MIRA INFORM REPORT

Report No. :	301502
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	MILKOTESTER OOD
Registered Office :	Ul. Hristo Botev 49 4470 Belovo (Distr.Pazardjik)
Country :	Bulgaria
Financials (as on) :	31.12.2013
Date of Incorporation :	26.11.2007
Legal Form :	Limited Liability Company (OOD)
Line of Business :	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
No. of Employee :	17

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Bulgaria	A2	A2

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

BULGARIA ECONOMIC OVERVIEW

Bulgaria, a former Communist country that entered the EU on 1 January 2007, averaged more than 6% annual growth from 2004 to 2008, driven by significant amounts of bank lending, consumption, and foreign direct investment. Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but the global downturn sharply reduced domestic demand, exports, capital inflows, and industrial production. GDP contracted by 5.5% in 2009, and has been slow to recover in the years since. Despite having a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, and the presence of organized crime continue to hamper the country's investment climate and economic prospects.

Source : CIA

COMPANY DETAILS

Local name: MILKOTESTER OOD

International name: MILKOTESTER LTD

Registered address:

UL. HRISTO BOTEV 49

4470 BELOVO (distr.Pazardjik)

Bulgaria
Telephone: +359 882256272

Fax: +359 35812154

E-Mail: office@milkotester.com

Internet: http://www.milkotester.com/

ESTABLISHMENT & REGISTRATION:

Established: 26.11.2007

Registered at District court Pazardjik

Court number 1184/2007

Bulstat/VAT number: 112670632

Status of the company:

Active

LEGAL FORM:

Limited Liability Company (OOD)

REGISTERED CAPITAL:

BGN 5 000.00

SHAREHOLDERS/MANAGEMENT

SHAREHOLDERS:

BORISLAV YORDANOV GULEV

ID 7606306688, Function: Shareholder, Nationality: Bulgaria

Share: 50,00%

TSVETAN KOSTADINOV GENOV

ID 6108133489, Function: Shareholder, Nationality: Bulgaria

Share: 50,00%

MANAGEMENT:

TSVETAN KOSTADINOV GENOV (Personal ID 6108133489) - Manager

RELATED COMPANIES:

Company ID	Company Name
131299352	MUZIKALNA KASHTA VANESA OOD

BUSINESS ACTIVITY

BUSINESS OPERATION:

NACE 1.1: 33.20 Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

Activity:

Manufacture of milk-analyses devices.

NUMBER OF EMPLOYEES:

As at date	Value
31.12.2011	5
31.12.2012	8
31.12.2013	12
Latest stand	17

EXPORT:

EU, Asia, Africa

IMPORT:

EU

REAL ESTATE:

None

FINANCIAL DATA

TURNOVER:

Year	Currency	Value
2011	BGN	368 000.00
2012	BGN	598 000.00
2013	BGN	828 000.00

MODES OF PAYMENT:

Payments are made within agreed terms.

DEBT COLLECTION:

No debt collection cases are registered against the company.

BANK DISTRAINTS:

No shares of the company are under bank distraint.

UNPAID TAXES/ CONTRIBUTIONS TO GOVERNMENT:

There is no publication about overdue unpaid taxes.

INVOLVEMENT IN LEGAL DISPUTES:

There is no publication about legal claims or disputes against the company.

OTHER PAYMENT INFORMATION:

No adverse payment information is available.

BRANCH INDICATOR:

The company's payment behaviour is average for the branch.

Exchange rate since 1998 is 1 BGN (denominated lev) = 0.51 EUR

Ratio

Ratio	2012	2013
Accounting period:	1.1.2012 - 31.12.2012	1.1.2013 - 31.12.2013
Debt ratio	0.13	0.09
Quick ratio	7.34	11.27
Current ratio	7.34	11.27
Days purchase in payables	40.98	21.30
Operating margin in %	45.18	40.10
Cash ratio (acid ratio)	6.98	10.92
Return on sales ROS in %	40.63	36.11
Return on assets ROA in %	47.74	52.09
Return on equity ROE in %	55.11	56.95
Days supply in inventory	0.00	0.00
Days sales in receivables	14.50	7.39

