MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	UAB SIRMULIS
Formerly Known As :	SIRMULIS SOLE PROPRIETORSHIP
Registered Office :	Topoliu str. 2, Raudondvaris, Kaunas, LT-54136
Country :	Lithuania
Financials (as on) :	30.09.2012
Date of Incorporation :	16.10.1996
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian law)
Line of Business :	Wholesale Trade-Nondurable Goods
No. of Employees :	32

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 :	--

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 (31.03.2011)	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 "SIRMULIS"

Name in national language

:

UAB "ŠIRMULIS"

Previous Names

:

-	Sirmulis sole proprietorship

Office Address

:

Topoliu str. 2, Raudondvaris, Kaunas, LT-54136, Lithuania

Legal Address

:

Topoliu str. 2, Raudondvaris, Kaunas, LT-54136, Lithuania

Contacts

:

-	Phone	:	(+370 37) 549234
-	Fax	:	(+370 37) 407537
-	E-mail	:	info@sirmulis.lt
-	WWW	:	http://www.sirmulis.lt/

SUMMARY

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

Incorporation : 1996

Staff : 32

Litigation events : yes Remarks on payments : none

Sales :	47 915 664.00 LTL ( for 9 months, ended 30.09.2012 )
	56 979 010.00 LTL ( for 12 months, ended 31.12.2011 )

Incorporation

:

1996

Registration Data

Date of registration

:

16.10.1996

Registration number

:

159912028

Registr. authority

:

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

Date of registration

:

01.12.1996

VAT number

:

LT599120219

Registr. authority

:

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

Legal Form

:

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

since 2005

Share Capital

:

10 000 LTL (registered)

since 2005

Shareholders

:

-

Mr Sirmulis, Raimondas (Lithuania)

100.00 %

Board / Executives

Executives

Chief Accountant

:

Mrs Motiejuniene, Lina (Lithuania)

buhalterija@sirmulis.lt, tel.: +37037 549234

Director

:

Mr Sirmulis, Raimondas (Lithuania)

Authorised signature

:

Mr Sirmulis, Raimondas

Changes in Registration Data

- 02.11.2005

:

name, legal form

former name was Sirmulis sole propriotorship.

Activities

:

-	51	WHOLESALE TRADE-NONDURABLE GOODS
		(NACE 5100: Wholesale trade and commission trade, except of motor vehicles and motorcycles)
-	514	Groceries and Related Products
		(NACE 5139: Non-specialized wholesale of food, beverages and tobacco)

Wholesale of dried fruits, oil and other additives, flavourings.

Staff employed

:

32 [E]

Staff History

:

-	28 [E]
	( the data as of 28.11.2011 )
-	24 [E]
	( the data as of 01.01.2011 )
-	22 [E]
	( the data as of 01.01.2010 )
-	24 [E]
	( the data as of 01.01.2009 )
-	15 [E]
	( the data as of 01.01.2008 )

Export

:

Latvia, Poland

Import

:

Poland, Germany, Spain, Estonia, Netherlands, Malaysia, Russian Federation, Turkey, China, Ukraine, India

Facilities

Real estate

:

own:
-	Buildings - Administrative and trading

Other Property

:

TRANSPORT VEHICLES: 1 BMW 318, 1998, own - 1 2 FIAT DUCATO, 2001, own - 1 3 MAZDA 626, 2000, own - 1 4 RENAULT MEGANE, 1997, own - 1 5 TOYOTA TOYOTA AURIS, 2009, own - 1 5 IVECO 65C15, 2002, own - 1 6 IVECO 65C15, 2004, own - 1 7 RENAULT MIDLUM 220.12, 2007, rent/leasing - 1 8 MAN 18.224, 2000, own - 1 9 MERCEDES BENZ 1823, 2000, rent/leasing - 1 10 MERCEDES BENZ 1828, 2002, own - 1 11 MERCEDES BENZ 2528, 2001, rent/leasing - 1

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	AB SEB bankas (Lithuania)
	bank code	:	70440
	account(s)	:	LT447044060002905911

Litigation

:

yes

Case number: 2-01-3-05723-2012-8 | 2-12228-466/2012 Court name: Vilnius district court Instance: civil case Date: 2012-06-25 Case summary: ----- Case parts: Plaintiff: ,,Sirmulis", Defendant: Standvita

Remarks on payment

:

none

No are reported by the local debt collection companies.

