MIRA INFORM REPORT

Report Date :

28.04.2011

IDENTIFICATION DETAILS

Correct Name :	AGRO PATAKI SRL
Registered Office :	Calea Armatei Romane 42, 445100 Carei jud Satu Mare
Country :	Romania
Financials (as on) :	2009
Date of Incorporation :	12.10.1999
Com. Reg. No.:	No. J30/284/1999
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of agricultural machinery, equipment and supplies

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 45.000,00
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Romania	b1	b1

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

COMPANY REPORTED

AGRO PATAKI SRL

Principal Address:
Calea Armatei Romane 42
445100 Carei jud Satu Mare
Romania
Telephone: +40-261-863227, +40-261-863226, +40-745-438672, +40-742-045672, +40-261-862226
Fax: +40-261-863227
Email: office@agropataki.ro
Web: www.agropataki.ro

ICON number: 55536110
National ID: J30/284/1999
VAT number: 12301090

Registration status: 12.10.1999 - registered company
Activity status: 12.10.1999 - active company

CREDIT INFORMATION SUMMARY

Insolvency Information:

According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

Maximum Credit:

EUR 45.000,00

Payment Practices:

Payments are made according to terms According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 31.12.2010. There are no major payment incidents registered between 25-11-2003 - 25-11-2010.

Further Rating Information:

Researched company is categorized as a small company. Turnover volume of RON 5.517.743 in the year 2009 increased by 22,02% compared with 2008. In the previous period this change was 57,92%. Fixed assets decreased by RON 31.124 and now 5,94% of total assets. Working capital of RON 847.584 increased for 83,64% compared with the last period.

Debt Collection:

There is no record of any debt collection action against this company exceeding a single case volume of EUR 500.

COMPANY DETAILS

Established:

1999

Registration:

No. J30/284/1999 12.10.1999 Satu Mare, Romania

Legal Form:

Limited Liability Company

Capital:

Nominal capital:	RON 200,00
Number of Ordinary shares:	20
Value per share of Ordinary shares:	RON 10,00
Paid-up capital:	RON 200,00

Shareholders:

Full Name	Function	Address	Equity capital
PATAKI ZSOLT	Shareholder	Romania	50,00% 10 Ordinary shares
PATAKI MAGDALENA	Shareholder	Romania	40,00% 8 Ordinary shares
PATAKI ZSUZSANNA	Shareholder	Romania	10,00% 2 Ordinary shares

PATAKI ZSOLT is registered as shareholder within the company GAIA BIO SYSTEMS SRL, J12/568/2005.

Management:

Full Name	Function	Address
PATAKI ZSOLT 09.07.1999 - Present	Director	Romania

Person functions in other companies:

Function	Company
Other known functions of  PATAKI ZSOLT
Shareholder	GAIA BIO SYSTEMS SRL (RO) National ID: J12/568/2005

KEY DATA ON OPERATIONS

Subject of Operation:

NACE   4661 Wholesale of agricultural machinery, equipment and supplies The subject company offers installation and maintenance of irrigation sistems by drip and also trades seeds.

Company Development:

: Satisfactory business development

Key Data:

Amounts shown in Romanian Leu (New) (RON)
	2009	2008	2007	2006
Turnover	5.517.743	4.522.030	2.863.423	2.152.573
Fixed assets	134.260	165.384	49.813	66.985
Equity capital	981.844	628.255	482.801	301.622
Profit after taxation	353.589	145.454	181.179	95.713
Operating result - profit	441.506	166.314	194.955

					Industry average
	2009	2008	2007	2006		2009	2008	2007	2006
Return on assets ( ROA ) Net profit / Total assets	0,16	0,08	0,15	-				0,11	0,09
Return on equity ( ROE ) Net profit / Shareholder equity	0,36	0,23	0,38	0,32				0,27	0,21

Industry average values are listed for the NACE branch: 46 - Wholesale trade, except of motor vehicles and motorcycles

Workforce:

	2009	2008	2007	2006
Total workforce	9	8	7	5

Major Suppliers:

Hunter, Toro, Rain Bird, Irritrol, Nelson, T-Tape, Aqua Traxx, Netafim, Polidrip, Plastro, Dosatron, Venturi, Honda, Carpi, Bejo, De Ruiter, Nunhems Zaden, Seminis, Syngenta, Daenfeldt, Zki, Sakata, Isi Sementi, Hazera, Raci Sementi, Nickerson Zwaan, Rijk Zwaan, Enza Zaden, TEKU

FINANCIAL INFORMATION

Financials:

Amounts shown in Romanian Leu (New) (RON)		2009	2008	2007	2006
	BALANCE SHEET
	FIXED ASSETS	134.260	165.384	49.813	66.985
	CURRENT ASSETS	2.126.640	1.641.189	1.178.240	802.233
	Inventory	1.399.508	1.024.952	668.842	358.778
	Claims (receivable)	700.965	569.892	480.353	403.965
	Liquid assets	26.167	46.345	29.045	39.490
	SHORT TERM FINANCIAL INVESTMENTS	0		0
	PREPAID EXPENSES	0	1.320	0
	TOTAL ASSETS	2.260.900	1.807.893	1.228.053
	EQUITY CAPITAL	981.844	628.255	482.801	301.622
	Share capital	200	200	200
	Subscribed and paid capital	200	200	200	200
	Reserves	628.055	482.601	301.422
	Short-term liabilities	1.279.056	1.179.638	745.252
	Long-term liabilities	0	0	0
	TOTAL DEBTS	1.279.056	1.179.638	745.252	567.596
	Provisions for risks and charges	0	0	0	0
	Deferred income	0	0	0
	TOTAL EQUITY AND LIABILITIES	2.260.900	1.807.893	1.228.053
	PROFIT AND LOSS
	Turnover	5.517.743	4.522.030	2.863.423	2.152.573
	TOTAL INCOME	5.571.696	4.575.706	2.901.636	2.176.552
	TOTAL EXPENSES	5.150.176	4.400.758	2.683.167	2.062.422
	Operating result - profit	441.506	166.314	194.955
	Operating result - loss	0	0	0
	Profit on financial transactions (financial profit)	0	8.634	23.514
	Loss on financial transactions (financial loss)	19.986	0	0
	Current result - profit	421.520	174.948	218.469
	Current result - loss	0	0	0
	Extraordinary profit	0	0	0
	Extraordinary loss	0	0	0
	Profit before taxation	421.520	174.948	218.469	114.130
	Loss before taxation	0	0	0	0
	Profit after taxation	353.589	145.454	181.179	95.713
	Loss after taxation	0	0	0	0

Approximate Exchange Rates:

2009: 4,2373 RON = 1 EUR 2008: 3,6827 RON = 1 EUR 2007: 3,332 RON = 1 EUR 2006: 3,5245 RON = 1 EUR 2009: 3,0493 RON = 1 USD 2008: 2,5189 RON = 1 USD 2007: 2,4383 RON = 1 USD 2006: 2,809 RON = 1 USD

Financial Comments:

Effectively from July 1st 2005, the Romanian currency was redenominated so that 10,000 old lei(ROL) will be exchanged for 1 new leu (RON). The financial statements of the companies will be published in new currency RON starting with 31.12.2005. All financials for previous years displayed in the report were converted from ROL to RON.

Ratios:

					Industry average
	2009	2008	2007	2006		2009	2008	2007	2006
Debt Ratio (Short-term liabilities + Long-term liabilities) / Total Assets	0,57	0,65	0,61	-				0,81	0,82
Quick ratio (Current assets - Inventory)/Current liabilities	0,57	0,52	0,68	-				0,56	0,49
Current ratio ( CR ) Current assets / Current liabilities	1,66	1,39	1,58	-				0,92	0,79
Leverage Long Term Liabilities / Total Equity	0	0	0	-				0,14	0,09
Return on sales ( ROS ) Net profit / Turnover	0,06	0,03	0,06	0,04				0,08	0,07
Return on assets ( ROA ) Net profit / Total assets	0,16	0,08	0,15	-				0,11	0,09
Return on equity ( ROE ) Net profit / Shareholder equity	0,36	0,23	0,38	0,32				0,27	0,21
Operating margin, in % Operating result / Sales	8,00	3,68	6,81	-
Days supply in inventory (Inventory / Turnover) * No. of days in period	92,58	82,73	85,26	60,84				56,93	47,10
Days sales in receivables (Receivables / Turnover) * No. of days in period	46,37	46,00	61,23	68,50				78,64	56,95
Days purchase in payables (Current Liabilities / Turnover) * No. of days in period	84,61	95,22	95,00	-				144,14	103,30
Sales to Total Assets Sales / Total assets	2,44	2,50	2,33	-				3,30	3,10
Operating result / Total assets Operating result / Total assets	0,20	0,09	0,16	-
Cash ratio Cash / Current liabilities	0,02	0,04	0,04	-
Equity as % of total assets (Equity capital / Total Assets) * 100	43,43	34,75	39,31	-
Fixed assets as % of total assets (Fixed assests / Total assets) * 100	5,94	9,15	4,06	-
Receivables as % of current assets (Receivables / Current assets) * 100	32,96	34,72	40,77	50,36
Net working capital Current assets - Short-term liabilities	RON 847.584,00	RON 461.551,00	RON 432.988,00	-

Industry average values are listed for the NACE branch: 46 - Wholesale trade, except of motor vehicles and motorcycles

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.40
UK Pound	1	Rs.73.26
Euro	1	Rs.65.17

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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

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

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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.