MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	FIL INVESTMENT MANAGEMENT (LUXEMBOURG) SA

Registered Office :	2A, Rue Albert Borschette, 1246

Country :	Luxembourg

Financials (as on) :	30.06.2012

Date of Incorporation :	14.08.2002

Com. Reg. No.:	B 88.635 (Luxembourg)

Legal Form :	Limited company by shares

Line of Business :	Subject is engaged in the Other supporting Objective related financial Île services, except insurance and Guest-house funding [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No. of Employees :	Not Available

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Luxembourg

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

LUXEMBOURG - ECONOMIC OVERVIEW

This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 27% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted 3.6% in 2009, but rebounded in 2010-11 before slowing again in 2012. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world, and is the highest in the euro zone. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011 and 0.9% in 2012. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks.

Source : CIA

Summary

Company name	FIL INVESTMENT MANAGEMENT (LUXEMBOURG) SA
Operative address	2A, RUE ALBERT BORSCHETTE 1246 LUXEMBOURG Luxembourg
Status	Active

Legal form	Limited company by shares
Registration number	Trade register number: B 88.635 (Luxembourg) Trade register number: B 88.635 (Luxembourg)
Year	2012	Mutation	2011	Mutation	2010
Total receivables

Total equity	5.106.847	402,62	1.016.044	1,31	1.002.889
Short term liabilities	1.168.662	-20,39	1.468.009	-14,91	1.725.148

Net result	90.803	590,25	13.155	-2,66	13.514

Working capital	11.080.338	966,49	1.038.958	-0,93	1.048.698
Quick ratio	10,48	512,87	1,71	6,21	1,61

Contact information

Company name	FIL INVESTMENT MANAGEMENT (LUXEMBOURG) SA
Operative address	2A, RUE ALBERT BORSCHETTE 1246 LUXEMBOURG Luxembourg
Correspondence address	2A, RUE ALBERT BORSCHETTE 1246 LUXEMBOURG Luxembourg
Telephone number	+352 2504041
Fax number	+352 26383938
Website	www.fidelity-international.com

Registration

Registration number	Trade register number: B 88.635 (Luxembourg) Trade register number: B 88.635 (Luxembourg)
Status	Active
Establishment date	2002-08-14
Legal form	Limited company by shares
Subscribed share capital	EUR 500.000

Activities

NACE

Other supporting Objective related financial Île services, except insurance and Guest-house funding (6619)

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER
Name: FIL LIMITED
National id number: 549300SGJNFISS8EB433
Address: C/o: Fidelity INTERNATIONAL (BDA) Ltd
City: HAMILTON
Country: BM
Phone: +1 4412950665
FAX: +1 4412959373
Type: Industrial company
Share direct: 99.80%

SHAREHOLDERS
Name: FIL LIMITED
National id number: 549300SGJNFISS8EB433
Address: C/o: Fidelity INTERNATIONAL (BDA) Ltd
City: HAMILTON
Country: BM
Phone: +1 4412950665
FAX: +1 4412959373
Type: Industrial company
Share direct: 99.80%
Number of employees: 0

Name: FIL (LUXEMBOURG) SA
National id number: B 29.112 (Luxembourg)
Address: 2A, Rue Albert Borschette
Zipcode: 1246
City: LUXEMBOURG
Country: LU
Phone: +352 250404
FAX: +352 26383938
Type: Bank
Share direct: 0.20%
Turnover: 151.66 mil. USD
TOTAL assets: 131.07 mil. USD
Profit loss before tax: 3.45905 mil. USD
Profit loss after tax net income: 2.0164 mil. USD
Shareholders funds: 69.50148 mil. USD
Number of employees: 88

Management

Management

Fullname: Mr Nicholas Clay
Type: Individual
Gender: Male
date of birth: 1962
Age: 52
Address: Rue Albert Borschette 2a, 1246, Luxembourg, Luxembourg
Country: Luxembourg
Number of involvements: 3
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mrs Judy Marlinsky
Type: Individual
Gender: Female
Address: 105-60, Tokio, Japan
Number of involvements: 1
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Allan Kerim Callberg Pelvang
Type: Individual
Gender: Male
date of birth: 1965/02/06
Age: 49
Country of nationality: Netherlands
Address: Rue Albert Borschette 2A, 1246, Luxembourg, Luxembourg
Country: Bermuda
Number of involvements: 5
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Jon Skillman
Type: Individual
Gender: Male
date of birth: 1957
Age: 57
Address: Rue Albert Borschette 2a, 1246, Luxembourg, Luxembourg
Number of involvements: 2
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Marc Wathelet
Type: Individual
Gender: Male
date of birth: 1967/11/27
Age: 46
Country of nationality: Belgium
Address: Rue Albert Borschette 2a, 1246, Luxembourg, Luxembourg
Number of involvements: 4
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: PRICEWATERHOUSECOOPERS SC SC
Type: Company
Address: Rte d'Esch 400, 1471, Luxembourg, Luxembourg
Number of involvements: 459
Function: Member, Supervisory Board (AG)
Level of responsibility: Member

Financial analysis

Trend	Fluctuating
Profitability	Positive
Solvability	Positive
Liquidity	More than sufficient
Show amount in	Euro

Key figures

Year	2012	2011	2010	2009	2008
Quick ratio	10,48	1,71	1,61	1,44	1,59
Current ratio	10,48	1,71	1,61	1,44	1,59

