Products	4,644.1	27,000
Xinyu Iron & Steel Co., Ltd.	Subsidiary	Xinyu	China	Iron and Steel	6,223.0	26,692
Jiangxi Hongdu Steelworks Co., Ltd.	Subsidiary	Nanchang, Jiangxi	China	Construction - Supplies and Fixtures	190.3	3,000
Shanghai Jianghai Trade Company	Subsidiary	Shanghai, Shanghai	China	Miscellaneous Capital Goods	171.2	17
Bekaert Hlohovec, a.s.	Subsidiary	Hlohovec	Slovakia	Construction - Supplies and Fixtures	210.0	1,322
Bekaert Benelux N.V.	Subsidiary	Zwevegem	Belgium	Miscellaneous Fabricated Products		1,000
Bekaert Bohumin S.R.O.	Subsidiary	Bohumin, Pudlov	Czech Republic	Construction - Supplies and Fixtures	119.1	167
Bekaert Carding Solutions S.A.S	Subsidiary	Armentieres	France	Miscellaneous Capital Goods	0.1
Nv Bekaert Sa Nv	Branch	Kortrijk, West-Vlaanderen	Belgium	Business Services
Bekaert Industries Pvt Ltd	Subsidiary	Pune, Maharastra	India	Miscellaneous Fabricated Products		600
Ideal Alambrec SA	Subsidiary	Guayas	Ecuador	Miscellaneous Fabricated Products		600
Bekaert Slovakia sro	Subsidiary	Sladkovicovo	Slovakia	Construction - Supplies and Fixtures		600
Bekaert Izmit Çelik Kord Sanayi ve Ticaret AS	Subsidiary	Izmit, Kocaeli	Turkey	Construction - Supplies and Fixtures		400
Bekaert Ideal SL	Subsidiary	Burgos	Spain	Miscellaneous Fabricated Products		400
Bekaert do Brasil Ltda	Subsidiary	Osasco, Sao Paulo	Brazil	Construction - Supplies and Fixtures		400
Industrias Del Ubierna Sa	Subsidiary	Burgos	Spain	Miscellaneous Fabricated Products	130.3	388
Bekaert Tarak Aksesuarlari ve Makinalari Ticaret AS	Joint Venture	Istanbul	Turkey	Textiles - Non Apparel		330
Bekaert Engineering	Subsidiary	Ingelmunster	Belgium	Engineering Consultants		300
Bekaert Mukand Wire Industries Pvt Ltd	Subsidiary	Satara, Maharastra	India	Miscellaneous Fabricated Products		250
Bekaert Specialty Films LLC	Subsidiary	San Diego, CA	United States	Construction - Supplies and Fixtures	268.5	200
Saint-Gobain Solar Gard	Branch	Houston, TX	United States	Fabricated Plastic and Rubber	2.0	4
Solar Gard St-Gobain	Subsidiary	Windsor, CT	United States	Business Services	0.2	2
OOO Bekaert Lipetsk	Subsidiary	Kazinka	Russian Federation	Construction - Supplies and Fixtures		200
Bekaert Combustion Technology BV	Subsidiary	Assen	Netherlands	Construction - Supplies and Fixtures	71.4	160
Bekaert Canada Ltd.	Subsidiary	Surrey, BC	Canada	Construction - Supplies and Fixtures	62.3	160
Betasenze Deustchland GmbH	Subsidiary	Hamburg	Germany	Miscellaneous Fabricated Products		130
Bekaert Progressive Composites LLC	Subsidiary	Vista, CA	United States	Fabricated Plastic and Rubber	24.2	100
Soleras Advanced Coatings	Subsidiary	Petegem-Aan-De-Leie	Belgium	Construction - Supplies and Fixtures	43.1	92
Webster & Horsfall Ltd.	Subsidiary	Birmingham	United Kingdom	Miscellaneous Fabricated Products	15.5	87
Mills & Driver Ltd.	Subsidiary	Birmingham	United Kingdom	Miscellaneous Fabricated Products
Reddiwire Ltd.	Subsidiary	Birmingham	United Kingdom	Nonclassifiable Industries
Bekaert Asia Shanghai Office	Subsidiary	Shanghai	China	Miscellaneous Fabricated Products		80
Bekaert Carding Solutions Pvt Ltd	Subsidiary	Pune	India	Miscellaneous Capital Goods		74
Bekintex	Subsidiary	Wetteren	Belgium	Miscellaneous Capital Goods	41.1	66