Financial Elements

Period, months	9	12	12
Ended	30.09.2012	31.12.2011	31.12.2010
Currency	LTL	LTL	LTL
Non-current assets	2 205 310.00	2 268 450.00	2 596 320.00
incl: - Fixed assets	2 188 893.00	2 252 033.00	2 425 640.00
- Financial assets	16 417.00	16 417.00	170 680.00
Current assets	10 860 513.00	9 883 531.00	7 896 603.00
incl: - Stock	2 265 213.00	1 662 796.00	1 662 843.00
- Debtors	7 856 318.00	7 612 513.00	6 098 069.00
- Cash	738 982.00	608 222.00	135 691.00
ASSETS TOTAL	13 065 823.00	12 151 981.00	10 492 923.00
Equity	5 256 852.00	4 165 210.00	2 454 222.00
incl: - Share capital	10 000.00	10 000.00	10 000.00
Liabilities Total	7 808 974.00	7 986 771.00	8 038 701.00
incl: - Long-term liabilities	3 437 823.00	3 212 823.00	2 866 680.00
- Short-term liabilities	4 371 151.00	4 773 948.00	5 172 021.00
EQUITY AND LIABILITIES TOTAL	13 065 826.00	12 151 981.00	10 492 923.00
Net sales	47 915 664.00	56 979 010.00	34 235 999.00
Cost of goods sold	45 322 145.00	53 068 825.00	31 606 590.00
Operating profit	1 254 480.00	2 185 575.00	1 261 167.00
Profit before taxation	1 284 284.00	1 959 736.00	-313 101.00
Net profit	1 091 641.00	1 710 988.00	-313 101.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	2.68	3.44	-0.91
Profit before taxation / Net sales
Operating margin of profit, %	2.62	3.84	3.68
Operating profit / Net sales
Return on investment, %	24.43	47.05	-12.76
Profit before taxation / Equity
Current assets turnover	4.41	5.77	4.34
Net sales / Current assets
Working capital	6 489 362.00	5 109 583.00	2 724 582.00
Current assets - Short-term liabilities
Leverage	0.40	0.34	0.23
Equity / Total assets
Current ratio	2.48	2.07	1.53
Current assets / Short-term liabilities
Quick ratio	1.97	1.72	1.21
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.49	1.92	3.28
Total liabilities / Equity

Income range of the subject(according to data of Statistics Dep-t): 50,000,001-60,000,000 /2011-12-31/ 30,000,001-40,000,000 /2010-12-31/ 20,000,001-30,000,000 /2009-12-31/ 30,000,001-40,000,000 /2008-12-31/ 20,000,001-30,000,000 /2008-01-02/ 13,000,001-15,000,000 /2007-01-01/ 11,000,001-13,000,000 /2005-12-31/ 9,000,001-11,000,000 /2004-12-31/ 9,000,001-11,000,000 /2003-12-31/ 5,000,001-7,000,000 /2002-12-31/

Publications

:

No publications in mass-media regarding company required.

FINAL COMMENTS

Information was received from all the sources available, some information was confirmed by sales manager of the company. The financial information was received from the Director Mr. Sirmulis, Raimondas. /Date: 21.01.2013, phone:(+370 37) 549234

Legal Form History

- 16.10.1996

:

II (Sole Proprietorship by Lithuanian Law)

( the data as of 16.10.1996, cancelled since 2005 )

APPENDIX A

Financial Statements

Period, months	9	12	12
Ended	30.09.2012	31.12.2011	31.12.2010
Currency	LTL	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	47 915 664.00
II. COSTS OF GOODS SOLD AND SERVICES	45 322 145.00
RENDERED
III. GROSS PROFIT (LOSS)	2 593 519.00
IV. OPERATING EXPENSES	1 339 039.00
IV.1 Expenses on sales	953 920.00
IV.2 Administrative and other expenses	385 119.00
V. OPERATING PROFIT (LOSS)	1 254 480.00
VI. OTHER OPERATIONS	64 982.00
VI.1 Revenue from other operations	106 759.00
VI.2 Expenses on other operations	41 777.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-35 178.00
VII.1 Revenue from financial and investing activities	58 903.00
VII.2 Expenses on financial and investing activities	94 081.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	1 284 284.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	1 284 284.00
XII. PROFIT TAX	192 643.00
XIII. NET PROFIT (LOSS)	1 091 641.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	2 205 310.00
I. INTANGIBLE ASSETS	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	2 188 893.00
II.1 Land	849 255.00
II.2 Buildings and constructions	904 381.00
II.3 Plant and equipment
II.4 Transport vehicles	360 523.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets	74 734.00
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	16 417.00
III.1 Capital participation and investments in related	16 417.00
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	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	10 860 513.00
I. STOCKS AND CONTRACTS IN PROGRESS	2 265 213.00
I.1. Stocks	2 261 880.00
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	2 261 880.00
I.1.5 Long term assets for resale
I.2 Advanced payments	3 333.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	7 856 318.00
II.1. Trade debtors	7 854 758.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	1 560.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	738 982.00
TOTAL ASSETS	13 065 823.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	5 256 852.00
I. CAPITAL	10 000.00
I.1. Authorized capital	10 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	175 582.00
III.1. Legally prescribed reserevs	1 000.00
III.2. Non-distributable reserves
III.3. Other reserves	174 582.00
IV. RETAINED EARNINGS	5 071 270.00
IV.1 Profit (loss) from the current year	1 091 642.00
IV.2 Profit (loss) brought forward from previous years	3 979 628.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	7 808 974.00
I. LONG-TERM ACCOUNTS PAYABLE	3 437 823.00
I.1 Financial loans	3 437 823.00
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions	2 000 000.00
I.1.3 Other financial loans (to the shareholder)	1 437 823.00
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	4 371 151.00
II.1 Short-term portion of long-term debts
II.2 Financial debts	250 000.00
II.2.1 To credit institutions (overdraft	250 000.00
II.2.2 Other loans
II.3 Trade creditors	3 346 543.00
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities	441 391.00
II.6 Taxes, accrued payroll and social insurance payments	37 964.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	295 253.00
TOTAL EQUITY AND LIABILITIES	13 065 826.00

