MIRA INFORM REPORT

Report No. :	336490
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	WENDRE AKTSIASELTS
Formerly Known As :	WENDRE VELY AKTSIASELTS
Registered Office :	Lina 31, Parnu, Parnu County, 80041
Country :	Estonia
Financials (as on) :	31.12.2014
Date of Incorporation :	1993
Legal Form :	AS (Public limited company by Estonian Commercial Law)
Line of Business :	Manufacture of made-up textile articles, except apparel.
No. of Employee :	666 (31.12.2014)

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Estonia	B1	B1

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

ESTONIA ECONOMIC OVERVIEW

Estonia, a member of the European Union since 2004 and the euro zone since 2011, 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, 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 recovered strongly in the five years up to 2014. Growth fell below 2% in 2014 as a consequence of weak EU and Russian growth. Estonia is challenged by a shortage of labor, both skilled and unskilled, and the government has amended its immigration law to allow easier hiring of highly qualified foreign workers.

Source : CIA

Identification

Full Name

:

Wendre Aktsiaselts

IGK-number

:

041-098-200

Name in English

:

Wendre PLC

Name in national language

:

Wendre AS

Previous Names

:

-	Wendre Vely Aktsiaselts

Office Address

:

Lina 31, Parnu, Parnu county, 80041, Estonia

Legal Address

:

Lina 31, Parnu, Parnu county, 80041, Estonia

Contacts

:

-	Phone	:	(+372) 4490704
-	Fax	:	(+372) 4490701
-	E-mail	:	admin@wendre.ee ; vahur.roosaar@wendre.com
-	WWW	:	www.wendre.ee

Summary

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

Incorporation : 1993

Staff : n/a

Litigation events : none Remarks on payments : none

Sales :	73 480 000.00 EUR ( for 12 months, ended 31.12.2014 )
	78 271.00 th EUR ( for 12 months, ended 31.12.2013 )

Incorporation

:

1993

In 1993 the company was registered as a private company according to Estonian Commercial law. The company registered in 1993 is a legal successor of the state company which was established in 1965 in order to produce different non-woven materials. Since the last decade AS Wendre has specialised in the production of quilted products, pillows, sleeping bags, mattresses and bedspreads, etc.

Important Notes

- 27.09.1999

:

MERGER

Official notes: Merged company: AS Huntex (Estonia, 10033503). Merged company was deleted from the State Register. Legal successor: Wendre AS (reg. Nr: 10120596).

- 16.01.1998

:

Merger

Official notes: Merged company: AS Wendre (Estonia, 10106768). Merged company was deleted from the State Register. Legal successor: AS Wendre Vely (Estonia, 10120596). Company changed it's name to AS Wendre.

Registration Data

Date of registration

:

30.12.1996

Registration number

:

10120596

Registr. authority

:

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

Date of registration

:

01.02.1994

VAT number

:

EE100110997

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 30.12.1996

Share Capital

:

805 140 EUR (registered)

since 30.04.2012

Shares are registered in the Estonian Central Register of Securities

Shareholders

:

-	TRADING HOUSE EESTI AKTSIASELTS (Estonia)				100.00 %
		share's book value	:	805 140 EUR
		reg. number	:	10706936

Board / Executives

Board

Supervisory Board Member

:

Mrs Hunt, Gisela (Sweden)

Date of birth: 09.10.1972

Supervisory Board Member

:

Hunt, Peter (Sweden)

Supervisory Board Member

:

Mr Martens, Urvo (Estonia)
	address: Tallinn, Harju county, Estonia

Executives

Board Member

:

Mr Armvaart, Peep (Estonia)
	address: Vandra borough, Vandra parish, Parnu county, Estonia

Board Member

:

Mr Roosaar, Vahur (Estonia)
	address: Viljandi, Viljandi county, Estonia

Chief Accountant

:

Mrs Heidi Arendi (Estonia)

Tel.: 4490734

The member of the management board represents the private limited company alone unless noted otherwise in the commercial register. Mr Roosaar, Vahur represents the company alone. Other members of the board can represent the company only jointly (minimum 2 members).

