MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	UAB "LIVITANA"
Registered Office :	Pramones Str. 8A, Klaipeda, Klaipeda Region, Klaipeda City Municipality, LT-94102
Country :	Lithuania
Financials (as on) :	31.12.2011
Date of Incorporation :	15.04.2005
Com. Reg. No.:	300105794
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian law)
Line of Business :	Subject worked as a transport agent.
No. of Employees :	14 Employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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)
Lithuania	B1	B1

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

LITHUANIA - ECONOMIC OVERVIEW

Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite Lithuania's EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic demand. However, GDP plunged nearly 15% in 2009 - the three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. In 2009, the government launched a high-profile campaign, led by Prime Minister KUBILIUS, to attract foreign investment and to develop export markets, and the government's steadfast commitment to broad economic reforms has been vital in Lithuania's quick recovery from a deep recession - GDP grew 1.3% in 2010 and jumped 5.8% in 2011, making Lithuania one of the fastest growing economies in the EU. However, unemployment - at 15.6% in 2011 - remains stubbornly high. Lithuania in 2011 also began to unbundle its energy networks in order to reduce its dependence on Russian energy.

Source : CIA

Identification

Full Name

:

UAB "Livitana"

Name in national language

:

UAB "Livitana"

Office address

:

Pramones str. 8A, Klaipeda, Klaipeda region, Klaipeda city municipality, LT-94102, Lithuania

Legal Address

:

Pramones str. 8A, Klaipeda, Klaipeda region, Klaipeda city municipality, LT-94102, Lithuania

Contacts

:

-	Phone	:	(+370 46) 311758, 256 230
-	Fax	:	(+370 46) 411 227
-	E-mail	:	cargo@livitana.com
-	WWW	:	www.livitana.com

---

S U M M A R Y

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

Incorporation : 2005

Staff :

Litigation events : yes Remarks on payments : none

Sales :	25 745 195.00 LTL ( for 12 months, ended 31.12.2011 )
	26 545 177.00 LTL ( for 12 months, ended 31.12.2010 )

Incorporation

:

2005

Important Notes

- 10.05.2011

:

ALERT

In publicly available Court Information System on 10.05.2011 there was registered an application to start insolvency proceedings against the subject company. The court rejected a lawsuit to start the insolvency procedure.

Registration Data

Date of registration

:

15.04.2005

Registration number

:

300105794

Registr. authority

:

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

Date of registration

:

01.07.2005

VAT number

:

LT100001713217

Registr. authority

:

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

Legal Form

:

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

since 15.04.2005

Share Capital

:

500 000 LTL (registered)

since 13.05.2009

Shareholders

:

No up-to date data on shareholders available in the moment. Following current law regulations data on shareholders are not distributed in electronic form.

Board / Executives

Executives

Director

:

Mr Gudzenko, Vitalijus (Lithuania)

Authorised signature

:

Mr Gudzenko, Vitalijus

Changes in Registration Data

- 13.05.2009

:

share capital

Increase of share capital

- 10.11.2008

:

legal address, share capital

Increase of share capital

Activities

:

-	471	Freight Forwarding
		(NACE 6340: Activities of other transport agencies)
	Company's activities: Cargo carriage by road transport – by trucks; Forwarding; Container transportation by sea; marine chartering; Booking of ferries.

Staff employed

:

14 [E]

Staff History

:

-	12 [E]
	( the data as of 01.01.2012 )
-	12 [E]
	( the data as of 01.01.2011 )
-	10 [E]
	( the data as of 01.01.2010 )
-	8 [E]
	( the data as of 01.01.2009 )
-	6 [E]
	( the data as of 01.01.2008 )

Export / Import

:

Company transports cargo from the Baltic countries to Poland, Germany, Belgium, France, Denmark, Czech republik, Hungary, Slovakia, Sweden, Italy, Great Britain and from Europe to Russia.

