MIRA INFORM REPORT

Report Date :

07.11.2014

IDENTIFICATION DETAILS

Name :	FASA AB
Registered Office :	Sporto str. 9, Marijampole, Marijampole Region, Marijampole Municipality, LT-68108
Country :	Lithuania
Financials (as on) :	31.12.2013
Date of Incorporation :	09.03.1994
Com. Reg. No.:	251231370
Legal Form :	AB (Public Joint-Stock Co. by Lithuanian law)
Line of Business :	Manufacture of other general purpose machinery
No of Employees :	195

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 :	Slow but correct
Litigation :	--

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Lithuania	A2	B1

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

LITHUANIA - ECONOMIC OVERVIEW

Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite its EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. The three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. The government's efforts to attract foreign investment, to develop export markets, and to pursue broad economic reforms has been key to Lithuania's quick recovery from a deep recession, making Lithuania one of the fastest growing economies in the EU. Lithuania is committed to meeting the Maastricht criteria to join the euro zone, which the government expects to achieve by 2015. Under the Conservative Party's leadership, Lithuania raised the monthly minimum wage in January 2012 nearly 25% over 2011. In January 2013, the new Social Democrat-led government increased the minimum wage another 25% over January 2012. Despite government efforts, unemployment remains high.

Source : CIA

Identification

Full Name

:

FASA AB

Name in national language

:

FASA AB

Trading Names, Brands

:

-

FASA

Office Address

:

Sporto str. 9, Marijampole, Marijampole region, Marijampole municipality, LT-68108, Lithuania

Legal Address

:

Sporto str. 9, Marijampole, Marijampole region, Marijampole municipality, LT-68108, Lithuania

Contacts

:

-	Phone	:	(+370 343) 70562
-	Fax	:	(+370 343) 70469
-	E-mail	:	info@fasa.lt
-	WWW	:	www.fasa.lt

SUMMARY

Legal Form : AB (Public Joint-Stock Co. by Lithuanian law)

Incorporation : 1994

Staff : 195

Litigation events : yes Remarks on payments : yes

Sales :	19 571 690.00 LTL ( for 12 months, ended 31.12.2013 )
	14 422 479.00 LTL ( for 12 months, ended 31.12.2012 )

Incorporation

:

1994

Registration Data

Date of registration

:

09.03.1994

Registration number

:

251231370

Registr. authority

:

State Register (Marijampole, Marijampole region, Marijampole municipality, Lithuania)

Date of registration

:

01.06.1994

VAT number

:

LT512313716

Registr. authority

:

Tax Board (Marijampole, Marijampole region, Marijampole municipality, Lithuania)

Legal Form

:

AB (Public Joint-Stock Co. by Lithuanian law)

since 09.03.1994

Share Capital

:

10 951 734 LTL (registered)

since n/a

Shareholders

:

The list of shareholders of this company have not been submitted by the company to the State register.

Board / Executives

Executives

General Director

:

Mr Gzibovskis, Aidas (Lithuania)

Sales manager

:

Mrs Algėniene, Zivile (Lithuania)

Authorised signature

:

Mr Gzibovskis, Aidas

Changes in Registration Data

- 28.11.2012

:

managers

- 12.02.2008

:

managers

- 06.11.2007

:

managers

- 20.09.2007

:

share capital

Decrease of the share capital.

Activities

:

-	3569	General industrial machinery, not elsewhere classified
		(2924 / NACE_1.1: Manufacture of other general purpose machinery n.e.c.)
		(2829 / NACE_2: Manufacture of other general-purpose machinery n.e.c.)

Machinery and equipment for foord industry manufacturing. Metal processing.

Staff employed

:

195 [E]

Staff History

:

-	203 [E]
	( the data as of 01.01.2014 )
-	180 [E]
	( the data as of 01.01.2013 )
-	180 [E]
	( the data as of 01.01.2012 )
-	181 [E]
	( the data as of 01.01.2011 )

Export

:

Company's production is exported to more than 30 different countries: in Europe, Middle East and North Africa, Central Asia and far East, as well as South America. Company has a wide distribution network in Russia and former Soviet countries.

