MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Correct Name :	UAB SIRMULIS
Formerly Known As :	Sirmulis sole proprietorship
Registered Office :	Topoliu str. 2, Raudondvaris, Kaunas, 54136
Country :	Lithuania
Financials (as on) :	30.09.2011
Date of Incorporation :	16.10.1996
Com. Reg. No.:	159912028
Legal Form :	Private Joint-Stock Company
Line of Business :	Wholesale trade and commission trade, except of motor vehicles and motorcycles

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 :	300 000 EUR
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Exists

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Lithuania	b1	b1

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

Identification

Full Name

:

UAB "SIRMULIS"

Name in national language

:

UAB "IRMULIS"

Previous Names

:

-	Sirmulis sole proprietorship

Office address

:

Topoliu str. 2, Raudondvaris, Kaunas, 54136, Lithuania

Legal Address

:

Topoliu str. 2, Raudondvaris, Kaunas, 54136, Lithuania

Contacts

:

-	Phone	:	(+370 37) 549234
-	Fax	:	(+370 37) 407537
-	E-mail	:	info@sirmulis.lt
-	WWW	:	http://sirmulis.lt/

company SUMMARY

Legal Form : UAB (Private Joint-Stock Co. by Lithuanian law)

Incorporation : 1996

Staff : 28

Litigation events : yes Remarks on payments : none

Sales :	39 450 888.00 LTL ( for 9 months, ended 30.09.2011 )
	34 235 999.00 LTL ( for 12 months, ended 31.12.2010 )

Credit Opinion

Credit Limit

:

300 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

1996

Registration Data

Date of registration

:

16.10.1996

Registration number

:

159912028

Registr. authority

:

State Register (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Date of registration

:

01.12.1996

VAT number

:

LT599120219

Registr. authority

:

Tax Board (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Legal Form

:

UAB (Private Joint-Stock Co. by Lithuanian law)

since 2005

Share Capital

:

10 000 LTL (registered)

since 2005

Shareholders

:

-

Mr Sirmulis, Raimondas (Lithuania)

100.00 %

No official information is available by law, information was confirmed by the company.

Board / Executives

Executives

Chief Accountant

:

Mrs Motiejuniene, Lina (Lithuania)

buhalterija@sirmulis.lt, tel.: +37037 549234

Director

:

Mr Sirmulis, Raimondas (Lithuania)

Authorised signature

:

Mr Sirmulis, Raimondas

Changes in Registration Data

- 02.11.2005

:

name, legal form

former name was Sirmulis sole propriotorship.

Activities

:

-	51	WHOLESALE TRADE-NONDURABLE GOODS
		(NACE 5100: Wholesale trade and commission trade, except of motor vehicles and motorcycles)
-	514	Groceries and Related Products
		(NACE 5139: Non-specialized wholesale of food, beverages and tobacco)

Wholesale of dried fruits, oil and other additives, flavourings.

Staff employed

:

28 [E]

Staff History

:

-	24 [E]
	( the data as of 01.01.2011 )
-	22 [E]
	( the data as of 01.01.2010 )
-	24 [E]
	( the data as of 01.01.2009 )
-	15 [E]
	( the data as of 01.01.2008 )
-	14 [E]
	( the data as of 01.01.2007 )

Export

:

Latvia, Poland

Import

:

Poland, Germany, Spain, Estonia, Netherlands, Malaysia, Russian Federation, Turkey, China, Ukraine, India

Facilities

Real estate

:

own:
-	Buildings - Administrative and trading

Other Property

:

TRANSPORT VEHICLES: 1 BMW 318, 1998, own - 1 2 FIAT DUCATO, 2001, own - 1 3 MAZDA 626, 2000, own - 1 4 RENAULT MEGANE, 1997, own - 1 5 IVECO 65C15, 2002, own - 1 6 IVECO 65C15, 2004, own - 1 7 RENAULT MIDLUM 220.12, 2007, rent/leasing - 1 8 MAN 18.224, 2000, own - 1 9 MERCEDES BENZ 1823, 2000, rent/leasing - 1 10 MERCEDES BENZ 1828, 2002, own - 1 11 MERCEDES BENZ 2528, 2001, rent/leasing - 1 12 SCANIA P 93 ML, 1996, own - 1

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	AB SEB bankas (Lithuania)
	bank code	:	70440
	account(s)	:	LT447044060002905911

Litigation

:

yes

Case number: 2-12641-199/2011 Court name: Kaunas district court Instance: civil case Date: 2011-06-07 Case summary: interim measures annulment Case parts: Plaintiff: ,,Sirmulis", Third person: Setrida

Remarks on payment

:

none

No are reported by the local debt collection companies.

