MIRA INFORM REPORT

Report Date :

29.04.2014

IDENTIFICATION DETAILS

Name :	DO IT, LTD.

Registered Office :	Brivibas iela 372, Riga, Rigas region, LV-1006

Country :	Latvia

Financials (as on) :	28.02.2012

Date of Incorporation :	14.03.2005

Com. Reg. No.:	40003733207

Legal Form :	SIA (Ltd by Latvian law)

Line of Business :	Wholesale and Retail of furniture and household goods

No. of Employees :	80

RATING & COMMENTS

MIRA’s Rating :

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Latvia

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 remains committed to fiscal prudence and reducing the fiscal deficit. 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

Sabiedriba ar ierobezotu atbildibu "Do It"

IGK-number

087-122-782

Name in English

DO IT, LTD.

Name in national language

Sabiedrība ar ierobežotu atbildību "Do It"

Trading Names, Brands

-	JYSK

Office Address

Siguldas soseja 1e, Garkalnes novads, Rigas region, LV-1024, Latvia

Office and logistic center

Legal Address

Brivibas iela 372, Riga, Rigas region, LV-1006, Latvia

Contacts

-	Phone	:	(+371) 67795345, 67795347
-	Phone	:	(+371) 67147854
	Edite Skrastina
-	Fax	:	(+371) 67116818, 67609159
-	E-mail	:	cfo@jysk.lv
	( the data as of 26.03.2013 )
-	WWW	:	www.doit.lv
-	E-mail	:	info@doit.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2005

Staff : 80

Litigation events : none

Remarks on payments : none

Sales :	30 936 397.00 LVL ( for 12 months, ended 28.02.2012 )
	31 381 856.00 LVL ( for 12 months, ended 28.02.2011 )

Incorporation

2005

Registration Data

Date of registration

14.03.2005

Registration number

40003733207

Registr. authority

Commercial Register (Latvia)

VAT number

LV40003733207

Registr. authority

Tax Board (Latvia)

Legal Form

SIA (Ltd by Latvian law)		since 14.03.2005

Share Capital

9 136 430 LVL (registered)		since 08.02.2013

Shareholders

-	Jysk Linnen'n Furniture (Latvia)				33.33 %
		share's book value	:	3 044 810 LVL
		reg. number	:	40003536998
		address	:	Garkalnes nov., Bergi, "Rigas-Siguldas soseja 1E", Garkalnes novads, Bergi, Rigas region, Latvia

-	JYSK Baltic UAB (Lithuania)				33.33 %
		share's book value	:	3 044 810 LVL
		reg. number	:	1000225145
		address	:	Ozo g. 25, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

-	Jysk Linnen'n Furniture OU (Estonia)				33.33 %
		share's book value	:	3 044 810 LVL
		reg. number	:	1000225156
		address	:	Endla 45, 10150, Tallinn, Harju county, Estonia

-	Joska Eignarhaldsfelag ehf av PLC (Iceland)				0.02 %
		share's book value	:	2 000 LVL
		reg. number	:	1000061402
		address	:	Smaratorg 1, 200 Kopavogur, Iceland

-	Jysk Linnen'n Furniture OU (Estonia)				33.32 %
		share's book value	:	1 639 210 LVL
		reg. number	:	1000225156
		address	:	Endla 45, 10150, Tallinn, Harju county, Estonia
	( the data cancelled since 08.02.2013 )

-	Jysk Linnen'n Furniture SIA (Latvia)				33.32 %
		share's book value	:	1 639 210 LVL
		reg. number	:	000353699
		address	:	Rigas-Siguldas soseja 1E, Garkalnes novads, Bergi, Rigas region, Latvia
	( the data cancelled since 08.02.2013 )

-	JYSK Baltic UAB (Lithuania)				33.32 %
		share's book value	:	1 639 210 LVL
		reg. number	:	1000225145
		address	:	Ozo g. 25, Vilnius, Vilnius region, Vilnius city municipality, Lithuania
	( the data cancelled since 08.02.2013 )

-	Joska Eignarhaldsfelag ehf av PLC (Iceland)				100.00 %
		reg. number	:	007008566;430402-5360
		address	:	Smaratorg 1, 200 Kopavogur, Iceland
	( the data cancelled since 19.08.2010 )

Board / Executives

Executives

Board Chairman

Mrs Lauwers Luc Henri Maria (Belgium)
	pers. code: 800016-79303
	address: Garkalnes novads, Siguldas soseja 1E, Latvia