Facilities

:

TRANSPORT VEHICLES: 1 BMW 520, 1992, own - 1 2 NISSAN NOTE, 2008, business rent - 3 3 SKODA OCTAVIA, 2013, rent/leasing - 2 4 TOYOTA LAND CRUISER, 2007, rent/leasing - 1 5 VW CADDY, 2013, rent/leasing - 1 6 VW GOLF, 1996, own - 1 7 VW PASSAT, 1989, own - 1 8 VW PASSAT, 1991, own - 1 9 VW PASSAT, 2000, own - 1 10 VW TIGUAN, 2013, rent/leasing - 1 11 VW TRANSPORTER, 1991, own - 1 12 MAN 8.150, 1989, own - 1 13 MAN TGL 7.150, 2009, rent/leasing - 1 14 1-P 3, 1970, own - 1 15 GKB 8350, 1989, own - 1

Branches

:

-	Branch (Marijampole, Marijampole region, Marijampole municipality, Lithuania)
	address	:	Stoties str. 8B, Marijampole, Marijampole region, Marijampole municipality, Lithuania

Subsidiaries and Participation

:

n/a

Bankers

:

-	AB Siauliu bankas (Lithuania)
	bank code	:	71800
	account(s)	:	LT39 7181 8000 0846 7690

Litigation

:

yes

Case number: 2-28-3-04222-2014-2 | 2-4894-896/2014 Court: Marijampole district court Date: 2014-10-22 Case summary: debt and interests adjudgement Case parts: Defendant: Fasa; Plaintiff: KUEHNE + NAGEL, UAB Judgment: 2014-10-22 / The claim was fully satisfied. Case number: 2-28-3-03294-2014-0 | 2-3930-571/2014 Court: Marijampole district court Date: 2014-09-09 Case summary: debt Case parts: Defendant: Fasa; Plaintiff: Litesko Judgment: 2014-09-09 / The case was terminated.

Remarks on payment

- 2014

:

Debt collection (confirmed)

200 017.00 LTL

Debt to the State Social Insurance Fund Board under the Ministry of Social Security and Labor

The company almost every month is late with payments for the State Social Insurance Fund Board under the Ministry of Social Security and Labor for 8-30 days (information for 2011-2014 years).

Financial Elements

Period, months	12	12
Ended	31.12.2013	31.12.2012
Currency	LTL	LTL
Non-current assets	3 941 508.00	3 450 920.00
incl: - Fixed assets	3 851 093.00	3 412 620.00
- Financial assets	10 000.00	10 000.00
Current assets	15 713 154.00	13 074 182.00
incl: - Stock	7 979 373.00	7 156 907.00
- Debtors	7 471 590.00	5 755 935.00
- Cash	262 191.00	161 340.00
ASSETS TOTAL	19 654 662.00	16 525 102.00
Equity	11 153 101.00	10 447 858.00
incl: - Share capital	10 951 734.00	10 951 734.00
Liabilities Total	8 501 561.00	6 077 244.00
incl: - Long-term liabilities	1 653 430.00	1 628 582.00
- Short-term liabilities	6 848 131.00	4 448 662.00
EQUITY AND LIABILITIES TOTAL	19 654 662.00	16 525 102.00
Net sales	19 571 690.00	14 422 479.00
Cost of goods sold	12 317 515.00	9 002 814.00
Operating profit	1 264 550.00	1 103 626.00
Profit before taxation	1 145 882.00	1 115 732.00
Net profit	873 514.00	1 030 139.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	5.85	7.74
Profit before taxation / Net sales
Operating margin of profit, %	6.46	7.65
Operating profit / Net sales
Return on investment, %	10.27	10.68
Profit before taxation / Equity
Current assets turnover	1.25	1.10
Net sales / Current assets
Working capital	8 865 023.00	8 625 520.00
Current assets - Short-term liabilities
Leverage	0.57	0.63
Equity / Total assets
Current ratio	2.29	2.94
Current assets / Short-term liabilities
Quick ratio	1.13	1.33
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.76	0.58
Total liabilities / Equity

Income range of the subject LTL (according to data of Statistics Dep-t): 11,000,001-13,000,000 /2011-12-31/ 7,000,001-9,000,000 /2010-12-31/ 7,000,001-9,000,000 /2009-12-31/ 11,000,001-13,000,000 /2008-12-31/ 11,000,001-13,000,000 /2008-01-02/ 9,000,001-11,000,000 /2007-01-01/ 5,000,001-7,000,000 /2005-12-31/ 9,000,001-11,000,000 /2004-12-31/ 7,000,001-9,000,000 /2003-12-31/ 7,000,001-9,000,000 /2002-12-31/ 11,000,001-13,000,000 /1999-12-31/

FINAL COMMENTS

Information was received from all the sources available, general information was confirmed by the Finance Manager of the company Mrs. Jurate Marcinoniene. She said that company's policy is to provide financial information only to State institutions. /Date: 03.11.2014, phone:+370 343 70562/

