MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	SEMEN ELINTARVIKETUONTI OY NORDQVIST

Registered Office :	Tiilitie 6 B 1, 01720, Vantaa

Country :	Finland

Financials (as on) :	31.12.2012

Date of Incorporation :	28.10.1987

Legal Form :	Limited company

Line of Business :	Non-specialised wholesale of food, beverages and tobacco

No. of Employees :	20

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 :	Slow but Correct

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)

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	Nordqvist Tee	Trade Registry Number	400701
Company Name	SEMEN ELINTARVIKETUONTI OY NORDQVIST	Business ID	06665783
Previous Name	-
Telephone Number	0207871710	Registered Address
Fax Number	0207871719	Visiting Address	Tiilitie 6 B 1, 01720, VANTAA
Home Municipality	Vantaa	Postal Address	-, -, -
Incorporation Date	28.10.1987	Branches	1
Company Type	Limited company	Website Address
Primary Sic Code	46390	Accountant	Winberg Lars-Göran Arne
Primary Sic Description	Non-specialised wholesale of food, beverages and tobacco	Last Accounts Date	31.12.2011
Share Capital (€)	20.000	Holding Company
Deals in importing	Yes	Foreign Ownership
Deals in exporting	Yes	Currency	EUR

DIRECTORS/MANAGEMENT

Current Directors

Name	Nordqvist Sirpa Tuulikki
Date of Birth	28.08.2049	Appointment Date	25.08.1999
Nationality	FINLAND	Function	Managing director

Name	Nordqvist Sirpa Tuulikki
Date of Birth	28.08.2049	Appointment Date	22.04.2008
Nationality	FINLAND	Function	Actual Member of Board

Other Company Officials

Name	Nordqvist Riku Ville
Date of Birth	09.09.1985	Appointment Date	22.04.2008
Nationality	FINLAND	Function	Alternate Member of Board

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

Shareholder Information

Year	31.12.2012
Total Value of Shares	20.000
Number of Shares	1.000
Value of Shares	20

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

No group structure

Linked Companies

No linked companies

FINANCIAL INFORMATION

Key Financials (€)

Year	31.12.2012	%	31.12.2011	%	31.12.2010
Number of weeks	52		52		52
Turnover	4.799.810	14%	4.228.551	6%	3.994.005
Operating Profit/Loss	435.872	210%	140.589	-36%	221.198
Profit/Loss after Financial Items	361.731	876%	37.066	-65%	105.606
Profit/Loss after tax	272.941	903%	27.219	-65%	77.427
Current Assets	1.504.055	27%	1.183.456	44%	819.906
Fixed Assets	1.515.376	-6%	1.611.965	3%	1.560.497
Long Term Debts	1.030.662	3%	1.002.370	2%	983.296
Current Liabilities	1.525.734	-4%	1.584.156	32%	1.198.431
Shareholders Equity	463.035	122%	208.895	5%	198.676
Balance sheet total	3.019.431	8%	2.795.421	17%	2.380.403
Number of employees	20		19		14
Auditor qualification	The auditor has no reservations		The auditor has no reservations		The auditor has no reservations

Ratios

Year	31.12.2012	31.12.2011	31.12.2010
Solvency Ratio	15%	7%	8%
	High Indebtedness	High Indebtedness	High Indebtedness
Net margin (%)	8%	1%	3%
Interest Coverage Ratio (times)	6	1	2
Gearing (%)	348%	633%	671%
Liquidity Ratio/Acid Test	0	0	0
Risk Buffer (%)	12%	1%	4%

Profit & Loss (€)

Operating Income	31.12.2012	%	31.12.2011	%	31.12.2010
Number of weeks	52		52		52
Consolidated Accounts	no		no		no
Sales Revenue	4.799.810	14%	4.228.551	6%	3.994.005
Other Operating Income	9.987	197%	3.357	-73%	12.628
Total Operating Income	4.809.797	14%	4.231.908	6%	4.006.633
Wages & Salaries	584.628	-2%	596.707	12%	532.316
Depreciation	171.344	3%	166.226	1%	163.954
Total Operating Expenses	4.373.925	7%	4.091.319	8%	3.785.435
Operating Profit/Loss	435.872	210%	140.589	-36%	221.198
Result From Financial Investments
Financial Income	63	-87%	493	-16%	584
Financial Expenses	74.204	-29%	104.016	-10%	116.176
Total Financial Investments	-74.141	-	-103.523	-	-115.592
Profit/Loss after Financial Items	361.731	876%	37.066	-65%	105.606
Extraordinary Income	0	-	0	-	0
Extraordinary Expenses	0	-	0	-	0
Profit/Loss Before Tax	361.731	876%	37.067	-65%	105.606
Tax	88.790	802%	9.848	-65%	28.179
Profit/Loss After Tax	272.941	903%	27.219	-65%	77.427

