Identification

SUMMARY

Financial Elements

Financial Statements

Identification

SUMMARY

Financial Elements

Financial Statements

MIRA INFORM REPORT

MIRA INFORM REPORT

Unit

Report No. :	337285
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	UAB INDORAMA POLYMERS EUROPE

Registered Office :	Metalo Str. 16, Klaipeda, Klaipeda Region, Klaipeda City Municipality, LT-94102

Country :	Lithuania

Financials (as on) :	31.12.2014

Date of Incorporation :	13.12.2007

Com. Reg. No.:	301489561

Legal Form :	UAB (Private Joint-Stock Co. By Lithuanian Law)

Line of Business :	Plastics Materials and Synthetics.

No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Ceased Business Operations
Payment Behaviour :	--
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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Lithuania

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 in May 2001 and joined the EU in May 2004. Lithuania's trade with the EU and CIS countries accounts for approximately 87.3% of total trade. Foreign investment and EU funding have aided in the transition from the former planned economy to a market economy. The three former Soviet Baltic republics were severely hit by the 2008-09 financial crisis, but Lithuania has rebounded and become one of the fastest growing economies in the EU. Lithuania’s ongoing recovery hinges on export growth, which is being hampered by economic slowdowns in the EU and Russia. Lithuania joined the euro zone on 1 January 2015.

Source : CIA

Full Name

UAB INDORAMA POLYMERS EUROPE

Name in national language

UAB INDORAMA POLYMERS EUROPE

Office Address

Metalo str. 16, Klaipeda, Klaipeda region, Klaipeda city municipality, LT-94102, Lithuania

Legal Address

Metalo str. 16, Klaipeda, Klaipeda region, Klaipeda city municipality, LT-94102, Lithuania

Contacts

-	Phone	:	(+370 46) 300814
-	mobile tel.	:	(+370 687) 20731
-	Fax	:	(+370 46) 314323
-	E-mail	:	arturas.l@lt.indorama.net
-	WWW	:	www.indoramapolymers.com
-	mobile tel.	:	(+370 620) 33296

Legal Form : UAB (Private Joint-Stock Co. by Lithuanian law)

Incorporation : 2007

Staff : 3

Litigation events : none
Remarks on payments : none

Sales :	1 274 332 000.00 LTL ( for 12 months, ended 31.12.2014 )
	1 949 793 000.00 LTL ( for 12 months, ended 31.12.2013 )

Incorporation

2007

Registration Data

Date of registration

13.12.2007

Registration number

301489561

Registr. authority

State Register (Klaipeda, Klaipeda region, Klaipeda city municipality, Lithuania)

Date of registration

04.02.2008

VAT number

LT100003748513

Registr. authority

Tax Board (Klaipeda, Klaipeda region, Klaipeda city municipality, Lithuania)

Legal Form

UAB (Private Joint-Stock Co. by Lithuanian law)		since 13.12.2007

Share Capital

72 509 000 LTL (registered)		since n/a

Shareholders

Board / Executives

Executives

Chief Accountant

Mr Arturas Liaudanskas (Lithuania)

Director

Mr Jitendra Kumar Malik

Authorised signature

Mr Jitendra Kumar Malik

Changes in Registration Data

- 08.11.2013

managers

- 03.11.2011

managers

- 18.12.2008

managers

- 13.03.2008

legal address, share capital

Increase of share capital

Activities

-	282	Plastics Materials and Synthetics
		(2416 / NACE_1.1: Manufacture of plastics in primary forms)
		(2016 / NACE_2: Manufacture of plastics in primary forms)

PET pellets - production.

Staff employed

3 [E]

Staff History

-	4 [E]
	( the data as of 01.01.2015 )

-	5 [E]
	( the data as of 01.01.2014 )

-	6 [E]
	( the data as of 01.01.2013 )

-	5 [E]
	( the data as of 01.01.2012 )

Branches

	none

Subsidiaries and Participation

	none

Bankers

n/a

Other associated Companies

-	UAB INDORAMA HOLDINGS EUROPE (Lithuania)
	address	:	Metalo str. 16, Klaipeda, Klaipeda region, Klaipeda city municipality, Lithuania
	reg. number	:	301489593

-	UAB Orion Global Pet (OPT) (Lithuania)
	address	:	Metalo str. 16, Klaipeda, Klaipeda region, Klaipeda city municipality, Lithuania
	reg. number	:	111800069

The company is a member of Indorama Ventures group of companies. Indorama Ventures is headquartered in Bangkok, Thailand and established in 19 countries in four major regions of the world - Asia Pacific, Europe, North America, and Africa. The company’s portfolio is comprised of Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging. Key Figures Revenue: US$7.5 billion Employees: 14,000 Manufacturing sites: 57

Litigation

none

There are no registered legal actions against company required.

Remarks on payment

none

No current are reported by the local debt collection companies.