Solaronics SA	Subsidiary	Armentieres	France	Construction - Supplies and Fixtures	23.9	65
Bekaert Carding Solutions	Subsidiary	Zwevegem	Belgium	Miscellaneous Capital Goods	13.7	59
Bekaert Advanced Filtration	Subsidiary	Louveigne (Sprimont)	Belgium	Miscellaneous Capital Goods	16.2	58
Bekaert Advanced Coatings NV	Subsidiary	Zulte	Belgium	Miscellaneous Fabricated Products		50
Bekaert Corporation	Subsidiary	Marietta, GA	United States	Miscellaneous Fabricated Products		50
Bekaert Corp	Branch	Rome, GA	United States	Miscellaneous Capital Goods	892.8	293
Bekaert Corp	Branch	Rogers, AR	United States	Construction - Supplies and Fixtures	2.3	280
Bekaert Corp	Branch	Shelbyville, KY	United States	Miscellaneous Fabricated Products	5.7	60
Bekaert Corp	Branch	Spring Green, WI	United States	Miscellaneous Fabricated Products	1.3	7
Bekaert GmbH	Subsidiary	Friedrichsdorf, Hessen	Germany	Miscellaneous Fabricated Products	18.3	37
Bekaert France SAS	Subsidiary	Antony	France	Miscellaneous Capital Goods	49.2	34
Bekaert Coordinatiecentrum N.V.	Subsidiary	Zwevegem	Belgium	Commercial Banks	37.7	30
Contours Limited	Subsidiary	Orrville, OH	United States	Miscellaneous Fabricated Products	31.9	30
Bekaert Carding Solutions, Inc.	Subsidiary	Simpsonville, SC	United States	Scientific and Technical Instruments	2.1	30
Bekaert Corporation	Subsidiary	Akron, OH	United States	Construction - Supplies and Fixtures		30
Bekaert Corporation	Facility	Van Buren, AR	United States	Miscellaneous Fabricated Products	58.6	300
Bekaert Japan	Subsidiary	Tokyo	Japan	Miscellaneous Fabricated Products		20
Bekaert Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Fabricated Products	441.3	16
Industrias del Ubierna S.A.	Subsidiary	Barcelona	Spain	Miscellaneous Fabricated Products		15
Leon Bekaert S.p.A.	Subsidiary	Milan	Italy	Miscellaneous Fabricated Products	3.9	11
Bekaert Trade Mexico S de RL de CV	Subsidiary	Mexico	Mexico	Miscellaneous Fabricated Products	35.0	10
Bekaert Specialty Films Canada	Subsidiary	Oakville, ON	Canada	Miscellaneous Fabricated Products	0.5	10
Scheldestroom	Subsidiary	Zwevegem	Belgium	Construction - Supplies and Fixtures	0.0	10
Bekaert Svenska A/S	Subsidiary	Gothenburg	Sweden	Miscellaneous Fabricated Products		10
Bekaert (Schweiz) AG	Subsidiary	Baden	Switzerland	Miscellaneous Fabricated Products	25.0	6
Bekaert Svenska A/B	Subsidiary	Gothenburg	Sweden	Miscellaneous Fabricated Products	8.0	6
Bekaert Korea Ltd	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Fabricated Products		6
Bekaert Corporation	Subsidiary	Research Triangle Park, NC	United States	Miscellaneous Fabricated Products	16.8	5
Bekaert Specialty Films Nordic AB	Subsidiary	Stockholm	Sweden	Containers and Packaging		5
Bekaert A/S	Subsidiary	Vejle	Denmark	Miscellaneous Fabricated Products		5
Bekaert Trade Latin America N.V.	Subsidiary	Miami, FL	United States	Miscellaneous Fabricated Products		4
Bekaert Portugal-Importacao Comercializacao de Arames e Seus Derivados, Ltda.	Subsidiary	Lisbon	Portugal	Miscellaneous Fabricated Products		4
Bekaert GmbH	Subsidiary	Vienna	Austria	Miscellaneous Fabricated Products		2
Bekaert Holding BV	Subsidiary	Assen	Netherlands	Investment Services	1.0
