MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Correct Name :	SABIEDRIBA AR IEROBEZOTU ATBILDIBU PINGONS
Registered Office :	Lacplesa 87b, Riga, Rigas region, LV-1011
Country :	Latvia
Financials (as on) :	30.06.2010
Date of Incorporation :	22.01.2004
Com. Reg. No.:	40003250185
Legal Form :	Limited company
Line of Business :	Manufacture of knitted and crocheted hosiery
No. of Employees :	77

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	25 000 EUR
Status :	Moderate
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Latvia	b2	b2

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

Identification

Name in national language

:

Sabiedriba ar ierobeotu atbildibu "Pingons"

Office address

:

Lacplesa 87b, Riga, Rigas region, LV-1011, Latvia

Legal Address

:

Lacplesa 87b, Riga, Rigas region, LV-1011, Latvia

Contacts

:

-	Phone	:	(+371) 67286551
-	Fax	:	(+371) 67504278
-	E-mail	:	riga@pingons.net
-	E-mail	:	ibeketov@pingons.net
-	E-mail	:	sandra@pingons.net
-	WWW	:	www.pingons.net

company SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 1995

Staff : 77

Litigation events : none Remarks on payments : none

Sales :	617 547.00 LVL ( for 6 months, ended 30.06.2010 )
	1 231 730.00 LVL ( for 12 months, ended 31.12.2009 )

Credit Opinion

Credit Limit

:

25 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

1995

Registration Data

Date of registration

:

22.01.2004

Registration number

:

40003250185

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003250185

Registr. place

:

Latvia

Legal Form

:

SIA (Ltd by Latvian law)

since n/a

Share Capital

:

254 520 LVL (registered)

since n/a

Shareholders

:

-	Mr Mjacins, Aleksandrs (Latvia)				70.24 %
		reg. number	:	130254-13112
		address	:	Melluzu prospekts 19-204, Jurmala, Rigas region, Latvia
-	Mr Beketovs, Vladimirs (Latvia)				29.76 %
		reg. number	:	081058-10621
		address	:	Jurmalas gatve 59-8, Riga, Rigas region, Latvia

Board / Executives

Executives

Member of the board

:

Mr Beketovs, Vladimirs (Latvia)
	pers. code: 081058-10621
	address: Jurmalas gatve 59-8, Riga, Rigas region, Latvia

Chief Accountant

:

Mrs Musailova, Svetlana (Latvia)
	pers. code: 220961-14456

Authorised signature

:

Mr Beketovs, Vladimirs

Changes in Registration Data

- 07.04.2008

:

managers

- 05.04.2005

:

managers, shareholders

- 22.01.2004

:

managers, shareholders

- 09.03.2001

:

managers

- 18.04.2000

:

shareholders

- 17.04.2000

:

shareholders

- 01.04.1999

:

managers, shareholders

- 10.08.1998

:

shareholders

- 16.07.1996

:

shareholders

Activities

:

-	2252	Anklets & Socks
		(NACE 1771: Manufacture of knitted and crocheted hosiery)
-	2252	Hosiery, NEC, NEC
		(NACE 1771: Manufacture of knitted and crocheted hosiery)

production/knitting of socks, hosiery

Staff employed

:

77

( the data as of 31.12.2011 )

Staff History

:

-	93
	( the data as of 29.09.2010 )
-	86
	( the data as of 30.06.2010 )
-	97
	( the data as of 2009 )
-	93
	( the data as of 2008 )
-	96
	( the data as of 2007 )

Export

:

Russia, Lithuania, Estonia
/products/

Import

:

Italy, Germany, Estonia, India
/textiles/

Facilities

Real estate

:

own:
-	Land
	size/amnt	:	1 325.00 sq.m
-	Premises - Production
	size/amnt	:	2 811.00 sq.m
	address	:	Lacplesa 87b, Riga, Rigas region, LV-1011, Latvia
-	Premises
	size/amnt	:	719.00 sq.m

Other Property

:

transport vehicles operated by the company: 4 own and 4 leased cars

Subsidiaries and Participation

:

n/a

Bankers

:

-	SEB Banka (Latvia)
	account(s)	:	LV98UNLA0050001283173

Clients

:

Bisoks (LV), Pingons OOO (RF)

Suppliers

:

Tikora SIA (LV), Lonati Spa (IT), Newcocot Spa (IT), Fein-Elast Estonia (EE), Textilverderung (DE)

Other associated Companies

:

-	PINGONS OOO (Russian Federation)
	/Production complex (3000 sqm) in Russia (Aprelevka city, Moscow region); trading depot (500 sqm) in the center of Moscow/

Litigation

:

none

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

Remarks on payment

:

none

There are no records on unpaid invoices/defaulted payments noted by local debt collection companies.

