MIRA INFORM REPORT

Report Date :

27.05.2014

IDENTIFICATION DETAILS

Name :	QUALITEX AKTSIASELTS
Registered Office :	Parnu Mnt 50, Sindi, Parnu County, 86703
Country :	Estonia
Financials (as on) :	31.12.2013
Year of Establishment :	1994
Com. Reg. No.:	10083205
Legal Form :	Public Limited Company
Line of Business :	· Subject is a Vertically Integrated Knitted Fabric and Garments Engaged in Finishing of textiles Engaged in manufacturing of Underwear, inc T-Shirts, Shirts, Dressing Gowns & Nightdresses
No of Employees :	102 (31.12.2013)

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 :	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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Estonia	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

Estonia ECONOMIC OVERVIEW

Estonia, a member of the European Union and the eurozone since 2004, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Russia, and Germany. Estonia's economy fell into recession in mid-2008, as a result of an investment and consumption slump following the bursting of the real estate market bubble and a decrease in export demand as result of economic slowdown in the rest of Europe, but the economy has recovered strongly in the last five years. Growth was expected to top 2% in 2014, before the events in Ukraine. Estonia adopted the euro on 1 January 2011.

Source : CIA

Identification

Full Name

:

Qualitex Aktsiaselts

Name in English

:

Qualitex PLC

Name in national language

:

Qualitex AS

Previous Names

:

-	Lootos 2000 Varvid Aktsiaselts

Office Address

:

Parnu mnt 50, Sindi, Parnu county, 86703, Estonia

Legal Address

:

Parnu mnt 50, Sindi, Parnu county, 86703, Estonia

Contacts

:

-	Phone	:	(+372) 4426840
-	Fax	:	(+372) 4426886
-	E-mail	:	qualitex@qualitex.ee
-	WWW	:	www.qualitex.ee

company SUMMARY

Legal Form : AS (Public limited company by Estonian Commercial Law)

Incorporation : 1994

Staff : 102

Litigation events : none Remarks on payments : yes

Sales :	3 945 000.00 EUR ( for 12 months, ended 31.12.2013 )
	4 327.00 th EUR ( for 12 months, ended 31.12.2012 )

Incorporation

:

1994

Registration Data

Date of registration

:

27.08.1996

Registration number

:

10083205

Registr. authority

:

Registration department of the County Court (Parnu region, Estonia)

Date of registration

:

27.08.1996

VAT number

:

EE100129399

Registr. authority

:

Estonian Tax and Customs Board (Parnu region, Estonia)

VAT payers are persons (including legal persons), whose taxable supply from the beginning of a calendar year exceeds 16 000 EUR. VAT rate is 20 percent.

Legal Form

:

AS (Public limited company by Estonian Commercial Law)

since 27.08.1996

Public Limited company (PLC) is a company with a share capital divided into shares. The company is liable for its obligations with all its assets. The minimum share capital must be at least 25,564.00 EUR.

Share Capital

:

6 084 415 EUR (registered)

since 17.02.2011

Shares are registered in the Estonian Central Register of Securities

Shareholders

:

-	Phoenix Land (Estonia)				100.00 %
		share's book value	:	6 084 415 EUR
		reg. number	:	10094195
		address	:	Kopli 35, Tallinn, Harju county, 10412, Estonia
	Simple ownership

The information system of the Commercial Register presents data about the shareholders of public limited companies holding more than 10% of the votes determined by shares. The data about shareholders in the information system of the Commercial Register has an informative meaning. The data of the Estonian Central Register of Securities has legal power on the basis of the Estonian Central Register of Securities Act.

