MIRA INFORM REPORT

Report Date :

18.12.2012

IDENTIFICATION DETAILS

Name :	SKIVERS HIDES AKTSIASELTS
Registered Office :	Kadastiku 57a, Narva, Ida-Viru county, 21004
Country :	Estonia
Financials (as on) :	31.12.2011
Date of Incorporation :	01.01.1998
Com. Reg. No.:	10339544
Legal Form :	Public Limited Company
Line of Business :	Wholesaler of hides, skins and leather
No. of Employees :	19 employees

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Estonia	B2	B2

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

eSTONIA - ECONOMIC OVERVIEW

Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Russia, and Germany. Tallinn's priority has been to sustain high growth rates - on average 8% per year from 2003 to 2007. Estonia's economy fell sharply into recession in mid-2008, primarily as a result of an investment and consumption slump following the bursting of the real estate market bubble. Estonia has rebounded well from the economic crisis. GDP contracted 14.3% in 2009, but the Estonian economy now has the highest GDP growth rate in Europe, largely thanks to a boom in exports and increased foreign investment following Estonia's adoption of the euro on 1 January 2011. Although Estonian GDP returned to positive growth in 2010, unemployment continued to rise, reaching an all time high of 19.8% in early 2010.

Source Cia

Identification

Full Name

:

Skivers Hides Aktsiaselts

Name in English

:

Skivers Hides PLC

Name in national language

:

Skivers Hides AS

Office Address

:

Kadastiku 57a, Narva, Ida-Viru county, 21004, Estonia

Legal Address

:

Kadastiku 57a, Narva, Ida-Viru county, 21004, Estonia

Contacts

:

-	Phone	:	(+372) 3576763 3576778 5024887
-	Fax	:	(+372) 3576778
-	E-mail	:	sh@skivers.ee

company SUMMARY

Legal Form : AS (Public limited company by Estonian Commercial Law)

Incorporation : 1998

Staff : 19

Litigation events : n/a Remarks on payments : none

Sales :	6 503 512.00 EUR ( for 12 months, ended 31.12.2011 )
	6 858 199.00 EUR ( for 12 months, ended 31.12.2010 )

Incorporation

:

1998

Registration Data

Date of registration

:

06.01.1998

Registration number

:

10339544

Registr. authority

:

Registration department of the County Court (Viru county, Estonia)

Date of registration

:

01.01.1998

VAT number

:

EE100419902

Registr. authority

:

Estonian Tax and Customs Board (Viru county, Estonia)

VAT payers are persons (including legal persons), whose taxable supply from the beginning of a calendar year exceeds 16 000 EUR. VAT rate is 20 percent.

Legal Form

:

AS (Public limited company by Estonian Commercial Law)

since 06.01.1998

Public Limited company (PLC) is a company with a share capital divided into shares. The company is liable for its obligations with all its assets. The minimum sharecapital must be at least 400,000.00 EEK (25,564.00 EUR).

Share Capital

:

164 862 EUR (registered)

since 30.07.2012

Shareholders

:

-	Mr Berkov, Sergey (Russian Federation)				50.00 %
		share's book value	:	82 431 EUR
		reg. number	:	3580213XXXX
		address	:	Bolshaja Konjushennaja 4- 47, St.-Petersburg, Leningrad region, Russian Federation
	Currently related in Estonia to the following companies: 1 Aktsiaselts SKIVERS HIDES (10339544) (Active)
-	Mr Valitov, Samil (Estonia)				50.00 %
		share's book value	:	82 431 EUR
		reg. number	:	36301013735
		address	:	Narva, Ida-Viru county, Estonia
	Currently related in Estonia to the following companies: 1 Hooneühistu ZÜID (80113126) (Active) 2 Aktsiaselts SKIVERS HIDES (10339544) (Active) 3 Usaldusühing VALITELLE (11188047) (Active) 4 OÜ OLEAARIUS GRUPP (10660105) (Active) Was related in Estonia to the following companies: 1 HOONEÜHISTU KULGU PAADIGARAAŽID (80050845) (Active) 2 Leather World OÜ (11492259) (Active)

The information system of the Commercial Register presents data about the shareholders of public limited companies holding more than 10% of the votes determined by shares. The data about shareholders in the information system of the Commercial Register has an informative meaning. The data of the Estonian Central Register of Securities has legal power on the basis of the Estonian Central Register of Securities Act.

