MIRA INFORM REPORT

Report Date :

15.06.2011

IDENTIFICATION DETAILS

Name :	ALAN LTD
Registered Office :	Grencu street 1a, Riga, Rigas region, LV1029
Country :	Latvia
Financials (as on) :	31.03.2011
Year of Establishment :	1991
Com. Reg. No.:	40003019349
Legal Form :	SIA (Limited by Latvian law)
Line of Business :	Manufacture of other products of wood

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 :	65 000 EUR
Status :	Moderate
Payment Behaviour :	Unknown
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)
Latvia	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

:

Sabiedriba ar ierobezotu atbildibu "ALAN LTD"

Name in English

:

"ALAN LTD" LTD

Name in national language

:

Sabiedriba ar ierobeotu atbildibu "ALAN LTD"

Trading Names, Brands

:

-

ALAN DEKO

Office address

:

Grencu street 1a, Riga, Rigas region, LV1029, Latvia

Legal Address

:

Grencu street 1a, Riga, Rigas region, LV1029, Latvia

Contacts

:

-	E-mail	:	elvira@alan.lv
-	E-mail	:	alanltd@alan.lv
-	Fax	:	(+371) 67828078
-	Phone	:	(+371) 67062919, 67281869,67062912
-	WWW	:	http:// www.alandeko.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 1991

Staff : 19

Litigation events : none Remarks on payments : yes

Sales :	554 474.00 LVL ( for 3 months, ended 31.03.2011 )
	2 772 000.00 LVL ( for 12 months, ended 31.12.2010 )

Credit Opinion

Credit Limit

:

65 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

1991

Registration Data

Date of registration

:

05.01.2004

Registration number

:

40003019349

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003019349

Registr. place

:

Latvia

Legal Form

:

SIA (Ltd by Latvian law)

since n/a

Share Capital

:

420 000 LVL (registered)

since n/a

Shareholders

:

-	Mr Zvaigzne, Aldis (Latvia)				50.00 %
		reg. number	:	020766-10606
		address	:	Karla Vatsona street 2-1, Riga, Rigas region, Latvia
-	Mr Keisels, Andris (Latvia)				50.00 %
		reg. number	:	231166-10604
		address	:	Ernesta Birznieka-Upisa street 10-34, Riga, Rigas region, Latvia

Board / Executives

Board

Member of the board

:

Mr Keisels, Andris (Latvia)
	pers. code: 231166-10604
	address: Ernesta Birznieka-Upisa street 10-34, Riga, Rigas region, Latvia

Chairman of the board

:

Mr Zvaigzne, Aldis (Latvia)
	pers. code: 020766-10606
	address: Karla Vatsona street 2-1, Riga, Rigas region, Latvia

Executives

Chief Accountant

:

Mrs Elvira Liole (Latvia)

(tel.: 67062912, elvira@alan.lv)

Authorised signature

:

Mr Keisels, Andris

Mr Zvaigzne, Aldis

Changes in Registration Data

- 25.06.2007

:

managers

- 21.06.2007

:

other changes

- 24.03.2006

:

legal address

obsolete legal address: - Riga, Kurpnieku iela 1-1

- 27.12.2005

:

share capital, shareholders

- 05.01.2004

:

activities, managers, shareholders

the company is filed into the Commercial Register

- 11.12.2000

:

managers

- 02.08.1999

:

activities

- 29.09.1997

:

managers

- 29.10.1996

:

managers

- 13.01.1995

:

share capital

- 07.12.1993

:

share capital

Activities

:

-	2431	Wood Awnings/Blinds/Shutters
		(NACE 2051: Manufacture of other products of wood)
-	2510	Household Furniture
		(NACE 3614: Manufacture of other furniture)
-	3442	Louvers/Shutters/Jalousies
		(NACE 2812: Manufacture of builders' carpentry and joinery of metal)
-	5714	Drapery and upholstery stores
		(NACE 5248: Other retail sale in specialized stores)

Wholesale and retail of blinds, curtains, textile, carpets, furniture, lamps/lighting accessories, dishes, interior accessories; production of furniture (kitchen, other) by customers' orders; assembling of wardrobes The retail share makes 3/4 of total turnover.

