MIRA INFORM REPORT

Report Date :

15.07.2011

IDENTIFICATION DETAILS

Name :	HALJAS PLC
Registered Office :	Manniku road 106C, Tallinn, Harju county, 11216
Country :	Estonia
Financials (as on) :	31.05.2011
Date of Incorporation :	04.07.1996
Com. Reg. No.:	10040963
Legal Form :	Public Limited Company
Line of Business :	Wholesale of sugar and chocolate and sugar confectionery

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 :	171 000 EUR
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Estonia	b2	b2

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

Identification

Full Name

:

Haljas Aktsiaselts

Name in English

:

Haljas PLC

Name in national language

:

Haljas AS

Trading Names, Brands

:

4U, Sweet Angel, Tate&Lyle, Hame, Veres, Adriana etc.

Office address

:

Manniku road 106C, Tallinn, Harju county, 11216, Estonia

Legal Address

:

Manniku road 106C, Tallinn, Harju county, 11216, Estonia

Contacts

:

-	Phone	:	(+372) 6518820 6770672
-	Fax	:	(+372) 6518818
-	E-mail	:	info@haljas.ee
-	WWW	:	www.haljas.ee

SUMMARY

Legal Form : AS (Public limited company by Estonian Commercial Law)

Incorporation : 1989

Staff : 50

Litigation events : none Remarks on payments : none

Sales :	3 579 593.00 EUR ( for 5 months, ended 31.05.2011 )
	122 940 966.00 EEK ( for 12 months, ended 31.12.2010 )

Credit Opinion

Credit Limit

:

171 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

1989

Registration Data

Date of registration

:

04.07.1996

Registration number

:

10040963

Registr. authority

:

Registration department of the County Court (Harju county, Estonia)

Date of registration

:

01.01.1994

VAT number

:

EE100064616

Registr. authority

:

Estonian Tax and Customs Board (Harju county, Estonia)

VAT payers are persons (including legal persons), whose taxable supply from the beginning of a calendar year exceeds 250 000 EEK. VAT rate is 20 percent.

Legal Form

:

AS (Public limited company by Estonian Commercial Law)

since 04.07.1996

Public Limited company (PLC) is a company with a share capital divided into shares. The company is liable for its obligations with all its assets. The minimum sharecapital must be at least 400,000.00 EEK (25,564.00 EUR). The minimum nominal value of a share is EEK 10, if higher, the value is ten fold.

Share Capital

:

319 550 EUR (registered)

since 17.11.2010

Shareholders

:

-	Mr Mehtijev, Movsum (Estonia)				100.00 %
		share's book value	:	319 550 EUR
		reg. number	:	36202060334

Board / Executives

Board

Member of the Supervisory Board

:

Mrs Dedjajeva, Jelena (Estonia)
	pers. code: 47012070244
	address: Tallinn, Harju county, Estonia

Member of the Supervisory Board

:

Mr Kiik, Urmas (Estonia)
	pers. code: 37210120287
	address: Tallinn, Harju county, Estonia

Member of the Supervisory Board

:

Mr Mehtijev, Movsum (Estonia)
	pers. code: 36202060334

Member of the Supervisory Board

:

Mr Ukatov, Argo (Estonia)
	pers. code: 37911110349
	address: Tallinn, Harju county, Estonia

Executives

Member of the board

:

Mrs Godoreva, Tatjana (Estonia)
	pers. code: 46810200317

Member of the board

:

Mr Parn, Bruno (Estonia)
	pers. code: 37801250245
	address: Tallinn, Harju county, Estonia

The member of the management board represents the public limited company alone unless noted otherwise in the commercial register.

Authorised signature

:

Mrs Godoreva, Tatjana

Mr Parn, Bruno

Changes in Registration Data

- 17.11.2010

:

share capital

- 23.09.2010

:

activities

Principal activity: Non-specialized wholesale of food, beverages and tobacco (NACE code: 46.39)

- 22.06.2010

:

managers, authorised signature

Mr Kuznetsov, Aleksei (Estonia, 38102040289)

- 17.03.2010

:

managers, authorised signature

Mrs Lebret, Olga (Estonia, 47308300263)

- 05.01.2010

:

managers, authorised signature

Mr Tafenau, Vello (Estonia, 35204105215)

- 07.10.2008

:

managers, authorised signature

Mr Roosma, Ain (Estonia, 36406060238)

- 23.11.2007

:

managers, authorised signature

Mr Laineste, Lembit (Estonia, 36001084227)

- 14.06.2007

:

managers, authorised signature

Mr Tobler, Edgar (Estonia, 37710230314)

