IFGL Refractories Limited An Indian Multi-national Welcomes you 14 July,2008

IFGL Refractories Limited

An Indian Multi-national

Welcomes you

14 July,2008

DisclaimerCertain statements in this presentation concerning our future growth prospects, are forward looking statements, which involves a number of risks and uncertainties that may cause actual results to differ materially from those in such forward looking statements. Risk and uncertainties relating to these statements include and are not limited to risk and uncertainties relating to fluctuations in sales, earnings, our ability to manage growth, intense competition, our ability to manage operations, fluctuations in demand, our ability to successfully complete and integrate potential acquisitions, performance of our subsidiaries, political instability and changes in legal restrictions and general economic conditions affecting our industry. The Company may from time to time make additional written and or oral forward looking statements. The Company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the Company.

Hofmann Group now becomes part of IFGL Family

IFGL acquired Hofmann Ceramic Group on 4th July,2008

Brief history of IFGL Refractories2006Acquired Goricon Group1970s1979Indo Flogates founded1990s2000s1993IFGL Refractories FoundedCollaboration with Harima Corp., Japan1999Purchase of stake from Vesuvius

Indo Flogates merger with IFGL Refractories2005Acquired Monocon Group1980sManufacture of Flocon Slide Gate Mechanism & refractories

Manufacture of Slide Gates for Furnace and convertorsManufacture of Continuous Casting Refractories startedManufacturing IPV Porous Plug startedExport ThrustLancesDarts MonolithicsCastables2000Awarded ISO 90011983Collaboration with Flogates UK2008Acquired Hofmann Ceramic Group

Made possible by IFGL Groups Strong financial performance

Strong growth in Sales Highly cash generative EBITDA Rs 55 crores yearly and growing

IFGL Group structure- pre acquisitionMonocon Overseas Limited (UK)Tianjin Monocon Refractories Ltd. (China)Monotec Refratarios Limitada (Brazil)Mono Ceramics Inc (USA)100%Monocon International Refractories Limited (UK)IMHL(UK)IFGL Refractories Limited IWHL (Isle of Man)Goricon Metallurgical Services Ltd.(UK)Tianjin Monocon Aluminous Refractories co. Ltd. (China)Goricon Llc (USA)95%

IFGL Group structure- post acquisitionMonocon Overseas Limited (UK)Tianjin Monocon Refractories Ltd. (China)Monotec Refratarios Limitada (Brazil)Mono Ceramics Inc (USA)100%Monocon International Refractories Limited (UK)IMHL(UK)IFGL Refractories Limited IWHL (Isle of Man)Goricon Metallurgical Services Ltd.(UK)Tianjin Monocon Aluminous Refractories co. Ltd. (China)Goricon Llc (USA)95%IFGL GmbhHofmann Ceramics GmbhHofmann Ceramics LLC, USAHofmann Ceramics Ltd., UKHofmann OHGHofmann Ceramics s.r.o Czech Republic96%92%

We are thankful to:HSBC, UK for financing the dealFinancial Due DiligenceGrant Thronton, UK supported by their German & Czech teamsLegal Due DiligenceDMH Stallard UKTiefenbacher,GermanyTax AdviceGrant Thornton, UK

introductionsince 1937 made in Germany!

History1398 - 19481937 - today1960 - today1990 - today1995 - today1978 - today

Hofmann Ceramic Group Hofmann Ceramic Gmbh, GermanyManufacturing Company Plant at Breitscheid- Erdbach

Hofmann Ceramic CZ S.F.O, Czech RepublicManufacturing Company- Plant at Bela nad Radbuzou

Hofmann Ceramic LLC, USA

Hofmann Ceramic Limited, UKSales company

Hofmann OHGOwns the property at Breitscheid- Erdbach

Germany

Czech Republic

USA Ohio - Michigan

Global Distribution Network

ProductsTechnical foundry ceramicsWear resistant parts for the Wire and cable industryRefractoriesKacheloven

Technical foundry ceramicsFiltersFiltersChill Plates

Technical Foundry Ceramics- contd.FeedersFeedersFeeders

RefractoryExtremely wear resistantOwn tool shopUsage until 1800 C

Wear resistant parts for the wire & cable industryAbsolutely wear resistantLarge selectionDifferent qualitiesHigh endurance

Erdbacher Kacheloven(Fire Place)real basic furnaceComfortable radiant heatindividually adaptableShort building timehigh efficiency

Market share filter

Turnover

200220032004

Foun from G4401.05409.46688.4

SiC856.01002.01270.0in 3

Foun USA494.81136.01500.0

Foun UK175.0165.0180.0

Foun CZ660.0850.0

Sum Foun5926.88372.410488.4

W+C917.6977.91019.6

REFR414.2433.9460.0

ST361.1241.7213.0

Sum G6093.97062.98381.0

Sum all6763.79023.910911.0

&CTOTAL TURNOVER

D.Total sales

44015409.46688.4

85610021270

494.811361500

175165180

Foun CZ660850

5926.88372.410488.4

917.6977.91019.6

414.2433.9460

361.1241.7213

2002

2003

2004

PRODUCT GROUP

TSD

TOTAL SALES

market shares

worldHCComp. AComp. BComp. Cpotential

mil.pcpcHC%pc%pc%pc%pc%

Germ4023581230371412100

Europe200753870353015147105100

America14030211410624421151410100

Asia2501044518135833310040100

others120123196518157260100

sum000000000000

mil 000000

Value:1 mil pc = 87000 this is for RLF filter

All information are based on an equivalent filter dimension of 50 x 50 x 22 mm

the true value of number filter sales are appro 1/3 of these numbers

worldHKSotherspotential

toto%to%pc%

Europe730000007300100

Germ16001000634322716010

America510000005100100

others970000009700100

others42000004200100

sum2630000002614099

mil 26.310.4

Value:1 to = 1000,-

&C FILTER MARKET AND MARKET-SHARE

D. Market shares

GermGerm57.5Germ30Germ7Germ3.5Germ1.5

EuropeEurope37.5Europe35Europe15Europe7Europe5

AmericaAmerica21.4285714286America10America44America15America10

AsiaAsia4Asia18Asia5Asia33Asia40

othersothers1others19others5others15others60

HC

Comp. A

Comp. B

others

potential

MARKET SHARE %

profit

200220032004

FoundryW+CREFRSTFoundryW+CREFRSTFoundryW+CREFRST

Sales CIF4401.0917.6414.2361.15409.4977.9433.9241.76688.41019.6460.0213.0

- Transport +sales commission314.519.213.74.9413.830.49.58391.818.7513

= Sales prices FOB4086.5898.4400.5356.24995.6947.5424.4233.76296.61000.9455.0200.0

- Raw Material cost (all purchase)2235.4595.9131.1171.62750.1666233.2104.13510671.575.887.5

= Gross margin1851.1302.5269.4184.62245.5281.5191.2129.62786.6329.4379.2112.5

- Wages1046.6133.9144.1223.11216.3141.586.2151.31331.2141.669109

- others costs336.387.955.795.6398.562.812.839.6501.9102.0227.60.5

- Maintenance + energie184.36.45.91.4310.66.14.51299.53.40.12

= Profit283.974.363.7-135.5320.171.187.7-62.365482.482.51

Productionconstant quality assurancePrecision manufacturingIn conformity with the environment... and the worker as a human being

Filter production

Chill Plate production

Firing

Controlling Quality

Quality Management System (QMS)

Research, development, training & service

Filters

Chill PlatesChill Plate is a ceramic / metal insert in the sand mould used to produce local chilling and equalize rate of solidification throughout the casting.

Feeder

( Solidification front line time t1 (with shillplate)

( Solidification front line timet t2 > t1 (without shillplate)

Directed solidification

Shillplate

Pict. 4

Example of a controlled solidification

SiC-Kokillen

GG-Kokillen

Feeders

Neue Hofmann SpeiserSometimes referred to as a "riser," it is part of the gating system. It forms the reservoir of molten metal necessary to compensate for losses due to shrinkage as the metal solidifies

Bild. 9 Nach dem Auspacken

What this deal means for Hofmann Ceramic Business

Worldwide presence

Access to resources for growth

Access to Growing markets- India, China, Brazil

Sales organization

Tabelle1

Sales DepartmentErdbach

Manufact. G

Manufact CZ

Customer

Distri A

Distrip

Distriput

Distri B

Distripu

Distri. C

Financial Summary

Opportunities Foundry growth in China and India

Sheet1

CompanyStock Exchange where listedyear endCurrencyMarket Cap (million)Loans (million)Enterprise Value (million)EBITDA (million)EV / EBITDAPAT (million)EPSprice onPriceP/E ratioSales (million)EV/Sales

Porvair plcLondon30.11.0739.689.8649.545.199.552.385.8011.06.0897.4916.8145.521.09

Cookson plcLondon31.12.071510.52181728.5206.58.3710553.4011.06.08710.513.3116211.07

ImerysNYSE31.12.07$3400490.63890.6629.76.185.0011.06.0853.8210.763401.91.14

RHI AGVienna31.12.071130398.71528.7215.67.093.0612.06.0830.29.871485.81.03

St. GobainParis31.12.0717620112222884250315.7315434.0512.06.0846.3211.44434210.66

Mineral Technologies (Minteq)NYSE Euronext31.12.07$1.365127.7129.06576.061.70-3.3111.06.0871.14-21.491077.720.12

Average6.4366.7820.852

Average excluding outliners7.45711.3440.962

Hofmann Group Valuation

EV/EBITDA multiple7.457

EBITDA value0.92million

Enterprise Value6.85million

Less NetDebt0.95million

Equity / ownership value5.91million

PE multiple11.344

Earnings0.464million


EV/ sales multiple0.962

Sales13.872million

Enterprise value13.34million



Average value7.86million

Transaction Multiples

Consideration for SharesLiability taken overEnterprise valueEBITDAEV/ EBITDA

Foseco acquisition by Vesuvius4979959656.510.55

Net IncomeP/E

ACE Refractories acquisition by Calderys (Imerys Group)76.94.616.72

Average EV/ EBITDA

EV/ EBITDA multiple10.55





PE multiple16.717



Average Value8.26million

Valuation summary

Method

Trading Multiple7.86million

Transaction Mltiple8.26million

Discounted cash Flow valuation18.58million


Valuation

CompanyStock Exchange where listedyear endCurrencyMarket Cap (million)Loans (million)Enterprise Value (million)EBITDA (million)EV / EBITDAEPSprice onPriceP/E ratioSales (million)EV/SalesPAT (million)

Porvair plcLondon30.11.0739.689.8649.545.199.555.8011.06.0897.516.8145.521.092.38

Cookson plcLondon31.12.071510.52181728.5206.58.3753.4011.06.08710.513.3116211.07108

ImerysEuronext31.12.07$3410.01511.74921.7629.77.825.0013.06.0254.0210.803401.91.45

RHI AGVienna31.12.071135.5433.71569.2213.37.363.0613.06.0830.289.901485.81.06

St. GobainEuronext31.12.0717755112222897750315.764.0513.06.0846.9211.59434210.671543

