MIRA INFORM REPORT

Report Date :

18.05.2011

IDENTIFICATION DETAILS

Name :	SABIEDRIBA AR IEROBEZOTU ATBILDIBU "DO IT"
Registered Office :	Brivibas iela 372, Riga, Rigas region, LV-1006
Country :	Latvia
Financials (as on) :	28.02.2009
Date of Incorporation :	14.03.2005
Com. Reg. No.:	40003733207
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	Special warehousing and storage

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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 "Do It"

Name in national language

:

Sabiedriba ar ierobeotu atbildibu "Do It"

Trading Names, Brands

:

-

JYSK

Office address

:

Siguldas soseja 1e, Garkalnes novads, Rigas region, LV-1024, Latvia

Legal Address

:

Brivibas iela 372, Riga, Rigas region, LV-1006, Latvia

Contacts

:

-	Phone	:	(+371) 67116816
	Liga Agare, lia@jysk.lv
-	Phone	:	(+371) 67147854
	Skrastina Edite
-	Phone	:	(+371) 67147854
-	Phone	:	(+371) 67116800
-	Fax	:	(+371) 67609159
-	E-mail	:	cfo@jysk.lv
-	WWW	:	www.doit.lv
-	E-mail	:	info@doit.lv, tas@jysk.lv, office@jysk.lv
-	Phone	:	(+371) 67609150,67795342

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2005

Staff : 70

Litigation events : none Remarks on payments : none

Sales :	28 711 910.00 LVL ( for 12 months, ended 28.02.2009 )
	17 409 265.00 LVL ( for 12 months, ended 28.02.2008 )

Credit Opinion

Credit Limit

:

0 EUR Credit against full security is acceptable up to when the fresh financial data become available.

Range

:

R7

Incorporation

:

2005

Registration Data

Date of registration

:

14.03.2005

Registration number

:

40003733207

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003733207

Registr. place

:

Latvia

Legal Form

:

SIA (Ltd by Latvian law)

since 14.03.2005

Share Capital

:

632 000 LVL (registered)

since n/a

/paid in since 19.08.2010/

Shareholders

:

-	Jysk Linnen'n Furniture SIA (Latvia)				33.23 %
		reg. number	:	000353699
		address	:	Rigas-Siguldas soseja 1E, Garkalnes novads, Bergi, Rigas region, Latvia
-	Jysk Linnen'n Furniture OU (Estonia)				33.23 %
		reg. number	:	1000225156
		address	:	Endla 45, 10150, Tallinn, Harju county, Estonia
-	JYSK Baltic UAB (Lithuania)				33.23 %
		reg. number	:	1000225145
		address	:	Ozo g. 25, Vilnius, Vilnius region, Vilnius city municipality, Lithuania
-	Joska Eignarhaldsfelag ehf av PLC (Iceland)				0.32 %
		reg. number	:	1000061402
		address	:	Smaratorg 1, 200 Kopavogur, Iceland
-	Joska Eignarhaldsfelag ehf av PLC (Iceland)				100.00 %
		reg. number	:	007008566;430402-5360
		address	:	Smaratorg 1, 200 Kopavogur, Iceland
	( the data cancelled since 19.08.2010 )

Board / Executives

Executives

Member of the board

:

Mrs Lauwers Luc Henri Maria (Belgium)
	pers. code: 800016-79303
	address: Garkalnes novads, Siguldas soseja 1E, Latvia

/joint right of signature/

Chairman of the board

:

Mrs Vilemsone, Kristine (Latvia)
	pers. code: 071073-11493
	address: Klusa iela 17, Siguldas novads, Peltes, Rigas region, Latvia

/joint right of signature/

Chief Accountant

:

Mrs Liga Agare (Latvia)

(tel. 67116816, lia@jysk.lv)

Member of the board

:

Mrs Skrastina, Edite (Latvia)
	pers. code: 190275-11012
	address: Berzu iela 23, Lielvarde, Ogres region, Latvia

/joint right of signature/

Member of the board

:

Mr Lakstigala, Girts (Latvia)
	pers. code: 170674-12511
	address: Aleksandra Caka iela 109-49, Riga, Rigas region, Latvia

/joint right of signature/

( the data cancelled since 14.04.2010 )

Chairman of the board

:

Mr Brynjolv, Stora Niels (Iceland)
	pers. code: 800008-43503
	address: Reikjavika, Seljabraut 42, Iceland

( the data cancelled since 29.10.2009 )

Proxy

:

Mr Krumins, Austris (Latvia)
	pers. code: 291275-11350
	address: Stirnu iela 13c-42, Riga, Rigas region, Latvia

( the data cancelled since 29.10.2009 )

Authorised signature

:

Mrs Lauwers Luc Henri Maria

Mrs Skrastina, Edite

Mrs Vilemsone, Kristine

Mr Lakstigala, Girts

( the data cancelled since 14.04.2010 )

Mr Krumins, Austris

( the data cancelled since 29.10.2009 )

Changes in Registration Data

- 19.08.2010

:

shareholders

- 14.04.2010

:

managers

- 02.12.2009

:

managers

- 29.10.2009

:

managers

- 03.07.2009

:

managers

- 05.03.2009

:

managers

- 08.04.2008

:

managers

- 24.03.2005

:

managers

Activities

:

-	4226	Special warehousing and storage
		(NACE 6312: Storage and warehousing)
-	502	Furniture and Home Furnishings
		(NACE 5147: Wholesale of other household goods)
-	57	FURNITURE AND HOME FURNISHINGS STORES
		(NACE 5244: Retail sale of furniture, lighting equipment and household articles n.e.c.)

wholesale and retail of furniture and household goods The company operates with Jysk shops network (sale of household goods, furniture). Starting from 2011 SIA 'DO IT' offers the custom warehouse servicing.

Staff employed

:

70 [E]

( the data as of 31.12.2010 )

Staff History

:

-	54
	( the data as of 30.06.2010 )
-	68
	( the data as of 28.02.2009 )
-	51
	( the data as of 29.02.2008 )
-	20
	( the data as of 2005 )

Branches

:

-	Shop (Latvia)
	address	:	Brivibas gatve 372, Riga, LV-1006, Latvia
-	Shop (Latvia)
	address	:	Rigas 11a, Jelgava, LV-3004, Latvia
-	Shop (Latvia)
	address	:	Slokas 115, Riga, LV-1067, Latvia
-	Shop (Latvia)
	address	:	Stirnu 26, Riga, LV-1082, Latvia
-	Shop (Latvia)
	address	:	Lielirbes 29, Riga, LV-1046, Latvia
-	Shop (Latvia)
	address	:	Vienibas gatve 113, Riga, LV-1058, Latvia
-	Shop (Latvia)
	address	:	Jauna Ostmala 3/5, Liepaja, LV-3401, Latvia
-	Warehouse (Latvia)
	address	:	Siguldas oseja 1e, Garkalnes novads, Rigas rajons, LV-1024, Latvia

Subsidiaries and Participation

:

n/a

Bankers

:

-	SWEDBANKA AS (Latvia)
	account(s)	:	LV03HABA0551009413037

Suppliers

:

According to the web-site: BIK, Jysk, Rumfata Lagerinn, the Pier

Other associated Companies

:

There are 33 shops JYSK in Baltics and Balcans. By the end of 2009 it is planned to increase the numb er of shops up to 40. There are 8 shops JYSK in Latvia.

Litigation

:

none

/source: Latvian Court records DB/

There are no bankruptcy/insolvency records listed in the subject name in the official sources.

Remarks on payment

:

none

/sources: local debt collection companies/

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

Business mortgages

- 23.07.2008

:

Commercial pledge
	pledgee	:	HANSABANKA AS (Latvia)

( the data as of 27.09.2010 )

- 12.05.2008

:

Commercial pledge				11 807 107 LVL
	pledgee	:	HANSABANKA, Akciju sabiedriba (Latvia)

Lessees: SIA Do It, SIA Jysk Linnenn Furniture

( the data as of 02.07.2008 )

Financial Elements

:

The subject is a big tax-payer, therefore it is allowed to delay the submittion of the annual financial report up to August. It is known that in 2009 the turnover was 25 592 189 and profit was 200 062.