/joint right of signature/

Board Member

Mrs Zundure, Dace (Latvia)
	pers. code: 140174-12958

Board Member

Mrs Skrastina, Edite (Latvia)
	pers. code: 190275-11012
	address: Berzu iela 23, Lielvarde, Ogres region, Latvia

/joint right of signature/

Member of the board

Mr Apss, Gints (Latvia)
	pers. code: 121077-10300

/joint right of signature/

( the data cancelled since 30.10.2013 )

Board Chairman

Mrs Vilemsone, Kristine (Latvia)
	pers. code: 071073-11493
	address: Klusa iela 17, Siguldas novads, Peltes, Rigas region, Latvia

/joint right of signature/

( the data cancelled since 22.08.2012 )

Board Member

Mr Lakstigala, Girts (Latvia)
	pers. code: 170674-12511
	address: Aleksandra Caka iela 109-49, Riga, Rigas region, Latvia

( the data cancelled since 14.04.2010 )

Board Chairman

Mr Brynjolv, Stora Niels (Iceland)
	pers. code: 800008-43503
	address: Reikjavika, Seljabraut 42, Iceland

( the data cancelled since 29.10.2009 )

Board Chairman

Stora Niels Brynjolv
	pers. code: 800008-43503

( the data cancelled since 29.10.2009 )

Proxy

Mr Krumins, Austris (Latvia)
	pers. code: 291275-11350
	address: Stirnu iela 13c-42, Riga, Rigas region, Latvia

( the data cancelled since 29.10.2009 )

Authorised signature

Mrs Lauwers Luc Henri Maria

Mrs Skrastina, Edite

Mrs Zundure, Dace

Changes in Registration Data

- 30.10.2013

managers

- 23.04.2013

legal address

historical address: Riga, Brivibas iela 372

- 08.02.2013

share capital, shareholders

- 27.02.2012

share capital

- 19.08.2010

share capital, shareholders

changes in company statute

- 14.04.2010

managers

- 02.12.2009

managers

- 29.10.2009

managers

changes in company statute registered or changed procurist

- 03.07.2009

managers

- 05.03.2009

managers

- 08.04.2008

managers

- 26.04.2005

V.A.T. payer's license was issued

- 24.03.2005

managers

- 14.03.2005

new company organized

Activities

-	4226	Special warehousing and storage
		(NACE 6312: Storage and warehousing)
-	4731	Freight Forwarding
		(NACE 6340: Activities of other transport agencies)
-	502	Furniture and Home Furnishings
		(NACE 5147: Wholesale of other household goods)
-	57	FURNITURE AND HOME FURNISHINGS STORES
		(NACE 5244: Retail sale of furniture, lighting equipment and household articles n.e.c.)

Freight transport: by road

wholesale and retail of furniture and household goods The company operates with Jysk shops network (sale of household goods, furniture). Starting from 2011 SIA 'DO IT' offers the custom warehouse servicing. Freight transportation by road. Logistic services (only 5% of turnover). 95% of sales is formed by wholesale and retail. Information from the company's website: Our services are certified by: ISO 9001:2009 certificate regarding very high performance in logistics and warehouse services. SIA “Do It” began its activities in 2005 as the importer and distributor for “JYSK Linnen’ Furniture” in the Baltic countries. In 2007, when “JYSK Linnen' Furniture” started developing its sale network in the Balkans, SIA “Do It” expanded the scope of its service provision by including Romania and Bulgaria. SIA “Do It” offers a full range of logistics services and diverse logistics solutions, road and sea cargo transport, warehousing, customs agent service, procurement and distribution of goods. WAREHOUSING SERVICES Long-term and short-term storage of goods and pallets Cargo consolidation Storage of large-scale goods and cargos Loading and unloading of goods Cross-docking Outdoor storage Arrangement of goods as ordered by the customer Sorting of goods Labelling of goods Production and translation of labels Stock-taking for the customer Customer service Round-the-clock security guarding

Staff employed

( the data as of 31.12.2013 )

Staff History

-	82
	( the data as of 31.12.2012 )

-	67
	( the data as of 31.12.2011 )

-	70
	( the data as of 31.12.2010 )

-	53
	( the data as of 31.12.2009 )

-	51
	( the data as of 29.02.2008 )

-	51
	( the data as of 31.12.2007 )

-	20
	( the data as of 2005 )

Export

Lithuania, Estonia, Iceland, Romania, Bulgaria, Canada
2010 - 72% of turnover

Import

China Peoples Republic, Indonesia, United Kingdom, Poland, Germany, Netherlands, Lithuania, Bulgaria

Branches

	none

Subsidiaries and Participation

n/a

Bankers

-	SWEDBANKA AS (Latvia)
	address	:	Riga, Rigas region, Latvia
	account(s)	:	LV03HABA0551009413037

Clients

Information from the company's website: At present, we serve 39 shops in the following five countries from the logistics centre “Berģi”: Latvia, Lithuania, Estonia, Romania and Bulgaria. In 2009, we launched regular supplies to clients in Ukraine and Iceland.