Authorised signature

:

Mr Armvaart, Peep

Mr Roosaar, Vahur

Changes in Registration Data

- 31.05.2013

:

shareholders

- 01.04.2010

:

shareholders

Company: Wendre AS (Estonia, 10120596)

- 15.08.2007

:

managers, authorised signature

Mr Urvo Martens (Estonia, 36205230242 )

- 25.07.2007

:

managers

Mr Mati Tiimus (Estonia, 35901314232)

- 25.01.2006

:

legal address

Jannseni 5, Vandra parish, Parnu county, 87701, Estonia

- 13.06.2005

:

managers, authorised signature

Mr Jaanus Luberg (Estonia, 36201254224 )

- 06.06.2003

:

shareholders

Mr Tonu Laks (Estonia, 35908164213)

- 20.06.2002

:

managers, authorised signature

Mrs Ehti Sonts (Estonia, 46112054220 ) Mrs Heidi Arendi (Estonia, 46609284210 ) Mr Tõnu Laks (Estonia, 35908164213 ) Mr Ain Vaino (Estonia, 36703314216 )

- 21.02.2001

:

managers, authorised signature

Mr Toomas Varva (Estonia, 36601304231 )

- 16.03.2000

:

shareholders

Mr Mati Tiimus (Estonia, 35901314232)

- 17.06.1999

:

managers, authorised signature

Mrs Mare Toobal (Estonia, 45412044221 )

- 31.03.1999

:

managers, authorised signature

Mr Mati Tiimus (Estonia, 35901314232 )

- 18.03.1999

:

shareholders

Mr Urmas Hallas (Estonia, 35008174215)

-

16.01.1998

:

name

Wendre Vely

Persons Previously Connected to the Company Aktsiaselts PricewaterhouseCoopers reg.code: 10142876 location: Estonia Auditor since 28/02/2003 until 03/05/2011 Aktsiaselts Wendre reg.code: 10120596 location: Estonia Stockholder since 01/10/2008 until 01/04/2010 Aktsiaselts Wendre Vely reg.code: 10120596 location: Estonia Stockholder since 18/03/1999 until 18/03/1999 Heidi Arendi ID code (date of birth): 46609284210 location: Estonia Member of the Board since 17/06/1999 until 20/06/2002 Peep Armväärt ID code (date of birth): 36411254212 location: Estonia Member of the Board since 16/01/1998 until 17/06/1999 Urmas Hallas ID code (date of birth): 35008174215 location: Estonia Stockholder since 18/03/1999 until 18/03/1999 Gisela Hunt ID code (date of birth): 09.10.1972 location: Sweden Member of the Council since 19/07/2010 until 20/10/2014 Peter Hunt ID code (date of birth): 30.07.1952 location: Sweden Chairman of the Council since 11/06/2002 until 20/10/2014 Peter-Kalev Hunt ID code (date of birth): 30.07.1952 location: Sweden Chairman of the Council since 11/06/2002 until 11/06/2002 Peter-Kalev Hunt ID code (date of birth): 30.07.1952 location: Sweden Member of the Council since 02/02/1999 until 11/06/2002 Sven Jürisoo ID code (date of birth): 37010314241 location: Estonia Member of the Board since 20/06/2005 until 28/04/2015 KPMG Baltics OÜ reg.code: 10096082 location: Estonia Auditor since 22/04/1998 until 28/02/2003 Vello Kutsar ID code (date of birth): location: Estonia Member of the Council since 02/02/1999 until 02/02/1999 Kalle Lahe ID code (date of birth): 35501244213 location: Estonia Auditor since 22/04/1998 until 22/04/1998 Tõnu Laks ID code (date of birth): 35908164213 location: Estonia Member of the Council since 02/02/1999 until 02/02/1999 Tõnu Laks ID code (date of birth): 35908164213 location: Estonia Member of the Board since 31/03/1999 until 20/06/2002 Tõnu Laks ID code (date of birth): 35908164213 location: Estonia Stockholder since 16/03/2000 until 16/03/2000 Tõnu Laks ID code (date of birth): 35908164213 location: Estonia Stockholder since 16/03/2000 until 06/06/2003 Jaanus Luberg ID code (date of birth): 36201254224 location: Estonia Member of the Board since 20/12/2002 until 13/06/2005 Urvo Martens ID code (date of birth): 36205230242 location: Estonia Member of the Board since 01/07/2005 until 15/08/2007 Urvo Martens ID code (date of birth): 36205230242 location: Estonia Member of the Council since 26/07/2007 until 20/10/2014 Urvo Martens ID code (date of birth): 36205230242 location: Estonia Member of the Council since 02/02/1999 until 11/06/2002 Urvo Martens ID code (date of birth): 36205230242 location: Estonia Member of the Board since 20/06/2002 until 20/06/2005 Veli Piikmann ID code (date of birth): 35806154226 location: Estonia Member of the Council since 11/06/2002 until 11/06/2002 Ehti Sonts ID code (date of birth): 46112054220 location: Estonia Member of the Board since 17/06/1999 until 20/06/2002 Mati Tiimus ID code (date of birth): 35901314232 location: Estonia Member of the Board (Manager) since 30/12/1996 until 31/03/1999 Mati Tiimus ID code (date of birth): 35901314232 location: Estonia Member of the Council since 02/02/1999 until 28/04/2000 Mati Tiimus ID code (date of birth): 35901314232 location: Estonia Member of the Council since 11/06/2002 until 25/07/2007 Mati Tiimus ID code (date of birth): 35901314232 location: Estonia Stockholder since 16/03/2000 until 16/03/2000 Mare Toobal ID code (date of birth): 35412044221 location: Estonia Member of the Board since 16/01/1998 until 06/02/1998 Mare Toobal ID code (date of birth): 45412044221 location: Estonia Member of the Board since 06/02/1998 until 17/06/1999 Trading House Scandinavia AB reg.code: 556433-7847 location: Sweden Stockholder since 01/01/2004 until 01/10/2008 Trading House Scandinavia AB reg.code: 556433-7847 location: Sweden Stockholder since 16/06/2003 until 01/01/2004 Trading House Scandinavia AB reg.code: 556433-7847 location: Sweden Stockholder since 01/10/2008 until 01/07/2012 Trading House Scandinavia AB reg.code: 556433-7847 location: Sweden Stockholder since 01/07/2012 until 31/05/2013 TRADING HOUSE EESTI AKTSIASELTS reg.code: 10706936 location: Estonia Stockholder since 24/02/2015 until 26/02/2015 TRADING HOUSE SCAND.AKTIEBOLAG reg.code: 556433-7847 location: Sweden Stockholder since 17/09/2013 until 24/02/2015 TRADING HOUSE SCAND.AKTIEBOLAG reg.code: 556433-7847 location: Sweden Stockholder since 24/02/2015 until 26/02/2015 TRADING HOUSE SCANDINAVIA AB reg.code: 556433-7847 location: Sweden Stockholder since 31/05/2013 until 17/09/2013 Ain Vaino ID code (date of birth): 36703314216 location: Estonia Member of the Board since 16/01/1998 until 20/06/2002 Toomas Värva ID code (date of birth): 36601304231 location: Estonia Member of the Board since 17/06/1999 until 21/02/2001

Activities

:

-	2392	House furnishings, not elsewhere classified
		(1740 / NACE_1.1: Manufacture of made-up textile articles, except apparel)
		(1392 / NACE_2: Manufacture of made-up textile articles, except apparel)
-	2392	Cushions & Pillows
		(1740 / NACE_1.1: Manufacture of made-up textile articles, except apparel)
		(1392 / NACE_2: Manufacture of made-up textile articles, except apparel)
-	2392	Blankets/Comforters/Beddings
		(1740 / NACE_1.1: Manufacture of made-up textile articles, except apparel)
		(1392 / NACE_2: Manufacture of made-up textile articles, except apparel)

Principal activity: Manufacture of made-up textile articles, except apparel NACE code: 13.92 Additional activity: Manufacture of mattresses Wholesale of textiles Information from the company's website: Corporate info Wendre, along with Wendre Scandinavia AB, Trading House Textile Wuxi Co Ltd and Pärnu Beach & Golf Resort is part of the Trading House Scandinavia AB group. The headquarters of Trading House is located in Sweden. The foam producer Wenfom AS and folding beds maker Stram OÜ, are also part of the group. Wendre has in Estonia two production units located in Pärnu and Vändra, factory in Poland and sales office in Germany. Our financial results allow us to title Wendre as one of Europe`s largest beddings manufacturers, whose clients include leading home-decoration and furniture stores across the world.