Average7.77012.4801.065

Average excluding outliners7.84811.8981.070

Hofmann Group Valuation

EV/EBITDA multiple7.848

EBITDA valueEuro0.92million

Enterprise ValueEuro7.21million

Less NetDebtEuro0.95million

Equity / ownership valueEuro6.27million

PE multiple11.898

EarningsEuro0.464million


EV/ sales multiple1.070

SalesEuro13.872million

Enterprise valueEuro14.85million

Less NetDebtEuro0.95million


Average valueEuro8.56million

Transaction Multiples

Consideration for SharesDebt taken overEnterprise valueEBITDAEV/ EBITDA

millionmillionmillion

Foseco acquisition by Vesuvius4979959651.811.51

Net IncomeP/E

ACE Refractories acquisition by Calderys (Imerys Group)76.94.616.72

Average EV/ EBITDA

EV/ EBITDA multiple11.51





PE multiple16.717




Valuation summary

Method

million

Trading Multiple8.56

Transaction Multiple8.70

Discounted Cash Flow valuation18.58

Average Value11.95

CFValue

For the year ended Dec 31, (Euro '000)20072008 E2009 E2010 E2011 E2012 ETY

Total Income / Revenue13,87215,14517,03319,15721,54624,23327,256

YoY Growth9.18%12.47%12.47%12.47%12.47%12.47%

Total Cost of Goods Sold11,31312,35213,79815,42117,24219,28721,584

% of Revenue81.55%81.56%81.01%80.50%80.03%79.59%79.19%

Gross Profit2,5592,7933,2353,7364,3044,9465,672

Gross Margin18.45%18.44%18.99%19.50%19.97%20.41%20.81%

Total SGA Expenses1,6401,7861,9772,1902,4292,6962,996

% of Revenue11.82%11.79%11.60%11.43%11.27%11.13%10.99%

Total Expenditure13,11914,30315,94017,77719,83722,15024,746

% of Revenue94.57%94.44%93.58%92.80%92.07%91.40%90.79%

EBITDA9191,0081,2591,5461,8752,2492,676

EBITDA Margin6.62%6.65%7.39%8.07%8.70%9.28%9.82%

Depreciation166166166166166166166

EBIT7538421,0931,3801,7092,0832,510

% of Revenue5.43%5.56%6.42%7.20%7.93%8.60%9.21%

Taxes @

30.00%226252328414513625753

Total Income / Revenue13,87215,14517,03319,15721,54624,23327,256

YoY Growth9.18%12.47%12.47%12.47%12.47%12.47%

EBITDA9191,0081,2591,5461,8752,2492,676

% of Net Revenue6.62%6.65%7.39%8.07%8.70%9.28%9.82%

less: Increase in Net Working Capital127.28188.82212.39238.91268.73302.29

less: Capital expenditure50.0050.0050.0050.0050.0050.00

less: Tax225.90252.49327.83414.06512.59625.02753.15

Free Cash Flow (FCF) to Investors693.10577.86692.12869.741,073.131,305.651,571.06

Risk free rate5.05%Euro LIBOR

Market risk premium4.79%

Beta1.00

Ke (Cost of equity)9.84%

Tax rate30.00%

Nominal debt cost10.00%

Kd (Cost of Debt)7.00%

Debt/Capital0.50

WACC8.42%

Euro WACC8.42%

growth long term3.00%

PV of forecast period3,452

Terminal Value (Exit EV)24,089

PV of TV16,080

Enterprise Value19,532

Less Net Debt950

Equity Value18,582

minority

Yr 2007EV multiple

8.031

CompanyActivityCountryCurrencySales/ IncomeEBITDADepreciationInterestTaxPATCash GenerationEnterprise Valueoutside Loan liabInter group Loan LiabInter group Loan assetShare/ ownership ValueMinority Interest valueMinority %

Hofmann Ceramic, GmbhManufacturingGermanyEuro13,677,891661,13462,325(2,226)221,351379,684442,009530956714776962980652376950557621941413.84

Hofmann OHGPropertyGermanyEuro169,140164,62671,20737,6493,73852,032123,239132211112458536298067060640

Hofmann Ceramic , CZMfg, supplies to German companyCzeck RepublicEuro1,464,37240,57019,1760.00.00.00.0325818523769-197951-158368.0

00

00

Hofmann Ceramic Ltd., UKSales in UKUKEuro237,00724,5122030.00.00.00.01968561968561968610.0

00

00

Hofmann LLCOnly Royalty IncomeUSAEuro48,72528,33614,8770.00.00.00.0227566361151914510

00

00

15,597,135919,178167,7880.00.00.00.073819191429737115357511535755952181197991

Less Inter company1,629,420

13,967,715

Sum-reported

Yr 2006

CompanyActivityCountryCurrencyFOREX ratesSales/ IncomeEBITDADepreciationInterestTaxPATCash Generation

Hofmann Ceramic, GmbhManufacturingGermanyEuro11,157,390535,31351,75830,900168,735283,920335,678

Hofmann OHGPropertyGermanyEuro170,17166,37638,8574,25360,685127,061

Hofmann Ceramic , CZMfg, supplies to German companyCzeck RepublicEuro1,059,49537,71311,95712,4460.013,31025,267

CZ crown0.037628,178,0001,003,000318,000331,000354,000672,000

Hofmann Ceramic Ltd., UKSales in UKUKEuro226,76713,6852390.03913,40613,645

GBP1.3599166,75310,063176299,85810,034

Hofmann LLCOnly Royalty IncomeUSAEuro63,72720,83820,9404,9180.0(5,020)15,921

USD0.684993,04630,42530,5747,180(7,329)23,245

12,507,379777,720151,27087,120173,027366,302517,572


11,275,731

Yr 2007updated 7/3/08EV multiple

8.15

CompanyActivityCountryCurrencyFOREX ratesSales/ IncomeEBITDADepreciationInterestTaxPATCash GenerationEnterprise Valueoutside Loan liabInter group Loan LiabInter group Loan assetShare ValueMinority Interest valueMinority %IFGL

Hofmann Ceramic, GmbhManufacturingGermanyEuro13,602,824661,13462,325(2,226)221,351379,684442,0095388242147769629805.835237695134437197162.3623683.844937274

Hofmann OHGPropertyGermanyEuro164,62671,20737,6493,73852,032123,239134170212458536298067256540725654

Hofmann Ceramic , CZMfg, supplies to German companyCzeck RepublicEuro1,299,94740,57019,17618,4990.02,89522,071330649523769-193120-30899.14952146416.0-162221

CZ crown0.037634,573,0001,079,000510,000492,00077,000587,000000

000

Hofmann Ceramic Ltd., UKSales in UKUKEuro235,65324,5122030.04,91019,40019,60319977619977619977.641778865810.0179799

GBP1.3600173,27618,0241493,61014,26514,414000

000

Hofmann LLCOnly Royalty IncomeUSAEuro50,26644,23514,8772,9640.026,39341,271360515361153244000324400

2nd half annualisedUSD0.684973,39264,58621,7224,32838,53660,258000

000

15,188,691935,078167,78856,886229,999480,405648,193762088514297371153575115357561911481862416004907


13,719,771

opagarwal:last 6 months annualised'

Fin2007consol

Hofmann Ceramic Groupupdated 30/4/08updated 30/4/08

Hofmann Ceramic Group26.59570.73531.4600exchange rate-(31Dec2007)26.59570.73531.4600

Income StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustment/ eliminationconsolidated% of sales

2,0052,0052,0052,0052,0052,005200520062006200620062006200620062006200720072007200720072007200720072007vs2006Jan-Apr 2008Annualised 200820072008200920102011201220132014

Sales turnover8,941,7381,098,448(109,448)9,930,738100.00%11,157,3911,059,495226,782(1,231,648)11,212,020100.00%Sales turnover13,602,8241,299,947235,653(1,468,920)13,669,504100.00%22%4,639,53913,918,61713,669,50415,036,45516,916,01219,030,51321,409,32724,085,49327,096,18030,483,202

Royalty0.00.00%63,73063,7300.57%Royalty48,72548,7250.36%-24%48,72553,59858,95764,85371,33878,47286,31994,951

Rent160,500(160,500)0.0

sales growth10.0%12.5%12.5%12.5%12.5%12.5%12.5%

8,941,7381,098,4480.00.0(109,448)9,930,738100.00%11,157,3911,059,495226,78263,730(1,231,648)11,275,750100.57%13,602,824160,5001,299,947235,65348,725(1,629,420)13,718,229100.36%22%4,639,53913,918,61713,718,22915,090,05316,974,96919,095,36621,480,66624,163,96627,182,49930,578,154

other Operational Profit1,6171,6170.02%22,5600.00.022,5600.20%other Operational Profit7,2190.00.07,2190.05%-68%7,2197,9418,7359,60910,57011,62712,78914,068

Car Use27,78627,7860.28%34,9320.00.00.034,9320.31%Car Use35,3790.00.00.035,3790.26%1%35,37936,79438,26639,79741,38843,04444,76646,556

Profit on sale of assets/ material31,47131,4710.32%4,9807,67419,4770.00.032,1310.29%Profit on sale of assets6,2452,22126,7340.00.035,1990.26%10%35,199

Tax Returns/ other fin rev/ Exchange Fluc gain1,80010,79112,5910.13%18,8000.00.018,8000.17%Reduction in liability35,6820.00.035,6820.26%90%35,682

Write back provisions1,7671,7670.02%7,8560.00.00.07,8560.07%Write back provisions3,4380.00.00.03,4380.03%-56%3,438

Other Income/ insurance claims18,39318,3930.19%30,7085,6720.09890.037,3680.33%Other Income/ insurance claims30,0056,4200.01,3530.037,7780.28%1%18,49355,48037,77810,00011,00012,10013,31014,64116,10517,716

47,97945,6460.00.00.093,6250.94%78,47613,34660,8379890.00.0153,6471.37%75,0678,64069,6351,3530.00.0154,6951.13%1%18,49355,480154,69554,73558,00161,50565,26869,31273,66078,340

Total Income8,989,7171,144,0940.00.0(109,448)10,024,363100.94%11,235,86613,3461,120,331227,77163,730(1,231,648)11,429,397101.94%Total Income13,677,891169,1401,369,582237,00748,725(1,629,420)13,872,925101.49%21%4,658,03213,974,09713,872,92515,144,78817,032,97019,156,87221,545,93424,233,27727,256,16030,656,494

0.00%0.00%0.00.00%0.0

Raw Material5,378,649653,451(109,448)5,922,65259.64%6,418,581642,923172,1530.0(1,231,648)6,002,00953.53%Raw Material & Fuel8,730,099841,602168,9730.0(1,468,920)8,271,75460.51%38%2,874,4638,623,3888,271,7548,751,2179,845,11911,075,75912,460,22914,017,75715,769,97717,741,224

(Increase)/ Decrease in Inventory(99,474)(18,462)(117,936)-1.19%98,631(10,979)87,6520.78%(197,414)(94,790)(292,204)-2.14%-433%0.0(292,204)

Power & Fuel/ sevices CZ/114,379114,3791.15%128,45399,7530.00.0228,2062.04%Power & Fuel/ sevices CZ/189,439136,7890.00.0326,2282.39%43%0.0326,228358,851403,707454,170510,942574,809646,661727,493

Temp Wages48,32348,3230.49%76,45576,4550.68%Temp Wages96,77896,7780.71%27%0.096,778106,455119,762134,733151,574170,521191,836215,816

Wages840,746239,2121,079,95810.87%878,133243,7611,121,89410.01%Wages976,834324,7141,301,5489.52%16%673,8002,021,4001,301,5481,431,7031,610,6661,811,9992,038,4992,293,3112,579,9752,902,472

Salaries885,078885,0788.91%1,005,35524,48036,9861,066,8219.51%Salaries1,065,66324,48017,4661,107,6098.10%4%0.01,107,6091,151,9131,197,9901,245,9091,295,7451,347,5751,401,4781,457,537

