MIRA INFORM REPORT

Report Date :

19.08.2011

IDENTIFICATION DETAILS

Name :	UAB VIPARIS
Registered Office :	Paparciu str. 24, Kedainiai, Kaunas region, Kedainiai district municipality
Country :	Lithuania
Financials (as on) :	31.12.2010
Date of Incorporation :	22.11.2000
Com. Reg. No.:	110854690
Legal Form :	Private Joint-Stock Company
Line of Business :	Wholesale of chemical products

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	6 000 EUR
Status :	New company
Payment Behaviour :	Usually Correct
Litigation :	----

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Lithuania	b1	b1

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

Bottom of Form

Identification

Full Name

:

UAB "VIPARIS"

Name in national language

:

UAB "VIPARIS"

Office address

:

Paparciu str. 24, Kedainiai, Kaunas region, Kedainiai district municipality, Lithuania

Legal Address

:

Paparciu str. 24, Kedainiai, Kaunas region, Kedainiai district municipality, Lithuania

Contacts

:

-	Phone	:	(+370) (686) 77300
-	E-mail	:	irmantas74@gmail.com

SUMMARY

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

Incorporation : 2000

Staff : 2

Litigation events : none Remarks on payments : none

Sales :	1 031 293.00 LTL ( for 12 months, ended 31.12.2010 )
	n/a ( for 12 months, ended 31.12.2009 )

Credit Opinion

Credit Limit

:

6 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

2000

Registration Data

Date of registration

:

22.11.2000

Registration number

:

110854690

Registr. authority

:

State Register (Kedainiai, Kaunas region, Kedainiai district municipality, Lithuania)

Date of registration

:

28.01.2010

VAT number

:

LT108546917

Registr. authority

:

Tax Board (Kedainiai, Kaunas region, Kedainiai district municipality, Lithuania)

Legal Form

:

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

since 22.11.2000

Share Capital

:

59 000 LTL (registered)

since 03.12.2010

Shareholders

:

The company refused to provide us this information.

Board / Executives

Executives

Director

:

Mr Lapukas, Irmantas (Lithuania)

Authorised signature

:

Mr Lapukas, Irmantas

Changes in Registration Data

- 03.12.2010

:

share capital

Increase of share capital

Activities

:

-	516	Chemicals and Allied Products
		(NACE 5155: Wholesale of chemical products)
	Wholesale of chemical products

Staff employed

:

2 [E]

Staff History

:

-	2 [E]
	( the data as of 01.01.2011 )
-	2 [E]
	( the data as of 01.01.2010 )
-	2 [E]
	( the data as of 01.01.2009 )
-	2 [E]
	( the data as of 01.01.2008 )
-	2 [E]
	( the data as of 01.01.2007 )

Export

:

Poland, Germany, Portugal

Import

:

Germany, Belgium

Branches

:

none

Subsidiaries and Participation

:

n/a

Bankers

:

-	AB Swedbank (Lithuania)
	bank code	:	73000

Litigation

:

none

There are no registered legal actions against company required.

Remarks on payment

:

none

No current are reported by the local debt collection companies.

Business mortgages

:

none

Financial Elements

Period, months	12	12
Ended	31.12.2010	31.12.2009
Currency	LTL	LTL
Non-current assets	1 286.00	1.00
incl: - Fixed assets	1 286.00	1.00
- Financial assets	0.00	0.00
Current assets	167 137.00	20 052.00
incl: - Stock	19 973.00	5.00
- Debtors	79 184.00	20 047.00
- Cash	67 980.00	0.00
ASSETS TOTAL	168 423.00	20 053.00
Equity	64 877.00	-58 477.00
incl: - Share capital	59 000.00	10 000.00
Liabilities Total	103 546.00	78 530.00
incl: - Long-term liabilities	34 528.00	0.00
- Short-term liabilities	69 018.00	78 530.00
EQUITY AND LIABILITIES TOTAL	168 423.00	20 053.00
Net sales	1 031 293.00
Cost of goods sold	924 882.00
Operating profit	76 291.00	-2 343.00
Profit before taxation	75 321.00	-2 258.00
Net profit	74 354.00	-2 258.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	7.30
Profit before taxation / Net sales
Operating margin of profit, %	7.40
Operating profit / Net sales
Return on investment, %	116.10	3.86
Profit before taxation / Equity
Current assets turnover	6.17
Net sales / Current assets
Working capital	98 119.00	-58 478.00
Current assets - Short-term liabilities
Leverage	0.39	-2.92
Equity / Total assets
Current ratio	2.42	0.26
Current assets / Short-term liabilities
Quick ratio	2.13	0.26
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.60	-1.34
Total liabilities / Equity

Income range of the subject LTL (according to data of Statistics Dep-t): 0-1,000 /2007-01-01/ 30,001-100,000 /2005-12-31/ 200,001-400,000 /2004-12-31/ 2,000,001-3,000,000 /2003-12-31/ 400,001-800,000 /2002-12-31/ 1,001-30,000 /2001-12-31/ *Since 01.01.2008 information about income range is not available.

