MIRA INFORM REPORT

Report Date :

20.04.2013

IDENTIFICATION DETAILS

Name :	UAB ECG
Registered Office :	Draugystes str. 15B, Kaunas, LT-51228
Country :	Lithuania
Financials (as on) :	28.02.2013
Date of Incorporation :	01.07.1993
Com. Reg. No.:	133730367
Legal Form :	Private Joint-Stock Co. by Lithuanian law
Line of Business :	Wholesaler of clothing
No. of Employees :	01

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 :	Slow
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 joined the EU in May 2004. Despite its 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. Lithuania's GDP plunged nearly 15% in 2009. The three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. The government's efforts to attract foreign investment, to develop export markets, and to pursue broad economic reforms has been key to Lithuania's quick recovery from a deep recession, making Lithuania one of the fastest growing economies in the EU. Lithuania is committed to meeting the Maastricht criteria to join the euro zone, which the government expects to achieve by 2015. Under the Conservative Party's leadership, Lithuania raised the monthly minimum wage in 2012 nearly 25% over 2011. Despite government efforts, unemployment - at 13.2% in 2012 - remains high.

Source : CIA

Identification

Full Name

:

UAB "ECG"

Name in national language

:

UAB "ECG"

Office Address

:

Draugystes str. 15B, Kaunas, LT-51228, Lithuania

Legal Address

:

Draugystes str. 15B, Kaunas, LT-51228, Lithuania

Contacts

:

-	Phone	:	(+370 37) 352555
-	Fax	:	(+370 37) 350087
-	E-mail	:	sekretore@ecgroup.lt
	( the data as of 10.07.2012 )

Company SUMMARY

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

Incorporation : 1993

Staff : 1

Litigation events : none Remarks on payments : none

Sales :	24 683 229.00 LTL ( for 12 months, ended 28.02.2013 )
	0.00 LTL ( for 12 months, ended 29.02.2012 )

Incorporation

:

1993

Registration Data

Date of registration

:

01.07.1993

Registration number

:

133730367

Registr. authority

:

State Register (Kaunas, Lithuania)

Date of registration

:

01.10.1997

VAT number

:

LT337303610

Registr. authority

:

Tax Board (Kaunas, Lithuania)

Legal Form

:

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

since 01.07.1993

Share Capital

:

10 000 LTL (registered)

since n/a

Shareholders

:

-	Mr CARL LUC BAEKELANDT				100.00 %
		reg. number	:	63.05.28-335.86

Board / Executives

Executives

Director

:

Mr Alexander Filip J. Talpe

Accountant

:

Mrs Biliuniene, Nijole (Lithuania)

E-mail: nijole@regnile.lt Tel.: +370 699 97284

Authorised signature

:

Mr Alexander Filip J. Talpe

Changes in Registration Data

- 08.03.2013

:

share capital

Increase of the share capital

- 22.11.2012

:

share capital

Increase of the share capital

- 25.06.2012

:

shareholders

- 02.05.2012

:

managers

- 16.04.2012

:

share capital

Decrease of the share capital

- 17.11.2010

:

shareholders

Activities

:

-	513	Apparel, Piece Goods, and Notions
		(NACE 5142: Wholesale of clothing and footwear)

Wholesale of clothing. Company buys clothing in China and sells in Belgium.

Staff employed

:

1 [E]

Staff History

:

-	2 [E]
	( the data as of 01.01.2013 )
-	2 [E]
	( the data as of 01.01.2012 )
-	2 [E]
	( the data as of 01.01.2011 )
-	2 [E]
	( the data as of 01.01.2010 )
-	2 [E]
	( the data as of 01.01.2009 )
-	3 [E]
	( the data as of 01.01.2008 )

Export

- 2012

:

Fiscal period: 12 month(s), currency: LTL

24 681 165.00

Belgium

- 2011

:

Fiscal period: 12 month(s), currency: LTL

20 300 000.00

Belgium

Export accounts 100% of the total sales.

