MIRA INFORM REPORT

Report Date :

22.05.2014

IDENTIFICATION DETAILS

Name :	WKE – WORLD KEY ENERGY SRL
Registered Office :	Timis County, Dumbravita Commune, Dumbravita Village, DJ 691, Km. 7+142, Corp Birouri 1, Room No. 205, 2nd Floor
Country :	Romania
Financials (as on) :	31.12.2012
Date of Incorporation :	July 2012
Legal Form :	Limited Liability Company, Entire Italian Citizen
Line of Business :	supplier of photovoltaic modules and solutions
No of Employees :	Not Available

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 :	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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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 name & Address

NAME OF THE COMPANY	WKE – WORLD KEY ENERGY SRL
Address	Timis county, Dumbravita commune, Dumbravita village, DJ 691, Km. 7+142, Corp Birouri 1, Room no. 205, 2nd Floor
Phone no.	0040-356-170090 0040-256-490640	Fax no.	0040-356-170091
Web-site http://www.caranda.ro/	http://www.xxx.ro/ www.worldkeyenergy.com	E-mail address	info@worldkeyenergy.com epclivia@yahoo.com

HISTORIC/OFFICIAL DATA
Date of foundation	July, 2012
Present legal form	Limited liability company, entire Italian citizen
Registered with the Trade Registry	J35/1708/2012
VAT no.	30434613
Registered capital	Declared by the subject in the last financial statements available as for the end of 2012 - 200 RON Latest officially registered with the National Trade Registry updated files - 157,700 RON
Shareholders	As for the last share capital officially declared with the National Trade Registry updated files Individual – unique owner
	1. Cracco Devis – Italian citizen, born on 4.03.1974
	Participation	100%
Obligation to publish	According to the Romanian Financial Legislation, subject company is obliged to lodge with the Ministry of Public Finance its half-yearly accounts

EMPLOYEES		2012
total		Not declared
BUSINESS ACTIVITY Officially registered with the National Trade Registry updated files - unspecialized wholesale trade (NACE – 4690) Declared by the subject on its web site - supplier of photovoltaic modules and solutions
OTHER PARTICIPATION
1. Company’s participation		not involved as shareholder in any other Romanian company
2. Shareholders other participation		not involved as shareholder in any other Romanian company
REAL ESTATE (RON)	None, at 31.12.2012
BANKS		n/a
MANAGEMENT · as officially registered with the National Trade Registry according to the company’s web-site		Cracco Devis – Administrator Appointed on 10.07.2012 for unlimited period
CURRENCY Exchange rate of EURO		1 EURO = 4.4287 RON on 31.12.2012

FINANCIAL DATA: RON

BALANCE SHEET	31.12.2012
INTANGIBLES - TOTAL	3,820
TANGIBLES - TOTAL	0
FINANCIALS - TOTAL	80
FIXED ASSETS - TOTAL	3,900
STOCKS - TOTAL	37,002
CLAIMS - TOTAL	224,365
CURRENT ASSETS	299,922
PREPAID EXPENSES	0
DEBTS WITHIN 1 YEAR	296,189
DEBTS OVER 1 YEAR	0
PROVISIONS	0
ADVANCED INCOMES	0
REGISTERED CAPITAL	200
RESERVES	0
NET RESULT - PROFIT	7,433
NET RESULT - LOSS	0
NET WORTH	7,633
PROFIT & LOSS ACCOUNT	31.12.2012
Turnover	146,147
Own production & services	146,147
Sales	0
INCOMES FROM ORDINARY OPERATING ACTIVITY	146,147
Raw materials	0
Costs of goods sold	0
Wages	0
Depreciations & provisions	616
Other operating cost	133,971
COSTS OF ORDINARY OPERATING ACTIVITY	134,729
ORDINARY OPERATING RESULT - PROFIT	11,418
ORDINARY OPERATING RESULT - LOSS	0
FINANCIAL INCOMES	1,289
FINANCIAL COSTS	3,857
FINANCIAL RESULT - PROFIT	0
FINANCIAL RESULT - LOSS	2,568
CURRENT RESULT - PROFIT	8,850
CURRENT RESULT - LOSS	0
Extraordinary incomes	0
Extraordinary costs	0
EXTRAORDINARY RESULT - PROFIT	0
EXTRAORDINARY RESULT - LOSS	0
TOTAL INCOMES	147,436
TOTAL COSTS	138,586
PRETAX RESULT - PROFIT	8,850
PRETAX RESULT - LOSS	0
TAX ON PROFIT	1,417
NET RESULT - PROFIT	7,433
NET RESULT - LOSS	0

N.B.: any difference occurred between former reports and the present one regarding some positions of the “Balance Sheet” or P/L Account for previous periods does not belong to us.

The financial data from this report are the ones officially declared by the subject with the Ministry of Public Finance data basis for 31.12.2012. As consequence, the responsibility for their accuracy belongs exclusively to the company.

OUR OPINION

based upon financial figures reported in the latest balance-sheet – 31.12.2012

- all figures are reported in RON if otherwise not specified.

Size

undetermined, due to the lack of employees number

Position & trend

Financial statements available indicate that subject had a low start of activity, registering a rather modest level of turnover.

Taking into consideration that company was established just in July 2012, at the investigated period (31.12.2012) it has less than 1 year of effective activity and therefore, we cannot express any credit opinion or financial analysis.

We suggest you a maximum prudence in dealing business with the subject and also, to reviewing this company at a later date.

31.12.2012

Turnover

RON

146,147

EURO

33,000

Gross profit

RON

8,850

EURO

1,998

Net profit

RON

7,433

EURO

1,678

31.12.2012

CREDITS & LOANS (ACTIVE BALANCE)

none

BALANCE CLAIMS-DEBTS

Negative

Total claims

224,365

clients & trade debtors

219,854

Total debts

296,189

- Short term

296,189

suppliers & trade creditors

112,390

to the State Budget

1,417

to the shareholders

15,722

other debts

166,660

PAYMENTS BEHAVIOR

Correct, no delays reported

PAYMENTS INCIDENTS,

as officially recorded with the Payment Incident Bureau

No incidents recorded during 21.05.2013 – 21.05.2014

FINANCIAL STRENGTH	2,566 EURO
BUSINESS RELATIONS	Under secured terms
	2012
Liquidity ratios
- current ratio	1.01
- quick ratio	0.89
Solvability ratio
- the borrowing ratio (total debts/net worth)	38.80
Profitability ratios (%)
- return on capital	97.38
- return on assets	2.45
- gross profit margin	6.06
Activity analysis
- debtor’s days	560
- creditor’s days	n/a
Stocks turnover, times/year	4

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.72
UK Pound	1	Rs.99.02
Euro	1	Rs.80.57

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%)

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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.