Staff employed

:

19

( the data as of 21.04.2011 )

Staff History

:

-	22
	( the data as of 25.02.2011 )
-	38
	( the data as of 30.09.2010 )
-	53
	( the data as of 27.10.2009 )
-	56
	( the data as of 03.03.2008 )
-	49
	( the data as of 2007 )
-	33
	( the data as of 2006 )
-	113
	( the data as of 2005 )

Export

- 2010

:

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

437 604.00

Lithuania, Sweden

Import

- 2010

:

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

1 109 528.00

European Community, China Peoples Republic, Austria, Argentina

Facilities

Real estate

:

own:
-	Premises - Administrative
	size/amnt	:	4 424.00 sq.m
-	Premises - other
	size/amnt	:	1 042.00 sq.m

Other Property

:

Transport vehicles operated by the company: - 3 own and 2 leased cars; - 1 own truck; - 3 own and 6 leased units of special machinery

Branches

:

Trading outlets in the following molls: t/c Alfa, t/c Spice, t/c Olympia, t/c Domina, t/c Sky & More; workshop Plastmasa; wadrobes production workshop

Subsidiaries and Participation

:

-	Alan Deko UAB (Lithuania)				100.00 %
		reg. number	:	300077341
		address	:	Svitrigailos 16, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

Bankers

:

-	Nordea BANKA (Latvia)
	account(s)	:	LV02NDEA0000080021151
-	Swedbanka AS (Latvia)
	account(s)	:	LV59HABA0551006597477

Clients

:

general number: 150-200 1/ Alan Deko UAB (LT) 2/ RACM Natmarkiser AB (SE) 3/ Alan Deko AB (SE) 4/ KAJA SIA (LV) UPB, MERKS, RAUTA KESKO, ADIS, MDK PROJEKTS (Latvia)

Suppliers

:

1/ BRU TEXTILES N.V. (BE) 2/ TREND-CENTER B.V. (ND) 3/ JUNKERS MULLERS GmbH (DE) 4/ SCHMITZ WERKE GMBH CO (DE) 5/ Somfy SIA Latvija 6/ ANWIS (PL) 7/ MEBELPLAST (PL) general number - 100-150

Other associated Companies

:

-	ALANDEKO shop (Sweden)
	/linked via shareholders/

Litigation

:

none

The company has been involved as a claimant into some litigation processes (next court sitting: 09.11.2011).

Remarks on payment

- 15.09.2009

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

( the data as of 15.09.2009, cancelled since 23.09.2009 )

- 14.10.2008

:

Debt collection (confirmed)				8.00 LVL
	payment status	:	partial

( the data as of 14.10.2008, cancelled since 02.03.2009 )

- 26.09.2008

:

Debt collection (confirmed)				8.00 LVL
	payment status	:	partial

( the data as of 27.10.2009 )

- 14.08.2008

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

( the data as of 14.08.2008, cancelled since 25.08.2008 )

- 22.01.2008

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

( the data as of 22.01.2008, cancelled since 28.01.2008 )

- 25.10.2007

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

( the data as of 25.10.2007, cancelled since 02.11.2007 )

- 12.04.2007

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

( the data as of 12.04.2007, cancelled since 17.04.2007 )

No current on defaulted payments are reported by local debt collection companies.

Business mortgages

- 17.10.2007

:

Commercial pledge
	pledgee	:	Swedbank, Akciju sabiedriba (Latvia)

( the data as of 27.10.2009 )

Financial Elements

:

Historical comments: Management's opinion on the business state: Interview with: Mrs Elvira Liole - as of 21.04.2011: The retail share makes 3/4 of total turnover. The turnover for the 1-st Q 2011 made 554 000,0 LVL. - as of 25.02.2011: The company has a credit line. The bank has raised a little the interest rate this year. Terms for the buyers: prepayment terms for the general part; Terms of the suppliers: 15-days deferred payment - by local suppliers, 30-60-days deferred payment - by foreign ones.