Board / Executives

Board

Chairman of the Supervisory Board

:

Mrs Solovjova, Irina (Estonia)
	pers. code: 46312183734

Member of the Supervisory Board

:

Mr Beloussov, Juri (Estonia)
	pers. code: 37707273712
	address: Narva, Ida-Viru county, Estonia

Member of the Supervisory Board

:

Mrs Valitova, Jelena (Estonia)
	pers. code: 47311242712
	address: Narva, Ida-Viru county, Estonia

Executives

Member of the board

:

Mr Berkov, Sergey (Russian Federation)
	pers. code: 3580213XXXX
	address: Bolshaja Konjushennaja 4- 47, St.-Petersburg, Leningrad region, Russian Federation

Member of the board

:

Mr Valitov, Samil (Estonia)
	pers. code: 36301013735
	address: Narva, Ida-Viru county, Estonia

The member of the management board represents the public limited company alone unless noted otherwise in the commercial register.

Authorised signature

:

Mr Berkov, Sergey

Mr Valitov, Samil

Changes in Registration Data

- 17.06.2010

:

activities

principal activity: Wholesale of hides, skins and leather NACE code: 46.24

- 17.08.2006

:

managers

Mr Beloussov, Juri (Estonia, 37707273712) Mrs Valitova, Jelena (Estonia, 47311242712) Mrs Solovjova, Irina (Estonia, 46312183734)

- 06.04.2005

:

legal address, managers, authorised signature

Kadastiku 57, Narva, 21004 Mr Medvedski, Leonid (Estonia, 35611193715)

- 02.02.2005

:

managers

Mrs Medvedskaja, Jekaterina (Estonia, 45405273723)

- 01.01.2005

:

shareholders

Mr Medvedski, Leonid (Estonia, 35611193715)

- 15.06.1999

:

legal address

Kadastiku 57, Narva, EE2000

Activities

:

-	5159	Feathers, Hides & Pelts
		(NACE 5124: Wholesale of hides, skins and leather)

principal activity: Manufacture of other articles made of leather NACE code: 15.12 additional activity: Wholesale of hides, skins and leather NACE code: 46.24

Staff employed

:

19

( the data as of 31.12.2011 )

Staff History

:

-	22
	( the data as of 31.12.2010 )
-	25
	( the data as of 22.12.2010 )
-	22
	( the data as of 31.12.2009 )
-	18
	( the data as of 31.12.2008 )
-	21
	( the data as of 31.12.2007 )
-	21
	( the data as of 31.12.2006 )
-	21
	( the data as of 31.12.2005 )

Export

- 31.12.2011

:

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

6 316 207.00

Italy, Spain, Latvia, Germany, Ireland, Poland, Lithuania, Belgium, United Kingdom, India, Turkey, China Peoples Republic
Export share: 97%

- 31.12.2010

:

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

6 616 899.00

Italy, Spain, Latvia, Germany, Ireland, Poland, Belgium, Sweden, United Kingdom, Thailand, India, Korea Republic, Turkey, China Peoples Republic, Russian Federation
Export share: 96%

- 31.12.2009

:

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

37 268 383.00

Italy, Spain, Germany, Belgium, Sweden, United Kingdom, Thailand, India, Turkey, China Peoples Republic, Russian Federation

- 31.12.2008

:

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

55 855 912.00

Italy, Spain, Portugal, Germany, Finland, Poland, Netherlands, Thailand, India, Brazil, Taiwan, Turkey, Japan, Israel, China Peoples Republic

Import

- 2010

:

Italy, Sweden, Belgium, Germany, United Kingdom

Facilities

Real estate

:

According to Estonian Land Register, company required has 1 real estate object: - Ida-Viru region, Narva city, Kadastiku str 57a (Production 100%, 13169 m2)

Branches

:

-	Warehouse (Narva, Ida-Viru county, Estonia)
	address	:	Kadastiku 57a, Narva, Ida-Viru county, 21004, Estonia
	tel +372 3576763, sh@skivers.ee

Subsidiaries and Participation

:

none

According to official sources and our evaluation, the company required has no subsidiaries.

