MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	INOROGUL IMPEX SRL
Registered Office :	Vergului 8, 022448 Bucuresti Sector 2
Country :	Romania
Financials (as on) :	30.06.2014
Date of Incorporation :	22.11.1994
Com. Reg. No.:	J40/21006/1994
Legal Form :	Private Limited Company
Line of Business :	Wholesale of meat and meat products
No of Employees :	238

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Romania	B1	B1

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

ROMANIA ECONOMIC OVERVIEW

Romania, which joined the EU 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 due 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. As a result of the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. GDP contracted from 2009 to 2011. 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. In September 2013, the Romanian authorities and the IMF/EU agreed to a follow-on stand-by agreement, worth $5.4 billion, to continue with reforms, although Bucharest announced that it does not intend to draw funds under the agreement. Economic growth accelerated in 2013, driven by strong industrial exports and an excellent agricultural harvest; in December 2013 inflation dropped to a historical low annual rate of 1.6%; and the current account deficit was reduced substantially. Yet, progress on structural reforms is uneven and the economy still is vulnerable to shocks.

Source : CIA

Company identification

INOROGUL IMPEXSRL	Telephone	+40 21 2551628
		+40 21 2553828
		+40 31 4055791
Vergului 8	Fax	+40 21 2553561
022448 Bucuresti Sector 2	E-mail	inorogul@inorogul.ro
Romania	WEB	www.inorogul.ro

Crefo No.	3600	Registration No.	J40/21006/1994
Tax No.	RO 6476349	Status	Active

Economic situation

Business connection Business connections are not denied (41)

Payment behaviour So far no complaints ,recently occasional reminders (33)

Basic information

Legal form

Private Limited Company

Registration and changes

Established on 22.11.1994 as Inorogul Impex Srl Private Limited Company

Owners and Capital

Name / Address / Nationality	From	Share
Monceanu Emilian (birth date 06/08/1949) BUCURESTI SECTORUL 2, Romania Romanian	21/11/1994	100,000000 %

Registered capital

Currency	Value
RON	1.518.070

Management

Name / Address / Status	Since	Position
Monceanu Emilian (birth date 06/08/1949) BUCURESTI SECTORUL 2 Romania	21/11/1994	Administrator

Subsidiaries

Connections

Through	Name / Address	Position	Share
Monceanu Emilian
RO 324643	NIMB PIPERA SA	administrator and shareholder	98,58228000%

Business activities

Main activity	Nace
Wholesale of meat and meat products	4632

Legal office and working spaces at the above mentioned address.

Economic data

Turnover and Employees

Date	Turnover	Employees
30.06.2014	24.550.889 RON	238
31.12.2013	58.413.137 RON	201
31.12.2012	69.710.735 RON	187
31.12.2011	81.435.112 RON	160
31.12.2010	71.530.543 RON	150
31.12.2009	54.198.762 RON	158
31.12.2008	47.299.424 RON	124
31.12.2007	31.979.211 RON	65
31.12.2006	27.816.766 RON	67
31.12.2005	20.697.244 RON	50
31.12.2004	14.612.304,6 RON	40
31.12.2003	11.235.861,1 RON	41
31.12.2002	8.012.444,5 RON	36
31.12.2001	5.693.339,5 RON	30
31.12.2000	2.848.842,7 RON

Properties

According to the Balance Sheet of 30.06.2014 date the company holds real estates with a book value of 2.401.179,00 RON, but we do not have any other details on the type and location of these assets.

Supplementary data

Banks

Financial Institution	Branch
Banca Romana de Dezvoltare Groupe Societe Generale	Bucuresti
Unicredit Tiriac Bank	Bucuresti

The subject is registered in the Electronic Archive for Secured Transactions, as having credits at:

- Banca Romana de Dezvoltare Groupe Societe Generale, Bucuresti

- Unicredit Tiriac Bank, Bucuresti

These credits are guaranteed with cash-flow and fixed assets.

If the company is asking for credits, for which the company has to present guarantees, these have to be first verified.

Main indices

Payment experience and credit opinion

Business connection	Business connections are not denied	(41)
Payment behaviour	So far no complaints ,recently occasional reminders	(33)

Negative events

According to the information registered at the Ministry of Finance the company has overdue debts in amount of 787.052,00 RON to the State (taxes not paid until 30.09.2014). For this debt the enforcement procedure has been started

There are no related to the subject at the Payment Incidents Bureau (CIP) in the period 10.12.2007 -10.12.2014.

There are no related to the subject company at the Insolvency Proceedings Bulletin. There are no records related to the subject company in our debt collection department.

