MIRA INFORM REPORT

Report Date :

09.03.2011

IDENTIFICATION DETAILS

Name :	GHESAF TRADE SRL
Registered Office :	Levantica 26, 031403 Bucuresti, Sector 3
Country :	Romania
Financials (as on) :	2009
Date of Incorporation :	25.04.1994
Com. Reg. No.:	No. J40/7907/1994
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of grain, unmanufactured tobacco, seeds and animal feeds

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	EUR 100.000,00
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2010

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

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

COMPANY REPORTED

GHESAF TRADE SRL

Principal Address:
Levantica 26
031403 Bucuresti, Sector 3
Romania
Telephone: +40-21-3225474, +40-744-545414
Fax: +40-21-3225474
Email : office@ghesaf.ro
Web : www.ghesaf.ro

Office:
Drumul Garii 48
075100 Otopeni, Jud.Ilfov
Romania
Telephone : +40-31-1050862, +40-31-1050863
Fax: +40-31-1050863

Branch production:
Principala 63, parcela 628
827005 Baia Jud Tulcea
Romania

ICON number : 9426980
National ID : J40/7907/1994
VAT number : 5601958

Registration status : 25.04.1994 - registered company
Activity status : 25.04.1994 - active company

CREDIT INFORMATION SUMMARY

Insolvency Information:

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

Maximum Credit:

EUR 100.000,00

Payment Practices:

No adverse payment incidents known at this time According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 31.12.2010.

Further Rating Information:

Researched company is categorized as a small company. Turnover volume of RON 9.373.627 in the year 2009 decreased by 1,55% compared with 2008. In previous period this change was 34,34%. Fixed assets increased by RON 334.922 and are 72,72% of total assets.

Debt Collection:

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

COMPANY DETAILS

Established:

1994

Registration:

No. J40/7907/1994 25.04.1994 Bucuresti, Romania

Legal Form:

Limited Liability Company

Capital:

Nominal capital:	RON 2.500,00
Number of Ordinary shares:	250
Value per share of Ordinary shares:	RON 10,00
Paid-up capital:	RON 2.500,00

Shareholders:

Full Name	Function	Address	Equity capital
GHEORA ILARIAN	Shareholder	Romania	100,00% 250 Ordinary shares

GHEORA ILARIAN is registered as shareholder within TERRASEED SRL J40/540/2010.

Management:

Full Name	Function	Address
GHEORA ILARIAN 02.12.2003 - Present	Managing director	Romania
GHEORA GEORGETA	Head of the Economic area	Romania

KEY DATA ON OPERATIONS

Subject of Operation:

NACE   4621 Wholesale of grain, unmanufactured tobacco, seeds and animal feeds The company imports and trades: - Vegetable, flower and turf seeds; - Polyethylene film for agricultural applications; - Modular plastic tunnels from the company FILCLAIR (FR); - Fertilizers and substrates. It also exports coriander and mustard seeds. NACE codes given are based on the most recent NACE Revision 2.

Company Development:

300: Satisfactory business development

Key Data:

Amounts shown in Romanian Leu (New) (RON)
	2009	2008	2007	2006
Turnover	9.373.627	9.520.857	7.087.117	6.779.991
Fixed assets	7.903.049	7.568.127	5.610.475	3.293.301
Equity capital	9.214.475	9.672.573	3.154.034	3.140.549
Profit after taxation	724.242	1.716.709	4.756.405	2.618.108
Operating result - profit	983.198	2.067.245	1.842.825	1.686.699

					Industry average
	2009	2008	2007	2006		2009	2008	2007	2006
Return on assets ( ROA ) Net profit / Total assets	0,07	0,15	0,49	0,48				0,11	0,09
Return on equity ( ROE ) Net profit / Shareholder equity	0,08	0,18	1,51	0,83				0,27	0,21

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

Workforce:

	2009	2008	2007	2006
Total workforce	25	21	13	12

Imports:

Germany Denmark France Netherlands

Exports:

United Kingdom Sri Lanka Netherlands Republic of South Africa

Major Suppliers:

CLAUSE TEZIER (FR), WESTERN SEED INTERNATIONAL (NL), SATIMEX (DE), VIKIMA SEED (DK), SATIMEX (DE), SOTRAFA SA (ES)

Branches:

Office: Drumul Garii 48 075100 Otopeni, Jud.Ilfov Romania Telephone: +40-31-1050862, +40-31-1050863 Fax: +40-31-1050863

FINANCIAL INFORMATION

Financials:

