MIRA INFORM REPORT

Report Date :

02.11.2007

IDENTIFICATION DETAILS

Name :	UAB "Vimareka"
Registered Office :	J.Basanaviciaus str. 168, Siauliai, 76123
Country :	Lithuania
Financials (as on) :	30.06.2007
Date of Incorporation :	2001
Com. Reg. No.:	145813098
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian law)
Line of Business :	Trade in stainless steel and its products.

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Identification

Name

:

UAB "Vimareka"

Name in English

:

JSC VIMAREKA

Original name

:

UAB "Vimareka"

Address

:

J.Basanaviciaus str. 168, Siauliai, 76123, Lithuania

Legal Address

:

J.Basanaviciaus str. 168, Siauliai, 76123, Lithuania

Other Addresses

:

Former office address:

Sodo str. 22, Siauliai, Lithuania

Contacts

:

-	E-mail	:	info@vimareka.lt
-	Fax	:	(+370 41) 545346
-	Phone	:	(+370) 41 507745, 507746, 399416
-	URL	:	www.vimareka.lt

---

SUMMARY

Legal Form : UAB (Private Joint-Stock Co. by Lithuanian law)

Established : 2001

Employees : 27

Defaults registered : none Remarks on payments : yes

Net Sales :	8 300 622.00 LTL ( for 12 months, ended 01.01.2007 )
	5 532 124.00 LTL ( for 12 months, ended 01.01.2006 )

Credit Opinion

Credit rating

:

Average creditworthiness. Business to be followed.

Credit value

:

Maximum credit amount of 65 000 EUR is advised.

Conclusion

:

Business relations may be established.

Year of Foundation

:

2001

Registration Data

Date of registration

:

01.07.2004

Registration number

:

145813098

Registr. authority

:

State Register (Siauliai, Lithuania)

On the 1st of July, 2004 all registration data of Lithuanian companies have been placed into the "Centre of Registers" State Enterprise`s database automatically, with a new registration number.

Date of registration

:

11.10.2001

Registration number

:

4581309

Registr. authority

:

Municipality (Siauliai, Lithuania)

( the data as of 01.07.2004 )

Legal Form

:

UAB (Private Joint-Stock Co. by Lithuanian law)

since 11.10.2001

Share Capital

:

400 000 LTL (registered)

since 23.04.2004

Shareholders

:

-	Mr VALAIKA, Kazys (Lithuania)				100.00 %
		share's book value	:	400 000 LTL
	born 02.05.1966, higher education, married.

Board / Executives

Executives

Director

:

Mr VALAIKA, Kazys (Lithuania)

born 02.05.1966, higher education, married.
Director since 11.10.2001

Chief accountant

:

Mrs Vasileviciene, Regina (Lithuania)

Signature Right

:

Mr VALAIKA, Kazys

Changes in Registration Data

- 23.04.2004

:

share capital

Activities

:

-

5051

Iron & Steel Products

Trade in stainless steel and its products.

Employees

:

27

Employees History

:

-	24
	( the data as of 12.04.2007 )
-	17
	( the data as of 14.07.2006 )
-	14
	( the data as of 02.02.2006 )
-	13
	( the data as of 11.05.2005 )
-	17
	( the data as of 17.12.2004 )
-	11
	( the data as of 24.10.2003 )
-	8
	( the data as of 06.03.2003 )
-	3
	( the data as of 01.01.2002 )

Export

:

yes

Latvia

Export value for
2004 - no export
2003 - no export
2002 - 22 000 LTL

Import

:

yes

Poland, Germany, Spain, Czechia, Holland, Denmark, Italy, Japan, Sweden, Great Britain, United States of America

Import value for
2004 - ab. 52.7%.