Jysk (LV, BG, LT, EE, RO), the Pier (LV), Rumfata Lagerinn Terms offerred to the suppliers: 2-3-weeks respite for clients-related companies.

Suppliers

BIK (Iceland) Terms of the suppliers: Chineese suppliers operate only by prepayment terms, European suppliers provide 30-60-days repspite.

Other associated Companies

Jysk (LV, BG, LT, EE, RO)

Litigation

none

/source: Latvian Court DB/

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

Remarks on payment

none

/sources: local debt collection companies/

No current records on defaulted payments are reported by local debt collection companies.

Business mortgages

- 13.02.2014

Commercial pledge
	pledgee	:	Swedbank, AS (Latvia)

- 22.11.2012

Commercial pledge
	pledgee	:	Swedbank, AS (Latvia)

( the data as of 26.03.2013 )

- 23.07.2008

Commercial pledge
	pledgee	:	HANSABANKA AS (Latvia)

( the data as of 26.03.2013 )

- 25.08.2005

Commercial pledge
	pledgee	:	JYSK LINNEN'N FURNITURE, SIA (Latvia)

( the data as of 26.03.2013 )

Financial Elements

Period, months	12	12	12
Ended	28.02.2012	28.02.2011	28.02.2010
Currency	LVL	LVL	LVL

===== BALANCE SHEET ====================

--- A S S E T S --------------------

NON-CURRENT ASSETS
- Intangible assets	50 818.00	75 833.00	106 263.00
- Fixed assets	962 168.00	1 165 172.00	1 461 383.00
- Investments in tangible assets
- Financial assets	0.00	198 337.00	0.00
- Other non-current assets
Non-current assets total	1 012 986.00	1 439 342.00	1 567 646.00

CURRENT ASSETS
- Stock	10 885 664.00	8 606 362.00	9 654 176.00
- Debtors	8 825 982.00	7 745 364.00	4 903 778.00
- Other receivables
- Short-term financial investments
- Cash	173 909.00	116 556.00	223 174.00
- Other current assets
Current assets total	19 885 555.00	16 468 282.00	14 781 128.00

Assets total	20 898 541.00	17 907 624.00	16 348 774.00

--- EQUITY AND LIABILITIES ---------

CAPITAL AND RESERVES
- Share capital	4 919 630.00	632 000.00	2 000.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	-318 164.00	-386 720.00	-415 924.00
Capital and reserves total	4 601 466.00	245 280.00	-413 924.00

Provisions

LONG-TERM LIABILITIES
- Loans and credits	0.00	3 862.00	7 207.00
- long-term amounts owed to banks
- Other long-term liabilities	5 047 145.00	7 910 808.00	8 132 013.00
Long-term liabilities total	5 047 145.00	7 914 670.00	8 139 220.00

SHORT-TERM LIABILITIES
- Loans and credits	6 114 400.00	3 151 187.00	3 066 527.00
- short-term amounts owed to banks	6 110 823.00	3 148 128.00	3 061 245.00
- Creditors	5 040 373.00	6 543 768.00	5 527 897.00
- trade debts	602 318.00	814 768.00	1 048 427.00
- accrued payroll
- tax liabilities	20 621.00	229 379.00	40 884.00
- other creditors	4 417 434.00	5 499 621.00	4 438 586.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges	95 157.00	52 719.00	29 054.00
- Other short-term liabilities
Short-term liabilities total	11 249 930.00	9 747 674.00	8 623 478.00

Liabilities total	16 297 075.00	17 662 344.00	16 762 698.00
Equity and liabilities total	20 898 541.00	17 907 624.00	16 348 774.00

