MIRA INFORM REPORT

Report No. :	345791
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	SIA "DEPO DIY"
Registered Office :	Dreilini, Noliktavu iela 7, Stopinu novads, Rigas region, LV-2130
Country :	Latvia
Financials (as on) :	31.12.2014
Year of Establishment :	2004
Com. Reg. No.:	50003719281
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	Subject is engaged in retail sale of goods for house, garden and maintenance/repair.
No. of Employee :	1331

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)
Latvia	B1	B1

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

LATVIA - ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-14. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia joined the euro zone in 2014.

Source : CIA

Company name

SIA "DEPO DIY"

Identification

Full Name

:

SIA "DEPO DIY"

IGK-number

:

098-140-184

Name in English

:

"DEPO DIY" LTD.

Name in national language

:

SIA "DEPO DIY"

Office Address

:

Dreilini, Noliktavu iela 7, Stopinu novads, Rigas region, LV-2130, Latvia

/In nat.lang.: Stopiņu nov., Dreiliņi, Noliktavu iela 7, LV-2130/

Legal Address

:

Dreilini, Noliktavu iela 7, Stopinu novads, Rigas region, LV-2130, Latvia

/In nat.lang.: Stopiņu nov., Dreiliņi, Noliktavu iela 7, LV-2130/

Other Addresses

:

legal:

Dreilini, "Jaunbumani", Stopinu novads, Rigas region, LV-2130, Latvia

( the data as of 17.12.2014, cancelled since 25.05.2015 )

Contacts

:

-	Phone	:	(+371) 67064100
	( the data as of 16.08.2015 )
-	Fax	:	(+371) 67064125
	( the data as of 16.08.2015 )
-	E-mail	:	vera.marinkevica@depo.lv
	Vera Marinkevica /Director of Finance/ Tel.: +37167064104 Mobile: +37129120333
-	WWW	:	www.depo.lv
	( the data as of 16.08.2015 )
-	mobile tel.	:	(+371) 67064104
	/Vera Marinkevica /

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2004

Staff : 1 331

Litigation events : yes Remarks on payments : yes

Sales :

167 402 588.00 EUR ( for 12 months, ended 31.12.2014 )

151 905 226.00 EUR ( for 12 months, ended 31.12.2013 )

Incorporation

2004

Registration Data

Date of registration

29.12.2004

Registration number

50003719281

Registr. authority

Commercial Register (Riga, Rigas region, Latvia)

VAT number

LV50003719281

Registr. authority

Tax Board (Latvia)

Legal Form

SIA (Ltd by Latvian law)

since 29.12.2004

Share Capital

7 501 006 EUR (registered)

since 15.04.2014

Shareholders

-	DMT PLUSS (Latvia)				100.00 %
		reg. number	:	40003703058
		address	:	Zeltinu iela 11-92, Riga, Rigas region, Latvia
-	DMT PLUSS (Latvia)				75.00 %
		reg. number	:	40003703058
		address	:	Zeltinu iela 11-92, Riga, Rigas region, Latvia
	( the data cancelled since 23.04.2014 )
-	ABLV Private Equity Fund 2010 (Latvia)				25.00 %
		reg. number	:	40103307758
		address	:	Elizabetes iela 23, Riga, Rigas region, Latvia
	( the data cancelled since 23.04.2014 )
-	BYKO Lettland ehf (Iceland)				36.00 %
		reg. number	:	1000128990
		address	:	Breidinni, 202 Kopavogur, Iceland
	( the data as of 26.03.2012, cancelled since 10.05.2012 )
-	Baltic Investment Fund III L.P. (Jersey Island)				30.54 %
		reg. number	:	1000072000
		address	:	Templar House, Don Road, St. Helier JE 4 8WH, Channel Islands, Jersey Island
	( the data as of 26.03.2012, cancelled since 10.05.2012 )
-	Baltic Investment Fund III C.V. (Netherlands)				5.45 %
		reg. number	:	1000072022
		address	:	Orlyplain 10, 21st floor, 1043DP, Amsterdam, Netherlands
	( the data as of 26.03.2012, cancelled since 10.05.2012 )

Board / Executives

Board

Supervisory Board Chairman

:

Mr Lielcepure, Janis (Latvia)
	address: Tervetes street 7, Jelgava, Jelgavas region, Latvia

Deputy Supervisory Board Chairman

:

Mr Rungainis, Girts (Latvia)

Supervisory Board Member

:

Mr Berzins, Kristaps (Latvia)

Deputy Supervisory Board Chairman

:

Mr Grinbergs, Agris (Latvia)

( the data as of 06.05.2014, cancelled since 12.05.2014 )

Supervisory Board Member

:

Mr Rungainis, Girts (Latvia)

( the data as of 06.05.2014, cancelled since 12.05.2014 )

Supervisory Board Chairman

:

Mr Gudmundsson, Jon Helgi (Iceland)
	address: Gardabaer, Mavanes 20, 210, Iceland

( the data cancelled since 10.05.2012 )

Deputy Supervisory Board Chairman

:

Mr Abolins-Abols, Sandijs (Latvia)
	address: Penkules street 8, Riga, Rigas region, Latvia

( the data as of 26.03.2012, cancelled since 10.05.2012 )

Supervisory Board Member

:

Mr Baldursson, Hjalti (Iceland)
	address: Kopavogur, Laugalind 5, 201, Iceland

( the data as of 26.03.2012, cancelled since 10.05.2012 )

Supervisory Board Member

:

Mr Gustainis Simonas (Lithuania)
	address: J.Jasinskio 16B, 21.floor, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

( the data as of 26.03.2012, cancelled since 10.05.2012 )

Supervisory Board Member

:

Mrs Dzelme, Agnija (Latvia)
	address: Madaras, Kekavas pagasts, Kekava, Rigas region, Latvia

( the data cancelled since 02.01.2008 )

Executives

Board Chairman

:

Mr Kozlovskis, Andris (Latvia)
	address: Aleksandra Biezina street 12-4, Riga, Rigas region, Latvia

Board Member

:

Mrs Atvara, Vineta (Latvia)
	address: Ciekurkalna 4. skerslinija 12-118, Riga, Rigas region, Latvia

signature right jointly with one more Member of the Board

Board Member

:

Mr Kozlovskis, Artis (Latvia)
	address: Rumbulas street 7-30, Riga, Rigas region, Latvia

signature right jointly with one more Member of the Board

Board Member

:

Mrs Marinkevica, Vera (Latvia)
	address: Zeltinu street 11-92, Riga, Rigas region, Latvia

/Director of Finance/
ph. +371 67064104, mob. +371 29120333, e-mail: vera.marinkevica@depo.lv
signature right jointly with one more Member of the Board

Chief Accountant

:

Mrs Klavina, Valda (Latvia)

Tel.: 67064105 e-mail: valda.klavina@depo.lv

Board Member

:

Mr Kravalis, Guntis (Latvia)
	address: Perkoni, Kubulu pagasts, Balvu region, Latvia

/joint right of signature/

( the data cancelled since 09.07.2007 )

Authorised signature

:

Mrs Atvara, Vineta

Mr Kozlovskis, Andris

Mr Kozlovskis, Artis

Mrs Marinkevica, Vera

Changes in Registration Data

Historical addresses: - Riga, Zeltinu iela 11-92; - Riga, Karla Ulmana gatve 96; - Rigas rajons, Stopinu novads, Dreilini, "Bumani". - Stopinu nov., Dreilini, "Bumani"

- 25.05.2015

:

legal address

Obsolete address: Stopinu nov., Dreilini, "Jaunbumani"

- 12.05.2014

:

managers

- 23.04.2014

:

shareholders

- 15.04.2014

:

share capital, shareholders

- 07.06.2012

:

legal address

- 10.05.2012

:

managers, shareholders

- 09.03.2011

:

managers

- 10.02.2011

:

share capital, managers

errors in registration was corrected

- 30.12.2010

:

managers

- 19.10.2010

:

share capital

- 07.10.2010

:

share capital, shareholders

- 03.07.2009

:

legal address, managers

/address data were updated/

- 30.01.2009

:

legal address

- 02.01.2008

:

managers

changes in company statute

- 09.07.2007

:

managers

- 12.06.2007

:

share capital, shareholders

changes in company statute

- 04.06.2007

:

legal form, share capital

- 21.12.2006

:

share capital, shareholders

changes in company statute

- 30.03.2006

:

legal address

- 04.01.2006

:

share capital

- 14.11.2005

:

share capital, shareholders

changes in company statute

- 21.07.2005

:

share capital

- 29.03.2005

:

share capital

- 18.02.2005

:

share capital, shareholders

changes in company statute

- 29.12.2004

:

new company organized

Activities

-	53	GENERAL MERCHANDISE STORES
		(5212 / NACE_1.1: Other retail sale in non-specialized stores)
		(4719 / NACE_2: Other retail sale in non-specialised stores)

Retail sale of goods for house, garden and maintenance/repair.

