MIRA INFORM REPORT

Report No. :	489896
Report Date :	08.02.2018

IDENTIFICATION DETAILS

Name :	SAFIN NES, LTD.
Registered Office :	Ritausmas 4A, Riga, LV-1058
Country :	Latvia
Financials (as on) :	31.12.2017
Date of Incorporation :	09.02.2007
Com. Reg. No.:	40003896966
Legal Form :	SIA (Ltd by Latvian Law)
Line of Business :	· Metals and Minerals, Except Petroleum · Hardware, Plumbing & Heating Equipment · Nonstore Retailers · Trade in Metal
No. of Employees :	14

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Exist

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Latvia	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

LATVIA - ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing more than half 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 slowing world economy. Triggered by the collapse of the second largest bank, GDP plunged by more than 14% in 2009 and, despite strong growth since 2011, the economy took until 2017 return to pre-crisis levels in real terms. Strong investment and consumption, the latter stoked by rising wages, helped the economy grow by more than 4% in 2017, while inflation rose to 3%. Continued gains in competitiveness and investment will be key to maintaining economic growth, especially in light of unfavorable demographic trends, including the emigration of skilled workers, and one of the highest levels of income inequality in the EU.

In the wake of the 2008-09 crisis, 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, although, the austerity measures imposed large social costs. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 80% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia also joined the euro zone in 2014 and the OECD in 2016.

Source : CIA

Identification

Full Name

:

SAFIN NES , SIA

Name in English

:

SAFIN NES, LTD.

Name in national language

:

"SAFIN NES" , SIA

Office Address

:

Ritausmas 4A, Riga, LV-1058, Latvia

/In nat.lang.: Ritausmas 4A, Riga, LV-1058/

Legal Address

:

Ritausmas 4A, Riga, LV-1058, Latvia

/In nat.lang.: Ritausmas 4a, Riga, LV-1058/

Contacts

:

-	Phone	:	(+371) 67673020, 67673018
-	Phone/fax	:	(+371) 67673019
-	E-mail	:	riga@safin.com
-	WWW	:	http://www.safinnes.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian Law)

Incorporation : 2007

Staff : 14

Litigation events : yes Remarks on payments : yes

Sales :	1 042 704.00 EUR ( for 3 months, ended 31.12.2017 )
	4 536 912.00 EUR ( for 12 months, ended 30.09.2017 )

Incorporation

:

2007

Registration Data

Date of registration

:

09.02.2007

Registration number

:

40003896966

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003896966

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 09.02.2007

Share Capital

:

227 520 EUR (registered)

since 29.05.2017

Shareholders

:

-	NFH, SIA (Latvia)				90.00 %
		reg. number	:	40103547131
		address	:	Penkules iela 78, Marupes novads, Marupe, Salas novads, Latvia
-	Mr Strazdins, Raimonds (Latvia)				10.00 %
	date of birth: 11.12.1961
-	Safin Handelsges.m.b.H. (Austria)				90.00 %
		reg. number	:	1000133198
		address	:	Dorotheergasse 6-8/10, Wien, 1010, Austria
	( the data as of 17.02.2016, cancelled since 15.02.2017 )

Board / Executives

Executives

Board Chairman

:

Mr Namikis, Raimonds (Latvia)

date of birth: 14.10.1965

( the data as of 22.12.2017 )

Board Member

:

Mr Namikis, Aigars (Latvia)

dte of birth: 23.08.1977
ph.: +371 67673017 m.ph.: 29222480 e-mail: a.namikis@safin.com

( the data as of 22.12.2017 )

Board Member

:

Mr Strazdins, Raimonds (Latvia)

date of birth: 11.12.1961
ph.: +371 67673017 m.ph.: +371 29543999 e-mail: r.strazdins@safin.com

( the data as of 22.12.2017 )

Chief Accountant

:

Mrs Rozite, Signe (Latvia)

ph.: +371 67673017 e-mail: s.rozite@safin.com

Authorised signature

:

Mr Namikis, Aigars

( the data as of 22.12.2017 )

Mr Namikis, Raimonds

( the data as of 22.12.2017 )

Mr Strazdins, Raimonds

( the data as of 22.12.2017 )

Changes in Registration Data

- 29.05.2017

:

share capital, shareholders

- 15.02.2017

:

shareholders

- 01.12.2014

:

share capital, shareholders

- 09.02.2010

:

managers

- 03.07.2009

:

legal address, managers, shareholders

Obsolete address: lidz 03.07.2009 - Rigas rajons, Marupes pagasts, Marupe, Karla Ulmana gatve 119, p/k SAFIN Marupes nov., Marupe, Karla Ulmana gatve 119

Activities

:

-	505	Metals and Minerals, Except Petroleum
		(5152 / NACE_1.1: Wholesale of metals and metal ores)
		(4672 / NACE_2: Wholesale of metals and metal ores)
-	507	Hardware, Plumbing & Heating Equipment
		(5154 / NACE_1.1: Wholesale of hardware, plumbing and heating equipment and supplies)
		(4674 / NACE_2: Wholesale of hardware, plumbing and heating equipment and supplies)
-	596	Nonstore Retailers
		(5263 / NACE_1.1: Other non-store retail sale)
		(4799 / NACE_2: Other retail sale not in stores, stalls or markets)

Trade in metal

Staff employed

:

14

Staff History

:

-	14
	( the data as of 30.09.2017 )
-	16
	( the data as of 31.12.2016 )
-	14
	( the data as of 31.12.2015 )
-	14
	( the data as of 31.12.2014 )
-	13
	( the data as of 31.12.2013 )
-	11
	( the data as of 31.12.2012 )

Export

- 2017

:

Lithuania, Estonia

- 2014

:

Estonia
10-15% of total turnover

Import

- 2017

:

Estonia, Lithuania, Czech Republic, Poland, Italy, Germany

- 2014

:

Estonia, Lithuania, Poland, Czechia, Italy, Germany, Ukraine, Russian Federation

Facilities

Real estate

:

rent:
-	Premises - Office and storehouse
	size/amnt	:	2 400.00 m2
	address	:	Ritausmas 4A, Riga, LV-1058, Latvia

Other Property

:

unknown ownership:
-	Other tools & equipment - Transport vehicle
	quantity	:	3.00 unit(s)
	/source: State Traffic Department/

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	SEB banka, AS (Latvia)
	bank code	:	UNLALV2X
	account(s)	:	LV90UNLA0050016557228
-	SWEDBANK AS (Latvia)
	bank code	:	HABALV22
	account(s)	:	LV87HABA0551015866681

Clients

:

About 150 Latvia: SIA "VIDES TEHNIKA"; AS KOMFORTS; "SFM Latvia" SIA. Payment delay till 30-90 days.

Suppliers

:

About 400 Padana Tubi & Profilati Acciaio S.p.A. (Italy); CELSA Huta Ostrowiec (Poland), ArcelorMittal Ostrava a.s. (Czech); "Severstal Distribution" SIA (Latvia). Payment delay 30-90 days.

Other associated Companies

:

According to company's website: SAFIN Group companies.

Litigation

:

yes

The subject company was/is being involved as a claimant, co-claimant and defendant into several of legal proceedings in the period from 23.04.2014 up to 06.02.2018 (last court sitting). There are no bankruptcy/insolvency records listed in the subject name in the official sources. No bankruptcy/insolvency records on the subject company have been found in the official sources.

Remarks on payment

- 05.11.2013

:

Debt collection (unconfirmed)				30.00 EUR
	payment status	:	none

- 07.07.2010

:

Debt collection (unconfirmed)				31.30 EUR
	payment status	:	none

There are no other records on unpaid invoices/defaulted payments noted by local debt collection companies. According to the Tax Office of Latvia the subject company doesn’t have any arrears exceeding 150 EUR as at 07.03.2018.