===== PROFIT AND LOSS ACCOUNT ==========

ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	30 936 397.00	31 381 856.00	25 592 189.00
Cost of goods sold	27 136 170.00	27 225 083.00	20 778 919.00
Gross profit	3 800 227.00	4 156 773.00	4 813 270.00
Distribution costs	2 580 070.00	2 494 173.00	3 290 683.00
Administrative and management costs	300 886.00	376 654.00	602 497.00
Profit on sales

OPERATING INCOME AND CHARGES
Interest receivable	26 842.00	13 427.00	20 134.00
Interest payable	841 073.00	1 277 798.00	696 113.00
Income from participating interests
Other operating income	130 268.00	144 429.00	51 833.00
Other operating charges	45 150.00	27 021.00	48 878.00
Operating profit

INVESTMENT INCOME AND CHARGES
Investment income less charges

Profit before taxation	190 158.00	138 983.00	247 066.00
Income-tax and other similar payments	121 602.00	109 779.00	47 004.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	68 556.00	29 204.00	200 062.00


- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.61	0.44	0.97
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	4.13	56.66	-59.69
Profit before taxation / Equity
Current assets turnover	1.56	1.91	1.73
Net sales / Current assets
Working capital	8 635 625.00	6 720 608.00	6 157 650.00
Current assets - Short-term liabilities
Leverage	0.22	0.01	-0.03
Equity / Total assets
Current ratio	1.77	1.69	1.71
Current assets / Short-term liabilities
Quick ratio	0.80	0.81	0.59
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	3.54	72.01	-40.50
Total liabilities / Equity

FINAL COMMENTS

We had sent the formal letter to company's management by email, however there was no answer received. We called company's office, contact person informed us that person, who is authorised to provide information about the company - Mrs Edite Skrastina is out of office. Contact person promised to pass our inquiry to Mrs Edite Skrastina. If we get any additional information, we will add it to the report.

Capital History

- 27.02.2012

4 919 630 LVL (registered)

( the data as of 27.02.2012, cancelled since 08.02.2013 )

- 19.08.2010

632 000 LVL (registered)

( the data as of 19.08.2010, cancelled since 27.02.2012 )

- 14.03.2005

2 000 LVL (registered)

( the data as of 14.03.2005, cancelled since 19.08.2010 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	28.02.2012	28.02.2011	28.02.2010
Currency	LVL	LVL	LVL

PROFIT AND LOSS ACCOUNT

010 Net turnover	30 936 397.00
020 Cost of sales	-27 136 170.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	3 800 227.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-2 580 070.00
050 Administrative expenses	-300 886.00
060 Other operating income	130 268.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-45 150.00
070 Income from participating interests

080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	26 842.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-841 073.00
120 Profit or loss on ordinary activities before taxation	190 158.00

130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	190 158.00
160 Income-tax for fiscal period	-121 602.00
170 Other taxes
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	68 556.00
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.	50 818.00

021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	50 818.00

Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	14 449.00
070 Plant and machinery	888 156.00
080 Other fixtures and fittings, tools and equipment	59 563.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	962 168.00

III Investment property, total

107 Total biological assets

Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries	0.00
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
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	0.00
200 NON-CURRENT ASSETS TOTAL	1 012 986.00

CURRENT ASSETS

Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	8 501 276.00
240 Orders outstanding	2 239 566.00
250 Payments on account	144 822.00
260 Working and productive animals
270 Total stock	10 885 664.00

275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE

Debtors
280 Trade debtors
290 Amounts owed by subsidiaries	8 786 332.00
300 Amounts owed by related companies
310 Other debts	14 590.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	25 060.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	8 825 982.00

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)	173 909.00
410 CURRENT ASSETS TOTAL	19 885 555.00
420 BALANCE	20 898 541.00

L I A B I L I T I E S

CAPITAL AND RESERVES

430 Share capital	4 919 630.00
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	-386 720.00
520 Profit or loss for the current year	68 556.00
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	4 601 466.00

PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
570 PROVISIONS TOTAL

CREDITORS

Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans	0.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries	4 926 827.00
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	120 318.00
640 Total long-term liabilities	5 047 145.00

Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	6 110 823.00
671 Other loans	3 577.00
680 Advanced payments received
690 Trade debts	602 318.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	4 394 871.00
720 Amounts owed to related companies
730 Taxes and social security payments	20 621.00
740 Other creditors	22 563.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	95 157.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	11 249 930.00
790 CREDITORS TOTAL	16 297 075.00
800 BALANCE	20 898 541.00
990 Employees number