Employees

Staff employed

:

1 331

( the data as of 30.07.2015 )

Staff History

:

-	1 376
	( the data as of 30.09.2014 )
-	1 258
	( the data as of 17.04.2014 )
-	1 269
	( the data as of 31.12.2013 )
-	1 145
	( the data as of 31.12.2012 )
-	1 104
	( the data as of 14.11.2011 )
-	993
	( the data as of 29.07.2010 )

Export / Import

:

The current invormation is unavailable the information as on 06.05.2014:

Export

- 2015

:

Estonia, Lithuania

- 17.12.2014

:

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

56 000.00

[E]

Estonia, Lithuania, Sweden, Norway

- 2013

:

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

56 000.00

[E]

Estonia, Lithuania

- 2012

:

Lithuania, Estonia, Sweden, United Kingdom
As compared with 2011 in 2012 export increased by 10%

- 2011

:

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

40 000.00

Lithuania, Estonia

- 2010

:

Lithuania, Estonia
small volumes

- 2009

:

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

7 800.00

Lithuania, Estonia

Import

- 2015

:

Germany, Poland, Lithuania, Estonia, Netherlands, Spain, China Peoples Republic, India, Belarus, China Peoples Republic

- 17.12.2014

:

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

33 500 000.00

[E]

Germany, Poland, Lithuania, Estonia, Netherlands, Portugal, Spain, China Peoples Republic, India, Belarus

- 2013

:

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

33 500 000.00

[E]

Germany, Poland, Lithuania, Estonia, Netherlands, Portugal, Spain, China Peoples Republic, India, Belarus

- 2012

:

Estonia, Poland, Germany, Spain, China Peoples Republic, Thailand, Belarus, Russian Federation, Lithuania, Netherlands, Portugal, India

- 2011

:

Estonia, Poland, Germany, Spain, China Peoples Republic, Thailand, Belarus, Russian Federation, Lithuania, Netherlands, Portugal, India

- 2010

:

Estonia, Poland, Germany, Spain, China Peoples Republic, Thailand, Belarus, Russian Federation, Lithuania, Netherlands, Portugal, India

- 2009

:

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

19 259 878.00

Estonia, Poland, Germany, Spain, China Peoples Republic, Thailand, Belarus, Russian Federation, Lithuania, Netherlands, Portugal, India

Facilities

Real estate

:

rent:
-	Premises - Office, shop and storehouse
	address	:	Dreilini, Noliktavu iela 7, Stopinu novads, Rigas region, LV-2130, Latvia
	/rent from related company/

Other Property

:

unknown ownership:
-	Other tools & equipment - Transport vehicle
	quantity	:	144.00 unit(s)

Company has production machinery.

Branches

Warehouse (Stopinu novads, Dreilini, Rigas region, Latvia)
address	:	"Mazzilasi", Stopinu novads, Dreilini, Rigas region, Latvia
17000 M2.

There are following branches: "DEPO Majai Darzam Remontam", shop - warehouse Address: Rezekne, Stacijas iela 31, LV-4601 Tel.: 64605750 "DEPO Majai Darzam Remontam", shop - warehouse Address: Riga, Karļa Ulmana gatve 96, LV-1046 Tel.: 67064150 "DEPO Majai Darzam Remontam", shop - warehouse Address: Liepaja, Zemnieku iela 22, LV-3401 Tel.: 63483634 "DEPO Majai Darzam Remontam", shop - warehouse Address: Valmiera, Matisu soseja 6, LV-4201 Tel.: 64250700 "DEPO Majai Darzam Remontam", shop - warehouse Address: Jekabpils, Kļavu iela 1, LV-5201 Tel.: 65220850 "DEPO Majai Darzam Remontam", shop - warehouse Address: Daugavpils, Stacijas iela 129K, LV-5401 Tel.: 65457800 "DEPO Majai Darzam Remontam", shop - warehouse Address: Garkalnes nov., Bergi Rigas-Siguldas soseja 6, LV-1024 Tel.: 67999000 "DEPO Majai Darzam Remontam", shop - warehouse Address: Stopinu nov., Dreilini Mazrumpji, LV-2130 Tel.: 67514355 "DEPO Majai Darzam Remontam", shop - warehouse Address: Riga, Krasta iela 36, LV-1003 Tel.: 67142636