Business mortgages

- 15.02.2012

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

( the data as of 15.02.2012 )

- 18.05.2010

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

( the data as of 18.05.2010 )

- 09.12.2009

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

( the data as of 09.12.2009 )

- 28.03.2008

:

Commercial pledge
	pledgee	:	SEB Latvijas Unibanka, AS (Latvia)

( the data as of 28.03.2008 )

- 30.06.2005

:

Commercial pledge
	pledgee	:	SEB Latvijas Unibanka, AS (Latvia)

( the data as of 30.06.2005 )

- 07.03.2005

:

Commercial pledge
	pledgee	:	LATVIJAS UNIBANKA AS (Latvia)

( the data as of 07.03.2005 )

Financial Elements

Period, months	6	12
Ended	30.06.2010	31.12.2009
Currency	LVL	LVL
Non-current assets	943 631.00	1 005 119.00
incl: - Fixed assets	943 130.00	1 004 511.00
- Financial assets
Current assets	959 084.00	932 350.00
incl: - Stock	520 573.00	471 086.00
- Debtors	435 538.00	460 727.00
- Cash	2 973.00	537.00
ASSETS TOTAL	1 902 715.00	1 937 469.00
Equity	527 873.00	521 131.00
incl: - Share capital	254 520.00	254 520.00
Liabilities Total	1 374 842.00	1 416 338.00
incl: - Long-term liabilities	779 640.00	786 640.00
- Short-term liabilities	595 202.00	629 698.00
EQUITY AND LIABILITIES TOTAL	1 902 715.00	1 937 469.00
Net sales	617 547.00	1 231 730.00
Cost of goods sold	556 211.00	1 110 502.00
Operating profit
Profit before taxation	9 347.00	-40 715.00
Net profit	6 742.00	-39 706.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.51	-3.31
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	1.77	-7.81
Profit before taxation / Equity
Current assets turnover	0.64	1.32
Net sales / Current assets
Working capital	363 882.00	302 652.00
Current assets - Short-term liabilities
Leverage	0.28	0.27
Equity / Total assets
Current ratio	1.61	1.48
Current assets / Short-term liabilities
Quick ratio	0.74	0.73
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.60	2.72
Total liabilities / Equity

FINAL COMMENTS

The sales manager Mrs Sandra Beketova has promised our inquiry to be considered by the company's top administration. If/when we get the additional information we will inform you at once.

Registration History

- 23.03.1995

:

Registration number	:	000325018
Registr. authority	:	State Register (Latvia)

( the data as of 23.03.1995, cancelled since 22.01.2004 )

