MIRA INFORM REPORT

Report Date :

10.07.2013

IDENTIFICATION DETAILS

Name :	DELUX OSAUHING
Formerly Known As :	Delux Domotex Osauhing Domotex Osauhing Domingos Osauhing
Registered Office :	Raua 5, Viljandi, Viljandi county, 71020
Country :	Estonia
Financials (as on) :	31.12.2012
Date of Incorporation :	03.12.1997
Com. Reg. No.:	10341245
Legal Form :	OU (Limited Liability Company by Estonian Commercial Law)
Line of Business :	Manufacture of household linens, inc bed, table and kitchen linen, curtains
No. of Employees :	208

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Estonia	B1	B1

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

ESTONIA - ECONOMIC OVERVIEW

Estonia, a member of the European Union and the eurozone since 2004, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Russia, and Germany. Tallinn's priority has been to sustain high growth rates - on average 8% per year from 2003 to 2007. Estonia's economy fell into recession in mid-2008 with GDP contracting 14.3% in 2009, as a result of an investment and consumption slump following the bursting of the real estate market bubble and a decrease in export demand as result of economic slowdown in the rest of Europe. Estonia rebounded nearly 8% in 2011 and the Estonian economy now has one of the higher GDP growth rates in Europe. Estonia adopted the euro on 1 January 2011.

Source : CIA

Identification

Full Name

:

DELUX OSAUHING

Name in English

:

Delux LLC

Name in national language

:

Delux OÜ

Previous Names

:

-	Delux Domotex Osauhing
-	Domotex Osauhing
-	Domingos Osauhing

Office Address

:

Raua 5, Viljandi, Viljandi county, 71020, Estonia

Legal Address

:

Raua 5, Viljandi, Viljandi county, 71020, Estonia

Other Addresses

:

Previous address

Posti 16, Viljandi, Viljandi county, 71020, Estonia

( the data cancelled since 23.04.2007 )

Previous address

Liivalaia 42-52, Tallinn, Harju county, Estonia

( the data cancelled since 29.01.1998 )

Previous address

Mannimae road 4, Viljandi, Viljandi county, 71020, Estonia

( the data cancelled since 04.10.2001 )

Previous address

Paldiski road 52/9, Tallinn, Harju county, Estonia

( the data cancelled since 03.09.1999 )

Previous address

Merimetsa road 1, Tallinn, Harju county, 10614, Estonia

( the data cancelled since 26.05.2000 )

Contacts

:

-	Phone	:	(+372) 4354270
-	Fax	:	(+372) 4354271
-	E-mail	:	delux@delux.ee
-	WWW	:	www.delux.ee

SUMMARY

Legal Form : OU (Limited Liability Company by Estonian Commercial Law)

Incorporation : 1997

Staff : 208

Litigation events : none Remarks on payments : none

Sales :	17 046 775.00 EUR ( for 12 months, ended 31.12.2012 )
	12 473 579.00 EUR ( for 12 months, ended 31.12.2011 )

Incorporation

:

1997

Registration Data

Date of registration

:

03.12.1997

Registration number

:

10341245

Registr. authority

:

Registration department of the County Court (Tartu county, Estonia)

Date of registration

:

01.02.1998

VAT number

:

EE100342590

Registr. authority

:

Estonian Tax and Customs Board (Tartu county, Estonia)

VAT payers are persons (including legal persons), whose taxable supply from the beginning of a calendar year exceeds 16 000 EUR. VAT rate is 20 percent.

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since 03.12.1997

Limited liability company (LLC) is a company with a capital divided into shares and who is liable for its obligations with all its assets. The minimum share capital must be at least 40,000.00 EEK (2,556.00 EUR), held by one or several shareholders.

Share Capital

:

21 729 EUR (registered)

since 12.12.2011

Shareholders

:

-	Mr Sjoholm, Goran Valdemar (Estonia)				100.00 %
		share's book value	:	21 729 EUR
		reg. number	:	34509100033
		address	:	Finland
	Currently related in Estonia to the following companies: 1 Osaühing Delux (10341245) (Active) 2 Napco Beds Factory OÜ (11670726) (Active)

The data about shareholders in the information system of the Commercial Register has an informative meaning. According to the Commercial Code § 182 section 1 the management board of the private limited company keeps a list of shareholders.

Board / Executives

Executives

Member of the board

:

Mr Sjoholm, Goran Valdemar (Estonia)
	pers. code: 34509100033
	address: Finland

Management board member: Until 15.02.2015* * The dates of duration of authorisation in e-Business Register have no legal effect. If the data does not indicate the duration of authorisation, the member of the management board of a private limited company might be elected for an unspecified term (subsection 184(2) of the Commercial Code).

Every member of the Management Board may represent the private limited company in concluding all transactions.

Authorised signature

:

Mr Sjoholm, Goran Valdemar

Changes in Registration Data

- 25.06.2013

:

activities

Principal activity: Manufacture of household linens, inc bed, table and kitchen linen, curtains NACE code: 13.92

- 24.05.2012

:

activities

Principal activity: Manufacture of mattresses NACE code: 31.03

- 21.06.2011

:

activities

Principal activity: Manufacture of household linens, inc bed, table and kitchen linen, curtains NACE code: 13.92

- 28.12.2009

:

name

Osaühing Delux Domotex

- 23.04.2007

:

legal address

Posti 16, Viljandi linn, Viljandi maakond, 71020

- 09.01.2006

:

managers, authorised signature

Mrs Varjund, Tiia (Estonia, 46210176019)

- 22.09.2004

:

name

Osaühing Domotex

- 26.03.2003

:

shareholders

Mrs Sjoholm, Heidi Maria (Finland, 101073-096E)

- 04.10.2001

:

legal address

Männimäe tee 4, Viljandi linn, Viljandi maakond, 71020

- 26.05.2000

:

legal address

Merimetsa tee 1, Tallinna linn, Harju maakond, 10614

- 26.05.2000

:

managers, authorised signature

Mrs Kalju, Tiina (Estonia, 47907120012)

- 03.09.1999

:

legal address

Paldiski mnt. 52/9, Tallinna linn, Harju maakond

- 29.01.1998

:

name, managers, authorised signature

osaühing Domingos Mr Nahk, Aare (Estonia, 36704300259)

- 29.01.1998

:

legal address

Liivalaia 42-52, Tallinna linn, Harju maakond

Activities

:

-	5719	Beddings & Linens
		(NACE 5244: Retail sale of furniture, lighting equipment and household articles n.e.c.)

Principal activity: Manufacture of other furniture NACE code: 31.09 Additional activity: - Manufacture of household linens, inc bed, table and kitchen linen, curtains NACE code: 13.92 - Manufacture of mattresses NACE code: 31.03 - Non-specialised wholesale trade NACE code: 46.90

Staff employed

:

208

( the data as of 31.12.2012 )

Staff History

:

-	184
	( the data as of 31.12.2011 )
-	164
	( the data as of 31.12.2010 )
-	160
	( the data as of 20.04.2010 )
-	155
	( the data as of 31.12.2009 )
-	125
	( the data as of 31.12.2008 )
-	146
	( the data as of 31.12.2007 )
-	166
	( the data as of 31.12.2006 )
-	159
	( the data as of 31.12.2005 )
-	137
	( the data as of 31.12.2004 )

Export

- 31.12.2012

:

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

16 440 943.00

Finland, Germany, Sweden, Lithuania, Austria, Latvia, Netherlands, Italy, Belgium, France, Spain, Denmark, Morocco, Switzerland, Liechtenstein, Ukraine, Russian Federation, Korea Democratic People's Republic, Croatia
Export share: 96%

- 31.12.2011

:

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

12 059 278.00

Finland, Germany, Sweden, Lithuania, Austria, Latvia, Netherlands, Italy, Belgium, France, Ireland Republic, Morocco, Switzerland, Liechtenstein, Norway, Ukraine, Russian Federation, Korea Democratic People's Republic
Export share: 96.7%

- 31.12.2010

:

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

11 841 922.00

Finland, Germany, Sweden, Lithuania, Austria, Latvia, Netherlands, Poland, Morocco, Switzerland, Liechtenstein, Norway, Ukraine, Russian Federation
Export share: 97%

- 31.12.2009

:

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

147 397 029.00

Finland, Germany, Sweden, Lithuania, Austria, United Kingdom, Latvia, Netherlands, Morocco, Switzerland, Liechtenstein

- 31.12.2008

:

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

120 504 200.00

Finland, Germany, Sweden, Lithuania, Austria, United Kingdom, Latvia, Morocco, Switzerland, Liechtenstein

- 31.12.2007

:

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

138 432 600.00

Finland, Germany, Sweden, Lithuania, Austria, United Kingdom, Spain, Latvia, Netherlands, France, Poland, Ireland Republic

Import

- 2010

:

Pakistan, Taiwan

Import share: 50-90%

Facilities

Real estate

:

According to Estonian Land Register, company required has 13 real estate objects: - Viljandimaa, Viljandi linn, Metsküla tee 2a (Production 95%, Business Centre 5%; 4974 m2) - Harjumaa, Viimsi vald, Tammneeme küla, Mereääre tee 8 (Residential Land 100%; 2269 m2) - Viljandimaa, Viljandi linn, Raua tn 5 (Production 95%, Business Centre 5%; 13370 m2) - Viljandimaa, Viljandi linn, Raua tn 5b (Production 95%, Business Centre 5%; 6502 m2) - Viljandimaa, Pärsti vald, Mustivere küla, Metsküla tee 6 (Production; 360 m2) - Viljandimaa, Viljandi linn, Metsküla tee 8 (Road 100%; 11470 m2) - Viljandimaa, Viljandi linn, Metsküla tee 6 (Production 50%, Business Centre 50%; 7648 m2) - Harju maakond, Jõelähtme vald, Manniva küla, Ristikangru tee 52 // Harju maakond, Jõelähtme vald, Manniva küla, Helme tee 1 (Residential Land 100%; 1410 m2) - Harjumaa, Jõelähtme vald, Manniva küla, Ristikangru tee 54 (Residential Land; 1320 m2) - Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Soo tn 1b // Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Põhja pst 17b - 7/1/1980 (Residential Land 85%, Business Centre 15%; 6780 m2) - Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Soo tn 1b // Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Põhja pst 17b - 7/1/1984 (Residential Land 85%, Business Centre 15%; 6780 m2) - Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Soo tn 1b // Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Põhja pst 17b - HR-12 (Residential Land 85%, Business Centre 15%; 6780 m2) - Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Soo tn 1b // Harju maakond, Tallinna linn, Põhja-Tallinna linnaosa, Põhja pst 17b - HR-21 (Residential Land 85%, Business Centre 15%; 6780 m2)

Branches

:

-	Production Branch (Viljandi, Viljandi county, Estonia)
	address	:	Raua 5, Viljandi, Viljandi county, 71020, Estonia
-	Shop (Tallinn, Harju county, Estonia)
	address	:	Maakri 36, Tallinn, Harju county, Estonia
-	Shop (Viljandi, Viljandi county, Estonia)
	address	:	Raua 5, Viljandi, Viljandi county, 71020, Estonia
-	Warehouse (Viljandi, Viljandi county, Estonia)
	address	:	Raua 5, Viljandi, Viljandi county, 71020, Estonia

Subsidiaries and Participation

:

none

According to official sources and our investigation, the subject has no subsidiaries.

Bankers

:

-	Nordea Bank Finland PLC (Finland)
	address	:	Aleksanterinkatu 36, Nordea, 00020, Finland
	reg. number	:	1680235-8
-	Swedbank (Estonia)
	address	:	Liivalaia 8, Tallinn, Harju county, 15040, Estonia
	reg. number	:	10060701
	bank code	:	767
	account(s)	:	221020783034

Other associated Companies

:

-	OY Delux AB (Finland)
	address	:	Lemminkaisenkatu 32A, Turku, 20520, Finland
	Office in Finland

Litigation

:

none

There are no warnings recorded by the State Register. Possible CCJ matches show CCJs that may be matched to a company based on various criteria such as similar trading names or addresses. This data is provided for your information only as an aid to decision-making and does not affect a company’s rating. According to official sources since 01.01.2009 the company has participated in 6 court hearings. There are no details available on 5 court hearings. All 5 court hearings are written below, however we do not know the role of the company in these actions: (#1) Status: Outgoing documents Doc. Nr. : 2-9/47430-09 Doc. date: 2009-07-27 Doc. Insert/Sending date: 2009-07-27 Reciever/Sender: OÜ Delux Domotex Description: Documentation Case Nr./Name: 2-07-51702 2-08-65728 (#2) Status: Outgoing documents Doc. Nr. : /43743-10 Doc. date: - Doc. Insert/Sending date: 2010-04-19 Reciever/Sender: DELUX OÜ Description: Regulation (#3) Status: Outgoing documents Doc. Nr. : /52457-10 Doc. date: - Doc. Insert/Sending date: 2010-05-13 Reciever/Sender: OÜ DELUX Description: Regulation (#4) Status: Outgoing documents Doc. Nr. : /15968-12 Doc. date: - Doc. Insert/Sending date: 2012-02-20 Reciever/Sender: OSAÜHING DELUX Description: Regulation (#5) Status: Outgoing documents Doc. Nr. : /23875-12 Doc. date: - Doc. Insert/Sending date: 2012-03-15 Reciever/Sender: OÜ DELUX Description: Regulation

Remarks on payment

:

none

Debts to Estonian government: By the Tax Authorities there are no tax debts registered on the subject. Other debts: No current on defaulted payments are reported by local debt collection companies. IGK databases: No current are reported on the company required.

Business mortgages

- 11.07.2011

:

Commercial pledge				44 200 EUR
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 23.03.2006

:

Commercial pledge				1 100 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 02.01.2006

:

Commercial pledge				900 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 02.01.2006

:

Commercial pledge				1 000 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 02.01.2006

:

Commercial pledge				3 750 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 02.01.2006

:

Commercial pledge				5 000 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 02.01.2006

:

Commercial pledge				600 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 02.01.2006

:

Commercial pledge				1 500 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

- 02.01.2006

:

Commercial pledge				1 000 000 EEK
	pledgee	:	Nordea Bank Finland PLC (Finland) reg. number: 1680235-8 address: Aleksanterinkatu 36, Nordea, 00020, Finland

Financial Elements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	102 875.00	115 079.00	102 036.00
- Fixed assets	3 017 100.00	2 799 138.00	3 014 219.00
- Investments in tangible assets	626 166.00	642 078.00	657 990.00
- Financial assets
- Other non-current assets
Non-current assets total	3 746 141.00	3 556 295.00	3 774 245.00
CURRENT ASSETS
- Stock	3 361 884.00	2 698 384.00	2 524 049.00
- Debtors	2 587 632.00	1 569 148.00	1 565 746.00
- Other receivables
- Short-term financial investments
- Cash	83 223.00	61 457.00	75 652.00
- Other current assets
Current assets total	6 032 739.00	4 328 989.00	4 165 447.00
Assets total	9 778 880.00	7 885 284.00	7 939 692.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	21 729.00	21 729.00	21 730.00
- Additional capital
- Other capital
- Reserve capital	2 173.00	2 173.00	2 173.00
- Retained earnings (Non-covered loss)	6 895 838.00	5 289 808.00	5 020 953.00
Capital and reserves total	6 919 740.00	5 313 710.00	5 044 856.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	479 388.00	150 582.00	334 893.00
- long-term amounts owed to banks
- Other long-term liabilities	9 805.00	11 239.00	12 674.00
Long-term liabilities total	489 193.00	161 821.00	347 567.00
SHORT-TERM LIABILITIES
- Loans and credits	449 486.00	870 551.00	966 099.00
- short-term amounts owed to banks
- Creditors	1 919 026.00	1 537 767.00	1 579 735.00
- trade debts
- accrued payroll
- tax liabilities
- other creditors	1 435.00	1 435.00	1 435.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	2 369 947.00	2 409 753.00	2 547 269.00
Liabilities total	2 859 140.00	2 571 574.00	2 894 836.00
Equity and liabilities total	9 778 880.00	7 885 284.00	7 939 692.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	17 046 775.00	12 473 579.00	12 183 785.00
Cost of goods sold	-13 160 442.00	-10 167 041.00	-9 941 309.00
Gross profit
Distribution costs	-1 813 242.00	-1 537 144.00	-1 552 953.00
Administrative and management costs	-499 354.00	-473 778.00	-415 221.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	112 450.00	26 680.00	91 008.00
Other operating charges	-16 541.00	-5 494.00	-7 799.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-63 616.00	-47 948.00	-48 161.00
Profit before taxation	1 606 030.00	268 854.00	309 350.00
Income-tax and other similar payments			-17 839.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	1 606 030.00	268 854.00	291 511.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	9.42	2.16	2.54
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	23.21	5.06	6.13
Profit before taxation / Equity
Current assets turnover	2.83	2.88	2.92
Net sales / Current assets
Working capital	3 662 792.00	1 919 236.00	1 618 178.00
Current assets - Short-term liabilities
Leverage	0.71	0.67	0.64
Equity / Total assets
Current ratio	2.55	1.80	1.64
Current assets / Short-term liabilities
Quick ratio	1.13	0.68	0.64
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.41	0.48	0.57
Total liabilities / Equity

Publications

:

No important publications in mass-media regarding company required.

FINAL COMMENTS

The information given in this report was received from all accessible sources. We called by the tel. number: +372 4354270, on 09.07.2013 and were asked to send our request in written. We have sent our questionnaire form to the company by an email: delux@delux.ee If further information is received, we will update the report.

MANAGEMENTS' OPINION REGARDING CURRENT STATE OF BUSINESS IN THE SECTOR: Contact person: Mrs Keres, Katrin Business section: Manufacture of household linens, inc bed, table and kitchen linen, curtains 1. General view to the state of business in the Sector: - 2008 year: Turnover is decreased by 20% compared to 2007 year. - 2009 year: Turnover is decreased by 20% compared to 2008 year. 2. Changes in payment behaviour of clients. Average true payment terms. - 2009 year: 30 days. Payment behaviour of clients is good. Most clients are paying their invoice at the right time. 3. What percentage of companies in the sector have actually become insolvent (by opinion of interviewed person). - Competitors: N/A 4. Amount of clients: - 2009 year: amount of clients is increasing compared to 2008 year.

Capital History

- 04.10.2001	:	340 000 EEK (registered)
		( the data as of 04.10.2001, cancelled since 12.12.2011 )
- 03.09.1999	:	40 000 EEK (registered)
		( the data as of 03.09.1999, cancelled since 04.10.2001 )
- 03.12.1997	:	10 000 EEK (registered)
		( the data as of 03.12.1997, cancelled since 03.09.1999 )
APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	EUR	EUR	EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	83 223.00	61 457.00	75 652.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	2 587 632.00	1 569 148.00	1 565 746.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	3 361 884.00	2 698 384.00	2 524 049.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	6 032 739.00	4 328 989.00	4 165 447.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL
8. INVESTMENT PROPERTIES	626 166.00	642 078.00	657 990.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	3 017 100.00	2 799 138.00	3 014 219.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	102 875.00	115 079.00	102 036.00
NON-CURRENT ASSETS TOTAL	3 746 141.00	3 556 295.00	3 774 245.00
TOTAL ASSETS	9 778 880.00	7 885 284.00	7 939 692.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	449 486.00	870 551.00	966 099.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	1 919 026.00	1 537 767.00	1 579 735.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING	1 435.00	1 435.00	1 435.00
SHORT-TERM LIABILITIES TOTAL	2 369 947.00	2 409 753.00	2 547 269.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	479 388.00	150 582.00	334 893.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING	9 805.00	11 239.00	12 674.00
LONG-TERM LIABILITIES TOTAL	489 193.00	161 821.00	347 567.00
LIABILITIES TOTAL	2 859 140.00	2 571 574.00	2 894 836.00
20. SHARE CAPITAL	21 729.00	21 729.00	21 730.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	2 173.00	2 173.00	2 173.00
25. Other reserves
26. RETAINED EARNINGS	5 289 808.00	5 020 954.00	4 729 442.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	1 606 030.00	268 854.00	291 511.00
EQUITY TOTAL	6 919 740.00	5 313 710.00	5 044 856.00
EQUITY AND LIABILITIES TOTAL	9 778 880.00	7 885 284.00	7 939 692.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1
2. Other income
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services
8. Other operating expenses
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL
10. Depreciation and impairment of fixed assets
11. Other expenses
1. NET SALES format 2	17 046 775.00	12 473 579.00	12 183 785.00
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales	-13 160 442.00	-10 167 041.00	-9 941 309.00
GROSS PROFIT (LOSS)	3 886 333.00	2 306 538.00	2 242 476.00
5. Marketing expenses	-1 813 242.00	-1 537 144.00	-1 552 953.00
6. Administration and general expenses	-499 354.00	-473 778.00	-415 221.00
7. Other income	112 450.00	26 680.00	91 008.00
8. Other expenses	-16 541.00	-5 494.00	-7 799.00
OPERATING PROFIT (LOSS)	1 669 646.00	316 802.00	357 511.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-63 616.00	-47 948.00	-48 161.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	1 606 030.00	268 854.00	309 350.00
13. Income tax expense			-17 839.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	1 606 030.00	268 854.00	291 511.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.07
UK Pound	1	Rs.89.91
Euro	1	Rs.77.43

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%)

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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.