Business mortgages

:

yes

According to official sources and our evaluation, the company required has commercial pledges. We can not provide details regarding the pledges.

Financial Elements

Period, months	9	12	12
Ended	30.09.2011	31.12.2010	31.12.2009
Currency	LTL	LTL	LTL
Non-current assets	2 330 288.00	2 596 320.00	4 085 861.00
incl: - Fixed assets	2 313 871.00	2 425 640.00	2 704 021.00
- Financial assets	16 417.00	170 680.00	1 381 840.00
Current assets	8 954 765.00	7 896 603.00	6 304 853.00
incl: - Stock	1 422 072.00	1 662 843.00	1 584 168.00
- Debtors	7 285 684.00	6 098 069.00	4 439 560.00
- Cash	247 009.00	135 691.00	281 125.00
ASSETS TOTAL	11 285 253.00	10 492 923.00	10 390 714.00
Equity	3 864 622.00	2 454 222.00	2 656 131.00
incl: - Share capital	10 000.00	10 000.00	10 000.00
Liabilities Total	7 420 413.00	8 038 701.00	7 734 583.00
incl: - Long-term liabilities	3 316 680.00	2 866 680.00	2 876 156.00
- Short-term liabilities	4 103 733.00	5 172 021.00	4 858 427.00
EQUITY AND LIABILITIES TOTAL	11 285 253.00	10 492 923.00	10 390 714.00
Net sales	39 450 888.00	34 235 999.00	28 589 921.00
Cost of goods sold	36 596 615.00	31 606 590.00	26 365 972.00
Operating profit	1 823 118.00	1 261 167.00	297 480.00
Profit before taxation	1 658 876.00	-313 101.00	30 849.00
Net profit	1 409 982.00	-313 101.00	-91 041.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.20	-0.91	0.11
Profit before taxation / Net sales
Operating margin of profit, %	4.62	3.68	1.04
Operating profit / Net sales
Return on investment, %	42.92	-12.76	1.16
Profit before taxation / Equity
Current assets turnover	4.41	4.34	4.53
Net sales / Current assets
Working capital	4 851 032.00	2 724 582.00	1 446 426.00
Current assets - Short-term liabilities
Leverage	0.34	0.23	0.26
Equity / Total assets
Current ratio	2.18	1.53	1.30
Current assets / Short-term liabilities
Quick ratio	1.84	1.21	0.97
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.92	3.28	2.91
Total liabilities / Equity

Income range of the subject(according to data of Statistics Dep-t): 20,000,001-30,000,000 /2008-01-02/ 13,000,001-15,000,000 /2007-01-01/ 11,000,001-13,000,000 /2005-12-31/ 9,000,001-11,000,000 /2004-12-31/ 9,000,001-11,000,000 /2003-12-31/ 5,000,001-7,000,000 /2002-12-31/

Publications

:

No publications in mass-media regarding company required.

FINAL COMMENTS

Information was received from all the sources available, some information was confirmed by sales manager of the company. The financial information was received from the Director Mr. Sirmulis, Raimondas. /Date: 07.11.2011, phone:(+370 37) 549234

Legal Form History

- 16.10.1996

:

II (Sole Proprietorship by Lithuanian Law)

( the data as of 16.10.1996, cancelled since 2005 )

