MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	SIA "UNIFARMA"
Registered Office :	Brivibas gatve 414 k.2, Riga, Rigas Region, LV 1024
Country :	Latvia
Financials (as on) :	31.03.2013
Year of Incorporation :	1999
Com. Reg. No.:	40003472521
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	14

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 "UNIFARMA"

Name in national language

:

SIA "UNIFARMA"

Office Address

:

Brivibas gatve 414 k.2, Riga, Rigas region, LV 1024, Latvia

Legal Address

:

Brivibas gatve 414 k.2, Riga, Rigas region, LV 1024, Latvia

Contacts

:

-	Phone	:	(+371) 67514388
	Singh Praveen Kumar
-	Phone	:	(+371) 67514388
-	Phone	:	(+371) 67381304
-	Phone	:	(+371) 67514394
	Ludmila Reizviha
-	Fax	:	(+371) 67383495
-	E-mail	:	unifarma@delfi.lv
-	E-mail	:	info@unifarma.lv
-	E-mail	:	reizviha@yandex.ru
-	E-mail	:	ludmila.reizviha@unifarma.lv
-	WWW	:	www.unifarma.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 1999

Staff : 14

Litigation events : none Remarks on payments : none

Sales :	2 086 169.00 LVL ( for 12 months, ended 31.03.2013 )
	2 042 840.00 LVL ( for 12 months, ended 31.03.2012 )

Incorporation

:

1999

Registration Data

Date of registration

:

07.07.2004

Registration number

:

40003472521

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003472521

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 15.12.1999

Share Capital

:

150 000 LVL (registered)

since n/a

Shareholders

:

-	Mr Singh, Praveen Kumar (Latvia)				100.00 %
		reg. number	:	051075-14670
		address	:	Detlava Brantkalna iela 4-25, Riga, Rigas region, Latvia

Board / Executives

Executives

Member of the board

:

Mr Singh, Praveen Kumar (Latvia)
	pers. code: 051075-14670
	address: Detlava Brantkalna iela 4-25, Riga, Rigas region, Latvia

Chief Accountant

:

Mrs Ludmila Reizviha (Latvia)

Authorised signature

:

Mr Singh, Praveen Kumar

Changes in Registration Data

:

Obsolete legal addresses: until 10.12.2010 - Riga, Ganibu dambis 26-220; until 17.04.2001 - Riga, Rankas iela 6/10

- 13.07.2010

:

managers

- 07.03.2008

:

share capital

- 07.03.2008

:

shareholders

- 09.07.2007

:

managers

- 23.05.2006

:

share capital

- 23.05.2006

:

shareholders

- 11.07.2005

:

managers

- 07.07.2004

:

managers, shareholders

- 27.11.2002

:

shareholders

- 24.10.2001

:

shareholders

- 12.10.2000

:

shareholders

Activities

:

-	512	Drugs, Proprietaries, and Sundries
		(NACE 5146: Wholesale of pharmaceutical goods)

wholesale of medicines

Staff employed

:

14

Staff History

:

-	14
	( the data as of 31.12.2012 )
-	11
	( the data as of 31.12.2011 )
-	13
	( the data as of 2010 )
-	14
	( the data as of 2009 )
-	13
	( the data as of 2008 )

Facilities

Real estate

:

own:
-	Premises - Office and storehouse
	address	:	Brivibas gatve 414 k.2, Riga, Rigas region, LV 1024, Latvia

Branches

:

-	Shop
	name	:	Internet shop http://www.unifarma-herbals.lv/

Subsidiaries and Participation

:

n/a

Bankers

:

-	SWEDBANK (Latvia)
	account(s)	:	LV96HABA0001408050593, USDLV62HABA0019408050593

Clients

:

above 200 (mainly - hospitals, drug-stores)

Suppliers

:

Information from the company's website: Subject company is India's largest pharmaceutical manufacturer representative in Latvia. Partners from India: Cadila Pharmaceuticals LTD; Cipla LTD; Dabur International LTD; Elder Pharmaceuticals LTD; Emcure Pharmaceuticals LTD; Orchid Pharmaceuticals LTD; Unichem Laboratoris LTD; Torrent LTD; Claris Lafesciences LTD; Ranbaxy Laboratories LTD; Unique Pharmaceuticals LTD.

