MIRA INFORM REPORT

Report Date :

08.10.2013

IDENTIFICATION DETAILS

Name :	TOBRA INVEST SRL
Registered Office :	Bucharest / 3, 8 Decebal Ave., Bl. S9, 2^nd Floor, Flat 4
Country :	Romania
Financials (as on) :	30.06.2012
Date of Incorporation :	October, 2007
Com. Reg. No.:	J40/18747/2007
Legal Form :	Limited liability company
Line of Business :	Wholesale trade with coffee, tea, cocoa and spices
No. of Employees :	13

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 but correct
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)
Romania	B2	B2

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

ROMANIA - ECONOMIC OVERVIEW

Romania, which joined the European Union on 1 January 2007, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment fueled strong GDP growth, but led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania''s widespread poverty. Corruption and red tape continue to permeate the business environment. Inflation rose in 2007-08, driven by strong consumer demand, high wage growth, rising energy costs, a nation-wide drought, and a relaxation of fiscal discipline. As a result of the increase in fiscal and current account deficits and the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Worsening international financial markets, as well as a series of drastic austerity measures implemented to meet Romania''s obligations under the IMF-led bail-out agreement contributed to a GDP contraction of 6.6% in 2009, followed by a 1.1% GDP contraction in 2010. The economy returned to positive growth in 2011 due to strong exports, a better than expected harvest, and weak domestic demand. In 2012, however, growth slowed to less than 1%, partially due to slackening export demand and an extended drought that resulted in an exceptionally poor harvest. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary stand-by agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability. The Romanian authorities announced that they do not intend to draw funds under the agreement

Source : CIA

Company name and address

NAME OF THE COMPANY	TOBRA INVEST SRL (correct name)
Headquarters (as officially recorded with the National Trade Registry) Business Address (according to business directories)	Bucharest / 3, 108 Matei Basarab Street, Bloc 74Calarasi, Sc. A, Ap. 32, Camera 2 Bucharest / 3, 8 Decebal Ave., Bl. S9, 2^nd Floor, Flat 4
Phone no. Cell phone no.	0040-21-3263538 0040-746-169100	Fax no.	0040-21-3277777
Web-site	www.celmar.ro	E-mail address	office@celmar.ro

HISTORIC/OFFICIAL DATA

Date of foundation

October, 2007

Present legal form

Limited liability company, entire Romanian capital

Registered with the Trade Registry

J40/18747/2007

VAT no.

22528717

Registered capital

5,000 RON

Shareholders

Individuals

1.Raducanu Constantin-Bradut - Romanian citizen, born on 15.03.19666

Participation

50%

2. Botea George Daniel – Romanian citizen, born on 26.05.1972

Participation

50%

Obligation to publish

According to the Romanian Financial Legislation, subject company is obliged to lodge with the Ministry of Public Finance its half-yearly accounts

EMPLOYEES

2010

2011

30.06.2012

total

not declared

15

13

BUSINESS ACTIVITY

-wholesale trade with coffee, tea, cocoa and spices (according to the National Trade Registry)

Work-shops, as officially registered with the National trade Registry

Bucharest, 11 Washington Street, Sector 1

OTHER PARTICIPATION

1. Company’s participation

not applicable

2. Shareholders other participation

Raducanu Constantin-Bradut

In another 8 Romanian companies

Botea George Daniel

In another 5 Romanian companies

TANGIBLES*

400,531 RON, at 30.06.2012

*According to the accounting standards, for the middle of the year the company is no more obliged to detail its tangible assets, anymore. Therefore, the real estates are included in “Tangibles” position among the other assets

