MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Correct Name :	ADVENT D.O.O. ZA UNUTARNJU I VANJSKU TRGOVINU

Registered Office :	Šijanska cesta 5, HR 52100 Pula

Country :	Croatia (Hrvatska)

Financials (as on) :	31.12.2010

Date of Incorporation :	21.01.1993

Legal Form :	Limited Liability Company

Line of Business :	Packaging Activities

No. of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	EUR 15.000,00

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Croatia (Hrvatska)

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

Company name & address

ADVENT d.o.o. za unutarnju i vanjsku trgovinu

Šijanska cesta 5

HR 52100 Pula

Tel: +385 52/688010

Fax: +385 52/688210

E-mail: advent@advent.hr

Web: www.advent.hr

Company profile

Established:                             1993.
Statistic number:                     0305146
Basic capital:                           HRK 25.000,00
Activity:                                    Non-specialised wholesale trade (46.90)
Staff:                                        25
Last available data for year:    2010
Total revenue:                                     HRK 14.139.320
Profit before taxes:                  HRK 771.590
Financial stability ratio:           1,1759
Solvency ratio (%):                   33,8974
Current ratio:                           1,2296

Legal form	limited liability company

Established	1993

Registered	1993-01-21, Commercial court Rijeka, MBS: 040116451 re-registration according to the Companies act made: 1995.12.20 last court entry: 2011.01.05 Statistic number: 0305146 OIB: 54141572984

Establishers	Boris Vale
	Renato Ladavac

Basic capital

HRK 25.000,00

Management	Boris Vale, member, born 1954.04.27 Šijanska cesta 5, 52100 Pula, Croatia Milka Vale, member, born 1961.10.11 Šijanska cesta 5, 52100 Pula, Croatia Vlado Kostanjevac, member, born 1962.07.17 Dobriše Cesarića 163, 42000 Varaždin, Croatia

Activity	Non-specialised wholesale trade Packaging activities Wholesale and retail sale of healthy food, tea and dietary products Courses and counselling in connection with healthy food Representation of foreign companies legal site and business premises are located at the above address offices (management), warehouse, and plant for packaging in Pazin, at Jelenčići 61 Warehouses and wholesale at: - Velebitska 11, Split - Lukoranska 2, Zagreb former company address was till 1999-09-17 at 43. istarske divizije 105, Pula Basic activity code (according to NACE Rev.2): Non-specialised wholesale trade (46.90)

Staff	2007	28	employees
	2008	25	employees
	2009	26	employees
	2010	24	employees
	2011	25	employees

Total revenue	2007	HRK	18.038.000
	2008	HRK	18.204.000
	2009	HRK	15.687.000
	2010	HRK	14.139.319
	01-06.2011	HRK	6.874.858

Real estate

the company owns real estates
Book value of ground 2010.12.31: HRK 240.000,00
information about eventual mortgage existance not available
insight into real estate register not possible

Financials

Assets

Currency: HRK ( x 1.000 )

2010.12.31

2009.12.31

2008.12.31

FIXED ASSETS

1.771

2.195

1.988

Intangible assets

Tangible assets

1.771

2.195

1.988

Long term financ. assets

Long term receivables

CURRENT ASSETS

7.938

7.278

7.589

Inventories

1.296

1.024

1.128

Short term receivables

5.909

5.933

6.168

Short term financial assets

548

278

Cash at bank and in hand

185

ACCRUALS

LOSS OVER THE CAPITAL

TOTAL ASSETS

10.109

9.873

9.989

Liabilities

Currency: HRK ( x 1.000 )

2010.12.31

2009.12.31

2008.12.31

EQUITY

3.427

2.935

2.331

Subscribed capital

Profit brought forward

2.781

2.188

1.341

Profit of the period

614

714

958

PROVISIONS

180

310

386

LONG TERM LIABILITIES

SHORT TERM LIABILITIES

6.456

6.628

7.272

Loans

261

247

Credits

321

287

1.075

Deposits, advances payments

To suppliers

3.941

4.074

4.087

To staff

955

874

838

Taxes, fees, etc.

215

304

Other short term liabilities

825

877

883

DEFFERED ITEMS

TOTAL LIABILITIES

10.109

9.873

9.989

Profit/loss account

Currency: HRK ( x 1.000 )

2010.12.31

2009.12.31

2008.12.31

OPERATING REVENUES

13.414

15.474

17.471

Sales in the country

13.217

14.877

17.379

Sales abroad

197

251

Other revenues

346

OPERATING EXPENSES

12.786

14.158

15.856

Material costs

9.850

10.711

12.340

Staff costs

1.922

2.083

2.205

Depreciation of fixed assets

290

369

451

Depreciation of current assets

Reserves for expenses and risques

310

280

Other operating expenses

663

607

506

FINANCIAL REVENUES

FINANCIAL EXPENSES

182

349

143

EXTRAORDINARY REVENUES

675

165

679

EXTRAORDINARY EXPENSES

400

279

1.037

TOTAL REVENUES

14.139

15.687

18.204

TOTAL EXPENSES

13.368

14.786

17.036

Profit before taxation

772

901

1.168

Loss before taxation

Taxation on profit

157

187

209

PROFIT OF THE PERIOD

614

714

958

LOSS OF THE PERIOD

Financial ratios

2010.12.31

2009.12.31

2008.12.31

Financial stability ratio

1,1759

1,0081

0,8720

Solvency ratio (%)