- 28.02.2011

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

PROFIT AND LOSS ACCOUNT

010 Net turnover	31 381 856.00
020 Cost of sales	-27 225 083.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	4 156 773.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-2 494 173.00
050 Administrative expenses	-376 654.00
060 Other operating income	144 429.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-27 021.00
070 Income from participating interests

080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	13 427.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-1 277 798.00
120 Profit or loss on ordinary activities before taxation	138 983.00

130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	138 983.00
160 Income-tax for fiscal period	-109 779.00
170 Other taxes
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	29 204.00
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.	75 833.00

021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	75 833.00

Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	2 475.00
070 Plant and machinery	1 065 595.00
080 Other fixtures and fittings, tools and equipment	97 102.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	1 165 172.00

III Investment property, total

107 Total biological assets

Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries	198 337.00
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
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	198 337.00
200 NON-CURRENT ASSETS TOTAL	1 439 342.00

CURRENT ASSETS

Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	5 901 796.00
240 Orders outstanding	2 623 805.00
250 Payments on account	80 761.00
260 Working and productive animals
270 Total stock	8 606 362.00

275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE

Debtors
280 Trade debtors
290 Amounts owed by subsidiaries	7 619 630.00
300 Amounts owed by related companies
310 Other debts	97 558.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	28 176.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	7 745 364.00

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)	116 556.00
410 CURRENT ASSETS TOTAL	16 468 282.00
420 BALANCE	17 907 624.00

L I A B I L I T I E S

CAPITAL AND RESERVES

430 Share capital	632 000.00
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	-415 924.00
520 Profit or loss for the current year	29 204.00
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	245 280.00

PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
570 PROVISIONS TOTAL

CREDITORS

Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans	3 862.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries	7 790 490.00
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	120 318.00
640 Total long-term liabilities	7 914 670.00

Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	3 148 128.00
671 Other loans	3 059.00
680 Advanced payments received
690 Trade debts	814 768.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	5 482 050.00
720 Amounts owed to related companies
730 Taxes and social security payments	229 379.00
740 Other creditors	17 571.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	52 719.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	9 747 674.00
790 CREDITORS TOTAL	17 662 344.00
800 BALANCE	17 907 624.00
990 Employees number

- 28.02.2010

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

PROFIT AND LOSS ACCOUNT

010 Net turnover	25 592 189.00
020 Cost of sales	-20 778 919.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	4 813 270.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-3 290 683.00
050 Administrative expenses	-602 497.00
060 Other operating income	51 833.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-48 878.00
070 Income from participating interests

080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	20 134.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-696 113.00
120 Profit or loss on ordinary activities before taxation	247 066.00

130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	247 066.00
160 Income-tax for fiscal period	-47 004.00
170 Other taxes
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	200 062.00
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.	106 263.00

021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	106 263.00

Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	3 504.00
070 Plant and machinery	1 280 840.00
080 Other fixtures and fittings, tools and equipment	177 039.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	1 461 383.00

III Investment property, total

107 Total biological assets

Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries	0.00
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
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	0.00
200 NON-CURRENT ASSETS TOTAL	1 567 646.00

CURRENT ASSETS

Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	7 190 665.00
240 Orders outstanding	2 342 778.00
250 Payments on account	120 733.00
260 Working and productive animals
270 Total stock	9 654 176.00

275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE

Debtors
280 Trade debtors
290 Amounts owed by subsidiaries	4 823 531.00
300 Amounts owed by related companies
310 Other debts	59 176.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	21 071.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	4 903 778.00

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)	223 174.00
410 CURRENT ASSETS TOTAL	14 781 128.00
420 BALANCE	16 348 774.00

L I A B I L I T I E S

CAPITAL AND RESERVES

430 Share capital	2 000.00
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	-615 986.00
520 Profit or loss for the current year	200 062.00
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	-413 924.00

PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
570 PROVISIONS TOTAL

CREDITORS

Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans	7 207.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries	8 001 331.00
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	130 682.00
640 Total long-term liabilities	8 139 220.00

Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	3 061 245.00
671 Other loans	5 282.00
680 Advanced payments received
690 Trade debts	1 048 427.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	4 404 872.00
720 Amounts owed to related companies
730 Taxes and social security payments	40 884.00
740 Other creditors	33 714.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	29 054.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	8 623 478.00
790 CREDITORS TOTAL	16 762 698.00
800 BALANCE	16 348 774.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.50
UK Pound	1	Rs.101.69
Euro	1	Rs.83.62

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NNA

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.