MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	EVAC OY
Formerly Known As :	ALLOUEZ (FINLAND) ACQUISITIONS OY
Registered Office :	Sinimäentie 14, 02630, ESPOO
Country :	Finland
Financials (as on) :	30.09.2013
Date of Incorporation :	18.12.2012
Com. Reg. No.:	25182592
Legal Form :	Limited company
Line of Business :	Subject is engaged in mechanical and process engineering design
No. of Employees	04

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 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Finland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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, or Sweden. Trade is important, with exports accounting for over one-third of GDP in recent years. Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the ICT, gaming, cleantech, and biotechnology sectors. 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, however, continued recession within the EU dampened the economy in 2012-13. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland took action to ensure it that it met the EU deficit targets in 2013 and retained its triple-A credit rating. Finland's main challenge will be to stimulate growth while faced with weak export demand in the EU and its own government austerity measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth

Source : CIA

Company name and address

EVAC OY

Trading Name	EVAC OY	Trade Registry Number
Company Name	EVAC OY	Business ID	25182592
Previous Name	ALLOUEZ (FINLAND) ACQUISITIONS OY
Telephone Number	0207630200	Registered Address	Sinimäentie 14, 02630, ESPOO
Fax Number	0207630222	Visiting Address	Sinimäentie 14, 02630, ESPOO
Home Municipality	Espoo	Postal Address	-, -, -
Incorporation Date	18.12.2012	Branches	1
Company Type	Limited company	Website Address
Primary Sic Code	71127	Accountant	Ernst & Young Oy
Primary Sic Description	Mechanical and process engineering design	Last Accounts Date	30.09.2013
Share Capital (€)	4.850.772	Holding Company
Deals in importing	No	Foreign Ownership
Deals in exporting	No	Currency	EUR

Registrations in Force

	State	Registration Date
Tax Administration	Registered	19.12.2012
Trade Register	Registered	18.12.2012
Employer Register	Registered	01.02.2013
Prepayment Register	Registered	01.10.2013
Value Added Tax-Liability	VAT-liable for business activity	01.01.2013

DIRECTORS/MANAGEMENT

Current Directors

Name	Gardemeister Tomi Kalevi
Date of Birth	14.01.1972	Appointment Date	20.03.2014
Nationality	FINLAND	Function	Managing director

Name	Dominioni Yves Eugene
Date of Birth	14.01.2047	Appointment Date	07.03.2013
Nationality	FRANCE	Function	Actual Member of Board

Name	Vaissié Baptiste André Guillaume
Date of Birth	17.03.1978	Appointment Date	07.03.2013
Nationality	FRANCE	Function	Actual Member of Board

Name	Guillemin Mathieu Jacques
Date of Birth	09.12.1970	Appointment Date	07.03.2013
Nationality	FRANCE	Function	Actual Member of Board

Name	von Bülow Constantin Harald Joachim
Date of Birth	11.04.2047	Appointment Date	07.03.2013
Nationality	GERMANY	Function	Chairman of Board

Other Company Officials

Name	Suominen Antti Juhana
Date of Birth	04.05.1973	Appointment Date	20.03.2014
Nationality	FINLAND	Function	Principal accountant

Name	Karjalainen Mika Seppo
Date of Birth	02.04.1966	Appointment Date	15.10.2013
Nationality	FINLAND	Function	Procurist

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholder Information

Year	30.09.2013
Total Value of Shares	4.850.772
Number of Shares	80.807.026
Value of Shares	-

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

No group structure

Linked Companies

No linked companies

FINANCIAL INFORMATION

Key Financials (€)

Year	30.09.2013
Number of weeks	43
Turnover	1.236.000
Operating Profit/Loss	-609.000
Profit/Loss after Financial Items	-5.199.000
Profit/Loss after tax	-3.925.000
Current Assets	22.787.000
Fixed Assets	128.783.000
Long Term Debts	63.840.000
Current Liabilities	9.122.000
Shareholders Equity	78.608.000
Balance sheet total	151.570.000
Number of employees	4
Auditor qualification	The auditor has no reservations

Ratios

Year	30.09.2013
Solvency Ratio	52%
	Low Indebtedness
Net margin (%)	-421%
Interest Coverage Ratio (times)	0
Gearing (%)	81%
Liquidity Ratio/Acid Test	2
Risk Buffer (%)	-7%

Profit & Loss (€)

Operating Income	30.09.2013
Number of weeks	43
Consolidated Accounts	no
Sales Revenue	1.236.000
Other Operating Income	0
Total Operating Income	1.236.000
Wages & Salaries	394.000
Depreciation	0
Total Operating Expenses	1.845.000
Operating Profit/Loss	-609.000
Result From Financial Investments
Financial Income	598.000
Financial Expenses	5.188.000
Total Financial Investments	-4.590.000
Profit/Loss after Financial Items	-5.199.000
Extraordinary Income	0
Extraordinary Expenses	0
Profit/Loss Before Tax	-5.199.000
Tax	-1.274.000
Profit/Loss After Tax	-3.925.000

Balance Sheet (€)

Assets	09.2013
Number of weeks	43
Consolidated Accounts	no
Fixed Assets
Intangible Assets	105.155.000
Tangible Assets	158.000
Other Fixed Assets	23.470.000
Total Fixed Assets	128.783.000
Current Assets
Inventories	2.471.000
Trade Receivables	12.411.000
Other Receivables	4.551.000
Cash & Bank Balances	3.354.000
Other Current Assets	0
Total Current Assets	22.787.000
Total Assets	151.570.000

Equity and Liabilities (€)

EQUITY
Share Capital	4.851.000
Share Premium Reserve	0
Retained Earnings	-3.925.000
Other Reserves	77.682.000
Total Equity	78.608.000
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	53.000.000
Other Long Term Liabilities Finance	10.000.000
Other Long Term Liabilities	840.000
Total Long Term Debts	63.840.000
CURRENT LIABILITIES
Trade Payables	3.245.000
Liabilities to Financial Institutions	0
Other Short Term Financial Loans	0
Other Short Term Liabilities	5.877.000
Total Current Liabilities	9.122.000
Total Liabilities	72.962.000
Total Equity & Liabilities	151.570.000

Other Financials (€)

Working Capital	13.665.000
Net Worth	-26.547.000

Key Ratios

	30.09.2013
Number of weeks	43
Consolidated Accounts	no
PROFITABILITY
Net Margin %	-420,6%
Operating Profit/Loss %	-49,3%
Pre-Tax Profit Margin %	-420,6%
TRADING PERFORMANCE
Return on Net Assets Employed %	-6,6%
Return on Total Capital %	0,0%
Interest Coverage Ratio (times)	0
Return on Capital Employed %	-3,7%
Return on Total Assets Employed %	-3,4%
Interest on Debt %	7,1%
Risk Buffer %	-7,1%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	2
Current Ratio %	250,0%
Debtor Days	3665
Working capital	13.665.000
LONG TERM LIQUIDITY
Equity Ratio %	51,9%
Gearing %	81,2%
Current Debt Ratio	0
Total Debt Ratio	1
Relative debt %	5903,1%
BUSINESS MEASURES
Change in turnover %	-
Turnover/employees	309000
Sales/Net Working Capital	0
Stock Turnover Ratio %	199,9%
Creditor Days	958
Equity in Percentage %	342,6%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Business History

Date	Event
01.10.2013	Merger
01.10.2013	Merger
30.09.2013	Merger
30.09.2013	Merger

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.97
UK Pound	1	Rs.102.90
Euro	1	Rs.82.02

INFORMATION DETAILS

Analysis Done by :	SUM
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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