MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	UZDAROJI AKCINE BENDROVE - EKSPLA
Registered Office :	Savanoriu Av. 231, Vilnius, Vilnius region, Vilnius city municipality, LT-02300
Country :	Lithuania
Financials (as on) :	31.12.2011
Year of Establishment :	1992
Com. Reg. No.:	121706497
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian law)
Line of Business :	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
No. of Employees :	112

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)
Lithuania	B1	B1

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

Identification

Full Name

:

UZDAROJI AKCINE BENDROVE "EKSPLA"

Name in national language

:

UDAROJI AKCINE BENDROVE "EKSPLA"

Trading Names, Brands

:

-

EKSPLA

Office address

:

Savanoriu Av. 231, Vilnius, Vilnius region, Vilnius city municipality, LT-02300, Lithuania

Legal Address

:

Savanoriu Av. 231, Vilnius, Vilnius region, Vilnius city municipality, LT-02300, Lithuania

Contacts

:

-	Phone	:	(+370 5) 2649629
-	Fax	:	(+370 5) 2641809
-	E-mail	:	ekspla@ekspla.com
-	WWW	:	http://www.ekspla.com

SUMMARY

Legal Form : UAB (Private Joint-Stock Co. by Lithuanian law)

Incorporation : 1992

Staff : 112

Litigation events : none Remarks on payments : none

Sales :	41 640 214.00 LTL ( for 12 months, ended 31.12.2011 )
	30 711 757.00 LTL ( for 12 months, ended 31.12.2010 )

Incorporation

:

1992

EKSPLA was officially established in 1992 but traces its roots to the laser division of EKSMA Co. founded in 1983.

Registration Data

Date of registration

:

11.11.1992

Registration number

:

121706497

Registr. authority

:

State Register (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Date of registration

:

01.05.1994

VAT number

:

LT217064917

Registr. authority

:

Tax Board (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Legal Form

:

UAB (Private Joint-Stock Co. by Lithuanian law)

since 11.11.1992

Share Capital

:

3 540 000 LTL (registered)

since 04.02.2002

Shareholders

:

-	UAB Eksma (Lithuania)				99.61 %
		reg. number	:	222033720
		address	:	Mokslininku g. 11, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

Board / Executives

Executives

General director

:

Mr Kestutis Jasiunas (Lithuania)

Authorised signature

:

Mr Kestutis Jasiunas

Changes in Registration Data

- 01.07.2008

:

Reorganization, separation of activities: Photonics components division of EKSPLA has been reorganized into the separate entity.

Activities

:

-	3576	Scales and balances, except laboratory
		(NACE 3320: Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment)
-	382	Measuring and Controlling Devices
		(NACE 3340: Manufacture of optical instruments and photographic equipment)

The company is a member of the following associations: International Society for Optical Engineering (SPIE), Institute of Electrical and Electronic Engineers (IEEE), Optical Society of America (OSA)

ISO 9001 certified.

EKSPLA is a supplier of photonic solutions and separate products for R&D and industrial applications; offers to its customers: Solid-state lasers, laser systems and accessories Optical parametric oscillators/generators Custom designed laser systems Wide variety of optical components Nonlinear and laser crystals Mechanical components and optomechanics Laser power supply and cooling units

Staff employed

:

Change of employees is related to separation of activities in 2008.

	112 [E]
( the data as of 01.04.2012 )

Staff History

:

-	112 [E]
	( the data as of 01.01.2012 )
-	100 [E]
	( the data as of 01.01.2011 )
-	85 [E]
	( the data as of 23.11.2010 )
-	88 [E]
	( the data as of 01.04.2009 )
-	88 [E]
	( the data as of 01.01.2009 )
-	120 [E]
	( the data as of 23.04.2008 )

Export

:

European Union, USA, China Peoples Republic, Japan, Australia, Korea Democratic People's Republic

The company exports over 94% of production.

Import

:

World-wide

Facilities

Real estate

:

rent:
-	Buildings - Office, production and storehouse
	address	:	Savanoriu Av. 231, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

Other Property

:

TRANSPORT VEHICLES: 1 FORD FOCUS, 2009, own - 1 2 OPEL MERIVA, 2005, own - 1 3 RENAULT SCENIC, 2001, own - 1

Branches

:

-	Branch (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)
	address	:	Mokslininku str. 11, Vilnius, Vilnius region, Vilnius city municipality, LT-08412, Lithuania

the company has distributors in 18 countries.