Subsidiaries and Participation

UAB DEPO DIY (Lithuania)				100.00 %
	address	:	Konstitucijos 7, Vilnius, Vilnius region, Vilnius city municipality, Lithuania

Bankers

SEB BANKA (Latvia)
account(s)	:	LV29UNLA0050006063023, LV38UNLA0050005867018
SWEDBANKA (Latvia)
account(s)	:	LV49HABA0551008904123

Other

Clients	:	population;
Suppliers	:	Average number of regular suppliers - 500-600 Knauf SIA, SLO Latvija SIA, Robert Bosch SIA - Latvia; KRONOSPAN -Poland; Gunter Sagel – Germany; De Gooijer – the Netherlands Terms of the suppliers: - 30-60-90-days respite. The company has the opportunity to choose the terms of payment by itself. The company does not feel the shortage of working capital.
Other associated Companies	:	There are small shares participation helded by subject's shareholders in the other companies. Total number: 9.
Litigation	:	yes
		( the data as of 16.08.2015 )
		There have been traced some dozens court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 23.01.2006 up to 02.12.2015. There are no bankruptcy/insolvency filed; the reasons of these suits used to be the ordinary sequences of the subject business line and company's scale.

Payments

Remarks on payment

- 23.05.2014

:

Debt collection (unconfirmed)

25.10 LVL

( the data as of 08.10.2014 )

- 08.03.2011

:

Debt collection (confirmed)				0.00 LVL
	payment status	:	complete

( the data as of 08.03.2011, cancelled since 26.05.2011 )

- 09.05.2009

:

Debt collection (confirmed)				18.00 LVL
	payment status	:	complete

( the data as of 09.05.2009, cancelled since 06.07.2009 )

There were no other traced on the subject in the databases of the Major Latvian debt collection companies

Business mortgages

- 09.02.2015

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

- 10.07.2014

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia) reg. number: 40003151743

- 15.06.2012

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia) reg. number: 40003151743

( the data as of 15.06.2012, cancelled since 10.07.2014 )

Financials

Financial Elements

:

According to Mrs Klavina's words, turnover for 9 months of 2015 made 137 000 000,0 EUR.

Period, months	12	12	12
Ended	31.12.2014	31.12.2013	31.12.2012
Currency	EUR	EUR	LVL
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	605 678.00	568 066.00	696 319.00
- Fixed assets	8 109 144.00	7 433 492.00	5 725 557.00
- Investments in tangible assets
- Financial assets	345 245.00	3 235 245.00	179 387.00
- Other non-current assets
Non-current assets total	9 060 067.00	11 236 803.00	6 601 263.00
CURRENT ASSETS
- Stock	42 349 511.00	40 356 657.00	27 960 169.00
- Debtors	2 118 311.00	934 533.00	763 838.00
- Other receivables
- Short-term financial investments
- Cash	724 119.00	1 090 467.00	832 690.00
- Other current assets
Current assets total	45 191 941.00	42 381 657.00	29 556 697.00
Assets total	54 252 008.00	53 618 460.00	36 157 960.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	7 501 006.00	7 501 007.00	5 271 738.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	13 803 709.00	15 666 364.00	6 597 378.00
Capital and reserves total	21 304 715.00	23 167 371.00	11 869 116.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits			85 510.00
- long-term amounts owed to banks
- Other long-term liabilities	1 703 666.00	926 250.00	466 561.00
Long-term liabilities total	1 703 666.00	926 250.00	552 071.00
SHORT-TERM LIABILITIES
- Loans and credits	6 213 817.00	5 527 434.00	5 880 319.00
- short-term amounts owed to banks	6 213 817.00	5 527 434.00	5 508 817.00
- Creditors	22 458 710.00	22 624 106.00	16 964 064.00
- trade debts	18 728 405.00	19 195 669.00	13 545 664.00
- accrued payroll
- tax liabilities	2 486 731.00	2 390 800.00	1 789 105.00
- other creditors	549 108.00	459 876.00	1 304 560.00
- advances received	694 466.00	577 761.00	324 735.00
- Dividends in arrears	439 565.00	0.00
- Accrued income, deferred charges	1 738 336.00	1 238 635.00	892 390.00
- Other short-term liabilities	393 199.00	134 664.00
Short-term liabilities total	31 243 627.00	29 524 839.00	23 736 773.00
Liabilities total	32 947 293.00	30 451 089.00	24 288 844.00
Equity and liabilities total	54 252 008.00	53 618 460.00	36 157 960.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	167 402 588.00	151 905 226.00	96 800 821.00
Cost of goods sold	117 928 871.00	107 425 108.00	68 194 502.00
Gross profit	49 473 717.00	44 480 118.00	28 606 319.00
Distribution costs	34 220 888.00	31 562 544.00	20 390 187.00
Administrative and management costs	3 015 171.00	2 562 438.00	1 756 439.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable	207 661.00	145 952.00	330 474.00
Interest payable	292 400.00	249 337.00	263 530.00
Income from participating interests
Other operating income	258 591.00	350 633.00	172 723.00
Other operating charges	359 487.00	314 423.00	224 305.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	55 000.00	0.00
Profit before taxation	12 107 023.00	10 287 961.00	6 475 055.00
Income-tax and other similar payments	1 688 678.00	1 374 958.00	834 418.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	10 418 345.00	8 913 003.00	5 640 637.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	7.23	6.77	6.69
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	56.83	44.41	54.55
Profit before taxation / Equity
Current assets turnover	3.70	3.58	3.28
Net sales / Current assets
Working capital	13 948 314.00	12 856 818.00	5 819 924.00
Current assets - Short-term liabilities
Leverage	0.39	0.43	0.33
Equity / Total assets
Current ratio	1.45	1.44	1.25
Current assets / Short-term liabilities
Quick ratio	0.09	0.07	0.07
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.55	1.31	2.05
Total liabilities / Equity

