MIRA INFORM REPORT

Report Date :

29.03.2012

IDENTIFICATION DETAILS

Name :	LESNINA H. D.O.O. ZA PROIZVODNJU

Formerly Known As :	GUMI. L. d.o.o.

Registered Office :	Trgovinu I Usluge, Kukuljanovo 345

Country :	Croatia (Hrvatska)

Financials (as on) :	31.12.2010

Year of Establishment :	2004

Legal Form :	Limited Liability Company

Line of Business :	Retail sale of furniture, lighting equipment and other household articles in specialised stores

No. of Employees :	517

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 1.500.000,00
Status :	Good
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

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

Company name & address

LESNINA H. d.o.o. za proizvodnju,

trgovinu i usluge

Kukuljanovo 345

HR 51223 Kukuljanovo

Tel: +385 51/208108, 208109

Fax: +385 51/208103

E-mail: info.rijeka@lesnina.hr

Web: www.lesnina.si

Company profile

Established: 2004.
Statistic number: 1829351
Basic capital: HRK 214.341.000,00
Activity: Retail sale of furniture, lighting equipment and other household articles in specialised stores (47.59)
Staff: 517
Last available data for year: 2010
Total revenue: HRK 642.706.780
Profit before taxes: HRK 40.463.900
Financial stability ratio: 0,9679
Solvency ratio (%): 53,8661
Current ratio: 2,0641

Company summary

Legal form	limited liability company

Established	2004 as GUMI. L. d.o.o. from 2004-08-04 present company name

Registered	2004-04-15, Commercial court Rijeka, MBS: 040196707 last court entry: 2010.11.03 According to the court register entry from 2004-10-29, the company KASSA pn d.o.o. with a legal site in Zagreb, Slavonska avenija 106 (MBS 070066203) was affiliated by transfering its assets to the above company According to the court register entry from 2006-09-12, the company LADICA d.o.o. with a legal site in Hodošan, Cvjetna 1 (MBS 070074929) was affiliated by transfering its assets to the above company According to the court register entry from 2007-03-15, the company JANKOMIR TERRA d.o.o. with a legal site in Zagreb, Slavonska avenija 106 (MBS 080536912) was affiliated by transfering its assets to the above company According to the court register entry from 2008-05-02, the company LESNINA d.o.o. with a legal site in Zagreb, Slavonska avenija 106 (MBS: 080348400) was affiliated by transfering its assets to the above company Statistic number: 1829351 OIB: 36998794856

Establishers

LESNINA d.o.o.

(Statistic number: 5025648000),
1000 Ljubljana, Cesta na Bokalce 40, Slovenia

100,00%

Basic capital

HRK 214.341.000,00

2009-12-04 the capital was increased from HRK 174.341.000,00 to the above amount
2007-12-01 the capital was increased from HRK 152.321.000,00 to the above amount
2006-11-27 the capital was increased from HRK 63.521.000,00 to the above amount
2005-10-19 the capital was increased from HRK 13.521.000,00 to the above amount
2004-11-08 the capital was increased from HRK 3.521.000,00 to the above amount
2004-06-02 the capital was increased from HRK
20.000,00 to the above amount

Management	Bojan Papič, president, born 1955.05.10 Klavže 7, Most ob Soči, Slovenia Rajko Magdalenc, member, born 1966.07.24 Stranska pot II br. 8, Grosuplje, Slovenia Branko Bizjak, member, born 1977.03.14 Glinškova ploščad 2, Ljubljana, Slovenia