33,8974

29,7275

23,3357

Debt ratio (in years)

7,1421

6,1200

5,1611

Liquidity ratio

1,0288

0,9436

0,8885

Current ratio

1,2296

1,0981

1,0436

Total assets turnover

1,3987

1,5889

1,8224

Inventories turnover

10,9065

15,3193

16,1383

Collection period (in days)

158,6022

141,1872

127,7680

Creditors Days

105,7672

96,9487

84,6608

Inventories bonding

(in days)

33,0078

23,4997

22,3072

Profit margin (%)

4,3440

4,5515

5,2626

Return on total assets (%)

6,0758

7,2318

9,5905

Return on equity (%)

17,9240

24,3271

41,0982

Total revenue per employee (x 1.000)

589,1383

603,3462

728,1600

Profit per employee

(x 1.000)

25,5921

27,4615

38,3200

Equity per employee

(x 1.000)

142,7808

112,8846

93,2400

Total assets per employee (x 1.000)

421,2146

379,7308

399,5600

Staff costs/Turnover (%)

13,5940

13,2785

12,1127

EBIT (x 1.000)

627,5700

1.316

1.615

EBITDA (x 1.000)

948,0400

1.763

2.140

EBIT Margin (%)

4,6786

8,5046

9,2439

EBITDA Margin (%)

7,0678

11,3933

12,2489

Quarterly data

Currency: HRK ( x 1.000 )

2011.06.30

2010.06.30

Sales in the country

6.868

7.598

90,39

Sales abroad

TOTAL REVENUES

6.875

7.663

89,72

Raw material costs

163

171

95,32

Sold goods costs

4.258

4.981

85,48

other external costs

698

580

120,34

Staff costs

922

987

93,41

Depreciation

149

46,31

TOTAL EXPENSES

6.379

7.044

90,56

Inventories

1.487

1.012

146,94

Cash at bank and in hand

102

566,67

Receivables from clients

5.849

6.831

85,62

Liabilities to suppliers

3.860

3.897

99,05

Investments in fixed assets

Remarks	2006 import	HRK	6.165.713,00
	2007 import	HRK	5.323.871,00
	2008 import	HRK	5.926.141,00
	2009 import	HRK	4.900.134,00
	2010 import	HRK	5.022.190,00

	2006 export	HRK	117.978,00
	2009 export	HRK	250.995,00
	2010 export	HRK	196.688,00

	2007 profit	HRK	1.026.000
	2008 profit	HRK	1.168.000
	2009 profit	HRK	901.000
	2010 profit	HRK	771.591
	01-06.2011 profit	HRK	496.082

Short company name: ADVENT d.o.o.

Investments in year:
- 2006: HRK 645.854,00
- 2007: HRK 73.335,00
- 2008: HRK 241.699,00
- 2009: HRK 358.956,00
- 2010: HRK 94.332,00

Other functions and shares of Mr. Boris Vale:
- NEKTRADE d.o.o., Pazin; manager
- GRADI DOM d.o.o., Pazin; establisher and manager

Other functions and shares of Mrs. Milka Vale:
- NEKTRADE d.o.o., Pazin; establisher and manager
- GRADI DOM d.o.o., Pazin; manager

Other functions and shares of Mr. Vlado Kostanjevac:
- ŽITNICA ZDRAVE HRANE, Varaždin; owner

	Exchange rate:
	2006-12-31	EUR 1 = HRK 7,3451
	2007-12-31	EUR 1 = HRK 7,3251
	2008-12-31	EUR 1 = HRK 7,3244
	2009-12-31	EUR 1 = HRK 7,3062
	2010-12-31	EUR 1 = HRK 7,3852

	Inflation:
	2006:	3,2%
	2007:	2,9%
	2008:	6,4%
	2009:	1,9%
	2010:	1,1%

Bankers	BKS BANK d.d. Jadranski trg 4/I, 51000 Rijeka, Croatia 2488001-1100119250
	OTP banka Hrvatska d.d. Ulica Domovinskog rata 3, 23000 Zadar, Croatia 2407000-1118006108
	SOCIETE GENERALE-SPLITSKA BANKA d.d. Ruđera Boškovića 16, 21000 Split, Croatia 2330003-1100421026
	ZAGREBACKA BANKA d.d. Paromlinska 2, 10000 Zagreb, Croatia 2360000-1101397652

Mode of payment

mostly within agreed terms, but partly also delayed

Credit opinion

business connections appear permissible

Max. credit EUR 15.000,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.01

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.

Company name & address

Company profile

Financials

Credit opinion

Unit