Period, months	3	12	12
Ended	31.03.2011	31.12.2010	31.12.2009
Currency	LVL	LVL	LVL
Non-current assets	1 121 378.00	1 120 675.00	1 281 234.00
incl: - Fixed assets	1 108 258.00	1 107 035.00	1 265 665.00
- Financial assets		10 050.00	10 050.00
Current assets	1 892 787.00	1 869 185.00	1 804 094.00
incl: - Stock	1 536 158.00	1 341 957.00	1 160 104.00
- Debtors	291 531.00	347 089.00	558 193.00
- Cash	65 098.00	180 139.00	85 797.00
ASSETS TOTAL	3 014 165.00	2 989 860.00	3 085 328.00
Equity	837 731.00	819 298.00	800 990.00
incl: - Share capital	420 000.00	420 000.00	420 000.00
Liabilities Total	2 176 434.00	2 170 563.00	2 284 338.00
incl: - Long-term liabilities	1 736 583.00	1 790 342.00	1 947 795.00
- Short-term liabilities	439 851.00	380 221.00	336 543.00
EQUITY AND LIABILITIES TOTAL	3 014 165.00	2 989 860.00	3 085 328.00
Net sales	554 474.00	2 772 000.00	3 302 704.00
Cost of goods sold	383 499.00	1 988 214.00	2 316 154.00
Operating profit
Profit before taxation	9 500.00	22 255.00	38 422.00
Net profit	7 088.00	18 307.00	28 422.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.71	0.80	1.16
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	1.13	2.72	4.80
Profit before taxation / Equity
Current assets turnover	0.29	1.48	1.83
Net sales / Current assets
Working capital	1 452 936.00	1 488 964.00	1 467 551.00
Current assets - Short-term liabilities
Leverage	0.28	0.27	0.26
Equity / Total assets
Current ratio	4.30	4.92	5.36
Current assets / Short-term liabilities
Quick ratio	0.81	1.39	1.91
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.60	2.65	2.85
Total liabilities / Equity

Publications

- 01.02.2008

:

Subject

:

Dienas bizness

In 2007 SIA Alan Ltd. (the holder of ALAN DEKO brand) has invested about 770 000 LVL into sales network expansion in Latvia and Lithuania. The company has 6 shops in Latvia and 4 shops in Lithuania.

FINAL COMMENTS

The contact person Mrs Elvira Liole informed that no considerable changes have happened recently. She has provided the FS the 1-st Q 2011.
Events History	:	From the company's web-site: Company ALAN was founded in 13th of August in the year 1991 like Limited Liability Company. Since year 1993 our directions of operation are blinds manufacturing, trading and appropriate services. Aluminium horizontal blinds and vertical blinds from textile were the first ones that were offered to our customers and they are still intensively demanded nowadays. Doubtless, for companys successful actions very important is ability to be flexible and willingness to implement innovations in assortment. Following these principles ALAN nowadays for sure is one of the most stable and most experienced companies in market operating in all kind of blinds manufacturing and trading in Latvia. Information on all kind of blinds can be found in section Products. In year 1996 company decided to supplement the assortment with upholstery thus offering its customers everything for windows design from inside as well as outside. ALAN established sewing workshops, procured all the equipment necessary and added designer services. Design Salon for Windows was opened on Avotu Street 7. In the beginning of new century ALAN feels enough experienced and ready for the changes by creating absolutely new business concept. In the year 2001 the first ALAN DEKO shop entered Latvia market. The purpose of the shop was to continue our experience and traditions by selling all kinds of blinds, upholstery and respective accessory as well as offer customers completely new product groups natural carpets, rugs and pillows, dishes and tableware from author collections from different manufacturers. In August year 2005 Design Salon for Windows moved to new premises in T/C Domina and broadened its operations by selling all above mentioned product groups as well. This meant that our customer got a chance to find practically all the things necessary for arranging pretty and original home together in one place. Strategy of the company turned out to be successful and customers voted for ALAN DEKO idea that in our turn allowed us to broaden chain of shops and product groups that could be found there. There are already four ALAN DEKO shops in Riga that offer customers stylish and original design things in increasingly extensive assortment. In year 2005 the company has started to broaden the chain of shops in other Baltic States as well. There are already 3 shops in Lithuania in Vilnius, in Klaipeda in and Kaunas. In March 29, 2007 the fifth ALAN DEKO shop was opened in Riga in t/c SKY & MORE.