Import

- 2012

:

Fiscal period: 12 month(s), currency: LTL

20 423 514.00

China

- 2011

:

Fiscal period: 12 month(s), currency: LTL

16 000 000.00

China

Facilities

Real estate

:

rent:
-	Buildings - Administrative
	size/amnt	:	26.02 sq.m

Other Property

:

TRANSPORT VEHICLES: 1 BMW 524, 1984, own - 1 2 OPEL ASCONA, 1982, own - 1 3 VW GOLF, 1987, own - 1 4 VW GOLF, 1992, own - 1

Branches

:

none

Subsidiaries and Participation

:

-	UAB “EDVALDA” (Lithuania)				100.00 %
		reg. number	:	134702029

Bankers

:

-	BNP PARIBAS (Belgium)
	account(s)	:	BE78001669960686
-	ING BELGIE N.V (Belgium)
	account(s)	:	310-1774698-72
-	SEB bankas (Lithuania)
	bank code	:	70440
	account(s)	:	LT367044060003093071

Clients

:

-	E5-MODE N.V. (Belgium)
-	ECG N.V. (Belgium)
-	POINT CARRE-FLORENVILLE (Belgium)
-	THREE LADIES COMPANY (Belgium)

Suppliers

:

-	CONCORDIA PACIFIC (China Peoples Republic)
-	HANGZHOU WANSHILIS SILK SCIENCES&TECHNIQUES (China Peoples Republic)
-	HUNAN SILK GROUP CO. (China Peoples Republic)
-	KINGWAY INVESTMENT AND INDUSTRIAL (China Peoples Republic)
-	SUZHOU T-RISE TRADING CO,LTD (China Peoples Republic)

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 data

Financial Elements

:

The company's financial year ends on 28.02.

Period, months	12	12	12
Ended	28.02.2013	29.02.2012	28.02.2011
Currency	LTL	LTL	LTL
Non-current assets	8 437 890.00	2 244 324.00	2 244 849.00
incl: - Fixed assets	4.00	4.00	244.00
- Financial assets	2 244 313.00	2 244 317.00	2 244 317.00
Current assets	7 008 279.00	86 082.00	145 935.00
incl: - Stock	1 520 136.00	0.00
- Debtors	4 006 324.00	79 093.00	76 226.00
- Cash	1 481 818.00	6 989.00	69 709.00
ASSETS TOTAL	15 446 169.00	2 330 406.00	2 390 784.00
Equity	-84 232.00	2 298 264.00	2 362 979.00
incl: - Share capital	10 000.00	1 700 000.00	1 700 000.00
Liabilities Total	15 530 401.00	32 142.00	27 805.00
incl: - Long-term liabilities	7 416 261.00	0.00
- Short-term liabilities	8 114 140.00	32 142.00	27 805.00
EQUITY AND LIABILITIES TOTAL	15 446 401.00	2 330 406.00	2 390 784.00
Net sales	24 683 229.00	0.00
Cost of goods sold	20 299 448.00	0.00
Operating profit	498 977.00	-78 550.00	-200 683.00
Profit before taxation	-25 314.00	-64 715.00	-173 195.00
Net profit	-29 517.00	-64 715.00	-173 195.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-0.10	0.00
Profit before taxation / Net sales
Operating margin of profit, %	2.02	0.00
Operating profit / Net sales
Return on investment, %	30.05	-2.82	-7.33
Profit before taxation / Equity
Current assets turnover	3.52	0.00
Net sales / Current assets
Working capital	-1 105 861.00	53 940.00	118 130.00
Current assets - Short-term liabilities
Leverage	-0.01	0.99	0.99
Equity / Total assets
Current ratio	0.86	2.68	5.25
Current assets / Short-term liabilities
Quick ratio	0.68	2.68
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	-184.38	0.01	0.01
Total liabilities / Equity

Income range of the subject LTL (according to data of Statistics Dep-t): 100,001-200,000 /2008-01-02/ 200,001-400,000 /2007-01-01/ 30,000,001-40,000,000 /2005-12-31/ 100,000,001-200,000,000 /2004-12-31/ 100,000,001-200,000,000 /2003-12-31/ 100,000,001-200,000,000 /2002-12-31/ 50,000,001-60,000,000 /1999-12-31/ 40,000,001-50,000,000 /1998-12-31/ *Since 01.01.2008 information about income range is not available.

