MIRA INFORM REPORT

Report No. :	338885
Report Date :	03.09.2015

IDENTIFICATION DETAILS

Name :	"HORIZON" PULP AND PAPER PLC
Registered Office :	Anija mnt 10, Kehra, Harju county, 74305
Country :	Estonia
Financials (as on) :	30.06.2015
Date of Incorporation :	01.10.1995
Legal Form :	Public limited company by Estonian Commercial Law
Line of Business :	Subject is manufacture of paper and paperboard
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Estonia	B1	B1

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

ESTONIA - ECONOMIC OVERVIEW

Estonia, a member of the European Union since 2004 and the euro zone since 2011, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. Estonia's economy fell into recession in mid-2008, as a result of an investment and consumption slump following the bursting of the real estate market bubble and a decrease in export demand as result of economic slowdown in the rest of Europe, but the economy recovered strongly in the five years up to 2014. Growth fell below 2% in 2014 as a consequence of weak EU and Russian growth. Estonia is challenged by a shortage of labor, both skilled and unskilled, and the government has amended its immigration law to allow easier hiring of highly qualified foreign workers.

Source : CIA

Identification

Full Name

:

"Horizon" Tselluloosi ja Paberi Aktsiaselts

Name in English

:

"HORIZON" PULP AND PAPER PLC

Name in national language

:

"Horizon" Tselluloosi ja Paberi AS

Office Address

:

Anija mnt 10, Kehra, Harju county, 74305, Estonia

Legal Address

:

Anija mnt 10, Kehra, Harju county, 74305, Estonia

Contacts

:

-	Phone	:	(+372) 6085007
-	Fax	:	(+372) 6085756
-	E-mail	:	info@horizon.ee
-	WWW	:	www.horizon.ee

SUMMARY

Legal Form : AS (Public limited company by Estonian Commercial Law)

Incorporation : 1995

Staff : n/a

Litigation events : yes Remarks on payments : yes

Sales :	n/a ( for 6 months, ended 30.06.2015 )
	47 637 000.00 EUR ( for 12 months, ended 31.12.2014 )

Incorporation details

Incorporation

:

1995

Registration Data

Date of registration

:

19.05.1997

Registration number

:

10089165

Registr. authority

:

Registration department of the County Court (Harju county, Estonia)

Date of registration

:

01.10.1995

VAT number

:

EE100442746

Registr. authority

:

Estonian Tax and Customs Board (Harju county, Estonia)

VAT payers are persons (including legal persons), whose taxable supply from the beginning of a calendar year exceeds 15 977,91 EUR. VAT rate is 20 percent.

Legal Form

:

AS (Public limited company by Estonian Commercial Law)

since 19.05.1997

Public Limited company (PLC) is a company with a share capital divided into shares. The company is liable for its obligations with all its assets. The minimum sharecapital must be at least 400,000.00 EEK (25,564.00 EUR).

Share Capital

:

14 828 755 EUR (registered)

since 09.05.2011

Shares are registered in the Estonian Central Register of Securities

Shareholders

:

-	Tolaram Corporation Pte. Ltd. (Singapore)				100.00 %
		share's book value	:	14 828 755 EUR
		reg. number	:	199506350G
		address	:	5 Shenton Way, #24-01, UIC Building, 068808, Singapore

The information system of the Commercial Register presents data about the shareholders of public limited companies holding more than 10% of the votes determined by shares. The data about shareholders in the information system of the Commercial Register has an informative meaning. The data of the Estonian Central Register of Securities has legal power on the basis of the Estonian Central Register of Securities Act.

Board / Executives

Board

Management Board Member

:

Mr Bashyam Krishnan

(date of birth: 01.05.1963)

Management Board Member

:

Mr Bukatsjov, Roman (Estonia)
	address: Tallinn, Harju county, Estonia

Management Board Member

:

Mrs Kelder, Aime-Kersti (Estonia)
	address: Ehitajate road 86, Tallinn, Harju county, 12915, Estonia

Executives

Member of the Council

:

Mr Narinder Kumar G Aswani (Estonia)

(date of birth: 12.04.1963)

Member of the Council

:

Mr Navin Nahata

(date of birth: 04.03.1976)

Member of the Council

:

Mr Sajen G. Aswani (Singapore)

(date of birth: 22.04.1960)

Member of the Council

:

Mr Urmas Reimand (Estonia)

:

Note: Each member of the Board may represent the public limited company in all transactions.

