MIRA INFORM REPORT

Report Date :

14.05.2011

IDENTIFICATION DETAILS

Name :	PANHIM OOD

Registered Office :	Ploshtadkata Na Agrobiohim 6000 Stara Zagora

Country :	Bulgaria

Financials (as on) :	2009

Year of Establishment :	1999

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of other inorganic basic chemicals

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	EUR 200 000.00
Status :	Satisfactory
Payment Behaviour :	Regular
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)

Bulgaria

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

COMPANY DETAILS

Local name: PANHIM OOD

International name: PANCHIM OOD

Registered address:

Ploshtadkata Na Agrobiohim 6000 Stara Zagora Bulgaria

Telephone: +359-42-615211, +359-42-615212, +359-42-615213

Fax: +359-42-602927

E-Mail: panchim@panchim.com

Internet: http://www.panchim.com

ESTABLISHMENT & REGISTRATION:

Established in 1999

Registered at Stara Zagora District Court Court number 1530/2000 Bulstat/VAT number: 130163545

LEGAL FORM:

Limited Liability Company (OOD)

REGISTERED CAPITAL:

BGN 105 000.00

BANKERS:

BNP-Paribas (Bulgaria)

UNICREDIT BULBANK AD www.bulbank.bg

SHAREHOLDERS/MANAGEMENT

SHAREHOLDERS:

PLG HOLDING BV (Netherlands) - 96%

PLASIT 2001 Cooperative Agricultural Association(Israel) - 4%

MANAGEMENT:

SASON IZIDOR ALKALAY: manager

RELATED COMPANIES:

EUROCHIM OOD

BUSINESS ACTIVITY

BUSINESS OPERATION:

NACE 24.13 Manufacture of other inorganic basic chemicals

NUMBER OF EMPLOYEES:

108

EXPORT:

EU, Turkey, Israel

IMPORT:

EU, Turkey, Israel, Russia

REAL ESTATE:

Own premises

FINANCIAL DATA

TURNOVER:

Year	Currency Value
2000	DEM 2 990 000.00
2001	DEM 10 307 000.00
2002	BGN 16 379 000.00
2003	BGN 16 252 000.00
2004	BGN 15 856 000.00
2005	BGN 20 850 000.00
2006	BGN 27 631 000.00
2007	BGN 29 782 000.00
2008	BGN 32 451 000.00
2009	BGN 27 765 000.00

■ turnover

2000 2001 2002 2003 2004 2005 2006 2007 2003 2009 DEM DEM BGN BGN BGN BGN BGN BGN BGN BGN

MODES OF PAYMENT:

Payments are made within agreed terms.

DEBT COLLECTION:

No debt collection cases are registered against the company.

BANK DISTRAINTS:

No shares of the company are under bank distraint.

UNPAID TAXES/ CONTRIBUTIONS TO GOVERNMENT:

There is no publication about overdue unpaid taxes.

INVOLVEMENT IN LEGAL DISPUTES:

There is no publication about legal claims or disputes against the company.

OTHER PAYMENT INFORMATION:

No adverse payment information is available.

BRANCH INDICATOR:

The company's payment behaviour is average for the branch.

CREDIT LIMIT:

EUR 200 000.00 (for 30 days)

Exchange since for 1998 BGN (denominated lev) = 0.51 EUR

Ratio	2008	2009
Debt ratio	0.60	0.61
Quick ratio	0.79	0.89
Current ratio	1.22	1.36
Days purchase in payables	121.50	151.90
Operating margin in %	3.57	7.14
Cash ratio (acid ratio)	0.02	0.19
Return on sales ROS in %	3.22	6.41
Return on assets ROA in %	5.58	7.36
Return on equity ROE in %	13.79	19.06
Days supply in inventory	53.18	70.98
Days sales in receivables	93.02	106.02

BALANCE SHEET IN bgn ‘000	2008	2009
Fixed assets	5283	8258
Tangible assets	5279	8227
Intangible assets	4	31
Long-term investments
Goodwill
Prepaid expenses, deferred income, similar accounts
Current assets	13366	15863
Inventory	4777	5459
Short-term receivables	8356	8154
Short-term investments
Liquid assets	233	2250
Prepaid expenses
Total Assets	18649	24121
Equity capital	7544	9320
Subscribed and paid capital	105	105
Reserves
Profit or loss carried forward	7439	9215
Profit of the year
Loss of the year
Long-term liabilities	191	3148
Short-term liabilities	10914	11683

P&L ACCOUNT in BGN'000	2008	2009
Total operating expenses	31028	25157
Financial expenditures	381	209
Extraordinary expenses
Profit before taxation	1155	1976
Taxes	115	200
Profit after taxation	1040	1776
Total operating income	32451	27765
Financial income	113	77
Extraordinary income
Loss after taxation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

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.

COMPANY DETAILS

SHAREHOLDERS/MANAGEMENT

BUSINESS ACTIVITY

FINANCIAL DATA

Unit