Registration History

- 13.08.1991

:

Registration number	:	000301934
Registr. authority	:	State Register (Latvia)

( the data as of 13.08.1991, cancelled since 05.01.2004 )

COUNTRY REVIEW

COUNTRY REVIEW

LATVIA

Update June, 2010

Data published by State Board for Statistical Data:

Export volume, millions LVL

2008 2009 2010

Jan.-Dec. Jan.-Dec. Jan.-May

4429.0; 3602.2 1682.2

Growth rate, % 109.6 81.3 122.02

Import volume, millions LVL

2008 2009 2010

Jan.-Dec. Jan.-Dec. Jan.-May

7527.6; 4709.8 2041.0

Growth rate, % 96.75 62.56 104.9

National Gross Product (actual prices), thousands LVL:

Gross domestic product at current and constant prices (thsd lats), seasonally adjus

ted data

1st quarter 2nd quarter 3rd quarter 4th quarter total

2008 4117003 4111747 4109005 3848387 16186142

2009 3585030 3327998 3158854 3044135 13116017

2010 3107465 - - -

Key Economic Indicators

(% annual real changes) 2007 2008 2009 2010 (1-st Q)

GDP, LVL mln. 13957 16186 13116 3107

Export, LVL mln. 4038,7 4429 3602,2

Import, LVL mln. 7746,3 7527,6 4709,8

Unemployment rate, 5,7 9.9 19.7 20.4

Foreign direct investment stock(mln LVL) 23123.1 22608.5 5785.2

Consumer prices, y/y, % 10,1 15,4 3.5 -0.4

STATEMENT OF THE BANK OF LATVIA REGARDING GDP

According to the Bank of Latvia, GDP has grown quarter-on-quarter

09.06.2010

Releasing the data on gross domestic product in the first quarter of 2010, the Cent

ral Statistics Agency confirmed the previous flash estimate, indicating a 6% GDP dr

op year-on-year (including the overall value added that dropped by 6.2% over the co

urse of the year). Even though the data on the seasonally adjusted GDP changes comp

ared to the fourth quarter of 2009 are not yet available, in our assessment, they w

ere positive, i.e. GDP has grown 0.3-0.4%.

As the situation in the foreign markets keeps gradually improving, a real growth of

goods and services exports has been observed for several consecutive quarters, rea

ching a positive annual growth in the first quarter of 2010 of 4.6%. Owing to a ris

ing foreign demand and further improvements in the competitiveness in Latvian produ

cts, the processing sector posted a notable annual growth of 6.8%. The results of e

ntrepreneur surveys compiled by the European Commission also indicate a positive de

velopment in the sector. Growth was likewise observed in the transport and communic

ations sector due to a rapid rise in transportation services.

At the same time, the annual drop in private consumption was less. In the fourth qu

arter of 2009 it was -19.5%, but in the first quarter of 2010 only -5.8%. Similar t

o GDP, consumption, according to our estimates, has also grown quarter-on-quarter (

according to seasonally adjusted data). Even though the income available to the pop

ulation continued to drop, the rapid improvement in consumer confidence became a st

abilization factor in private consumption as the consumer behaviour changed and cau

tious savings were accumulated less. A possibly important role in the consumption d

ynamics was played by the expected repayment of the pensions withheld in 2009 accor

ding to the decision of the Constitutional Court.

With the industry and service capacities were still much underused, investment in f

ixed assets, continued to decrease, which accounted for the most substantial negati

ve contribution in the GDP changes. The formation of gross equity capital in the fi

rst quarter dropped 44.4% year-on-year. A rapid annual drop in investment was obser

ved in nearly all sectors, except the information and communications services secto

r.

Despite export growth, the positive net export contribution decreased. That was due

to the more rapid rise in imports mainly because of increased private consumption

and pro-cyclical behaviour of savings (changes in savings in the first quarter acco

unted for an important positive contribution to GDP changes). As private consumptio

n stabilized and demand for intermediate import goods necessary for the manufacture

of export products grew, the rate of the real drop in goods and services imports c

ontinues to decrease.

In order to achieve an annual rise in the economy after the rapid downslide, positi

ve changes are in order for another two or three consecutive quarters. Thus a GDP a

nnual rise could be registered at the end of the year.