Other: Ernst & Young Baltic AS reg.code: 10877299 location: Estonia Auditor since 20/04/2006 Ivar Kiigemägi ID code (date of birth): 37409132715 location: Estonia Auditor since 26/04/2011

Authorised signature

:

Mr Bashyam Krishnan

Mr Bukatsjov, Roman

Mrs Kelder, Aime-Kersti

Changes in Registration Data

- 06.07.2012

:

managers, authorised signature

Munuswamy Ashok Muni Charakula (Estonia, date of birth: 30.05.1965)

- 28.05.2012

:

managers, authorised signature

Vishal Tulsian (Estonia, 37211240028)

- 22.05.2012

:

managers, authorised signature

Sharma Ashwani Kumar (Estonia, 37007040036)

- 25.05.2011

:

managers

Mohan Khanchand Wasani

- 25.05.2011

:

managers

Mohan Khanchand Wasani (Date of birth: 26.08.1938)

- 30.11.2009

:

managers, authorised signature

Mr Sunil Marwah (Estonia, date of birth: 30.12.1963 )

- 06.10.2009

:

managers

Yogeshlal Mohanlal Vaswani (Singapore, Date of birth: 21.04.1969)

- 06.10.2009

:

managers

Yogeshlal Mohanlal Vaswani (Singapore)

- 01.01.2009

:

shareholders

Asean Interests Ltd. (LOON KEE BUILDING 267-275 DES VOEUX ROAD, HONG KONG, HK, Hong Kong; reg. 51164)

- 29.10.2007

:

managers, authorised signature

Jamadagni Vadiraj Madhavacharya (Estonia, 35607180084)

- 09.01.2007

:

share capital

- 01.01.2007

:

shareholders

IFC (2121 PENNSYLVANIA AVENUE N.W., WASHINGTON,D.C., 20433, United States of America; reg. IFCWUS33)

- 13.12.2006

:

managers, authorised signature

Mrs Botvinkina, Zanna (Estonia, 44404280220)

- 02.06.2006

:

managers, authorised signature

Narinder Kumar Ghanshamdas Aswani (Estonia, 12.04.1963)

- 14.10.2005

:

managers, authorised signature

Snehangshu Gupta (Estonia, 36505050438)

- 27.05.2003

:

managers, authorised signature

Avinash Chander Taneja (Estonia, 34602280281)

- 12.08.1999

:

managers, authorised signature

Mohan Khanchand Vaswani (Singapur, date of birth 26.08.1938) Rajeshlal Mohanlal Vaswani (Singapur, date of birth 31.03.1971)

- 26.11.1997

:

share capital

Persons Previously Connected to the Company Vishamkar Tikamdas Adnani ID code (date of birth): 12.03.1942 Member of the Council since 05/10/2003 until 11/04/2006 Vishamkar Tikamdas Adnani ID code (date of birth): 12.03.1942 Member of the Council since 05/08/1996 until 14/04/2000 Vishamkar Tikamdas Adnani ID code (date of birth): 12.03.1942 Member of the Council since 14/04/2000 until 08/10/2003 Asean Interests Ltd. reg.code: location: Singapore Stockholder since 31/12/2002 until 01/01/2004 Narinder Kumar G Aswani ID code (date of birth): 12.04.1963 Chairman of the Council since 06/10/2009 until 06/10/2009 Narinder Kumar G. Aswani ID code (date of birth): 36304120412 location: Estonia Member of the Council since 11/04/2006 until 06/10/2009 Sajen G. Aswani ID code (date of birth): 22.04.1960 location: Singapore Member of the Council since 06/10/2009 until 06/10/2009 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 location: Singapore Member of the Council since 11/04/2006 until 06/10/2009 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 location: Singapore Member of the Council since 14/04/2000 until 08/10/2003 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 location: Singapore Member of the Council since 05/10/2003 until 11/04/2006 Sajen Ghansamdas Aswani ID code (date of birth): 22.04.1960 location: Singapore Member of the Council since 05/08/1996 until 14/04/2000 ASEAN INTERESTS LTD reg.code: 51164 location: Hong Kong Stockholder since 01/01/2004 until 01/01/2009 Žanna Botvinkina ID code (date of birth): 44404280220 location: Estonia Member of the Board since 19/05/1997 until 13/12/2006 Žanna Botvinkina ID code (date of birth): 44404280220 location: Estonia Member of the Council since 06/10/2009 until 04/12/2013 Žanna Botvinkina ID code (date of birth): 44404280220 location: Estonia Member of the Council since 01/12/2006 until 06/10/2009 Munuswamy Ashok Muni Charakula ID code (date of birth): 30.05.1965 location: Estonia Member of the Board since 28/05/2012 until 06/07/2012 Narinder Kumar Ghanshamdas Aswani ID code (date of birth): 12.04.1963 location: Estonia Member of the Board since 19/05/1997 until 02/06/2006 Snehangshu Gupta ID code (date of birth): 36505050438 location: Estonia Member of the Board since 18/05/2001 until 14/10/2005 Gavin Stuart Hill ID code (date of birth): 19.01.1959 location: Estonia Auditor since 15/10/1999 until 20/04/2006 IFC reg.code: IFCWUS33 location: United States Stockholder since 01/01/2006 until 01/01/2007 IFC reg.code: IFCWUS33 location: United States Stockholder since 01/01/2004 until 01/01/2006 International Finance Corporation reg.code: location: United States Stockholder since 31/12/2002 until 01/01/2004 Sharma Ashwani Kumar ID code (date of birth): 37007040036 location: Estonia Member of the Board since 13/12/2006 until 22/05/2012 Jamadagni Vadiraj Madhavacharya ID code (date of birth): 35607180084 location: Estonia Member of the Board since 13/12/2006 until 29/10/2007 Sunil Marwah ID code (date of birth): 30.12.1963 location: Estonia Member of the Board since 14/10/2005 until 30/11/2009 Sunil Marwah ID code (date of birth): 30.12.1963 location: Estonia Member of the Council since 06/10/2009 until 12/12/2012 Urmas Reimand ID code (date of birth): 35709230220 location: Estonia Member of the Council since 11/04/2006 until 06/10/2009 Urmas Reimand ID code (date of birth): 35709230220 location: Estonia Member of the Council since 14/04/2000 until 08/10/2003 Urmas Reimand ID code (date of birth): 35709230220 location: Estonia Member of the Council since 05/08/1996 until 14/04/2000 Urmas Reimand ID code (date of birth): 35709030220 location: Estonia Member of the Council since 05/10/2003 until 11/04/2006 Urmas Reimand ID code (date of birth): 35709230220 location: Estonia Member of the Council since 06/10/2009 until 06/10/2009 Avinash Chander Taneja ID code (date of birth): 34602280281 location: Estonia Member of the Board since 12/08/1999 until 27/05/2003 TOLARAM CORPORATION PTE. LTD reg.code: 199506350G location: Estonia Stockholder since 01/01/2009 until 01/07/2011 TOLARAM CORPORATION PTE. LTD reg.code: 199506350G location: Estonia Stockholder since 01/07/2011 until 31/05/2013 Vishal Tulsian ID code (date of birth): 37211240028 location: Estonia Member of the Board since 18/03/2011 until 28/05/2012 Villu Vaino ID code (date of birth): 37112180215 location: Estonia Auditor since 15/10/1999 until 20/04/2006 Mohan Khanchand Vaswani ID code (date of birth): 26.08.1938 location: Singapore Member of the Board since 19/05/1997 until 12/08/1999 Mohan Khanchand Vaswani ID code (date of birth): 26.08.1938 location: Singapore Member of the Council since 11/04/2006 until 06/10/2009 Mohan Khanchand Vaswani ID code (date of birth): 26.08.1938 location: Singapore Member of the Council since 14/04/2000 until 08/10/2003 Mohan Khanchand Vaswani ID code (date of birth): 26.08.1938 location: Singapore Member of the Council since 05/10/2003 until 11/04/2006 Rajeshlal Mohanlal Vaswani ID code (date of birth): 31.03.1971 location: Estonia Member of the Board since 19/05/1997 until 12/08/1999 Rajeshlal Mohanlal Vaswani ID code (date of birth): 31.03.1971 location: Estonia Member of the Council since 05/10/2003 until 16/09/2005 Rajeshlal Mohanlal Vaswani ID code (date of birth): 31.03.1971 location: Estonia Member of the Council since 14/04/2000 until 08/10/2003 Yogeshlal Mohanlal Vaswani ID code (date of birth): 21.04.1969 location: Singapore Member of the Council since 11/04/2006 until 06/10/2009 Yogeshlal Mohanlal Vaswani ID code (date of birth): 21.04.1969 location: Singapore Member of the Council since 16/09/2005 until 11/04/2006 Mohan Khanchand Wasani ID code (date of birth): 26.08.1938 Member of the Council since 06/10/2009 until 25/05/2011

Activities details

-	262	Paper Mills, Except Building Paper
		(2112 / NACE_1.1: Manufacture of paper and paperboard)
		(1712 / NACE_2: Manufacture of paper and paperboard)

principal activity: Manufacture of paper and paperboard NACE code: 17.12 additional activity: Manufacture of other articles of paper and paperboard NACE code: 17.29

Staff employed

:

n/a

Staff History

:

-	388
	( the data as of 31.12.2014 )
-	403
	( the data as of 31.12.2012 )
-	420
	( the data as of 15.03.2012 )
-	459
	/in whole group/
	( the data as of 31.12.2011 )
-	406
	( the data as of 31.12.2010 )
-	402
	( the data as of 31.12.2009 )
-	500
	( the data as of 03.11.2009 )
-	508
	( the data as of 31.12.2008 )
-	530
	( the data as of 31.12.2007 )
-	527
	( the data as of 31.12.2006 )
-	533
	( the data as of 31.12.2005 )
-	552
	( the data as of 31.12.2003 )

Export

- 31.12.2014

:

Fiscal period: 12 month(s), currency: EUR, mio

50.00

European Union, Africa, Asia
Sale of SACK KRAFT PAPER in apprx 55 countries in the EU, Africa and Asia.

- 30.06.2012

:

Fiscal period: 6 month(s), currency: EUR, mio

25.00

[E]

Asia, Africa, European Union, Middle Asia
Unbleached sack kraft paper

- 31.12.2011

:

Fiscal period: 12 month(s), currency: EUR, mio

55.00

Asia, Africa, Middle East, Europe, World-wide

( the data as of 15.03.2012 )

Import

- 31.12.2014

:

Fiscal period: 12 month(s), currency: EUR, mio

3.00

European Union
Chemicals, spare parts, materials.

- 30.06.2012

:

Fiscal period: 6 month(s), currency: EUR, mio

1.00

[E]

Chemicals, spare parts

- 31.12.2011

:

Fiscal period: 12 month(s), currency: EUR, mio

7.50

European Union
Chemicals, spare parts, equipment

Facilities

Real estate

:

own:
-	Premises - Office
-	Premises - Land
-	Premises - Other buildings

Subsidiaries and Participation

:

-	Horizon Tissue (Estonia)				100.00 %
		share's book value	:	3 502 556 EUR
		reg. number	:	11527041
		address	:	Anija road 10, Anija parish, Kehra, Harju county, 74305, Estonia

Bankers

:

-	SEB Pank (Estonia)
	address	:	Tornimae 2, Tallinn, Harju county, 15010, Estonia
	reg. number	:	10004252
	bank code	:	401
-	Swedbank (Estonia)
	address	:	Liivalaia 8, Tallinn, Harju county, 15040, Estonia
	reg. number	:	10060701
	bank code	:	767

Clients

:

There are clients in 55 countries globally apprx 150 customers.

Suppliers

:

Average: about 180

Other associated Companies

:

Tolaram Grupp, around 100 companies globally (SINGAPORE).

Litigation

- date n/a

:

Debt recovery				42 500 EEK
	status	:	Claim accepted partly

Case nr: 2-08-23693

( the data as of 03.03.2010 )

- 01.09.2009

:

Bankruptcy procedure
	status	:	Claim declined

Case nr. 2-08-91597 Claimants: ABB AS and KXM EST OU

( the data as of 01.09.2009 )

- 17.04.2009

:

Debt recovery				42 291 EEK
	status	:	Claim declined

Case nr.: 2-09-919

( the data as of 17.04.2009 )

There are no warnings recorded by the State Register. The following legal actions are registered against the subject company in official sources: Court file Nr. 2-09-15041 Date: 11.10.2010 Claimant: OÜ TORNADO TRANS (reg. number: 10432479, address: Lembitu 6-4, 10114, Tallinn) Defendant: "HORIZON" TSELLULOOSI JA PABERI AS (reg. number: 10089165, address: Anija mnt 10, Kehra, Anija vald, 74305, Harjumaa) Essence of the case: recovery of debt and interest on debt Court file Nr. 2-08-23693 Date: 03.03.2010 Claimant: AS Nordecon International (reg. number: 10099962, address: Akadeemia tee 15b, 12618, Tallinn) Defendant: "Horizon" Tselluloosi ja Paberi AS (reg. number: 10089165, address: Anija mnt 10, Kehra, 74305, Harjumaa) Essence of the case: recovery of debt and interest on debt Court file Nr. 2-08-91597 Date: 01.09.2009 Debtor: "Horizon" Tselluloosi ja Paberi aktsiaselts (reg. number: 10089165, address: Anija mnt 10, Kehra, 74305) Creditors: ABB aktsiaselts (reg. number: 10095355, address: Pärnu mnt 148, Tallinn, 11317); KXM EST osaühing (reg. number: 10981200, address: Vana-Narva mnt 31, Maardu) Essence of the case: bankruptcy procedure Decision: to terminate the proceeding in case

Remarks on payment

- 22.12.2009

:

Debt collection (unconfirmed)				0.00 EUR
	payment status	:	complete

debt range: 640 - 3 200 eur

( the data as of 22.12.2009, cancelled since 08.04.2010 )

- 08.12.2009

:

Debt collection (confirmed)				150 000.00 EEK
	payment status	:	complete

( the data as of 13.04.2010 )

- 08.12.2009

:

Debt collection (confirmed)				8 206.10 EEK
	payment status	:	complete

( the data as of 23.12.2009 )

- 15.04.2009

:

Debt collection (confirmed)				1 605 446.00 EEK
	payment status	:	complete

Claimant: IGK Service

( the data as of 23.11.2010 )

:

yes

- 08.12.2008

:

Local databases (confirmed)				3 200.00 EUR [E]
	payment status	:	complete

Creditor: TALOT AS

( the data as of 08.12.2008, cancelled since 23.02.2009 )

- 24.11.2008

:

Local databases (confirmed)				266 240.00 EUR [E]
	payment status	:	complete

Claimant: JULIANUS INKASSO OU

( the data as of 24.11.2008, cancelled since 29.04.2010 )

- 12.10.2008

:

Local databases (confirmed)				12 800.00 EUR [E]
	payment status	:	partial

Claimant: CKE INKASSO OU

( the data as of 12.10.2008, cancelled since 13.01.2010 )

- 22.09.2008

:

Local databases (confirmed)				12 800.00 EUR [E]
	payment status	:	complete

Claimant: JELD-WEN EESTI AS

( the data as of 22.09.2008, cancelled as of 13.04.2010 )

- 22.09.2008

:

Local databases (confirmed)				128 000.00 EUR
	payment status	:	complete

Sector: banking

( the data as of 22.09.2008, cancelled since 15.04.2009 )

- 04.09.2008

:

Local databases (confirmed)				16 640.00 EUR [E]
	payment status	:	complete

Claimant: TEAM 3 CONSULTING OÜ

( the data as of 04.09.2008, cancelled since 30.11.2009 )

- 04.09.2008

:

Local databases (confirmed)				12 800.00 EUR
	payment status	:	complete

Creditor: ALSTOM ESTONIA AS

( the data as of 04.09.2008, cancelled since 14.07.2009 )

- 29.08.2008

:

Local databases (confirmed)				320.00 EUR [E]
	payment status	:	complete

Creditor: COMPROMIS INKASSO OÜ

( the data as of 29.08.2008, cancelled since 29.09.2008 )

- 07.08.2008

:

Local databases (confirmed)				640.00 EUR [E]
	payment status	:	complete

Creditor: CREDITREFORM EESTI OÜ

( the data as of 07.08.2008, cancelled since 13.04.2009 )

- 12.06.2008

:

Local databases (confirmed)				3 200.00 EUR [E]
	payment status	:	complete

Creditor: GRUNDFOS PUMPS EESTI OÜ

( the data as of 12.06.2008, cancelled since 31.05.2009 )

- 24.05.2008

:

Local databases (confirmed)				320.00 EUR [E]
	payment status	:	complete

Creditor: AIRWAVE OÜ

( the data as of 24.05.2008, cancelled since 11.02.2009 )

- 31.01.2008

:

Local databases (confirmed)				12 800.00 EUR [E]
	payment status	:	complete

Creditor: PROINKASSO OÜ

( the data as of 31.01.2008, cancelled since 12.01.2009 )

- 31.01.2008

:

Local databases (confirmed)				12 800.00 EUR [E]
	payment status	:	complete

Creditor: ECOPRINT AS

( the data as of 31.01.2008, cancelled since 12.12.2008 )

- 18.12.2007

:

Local databases (confirmed)				70 720.00 EUR
	payment status	:	complete

Creditor: INTRUM JUSTITIA AS

( the data as of 18.12.2007, cancelled since 06.04.2009 )

- 15.09.2007

:

Local databases (confirmed)				3 200.00 EUR [E]
	payment status	:	complete

Sector: other

( the data as of 15.09.2007, cancelled since 06.04.2009 )

Debts to Estonian government: By the Tax Authorities data, there are no tax debts registered on the subject. Other debts: Yes. More than 20 defaulted payments reported by local debt collection companies, all are paid off. See information below: JULIANUS INKASSO OÜ 22.12.2009 - 08.04.2010 / 640 - 3 200 (debt range) JULIANUS INKASSO OÜ 07.07.2009 - 28.10.2009 / 12 800 - 64 000 OK INCURE OÜ 22.06.2009 - 27.07.2009 / 320 - 640 JULIANUS INKASSO OÜ 19.06.2009 - 30.09.2009 / 640 - 3 200 JULIANUS INKASSO OÜ 27.05.2009 - 22.10.2009 / 12 800 - 64 000 JULIANUS INKASSO OÜ 20.05.2009 - 24.09.2009 / 320 - 640 OK INCURE OÜ 05.02.2009 - 30.11.2009 / 640 - 3 200 JULIANUS INKASSO OÜ 20.01.2009 - 29.04.2010 / 12 800 - 64 000 TALOT AS 08.12.2008 - 23.02.2009 / 640 - 3 200 JULIANUS INKASSO OÜ 24.11.2008 - 04.03.2009 / 12 800 - 64 000 JULIANUS INKASSO OÜ 10.11.2008 - 28.04.2009 / 640 - 3 200 CKE INKASSO OÜ 12.10.2008 - 13.01.2010 / 3 200 - 12 800 JELD-WEN EESTI AS 22.09.2008 - 13.04.2010 / 3 200 - 12 800 Registration of participants 22.09.2008 - 15.04.2009 / 12 800 - 64 000 ALSTOM ESTONIA AS 04.09.2008 - 14.07.2009 / 3 200 - 12 800 OK INCURE OÜ 04.09.2008 - 23.11.2009 / 3 200 - 12 800 COMPROMIS INKASSO OÜ 29.08.2008 - 29.09.2008 / 65 - 320 CREDITREFORM EESTI OÜ 07.08.2008 - 13.04.2009 / 320 - 640 GRUNDFOS PUMPS EESTI OÜ 12.06.2008 - 31.05.2009 / 640 - 3 200 AIRWAVE OÜ 24.05.2008 - 11.02.2009 / 65 - 320 INTRUM JUSTITIA AS 14.05.2008 - 06.04.2009 / 640 - 3 200 INTRUM JUSTITIA AS 17.04.2008 - 06.04.2009 / 640 - 3 200 ECOPRINT AS 31.01.2008 - 12.12.2008 / 3 200 - 12 800 PROINKASSO OÜ 31.01.2008 - 12.01.2009 / 3 200 - 12 800 Registration of participants 15.09.2007 - 06.04.2009 / 640 - 3 200 IGK databases: Yes. 3 debts registered, all are paid off. The operator "HORIZON" TSELLULOOSI JA PABERI AKTSIASELTS (10089165) has no tax debt as at 01.09.2015. The Taxation Act § 14 (5) sets out that a tax authority is required to issue a certificate to verify the absence of tax debts if the tax debt of the taxable person as regards the total of all the taxes administered by the same tax authority is less than 10 euros or if the tax debt is being paid in instalments.

Business mortgages

- 27.10.2005

:

Commercial pledge				156 500 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 22.10.2012 )

- 19.04.2000

:

Commercial pledge				60 605 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 22.10.2012 )

- 17.11.1997

:

Commercial pledge				87 570 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 22.10.2012 )

- 28.08.1997

:

Commercial pledge				68 000 000 EEK
	pledgee	:	SEB Pank (Estonia) reg. number: 10004252 address: Tornimae 2, Tallinn, Harju county, 15010, Estonia

( the data as of 22.10.2012 )

Financial Elements

Period, months	6	12	12
Ended	30.06.2015	31.12.2014	31.12.2013
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets		177 000.00	182 000.00
- Fixed assets		76 365 000.00	73 534 000.00
- Investments in tangible assets
- Financial assets		4 665 000.00	4 555 000.00
- Other non-current assets
Non-current assets total		81 207 000.00	78 271 000.00
CURRENT ASSETS
- Stock		3 160 000.00	2 201 000.00
- Debtors		8 715 000.00	7 927 000.00
- Other receivables
- Short-term financial investments
- Cash		366 000.00	7 000.00
- Other current assets
Current assets total		12 241 000.00	10 135 000.00
Assets total		93 448 000.00	88 406 000.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital		14 829 000.00	14 829 000.00
- Additional capital
- Other capital
- Reserve capital		1 483 000.00	1 483 000.00
- Retained earnings (Non-covered loss)		50 363 000.00	45 537 000.00
Capital and reserves total		66 675 000.00	61 849 000.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits		10 405 000.00
- long-term amounts owed to banks
- Other long-term liabilities		4 816 000.00	11 385 000.00
Long-term liabilities total		15 221 000.00	11 385 000.00
SHORT-TERM LIABILITIES
- Loans and credits		6 392 000.00	7 663 000.00
- short-term amounts owed to banks
- Creditors		5 160 000.00	7 509 000.00
- trade debts
- accrued payroll
- tax liabilities
- other creditors		5 160 000.00	7 509 000.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total		11 552 000.00	15 172 000.00
Liabilities total		26 773 000.00	26 557 000.00
Equity and liabilities total		93 448 000.00	88 406 000.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales		47 637 000.00	50 283 000.00
Cost of goods sold		27 003 000.00	28 635 000.00
Gross profit
Distribution costs		8 302 000.00	7 903 000.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income		1 448 000.00	865 000.00
Other operating charges		8 346 000.00	9 438 000.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges		-609 000.00	-607 000.00
Profit before taxation		4 825 000.00	4 565 000.00
Income-tax and other similar payments			1 064 000.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit		4 825 000.00	3 501 000.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %		10.13	9.08
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %		7.24	7.38
Profit before taxation / Equity
Current assets turnover		3.89	4.96
Net sales / Current assets
Working capital		689 000.00	-5 037 000.00
Current assets - Short-term liabilities
Leverage		0.71	0.70
Equity / Total assets
Current ratio		1.06	0.67
Current assets / Short-term liabilities
Quick ratio		0.79	0.52
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio		0.40	0.43
Total liabilities / Equity

