MIRA INFORM REPORT

Report Date :

29.07.2014

IDENTIFICATION DETAILS

Name :	ALPO EDELSTAHL GMBH
Registered Office :	Hinter der Ziegelhütte 3 D 71665 Vaihingen
Country :	Germany
Financials (as on) :	31.12.2012
Date of Incorporation :	13.08.2012
Com. Reg. No.:	HRB 743741
Legal Form :	Private limited company
Line of Business :	· Treatment and coating of metals · Wholesale of iron ores, iron, steel and iron and steel semi-finished goods
No. of Employees	25

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Germany	A1	A1

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

GERMANY - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, has contributed to strong growth and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 5.3% in 2013. The new German government introduced a minimum wage of $11 per hour to take effect in 2015. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011 and in 2012 Germany reached a budget surplus of 0.1%. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016 though the target was already reached in 2012. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela MERKEL announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production.

Source : CIA

Company name and address

ALPO EDELSTAHL GMBH

Company Status: active

Hinter der Ziegelhütte 3

D 71665 Vaihingen

Telephone:07042/2887-0

Telefax: 07042/288719

E-mail: info@alpo-edelstahl.com

CONCLUSION

Business relations are permissible.

LEGAL FORM Private limited company

Date of foundation: 13.08.2012

Shareholders'

agreement: 13.08.2012

Registered on: 16.01.2013

Commercial Register: Local court 70190 Stuttgart

under: HRB 743741

Share capital: EUR 200,000.00

Shareholder:

Alfred Pommerenke

Rotkleeweg 18/3

D 71665 Vaihingen

born: 22.05.1965

Share: EUR 150,000.00

Shareholder:

Klaus Lehmann-Hecke

D 71272 Renningen

born: 22.07.1969

Share: EUR 50,000.00

Manager:

Alfred Pommerenke

Rotkleeweg 18/3

D 71665 Vaihingen

having sole power of representation

born: 22.05.1965

Profession: master in metal construction

Marital status: married

Manager:

Klaus Lehmann-Hecke

D 71272 Renningen

having sole power of representation

born: 22.07.1969

Further functions/participations of Alfred Pommerenke (Manager)

Shareholder:

ALPO-Edelstahl Schleif u. Service GmbH

Max-Eyth-Str. 5

D 75428 Illingen

Legal form: Private limited company

dissolved

Share capital: EUR 102,258.37

Share: EUR 76,693.78

Registered

on: 24.09.1990

Reg. data: 68159 Mannheim, HRB 510824

Manager:

ALPO-Edelstahl Schleif u. Service GmbH

Max-Eyth-Str. 5

D 75428 Illingen

Legal form: Private limited company

dissolved

Share capital: EUR 102,258.37

Registered

on: 24.09.1990

Reg. data: 68159 Mannheim, HRB 510824

Manager:

ALPO Edelstahl GmbH

Niedenstr. 58

D 40721 Hilden

Legal form: Private limited company

dissolved

Share capital: EUR 25,000.00

Registered

on: 24.06.2002

Reg. data: 40227 Düsseldorf, HRB 47068

COMPANY HISTORY

27.08.2012 - 16.01.2013 ALPO Edelstahl GmbH

Max-Eyth-Str. 3-5

D 75428 Illingen

Private limited company

BUSINESS ACTIVITIES

Sectors

2561 Treatment and coating of metals

46721 Wholesale of iron ores, iron, steel and iron and steel semi-finished goods

46722 Wholesale of non-ferrous ores, metals and metal semi-finished goods

FINANCIAL INFORMATION

Payment experience: takes advantage of cash discount

Negative information: We have no negative information at hand.

Balance sheet year: 2012

REAL ESTATE

Type of ownership: Tenant

Address Hinter der Ziegelhütte 3

D 71665 Vaihingen

Real Estate of: Alfred Pommerenke

Type of ownership: proprietor

Share: 100.00 %

Address Max-Eyth-Str. 5

D 75428 Illingen

Land register documents were not available.

BANKERS

SPARKASSE PFORZHEIM CALW, 75162 PFORZHEIM

Sort. code: 66650085

BIC: PZHSDE66XXX

FINANCIAL FIGURES

Turnover: 2012 EUR 2,300,000.00

2013 EUR 8,300,000.00

Expected turnover: EUR 5,000,000.00

further business figures:

Equipment: *EUR 191,500.00

Ac/ts receivable: *EUR 633,000.00

Liabilities: *EUR 750,000.00

Employees: 25

The business figures marked with an asterisk are estimates based on average values in the line of business.

BALANCE SHEETS

Balance sheet ratios 01.09.2012 - 31.12.2012

Equity ratio [%]: 14.58

Liquidity ratio: 0.12

Return on total capital [%]: 0.01

Balance sheet grade: 4.0

Equity ratio

The equity ratio indicates the portion of the equity as compared

to the total capital. The higher the equity ratio, the better the

economic stability (solvency) and thus the financial autonomy of

a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted

receivables and net liabilities. The higher the ratio, the lower

the company's financial dependancy from external creditors.

Return on total capital

The return on total capital shows the efficiency and return on

the total capital employed in the company. The higher the return

on total capital, the more economically does the company work

with the invested capital.

Type of balance

sheet: Company balance sheet

Financial year: 01.09.2012 - 31.12.2012

ASSETS EUR 1,305,281.47

Fixed assets EUR 197,103.00

Intangible assets EUR 22,916.00

Other / unspecified intangible assetsEUR 22,916.00

Tangible assets EUR 174,187.00

Other / unspecified tangible assets EUR 174,187.00

Current assets EUR 1,091,807.58

Stocks EUR 958,737.00

Accounts receivable EUR 132,438.61

Other debtors and assets EUR 132,438.61

Liquid means EUR 631.97

Remaining other assets EUR 16,370.89

Accruals (assets) EUR 16,370.89

LIABILITIES EUR 1,305,281.47

Shareholders' equity EUR 200,137.09

Capital EUR 200,000.00

Subscribed capital (share capital) EUR 200,000.00

Balance sheet profit/loss (+/-) EUR 137.09

Annual surplus / annual deficit EUR 137.09

Provisions EUR 38,140.29

Liabilities EUR 1,067,004.09

Other liabilities EUR 1,067,004.09

Unspecified other liabilities EUR 1,067,004.09

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.80.74

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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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.