MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Correct Name :	UZDAROJI AKCINE BENDROVE PLUNGES KOOPERATINE PREKYBA
Registered Office :	Birutes str. 50, Plunge, Telsiai region, Plunge district municipality, LT-90112
Country :	Lithuania
Financials (as on) :	30.09.2011
Date of Incorporation :	28.12.1994
Com. Reg. No.:	169985213
Legal Form :	Private Joint-Stock Company
Line of Business :	Processing and preserving of fish and fish products

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 :	800 000 EUR
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 – 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

:

Uzdaroji akcine bendrove "Plunges kooperatine prekyba"

Name in national language

:

Udaroji akcine bendrove "Plunges kooperatine prekyba"

Trading Names, Brands

:

-	BRIZ , STORM, COLUMBUS, VICIUNAI WORLD OF TASTES
	Company has about 35 registered trade marks.

Office address

:

Birutes str. 50, Plunge, Telsiai region, Plunge district municipality, LT-90112, Lithuania

Legal Address

:

Birutes str. 50, Plunge, Telsiai region, Plunge district municipality, LT-90112, Lithuania

Contacts

:

-	Phone	:	(+370 448) 73170
-	Fax	:	(+370 448) 71674, 71667
-	E-mail	:	info@viciunai-pkp.lt , info@vici.lt
-	WWW	:	http://www.viciunaigroup.eu/

Company SUMMARY

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

Incorporation : 1994

Staff : 1 050

Litigation events : yes Remarks on payments : none

Sales :	184 651 408.00 LTL ( for 9 months, ended 30.09.2011 )
	247 197 000.00 LTL ( for 12 months, ended 31.12.2010 )

Credit Opinion

Credit Limit

:

800 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

1994

Registration Data

Date of registration

:

28.12.1994

Registration number

:

169985213

Registr. authority

:

State Register (Plunge, Telsiai region, Plunge district municipality, Lithuania)

Date of registration

:

01.01.1995

VAT number

:

LT699852113

Registr. authority

:

Tax Board (Plunge, Telsiai region, Plunge district municipality, Lithuania)

Legal Form

:

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

since 28.12.1994

Share Capital

:

3 000 000 LTL (registered)

since n/a

Shareholders

:

-	Mr Matijosaitis, Visvaldas	share n/a
	majority shareholder and Chairman of the Board of Viciunai Group.
	( the data as of 29.07.2011 )

No official data is available by law, information was confirmed by administration

Board / Executives

Executives

Financial director

:

Mr Jurele, Paulius

+370 611 38701, paulius.j@viciunai-pkp.lt

Chief Accountant

:

Mr Kniuksta, Marius

marius.k@viciunai-pkp.lt

Director

:

Mr Razma, Algirdas

Authorised signature

:

Mr Razma, Algirdas

Activities

:

-	2091	Canned and cured seafoods
		(NACE 1520: Processing and preserving of fish and fish products)
	The main UAB "Plunges kooperatine prekyba" activities - food products from surimi (crab stick, crab meat, bytes, crab claws, etc.) manufacturing and trade.

Staff employed

:

1 050 [E]

Staff History

:

-	1 050 [E]
	( the data as of 17.02.2011 )
-	1 200 [E]
	( the data as of 17.02.2010 )
-	1 460 [E]
	( the data as of 18.02.2009 )
-	1 550 [E]
	( the data as of 05.03.2008 )
-	1 500 [E]
	( the data as of 01.01.2007 )

Export

:

Poland, Czechia, Russian Federation, Ukraine, France, Latvia, Estonia
Company exports about 90% ofproduction to appr. 40 countries.