Bankers

:

-	Danske Bank (Denmark)
	address	:	Holmens Kanal 2-12, Kobenhavn, 1092, Denmark
	reg. number	:	61126228
-	Danske Bank A/S Eesti Filiaal (Estonia)
	address	:	Narva road 11, Tallinn, Harju county, 10151, Estonia
	reg. number	:	11488826
	bank code	:	720

Clients

:

-	Balcanica
-	Daewoo
-	Gori Kinlar (Turkey)
-	Jamaica (Italy)
-	Jarwood (United Kingdom)
-	Modera (Italy)
-	Sepici Holding (Turkey)
-	Tibet (Italy)
-	Ticusa S.A. (Spain)
-	Toscana (Italy)

According to the information from the interview, the number of the regular customers is more than 100.

Suppliers

:

According to the information from the interview, the number of the regular suppliers is about 15-20.

Litigation

:

Possible CCJ matches show CCJs that may be matched to a company based on various criteria such as similar trading names or addresses. This data is provided for your information only as an aid to decision-making and does not affect a company’s rating. According to official sources, the company has participated in 1 court hearing. There are no details available on 1 court hearing. 1 court hearing is written below, however we do not know the role of the company in this action: (#1) Status: Outgoing documents Doc. Nr. : /117473-10 Doc. date: - Doc. Insert/Sending date: 2010-11-17 Reciever/Sender: AS SKIVERS HIDES Description: Regulation

Remarks on payment

:

none

Debts to Estonian government: By the Tax Authorities there are no tax debts registered on the subject. Other debts: No current on defaulted payments are reported by local debt collection companies. databases: No current are reported on the company required.

Business mortgages

- 02.11.2000

:

Commercial pledge				5 350 000 EEK
	pledgee	:	Danske Bank (Denmark) reg. number: 61126228 address: Holmens Kanal 2-12, Kobenhavn, 1092, Denmark

Financial data

Financial Elements

:

Exchange rate: 1 EUR = 15.6466 EEK

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	EUR	EUR	EEK
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	444 559.00	458 100.00	6 501 420.00
- Investments in tangible assets
- Financial assets	6 042.00	6 810.00	265 280.00
- Other non-current assets
Non-current assets total	450 601.00	464 910.00	6 766 700.00
CURRENT ASSETS
- Stock	886 874.00	800 670.00	13 409 778.00
- Debtors	460 558.00	386 646.00	4 019 669.00
- Other receivables
- Short-term financial investments
- Cash	156 023.00	57 560.00	699 399.00
- Other current assets
Current assets total	1 503 455.00	1 244 876.00	18 128 846.00
Assets total	1 954 056.00	1 709 786.00	24 895 546.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	164 862.00	164 892.00	2 580 000.00
- Additional capital
- Other capital
- Reserve capital	16 489.00	16 489.00
- Retained earnings (Non-covered loss)	1 071 391.00	984 056.00
Capital and reserves total	1 252 742.00	1 165 437.00	11 433 526.00
Provisions	1 869.00	2 718.00
LONG-TERM LIABILITIES
- Loans and credits	24 389.00	26 110.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	24 389.00	26 110.00	93 902.00
SHORT-TERM LIABILITIES
- Loans and credits	315 667.00	316 402.00
- short-term amounts owed to banks
- Creditors	359 389.00	199 119.00
- trade debts
- accrued payroll
- tax liabilities
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	675 056.00	515 521.00	13 368 118.00
Liabilities total	699 445.00	541 631.00	13 462 020.00
Equity and liabilities total	1 954 056.00	1 709 786.00	24 895 546.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	6 503 512.00	6 858 199.00	38 793 585.00
Cost of goods sold	-5 804 700.00	-5 801 042.00
Gross profit
Distribution costs	-159 481.00	-135 267.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	6 478.00	31 965.00
Other operating charges	-431 966.00	-497 775.00
Operating profit			-467 485.00
INVESTMENT INCOME AND CHARGES
Investment income less charges	-10 358.00	-21 378.00
Profit before taxation	103 485.00	434 702.00	-1 043 678.00
Income-tax and other similar payments	-3 398.00	0.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	100 087.00	434 702.00	-1 043 678.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.59	6.34	-2.69
Profit before taxation / Net sales
Operating margin of profit, %			-1.21
Operating profit / Net sales
Return on investment, %	8.26	37.30	-9.13
Profit before taxation / Equity
Current assets turnover	4.33	5.51	2.14
Net sales / Current assets
Working capital	828 399.00	729 355.00	4 760 728.00
Current assets - Short-term liabilities
Leverage	0.64	0.68	0.46
Equity / Total assets
Current ratio	2.23	2.41	1.36
Current assets / Short-term liabilities
Quick ratio	0.91	0.86	0.35
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.56	0.46	1.18
Total liabilities / Equity