FINAL COMMENTS

The report was updated with the financial and other information received from accountant of the company Mrs. Nijole Biliuniene. Date: 17.04.2013

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	28.02.2013	29.02.2012	28.02.2011
Currency	LTL	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	24 683 229.00	0.00
II. COSTS OF GOODS SOLD AND SERVICES	20 299 448.00	0.00
RENDERED
III. GROSS PROFIT (LOSS)	1 383 781.00	0.00	0.00
IV. OPERATING EXPENSES	3 884 804.00	78 550.00	200 683.00
IV.1 Expenses on sales
IV.2 Administrative and other expenses
V. OPERATING PROFIT (LOSS)	498 977.00	-78 550.00	-200 683.00
VI. OTHER OPERATIONS	0.00	0.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-524 291.00	13 835.00	27 488.00
VII.1 Revenue from financial and investing activities
VII.2 Expenses on financial and investing activities
VIII. BASIC ACTIVITY PROFIT (LOSS)	-25 314.00	-64 715.00	-173 195.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	-25 314.00	-64 715.00	-173 195.00
XII. PROFIT TAX	4 203.00
XIII. NET PROFIT (LOSS)	-29 517.00	-64 715.00	-173 195.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	8 437 890.00	2 244 324.00	2 244 849.00
I. INTANGIBLE ASSETS	6 193 573.00	3.00	288.00
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	4.00	4.00	244.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles
II.5 Other fixtures, fittings, tools and equipment
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	2 244 313.00	2 244 317.00	2 244 317.00
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
IV. OTHER LONG TERM ASSETS	0.00	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	7 008 279.00	86 082.00	145 935.00
I. STOCKS AND CONTRACTS IN PROGRESS	1 520 136.00	0.00
I.1. Stocks
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
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	4 006 324.00	79 093.00	76 226.00
II.1. Trade debtors
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable
III. OTHER CURRENT ASSETS	0.00	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	1 481 818.00	6 989.00	69 709.00
TOTAL ASSETS	15 446 169.00	2 330 406.00	2 390 784.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	-84 232.00	2 298 264.00	2 362 979.00
I. CAPITAL	10 000.00	1 700 000.00	1 700 000.00
I.1. Authorized capital	10 000.00	1 700 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	170 000.00	170 000.00	170 000.00
III.1. Legally prescribed reserevs
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	-264 232.00	428 264.00	492 979.00
IV.1 Profit (loss) from the current year
IV.2 Profit (loss) brought forward from previous years
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	15 530 401.00	32 142.00	27 805.00
I. LONG-TERM ACCOUNTS PAYABLE	7 416 261.00	0.00
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
II. SHORT-TERM LIABILITIES	8 114 140.00	32 142.00	27 805.00
II.1 Short-term portion of long-term debts
II.2 Financial debts
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments
II.7 Provisions
II.8 Other accounts payable and short-term liabilities
TOTAL EQUITY AND LIABILITIES	15 446 401.00	2 330 406.00	2 390 784.00

- 28.02.2010

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES
II. COSTS OF GOODS SOLD AND SERVICES
RENDERED
III. GROSS PROFIT (LOSS)	0.00
IV. OPERATING EXPENSES	144 500.00
IV.1 Expenses on sales
IV.2 Administrative and other expenses
V. OPERATING PROFIT (LOSS)	-144 500.00
VI. OTHER OPERATIONS	-210.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	925 382.00
VII.1 Revenue from financial and investing activities
VII.2 Expenses on financial and investing activities
VIII. BASIC ACTIVITY PROFIT (LOSS)	780 672.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	780 672.00
XII. PROFIT TAX	65 015.00
XIII. NET PROFIT (LOSS)	715 657.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	2 261 640.00
I. INTANGIBLE ASSETS	351.00
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	16 972.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles
II.5 Other fixtures, fittings, tools and equipment
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	2 244 317.00
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
IV. OTHER LONG TERM ASSETS
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	385 359.00
I. STOCKS AND CONTRACTS IN PROGRESS
I.1. Stocks
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
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	147 360.00
II.1. Trade debtors
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable
III. OTHER CURRENT ASSETS
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	237 999.00
TOTAL ASSETS	2 646 999.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	2 536 174.00
I. CAPITAL	1 700 000.00
I.1. Authorized capital
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	170 000.00
III.1. Legally prescribed reserevs
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	666 174.00
IV.1 Profit (loss) from the current year
IV.2 Profit (loss) brought forward from previous years
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	110 825.00
I. LONG-TERM ACCOUNTS PAYABLE
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
II. SHORT-TERM LIABILITIES	110 825.00
II.1 Short-term portion of long-term debts
II.2 Financial debts
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments
II.7 Provisions
II.8 Other accounts payable and short-term liabilities
TOTAL EQUITY AND LIABILITIES	2 646 999.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.