MIRA INFORM REPORT

Report No. :	350322
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	SIMAN LTD
Registered Office :	UL. Slivnitsa 4, AP. 2 6100 Kazanlak
Country :	Bulgaria
Financials (as on) :	31.12.2014
Date of Incorporation :	15.11.2004
Legal Form :	Limited Liability Company (OOD)
Line of Business :	Wholesale of chemical products · Trade with chemical products, non ferrous metals and fertilizers.
No. of Employee :	6

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)
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 summery

Local name: SIMAN OOD

International name: SIMAN LTD

Registered address:

UL. SLIVNITSA 4, AP. 2
6100 KAZANLAK
Bulgaria
Telephone: +359-888/981628

Head office:

Industrialna zona
6100 Kazanlak
Bulgaria
Telephone: +359-431-64530, +359 888 804 562
Fax: +359-431-64530
E-Mail: info@siman-bg.com
Internet: http://www.siman-bg.com

ESTABLISHMENT & REGISTRATION:

Established: 15.11.2004
Registered at Stara Zagora district court
Court number 1523/2004
Bulstat/VAT number: 123675919

Status of the company:

Active

LEGAL FORM:

Limited Liability Company (OOD)

REGISTERED CAPITAL:

BGN 5 000.00

SHAREHOLDERS/MANAGEMENT

SHAREHOLDERS:

ALEKSANDER NIKOLAEV IVANOV	60%
ID 7805281746
SILVIYA ALEKSIEVA NEYCHEVA-IVANOVA	6%
ID 5007111793
MILEN NIKOLAEV IVANOV	34%
ID 7201191848

MANAGEMENT:

SILVIYA ALEKSIEVA NEYCHEVA-IVANOVA - Manager

RELATED COMPANIES:

Company ID	Company Name
200819724	PROMHIM OOD

BUSINESS ACTIVITY

BUSINESS OPERATION:

NACE 1.1: 51.55 Wholesale of chemical products

Activity:

Trade with chemical products, non ferrous metals and fertilizers.

NUMBER OF EMPLOYEES:

As at date	Value
31.12.2006	2
31.12.2007	4
31.12.2008	1
31.12.2010	4
19.12.2011	4
31.12.2011	4
31.12.2012	5
31.12.2013	5
31.12.2014	7
Latest stand	6

EXPORT:

None

IMPORT:

EU

REAL ESTATE:

Own premises.

FINANCIAL DATA

TURNOVER:

Year	Currency	Value
2005	BGN	132 000.00
2006	BGN	381 000.00
2008	BGN	3 688 000.00
2009	BGN	2 443 000.00
2010	BGN	4 058 000.00
2011	BGN	9 569 000.00
2012	BGN	8 356 000.00
2013	BGN	8 034 000.00
2014	BGN	6 996 000.00

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.

Ratio	2010	2012	2013	2014
Accounting period:	1.1.2010 - 31.12.2010	1.1.2012 - 31.12.2012	1.1.2013 - 31.12.2013	1.1.2014 - 31.12.2014
Debt ratio	0.47	0.11	0.00	0.04
Quick ratio	1.53	7.01	449.00	16.47
Current ratio	1.67	7.55	482.00	18.01
Days purchase in payables	46.23	10.20	0.13	5.40
Operating margin in %	7.99	10.82	3.83	9.35
Cash ratio (acid ratio)	1.39	4.26	392.33	13.17
Return on sales ROS in %	7.20	9.73	3.45	8.42
Return on assets ROA in %	26.35	39.15	15.00	24.41
Return on equity ROE in %	50.09	44.19	15.02	25.52
Days supply in inventory	6.83	5.45	4.44	8.34
Days sales in receivables	6.30	28.08	7.62	17.80