Balances

Assets

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Incorporation expenses	r1	0	0	N/A
Development expenses	r2	0	0	N/A
Concession rights, patents, licences, trademarks, similar rights and assets and other intangible fixed assets	r3	44.542	20.075	N/A
Goodwill	r4	0	0	N/A
Down payments and intangible fixed assets in progress	r5	0	0	N/A
TOTAL INTANGIBLE FIXED ASSETS	r6	44.542	20.075	33.791
Land and buildings	r7	2.081.784	2.272.203	N/A
Technical installations and machines	r8	2.526.978	2.720.147	N/A
Other installations, machinery and furniture	r9	282.676	238.824	N/A
Down payments and tangible fixed assets in progress	r10	2.409.955	4.276.469	N/A
TOTAL TANGIBLE FIXED ASSETS	r11	7.301.393	9.507.643	10.775.514
Shares in subsidiaries	r12	0	0	N/A
Loans given to subsidiaries	r13	390.609	380.708	N/A
Participating interests	r14	0	0	N/A
Loans given to associates	r15	0	0	N/A
Other long term investments	r16	0	0	N/A
Other loans	r17	0	0	N/A
TOTAL CAPITAL ASSETS	r18	390.609	380.708	380.708
NON CURRENT ASSETS - TOTAL	r19	7.736.544	9.908.426	11.190.013

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Raw materials and consumables	r20	751.102	1.035.520	N/A
Work in progress	r21	0	0	N/A
Finished goods	r22	22.335.008	17.472.642	N/A
Down payments on inventory purchases	r23	1.109.525	1.020.580	N/A
TOTAL INVENTORIES	r24	24.195.635	19.528.742	21.291.671
Trade receivables	r25	21.760.496	22.894.770	N/A
Receivables from subsidiaries	r26	0	0	N/A
Receivables from entities in respect of participating interests	r27	0	0	N/A
Other receivables	r28	489.324	924.213	N/A
Unpaid subscribed capital	r29	0	0	N/A
TOTAL RECEIVABLES	r30	22.249.820	23.818.983	20.475.612
Shares in subsidiaries	r31	0	0	N/A
Other short-term investments	r32	0	0	N/A
TOTAL SHORT-TERM INVESTMENTS	r33	0	0	0
PETTY CASH AND BANK ACCOUNTS	r34	835.726	471.585	156.835
CURRENT ASSETS - TOTAL	r35	47.281.181	43.819.310	41.924.118
PREPAID EXPENSES	r36	881.212	1.198.722	1.218.850
TOTAL ASSETS	r37	55.898.937	54.926.458	54.332.981

Liabilities

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Debenture loans	r38	0	0	N/A
Amounts payable to credit entities	r39	30.818.356	27.375.805	N/A
Down payments received on orders in progress	r40	331.134	281.495	N/A
Commercial debts - suppliers	r41	12.116.572	13.702.364	N/A
Commercial bills due	r42	0	0	N/A
Amounts payable to subsidiaries	r43	0	0	N/A
Amounts payable to associates in respect of participating interests	r44	0	0	N/A
Other debts, including fiscal debts and amounts payable to social security	r45	2.243.004	2.461.194	N/A
TOTAL SHORT-TERM DEBTS	r46	45.509.066	43.820.858	42.497.711
NET CURRENT ASSETS/NET CURRENT DEBTS	r47	2.653.327	1.197.174	645.257
TOTAL ASSETS MINUS CURRENT DEBTS	r48	10.389.871	11.105.600	11.835.270
Debenture loans	r49	0	0	N/A
Amounts payable to credit entities	r50	505.358	313.652	N/A
Down payments received on orders in progress	r51	0	0	N/A
Commercial debts - suppliers	r52	0	0	N/A
Commercial bills due	r53	0	0	N/A

