MIRA INFORM REPORT

Report Date :

06.08.2012

IDENTIFICATION DETAILS

Name :	SIA DEPO DIY
Registered Office :	Dreilini, "Jaunbumani", Stopinu novads, Rigas region, LV-2130
Country :	Latvia
Financials (as on) :	31.12.2011
Date of Incorporation :	29.12.2004
Com. Reg. No.:	50003719281
Legal Form :	Limited Company
Line of Business :	Building materials & garden supplies
No. of Employees :	1 100

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

Status :	Satisfactory
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

:

SIA "DEPO DIY"

Name in national language

:

SIA "DEPO DIY"

Office address

:

Dreilini, "Jaunbumani", Stopinu novads, Rigas region, LV-2130, Latvia

Legal Address

:

Dreilini, "Jaunbumani", Stopinu novads, Rigas region, LV-2130, Latvia

Contacts

:

-	Phone	:	(+371) 67064100
-	Fax	:	(+371) 67064151
-	E-mail	:	andris.kozlovskis@depo.lv
	Kozlovskis Andris
-	E-mail	:	valda.klavina@depo.lv
	Valda Klavina
-	E-mail	:	vera.marinkevica@depo.lv
	Vera Marinkevica
-	mobile tel.	:	(+371) 67064104
	/Vera Marinkevica /
-	mobile tel.	:	(+371) 29120333
	Marinkevica Vera
-	mobile tel.	:	(+371) 67064105
	/Valda Klavina /

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2004

Staff : 1 100

Litigation events : yes Remarks on payments : yes

Sales :	88 412 003.00 LVL ( for 12 months, ended 31.12.2011 )
	80 546 411.00 LVL ( for 12 months, ended 31.12.2010 )

Incorporation

:

2004

Registration Data

Date of registration

:

29.12.2004

Registration number

:

50003719281

Registr. authority

:

Commercial Register (Riga, Rigas region, Latvia)

VAT number

:

LV50003719281

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since n/a

Share Capital

:

5 271 738 LVL (registered)

since n/a

Shareholders

:

-	DMT PLUSS (Latvia)				75.00 %
		reg. number	:	40003703058
		address	:	Zeltinu iela 11-92, Riga, Rigas region, Latvia
-	ABLV Private Equity Fund 2010 (Latvia)				25.00 %
		reg. number	:	40103307758
		address	:	Elizabetes iela 23, Riga, Rigas region, Latvia
-	BYKO Lettland ehf (Iceland)				36.00 %
		reg. number	:	1000128990
		address	:	Breidinni, 202 Kopavogur, Iceland
	( the data as of 26.03.2012, cancelled since 10.05.2012 )
-	Baltic Investment Fund III L.P. (Jersey Island)				30.54 %
		reg. number	:	1000072000
		address	:	Templar House, Don Road, St. Helier JE 4 8WH, Channel Islands, Jersey Island
	( the data as of 26.03.2012, cancelled since 10.05.2012 )
-	Baltic Investment Fund III C.V. (Netherlands)				5.45 %
		reg. number	:	1000072022
		address	:	Orlyplain 10, 21st floor, 1043DP, Amsterdam, Netherlands
	( the data as of 26.03.2012, cancelled since 10.05.2012 )

Board / Executives

Board

Chairman of the Supervisory Board

:

Mr Lielcepure, Janis (Latvia)
	pers. code: 250672-10012
	address: Tervetes street 7, Jelgava, Jelgavas region, Latvia

Deputy chairman of the supervisory board

:

Mr Grinbergs, Agris (Latvia)
	pers. code: 050471-10702

Member of the Supervisory Board

:

Mr Rungainis, Girts (Latvia)
	pers. code: 310167-12021

Member of the board

:

Mrs Marinkevica, Vera (Latvia)
	pers. code: 010863-11314
	address: Zeltinu street 11-92, Riga, Rigas region, Latvia

signature right jointly with one more Member of the Board

Chairman of the Supervisory Board

:

Mr Gudmundsson, Jon Helgi (Iceland)
	pers. code: 800003-08201
	address: Gardabaer, Mavanes 20, 210, Iceland

( the data as of 26.03.2012, cancelled since 10.05.2012 )

Deputy chairman of the supervisory board

:

Mr Abolins-Abols, Sandijs (Latvia)
	pers. code: 230671-10725
	address: Penkules street 8, Riga, Rigas region, Latvia

( the data as of 26.03.2012, cancelled since 10.05.2012 )

Member of the Supervisory Board

:

Mr Baldursson, Hjalti (Iceland)
	pers. code: 800011-45205;1110785649
	address: Kopavogur, Laugalind 5, 201, Iceland