Period, months	12	12	12
Ended	28.02.2009	28.02.2008	31.12.2006
Currency	LVL	LVL	LVL
Non-current assets	1 895 180.00	393 067.00	89 161.00
incl: - Fixed assets	1 780 370.00	302 106.00	75 919.00
- Financial assets
Current assets	15 467 133.00	9 832 418.00	3 842 658.00
incl: - Stock	12 657 815.00	7 085 775.00	2 516 033.00
- Debtors	2 695 844.00	2 229 029.00	812 971.00
- Cash	113 474.00	517 614.00	513 654.00
ASSETS TOTAL	17 362 313.00	10 225 485.00	3 931 819.00
Equity	-613 986.00	-157 796.00	144 380.00
incl: - Share capital	2 000.00	2 000.00	2 000.00
Liabilities Total	17 976 299.00	10 383 281.00	3 787 439.00
incl: - Long-term liabilities	7 680 326.00	6 232.00	2 507.00
- Short-term liabilities	10 295 973.00	10 377 049.00	3 784 932.00
EQUITY AND LIABILITIES TOTAL	17 362 313.00	10 225 485.00	3 931 819.00
Net sales	28 711 910.00	17 409 265.00	9 886 890.00
Cost of goods sold	-23 620 073.00	-15 177 960.00	8 700 548.00
Operating profit
Profit before taxation	-346 244.00	-304 683.00	201 132.00
Net profit	-456 190.00	-302 176.00	162 156.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-1.21	-1.75	2.03
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	56.39	193.09	139.31
Profit before taxation / Equity
Current assets turnover	1.86	1.77	2.57
Net sales / Current assets
Working capital	5 171 160.00	-544 631.00	57 726.00
Current assets - Short-term liabilities
Leverage	-0.04	-0.02	0.04
Equity / Total assets
Current ratio	1.50	0.95	1.02
Current assets / Short-term liabilities
Quick ratio	0.27	0.26	0.35
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	-29.28	-65.80	26.23
Total liabilities / Equity

Publications

- 10.09.2007

:

Subject

:

BNS, LETA

In September, this year, the developer company will start to build a new A-class logistic center Berg at total area 50 th sqm. The biggest lessor will be JYSK Linnen'n Furniture.

FINAL COMMENTS

An inquiry was sent to the company for the attention of Mrs Skrastina Edite by e-mail but no answer was received. We could not speak to her personally, because she was being busy. Nobody besides her is allowed to disclose any information.

