MIRA INFORM REPORT

Report Date :

16.01.2007

IDENTIFICATION DETAILS

Name :	ASK vanjska i unutarnja trgovina d.o.o.
Registered Office :	Kopernikova 10, HR 10000 Zagreb
Country :	Croatia
Financials (as on) :	31.12.2005
Date of Incorporation :	1993
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of plastic packing goods

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	EUR 10.000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear

name & address

ASK vanjska i unutarnja trgovina d.o.o.

Kopernikova 10

HR 10000 Zagreb

Tel : +385 1/3694100, 3010717

Fax: +385 1/3010717

summary

Legal form	limited liability company
Established	1993
Registered	1993-07-06, Commercial Court Zagreb, Nr. 080290504 re-registration according to the Companies act was 1995.12.01 Statistic number: 0480860
Establisher	Saša Brodarić, 10000 Zagreb			100,00%
Basic capital	HRK 19.000,00 1995.12.01 the capital was increased from HRK 4.806,24 to the above amount
Management	Saša Brodarić, manager, born 1968-04-27, Kopernikova 10, 10000 Zagreb, Croatia
Activity	Other wholesale
	Manufacture of plastic packing goods
	Manufacture of electric domestic appliances
	Manufacture of electricity distribution and control apparatus
	Manufacture of electrical equipment n.e.c.
	Installation of electrical wiring and fittings
	Wholesale of electrical household appliances and radio and television goods
	Retail sale of electrical household appliances and radio and television goods
	Repair of electrical household goods
	electric materials
	legal site and business premises are located at the above address business premises of 300 m^2 at Uskočka 33, Zagreb, rented
	the company owns vehicles, number and type not known Book value of vehicles: 2005.12.31: HRK 164.102,00
	Basic activity (according to National activity classification):
	Other wholesale (51.7)
Staff	2002	4	employees
	2003	6	employees
	2004	6	employees
	2005	6	employees
	2006	6	employees

Total revenue	2002 total revenue	HRK	4.164.000
	2003 total revenue	HRK	5.967.000
	2004 total revenue	HRK	6.671.000
	2005 total revenue	HRK	6.872.000
	01-09.2006 total revenue	HRK	5.848.728