FINAL COMMENTS

Information was received from all the sources available, some information was confirmed by director of the company Mr. Irmantas Lapukas. He has explained us that company has been registered in 2000, but the activities was stopped for about 2 years and only in 2010 the company has renewed its activities. /Date: 16.08.2011, phone:(+370) (686) 77300

Capital History

- 22.11.2000

:

10 000 LTL (registered)

( the data as of 22.11.2000, cancelled since 03.12.2010 )

COUNTRY REVIEW

COUNTRY REVIEW

LITHUANIA, Economyreview,MinistryofEconomy

UpdateOctober,2010

GDPreturnedtogrowthonthesecondquarterof2010onrisingexportsandexpandin

gindustrialoutput.YearlyGDPgrowthbecamepositiveaftersixquartersoffalla

ndreached1.3percent,whereasquarterlyoutputwas3,2%(seasonallyadjusted).

GDPfor1-stand2-ndQ2010maderespectively(millofEUR):5945and7104.

Althoughoutputpaceisnotsustainableyet,itsupportsmajorLithuania sgovernme

ntandfinancialinstitutions,consensusfor2010tobeslightlyabovezero.Notabl

e,thatinstitutions,havingmuchmorereasonstobeconservativethanoptimistic,

forecastGDPgrowth.MinistryofFinanceforecasts1.6%GDPgrowthin2010(thisi

sofficialGovernments forecastofLithuaniaGDP),whileBankofLithuaniaexpects

0.5%growth.SEB,thebiggestplayerinLithuanias bankindustry,forecastsecon

omywillgrowth1%.InternationalMonetaryFundforecasts1.3%growthin2010.

Exportofgoods,themaindriverofLithuaniaeconomy,hasbeenshowingmuchbetter

thanexpectedfiguresforsevenmonthsinarowascomparedwiththesameperiodo

f2009.Thatamountedtoannualrateofchangeofexport(27,9%)duringJanuary-Au

gustof2010.

Externaltrade

Exportofgoods,blnEUR:

200820091-stQ20102-ndQ2010

16.111.83.03.8

Importsofgoods,blnofEUR:

200820091-stQ20102-ndQ2010

21.113.13.44.2

Notable,thatexportofLithuaniaorigin(goodsmadebyLithuaniaindustry)thatam

ountsto80%oftotalexportofgoodsalsoincreased.AnnualrateofchangeinJan

uary Augustof2010was25,6%.

Industryhasbeengraduallypickingupoverthecourseof2010.Atthebeginningof

2010,industrialproductionwasstillondeclineinyear-on-yeartermswhileexter

naldemandwasquiteweak.Nevertheless,inAugust2010industrialproductionincre

asedby10,9%onanannualbasis,ofwhichmanufacturingindustryincreasedby12.

8InJanuary-August,industrialproductionincreasedby2.5%onanannualbasis.I

ndustrialenterprisesnowreturntousualworkingtimescheduleandstartrestockin

g.Theresultsofmostofindustrialbranches(rubberandplastics,textilesandcl

othing,computerandelectronicproducts,woodarticles,furniture,metalproducts,

refinedoilproducts,foodproducts,beverages)werenotablybetterinthemiddle

of2010thanatthebeginningoftheyear.

Retailtrade(exceptofmotorvehicles,motorcyclesandfuel)increasedby2.9%in

Augustmonthonmonthbasis.Indicatorwas6.4%lowerthanAugustin2009.Inthe

January-Marchof2010annualrateofchangewas-17.7%,-15.9%and-7.9%.

Lendingandinterestrates.Averageinterestratechargedfromnon-financialcorpo

rationsforloansinlitaswas4.8%inAugust,whereasthesamefigurewasat5.2

inJuneand7.3percentinJanuaryof2010.Averageloansineuroshaveremaineds

tableat3.6percentsinceNovemberof2009.

LendingtobusinessdeclinedinAugustof2010,ascomparedwithpreviousmonthat

0.2%andat8.9%ascomparedwithcorrespondingperiodof2009.