( the data as of 26.03.2012, cancelled since 10.05.2012 )

Member of the Supervisory Board

:

Mr Gustainis Simonas (Lithuania)
	pers. code: 800003-94306
	address: J.Jasinskio 16B, 21.floor, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

( the data as of 26.03.2012, cancelled since 10.05.2012 )

Member of the Supervisory Board

:

Mrs Dzelme, Agnija (Latvia)
	pers. code: 160772-10409
	address: Madaras, Kekavas pagasts, Kekava, Rigas region, Latvia

( the data cancelled since 02.01.2008 )

Executives

Chairman of the board

:

Mr Kozlovskis, Andris (Latvia)
	pers. code: 240168-10152
	address: Aleksandra Biezina street 12-4, Riga, Rigas region, Latvia

Member of the board

:

Mrs Atvara, Vineta (Latvia)
	pers. code: 140258-10913
	address: Ciekurkalna 4. skerslinija 12-118, Riga, Rigas region, Latvia

Director of marketing
signature right jointly with one more Member of the Board

Member of the board

:

Mr Kozlovskis, Artis (Latvia)
	pers. code: 200769-11950
	address: Rumbulas street 7-30, Riga, Rigas region, Latvia

Director of marketing
/joint right of signature/

Director of Finance

:

Mrs Marinkevica, Vera (Latvia)
	pers. code: 010863-11314
	address: Zeltinu street 11-92, Riga, Rigas region, Latvia

signature right jointly with one more Member of the Board

Chief Accountant

:

Mrs Klavina, Valda (Latvia)

Member of the board

:

Mr Kravalis, Guntis (Latvia)
	pers. code: 180168-11963
	address: Perkoni, Kubulu pagasts, Balvu region, Latvia

/joint right of signature/

( the data cancelled since 09.07.2007 )

Authorised signature

:

Mrs Atvara, Vineta

Mr Kozlovskis, Andris

Mr Kozlovskis, Artis

Mrs Marinkevica, Vera

Mr Kravalis, Guntis

( the data cancelled since 09.07.2007 )

Changes in Registration Data

:

Historical addresses: - Riga, Zeltinu iela 11-92; - Riga, Karla Ulmana gatve 96; - Rigas rajons, Stopinu novads, Dreilini, "Bumani".

- 07.06.2012

:

legal address

- 10.05.2012

:

managers, shareholders

- 09.03.2011

:

managers

- 10.02.2011

:

share capital, managers

errors in registration was corrected

- 30.12.2010

:

managers

- 19.10.2010

:

share capital

- 07.10.2010

:

share capital, shareholders

- 03.07.2009

:

legal address, managers

/address data were updated/

- 30.01.2009

:

legal address

- 02.01.2008

:

managers

changes in company statute

- 09.07.2007

:

managers

- 12.06.2007

:

share capital, shareholders

changes in company statute

- 04.06.2007

:

legal form, share capital

- 21.12.2006

:

share capital, shareholders

changes in company statute

- 30.03.2006

:

legal address

- 04.01.2006

:

share capital

- 14.11.2005

:

share capital, shareholders

changes in company statute

- 21.07.2005

:

share capital

- 29.03.2005

:

share capital

- 18.02.2005

:

share capital, shareholders

changes in company statute

- 29.12.2004

:

new company organized

Activities

:

-	52	BUILDING MATERIALS & GARDEN SUPPLIES
		(NACE 5246: Retail sale of hardware, paints and glass)

Retail sale of goods for house, garden and maintenance/repair.

Staff employed

:

1 100

Staff History

:

-	1 082
	( the data as of 31.03.2012 )
-	1 104
	( the data as of 14.11.2011 )
-	1 104
	( the data as of 30.06.2011 )
-	983
	( the data as of 31.03.2011 )
-	993
	( the data as of 29.07.2010 )
-	927
	( the data as of 24.03.2010 )
-	927
	( the data as of 06.11.2009 )
-	1 300 [E]
	( the data as of 18.05.2009 )
-	814
	( the data as of 31.12.2007 )

Export

- 2011

:

Fiscal period: 12 month(s), currency: LVL

40 000.00

Lithuania, Estonia

- 2010

:

Lithuania, Estonia
small volumes

- 2009

:

Fiscal period: 12 month(s), currency: LVL

7 800.00

Lithuania, Estonia

Import

- 2011

:

Estonia, Poland, Germany, Spain, China Peoples Republic, Thailand, Belarus, Russian Federation, Lithuania, Netherlands, Portugal, India

- 2010

:

Estonia, Poland, Germany, Spain, China Peoples Republic, Thailand, Belarus, Russian Federation, Lithuania, Netherlands, Portugal, India

- 2009

:

Fiscal period: 12 month(s), currency: LVL

19 259 878.00

Estonia, Poland, Germany, Spain, China Peoples Republic, Thailand, Belarus, Russian Federation, Lithuania, Netherlands, Portugal, India

Facilities

Real estate

:

rent:
-	Land, buildings, premises - Office and shop
	address	:	Dreilini, Bumani, Stopinu novads, Rigas region, LV-2130, Latvia
	office pccupies 1300 sqm /soon where will be placed a warehouse at 17 th sqm/
-	Buildings
	size/amnt	:	98 200.00 sq.m

Other Property

:

leasing:
-	Other tools & equipment - Transport vehicle
	quantity	:	68.00 unit(s)

Branches

:

Shops: Riga, K.Ulmana gatve 96 (shop and storehouse) rent 6000 m2; Riga, Krasta iela 52 (shop and storehouse) rent 6400 m2; Riga, Siguldas soseja 6, Bergi, Garkalnes novads - rent 15000 m2; Mazrumpji, Dreilini, Stopinu novads rent 9800 m2; Daugavpils, Stacijas iela 129 k - rent 10000 m2; Jekabpils, Klavu iela 1 - rent 8000 m2; Liepaja, Zemnieku iela 22 - rent 10000 m2; Rezekne, Stacijas iela 31 - rent 8000 m2; Valmiera, Matisu soseja 6 - rent 8000 m2; Riga, Lubanas 150 (shop and storehouse). Logistic center Jaunbumani, Dreilini, Stopinu novads - rent 17000 m2

Subsidiaries and Participation

:

none

Bankers

:

-	SEB BANKA (Latvia)
	account(s)	:	LV29UNLA0050006063023, LV38UNLA0050005867018
-	SWEDBANKA (Latvia)
	account(s)	:	LV49HABA0551008904123

Clients

:

population

Suppliers

:

Average number of regular suppliers - 500-600 Knauf SIA, SLO Latvija SIA, Robert Bosch SIA - Latvia; Kronopool -Poland; Gunter Sagel Germany; De Gooijer the Netherlands Terms of the suppliers: - 30-60-90-days respite. The company has the opportunity to choose the terms of payment by itself. The company does not feel the shortage of working capital.

Other associated Companies

:

There are small shares participation helded by subject's shareholders in the other companies.

Litigation

:

yes

( the data as of 29.06.2010 )

There have been traced some dozens court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 23.01.2006 up to 27.09.2012 (next court sitting). There are no bankruptcy/insolvency filed; the reasons of these suits used to be the ordinary sequences of the subject business line and company's scale.

Remarks on payment

- 08.03.2011

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

( the data as of 08.03.2011, cancelled since 26.05.2011 )

- 09.05.2009

:

Debt collection (confirmed)				18.00 LVL
	payment status	:	complete

( the data as of 09.05.2009, cancelled since 06.07.2009 )

There were no other records traced on the subject in the databases of the Major Latvian debt collection companies

Business mortgages

- 15.06.2012

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

( the data as of 15.06.2012 )

- 26.04.2012

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

( the data as of 26.04.2012 )

- 07.05.2008

:

Commercial pledge
	pledgee	:	HANSABANKA, Akciju sabiedriba (Latvia)

( the data as of 07.05.2008, cancelled since 11.05.2012 )