Bekart Lipetsk Ooo	Subsidiary	Kazinka St.	Russian Federation	Miscellaneous Fabricated Products	17.6	3,359
Bekaert Investments	Subsidiary	Zwevegem	Belgium	Business Services	0.0
Ideal Alambrec S.A.	Subsidiary	Quito, Pichincha	Ecuador	Construction - Supplies and Fixtures
Vicson, S.A.	Subsidiary	Valencia, Carabobo	Venezuela	Construction - Supplies and Fixtures
Shanghai Bekaert-Ergang Co Ltd	Subsidiary	Shanghai	China	Miscellaneous Fabricated Products
Bekaert Carding Solutions Ltd.	Subsidiary	Huddersfield	United Kingdom	Nonclassifiable Industries
Productos de Acero Cassado S.A.	Subsidiary	Lima	Peru	Construction - Supplies and Fixtures
PT Bekaert Indonesia	Subsidiary	Karawang, Jawa Barat	Indonesia	Miscellaneous Fabricated Products
Bekaert Management (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
Solaronics AB	Subsidiary	Vanersborg	Sweden	Construction - Supplies and Fixtures
Solaronics Oy	Subsidiary	Vantaa	Finland	Miscellaneous Capital Goods	0.6
Industrias del Ubierna, S.A.	Subsidiary	Barcelona	Spain	Miscellaneous Fabricated Products
Bekaert (China) Technology Research and Development Co Ltd	Subsidiary	Jiangyin	China	Construction - Supplies and Fixtures
Bekaert Binjiang Steel Cord Co Ltd	Subsidiary	Jiangyin	China	Construction - Supplies and Fixtures
PT Bekaert Advanced Filtration	Subsidiary	Jakarta	Indonesia	Miscellaneous Capital Goods
Bekaert Iberica Holding SL	Subsidiary	Burgos	Spain	Investment Services
Bekaert Toko Metal Fiber Co Ltd	Subsidiary	Kasumigaura, Ibaraki	Japan	Miscellaneous Fabricated Products
Bekaert Binjiang Advanced Products Co Ltd	Subsidiary	Jiangyin	China	Construction - Supplies and Fixtures
Bekaert-Jiangyin Wire Products Co Ltd	Subsidiary	Jiangyin, Jiangsu	China	Miscellaneous Fabricated Products
Bekaert New Materials (Suzhou) Co Ltd	Subsidiary	Suzhou	China	Miscellaneous Fabricated Products
Bekaert Management (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Miscellaneous Fabricated Products
Bekaert (Qingdao) Wire Products Co Ltd	Subsidiary	Qingdao	China	Miscellaneous Fabricated Products
Bekaert (Shandong) Tire Cord Co Ltd	Subsidiary	Weihai, Shandong	China	Miscellaneous Capital Goods
Bekaert Carding Solutions NV	Subsidiary	Zwevegem	Belgium	Miscellaneous Fabricated Products
N.V. Bekaert S.A.	Subsidiary	Zwevegem	Belgium	Miscellaneous Fabricated Products
Cold Drawn Products Ltd.	Subsidiary	Cleckheaton	United Kingdom	Construction - Supplies and Fixtures	38.8	130
Lane Brothers Engineering Industries	Subsidiary	Bradford	United Kingdom	Nonclassifiable Industries
Rylands-Whitecross Ltd.	Subsidiary	Bradford	United Kingdom	Nonclassifiable Industries
Bekaert Ltd.	Subsidiary	Glenrothes	United Kingdom	Miscellaneous Capital Goods	6.8	17
Bekaert Carding Solutions Inc / Bekaert Solutions de Cardage Inc	Subsidiary	Granby, QC	Canada	Scientific and Technical Instruments
OOO Bekaert Wire	Subsidiary	Moscow	Russian Federation	Miscellaneous Fabricated Products
Bekaert Advanced Products (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Construction - Supplies and Fixtures
Bekaert Norge AS	Subsidiary	Gothenburg	Sweden	Miscellaneous Fabricated Products
Bekaert Specialty Wire Products Hong Kong Ltd	Subsidiary	Wanchai	Hong Kong	Miscellaneous Fabricated Products