Althoughlendingtobusinessisstilldecreasing,sodoingaverageinterestscharge

dforloansinLTLaswell.Thatletustoconcludethatnationalcurrencyandente

rprisesarenotsoriskyasintheendof2009inbankspointofview.

Labourmarket.Unemploymentratemadeup18.3%inthesecondquarterof2010.Theq

uarterlyincreasemadeup0.2percentagepointsonly,whileinthefirstquarterof

2010theincreasemadeup2.5percentagepoints.Slowerincreasesuggestsimminent

stabilization.

UnemploymentrateinLithuaniawaslowerthaninLatviaandEstonia,whereitmade

up19.4%and18.6%,accordingly(byEurostatmethodology).

Fiscalpolicyismaintainingitspath.Incometostatebudgetwashigherthanplann

edby8.4percentduringtheJanuary Augustperiod.

Inthe1sthalf-yearof2010duetoreducedexpenditure,centralgovernmentdeficit

(calculatedoncashbasis)wasbyLTL645.6millionsmallerascomparedtothesam

eperiodin2009andmadeupLTL4,062.2millionor4.3%ofGDP.

Strategicobjectiveofthemedium-termpolicyisfurtherpublicfinancesconsolidat

ionandessentialimprovementofthesituationintheareasthatcanensureeconomi

cbreakthrough.ConvergenceProgrammeofLithuaniasetsgeneralgovernmentdeficit

targets:for20108.1percentofGDP,for20115.8percentofGDP,for2012

3 per cent of GDP.

APPENDIX A

Financial Statements

Period, months	12	12
Ended	31.12.2010	31.12.2009
Currency	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	1 031 293.00
II. COSTS OF GOODS SOLD AND SERVICES	924 882.00
RENDERED
III. GROSS PROFIT (LOSS)	106 411.00	0.00
IV. OPERATING EXPENSES	30 120.00	2 343.00
IV.1 Expenses on sales	4 542.00
IV.2 Administrative and other expenses	25 578.00	2 343.00
V. OPERATING PROFIT (LOSS)	76 291.00	-2 343.00
VI. OTHER OPERATIONS	0.00	0.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-970.00	85.00
VII.1 Revenue from financial and investing activities	99.00	103.00
VII.2 Expenses on financial and investing activities	1 069.00	18.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	75 321.00	-2 258.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	75 321.00	-2 258.00
XII. PROFIT TAX	967.00
XIII. NET PROFIT (LOSS)	74 354.00	-2 258.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	1 286.00	1.00
I. INTANGIBLE ASSETS	0.00	0.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets
II. TANGIBLE ASSETS	1 286.00	1.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles
II.5 Other fixtures, fittings, tools and equipment	1 286.00	1.00
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets	0.00	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	0.00	0.00
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	167 137.00	20 052.00
I. STOCKS AND CONTRACTS IN PROGRESS	19 973.00	5.00
I.1. Stocks	19 973.00	5.00
I.1.1 Raw materials and consumables	5.00	5.00
I.1.2 Work in progress
I.1.3 Finished products
I.1.4 Goods purchased for sale	19 968.00
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	79 184.00	20 047.00
II.1. Trade debtors	56 637.00	20 047.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	22 547.00	0.00
III. OTHER CURRENT ASSETS	0.00	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	67 980.00	0.00
TOTAL ASSETS	168 423.00	20 053.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	64 877.00	-58 477.00
I. CAPITAL	59 000.00	10 000.00
I.1. Authorized capital	59 000.00	10 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	1 000.00	1 000.00
III.1. Legally prescribed reserevs	1 000.00	1 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	4 877.00	-69 477.00
IV.1 Profit (loss) from the current year	74 354.00	-2 258.00
IV.2 Profit (loss) brought forward from previous years	-69 477.00	-67 219.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	103 546.00	78 530.00
I. LONG-TERM ACCOUNTS PAYABLE	34 528.00	0.00
I.1 Financial loans	34 528.00	0.00
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans	34 528.00
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	69 018.00	78 530.00
II.1 Short-term portion of long-term debts
II.2 Financial debts	0.00	51 881.00
II.2.1 To credit institutions
II.2.2 Other loans		51 881.00
II.3 Trade creditors	14 001.00	5 696.00
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities	967.00
II.6 Taxes, accrued payroll and social insurance payments	11 396.00	19 961.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	42 654.00	992.00
TOTAL EQUITY AND LIABILITIES	168 423.00	20 053.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

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.