Financial Elements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	LVL	LVL	LVL
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	713 860.00	683 489.00
- Fixed assets	6 465 013.00	7 206 725.00	8 023 981.00
- Investments in tangible assets
- Financial assets	177 347.00	177 347.00	177 347.00
- Other non-current assets
Non-current assets total	7 356 220.00	8 067 561.00	8 580 741.00
CURRENT ASSETS
- Stock	24 389 234.00	25 551 845.00	24 143 902.00
- Debtors	620 570.00	1 098 157.00	1 662 401.00
- Other receivables
- Short-term financial investments
- Cash	602 957.00	612 141.00	335 004.00
- Other current assets
Current assets total	25 612 761.00	27 262 143.00	26 141 307.00
Assets total	32 968 981.00	35 329 704.00	34 722 048.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	5 271 738.00	5 271 738.00	4 871 738.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	5 155 899.00	2 798 307.00
Capital and reserves total	10 427 637.00	8 070 045.00	7 254 363.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities	973 236.00	1 999 599.00
Long-term liabilities total	973 236.00	1 999 599.00	3 273 600.00
SHORT-TERM LIABILITIES
- Loans and credits	6 972 946.00	11 546 212.00
- short-term amounts owed to banks	6 972 946.00	11 546 212.00
- Creditors	13 047 019.00	11 790 851.00
- trade debts	10 812 374.00	10 698 892.00
- accrued payroll
- tax liabilities	1 760 130.00	691 357.00
- other creditors	213 460.00	201 829.00
- advances received	261 055.00	198 773.00
- Dividends in arrears
- Accrued income, deferred charges	1 548 143.00	1 922 997.00
- Other short-term liabilities
Short-term liabilities total	21 568 108.00	25 260 060.00	24 194 085.00
Liabilities total	22 541 344.00	27 259 659.00	27 467 685.00
Equity and liabilities total	32 968 981.00	35 329 704.00	34 722 048.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	88 412 003.00	80 546 411.00	74 154 618.00
Cost of goods sold	63 306 005.00	58 980 814.00	-53 214 183.00
Gross profit	25 105 998.00	21 565 597.00
Distribution costs	20 178 497.00	18 511 145.00
Administrative and management costs	1 413 704.00	1 507 303.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable	32 394.00	35 460.00
Interest payable	866 067.00	981 836.00
Income from participating interests
Other operating income	128 545.00	89 367.00
Other operating charges	30 836.00	17 449.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	2 777 833.00	672 691.00	2 224 884.00
Income-tax and other similar payments	420 241.00	42 697.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	2 357 592.00	545 524.00	1 820 115.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	3.14	0.84	3.00
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	26.64	8.34	30.67
Profit before taxation / Equity
Current assets turnover	3.45	2.95	2.84
Net sales / Current assets
Working capital	4 044 653.00	2 002 083.00	1 947 222.00
Current assets - Short-term liabilities
Leverage	0.32	0.23	0.21
Equity / Total assets
Current ratio	1.19	1.08	1.08
Current assets / Short-term liabilities
Quick ratio	0.06	0.07	0.08
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.16	3.38	3.79
Total liabilities / Equity

Publications

- 24.06.2012

:

Subject

:

DELFI

The company "Depo Diy" worked with turnover 88 412 millions LVL last year, it is by 9.8% more than in 2010...

???? ????????? ???????? ???????????????? ? ??????? ?????????????? ???????? Depo Diy ? ??????? ???? ???????? ? ???????? ? 88,412 ???. ?????, ??? ?? 9,8% ??????, ??? ? 2010 ????....

- 07.09.2009

:

Subject

:

Biznes&Baltija

The company's turnover in 2008 was 89.07 millions LVL. It is by 43% more, than in 2007. "DEPO" finished 2008 with profit - 481 thousand LVL. It is by 48.9% more, than in 2007.

- 13.11.2008

:

Subject

:

Dienas Bizness

Owners: BYKO Lettland ehf, Baltic Investment Fund, SIA DMT PLUSS Activity: retail of building/finishing goods, household goods. By the end of 2008 DEPO DIY has become one of the leaders at building materials market in Latvia. Company's trading network consists of 9 shops (4 in Riga, the other ones - in other big cities of Latvia).

FINAL COMMENTS

Company's employees Mrs Marinkevica Vera and Mrs Valda Klavina confirmed/provided us with some general information. Moreover, they informed that company's turnover for 6 months of 2012 is by 10-15% higher, than for the same period in 2011. There is no factor of seasonality. The company's suppliers provide requested limits. The company also uses credit line and factoring. Policy of company - it does not provide the current balance sheet.

Capital History

- date n/a

:

4 871 738 LVL (registered)