Staff employed

:

n/a

Staff History

:

-	666
	( the data as of 31.12.2014 )
-	657
	( the data as of 10.11.2014 )
-	618
	( the data as of 02.07.2014 )
-	636
	( the data as of 31.12.2012 )
-	634
	( the data as of 31.12.2011 )
-	624
	( the data as of 05.09.2011 )
-	576
	/in Wendre/
	( the data as of 20.01.2011 )
-	724
	/in whole Group/
	( the data as of 20.01.2011 )
-	745
	/in whole group/
	( the data as of 31.12.2010 )
-	655
	( the data as of 06.05.2010 )
-	655
	( the data as of 31.12.2009 )
-	500
	( the data as of 22.06.2009 )
-	640
	( the data as of 31.12.2007 )
-	640
	( the data as of 31.12.2006 )
-	541
	( the data as of 31.12.2005 )
-	523
	( the data as of 31.12.2004 )
-	453
	( the data as of 31.12.2003 )
-	H: 500-999

Export

- 31.12.2013

:

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

85 941.00

Sweden, Germany, United States of America, United Kingdom, France, Belgium, Poland, Finland, Spain, Estonia, Russian Federation, Austria, China Peoples Republic, Denmark, Canada, Other

- 31.12.2012

:

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

92 061.00

France, Sweden, Spain, United Kingdom, Belgium, United States of America, Germany, Poland, Finland, Russian Federation, Austria, Denmark, China Peoples Republic, Italy, Netherlands, Canada, Norway, Japan, United Arab Emirates, World-wide
/in whole group/ Export share: 97%

- 31.12.2007

:

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

942 005.00

United States of America, Sweden, United Kingdom, Germany, Poland, Malaysia, Spain, Canada
/Consolidated amount with subsidiaries/

- 31.12.2006

:

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

688 458.00

United States of America, United Kingdom, Germany, France, Netherlands
/Consolidated amount with subsidiaries/

Import

- 30.06.2011

:

Fiscal period: 6 month(s), currency: EUR, mio

35.20

:

Europe, Asia
Import share: ~80%

Branches

:

-	Shop (Parnu, Parnu county, Estonia)
	address	:	Lina 31, Parnu, Parnu county, 80041, Estonia
	( the data as of 07.11.2014 )
-	Warehouse (Parnu, Parnu county, Estonia)
	address	:	Lina 31, Parnu, Parnu county, 80041, Estonia
	tel 4490755, 4490770, ylle.kruusimagi@wendre.com
	( the data as of 07.11.2014 )

Subsidiaries and Participation

:

-	Trading HouseTextile Wuxi Co Ltd (China Peoples Republic)				100.00 %
-	Wendre Skaninavia AB				100.00 %
-	Wendre GmbH (Germany)				100.00 %
-	Wendre Poland Sp. z.o.o. (Poland)				99.00 %
-	Golfer (Estonia)				share n/a
		reg. number	:	10021233
		address	:	Lina 31, Parnu, Parnu county, 80041, Estonia

Bankers

:

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

Clients

:

-	Agros (United Kingdom)
-	Home Base (United Kingdom)
-	IKEA (World-wide)
	IKEA brings 80% from company`s turnover.
-	Indoor OY (Finland)
-	Wendre Poland (Poland)
-	Wendre Scandinavia (Sweden)

Information from the company's website: Partners In 1999 Wendre was awarded licence by Advansa GmbH (DuPont GmbH), giving us the right to manufacturer blankets with DuPont fibres like Aerelle, Hollofil and Quallofil 7-hole hollow fibre etc. Since 1999 Wendre is also licenced to produce ball fibre. In cooperation with Eurofoam GmbH (Recticel Group) Wendre established Wenfom AS, which cuts and treats foam and foam boards. Wendre tests raw materials in Europe’s largest and independent labs such as TÜV, SGS and Forschungsinstitut Hohenstein. Wendre belongs to several associations:

Suppliers

:

-	Hansapakend (Estonia)
	address	:	Reti road 4, Peetri village, Rae parish, Harju county, 75301, Estonia
	reg. number	:	10955757
-	Hiking Textile (Shandong) Co. Ltd. (China Peoples Republic)
-	Huvis Corporation (Korea Republic)
-	Luoyang White Horse Group Co (China Peoples Republic)
-	Qingdao Shangpin Textiles co. ltd. (China Peoples Republic)
-	White Horse (China Peoples Republic)

Other associated Companies

:

-	Wenfom (Estonia)
	address	:	Jannseni 5, Vandra borough, Vandra parish, Parnu county, 87701, Estonia
	reg. number	:	10357173

Litigation

:

none

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

Remarks on payment

:

none

Debts to Estonian government: By the Tax Authorities there are no tax debts registered on the subject. Other debts: No current on defaulted payments are reported by local debt collection companies. IGK databases: No current are reported on the company required.

Business mortgages

- 04.06.2013

:

Commercial pledge				3 719 594 EUR
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 04.06.2013 )

- 20.02.2007

:

Commercial pledge				53 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 20.02.2007 )

- 29.09.2005

:

Commercial pledge				40 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 29.09.2005 )

- 10.02.2004

:

Commercial pledge				25 200 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 10.02.2004 )

- 07.05.2003

:

Commercial pledge				20 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 07.05.2003 )

- 14.03.2003

:

Commercial pledge				10 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 25.07.2001

:

Commercial pledge				5 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 12.01.2000

:

Commercial pledge				5 500 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 29.12.1999

:

Commercial pledge				10 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 09.11.1999

:

Commercial pledge				1 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 09.11.1999

:

Commercial pledge				1 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 16.01.1998

:

Commercial pledge				3 300 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 16.01.1998

:

Commercial pledge				1 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

- 16.01.1998

:

Commercial pledge				1 500 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 08.05.2014 )

Financial Elements

Period, months	12	12	12
Ended	31.12.2014	31.12.2013	31.12.2012
Currency	EUR	EUR th	EUR th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	21 000.00	43.00	65.00
- Fixed assets	13 513 000.00	14 159.00	14 285.00
- Investments in tangible assets	1 709 000.00	1 012.00	1 061.00
- Financial assets	17 883 000.00	10 768.00	8 317.00
- Other non-current assets
Non-current assets total	33 126 000.00	25 982.00	23 728.00
CURRENT ASSETS
- Stock	26 487 000.00	19 604.00	23 769.00
- Debtors	31 915 000.00	32 289.00	17 187.00
- Other receivables
- Short-term financial investments
- Cash	1 360 000.00	9 200.00	393.00
- Other current assets
Current assets total	59 762 000.00	61 093.00	41 349.00
Assets total	92 888 000.00	87 075.00	65 077.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	805 000.00	805.00	805.00
- Additional capital
- Other capital
- Reserve capital	89 000.00	89.00	89.00
- Retained earnings (Non-covered loss)	62 502 000.00	56 706.00	50 462.00
Capital and reserves total	63 396 000.00	57 600.00	51 356.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	15 969 000.00	17 616.00	749.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	15 969 000.00	17 616.00	749.00
SHORT-TERM LIABILITIES
- Loans and credits	2 260 000.00	2 108.00	2 322.00
- short-term amounts owed to banks
- Creditors	11 263 000.00	9 751.00	10 650.00
- trade debts
- accrued payroll
- tax liabilities
- other creditors	11 263 000.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	13 523 000.00	11 859.00	12 972.00
Liabilities total	29 492 000.00	29 475.00	13 721.00
Equity and liabilities total	92 888 000.00	87 075.00	65 077.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	73 480 000.00	78 271.00	81 523.00
Cost of goods sold	58 064 000.00	59 050.00	-64 105.00
Gross profit
Distribution costs	8 997 000.00	8 442.00	-7 673.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	3 020 000.00	873.00	673.00
Other operating charges	3 988 000.00	3 806.00	-3 270.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	345 000.00	12.00	-593.00
Profit before taxation	5 796 000.00	7 858.00	6 555.00
Income-tax and other similar payments		1 614.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	5 796 000.00	6 244.00	6 555.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	7.89	10.04	8.04
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	9.14	13.64	12.76
Profit before taxation / Equity
Current assets turnover	1.23	1.28	1.97
Net sales / Current assets
Working capital	46 239 000.00	49 234.00	28 377.00
Current assets - Short-term liabilities
Leverage	0.68	0.66	0.79
Equity / Total assets
Current ratio	4.42	5.15	3.19
Current assets / Short-term liabilities
Quick ratio	2.46	3.50	1.36
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.47	0.51	0.27
Total liabilities / Equity