APPENDIX A

Financial Statements

Period, months	6	12
Ended	30.06.2010	31.12.2009
Currency	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	617 547.00	1 231 730.00
020 Cost of sales	556 211.00	1 110 502.00
030 Gross profit or loss	61 336.00	121 228.00
040 Distribution costs	1 121.00	9 064.00
050 Administrative expenses	38 778.00	119 430.00
060 Other operating income	98 494.00	53 951.00
070 Other operating expenses	91 652.00	29 034.00
080 Income from participating interests
090 Income from securities and loans forming long-term
investments
100 Other interest receivable and similar income
110 Value adjustments in respect of financial assets and
of investments held as current assets
120 Interest payable and similar charges	18 932.00	61 336.00
130 Profit or loss on ordinary activities before taxation	9 347.00	-40 715.00
140 Extraordinary income
150 Extraordinary charges
160 Profit or loss before taxation	9 347.00	-40 715.00
170 Income-tax for fiscal period
180 Other taxes	2 605.00	2 362.00
Deferred income-tax		3 371.00
190 Profit or loss for fiscal period (net profit)	6 742.00	-39 706.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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.	501.00	608.00
030 Other intangible assets
040 Goodwill
050 Payments on account for intangible assets
060 Total intangible assets	501.00	608.00
Tangible assets
070 Real estate	206 409.00	210 589.00
080 Long-term investments in leased tangible assets	2 140.00	2 522.00
090 Plant and machinery	610 278.00	663 730.00
100 Other fixtures and fittings, tools and equipment	116 713.00	127 670.00
110 Payments on account and tangible assets in cours	7 590.00
of construction
120 Prepayment for tangible assets
130 Total tangible assets	943 130.00	1 004 511.00
Financial assets
140 Shares in subsidiaries
150 Loans to subsidiaries
160 Shares in related companies
170 Loans to related companies
180 Other securities and capital participation
190 Other loans
200 Own shares and parts
210 Loans to the members of the company and
the management
220 Total financial assets
230 NON-CURRENT ASSETS TOTAL	943 631.00	1 005 119.00
CURRENT ASSETS
Stock
240 Raw materials and consumables	224 616.00	225 427.00
250 Work in progress	219 337.00	177 491.00
260 Finished goods and goods for resale	76 544.00	68 040.00
270 Orders outstanding
280 Payments on account	76.00	128.00
290 Working and productive animals
300 Total stock	520 573.00	471 086.00
Debtors
310 Trade debtors	431 282.00	450 700.00
320 Amounts owed by subsidiaries
330 Amounts owed by related companies
340 Other debts	575.00	41.00
350 Subscribed capital called but not paid
360 Short-terms loans to the members of the company		4 498.00
and the management
370 Prepayments and accrued	3 681.00	5 488.00
380 Accrued income
390 Total debtors	435 538.00	460 727.00
Securities current assets and short-term capital
participations
400 Shares in subsidiaries
410 Own shares and parts
420 Other securities and capital participation
430 Total securities and shares
440 Cash at bank and in hand (total)	2 973.00	537.00
450 CURRENT ASSETS TOTAL	959 084.00	932 350.00
460 BALANCE	1 902 715.00	1 937 469.00
L I A B I L I T I E S
CAPITAL AND RESERVES
470 Share capital	254 520.00	254 520.00
480 Share premium account
490 Long-term assets revaluation reserve
Reserves
500 Reserve stipulated by law
510 Reserve for own shares and parts
520 Reserve provided by charter
530 Other reserves	42 501.00	42 501.00
540 Total reserves	42 501.00	42 501.00
Retained earning or uncovered losses
550 Profit or loss brought forward from previous years	224 110.00	263 816.00
560 Profit or loss for the current year	6 742.00	-39 706.00
570 CAPITAL AND RESERVES TOTAL	527 873.00	521 131.00
PROVISIONS
580 Provisions for pensions and similar obligations
590 Provisions for taxation
600 Other provisions
610 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
620 Debenture loans
630 Convertible loans
640 Amounts owed to credit institutions	527 241.00	527 241.00
650 Other loans	53 800.00	60 800.00
660 Advanced payments received	159 296.00
670 Trade debts
680 Bills of exchange payable
690 Amounts owed to subsidiaries
700 Amounts owed to related companies
710 Taxes and social security payments
720 Other creditors
730 Deferred income		159 296.00
740 Fiscal period dividends
771 Accrued charges
750 Non-paid dividends of previous years
634 Deferred tax liabilities	39 303.00	39 303.00
760 Total long-term liabilities	779 640.00	786 640.00
Short-term liabilities
770 Debenture loans
780 Convertible loans
790 Amounts owed to credit institutions	348 520.00	419 491.00
800 Other loans	40 650.00	59 450.00
810 Advanced payments received	8 324.00	12 305.00
820 Trade debts	109 723.00	59 166.00
830 Bills of exchange payable
840 Amounts owed to subsidiaries
850 Amounts owed to related companies
860 Taxes and social security payments	25 408.00	21 020.00
870 Other creditors	23 070.00	14 319.00
880 Deferred income	36 067.00	36 067.00
890 Fiscal period dividends
900 Non-paid dividends of previous years
910 Accrued charges	3 440.00	7 880.00
634 Deferred tax liabilities
920 Total short-term liabilities	595 202.00	629 698.00
930 CREDITORS TOTAL	1 374 842.00	1 416 338.00
940 BALANCE	1 902 715.00	1 937 469.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.49

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.