MIRA INFORM REPORT

Report Date :

22.02.2012

IDENTIFICATION DETAILS

Name :	MARNIT D.O.O.
Registered Office :	Spodnje Hoce, Miklavska cesta 53b 2311 HoCe
Country :	Slovenia
Financials (as on) :	31.12.2010
Date of Incorporation :	13.12.1991
Com. Reg. No.:	10450000
Legal Form :	Limited Liability Company (Ltd.)
Line of Business :	Sale of a variety of goods cutting, shaping and finishing of stone
No. of Employees :	9

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 :	1.000 EUR
Status :	Small Company
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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Slovenia	B1	B1

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

Company identification

MARNIT d.o.o.	Phone	02 629 51 00
Spodnje Hoce, Miklavska cesta 53b	Telefax	02 629 51 01
2311 HoCe	E-Mail	marnit@siol.net
Slovenia	Web	www.marnit.si

Registration:		Maribor
Statistical Nr.	5538327		Registration Nr.	10450000
Tax Nr.	SI38872773		Status

Economic situation

Business connection Business connection appear premissable (31)

Terms of payment Partly within agrees credit terms, partly within delays (42)

Credit Limit 1.000 EUR

Basic information

Legal form

d.o.o. - Limited liability company (Ltd.)

Founded

13/12/1991 asd.o.o. - Limited liability company (Ltd.)

last entry on 26.01.2012

Registration

Maribor, 10450000 Statistical Nr.: 5538327 Tax Nr.: SI38872773

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Owner
9270148847	Vojko Rozman Vrazova ulica 26, 2000 Maribor Slovenia		208.763 EUR
Total capital			208.763 EUR

Registered capital

Date	Currency	Value
	EUR	208.763

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Manager
9270148848	confidential clerk Lidija Rozman Vrazova ulica 26, 2000 Maribor Slovenia
9270148847	director Vojko Rozman Vrazova ulica 26, 2000 Maribor Slovenia

Company addresses

Valid from Residence address Valid until

Spodnje Hoce, Miklavska cesta 53b, 2311 Hoce, Slovenia Phone: 02 629 51

00

Telefax: 02 629 51 01

E-Mail: marnit@siol.net Web: www.marnit.si

Business activities

Main activity	Nace
Agents involved in the sale of a variety of goods	46.19
Additional activities	Nace
Cutting, shaping and finishing of stone	23.70

company activity:

agents involved in the sale of a variety of goods cutting, shaping and finishing of stone, the sale of granite, marble headquarters and business premises are located on the address above

Economic data

Turnover and Employees

Date	Turnover	Employees
2007	584.951 EUR	7
2008	590.057 EUR	6
2009	582.506 EUR	6
2010	437.150 EUR	6
2011		7
2012		9

Import / Export

	Import	Export
Percentage	Unknown	Unknown
Countries	India, China	Austria, Croatia

Properties

Name	Detail	Currency	Value
Business premises	Company's property Spodnje Hoce, Miklavska cesta 53b, Hoce 2311, Slovenia		Unknown

Supplementary data

Remarks

company name:

MARNIT trgovsko, proizvodno in storitveno podjetje z naravnim kamnom d.o.o.

Banks

Code	Bank name / Address	Account Nr.
114	PROBANKA d.d. Trg Leona Stuklja 12, 2000 Maribor, 2000,	SI56 2510 0970 2735 170

Main indices

Payment experience and credit opinion

Terms of payment	Partly within agrees credit terms, partly within delays	(42)
Business connection	Business connection appear premissable	(31)
Credit Limit	1.000	EUR

Business development

Events

No negative events registered.

Balances

Balance

31.12.2010 The enclosed balance of 2010 is originated from official source, it is not authenticated by the auditor. 31.12.2009 The enclosed balance of 2009 is originated from official source, it is not authenticated by the auditor. 31.12.2008 The enclosed balance of 2008 is originated from official source, it is not authenticated by the auditor. 31.12.2007 The enclosed balance of 2007 is originated from official source, it is authenticated by the auditor.

Name	Ref.	31/12/2010 1 EUR balance	31/12/2009 1 EUR balance	31/12/2008 1 EUR balance	31/12/2007 1 EUR balance
ASSETS (AKTIVA)		1.903.175	1.909.764	1.837.781	1.711.973
LONG-TERM ASSETS		973.968	1.001.337	1.006.673	861.895