APPENDIX A

Financial Statements

Period, months	3	12	12
Ended	31.03.2011	31.12.2010	31.12.2009
Currency	LVL	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	554 474.00	2 772 000.00	3 302 704.00
020 Cost of sales	383 499.00	1 988 214.00	2 316 154.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	170 975.00	783 786.00	986 550.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	106 762.00	560 979.00	733 092.00
050 Administrative expenses	36 690.00	160 836.00	172 425.00
060 Other operating income	5.00	5 162.00	18 127.00
062 Economical expenses	26.00
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses		395.00	7 903.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income			58.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	18 002.00	44 483.00	52 893.00
120 Profit or loss on ordinary activities before taxation	9 500.00	22 255.00	38 422.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	9 500.00	22 255.00	38 422.00
160 Income-tax for fiscal period	1 425.00		6 052.00
170 Other taxes	987.00	3 948.00	3 948.00
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	7 088.00	18 307.00	28 422.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.		3 590.00	5 519.00
021 Other intangible assets	3 070.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	3 070.00	3 590.00	5 519.00
Tangible assets
060 Real estate	916 421.00	931 732.00	992 975.00
061 Long-term investments in leased tangible assets
070 Plant and machinery	42 955.00	49 841.00	84 301.00
080 Other fixtures and fittings, tools and equipment	148 882.00	125 462.00	188 389.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	1 108 258.00	1 107 035.00	1 265 665.00
III Investment property, total	10 050.00
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets		10 050.00	10 050.00
200 NON-CURRENT ASSETS TOTAL	1 121 378.00	1 120 675.00	1 281 234.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	410 225.00	437 302.00	397 072.00
220 Work in progress	9 428.00	3 901.00	3 901.00
230 Finished goods and goods for resale	943 675.00	818 562.00	706 567.00
240 Orders outstanding
250 Payments on account	172 830.00	82 192.00	52 564.00
260 Working and productive animals
270 Total stock	1 536 158.00	1 341 957.00	1 160 104.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	113 280.00	105 922.00	76 472.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies	159 269.00	209 830.00	361 791.00
310 Other debts	13 808.00	20 180.00	107 682.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	5 174.00	11 157.00	12 248.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	291 531.00	347 089.00	558 193.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	65 098.00	180 139.00	85 797.00
410 CURRENT ASSETS TOTAL	1 892 787.00	1 869 185.00	1 804 094.00
420 BALANCE	3 014 165.00	2 989 860.00	3 085 328.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	420 000.00	420 000.00	420 000.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
460 Reserve stipulated by law	20 000.00	20 000.00	20 000.00
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves	100 000.00	100 000.00	100 000.00
500 Total reserves	120 000.00	120 000.00	120 000.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	290 643.00	260 991.00	232 568.00
520 Profit or loss for the current year	7 088.00	18 307.00	28 422.00
530 CAPITAL AND RESERVES TOTAL	837 731.00	819 298.00	800 990.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	365 263.00	393 479.00	507 950.00
601 Other loans	1 317 566.00	14 143.00	25 491.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors	12 107.00	1 334 617.00	1 366 251.00
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	41 647.00	48 103.00	48 103.00
640 Total long-term liabilities	1 736 583.00	1 790 342.00	1 947 795.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	185 541.00	114 470.00	139 185.00
671 Other loans	11 727.00	11 451.00	14 403.00
680 Advanced payments received	46 069.00	64 341.00	26 646.00
690 Trade debts	169 771.00	122 211.00	92 875.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	15 285.00	46 104.00	40 867.00
740 Other creditors	10 934.00	13 441.00	14 364.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	524.00	8 203.00	8 203.00
773 Deferred tax liabilities
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	439 851.00	380 221.00	336 543.00
790 CREDITORS TOTAL	2 176 434.00	2 170 563.00	2 284 338.00
800 BALANCE	3 014 165.00	2 989 860.00	3 085 328.00
990 Employees number