Old age benefits320,23579,863400,0984.03%397,77981,1412,2790.0481,1994.29%Old age benefits392,488106,6342,2520.0501,3743.67%4%107,536322,608501,374551,511620,450698,006785,257883,414993,8411,118,071

Depreciation17,8594,21122,0700.22%51,75866,37611,95723920,941151,2721.35%Depreciation62,32571,20719,17620313,872166,7821.22%10%6,03318,099166,782166,782166,782166,782166,782166,782166,782166,782

Rent160,000160,0001.61%150,000(150,000)0.00.00%Rent160,500(160,500)0.00.00%0%0.00.00.00.00.00.00.00.00.0

Electricity, upkeep, Gas, Water137,515137,5151.38%183,863640.03,3270.0187,2531.67%Rent, upkeep, Gas, Water215,4821060.03,5220.0219,1101.60%17%0.0219,110241,021271,149305,042343,173386,069434,328488,619

Property expenses2,3124892,8010.03%2,3113010.00.02,6120.02%Property expenses2,3111,2410.00.03,5520.03%36%0.03,5523,9084,3964,9465,5646,2597,0427,922

Insurance39,14539,1450.39%40,2821,1890.06660.042,1380.38%Insurance46,7971520.06800.047,6290.35%13%0.047,62952,39258,94166,30974,59783,92294,412106,214

Repairs & upkeep- Machines, software181,466181,4661.83%272,0770.00.00.0272,0772.43%Repairs & upkeep- Machines, software167,8600.00.00.0167,8601.23%-38%0.0167,860184,647207,727233,693262,905295,768332,739374,331

Vehicle Expenses35,66635,6660.36%58,9150.00.00.058,9150.53%Vehicle Expenses107,6490.00.00.0107,6490.79%83%0.0107,649111,955116,433121,091125,934130,972136,211141,659

Travel, advertisement, fairs, gifts118,851118,8511.20%141,0130.07,2790.0148,2911.32%Travel, advertisement, fairs, gifts166,7220.09,0110.0175,7341.29%19%0.0175,734193,307217,471244,654275,236309,641348,346391,889

Selling freight, commission etc509,828509,8285.13%614,8450.01,5490.0616,3945.50%Selling freight, commission etc661,5760.03750.0661,9514.84%7%0.0661,951728,147819,165921,5611,036,7561,166,3501,312,1441,476,162

Misc operational exp, Rent, Legal etc182,935182,9351.84%216,3780.00.00.0216,3781.93%Misc operational exp, Rent, Legal etc198,2200.00.00.0198,2201.45%-8%0.0198,220206,148214,394222,970231,889241,164250,811260,843

Value adjustments/ write off2,1122,1120.02%12,0570.00.00.012,0570.11%Value adjustments/ write off3,1280.00.00.03,1280.02%-74%0.03,1283,4413,8714,3544,8995,5116,2006,975

Other expenses2,6502,3314,9810.05%4,8502,90025,7186,1815,90545,5540.41%Other expenses32,6264,25612,8225,5872,92658,2170.43%28%615,9791,847,93758,21760,54662,96865,48768,10670,83073,66476,610

Profit/ Loss on exchange rates0.00.00%10,6070.0(3,828)0.06,7790.06%Profit/ Loss on exchange rates0.0(2,387)0.0(2,387)-0.02%-135%0.0(2,387)

0.00.00.00.00.00.00.00.0

Other Interest(9,116)(9,116)-0.09%(10,032)(10,979)0.00.00.0(21,011)-0.19%Other Interest(36,738)(11,954)(113)0.00.048,692(113)-0.00%-99%(113)(339)(113)

Interest expenses33,99414,06248,0560.48%30,90138,85812,4460.04,91887,1220.78%Interest expenses34,51249,60318,6120.04,060(48,692)58,0950.42%-33%6,41719,25158,09572,05660,17048,55636,58526,87819,04915,339

Total expenses8,788,7751,089,5360.00.0(109,448)9,768,86398.37%10,783,213(51,592)1,107,021214,32568,750(1,231,648)10,890,06897.13%Total expenses13,076,856113,3701,366,687212,69738,324(1,629,420)13,178,51496.41%21%4,284,11412,852,34313,178,51414,375,99916,001,16117,826,02119,874,67122,177,53524,765,49427,675,958

0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0

Operational Results200,94254,5580.00.00.0255,5002.57%452,65464,93813,31013,446(5,020)0.0539,3294.81%Operational Results601,03555,7702,89524,31010,4010.0694,4115.08%29%373,9181,121,754694,411768,7891,031,8101,330,8511,671,2622,055,7422,490,6652,980,536

Income Tax, Trade Tax73,56473,5640.74%164,8134,2530.0390.0169,1051.51%Income Tax, Trade Tax218,2383,7380.04,9100.0226,8851.66%34%112,175336,526226,885229,330307,789396,993498,538613,228742,965889,094

Other Taxes2,2902,2900.02%3,9220.00.00.03,9220.03%Other Taxes3,1130.00.00.03,1130.02%-21%3,1133,1133,1133,1133,1133,1133,1133,113

0.00%00.000.00.00%00.000.00.00%

Annual Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Annual Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%261,743785,228464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329

0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0

Balance Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Balance Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329

EBITDA252,79572,8310.00.00.0325,6263.28%525,28137,71313,68520,8390.0756,7116.75%EBITDA661,133164,62640,57024,51228,3330.0919,1746.72%21%386,2551,158,765919,1741,007,6271,258,7621,546,1891,874,6302,249,4022,676,4963,162,657

6.75%6.72%6.72%6.70%7.44%8.12%8.76%9.34%9.88%10.38%

Hofmann Ceramic Group26.59570.73531.4600

Balance SheetHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedBalance SheetHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedconsolidated

200620062006200620062006200620072007200720072007200720072008200920102011201220132014

Fixed AssetsFixed Assets

IntangiblesIntangibles

Software6,99930.00.00.07,002Software4,11930.00.00.04,1224,122

Trade secret3880.00.00.0388Trade secret10.00.00.011

Building133,3980.00.00.0133,398Building7,240128,6280.00.00.0135,868135,868

Machines108,032385,234287,2270.072,623853,116Machines105,905535,609458,6080.054,3681,154,4901,154,490

Other Assets86,1901,35373888,28180,6481,15363482,43582,435

Deposits on Long Term Assets36,09636,096Others108,288108,288108,288

201,609518,635323,3231,35373,3610.01,118,282197,913664,240566,8961,15355,0020.01,485,2051,485,2051,318,4221,151,640984,858818,076651,294484,512317,730

Current Assets0.0Current Assets0.0

Stocks0.0Stocks0.0

Raw Materials & Fuel79,96517,0700.00.097,035Raw Materials & Fuel68,99218,8000.00.087,79287,79296,571108,643122,223137,501154,689174,025195,778

Work in Process24,22944,6310.00.068,860Work in Process38,69078,9230.00.0117,613117,613129,375145,546163,740184,207207,233233,137262,280

Finished goods516,36918,9509,5770.0544,897Finished goods699,32279,41116,5240.0795,257795,257874,783984,1301,107,1471,245,5401,401,2331,576,3871,773,435

620,56380,6529,5770.00.0710,792807,004177,13416,5240.00.01,000,6621,000,6621,100,7291,238,3201,393,1101,567,2481,763,1541,983,5492,231,492

Debtors for goods1,433,96759,40873,5280.0(206,424)1,360,479Debtors for goods1,252,0767,29473,7460.0(85,857)1,247,2591,247,2591,371,9851,543,4831,736,4181,953,4702,197,6542,472,3612,781,406

Loans & Advances101,164283,40123,4250.00.0407,989Loans & Advances703,173654,49727,1490.00.0(1,153,575)231,244231,244231,244231,244231,244231,244231,244231,244231,244

Shares in affliated companies0.00.00.00.037,5000.00.00.0(37,500)0.00.00.00.00.00.00.00.00.0

Investments- others100,0000.00.00.0100,000Investments- others0.00.00.00.00.0

Cash, balances with Bank401,0673,93732,52431,0066,810475,345Cash, balances with Bank412,7505,5283,49756,7584,060482,593482,593890,9641,511,8492,330,2323,427,6054,823,2706,592,7748,693,014

Advance Payments15,6453,3090.00.018,954Advance Payments15,57911,6180.00.027,19727,19727,19727,19727,19727,19727,19727,19727,197

2,051,842287,338118,666104,5346,810(206,424)2,362,7672,421,078660,02549,558130,5044,060(1,276,932)1,988,2921,988,2922,521,3903,313,7724,325,0915,639,5167,279,3659,323,57611,732,861

2,672,405287,338199,318114,1116,810(206,424)3,073,5593,228,082660,025226,692147,0284,060(1,276,932)2,988,9552,988,9553,622,1184,552,0925,718,2017,206,7649,042,51911,307,12513,964,353

Current Liabilities0.00.00.0Current Liabilities0.00.00.0

Creditors884,46435,313206,42439,3930.0(206,424)959,171Creditors726,2245,786207,81652,6940.0(85,857)906,663906,663997,3291,121,9951,262,2451,420,0251,597,5291,797,2202,021,872

Others430,2882,6360.044806433,774Others801,1872,3404,43758(629,806)178,217178,217196,038220,543248,111279,125314,015353,267397,426

Tax Provisions90,8411,6161,9180.00.094,375Tax Provisions209,9693,3090.00.0213,278213,278229,330307,789396,993498,538613,228742,965889,094

Other Provisions(Vacation, overtime, prov for guarantees)290,2008,30029,8170.00.0328,317Other Provisions(Vacation, overtime, prov for guarantees)305,5007,80041,9240.00.0355,224355,224390,746429,821472,803520,083572,092629,301692,231

0.00.00.00.0Financial Institutions0.00.00.00.00.0

1,695,79447,865238,15939,437806(206,424)1,815,6372,042,88015,926257,48652,7530.0(715,663)1,653,3821,653,3821,813,4442,080,1482,380,1522,717,7713,096,8643,522,7534,000,623

Net Current Assets976,612239,473(38,841)74,6746,0040.01,257,922Net Current Assets1,185,202644,099(30,794)94,2754,060(561,269)1,335,5731,335,5731,808,6752,471,9443,338,0494,488,9935,945,6557,784,3719,963,730

0.00.00.0

Total Assets1,178,221758,108284,48276,02779,3650.02,376,204Total Assets1,383,1151,308,340536,10295,42859,062(561,269)2,820,7782,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460

CapitalCapital

Subscribed Capital260,00058,6749,51313623,905352,227Subscribed Capital260,00062,48712,33313622,947(37,500)320,403320,403320,403320,403320,403320,403320,403320,403320,403

Capital Reserve221,0110.00.00.0221,011Capital Reserve221,0110.00.00.0221,011221,011221,011221,011221,011221,011221,011221,011221,011

Profit0.00.00.00.0Profit0.00.00.00.00.0

Balance Profit399,9990.075,8910.0475,890Balance Profit754,3350.095,2920.0849,627849,6271,385,9732,106,8813,037,6264,207,2375,646,6397,391,2259,479,554

881,01058,6749,51376,02723,9050.01,049,1291,235,34662,48712,33395,42822,947(37,500)1,391,0411,391,0411,927,3872,648,2953,579,0404,748,6526,188,0537,932,63910,020,968

0.00.00.00.00.00.00.00.00.0

Liabilities0000Liabilities00000

Loan from Hofmann Ceramic Gmbh274,9690274969Loan from Hofmann Ceramic Gmbh523,7690.0(523,769)0.00.0

Loans Financial Inst/ Equip Loan29721169943400554611052106Term Loans Financial Institutions147,7691,245,8530.00.036,1151,429,7371,429,7371199710975289743867558417408896336243260491