Facilities

:

TRANSPORT VEHICLES: 1 YAMAHA XV 1900, 2007, own - 1 2 MERCEDES BENZ S350, 2010, rent/leasing - 1 3 NISSAN PATHFINDER, 2006, rent/leasing - 1 4 DAF FT XF105.410, 2007, own - 2 5 MAN TGA 18.440, 2007, own - 1 6 VOLVO FH 42T, 2007, own - 1 7 VOLVO FH 42T, 2011, own - 2 8 VOLVO FH 42T, 2012, own - 2 9 VOLVO FH-FM/ZS24K, own - 2 10 VOLVO FH-FM/ZS24K, 2012, rent/leasing - 3 11 VOLVO VOLVO FH 62R, 2012, own - 1 12 SCHMITZ -, 2012, own - 1 13 SCHMITZ SCS 24, 2011, rent/leasing - 1 14 WIELTON PC2SP, own - 2 15 WIELTON PC2SP, 2012, rent/leasing - 3

Branches

:

none

Subsidiaries and Participation

:

n/a

Bankers

:

-	AB Swedbank (Lithuania)
	bank code	:	73000
	account(s)	:	LT54 7300 0100 9699 7920

Litigation

:

yes

Case number: 2-05-3-11679-2012-9 | 2-2602-273/2012 Court: Kaunas district court Instance: civil case Date: 2012-10-23 Case summary: debt Case parts: Plaintiff: Livitana; Defendant: Alia medika Case number: 2-57-3-00523-2012-2 | B2-1584-159/2012 Court: Klaipeda district court Instance: civil case Date: 2012-08-16 Case summary: bankruptcy proceedings Case parts: Plaintiff: Livitana; Plaintiff: V. Paulius & associates real estate; Defendant: Klaipeda logistic company

Remarks on payment

:

none

No current are reported by the local debt collection companies.

Business mortgages

:

Some property seizure acts were registered in official sources on 08.03.2012.

Financial Elements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	LTL	LTL	LTL
Non-current assets	7 565 087.00	5 348 417.00	5 998 700.00
incl: - Fixed assets	7 065 087.00	5 348 417.00	5 489 223.00
- Financial assets	500 000.00	0.00	509 477.00
Current assets	3 323 623.00	4 732 019.00	4 245 837.00
incl: - Stock	290 772.00	653 648.00	662 798.00
- Debtors	2 922 446.00	4 021 554.00	3 472 563.00
- Cash	110 405.00	56 817.00	110 476.00
ASSETS TOTAL	10 888 710.00	10 080 436.00	10 244 537.00
Equity	891 957.00	1 279 065.00	1 189 563.00
incl: - Share capital	500 000.00	500 000.00	500 000.00
Liabilities Total	9 996 753.00	8 801 371.00	9 054 974.00
incl: - Long-term liabilities	4 409 785.00	5 192 989.00	3 554 978.00
- Short-term liabilities	5 586 968.00	3 608 382.00	5 499 996.00
EQUITY AND LIABILITIES TOTAL	10 888 710.00	10 080 436.00	10 244 537.00
Net sales	25 745 195.00	26 545 177.00	21 713 738.00
Cost of goods sold	24 561 996.00	24 718 768.00	19 900 945.00
Operating profit	-42 673.00	38 886.00	670 520.00
Profit before taxation	-2 256.00	151 758.00	595 923.00
Net profit	-6 607.00	89 503.00	462 280.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-0.01	0.57	2.74
Profit before taxation / Net sales
Operating margin of profit, %	-0.17	0.15	3.09
Operating profit / Net sales
Return on investment, %	-0.25	11.86	50.10
Profit before taxation / Equity
Current assets turnover	7.75	5.61	5.11
Net sales / Current assets
Working capital	-2 263 345.00	1 123 637.00	-1 254 159.00
Current assets - Short-term liabilities
Leverage	0.08	0.13	0.12
Equity / Total assets
Current ratio	0.59	1.31	0.77
Current assets / Short-term liabilities
Quick ratio	0.54	1.13	0.65
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	11.21	6.88	7.61
Total liabilities / Equity

Income range of the subject LTL (according to data of Statistics Dep-t):

20,000,001-30,000,000 /2010-12-31/ 20,000,001-30,000,000 /2009-12-31/

20,000,001-30,000,000 /2008-12-31/ 15,000,001-20,000,000 /2008-01-02/

3,000,001-5,000,000 /2007-01-01/ 400,001-800,000 /2005-12-31/

Publications

:

No publications in mass-media regarding company required.

