MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	ORIENT SRL
Registered Office :	Suceava county / 725400 Radauti – Fabricilor Street No. 7
Country :	Romania
Financials (as on) :	31.12.2013
Date of Incorporation :	May, 1991
Legal Form :	Limited liability company
Line of Business :	Subject offers complete services in the both fields of national and international cargo transports areas, and for the special dangerous transports and oversized transportation
No. of Employees :	62

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Romania	B1	B1

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

NAME OF THE COMPANY

ORIENT SRL

Address

Suceava county / 725400 Radauti – Fabricilor Street No. 7

Phone no.

Cell phone no.

0040-230-560701, 560702

0040-753-093365

0040-743-550977

Fax no.

0040-230-562883

Web-site

www.spedorient.com

E-mail address

dispecerat@spedorient.com

HISTORIC/OFFICIAL DATA

Date of foundation

May, 1991

Present legal form

Limited liability company, entire Romanian capital

Registered with the Trade Registry

J33/338/1991

VAT no.

739128

Registered capital

1,605,200 RON

Shareholders

Unique owner, individual

Mr. Nicoara Vasile – Romanian citizen, born on 25.06.1951

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

2009

2010

2011

2012

2013

total

29

35

37

45

62

BUSINESS ACTIVITY

- cargo road transports, as officially registered with the National Trade Registry updated files (NACE: 4941)

According to the company’s web-site

- domestic and international cargo transport, oversized transportation, crane rentals, auto repair services, import and distribution of auto parts for both, cars and trucks.

ORIENT SRL offers complete services in the both fields of national and international cargo transports areas, and for the special dangerous transports and oversized transportation also. At present, the company is one of the most important and biggest international transport company in Northern Romania, as regards the number of transports, their frequency, the number of trucks as well as the quality of the services offered.

The company is acting under the business name of ORIENT INTERNATIONALE SPEDITION.

For more details, please visit www.spedorient.com

OTHER PARTICIPATION

1. Company’s participation

not applicable

2. Shareholders other participation

not applicable

REAL ESTATE (RON)