Amounts shown in Romanian Leu (New) (RON)		2009	2008	2007	2006
	BALANCE SHEET
	FIXED ASSETS	7.903.049	7.568.127	5.610.475	3.293.301
	Intangible assets		48.547		0
	Tangible assets		7.470.010		2.182.270
	Financial fixed assets		49.570		1.111.031
	CURRENT ASSETS	2.964.746	4.111.949	4.163.331	2.187.346
	Inventory	1.357.040	1.958.774	1.142.351	896.263
	Claims (receivable)	807.430	1.012.621	1.500.306	1.175.441
	Liquid assets	800.276	1.140.554	1.520.674	115.642
	SHORT TERM FINANCIAL INVESTMENTS	0	0	0
	PREPAID EXPENSES	431	2.469	0	1.853
	TOTAL ASSETS	10.868.226	11.682.545	9.773.806	5.482.500
	EQUITY CAPITAL	9.214.475	9.672.573	3.154.034	3.140.549
	Share capital	2.500	2.500	2.500	2.500
	Subscribed and paid capital	2.500	2.500	2.500	2.500
	Reserves	4.877.158	5.289.830	533.426	533.426
	Short-term liabilities	1.653.751	2.009.972	6.619.772	2.341.951
	Long-term liabilities	0	0	0	0
	TOTAL DEBTS	1.653.751	2.009.972	6.619.772	2.341.951
	Provisions for risks and charges	0	0	0	0
	Deferred income	0	0	0	0
	TOTAL EQUITY AND LIABILITIES	10.868.226	11.682.545	9.773.806	5.482.500
	PROFIT AND LOSS
	Turnover	9.373.627	9.520.857	7.087.117	6.779.991
	TOTAL INCOME	9.829.816	9.726.702	11.051.652	8.332.137
	Operating income		9.574.912		6.852.203
	Income from financial transactions (financial income)		151.790		1.479.934
	Extraordinary income		0		0
	TOTAL EXPENSES	8.817.564	7.612.578	5.371.682	5.201.428
	Operating expenses		7.507.667		5.165.504
	Expenses on financial transactions (financial expenditures)		104.911		35.924
	Extraordinary expenses		0		0
	Operating result - profit	983.198	2.067.245	1.842.825	1.686.699
	Operating result - loss	0	0	0	0
	Profit on financial transactions (financial profit)	29.054	46.879	3.837.145	1.444.010
	Loss on financial transactions (financial loss)	0	0	0	0
	Current result - profit	1.012.252	2.114.124	5.679.970	3.130.709
	Current result - loss	0	0	0	0
	Extraordinary profit	0	0	0	0
	Extraordinary loss	0	0	0	0
	Profit before taxation	1.012.252	2.114.124	5.679.970	3.130.709
	Loss before taxation	0	0	0	0
	Profit after taxation	724.242	1.716.709	4.756.405	2.618.108
	Loss after taxation	0	0	0	0
	Profit tax		397.415		512.601

Approximate Exchange Rates:

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

Financial Comments:

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

Bankers:

RAIFFEISEN BANK SA 011857 Bucuresti, Sector 1, Piata Charles de Gaulle 15 ROMANIAN INTERNATIONAL BANK SA BUCURESTI SUCURSALA BUCURESTI - Account no. RO67ROIN1000418580128687 030829 Bucuresti, Sector 3, B-dul. Unirii 67

Ratios:

					Industry average
	2009	2008	2007	2006	2009	2008	2007	2006
Debt Ratio (Short-term liabilities + Long-term liabilities) / Total Assets	0,15	0,17	0,68	0,43			0,81	0,82
Quick ratio (Current assets - Inventory)/Current liabilities	0,97	1,07	0,46	0,55			0,56	0,49
Current ratio ( CR ) Current assets / Current liabilities	1,79	2,05	0,63	0,93			0,92	0,79
Leverage Total Equity / Long Term Liabilities	0	0	0	0			0,14	0,09
Return on sales ( ROS ) Net profit / Turnover	0,08	0,18	0,67	0,39			0,08	0,07
Return on assets ( ROA ) Net profit / Total assets	0,07	0,15	0,49	0,48			0,11	0,09
Return on equity ( ROE ) Net profit / Shareholder equity	0,08	0,18	1,51	0,83			0,27	0,21
Operating margin, in % Operating result / Sales	10,49	21,71	26,00	24,88
Days supply in inventory (Inventory / Turnover) * No. of days in period	52,84	75,09	58,83	48,25			56,93	47,10
Days sales in receivables (Receivables / Turnover) * No. of days in period	31,44	38,82	77,27	63,28			78,64	56,95
Days purchase in payables (Current Liabilities / Turnover) * No. of days in period	64,40	77,06	340,93	126,08			144,14	103,30
Sales to Total Assets Sales / Total assets	0,86	0,81	0,73	1,24			3,30	3,10
Operating result / Total assets Operating result / Total assets	0,09	0,18	0,19	0,31
Cash ratio Cash / Current liabilities	0,48	0,57	0,23	0,05
Equity as % of total assets (Equity capital / Total Assets) * 100	84,78	82,80	32,27	57,28
Fixed assets as % of total assets (Fixed assests / Total assets) * 100	72,72	64,78	57,40	60,07
Receivables as % of current assets (Receivables / Current assets) * 100	27,23	24,63	36,04	53,74
Net working capital Current assets - Short-term liabilities	RON 1.310.995,00	RON 2.101.977,00	RON -2.456.441,00	RON -154.605,00

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.03
UK Pound	1	Rs.72.98
Euro	1	Rs.62.94

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

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.