Working capital/ balance total	0,90	0,41	0,38	0,30	0,37
Equity / balance total	0,42	0,41	0,36	0,29	0,36
Working capital	11.080.338	1.038.958	1.048.698	1.020.984	987.000
Equity	5.106.847	1.016.044	1.002.889	989.375	964.000
Mutation equity	402,62	1,31	1,37	2,63
Mutation short term liabilities	-20,39	-14,91	-26,34	39,00

Return on total assets (ROA)	1,03	0,79	0,62	1,02	1,31
Return on equity (ROE)	2,46	1,94	1,72	3,45	3,63
Gross profit margin	3,86	0,31	0,23	0,16	0,26
Net profit margin	1,05	0,23	0,18	0,29	0,34

Average collection ratio	7,43	3,86	4,31	3,80	4,75
Average payment ratio					4,12
Equity turnover ratio	1,70	5,57	7,42	9,00	8,30
Total assets turnover ratio	0,71	2,26	2,68	2,65	2,99
Turnover	8.688.299	5.660.335	7.441.012	8.903.869	8.002.000
Operating result	335.143	17.535	17.291	14.419	21.000
Net result after taxes	90.803	13.155	13.514	25.559	27.000
Summary	The 2012 financial result structure is a postive working captial of 11.080.338 euro, which is in agreement with 90 % of the total assets of the company. The working capital has increased with 966.49 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2011 and 2012 has mainly been caused by an increase of the current assets. The current ratio of the company in 2012 was 10.48. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2012 of the company was 10.48. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2011 financial result structure is a postive working captial of 1.038.958 euro, which is in agreement with 41 % of the total assets of the company. The working capital remained unchanged compared to previous year. The ratio with respect to the total assets of the company has however, increased. The unchanged capital can be explained by an increase in current assets and a decrease in current liabilities. The current ratio of the company in 2011 was 1.71. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2011 of the company was 1.71. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2012
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	FIL INVESTMENT MANAGEMENT (LUXEMBOURG) SA 2A, RUE ALBERT BORSCHETTE 1246 LUXEMBOURG Luxembourg

Balance

Year	2012	2011	2010	2009	2008
End date	2012-06-30	2011-06-30	2010-06-30	2009-06-30	2008-06-30
Total receivables					1.942.000
Liquid funds	9.709.930	880.675	857.643	773.800	719.000
Other current assets	2.539.070	1.626.292	1.916.203	2.589.295	11.000
Current assets	12.249.000	2.506.967	2.773.846	3.363.095	2.672.000
Total assets	12.249.000	2.506.967	2.773.846	3.363.095	2.672.000

Total equity	5.106.847	1.016.044	1.002.889	989.375	964.000
Provisions	833.963	22.914	45.809	31.609	23.000
Accounts payable	10.204				1.685.000
Other short term liabilities	1.158.458	1.468.009	1.725.148	2.342.111
Short term liabilities	1.168.662	1.468.009	1.725.148	2.342.111	1.685.000
Total liabilities	12.249.000	2.506.967	2.773.846	3.363.095	2.672.000
Summary	The total assets of the company increased with 388.6 % between 2011 and 2012. The total assets of the company decreased with -9.62 % between 2010 and 2011.

Profit and loss

Year	2012	2011	2010	2009	2008
Revenues	8.688.299
Net turnover	8.688.299	5.660.335	7.441.012	8.903.869	8.002.000

Wages and salaries	819.305
Operating result	335.143	17.535	17.291	14.419	21.000

Financial income	3.139	2.149		19.740	19.000
Financial expenses	212.409				5.000
Financial result	-209.270	2.149		19.740	14.000
Result on ordinary operations before taxes	125.873	19.684	17.291	34.159	35.000

Taxation on the result of ordinary activities	35.070	6.529	3.777	8.600	8.000
Result of ordinary activities after taxes	90.803	13.155	13.514	25.559	27.000

Net result	90.803	13.155	13.514	25.559	27.000
Summary	The turnover of the company grew with 53.49 % between 2011 and 2012. The operating result of the company grew with 1811.28 % between 2011 and 2012. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 30.38 % of the analysed period, being equal to 2011 % in the year 2012. Despite the growth the assets turnover decreased, whose index evolved with -68.58 % to a level of 0.71. The Net Result of the company decreased by 590.25 % between 2011 and 2012 The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 26.8 % of the analysed period, being 2.46 % in the year 2012. The company's financial structure has slowed down its financial profitability. The turnover of the company decreased by -23.93 % between 2010 and 2011. The operating result of the company grew with 1.41 % between 2010 and 2011. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 27.42 % of the analysed period, being equal to 2010 % in the year 2011. Despite the growth the assets turnover decreased, whose index evolved with -15.67 % to a level of 2.26. The Net Result of the company increased by -2.66 % between 2010 and 2011. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 12.79 % of the analysed period, being 1.94 % in the year 2011. The company's financial structure has slowed down its financial profitability.

Publications

Remarks

Status: Active
Category: Medium sized company
Last year: 2012
Turnover last year: 8.688.299 EUR
Result last year: 90.803 EUR
TOTAL assets last year: 12.249.000 EUR
Number of shareholders: 2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.102.48
Euro	1	Rs.85.28

INFORMATION DETAILS

Report Prepared by :

NNA

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.