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	12	12	12
Ended	28.02.2009	28.02.2008	31.12.2006
Currency	LVL	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	28 711 910.00	17 409 265.00
020 Cost of sales	-23 620 073.00	-15 177 960.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	5 091 837.00	2 231 305.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-4 434 382.00	-1 535 238.00
050 Administrative expenses	-656 733.00	-604 979.00
060 Other operating income	479 806.00	34 295.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-244 577.00	-395 436.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	10 088.00	36 854.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-592 283.00	-71 484.00
120 Profit or loss on ordinary activities before taxation	-346 244.00	-304 683.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	-346 244.00	-304 683.00
160 Income-tax for fiscal period	-2 966.00	0.00
170 Other taxes
175 Deferred Income-tax for fiscal period	-106 980.00	2 507.00
180 Profit or loss for fiscal period	-456 190.00	-302 176.00
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.	114 810.00	90 961.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	114 810.00	90 961.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	11 227.00	3 176.00
070 Plant and machinery	1 517 771.00	179 323.00
080 Other fixtures and fittings, tools and equipment	251 372.00	39 348.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets	0.00	80 259.00
100 Total tangible assets	1 780 370.00	302 106.00
III Investment property, total
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
200 NON-CURRENT ASSETS TOTAL	1 895 180.00	393 067.00
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	10 864 234.00	4 161 161.00
240 Orders outstanding	1 307 034.00	1 524 211.00
250 Payments on account	486 547.00	1 400 403.00
260 Working and productive animals
270 Total stock	12 657 815.00	7 085 775.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors
290 Amounts owed by subsidiaries	1 570 783.00	1 174 620.00
300 Amounts owed by related companies
310 Other debts	920 058.00	989 459.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	205 003.00	64 950.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	2 695 844.00	2 229 029.00
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)	113 474.00	517 614.00
410 CURRENT ASSETS TOTAL	15 467 133.00	9 832 418.00
420 BALANCE	17 362 313.00	10 225 485.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 000.00	2 000.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	-159 796.00	142 380.00
520 Profit or loss for the current year	-456 190.00	-302 176.00
530 CAPITAL AND RESERVES TOTAL	-613 986.00	-157 796.00
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
601 Other loans	12 489.00	6 232.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries	7 560 857.00	0.00
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	106 980.00	0.00
640 Total long-term liabilities	7 680 326.00	6 232.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	8 197 521.00	3 490 142.00
671 Other loans	7 052.00	3 865.00
680 Advanced payments received
690 Trade debts	487 411.00	772 254.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	1 492 123.00	5 950 152.00
720 Amounts owed to related companies
730 Taxes and social security payments	15 511.00	33 729.00
740 Other creditors	36 782.00	38 758.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	59 573.00	88 149.00
773 Deferred tax liabilities
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	10 295 973.00	10 377 049.00
790 CREDITORS TOTAL	17 976 299.00	10 383 281.00
800 BALANCE	17 362 313.00	10 225 485.00
990 Employees number

- 31.12.2006

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	9 886 890.00
020 Cost of sales	8 700 548.00
030 Gross profit or loss	1 186 342.00
040 Distribution costs	-744 748.00
050 Administrative expenses	-211 401.00
060 Other operating income	67 358.00
068 Other operating expenses	-80 994.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	443.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-15 868.00
120 Profit or loss on ordinary activities before taxation	201 132.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	201 132.00
160 Income-tax for fiscal period	-36 439.00
170 Other taxes	-2 537.00
180 Profit or loss for fiscal period	162 156.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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.	13 242.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	13 242.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	0.00
070 Plant and machinery	58 470.00
080 Other fixtures and fittings, tools and equipment	17 449.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	75 919.00
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
190 Total financial assets
200 NON-CURRENT ASSETS TOTAL	89 161.00
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	1 151 536.00
240 Orders outstanding	1 010 805.00
250 Payments on account	353 692.00
260 Working and productive animals
270 Total stock	2 516 033.00
Debtors
280 Trade debtors
290 Amounts owed by subsidiaries	584 946.00
300 Amounts owed by related companies
310 Other debts	212 120.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	15 905.00
341 Accrued income
350 Total debtors	812 971.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
390 Total securities and shares
400 Cash at bank and in hand (total)	513 654.00
410 CURRENT ASSETS TOTAL	3 842 658.00
420 BALANCE	3 931 819.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 000.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	-19 776.00
520 Profit or loss for the current year	162 156.00
530 CAPITAL AND RESERVES TOTAL	144 380.00
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
601 Other loans
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments	2 507.00
630 Other creditors
631 Deferred income
633 Non-paid dividends of previous years
634 Deferred tax liabilities
640 Total long-term liabilities	2 507.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	2 063 016.00
671 Other loans
680 Advanced payments received
690 Trade debts	1 119 384.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	450 439.00
720 Amounts owed to related companies
730 Taxes and social security payments	52 470.00
740 Other creditors	17 741.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	81 882.00
773 Deferred tax liabilities
780 Total short-term liabilities	3 784 932.00
790 CREDITORS TOTAL	3 787 439.00
800 BALANCE	3 931 819.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

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.