Board / Executives

Board

Chairman of the council

:

Mr Aswani, Narinder Kumar G. (Estonia)
	pers. code: 36304120412
	address: Tallinn, Harju county, Estonia

Supervisory Board Member

:

Mr Reimand, Urmas (Estonia)
	pers. code: 35709230220
	address: Tallinn, Harju county, Estonia

Supervisory Board Member

:

Sajen Ghansamdas Aswani (India)

date of birth: 22.04.1960

Executives

Board Member

:

Mr Sharma, Vishal (Estonia)
	pers. code: 37510220073
	address: Parnu, Parnu county, Estonia

The member of the management board: Until 25.01.2016* * The dates of duration of authorisation in e-Business Register have no legal effect. If the data does not indicate the duration of authorisation, the member of the management board might be elected for an unspecified term (subsection 184(2) of the Commercial Code). Currently related in Estonia to the following companies: 1 mittetulundusühing INDIAN CULTURAL ASSOCIATION ESTONIA (80196773) (Active) 2 Aktsiaselts Qualitex (10083205) (Active) 3 Max Orient OÜ (12170492) (Active) 4 Qualitex Baltic OÜ (12317357) (Active)

Board Member

:

Mr Tripathi, Deo Prasad Brij Mohan (Estonia)
	pers. code: 36103010029
	address: Parnu, Parnu county, Estonia

The member of the management board: Until 25.01.2016* * The dates of duration of authorisation in e-Business Register have no legal effect. If the data does not indicate the duration of authorisation, the member of the management board might be elected for an unspecified term (subsection 184(2) of the Commercial Code). Currently related in Estonia to the following companies: 1 Aktsiaselts Qualitex (10083205) (Active) 2 RReliable OÜ (11294507) (Active)

Specifications of the rights of representation The company may be represented only by two members of executive board jointly.

:

Other: PKF Estonia Osaühing reg.code: 10178029 location: Estonia Auditor since 04/04/2012

Authorised signature

:

Mr Sharma, Vishal

Mr Tripathi, Deo Prasad Brij Mohan

Changes in Registration Data

- 12.12.2012

:

managers

Sunil Marwah (Estonia, date of birth: 30.12.1963)

- 25.05.2012

:

managers, authorised signature

Mr Anubhav Mittal (Estonia, 37912180076)

- 28.04.2011

:

managers, authorised signature

Mr Sulev Lipp (Estonia, 37509090270)

- 20.05.2010

:

managers, authorised signature

Mr Raguraman Sundaramurthy (36104210085)

- 21.01.2010

:

managers, authorised signature

Mr Bhupinder Singh (Estonia, 36710284226) Pradip Rathi (Estonia, date of birth: 06.12.1969)

- 19.01.2007

:

managers, authorised signature

Mr Rajesh Navin Parikh (Estonia, 35311060312)

- 20.11.2006

:

managers, authorised signature

Mr Kripa Shankar Tripathi (Estonia, 34605260325)

- 16.09.2005

:

managers, authorised signature

Mr Venkata Subramanian Iyer (Estonia, 36608240330)

- 28.06.2004

:

managers, authorised signature

Vydas Damalakas (Estonia, date of birth: 28.02.1955 )

- 25.07.2001

:

managers, authorised signature

Rajesh Bindal (Estonia, date of birth: 20.07.1955 )

- 16.10.2000

:

managers, authorised signature

Shikant Ganesh Ruikar (Estonia, date of birth: 17.04.1951 ) Mr Vambo Talu (Estonia, 34911184227) Vijay Sachdeva (Estonia, date of birth: 02.06.1951 )

- 21.09.1999

:

managers, authorised signature

Mohan Khanchand Vaswani (Singapur, date of birth: 26.08.1938 ) Mrs Narinder K. G. Aswani (Estonia, 36304120412)

- 19.05.1999

:

legal address

Pärnu mnt. 50, Sindi linn, Pärnu maakond, EE3490

- 19.05.1999

:

name

Aktsiaselts Lootos 2000 Värvid

- 27.02.1997

:

shareholders

Asean Interests Limited (China Peoples Republic)

Persons Previously Connected to the Company Vishamkar Tikamdas Adnani ID code (date of birth): 12.03.1942 location: Singapore Member of the Council since 05/08/1996 until 08/12/2006 Aktsiaselts Deloitte Audit Eesti reg.code: 10687819 location: Estonia Auditor since 22/06/2004 until 13/11/2006 Aktsiaselts PricewaterhouseCoopers reg.code: 10142876 location: Estonia Auditor since 09/05/2003 until 22/06/2004 Asean Interests Limited reg.code: location: China Stockholder since 27/08/1996 until 27/02/1997 Narinder K. G. Aswani ID code (date of birth): 6304120412 location: Estonia Member of the Board since 27/08/1996 until 21/09/1999 Narinder Kumar Ghansamdas Aswani ID code (date of birth): 36304120412 location: Estonia Member of the Council since 08/12/2006 until 08/02/2013 Narinder Kumar Ghansamdas Aswani ID code (date of birth): 36304120412 location: Estonia Member of the Council since 08/02/2013 until 12/12/2012 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 location: India Chairman of the Council since 12/12/2012 until 12/12/2012 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 location: India Member of the Council since 08/02/2013 until 12/12/2012 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 Member of the Council since 05/08/1996 until 08/12/2006 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 Member of the Council since 08/12/2006 until 08/02/2013 AS PHOENIX LAND reg.code: 10094195 Stockholder since 01/10/2007 until 01/01/2009 AS PHOENIX LAND reg.code: 10094195 Stockholder since 01/04/2011 until 31/05/2013 AS PHOENIX LAND reg.code: 10094195 Stockholder since 01/01/2009 until 01/04/2010 AS PHOENIX LAND reg.code: 10094195 Stockholder since 29/03/2000 until 01/10/2007 AS PHOENIX LAND reg.code: 10094195 Stockholder since 27/02/1997 until 29/03/2000 AS PHOENIX LAND reg.code: 10094195 Stockholder since 01/04/2010 until 01/04/2011 Rajesh Bindal ID code (date of birth): 20.07.1955 location: Estonia Member of the Board since 21/09/1999 until 25/07/2001 Vydas Damalakas ID code (date of birth): 28.02.1955 location: Estonia Member of the Board since 25/07/2001 until 28/06/2004 Venkata Subramanian Iyer ID code (date of birth): 36608240330 location: Estonia Member of the Board since 28/06/2004 until 16/09/2005 KPMG Baltics OÜ reg.code: 10096082 location: Estonia Auditor since 25/03/2011 until 04/04/2012 Sulev Lipp ID code (date of birth): 37509090270 location: Estonia Member of the Board since 20/05/2010 until 28/04/2011 Sunil Marwah ID code (date of birth): 30.12.1963 location: Estonia Member of the Council since 18/05/2010 until 12/12/2012 Anubhav Mittal ID code (date of birth): 37912180076 location: Estonia Member of the Board since 20/05/2010 until 25/05/2012 Rajesh Navin Parikh ID code (date of birth): 35311060312 location: Estonia Member of the Board since 28/06/2004 until 19/01/2007 Sundaramurthy Raguraman ID code (date of birth): 21.04.1961 location: India Member of the Board since 19/01/2007 until 28/04/2010 Pradip Rathi ID code (date of birth): 06.12.1969 location: Estonia Member of the Board since 19/01/2007 until 21/01/2010 Urmas Reimand ID code (date of birth): 35709230220 location: Estonia Chairman of the Council since 08/12/2006 until 12/12/2012 Urmas Reimand ID code (date of birth): 35709230220 location: Estonia Member of the Council since 05/08/1996 until 08/12/2006 Urmas Reimand ID code (date of birth): 35709230220 location: Estonia Member of the Council since 12/12/2012 until 12/12/2012 Andres Root ID code (date of birth): 35607030248 location: Estonia Auditor since 05/08/1996 until 09/05/2003 Shikant Ganesh Ruikar ID code (date of birth): 17.04.1951 location: Estonia Member of the Board since 21/09/1999 until 16/10/2000 Vijay Sachdeva ID code (date of birth): 02.06.1951 location: Estonia Member of the Board since 21/09/1999 until 16/10/2000 Bhupinder Singh ID code (date of birth): 36710284226 location: Estonia Member of the Board since 28/06/2004 until 21/01/2010 Raguraman Sundaramurthy ID code (date of birth): 36104210085 Member of the Board since 28/04/2010 until 20/05/2010 Vambo Talu ID code (date of birth): 34911184227 location: Estonia Member of the Board since 21/09/1999 until 16/10/2000 Kripa Shankar Tripathi ID code (date of birth): 34605260325 location: Estonia Member of the Board since 16/10/2000 until 20/11/2006 Kripa Shankar Tripathi ID code (date of birth): 34605260325 location: Estonia Member of the Board since 27/08/1996 until 21/09/1999 Mohan Khanchand Vaswani ID code (date of birth): 26.08.1938 location: Singapore Member of the Board since 27/08/1996 until 21/09/1999

