MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	MARTINELI-M.M. OOD
Registered Office :	Ul. Debar 7, 9000 Varna
Country :	Bulgaria
Financials (as on) :	31.12.2011
Date of Incorporation :	1996
Legal Form :	Limited Liability Company (OOD)
Line of Business :	Retail sale of furniture, lighting equipment and household articles
No. of Employees :	142

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)
Bulgaria	B1	B1

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

COMPANY DETAILS

Local name: MARTINELI-M.M. OOD

International name: MARTINELLI-M.M. OOD

Registered address:

ul. Debar 7
9000 Varna
Bulgaria
Telephone: +359-52-664200
Fax: +359-52-664250
E-Mail: accounting@martineli.com, office@martineli.com
Internet: http://www.martineli.com

ESTABLISHMENT & REGISTRATION:

Established: 1996
Registered at Varna district court
Court number 3880/1996
Bulstat/VAT number: 103096918

LEGAL FORM:

Limited Liability Company (OOD)

REGISTERED CAPITAL:

BGN 5 000.00

BANKERS:

Unicredit Bulbank AD, www.bulbank.bg

SHAREHOLDERS/MANAGEMENT

SHAREHOLDERS:

Martin Nestorov Nestorov - 50%
ID 7611071124, born 07.11.1976

Yordanka Mileva Nestorova - 50%
ID 5507121017, born 12.07.1955

MANAGEMENT:

Martin Nestorov Nestorov - manager
Yordanka Mileva Nestorova - manager

RELATED COMPANIES:

Company ID Company Name
200774349 MANDARIN - MN
103833960 EMONA 2003
103805344 MARTINELI
103172419 NESTOR-MARTINI

BUSINESS ACTIVITY

BUSINESS OPERATION:

NACE 1.1: 52.44 Retail sale of furniture, lighting equipment and household articles n.e.c.

Activity:

Luxury Italian bathroom equipment: bath tubs for Hydro-massage, bathroom furniture, sanitary faience, shower faucets and a rich range of accessories. More than 2,000 models of faience, terracotta, granitogres - direct import from Italy and Spain.

NUMBER OF EMPLOYEES:

As at date	Value
31.12.2006	91
31.12.2007	146
31.12.2008	221
31.12.2009	157
31.12.2010	146
Latest stand	142

EXPORT:

GR

IMPORT:

IT, ES, GR

REAL ESTATE:

None

FINANCIAL DATA

TURNOVER:

Year	Currency	Value
2002	BGN	416 000.00
2003	BGN	747 000.00
2004	BGN	2 190 000.00
2005	BGN	4 261 000.00
2006	BGN	4 492 000.00
2007	BGN	5 173 000.00
2008	BGN	7 195 000.00
2009	BGN	4 633 000.00
2010	BGN	4 406 000.00
2011	BGN	3 583 000.00

MODES OF PAYMENT:

Payments are made within agreed terms.

DEBT COLLECTION:

No debt collection cases are registered against the company.

BANK DISTRAINTS:

No shares of the company are under bank distraint.

UNPAID TAXES/ CONTRIBUTIONS TO GOVERNMENT:

There is no publication about overdue unpaid taxes.

INVOLVEMENT IN LEGAL DISPUTES:

There is no publication about legal claims or disputes against the company.

OTHER PAYMENT INFORMATION:

No adverse payment information is available.

BRANCH INDICATOR:

The company's payment behaviour is average for the branch.

GENERAL PAYMENT ASSESSMENT:

FINANCIAL OPINION:

Exchange since for 1998 BGN (denominated lev) = 0.51 EUR

Ratio	2009	2010	2011
Debt ratio	0.35	0.25	0.22
Quick ratio	0.20	0.09	0.12
Current ratio	2.67	3.81	4.46
Days purchase in payables	132.29	87.73	100.37
Operating margin in %	9.25	8.45	8.45
Cash ratio (acid ratio)	0.18	0.04	0.05
Return on sales ROS in %	8.34	7.61	7.61
Return on assets ROA in %	7.85	7.81	6.06
Return on equity ROE in %	12.00	10.41	7.79
Days supply in inventory	327.64	326.72	435.10
Days sales in receivables	2.26	4.25	7.25