- 31.12.2011

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	56 979 010.00
II. COSTS OF GOODS SOLD AND SERVICES	53 068 825.00
RENDERED
III. GROSS PROFIT (LOSS)	3 910 185.00
IV. OPERATING EXPENSES	1 724 610.00
IV.1 Expenses on sales	993 552.00
IV.2 Administrative and other expenses	731 058.00
V. OPERATING PROFIT (LOSS)	2 185 575.00
VI. OTHER OPERATIONS	-98 803.00
VI.1 Revenue from other operations	4 541.00
VI.2 Expenses on other operations	103 344.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-127 036.00
VII.1 Revenue from financial and investing activities	54 195.00
VII.2 Expenses on financial and investing activities	181 231.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	1 959 736.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	1 959 736.00
XII. PROFIT TAX	248 748.00
XIII. NET PROFIT (LOSS)	1 710 988.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	2 268 450.00
I. INTANGIBLE ASSETS	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	2 252 033.00
II.1 Land	849 255.00
II.2 Buildings and constructions	1 001 471.00
II.3 Plant and equipment
II.4 Transport vehicles	320 748.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets	80 559.00
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	16 417.00
III.1 Capital participation and investments in related	16 417.00
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	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	9 883 531.00
I. STOCKS AND CONTRACTS IN PROGRESS	1 662 796.00
I.1. Stocks	1 662 796.00
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	1 662 796.00
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	7 612 513.00
II.1. Trade debtors	7 604 385.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	8 128.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	608 222.00
TOTAL ASSETS	12 151 981.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	4 165 210.00
I. CAPITAL	10 000.00
I.1. Authorized capital	10 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	175 582.00
III.1. Legally prescribed reserevs	1 000.00
III.2. Non-distributable reserves
III.3. Other reserves	174 582.00
IV. RETAINED EARNINGS	3 979 628.00
IV.1 Profit (loss) from the current year	1 710 988.00
IV.2 Profit (loss) brought forward from previous years	2 268 640.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	7 986 771.00
I. LONG-TERM ACCOUNTS PAYABLE	3 212 823.00
I.1 Financial loans	3 212 823.00
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions	1 800 000.00
I.1.3 Other financial loans (to the shareholder)	1 412 823.00
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	4 773 948.00
II.1 Short-term portion of long-term debts	322 505.00
II.2 Financial debts	700 000.00
II.2.1 To credit institutions (overdraft)	700 000.00
II.2.2 Other loans
II.3 Trade creditors	3 352 669.00
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities	248 748.00
II.6 Taxes, accrued payroll and social insurance payments	8 459.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	141 567.00
TOTAL EQUITY AND LIABILITIES	12 151 981.00

