MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	GINDRE DUCHAVANY
Registered Office :	31 Rue Giffard, Bp 23 38230 Pont De Cheruy
Country :	France
Financials (as on) :	2011
Date of Incorporation :	01.06.1955
Com. Reg. No.:	95550881700033
Legal Form :	Simplified Joint Stock Company
Line of Business :	Subject is engaged in Copper production
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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)
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

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 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, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.8% of GDP in 2012, while France's public debt rose from 68% of GDP to 90% over the same period. Under President SARKOZY, Paris implemented some austerity measures 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. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows

Source : CIA

Company name

_{GINDRE DUCHAVANY}

Company Summary

Company Name ETABLISSEMENTS GINDRE Company Registration 95550881700033

DUCHAVANY

Country FR

Activity Code 2444Z Activity Description Copper production

Company Status Economically active Latest Turnover 310,633,050.00 (EUR)

Latest Shareholders Equity 28,153,072.00 (EUR)

Company Identification

Activities

Activity Code 2444Z

Activity Description Copper production

Basic Information

Company Name ETABLISSEMENTS GINDRE

Registered Company Name ETABLISSEMENTS GINDRE DUCHAVANY

Company Registration Number 95550881700033

Country FR

VAT Registration Number FR20955508817

Date of Company Registration 01/06/1955

Date of Starting Operations 01/01/1955

Legal Form Simplified Joint Stock Company with Single Associate

Company Status Economically active

Principal Activity Code 2444Z

Principal Activity Description Métallurgie du cuivre

Contact Address 31 RUE GIFFARD, BP 23 38230 PON DE CHERUY

Contact Telephone Number 0472460901

Main Address

Address 31 RUE GIFFARD, BP 23 38230 PONT DE CHERUY

Country FR

Telephone 04 72 46 09 01

Other Addresses

Address 31 RUE GIFFARD, BP 23 38230 PONT DE CHERUY

Country FR

Address LYON 6EME, 69006

Country FR

Address PONT DE CHERUY, 38230

Country FR

Current Directors Managers

Name Mme PUNZ GABRIELE

Gender Female

Date of Birth 21/12/1972

Position President

Name M LUNEAU FRANÇOIS GEORGES PIERRE

Gender Male

Date of Birth 26/09/1968

Position Managing director

Previous Directors Managers

Name BANQUE DE VIZILLE

Position Administrator

Name MME CELINE BARBOSA

Gender Female

Position Administrator

Name M BRUNO LACROIX

Gender Male

Position Administrator

Name M FABRICE LAMY

Gender Male

Position Administrator

Name SOCIETE COPARMAT

Position Administrator

Share Capital Structure

Nominal Share Capital 7,989,600.00 (EUR)

Extended Group Structure

Company Name Registration Number Status Last Financials

1 M.U.S.T PRIVATSTIF TUNG

2 A-TEC INDUSTRIES AG

3 A-TEC MINERALS & METALS HOLDING GMBH

4 A-TEC MINERALS & METALS MANAGEMENT GMBH
5 ETABLISSEMENTS GINDRE DUCHAVANY	955508817	31/12/2011
6 METELEC LIMITED	04416364	31/12/2012
6 KUPFERRHEYDT GmbH	HRB 6342	31/12/2011
6 GINDRE COMPOSANTS	315064188	31/12/2011
6 GINDRE COPPER LLC
6 GINDRE TORNS	B63939482	31/12/2012
6 GINDRE INDIA COMPONENTS LTD
5 MONTANWERKE BRIXLEGG AG
6 ETABLISSEMENTS GINDRE DUCHAVANY	955508817	31/12/2011
7 METELEC LIMITED	04416364	31/12/2012
7 KUPFERRHEYDT GmbH	HRB 6342	31/12/2011
7 GINDRE COMPOSANTS	315064188	31/12/2011
7 GINDRE COPPER LLC
7 GINDRE TORNS	B63939482	31/12/2012
7 GINDRE INDIA COMPONENTS LTD