Other associated Companies

:

-	PRANIT EXIM (Latvia)
	address	:	Makonisi, p/n Iecava, Iecavas novads, Bauskas region, LV-3913, Latvia
	reg. number	:	40003625088

Litigation

:

none

There are no bankruptcy/insolvency listed in the subject name in the official sources.

Remarks on payment

:

none

/checked through the local debt collection companies/

Business mortgages

:

none

- 17.12.2007

:

Commercial pledge
	pledgee	:	HANSABANKA AS (Latvia)

( the data as of 17.12.2007, cancelled since 20.12.2012 )

Financial Elements

Period, months	12	12	12
Ended	31.03.2013	31.03.2012	31.03.2011
Currency	LVL	LVL	LVL
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	2 061.00	1 366.00	957.00
- Fixed assets	275 037.00	294 554.00	79 975.00
- Investments in tangible assets
- Financial assets	1 738 807.00	1 709 073.00	1 252 514.00
- Other non-current assets
Non-current assets total	2 015 905.00	2 004 993.00	1 333 446.00
CURRENT ASSETS
- Stock	1 181 070.00	1 084 910.00	806 242.00
- Debtors	743 414.00	721 912.00	506 882.00
- Other receivables
- Short-term financial investments
- Cash	260 055.00	65 677.00	521 867.00
- Other current assets
Current assets total	2 184 539.00	1 872 499.00	1 834 991.00
Assets total	4 200 444.00	3 877 492.00	3 168 437.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	150 000.00	150 000.00	150 000.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	-50 173.00	-60 985.00	-23 585.00
Capital and reserves total	99 827.00	89 015.00	126 415.00
Provisions	3 660.00	3 786.00	4 389.00
LONG-TERM LIABILITIES
- Loans and credits	85 988.00	121 673.00
- long-term amounts owed to banks	85 988.00	121 673.00
- Other long-term liabilities
Long-term liabilities total	85 988.00	121 673.00
SHORT-TERM LIABILITIES
- Loans and credits	53 024.00	96 851.00	115 043.00
- short-term amounts owed to banks	35 421.00	34 789.00
- Creditors	3 954 141.00	3 562 410.00	2 914 074.00
- trade debts	3 934 066.00	3 537 908.00	2 891 744.00
- accrued payroll
- tax liabilities	17 881.00	19 822.00	11 214.00
- other creditors	2 136.00	4 680.00	11 114.00
- advances received	58.00	0.00	2.00
- Dividends in arrears
- Accrued income, deferred charges	3 804.00	3 757.00	8 516.00
- Other short-term liabilities
Short-term liabilities total	4 010 969.00	3 663 018.00	3 037 633.00
Liabilities total	4 096 957.00	3 784 691.00	3 037 633.00
Equity and liabilities total	4 200 444.00	3 877 492.00	3 168 437.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	2 086 169.00	2 042 840.00	2 410 751.00
Cost of goods sold	1 981 211.00	1 727 683.00	2 411 564.00
Gross profit	104 958.00	315 157.00	-813.00
Distribution costs	117 842.00	116 811.00	136 229.00
Administrative and management costs	36 800.00	40 213.00	42 806.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable	35 549.00	55 398.00	364 833.00
Interest payable	137 938.00	198 596.00	187 655.00
Income from participating interests
Other operating income	281 511.00	35 637.00	159 472.00
Other operating charges	115 141.00	76 433.00	80 199.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	14 297.00	-25 861.00	76 603.00
Income-tax and other similar payments	3 485.00	11 539.00	-18 429.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	10 812.00	-37 400.00	95 032.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.69	-1.27	3.18
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	14.32	-29.05	60.60
Profit before taxation / Equity
Current assets turnover	0.95	1.09	1.31
Net sales / Current assets
Working capital	-1 826 430.00	-1 790 519.00	-1 202 642.00
Current assets - Short-term liabilities
Leverage	0.02	0.02	0.04
Equity / Total assets
Current ratio	0.54	0.51	0.60
Current assets / Short-term liabilities
Quick ratio	0.25	0.22	0.34
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	41.04	42.52	24.03
Total liabilities / Equity