2009

2010

2011

2012

2013

- lands

N/A

410

410

N/A

601,795

- buildings

N/A

2,889

2,815

N/A

128,693

- equipment

N/A

754,011

720,261

N/A

949,015

BANKS

N/A

MANAGEMENT

as officially registered with the National Trade Registry

Administrator

Mrs. Nicoara Andreea Vasilica – Romanian citizen, born on 19.12.1986

Appointed on 2.05.2011 foe unspecified period

CURRENCY

Exchange rate of EURO

1 EURO = 4.2282 RON on 31.12.2009

1 EURO = 4.2848 RON on 31.12.2010

1 EURO = 4.3197 RON on 31.12.2011

1 EURO = 4.4287 RON on 31.12.2012

1 EURO = 4.4847 RON on 31.12.2013

FINANCIAL DATA: RON

BALANCE SHEET	31.12.2010	31.12.2011	31.12.2012	31.12.2013
INTANGIBLES - TOTAL	1,248	1,248	N/A	23,387
TANGIBLES - TOTAL	757,310	791,942	N/A	1,679,503
FINANCIALS - TOTAL	0	0	N/A	0
FIXED ASSETS - TOTAL	758,558	793,190	1,174,582	1,702,890
STOCKS - TOTAL	119,155	103,507	0	263,994
CLAIMS - TOTAL	12,205,637	12,029,299	13,759,897	26,707,208
CURRENT ASSETS	11,850,828	12,805,421	14,186,853	26,143,745
PREPAID EXPENSES	20,012	87,461	879,342	381,282
DEBTS WITHIN 1 YEAR	9,475,677	9,147,751	11,269,329	22,359,682
DEBTS OVER 1 YEAR	0	0	0	0
PROVISIONS	0	0	0	0
ADVANCED INCOMES	0	0	0	0
REGISTERED CAPITAL	1,605,000	1,605,200	1,605,200	1,605,200
RESERVES from reassessment of the fixed assets	306,886	0	N/A	45,375
RESERVES	1,063,215	1,449,370	N/A	1,532,043
PROFITS CARRIED FORWARD	178,620	178,621	N/A	1,885,676
NET RESULT - PROFIT	1,038,304	1,384,399	433,127	851,413
NET RESULT - LOSS	0	0	0	0
NET WORTH	3,153,721	4,538,321	4,971,448	5,868,235
PROFIT & LOSS ACCOUNT	31.12.2010	31.12.2011	31.12.2012	31.12.2013
Turnover	10,835,218	55,312,888	55,006,524	81,572,459
Own production & services	10,591,384	54,092,009	N/A	81,172,730
Sales	243,834	1,220,879	N/A	399,729
INCOMES FROM ORDINARY OPERATING ACTIVITY	11,087,843	55,593,283	N/A	82,125,439
Raw materials	4,319,819	4,659,051	N/A	1,977,553
Costs of goods sold	199,620	1,096,283	N/A	385,121
Wages	315,763	338,955	N/A	941,938
Depreciations & provisions	253,329	434,519	N/A	313,641
Other operating costs	4,681,900	47,316,570	N/A	77,292,314
COSTS OF ORDINARY OPERATING ACTIVITY	9,923,030	54,065,332	N/A	81,277,243
ORDINARY OPERATING RESULT - PROFIT	1,164,813	1,527,951	N/A	848,196
ORDINARY OPERATING RESULT - LOSS	0	0	N/A	0
FINANCIAL INCOMES	391,235	742,047	N/A	2,052,491
FINANCIAL COSTS	362,390	684,625	N/A	1,913,801
FINANCIAL RESULT - PROFIT	28,845	57,422	N/A	138,690
FINANCIAL RESULT - LOSS	0	0	N/A	0
CURRENT RESULT - PROFIT	1,193,658	1,585,373	N/A	986,886
CURRENT RESULT - LOSS	0	0	N/A	0
Extraordinary incomes	0	0	N/A	0
Extraordinary costs	0	0	N/A	0
EXTRAORDINARY RESULT - PROFIT	0	0	N/A	0
EXTRAORDINARY RESULT - LOSS	0	0	N/A	0
TOTAL INCOMES	11,479,078	56,335,330	56,138,377	84,177,930
TOTAL COSTS	10,285,420	54,749,957	55,629,369	83,191,044
PRETAX RESULT - PROFIT	1,193,658	1,585,373	509,008	986,886
PRETAX RESULT - LOSS	0	0	0	0
TAX ON PROFIT	155,354	200,974	N/A	135,473
NET RESULT - PROFIT	1,038,304	1,384,399	433,127	851,413
NET RESULT - LOSS	0	0	0	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 31.12.2013. As consequence, the responsibility for their accuracy belongs exclusively to the company.

OUR OPINION

based upon financial figures reported in the latest balance-sheet – 31.12.2013

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

Size

medium, considering the number of employees

Position & trend

Well-established company, with an experience of already over 20 years in its line of business.

It develops a large volume of activity, registering a spectacularly turnover growth in 2011 comparing to the previous year. The turnover’s ascendant trend continued further.

The financial standing looks well-enough and the payments behaviour is correct, without delays.

The business relationships are feasible and the credit facilities are suitable.

31.12.2009

31.12.2010

31.12.2011

31.12.2012

31.12.2013

Turnover

RON

9,821,588

10,835,218

55,312,888

55,006,524

81,572,459

EURO

2,322,877

2,528,757

12,804,798

12,420,467

18,189,056

Gross profit

RON

153,657

1,193,658

1,585,373

509,008

986,886

EURO

36,341

278,580

367,010

114,934

220,056

Net profit

RON

129,987

1,038,304

1,384,399

433,127

851,413

EURO

30,743

242,323

320,485

97,800

189,848

31.12.2013

CREDITS & LOANS (ACTIVE BALANCE)

None (zero)

BALANCE CLAIMS-DEBTS

Positive

Total claims

26,707,208

clients & trade debtors

24,210,924

Total debts, 100% on short term

22,359,682

suppliers & trade creditors

20,150,579

to the Social Insurance

34,887

to the State Budget

89,729

to the shareholders

700

other debts

2,025,397

PAYMENTS BEHAVIOR

Correct, no delays reported

PAYMENTS INCIDENTS, as

officially recorded with the Payment Incident Bureau

No incidents recorded in the period 27.11.2013 – 27.11.2014

FINANCIAL STRENGTH

2,152 tsd EURO

2009

2010

2011

2012

2013

Constant good

Liquidity analysis

- current ratio

1.28

1.25

1.40

1.26

1.17

- quick ratio

1.23

1.24

1.39

1.26

1.16

Solvability analysis

Generally satisfactory; easy over limited indebtedness rate in 2013

- the borrowing ratio (total debts/net worth)

2.22

3.00

2.02

2.27

3.81

Profitability analysis (%)

Fluctuating, but generally within low limits

- return on capital

6.14

32.92

30.50

8.71

14.51

- return on assets

1.91

8.22

10.12

2.67

3.02

- gross profit margin

1.56

11.02

2.87

0.93

1.21

Activity analysis

Mostly heavy settlements of debtors

- debtor’s days

263

411

79

91

120

- creditor’s days

n/a

n/a

n/a

n/a

n/a

Stocks turnover, times/year

42

91

534

*

309

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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.