6 KOVOHUTY AS

6 MONTANWERKE BRIXLEGG WASSERKRAFTWERKE GMBH

3 E-TEC BETEILIGUNGSVERWALTUNGS GMBH

4 AE&E ENERGY AG

5 AE&E GROUP GMBH

6 AE & E Inova Holding AG in Liquidation CHE102663910

7 AE&E INOVA AG

7 AE&E INC

6 AE&E AUSTRIA GMBH

6 AE&E POWER PLANT SYSTEMS GMBH

6 AUSTRIAN ENERGY & ENVIRONMENT GERMANY GMBH

7 AE&E Inova GmbH HRB 63407 31/12/2009

7 AE&E LENTJES GMBH

6 BABCOCK POWER ESPAÑA A95175709 31/12/2009

6 AE&E DURO DAKOVIC TEP D.O.O.

6 AE&E CZ S.R.O

6 OOO AE&E

6 AE&E AUSTRALIA PTY LTD

6 AE&E CHENNAI WORKS PRIVATE LTD

6 AE&E I.D.E.A INDIA PRIVATE LTD

6 AE&E ENERGY & ENVIRONMENT PTY LTD

4 A-TEC LIEGENSCHAFTSVERWALTUNGS GMBH

4 JET-EXPRESS ANLAGENVERMIETUNGS GMBH

4 A-TEC BETEILIGUNGS GMBH

3 A-TEC MECHANICAL ENGINEERING HOLDING GMBH

4 A-TEC Mechanical Engineering Investment GmbH HRB 12870 31/12/2011

5 DORRIES SCHARMANN TECHNOLOGIE GMBH

6 DS TECHNOLOGY INC

6 DS TECH LIMITED 07931869 28/02/2013

6 DST SERVICE CENTER GMBH & CO KG

4 EMCO MAIER GMBH

5 EMCO ITALIA S.R.L. 12589470157 31/12/2011

5 EMCO FAMUP S.R.L. 04231780968

5 EMCO MECOF SRL

5 INTOS SPOL. SRO

5 MAGDEBURG WERKZEUGMASCHINEN GMBH

4 MEXPOL WERKZEUGMASCHINEN GMBH

3 ENERGY INVESTMENT KRAFTWERKSERRICHTUNGS AG
3 ATB AUSTRIA ANTRIEBSTECHNIK	FN80022F	31/12/2012
4 ATB MOTORENWERKE GMBH
4 ATB Antriebstechnik GmbH	HRB 282126	31/12/2011

5 ATB MOTORENTECHNIK GMBH

4 ATB TECHNOLOGIES GMBH

4 ATB SEVER AD

5 ATB FOD DOO
4 ATB MORLEY LIMITED	04036931	31/12/2012
5 ATB LAURENCE SCOTT LIMITED	06241009	31/12/2012
4 LINDETEVES-JACOBERG	427807	31/12/2012
5 SCHORCH ELEKTRISCHE MASCHINEN U. ANTRIEBE GMBH
5 FABRYKA SILNIKOW ELEKTRYCZNYCH TAMEL SA
5 ATB SPECIAL PRODUCTS LIMITED	00476716	31/12/2012
5 BROOK CROMPTON LTD
5 BROOK CROMPTON MOTOR USA INC

Employee Information

Year 2011

Number of Employees 0

Year 2010

Number of Employees 0

Year 2009

Number of Employees 0

Financial Statements

PROFIT & LOSS

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR

Revenue 304,336,214 269,420,751 170,019,881

Operating Costs 302,628,860 259,448,421 161,695,172

Operating Profit 1,707,354 9,972,330 8,324,709

Wages & Salaries 8,399,905 7,618,767 7,388,281

Pension Costs 3,782,500 3,916,506 3,540,454

Depreciation 1,036,670 1,022,613 937,477

Financial Income 963,749 1,910,196 4,160,854

Financial Expenses 1,272,192 3,650,643 2,445,495

Extraordinary Income 2,691,477 7,698,696 612,203

Extraordinary Costs 95,125 10,964,228 84,285

Profit Before Tax 3,666,296 4,712,132 10,050,329

Tax 976,317 1,264,227 2,172,914

Profit After Tax 2,689,979 3,447,905 7,877,415

Dividends 0 0 0

Retained Profit 2,689,979 3,447,905 7,877,415

BALANCE SHEET

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR

Land & Buildings 6,388,685 6,652,310 6,963,199

Plant & Machinery 2,103,645 2,067,289 1,848,271

Other Tangible Assets 1,271,860 1,078,810 1,132,117

Total Tangible Assets 9,764,190 9,798,409 9,943,587

Goodwill 0 0 0

Other Intangible Assets 206,953 165,359 154,584

Total Intangible Assets 206,953 165,359 154,584

Investments 4,502,536 4,303,442 4,103,442

Loans to Group 470,266 385,000 0

Other Loans 414,367 379,168 359,758

Miscellaneous Fixed Assets 2,098,883 2,452,744 1,927,375

Total Other Fixed Assets 7,486,052 7,520,354 6,390,575

Total Fixed Assets 17,457,195 17,484,122 16,488,746

Raw Materials 12,779,784 14,568,558 6,926,363

Work in Progress 3,111,237 3,456,047 2,893,631

Finished Goods 18,475,897 24,884,312 16,356,736

Other Inventories 0 0 0

Total Inventories 34,366,918 42,908,917 26,176,730

Trade Receivables 18,312,055 15,159,168 13,334,341

Miscellaneous Receivables 5,912,973 8,188,917 4,347,918

Total Receivables 24,225,028 23,348,085 17,682,259

Cash 413,796 389,204 956,634

Other Current Assets 369,288 246,354 355,745

Total Current Assets 59,375,030 66,892,560 45,171,368

Total Assets 76,832,225 84,376,682 61,660,114

Trade Payables	20,904,507	26,192,532	19,432,153
Bank Liabilities	16,200,694	18,356,822	4,247,254
Other Loans/Finance	550,233	502,205	15,536
Miscellaneous Liabilities	10,729,577	8,480,983	8,574,530
Total Current Liabilities	48,385,011	53,532,542	32,269,473
Bank Liabilities due after 1 year	0	0	1,260,142
Other Loans/Finance due after 1 year	0	0	398,088
Miscellaneous Liabilities due after 1 year	294,143	1,383,646	1,219,695
Total Long Term Liabilities	294,143	1,383,646	2,877,925
Total Liabilities	48,679,154	54,916,188	35,147,398
Called Up Share Capital	7,989,600	7,989,600	7,989,600
Share Premium	2,512,253	2,512,253	2,512,253
Revenue Reserves	7,767,173	7,074,594	7,785,754
Other Reserves	9,884,046	11,884,046	8,225,107
Total Shareholders Equity	28,153,072	29,460,493	26,512,714
Other Financials
Working Capital	10,990,019	13,360,018	12,901,895
Net Worth	27,946,119	29,295,134	26,358,130
Ratios
Return on Capital Employed	0.41	1.40	1.49
Stock Turnover Ratio	11.06	16.51	15.95
Debtor Days	21.00	21.00	29.00
Creditor Days	26.00	38.00	48.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NIS

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.