Activity	Retail sale of furniture, lighting equipment and other household articles in specialised stores Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials Manufacture of office and shop furniture Sofas: CaliaItalia, Himbolla, Kare Design, Koinor, ItalStyle, Mextraform, W. Schillig Cabinets: Gorenje, Europeo, LipBled, Maronese, Paron, Svea, Hespo, Selva, Alples Kitchens: DanKüchen, Svea, Faber, Franke, Gorenje, Reginox, ItalStyle, Alples, Nobilia, Tecnowind, NolteKüchen, Mondo Dining rooms: Arnol Product, Murales, Svea, ItalStyle, Selva, Effezeta, Lip Radomlje Household appliances: Bosch, Electrolux, Candy, Faber, Franke, Whirlpool, Miele, Gorenje, Reginox, Kovinoplastika Zagreb Bathroom program: Gorenje, ItalStyle, ArteM Children and teen rooms: ArteM, Hespo, ItalStyle, Alples, Brest, Flexa, Iles Idrija, Paron Sleeping program: Hespo, ItalStyle, Perfecta Dreams, Optimo, Moba, Hasena, ArteM, Kras Oprema, Iles Idrija, Selva, Maronese, Alples, Europeo, Wiemann legal site, business premises and sales center at the above address sales centers: - Globetka bb, Čakovec - Slavonska avenija 106, Zagreb - Gospodarska bb, Varaždin - Sv. Leopolda Mandića 2, Dugopolje - Industrijska zona Jablanova 19, Osijek - Velimira Škorpika 19, Zagreb former company address was till 2009-12-04 at Kukuljanovo bb, Škrljevo former company address was till 2004-08-04 at Luki 16, Rijeka Basic activity code (according to NACE Rev.2): Retail sale of furniture, lighting equipment and other household articles in specialised stores (47.59)

Staff	2007	241	employees
	2008	528	employees
	2009	507	employees
	2010	497	employees
	2011	517	employees

Total revenue	2007	HRK	177.002.000
	2008	HRK	509.743.000
	2009	HRK	629.654.000
	2010	HRK	642.706.779
	01-06.2011	HRK	295.944.065

Real estate

the company owns real estates
Book value of ground 2010.12.31: HRK 41.612.720,00
Book value of buildings 2010.12.31: HRK 142.361.382,00
information about eventual mortgage existance not available
insight into real estate register not possible

Financial

Assets

Currency: HRK ( x 1.000 )

2010.12.31

2009.12.31

2008.12.31

FIXED ASSETS

611.542

353.010

268.473

Intangible assets

1.780

Tangible assets

321.101

326.268

266.624

Long term financ. assets

290.338

26.656

Long term receivables

CURRENT ASSETS

176.116

159.099

169.785

Inventories

110.211

108.627

117.515

Short term receivables

38.249

46.664

49.117

Short term financial assets

26.386

3.104

2.365

Cash at bank and in hand

1.271

703

788

ACCRUALS

478

134

111

LOSS OVER THE CAPITAL

TOTAL ASSETS

788.136

512.243

438.369

Liabilities

Currency: HRK ( x 1.000 )

2010.12.31

2009.12.31

2008.12.31

EQUITY

424.538

384.089

306.182

Subscribed capital

214.341

174.341

Agio due to emitted shares

Reserves

40.000

Profit brought forward

169.728

131.821

96.913

Profit of the period

40.450

37.907

34.907

PROVISIONS

773

830

LONG TERM LIABILITIES

273.251

1.404

7.326

SHORT TERM LIABILITIES

85.325

121.759

119.010

To associated companies

931

1.015

17.661

Loans

864

682

Credits

117

Deposits, advances payments

11.218

9.817

13.120

To suppliers

64.043

88.173

72.198

To staff

2.910

2.730

3.028

Taxes, fees, etc.

6.176

9.691

12.203

Other short term liabilities

9.467

DEFFERED ITEMS

4.248

4.162

5.851

TOTAL LIABILITIES

788.136

512.243

438.369

Profit/loss account

Currency: HRK ( x 1.000 )

2010.12.31

2009.12.31

2008.12.31

OPERATING REVENUES

639.144

627.572

508.504

Sales in the country

634.672

622.158

506.922

Sales abroad

1.837

2.577

1.209

Other revenues

2.635

2.836

373

OPERATING EXPENSES

599.176

589.797

472.641

Material costs

519.420

510.890

403.336

Staff costs

54.039

53.024

46.794

Depreciation of fixed assets

11.155

11.431

11.360

Depreciation of current assets

3.023

2.307

955

Reserves for expenses and risques

830

Other operating expenses

11.462

11.316

10.195

FINANCIAL REVENUES

3.562

2.082

1.240

FINANCIAL EXPENSES

3.067

1.905

2.160

EXTRAORDINARY REVENUES

EXTRAORDINARY EXPENSES

TOTAL REVENUES

642.707

629.654

509.743

TOTAL EXPENSES

602.243

591.702

474.801

Profit before taxation

40.464

37.952

34.943

Loss before taxation

Taxation on profit

PROFIT OF THE PERIOD

40.450

37.907

34.907

LOSS OF THE PERIOD

Financial ratios

2010.12.31

2009.12.31

2008.12.31

Financial stability ratio

0,9679

0,8369

0,8122

Solvency ratio (%)