- 20.02.2007

:

managers, authorised signature

Mr Kook, Urmas (Estonia, 36304240225)

- 08.12.2004

:

share capital

- 19.11.2003

:

legal address

Jaama 1A , Tallinn, EE0016

- 27.11.1998

:

share capital

- 15.05.1998

:

managers

Mr Mirzalijev, Jasar (Estonia, 36107060356)

- 03.11.1997

:

share capital

Activities

:

-	5145	Confectionery, NEC
		(NACE 5136: Wholesale of sugar and chocolate and sugar confectionery)

Principal activity: Wholesale of sugar and chocolate and sugar confectionery (NACE code: 46.36) Additional activity: Retail sale in non-specialized stores with food, beverages or tobacco predominating (NACE code: 47.11) Brands distributed: Pates, canned vegetables, jams /www.hame.cz Senok, Tea / www.pureceylontea.com Tate&Lyle, Sugar, syrups / www.tateandlyle.com Amico, Canned vegetables / www.alimenco.it Sandora, Juices / www.sandora.mk.ua 4U 100% Pomegranate Juice / Anatols, Spices / www.anatols.lv/index.php Linco, Margarines / www.linco.hu Dutch Lady, Concentrated milk / www.frieslandfoods.com Adriana, Pasta / www.adriana.cz/en/index.php Natura, Sunflower oil / www.agd.com.ar/en/home.htm Sweet Angel, Sweets / www.sweetpoint.hu Szegedi Paprika, Canned meat / www.szegedipaprika.hu Pick Szeged, Canned meat and vegetables / www.szegedipaprika.hu Vohu Vein, Wines / www.vohuvein.ee Bepec, Canned vegetables / www.veres.com.ua

Staff employed

:

50

Staff History

:

-	50
	( the data as of 31.12.2009 )
-	60
	( the data as of 06.11.2009 )
-	55
	( the data as of 31.12.2008 )
-	50
	( the data as of 31.12.2007 )
-	51
	( the data as of 31.12.2006 )
-	51
	( the data as of 31.12.2005 )
-	64
	( the data as of 31.12.2004 )

Export

- 31.12.2009

:

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

90 313 793.00

Azerbaijan, Kazakhstan, Lithuania, Latvia, Finland, United Kingdom, Czechia, Poland, Italy

- 31.12.2008

:

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

147 391 559.00

Azerbaijan, Kazakhstan, Lithuania, Latvia, Germany, Georgia, Norway, Finland, United Kingdom, Czechia, Poland, Italy
food products

- 31.12.2007

:

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

58 154 492.00

Azerbaijan, Kazakhstan, Lithuania, Latvia, Germany, Finland, United Kingdom, Czechia, Poland, Slovakia

- 31.12.2006

:

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

47 801 976.00

Azerbaijan, Kazakhstan, Latvia, Finland, Lithuania

Import

- 31.12.2010

:

United Kingdom, Italy, Spain, Ukraine, Argentina, Russian Federation, Bulgaria, China Peoples Republic, Thailand, Vietnam, Poland, Azerbaijan
Import share: 70%

- 31.12.2008

:

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

80 000 000.00

[E]

United Kingdom, Italy, Spain, Ukraine, Argentina, Russian Federation, Bulgaria, China Peoples Republic, Thailand, Vietnam

Facilities

Real estate

:

own:
-	Land, buildings, premises - Office
	size/amnt	:	880.00 sq.m
	address	:	Manniku road 106F, Tallinn, Harju county, Estonia
-	Land, buildings, premises - Office
	size/amnt	:	963.00 sq.m
	address	:	Manniku road 106a, Tallinn, Harju county, Estonia
-	Land, buildings, premises - Office
	size/amnt	:	5 662.00 sq.m
	address	:	Manniku road 106C, Tallinn, Harju county, Estonia
-	Land, buildings, premises - Office
	size/amnt	:	1 335.00 sq.m
	address	:	Manniku road 106, Tallinn, Harju county, Estonia
-	Land, buildings, premises - Office
	size/amnt	:	1 241.00 sq.m
	address	:	Kopli street 3, Tallinn, Harju county, Estonia
-	Land, buildings, premises - Apartment
	address	:	Kaupmehe street 8-1, Tallinn, Harju county, Estonia
-	Land, buildings, premises - Apartment
	address	:	Kaupmehe street 8-2, Tallinn, Harju county, Estonia
-	Land, buildings, premises - Office and production
	size/amnt	:	3 004.00 sq.m
	address	:	Manniku road 106D, Tallinn, Harju county, Estonia
-	Land
-	Premises
	size/amnt	:	10 000.00 sq.m [E]
	name	:	Warehouse + office
	address	:	Manniku road 106C, Tallinn, Harju county, 11216, Estonia
unknown ownership:
-	Land
	size/amnt	:	23 949.00 sq.m
	address	:	Partli road 23, Suurupi village, Harku parish, Harju county, Estonia