Publications

:

No publications in mass-media regarding company required.

FINAL COMMENTS

The information given in this report was received from all accessible sources. We have called by the tel. number: +372 3576763, on 13.12.2012. Mr Valitov, Samil (Member of the board of the company required) refused to disclose any information on the company required, until he will know who has ordered this credit report.

Registration History

- date n/a

:

Other Code	:	15111248
Registr. authority	:	Entrepreneur register (Viru county, Estonia)

Capital History

- 13.11.2001

:

2 580 000 EEK (registered)

( the data as of 13.11.2001, cancelled since 30.07.2012 )

- 06.01.1998

:

450 000 EEK (registered)

( the data as of 06.01.1998, cancelled since 13.11.2001 )

COUNTRY REVIEW

COUNTRY REVIEW

COUNTRY REVIEW, updated as of August, 2011

STATE BOARD FOR STATISTICAL DATA

Updated: 29 August 2011

Economy grew 8.4% in the 2nd quarter

According to Statistics Estonia, by flash estimates, the gross domestic

product (GDP) of Estonia increased by 8.4% in the 2nd quarter of 2011

compared to the same quarter of the previous year.

Gross domestic product (GDP) at current prices:

2010: 14 500.9 mln euros

1st quarter 2011: 3 709.4 mln euros

2-nd quarter 2011: not published yet

Key economic indicators in 2010

(as % of corresponding period of previous year)

GDP 103.10%

Industrial production index 122.70%

Freight turnover 108.00%

Retail trade turnover 104,00%

Unemployment rate (unemployed to the economically

active population), eop, in%: 17.5%

Population as of 1 January 2011 : 1

Gross domestic product and gross national income at current prices

Year GDP at current prices, millions Gross national income at current prices, milli

ons

2007 15,827.50 14,735.20

2008 16,106.70 15,237.50

2009 13,860.80 13,538.40

2010 14,500.90 13,849.30

MAIN INDICATORS

Year Q1 2011 (million euros) Q1 2010 (million euros)

GDP 3,790.40 3,919.30

Manufacturing 583.70 619.70

Wholesale and retail trade 388.00 413.40

Transport, storage and communication 400.60 387.30

Real estate, renting and business activities 671.40 628.80

Public administration 227.30 233.20

Education 160.30 167.60

Health and social work 122.80 127.70

Net taxes on products 431.50 516.60

Electricity, gas and water supply 173.90 179.20

Construction 159.10 170.40

FOREIGN TRADE

Year 12M 2010 (million euros) 6M 2010 (million euros)

Exports 8,753.50 5,913.10

Imports 9,241.80 6,256.50

Foreign trade:

In January-December 2010 foreign trade turnover of the Republic of Estonia amounted

to 17.995 billion EUR (130.77% against January - December 2009.), including export

s 8.75 billion EUR (134.89%), imports – 9.24 billion EUR (127.08%). The trade balan

ce remained negative -488.3 million EUR (in January-December 2009 -782.7 million EU

R).