BALANCE SHEET

BALANCE SHEET in BGN'000	2012	2013
Accounting period:	1.1.2012 - 31.12.2012	1.1.2013 - 31.12.2013
A.UNPAID CAPITAL
B. FIXED ASSETS
I Fixed Intangible Assets:
R&D Products
Concessions, patents, trade-marks etc
Goodwill
Intangible fixed assets under construction
thereof advances
Total I:
II Fixed Tangible Assets
Land and Buildings
thereof Land
thereof Buildings
Machines, Vehicles	9	22
Equipment
Tangible fixed assets under construction
thereof advances
Total II	9	22
III. Fixed Financial Assets
Shares in group companies
Loans granted to group companies
Shares in joint ventures
Long term investments
Other loans
Bought back own shares
Total III
IV. Deferred Taxes
B. FIXED ASSETS TOTAL	9	22
C. CURRENT ASSETS
I. Inventories
Raw Materials
Work in progress
thereof young animals
Trading goods
thereof production
thereof goods for sale
Advances
Total I
II. Receivables
Receivables from customers	12	11
thereof more than 1 year
Receivables from group companies
thereof more than 1 year
Receivables from joint ventures
thereof more than 1 year
Other receivables	11	6
thereof more than 1 year
Total II	23	17
III. Current Financial Assets
Current investments in related companies
Bought back own shares
Other current financial assets
Total III
IV. Cash equivalents
Cash and accounts in the country	454	535
thereof cash	99	162
Thereof cash in foreign currency (equivalent)	355	373
thereof current accounts
thereof blocked accounts
thereof cash equivalents
Cash and accounts abroad
thereof cash
Thereof cash in foreign currency (equivalent)
thereof current accounts
thereof blocked accounts
Total IV	454	535
C. CURRENT ASSETS TOTAL	477	552
D. Deferred expenses
TOTAL ASSETS	486	574
A. OWNERS EQUITY
I. Share capital	5	5
II. Issue premium
III. Revaluation reserves
thereof revaluation reserves of financial instruments
IV. Reserves
legal reserves
reserve related to bought back own shares
reserve from company foundation
other reserves
Total IV
V. Result from previous period
Undistributed profit	184	221
Uncovered loss
Total V	184	221
VI. Current result profit (loss)	232	299
A. OWNERS EQUITY TOTAL	421	525
B. PROVISIONS
Provisions for pensions
Provisions for taxes
thereof deferred taxes
Other provisions
B. PROVISIONS TOTAL
C. LIABILITIES
Bond-backed loans
less than 1 year
more than 1 year
Bank loans
less than 1 year
more than 1 year
Advances received
less than 1 year
more than 1 year
Payables to suppliers	45	36
less than 1 year	45	36
more than 1 year
Liabilities on policies
less than 1 year
more than 1 year
Liabilities to group companies
less than 1 year
more than 1 year
Liabilities to joint-venture companies
less than 1 year
more than 1 year
Other liabilities	20	13
less than 1 year	20	13
more than 1 year
thereof to personnel	3
less than 1 year	3
more than 1 year
thereof to social insurance
less than 1 year
more than 1 year
thereof for taxes	17	13
less than 1 year	17	13
more than 1 year
C. LIABILITIES TOTAL	65	49
less than 1 year	65	49
more than 1 year
D. FINANCING AND DEFERRED INCOME
thereof
Financing
Deferred income
TOTAL EQUITY AND LIABILITIES	486	574

P&L ACCOUNT

P&L ACCOUNT in BGN'000	2012	2013
Accounting period:	1.1.2012 - 31.12.2012	1.1.2013 - 31.12.2013
A. EXPENSES
I. OPERATION EXPENSES
Decrease of inventories
thereof for materials	195	272
thereof for services	86	99
Personnel expenses	43	77
thereof wages	36	65
thereof social insurance	7	12
thereof pensions
Depreciation	3	5
thereof Depreciation of fixed assets	3	5
Other expenses	2	7
thereof Book value of sold assets (without production)
I. OPERATION EXPENSES TOTAL	329	460
II. Financial expenditures
Depreciation of financial assets	35	36
thereof exchange rate losses	35	36
Paid interest	6
thereof interest to group companies
Thereof expenditures for securities operations
II. Financial expenditures Total	41	36
B. Profit on ordinary activity	258	332
III. Extraordinary expenses
thereof expenses on disasters and emergency expenses
C. Total expenses (I+II+III)	370	496
D. Accounting profit	258	332
IV. Taxation on profit	26	33
V. Other taxes
E. Net profit	232	299
Total expenses	628	828
A. REVENUES
I . OPERATING REVENUES
Net sales	571	828
Production	571	828
Goods
Services
Increase of production and work in progress
Expenses on acquisition of assets
Other revenues	27
thereof financing
I. TOTAL OPERATING REVENUES	598	828
II FINANCIAL REVENUES
Income from shares
thereof income from shares in group companies
Income from investments and loans
thereof from investments in group companies
Income from interest	30
thereof from interest from group companies
II FINANCIAL REVENUES TOTAL	30
TOTAL REVENUES FROM ORDINARY ACTIVITIES	628	828
LOSS
Extraordinary revenues
AFTER TAX LOSS
TOTAL REVENUES	628	828

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.