Facilities

Real estate

:

own:
-	Buildings - Office, production and storehouse

Other Property

:

own:
-	Other tools & equipment - Cars and others motor vehicles
	quantity	:	72.00 unit(s)
leasing:
-	Other tools & equipment - Cars and others motor vehicles
	quantity	:	1.00 unit(s)

Branches

:

-	Producing Site (Plunge, Telsiai region, Plunge district municipality, Lithuania)
	address	:	Birutes str. 50, Plunge, Telsiai region, Plunge district municipality, LT-90112, Lithuania

Subsidiaries and Participation

:

n/a

Bankers

:

-	AB SEB bankas (Lithuania)
	bank code	:	70440

Clients

:

Main clients are supermarket chains "Maxima", "Rimi", "IKI" etc. 85%of the production is exported.

Other associated Companies

:

-	KAUNO SAULETEKIS (Lithuania)
	address	:	V.Kreves ave. 97, Kaunas, LT-50369, Lithuania
	reg. number	:	133604272
-	Paljassaare Kalatstus (Estonia)
-	UAB BONA (Lithuania)
-	UAB Katpedele (Lithuania)
-	UAB Plunges duona (Lithuania)
-	VICHIUNAI NORDIC
-	VICHIUNAI-RUS (Russian Federation)
-	VICIUNAI IR KO (Lithuania)
	address	:	V.Kreves ave. 97, Kaunas, LT- 50369, Lithuania
	reg. number	:	135571967
-	VICIUNAI IR PARTNERIAI (Lithuania)
	address	:	Senamiescio a. 7, Plunge, Telsiai region, Plunge district municipality, 90162, Lithuania
	reg. number	:	171757754

VICIUNAI group is made of 47 companies in 17 coutries.

Litigation

:

yes

Case number: 3-61-3-01903-2010-9 | A-143-2644-11 Court: Supreme Administrative Court of Lithuania Instancija: management case Date: 13-07-2011 Case summary: registers Case parts: Defendant: VI Registru centras; Plaintiff: UAB SKR grupe; Third person: UAB Plunges kooperatine prekyba Case number: 3-61-3-01117-2011-7 | Ik-2906-331/2011 Court: Vilnius district Administrative Court Instancija: management case Date: 2011-08-31 Case summary: obligation to act Case parts: Defendant: Lietuvos geologijos tarnyba; Plaintiff: UAB Plunges kooperatine prekyba; Third persons: Nacionaline zemes tarnyba; UAB Artva; UAB Interrida; UAB SKR grupe Case number: 3-61-3-00886-2011-9 | AS-63-484-11 Court: Supreme Administrative Court of Lithuania Instancija: management case Date: 2011-09-16 Case summary: annulment of the decision Case parts: Defendant: Lietuvos geologijos tarnyba prie AM; Plaintiff: UAB Plunges kooperatine prekyba; Third persons: UAB SKR grupe; Nacionaline zemes tarnyba; UAB Interrida Case number: 3-62-3-00325-2009-5 | A-438-2358-11 Court: Supreme Administrative Court of Lithuania Instancija: management case Date: 2011-09-22 Case summary: construction, land planning Case parts: Defendant: Kauno m. Savivaldybes administracija; Defendant: Nacionaline zemes tarnybos prie LR ZUM Kauno miesto zemetvarkos skyrius; Plaintiff: Plunges kooperatine prekyba; Third person: Kauno AVA; Ryterna

Remarks on payment

:

none

There are 4 cases of overdue accounts reported by the local debt collection companies dated 2007-2008. Amounts from 795 LTL to 4649 LTL. All of them are closed successfully.

Business mortgages

:

yes

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

Some property seizure acts are also registered in official sources on 09.09.2011. Details are not available.

Financial Elements

Period, months	9	12	12
Ended	30.09.2011	31.12.2010	31.12.2009
Currency	LTL	LTL	LTL
Non-current assets	119 246 421.00	119 873 000.00	121 992 000.00
incl: - Fixed assets	76 893 040.00	74 172 000.00	75 642 000.00
- Financial assets	42 297 480.00	45 628 000.00	46 265 000.00
Current assets	104 122 221.00	101 848 000.00	101 601 000.00
incl: - Stock	23 233 691.00	29 876 000.00	26 862 000.00
- Debtors	76 918 331.00	67 859 000.00	74 066 000.00
- Cash	244 102.00	4 113 000.00	673 000.00
ASSETS TOTAL	223 368 642.00	221 721 000.00	223 593 000.00
Equity	114 964 123.00	115 757 000.00	103 264 000.00
incl: - Share capital	3 000 000.00	3 000 000.00	3 000 000.00
Liabilities Total	108 120 139.00	105 964 000.00	120 329 000.00
incl: - Long-term liabilities	37 108 254.00	32 806 000.00	19 618 000.00
- Short-term liabilities	71 011 885.00	73 158 000.00	100 711 000.00
EQUITY AND LIABILITIES TOTAL	223 368 642.00	221 721 000.00	223 593 000.00
Net sales	184 651 408.00	247 197 000.00	258 931 000.00
Cost of goods sold	149 832 826.00	196 012 000.00	199 515 000.00
Operating profit	6 619 725.00	11 266 000.00	26 811 000.00
Profit before taxation	4 511 727.00	14 484 000.00	22 698 000.00
Net profit	4 323 596.00	12 482 000.00	17 934 000.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	2.44	5.86	8.77
Profit before taxation / Net sales
Operating margin of profit, %	3.58	4.56	10.35
Operating profit / Net sales
Return on investment, %	3.92	12.51	21.98
Profit before taxation / Equity
Current assets turnover	1.77	2.43	2.55
Net sales / Current assets
Working capital	33 110 336.00	28 690 000.00	890 000.00
Current assets - Short-term liabilities
Leverage	0.51	0.52	0.46
Equity / Total assets
Current ratio	1.47	1.39	1.01
Current assets / Short-term liabilities
Quick ratio	1.14	0.98	0.74
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.94	0.92	1.17
Total liabilities / Equity

Income range of the subject in LTL 200,000,001 - 300,000,000 2007-01-01 200,000,001 - 300,000,000 31.12.2005 100,000,001 - 200,000,000 31.12.2004 200,000,001 - 300,000,000 31.12.2003 100,000,001 - 200,000,000 31.12.2002 100,000,001 - 200,000,000 31.12.2001 60,000,001 - 80,000,000 31.12.1999

Publications

- 0001

:

Subject

:

http://www.vici.lt/index.php?option=com_content&task=blogcategory&id=65&Itemid=114

UAB Plunges kooperatine prekyba became Lithuanian Exporter of the Year 2010" on 01.07.2011. Companies have been valued by export, production and investment indicators.

FINAL COMMENTS

Information was received from all the sources available, general information was confirmed by Chief accountant of the company Mr. Marius Kniuksta. /Date: 09.11.2011, phone:(+370 448) 73170

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	184 651 408.00
II. COSTS OF GOODS SOLD AND SERVICES	149 832 826.00
RENDERED
III. GROSS PROFIT (LOSS)	34 818 582.00
IV. OPERATING EXPENSES	34 386 630.00
IV.1 Expenses on sales	16 570 407.00
IV.2 Administrative and other expenses	17 816 223.00
V. OPERATING PROFIT (LOSS)	6 619 725.00
VI. OTHER OPERATIONS	6 187 773.00
VI.1 Revenue from other operations	11 570 332.00
VI.2 Expenses on other operations	5 382 559.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-2 107 998.00
VII.1 Revenue from financial and investing activities	2 304 047.00
VII.2 Expenses on financial and investing activities	4 412 045.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	4 511 727.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	4 511 727.00
XII. PROFIT TAX	188 131.00
XIII. NET PROFIT (LOSS)	4 323 596.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	119 246 421.00
I. INTANGIBLE ASSETS	55 901.00
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	76 893 040.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	42 297 480.00
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	104 122 221.00
I. STOCKS AND CONTRACTS IN PROGRESS	23 233 691.00
I.1. Stocks
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
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	76 850 298.00
II.1. Trade debtors
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable
III. OTHER CURRENT ASSETS	68 033.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	244 102.00
V. Accumulated (receivable) income and expenditure of the periods	3 726 097.00
TOTAL ASSETS	223 368 642.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	114 964 123.00
I. CAPITAL	3 000 000.00
I.1. Authorized capital
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE	9 086 527.00
III. RESERVES	5 699 172.00
III.1. Legally prescribed reserevs
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	92 691 037.00
IV.1 Profit (loss) from the current year
IV.2 Profit (loss) brought forward from previous years
V. Result of the current period	4 487 387.00
D. FINANCING (GRANTS AND SUBSIDIES)	284 380.00
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	108 120 139.00
I. LONG-TERM ACCOUNTS PAYABLE	37 108 254.00
I.1 Financial loans
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions
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	71 011 885.00
II.1 Short-term portion of long-term debts
II.2 Financial debts
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments
II.7 Provisions
II.8 Other accounts payable and short-term liabilities
TOTAL EQUITY AND LIABILITIES	223 368 642.00

- 31.12.2010

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	247 197 000.00
II. COSTS OF GOODS SOLD AND SERVICES	196 012 000.00
RENDERED
III. GROSS PROFIT (LOSS)	51 185 000.00
IV. OPERATING EXPENSES	39 919 000.00
IV.1 Expenses on sales	21 689 000.00
IV.2 Administrative and other expenses	18 230 000.00
V. OPERATING PROFIT (LOSS)	11 266 000.00
VI. OTHER OPERATIONS	3 237 000.00
VI.1 Revenue from other operations	8 403 000.00
VI.2 Expenses on other operations	5 166 000.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-19 000.00
VII.1 Revenue from financial and investing activities	3 377 000.00
VII.2 Expenses on financial and investing activities	3 396 000.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	14 484 000.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	14 484 000.00
XII. PROFIT TAX	2 002 000.00
XIII. NET PROFIT (LOSS)	12 482 000.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	119 873 000.00
I. INTANGIBLE ASSETS	73 000.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets	73 000.00
II. TANGIBLE ASSETS	74 172 000.00
II.1 Land	1 980 000.00
II.2 Buildings and constructions	27 787 000.00
II.3 Plant and equipment	24 375 000.00
II.4 Transport vehicles	1 414 000.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments	6 451 000.00
II.7 Other tangible assets	435 000.00
II.8 Investment assets	11 730 000.00
II.8.1. Land	2 773 000.00
II.8.2. Buildings	8 957 000.00
III. LONG-TERM FINANCIAL ASSETS	45 628 000.00
III.1 Capital participation and investments in related	40 698 000.00
companies
III.2 Loans to subsidiaries and associated companies	4 930 000.00
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	101 848 000.00
I. STOCKS AND CONTRACTS IN PROGRESS	29 876 000.00
I.1. Stocks	18 097 000.00
I.1.1 Raw materials and consumables	13 665 000.00
I.1.2 Work in progress	1 017 000.00
I.1.3 Finished products	3 294 000.00
I.1.4 Goods purchased for sale	121 000.00
I.1.5 Long term assets for resale
I.2 Advanced payments	11 779 000.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	67 859 000.00
II.1. Trade debtors	7 386 000.00
II.2 Loans to subsidiaries and associated companies	13 024 000.00
II.3. Other accounts receivable	47 449 000.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	4 113 000.00
TOTAL ASSETS	221 721 000.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	115 757 000.00
I. CAPITAL	3 000 000.00
I.1. Authorized capital	3 000 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE	9 249 000.00
III. RESERVES	5 699 000.00
III.1. Legally prescribed reserevs	5 699 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	97 809 000.00
IV.1 Profit (loss) from the current year	12 482 000.00
IV.2 Profit (loss) brought forward from previous years	85 327 000.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	105 964 000.00
I. LONG-TERM ACCOUNTS PAYABLE	32 806 000.00
I.1 Financial loans	28 847 000.00
I.1.1 Leasing and other similar obligations	6 327 000.00
I.1.2 Amounts owed to credit institutions	21 563 000.00
I.1.3 Other financial loans	957 000.00
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes	3 959 000.00
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	73 158 000.00
II.1 Short-term portion of long-term debts	29 759 000.00
II.2 Financial debts	0.00
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors	34 156 000.00
II.4 Advanced payments under contracts in progress	2 283 000.00
II.5 Profit tax liabilities	984 000.00
II.6 Taxes, accrued payroll and social insurance payments	5 486 000.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	490 000.00
TOTAL EQUITY AND LIABILITIES	221 721 000.00

