MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	OY GROWTH CURVES AB LTD

Registered Office :	Vuorimiehenkatu 13 A 2, 00140, Helsinki

Country :	Finland

Financials (as on) :	31.12.2011

Date of Incorporation :	18.06.2002

Com. Reg. No.:	17559169

Legal Form :	Limited company

Line of Business :	Laboratory examinations

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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

REGISTERED NAME & COMPANY SUMMARY

Trading Name	GROWTH CURVES OY AB LTD	Trade Registry Number
Company Name	OY GROWTH CURVES AB LTD	Business ID	17559169
Previous Name	-
Telephone Number	0968746300	Registered Address
Fax Number	092609845	Visiting Address	Vuorimiehenkatu 13 A 2, 00140, HELSINKI
Home Municipality	Helsinki	Postal Address	-, -, -
Incorporation Date	18.06.2002	Branches	2
Company Type	Limited company	Website Address
Primary Sic Code	86902	Accountant	Sirviö Eila Hannele
Primary Sic Description	Laboratory examinations	Last Accounts Date	31.12.2011
Share Capital (€)	16.000	Holding Company
Deals in importing	Yes	Foreign Ownership
Deals in exporting	Yes	Currency	EUR

Registrations in Force

	State	Registration Date
Tax Administration	Registered	30.10.2002
Trade Register	Registered	18.06.2002
Employer Register	Registered	01.01.2006
Prepayment Register	Registered	26.07.2007
Value Added Tax-Liability	VAT-liable for business activity	01.01.2003

DIRECTORS/MANAGEMENT

Current Directors

Name	Gylling Thomas Robinson
Date of Birth	27.11.1970	Appointment Date	01.12.2006
Nationality	FINLAND	Function	Actual Member of Board

Name	Gylling Thomas Robinson
Date of Birth	27.11.1970	Appointment Date	16.03.2005
Nationality	FINLAND	Function	Managing director

Name	Gylling Bo Robert Gunnar
Date of Birth	26.10.1943	Appointment Date	01.12.2006
Nationality	FINLAND	Function	Chairman of Board

Other Company Officials

Name	Laakko Tapio Jaakko Juhani
Date of Birth	25.02.1968	Appointment Date	01.12.2006
Nationality	FINLAND	Function	Alternate Member of Board

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholder Information

Year	31.12.2011
Total Value of Shares	16.000
Number of Shares	16.000
Value of Shares	1

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	1.049.413	-14%	1.219.534
Operating Profit/Loss	171.014	-54%	374.989
Profit/Loss after Financial Items	174.057	-54%	376.287
Profit/Loss after tax	128.721	-54%	278.400
Current Assets	660.444	38%	478.487
Fixed Assets	2.227	-35%	3.440
Long Term Debts	0	-	0
Current Liabilities	220.025	72%	128.002
Shareholders Equity	442.646	25%	353.925
Balance sheet total	662.671	38%	481.927
Number of employees	5		5
Auditor qualification	The auditor has no reservations		The auditor has no reservations

Ratios

Year	31.12.2011	31.12.2010
Solvency Ratio	67%	73%
	Exceptionally Low Indebtedness	Exceptionally Low Indebtedness
Net margin (%)	17%	31%
Interest Coverage Ratio (times)	10880	-
Gearing (%)	0%	0%
Liquidity Ratio/Acid Test	2	2
Risk Buffer (%)	26%	78%

Profit & Loss (€)

Operating Income	31.12.2011	%	31.12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
Sales Revenue	1.049.413	-14%	1.219.534
Other Operating Income	43.086	-	0
Total Operating Income	1.092.499	-10%	1.219.534
Wages & Salaries	303.553	-5%	319.815
Depreciation	1.215	-37%	1.936
Total Operating Expenses	921.485	9%	844.545
Operating Profit/Loss	171.014	-54%	374.989
Result From Financial Investments
Financial Income	3.059	136%	1.298
Financial Expenses	16	-	0
Total Financial Investments	3.043	134%	1.298
Profit/Loss after Financial Items	174.057	-54%	376.287
Extraordinary Income	0	-	0
Extraordinary Expenses	0	-	0
Profit/Loss Before Tax	174.057	-54%	376.287
Tax	45.336	-54%	97.887
Profit/Loss After Tax	128.721	-54%	278.400

Balance Sheet (€)

Assets	12.2011	%	12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
Fixed Assets
Intangible Assets	0	-	470
Tangible Assets	2.227	-25%	2.970
Other Fixed Assets	0	-	0
Total Fixed Assets	2.227	-35%	3.440
Current Assets
Inventories	180.047	-13%	206.360
Trade Receivables	56.067	-53%	119.121
Other Receivables	109.620	210%	35.355
Cash & Bank Balances	314.710	167%	117.651
Other Current Assets	0	-	0
Total Current Assets	660.444	38%	478.487
Total Assets	662.671	38%	481.927

Equity and Liabilities (€)

EQUITY
Share Capital	16.000	0%	16.000
Share Premium Reserve	0	-	0
Retained Earnings	426.646	26%	337.925
Other Reserves	0	-	0
Total Equity	442.646	25%	353.925
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	0	-	0
Other Long Term Liabilities Finance	0	-	0
Other Long Term Liabilities	0	-	0
Total Long Term Debts	0	-	0
CURRENT LIABILITIES
Trade Payables	113.277	432%	21.289
Liabilities to Financial Institutions	0	-	0
Other Short Term Financial Loans	0	-	0
Other Short Term Liabilities	106.748	0%	106.713
Total Current Liabilities	220.025	72%	128.002
Total Liabilities	220.025	72%	128.002
Total Equity & Liabilities	662.671	38%	481.927

Other Financials (€)

	Working Capital	440.419	26%	350.485
	Net Worth	442.646	25%	353.455

Key Ratios

	31.12.2011	31.12.2010
Number of weeks	52	52
Consolidated Accounts	no	no
PROFITABILITY
Net Margin %	16,6%	30,9%
Operating Profit/Loss %	16,3%	30,8%
Pre-Tax Profit Margin %	16,6%	30,9%
TRADING PERFORMANCE
Return on Net Assets Employed %	39,3%	106,3%
Return on Total Capital %	26,3%	78,1%
Interest Coverage Ratio (times)	10880	-
Return on Capital Employed %	39,3%	106,3%
Return on Total Assets Employed %	26,3%	78,1%
Interest on Debt %	0,0%	0,0%
Risk Buffer %	26,3%	78,1%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	2	2
Current Ratio %	300,0%	374,0%
Debtor Days	20	36
Working capital	440.419	350.485
LONG TERM LIQUIDITY
Equity Ratio %	66,8%	73,4%
Gearing %	0,0%	0,0%
Current Debt Ratio	1	0
Total Debt Ratio	1	0
Relative debt %	21,0%	10,5%
BUSINESS MEASURES
Change in turnover %	-13,9%	-
Turnover/employees	209883	243907
Sales/Net Working Capital	2	3
Stock Turnover Ratio %	17,2%	16,9%
Creditor Days	39	6
Equity in Percentage %	66,8%	73,5%

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.94
UK Pound	1	Rs.84.03
Euro	1	Rs.70.72

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%)

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.