BANKS

n/a

MANAGEMENT

as officially registered with the National Trade Registry

Botea George Daniel – Administrator

Appointed on 23.02.2011 for unlimited period

CURRENCY

Exchange rate of EURO

1 EURO = 4.2848 RON on 31.12.2010

1 EURO = 4.2341 RON on 30.06.2011

1 EURO = 4.3197 RON on 31.12.2011

1 EURO = 4.4494 RON on 30.06.2012

FINANCIAL DATA: RON

BALANCE SHEET	31.12.2011	30.06.2012
INTANGIBLES - TOTAL	0	0
TANGIBLES - TOTAL	457,513	400,531
FINANCIALS - TOTAL	0	0
FIXED ASSETS - TOTAL	457,513	400,531
STOCKS - TOTAL	816,212	1,067,029
CLAIMS - TOTAL	1,860,916	1,197,584
CURRENT ASSETS	2,976,893	2,356,413
PREPAID EXPENSES	600	6,325
DEBTS WITHIN 1 YEAR	3,320,231	2,714,936
DEBTS OVER 1 YEAR	5,948	0
PROVISIONS	0	0
ADVANCED INCOMES	0	0
REGISTERED CAPITAL	400	5,000
RESERVES	431	431
PROFITS CARRIED FORWARD	331	107,996
NET RESULT - PROFIT	107,665	0
NET RESULT - LOSS	0	65,094
NET WORTH	108,827	48,333
PROFIT & LOSS ACCOUNT	30.06.2011	30.06.2012
Turnover	2,488,100	3,180,760
Own production & services	0	103,507
Sales	2,488,100	3,077,253
INCOMES FROM ORDINARY OPERATING ACTIVITY	2,490,837	3,189,433
Raw materials	40,737	91,659
Costs of goods sold	1,477,906	1,678,035
Wages	50,741	127,354
Depreciations & provisions	23,125	66,344
Other operating costs	900,894	1,187,636
COSTS OF ORDINARY OPERATING ACTIVITY	2,500,111	3,159,458
ORDINARY OPERATING RESULT - PROFIT	0	29,975
ORDINARY OPERATING RESULT - LOSS	9,274	0
FINANCIAL INCOMES	44,421	81,662
FINANCIAL COSTS	37,407	176,731
FINANCIAL RESULT - PROFIT	7,014	0
FINANCIAL RESULT - LOSS	0	95,069
CURRENT RESULT - PROFIT	0	0
CURRENT RESULT - LOSS	2,260	65,094
Extraordinary incomes	0	0
Extraordinary costs	0	0
EXTRAORDINARY RESULT - PROFIT	0	0
EXTRAORDINARY RESULT - LOSS	0	0
TOTAL INCOMES	2,535,258	3,271,095
TOTAL COSTS	2,537,518	3,336,189
PRETAX RESULT - PROFIT	0	0
PRETAX RESULT - LOSS	2,260	65,094
TAX ON PROFIT	286	0
NET RESULT - PROFIT	0	0
NET RESULT - LOSS	2,546	65,094

N.B.: any difference occurred between former reports and the present one regarding some positions of the “Balance Sheet” or P/L Account for previous periods does not belong to us.

The financial data from this report are the ones officially declared by the subject with the Ministry of Public Finance data basis for 30.06.2012. As consequence, the responsibility for their accuracy belongs exclusively to the company.

OUR OPINION

based upon financial figures reported in the latest balance-sheet – 30.06.2012

- all figures are reported in RON if otherwise not specified.

Size

small, considering the total no. of employees.

Position & trend

Even being established just in 2007, company did not submit any financial statements until the ones for 31.12.2010. Moreover, according to some preliminary figures available with the Ministry of the Public Finance, it did not submit also the figureS for 31.12.2012.

Figures available for period 2010 – June 2012, indicate an increased volume of activity up to a rather considerable level of turnover, but with fluctuant economic results. Losses were registered at June 2012.

Liquidity is low and borrowing ratio is high.

Payments behaviour looks correct, no delays being reported.

Financial standing looks rather unstable.

Business trend has to be followed.

31.12.2010

30.06.2011

31.12.2011

30.06.2012

Turnover

RON

736,072

2,488,100

5,488,777

3,180,760

EURO

171,787

587,634

1,270,639

714,874

Gross profit

RON

3,938

-2,260

130,492

-65,094

EURO

919

-534

30,209

-14,630

Net profit

RON

391

-2,546

107,665

-65,094

EURO

91

-601

24,924

-14,630

30.06.2012

CREDITS & LOANS (ACTIVE BALANCE)

80,932

Other financial loans & afferent interests, on short term (within 1year)

80,932

BALANCE CLAIMS-DEBTS

Negative

Total claims

1,197,584

clients & trade debtors

1,113,716

Total debts

2,714,936

- Short term

2,714,936

suppliers & trade creditors

2,555,550

other financial loans & afferent interests

80,932

to the Social Insurance

6,375

to the State Budget

1,175

debts to the shareholders

56,987

other debts

10,499

PAYMENTS BEHAVIOR

Correct, no delays reported

PAYMENTS INCIDENTS, as

officially recorded with the Payment Incident Bureau

No incidents recorded during 30.09.2012 – 30.09.2013

2010

2011

30.06.2012

Low

Liquidity analysis

- current ratio

0.93

0.90

0.87

- quick ratio

0.59

0.65

0.47

Solvability analysis

High level of indebtedness rate

- the borrowing ratio (total debts/net worth)

1,187.74

30.56

56.17

Profitability analysis (%)

Fluctuant

- return on capital

40.64

98.93

losses

- return on assets

0.03

3.13

losses

- gross profit margin

0.54

2.38

losses

Activity analysis

Debtors days within normal limits, lately

- debtor’s days

273

124

68

- creditor’s days

n/a

n/a

n/a

Stocks turnover, times/period

2

7

3

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.99.06
Euro	1	Rs.83.84

INFORMATION DETAILS

Report Prepared by :

NIS

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.