Other Property

:

own:
-	Other tools & equipment - Car
	quantity	:	25.00 unit(s)
leasing:
-	Other tools & equipment - Transport vehicle
	quantity	:	2.00 unit(s)
-	Other tools & equipment - Truck
	quantity	:	2.00 unit(s)

Branches

:

-	Cafe (Tallinn, Harju county, Estonia)
	name	:	"M�nniku Kann"
	address	:	Manniku road 106A, Tallinn, Harju county, Estonia
-	Shop (Tallinn, Harju county, Estonia)
	name	:	-
	address	:	Manniku road 106C, Tallinn, Harju county, Estonia
-	Warehouse (Tallinn, Harju county, Estonia)
	address	:	Manniku road 106C, Tallinn, Harju county, Estonia

Subsidiaries and Participation

:

-	Landend (Estonia)				100.00 %
		share's book value	:	40 000 EEK
		reg. number	:	11096836
		address	:	Jaama 1a, Tallinn, Harju county, 11615, Estonia
-	Haljas AZ (Azerbaijan)				100.00 %
		share's book value	:	5 793 EEK
-	Haljas KZ (Kazakhstan)				70.00 %
		share's book value	:	12 275 EEK
-	Tallinna Karastusjoogid (Estonia)				36.00 %
		share's book value	:	2 252 520 EEK
		reg. number	:	10116985
		address	:	Silikaltsiidi 3, Tallinn, Harju county, 11216, Estonia

Bankers

:

-	Eesti Krediidipank (Estonia)
	address	:	Narva road 4, Tallinn, Harju county, 15014, Estonia
	reg. number	:	10237832
	bank code	:	742
-	SEB Pank (Estonia)
	address	:	Tornimae 2, Tallinn, Harju county, 15010, Estonia
	reg. number	:	10004252
	bank code	:	401
-	Swedbank (Estonia)
	address	:	Liivalaia 8, Tallinn, Harju county, 15040, Estonia
	reg. number	:	10060701
	bank code	:	767

Clients

:

-	A-Selver (Estonia)
	address	:	Parnu mnt 238, Tallinn, Harju county, 11624, Estonia
	reg. number	:	10379733
-	Emco spol. s r. o. (Czechia)
	address	:	Zirovnicka 2389 106 00 Prague 10, Czechia
-	Kalev Chocolate Factory (Estonia)
	address	:	Porguvalja str 6, Lehmja village, Rae village, Rae parish, Harju county, 75301, Estonia
	reg. number	:	11267031
-	Maxima Eesti (Estonia)
	address	:	Peterburi str 47, Tallinn, Harju county, 11415, Estonia
	reg. number	:	10765896
-	Palink UAB (The retail chain "IKI") (Lithuania)
	address	:	Lentvario str. 33, Vilnius, Vilnius region, Vilnius city municipality, 02241, Lithuania
-	Paulig Baltic (Estonia)
	address	:	Tule 24a, Saue, Harju county, 76505, Estonia
	reg. number	:	10028123
-	Prisma Peremarket (Estonia)
	address	:	Tammsaare tee 116, Tallinn, Harju county, 12918, Estonia
	reg. number	:	10569681
-	Rimi Eesti Food (Estonia)
	address	:	Porguvalja tee 3, Pildi village, Rae village, Rae parish, Harju county, 75301, Estonia
	reg. number	:	10263574
-	Santa Maria (Estonia)
	address	:	Tule 24A, Saue parish, Harju county, 76505, Estonia
	reg. number	:	11305748

Haljas AS is working with biggest markets, around whole Europe and with east countries as well, like Kazakhstan, Azerbaijan.

Suppliers

:

-	Tate & Lyle Ltd (United Kingdom)
	address	:	Sugar Quay Lower Thames Street London, Greater London EC3R 6DQ, United Kingdom
	reg. number	:	00291392

M-pro AS (grenade juice maker), Bellabellisimo , Senok tea LTD (big factory), Szegedi paprika LTD (big factory) and many other

Other associated Companies

:

According to an interview, there are no related companies with company required.

Litigation

:

none

There are no warnings recorded by the State Register. There are no registered legal actions against company required. The company acts only as a claimant.

Remarks on payment

:

none

Debts to Estonian government: By the Tax Authorities there are no tax debts registered on the subject. Other debts: No current on defaulted payments are reported by local debt collection companies. IGK databases: No current records are reported on the company required.