Publications

- 05.08.2015

:

Subject

:

Pilseta24.lv

Construction materials seller SIA "Depo DIY" ("Depo") turnover made EUR 167.4 mill., but profit is EUR 10.42, according to "Firmas.lv" information...

- 22.01.2015

:

Subject

:

BNS

"Depo DIY" is planning to open one more shop in Klaipeda, Lithuania... Investments into the first "Depo" shop in Lithuania will make EURO 8.7 mill. and it will be situated at 12 th.m2...

- 24.06.2012

:

Subject

:

DELFI

The company "Depo Diy" worked with turnover 88 412 millions LVL last year, it is by 9.8% more than in 2010...

- 07.09.2009

:

Subject

:

Biznes&Baltija

The company's turnover in 2008 was 89.07 millions LVL. It is by 43% more, than in 2007. "DEPO" finished 2008 with profit - 481 thousand LVL. It is by 48.9% more, than in 2007.

- 13.11.2008

:

Subject

:

Dienas Bizness

Owners: BYKO Lettland ehf, Baltic Investment Fund, SIA DMT PLUSS Activity: retail of building/finishing goods, household goods. By the end of 2008 DEPO DIY has become one of the leaders at building materials market in Latvia. Company's trading network consists of 9 shops (4 in Riga, the other ones - in other big cities of Latvia).

FINAL COMMENTS

Mrs. Valda Klavina provided us with information by the phone.

Capital History

- 19.10.2010

:

5 271 738 LVL (registered)

( the data as of 19.10.2010, cancelled since 15.04.2014 )

- 04.06.2007

:

4 871 738 LVL (registered)