APPENDIX A

Financial Statements

Period, months	9	12	12
Ended	30.09.2011	31.12.2010	31.12.2009
Currency	LTL	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	39 450 888.00	34 235 999.00	28 589 921.00
II. COSTS OF GOODS SOLD AND SERVICES	36 596 615.00	31 606 590.00	26 365 972.00
RENDERED
III. GROSS PROFIT (LOSS)	2 854 273.00	2 629 409.00	2 223 949.00
IV. OPERATING EXPENSES	1 031 155.00	1 368 242.00	1 926 469.00
IV.1 Expenses on sales	661 856.00	925 753.00	873 515.00
IV.2 Administrative and other expenses	369 299.00	442 489.00	1 052 954.00
V. OPERATING PROFIT (LOSS)	1 823 118.00	1 261 167.00	297 480.00
VI. OTHER OPERATIONS	-81 249.00	-62 404.00	-54 904.00
VI.1 Revenue from other operations	1 026.00	5 130.00	269.00
VI.2 Expenses on other operations	82 275.00	67 534.00	55 173.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-99 889.00	-1 511 864.00	-211 727.00
VII.1 Revenue from financial and investing activities	30 917.00	30 650.00	22 859.00
VII.2 Expenses on financial and investing activities	130 806.00	1 542 514.00	234 586.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	1 641 980.00	-313 101.00	30 849.00
IX. EXTRA-ORDINARY PROFIT	16 896.00
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	1 658 876.00	-313 101.00	30 849.00
XII. PROFIT TAX	248 894.00		121 890.00
XIII. NET PROFIT (LOSS)	1 409 982.00	-313 101.00	-91 041.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	2 330 288.00	2 596 320.00	4 085 861.00
I. INTANGIBLE ASSETS	0.00	0.00	0.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets
II. TANGIBLE ASSETS	2 313 871.00	2 425 640.00	2 704 021.00
II.1 Land	849 255.00	849 255.00	849 255.00
II.2 Buildings and constructions	1 033 834.00	1 130 925.00	1 260 378.00
II.3 Plant and equipment
II.4 Transport vehicles	350 080.00	390 241.00	504 345.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets	80 702.00	55 219.00	90 043.00
II.8 Investment assets		0.00	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	16 417.00	170 680.00	1 381 840.00
III.1 Capital participation and investments in related	16 417.00	6 680.00	1 381 840.00
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets		164 000.00
IV. OTHER LONG TERM ASSETS	0.00	0.00	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	8 954 765.00	7 896 603.00	6 304 853.00
I. STOCKS AND CONTRACTS IN PROGRESS	1 422 072.00	1 662 843.00	1 584 168.00
I.1. Stocks	1 422 072.00	1 662 843.00	1 583 168.00
I.1.1 Raw materials and consumables
I.1.2 Work in progress
I.1.3 Finished products
I.1.4 Goods purchased for sale	1 422 072.00	1 662 843.00	1 583 168.00
I.1.5 Long term assets for resale
I.2 Advanced payments			1 000.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	7 285 684.00	6 098 069.00	4 439 560.00
II.1. Trade debtors	7 270 108.00	6 084 981.00	4 400 544.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	15 576.00	13 088.00	39 016.00
III. OTHER CURRENT ASSETS	0.00	0.00	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	247 009.00	135 691.00	281 125.00
TOTAL ASSETS	11 285 253.00	10 492 923.00	10 390 714.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	3 864 622.00	2 454 222.00	2 656 131.00
I. CAPITAL	10 000.00	10 000.00	10 000.00
I.1. Authorized capital	10 000.00	10 000.00	10 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	175 582.00	175 582.00	175 582.00
III.1. Legally prescribed reserevs	1 000.00	1 000.00	1 000.00
III.2. Non-distributable reserves
III.3. Other reserves	174 582.00	174 582.00	174 582.00
IV. RETAINED EARNINGS	3 679 040.00	2 268 640.00	2 470 549.00
IV.1 Profit (loss) from the current year	1 410 400.00	-313 101.00	-91 041.00
IV.2 Profit (loss) brought forward from previous years	2 268 640.00	2 581 741.00	2 561 590.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	7 420 413.00	8 038 701.00	7 734 583.00
I. LONG-TERM ACCOUNTS PAYABLE	3 316 680.00	2 866 680.00	2 876 156.00
I.1 Financial loans	3 316 680.00	2 866 680.00	2 876 156.00
I.1.1 Leasing and other similar obligations	48 857.00	48 857.00	138 333.00
I.1.2 Amounts owed to credit institutions	1 800 000.00	1 500 000.00	1 500 000.00
I.1.3 Other financial loans	1 467 823.00	1 317 823.00	1 237 823.00
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions		0.00	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	4 103 733.00	5 172 021.00	4 858 427.00
II.1 Short-term portion of long-term debts	377 476.00	720 734.00	115 649.00
II.2 Financial debts	700 000.00	300 000.00	1 156 845.00
II.2.1 To credit institutions	700 000.00	300 000.00	1 156 845.00
II.2.2 Other loans
II.3 Trade creditors	2 829 072.00	3 867 547.00	3 391 265.00
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities	248 894.00
II.6 Taxes, accrued payroll and social insurance payments	28 395.00	11 711.00	12 793.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	-80 104.00	272 029.00	181 875.00
TOTAL EQUITY AND LIABILITIES	11 285 253.00	10 492 923.00	10 390 714.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

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.