Real estate

none

	Assets	Currency: HRK ( x 1.000 )	2005-12-31	2004-12-31	2003-12-31
		FIXED ASSETS	221	340	32
		Intangible assets	0	0	1
		Tangible assets	221	340	31
		Long term financ. assets	0	0	0
		Long term receivables	0	0	0
		CURRENT ASSETS	5.668	3.841	3.113
		Inventories	2.959	1.667	1.456
		Short term receivables	1.714	1.496	1.290
		Short term financial assets	81	70	70
		Cash at bank and in hand	914	609	297
		ACCRUALS	0	0	5
		LOSS OVER THE CAPITAL	0	0	0
		TOTAL ASSETS	5.889	4.181	3.150
	Liabilities	Currency: HRK ( x 1.000 )	2005-12-31	2004-12-31	2003-12-31
		EQUITY	2.267	1.139	1.037
		Subscribed capital	20	20	3
		Reserves	1.105	0	0
		Profit brought forward	1.057	1.035	953
		Profit of the period	85	84	81
		PROVISIONS	0	0	0
		LONG TERM LIABILITIES	0	0	0
		SHORT TERM LIABILITIES	3.429	3.042	2.112
		Credits	0	1.202	4
		Deposits, advances payments	197	196	196
		To suppliers	2.793	911	1.468
		To staff	43	27	30
		Taxes, fees, etc.	126	49	50
		Other short term liabilities	270	658	365
		DEFFERED ITEMS	193	0	0
		TOTAL LIABILITIES	5.889	4.181	3.150
	Profit / loss account	Currency: HRK ( x 1.000 )	2005-12-31	2004-12-31	2003-12-31
		OPERATING REVENUES	6.835	6.244	5.945
		Sales in the country	6.823	6.239	5.939
		Sales abroad	12	5	0
		Other revenues	0	0	6
		OPERATING EXPENSES	6.766	6.566	5.472
		Material costs	5.032	4.712	4.324
		Staff costs	436	560	488
		Depreciation of fixed assets	190	30	59
		Other operating expenses	1.108	1.263	601
		FINANCIAL REVENUES	38	17	5
		FINANCIAL EXPENSES	0	0	8
		EXTRAORDINARY REVENUES	0	410	16
		EXTRAORDINARY EXPENSES	0	0	383
		TOTAL REVENUES	6.872	6.671	5.967
		TOTAL EXPENSES	6.766	6.566	5.863
		Profit before taxation	106	105	104
		Loss before taxation	0	0	0
		Taxation on profit	21	21	22
		PROFIT OF THE PERIOD	85	84	81
		LOSS OF THE PERIOD	0	0	0
Financial ratios			2005.	2004.	2003.
		Financial stability ratio	0,7129	0,5675	0,6969
		Solvency ratio (%)	38,5	27,24	32,92
		Debt ratio (in years)	12,4691	26,6842	15,0857
		Liquidity ratio	0,79	0,7147	0,7846
		Current ratio	1,653	1,2627	1,474
		Total assets turnover	1,1669	1,5956	1,8943
		Inventories turnover	2,3224	4,0018	4,0982
		Collection period (in days)	89,784	80,748	77,832
		Inventories bonding (in days)	155,016	89,964	87,84
		Profit margin (%)	1,24	1,26	1,36
		Return on total assets (%)	1,44	2,01	2,57
		Return on equity (%)	3,75	7,37	7,81
		Total revenue per employee (x 1.000)	1145,3333	1111,8333	994,5
		Profit per employee (x 1.000)	14,1667	14	13,5
		Equity per employee (x 1.000)	377,8333	189,8333	172,8333
		Total assets per employee (x 1.000)	981,5	696,8333	525
		Staff costs/Turnover (%)	6,34	8,39	8,18
		Average annual cost per employee (x 1.000)	72,6667	93,3333	81,3333
		EBIT (x 1.000)	69	-322	473
		EBITDA (x 1.000)	259	-292	532
		EBIT Margin (%)	1,01	***	7,96
		EBITDA Margin (%)	3,79	***	8,95

Remarks	2002 import HRK			1.280.445
	2003 import HRK			1.819.544
	2004 import HRK			1.806.127
	2005 import HRK			1.872.872
	2002 profit HRK		517.000
	2003 profit HRK		104.000
	2004 profit HRK		105.000
	2005 profit HRK		106.000
	01-09.2006 profit HRK		82.880
	Short company name: ASK d.o.o. Investments in: 2002: HRK 38.634,00 2003: HRK 45.239,00 Liabilities towards foreign suppliers: 2002.12.31: HRK 116.770,00 2003.12.31: HRK 311.109,00 2004.12.31: HRK 553.260,00 2005.12.31: HRK 1.983.092,00 The following figures from balance sheet at 2006-09-30 are available: -Stocks HRK 4.173.415,00 -Liquid assets HRK 1.784.237,00 -Receivables from buyers HRK 2.757.171,00 -Liabilities towards suppliers HRK 4.418.854,00 -Investments in fixed assets HRK 24.501,00 Revenues in nine months 2006 are for 14,14% higher than in the same period in 2005. Profit in nine months 2006 is for 1,00% higher than in the same period in 2005.
	Exchange rate:
	2002-12-31 2003-12-31 2004-12-31 2005-12-31 2006-09-30	EUR 1 = HRK 7,4423 EUR 1 = HRK 7,6469 EUR 1 = HRK 7,6712 EUR 1 = HRK 7,3756 EUR 1 = HRK 7,3817
	Inflation:
	2002:	2,3%
	2003:	1,5%
	2004:	2,1%
	2005:	3,6%
	09.2006:	2,8%
Bankers	ZAGREBACKA BANKA d.d. Paromlinska 2, 10000 Zagreb, Croatia 2360000-1101329860
Mode of payment	mostly within agreed terms, but partly also delayed

Credit opinion

business conections appear permissible

Max. credit EUR 10.000

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions