MIRA INFORM REPORT

Report Date :

19.05.2014

IDENTIFICATION DETAILS

Name :	AGLIKA TREYD OOD
Registered Office :	Ul.Nikola Gabrovski 73 A 5000 Veliko Tarnovo
Country :	Bulgaria
Financials (as on) :	31.12.2012
Year of Establishment :	2009
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of made-up textile articles, except apparel
No of Employees :	165

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 (30.09.2013)	Current Rating (01.12.2013)
Bulgaria	A2	A2

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

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, and has been slow to recover in the years since. 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: AGLIKA TREYD OOD

International name: AGLIKA TRADE OOD

Registered address:

UL.NIKOLA GABROVSKI 73 A

5000 VELIKO TARNOVO

Bulgaria
Telephone: +359-62-602102

Fax: +359-62-602103

Internet: http://www.aglika.bg

ESTABLISHMENT & REGISTRATION:

Established: 2009

Registered at Trade Register

Court number 200813618

Bulstat/VAT number: 200813618

LEGAL FORM:

Limited Liability Company (OOD)

REGISTERED CAPITAL:

BGN 20 000.00

SHAREHOLDERS/MANAGEMENT

SHAREHOLDERS:

YULIYAN PETKOV PETKOV

ID 7803191520, Function: Shareholder, Nationality: Bulgaria

Share: 50,00%

MAYA PETKOVA PETKOVA

ID 7410031496, Function: Shareholder, Nationality: Bulgaria

Share: 50,00%

MANAGEMENT:

MAYA PETKOVA PETKOVA (Personal ID 7410031496) - Manager

YULIYAN PETKOV PETKOV (Personal ID 7803191520) - Manager

RELATED COMPANIES:

Company ID	Company Name
200071241	INTER MATIRIALS
119649644	AGLIKA - STROY
119649637	AGLIKA - HOLIDEY
104095883	SIMAKO

BUSINESS ACTIVITY

BUSINESS OPERATION:

NACE 1.1: 17.40 Manufacture of made-up textile articles, except apparel

Activity:

Production of interior textiles - tablecloths, curtains, linen, etc.

NUMBER OF EMPLOYEES:

As at date	Value
31.12.2011	28
23.07.2012	32
31.12.2012	165
Latest stand	274

EXPORT:

EU

IMPORT:

EU

REAL ESTATE:

None

FINANCIAL DATA

TURNOVER:

Year	Currency	Value
2010	BGN	7 920 000.00
2011	BGN	8 685 000.00
2012	BGN	10 756 000.00

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.

GENERAL PAYMENT ASSESSMENT:

B+ 

FINANCIAL OPINION:

B 

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

Ratio

Ratio	2010	2011	2012
Debt ratio	0.91	0.92	0.93
Quick ratio	0.99	2.67	0.61
Current ratio	1.08	2.88	0.69
Days purchase in payables	80.90	39.61	150.15
Operating margin in %	1.77	0.75	1.66
Cash ratio (acid ratio)	0.01	0.38	0.14
Return on sales ROS in %	1.60	0.67	1.45
Return on assets ROA in %	6.48	1.97	3.25
Return on equity ROE in %	74.56	25.55	49.84
Days supply in inventory	7.34	8.42	11.30
Days sales in receivables	79.26	90.75	70.43

BALANCE SHEET

BALANCE SHEET in BGN'000	2010	2011	2012
Accounting period:	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		9	162
Equipment	8	56	52
Tangible fixed assets under construction
thereof advances			5
Total II	8	65	219
III. Fixed Financial Assets
Shares in group companies
Loans granted to group companies
Shares in joint ventures
Long term investments
Other loans	15	135	1471
Bought back own shares
Total III	15	135	1471
IV. Deferred Taxes
B. FIXED ASSETS TOTAL	23	200	1690
C. CURRENT ASSETS
I. Inventories
Raw Materials	123	182	137
Work in progress	2		169
thereof young animals
Trading goods	36	21	25
thereof production	14	7	2
thereof goods for sale	22	14	23
Advances
Total I	161	203	331
II. Receivables
Receivables from customers	1387	1983	1709
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	351	205	354
thereof more than 1 year
Total II	1738	2188	2063
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
thereof cash	19	248	601
Thereof cash in foreign currency (equivalent)
thereof current accounts	2	112	19
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	21	360	620
C. CURRENT ASSETS TOTAL	1920	2751	3014
D. Deferred expenses			1
TOTAL ASSETS	1943	2951	4705
A. OWNERS EQUITY
I. Share capital	20	20	20
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	23	149	134
Uncovered loss
Total V	23	149	134
VI. Current result profit (loss)	126	58	153
A. OWNERS EQUITY TOTAL	169	227	307
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	557	1769	2938
less than 1 year	557		2938
more than 1 year		1769
Advances received		232	57
less than 1 year		232	57
more than 1 year
Payables to suppliers	1186	688	1230
less than 1 year	1186	688	1230
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	31	35	173
less than 1 year			173
more than 1 year
thereof to personnel	13	24	111
less than 1 year			111
more than 1 year
thereof to social insurance	4	6	41
less than 1 year			41
more than 1 year
thereof for taxes	12	1	20
less than 1 year			20
more than 1 year
C. LIABILITIES TOTAL	1774	2724	4398
less than 1 year	1774	955	4398
more than 1 year		1769
D. FINANCING AND DEFERRED INCOME
thereof
Financing
Deferred income
TOTAL EQUITY AND LIABILITIES	1943	2951	4705

P&L ACCOUNT

P&L ACCOUNT in BGN'000	2010	2011	2012
Accounting period:	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	4600	4566	6836
thereof for services	3000	3605	1880
Personnel expenses	119	172	846
thereof wages	99	142	691
thereof social insurance	20	30	155
thereof pensions
Depreciation	2	8	31
thereof Depreciation of fixed assets	2	8	31
Other expenses	24	180	895
thereof Book value of sold assets (without production)	21	167	294
I. OPERATION EXPENSES TOTAL	7745	8531	10488
II. Financial expenditures
Depreciation of financial assets
thereof exchange rate losses
Paid interest	36	142	162
thereof interest to group companies
Thereof expenditures for securities operations
II. Financial expenditures Total	36	142	162
B. Profit on ordinary activity	140	65	175
III. Extraordinary expenses
thereof expenses on disasters and emergency expenses
C. Total expenses (I+II+III)	7781	8673	10650
D. Accounting profit	140	65	175
IV. Taxation on profit	14	7	22
V. Other taxes
E. Net profit	126	58	153
Total expenses	7921	8738	10825
A. REVENUES
I . OPERATING REVENUES
Net sales	7894	8680	10545
Production	7850	8497	10232
Goods	22	24	307
Services	22	2	6
Increase of production and work in progress	22	3	178
Expenses on acquisition of assets
Other revenues	4	2	33
thereof financing
I. TOTAL OPERATING REVENUES	7920	8685	10756
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			69
thereof from interest from group companies
II FINANCIAL REVENUES TOTAL	1	53	69
TOTAL REVENUES FROM ORDINARY ACTIVITIES	7921	8738	10825
LOSS
Extraordinary revenues
AFTER TAX LOSS
TOTAL REVENUES	7921	8738	10825

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 58.86
UK Pound	1	Rs. 98.82
Euro	1	Rs. 80.71

INFORMATION DETAILS

Analysis Done by :	KRN
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.