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Amounts payable to subsidiaries	r54	0	0	N/A
Amounts payable to associates in respect of participating interests	r55	0	0	N/A
Other debts, including fiscal debts and amounts payable to social security	r56	0	0	N/A
TOTAL LONG-TERM DEBTS	r57	505.358	313.652	528.840
Provisions for pensions and other similar obligations	r58	0	0	N/A
Provisions for taxes	r59	0	0	N/A
Other provisions	r60	0	0	N/A
TOTAL DEBTS	r61	46.014.424	44.134.510	43.026.551
TOTAL PROVISIONS	r62	0	0	0
Grants for investments	r63	0	0	0
deferred income	r64	0	0	0
TOTAL DEFERRED INCOME	r65	0	0	0
Subscribed and paid capital	r66	1.518.072	1.518.072	1.518.072
Subscribed and unpaid capital	r67	0	0	0
Assets and liabilities (public sector companies)	r68	0	0	0
TOTAL SHARE CAPITAL	r69	1.518.072	1.518.072	1.518.072
CAPITAL PREMIUM	r70	0	0	0
REVALUATION RESERVES	r71	372.935	372.935	502.704
Legal reserves	r72	303.614	303.614	N/A
Statutory or contractual reserves	r73	0	0	N/A
Reserves representing the revaluation reserve surplus	r74	0	0	N/A
Other reserves	r75	1.046.000	1.046.000	N/A
TOTAL RESERVES	r76	1.349.614	1.349.614	1.349.614
Own shares	r77	0	0	0
Earnings associated to own capital instruments	r78	0	0	0
Losses associated to own capital instruments	r79	0	0	0
Reported profit or loss (e) Balance account C	r80	5.255.950	6.147.212	7.286.000
Reported profit or loss (e) Balance account D	r81	0	0	0
Profit or loss as per the financial year Balance account C	r82	1.387.942	1.404.115	650.040
Profit or loss as per the financial year Balance account D	r83	0	0	0
Profit distribution	r84	0	0	0
SHAREHOLDERS' EQUITY - TOTAL	r85	9.884.513	10.791.948	11.306.430
Public patrimony	r86	0	0	0
EQUITY-TOTAL	r87	9.884.513	10.791.948	11.306.430
TOTAL LIABILITIES	r88	55.898.937	54.926.458	54.332.981

Profit and Loss Account

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Net turnover	r89	69.710.735	58.413.137	24.550.889
Own work sold	r90	24.397.617	23.488.116	9.487.860
Income from the sale of goods	r91	45.313.118	35.185.851	15.195.517
Income from interests made by leasing	r92	0	0	0
Income from grants related to income corresponding to net turnover	r93	0	0	0
-------- Balance account C	r94	9.081.363	8.858.277	5.579.151
Balance account D	r95	0	0	0
Production made by the entity for its own purposes and capitalized	r96	1.082.545	958.274	0
Other operating income	r97	94.052	59.032	3.353
OPERATING INCOME - TOTAL	r98	79.968.695	68.288.720	30.133.393
Expenses on raw materials and consumables	r99	30.279.138	27.472.096	12.838.097
Other expenses supplies and materials	r100	606.948	158.957	78.362
Other outsourced expenses (electricity and water)	r101	379.048	628.952	383.955
Expenses on goods	r102	35.499.655	26.719.477	11.450.442
Expenses on personnel, of which:	r103	3.406.711	3.866.454	2.178.637
Salaries and benefits	r104	2.539.148	2.852.496	1.688.679
Insurance and social security costs	r105	867.563	1.013.958	489.958
Adjustments of the value of tangible and intangible fixed assets	r106	902.018	796.718	399.383
Expenses	r107	902.018	796.718	399.383
Income	r108	0	0	0
Adjustments of the value of current assets	r109	19.659	70.849	11.241
Expenses	r110	26.550	125.449	11.241
Income	r111	6.891	54.600	0
Other operating costs	r112	4.900.357	5.203.513	2.209.633
Expenses on third party services	r113	4.675.133	4.832.098	2.019.544
Expenses on other taxes, duties and similar charges	r114	79.062	86.842	103.496
Expenses on compensations, donations and assigned assets	r115	146.162	284.573	86.593
Expenses with refinancing interest rates of leasing entities	r116	0	0	0

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Adjustments of provisions	r117	52.046	474	-70.103
Expenses	r118	52.046	474	0
income	r119	0	0	70.103
OPERATING EXPENSES - TOTAL	r120	76.045.580	64.756.809	29.465.192
- Profit	r121	3.923.115	3.531.911	668.201
- Loss	r122	0	0	0
Income from participating interests, of which:	r123	0	0	0
income obtained from subsidiaries	r124	0	0	0
Income from other financial investments and loans which are part of intangible fixed assets (acc. 763), of which:	r125	0	0	0
income obtained from subsidiaries	r126	0	0	0
Income from interest rates, of which:	r127	16.162	1.300	15
income obtained from subsidiaries	r128	0	0	0
Other financial income	r129	2.845.936	2.803.527	1.078.780
FINANCIAL INCOME - TOTAL	r130	2.862.098	2.804.827	1.078.795
Value adjustments in respect of capital assets and investments as current assets	r131	0	0	0
Expenses	r132	0	0	0
income	r133	0	0	0
Interest expenses	r134	1.312.298	1.131.046	465.197
of which, expenses in respect of subsidiaries	r135	0	0	0
Other financial expenses	r136	3.820.340	3.467.837	486.039
FINANCIAL EXPENSES - TOTAL	r137	5.132.638	4.598.883	951.236
- Financial profit	r138	0	0	127.559
- Financial loss	r139	2.270.540	1.794.056	0
- Current profit	r140	1.652.575	1.737.855	795.760