Executives Report

Executives

Name	Title	Function
Christophe Cortinovis,	General Manager	Division Head Executive
Eric Deghouy	Director	Administration Executive
Delphine Desert	Director	Administration Executive
Yannick Lescanne	Commercial director	Commercial Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	26.3	23.9	19.0
Net sales	23.9	24.3	18.5
Change in stock	0.0	0.1	0.5
Unfinished work in progress	1.2	-1.0	0.0
Own work capitalised	0.1	0.1	0.2
Subsidies for operating costs	0.0	0.0	0.0
Supplementary operating income	1.1	0.5	0.3
Other operating income	0.0	0.0	0.0
Other external charges	6.6	5.4	5.4
Cost of goods sold	10.5	6.7	5.2
Taxes and social security costs	0.6	0.3	0.4
Social charges	1.9	1.9	1.8
Total payroll costs	4.3	4.0	4.2
Cost of stock depreciation and amortisation	0.5	0.7	0.9
Fixed asset depreciation and amortisation	0.4	0.5	0.6
Other operating costs	0.8	0.2	0.1
Total operating costs	25.7	20.0	19.1
Net operating income	0.6	3.9	-0.1
Total financial income	1.1	0.8	0.1
Interest payable on loans	0.0	0.0	0.0
Other expenses	0.2	0.5	0.0
Total expenses	0.2	0.5	0.0
Profit before tax	1.6	4.2	-0.1
Extraordinary income	0.0	2.4	-
Extraordinary expenses	0.0	0.5	0.0
Extraordinary result	0.0	1.9	0.0
Total taxation	-0.1	0.8	-0.4
Profit distributed to employees	-	0.3	-
Net profit	1.6	5.0	0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Issued capital	5.2	5.4	5.7
Legal reserves	0.1	0.1	0.2
Total reserves	1.6	2.6	2.6
Profits for the year	1.5	5.1	0.2
Total stockholders equity	8.4	13.2	8.7
Provisions and allowances	1.3	1.7	1.5
Trade creditors	6.0	3.2	2.6
Advances received	2.3	2.2	1.1
Bank loans and overdrafts	0.1	-	-
Current bank debts	0.1	-	-
Other loans	1.1	-	2.9
Other liabilities	0.0	0.0	0.1
Income stated in advance	0.1	0.2	0.0
Taxation and social security	1.7	2.8	2.1
Total current liabilities	9.1	6.3	7.6
Total debts	11.4	8.5	8.7
Regularisation account	-	0.0	0.0
Total liabilities (including net worth)	21.0	23.4	18.9
Patents	0.0	0.2	0.4
Goodwill	3.0	3.1	3.3
Land	0.0	0.0	0.0
Other fixed assets	1.4	1.1	1.6
Long-term investments	0.8	0.8	1.1
Other financial assets	0.2	5.6	0.2
Total non-current assets	5.3	10.8	6.6
Prepayments	1.1	0.1	0.1
Net stocks and work in progress	3.1	1.9	3.2
Trade debtors	9.9	8.0	5.8
Other receivables	1.6	2.5	3.1
Prepaid expenses	0.1	0.1	0.1
Cash and liquid assets	0.0	0.0	0.0
Total current assets	15.7	12.6	12.4
Prepaid expenses and deferred costs	-	0.0	0.0
Total assets	21.0	23.4	18.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.70	2.00	1.60
Quick ratio	1.40	1.70	1.20
Total liabilities to net worth	2.10%	0.86%	1.75%
Net worth to total assets	0.26%	0.42%	0.26%
Collection period	134.40	98.80	92.90
Stock turnover rate	7.20	13.20	5.90
Asset turnover	1.06%	1.06%	1.01%
Profit margin	0.07%	0.17%	-0.01%
Return on assets	0.07%	0.18%	-0.01%
Shareholders' return	0.27%	0.43%	-0.03%
Sales per employee	1,846.56	1,942.98	1,339.45
Profit per employee	120.48	333.68	-9.49
Average wage per employee	334.42	322.46	305.30
Net worth	8.4	13.2	8.7
Number of employees	61	62	65

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.14
UK Pound	1	Rs.83.26
Euro	1	Rs.71.93

INFORMATION DETAILS

Report Prepared by :

NLM

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.