MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	VICHIUNAI NORDIC AKTSIASELTS
Registered Office :	Rohuneeme Road 68, Viimsi Borough, Viimsi Parish, Harju County, 74001
Country :	Estonia
Financials (as on) :	31.12.2013
Date of Incorporation :	20.11.2000
Com. Reg. No.:	10711104
Legal Form :	Public Limited Company
Line of Business :	· Engaged in Wholesale of other food, including fish, crustaceans and molluscs Engaged in Renting and leasing of cars and light motor vehicles
No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Estonia	B1	B1

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

Estonia ECONOMIC OVERVIEW

Estonia, a member of the European Union and the eurozone since 2004, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Russia, and Germany. Estonia's economy fell into recession in mid-2008, as a result of an investment and consumption slump following the bursting of the real estate market bubble and a decrease in export demand as result of economic slowdown in the rest of Europe, but the economy has recovered strongly in the last five years. Growth was expected to top 2% in 2014, before the events in Ukraine. Estonia adopted the euro on 1 January 2011

Source : CIA

Identification

Full Name

:

Vichiunai Nordic Aktsiaselts

Name in English

:

Vichiunai Nordic PLC

Name in national language

:

Vichiunai Nordic AS

Previous Names

:

-	Vichiunai Nordic Osauhing
-	UK Pagar Osauhing
-	Meelis Kaup konsultatsioonid Osauhing

Office Address

:

Rohuneeme road 68, Viimsi borough, Viimsi parish, Harju county, 74001, Estonia

Legal Address

:

Rohuneeme road 68, Viimsi borough, Viimsi parish, Harju county, 74001, Estonia

Contacts

:

-	Phone	:	(+372) 6508200
-	Fax	:	(+372) 6508257
-	E-mail	:	esva@vici.eu ; tomas.skierus@vici.eu

Company SUMMARY

Legal Form : AS (Public limited company by Estonian Commercial Law)

Incorporation : 2000

Staff : 0

Litigation events : none Remarks on payments : Slow but Correct

Sales :	1 479 848.00 EUR ( for 12 months, ended 31.12.2013 )
	2 800 399.00 EUR ( for 12 months, ended 31.12.2012 )

Incorporation

:

2000

Registration Data

Date of registration

:

20.11.2000

Registration number

:

10711104

Registr. authority

:

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

Date of registration

:

01.06.2001

VAT number

:

EE100690941

Registr. authority

:

Estonian Tax and Customs Board (Harju county, Estonia)

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

Legal Form

:

AS (Public limited company by Estonian Commercial Law)

since 28.10.2005

Public Limited company (PLC) is a company with a share capital divided into shares. The company is liable for its obligations with all its assets. The minimum sharecapital must be at least 400,000.00 EEK (25,564.00 EUR).

Share Capital

:

376 008 EUR (registered)

since 27.03.2012

Shareholders

:

-	Viciunu grupe (Lithuania)				100.00 %
		share's book value	:	376 008 EUR
		reg. number	:	303211678
		address	:	V.Kreves ave. 97, Kaunas, LT - 50369, Lithuania

The information system of the Commercial Register presents data about the shareholders of public limited companies holding more than 10% of the votes determined by shares. The data about shareholders in the information system of the Commercial Register has an informative meaning. The data of the Estonian Central Register of Securities has legal power on the basis of the Estonian Central Register of Securities Act.

Board / Executives

Board

Member of the Supervisory Board

:

Mrs Andriuskaite, Birute (Lithuania)

Date of birth: 28.04.1952

Supervisory Board Member

:

Mr Matijosaitis, Visvaldas (Estonia)
	address: Kaunas, Lithuania

Date of birth: 14.04.1957

Supervisory Board Member

:

Mr Skierus, Liudas (Estonia)
	address: Plunge, Telsiai region, Plunge district municipality, Lithuania

Executives

Board Member

:

Mr Razma, Algirdas (Estonia)

Board Member

:

Mr Skierus, Tomas (Estonia)
	address: Lithuania

E-mail: tomas.skierus@vici.eu The member of the management board: Until 02.10.2012* * The data about the duration of mandate in the information system of the Commercial Register has an informative meaning. If the data does not indicate the duration of mandate, the Board member is elected indefinitely. Currently related in Estonia to the following companies: 1 Aktsiaselts Vichiunai Nordic (10711104) (Active)