Publications

- 16.07.2011

:

Subject

:

DELFI

"Unifarma", bought the plant SIA "Aptiekas produkcija", and this year is planning to increase turnover by 35%.

- 15.07.2011

:

Subject

:

Unifarma: drugstores have no motivation to suggest cheaper medicines

The current legislation does not strictly demand from drugstores to suggest customers cheaper alternatives from reimbursable medicines, says Praveen Kumar Singh, owner of Unifarma. He points out Latvia, as opposed to Lithuania, does not monitor thoroughly whether the pharmacist really offers patients cheaper medicines. The businessman believes Unifarma would only benefit from stricter control of this as they compete with quality and prices. Moreover, the company would also export much more generic products to help patients save. Naturally, drugstores are interested to make profit from their surcharges, so they are not motivated to suggest something cheaper, Unifarma owner says, adding that currently they are working with Euroaptiekas and about 60 individual drugstores. At the same time, the company also sells its products to wholesale businesses that further supply their own drugstores. He singles out Himalaya as an especially successful product with great sales performance. Unifarma services all drugstores in Prizma, Mego, Domo. The drugstore is to invest 400 000 euro (280 000 lats) in marketing to be granted European Union Good Manufacturing Practice Certificate and acquire tablet compression technology.

FINAL COMMENTS

We had sent the formal letter to company's management by email (to Mrs Ludmila Reizviha, the accountant). We called Mrs Ludmila Reizviha, she confirmed some subject company data, however she refused to provide any additional information about the subject company till we disclose customer’s name. Mrs Ludmila Reizviha refused to provide financial data or any other information about the company until he discuss the inquiry with the management. If we get any additional information, we will add it to the report.

Registration History

- 15.12.1999

:

Registration number	:	000347252
Registr. authority	:	State Register (Latvia)