Business mortgages

- 04.03.2008

:

Commercial pledge				4 500 000 EEK
	pledgee	:	Swedbank (Estonia) reg. number: 10060701 address: Liivalaia 8, Tallinn, Harju county, 15040, Estonia

( the data as of 02.11.2010 )

- 12.07.2007

:

Commercial pledge				2 500 000 EEK
	pledgee	:	Swedbank (Estonia) reg. number: 10060701 address: Liivalaia 8, Tallinn, Harju county, 15040, Estonia

( the data as of 02.11.2010 )

- 25.02.2003

:

Commercial pledge				9 000 000 EEK
	pledgee	:	Eesti Krediidipank (Estonia) reg. number: 10237832 address: Narva road 4, Tallinn, Harju county, 15014, Estonia

( the data as of 02.11.2010 )

:

Exchange rate: 1 EUR = 15.6466 EEK

Financial Elements

Period, months

5

12

12

Ended	31.05.2011	31.12.2010	31.12.2009
Currency	EUR	EEK	EEK
Non-current assets	2 558 185.00	42 649 938.00	41 169 425.00
incl: - Fixed assets	1 604 003.00	29 007 171.00	32 061 104.00
- Financial assets	954 182.00	13 642 767.00	9 108 321.00
Current assets	2 724 453.00	36 180 300.00	77 378 661.00
incl: - Stock	1 363 664.00	16 961 789.00	30 737 470.00
- Debtors	1 286 360.00	16 153 740.00	42 473 330.00
- Cash	74 429.00	3 064 771.00	4 167 861.00
ASSETS TOTAL	5 282 638.00	78 830 238.00	118 548 086.00
Equity	1 677 691.00	27 913 008.00	25 617 423.00
incl: - Share capital	319 550.00	5 000 000.00	5 000 000.00
Liabilities Total	3 604 948.00	50 917 230.00	92 930 663.00
incl: - Long-term liabilities	1 781 642.00	32 208 983.00	38 560 972.00
- Short-term liabilities	1 823 306.00	19 708 247.00	54 369 691.00
EQUITY AND LIABILITIES TOTAL	5 282 638.00	78 830 238.00	118 548 086.00
Net sales	3 579 593.00	122 940 966.00	217 797 815.00
Cost of goods sold
Operating profit	91 282.00	-3 587 035.00	4 467 476.00
Profit before taxation	62 020.00	4 689 294.00	-1 148 230.00
Net profit	38 422.00	4 223 506.00	-2 495 648.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.73	3.81	-0.53
Profit before taxation / Net sales
Operating margin of profit, %	2.55	-2.92	2.05
Operating profit / Net sales
Return on investment, %	3.70	16.80	-4.48
Profit before taxation / Equity
Current assets turnover	1.31	3.40	2.81
Net sales / Current assets
Working capital	901 147.00	16 472 053.00	23 008 970.00
Current assets - Short-term liabilities
Leverage	0.32	0.35	0.22
Equity / Total assets
Current ratio	1.49	1.84	1.42
Current assets / Short-term liabilities
Quick ratio	0.75	0.98	0.86
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.15	1.82	3.63
Total liabilities / Equity

Publications

:

No publications in mass-media regarding company required in this or previous year.

FINAL COMMENTS

The general information in this report was confirmed during the interview with Mr Parn, Bruno (Member of the board of the company required), called by the tel. number: +372 6518820, on 12.07.2011. We have sent our questionnaire form to the company by an email: info@haljas.ee We have received financial statements 2010 for 12 months and 2011 for 5 months from company required. Both are added to the report. Address mentioned in the order: Jaama 1A , Tallinn, EE0016 is previous address of the office of the company.

Registration History

- 1991

:

Other Code	:	1175061
Registr. authority	:	Entrepreneur register (Harju county, Estonia)

( the data as of 1991, cancelled since 1996 )

Capital History

- 08.12.2004

:

5 000 000 EEK (registered)

( the data as of 08.12.2004, cancelled since 17.11.2010 )

- 27.11.1998

:

8 000 000 EEK (registered)

( the data as of 27.11.1998, cancelled since 08.12.2004 )

- 03.11.1997

:

2 000 000 EEK (registered)

( the data as of 03.11.1997, cancelled since 27.11.1998 )

- 04.07.1996

:

800 000 EEK (registered)

( the data as of 04.07.1996, cancelled since 03.11.1997 )

COUNTRY REVIEW

STATE BOARD FOR STATISTICAL DATA REPORTS

Estonia, Updated: 11 March 2010

Last year the biggest downfall of the GDP was recorded in the 2nd quarter

According to Statistics Estonia, in 2009 the gross domestic product (GDP) decreased

by 14.1% compared to the previous year. The biggest downfall was in the 2nd quarte

r when the GDP decreased by 16.1%. After that, the decrease gradually decelerated.