Subsidiaries and Participation

:

-	UAB Eksperimentiniai lazeriai (Lithuania)				100.00 %
		reg. number	:	124279335
		address	:	Savanoriu pr. 231, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

This company only rents the building to UAB EKSPLA, ant its financial accounts are consolidated into accounts of UAB EKSPLA.

Bankers

:

-	AB SEB bankas (Lithuania)
	account(s)	:	LT257044060001677554

Clients

:

Berkeley University (USA), Cornell USA, Imperial College (Great Britain) NASA, Japan and Israel Nuclear Research center, IBM (Thomas J. Watson research center) USA, NAVAL reasearch center, Mitsubishi research center.

Other associated Companies

:

-	Sibirskij monokristall-EKSMA (Russian Federation)
-	UAB Bioeksma (Lithuania)
	address	:	Mokslininku g. 11, Vilnius, Vilnius region, Vilnius city municipality, LT-08412, Lithuania
	reg. number	:	300096612
-	UAB Eksmos medicinines technikos centras (Lithuania)
	address	:	Mokslininku g. 11, Vilnius, Vilnius region, Vilnius city municipality, LT-08412, Lithuania
	reg. number	:	122889222
-	UAB Optolita(Lithuania)
	address	:	Mokslininku g. 11, Vilnius, Vilnius region, Vilnius city municipality, LT-08412, Lithuania
	reg. number	:	300624547
	optical components, laser & nonlinear crystals, positioning mechanics, mounts and optical tables
-	EKSMA Latvija SIA (Latvia)
	address	:	ul. Akademika Mstislava Keldisa 11, Riga, Rigas region, LV-1021, Latvia

UAB "Eksma" group companies.

Litigation

:

none

There are no registered legal actions against company required.

Remarks on payment

:

none

No current are reported by the local debt collection companies.

Financial Elements

:

Only consolidated financial accounts are available at the State Register. Reffering to company explanation financial accounts are consolidated with UAB "Eksperimentiniai lazeriai" - the only activity of this company is rent of the building to UAB Ekspla.

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	LTL	LTL	LTL
Non-current assets	3 660 639.00	3 293 963.00	3 154 271.00
incl: - Fixed assets	2 858 270.00	2 607 367.00	2 414 257.00
- Financial assets	208 913.00	253 147.00	103 805.00
Current assets	23 491 492.00	18 842 984.00	12 984 703.00
incl: - Stock	8 553 154.00	5 907 239.00	4 274 280.00
- Debtors	11 329 246.00	10 251 086.00	6 721 366.00
- Cash	3 609 092.00	2 684 659.00	1 989 057.00
ASSETS TOTAL	27 152 131.00	22 136 947.00	16 138 974.00
Equity	13 360 679.00	12 075 504.00	11 346 577.00
incl: - Share capital	3 540 000.00	3 540 000.00	3 540 000.00
Liabilities Total	13 025 234.00	9 317 455.00	4 492 444.00
incl: - Long-term liabilities	378 487.00	208 901.00	145 652.00
- Short-term liabilities	12 646 747.00	9 108 554.00	4 346 792.00
EQUITY AND LIABILITIES TOTAL	27 152 131.00	22 136 947.00	16 138 974.00
Net sales	41 640 214.00	30 711 757.00	24 651 778.00
Cost of goods sold	23 457 016.00	16 799 901.00	13 544 839.00
Operating profit	3 872 694.00	2 422 796.00	2 210 100.00
Profit before taxation	3 664 981.00	2 398 605.00	2 210 315.00
Net profit	3 328 412.00	2 276 398.00	2 260 806.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	8.80	7.81	8.97
Profit before taxation / Net sales
Operating margin of profit, %	9.30	7.89	8.97
Operating profit / Net sales
Return on investment, %	27.43	19.86	19.48
Profit before taxation / Equity
Current assets turnover	1.77	1.63	1.90
Net sales / Current assets
Working capital	10 844 745.00	9 734 430.00	8 637 911.00
Current assets - Short-term liabilities
Leverage	0.49	0.55	0.70
Equity / Total assets
Current ratio	1.86	2.07	2.99
Current assets / Short-term liabilities
Quick ratio	1.18	1.42	2.00
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.97	0.77	0.40
Total liabilities / Equity

