MIRA INFORM REPORT

Report Date :

08.01.2014

IDENTIFICATION DETAILS

Name :	KONTAKT-VN OOD
Registered Office :	Ul. Bregalnitsa, bl.109, Et.5, Ap.21, 1303 Sofia
Country :	Bulgaria
Financials (as on) :	31.12.2012
Year of Establishments:	2002
Legal Form :	Limited Liability Company (OOD)
Line of Business :	Engaged in trading with spices and food additives
No. of Employees :	16

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 :	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)
Bulgaria	B1	B1

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

bulGaria ECONOMIC OVERVIEW

Bulgaria, a former Communist country that entered the EU on 1 January 2007, averaged more than 6% annual growth from 2004 to 2008, driven by significant amounts of bank lending, consumption, and foreign direct investment. Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but the global downturn sharply reduced domestic demand, exports, capital inflows, and industrial production. GDP contracted by 5.5% in 2009, stagnated in 2010, despite a significant recovery in exports, grew 1.7% in 2011, and 1% in 2012. Despite having a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, and the presence of organized crime continue to hamper the country's investment climate and economic prospects.

Source : CIA

Company details

Local name: KONTAKT-VN OOD

International name: KONTAKT-VN OOD

Registered address:

Ul. Bregalnitsa, bl.109, et.5, ap.21
1303 Sofia
Bulgaria

Head office:

Nedelcho Bonchev Str No. 10
1592 Sofia
Bulgaria
Telephone: +359-2-4918343
Fax: +359-2-4918343

ESTABLISHMENT & REGISTRATION:

Established: 2002
Registered at Sofia Town Court
Court number 9253/2002
Bulstat/VAT number: 130987545

LEGAL FORM:

Limited Liability Company (OOD)

REGISTERED CAPITAL:

BGN 50 000.00

SHAREHOLDERS/MANAGEMENT

SHAREHOLDERS:

VLADIMIR STEFANOV CHAMUROV - 60%

ID 7211172188

PETAR STEFANOV CHAMUROV - 40%

ID 6605221440

MANAGEMENT:

VLADIMIR STEFANOV CHAMUROV - Manager

RELATED COMPANIES:

Company ID	Company Name
201776941	GURME SPAYS
131360339	BORSA ZA PODPRAVKI

BUSINESS ACTIVITY

BUSINESS OPERATION:

NACE 1.1: 51.90 Other wholesale

Activity:

Trade with spices and food additives

NUMBER OF EMPLOYEES:

As at date	Value
31.12.2006	4
31.12.2007	5
31.12.2008	7
31.12.2009	8
31.12.2010	8
20.07.2011	8
31.12.2011	19
27.06.2012	17
Latest stand	16

EXPORT:

None

IMPORT:

EU, Asia

REAL ESTATE:

None

FINANCIAL DATA

TURNOVER:

Year	Currency	Value
2002	BGN	143 000.00
2003	BGN	397 000.00
2004	BGN	825 000.00
2005	BGN	1 335 000.00
2006	BGN	2 017 000.00
2007	BGN	2 546 000.00
2008	BGN	2 577 000.00
2009	BGN	2 971 000.00
2010	BGN	4 159 000.00
2011	BGN	5 556 000.00
2012	BGN	5 609 000.00

MODES OF PAYMENT:

Payments are made within agreed terms.

DEBT COLLECTION:

No debt collection cases are registered against the company.

BANK DISTRAINTS:

No shares of the company are under bank distraint.

UNPAID TAXES/ CONTRIBUTIONS TO GOVERNMENT:

There is no publication about overdue unpaid taxes.

INVOLVEMENT IN LEGAL DISPUTES:

There is no publication about legal claims or disputes against the company.

OTHER PAYMENT INFORMATION:

No adverse payment information is available.

BRANCH INDICATOR:

The company's payment behaviour is average for the branch.

Exchange rate since 1998 is 1 BGN (denominated lev) = 0.51 EUR

Ratio	2009	2010	2011	2012
Debt ratio	0.60	0.58	0.47	0.26
Quick ratio	1.50	1.24	1.65	3.32
Current ratio	1.62	1.65	1.98	3.67
Days purchase in payables	100.33	84.83	43.61	19.87
Operating margin in %	0.00	4.57	0.77	2.61
Cash ratio (acid ratio)	0.75	0.41	0.35	1.12
Return on sales ROS in %	8.58	4.11	0.70	2.34
Return on assets ROA in %	18.51	10.05	2.72	10.92
Return on equity ROE in %	46.36	23.72	5.13	14.70
Days supply in inventory	12.12	34.71	14.51	6.88
Days sales in receivables	75.01	70.46	56.76	43.79