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	EUR	EUR	EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	156 023.00	57 560.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	460 558.00	386 646.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	886 874.00	800 670.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 503 455.00	1 244 876.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	6 042.00	6 810.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	444 559.00	458 100.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	450 601.00	464 910.00
TOTAL ASSETS	1 954 056.00	1 709 786.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	315 667.00	316 402.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	359 389.00	199 119.00
14. SHORT-TERM PROVISIONS	1 869.00	2 718.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	676 925.00	518 239.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	24 389.00	26 110.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	24 389.00	26 110.00
LIABILITIES TOTAL	701 314.00	544 349.00
20. SHARE CAPITAL	164 862.00	164 892.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	16 489.00	16 489.00
25. Other reserves
26. RETAINED EARNINGS	971 304.00	549 354.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	100 087.00	434 702.00
EQUITY TOTAL	1 252 742.00	1 165 437.00
EQUITY AND LIABILITIES TOTAL	1 954 056.00	1 709 786.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	6 503 512.00	6 858 199.00
2. Other income	6 478.00	31 965.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-5 804 700.00	-5 801 042.00
8. Other operating expenses	-407 356.00	-458 875.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	-159 481.00	-135 267.00
10. Depreciation and impairment of fixed assets	-24 399.00	-20 480.00
11. Other expenses	-211.00	-18 420.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	113 843.00	456 080.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-10 358.00	-21 378.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	103 485.00	434 702.00
13. Income tax expense	-3 398.00	0.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	100 087.00	434 702.00

- 31.12.2009

:

Fiscal period: 12 month(s), currency: EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	699 399.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	4 019 669.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	13 409 778.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	18 128 846.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	265 280.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	6 501 420.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	6 766 700.00
TOTAL ASSETS	24 895 546.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	5 018 835.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	8 139 283.00
14. SHORT-TERM PROVISIONS	210 000.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	13 368 118.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	93 902.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	93 902.00
LIABILITIES TOTAL	13 462 020.00
20. SHARE CAPITAL	2 580 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	258 000.00
25. Other reserves
26. RETAINED EARNINGS	9 639 204.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	-1 043 678.00
EQUITY TOTAL	11 433 526.00
EQUITY AND LIABILITIES TOTAL	24 895 546.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	38 793 585.00
2. Other income
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-33 654 310.00
8. Other operating expenses	-3 656 888.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	-1 644 019.00
10. Depreciation and impairment of fixed assets	-305 853.00
11. Other expenses
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	-467 485.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-576 193.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	-1 043 678.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	-1 043 678.00

- 31.12.2008

:

Fiscal period: 12 month(s), currency: EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	916 118.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	2 435 018.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	12 906 794.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	16 257 930.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	280 000.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	6 787 273.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	7 067 273.00
TOTAL ASSETS	23 325 203.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	6 547 486.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	4 037 349.00
14. SHORT-TERM PROVISIONS	263 164.00
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	10 847 999.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	0.00
LIABILITIES TOTAL	10 847 999.00
20. SHARE CAPITAL	2 580 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	258 000.00
25. Other reserves
26. RETAINED EARNINGS	11 417 646.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	-1 778 442.00
EQUITY TOTAL	12 477 204.00
EQUITY AND LIABILITIES TOTAL	23 325 203.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	58 415 408.00
2. Other income	256 521.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-53 126 718.00
8. Other operating expenses	-3 931 815.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	-1 986 258.00
10. Depreciation and impairment of fixed assets	-325 108.00
11. Other expenses	-221 552.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	-919 522.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-858 920.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	-1 778 442.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	-1 778 442.00

\

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.88.40
Euro	1	Rs.71.86

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.