Income range of the subject: 20,000,001 - 30,000,000 2007-01-01 20,000,001 - 30,000,000 2005-12-31 15,000,001 - 20,000,000 2004-12-31 7,000,001 - 9,000,000 2003-12-31 9,000,001 - 11,000,000 2002-12-31 3,000,001 - 5,000,000 1999-12-31

Publications

- 06.01.2012

:

Subject

:

http://www.ekspla.com/news/ekspla-was-awarded-as-%e2%80%9e innovative-company-of-the-year%e2%80%9c.html

EKSPLA was awarded as Innovative Company of the Year". EKSPLA was awarded as one of the winners at the 7-th annual innovation award contest. Jury of selected experts chosen EKSPLA as one of the winners in the Innovative company category among other participants. We won international award Prism award for photonics innovation at the beginning of the year 2011. At the end of the same year we were awarded as innovative company of the year. We are glad that our dedication in creating of new products and new ideas has been acknowledged not only in international markets, but even in Lithuania noted Kestutis Jasiunas, EKSPLA CEO. The Innovation award contest this year surprised us with variety as well as number of applications. The total number of applications was 79 and that fact only verifies growing popularity of that contest said Kastytis Gecas, director of Lithuanian Innovation Centre This is the fourth time when EKSPLA won of this award. Company already was announced as Innovative company of the year in 2006. Two of the company’s products has been awarded as Innovative products of the year in 2007 and 2009. Innovation Award is the annual contest aiming at fostering the entrepreneurial thinking, technological development and providing a possibility for enterprises to self-assess their competitiveness and innovativeness. The contest is organized by Lithuanian Innovation Centre and Lithuanian Industry Confederation, and supported by Lithuanian Ministry of Economy.

- 01.07.2008

:

Subject

:

http://www.ekspla.com/en/main/news?id=27460

Pursuing the aim of faster development of photonics components and lasers & laser systems businesses, EKSPLA is being reorganized into two separate entities. Effective from 1st July 2008, all components business activities (covering optical components, laser & nonlinear crystals, positioning mechanics, mounts and optical tables) move from EKSPLA uab to an already established company Optolita uab with the brand name of and doing business as EKSMA OPTICS. Everything related to scientific & industrial lasers, laser systems and electronics remain in EKSPLA uab. EKSMA OPTICS is overtaking all responsibilities, rights and obligations of EKSPLA Photonics Department and those related to components business. Please be assured that every purchase order placed to EKSPLA will be carried out by EKSMA OPTICS, with the only difference that goods will ship under the new company name.

- 0001

:

Subject

:

http://www.ekspla.com/en/main/about/history

Important dates: 1983 Commercial development of experimental workshop of the Institute of Physics, Lithuanian Academy of Sciences (EKSMA Co) 1987 Entering into the West European market 1992 Spinning off of laser design and manufacturing business and establishing of a new company EKSPLA 1993 Entering into the Japanese market 1996 Start of marketing and sales in the USA 2002 Introduction of picosecond diode-pumped Nd:YAG laser 2003 Picosecond Nd:YAG laser with all-solid-state mode-locking introduced, offerring less than 30 ps pulse duration 2004 EKSMA acquires 99,61 % of EKSPLA shares; photonic components and laser businesses are merged into one company EKSPLA 2005 EKSPLA has been awarded as the knowledge economy company of the year. 2006 EKSPLA has been certified according to the ISO 9001 standard. 2007 EKSPLA CEO has received the partnership award of the National Advancement Awards 2008 - Photonics components division of EKSPLA has been reorganized into the separate entity. 2011 - NT200 series tunable laser has been announced as winner of the 2010 Prism Award for Photonics Innovation

FINAL COMMENTS

Information was received from all the sources available, information in the report was confirmed by administration of the company. Chief accountant of the company refused to provide any more detailed information for third persons. /Date: 29.05.2012, phone: (+370 5) 2649629/
Events History
- 2008	:	REORGANIZATION
		Pursuing the aim of faster development of photonics components and lasers & laser systems businesses, EKSPLA is being reorganized into two separate entities. Effective from 1st July 2008, all components business activities (covering optical components, laser & nonlinear crystals, positioning mechanics, mounts and optical tables) move from EKSPLA uab to an already established company Optolita uab with the brand name of and doing business as EKSMA OPTICS. Everything related to scientific & industrial lasers, laser systems and electronics remain in EKSPLA uab.