BALANCE SHEET in BGN'000	2010	2012	2013	2014
Accounting period:	1.1.2010 - 31.12.2010	1.1.2012 - 31.12.2012	1.1.2013 - 31.12.2013	1.1.2014 - 31.12.2014
A.UNPAID CAPITAL
B. FIXED ASSETS
I Fixed Intangible Assets:
R&D Products
Concessions, patents, trade-marks etc				1
Goodwill
Intangible fixed assets under construction
thereof advances
Total I:				1
II Fixed Tangible Assets
Land and Buildings	148	149	142	135
thereof Land	6	6	6	6
thereof Buildings	142	143	136	129
Machines, Vehicles	52			11
Equipment	6	25	21	8
Tangible fixed assets under construction	28	37	37	72
thereof advances
Total II	234	211	200	226
III. Fixed Financial Assets
Shares in group companies
Loans granted to group companies
Shares in joint ventures
Long term investments		74	201	295
Other loans
Bought back own shares
Total III		74	201	295
IV. Deferred Taxes
B. FIXED ASSETS TOTAL	234	285	401	522
C. CURRENT ASSETS
I. Inventories
Raw Materials
Work in progress
thereof young animals
Trading goods	77	125	99	162
thereof production
thereof goods for sale	77	125	99	162
Advances
Total I	77	125	99	162
II. Receivables
Receivables from customers	71	631	152	326
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		13	18	20
thereof more than 1 year
Total II	71	644	170	346
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		997	1177	1383
thereof cash	188	278	48	236
Thereof cash in foreign currency (equivalent)
thereof current accounts	536	719	1129	1147
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	724	997	1177	1383
C. CURRENT ASSETS TOTAL	872	1766	1446	1891
D. Deferred expenses	2
TOTAL ASSETS	1108	2051	1847	2413
A. OWNERS EQUITY
I. Share capital	5	5	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	286	1009	1562	1714
Uncovered loss
Total V	286	1009	1562	1714
VI. Current result profit (loss)	292	803	277	589
A. OWNERS EQUITY TOTAL	583	1817	1844	2308
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	4
less than 1 year
more than 1 year	4
Advances received	482
less than 1 year	482
more than 1 year
Payables to suppliers	20		2	70
less than 1 year	20		2	70
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	19	234	1	35
less than 1 year		234	1	35
more than 1 year
thereof to personnel	1	2	1	1
less than 1 year	1	2	1	1
more than 1 year
thereof to social insurance		1
less than 1 year		1
more than 1 year
thereof for taxes	18	41		34
less than 1 year	18	41		34
more than 1 year
C. LIABILITIES TOTAL	525	234	3	105
less than 1 year	521	234	3	105
more than 1 year	4
D. FINANCING AND DEFERRED INCOME
thereof
Financing
Deferred income
TOTAL EQUITY AND LIABILITIES	1108	2051	1847	2413

P&L ACCOUNT in BGN'000	2010	2012	2013	2014
Accounting period:	1.1.2010 - 31.12.2010	1.1.2012 - 31.12.2012	1.1.2013 - 31.12.2013	1.1.2014 - 31.12.2014
A. EXPENSES
I. OPERATION EXPENSES
Decrease of inventories
thereof for materials	21	6	13	7
thereof for services	781	896	1417	736
Personnel expenses	20	30	45	41
thereof wages	17	25	41	37
thereof social insurance	3	5	4	4
thereof pensions
Depreciation	24	25	20	17
thereof Depreciation of fixed assets	24	25	20	17
Other expenses	2839	6341	6173	5596
thereof Book value of sold assets (without production)	2833	6316	6102	5560
I. OPERATION EXPENSES TOTAL	3685	7298	7668	6397
II. Financial expenditures
Depreciation of financial assets		353	275	117
thereof exchange rate losses		353	275	117
Paid interest	314	64	70	58
thereof interest to group companies
Thereof expenditures for securities operations
II. Financial expenditures Total	314	417	345	175
B. Profit on ordinary activity	324	893	308	654
III. Extraordinary expenses
thereof expenses on disasters and emergency expenses
C. Total expenses (I+II+III)	3999	7715	8013	6572
D. Accounting profit	324	893	308	654
IV. Taxation on profit	32	90	31	65
V. Other taxes
E. Net profit	292	803	277	589
Total expenses	4323	8608	8321	7226
A. REVENUES
I . OPERATING REVENUES
Net sales	4057	8257	8033	6996
Production
Goods	3849	7646	7933	6981
Services	208	611	100	15
Increase of production and work in progress
Expenses on acquisition of assets
Other revenues	1	99	1
thereof financing
I. TOTAL OPERATING REVENUES	4058	8356	8034	6996
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		252	287	230
thereof from interest from group companies
II FINANCIAL REVENUES TOTAL	265	252	287	230
TOTAL REVENUES FROM ORDINARY ACTIVITIES	4323	8608	8321	7226
LOSS
Extraordinary revenues
AFTER TAX LOSS
TOTAL REVENUES	4323	8608	8321	7226

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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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