In the 4th quarter, the GDP decreased by 9.5% according to the first estimates.

2009

In 2009 the GDP at current prices was 214.8 billion kroons.

In 2009, the domestic demand decreased approximately by 24%, including households�

final consumption expenditures by 19% and gross fixed capital formation by 35%. The

change in inventories decreased fast as well. The share of the domestic demand in

the GDP was 95%. The domestic demand was annually less than the GDP for the first t

ime in the last 15 years, i.e. despite the fast decrease the GDP was still bigger t

han the sum total of final consumption expenditures, investments and changes in inv

entories. The decrease in households final consumption expenditures was most influe

nced by the decrease in expenditures on transport, recreation and culture, restaura

nts and hotels and on miscellaneous goods and services (e.g. on financial services,

personal care, etc). The decrease in gross fixed capital formation was most influe

nced by the decrease in investments in machinery and equipment by the non-financial

corporations� sector.

Along with the decrease in domestic demand import of goods and services decreased a

s well in real terms (by 27%). The decrease in imports of chemicals and chemical pr

oducts and food products and beverages, as well as the increase in imports of petro

leum products and fuel influenced import the most.

The value added decreased in the majority of economic activities in 2009. It increa

sed only in forestry, fishing and in public administration and defence, but the sha

re of these activities in gross value added of the economy was small. The value add

ed decreased the most in construction, financial intermediation and in manufacturin

g, whereas the decrease in the value added in manufacturing and wholesale and retai

l trade had the biggest influence on the decrease in the GDP. Weak domestic demand

was the main reason for the bad result of the wholesale and retail trade. Weak dome

stic demand together with the decrease in domestic orders and worsened external dem

and contributed the most to the decrease in the value added of the manufacturing. D

ue to the worsened external demand exports of manufacturing activities steeply dimi

nished.

In 2009, exports of goods and services of the total economy decreased by 11%, inclu

ding exports of goods by 12% and exports of services by 10%. The decrease in export

s was most influenced by the decrease in exports of electrical machinery and appara

tus and wood and products of wood. At the same time, the increase in exports of pet

roleum products and fuels after inward processing had the positive effect.

In 2009, foreign trade balance improved in Estonia. The share of net export in the

GDP was 5.4%, being the best indicator annually of the last 15 years. The share of

net export in the GDP turned into positive indicator as of the 1st quarter 2009.

4th quarter 2009

Compared to the 3rd quarter, the seasonally and working-day adjusted GDP increased

by 2.5% in the 4th quarter. The seasonally and working-day adjusted GDP grew last i

n the 4th quarter of 2007.

The decrease of the domestic demand decelerated to 17% in the 4th quarter of 2009 (

in the 3rd quarter the domestic demand decreased by 28%), influenced to a great ext

ent by the abrupt deceleration of the decrease in inventories in previous year pric

es. The volume of inventories was influenced by the stocking up of excise goods (es

pecially of tobacco products) by corporations before the rise of excise taxes since

the 1st January 2010. Stocking up of excise goods brought about substantially bigg

er receipts of excise taxes than customary, contributing to the deceleration of the

decrease in the GDP.

Households� final consumption expenditures decreased by 17% (by 20% in the 3rd quar

ter) and gross fixed capital formation decreased by 35% (by 37% in the 3rd quarter)

. The decrease in the expenditures on transport and miscellaneous goods and service

s (e.g. financial services, personal care, etc.) influenced the decrease in the hou

seholds� final consumption expenditures most. The decrease in gross fixed capital f

ormation was mostly influenced by the decrease in investments by the non-financial

corporations� sector.

Along with the decrease in domestic demand imports of goods and services decreased

as well in real terms (by 22%). At the same time, the decrease in imports has decel

erated since the 2nd quarter of 2009. In the 4th quarter the decrease in imports of

chemicals and chemical products, petroleum products and fuel and food products and

beverages influenced imports the most.