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	LTL	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	41 640 214.00	30 711 757.00
II. COSTS OF GOODS SOLD AND SERVICES	23 457 016.00	16 799 901.00
RENDERED
III. GROSS PROFIT (LOSS)	18 183 198.00	13 911 856.00
IV. OPERATING EXPENSES	14 310 504.00	11 489 060.00
IV.1 Expenses on sales	5 195 791.00	4 544 760.00
IV.2 Administrative and other expenses	9 114 713.00	6 944 300.00
V. OPERATING PROFIT (LOSS)	3 872 694.00	2 422 796.00
VI. OTHER OPERATIONS	10 819.00	3 640.00
VI.1 Revenue from other operations	14 776.00	3 641.00
VI.2 Expenses on other operations	3 957.00	1.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-218 532.00	-27 831.00
VII.1 Revenue from financial and investing activities	54 130.00	43 009.00
VII.2 Expenses on financial and investing activities	272 662.00	70 840.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	3 664 981.00	2 398 605.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	3 664 981.00	2 398 605.00
XII. PROFIT TAX	218 195.00	24 559.00
XIII. NET PROFIT (LOSS)	3 328 412.00	2 276 398.00
XIV. PROFIT (LOSS) before minority share	3 446 786.00	2 374 046.00
XV. MINORITY SHARE	118 374.00	97 648.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	3 660 639.00	3 293 963.00
I. INTANGIBLE ASSETS	313 963.00	236 949.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)	209 854.00	160 533.00
I.4 Software	102 795.00	68 749.00
I.5 Other intangible assets	1 314.00	7 667.00
II. TANGIBLE ASSETS	2 858 270.00	2 607 367.00
II.1 Land
II.2 Buildings and constructions	978 036.00	1 015 422.00
II.3 Plant and equipment	1 665 644.00	1 435 655.00
II.4 Transport vehicles	34 825.00	3 362.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments	66 000.00
II.7 Other tangible assets	113 765.00	152 928.00
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	208 913.00	253 147.00
III.1 Capital participation and investments in related	170 483.00	253 147.00
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets	38 430.00
IV. OTHER LONG TERM ASSETS	279 493.00	196 500.00
IV.1 Deffered tax profit	279 493.00	196 500.00
IV.2 Other long term assets
B. CURRENT ASSETS	23 491 492.00	18 842 984.00
I. STOCKS AND CONTRACTS IN PROGRESS	8 553 154.00	5 907 239.00
I.1. Stocks	7 871 488.00	5 633 476.00
I.1.1 Raw materials and consumables	2 520 556.00	2 344 910.00
I.1.2 Work in progress	4 902 198.00	2 562 912.00
I.1.3 Finished products	449 734.00	725 654.00
I.1.4 Goods purchased for sale
I.1.5 Long term assets for resale
I.2 Advanced payments	680 666.00	273 763.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	8 912 286.00	7 251 086.00
II.1. Trade debtors	7 535 291.00	6 583 195.00
II.2 Loans to subsidiaries and associated companies	471 925.00	24 834.00
II.3. Other accounts receivable	905 070.00	643 057.00
III. OTHER CURRENT ASSETS	2 416 960.00	3 000 000.00
III.1 Short-term investments
III.2 Deposit accounts	2 416 960.00	3 000 000.00
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	3 609 092.00	2 684 659.00
TOTAL ASSETS	27 152 131.00	22 136 947.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	13 360 679.00	12 075 504.00
I. CAPITAL	3 540 000.00	3 540 000.00
I.1. Authorized capital	3 540 000.00	3 540 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE	-44 488.00	-55 930.00
III. RESERVES	354 000.00	354 000.00
III.1. Legally prescribed reserevs	354 000.00	354 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	9 277 294.00	8 143 682.00
IV.1 Profit (loss) from the current year	3 328 412.00	2 276 398.00
IV.2 Profit (loss) brought forward from previous years	5 948 882.00	5 867 284.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)	766 218.00	743 988.00
D. MINORITY SHARE	233 873.00	93 752.00
E. ACCOUNTS PAYABLE AND LIABILITIES	13 025 234.00	9 317 455.00
I. LONG-TERM ACCOUNTS PAYABLE	378 487.00	208 901.00
I.1 Financial loans
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities	378 487.00	208 901.00
II. SHORT-TERM LIABILITIES	12 646 747.00	9 108 554.00
II.1 Short-term portion of long-term debts
II.2 Financial debts		14 041.00
II.2.1 To credit institutions
II.2.2 Other loans		14 041.00
II.3 Trade creditors	4 309 268.00	3 733 296.00
II.4 Advanced payments under contracts in progress	3 574 850.00	1 956 130.00
II.5 Profit tax liabilities	51 593.00
II.6 Taxes, accrued payroll and social insurance payments	4 165 775.00	3 048 654.00
II.7 Provisions	441 987.00	295 133.00
II.8 Other accounts payable and short-term liabilities	103 274.00	61 300.00
TOTAL EQUITY AND LIABILITIES	27 152 131.00	22 136 947.00