- 31.12.2008

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	5 771 173.00
020 Cost of sales	3 936 912.00
030 Gross profit or loss	1 834 261.00
040 Distribution costs	1 048 141.00
050 Administrative expenses	273 701.00
060 Other operating income	17 951.00
070 Other operating expenses	21 615.00
080 Income from participating interests
090 Income from securities and loans forming long-term
investments
100 Other interest receivable and similar income	74.00
110 Value adjustments in respect of financial assets and
of investments held as current assets
120 Interest payable and similar charges	59 767.00
130 Profit or loss on ordinary activities before taxation	449 062.00
140 Extraordinary income
150 Extraordinary charges
160 Profit or loss before taxation	449 062.00
170 Income-tax for fiscal period	61 162.00
180 Other taxes	5 188.00
Deferred income-tax
190 Profit or loss for fiscal period (net profit)	382 712.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
030 Other intangible assets	6 705.00
040 Goodwill
050 Payments on account for intangible assets
060 Total intangible assets	6 705.00
Tangible assets
070 Real estate	1 053 055.00
080 Long-term investments in leased tangible assets
090 Plant and machinery	127 412.00
100 Other fixtures and fittings, tools and equipment	269 767.00
110 Payments on account and tangible assets in cours
of construction
120 Prepayment for tangible assets
130 Total tangible assets	1 450 234.00
Financial assets
140 Shares in subsidiaries
150 Loans to subsidiaries
160 Shares in related companies	10 050.00
170 Loans to related companies
180 Other securities and capital participation
190 Other loans
200 Own shares and parts
210 Loans to the members of the company and
the management
220 Total financial assets	10 050.00
230 NON-CURRENT ASSETS TOTAL	1 466 989.00
CURRENT ASSETS
Stock
240 Raw materials and consumables	430 588.00
250 Work in progress	3 668.00
260 Finished goods and goods for resale	921 894.00
270 Orders outstanding
280 Payments on account	61 165.00
290 Working and productive animals
300 Total stock	1 417 315.00
Debtors
310 Trade debtors	99 517.00
320 Amounts owed by subsidiaries
330 Amounts owed by related companies	187 871.00
340 Other debts	61 646.00
350 Subscribed capital called but not paid
360 Short-terms loans to the members of the company
and the management
370 Prepayments and accrued	12 348.00
380 Accrued income
390 Total debtors	361 382.00
Securities current assets and short-term capital
participations
400 Shares in subsidiaries
410 Own shares and parts
420 Other securities and capital participation
430 Total securities and shares
440 Cash at bank and in hand (total)	198 549.00
450 CURRENT ASSETS TOTAL	1 977 246.00
460 BALANCE	3 444 235.00
L I A B I L I T I E S
CAPITAL AND RESERVES
470 Share capital	420 000.00
480 Share premium account
490 Long-term assets revaluation reserve
Reserves
500 Reserve stipulated by law	20 000.00
510 Reserve for own shares and parts
520 Reserve provided by charter
530 Other reserves	100 000.00
540 Total reserves	120 000.00
Retained earning or uncovered losses
550 Profit or loss brought forward from previous years	1 371 163.00
560 Profit or loss for the current year	382 712.00
570 CAPITAL AND RESERVES TOTAL	2 293 875.00
PROVISIONS
580 Provisions for pensions and similar obligations
590 Provisions for taxation
600 Other provisions
610 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
620 Debenture loans
630 Convertible loans
640 Amounts owed to credit institutions	619 749.00
650 Other loans	26 236.00
660 Advanced payments received
670 Trade debts
680 Bills of exchange payable
690 Amounts owed to subsidiaries
700 Amounts owed to related companies
710 Taxes and social security payments
720 Other creditors
730 Deferred income
740 Fiscal period dividends
771 Accrued charges
750 Non-paid dividends of previous years
634 Deferred tax liabilities	52 077.00
760 Total long-term liabilities	698 062.00
Short-term liabilities
770 Debenture loans
780 Convertible loans
790 Amounts owed to credit institutions	114 470.00
800 Other loans	13 054.00
810 Advanced payments received	58 095.00
820 Trade debts	176 796.00
830 Bills of exchange payable
840 Amounts owed to subsidiaries
850 Amounts owed to related companies
860 Taxes and social security payments	57 165.00
870 Other creditors	21 393.00
880 Deferred income
890 Fiscal period dividends
900 Non-paid dividends of previous years
910 Accrued charges	11 325.00
634 Deferred tax liabilities
920 Total short-term liabilities	452 298.00
930 CREDITORS TOTAL	1 150 360.00
940 BALANCE	3 444 235.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.87
UK Pound	1	Rs.72.83
Euro	1	Rs.64.37

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.