		31/12/2010	31/12/2009	31/12/2008	31/12/2007
Name	Ref.	1 EUR balance	1 EUR balance	1 EUR balance	1 EUR balance
Intangible assets and long-term deferred costs and accrued revenues		0	0	21	120
Intangible assets		0	0	21	120
Long-term deferred costs and accrued revenues		0	0	0	0
Tangible fixed assets		973.968	1.001.337	1.006.652	861.775
Long-term financial investments and Real estate investments		0	0	0	0
Investment property		0	0	0	0
Long-term financial investments		0	0	0	0
Long-term operating receivables		0	0	0	0
Deferred receivables for taxes		0	0	0	0
SHORT-TERM ASSETS		929.077	908.012	831.073	849.872
Assets (group for estrange) for sell		0	0	0	0
Inventories		661.887	597.064	591.377	587.883
Short-term financial investments		87	87	87	87
Short-term operating receivables		237.384	288.803	222.358	247.496
Cash assets		29.719	22.058	17.251	14.406
Short-term deferred costs and accrued revenues		130	415	35	206
Off-balance sheet items		0	0	0	0
LIABILITIES		1.903.175	1.909.764	1.837.781	1.711.973
CAPITAL		299.781	289.448	261.953	227.256
Called-up capital		8.763	8.763	8.763	8.763
Basic (subscribed) capital		8.763	8.763	8.763	8.763
Non called-up capital (deductive item)		0	0	0	0
Capital reserves		13.977	13.977	13.977	13.977
Reserves from profit		1.017	1.017	1.017	1.017
Surplus from revaluation		0	0	0	0
Retained net		265.691	238.196	203.499	182.694
Net business result for the business year		10.333	27.495	34.697	20.805
PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES		0	0	0	0
FINANCIAL AND BUSINESS LIABILITIES		1.603.310	1.620.086	1.575.767	1.484.717
LONG-TERM LIABILITIES		644.066	677.605	669.442	641.063
Provisions and long-term accrued costs and deferred revenues					0
Long-term financial liabilities		520.704	554.243	554.243	548.542
Long-term operating liabilities		123.362	123.362	115.199	92.521
Deferred liabilities for taxes		0	0	0	0
SHORT-TERM LIABILITIES		959.244	942.481	906.325	843.654
Liabilities, included in groups for estrange		0	0	0	0
Short-term financial liabilities		555.919	485.101	467.091	381.122
Short-term operating liabilities		403.325	457.380	439.234	462.532

Name	Ref.	31/12/2010 1 EUR balance	31/12/2009 1 EUR balance	31/12/2008 1 EUR balance	31/12/2007 1 EUR balance
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES		84	230	61	0

PROFIT AND LOSS ACCOUNTS

31.12.2010 The enclosed profit and loss account of 2010 is originated from official source, it is not authenticated by the auditor.

31.12.2009 The enclosed profit and loss account of 2009 is originated from official source, it is not authenticated by the auditor.

31.12.2008 The enclosed profit and loss account of 2008 is originated from official source, it is not authenticated by the auditor.

31.12.2007 The enclosed profit and loss account of 2007 is originated from official source, it is authenticated by the auditor.

		31/12/2010 1 EUR profit and loss account	31/12/2009 1 EUR profit and loss account	31/12/2008 1 EUR profit and loss account	31/12/2007 1 EUR profit and loss account
Name	Ref.
CAPITAL
Net sales		427.505	580.238	587.382	584.138
Changes in the value of inventories of products and work-in-process		0	0	0	0
Capitalised own products and own services		0	0	0	0
Other operating revenues (with subventions, grants,...)		0	0	0	0
GROSS OPERATING YIELD		427.505	580.238	587.382	584.138
Cost of goods, material and services		301.567	422.627	386.961	401.850
Purchase value of goods and materials sold and cost of material and cost of material used		233.580	313.408	312.051	320.905
Cost of services		67.987	109.219	74.910	80.945
Labour cost		83.263	63.897	67.718	73.794
thereof wages					49.365
Cost of wages		47.904	35.331	44.896
Cost of pension insurance		13.804	10.181	7.245	7.986
Cost of other social insurance		4.122	3.074	0	0
Other labour cost		17.433	15.311	15.577	16.443
Write-offs		29.399	29.291	27.049	20.791
Depreciation		29.399	29.291	27.049	20.791
Revaluation operating expenses for non-tangible assets and tangible fixed assets		0	0	0	0
Revaluation operating expenses for current assets		0	0	0	0
Other operating expenses		828	690	2.076	352
OPERATING REVENUES		427.505	580.238	587.382	584.138
OPERATING EXPENSES		415.057	516.505	483.804	496.787
OPERATING RESULT		12.448	63.733	103.578	87.351
EBIT		12.448	63.733	103.578	87.351
Financial income from investments in other enter-nrises		0	0	0	0

Financial income from loans	0	0	0	0
Financial income from operating receivables	5.314	362	1.667	692
Financial expenses from depreciation and writeoffs of financial investments	0	0	0	0
Financial expenses from financial liabilities	6.593	26.550	55.293	56.817
Financial expenses from operating liabilities	2.225	3.047	5.217	3.909
Financial income	5.314	362	1.667	692
Financial expenses	8.818	29.597	60.510	60.726
Other revenues	4.331	1.906	1.008	121
Other expenses	104	579	3.129	255
Total revenues	437.150	582.506	590.057	584.951
Total costs	423.979	546.681	547.443	557.768
Total business result	13.171	35.825	42.614	27.183
Tax on profit	2.838	8.330	7.917	6.378
Deferred taxs	0	0	0	0
Net business result for the accounting period	10.333	27.495	34.697	20.805

Financial ratios

Name	Ref.	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Equity ratio	1	0,00	0,00	0,00	0,01
Cleared equity ratio	2	0,00	0,00	0,00	0,01
Current liquidity	3	0,97	0,96	0,92	1,01
Quick liquidity	4	0,28	0,33	0,26	0,31
Working capital	5	-30167,00	-34469,00	-75252,00	6218,00
Gearing	6	217,18	217,94	209,72	195,36
Cleared gearing	7	122,86	118,61	116,55	106,09
Profitability	8	3,01	6,15	7,22	4,65
Operating profitability	9	2,36	4,72	5,88	3,56
Stock days	10	552,64	374,12	365,82	366,83
Debtor days	11	198,20	180,96	137,55	154,43
Supplier days	12	336,76	286,60	271,70	288,61

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.08
UK Pound	1	Rs.77.80
Euro	1	Rs.65.17

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.