- 31.12.2009

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	24 651 778.00
II. COSTS OF GOODS SOLD AND SERVICES	13 544 839.00
RENDERED
III. GROSS PROFIT (LOSS)	11 106 939.00
IV. OPERATING EXPENSES	8 896 839.00
IV.1 Expenses on sales	3 273 389.00
IV.2 Administrative and other expenses	5 623 450.00
V. OPERATING PROFIT (LOSS)	2 210 100.00
VI. OTHER OPERATIONS	19 484.00
VI.1 Revenue from other operations	19 484.00
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-19 269.00
VII.1 Revenue from financial and investing activities	94 484.00
VII.2 Expenses on financial and investing activities	113 752.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	2 210 315.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	2 210 315.00
XII. PROFIT TAX	178 115.00
XIII. NET PROFIT (LOSS)	2 260 806.00
XIV. PROFIT (LOSS) before minority share	2 032 200.00
XV. MINORITY SHARE	-228 606.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	3 154 271.00
I. INTANGIBLE ASSETS	474 209.00
I.1 Reseach and development costs
I.2 Goodwill	193 986.00
I.3 Rights obtained (licences, patents etc.)	154 283.00
I.4 Software	109 747.00
I.5 Other intangible assets	16 193.00
II. TANGIBLE ASSETS	2 414 257.00
II.1 Land
II.2 Buildings and constructions	1 052 809.00
II.3 Plant and equipment	1 248 060.00
II.4 Transport vehicles	8 792.00
II.5 Other fixtures, fittings, tools and equipment	104 596.00
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	103 805.00
III.1 Capital participation and investments in related	103 805.00
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	162 000.00
IV.1 Deffered tax profit	162 000.00
IV.2 Other long term assets
B. CURRENT ASSETS	12 984 703.00
I. STOCKS AND CONTRACTS IN PROGRESS	4 274 280.00
I.1. Stocks	4 021 897.00
I.1.1 Raw materials and consumables	1 767 981.00
I.1.2 Work in progress	1 946 207.00
I.1.3 Finished products	307 709.00
I.1.4 Goods purchased for sale
I.2 Advanced payments	252 383.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	5 208 276.00
II.1. Trade debtors	4 036 172.00
II.2 Loans to subsidiaries and associated companies	60 943.00
II.3. Other accounts receivable	1 111 161.00
III. OTHER CURRENT ASSETS	1 513 090.00
III.1 Short-term investments
III.2 Deposit accounts	1 513 090.00
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	1 989 057.00
TOTAL ASSETS	16 138 974.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	11 346 577.00
I. CAPITAL	3 540 000.00
I.1. Authorized capital	3 540 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	354 000.00
III.1. Legally prescribed reserevs	354 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	7 380 098.00
IV.1 Profit (loss) from the current year	2 260 806.00
IV.2 Profit (loss) brought forward from previous years	5 119 292.00
V. Currency exchange rate influence	-51 280.00
D. FINANCING (GRANTS AND SUBSIDIES)	299 953.00
D. MINORITY SHARE	123 759.00
E. ACCOUNTS PAYABLE AND LIABILITIES	4 492 444.00
I. LONG-TERM ACCOUNTS PAYABLE	145 652.00
I.1 Financial loans
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities	145 652.00
II. SHORT-TERM LIABILITIES	4 346 792.00
II.1 Short-term portion of long-term debts	5 459.00
II.2 Financial debts	14 041.00
II.2.1 To credit institutions
II.2.2 Other loans	14 041.00
II.3 Trade creditors	1 927 644.00
II.4 Advanced payments under contracts in progress	686 485.00
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments	1 476 119.00
II.7 Provisions	209 359.00
II.8 Other accounts payable and short-term liabilities	27 685.00
TOTAL EQUITY AND LIABILITIES	16 138 974.00