BALANCE SHEET in BGN'000	2009	2010	2011
Accounting period:	1.1.2009 - 31.12.2009	1.1.2010 - 31.12.2010	1.1.2011 - 31.12.2011
A.UNPAID CAPITAL
B. FIXED ASSETS
I Fixed Intangible Assets:
R&D Products
Concessions, patents, trade-marks etc
Goodwill
Intangible fixed assets under construction
thereof advances
Total I:
II Fixed Tangible Assets
Land and Buildings
thereof Land
thereof Buildings
Machines, Vehicles
Equipment	14	11	7
Tangible fixed assets under construction
thereof advances
Total II	14	11	7
III. Fixed Financial Assets
Shares in group companies
Loans granted to group companies
Shares in joint ventures
Long term investments
Other loans
Bought back own shares
Total III
IV. Deferred Taxes
B. FIXED ASSETS TOTAL	14	11	7
C. CURRENT ASSETS
I. Inventories
Raw Materials
Work in progress
thereof young animals
Trading goods	3633	3312	3821
thereof production
thereof goods for sale	3633	3312	3821
Advances	144	684	501
Total I	3777	3996	4322
II. Receivables
Receivables from customers	11	38	66
thereof more than 1 year
Receivables from group companies
thereof more than 1 year
Receivables from joint ventures
thereof more than 1 year
Other receivables	15	14	6
thereof more than 1 year	5	5	5
Total II	26	52	72
III. Current Financial Assets
Current investments in related companies
Bought back own shares
Other current financial assets
Total III
IV. Cash equivalents
Cash and accounts in the country	274	41	51
thereof cash	27	13	39
Thereof cash in foreign currency (equivalent)
thereof current accounts	247	28	12
thereof blocked accounts
thereof cash equivalents
Cash and accounts abroad
thereof cash
Thereof cash in foreign currency (equivalent)
thereof current accounts
thereof blocked accounts
Total IV	274	41	51
C. CURRENT ASSETS TOTAL	4077	4089	4445
D. Deferred expenses	318	192	36
TOTAL ASSETS	4409	4292	4488
A. OWNERS EQUITY
I. Share capital	5	5	5
II. Issue premium
III. Revaluation reserves
thereof revaluation reserves of financial instruments
IV. Reserves
legal reserves
reserve related to bought back own shares
reserve from company foundation
other reserves	1357	1703	1703
Total IV	1357	1703	1703
V. Result from previous period
Undistributed profit	1176	1176	1511
Uncovered loss
Total V	1176	1176	1511
VI. Current result profit (loss)	346	335	272
A. OWNERS EQUITY TOTAL	2884	3219	3491
B. PROVISIONS
Provisions for pensions
Provisions for taxes
thereof deferred taxes
Other provisions
B. PROVISIONS TOTAL
C. LIABILITIES
Bond-backed loans
less than 1 year
more than 1 year
Bank loans
less than 1 year
more than 1 year
Advances received	1071	410	202
less than 1 year	1071	410	202
more than 1 year
Payables to suppliers	295	524	578
less than 1 year	295	524	578
more than 1 year
Liabilities on policies
less than 1 year
more than 1 year
Liabilities to group companies
less than 1 year
more than 1 year
Liabilities to joint-venture companies
less than 1 year
more than 1 year
Other liabiliies	159	139	217
less than 1 year	159	139	217
more than 1 year
thereof to personnel	38	40	40
less than 1 year	38	40	40
more than 1 year
thereof to social insurance	15	15	16
less than 1 year	15	15	16
more than 1 year
thereof for taxes	69	44	16
less than 1 year	69	44	16
more than 1 year
C. LIABILITIES TOTAL	1525	1073	997
less than 1 year	1525	1073	997
more than 1 year
D. FINANCING AND DEFERRED INCOME
thereof
Financing
Deferred income
TOTAL EQUITY AND LIABILITIES	4409	4292	4488

P&L ACCOUNT in BGN'000	2009	2010	2011
Accounting period:	1.1.2009 - 31.12.2009	1.1.2010 - 31.12.2010	1.1.2011 - 31.12.2011
A. EXPENSES
I. OPERATION EXPENSES
Decrease of inventories	108
thereof for materials	95	54	40
thereof for services	826	1087	927
Personnel expenses	767	699	768
thereof wages	650	595	651
thereof social insurance	117	104	117
thereof pensions
Depreciation	19	5	5
thereof Depreciation of fixed assets			4
Other expenses	2422	2170	1519
thereof Book value of sold assets (without production)	2416	2168	1516
I. OPERATION EXPENSES TOTAL	4237	4015	3259
II. Financial expenditures
Depreciation of financial assets	207	70	97
thereof exchange rate losses	207	70	97
Paid interest	19	24	18
thereof interest to group companies
Thereof expenditures for securities operations
II. Financial expenditures Total	226	94	115
B. Profit on ordinary activity	384	372	302
III. Extraordinary expenses
thereof expenses on disasters and emergency expenses
C. Total expenses (I+II+III)	4463	4109	3374
D. Accounting profit	384	372	302
IV. Taxation on profit	38	37	30
V. Other taxes
E. Net profit	346	335	272
Total expenses	4847	4481	3676
A. REVENUES
I . OPERATING REVENUES
Net sales	4150	4403	3576
Production
Goods	3963	3235	2950
Services	176	1121	626
Increase of production and work in progress
Expenses on acquisition of assets
Other revenues	494	50	7
thereof financing
I. TOTAL OPERATING REVENUES	4633	4406	3583
II FINANCIAL REVENUES
Income from shares
thereof income from shares in group companies
Income from investments and loans
thereof from investments in group companies
Income from interest
thereof from interest from group companies
II FINANCIAL REVENUES TOTAL	211	75	93
TOTAL REVENUES FROM ORDINARY ACTIVITIES	4847	4481	3676
LOSS
Extraordinary revenues
AFTER TAX LOSS
TOTAL REVENUES	4847	4481	3676

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.41
UK Pound	1	Rs.86.77
Euro	1	Rs.55.41

INFORMATION DETAILS

Report Prepared by :

PDT

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.