Total Liabilities1,178,221758,108284,48276,02779,3660.02,376,204Total Liabilities1,383,1151,308,340536,10295,42859,062(561,269)2,820,7782,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460

000(0)(0)0.000.00.0(0)cash(0)0.00.00.00.00.00.00.0

Cash Flow

PAT464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329

Depreciation166,782166,782166,782166,782166,782166,782166,782166,782

631,195703,128887,6901,097,5271,336,3941,606,1831,911,3692,255,111

Loan Repayment230,027224,421231,422185,450149,52172,65375,752

Surplus703,128887,6901,097,5271,336,3941,606,1831,911,3692,255,111

&L&B Confidential&B&C&D&RPage &P

Sheet4

Hofmann Ceramic Groupupdated 30/4/08updated 30/4/08

Hofmann Ceramic Group26.59570.73531.4600exchange rate-(31Dec2007)26.59570.73531.4600

Income StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustment/ eliminationconsolidated% of sales

2,0052,0052,0052,0052,0052,005200520062006200620062006200620062006200720072007200720072007200720072007vs2006Jan-Apr 2008Annualised 200820072008200920102011201220132014

Sales turnover8,941,7381,098,448(109,448)9,930,738100.00%11,157,3911,059,495226,782(1,231,648)11,212,020100.00%Sales turnover13,602,8241,299,947235,653(1,468,920)13,669,504100.00%22%4,639,53913,918,61713,669,50415,036,45516,916,01219,030,51321,409,32724,085,49327,096,18030,483,202

Royalty0.00.00%63,73063,7300.57%Royalty48,72548,7250.36%-24%48,72553,59858,95764,85371,33878,47286,31994,951

Rent160,500(160,500)0.0

sales growth10.0%12.5%12.5%12.5%12.5%12.5%12.5%

8,941,7381,098,4480.00.0(109,448)9,930,738100.00%11,157,3911,059,495226,78263,730(1,231,648)11,275,750100.57%13,602,824160,5001,299,947235,65348,725(1,629,420)13,718,229100.36%22%4,639,53913,918,61713,718,22915,090,05316,974,96919,095,36621,480,66624,163,96627,182,49930,578,154

other Operational Profit1,6171,6170.02%22,5600.00.022,5600.20%other Operational Profit7,2190.00.07,2190.05%-68%7,2197,9418,7359,60910,57011,62712,78914,068

Car Use27,78627,7860.28%34,9320.00.00.034,9320.31%Car Use35,3790.00.00.035,3790.26%1%35,37936,79438,26639,79741,38843,04444,76646,556

Profit on sale of assets/ material31,47131,4710.32%4,9807,67419,4770.00.032,1310.29%Profit on sale of assets6,2452,22126,7340.00.035,1990.26%10%35,199

Tax Returns/ other fin rev/ Exchange Fluc gain1,80010,79112,5910.13%18,8000.00.018,8000.17%Reduction in liability35,6820.00.035,6820.26%90%35,682

Write back provisions1,7671,7670.02%7,8560.00.00.07,8560.07%Write back provisions3,4380.00.00.03,4380.03%-56%3,438

Other Income/ insurance claims18,39318,3930.19%30,7085,6720.09890.037,3680.33%Other Income/ insurance claims30,0056,4200.01,3530.037,7780.28%1%18,49355,48037,77810,00011,00012,10013,31014,64116,10517,716

47,97945,6460.00.00.093,6250.94%78,47613,34660,8379890.00.0153,6471.37%75,0678,64069,6351,3530.00.0154,6951.13%1%18,49355,480154,69554,73558,00161,50565,26869,31273,66078,340

Total Income8,989,7171,144,0940.00.0(109,448)10,024,363100.94%11,235,86613,3461,120,331227,77163,730(1,231,648)11,429,397101.94%Total Income13,677,891169,1401,369,582237,00748,725(1,629,420)13,872,925101.49%21%4,658,03213,974,09713,872,92515,144,78817,032,97019,156,87221,545,93424,233,27727,256,16030,656,494

0.00%0.00%0.00.00%0.0

Raw Material5,378,649653,451(109,448)5,922,65259.64%6,418,581642,923172,1530.0(1,231,648)6,002,00953.53%Raw Material & Fuel8,730,099841,602168,9730.0(1,468,920)8,271,75460.51%38%2,874,4638,623,3888,271,7548,751,2179,845,11911,075,75912,460,22914,017,75715,769,97717,741,224

(Increase)/ Decrease in Inventory(99,474)(18,462)(117,936)-1.19%98,631(10,979)87,6520.78%(197,414)(94,790)(292,204)-2.14%-433%0.0(292,204)

Power & Fuel/ sevices CZ/114,379114,3791.15%128,45399,7530.00.0228,2062.04%Power & Fuel/ sevices CZ/189,439136,7890.00.0326,2282.39%43%0.0326,228358,851403,707454,170510,942574,809646,661727,493

Temp Wages48,32348,3230.49%76,45576,4550.68%Temp Wages96,77896,7780.71%27%0.096,778106,455119,762134,733151,574170,521191,836215,816

Wages840,746239,2121,079,95810.87%878,133243,7611,121,89410.01%Wages976,834324,7141,301,5489.52%16%673,8002,021,4001,301,5481,431,7031,610,6661,811,9992,038,4992,293,3112,579,9752,902,472

Salaries885,078885,0788.91%1,005,35524,48036,9861,066,8219.51%Salaries1,065,66324,48017,4661,107,6098.10%4%0.01,107,6091,151,9131,197,9901,245,9091,295,7451,347,5751,401,4781,457,537

Old age benefits320,23579,863400,0984.03%397,77981,1412,2790.0481,1994.29%Old age benefits392,488106,6342,2520.0501,3743.67%4%107,536322,608501,374551,511620,450698,006785,257883,414993,8411,118,071

Depreciation17,8594,21122,0700.22%51,75866,37611,95723920,941151,2721.35%Depreciation62,32571,20719,17620313,872166,7821.22%10%6,03318,099166,782166,782166,782166,782166,782166,782166,782166,782

Rent160,000160,0001.61%150,000(150,000)0.00.00%Rent160,500(160,500)0.00.00%0%0.00.00.00.00.00.00.00.00.0

Electricity, upkeep, Gas, Water137,515137,5151.38%183,863640.03,3270.0187,2531.67%Rent, upkeep, Gas, Water215,4821060.03,5220.0219,1101.60%17%0.0219,110241,021271,149305,042343,173386,069434,328488,619

Property expenses2,3124892,8010.03%2,3113010.00.02,6120.02%Property expenses2,3111,2410.00.03,5520.03%36%0.03,5523,9084,3964,9465,5646,2597,0427,922

Insurance39,14539,1450.39%40,2821,1890.06660.042,1380.38%Insurance46,7971520.06800.047,6290.35%13%0.047,62952,39258,94166,30974,59783,92294,412106,214

Repairs & upkeep- Machines, software181,466181,4661.83%272,0770.00.00.0272,0772.43%Repairs & upkeep- Machines, software167,8600.00.00.0167,8601.23%-38%0.0167,860184,647207,727233,693262,905295,768332,739374,331

Vehicle Expenses35,66635,6660.36%58,9150.00.00.058,9150.53%Vehicle Expenses107,6490.00.00.0107,6490.79%83%0.0107,649111,955116,433121,091125,934130,972136,211141,659

Travel, advertisement, fairs, gifts118,851118,8511.20%141,0130.07,2790.0148,2911.32%Travel, advertisement, fairs, gifts166,7220.09,0110.0175,7341.29%19%0.0175,734193,307217,471244,654275,236309,641348,346391,889

Selling freight, commission etc509,828509,8285.13%614,8450.01,5490.0616,3945.50%Selling freight, commission etc661,5760.03750.0661,9514.84%7%0.0661,951728,147819,165921,5611,036,7561,166,3501,312,1441,476,162

Misc operational exp, Rent, Legal etc182,935182,9351.84%216,3780.00.00.0216,3781.93%Misc operational exp, Rent, Legal etc198,2200.00.00.0198,2201.45%-8%0.0198,220206,148214,394222,970231,889241,164250,811260,843

Value adjustments/ write off2,1122,1120.02%12,0570.00.00.012,0570.11%Value adjustments/ write off3,1280.00.00.03,1280.02%-74%0.03,1283,4413,8714,3544,8995,5116,2006,975

Other expenses2,6502,3314,9810.05%4,8502,90025,7186,1815,90545,5540.41%Other expenses32,6264,25612,8225,5872,92658,2170.43%28%615,9791,847,93758,21760,54662,96865,48768,10670,83073,66476,610

Profit/ Loss on exchange rates0.00.00%10,6070.0(3,828)0.06,7790.06%Profit/ Loss on exchange rates0.0(2,387)0.0(2,387)-0.02%-135%0.0(2,387)

0.00.00.00.00.00.00.00.0

Other Interest(9,116)(9,116)-0.09%(10,032)(10,979)0.00.00.0(21,011)-0.19%Other Interest(36,738)(11,954)(113)0.00.048,692(113)-0.00%-99%(113)(339)(113)

Interest expenses33,99414,06248,0560.48%30,90138,85812,4460.04,91887,1220.78%Interest expenses34,51249,60318,6120.04,060(48,692)58,0950.42%-33%6,41719,25158,09572,05660,17048,55636,58526,87819,04915,339

Total expenses8,788,7751,089,5360.00.0(109,448)9,768,86398.37%10,783,213(51,592)1,107,021214,32568,750(1,231,648)10,890,06897.13%Total expenses13,076,856113,3701,366,687212,69738,324(1,629,420)13,178,51496.41%21%4,284,11412,852,34313,178,51414,375,99916,001,16117,826,02119,874,67122,177,53524,765,49427,675,958

0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0

Operational Results200,94254,5580.00.00.0255,5002.57%452,65464,93813,31013,446(5,020)0.0539,3294.81%Operational Results601,03555,7702,89524,31010,4010.0694,4115.08%29%373,9181,121,754694,411768,7891,031,8101,330,8511,671,2622,055,7422,490,6652,980,536

Income Tax, Trade Tax73,56473,5640.74%164,8134,2530.0390.0169,1051.51%Income Tax, Trade Tax218,2383,7380.04,9100.0226,8851.66%34%112,175336,526226,885229,330307,789396,993498,538613,228742,965889,094

Other Taxes2,2902,2900.02%3,9220.00.00.03,9220.03%Other Taxes3,1130.00.00.03,1130.02%-21%3,1133,1133,1133,1133,1133,1133,1133,113

0.00%00.000.00.00%00.000.00.00%

Annual Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Annual Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%261,743785,228464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329

0.00%0.00%0.00.00%0.00.00.00.00.00.00.00.0

Balance Profit125,08854,5580.00.00.0179,6461.81%283,91960,68513,31013,407(5,020)0.0366,3013.27%Balance Profit379,68452,0322,89519,40010,4010.0464,4123.40%27%464,412536,346720,908930,7451,169,6121,439,4011,744,5872,088,329

EBITDA252,79572,8310.00.00.0325,6263.28%525,28137,71313,68520,8390.0756,7116.75%EBITDA661,133164,62640,57024,51228,3330.0919,1746.72%21%386,2551,158,765919,1741,007,6271,258,7621,546,1891,874,6302,249,4022,676,4963,162,657

