MIRA INFORM REPORT

Report Date :

27.02.2014

IDENTIFICATION DETAILS

Name :	LIN OAK
Registered Office :	Granita iela 7, Riga, Rigas region, LV-1057
Country :	Latvia
Financials (as on) :	31.12.2012
Date of Incorporation :	14.01.2009
Com. Reg. No.:	40103210009
Legal Form :	Limited Company
Line of Business :	Agents involved in the sale of furniture, household goods, hardware and ironmongery
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	3 000 EUR
Status :	Moderate
Payment Behaviour :	No complaints
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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Latvia	B2	B2

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

LATVIA - ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency''s peg to the euro in exchange for the government''s commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The government of Prime Minister Valdis DOMBROVSKIS remained committed to fiscal prudence and reducing the fiscal deficit from 7.7% of GDP in 2010, to 2.7% of GDP in 2012. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia intends to join the euro zone in 2014.

Source : CIA

Identification

Full Name

:

SABIEDRIBA AR IEROBEZOTU ATBILDIBU LIN OAK

Name in English

:

LIN OAK

Name in national language

:

Sabiedriba ar ierobe�otu atbildibu Lin Oak

Office Address

:

Granita iela 7, Riga, Rigas region, LV-1057, Latvia

Legal Address

:

Granita iela 7, Riga, Rigas region, LV-1057, Latvia

Contacts

:

-

Phone

:

(+371) 29264420

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2009

Staff : 1

Litigation events : none Remarks on payments : none

Sales :	102 321.00 LVL ( for 12 months, ended 31.12.2012 )
	106 282.00 LVL ( for 12 months, ended 31.12.2011 )
Credit Opinion
Credit Limit	3 000 EUR Credit at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

2009

Registration Data

Date of registration

:

14.01.2009

Registration number

:

40103210009

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40103210009

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 14.01.2009

Share Capital

:

6 000 LVL (registered)

since n/a

Shareholders

:

-	Mr Purs, Arvis (Latvia)				60.00 %
		reg. number	:	101061-12713
		address	:	Plata iela 16-43, Riga, Rigas region, Latvia
-	Mr Gaicenko, Dzintars (Latvia)				40.00 %
		reg. number	:	181270-10309
		address	:	Dzohara Dudajeva gatve 1-56, Riga, Rigas region, Latvia

Board / Executives

Executives

Board Member

:

Mr Gaicenko, Dzintars (Latvia)
	pers. code: 181270-10309
	address: Dzohara Dudajeva gatve 1-56, Riga, Rigas region, Latvia

Authorised signature

:

Mr Gaicenko, Dzintars

Activities

:

-	5021	Furniture, NEC
		(NACE 5115: Agents involved in the sale of furniture, household goods, hardware and ironmongery)

Wholesale trade services of office furniture

Staff employed

:

1

( the data as of 30.09.2013 )

Staff History

:

-	1
	( the data as of 31.12.2012 )
-	1
	( the data as of 31.12.2011 )
-	1
	( the data as of 31.12.2010 )

Subsidiaries and Participation

:

n/a

Bankers

:

n/a

Other associated Companies

:

-	BOLDERAJA SERVISS (Latvia)
	address	:	Granita iela 7, Riga, Rigas region, LV-1057, Latvia
	reg. number	:	40103082147
	related through Mr Arvis Purs.

Litigation

:

none

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

Remarks on payment

:

none

There are no on unpaid invoices/defaulted payments noted by local debt collection companies.

Business mortgages

:

none

Financial Elements

Period, months	12	12
Ended	31.12.2012	31.12.2011
Currency	LVL	LVL
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total
CURRENT ASSETS
- Stock	323.00	2 182.00
- Debtors	30 424.00	26 884.00
- Other receivables
- Short-term financial investments
- Cash	6 662.00	17 278.00
- Other current assets
Current assets total	37 409.00	46 344.00
Assets total	37 409.00	46 344.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	6 000.00	6 000.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	21 230.00	11 170.00
Capital and reserves total	27 230.00	17 170.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total
SHORT-TERM LIABILITIES
- Loans and credits	2 108.00	2 108.00
- short-term amounts owed to banks
- Creditors	7 971.00	26 966.00
- trade debts	6 938.00	14 508.00
- accrued payroll
- tax liabilities	833.00	396.00
- other creditors	200.00	196.00
- advances received	0.00	11 866.00
- Dividends in arrears
- Accrued income, deferred charges	100.00	100.00
- Other short-term liabilities
Short-term liabilities total	10 179.00	29 174.00
Liabilities total	10 179.00	29 174.00
Equity and liabilities total	37 409.00	46 344.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	102 321.00	106 282.00
Cost of goods sold	84 676.00	91 311.00
Gross profit	17 645.00	14 971.00
Distribution costs
Administrative and management costs	6 047.00	6 309.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	379.00	0.00
Other operating charges	106.00	956.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	11 871.00	7 706.00
Income-tax and other similar payments	1 811.00	1 126.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	10 060.00	6 580.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	11.60	7.25
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	43.60	44.88
Profit before taxation / Equity
Current assets turnover	2.74	2.29
Net sales / Current assets
Working capital	27 230.00	17 170.00
Current assets - Short-term liabilities
Leverage	0.73	0.37
Equity / Total assets
Current ratio	3.68	1.59
Current assets / Short-term liabilities
Quick ratio	3.64	1.51
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.37	1.70
Total liabilities / Equity

FINAL COMMENTS

We had called the company (by the phone number +371 29264420) numerous times, however nobody answered. According to official Commercial Register, subject company is active. According to information service there is no available contact number by the subject company's legal address: Granita iela 7, Riga, Latvia. According to information service, there is no phone number registered on the company�s name. We had sent formal letter by post on the name of Mr Gaicenko Dzintars, at the company's legal address: Granita iela 7, Riga, Latvia by post. If we get any additional information, we will add it to the report.

APPENDIX A

Financial Statements

Period, months	12	12
Ended	31.12.2012	31.12.2011
Currency	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	102 321.00	106 282.00
020 Cost of sales	-84 676.00	-91 311.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	17 645.00	14 971.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-6 047.00	-6 309.00
060 Other operating income	379.00	0.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-106.00	-956.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges
120 Profit or loss on ordinary activities before taxation	11 871.00	7 706.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	11 871.00	7 706.00
160 Income-tax for fiscal period	-1 811.00	-1 126.00
170 Other taxes
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	10 060.00	6 580.00
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.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
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
200 NON-CURRENT ASSETS TOTAL
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	323.00	0.00
240 Orders outstanding
250 Payments on account	0.00	2 182.00
260 Working and productive animals
270 Total stock	323.00	2 182.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	30 423.00	26 880.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	1.00	4.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	30 424.00	26 884.00
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)	6 662.00	17 278.00
410 CURRENT ASSETS TOTAL	37 409.00	46 344.00
420 BALANCE	37 409.00	46 344.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	6 000.00	6 000.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	11 170.00	4 590.00
520 Profit or loss for the current year	10 060.00	6 580.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	27 230.00	17 170.00
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
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions
671 Other loans	2 108.00	2 108.00
680 Advanced payments received	0.00	11 866.00
690 Trade debts	6 938.00	14 508.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	833.00	396.00
740 Other creditors	200.00	196.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	100.00	100.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	10 179.00	29 174.00
790 CREDITORS TOTAL	10 179.00	29 174.00
800 BALANCE	37 409.00	46 344.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

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.