9 months of 2003 - 1 800 000 LTL
2002 - 120 000 LTL

Known Assets

Immovable Property

:

own:
-	Premises - Office, production and storehouse
	address	:	Basanaviciaus 168, Siauliai, Lithuania

Other Property

:

own:
-	Equipment - Working
leasing:
-	Other tools & equipment - Transport vehicle
	quantity	:	8.00 unit(s)

Branches

:

	yes
-	Branch (Klaipeda, Lithuania)
	name	:	KLAIPEDA BRANCH
	address	:	Silutes rd. 83B, Klaipeda, Lithuania
-	Branch (Panevezys, Lithuania)
	name	:	PANEVEZYS BRANCH
	address	:	Smelynes str. 85, Panevezys, Lithuania
-	Branch (Vilnius, Lithuania)
	name	:	VILNIUS BRANCH
	address	:	Rudunios road 11, Vilnius, Lithuania

Participation

:

none

Bankers

:

-	HANSABANKAS (Lithuania)
	address	:	Vilnius, Lithuania
	bank code	:	73000
	account(s)	:	LT31 7300 0100 7814 4555
-	SAMPO BANKAS (Lithuania)
	bank code	:	74000
-	SEB VILNIAUS BANKAS (Lithuania)
	address	:	Vilnius, Lithuania
	bank code	:	70440
	account(s)	:	LT86 7044 0600 0234 0615

Suppliers

:

-	ALFA LEVAL (Sweden)
-	AWH (Germany)
-	INVESTA (Poland)
-	M&S ARMATUREN GMBH (Germany)
-	NOVA TRAIDING S.A. (Poland)

Related Companies

:

The subject company is a member of SIAULIAI BUSINESS CENTRE.

Defaults Registered

:

none

Debts Registered

- 31.03.2005

:

Debt collection (confirmed)				517 LTL
	payment status	:	complete

Creditor was DFDS Transport

( the data as of 31.03.2005, cancelled since 25.04.2005 )

:

yes

Financial Data

Period, months	6	12	12
Ended	01.07.2007	01.01.2007	01.01.2006
Currency	LTL	LTL	LTL
Non-current assets	1 307 045.00	866 076.00	469 929.00
incl: - Fixed assets	1 306 585.00	865 367.00	469 928.00
- Financial assets
Current assets	6 309 603.00	4 592 750.00	3 235 906.00
incl: - Stock	4 400 072.00	3 449 087.00	2 341 730.00
- Debtors	1 731 036.00	1 075 225.00	885 513.00
- Cash	178 495.00	68 438.00	8 663.00
ASSETS TOTAL	7 616 648.00	5 458 826.00	3 752 377.00
Equity	2 193 668.00	1 632 954.00	955 412.00
incl: - Share capital	400 000.00	400 000.00	400 000.00
Liabilities Total	5 422 980.00	3 825 872.00	2 796 965.00
incl: - Long-term liabilities	902 284.00	1 544 000.00
- Short-term liabilities	4 520 696.00	2 281 872.00	2 796 965.00
EQUITY AND LIABILITIES TOTAL	7 616 648.00	5 458 826.00	3 752 377.00
Net sales	4 936 070.00	8 300 622.00	5 532 124.00
Cost of goods sold	3 499 673.00	6 634 985.00	4 539 148.00
Operating profit	580 087.00	736 159.00	294 350.00
Profit before taxation	659 669.00	660 489.00	226 572.00
Net profit	560 714.00	561 416.00	192 586.00
- - - R a t i o s - - - - - - - - - -
Return on sales, %	13.36	7.96		4.10
Profit before taxation / Net sales
Operating margin of profit, %	11.75	8.87		5.32
Operating profit / Net sales
Return on investment, %	30.07	40.45		23.71
Profit before taxation / Equity
Current assets turnover	0.78	1.81		1.71
Net sales / Current assets
Working capital	1 788 907.00	2 310 878.00		438 941.00
Current assets - Short-term liabilities
Leverage	0.29	0.30		0.25
Equity / Total assets
Current ratio	1.40	2.01		1.16
Current assets / Short-term liabilities
Quick ratio	0.42	0.50		0.32
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.47	2.34		2.93
Total liabilities / Equity

Comments

Company is not mentioned in the list of the companies going bankrupt or under the reorganization process.