- 31.12.2010

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	34 235 999.00
II. COSTS OF GOODS SOLD AND SERVICES	31 606 590.00
RENDERED
III. GROSS PROFIT (LOSS)	2 629 409.00
IV. OPERATING EXPENSES	1 368 242.00
IV.1 Expenses on sales	925 753.00
IV.2 Administrative and other expenses	442 489.00
V. OPERATING PROFIT (LOSS)	1 261 167.00
VI. OTHER OPERATIONS	-62 404.00
VI.1 Revenue from other operations	5 130.00
VI.2 Expenses on other operations	67 534.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-1 511 864.00
VII.1 Revenue from financial and investing activities	30 650.00
VII.2 Expenses on financial and investing activities	1 542 514.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	-313 101.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	-313 101.00
XII. PROFIT TAX
XIII. NET PROFIT (LOSS)	-313 101.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	2 596 320.00
I. INTANGIBLE ASSETS	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	2 425 640.00
II.1 Land	849 255.00
II.2 Buildings and constructions	1 130 925.00
II.3 Plant and equipment
II.4 Transport vehicles	390 241.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets	55 219.00
II.8 Investment assets	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	170 680.00
III.1 Capital participation and investments in related	6 680.00
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets	164 000.00
IV. OTHER LONG TERM ASSETS	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	7 896 603.00
I. STOCKS AND CONTRACTS IN PROGRESS	1 662 843.00
I.1. Stocks	1 662 843.00
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	1 662 843.00
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	6 098 069.00
II.1. Trade debtors	6 084 981.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	13 088.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	135 691.00
TOTAL ASSETS	10 492 923.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	2 454 222.00
I. CAPITAL	10 000.00
I.1. Authorized capital	10 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	175 582.00
III.1. Legally prescribed reserevs	1 000.00
III.2. Non-distributable reserves
III.3. Other reserves	174 582.00
IV. RETAINED EARNINGS	2 268 640.00
IV.1 Profit (loss) from the current year	-313 101.00
IV.2 Profit (loss) brought forward from previous years	2 581 741.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	8 038 701.00
I. LONG-TERM ACCOUNTS PAYABLE	2 866 680.00
I.1 Financial loans	2 866 680.00
I.1.1 Leasing and other similar obligations	48 857.00
I.1.2 Amounts owed to credit institutions	1 500 000.00
I.1.3 Other financial loans	1 317 823.00
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	5 172 021.00
II.1 Short-term portion of long-term debts	720 734.00
II.2 Financial debts	300 000.00
II.2.1 To credit institutions	300 000.00
II.2.2 Other loans
II.3 Trade creditors	3 867 547.00
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments	11 711.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	272 029.00
TOTAL EQUITY AND LIABILITIES	10 492 923.00

- 31.12.2009

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	28 589 921.00
II. COSTS OF GOODS SOLD AND SERVICES	26 365 972.00
RENDERED
III. GROSS PROFIT (LOSS)	2 223 949.00
IV. OPERATING EXPENSES	1 926 469.00
IV.1 Expenses on sales	873 515.00
IV.2 Administrative and other expenses	1 052 954.00
V. OPERATING PROFIT (LOSS)	297 480.00
VI. OTHER OPERATIONS	-54 904.00
VI.1 Revenue from other operations	269.00
VI.2 Expenses on other operations	55 173.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-211 727.00
VII.1 Revenue from financial and investing activities	22 859.00
VII.2 Expenses on financial and investing activities	234 586.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	30 849.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	30 849.00
XII. PROFIT TAX	121 890.00
XIII. NET PROFIT (LOSS)	-91 041.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	4 085 861.00
I. INTANGIBLE ASSETS	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	2 704 021.00
II.1 Land	849 255.00
II.2 Buildings and constructions	1 260 378.00
II.3 Plant and equipment
II.4 Transport vehicles	504 345.00
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets	90 043.00
II.8 Investment assets	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	1 381 840.00
III.1 Capital participation and investments in related	1 381 840.00
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	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	6 304 853.00
I. STOCKS AND CONTRACTS IN PROGRESS	1 584 168.00
I.1. Stocks	1 583 168.00
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	1 583 168.00
I.1.5 Long term assets for resale
I.2 Advanced payments	1 000.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	4 439 560.00
II.1. Trade debtors	4 400 544.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	39 016.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	281 125.00
TOTAL ASSETS	10 390 714.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	2 656 131.00
I. CAPITAL	10 000.00
I.1. Authorized capital	10 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	175 582.00
III.1. Legally prescribed reserevs	1 000.00
III.2. Non-distributable reserves
III.3. Other reserves	174 582.00
IV. RETAINED EARNINGS	2 470 549.00
IV.1 Profit (loss) from the current year	-91 041.00
IV.2 Profit (loss) brought forward from previous years	2 561 590.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	7 734 583.00
I. LONG-TERM ACCOUNTS PAYABLE	2 876 156.00
I.1 Financial loans	2 876 156.00
I.1.1 Leasing and other similar obligations	138 333.00
I.1.2 Amounts owed to credit institutions	1 500 000.00
I.1.3 Other financial loans	1 237 823.00
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	4 858 427.00
II.1 Short-term portion of long-term debts	115 649.00
II.2 Financial debts	1 156 845.00
II.2.1 To credit institutions	1 156 845.00
II.2.2 Other loans
II.3 Trade creditors	3 391 265.00
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments	12 793.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	181 875.00
TOTAL EQUITY AND LIABILITIES	10 390 714.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

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.