MIRA INFORM REPORT

Report Date :

04.05.2013

IDENTIFICATION DETAILS

Name :	SIA "TOLMETS"
Registered Office :	Hika 5, Liepaja, Liepajas Region, LV-3401
Country :	Latvia
Financials (as on) :	31.12.2011
Date of Incorporation :	1999
Com. Reg. No.:	42103022610
Legal Form :	Limited Company
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	117

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 :	Exist

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)
Latvia	B2	B2

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

LATVIA - ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The government of Prime Minister Valdis DOMBROVSKIS remained committed to fiscal prudence and reducing the fiscal deficit from 7.7% of GDP in 2010, to 2.7% of GDP in 2012. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February, 1999 and the EU in May 2004. Latvia intends to join the euro zone in 2014.

Source : CIA

Identification

Full Name

:

SIA "TOLMETS"

Name in English

:

TOLMETS

Name in national language

:

SIA "TOLMETS"

Previous Names

:

-	Sabiedriba ar ierobezotu atbildibu "TOLMETS"

Office Address

:

Hika 5, Liepaja, Liepajas region, LV-3401, Latvia

Legal Address

:

Hika 5, Liepaja, Liepajas region, LV-3401, Latvia

Contacts

:

-	Phone	:	(+371) 63425200, 80000013
-	Fax	:	(+371) 63425988
-	E-mail	:	info@tolmets.lv
-	E-mail	:	inta@tolmets.lv
-	WWW	:	www.tolmets.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 1999

Staff : 117

Litigation events : yes Remarks on payments : yes

Sales :	117 817 587.00 LVL ( for 12 months, ended 31.12.2012 )
	110 551 427.00 LVL ( for 12 months, ended 31.12.2011 )

Incorporation

:

1999

Registration Data

Date of registration

:

19.08.2003

Registration number

:

42103022610

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV42103022610

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 01.12.1999

Share Capital

:

200 000 LVL (registered)

since 17.05.2005

Shareholders

:

-	Mr Carkovs, Vladimirs (Latvia)				48.00 %
		reg. number	:	300959-10805
		address	:	Turaidas iela 18-37, Liepaja, Liepajas region, Latvia
-	Mr Homutovs, Jurijs (Latvia)				48.00 %
		reg. number	:	140462-10802
		address	:	Vergales iela 4-14, Liepaja, Liepajas region, Latvia
-	Mr Ivanovs, Roberts (Latvia)				4.00 %
		reg. number	:	220170-10801
		address	:	Ugales iela 1/3-44, Liepaja, Liepajas region, Latvia
-	PIONEER IMPORTS LLC SABIEDRIBA AR IEROBEZOTU ATBILDIBU (United States of America)				100.00 %
		reg. number	:	007008908
		address	:	101 South Spring, Suite 220, Little Rock, AR 72201, United States of America
	( the data cancelled since 06.10.2006 )
-	Mr Mitencovs, Igors (Latvia)				100.00 %
		reg. number	:	171079-10815
		address	:	Rojas iela 5-39, Liepaja, Liepajas region, Latvia
	( the data cancelled since 08.11.2002 )

Board / Executives

Executives

Chairman of the board

:

Mr Ozolina, Inta (Latvia)
	pers. code: 120556-11916
	address: Ronu iela 5-53, Liepaja, Liepajas region, Latvia

Member of the board

:

Mrs Geraskina, Jelena (Latvia)
	pers. code: 280165-10828
	address: Dzintaru iela 86-17, Liepaja, Liepajas region, Latvia

Member of the board

:

Mr Ivanovs, Roberts (Latvia)
	pers. code: 220170-10801
	address: Ugales iela 1/3-44, Liepaja, Liepajas region, Latvia

Chairman of the board

:

Mr Sobolevs, Mihails (Latvia)
	pers. code: 161063-10821

( the data cancelled since 05.08.2008 )

Chairman of the board

:

Mr Ananjevs, Aleksejs (Latvia)
	pers. code: 110178-10805

( the data cancelled since 21.11.2005 )

Director

:

Mr Apinis, Atis (Latvia)
	pers. code: 140762-10803

( the data cancelled since 19.08.2003 )

Authorised signature

:

Mrs Geraskina, Jelena

Mr Ivanovs, Roberts

Mr Ozolina, Inta

Changes in Registration Data

- 19.02.2010

:

shareholders

- 04.11.2008

:

shareholders

- 05.08.2008

:

managers

- 04.12.2007

:

shareholders

- 06.10.2006

:

shareholders

- 21.11.2005

:

managers

- 23.09.2005

:

managers

- 17.05.2005

:

share capital, shareholders

- 18.03.2005

:

name, legal address, managers

obsolete legal address: Liepaja, Hikes iela 5; historical name: Sabiedriba ar ierobezotu atbildibu "TOLMETS"

- 19.08.2003

:

share capital, shareholders

- 12.12.2002

:

legal address, managers

obsolete legal address: Liepaja, Rojas iela 5-39

- 08.11.2002

:

shareholders

Activities

:

-	3462	Iron & Steel Forgings, NEC
		(NACE 2840: Forging, pressing, stamping and roll forming of metal; powder metallurgy)
-	5051	Iron & Steel Products
		(NACE 5152: Wholesale of metals and metal ores)
-	5093	Metal Scrap & Waste Materials
		(NACE 5157: Wholesale of waste and scrap)

processing of metal scrap; production of steel products; trade in steel goods

Staff employed

:

117

Staff History

:

-	114
	( the data as of 31.12.2012 )
-	121
	( the data as of 31.12.2011 )
-	116
	( the data as of 31.12.2010 )
-	95
	( the data as of 31.12.2009 )
-	95
	( the data as of 2009 )
-	127
	( the data as of 2008 )

Export

- 2012

:

Turkey, China Peoples Republic, Hong Kong, India
Turkey (70% of export); In 2012 export was 98% of total turnover

Import

- 2012

:

Lithuania, Estonia

Facilities

Real estate

:

own:
-	Premises - Production
	name	:	Tolmets, Ltd
	address	:	Granita 13a, Riga, Rigas region, LV-1057, Latvia
rent:
-	Premises - Office
	address	:	Hika 5, Liepaja, Liepajas region, LV-3401, Latvia

Branches

:

-	Branch (Riga, Rigas region, Latvia)
	name	:	Auto parstrade, SIA
	address	:	Granita 13, Riga, Rigas region, Latvia
-	Branch (Riga, Rigas region, Latvia)
	name	:	Tolmets production
	address	:	Granita 13, Riga, Rigas region, LV-1057, Latvia

There is representation office in Estonia.

Subsidiaries and Participation

:

According to company's administrator words, there are 14 subsidiaries, 2 of them are in Lithuania and Estonia (activity: engaged in metal).

Bankers

:

-	DANSKE BANK
-	SEB Latvijas Unibanka (Latvia)
	account(s)	:	LV53UNLA0050005135465

Clients

:

Sell por a partial prepayment, or the bank guarantee. Payment occur without delays. Company doesn't use credit risk insurance.

Suppliers

:

Average number: over 50. Estonia: Tolmet Eesti; Tolmetex; Tolmet Tallinn; Lithuania: Tolmeta; Latvia: SIA Latmetals; SIA Grobinas metals; SIA Fero M; SIA KB-Met; SIA Ameteks. They sell on a part-payment.

Other associated Companies

:

According to company's administrator words, there are no related companies.

Litigation

- 15.10.2012

:

Debt recovery
	status	:	The claim is being considered
	claimant	:	Ciunka, Algimantas

( the data as of 15.10.2012 )

The subject company has been noted as a claimant and defendant in some litigations dated from 15.02.2011 to 14.01.2014 (next court sitting). There are no bankruptcy/insolvency listed in the subject name in the official sources.

Remarks on payment

- 20.03.2007

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

/debt's range: 100-1000 LVL, debt's status: closed, paid/

( the data as of 20.03.2007, cancelled since 29.10.2007 )

There are no more other on unpaid invoices/defaulted payments noted by local debt collection companies.

Business mortgages

- 06.02.2013

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

- 15.04.2011

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

( the data as of 01.08.2012 )

- 01.06.2010

:

Commercial pledge
	pledgee	:	SEB lizings SIA (Latvia)

( the data as of 16.12.2011 )

Financial Elements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	LVL	LVL	LVL
Comments	*)	**)
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets		46 424.00	0.00
- Fixed assets		14 040 739.00	13 545 361.00
- Investments in tangible assets
- Financial assets		1 330 818.00	1 497 877.00
- Other non-current assets
Non-current assets total		15 417 981.00	15 043 238.00
CURRENT ASSETS
- Stock		12 926 669.00	8 301 431.00
- Debtors		5 146 877.00	4 653 046.00
- Other receivables
- Short-term financial investments		10 392.00	6 430.00
- Cash		54 478.00	133 953.00
- Other current assets
Current assets total		18 138 416.00	13 094 860.00
Assets total		33 556 397.00	28 138 098.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital		200 000.00	200 000.00
- Additional capital
- Other capital
- Reserve capital		709 144.00	731 375.00
- Retained earnings (Non-covered loss)		9 135 836.00	6 806 060.00
Capital and reserves total		10 044 980.00	7 737 435.00
Provisions		91 078.00	100 361.00
LONG-TERM LIABILITIES
- Loans and credits		13 106 873.00	12 979 570.00
- long-term amounts owed to banks		4 433 242.00	4 228 236.00
- Other long-term liabilities		857 929.00	728 106.00
Long-term liabilities total		13 964 802.00	13 707 676.00
SHORT-TERM LIABILITIES
- Loans and credits		5 570 161.00	2 051 767.00
- short-term amounts owed to banks		5 494 476.00	1 947 298.00
- Creditors		2 935 888.00	2 174 778.00
- trade debts		1 581 111.00	1 404 728.00
- accrued payroll
- tax liabilities		491.00	131 226.00
- other creditors		91 250.00	121 116.00
- advances received		1 263 036.00	517 708.00
- Dividends in arrears
- Accrued income, deferred charges		949 488.00	2 366 081.00
- Other short-term liabilities
Short-term liabilities total		9 455 537.00	6 592 626.00
Liabilities total		23 420 339.00	20 300 302.00
Equity and liabilities total		33 556 397.00	28 138 098.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	117 817 587.00	110 551 427.00	102 390 022.00
Cost of goods sold		-97 171 991.00	92 774 914.00
Gross profit		13 379 436.00	9 615 108.00
Distribution costs		-9 945 946.00	4 620 385.00
Administrative and management costs		-842 300.00	768 043.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable		715.00	1 779.00
Interest payable		-457 877.00	291 184.00
Income from participating interests
Other operating income		796 785.00	384 995.00
Other operating charges		-251 188.00	320 596.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges		0.00	9 519.00
Profit before taxation	1 061 445.00	2 679 625.00	4 011 193.00
Income-tax and other similar payments		-90 202.00	360 448.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	940 404.00	2 329 777.00	3 469 885.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.90	2.42	3.92
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %		26.68	51.84
Profit before taxation / Equity
Current assets turnover		6.09	7.82
Net sales / Current assets
Working capital		8 682 879.00	6 502 234.00
Current assets - Short-term liabilities
Leverage		0.30	0.27
Equity / Total assets
Current ratio		1.92	1.99
Current assets / Short-term liabilities
Quick ratio		0.55	0.73
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio		2.33	2.62
Total liabilities / Equity

*)

/according to company's administrator words/

**)

CONSISTENCY NOTE(S):

- "Gross profit" (13379436) not equal to calculated result (207723418)

- "Profit before taxation" (2679625) not equal to calculated result (25674247)

- "Net profit" (2329777) not equal to calculated result (2769827)

Publications

- 20.04.2011

:

Subject

:

www.rus.delfi.lv

SEB banka has provided a 2,5 mill EUR loan to metal processing enterprise Tolmets...

FINAL COMMENTS

We have talked to Mrs Ozolina Inta, who provided us with general information by the phone. She informed us, that FS 2012 is not ready yet, because the company is large taxpayer, so their FS will be ready in August. Mrs Ozolina Inta also provided us with some financian data for 2012 year.

Registration History

- 01.12.1999

:

Registration number	:	210302261
Registr. authority	:	State Register (Latvia)

( the data as of 01.12.1999, cancelled since 19.08.2003 )

Capital History

- date n/a

:

75 000 LVL (registered)

( the data cancelled since 17.05.2005 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	LVL	LVL	LVL

- 31.12.2012

:

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

- 31.12.2011

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	110 551 427.00
020 Cost of sales	-97 171 991.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	13 379 436.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-9 945 946.00
050 Administrative expenses	-842 300.00
060 Other operating income	796 785.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-251 188.00
070 Income from participating interests
080 Income from securities and loans forming long-term	0.00
investments
090 Other interest receivable and similar income	715.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-457 877.00
120 Profit or loss on ordinary activities before taxation	2 679 625.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	2 679 625.00
160 Income-tax for fiscal period	-209 367.00
170 Other taxes	-10 658.00
175 Deferred Income-tax for fiscal period	-129 823.00
180 Profit or loss for fiscal period	2 329 777.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets	46 424.00
050 Total intangible assets	46 424.00
Tangible assets
060 Real estate	4 653 313.00
061 Long-term investments in leased tangible assets	3 579.00
070 Plant and machinery	4 783 236.00
080 Other fixtures and fittings, tools and equipment	4 533 087.00
090 Payments on account and tangible assets in cours	46 740.00
of construction
091 Prepayment for tangible assets	20 784.00
100 Total tangible assets	14 040 739.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	1 251 329.00
120 Loans to subsidiaries	29 489.00
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation	50 000.00
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets	1 330 818.00
200 NON-CURRENT ASSETS TOTAL	15 417 981.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	13 132.00
220 Work in progress	1 667 133.00
230 Finished goods and goods for resale	8 896 313.00
240 Orders outstanding
250 Payments on account	2 350 091.00
260 Working and productive animals
270 Total stock	12 926 669.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	3 898 544.00
290 Amounts owed by subsidiaries	373 554.00
300 Amounts owed by related companies
310 Other debts	706 460.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	168 319.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	5 146 877.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation	10 392.00
385 Financial derivatives
390 Total securities and shares	10 392.00
400 Cash at bank and in hand (total)	54 478.00
410 CURRENT ASSETS TOTAL	18 138 416.00
420 BALANCE	33 556 397.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	200 000.00
440 Share premium account
450 Long-term assets revaluation reserve	709 144.00
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	6 806 059.00
520 Profit or loss for the current year	2 329 777.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	10 044 980.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation	17 681.00
560 Other provisions	73 397.00
570 PROVISIONS TOTAL	91 078.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	4 433 242.00
601 Other loans	8 673 631.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	857 929.00
640 Total long-term liabilities	13 964 802.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	5 494 476.00
671 Other loans	75 685.00
680 Advanced payments received	1 263 036.00
690 Trade debts	1 581 111.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	28 621.00
720 Amounts owed to related companies
730 Taxes and social security payments	491.00
740 Other creditors	62 629.00
750 Deferred income	752 083.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	197 405.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	9 455 537.00
790 CREDITORS TOTAL	23 420 339.00
800 BALANCE	33 556 397.00
990 Employees number