The information above was confirmed by Ms. Regina Vasileviciene, the chief accountant.

Events History

:

Former office address - Sodo str. 22, Siauliai.

Registration History

- 23.10.2001

:

Tax-payer code	:	LT458130917
Registr. Place	:	Lithuania

Capital History

- date n/a

:

150 000 LTL (registered)

( the data as of 2003 )

- 11.10.2001

:

10 000 LTL (registered)

( the data as of 11.10.2001 )

APPENDIX A

Financial Statements

- 01.07.2007

:

Fiscal period: 6 month(s), currency: LTL
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	1 307 045.00
I . INTANGIBLE ASSETS	460.00
II. TANGIBLE ASSETS	1 306 585.00
III. LONG-TERM FINANCIAL ASSETS
B. CURRENT ASSETS	6 309 603.00
I. STOCKS AND OUTSTANDING ORDERS	4 400 072.00
II. SHORT-TERM ACCOUNTS RECEIVABLE	1 716 938.00
III. OTHER CURRENT ASSETS	14 098.00
IV. CASH IN HAND AND BANK ACCOUNT	178 495.00
TOTAL ASSETS	7 616 648.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	2 193 668.00
I. CAPITAL	400 000.00
II. REVALUATION RESERVE
III. RESERVES
IV. ACCUMULATED RETAINED EARNINGS	1 793 668.00
D. FINANCING (GRANTS AND SUBSIDIES)
E. ACCOUNTS PAYABLE AND LIABILITIES	5 422 980.00
I. LONG-TERM ACCOUNTS PAYABLE	902 284.00
II. SHORT-TERM LIABILITIES	4 520 696.00
TOTAL EQUITY AND LIABILITIES	7 616 648.00
PROFIT AND LOSS ACCOUNT
I SALES	4 936 070.00
II COSTS	3 499 673.00
III. GROSS PROFIT (LOSS)	1 436 397.00
IV. OPERATING EXPENSES	856 310.00
V. OPERATING PROFIT (LOSS)	580 087.00
VI. OTHER ACTIVITIES
VII. FINANCIAL AND INVESTING ACTIVITIES	79 582.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	659 669.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	659 669.00
XII. PROFIT TAX	98 955.00
XIII. NET PROFIT (LOSS)	560 714.00

- 01.01.2007

:

Fiscal period: 12 month(s), currency: LTL
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	866 076.00
I . INTANGIBLE ASSETS	709.00
II. TANGIBLE ASSETS	865 367.00
III. LONG-TERM FINANCIAL ASSETS
B. CURRENT ASSETS	4 592 750.00
I. STOCKS AND OUTSTANDING ORDERS	3 449 087.00
II. SHORT-TERM ACCOUNTS RECEIVABLE	1 075 225.00
III. OTHER CURRENT ASSETS
IV. CASH IN HAND AND BANK ACCOUNT	68 438.00
TOTAL ASSETS	5 458 826.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	1 632 954.00
I. CAPITAL	400 000.00
II. REVALUATION RESERVE
III. RESERVES
IV. ACCUMULATED RETAINED EARNINGS	1 232 954.00
D. FINANCING (GRANTS AND SUBSIDIES)
E. ACCOUNTS PAYABLE AND LIABILITIES	3 825 872.00
I. LONG-TERM ACCOUNTS PAYABLE	1 544 000.00
II. SHORT-TERM LIABILITIES	2 281 872.00
TOTAL EQUITY AND LIABILITIES	5 458 826.00
PROFIT AND LOSS ACCOUNT
I SALES	8 300 622.00
II COSTS	6 634 985.00
III. GROSS PROFIT (LOSS)	1 665 637.00
IV. OPERATING EXPENSES	929 478.00
V. OPERATING PROFIT (LOSS)	736 159.00
VI. OTHER ACTIVITIES	-27.00
VII. FINANCIAL AND INVESTING ACTIVITIES	-75 643.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	660 489.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	660 489.00
XII. PROFIT TAX	99 073.00
XIII. NET PROFIT (LOSS)	561 416.00