Activities

:

-	2261	Finishing plants, cotton
		(NACE 1730: Finishing of textiles)

Principal activity: Finishing of textiles NACE code: 13.30 Additional activity: - Manufacture of underwear, inc T-shirts, shirts, dressing gowns & nightdresses and similar NACE code: 14.14 Information from the company's website: Qualitex is a vertically integrated knitted fabric and garments plant located in Estonia offering Quick Response deliveries with Consistent Quality. Qualitex is part of Singapore based Tolaram Group: www.tolaram.com which has diversified business interests in 6 countries. Qualitex employs an international management team and a well-trained workforce. Fashion wear * Sportswear * Baby wear * Corporate wear * Work wear * Hospitals * Army * Uniforms * Ethnic wear * Thermo wear * Underwear * Organic OUR PRODUCTS (120 to 340 gsm): Single Jersey, Pique, Interlock, Rib, 2Thread Fleece, 3Thread Fleece, Mini Jacquards, and Yarn Dyed Stripes in 100% Cotton, Cotton/Lycra, Polyester/Cotton, Polyamide/Lycra, Viscose/Lycra, Cotton/Modal, Bamboo, Wool (100% and Blends), and Linen Blends SPECIAL TREATMENTS: Anti-peeling, High Visibility (HIVIS), Flame Retardant, Dry Fit,Health Guard, Aromatherapy and Megasoft PREMIUM PRODUCTS and SPECIALIZATION: ORGANIC COTTON, WORK WEAR. Capacity The production capacity of this facility is 100 tons of knitting, dyeing and processing per month of fabrics. Certifications AS Qualitex is proud to be a member of the OEKO-TEX scheme. This symbol reflects that the fabrics and garments are beneficial to human ecology and that our production will have reduced impact on the environment during their life cycle of production use and disposal. Qualitex is first company in region to receive IVN Certification for finishing fabrics made of organic cotton and eco friendly dyestuffs & chemicals. Qualitex successfully achieved ISO 9001 : 2000 (Quality management system) ISO 14001 : 2004 (Environmental management system) certificates.

Staff employed

:

102

( the data as of 31.12.2013 )

Staff History

:

-	110
	( the data as of 31.12.2012 )
-	119
	( the data as of 31.12.2011 )
-	119
	( the data as of 31.12.2010 )
-	153
	( the data as of 31.12.2008 )
-	148
	( the data as of 31.12.2007 )

Export

- 31.12.2012

:

Fiscal period: 12 month(s), currency: EUR, th

3 433.00

Sweden, Finland, Lithuania, Denmark, Germany, Latvia, European Union, Belarus, Norway, World-wide
Export share: 79%

- 31.12.2011

:

Fiscal period: 12 month(s), currency: EUR, th

4 246.00

Sweden, Finland, Lithuania, Denmark, Germany, Latvia, European Union, Belarus, Norway, Panama, World-wide
Export share: 81%

- 31.12.2010

:

Fiscal period: 12 month(s), currency: EUR, th

4 644.00

Sweden, Finland, Lithuania, Denmark, Germany, Latvia, European Union, Belarus, Norway, Panama, World-wide
Export share: 86%

Facilities

Real estate

:

According to Estonian Land Register, company required has 11 real estate objects: - Pärnumaa, Sindi linn, Pärnu mnt 50 (Production; 73545 m2) - Pärnumaa, Sindi linn, Pärnu mnt 40 (Production; 8372 m2) - Pärnumaa, Sindi linn, Pärnu mnt 28 (Production; 20411 m2) - Pärnumaa, Sindi linn, Pärnu mnt 60a (Production 100%; 62 m2) - Pärnumaa, Sindi linn, Pärnu mnt 60b (Production; 152 m2) - Pärnumaa, Sindi linn, Pärnu mnt 61a (Production; 289 m2) - Pärnumaa, Sindi linn, Vee tn 1 (Production; 2085 m2) - Pärnumaa, Sindi linn, Hariduse tn 4 (Residential Land; 1547 m2) - Pärnumaa, Sindi linn, Supluse tn 6 (Production; 21738 m2) - Pärnumaa, Sindi linn, Pärnu mnt 40a (Business Centre 100%; 1099 m2) - Pärnumaa, Sindi linn, Veetorni tn 6 (Production 100%; 1777 m2)

Other Property

:

unknown ownership:
-	Other tools & equipment - Special-purpose machinery

Information from the company's website: Manufacturing A broad selection of circular knitting machines from Mayer & Cie, Germany. HTHP soft flow dyeing machines from Thies, Germany, with an autodispenser equipped dye kitchen for recipe generation and dyestuff feeding. The latest generation finishing machines from Santex, Switzerland for open width and tubular finishing ensuring optimum dimensional stability and low shrinkage provides full flexibility for cotton and Poly blends. A fully equipped laboratory with Data-color computer controlled recipe generation and testing equipment from James H Heal, Great Britain. An ultra modern sewing plant equipped with CAD-CAM and an automatic spreader and cutter from Gerber, USA.

Branches

:

-	Shop (Sindi, Parnu county, Estonia)
	address	:	Parnu mnt 50, Sindi, Parnu county, 86703, Estonia
-	Warehouse (Sindi, Parnu county, Estonia)
	address	:	Parnu mnt 50, Sindi, Parnu county, 86703, Estonia

Subsidiaries and Participation

:

-	QUALITEX BALTIC (Estonia)				100.00 %
		share's book value	:	2 500 EUR
		reg. number	:	12317357
		address	:	Parnu mnt 50, Sindi, Parnu county, 86703, Estonia

Bankers

:

-	SEB Pank (Estonia)
	address	:	Tornimae 2, Tallinn, Harju county, 15010, Estonia
	reg. number	:	10004252
	bank code	:	401

Suppliers

:

-	Gerber (United States of America)
-	James H Heal (United Kingdom)
-	Mayer & Cie (Germany)
-	Santex (Switzerland)
-	Thies (Germany)

Other associated Companies

:

-	Tolaram Grupp (British Virgin Islands)
	/group of companies/

Litigation

:

none

Since 01.01.2010. There are no warnings recorded by the State Register. There are no registered legal actions against company required.

Remarks on payment

- 19.05.2014

:

Debt collection (unconfirmed)

31 894.00 EUR

- 19.05.2014

:

Debt collection (unconfirmed)

28.00 EUR

- 21.10.2010

:

Debt collection (confirmed)				2 000.00 EUR
	payment status	:	complete

( the data as of 23.11.2010, cancelled since 23.11.2010 )

:

yes

- 02.03.2009

:

Local databases (confirmed)				12 800.00 EUR [E]
	payment status	:	complete

( the data as of 02.03.2009, cancelled since 07.04.2009 )

- 27.09.0200

:

Local databases (confirmed)				1 254 400.00 EUR [E]
	payment status	:	complete

Sector: banking

( the data as of 27.09.0200, cancelled since 11.09.2009 )

(*) the tax debt is repaid in installments History of debts to Estonian government: 01.03.2014 (*) 17 478 01.09.2013 (*) / 7 457 EUR 01.05.2013 (*) / 12 714 EUR 01.03.2013 (*) / 11 120 EUR 01.02.2013 (*) / 23 120 EUR 01.06.2012 (*) / 7 595 EUR 01.05.2012 (*) / 19 245 EUR 01.04.2012 (*) / 19 245 EUR 01.03.2012 (*) / 17 971 EUR 01.02.2012 (*) / 32 971 EUR 01.01.2012 / 8 409 EUR 01.09.2011 (*) / 8 694 EUR 01.08.2011 (*) / 18 377 EUR 01.07.2011 (*) / 19 275 EUR 01.06.2011 (*) / 36 509 EUR 01.05.2011 (*) / 18 936 EUR 01.04.2011 / 36 066 EUR 01.03.2011 / 44 020 EUR 01.02.2011 (*) / 45 171 EUR 01.01.2011 (*) / 46 608 EUR Debts to Estonian government: There are current tax debts. Previously, company had tax debts. See information above. Other debts: Yes. 2 debts registered, 2 are paid off.