6.75%6.72%6.72%6.70%7.44%8.12%8.76%9.34%9.88%10.38%

Hofmann Ceramic Group26.59570.73531.460026.59570.73531.4600

Balance SheetHofmann Ceramic GmbhHofmann OHGHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedBalance SheetHofmann Ceramic GmbhrestructuredHofmann OHGrestructuredHofmann Ceramic CZrestructuredHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidatedconsolidated

200620062006200620062006200620072007200720072007200720072008200920102011201220132014

Fixed AssetsFixed Assets

IntangiblesIntangibles

Software6,99930.00.00.07,002Software4,11930.00.00.04,1224,122

Trade secret3880.00.00.0388Trade secret10.00.00.011

Building133,3980.00.00.0133,398Building7,240128,6281,750,0000.00.00.01,885,868135,868

Machines108,032385,234287,2270.072,623853,116Machines105,905535,609800,000458,6081,000,0000.054,3682,954,4901,154,490

Other Assets86,1901,35373888,28180,6481,15363482,43582,435

Deposits on Long Term Assets36,09636,096Others108,288108,288216,576108,288

201,609518,635323,3231,35373,3610.01,118,282197,913197,913664,2402,550,000566,8961,108,2881,15355,0020.05,143,4931,485,2051,318,4221,151,640984,858818,076651,294484,512317,730

Current Assets0.0Current Assets0.0

Stocks0.0Stocks0.0

Raw Materials & Fuel79,96517,0700.00.097,035Raw Materials & Fuel68,99218,8000.00.087,79287,79296,571108,643122,223137,501154,689174,025195,778

Work in Process24,22944,6310.00.068,860Work in Process38,69078,9230.00.0117,613117,613129,375145,546163,740184,207207,233233,137262,280

Finished goods516,36918,9509,5770.0544,897Finished goods699,32279,41116,5240.0795,257795,257874,783984,1301,107,1471,245,5401,401,2331,576,3871,773,435

620,56380,6529,5770.00.0710,792807,004807,004177,134177,13416,5240.00.01,000,6621,000,6621,100,7291,238,3201,393,1101,567,2481,763,1541,983,5492,231,492

Debtors for goods1,433,96759,40873,5280.0(206,424)1,360,479Debtors for goods1,252,0767,29473,7460.0(85,857)1,247,2591,247,2591,371,9851,543,4831,736,4181,953,4702,197,6542,472,3612,781,406

Loans & Advances101,164283,40123,4250.00.0407,989Loans & Advances703,173654,497654,49727,1490.00.0(1,153,575)885,741231,244231,244231,244231,244231,244231,244231,244231,244

Shares in affliated companies0.00.00.00.037,5000.00.00.0(37,500)0.00.00.00.00.00.00.00.00.0

Investments- others100,0000.00.00.0100,000Investments- others0.00.00.00.00.0

Cash, balances with Bank401,0673,93732,52431,0066,810475,345Cash, balances with Bank412,7505,5285,5283,49756,7584,060488,121482,593890,9641,511,8492,330,2323,427,6054,823,2706,592,7748,693,014

Advance Payments15,6453,3090.00.018,954Advance Payments15,57911,6180.00.027,19727,19727,19727,19727,19727,19727,19727,19727,197

2,051,842287,338118,666104,5346,810(206,424)2,362,7672,421,0782,421,078660,025660,02549,55849,558130,5044,060(1,276,932)2,648,3171,988,2922,521,3903,313,7724,325,0915,639,5167,279,3659,323,57611,732,861

2,672,405287,338199,318114,1116,810(206,424)3,073,5593,228,0823,228,082660,025660,025226,692226,692147,0284,060(1,276,932)3,648,9802,988,9553,622,1184,552,0925,718,2017,206,7649,042,51911,307,12513,964,353

Current Liabilities0.00.00.0Current Liabilities0.00.00.0

Creditors884,46435,313206,42439,3930.0(206,424)959,171Creditors726,2245,7865,786207,81652,6940.0(85,857)912,448906,663997,3291,121,9951,262,2451,420,0251,597,5291,797,2202,021,872

Others430,2882,6360.044806433,774Others801,1872,3402,3404,43758(629,806)180,557178,217196,038220,543248,111279,125314,015353,267397,426

Tax Provisions90,8411,6161,9180.00.094,375Tax Provisions209,9693,3090.00.0213,278213,278229,330307,789396,993498,538613,228742,965889,094

Other Provisions(Vacation, overtime, prov for guarantees)290,2008,30029,8170.00.0328,317Other Provisions(Vacation, overtime, prov for guarantees)305,5007,8007,80041,9240.00.0363,024355,224390,746429,821472,803520,083572,092629,301692,231

0.00.00.00.0Financial Institutions0.00.00.00.00.0

1,695,79447,865238,15939,437806(206,424)1,815,6372,042,8802,042,88015,92615,926257,486257,48652,7530.0(715,663)1,669,3071,653,3821,813,4442,080,1482,380,1522,717,7713,096,8643,522,7534,000,623

Net Current Assets976,612239,473(38,841)74,6746,0040.01,257,922Net Current Assets1,185,2021,185,202644,099644,099(30,794)94,2754,060(561,269)1,979,6731,335,5731,808,6752,471,9443,338,0494,488,9935,945,6557,784,3719,963,730

0.00.00.0

Total Assets1,178,221758,108284,48276,02779,3650.02,376,204Total Assets1,383,1151,383,1151,308,3403,194,099536,1021,108,28895,42859,062(561,269)7,123,1652,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460

CapitalCapital

Subscribed Capital260,00058,6749,51313623,905352,227Subscribed Capital260,00062,48712,33313622,947(37,500)320,403320,403320,403320,403320,403320,403320,403320,403320,403

Capital Reserve221,0110.00.00.0221,011Capital Reserve221,0110.00.00.0221,011221,011221,011221,011221,011221,011221,011221,011221,011

Profit0.00.00.00.0Profit0.00.00.00.00.0

Balance Profit399,9990.075,8910.0475,890Balance Profit754,3350.095,2920.0849,627849,6271,385,9732,106,8813,037,6264,207,2375,646,6397,391,2259,479,554

881,01058,6749,51376,02723,9050.01,049,1291,235,3462,700,00062,4873,500,00012,3331,500,00095,42822,947(37,500)1,391,0411,391,0411,927,3872,648,2953,579,0404,748,6526,188,0537,932,63910,020,968

0.00.00.00.00.00.00.00.00.0

Liabilities0000Liabilities00000

Loan from Hofmann Ceramic Gmbh274,9690274969Loan from Hofmann Ceramic Gmbh523,769523,7690.0(523,769)523,7690.0

Loans Financial Inst/ Equip Loan29721169943400554611052106Term Loans Financial Institutions147,769147,7691,245,8531,245,8530.00.036,1152,823,3601,429,7371199710975289743867558417408896336243260491

Total Liabilities1,178,221758,108284,48276,02779,3660.02,376,204Total Liabilities1,383,1152,847,7691,308,3404,745,853536,102536,10295,42859,062(561,269)4,738,1692,820,7783,127,0973,623,5844,322,9075,307,0696,596,9498,268,88310,281,460

000(0)(0)0.000.00.02,384,996cash(0)0.00.00.00.00.00.00.0

Goodwill1,464,6541,551,754

Hofmann LLC

Hofmann Ceramic LLC

1.46001.46001.4600

Income StatementUSDUSDUSDUSD% of sales% of salesEuroEuroEuro

2,0072,0072007(12)2,00620062006change2,0072,0072007(12)2,006

July12-Dec31Jan1-July11July12-Dec31Jan1-July11

Royalty36,69634,44371,13993,046100.00%100.00%-63.0%25,13423,59148,72563,730

Decrease in Inventory0.00.00%0.00%0.00.00.00.0

36,69634,44371,13993,046100.00%100.00%-63.0%25,13423,59148,72563,730

other Operational Profit0.00.00.00.00.0

Other Net profit0.00.00%0.00%0.00.00.00.0

Profit on sale of assets0.00.00%0.00%0.00.00.00.0

Reduction in liability0.00.00%0.00%0.00.00.00.0

Write back provisions0.00.00%0.00%0.00.00.00.0

Other Income0.00.00%0.00%0.00.00.00.0

0.00.00.00.00.00%0.00%0.00.00.00.0

Total Income36,69634,44371,13993,046100.00%100.00%-63.0%25,13423,59148,72563,730

0.00.0

Material Cost0.00.00%0.00%0.00.00.00.0

Power0.00.00%0.00%0.00.00.00.0

Wages & Salaries/ partners*3,00022,50025,50054,00065.33%58.04%2,05515,41117,46636,986

Old age benefits0.00.00%0.00%0.00.00.00.0

Depreciation10,8619,39220,25330,57427.27%32.86%7,4396,43313,87220,941

Rent,0.00.00%0.00%0.00.00.00.0

Property expenses0.00.00%0.00%0.00.00.00.0

Insurance0.00.00%0.00%0.00.00.00.0

Repairs & upkeep- Machines, software0.00.00%0.00%0.00.00.00.0

Vehicle Expenses4754789536541.39%0.70%325327653448

Travel, advertisement, fairs, gifts3183188470.00%0.91%2180.0218580

Selling freight, commission etc0.00.00%0.00%0.00.00.00.0

Misc operational exp, Rent, Legal etc0.00.00%0.00%0.00.00.00.0

Value adjustments0.00.00%0.00%0.00.00.00.0

Other expenses6102,3903,0007,0506.94%7.58%-66.1%4181,6372,0554,829

Profit/ Loss on exchange rates0.00.00.00.00.0

Other Interest0.00.00%0.00%0.0%0.00.00.00.0

Interest expenses2,1643,7635,9277,18010.93%7.72%1,4822,5774,0604,918

Total expenses17,42838,52355,951100,305111.85%107.80%-61.6%11,93726,38638,32368,702

0.00.0

Operational Results19,268(4,080)15,188(7,259)-11.85%-7.80%-43.8%13,197(2,795)10,403(4,972)

Income Tax, Trade Tax0.00.00%0.00%0.00.00.00.0

Other Taxes0.00.00%0.00%0.00.00.00.0

0.00.00.00.00.00.00.00.0

Annual Profit19,268(4,080)15,188(7,259)-11.85%-7.80%-43.8%13,197(2,795)10,403(4,972)

Balance from prev year0.00.00.00.00.0

Balance Profit19,268(4,080)15,188(7,259)-43.8%13,197(2,795)10,403(4,972)

Hofmann Ceramic LLC1.46001.46001.4600

Balance SheetUSDUSDUSDUSD% of sales% of salesEuroEuroEuro

2,0072,0072007(12)2,00620062006change2,0072,0072007(12)2,006

July12-Dec31Jan1-July11July12-Dec31Jan1-July11

Fixed Assets

Intangibles

Software0.00.00.0

Trade secret0.00.00.0

0.00.00.0

Machines79,378106,03054,3680.072,623

Others9251,0786340.0738

80,303107,10855,0020.073,362

Current Assets

Stocks

Raw Materials & Fuel0.00.00.0

Work in Process0.00.00.0

Finished goods0.00.00.0

0.00.00.00.00.0

Debtors for goods0.00.00.0

Loans & Advances0.00.00.0

0.00.00.0

Investments- others0.00.00.0

Cash, balances with Bank5,9279,9434,0600.06,810

Advance Payments0.00.00.0

5,9279,9434,0600.06,810

5,9279,9434,0600.06,810

Current Liabilities0.00.00.0

Creditors0.00.00.0

Others0.00.00.0

Tax Provisions0.00.00.0

Other Provisions(Vacation, overtime, prov for guarantees)0.00.00.0

Financial Institutions0.00.00.0

0.00.00.00.00.0

Net Current Assets5,9279,9434,0600.06,810

0.00.00.0

Total Assets86,230117,05159,0620.080,172

Capital

Subscribed Capital33,50234,90122,9470.023,905

Capital Reserve0.00.00.0

Profit0.00.00.0

Balance Profit0.00.00.0

33,50234,90122,9470.023,905

0.00.00.0

Liabilities0.00.00.0

Equipment Loan52,72880,97336,1150.055,461

Member Loan1,1770.00.0806

Total Liabilities86,230117,05159,0620.079,366

0.00.00.00.0

Current ratio

Debtors (months)

opagarwal:

opagarwal:

HofmannCZ

Hofmann Ceramic CZupdated 23/4/08updated 23/4/08

CZ Crona per Euro Jan0826.595726.595726.595726.5957

Income StatementCZ Crona '000CZ Crona '000CZ Crona '000CZ Crona '000% of sales% of sales% of saleschangechangeEuroEuroEuroEuro% of sales% of sales% of saleschangechange

Jan-May 082,0072,0062,0052007200620052007 vs 20062006 vs 2005Jan-May 082,0072,0062,0052007200620052007 vs 20062006 vs 2005

Sales turnover12,54334,57328,17829,214100.00%100.00%100.00%22.7%-3.5%471,6181,299,9471,059,4951,098,448100.00%100.00%100.00%22.7%-3.5%

Change in Inventory(2,974)2,5212924917.29%1.04%1.68%(111,823)94,79010,97918,4627.29%1.04%1.68%

9,56937,09428,47029,705107.29%101.04%101.68%30.3%-4.2%359,7951,394,7371,070,4741,116,910107.29%101.04%101.68%30.3%-4.2%

other Operational Revenue192600430.07,21922,5601,617

Other Net profit0.00%0.00%0.00%0.0%0.0%0.00.00.00.00.00%0.00%0.00%0.0%0.0%

Profit on sale of materials987115188372.06%1.84%2.87%3,68526,73419,47731,4712.06%1.84%2.87%

Other Financial revenue1069495002872.74%1.77%0.98%3,98635,68218,80010,7912.74%1.77%0.98%

Write back provisions0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Trading Income net470.00%0.00%0.16%0.0%-100.0%0.00.00.01,7670.00%0.00%0.16%0.0%-100.0%

2041,8521,6181,2145.36%5.74%4.16%14.5%33.3%7,67069,63560,83745,6465.36%5.74%4.16%14.5%33.3%

Total Income9,77338,94630,08830,919112.65%106.78%105.84%29.4%-2.7%367,4651,464,3721,131,3111,162,556112.65%106.78%105.84%29.4%-2.7%

Raw Material & Fuel6,76222,38317,09917,37964.74%60.68%59.49%43.2%-2.7%254,252841,602642,923653,45164.74%60.68%59.49%43.2%-2.7%

Services1,3493,6382,6533,04210.52%9.42%10.41%50,722136,78999,753114,37910.52%9.42%10.41%

Wages & Salaries4,0268,6366,4836,36224.98%23.01%21.78%33.2%1.9%151,378324,714243,761239,21224.98%23.01%21.78%33.2%1.9%

Old age benefits1,3002,8362,1582,1248.20%7.66%7.27%48,880106,63481,14179,8638.20%7.66%7.27%

Depreciation5103181121.48%1.13%0.38%60.4%183.9%0.019,17611,9574,2111.48%1.13%0.38%60.4%183.9%

Rent, upkeep, Gas, Water0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Property expenses2338130.10%0.03%0.04%751,2413014890.10%0.03%0.04%

Insurance0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Repairs & upkeep- Machines, software0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Vehicle Expenses0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Travel, advertisement, fairs, gifts0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Selling freight, commission etc0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Misc operational exp, Rent, Legal etc0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Value adjustments0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Other expenses214341684620.99%2.43%0.21%-50.1%1003.2%8,04612,82225,7182,3310.99%2.43%0.21%-50.1%1003.2%

0.00.00.00.0

Other Interest7(3)-0.01%0.00%0.00%263(113)0.00.0-0.01%0.00%0.00%

Interest expenses2234953313741.43%1.17%1.28%8,38518,61212,44614,0621.43%1.17%1.28%

Total expenses13,88338,86929,73429,468112.43%105.52%100.87%30.7%0.9%522,0021,461,4771,118,0001,107,999112.43%105.52%100.87%30.7%0.9%

Operational Results(4,110)773541,4510.22%1.26%4.97%-78.2%-75.6%(154,536)2,89513,31054,5580.22%1.26%4.97%-78.2%-75.6%

Income Tax, Trade Tax0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

Other Taxes0.00%0.00%0.00%0.00.00.00.00.00%0.00%0.00%

0.00.00.00.00.00.00.00.0

Annual Profit(4,110)773541,4510.22%1.26%4.97%-78.2%-75.6%(154,536)2,89513,31054,5580.22%1.26%4.97%-78.2%-75.6%

Balance from prev year0.00.00.00.0

Balance Profit(4,110)773541,451-78.2%-75.6%(154,536)2,89513,31054,558-78.2%-75.6%

Hofmann Ceramic CZEuro= Cz Koruny26.595726.595726.595726.5957

Balance SheetCZ Crona '000CZ Crona '000CZ Crona '000CZ Crona '000EuroEuroEuroEuro

May 20082,0072,0062,005May 20082,0072,0062,005

Fixed Assets

Intangibles

Software0.00.00.00.0

Trade secret0.00.00.00.0

Machines3,5623,5622,2042,950133,931133,93182,871110,920

Capital WIP8,6398,6355,435324,827324,677204,3560.0

Deposits on Long Term assets2,8802,880960108,288108,28836,0960.0

15,08115,0778,5992,950567,047566,896323,323110,920

Current Assets0.00.00.00.0

Stocks0.00.00.00.0

Raw Materials & Fuel80650045443930,30618,80017,07016,506

Work in Process4152,0991,18789415,60478,92344,63133,614

Finished goods8222,11250450430,90779,41118,95018,950

2,0434,7112,1451,83776,817177,13480,65269,071

Debtors for goods8451941,5801,12331,7727,29459,40842,225

VAT/ Tax receivable70247461643226,39517,82223,16216,243

Prepayments615248723,1249,3252630.0

Investments- others0.00.00.00.0

Cash, balances with Bank893865253013,49732,524940

Deferred Exp281309888110,56611,6183,3093,046

2,4511,3183,1561,66192,15849,557118,66662,454

4,4946,0295,3013,498168,975226,691199,318131,525

Current Liabilities0.00.00.00.0

Creditors7,1105,5275,4904,760267,336207,816206,424178,976

Proposed Dividend117118110684,3994,4374,1362,557

Tax Provisions42988516916,1303,3091,9182,594

Other Provisions(Vacation, overtime, prov for guarantees)8651,11568370532,52441,92425,68126,508

Bank Borrowing907

9,4286,8486,3345,602320,390257,485238,159210,636

Net Current Assets(4,934)(819)(1,033)(2,104)(151,415)(30,794)(38,841)(79,111)

0.00.00.00.0

Total Assets10,14714,2587,566846415,631536,102284,48231,810

Capital

Subscribed Capital1,6521,6521,6522,00262,11562,11562,11575,275

0.00.00.00.0

Profit0.00.00.00.0

Balance Profit(5,432)(1,324)(1,400)(1,754)(204,244)(49,782)(52,640)(65,951)

(3,780)328252248(142,128)12,3339,4759,325

0.00.00.00.0

Liabilities- Long Term0.00.00.00.0

Loan from Hofmann Ceramic Gmbh13,93013,9307,313598523,769523,769274,96922,485

0.00.00.00.0

Total Liabilities10,15014,2587,565846381,641536,102284,44431,810

0.00.00.00.0

Current ratio0.260.190.500.30

Debtors (months)0.810.070.670.46

Assets Gross19,57521,10613,9006,448

Liabilities Gross19,57821,10613,8996,448

(3)0.01,782,4901,782,4901,609,3361,475,645sales values


CFValue1


Total Sales / Revenue11,36413,79515,14517,03319,15721,54624,23327,256

YoY Growth21.39%9.78%12.47%12.47%12.47%12.47%12.47%

Total Cost of Goods Sold9,06411,31312,35213,79815,42117,24219,28721,584

% of Revenue79.76%82.01%81.56%81.01%80.50%80.03%79.59%79.19%

Gross Profit2,3002,4822,7933,2353,7364,3044,9465,672

Gross Margin20.24%17.99%18.44%18.99%19.50%19.97%20.41%20.81%

Total SGA Expenses1,6081,6401,7861,9772,1902,4292,6962,996

% of Revenue14.15%11.89%11.79%11.60%11.43%11.27%11.13%10.99%

Operational EBITDA6928421,0081,2591,5461,8752,2492,676

EBITDA Margin6.09%6.10%6.65%7.39%8.07%8.70%9.28%9.82%

Depreciation151166166166166166166166

Operational EBIT5416768421,0931,3801,7092,0832,510

% of Revenue4.90%5.56%6.42%7.20%7.93%8.60%9.21%

Total Other Income and Expense6477

% of Revenue0.56%0.56%0.56%0.56%0.56%0.56%0.56%0.56%

EBIT6057538421,0931,3801,7092,0832,510

Operational EBIT6768421,0931,3801,7092,0832,510

Taxes @

30.00%203252328414513625753

Net Revenue13,79515,14517,03319,15721,54624,23327,256

YoY Growth9.78%12.47%12.47%12.47%12.47%12.47%

EBITDA8421,0081,2591,5461,8752,2492,676

% of Net Revenue6.10%6.65%7.39%8.07%8.70%9.28%9.82%

less: INWI134.98188.82212.39238.91268.73302.29

less: Capex50.0050.0050.0050.0050.0050.00

less: Tax203252328414513625753

FCF6395706928701,0731,3061,571

Risk free rate7.95%RBI Website


Beta1.00

Ke (cost of equity)18.57%

Tax rate33.66%


Kd (Cost of Debt)7.30%

Debt/Capital0.50

Rupee WACC12.93%

Estimated Europe Inflation rate7.00%

Estimated Indian Inflation rate7.00%

Inflation Differential0.00%

Euro WACC12.93%

growth rate long term3.00%


TV (Exit EV)13,144

PV of TV7,155


Less Net Debt950

Equity Value9,227

9.60%11133

10.60%9717

11.60%8600

12.60%7697

Val_Gmbh


Total Sales / Revenue13,60215,30217,21519,36721,78824,51127,575

YoY Growth0.00%12.50%12.50%12.50%12.50%12.50%12.50%

Total Cost of Goods Sold13,01714,64416,47518,53420,85123,45726,389

% of Revenue95.70%95.70%95.70%95.70%95.70%95.70%95.70%

Gross Profit5856587408339371,0541,186

Gross Margin4.30%4.30%4.30%4.30%4.30%4.30%4.30%

Total SGA Expenses

% of Revenue0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Operational EBITDA5856587408339371,0541,186

EBITDA Margin4.30%4.30%4.30%4.30%4.30%4.30%4.30%

Depreciation62626262626262

Operational EBIT5235966787718759921,124

% of Revenue3.85%3.90%3.94%3.98%4.02%4.05%4.08%

Total Other Income and Expense10101010101010

% of Revenue0.07%0.07%0.06%0.05%0.05%0.04%0.04%

EBIT5336066887818851,0021,134

Operational EBIT5235966787718759921,124

Taxes @

30.00%157179204231263298337

Net Revenue13,60215,30217,21519,36721,78824,51127,575

YoY Growth12.50%12.50%12.50%12.50%12.50%12.50%

EBITDA5856587408339371,0541,186

% of Net Revenue4.30%4.30%4.30%4.30%4.30%4.30%4.30%

less: INWI170191215242272306

less: Capex252550252525

less: Tax157179204231263298337

FCF428284321336407459517



Beta1.20

Ke17.90%

Tax rate33.66%


Kd7.30%

Debt/Capital0.50

Rupee WACC12.60%

Estimated Europe Inflation rate3.00%World Economy Report by CMIE Eco Review

Estimated Indian Inflation rate7.00%Consensus Forecast on ISI Emerging Markets Database


