MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	E.C.M.
Registered Office :	126 BD DE LA Republique 16000 Angouleme
Country :	France
Financials (as on) :	2012
Date of Incorporation :	01.05.2001
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of irradiation, electro medical and electrotherapeutic equipment
No. of Employees :	26

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 :	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 – 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 Summary

Company Name E.C.M.

Company Registration 43785619800019

Country FR

Company identification

Activity

Activity Code 2660Z

Activity Description Manufacture of irradiation, electro medical and electrotherapeutic equipment

Company Status Economically active

Latest Turnover 5,619,540.00 (EUR)

Basic Information

Company Name E.C.M.

Registered Company Name E.C.M.

Company Registration Number 43785619800019

Country FR

VAT Registration Number FR38437856198

Date of Company Registration 01/05/2001

Date of Starting Operations 01/05/2001

Legal Form Simplified joint stock company

Company Status Economically active

Principal Activity Code 2660Z

Principal Activity Description Manufacture of irradiation, electro medical and electrotherapeutic equipment

Contact Address 126 BD DE LA REPUBLIQUE ANGOULEME 16000

Contact Telephone Number 0545928864

Main Address

Address 126 BD DE LA REPUBLIQUE 16000 ANGOULEME

Country FR

Telephone 05 45 92 88 64

Other Addresses

Address 126 BD DE LA REPUBLIQUE 16000 ANGOULEME

Country FR

Address ANGOULEME, 16000

Country FR

Current Directors Managers

Name M EMERY PATRICE

Gender Male

Date of Birth 09/09/1961

Position President

Previous Directors Managers

Name M PATRICE EMERY

Gender Male

Date of Birth 09/09/1961

Position President

Name M PATRICE EMERY

Gender Male

Date of Birth 09/09/1961

Position President

Share Capital Structure

Nominal Share Capital 40,000.00 (EUR)

Employee Information

Year 2012

Number of Employees 26

Year 2011

Number of Employees 26

Year 2010

Number of Employees 25

Financial Statements

PROFIT & LOSS

Financial Year 2012 2011 2010

Number of Weeks 52 52 52

Currency EUR EUR EUR

Revenue 5,782,565.00 5,661,002.00 4,657,692.00

Operating Costs 5,929,856.00 5,664,362.00 5,478,934.00

Operating Profit -147,291.00 -3,360.00 -821,242.00

Wages & Salaries 1,139,412.00 1,162,997.00 1,103,810.00

Pension Costs 485,429.00 483,052.00 458,897.00

Depreciation 166,638.00 159,209.00 111,817.00

Financial Income 7,937.00 5,541.00 441.00

Financial Expenses 127,735.00 97,500.00 104,035.00

Extraordinary Income 18,528.00 1,693.00 23,902.00

Extraordinary Costs 226,372.00 2,453.00 38,593.00

Profit Before Tax -474,933.00 -96,080.00 -939,527.00

Tax -194,946.00 -257,742.00 -222,529.00

Profit After Tax -279,987.00 161,662.00 -716,998.00

Dividends 0.00 0.00 0.00

Retained Profit -279,987.00 161,662.00 -716,998.00

BALANCE SHEET

Financial Year 2012 2011 2010

Number of Weeks 52 52 52

Currency EUR EUR EUR

Land & Buildings 52,018.00 64,991.00 77,963.00

Plant & Machinery 285,428.00 282,292.00 225,349.00

Other Tangible Assets 31,692.00 53,109.00 130,710.00

Total Tangible Assets 369,138.00 400,392.00 434,022.00

Goodwill 392,738.00 588,738.00 588,738.00

Other Intangible Assets 209.00 976.00 1,730.00

Total Intangible Assets 392,947.00 589,714.00 590,468.00

Investments 0.00 0.00 0.00

Loans to Group 0.00 0.00 0.00

Other Loans 0.00 0.00 0.00

Miscellaneous Fixed Assets 5,751.00 5,751.00 5,751.00

Total Other Fixed Assets 5,751.00 5,751.00 5,751.00

Total Fixed Assets 767,836.00 995,857.00 1,030,241.00

Raw Materials 1,140,736.00 1,567,559.00 719,468.00

Work in Progress 0.00 0.00 0.00

Finished Goods 1,161,490.00 667,407.00 1,100,448.00

Other Inventories 0.00 0.00 0.00

Total Inventories 2,302,226.00 2,234,966.00 1,819,916.00

Trade Receivables 721,239.00 555,296.00 622,625.00

Miscellaneous Receivables 686,024.00 500,941.00 192,139.00

Total Receivables 1,407,263.00 1,056,237.00 814,764.00

Cash 67,591.00 124,719.00 62,160.00

Other Current Assets 187,796.00 254,479.00 93,578.00

Total Current Assets 3,964,876.00 3,670,401.00 2,790,418.00

Total Assets 4 ,732,712.00 4,666,258.00 3,820,659.00

Trade Payables 770,844.00 864,348.00 422,685.00

Bank Liabilities 3,277.00 231,804.00 114,559.00

Other Loans/Finance 3,187,112.00 2,532,706.00 2,236,439.00

Miscellaneous Liabilities 367,642.00 388,090.00 380,642.00

Total Current Liabilities 4,328,875.00 4,016,948.00 3,154,325.00

Bank Liabilities due

after 1 year 0.00 0.00 78,217.00

Other Loans/Finance 0.00 22,878.00 113,657.00

due after 1 year

Miscellaneous Liabilities 126,176.00 68,635.00 77,352.00

due after 1 year

Total Long Term Liabilities 126,176.00 91,513.00 269,226.00

Total Liabilities 4,455,051.00 4,108,461.00 3,423,551.00

Called Up Share Capital 40,000.00 40,000.00 40,000.00

Share Premium 0.00 0.00 0.00

Revenue Reserves -614,641.00 -334,654.00 -496,316.00

Other Reserves 852,302.00 852,451.00 853,424.00

Total Shareholders Equity 277,661.00 557,797.00 397,108.00

Other Financials

Working Capital -363,999.00 -346,547.00 -363,907.00

Net Worth -115,286.00 -31,917.00 -193,360.00

Ratios

Return on Capital Employed 2.27 1.66 2.49

Stock Turnover Ratio 40.97 37.96 43.48

Debtor Days 48.00 35.00 55.00

Creditor Days 78.00 88.00 44.00

Liquidity Ratio/Acid Test 0.35 0.31 0.28

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

84.49

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%)

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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.