Board Member

:

Valiunas, Rolandas (Lithuania)

Date of birth: 26.08.1960 The member of the management board: Until 18.04.2011* * The data about the duration of mandate in the information system of the Commercial Register has an informative meaning. If the data does not indicate the duration of mandate, the Board member is elected indefinitely. Currently related in Estonia to the following companies: 1 AKTSIASELTS PALJASSAARE KALATÖÖSTUS (10144384) (Active) 2 Aktsiaselts Vichiunai Nordic (10711104) (Active)

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

Authorised signature

:

Mr Razma, Algirdas

Mr Skierus, Tomas

Valiunas, Rolandas

Changes in Registration Data

- 14.06.2013

:

managers

- 01.04.2012

:

shareholders

SWEDBANK AB CLIENTS (Lithuania, 112029651)

- 24.11.2011

:

activities

principal activity: Wholesale of fish, crustaceans and fish products NACE code: 46.38

- 01.04.2009

:

shareholders

Company: HANSABANKAS CLIENTS (Lithuania, 1202214)

- 19.05.2008

:

managers, authorised signature

Mr Leppik, Mauno (Estonia, 36505315729 )

- 28.10.2005

:

name

OÜ Vichiunai Nordic

- 28.10.2005

:

legal form

Private limited company

- 18.04.2005

:

managers, authorised signature

Mr Karno, Urmas (Estonia, 36607310245 )

- 16.03.2005

:

name, legal address

Osaühing UK Pagar Ehte 9, Tallinn, 10318

- 12.06.2003

:

legal address

Kotzebue 1, Tallinn, 10412

- 07.02.2001

:

managers, authorised signature

Mr Kaup, Meelis (Estonia, 35605286519 )

- 07.02.2001

:

name, legal address

OÜ Meelis Kaup konsultatsioonid Oismae road 38-66, Tallinn, 13512

Activities

:

-	5146	Fish and seafoods
		(5138 / NACE_1.1: Wholesale of other food, including fish, crustaceans and molluscs)
		(4638 / NACE_2: Wholesale of other food, including fish, crustaceans and molluscs)

Principal activity: Wholesale of other food, including fish, crustaceans and molluscs NACE code: 46.38 Additional activities: Renting and leasing of cars and light motor vehicles

Staff employed

:

0

( the data as of 31.12.2013 )

Note: Estonian Labour Legislation allows not to have salaried employees. The member of the Board could be listed as non-salaried personnell.

Staff History

:

-	0
	( the data as of 31.12.2011 )
-	0
	( the data as of 31.12.2010 )
-	0
	( the data as of 31.12.2009 )
-	0
	( the data as of 31.12.2008 )
-	66
	( the data as of 31.12.2007 )
-	76
	( the data as of 31.12.2006 )

Export

- 31.12.2013

:

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

1 479 848.00

- 31.12.2011

:

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

11 009 904.00

Lithuania, Russian Federation, World-wide
Export share: 100%

- 31.12.2010

:

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

12 575 012.00

Lithuania, Russian Federation
Export share: 99.99%

- 31.12.2009

:

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

169 222 106.00

Lithuania, Russian Federation
Export share in 2009 year: 99.99%

Facilities

Real estate

:

According to Estonian Land Register, company required has 1 real estate object: - Harjumaa, Viimsi vald, Pringi küla, Makrilli (Production 100%; 19592 m2)

Branches

:

none

According to official sources and our evaluation, the company required has no branches.

According to official sources and our evaluation, the company required has no branches.

Subsidiaries and Participation

:

none

According to official sources and our evaluation, the company required has no subsidiaries.

Bankers

:

n/a

Clients

:

-	Paljassaare Kalatoostus (Estonia)
	address	:	Paljassaare tee 30, Tallinn, Harju county, 10313, Estonia
	reg. number	:	10144384

Vichiunai Nordic AS supplies other group companies with raw material.

Litigation

:

none

There are no warnings recorded by the State Register. There are no registered legal actions against company required.

