MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	PILLECHEM KORIATOLT FELEIOSSEGU TARSASAG

Registered Office :	Hun utca 9. 1135 Budapest

Country :	Hungary

Financials (as on) :	31.12.2011

Date of Incorporation :	08.09.2011

Com. Reg. No.:	0109969049

Legal Form :	Limited Liability Company (Ltd.)

Line of Business :	Wholesale of chemical products

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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)

Hungary

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

HUNGARY - ECONOMIC OVERVIEW

Hungary has made the transition from a centrally planned to a market economy, with a per capita income nearly two-thirds that of the EU-25 average. The private sector accounts for more than 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment worth more than $70 billion. In late 2008, Hungary's impending inability to service its short-term debt - brought on by the global financial crisis - led Budapest to obtain an IMF/EU/World Bank-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.8% in 2009. In 2010 the new government implemented a number of changes including cutting business and personal income taxes, but imposed "crisis taxes" on financial institutions, energy and telecom companies, and retailers. The IMF/EU bail-out program lapsed at the end of the year and was replaced by Post Program Monitoring and Article IV Consultations on overall economic and fiscal processes. The economy began to recover in 2010 with a big boost from exports, especially to Germany, and achieved growth of approximately 1.4% in 2011. At the end of 2011 the government turned to the IMF and the EU to obtain a new loan for foreign currency debt and bond obligations in 2012 and beyond. Whether negotiations result in a loan depend on Hungary meeting EU and IMF requirements for ensuring the independence of monetary, judicial, and data privacy institutions. The EU also launched an Excessive Deficit Procedure and requested that the government outline measures to sustainably reduce the budget deficit to under 3% of GDP. Unemployment remained high, at nearly 11% in 2011. Ongoing economic weakness in Western Europe is likely to further constrain growth in 2012.

Source : CIA

Company identification

PILLECHEM KORIATOLT FELEIOSSEGU TARSASAG	E-Mail	info@pillechem.hu
Hun utca 9.	Web	www.pillechem.hu
1135 Budapest
Hungary

Statistical Nr.	23511192	Registration:	Budapest
Tax Nr.	23511192241	Registration Nr.	0109969049
		Status	active

Economic situation

Business connection	Providing credit needs assurances	(42)
Terms of payment	without compliants, supplier feedback show no negative data	(39)

Basic information

Legal form

Limited Liability Company (Ltd.)

Founded

08/09/2011 As Limited Liability Company (Ltd.)

Registration

15/09/2011, Budapest, 0109969049 Statistical Nr.: 23511192 Tax Nr.: 23511192241

Registered names

Valid from Full name Valid until

PILLECHEM Korlatolt Felelcoss^gu Tarsasag

Valid from Short name Valid until

PILLECHEM Kft.

Owners and Capital

Name / Address / Status

From

Owner

Agnes Piller

1135 Budapest, Hun utca 9. Hungary

Registered capital

Date Currency Value

15/09/2011 HUF 500 000

Management

Name / Address / Status

Since

Power of attorney

Authorized to sign

manager

Agnes Piller

1135 Budapest, Hun utca 9. Hungary

authorized to sign alone

Company addresses

Valid from	Residence address	Valid until
	1135 Budapest, Hun utca 9., Hungary

Business activities

Main activity	Nace
Wholesale of chemical products	4675.
Additional activities	Nace

Economic data

Turnover and Employees

Date	Turnover	Employees
2011	8 126 000 HUF
26/11/2012		2

Supplementary data

Remarks

There is no registered phone number belonging to the company or its directors in the database of directory enquiries. The company has not responded to our written quest so far.

Banks

Code

Bank name / Address

Account Nr.

10918001

UniCredit Bank Hungary Zrt. Head Office

Szabadsag ter 5-6. , Budapest 1054,

1091800-10000006442570006

10918001

UniCredit Bank Hungary Zrt. Head Office

Szabadsag ter 5-6. , Budapest 1054,

1091800-10000006442570013

Main indices

Payment experience and credit opinion

Terms of payment	without compliants, supplier feedback show no negative data	(39)
Business connection	Providing credit needs assurances	(42)
Credit Limit	0	HUF
	0	EUR

Business development

Company development (0)

Business course (0)

Events

No negative events registered.

Balances

2011.12.31. The enclosed balance of 2011 is originated from official source, no data available about authentication

	31/12/2011
Name	1000
Name	HUF
	balance
FIXED ASSETS	527
Intangible assets
Tangible assets	527
Financial investments
CURRENT ASSETS	23 169
Inventories	10 406
Receivables	9 653
Securities
Liquid assets	3 110
PREPAID EXPENSES AND ACCRUED INCOME
TOTAL ASSETS	23 696
SHAREHOLDERS' EQUITY	361
Capital subscribed	500
Issued but not paid capital (-)
Capital reserves
Retained earnings from previous years
Non-distributable reserves
Revaluation reserve
Profit per balance-sheet	-139
PROVISIONS
LIABILITIES	23 315
Subordinated liabilities
Long term liabilities
Short term liabilities	23 315
ACCRUED EXPENSES AND DEFERRED IN-	20
COME
TOTAL LIABILITIES AND SHEREHOLDERS	23 696
EQUITY

Profit and loss accounts

2011.12.31. The enclosed profit and loss account of 2011 is originated from official source, no data available about authentication.

Name	31/12/2011 1000 HUF profit and loss account
Net domestic sales revenues
Net export sales revenues
Net sales revenues	8 126
Capitalised value of own performance
Other revenues	51
of which: reversal of impairment loss provision
Material type expenditure	8 207
Payments to personnel
Deprecation change	13
Other expenses	80
of which: impairment loss provision
TRADING PROFIT	-123
Revenues from financial transactions
Expenditures of financial transactions
FINANCIAL PROFIT
PROFIT FROM ORDINARY BUSINESS	-123
Extraordinary revenues
Extraordinary expenditures
PROFIT ON EXTRAORDINARY EVENTS
NET PROFIT BEFORE TAXATION	-123
Tax liability	16
AFTER TAX PROFIT	-139
NET PROFIT PER BALANCE SHEET	-139

Financial Ratios

Name	31/12/2011
Equity ratio	0,02
Cleared equity ratio	0,02
Current liquidity	0,99
Quick liquidity	0,55
Working capital	-146000,00
Gearing	64,58
Cleared gearing
Profitability	-1,51
Operating profitability	-1,51
Stock days	467,41
Debtor days	433,59
Supplier days

Name	31/12/2011
Turnover	8126000,00
Turnover/Employees
Share capital	361000,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.77
UK Pound	1	Rs.85.13
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

SDA

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.