Period, months	12	12
Ended	31.12.2014	31.12.2013
Currency	LTL	LTL

Non-current assets	164 792 000.00	203 425 000.00
incl: - Fixed assets	0.00	0.00
- Financial assets	164 792 000.00	191 030 000.00
Current assets	177 102 000.00	380 754 000.00
incl: - Stock	0.00	180 737 000.00
- Debtors	175 868 000.00	175 751 000.00
- Cash	1 234 000.00	24 266 000.00
ASSETS TOTAL	341 894 000.00	584 179 000.00
Equity	48 540 000.00	75 693 000.00
incl: - Share capital	72 509 000.00	72 509 000.00
Liabilities Total	293 354 000.00	508 486 000.00
incl: - Long-term liabilities	185 944 000.00	178 827 000.00
- Short-term liabilities	107 410 000.00	329 659 000.00
EQUITY AND LIABILITIES TOTAL	341 894 000.00	584 179 000.00
Net sales	1 274 332 000.00	1 949 793 000.00
Cost of goods sold	1 194 551 000.00	1 885 899 000.00
Operating profit
Profit before taxation	-27 153 000.00	-35 515 000.00
Net profit	-27 153 000.00	-36 875 000.00

- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-2.13	-1.82
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-55.94	-46.92
Profit before taxation / Equity
Current assets turnover	7.20	5.12
Net sales / Current assets
Working capital	69 692 000.00	51 095 000.00
Current assets - Short-term liabilities
Leverage	0.14	0.13
Equity / Total assets
Current ratio	1.65	1.15
Current assets / Short-term liabilities
Quick ratio	1.65	0.61
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	6.04	6.72
Total liabilities / Equity

FINAL COMMENTS

	Information was received from all the sources available, information was confirmed by the chief accountant of the company Mr. Arturas Liaudanskas. Mr. Arturas informed us that since 10.2014 the company is not active, the company will be liquidated. /Date: 19.08.2015, phone:(+370 46) 300749/

APPENDIX A

PERIOD, MONTHS	12	12
ENDED	31.12.2014	31.12.2013
Currency	LTL	LTL

PROFIT AND LOSS ACCOUNT

I. SALES AND SERVICES	1 274 332 000.00
II. COSTS OF GOODS SOLD AND SERVICES	1 194 551 000.00
RENDERED
III. GROSS PROFIT (LOSS)	79 781 000.00
IV. OPERATING EXPENSES	109 402 000.00
IV.1 Expenses on sales	57 841 000.00
IV.2 Administrative and other expenses	51 561 000.00
V. OPERATING PROFIT (LOSS)
VI. OTHER OPERATIONS	8 691 000.00
VI.1 Revenue from other operations	8 691 000.00
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-6 223 000.00

VII.1 Revenue from financial and investing activities	6 155 000.00
VII.2 Expenses on financial and investing activities	12 378 000.00
VIII. BASIC ACTIVITY PROFIT (LOSS)

IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	-27 153 000.00

XII. PROFIT TAX
XIII. NET PROFIT (LOSS)	-27 153 000.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET

ASSETS

A. NON-CURRENT ASSETS	164 792 000.00
I. INTANGIBLE ASSETS	0.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets
II. TANGIBLE ASSETS	0.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	164 792 000.00
III.1 Capital participation and investments in related	37 981 000.00
companies
III.2 Loans to subsidiaries and associated companies	126 811 000.00
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets

IV. OTHER LONG TERM ASSETS	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets

B. CURRENT ASSETS	177 102 000.00
I. STOCKS AND CONTRACTS IN PROGRESS	0.00
I.1. Stocks
I.1.1 Raw materials and consumables
I.1.2 Work in progress
I.1.3 Finished products
I.1.4 Goods purchased for sale
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	175 868 000.00

II.1. Trade debtors	5 549 000.00
II.2 Loans to subsidiaries and associated companies	169 076 000.00
II.3. Other accounts receivable	1 243 000.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	1 234 000.00
TOTAL ASSETS	341 894 000.00

EQUITY AND LIABILITIES

C. CAPITAL AND RESERVES	48 540 000.00
I. CAPITAL	72 509 000.00
I.1. Authorized capital	72 509 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	7 251 000.00
III.1. Legally prescribed reserevs	7 251 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	-31 220 000.00
IV.1 Profit (loss) from the current year	-27 153 000.00
IV.2 Profit (loss) brought forward from previous years	-4 067 000.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)

D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	293 354 000.00
I. LONG-TERM ACCOUNTS PAYABLE	185 944 000.00
I.1 Financial loans	185 944 000.00
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans (to subsidiaries and associated companies)	185 944 000.00
I.2 Trade creditors
I.3 Advanced payments under contracts in progress

I.4 Provisions
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	107 410 000.00
II.1 Short-term portion of long-term debts