Remarks on payment

:

yes

- 11.02.2007

:

Local databases (confirmed)				320.00 EUR [E]
	payment status	:	complete

Creditor: CREDITREFORM EESTI OÜ returned

( the data as of 11.02.2007, cancelled since 06.12.2007 )

- 16.03.2006

:

Local databases (confirmed)				515 595.00 EUR [E]
	payment status	:	complete

Sector: leasing

( the data as of 16.03.2006, cancelled since 31.10.2007 )

History of debts to Estonian government: 01.02.2012 / 816 EUR Debts to Estonian government: No current tax debts. Previously, company had tax debts. See information above. Other debts: Yes. 1 debt registered, it is paid off .databases: No current are reported on the company required.

Business mortgages

:

none

According to official sources and our evaluation, the company required has no commercial pledges.

Financial data

Financial Elements

:

Exchange rate: 1 EUR = 15.6466 EEK

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	9 358 494.00	252 452.00	166 067.00
- Investments in tangible assets	990 000.00	951 000.00	903 000.00
- Financial assets	492 354.00	11 089 637.00	318 582.00
- Other non-current assets
Non-current assets total	10 840 848.00	12 293 089.00	1 387 649.00
CURRENT ASSETS
- Stock		96 660.00	0.00
- Debtors	26 395 935.00	16 197 034.00	12 628 527.00
- Other receivables
- Short-term financial investments
- Cash	26 770.00	315 383.00	52 674.00
- Other current assets
Current assets total	26 422 705.00	16 609 077.00	12 681 201.00
Assets total	37 263 553.00	28 902 166.00	14 068 850.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	376 008.00	376 008.00	400 522.00
- Additional capital
- Other capital
- Reserve capital	40 052.00	40 052.00	40 052.00
- Retained earnings (Non-covered loss)	8 659 363.00	8 456 147.00	7 840 815.00
Capital and reserves total	9 075 423.00	8 872 207.00	8 281 389.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	155 512.00	190 602.00	123 252.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	155 512.00	190 602.00	123 252.00
SHORT-TERM LIABILITIES
- Loans and credits	21 663 386.00	14 365 345.00	2 428 756.00
- short-term amounts owed to banks
- Creditors	6 369 232.00	5 474 012.00	3 235 453.00
- trade debts	8 971.00	233 073.00
- accrued payroll
- tax liabilities	1 090.00	769.00
- other creditors		322 926.00
- advances received	6 359 171.00	4 917 244.00
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	28 032 618.00	19 839 357.00	5 664 209.00
Liabilities total	28 188 130.00	20 029 959.00	5 787 461.00
Equity and liabilities total	37 263 553.00	28 902 166.00	14 068 850.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 479 848.00	2 800 399.00	11 009 904.00
Cost of goods sold	1 271 287.00	2 209 626.00	-7 893 004.00
Gross profit
Distribution costs
Administrative and management costs	429 791.00	169 843.00	-78 958.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	502 496.00	48 918.00	57 189.00
Other operating charges	2 000.00	292 099.00	-96 904.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-76 050.00	413 069.00	641 954.00
Profit before taxation	203 216.00	590 818.00	3 640 181.00
Income-tax and other similar payments
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	203 216.00	590 818.00	3 640 181.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	13.73	21.10	33.06
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	2.24	6.66	43.96
Profit before taxation / Equity
Current assets turnover	0.06	0.17	0.87
Net sales / Current assets
Working capital	-1 609 913.00	-3 230 280.00	7 016 992.00
Current assets - Short-term liabilities
Leverage	0.24	0.31	0.59
Equity / Total assets
Current ratio	0.94	0.84	2.24
Current assets / Short-term liabilities
Quick ratio		0.83	2.24
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	3.11	2.26	0.70
Total liabilities / Equity

Publications

:

No publications in mass-media regarding company required.

FINAL COMMENTS

The information given in this report was received from all accessible sources. We called by the tel. number: +372 6508200, on 05.12.2014. We did not manage to speak to the top management personally. The person contacted told us that nobody of authorised persons were available for us when we called. We sent our questionnaire form to the company by an email: esva@vici.eu If further information is received, we will update the report.