In the 4th quarter the gross value added of most economic activities decreased. The

decline was the biggest in construction, hotels and restaurants and in financial i

ntermediation (by -26%, -23% and -21%, respectively). The value added increased in

forestry, fishing, mining and quarrying, and in public administration and defence,

but the share of these economic activities in the gross value added of the economy

was small. The decrease of the gross value added decelerated to 10.7%, affected to

a great extent by the decrease of the value added in manufacturing. If in the 3rd q

uarter the value added in manufacturing decreased by 27%, then in the 4th quarter b

y 14%. The deceleration of the falling trend of the value added in manufacturing wa

s contributed by the slight increase in exports of this economic activity. At the s

ame time one of the reasons for the improvement of the situation was also lower ref

erence base of the 4th quarter of 2008.

In the 4th quarter, exports of goods and services decreased by 8% in real terms, of

which exports of goods by 6% and exports of services by 12%. Exports decreased mos

t in the 1st quarter of 2009, after that export has gradually improved. In the 4th

quarter, export of goods was most influenced by the decrease in exports of electric

al machinery and apparatus, wood and wood products and food products and beverages.

At the same time, the increase in exports of petroleum products and fuels after in

ward processing had the positive effect.

Real growth of the GDP compared to the same quarter of the previous year, 1st quart

er 2006 � 4th quarter 2009

APPENDIX A

Financial Statements

Period, months	5	12	12
Ended	31.05.2011	31.12.2010	31.12.2009
Currency	EUR	EEK	EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	74 429.00	3 064 771.00	4 167 861.00
2. SHORT-TERM FINANCIAL INVESTMENTS	7 480.00	96 766.00	95 916.00
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	1 278 880.00	16 056 974.00	42 377 414.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	1 363 664.00	16 961 789.00	30 737 470.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	2 724 453.00	36 180 300.00	77 378 661.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	954 182.00	13 642 767.00	9 108 321.00
8. INVESTMENT PROPERTIES	509 000.00	11 360 000.00	11 360 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	1 095 003.00	17 647 171.00	20 701 104.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	2 558 185.00	42 649 938.00	41 169 425.00
TOTAL ASSETS	5 282 638.00	78 830 238.00	118 548 086.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	720 765.00	4 261 148.00	18 619 618.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	1 102 541.00		35 750 073.00
14. SHORT-TERM PROVISIONS		15 447 099.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	1 823 306.00	19 708 247.00	54 369 691.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	1 781 642.00	32 208 983.00	38 522 614.00
17. OTHER LONG-TERM DEBTS			38 358.00
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	1 781 642.00	32 208 983.00	38 560 972.00
LIABILITIES TOTAL	3 604 948.00	50 917 230.00	92 930 663.00
20. SHARE CAPITAL	319 550.00	5 000 000.00	5 000 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM	191 735.00	3 000 000.00	3 000 000.00
23. LESS TREASURY SHARES
24. Statutory legal reserve	51 129.00	800 000.00	800 000.00
25. Other reserves			-26 042.00
26. RETAINED EARNINGS	859 781.00	14 889 502.00	19 168 098.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	255 495.00	4 223 506.00	-2 324 633.00
EQUITY TOTAL	1 677 691.00	27 913 008.00	25 617 423.00
EQUITY AND LIABILITIES TOTAL	5 282 638.00	78 830 238.00	118 548 086.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1		122 940 966.00	217 797 815.00
2. Other income		3 147 736.00	1 928 519.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services		-103 967 101.00	-177 825 934.00
8. Other operating expenses		-9 448 377.00	-12 988 580.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL		-11 695 003.00	-17 126 923.00
10. Depreciation and impairment of fixed assets		-931 285.00	-1 784 369.00
11. Other expenses		-6 633 971.00	-5 533 052.00
1. NET SALES format 2	3 579 593.00
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales	-2 844 373.00
GROSS PROFIT (LOSS)	735 219.00
5. Marketing expenses	-140 828.00
6. Administration and general expenses	-441 594.00
7. Other income	3 554.00
8. Other expenses	-65 069.01
OPERATING PROFIT (LOSS)	91 282.00	-3 587 035.00	4 467 476.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries		9 516 124.00
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense		-1 239 795.00
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-29 263.00	8 276 329.00	-5 615 706.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	62 020.00	4 689 294.00	-1 148 230.00
13. Income tax expense	-23 598.00	-465 788.00	-1 347 418.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	38 422.00	4 223 506.00	-2 495 648.00

- 31.12.2008

:

Fiscal period: 12 month(s), currency: EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	2 948 555.00
2. SHORT-TERM FINANCIAL INVESTMENTS	86 616.00
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	38 156 886.00
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	1 081 197.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	39 238 083.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	33 093 535.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	75 366 629.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable	12 003 967.00
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	12 003 967.00
8. INVESTMENT PROPERTIES	14 600 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets	18 343 534.00
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	18 343 534.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	44 947 501.00
TOTAL ASSETS	120 314 130.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	14 029 751.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	14 029 751.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	38 096 134.00
13.2. Employee-related liabilities
13.3. Taxes payable	1 922 670.00
13.4. Other debts	1 343 152.00
13.5. Prepayments received	44 973.00
13. DEBTS AND PAYABLES TOTAL	41 406 929.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	55 436 680.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	40 753 810.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	40 753 810.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	40 753 810.00
LIABILITIES TOTAL	96 190 490.00
20. SHARE CAPITAL	5 000 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM	3 000 000.00
23. LESS TREASURY SHARES
24. Statutory legal reserve	800 000.00
25. Other reserves
26. RETAINED EARNINGS	6 463 669.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	8 859 971.00
EQUITY TOTAL	24 123 640.00
EQUITY AND LIABILITIES TOTAL	120 314 130.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	249 401 241.00
2. Other income	774 548.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-199 244 472.00
8. Other operating expenses	-14 559 397.00
9. STAFF COSTS
9.a. Wages and salaries	-12 258 200.00
9.b. Social security costs	-4 078 868.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	-16 337 068.00
10. Depreciation and impairment of fixed assets	-1 090 061.00
11. Other expenses	-5 726 414.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	13 218 377.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-3 773 595.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	9 444 782.00
13. Income tax expense	-584 811.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	8 859 971.00

- 31.12.2007

:

Fiscal period: 12 month(s), currency: EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	708 821.00
2. SHORT-TERM FINANCIAL INVESTMENTS	44 716.00
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	24 637 996.00
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	1 649 586.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	26 287 582.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	20 722 356.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	47 763 475.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable	21 412 653.00
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	21 412 653.00
8. INVESTMENT PROPERTIES	13 200 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets	14 149 035.00
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	14 149 035.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	48 761 688.00
TOTAL ASSETS	96 525 163.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	7 254 809.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	7 254 809.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	31 959 587.00
13.2. Employee-related liabilities
13.3. Taxes payable	1 389 919.00
13.4. Other debts	1 171 191.00
13.5. Prepayments received	9 497.00
13. DEBTS AND PAYABLES TOTAL	34 530 194.00
14. SHORT-TERM PROVISIONS	0.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	41 785 003.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	37 276 491.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	37 276 491.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	37 276 491.00
LIABILITIES TOTAL	79 061 494.00
20. SHARE CAPITAL	5 000 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM	3 000 000.00
23. LESS TREASURY SHARES
24. Statutory legal reserve	800 000.00
25. Other reserves
26. RETAINED EARNINGS	7 045 602.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	1 618 068.00
EQUITY TOTAL	17 463 670.00
EQUITY AND LIABILITIES TOTAL	96 525 163.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	203 095 962.00
2. Other income	743 561.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-179 360 635.00
8. Other operating expenses	-8 028 814.00
9. STAFF COSTS
9.a. Wages and salaries	-8 335 899.00
9.b. Social security costs	-2 773 391.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	-11 109 290.00
10. Depreciation and impairment of fixed assets	-1 053 862.00
11. Other expenses	-829 619.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	3 457 303.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term	0.00
financial investments
12.d. Interest expense	-2 301 639.00
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses	1 314 316.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-987 323.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	2 469 980.00
13. Income tax expense	-851 912.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	1 618 068.00

- 31.12.2006

:

Fiscal period: 12 month(s), currency: EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	643 485.00
2. SHORT-TERM FINANCIAL INVESTMENTS	29 966.00
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	20 549 467.00
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	2 541 215.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	23 090 682.00
4. INVENTORIES
4.1 Raw materials	26 729 672.00
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	26 729 672.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	50 493 805.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable	8 260 434.00
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	8 260 434.00
8. INVESTMENT PROPERTIES	13 700 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets	14 819 732.00
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	14 819 732.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	36 780 166.00
TOTAL ASSETS	87 273 971.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	6 210 622.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	6 210 622.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	27 859 403.00
13.2. Employee-related liabilities
13.3. Taxes payable	2 743 502.00
13.4. Other debts	748 642.00
13.5. Prepayments received	808 446.00
13. DEBTS AND PAYABLES TOTAL	32 159 993.00
14. SHORT-TERM PROVISIONS	5 736 482.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	44 107 097.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	20 605 887.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	20 605 887.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	20 605 887.00
LIABILITIES TOTAL	64 712 984.00
20. SHARE CAPITAL	5 000 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM	3 000 000.00
23. LESS TREASURY SHARES
24. Statutory legal reserve	800 000.00
25. Other reserves
26. RETAINED EARNINGS	2 788 550.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	10 972 437.00
EQUITY TOTAL	22 560 987.00
EQUITY AND LIABILITIES TOTAL	87 273 971.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	170 365 797.00
2. Other income	8 911 519.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	153 231 060.00
8. Other operating expenses	6 995 141.00
9. STAFF COSTS
9.a. Wages and salaries	6 783 487.00
9.b. Social security costs	2 256 284.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	9 039 771.00
10. Depreciation and impairment of fixed assets	1 230 173.00
11. Other expenses	99 651.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	8 681 520.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term	3 692 285.00
financial investments
12.d. Interest expense	1 109 129.00
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses	364 130.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	2 947 286.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	11 628 806.00
13. Income tax expense	656 369.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	10 972 437.00