II.2 Financial debts
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors	83 044 000.00
II.4 Advanced payments under contracts in progress	4 354 000.00

II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments

II.7 Provisions	6 526 000.00
II.8 Other accounts payable and short-term liabilities	13 486 000.00

TOTAL EQUITY AND LIABILITIES	341 894 000.00

- 31.12.2013

Fiscal period: 12 month(s), currency: LTL

PROFIT AND LOSS ACCOUNT

I. SALES AND SERVICES	1 949 793 000.00
II. COSTS OF GOODS SOLD AND SERVICES	1 885 899 000.00
RENDERED
III. GROSS PROFIT (LOSS)	63 894 000.00
IV. OPERATING EXPENSES	102 689 000.00
IV.1 Expenses on sales	78 872 000.00
IV.2 Administrative and other expenses	23 817 000.00
V. OPERATING PROFIT (LOSS)
VI. OTHER OPERATIONS	11 809 000.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-8 529 000.00

VII.1 Revenue from financial and investing activities	6 277 000.00
VII.2 Expenses on financial and investing activities	14 806 000.00
VIII. BASIC ACTIVITY PROFIT (LOSS)

IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	-35 515 000.00

XII. PROFIT TAX	1 360 000.00
XIII. NET PROFIT (LOSS)	-36 875 000.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BALANCE SHEET

ASSETS

A. NON-CURRENT ASSETS	203 425 000.00
I. INTANGIBLE ASSETS	11 111 000.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets	11 111 000.00
II. TANGIBLE ASSETS	0.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	191 030 000.00
III.1 Capital participation and investments in related	69 056 000.00
companies
III.2 Loans to subsidiaries and associated companies	112 216 000.00
III.3 Long-term accounts receivable	9 758 000.00
III.4 Other long-term finacial assets

IV. OTHER LONG TERM ASSETS	1 284 000.00
IV.1 Deffered tax profit
IV.2 Other long term assets	1 284 000.00

B. CURRENT ASSETS	380 754 000.00
I. STOCKS AND CONTRACTS IN PROGRESS	180 737 000.00
I.1. Stocks	180 737 000.00
I.1.1 Raw materials and consumables	14 920 000.00
I.1.2 Work in progress
I.1.3 Finished products	165 817 000.00
I.1.4 Goods purchased for sale
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	175 751 000.00

II.1. Trade debtors	54 478 000.00
II.2 Loans to subsidiaries and associated companies	108 294 000.00
II.3. Other accounts receivable	12 979 000.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	24 266 000.00
TOTAL ASSETS	584 179 000.00

EQUITY AND LIABILITIES

C. CAPITAL AND RESERVES	75 693 000.00
I. CAPITAL	72 509 000.00
I.1. Authorized capital	72 509 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	7 251 000.00
III.1. Legally prescribed reserevs	7 251 000.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	-4 067 000.00
IV.1 Profit (loss) from the current year	-36 875 000.00
IV.2 Profit (loss) brought forward from previous years	32 808 000.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)

D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	508 486 000.00
I. LONG-TERM ACCOUNTS PAYABLE	178 827 000.00
I.1 Financial loans	178 827 000.00
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans	178 827 000.00
I.2 Trade creditors
I.3 Advanced payments under contracts in progress

I.4 Provisions
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	329 659 000.00
II.1 Short-term portion of long-term debts

II.2 Financial debts	24 183 000.00
II.2.1 To credit institutions
II.2.2 Other loans (to subsidiaries and associated companies)	24 183 000.00
II.3 Trade creditors	288 864 000.00
II.4 Advanced payments under contracts in progress

II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments

II.7 Provisions	200 000.00
II.8 Other accounts payable and short-term liabilities	16 412 000.00

TOTAL EQUITY AND LIABILITIES	584 179 000.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.83
UK Pound	1	Rs.103.39
Euro	1	Rs.74.27

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.

INDORAMA POLYMERS PUBLIC COMPANY LIMITED(Thailand)

reg. number

75/102,103 Ocean Tower 2, 37th floor, Soi Sukhumvit 19, Asoke road, Wattana, Bankok 10110, Thailand

Indorama Polymers Public Company Limited (IRP), formerly known as Indo Pet (Thailand), has been manufacturing PET Polymers since 1995. Headquartered in Thailand, it was promoted by the APL Group (the major shareholder). IRP is both an operating company and the holding company with investments in subsidiaries Asia Pet and Petform in Thailand, StarPet Inc. and AlphaPet Inc. (plant under installation) in USA, UAB Orion Global Pet in Lithuania and UAB Indorama Polymers Europe in Lithuania (Europe). All together they have a capacity of 958,000 tons per annum (which will increase to 1,390,000 tons per annum in Q1, 2009) of PET polymers and are jointly referred to as ‘Indorama’.