- 31.12.2010

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	102 390 022.00
020 Cost of sales	-92 774 914.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	9 615 108.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-4 620 385.00
050 Administrative expenses	-768 043.00
060 Other operating income	384 995.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-320 596.00
070 Income from participating interests
080 Income from securities and loans forming long-term	9 519.00
investments
090 Other interest receivable and similar income	1 779.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-291 184.00
120 Profit or loss on ordinary activities before taxation	4 011 193.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	4 011 193.00
160 Income-tax for fiscal period	-441 369.00
170 Other taxes	-9 509.00
175 Deferred Income-tax for fiscal period	90 430.00
180 Profit or loss for fiscal period	3 469 885.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets	0.00
050 Total intangible assets	0.00
Tangible assets
060 Real estate	4 729 364.00
061 Long-term investments in leased tangible assets	1 723.00
070 Plant and machinery	5 308 925.00
080 Other fixtures and fittings, tools and equipment	2 795 303.00
090 Payments on account and tangible assets in cours	336 486.00
of construction
091 Prepayment for tangible assets	373 560.00
100 Total tangible assets	13 545 361.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	1 426 205.00
120 Loans to subsidiaries	21 672.00
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation	50 000.00
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets	1 497 877.00
200 NON-CURRENT ASSETS TOTAL	15 043 238.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	9 590.00
220 Work in progress	1 167 716.00
230 Finished goods and goods for resale	4 485 843.00
240 Orders outstanding
250 Payments on account	2 638 282.00
260 Working and productive animals
270 Total stock	8 301 431.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	3 317 344.00
290 Amounts owed by subsidiaries	45 808.00
300 Amounts owed by related companies
310 Other debts	1 215 541.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	74 353.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	4 653 046.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation	6 430.00
385 Financial derivatives
390 Total securities and shares	6 430.00
400 Cash at bank and in hand (total)	133 953.00
410 CURRENT ASSETS TOTAL	13 094 860.00
420 BALANCE	28 138 098.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	200 000.00
440 Share premium account
450 Long-term assets revaluation reserve	731 375.00
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	3 336 175.00
520 Profit or loss for the current year	3 469 885.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	7 737 435.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation	19 483.00
560 Other provisions	80 878.00
570 PROVISIONS TOTAL	100 361.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	4 228 236.00
601 Other loans	8 751 334.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	728 106.00
640 Total long-term liabilities	13 707 676.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	1 947 298.00
671 Other loans	104 469.00
680 Advanced payments received	517 708.00
690 Trade debts	1 404 728.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	5 250.00
720 Amounts owed to related companies
730 Taxes and social security payments	131 226.00
740 Other creditors	115 866.00
750 Deferred income	2 274 471.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	91 610.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	6 592 626.00
790 CREDITORS TOTAL	20 300 302.00
800 BALANCE	28 138 098.00
990 Employees number

- 31.12.2009

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	59 734 014.00
020 Cost of sales	-56 470 345.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	3 263 669.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-311 389.00
050 Administrative expenses	-644 627.00
060 Other operating income	1 011 969.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-132 959.00
070 Income from participating interests
080 Income from securities and loans forming long-term	57 111.00
investments
090 Other interest receivable and similar income	68 886.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-298 080.00
120 Profit or loss on ordinary activities before taxation	3 014 580.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	3 014 580.00
160 Income-tax for fiscal period	-294 033.00
170 Other taxes	-10 658.00
175 Deferred Income-tax for fiscal period	117 025.00
180 Profit or loss for fiscal period	2 592 864.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate	4 228 761.00
061 Long-term investments in leased tangible assets	0.00
070 Plant and machinery	5 853 710.00
080 Other fixtures and fittings, tools and equipment	2 698 681.00
090 Payments on account and tangible assets in cours	532 368.00
of construction
091 Prepayment for tangible assets	25 850.00
100 Total tangible assets	13 339 370.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	758 236.00
120 Loans to subsidiaries	157 619.00
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation	50 526.00
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets	966 381.00
200 NON-CURRENT ASSETS TOTAL	14 305 751.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	4 484.00
220 Work in progress	96 443.00
230 Finished goods and goods for resale	4 049 495.00
240 Orders outstanding
250 Payments on account	1 493 084.00
260 Working and productive animals
270 Total stock	5 643 506.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	2 952 938.00
290 Amounts owed by subsidiaries	85 360.00
300 Amounts owed by related companies
310 Other debts	273 649.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	63 296.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	3 375 243.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation	28 676.00
385 Financial derivatives
390 Total securities and shares	28 676.00
400 Cash at bank and in hand (total)	808 441.00
410 CURRENT ASSETS TOTAL	9 855 866.00
420 BALANCE	24 161 617.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	200 000.00
440 Share premium account
450 Long-term assets revaluation reserve	743 463.00
Reserves
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	1 676 645.00
520 Profit or loss for the current year	2 592 864.00
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	5 212 972.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation	15 779.00
560 Other provisions	65 498.00
570 PROVISIONS TOTAL	81 277.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	4 749 632.00
601 Other loans	9 478 881.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	637 676.00
640 Total long-term liabilities	14 866 189.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	1 251 398.00
671 Other loans	9 169.00
680 Advanced payments received	408 125.00
690 Trade debts	1 172 872.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	5 070.00
720 Amounts owed to related companies
730 Taxes and social security payments	68 469.00
740 Other creditors	44 818.00
750 Deferred income	985 466.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	55 792.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	4 001 179.00
790 CREDITORS TOTAL	18 867 368.00
800 BALANCE	24 161 617.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.95
UK Pound	1	Rs.83.80
Euro	1	Rs.70.49

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.