- 31.12.2005

:

Fiscal period: 12 month(s), currency: EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	334 293.00
2. SHORT-TERM FINANCIAL INVESTMENTS	29 966.00
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	12 276 323.00
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	2 710 289.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	14 986 612.00
4. INVENTORIES
4.1 Raw materials	21 699 205.00
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	21 699 205.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	37 050 076.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable	175 841.00
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	175 841.00
8. INVESTMENT PROPERTIES	5 200 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets	16 094 186.00
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	16 094 186.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	21 470 027.00
TOTAL ASSETS	58 520 103.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	5 837 225.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	5 837 225.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	26 261 200.00
13.2. Employee-related liabilities
13.3. Taxes payable	2 151 221.00
13.4. Other debts	670 858.00
13.5. Prepayments received	138 480.00
13. DEBTS AND PAYABLES TOTAL	29 221 759.00
14. SHORT-TERM PROVISIONS	3 645 931.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	38 704 915.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	6 026 640.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	6 026 640.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	6 026 640.00
LIABILITIES TOTAL	44 731 555.00
20. SHARE CAPITAL	5 000 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM	3 000 000.00
23. LESS TREASURY SHARES
24. Statutory legal reserve	800 000.00
25. Other reserves
26. RETAINED EARNINGS	5 756 916.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	-768 368.00
EQUITY TOTAL	13 788 548.00
EQUITY AND LIABILITIES TOTAL	58 520 103.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	161 713 089.00
2. Other income	491 094.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	148 018 768.00
8. Other operating expenses	4 113 598.00
9. STAFF COSTS
9.a. Wages and salaries	5 963 442.00
9.b. Social security costs	1 992 445.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	7 955 887.00
10. Depreciation and impairment of fixed assets	1 541 567.00
11. Other expenses	549 687.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	24 676.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense	899 146.00
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses	237 326.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-661 820.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	-637 144.00
13. Income tax expense	131 224.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	-768 368.00

- 31.12.2004

:

Fiscal period: 12 month(s), currency: EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	458 347.00
2. SHORT-TERM FINANCIAL INVESTMENTS	29 966.00
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	8 903 989.00
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	1 557 037.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	10 461 026.00
4. INVENTORIES
4.1 Raw materials	16 681 117.00
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	16 681 117.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	27 630 456.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable	172 018.00
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	172 018.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets	19 033 946.00
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	19 033 946.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	19 205 964.00
TOTAL ASSETS	46 836 420.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	5 032 914.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	5 032 914.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	14 828 805.00
13.2. Employee-related liabilities
13.3. Taxes payable	1 760 709.00
13.4. Other debts	650 339.00
13.5. Prepayments received	78 526.00
13. DEBTS AND PAYABLES TOTAL	17 318 379.00
14. SHORT-TERM PROVISIONS	4 144 615.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	26 495 908.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	9 181 745.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	9 181 745.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	9 181 745.00
LIABILITIES TOTAL	35 677 653.00
20. SHARE CAPITAL	5 000 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM	3 000 000.00
23. LESS TREASURY SHARES
24. Statutory legal reserve	800 000.00
25. Other reserves
26. RETAINED EARNINGS	4 752 923.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	-2 394 156.00
EQUITY TOTAL	11 158 767.00
EQUITY AND LIABILITIES TOTAL	46 836 420.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	139 968 192.00
2. Other income	168 032.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	122 993 152.00
8. Other operating expenses	6 528 772.00
9. STAFF COSTS
9.a. Wages and salaries	6 528 772.00
9.b. Social security costs	2 208 727.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	8 809 274.00
10. Depreciation and impairment of fixed assets	2 536 830.00
11. Other expenses	598 517.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	-1 330 321.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense	1 070 977.00
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses	7 142.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-1 063 835.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	-2 394 156.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	-2 394 156.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.53
UK Pound	1	Rs.71.80
Euro	1	Rs.63.15

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.