FINAL COMMENTS

Information was received from all the sources available, some information was confirmed by the accountant of the company. She refused to provide more detailed information. /Date: 21.11.2012, phone:(+370 46) 313 435

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	25 745 195.00	26 545 177.00	21 713 738.00
II. COSTS OF GOODS SOLD AND SERVICES	24 561 996.00	24 718 768.00	19 900 945.00
RENDERED
III. GROSS PROFIT (LOSS)	1 183 199.00	1 826 409.00	1 812 793.00
IV. OPERATING EXPENSES	1 225 872.00	1 787 523.00	1 142 273.00
IV.1 Expenses on sales	212 298.00	83 028.00	93 900.00
IV.2 Administrative and other expenses	1 013 574.00	1 704 495.00	1 048 373.00
V. OPERATING PROFIT (LOSS)	-42 673.00	38 886.00	670 520.00
VI. OTHER OPERATIONS	53 187.00	215 231.00	1 664.00
VI.1 Revenue from other operations	3 838 373.00	1 810 124.00	232 278.00
VI.2 Expenses on other operations	3 785 186.00	1 594 893.00	230 614.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-12 770.00	-102 359.00	-76 261.00
VII.1 Revenue from financial and investing activities	530 090.00	371 698.00	401 693.00
VII.2 Expenses on financial and investing activities	542 860.00	474 057.00	477 954.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	-2 256.00	151 758.00	595 923.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	-2 256.00	151 758.00	595 923.00
XII. PROFIT TAX	4 351.00	62 255.00	133 643.00
XIII. NET PROFIT (LOSS)	-6 607.00	89 503.00	462 280.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	7 565 087.00	5 348 417.00	5 998 700.00
I. INTANGIBLE ASSETS	0.00	0.00	0.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets
II. TANGIBLE ASSETS	7 065 087.00	5 348 417.00	5 489 223.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles	4 131 815.00	2 140 371.00	2 000 468.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets	36 584.00	61 608.00	92 567.00
II.8 Investment assets	2 896 688.00	3 146 438.00	3 396 188.00
II.8.1. Land
II.8.2. Buildings	2 896 688.00	3 146 438.00	3 396 188.00
III. LONG-TERM FINANCIAL ASSETS	500 000.00	0.00	509 477.00
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable	500 000.00		509 477.00
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00	0.00	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	3 323 623.00	4 732 019.00	4 245 837.00
I. STOCKS AND CONTRACTS IN PROGRESS	290 772.00	653 648.00	662 798.00
I.1. Stocks	212 687.00	279 061.00	0.00
I.1.1 Raw materials and consumables
I.1.2 Work in progress
I.1.3 Finished products
I.1.4 Goods purchased for sale	212 687.00	234 175.00
I.1.5 Long term assets for resale		44 886.00
I.2 Advanced payments	78 085.00	374 587.00	662 798.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	2 922 446.00	3 991 767.00	3 430 432.00
II.1. Trade debtors	2 393 760.00	3 991 767.00	3 400 873.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	528 686.00		29 559.00
III. OTHER CURRENT ASSETS	0.00	29 787.00	42 131.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets		29 787.00	42 131.00
IV. CASH IN HAND AND BANK ACCOUNT	110 405.00	56 817.00	110 476.00
TOTAL ASSETS	10 888 710.00	10 080 436.00	10 244 537.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	891 957.00	1 279 065.00	1 189 563.00
I. CAPITAL	500 000.00	500 000.00	500 000.00
I.1. Authorized capital	500 000.00	500 000.00	500 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	45 792.00	41 317.00	18 203.00
III.1. Legally prescribed reserevs	45 792.00	41 317.00	18 203.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	346 165.00	737 748.00	671 360.00
IV.1 Profit (loss) from the current year	-6 607.00	89 503.00	462 280.00
IV.2 Profit (loss) brought forward from previous years	352 772.00	648 245.00	209 080.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	9 996 753.00	8 801 371.00	9 054 974.00
I. LONG-TERM ACCOUNTS PAYABLE	4 409 785.00	5 192 989.00	3 554 978.00
I.1 Financial loans	4 409 785.00	5 192 989.00	3 554 978.00
I.1.1 Leasing and other similar obligations	2 372 118.00	1 959 270.00	1 304 978.00
I.1.2 Amounts owed to credit institutions	2 037 667.00	3 233 719.00	2 250 000.00
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00	0.00	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	5 586 968.00	3 608 382.00	5 499 996.00
II.1 Short-term portion of long-term debts	1 865 191.00		825 090.00
II.2 Financial debts	35 486.00	0.00	0.00
II.2.1 To credit institutions	35 486.00
II.2.2 Other loans
II.3 Trade creditors	2 945 128.00	2 670 534.00	4 277 424.00
II.4 Advanced payments under contracts in progress	677 776.00	261 445.00
II.5 Profit tax liabilities		62 255.00	133 643.00
II.6 Taxes, accrued payroll and social insurance payments	54 772.00	97 257.00	43 796.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	8 615.00	516 891.00	220 043.00
TOTAL EQUITY AND LIABILITIES	10 888 710.00	10 080 436.00	10 244 537.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

NLM

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.