Taxes paid: In Q2 2015, the company paid 0.00 EUR as state taxes 824 155.92 EUR as payroll taxes

FINAL COMMENTS

The information given in this report was received from all the accessible sources.

Registration History

- 28.07.1995

:

Registration number	:	71062815
Registr. authority	:	Entrepreneur register (Estonia)

( the data as of 28.07.1995 )

Capital History

- 09.01.2007

:

232 019 600 EEK (registered)

( the data as of 09.01.2007, cancelled since 09.05.2011 )

- 26.11.1997

:

254 268 000 EEK (registered)

( the data as of 26.11.1997, cancelled since 09.01.2007 )

- 19.05.1997

:

221 550 000 EEK (registered)

( the data as of 19.05.1997, cancelled since 26.11.1997 )

APPENDIX A

Financial Statements

Period, months	6	12	12
Ended	30.06.2015	31.12.2014	31.12.2013
Currency	EUR	EUR	EUR

- 30.06.2015

:

Fiscal period: 6 month(s), currency: EUR

- 31.12.2014

:

Fiscal period: 12 month(s), currency: EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	366 000.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	8 715 000.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	8 715 000.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	3 160 000.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	12 241 000.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies	3 503 000.00
7.2 Shares in associates
7.3 Other shares and securities	1 162 000.00
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	4 665 000.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings	16 272 000.00
9.3. Machinery and equipment	59 620 000.00
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for	473 000.00
tangible assets
9.6. Accumulated depreciation (-)
9. TANGIBLE ASSETS TOTAL	76 365 000.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets	177 000.00
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	177 000.00
NON-CURRENT ASSETS TOTAL	81 207 000.00
TOTAL ASSETS	93 448 000.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	6 392 000.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	6 392 000.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts	5 160 000.00
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	5 160 000.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	11 552 000.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	10 405 000.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	10 405 000.00
17. OTHER LONG-TERM DEBTS	4 816 000.00
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	15 221 000.00
LIABILITIES TOTAL	26 773 000.00
20. SHARE CAPITAL	14 829 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 483 000.00
25. Other reserves
26. RETAINED EARNINGS	45 538 000.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	4 825 000.00
EQUITY TOTAL	66 675 000.00
EQUITY AND LIABILITIES TOTAL	93 448 000.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	47 637 000.00
2. Other income	572 000.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	876 000.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	27 003 000.00
8. Other operating expenses	5 802 000.00
9. STAFF COSTS
9.a. Wages and salaries	-8 302 000.00
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	8 302 000.00
10. Depreciation and impairment of fixed assets	2 381 000.00
11. Other expenses	163 000.00
OPERATING PROFIT (LOSS)	5 434 000.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses	-609 000.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-609 000.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	4 825 000.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	4 825 000.00

- 31.12.2013

:

Fiscal period: 12 month(s), currency: EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	7 000.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables	7 927 000.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	7 927 000.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	2 201 000.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	10 135 000.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies	3 505 000.00
7.2 Shares in associates
7.3 Other shares and securities	1 050 000.00
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	4 555 000.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings	13 747 000.00
9.3. Machinery and equipment	47 989 000.00
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for	11 798 000.00
tangible assets
9.6. Accumulated depreciation (-)
9. TANGIBLE ASSETS TOTAL	73 534 000.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets	182 000.00
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	182 000.00
NON-CURRENT ASSETS TOTAL	78 271 000.00
TOTAL ASSETS	88 406 000.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	7 663 000.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	7 663 000.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts	7 509 000.00
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	7 509 000.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	15 172 000.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL
17. OTHER LONG-TERM DEBTS	11 385 000.00
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	11 385 000.00
LIABILITIES TOTAL	26 557 000.00
20. SHARE CAPITAL	14 829 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 483 000.00
25. Other reserves
26. RETAINED EARNINGS	42 036 000.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	3 501 000.00
EQUITY TOTAL	61 849 000.00
EQUITY AND LIABILITIES TOTAL	88 406 000.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	50 283 000.00
2. Other income	657 000.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	208 000.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	28 635 000.00
8. Other operating expenses	6 459 000.00
9. STAFF COSTS
9.a. Wages and salaries	7 903 000.00
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	7 903 000.00
10. Depreciation and impairment of fixed assets	2 245 000.00
11. Other expenses	734 000.00
OPERATING PROFIT (LOSS)	5 172 000.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses	-607 000.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-607 000.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	4 565 000.00
13. Income tax expense	1 064 000.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	3 501 000.00

- 31.12.2012

:

Fiscal period: 12 month(s), currency: EUR, th
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	1 213.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	8 839.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	2 722.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	12 774.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings	13 723.00
9.3. Machinery and equipment	54 403.00
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for	1 785.00
tangible assets
9. TANGIBLE ASSETS TOTAL	69 911.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	202.00
NON-CURRENT ASSETS TOTAL	70 113.00
TOTAL ASSETS	82 886.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	8 952.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	6 745.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	15 697.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	3 938.00
17. OTHER LONG-TERM DEBTS	1 478.00
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	5 415.00
LIABILITIES TOTAL	21 113.00
20. SHARE CAPITAL	14 829.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 483.00
25. Other reserves
26. RETAINED EARNINGS	45 462.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR
EQUITY TOTAL	61 774.00
EQUITY AND LIABILITIES TOTAL	82 886.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	59 025.00
2. Other income	231.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	130.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	34 714.00
8. Other operating expenses	7 419.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	8 261.00
10. Depreciation and impairment of fixed assets	2 465.00
11. Other expenses	256.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	6 272.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-731.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	5 540.00
13. Income tax expense	532.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	5 009.00

- 31.12.2012

:

Fiscal period: 12 month(s), currency: EUR, th
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	1 026.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	8 999.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	1 689.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	11 713.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies	3 505.00
7.2 Shares in associates
7.3 Other shares and securities	1 000.00
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	4 505.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings	13 723.00
9.3. Machinery and equipment	48 849.00
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for	1 781.00
tangible assets
9. TANGIBLE ASSETS TOTAL	64 353.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	188.00
NON-CURRENT ASSETS TOTAL	69 046.00
TOTAL ASSETS	80 759.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	7 153.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	5 842.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	12 996.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	3 938.00
17. OTHER LONG-TERM DEBTS	1 478.00
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	5 415.00
LIABILITIES TOTAL	18 411.00
20. SHARE CAPITAL	14 829.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve
25. Other reserves	1 483.00
26. RETAINED EARNINGS	46 036.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR
EQUITY TOTAL	62 348.00
EQUITY AND LIABILITIES TOTAL	80 759.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	53 039.00
2. Other income	194.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	25.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	30 287.00
8. Other operating expenses	6 723.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	7 520.00
10. Depreciation and impairment of fixed assets	2 265.00
11. Other expenses	225.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	6 238.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-557.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	5 681.00
13. Income tax expense	532.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	5 149.00

- 31.12.2011

:

Fiscal period: 12 month(s), currency: EUR, th
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	586.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	5 874.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	2 227.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	8 688.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	4 503.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	64 602.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	224.00
NON-CURRENT ASSETS TOTAL	69 328.00
TOTAL ASSETS	78 016.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	5 368.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	5 735.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	11 103.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	7 295.00
17. OTHER LONG-TERM DEBTS	419.00
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	7 714.00
LIABILITIES TOTAL	18 817.00
20. SHARE CAPITAL	14 829.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 483.00
25. Other reserves
26. RETAINED EARNINGS	42 887.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR
EQUITY TOTAL	59 199.00
EQUITY AND LIABILITIES TOTAL	78 016.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	57 216.00
2. Other income	957.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	29 261.00
8. Other operating expenses	6 296.00
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	7 074.00
10. Depreciation and impairment of fixed assets	1 782.00
11. Other expenses	271.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	13 489.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-805.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	12 684.00
13. Income tax expense	532.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	12 153.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.16
UK Pound	1	Rs.101.21
Euro	1	Rs.74.61

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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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.