Euro WACC8.60%

g3.00%


TV (Exit EV)8,202

PV of TV5,430


9.60%11133

10.60%9717

11.60%8600

12.60%7697

Val_OHG


Total Sales / Revenue161161161161161161161

YoY Growth0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Total Cost of Goods Sold0.00.00.00.00.00.00.0

% of Revenue0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Gross Profit161161161161161161161

Gross Margin100.00%100.00%100.00%100.00%100.00%100.00%100.00%

Total SGA Expenses5555555

% of Revenue3.12%3.12%3.12%3.12%3.12%3.12%3.12%

Operational EBITDA156156156156156156156

EBITDA Margin96.88%96.88%96.88%96.88%96.88%96.88%96.88%

Depreciation71717171717171

Operational EBIT85858585858585

% of Revenue52.65%52.65%52.65%52.65%52.65%52.65%52.65%

Total Other Income and Expense

% of Revenue0.00%0.00%0.00%0.00%0.00%0.00%0.00%

EBIT85858585858585

Operational EBIT85858585858585

Taxes @

30.00%25252525252525

Net Revenue161161161161161161161

YoY Growth0.00%0.00%0.00%0.00%0.00%0.00%

EBITDA156156156156156156156

% of Net Revenue96.88%96.88%96.88%96.88%96.88%96.88%96.88%

less: INWI0.00.00.00.00.00.0

less: Capex

less: Tax25252525252525

FCF130130130130130130130



Beta1.20

Ke17.90%

Tax rate33.66%


Kd7.30%

Debt/Capital0.50

Rupee WACC12.60%

Estimated Europe Inflation rate3.00%World Economy Report by CMIE Eco Review

Estimated Indian Inflation rate7.00%Consensus Forecast on ISI Emerging Markets Database


Euro WACC8.60%

g3.00%

PV of forecast period512

TV (Exit EV)2,325

PV of TV1,539


9.60%11133

10.60%9717

11.60%8600

12.60%7697

Divsn

Hofmann Ceramic GroupHofmann Ceramic GroupHofmann Ceramic GroupHofmann Ceramic LLCHofmann Ceramic Limited, UKHofmann Ceramic CZ

26.59570.73531.460026.59570.73531.4600

Income StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentConsolidated% of salesIncome StatementHofmann Ceramic GmbhHofmann Ceramic CZHofmann Ceramic UKHofmann Ceramic LLC USAAdjustmentconsolidated% of salesIncome StatementIncome StatementIncome Statement

estimated2,0052,0052,0052,0052,0052,005200520062006200620062006200620062007adjustmentfinalMfgTrading2007adjustmentfinal20072007200720072007

Sales turnover8,941,7381,098,448(109,448)9,930,738100.00%Sales turnover11,157,3911,059,495226,782(1,231,648)11,212,020100.00%Sales turnover13,602,824(1,782,490)11,820,3344,652,9697,167,3651,299,947482,5431,782,490235,653(1,468,920)13,669,504100.00%Sales turnoverSales turnover

Royalty0.00.00%Royalty63,73063,7300.57%Royalty0.048,69948,6990.36%Royalty

8,941,7381,098,4480.00.0(109,448)9,930,738100.00%11,157,3911,059,495226,78263,730(1,231,648)11,275,750100.57%13,602,824(1,782,490)11,820,3344,652,9697,167,3651,299,947482,5431,782,490235,65348,699(1,468,920)13,718,203100.36%

other Operational Profit1,6171,6170.02%other Operational Profit22,5600.00.022,5600.20%other Operational Profit7,2197,2190.00.07,2190.05%other Operational Profitother Operational Profitother Operational Revenue

Car Use27,78627,7860.28%Car Use34,9320.00.00.034,9320.31%Car Use35,37935,37935,3790.00.00.00.035,3790.26%Other Net profitOther Net profitOther Net profit

Profit on sale of assets/ material31,47131,4710.32%Profit on sale of assets/ material4,98019,4770.00.024,4570.22%Profit on sale of assets6,2456,2456,24526,73426,7340.00.032,9790.24%Profit on sale of assetsProfit on sale of assetsProfit on sale of materials

Tax Refunds/ subsidy1,80010,79112,5910.13%Reduction in liability18,8000.00.018,8000.17%Reduction in liability0.00.08,0098,0090.00.08,0090.06%Reduction in liabilityReduction in liabilityOther Financial revenue

Write back provisions1,7671,7670.02%Write back provisions7,8560.00.00.07,8560.07%Write back provisions3,4383,4383,4380.00.00.00.03,4380.03%Write back provisionsWrite back provisionsWrite back provisions

Other Income/ insurance claims18,39318,3930.19%Other Income/ insurance claims30,7080.09890.031,6960.28%Other Income/ insurance claims30,00530,00530,0050.00.01,3530.031,3580.23%Other IncomeOther IncomeTrading Income net

47,97945,6460.00.00.093,6250.94%78,47660,8379890.00.0140,3011.25%75,0670.075,06775,06741,9620.041,9621,3530.00.0118,3820.87%

Total Income8,989,7171,144,0940.00.0(109,448)10,024,363100.94%Total Income11,235,8661,120,331227,77163,730(1,231,648)11,416,051101.82%Total Income13,677,891(1,782,490)11,895,4014,728,0367,167,3651,341,909482,5431,824,452237,00748,699(1,468,920)13,836,585101.22%Total IncomeTotal IncomeTotal Income

0.00%0.00%0.00.00%

Raw Material & Fuel5,378,649653,451(109,448)5,922,65259.64%Raw Material & Fuel6,418,581642,923172,1530.0(1,231,648)6,002,00953.53%Raw Material & Fuel8,730,099(1,299,947)7,430,1521,936,1005,494,052841,565841,565168,9730.0(1,468,920)8,271,71760.51%Material CostMaterial CostRaw Material & Fuel

(Increase)/ Decrease in Inventory(199,474)(18,462)(217,936)-2.19%(Increase)/ Decrease in Inventory(51,369)(10,979)(62,348)-0.56%(Increase)/ Decrease in Inventory(197,414)(197,414)(197,414)(124,832)(124,832)(322,246)-2.36%

Power & Fuel/ sevices CZ/114,379114,3791.15%Power & Fuel/ sevices CZ/128,45399,7530.00.0228,2062.04%Power & Fuel/ sevices CZ/189,439189,439189,439136,751136,7510.00.0326,1902.39%PowerPowerServices

Temp Wages48,32348,3230.49%Temp Wages76,45576,4550.68%Temp Wages96,77896,77896,7780.096,7780.71%Temp wages

Wages840,746239,2121,079,95810.87%Wages878,133243,7611,121,89410.01%Wages976,834976,834976,834324,714324,7141,301,5489.52%Wages & Salaries/ partnersWages & SalariesWages & Salaries

Salaries885,078885,0788.91%Salaries1,005,35524,48036,9861,066,8219.51%Salaries1,065,663(89,124)976,538618,170358,3685% of trd sales89,12489,12424,48036,9861,127,1298.25%

Old age benefits320,23579,863400,0984.03%Old age benefits397,77981,1412,2790.0481,1994.29%Old age benefits392,488392,488331,56560,923106,634106,6342,2520.0501,3743.67%Old age benefitsOld age benefitsOld age benefits

Depreciation17,8594,21122,0700.22%Depreciation51,75811,95723920,94184,8960.76%Depreciation62,32562,32562,32519,17619,17620320,941102,6450.75%DepreciationDepreciationDepreciation

Rent160,000160,0001.61%Rent150,000150,0001.34%Rent160,500160,500107,05453,4471/3 in trading0.0160,5001.17%

Rent, upkeep, Gas, Water, elec, maint137,515137,5151.38%Rent, upkeep, Gas, Water183,8630.03,3270.0187,1891.67%Rent, upkeep, Gas, Water215,482215,482143,72671,7551/3 in trading0.00.03,5220.0219,0041.60%Rent,Rent,Rent, upkeep, Gas, Water

Property expenses2,3124892,8010.03%Property expenses2,3113010.00.02,6120.02%Property expenses2,3112,3112,3110.01,0901,0900.00.03,4010.02%Property expensesProperty expensesProperty expenses

Insurance39,14539,1450.39%Insurance40,2820.06660.040,9490.37%Insurance46,79746,79731,21415,5830.00.06800.047,4770.35%InsuranceInsuranceInsurance

Repairs & upkeep- Machines, software181,466181,4661.83%Repairs & upkeep- Machines, software272,0770.00.00.0272,0772.43%Repairs & upkeep- Machines, software167,860167,860167,8600.00.00.00.00.0167,8601.23%Repairs & upkeep- Machines, softwareRepairs & upkeep- Machines, softwareRepairs & upkeep- Machines, software

Vehicle Expenses35,66635,6660.36%Vehicle Expenses58,9150.00.00.058,9150.53%Vehicle Expenses107,649107,64971,80235,8471/3 in trading0.00.00.00.0107,6490.79%Vehicle ExpensesVehicle ExpensesVehicle Expenses

Travel, advertisement, fairs, gifts118,851118,8511.20%Travel, advertisement, fairs, gifts141,0130.07,2790.0148,2911.32%Travel, advertisement, fairs, gifts166,722(22,994)143,72895,86747,8621/3 in trading0.022,99422,9949,0110.0175,7341.29%Travel, advertisement, fairs, giftsTravel, advertisement, fairs, giftsTravel, advertisement, fairs, gifts

Selling freight, commission etc509,828509,8285.13%Selling freight, commission etc614,8450.01,5490.0616,3945.50%Selling freight, commission etc661,576(98,037)563,539169,334394,2055.5% of trd sales0.098,03798,0373750.0661,9514.84%Selling freight, commission etcSelling freight, commission etcSelling freight, commission etc

Misc operational exp, Rent, Legal etc182,935182,9351.84%Misc operational exp, Rent, Legal etc216,3780.00.00.0216,3781.93%Misc operational exp, Rent, Legal etc198,220198,22096,443101,7771.42% of trd sales0.00.00.00.0198,2201.45%Misc operational exp, Rent, Legal etcMisc operational exp, Rent, Legal etcMisc operational exp, Rent, Legal etc

Value adjustments/ write off2,1122,1120.02%Value adjustments/ write off12,0570.00.00.012,0570.11%Value adjustments/ write off3,1283,1283,1280.00.00.00.03,1280.02%Value adjustmentsValue adjustmentsValue adjustments

Other expenses2,6502,3314,9810.05%Other expenses4,85025,7186,1815,90542,6540.38%Other expenses32,62632,62632,62612,82212,8225,5875,90556,9400.42%Other expensesOther expensesOther expenses

Profit/ Loss on exchange rates0.00.00%Profit/ Loss on exchange rates10,6070.0(3,828)0.06,7790.06%Profit/ Loss on exchange rates0.00.00.00.0(2,387)0.0(2,387)-0.02%Profit/ Loss on exchange ratesProfit/ Loss on exchange rates