- 31.12.2009

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	258 931 000.00
II. COSTS OF GOODS SOLD AND SERVICES	199 515 000.00
RENDERED
III. GROSS PROFIT (LOSS)	59 416 000.00
IV. OPERATING EXPENSES	32 605 000.00
IV.1 Expenses on sales	17 443 000.00
IV.2 Administrative and other expenses	15 162 000.00
V. OPERATING PROFIT (LOSS)	26 811 000.00
VI. OTHER OPERATIONS	-189 000.00
VI.1 Revenue from other operations	8 899 000.00
VI.2 Expenses on other operations	9 088 000.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-3 924 000.00
VII.1 Revenue from financial and investing activities	24 262 000.00
VII.2 Expenses on financial and investing activities	28 186 000.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	22 698 000.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	22 698 000.00
XII. PROFIT TAX	4 764 000.00
XIII. NET PROFIT (LOSS)	17 934 000.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	121 992 000.00
I. INTANGIBLE ASSETS	85 000.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets	85 000.00
II. TANGIBLE ASSETS	75 642 000.00
II.1 Land	1 958 000.00
II.2 Buildings and constructions	29 280 000.00
II.3 Plant and equipment	24 255 000.00
II.4 Transport vehicles	1 544 000.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments	5 018 000.00
II.7 Other tangible assets	410 000.00
II.8 Investment assets	13 177 000.00
II.8.1. Land	3 763 000.00
II.8.2. Buildings	9 414 000.00
III. LONG-TERM FINANCIAL ASSETS	46 265 000.00
III.1 Capital participation and investments in related	40 534 000.00
companies
III.2 Loans to subsidiaries and associated companies	3 955 000.00
III.3 Long-term accounts receivable	1 776 000.00
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	101 601 000.00
I. STOCKS AND CONTRACTS IN PROGRESS	26 862 000.00
I.1. Stocks	25 203 000.00
I.1.1 Raw materials and consumables	21 432 000.00
I.1.2 Work in progress	934 000.00
I.1.3 Finished products	2 812 000.00
I.1.4 Goods purchased for sale	25 000.00
I.1.5 Long term assets for resale	0.00
I.2 Advanced payments	1 659 000.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	74 066 000.00
II.1. Trade debtors	32 760 000.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	41 306 000.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets	0.00
IV. CASH IN HAND AND BANK ACCOUNT	673 000.00
TOTAL ASSETS	223 593 000.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	103 264 000.00
I. CAPITAL	3 000 000.00
I.1. Authorized capital	3 000 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE	9 462 000.00
III. RESERVES	5 699 000.00
III.1. Legally prescribed reserevs	5 699 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	85 103 000.00
IV.1 Profit (loss) from the current year	17 934 000.00
IV.2 Profit (loss) brought forward from previous years	67 169 000.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	120 329 000.00
I. LONG-TERM ACCOUNTS PAYABLE	19 618 000.00
I.1 Financial loans	15 738 000.00
I.1.1 Leasing and other similar obligations	11 232 000.00
I.1.2 Amounts owed to credit institutions	3 285 000.00
I.1.3 Other financial loans	1 221 000.00
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes	3 880 000.00
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	100 711 000.00
II.1 Short-term portion of long-term debts	35 853 000.00
II.2 Financial debts	18 371 000.00
II.2.1 To credit institutions	18 371 000.00
II.2.2 Other loans
II.3 Trade creditors	37 491 000.00
II.4 Advanced payments under contracts in progress	329 000.00
II.5 Profit tax liabilities	3 533 000.00
II.6 Taxes, accrued payroll and social insurance payments	4 771 000.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	363 000.00
TOTAL EQUITY AND LIABILITIES	223 593 000.00