Yes. 1 debt registered, it's paid off.

Business mortgages

- 09.08.2002

:

Commercial pledge				51 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

- 30.04.1999

:

Commercial pledge				45 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

Financial Elements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	EUR	EUR th	EUR th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	3 758 000.00	4 626.00	7 712.00
- Investments in tangible assets	2 360 000.00	2 594.00	0.00
- Financial assets	3 000.00	3.00	0.00
- Other non-current assets
Non-current assets total	6 121 000.00	7 223.00	7 712.00
CURRENT ASSETS
- Stock	568 000.00	608.00	466.00
- Debtors	481 000.00	453.00	487.00
- Other receivables
- Short-term financial investments
- Cash	9 000.00	13.00	12.00
- Other current assets
Current assets total	1 058 000.00	1 074.00	965.00
Assets total	7 179 000.00	8 297.00	8 677.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	6 084 000.00	6 084.00	6 084.00
- Additional capital
- Other capital
- Reserve capital	4 000.00	4.00	2.00
- Retained earnings (Non-covered loss)	-3 008 000.00	-2 016.00	-1 887.00
Capital and reserves total	3 080 000.00	4 072.00	4 199.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	2 591 000.00	2 578.00	2 336.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	2 591 000.00	2 578.00	2 336.00
SHORT-TERM LIABILITIES
- Loans and credits	890 000.00	1 007.00	1 581.00
- short-term amounts owed to banks
- Creditors	618 000.00	640.00	561.00
- trade debts	408 000.00
- accrued payroll	66 000.00
- tax liabilities	35 000.00
- other creditors	67 000.00
- advances received	42 000.00
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	1 508 000.00	1 647.00	2 142.00
Liabilities total	4 099 000.00	4 225.00	4 478.00
Equity and liabilities total	7 179 000.00	8 297.00	8 677.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	3 945 000.00	4 327.00	5 251.00
Cost of goods sold	2 587 000.00	-2 709.00	-3 155.00
Gross profit
Distribution costs	929 000.00	-890.00	-1 006.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	72 000.00	154.00	20.00
Other operating charges	1 441 000.00	-930.00	-938.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-52 000.00	-79.00	-164.00
Profit before taxation	-992 000.00	-127.00	8.00
Income-tax and other similar payments
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-992 000.00	-127.00	8.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-25.15	-2.94	0.15
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-32.21	-3.12	0.19
Profit before taxation / Equity
Current assets turnover	3.73	4.03	5.44
Net sales / Current assets
Working capital	-450 000.00	-573.00	-1 177.00
Current assets - Short-term liabilities
Leverage	0.43	0.49	0.48
Equity / Total assets
Current ratio	0.70	0.65	0.45
Current assets / Short-term liabilities
Quick ratio	0.32	0.28	0.23
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.33	1.04	1.07
Total liabilities / Equity

Publications

:

No important publications in mass-media regarding company required.

FINAL COMMENTS

We had sent the formal letter to company's management by email, however there was no answer received. We called company's office numerous times, but nobody answered our calls. According to official Commercial Register, subject company is active. If we get any additional information, we will add it to the report.

Registration History

- date n/a

:

Other Code	:	01315591
Registr. authority	:	Entrepreneur register (Estonia)

Capital History

- 22.02.2010

:

95 200 400 EEK (registered)

( the data as of 22.02.2010, cancelled since 17.02.2011 )

- 18.12.2008

:

151 200 400 EEK (registered)

( the data as of 18.12.2008, cancelled since 22.02.2010 )

- 21.09.1999

:

151 100 400 EEK (registered)

( the data as of 21.09.1999, cancelled since 18.12.2008 )

- 27.08.1996

:

95 100 400 EEK (registered)