Balance Sheet (€)

Assets	12.2012	%	12.2011	%	12.2010
Number of weeks	52		52		52
Consolidated Accounts	no		no		no
Fixed Assets
Intangible Assets	139.340	-20%	175.218	288%	45.162
Tangible Assets	1.376.036	-4%	1.436.747	-5%	1.515.251
Other Fixed Assets	0	-	0	-	84
Total Fixed Assets	1.515.376	-6%	1.611.965	3%	1.560.497
Current Assets
Inventories	1.019.941	53%	668.069	-3%	689.849
Trade Receivables	425.784	-11%	476.952	306%	117.336
Other Receivables	24.711	-29%	34.616	278%	9.160
Cash & Bank Balances	33.619	780%	3.819	7%	3.561
Other Current Assets	0	-	0	-	0
Total Current Assets	1.504.055	27%	1.183.456	44%	819.906
Total Assets	3.019.431	8%	2.795.421	17%	2.380.403

Equity and Liabilities (€)

EQUITY
Share Capital	20.000	0%	20.000	0%	20.000
Share Premium Reserve	0	-	0	-	0
Retained Earnings	443.035	135%	188.895	6%	178.676
Other Reserves	0	-	0	-	0
Total Equity	463.035	122%	208.895	5%	198.676
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	1.030.662	3%	1.002.370	2%	983.296
Other Long Term Liabilities Finance	0	-	0	-	0
Other Long Term Liabilities	0	-	0	-	0
Total Long Term Debts	1.030.662	3%	1.002.370	2%	983.296
CURRENT LIABILITIES
Trade Payables	741.151	-31%	1.078.272	57%	687.162
Liabilities to Financial Institutions	580.308	82%	319.061	-9%	349.194
Other Short Term Financial Loans	0	-	0	-	0
Other Short Term Liabilities	204.275	9%	186.823	15%	162.075
Total Current Liabilities	1.525.734	-4%	1.584.156	32%	1.198.431
Total Liabilities	2.556.396	-1%	2.586.526	19%	2.181.727
Total Equity & Liabilities	3.019.431	8%	2.795.421	17%	2.380.403

Other Financials (€)

	Working Capital	-21.679	-	-400.700	-	-378.525
	Net Worth	323.695	861%	33.677	-78%	153.514

Key Ratios

	31.12.2012	31.12.2011	31.12.2010
Number of weeks	52	52	52
Consolidated Accounts	no	no	no
PROFITABILITY
Net Margin %	7,5%	0,9%	2,6%
Operating Profit/Loss %	9,1%	3,3%	5,5%
Pre-Tax Profit Margin %	7,5%	0,9%	2,6%
TRADING PERFORMANCE
Return on Net Assets Employed %	78,1%	17,7%	53,2%
Return on Total Capital %	14,4%	5,1%	9,3%
Interest Coverage Ratio (times)	6	1	2
Return on Capital Employed %	24,2%	3,1%	8,9%
Return on Total Assets Employed %	12,0%	1,3%	4,4%
Interest on Debt %	2,9%	4,0%	5,3%
Risk Buffer %	11,5%	1,0%	4,0%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	0	0	0
Current Ratio %	99,0%	75,0%	68,0%
Debtor Days	32	41	11
Working capital	-21.679	-400.700	-378.525
LONG TERM LIQUIDITY
Equity Ratio %	15,3%	7,5%	8,4%
Gearing %	347,9%	632,6%	670,7%
Current Debt Ratio	3	8	6
Total Debt Ratio	6	12	11
Relative debt %	53,3%	61,2%	54,6%
BUSINESS MEASURES
Change in turnover %	13,5%	5,9%	-
Turnover/employees	239991	222555	285286
Sales/Net Working Capital	-221	-11	-11
Stock Turnover Ratio %	21,3%	15,8%	17,3%
Creditor Days	56	93	63
Equity in Percentage %	16,1%	8,0%	8,5%

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Registrations in Force

	State	Registration Date
Tax Administration	Registered	18.08.1987
Trade Register	Registered	28.10.1987
Employer Register	Registered	01.05.1987
Prepayment Register	Registered	14.08.2003
Value Added Tax-Liability	VAT-liable for business activity	01.06.1994

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Report Prepared by :

SDA

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.