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
- Current loss	r141	0	0	0
Extraordinary income	r142	0	0	0
Extraordinary expenses	r143	0	0	0
- Extraordinary profit	r144	0	0	0
- Extraordinary loss	r145	0	0	0
TOTAL INCOME	r146	82.830.793	71.093.547	31.212.188
TOTAL EXPENSES	r147	81.178.218	69.355.692	30.416.428
- Gross profit	r148	1.652.575	1.737.855	795.760
- Gross loss	r149	0	0	0
Income tax	r150	264.633	333.740	145.720
Other taxes which are not recorded above	r151	0	0	0
- Net profit	r152	1.387.942	1.404.115	650.040
- Net loss	r153	0	0	0
Net result	r154	1.387.942	1.404.115	650.040

Additional information

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Outstanding payments-total, of which: - TOTAL	r155	0	0	0
Accounts payable outstanding- total, of which: - TOTAL	r156	0	0	0
over 30 days - TOTAL	r157	0	0	0
over 90 days - TOTAL	r158	0	0	0
over 1 year - TOTAL	r159	0	0	0
Outstanding payments to social security- total, of which: - TOTAL	r160	0	0	0
contributions to social security payable by employers, employees and other assimilated entities - TOTAL	r161	0	0	0

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
contributions to the social health insurance fund - TOTAL	r162	0	0	0
contribution to the additional state pension system - TOTAL	r163	0	0	0
contributions to the unemployment fund - TOTAL	r164	0	0	0
other social liabilities - TOTAL	r165	0	0	0
Payments due to special funds and other funds - TOTAL	r166	0	0	0
Payments due to other creditors - TOTAL	r167	0	0	0
Taxes and fees unpaid to the public budget on the date due - TOTAL	r168	0	0	0
Taxes and fees unpaid to the local budget on the date due - TOTAL	r169	0	0	0
Bank credits which were not reimbursed on the date due - total, of which: - TOTAL	r170	0	0	0
back payments after 30 days - TOTAL	r171	0	0	0
back payments after 90 days - TOTAL	r172	0	0	0
back payments after 1 year - TOTAL	r173	0	0	0
Past due interest - TOTAL	r174	0	0	0
Average number of employees	r175	187	201	238

Specific tangible fixed assets

Name	Ref.	31/12/2012 RON LONG	31/12/2013 RON LONG	30/06/2014 RON LONG
Lands	r176	922.231	1.157.367	N/A
Buildings	r177	1.243.812	1.243.812	N/A
Technical installations and machines	r178	7.880.183	8.732.028	N/A
Amortization	r179	N/A	N/A	N/A

Financial Ratios

Name	Ref.	31/12/2012	31/12/2013	30/06/2014
Debt Ratio	R1	0,82	0,80	0,79
Quick ratio	R2	0,51	0,55	0,49

Name	Ref.	31/12/2012	31/12/2013	30/06/2014
Current ratio	R3	1,04	1,00	0,99
Solvency ratio	R4	0,05	0,03	0,05
Return on sales ( ROS )	R5	0,02	0,02	0,03
Return on assets ( ROA )	R6	0,02	0,03	0,01
Return on equity ( ROE )	R7	0,14	0,13	0,06
Operating margin, in (%)	R8	0,06	0,06	0,03
Days supply in inventory	R9	126,69	122,03	316,55
Days sales in receivables	R10	116,50	148,84	304,41
Days purchase in payables	R11	238,28	273,82	631,82
SALES TO TOTAL ASSETS	R12	1,25	1,06	0,45
OPERATING RESULT/TOTAL ASSETS	R13	0,07	0,06	0,01
CASH RATIO	R14	0,02	0,01	0,00
Equity as % of total assets	R15	17,68	19,65	20,81
Fixed assets as % of total assets	R16	13,84	18,04	20,60
Receivables as % of current assets	R17	47,06	54,36	48,84
Net working capital	R18	1772115,00	-1548,00	-573593,00

Exchange rate

31/12/2012

USD 1,-= RON 3,47

EUR 1,-= RON 4,46

31/12/2013

USD 1,-= RON 3,33

EUR 1,-= RON 4,42

30/06/2014

USD 1,-= RON 3,26

EUR 1,-= RON 4,46

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.44
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.38

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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.