( the data as of 27.08.1996, cancelled since 21.09.1999 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	EUR	EUR th	EUR th
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	9 000.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	446 000.00
3.2. Prepaid and deferred taxes	32 000.00
3.3. Other short-term receivables	3 000.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	481 000.00
4. INVENTORIES
4.1 Raw materials	122 000.00
4.2 Work in progress	172 000.00
4.3 Finished goods	231 000.00
4.4 Goods for resale
4.5 Prepayments for inventories	43 000.00
4. INVENTORIES TOTAL	568 000.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 058 000.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable	3 000.00
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	3 000.00
8. INVESTMENT PROPERTIES	2 360 000.00
9. TANGIBLE ASSETS
9.1. Land	54 000.00
9.2. Buildings	3 074 000.00
9.3. Machinery and equipment	531 000.00
9.4. Other tangible assets	83 000.00
9.5. Construction-in-progress and prepayments for	16 000.00
tangible assets
9. TANGIBLE ASSETS TOTAL	3 758 000.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	6 121 000.00
TOTAL ASSETS	7 179 000.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	890 000.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	890 000.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	408 000.00
13.2. Employee-related liabilities	66 000.00
13.3. Taxes payable	35 000.00
13.4. Other debts	67 000.00
13.5. Prepayments received	42 000.00
13. DEBTS AND PAYABLES TOTAL	618 000.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	1 508 000.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	2 591 000.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	2 591 000.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	2 591 000.00
LIABILITIES TOTAL	4 099 000.00
20. SHARE CAPITAL	6 084 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	4 000.00
25. Other reserves
26. RETAINED EARNINGS	-2 016 000.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	-992 000.00
EQUITY TOTAL	3 080 000.00
EQUITY AND LIABILITIES TOTAL	7 179 000.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	3 945 000.00
2. Other income	27 000.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	45 000.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	2 587 000.00
8. Other operating expenses	301 000.00
9. STAFF COSTS
9.a. Wages and salaries	702 000.00
9.b. Social security costs	227 000.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	929 000.00
10. Depreciation and impairment of fixed assets	538 000.00
11. Other expenses	602 000.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	-940 000.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses	-52 000.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-52 000.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	-992 000.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	-992 000.00

- 31.12.2012

:

Fiscal period: 12 month(s), currency: EUR, th
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	13.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	453.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	608.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 074.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	3.00
8. INVESTMENT PROPERTIES	2 594.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	4 626.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	7 223.00
TOTAL ASSETS	8 297.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	1 007.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	640.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	1 647.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	2 578.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	2 578.00
LIABILITIES TOTAL	4 225.00
20. SHARE CAPITAL	6 084.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	4.00
25. Other reserves
26. RETAINED EARNINGS	-1 889.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	-127.00
EQUITY TOTAL	4 072.00
EQUITY AND LIABILITIES TOTAL	8 297.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	4 327.00
2. Other income	78.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	76.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-2 709.00
8. Other operating expenses	-367.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	-890.00
10. Depreciation and impairment of fixed assets	-541.00
11. Other expenses	-22.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	-48.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-79.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	-127.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	-127.00

- 31.12.2011

:

Fiscal period: 12 month(s), currency: EUR, th
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	12.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	487.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	466.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	965.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	0.00
8. INVESTMENT PROPERTIES	0.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	7 712.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	7 712.00
TOTAL ASSETS	8 677.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	1 581.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	561.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	2 142.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	2 336.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	2 336.00
LIABILITIES TOTAL	4 478.00
20. SHARE CAPITAL	6 084.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	2.00
25. Other reserves
26. RETAINED EARNINGS	-1 895.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	8.00
EQUITY TOTAL	4 199.00
EQUITY AND LIABILITIES TOTAL	8 677.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	5 251.00
2. Other income	130.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	-110.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-3 155.00
8. Other operating expenses	-359.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	-1 006.00
10. Depreciation and impairment of fixed assets	-539.00
11. Other expenses	-40.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	172.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-164.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	8.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	8.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.58
UK Pound	1	Rs.98.66
Euro	1	Rs.79.81

INFORMATION DETAILS

Analysis Done by :	RAS
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.