Taxes paid: In Q2 2015, the company paid 1 239 146.66 EUR as state taxes 967 468.06 EUR as payroll taxes

Publications

- 19.11.2013

:

Subject

:

http://www.aripaev.ee/Default.aspx?PublicationId=314f5da8-fae7-4bbf-bf15-5b6a6448c09f

Wendre with IKEA are planning to set up a new plant in the USA.

- 29.04.2013

:

Subject

:

http://www.aripaev.ee/Default.aspx?PublicationId=09b1645a-53d3-4419-9d97-8ac7b7ea090d

Shareholder of company "Wendre", Peter Hunt bought "AS Saarema Golf" (company is in bankruptcy)

- 08.09.2012

:

Subject

:

http://ap3.ee/Default.aspx?PublicationId=6e84e7ff-8f8e-4538-93e1-844ecc6800ac

Wendre AS bought a factory in China Wendre AS bought a small sewing factory in China from their parent company and Chinese shareholder. Factory was standing around a year, before selling. Today it produce pillows for Wendre AS.

FINAL COMMENTS

Mrs. Heidi Arendi was very busy at the time of our call and asked for an offical email. We have sent an offical email and will try to contact with Mrs. Arendi later by the phone. As soon as we receive new inforamtion we will update the report.

Events History

- 20.10.2014

:

Division

AS Wendre (registry code 10120596, address Lina 31, Pärnu) and the Trading House Eesti AS (registry code 10706936, address Lina St. 31, Pärnu), Wendre AS (being divided) and the Trading House Eesti AS (the acquiring firm 1) concluded on 20.10.2014. a division that AS Wendre divided by separation and gives part of its assets to the Trading House Eesti AS and founded a new division of the company Trading House OÜ Property.

Registration History

- 1993

:

Other Code	:	56015870
Registr. authority	:	State Register (Estonia)

( the data as of 1993 )

Capital History

- 13.12.2000

:

14 000 000 EEK (registered)

( the data as of 13.12.2000, cancelled since 30.04.2012 )

- 17.06.1999

:

9 397 000 EEK (registered)

( the data as of 17.06.1999, cancelled since 13.12.2000 )

- 20.10.1998

:

6 397 000 EEK (registered)

( the data as of 20.10.1998, cancelled since 17.06.1999 )

- 16.01.1998

:

4 800 000 EEK (registered)

( the data as of 16.01.1998, cancelled since 20.10.1998 )

- 30.12.1996

:

4 000 000 EEK (registered)

( the data as of 30.12.1996, cancelled since 16.01.1998 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2014	31.12.2013	31.12.2012
Currency	EUR	EUR th	EUR th
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	1 360 000.00
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	31 915 000.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	31 915 000.00
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	26 487 000.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	59 762 000.00
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
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	17 883 000.00
8. INVESTMENT PROPERTIES	1 709 000.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets	13 513 000.00
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)
9. TANGIBLE ASSETS TOTAL	13 513 000.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets	21 000.00
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	21 000.00
NON-CURRENT ASSETS TOTAL	33 126 000.00
TOTAL ASSETS	92 888 000.00
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	2 260 000.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts	11 263 000.00
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	11 263 000.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	13 523 000.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	15 969 000.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	15 969 000.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	15 969 000.00
LIABILITIES TOTAL	29 492 000.00
20. SHARE CAPITAL	805 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	89 000.00
25. Other reserves
26. RETAINED EARNINGS	56 706 000.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	5 796 000.00
EQUITY TOTAL	63 396 000.00
EQUITY AND LIABILITIES TOTAL	92 888 000.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	73 480 000.00
2. Other income	47 000.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	2 973 000.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	58 064 000.00
8. Other operating expenses	2 455 000.00
9. STAFF COSTS
9.a. Wages and salaries	6 787 000.00
9.b. Social security costs	2 210 000.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	8 997 000.00
10. Depreciation and impairment of fixed assets	1 479 000.00
11. Other expenses	54 000.00
OPERATING PROFIT (LOSS)	5 451 000.00
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	377 000.00
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses	722 000.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	345 000.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	5 796 000.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	5 796 000.00