( the data as of 15.12.1999, cancelled since 07.07.2004 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.03.2013	31.03.2012	31.03.2011
Currency	LVL	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	2 086 169.00	2 042 840.00
020 Cost of sales	-1 981 211.00	-1 727 683.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	104 958.00	315 157.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-117 842.00	-116 811.00
050 Administrative expenses	-36 800.00	-40 213.00
060 Other operating income	281 511.00	35 637.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-115 141.00	-76 433.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	35 549.00	55 398.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-137 938.00	-198 596.00
120 Profit or loss on ordinary activities before taxation	14 297.00	-25 861.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	14 297.00	-25 861.00
160 Income-tax for fiscal period
170 Other taxes	-1 445.00	-363.00
175 Deferred Income-tax for fiscal period	-2 040.00	-11 176.00
180 Profit or loss for fiscal period	10 812.00	-37 400.00
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.	0.00	67.00
021 Other intangible assets	996.00	1 299.00
030 Goodwill
040 Payments on account for intangible assets	1 065.00	0.00
050 Total intangible assets	2 061.00	1 366.00
Tangible assets
060 Real estate	220 146.00	228 872.00
061 Long-term investments in leased tangible assets
070 Plant and machinery	2 471.00	2 706.00
080 Other fixtures and fittings, tools and equipment	52 420.00	62 976.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	275 037.00	294 554.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	750 464.00	748 464.00
120 Loans to subsidiaries	669 964.00	638 632.00
130 Shares in related companies
140 Loans to related companies	304 118.00	304 118.00
150 Other securities and capital participation
160 Other loans	14 261.00	17 859.00
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	1 738 807.00	1 709 073.00
200 NON-CURRENT ASSETS TOTAL	2 015 905.00	2 004 993.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	1 159.00	1 169.00
220 Work in progress
230 Finished goods and goods for resale	1 130 261.00	1 070 468.00
240 Orders outstanding
250 Payments on account	49 650.00	13 273.00
260 Working and productive animals
270 Total stock	1 181 070.00	1 084 910.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	600 855.00	641 513.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies	94 467.00	40 478.00
310 Other debts	43 198.00	33 755.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	4 315.00	3 547.00
341 Accrued income
343 Deferred tax liabilities	579.00	2 619.00
350 Total debtors	743 414.00	721 912.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	260 055.00	65 677.00
410 CURRENT ASSETS TOTAL	2 184 539.00	1 872 499.00
420 BALANCE	4 200 444.00	3 877 492.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	150 000.00	150 000.00
440 Share premium account
450 Long-term assets revaluation reserve
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	-60 985.00	-23 585.00
520 Profit or loss for the current year	10 812.00	-37 400.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	99 827.00	89 015.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	3 660.00	3 786.00
570 PROVISIONS TOTAL	3 660.00	3 786.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	85 988.00	121 673.00
601 Other loans
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
640 Total long-term liabilities	85 988.00	121 673.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	35 421.00	34 789.00
671 Other loans	17 603.00	62 062.00
680 Advanced payments received	58.00	0.00
690 Trade debts	3 934 066.00	3 537 908.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	17 881.00	19 822.00
740 Other creditors	2 136.00	4 680.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	3 804.00	3 757.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	4 010 969.00	3 663 018.00
790 CREDITORS TOTAL	4 096 957.00	3 784 691.00
800 BALANCE	4 200 444.00	3 877 492.00
990 Employees number

- 31.03.2011

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	2 410 751.00
020 Cost of sales	-2 411 564.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	-813.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-136 229.00
050 Administrative expenses	-42 806.00
060 Other operating income	159 472.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-80 199.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	364 833.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-187 655.00
120 Profit or loss on ordinary activities before taxation	76 603.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	76 603.00
160 Income-tax for fiscal period
170 Other taxes
175 Deferred Income-tax for fiscal period	18 429.00
180 Profit or loss for fiscal period	95 032.00
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.	167.00
021 Other intangible assets	790.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	957.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery	3 638.00
080 Other fixtures and fittings, tools and equipment	76 337.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	79 975.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	211 760.00
120 Loans to subsidiaries	679 812.00
130 Shares in related companies	337 410.00
140 Loans to related companies
150 Other securities and capital participation
160 Other loans	23 532.00
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	1 252 514.00
200 NON-CURRENT ASSETS TOTAL	1 333 446.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	1 010.00
220 Work in progress
230 Finished goods and goods for resale	801 567.00
240 Orders outstanding
250 Payments on account	3 665.00
260 Working and productive animals
270 Total stock	806 242.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	443 365.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	31 318.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	1 799.00
341 Accrued income	30 400.00
343 Deferred tax liabilities
350 Total debtors	506 882.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	521 867.00
410 CURRENT ASSETS TOTAL	1 834 991.00
420 BALANCE	3 168 437.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	150 000.00
440 Share premium account
450 Long-term assets revaluation reserve
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	-118 617.00
520 Profit or loss for the current year	95 032.00
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	126 415.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation	0.00
560 Other provisions	4 389.00
570 PROVISIONS TOTAL	4 389.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
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
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions
671 Other loans	115 043.00
680 Advanced payments received	2.00
690 Trade debts	2 891 744.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	11 214.00
740 Other creditors	11 114.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	8 516.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	3 037 633.00
790 CREDITORS TOTAL	3 037 633.00
800 BALANCE	3 168 437.00
990 Employees number	11.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.29
UK Pound	1	Rs.101.36
Euro	1	Rs.84.59

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.