( the data as of 13.07.2010, cancelled since 07.10.2010 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2014	31.12.2013	31.12.2012
Currency	EUR	EUR	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	167 402 588.00	151 905 226.00
020 Cost of sales	-117 928 871.00	-107 425 108.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	49 473 717.00	44 480 118.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-34 220 888.00	-31 562 544.00
050 Administrative expenses	-3 015 171.00	-2 562 438.00
060 Other operating income	258 591.00	350 633.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-359 487.00	-314 423.00
070 Income from participating interests
080 Income from securities and loans forming long-term	55 000.00	0.00
investments
090 Other interest receivable and similar income	207 661.00	145 952.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-292 400.00	-249 337.00
120 Profit or loss on ordinary activities before taxation	12 107 023.00	10 287 961.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	12 107 023.00	10 287 961.00
160 Income-tax for fiscal period	-1 782 098.00	-1 516 076.00
170 Other taxes
175 Deferred Income-tax for fiscal period	93 420.00	141 118.00
180 Profit or loss for fiscal period	10 418 345.00	8 913 003.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets	605 678.00	568 066.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	605 678.00	568 066.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	495 560.00	553 471.00
070 Plant and machinery	385 372.00	182 522.00
080 Other fixtures and fittings, tools and equipment	6 217 350.00	6 432 741.00
090 Payments on account and tangible assets in cours	388 447.00	243 127.00
of construction
091 Prepayment for tangible assets	622 415.00	21 631.00
100 Total tangible assets	8 109 144.00	7 433 492.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	2 903.00	2 376 546.00
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies	0.00	516 357.00
150 Other securities and capital participation	342 342.00	342 342.00
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets	345 245.00	3 235 245.00
200 NON-CURRENT ASSETS TOTAL	9 060 067.00	11 236 803.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	296 677.00	196 674.00
220 Work in progress
230 Finished goods and goods for resale	40 396 301.00	38 900 445.00
240 Orders outstanding
250 Payments on account	1 656 533.00	1 259 538.00
260 Working and productive animals
270 Total stock	42 349 511.00	40 356 657.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	322 469.00	526 455.00
290 Amounts owed by subsidiaries	1 452 930.00	0.00
300 Amounts owed by related companies
310 Other debts	68 146.00	175 060.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
335 Other loans
340 Prepayments and accrued	274 766.00	233 018.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	2 118 311.00	934 533.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	724 119.00	1 090 467.00
410 CURRENT ASSETS TOTAL	45 191 941.00	42 381 657.00
420 BALANCE	54 252 008.00	53 618 460.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	7 501 006.00	7 501 007.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	3 385 364.00	6 753 361.00
520 Profit or loss for the current year	10 418 345.00	8 913 003.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	21 304 715.00	23 167 371.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
561 Provisions for vacations
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	429 319.00	522 739.00
635 Accrued liabilities
636 Leasing liabilities	1 274 347.00	403 511.00
640 Total long-term liabilities	1 703 666.00	926 250.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	6 213 817.00	5 527 434.00
671 Other loans
680 Advanced payments received	694 466.00	577 761.00
690 Trade debts	18 728 405.00	19 195 669.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	2 486 731.00	2 390 800.00
740 Other creditors	549 108.00	459 876.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years	439 565.00	0.00
771 Accrued charges	1 738 336.00	1 238 635.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations	393 199.00	134 664.00
995 Depreciation
780 Total short-term liabilities	31 243 627.00	29 524 839.00
790 CREDITORS TOTAL	32 947 293.00	30 451 089.00
800 BALANCE	54 252 008.00	53 618 460.00
990 Employees number

- 31.12.2012

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	96 800 821.00
020 Cost of sales	-68 194 502.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	28 606 319.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-20 390 187.00
050 Administrative expenses	-1 756 439.00
060 Other operating income	172 723.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-224 305.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	330 474.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-263 530.00
120 Profit or loss on ordinary activities before taxation	6 475 055.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	6 475 055.00
160 Income-tax for fiscal period	-948 555.00
170 Other taxes
175 Deferred Income-tax for fiscal period	114 137.00
180 Profit or loss for fiscal period	5 640 637.00
995 Depreciation
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development	228 200.00
020 Concessions, patents, licences, brands, etc.	468 119.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	696 319.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	456 547.00
070 Plant and machinery	12 930.00
080 Other fixtures and fittings, tools and equipment	5 144 472.00
090 Payments on account and tangible assets in cours	81 150.00
of construction
091 Prepayment for tangible assets	30 458.00
100 Total tangible assets	5 725 557.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	2 040.00
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation	177 347.00
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets	179 387.00
200 NON-CURRENT ASSETS TOTAL	6 601 263.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	128 823.00
220 Work in progress
230 Finished goods and goods for resale	26 986 346.00
240 Orders outstanding
250 Payments on account	845 000.00
260 Working and productive animals
270 Total stock	27 960 169.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	577 125.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	42 761.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	143 952.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	763 838.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	832 690.00
410 CURRENT ASSETS TOTAL	29 556 697.00
420 BALANCE	36 157 960.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	5 271 738.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	956 741.00
520 Profit or loss for the current year	5 640 637.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	11 869 116.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans	85 510.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	466 561.00
640 Total long-term liabilities	552 071.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	5 508 817.00
671 Other loans	371 502.00
680 Advanced payments received	324 735.00
690 Trade debts	13 545 664.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	1 054 206.00
720 Amounts owed to related companies
730 Taxes and social security payments	1 789 105.00
740 Other creditors	250 354.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	892 390.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	23 736 773.00
790 CREDITORS TOTAL	24 288 844.00
800 BALANCE	36 157 960.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ASH

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.