APPENDIX A

Financial Statements

Period, months	12	12
Ended	31.12.2013	31.12.2012
Currency	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	19 571 690.00	14 422 479.00
II. COSTS OF GOODS SOLD AND SERVICES	12 317 515.00	9 002 814.00
RENDERED
III. GROSS PROFIT (LOSS)	7 254 175.00	5 419 665.00
IV. OPERATING EXPENSES	5 989 625.00	4 316 039.00
IV.1 Expenses on sales	1 422 859.00	1 180 299.00
IV.2 Administrative and other expenses	4 566 766.00	3 135 740.00
V. OPERATING PROFIT (LOSS)	1 264 550.00	1 103 626.00
VI. OTHER OPERATIONS	131 401.00	211 672.00
VI.1 Revenue from other operations	164 613.00	398 912.00
VI.2 Expenses on other operations	33 212.00	187 240.00
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-250 069.00	-199 566.00
VII.1 Revenue from financial and investing activities	20 857.00	22 168.00
VII.2 Expenses on financial and investing activities	270 926.00	221 734.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	1 145 882.00	1 115 732.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	1 145 882.00	1 115 732.00
XII. PROFIT TAX	272 368.00	85 593.00
XIII. NET PROFIT (LOSS)	873 514.00	1 030 139.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	3 941 508.00	3 450 920.00
I. INTANGIBLE ASSETS	80 415.00	28 300.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software	80 415.00	28 300.00
I.5 Other intangible assets
II. TANGIBLE ASSETS	3 851 093.00	3 412 620.00
II.1 Land
II.2 Buildings and constructions	2 265 225.00	2 299 230.00
II.3 Plant and equipment	417 637.00	260 308.00
II.4 Transport vehicles	456 892.00	131 885.00
II.5 Other fixtures, fittings, tools and equipment	136 247.00	128 517.00
II.6 Construction in progress and prepayments
II.7 Other tangible assets	8 860.00	9 517.00
II.8 Investment assets	566 232.00	583 163.00
II.8.1. Land	15 000.00	15 000.00
II.8.2. Buildings	551 232.00	568 163.00
III. LONG-TERM FINANCIAL ASSETS	10 000.00	10 000.00
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets	10 000.00	10 000.00
IV. OTHER LONG TERM ASSETS	0.00	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	15 713 154.00	13 074 182.00
I. STOCKS AND CONTRACTS IN PROGRESS	7 979 373.00	7 156 907.00
I.1. Stocks	7 822 092.00	7 032 432.00
I.1.1 Raw materials and consumables	1 342 670.00	1 196 078.00
I.1.2 Work in progress	5 884 474.00	5 273 954.00
I.1.3 Finished products	520 109.00	487 561.00
I.1.4 Goods purchased for sale	74 839.00	74 839.00
I.1.5 Long term assets for resale
I.2 Advanced payments	157 281.00	124 475.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	7 471 590.00	5 755 935.00
II.1. Trade debtors	6 324 741.00	4 776 623.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	1 146 849.00	979 312.00
III. OTHER CURRENT ASSETS	0.00	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	262 191.00	161 340.00
TOTAL ASSETS	19 654 662.00	16 525 102.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	11 153 101.00	10 447 858.00
I. CAPITAL	10 951 734.00	10 951 734.00
I.1. Authorized capital	10 951 734.00	10 951 734.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	92 599.00	92 599.00
III.1. Legally prescribed reserevs	92 599.00	92 599.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	108 768.00	-596 475.00
IV.1 Profit (loss) from the current year	873 514.00	1 030 140.00
IV.2 Profit (loss) brought forward from previous years	-764 746.00	-1 626 615.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	8 501 561.00	6 077 244.00
I. LONG-TERM ACCOUNTS PAYABLE	1 653 430.00	1 628 582.00
I.1 Financial loans	1 653 430.00	1 628 582.00
I.1.1 Leasing and other similar obligations	204 880.00	34 071.00
I.1.2 Amounts owed to credit institutions	1 448 550.00	1 594 511.00
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	6 848 131.00	4 448 662.00
II.1 Short-term portion of long-term debts	78 117.00	140 592.00
II.2 Financial debts	920 000.00	400 000.00
II.2.1 To credit institutions	920 000.00	400 000.00
II.2.2 Other loans
II.3 Trade creditors	1 629 573.00	953 803.00
II.4 Advanced payments under contracts in progress	1 548 166.00	989 310.00
II.5 Profit tax liabilities	272 368.00	85 593.00
II.6 Taxes, accrued payroll and social insurance payments	659 139.00	647 394.00
II.7 Provisions	1 214 533.00	798 075.00
II.8 Other accounts payable and short-term liabilities	526 235.00	433 895.00
TOTAL EQUITY AND LIABILITIES	19 654 662.00	16 525 102.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.39
UK Pound	1	Rs.98.00
Euro	1	Rs.76.98

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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.