- 31.12.2013

:

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	9 200.00
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	32 289.00
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	19 604.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	61 093.00
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	10 768.00
8. INVESTMENT PROPERTIES	1 012.00
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
9.6. Accumulated depreciation (-)
9. TANGIBLE ASSETS TOTAL	14 159.00
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	43.00
NON-CURRENT ASSETS TOTAL	25 982.00
TOTAL ASSETS	87 075.00
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	2 108.00
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	9 751.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	11 859.00
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	17 616.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	17 616.00
LIABILITIES TOTAL	29 475.00
20. SHARE CAPITAL	805.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	89.00
25. Other reserves
26. RETAINED EARNINGS	50 462.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	6 244.00
EQUITY TOTAL	57 600.00
EQUITY AND LIABILITIES TOTAL	87 075.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	78 271.00
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	795.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	59 050.00
8. Other operating expenses	2 451.00
9. STAFF COSTS
9.a. Wages and salaries	6 355.00
9.b. Social security costs	2 087.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	8 442.00
10. Depreciation and impairment of fixed assets	1 288.00
11. Other expenses	67.00
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)	6 256.00
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	179.00
12.e. Profit (loss) on converting of foreign currencies	-353.00
12.f. Other financial income and expenses	520.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	12.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	7 858.00
13. Income tax expense	1 614.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	6 244.00

- 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	393.00
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	17 187.00
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	23 769.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	41 349.00
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	8 317.00
8. INVESTMENT PROPERTIES	1 061.00
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	14 285.00
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	65.00
NON-CURRENT ASSETS TOTAL	23 728.00
TOTAL ASSETS	65 077.00
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	2 322.00
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	10 650.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	12 972.00
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	749.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	749.00
LIABILITIES TOTAL	13 721.00
20. SHARE CAPITAL	805.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	89.00
25. Other reserves
26. RETAINED EARNINGS	43 907.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	6 555.00
EQUITY TOTAL	51 356.00
EQUITY AND LIABILITIES TOTAL	65 077.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	81 523.00
2. Other income	283.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	390.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-64 105.00
8. Other operating expenses	-2 011.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	-7 673.00
10. Depreciation and impairment of fixed assets	-1 241.00
11. Other expenses	-18.00
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)	7 148.00
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	-593.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	6 555.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	6 555.00

- 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	2 923.00
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	13 748.00
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	20 089.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	36 760.00
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	8 167.00
8. INVESTMENT PROPERTIES	1 110.00
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	14 070.00
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	72.00
NON-CURRENT ASSETS TOTAL	23 419.00
TOTAL ASSETS	60 179.00
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	1 753.00
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	12 192.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	13 945.00
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	1 432.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	1 432.00
LIABILITIES TOTAL	15 377.00
20. SHARE CAPITAL	895.00
20.a. OTHER CAPITAL	-5 752.00
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	89.00
25. Other reserves
26. RETAINED EARNINGS	41 701.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	7 869.00
EQUITY TOTAL	44 802.00
EQUITY AND LIABILITIES TOTAL	60 179.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	83 218.00
2. Other income	3.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	811.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	-65 353.00
8. Other operating expenses	-2 185.00
9. STAFF COSTS
9.a. Wages and salaries	-5 539.00
9.b. Social security costs	-1 844.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	-7 383.00
10. Depreciation and impairment of fixed assets	-1 350.00
11. Other expenses	-202.00
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)	7 559.00
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	11.00
financial investments
12.d. Interest expense	-169.00
12.e. Profit (loss) on translation of foreign currencies	-112.00
12.f. Other financial income and expenses	580.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	310.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	7 869.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	7 869.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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.