( the data as of 13.07.2010, cancelled since 07.10.2010 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	LVL	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	88 412 003.00	80 546 411.00
020 Cost of sales	-63 306 005.00	-58 980 814.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	25 105 998.00	21 565 597.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-20 178 497.00	-18 511 145.00
050 Administrative expenses	-1 413 704.00	-1 507 303.00
060 Other operating income	128 545.00	89 367.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-30 836.00	-17 449.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	32 394.00	35 460.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-866 067.00	-981 836.00
120 Profit or loss on ordinary activities before taxation	2 777 833.00	672 691.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	2 777 833.00	672 691.00
160 Income-tax for fiscal period	-501 188.00	-84 932.00
170 Other taxes
175 Deferred Income-tax for fiscal period	80 947.00	42 235.00
180 Profit or loss for fiscal period	2 357 592.00	545 524.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development	228 200.00	228 200.00
020 Concessions, patents, licences, brands, etc.	485 660.00	454 675.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets	0.00	614.00
050 Total intangible assets	713 860.00	683 489.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	519 390.00	538 678.00
070 Plant and machinery	21 581.00	0.00
080 Other fixtures and fittings, tools and equipment	5 689 790.00	6 571 385.00
090 Payments on account and tangible assets in cours	137 838.00	96 662.00
of construction
091 Prepayment for tangible assets	96 414.00	0.00
100 Total tangible assets	6 465 013.00	7 206 725.00
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	177 347.00	177 347.00
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	177 347.00	177 347.00
200 NON-CURRENT ASSETS TOTAL	7 356 220.00	8 067 561.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	117 937.00	114 384.00
220 Work in progress
230 Finished goods and goods for resale	23 660 149.00	24 647 578.00
240 Orders outstanding
250 Payments on account	611 148.00	789 883.00
260 Working and productive animals
270 Total stock	24 389 234.00	25 551 845.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	423 905.00	524 780.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	78 463.00	432 807.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company	0.00	23 731.00
and the management
340 Prepayments and accrued	118 202.00	116 839.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	620 570.00	1 098 157.00
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)	602 957.00	612 141.00
410 CURRENT ASSETS TOTAL	25 612 761.00	27 262 143.00
420 BALANCE	32 968 981.00	35 329 704.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	5 271 738.00	5 271 738.00
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	2 798 307.00	2 252 783.00
520 Profit or loss for the current year	2 357 592.00	545 524.00
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	10 427 637.00	8 070 045.00
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
630 Other creditors	580 698.00	661 645.00
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	392 538.00	1 337 954.00
640 Total long-term liabilities	973 236.00	1 999 599.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	6 972 946.00	11 546 212.00
671 Other loans
680 Advanced payments received	261 055.00	198 773.00
690 Trade debts	10 812 374.00	10 698 892.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	1 760 130.00	691 357.00
740 Other creditors	213 460.00	201 829.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	541 565.00	448 712.00
773 Deferred tax liabilities	1 006 578.00	1 474 285.00
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	21 568 108.00	25 260 060.00
790 CREDITORS TOTAL	22 541 344.00	27 259 659.00
800 BALANCE	32 968 981.00	35 329 704.00
990 Employees number

- 31.12.2009

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	74 154 618.00
020 Cost of sales	-53 214 183.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	20 940 435.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-17 246 442.00
050 Administrative expenses	-872 253.00
060 Other operating income	272 979.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses
070 Income from participating interests	-13 189.00
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges
120 Profit or loss on ordinary activities before taxation	2 224 884.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	2 224 884.00
160 Income-tax for fiscal period
170 Other taxes
175 Deferred Income-tax for fiscal period	-404 769.00
Financial income	32 207.00
Financial expense	-888 853.00
180 Profit or loss for fiscal period	1 820 115.00
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.	375 783.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets	3 630.00
050 Total intangible assets	379 413.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery	110 370.00
080 Other fixtures and fittings, tools and equipment	7 419 420.00
090 Payments on account and tangible assets in cours	69 381.00
of construction
091 Prepayment for tangible assets
Leasehold improvements	424 810.00
100 Total tangible assets	8 023 981.00
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
Other assets	177 347.00
190 Total financial assets	177 347.00
200 NON-CURRENT ASSETS TOTAL	8 580 741.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	81 321.00
220 Work in progress	62 921.00
230 Finished goods and goods for resale	23 533 666.00
240 Orders outstanding
250 Payments on account	465 994.00
260 Working and productive animals
270 Total stock	24 143 902.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	886 588.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	682 390.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	66 692.00
341 Accrued income
343 Deferred tax liabilities
Loans to management	26 731.00
350 Total debtors	1 662 401.00
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)	335 004.00
410 CURRENT ASSETS TOTAL	26 141 307.00
420 BALANCE	34 722 048.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	4 871 738.00
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	617 381.00
520 Profit or loss for the current year	1 765 244.00
530 CAPITAL AND RESERVES TOTAL	7 254 363.00
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
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	489 569.00
Finance lease liabilities	2 784 031.00
640 Total long-term liabilities	3 273 600.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	11 917 904.00
671 Other loans
680 Advanced payments received	164 754.00
690 Trade debts
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments
740 Other creditors	190 434.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	232 383.00
773 Deferred tax liabilities
775 Alienated financial instruments
995 Depreciation
Finance lease liabilities	1 678 594.00
Trade payables	9 141 388.00
Taxes payable	868 628.00
780 Total short-term liabilities	24 194 085.00
790 CREDITORS TOTAL	27 467 685.00
800 BALANCE	34 722 048.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

MNL

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.