- 01.01.2006

:

Fiscal period: 12 month(s), currency: LTL
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	469 929.00
I . INTANGIBLE ASSETS	1.00
II. TANGIBLE ASSETS	469 928.00
III. LONG-TERM FINANCIAL ASSETS
B. CURRENT ASSETS	3 235 906.00
I. STOCKS AND OUTSTANDING ORDERS	2 341 730.00
II. SHORT-TERM ACCOUNTS RECEIVABLE	885 513.00
III. OTHER CURRENT ASSETS
IV. CASH IN HAND AND BANK ACCOUNT	8 663.00
C. ACCUMULATED INCOME AND DEFERRED CHARGES	46 542.00
TOTAL ASSETS	3 752 377.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	955 412.00
I. CAPITAL	400 000.00
II. REVALUATION RESERVE
III. RESERVES	362 826.00
IV. ACCUMULATED RETAINED EARNINGS	192 586.00
D. FINANCING (GRANTS AND SUBSIDIES)
E. ACCOUNTS PAYABLE AND LIABILITIES	2 796 965.00
I. LONG-TERM ACCOUNTS PAYABLE
II. SHORT-TERM LIABILITIES	2 796 965.00
TOTAL EQUITY AND LIABILITIES	3 752 377.00
PROFIT AND LOSS ACCOUNT
I SALES	5 532 124.00
II COSTS	4 539 148.00
III. GROSS PROFIT (LOSS)	992 976.00
IV. OPERATING EXPENSES	698 626.00
V. OPERATING PROFIT (LOSS)	294 350.00
VI. OTHER ACTIVITIES	-22 927.00
VII. FINANCIAL AND INVESTING ACTIVITIES	-44 851.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	226 572.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	226 572.00
XII. PROFIT TAX	33 986.00
XIII. NET PROFIT (LOSS)	192 586.00

- 01.01.2005

:

Fiscal period: 12 month(s), currency: LTL
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	360 818.00
I . INTANGIBLE ASSETS	1.00
II. TANGIBLE ASSETS	360 817.00
III. LONG-TERM FINANCIAL ASSETS
B. CURRENT ASSETS	2 460 984.00
I. STOCKS AND OUTSTANDING ORDERS	1 716 815.00
II. SHORT-TERM ACCOUNTS RECEIVABLE	714 865.00
III. OTHER CURRENT ASSETS
IV. CASH IN HAND AND BANK ACCOUNT	29 304.00
C. ACCUMULATED INCOME AND DEFERRED CHARGES	16 467.00
TOTAL ASSETS	2 838 269.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	762 826.00
I. CAPITAL	400 000.00
II. REVALUATION RESERVE
III. RESERVES	51 598.00
IV. ACCUMULATED RETAINED EARNINGS	311 228.00
D. FINANCING (GRANTS AND SUBSIDIES)
E. ACCOUNTS PAYABLE AND LIABILITIES	2 075 443.00
I. LONG-TERM ACCOUNTS PAYABLE	117 504.00
II. SHORT-TERM LIABILITIES	1 957 939.00
TOTAL EQUITY AND LIABILITIES	2 838 269.00
PROFIT AND LOSS ACCOUNT
I SALES	4 549 414.00
II COSTS	3 778 397.00
III. GROSS PROFIT (LOSS)	771 017.00
IV. OPERATING EXPENSES	340 531.00
V. OPERATING PROFIT (LOSS)	430 486.00
VI. OTHER ACTIVITIES	1 066.00
VII. FINANCIAL AND INVESTING ACTIVITIES	-62 881.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	368 671.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS	2 520.00
XI. PROFIT LIABLE TO TAXATION (LOSS)	366 151.00
XII. PROFIT TAX	54 923.00
XIII. NET PROFIT (LOSS)	311 228.00

- 01.01.2004

:

Fiscal period: 12 month(s), currency: LTL

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.	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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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