Other Interest(9,116)(9,116)-0.09%Other Interest(10,032)0.00.00.0(10,032)-0.09%Other Interest(36,738)(36,738)(36,738)0.00.00.00.0(36,738)-0.27%Other InterestOther InterestOther Interest

Interest expenses33,99414,06248,0560.48%Interest expenses30,90112,4460.04,91848,2640.43%Interest expenses34,51234,51234,51214,58914,5890.04,91854,0190.40%Interest expensesInterest expensesInterest expenses

Total expenses8,688,7751,089,5360.00.0(109,448)9,668,86397.36%Total expenses10,633,2131,107,021214,32568,750(1,231,648)10,791,66196.25%Total expenses13,076,856(1,510,103)11,566,7545,130,3506,436,4041,332,509210,1561,542,664212,69768,750(1,468,920)13,221,89296.73%Total expensesTotal expensesTotal expenses

0.00%0.00%0.00.00%

Profit before Tax300,94254,5580.00.00.0355,5003.58%Operational Results602,65413,31013,446(5,020)0.0624,3905.57%Operational Results601,035(272,387)328,647(402,314)730,9619,400272,387281,78724,310(20,051)0.0614,6934.50%Operational ResultsOperational ResultsOperational Results

Income Tax, Trade Tax73,56473,5640.74%Income Tax, Trade Tax164,8130.0390.0164,8521.47%Income Tax, Trade Tax218,238218,238218,2380.00.04,9100.0223,1471.63%Income Tax, Trade TaxIncome Tax, Trade TaxIncome Tax, Trade Tax

Other Taxes2,2902,2900.02%Other Taxes3,9220.00.00.03,9220.03%Other Taxes3,1133,1130.00.00.00.03,1130.02%Other TaxesOther TaxesOther Taxes

0.00%00.000.000.00%000.00.000.010.00%

Profit after Tax225,08854,5580.00.00.0279,6462.82%Annual Profit433,91913,31013,407(5,020)0.0455,6164.06%Annual Profit379,684(272,387)107,296(402,314)512,7239,4009,40019,400(20,051)0.0388,4332.84%Annual ProfitAnnual ProfitAnnual Profit

EBITDA352,79572,8310.00.00.0425,6264.29%EBITDA685,31337,71313,68520,8390.0757,5506.76%EBITDA697,871(272,387)425,484(305,477)730,96143,165272,387315,55224,5125,8080.0771,3565.64%

-6.57%10.20%3.32%17.70%10.40%Hofmann Ceramic LLC

26.59570.73531.460026.59570.73531.4600Balance SheetHofmann Ceramic CZ


opagarwal:

opagarwal:

opagarwal:

ownership

Owners/ shareholdersHofmann CERAMIC GmbhHofmann Ceramic Ltd.,UKHofmann Ceramic CZHofmann Ceramic LLCHofmann OHG

Hofmann Ceramic Gmbh

Hartmant Hofmann12500045

Ernst reiner Hofmann12500045

Maik Eichler5000

Thorsten Reuther5000

Ludek Kunes

Martin Kunes (Sr)

Mike White10

Total260000100

% ownership

Hofmann Ceramic Gmbh24.00%100%

Hartmant Hofmann48.08%45.00%30.00%50.00%

Ernst reiner Hofmann48.08%45.00%30.00%50.00%

Maik Eichler1.92%0.00%

Thorsten Reuther1.92%0.00%

Ludek Kunes0.00%0.00%8.00%

Martin Kunes (Sr)0.00%0.00%8.00%

Mike White0.00%10.00%

Total

EBITDA633,59724,51243,16544,235165,000910,509

EV EBITDA multiple8

Enterprise Value5,068,776196,096345,320353,8801,320,0007,284,072

Less Borrowings outside148,76935,152923,5941,107,515

Less Borrowing inter group319,000546,667865,667

Share Value4,601,007196,096(201,347)318,728396,4065,310,890

Add Inter comp Loan given546,667319,000865,667

Total consideration5,147,674196,096(201,347)318,728715,4066,176,557

Allocation of Share value

Hofmann Ceramic Gmbh0.00.0(48,323)318,7280.0270,405

Hartmant Hofmann2,212,02388,243(60,404)0.0198,2032,438,065

Ernst reiner Hofmann2,212,02388,243(60,404)0.0198,2032,438,065

Maik Eichler88,4810.00.00.00.088,481

Thorsten Reuther88,4810.00.00.00.088,481

Ludek Kunes0.00.0(16,108)0.00.0(16,108)

Martin Kunes (Sr)0.00.0(16,108)0.00.0(16,108)

Mike White0.019,6100.00.00.019,610

4,601,007196,096(201,347)318,728396,4065,310,890

Allocation of Share value

Hofmann Ceramic Gmbh0.00.0(48,323)318,7280.0270,405

Hartmant Hofmann2,474,84388,243(60,404)0.0357,7032,860,385

Ernst reiner Hofmann2,474,84388,243(60,404)0.0357,7032,860,385

Maik Eichler98,9940.00.00.00.098,994

Thorsten Reuther98,9940.00.00.00.098,994

Ludek Kunes0.00.0(16,108)0.00.0(16,108)

Martin Kunes (Sr)0.00.0(16,108)0.00.0(16,108)

Mike White0.019,6100.00.00.019,610

0.00.00.00.00.06,176,557

opagarwal:from 1st Jan 2008

personal Tax

ERHHHadditional Tax

OHG Profit1,500,000.001,977,931.03

Tax0.2352352,800.000.42830,731.03477,931.03

1,147,200.001,147,200.00

RepaymentSchl

AccountBankDateOrg Amtinterestfixed untilBal 1/1/08interestRepaymentcl Bal

Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/0812265.46613.2712265.460.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12147768.757905.6326894.37120874.38

0.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08277674.9714300.2618399.74259275.23

3450064032VoBa Dill12/20/01486000.004.95%12/31/06191198.359464.3256775.68134422.67

0.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/0747404.662322.836240.0041164.66

3403183120VoBa Herb9/19/9776693.784.90%11/30/0747282.002316.826240.0041042.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16320933.1716528.0628411.94292521.23

0.000.00

169391020Commerzbank11/15/07200000.005.35%200000.0010700.0040000.00160000.00

0.000.00

0.000.00

Hofmann Ceramic Gmbh0.000.00

0.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/12147768.757905.6334800.00112968.75

1392296.1172056.81230027.191162268.92


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12120874.386466.7828333.2292541.16

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08259275.2313352.6719347.33239927.91

3450064032VoBa Dill12/20/01486000.004.95%12/31/06134422.676653.9259586.0874836.59

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/0741164.662017.076240.0034924.66

3403183120VoBa Herb9/19/9776693.784.90%11/30/0741042.002011.066240.0034802.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16292521.2315064.8429875.16262646.07

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%160000.008560.0040000.00120000.00

0.000.000.00

0.000.000.00

Hofmann Ceramic Gmbh0.000.000.00

0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/12112968.756043.8334800.0078168.75

60170.17224421.78937847.13


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/1292541.164950.9529849.0562692.11

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08239927.9112356.2920343.71219584.19

3450064032VoBa Dill12/20/01486000.004.95%12/31/0674836.593704.4162535.5912301.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/0734924.661711.316240.0028684.66

3403183120VoBa Herb9/19/9776693.784.90%11/30/0734802.001705.306240.0028562.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16262646.0713526.2731413.73231232.34

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%120000.006420.0040000.0080000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/1278168.754182.0334800.0043368.75

48556.56231422.08706425.06


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/1262692.113354.0331445.9731246.14

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08219584.1911308.5921391.41198192.78

3450064032VoBa Dill12/20/01486000.004.95%12/31/0612301.00608.9012301.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/0728684.661405.556240.0022444.66

3403183120VoBa Herb9/19/9776693.784.90%11/30/0728562.001399.546240.0022322.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16231232.3411908.4733031.53198200.81

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%80000.004280.0040000.0040000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/1243368.752320.2334800.008568.75

36585.29185449.92520975.14


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/1231246.141671.6731246.14-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08198192.7810206.9322493.07175699.71

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/0722444.661099.796240.0016204.66

3403183120VoBa Herb9/19/9776693.784.90%11/30/0722322.001093.786240.0016082.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16198200.8110207.3434732.66163468.15

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%40000.002140.0040000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/128568.75458.438568.750.00

26877.93149520.62371454.52


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08175699.719048.5323651.47152048.24

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/0716204.66794.036240.009964.66

3403183120VoBa Herb9/19/9776693.784.90%11/30/0716082.00788.026240.009842.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16163468.158418.6136521.39126946.76

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%0.000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00

19049.1972652.86298801.66


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08152048.247830.4824869.52127178.73

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/079964.66488.276240.003724.66

3403183120VoBa Herb9/19/9776693.784.90%11/30/079842.00482.266240.003602.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16126946.766537.7638402.2488544.52

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%0.000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00

15338.7775751.76223049.90


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08127178.736549.7026150.30101028.43

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/073724.66182.513724.660.00

3403183120VoBa Herb9/19/9776693.784.90%11/30/073602.00176.503602.000.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/1688544.524560.0440379.9648164.56

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%0.000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00

11468.7573856.91149192.99


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/08101028.435202.9627497.0473531.39

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/1648164.562480.4742459.535705.04

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%0.000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00

7683.4469956.5679236.43


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/0873531.393786.8728913.1344618.26

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/165705.04293.815705.04-0.00

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%0.000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00

4080.6834618.1744618.26


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/0844618.262297.8430402.1614216.10

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16-0.00-0.00-0.00

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%0.000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00

2297.8430402.1614216.10


Euro

Hofmann OHG

610011439Spark Dillbg3/8/9674600.265.00%2/28/080.000.000.00

620030882Spark Dillbg11/16/07150000.005.35%10/30/12-0.00-0.00-0.00

0.000.000.00

3450064024VoBa Dill7/22/98306525.075.15%9/30/0814216.10732.1314216.100.00

3450064032VoBa Dill12/20/01486000.004.95%12/31/060.000.000.00

0.000.000.00

3403048410VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3403183120VoBa Herb9/19/9776693.784.90%11/30/070.000.000.00

3450064008VoBa Herb1/1/07350000.005.15%7/30/16-0.00-0.00-0.00

0.000.000.00

169391020Commerzbank11/15/07200000.005.35%0.000.000.00

0.000.000.00

0.000.000.00


0.000.000.00

620030809Spark Dillbg11/16/07200000.005.35%10/30/120.000.000.00

732.1314216.10-0.00

Loans

stocks

Hofmann Ceramic Gmbh Stocks

6/30/085/31/084/30/083/31/082/29/081/31/0812/31/0712/31/06

Raw Materials

Raw Materials for Filters10324.7216078.4521017.8511000.0011000.0011000.0011619.277139.00

Raw materials82573.6373927.7973531.9546000.0046000.0046000.0046942.8857122.60

Oil & Fuel20908.5125915.6824478.2010000.0010000.0010000.0010430.0015703.25

Finished Goods

Strainer Cores Germany23493.6620825.7823055.9425699.6429191.0024968.0023796.2225672.14

Strainer Cores CZ20938.4725220.1324259.2126111.6929125.0038040.0016666.6523714.37

Grobkeramik Eigene17405.56

Tech Ceramic Germany12836.8317396.1033315.037347.746741.009470.001793.3320025.53

Tech Ceramic Trading20175.497135.848381.2411169.3312361.0011822.002351.81

Extruded/ Celluler Filters36423.9842514.6942276.1629353.7933769.0039679.001971

Documents

IFGL Refractories Limited An Indian Multi-national Welcomes you 14 July,2008