BALANCE SHEET in BGN'000	2009	2010	2011	2012
Accounting period:	1.1.2009 - 31.12.2009	1.1.2010 - 31.12.2010	1.1.2011 - 31.12.2011	1.1.2012 - 31.12.2012
A.UNPAID CAPITAL
B. FIXED ASSETS
I Fixed Intangible Assets:
R&D Products
Concessions, patents, trade-marks etc
Goodwill
Intangible fixed assets under construction
thereof advances
Total I:
II Fixed Tangible Assets
Land and Buildings
thereof Land
thereof Buildings
Machines, Vehicles	38	87	56	31
Equipment			43	36
Tangible fixed assets under construction
thereof advances
Total II	38	87	99	67
III. Fixed Financial Assets
Shares in group companies
Loans granted to group companies
Shares in joint ventures
Long term investments
Other loans
Bought back own shares
Total III
IV. Deferred Taxes
B. FIXED ASSETS TOTAL	38	87	99	67
C. CURRENT ASSETS
I. Inventories
Raw Materials
Work in progress
thereof young animals
Trading goods	100	401	224	107
thereof production
thereof goods for sale	100	401	224	107
Advances
Total I	100	401	224	107
II. Receivables
Receivables from customers	552	709	704	549
thereof more than 1 year
Receivables from group companies
thereof more than 1 year
Receivables from joint ventures
thereof more than 1 year
Other receivables	67	105	172	132
thereof more than 1 year
Total II	619	814	876	681
III. Current Financial Assets
Current investments in related companies
Bought back own shares
Other current financial assets
Total III
IV. Cash equivalents
Cash and accounts in the country	621	399	234	345
thereof cash	20	59	2	1
Thereof cash in foreign currency (equivalent)	19	19	19	19
thereof current accounts	582	321	213	325
thereof blocked accounts
thereof cash equivalents
Cash and accounts abroad
thereof cash
Thereof cash in foreign currency (equivalent)
thereof current accounts
thereof blocked accounts
Total IV	621	399	234	345
C. CURRENT ASSETS TOTAL	1340	1614	1334	1133
D. Deferred expenses
TOTAL ASSETS	1378	1701	1433	1200
A. OWNERS EQUITY
I. Share capital	50	50	50	50
II. Issue premium
III. Revaluation reserves
thereof revaluation reserves of financial instruments
IV. Reserves
legal reserves
reserve related to bought back own shares
reserve from company foundation
other reserves
Total IV
V. Result from previous period
Undistributed profit	245	500	671	710
Uncovered loss
Total V	245	500	671	710
VI. Current result profit (loss)	255	171	39	131
A. OWNERS EQUITY TOTAL	550	721	760	891
B. PROVISIONS
Provisions for pensions
Provisions for taxes
thereof deferred taxes
Other provisions
B. PROVISIONS TOTAL
C. LIABILITIES
Bond-backed loans
less than 1 year
more than 1 year
Bank loans	6	613	419	29
less than 1 year	6	613	419	29
more than 1 year
Advances received			61	61
less than 1 year			61	61
more than 1 year
Payables to suppliers	346	333	47	117
less than 1 year	346	333	47	117
more than 1 year
Liabilities on policies
less than 1 year
more than 1 year
Liabilities to group companies
less than 1 year
more than 1 year
Liabilities to joint-venture companies
less than 1 year
more than 1 year
Other liabilities	476	34	146	102
less than 1 year	476	34	146	102
more than 1 year
thereof to personnel	6	7	11	30
less than 1 year	6	7	11	30
more than 1 year
thereof to social insurance	1	1	4	2
less than 1 year	1	1	4	2
more than 1 year
thereof for taxes	32	24	8	21
less than 1 year	32	24	8	21
more than 1 year
C. LIABILITIES TOTAL	828	980	673	309
less than 1 year	828	980	673	309
more than 1 year
D. FINANCING AND DEFERRED INCOME
thereof
Financing
Deferred income
TOTAL EQUITY AND LIABILITIES	1378	1701	1433	1200

P&L ACCOUNT in BGN'000	2009	2010	2011	2012
Accounting period:	1.1.2009 - 31.12.2009	1.1.2010 - 31.12.2010	1.1.2011 - 31.12.2011	1.1.2012 - 31.12.2012
A. EXPENSES
I. OPERATION EXPENSES
Decrease of inventories
thereof for materials	54	57	93	73
thereof for services	211	417	285	146
Personnel expenses	60	80	147	148
thereof wages	51	68	124	124
thereof social insurance	9	12	23	24
thereof pensions
Depreciation	29	30	55	48
thereof Depreciation of fixed assets	29	30	55	48
Other expenses	2324	3363	4885	5024
thereof Book value of sold assets (without production)	2319	3355	4860	4668
I. OPERATION EXPENSES TOTAL	2678	3947	5465	5439
II. Financial expenditures
Depreciation of financial assets		34	45	28
thereof exchange rate losses		34	45	28
Paid interest	27	21	44	23
thereof interest to group companies
Thereof expenditures for securities operations
II. Financial expenditures Total	27	55	89	51
B. Profit on ordinary activity		190	43	146
III. Extraordinary expenses
thereof expenses on disasters and emergency expenses
C. Total expenses (I+II+III)	2705	4002	5554	5490
D. Accounting profit	283	190	43	146
IV. Taxation on profit	28	19	4	15
V. Other taxes
E. Net profit	255	171	39	131
Total expenses	2988	4192	5597	5636
A. REVENUES
I . OPERATING REVENUES
Net sales	2971	4159	5556	5599
Production
Goods	2971	4157	5556	5586
Services		2		13
Increase of production and work in progress
Expenses on acquisition of assets
Other revenues				10
thereof financing
I. TOTAL OPERATING REVENUES	2971	4159	5556	5609
II FINANCIAL REVENUES
Income from shares
thereof income from shares in group companies
Income from investments and loans
thereof from investments in group companies
Income from interest
thereof from interest from group companies
II FINANCIAL REVENUES TOTAL	17	33	41	27
TOTAL REVENUES FROM ORDINARY ACTIVITIES	2988	4192	5597	5636
LOSS
Extraordinary revenues
AFTER TAX LOSS
TOTAL REVENUES	2988	4192	5597	5636

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.38
UK Pound	1	Rs.102.25
Euro	1	Rs.84.97

INFORMATION DETAILS

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.