MIRA INFORM REPORT

Report No. :	308669
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	MIDAS MCA TRADE SRL
Registered Office :	ILFOV County, Cornetu Commune, Cornetu Village, 35 Cornilor Street
Country :	Romania
Financials (as on) :	30.06.2014
Date of Incorporation :	October 2010
Legal Form :	Limited liability company
Line of Business :	According to the national Trade Registry updated files - unspecialized wholesale trade [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employee :	Not Available

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Comapny name and address

NAME OF THE COMPANY

MIDAS MCA TRADE SRL

Address

Ilfov county, Cornetu commune, Cornetu village, 35 Cornilor Street

Phone No.

-

Fax no.

-

Web-site

-

E-mail address

-

HISTORIC/OFFICIAL DATA

Date of foundation

October 2010

Present legal form

Limited liability company, entire Romanian capital

Registered with the Trade Registry

J23/947/2001 – Actual

Former: J40/9499/2010

VAT no.

274650002444

Registered capital

200 RON (minimum value of the share capital requested by the Romanian law as for a limited liability company)

Shareholders

Individual – unique owner

Niculae Elena-Cristina – Romanian citizen, born on 22.12.1976

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

2010

2011

2012

2013

30.06.2014

total

0

3

3

Not declared

Not declared

BUSINESS ACTIVITY

According to the national Trade Registry updated files

- unspecialized wholesale trade (NACE: 4690)

OTHER PARTICIPATION

1. Company’s participation

not applicable

2. Shareholders other participation

not applicable

TANGIBLES*

373,727RON, at 30.06.2014

*According to the accounting standards, for the middle of the year the company is not obliged to detail its tangible assets. Therefore, the real estates are included in “Tangibles” position among the other assets

BANKS

Unicredit Tiriac Bank

MANAGEMENT

· as officially registered with the National Trade Registry

Niculae Elena-Cristina – Administrator

Appointed on 22.12.1976 for unlimited 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

1 EURO = 4.3888 RON on 30.06.2014

FINANCIAL DATA: RON

BALANCE SHEET	31.12.2013	30.06.2014
INTANGIBLES – TOTAL	2,705	2,400
TANGIBLES – TOTAL	319,149	373,727
FINANCIALS – TOTAL	0	0
FIXED ASSETS - TOTAL	321,854	376,127
STOCKS – TOTAL	385,949	70,525
CLAIMS – TOTAL	1,855,079	1,855,689
CURRENT ASSETS	3,180,557	2,896,748
PREPAID EXPENSES	7,661	N/A
DEBTS WITHIN 1 YEAR	2,606,912	2,583,232
DEBTS OVER 1 YEAR	0	0
PROVISIONS	0	0
ADVANCED INCOMES	0	N/A
REGISTERED CAPITAL	200	200
RESERVES	N/A	N/A
NET RESULT - PROFIT	230,576	27,114
NET RESULT - LOSS	0	0
NET WORTH	903,160	689,643
PROFIT & LOSS ACCOUNT	31.12.2013	30.06.2014
Turnover	2,830,314	1,323,777
Own production & services	N/A	N/A
Sales	N/A	N/A
INCOMES FROM ORDINARY OPERATING ACTIVITY	2,830,314	1,323,777
Raw materials	N/A	N/A
Costs of goods sold	N/A	N/A
Wages	N/A	N/A
Depreciations & provisions	N/A	N/A
Other operating costs	N/A	N/A
COSTS OF ORDINARY OPERATING ACTIVITY	0	1,506
ORDINARY OPERATING RESULT - PROFIT	273,200	33,990
ORDINARY OPERATING RESULT - LOSS	0	0
FINANCIAL INCOMES	1,745	3
FINANCIAL COSTS	0	1,506
FINANCIAL RESULT - PROFIT	1,745	0
FINANCIAL RESULT - LOSS	0	1,503
CURRENT RESULT - PROFIT	274,945	32,487
CURRENT RESULT - LOSS	0	0
Extraordinary incomes	0	0
Extraordinary costs	0	0
EXTRAORDINARY RESULT - PROFIT	0	0
EXTRAORDINARY RESULT - LOSS	0	0
TOTAL INCOMES	2,832,059	1,323,780
TOTAL COSTS	2,557,114	1,291,293
PRETAX RESULT - PROFIT	274,945	32,487
PRETAX RESULT - LOSS	0	0
TAX ON PROFIT	44,369	5,373
NET RESULT - PROFIT	230,576	27,114
NET RESULT - LOSS

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 30.06.2014. As consequence, the responsibility for their accuracy belongs exclusively to the company.

OUR OPINION

based upon financial figures reported in the latest balance-sheet – 30.06.2014

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

Size

Undeteremined due to the lack of employees no.

Position & trend

Even wasily fluctuant business, volume of activity is maintained within a fair level and with always positive economic results. It is to be considered that this is still a young company.

Liquidity is good and solvability, even deteriorated, indebtedness rate is still rather acceptable.

Payments behavior looks corect, no delays being reported.

Financial standing looks rather good, but still the busines trend should be followed.

31.12.2010

31.12.2011

31.12.2012

31.12.2013

30.06.2014

Turnover

RON

208,969

3,359,176

3,128,406

2,830,315

1,323,777

EURO

48,770

777,641

706,394

631,105

301,626

Gross profit

RON

136,431

359,278

306,351

274,945

32,487

EURO

31,841

83,172

69,174

61,307

7,402

Net profit

RON

114,602

301,794

255,988

230,576

27,114

EURO

26,746

69,865

57,802

51,414

6,178

30.06.2014

CREDITS & LOANS (ACTIVE BALANCE)

N/A

BALANCE CLAIMS-DEBTS

Negative

Total claims, no further details are available

1,855,689

Total debts

2,583,232

- Short term, no further details are available

2,583,232

- Medium term, no further details are available

0

PAYMENTS BEHAVIOR

Correct, no delays reported

PAYMENTS INCIDENTS, as

officially recorded with the Payment Incident Bureau

No payments incidents recorded during 23.02.2014 – 23.02.2015

BLACKLISTING (international sanctions)

Not applicable

2010

2011

2012

2013

30.06.2014

Good

Liquidity analysis

- current ratio

1.94

1.31

1.22

1.22

1.12

- quick ratio

1.94

1.13

1.05

1.07

1.09

Solvability analysis

Deteriorated, but still rather acceptable indebtedness rate

- the borrowing ratio (total debts/net worth)

1.07

2.48

2.44

2.89

3.75

Profitability analysis (%)

Decreased, but generally very good

- return on capital

99.83

72.44

38.06

25.53

3.93

- return on assets

48.24

20.76

11.04

6.57

0.83

- gross profit margin

65.29

10.70

9.79

9.71

2.45

Activity analysis

Generally debtors are out of control

- debtor’s days

298

47

202

239

512

- creditor’s days

n/a

n/a

n/a

n/a

n/a

Stocks turnover, times/period

-

19

11

7

19

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.18
UK Pound	1	Rs.95.17
Euro	1	Rs.70.76

INFORMATION DETAILS

Analysis Done by :	DIV
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.