- 31.12.2008

:

Fiscal period: 12 month(s), currency: LTL
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	149 105 387.00
I. INTANGIBLE ASSETS	223 435.00
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	52 323 452.00
II.1 Land	2 908 000.00
II.2 Buildings and constructions	31 015 486.00
II.3 Plant and equipment	6 486 659.00
II.4 Transport vehicles	679 601.00
II.5 Other fixtures, fittings, tools and equipment	478 670.00
II.6 Construction in progress and prepayments	10 203 900.00
II.7 Other tangible assets	846 208.00
III. LONG-TERM FINANCIAL ASSETS	60 015 304.00
III.1 Capital participation and investments in related	54 225 549.00
companies
III.2 Loans to subsidiaries and associated companies	5 556 442.00
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets	233 313.00
IV. Investment assets	15 972 448.00
B. CURRENT ASSETS	122 475 194.00
I. STOCKS AND CONTRACTS IN PROGRESS	18 217 522.00
I.1. Stocks	18 217 522.00
I.1.1 Raw materials and consumables	10 295 400.00
I.1.2 Work in progress	1 156 810.00
I.1.3 Finished products	3 410 163.00
I.1.4 Goods purchased for sale	3 355 149.00
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	100 622 504.00
II.1. Trade debtors	63 319 452.00
II.2 Loans to subsidiaries and associated companies	30 140 996.00
II.3. Other accounts receivable	7 162 056.00
III. OTHER CURRENT ASSETS	1 594 342.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	151 452.00
TOTAL ASSETS	271 580 581.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	103 297 651.00
I. CAPITAL	3 000 000.00
I.1. Authorized capital	3 000 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE	10 183 634.00
III. RESERVES	5 699 172.00
III.1. Legally prescribed reserevs
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	84 409 845.00
IV.1 Profit (loss) from the current year	65 409 549.00
IV.2 Profit (loss) brought forward from previous years	19 005 296.00
D. FINANCING (GRANTS AND SUBSIDIES)	71 347.00
E. ACCOUNTS PAYABLE AND LIABILITIES	168 211 583.00
I. LONG-TERM ACCOUNTS PAYABLE	60 585 294.00
I.1 Financial loans	55 340 709.00
I.1.1 Leasing and other similar obligations	15 211 583.00
I.1.2 Amounts owed to credit institutions	40 129 126.00
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes	5 244 585.00
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	107 626 289.00
II.1 Short-term portion of long-term debts	3 120 081.00
II.2 Financial debts	32 960 328.00
II.2.1 To credit institutions	7 309 716.00
II.2.2 Other loans	17 166 245.00
II.2.3. Financial loans to related companies	8 484 364.00
II.3 Trade creditors	46 862 591.00
II.4 Advanced payments under contracts in progress	12 544.00
II.5 Profit tax liabilities	1 955 199.00
II.6 Taxes, accrued payroll and social insurance payments	7 841 177.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	12 554 580.00
TOTAL EQUITY AND LIABILITIES	271 580 581.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	319 434 049.00
II. COSTS OF GOODS SOLD AND SERVICES	295 630 056.00
RENDERED
III. GROSS PROFIT (LOSS)	23 803 993.00
IV. OPERATING EXPENSES	33 440 093.00
IV.1 Expenses on sales
IV.2 Administrative and other expenses
V. OPERATING PROFIT (LOSS)	-9 636 100.00
VI. OTHER OPERATIONS	5 030 838.00
VI.1 Revenue from other operations	23 235 244.00
VI.2 Expenses on other operations	18 204 406.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	23 773 178.00
VII.1 Revenue from financial and investing activities	48 192 123.00
VII.2 Expenses on financial and investing activities	-24 418 945.00
VIII. BASIC ACTIVITY PROFIT (LOSS)
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	19 167 916.00
XII. PROFIT TAX	162 620.00
XIII. NET PROFIT (LOSS)	19 005 296.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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.