53,8661

74,9818

69,8457

Debt ratio (in years)

6,9485

2,4963

2,7306

Liquidity ratio

0,7724

0,4145

0,4392

Current ratio

2,0641

1,3067

1,4266

Total assets turnover

0,8155

1,2292

1,1628

Inventories turnover

5,8316

5,7965

4,3377

Collection period (in days)

21,6332

26,8899

34,7983

Creditors Days

36,2219

50,8092

51,1507

Inventories bonding

(in days)

61,7325

62,1067

82,9936

Profit margin (%)

6,2936

6,0203

6,8480

Return on total assets (%)

5,1323

7,4002

7,9629

Return on equity (%)

9,5279

9,8693

11,4007

Total revenue per employee (x 1.000)

1.293,1726

1.241,9211

965,4223

Profit per employee

(x 1.000)

81,3874

74,7673

66,1117

Equity per employee

(x 1.000)

854,2016

757,5720

579,8902

Total assets per employee (x 1.000)

1.585,7871

1.010,3412

830,2443

Staff costs/Turnover (%)

8,4080

8,4211

9,1799

EBIT (x 1.000)

39.968,2000

37.775

35.863

EBITDA (x 1.000)

54.146,1700

51.513

48.178

EBIT Margin (%)

6,2534

6,0192

7,0526

EBITDA Margin (%)

8,4717

8,2083

9,4745

Quarterly data

Currency: HRK ( x 1.000 )

2011.06.30

2010.06.30

Sales in the country

287.647

304.866

94,35

Sales abroad

670

1.076

62,27

TOTAL REVENUES

295.944

308.344

95,98

Raw material costs

3.532

3.582

98,60

Sold goods costs

188.305

203.644

92,47

other external costs

36.930

37.216

99,23

Staff costs

25.895

25.504

101,53

Depreciation

5.368

5.608

95,72

TOTAL EXPENSES

276.130

287.150

96,16

Inventories

108.757

106.642

101,98

Cash at bank and in hand

1.257

1.271

98,90

Receivables from clients

33.339

34.770

95,88

Liabilities to suppliers

74.271

64.974

114,31

Investments in fixed assets

19.816

5.470

362,27

Remarks	2006 import	HRK	16.320.433,00
	2007 import	HRK	9.909.543,00
	2008 import	HRK	202.843.658,00
	2009 import	HRK	575.528.605,00
	2010 import	HRK	308.698.248,00

	2007 export	HRK	402.746,00
	2008 export	HRK	1.208.786,00
	2009 export	HRK	2.577.385,00
	2010 export	HRK	1.837.403,00

	2007 profit	HRK	16.215.000
	2008 profit	HRK	34.943.000
	2009 profit	HRK	37.952.000
	2010 profit	HRK	40.463.895
	01-06.2011 profit	HRK	19.814.184

	Subsidiaries
	FIXUS d.o.o. (Statistic number: 2373904) Poličnik bb, 23241 Poličnik, Croatia		100,00%

Short company name: LESNINA H. d.o.o.

Investments in:
2006: HRK 55.552.924,00
2007: HRK 109.241.619,00
2008: HRK 60.436.503,00
2009: HRK 66.057.295,00
2010: HRK 5.987.849,00

The company LESNINA d.o.o., Ljubljana, Slovenia (MB 5025648) has been established 1989-06-30 with subscribed capital EUR 12.129.812,15.
Establisher of LESNINA d.o.o., Ljubljana, Slovenia is the company XLCEE-HOLDING GmbH, Austria (since 2010-07-28). XLCEE-HOLDING GmbH is part of the XXXLUTZ group. XXXLutz group has ca. 16.600 employees, and it is present in Austria, Germany, Hungary, Slovakia, Czech Republic, etc.

	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	PRIVREDNA BANKA ZAGREB d.d. Račkoga 6, 10000 Zagreb, Croatia 2340009-1110147910
	RAIFFEISENBANK AUSTRIA d.d. Petrinjska 59, 10000 Zagreb, Croatia 2484008-1105568861
	ZAGREBACKA BANKA d.d. Paromlinska 2, 10000 Zagreb, Croatia 2360000-1101927410

Mode of payment

no complaints

Credit opinion

business connections are permissible

Max. credit EUR 1.500.000,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.92
UK Pound	1	Rs.81.21
Euro	1	Rs.67.85

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.

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