Legal Form History

- 20.11.2000

:

OU (Limited Liability Company by Estonian Commercial Law)

( the data as of 20.11.2000, cancelled since 28.10.2005 )

Capital History

- 30.12.2008

:

6 266 800 EEK (registered)

( the data as of 30.12.2008, cancelled since 27.03.2012 )

- 28.10.2005

:

31 334 000 EEK (registered)

( the data as of 28.10.2005, cancelled since 30.12.2008 )

- 20.11.2000

:

40 000 EEK (registered)

( the data as of 20.11.2000, cancelled since 28.10.2005 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	EUR	EUR	EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	26 770.00	315 383.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	719 001.00	462 416.00
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	25 676 934.00	15 734 618.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	26 395 935.00	16 197 034.00
4. INVENTORIES
4.1 Raw materials		96 660.00
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL		96 660.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	26 422 705.00	16 609 077.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities	492 354.00	492 354.00
7.4 Long-term accounts receivable		10 597 283.00
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	492 354.00	11 089 637.00
8. INVESTMENT PROPERTIES	990 000.00	951 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment	358 971.00	348 117.00
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for	9 156 138.00
tangible assets
9.6. Accumulated depreciation (-)	156 615.00	95 665.00
9. TANGIBLE ASSETS TOTAL	9 358 494.00	252 452.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	10 840 848.00	12 293 089.00
TOTAL ASSETS	37 263 553.00	28 902 166.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	21 663 386.00	14 365 345.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	21 663 386.00	14 365 345.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	8 971.00	233 073.00
13.2. Employee-related liabilities
13.3. Taxes payable	1 090.00	769.00
13.4. Other debts		322 926.00
13.5. Prepayments received	6 359 171.00	4 917 244.00
13. DEBTS AND PAYABLES TOTAL	6 369 232.00	5 474 012.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	28 032 618.00	19 839 357.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	155 512.00	190 602.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	155 512.00	190 602.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	155 512.00	190 602.00
LIABILITIES TOTAL	28 188 130.00	20 029 959.00
20. SHARE CAPITAL	376 008.00	376 008.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	40 052.00	40 052.00
25. Other reserves
26. RETAINED EARNINGS	8 456 147.00	7 865 329.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	203 216.00	590 818.00
EQUITY TOTAL	9 075 423.00	8 872 207.00
EQUITY AND LIABILITIES TOTAL	37 263 553.00	28 902 166.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1
2. Other income
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services
8. Other operating expenses
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL
10. Depreciation and impairment of fixed assets
11. Other expenses
1. NET SALES format 2	1 479 848.00	2 800 399.00
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales	1 271 287.00	2 209 626.00
GROSS PROFIT (LOSS)		590 773.00
5. Marketing expenses
6. Administration and general expenses	429 791.00	169 843.00
7. Other income	502 496.00	48 918.00
8. Other expenses	2 000.00	292 099.00
OPERATING PROFIT (LOSS)	279 266.00	177 749.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term	565 137.00	632 159.00
financial investments
12.d. Interest expense	641 187.00	219 090.00
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-76 050.00	413 069.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	203 216.00	590 818.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	203 216.00	590 818.00

- 31.12.2011

:

Fiscal period: 12 month(s), currency: EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	52 674.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	12 628 527.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	0.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	12 681 201.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	318 582.00
8. INVESTMENT PROPERTIES	903 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	166 067.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	1 387 649.00
TOTAL ASSETS	14 068 850.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	2 428 756.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	3 235 453.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	5 664 209.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	123 252.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	123 252.00
LIABILITIES TOTAL	5 787 461.00
20. SHARE CAPITAL	400 522.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	40 052.00
25. Other reserves
26. RETAINED EARNINGS	4 200 634.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	3 640 181.00
EQUITY TOTAL	8 281 389.00
EQUITY AND LIABILITIES TOTAL	14 068 850.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1
2. Other income
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services
8. Other operating expenses
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL
10. Depreciation and impairment of fixed assets
11. Other expenses
1. NET SALES format 2	11 009 904.00
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales	-7 893 004.00
GROSS PROFIT (LOSS)	3 116 900.00
5. Marketing expenses
6. Administration and general expenses	-78 958.00
7. Other income	57 189.00
8. Other expenses	-96 904.00
OPERATING PROFIT (LOSS)	2 998 227.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	641 954.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	3 640 181.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	3 640 181.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.