- 31.12.2008

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	29 142 426.00
II. COSTS OF GOODS SOLD AND SERVICES	16 574 498.00
RENDERED
III. GROSS PROFIT (LOSS)	12 567 928.00
IV. OPERATING EXPENSES	10 481 612.00
IV.1 Expenses on sales	4 640 128.00
IV.2 Administrative and other expenses	5 841 484.00
V. OPERATING PROFIT (LOSS)	2 086 316.00
VI. OTHER OPERATIONS	141 056.00
VI.1 Revenue from other operations	2 941 001.00
VI.2 Expenses on other operations	2 799 945.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	12 616.00
VII.1 Revenue from financial and investing activities	452 558.00
VII.2 Expenses on financial and investing activities	439 942.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	2 239 988.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	2 239 988.00
XII. PROFIT TAX	-13 551.00
XIII. NET PROFIT (LOSS)	2 317 743.00
XIV. PROFIT (LOSS) before minority share	2 253 539.00
XV. MINORITY SHARE	-64 204.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	3 692 636.00
I. INTANGIBLE ASSETS	627 807.00
I.1 Reseach and development costs
I.2 Goodwill	395 294.00
I.3 Rights obtained (licences, patents etc.)	105 226.00
I.4 Software	102 568.00
I.5 Other intangible assets	24 719.00
II. TANGIBLE ASSETS	2 778 194.00
II.1 Land
II.2 Buildings and constructions	1 090 196.00
II.3 Plant and equipment	1 490 733.00
II.4 Transport vehicles	14 222.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets	183 043.00
II.8 Investment assets	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	66 635.00
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets	66 635.00
IV. OTHER LONG TERM ASSETS	220 000.00
IV.1 Deffered tax profit	220 000.00
IV.2 Other long term assets
B. CURRENT ASSETS	10 215 868.00
I. STOCKS AND CONTRACTS IN PROGRESS	4 881 098.00
I.1. Stocks	4 430 066.00
I.1.1 Raw materials and consumables	2 552 542.00
I.1.2 Work in progress	1 763 433.00
I.1.3 Finished products	114 091.00
I.1.4 Goods purchased for sale
I.2 Advanced payments	451 032.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	3 565 334.00
II.1. Trade debtors	2 692 701.00
II.2 Loans to subsidiaries and associated companies	0.00
II.3. Other accounts receivable	872 633.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets	0.00
IV. CASH IN HAND AND BANK ACCOUNT	1 769 436.00
TOTAL ASSETS	13 908 504.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	9 607 239.00
I. CAPITAL	3 540 000.00
I.1. Authorized capital	3 540 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	354 000.00
III.1. Legally prescribed reserevs	354 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	5 772 886.00
IV.1 Profit (loss) from the current year	2 317 743.00
IV.2 Profit (loss) brought forward from previous years	3 455 143.00
V. Currency exchange rate influence	-59 647.00
D. FINANCING (GRANTS AND SUBSIDIES)	226 888.00
D. MINORITY SHARE	349 547.00
E. ACCOUNTS PAYABLE AND LIABILITIES	3 724 830.00
I. LONG-TERM ACCOUNTS PAYABLE	5 522.00
I.1 Financial loans	5 522.00
I.1.1 Leasing and other similar obligations	5 522.00
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans	0.00
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	3 719 308.00
II.1 Short-term portion of long-term debts	5 205.00
II.2 Financial debts	36 761.00
II.2.1 To credit institutions	36 761.00
II.2.2 Other loans
II.3 Trade creditors	1 075 734.00
II.4 Advanced payments under contracts in progress	171 115.00
II.5 Profit tax liabilities	0.00
II.6 Taxes, accrued payroll and social insurance payments	1 115 661.00
II.7 Provisions	234 826.00
II.8 Other accounts payable and short-term liabilities	1 080 006.00
TOTAL EQUITY AND LIABILITIES	13 908 504.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Report Prepared by :

PRL

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.