Business mortgages

- 27.02.2017

:

Commercial pledge
	pledgee	:	Swedbank, AS (Latvia) reg. number: 40003074764

- 21.11.2013

:

Commercial pledge
	pledgee	:	Swedbank, AS (Latvia) reg. number: 40003074764

Financial Elements

Period, months	3	12	12
Ended	31.12.2017	30.09.2017	30.09.2016
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets		0.00	342.00
- Fixed assets	28 884.00	31 122.00	10 955.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	28 884.00	31 122.00	11 297.00
CURRENT ASSETS
- Stock	1 147 399.00	1 142 577.00	1 002 448.00
- Debtors	623 208.00	707 762.00	721 435.00
- Other receivables
- Short-term financial investments
- Cash	25 582.00	20 747.00	3 876.00
- Other current assets
Current assets total	1 796 189.00	1 871 086.00	1 727 759.00
Assets total	1 825 073.00	1 902 208.00	1 739 056.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	227 520.00	227 520.00	14 220.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	352 298.00	309 094.00	169 210.00
Capital and reserves total	579 818.00	536 614.00	183 430.00
Provisions		0.00	19 447.00
LONG-TERM LIABILITIES
- Loans and credits	421 361.00	421 361.00
- long-term amounts owed to banks	405 263.00	405 263.00
- Other long-term liabilities		0.00	807 738.00
Long-term liabilities total	421 361.00	421 361.00	807 738.00
SHORT-TERM LIABILITIES
- Loans and credits	365 799.00	386 862.00	297 219.00
- short-term amounts owed to banks	124 032.00	154 060.00	86 903.00
- Creditors	432 519.00	529 338.00	413 807.00
- trade debts	313 801.00	427 618.00	223 127.00
- accrued payroll
- tax liabilities	103 706.00	88 720.00	67 149.00
- other creditors	14 868.00	12 413.00	122 128.00
- advances received	144.00	587.00	1 403.00
- Dividends in arrears
- Accrued income, deferred charges	25 576.00	28 033.00	17 415.00
- Other short-term liabilities
Short-term liabilities total	823 894.00	944 233.00	728 441.00
Liabilities total	1 245 255.00	1 365 594.00	1 536 179.00
Equity and liabilities total	1 825 073.00	1 902 208.00	1 739 056.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 042 704.00	4 536 912.00	4 557 538.00
Cost of goods sold	854 455.00	3 714 565.00	3 871 379.00
Gross profit	188 249.00	822 347.00	686 159.00
Distribution costs	96 930.00	326 629.00	320 787.00
Administrative and management costs	35 466.00	152 040.00	126 820.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable	8 668.00	38 431.00	41 210.00
Income from participating interests
Other operating income	323.00	2 782.00	7 802.00
Other operating charges	4 304.00	128 845.00	79 025.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	43 204.00	179 184.00	126 119.00
Income-tax and other similar payments		39 300.00	35 636.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	43 204.00	139 884.00	90 483.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.14	3.95	2.77
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	7.45	33.39	68.76
Profit before taxation / Equity
Current assets turnover	0.58	2.42	2.64
Net sales / Current assets
Working capital	972 295.00	926 853.00	999 318.00
Current assets - Short-term liabilities
Leverage	0.32	0.28	0.11
Equity / Total assets
Current ratio	2.18	1.98	2.37
Current assets / Short-term liabilities
Quick ratio	0.79	0.77	1.00
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.15	2.54	8.37
Total liabilities / Equity
Debtor days	218.15	56.94	57.78
Debtors / Net sales *365
Creditor days	134.05	42.02	21.04
Trade debts / Cost of goods sold *365

Publications

- 0001

:

Subject

:

About

From company's website: "Safin NES" Ltd was established in year 2007 in Latvia, servicing customers from Ventspils and Riga ports, in year 2009 was opened a wholesale and retail warehouse in Riga. Currently Safin Nes Ltd is renting covered warehouse about 1800m2 and outside territory more than 3000m2, where we can accept unloading directly from the railway wagons as well. Bigger amount of materials, what are delivered by see or by railway, are stored and handled at Rigas port. We provide more than 900 different metal products in continuous change, what are available immediatelly from our warehouse. You can find wide range of sizes for the following metal product groups: Beams S235, S355; merchant bars S235, S355; peeled round bars S235, S355, C45, 41Cr4, CrMo4 and others; hollow sections S235, S355; profiles S235, S355; pipes welded, seamless, galvanized; plates S235, S355, DC01 and others; rebars B500B, A500HW, B600KX Starting from year 2014 we are offering all kind of stainless steel products: sheets; pipes; bars; hollow sections Safin Nes Ltd imported steel products from the largest producers in EU, Russia and Asia. We have partners in all Europe, which helps us to serv our customers quickly, and good quality for the adequate price. All offered materials are only first choice materials with corresponding producers certificate and DoP (Declaration of Performance). Safin NES Ltd are offering material cutting for easier transportation and helps with logistics for quick and safe material delivery to the customers facilities. We are 14 professionals who are serving our customers.

FINAL COMMENTS

We contacted Mr Namikis Aigars, the Board Member, and he provided us with the general information about the company and fresh financial statements.

Capital History

- 01.12.2014

:

14 220 EUR (registered)

( the data as of 17.02.2016, cancelled since 29.05.2017 )

- 09.02.2007

:

10 000 LVL (registered)

( the data as of 09.02.2007, cancelled since 01.12.2014 )

APPENDIX A

Financial Statements

Period, months	3	12	12
Ended	31.12.2017	30.09.2017	30.09.2016
Currency	EUR	EUR	EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	1 042 704.00	4 536 912.00	4 557 538.00
a) from agricultural activities
b) from other operating activities
020 Cost of sales	854 455.00	-3 714 565.00	-3 871 379.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	188 249.00	822 347.00	686 159.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	96 930.00	-326 629.00	-320 787.00
050 Administrative expenses	35 466.00	-152 040.00	-126 820.00
060 Other operating income	323.00	2 782.00	7 802.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	4 304.00	-128 845.00	-79 025.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
a) Long-term financial investments in associated companies
110 Interest payable and similar charges	8 668.00	-38 431.00	-41 210.00
120 Profit or loss on ordinary activities before taxation			126 119.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation			126 119.00
160 Income-tax for fiscal period		-39 300.00	-35 636.00
165. Profit after corporate income tax
170 Other taxes
175 Deferred Income-tax for fiscal period
176 Minority profit or loss
178 Extraordinary dividend
180 Profit or loss for fiscal period	43 204.00	139 884.00	90 483.00
b) other operating activites
b) from other persons
190 Minority profit or loss
200 Profit or loss after taxation and minority interests
370 Profit or loss on ordinary	43 204.00	179 184.00
activities before taxation
380 Profit after tax for the year
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.		0.00	342.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets		0.00	342.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets		0.00	5 130.00
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	28 884.00	31 122.00	5 825.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	28 884.00	31 122.00	10 955.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
a) of group companies
b) other persons
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
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
200 NON-CURRENT ASSETS TOTAL	28 884.00	31 122.00	11 297.00
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
225 Work in progress and orders
230 Finished goods and goods for resale	1 146 166.00	1 141 344.00	1 000 803.00
240 Orders outstanding
250 Payments on account	1 233.00	1 233.00	1 645.00
255 Animals and plants
256 a) the animals and planting annuals
260 Working and productive animals
270 Total stock	1 147 399.00	1 142 577.00	1 002 448.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	609 257.00	696 723.00	707 968.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	10 723.00	6 442.00	8 359.00
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	3 228.00	4 597.00	5 108.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	623 208.00	707 762.00	721 435.00
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)	25 582.00	20 747.00	3 876.00
410 CURRENT ASSETS TOTAL	1 796 189.00	1 871 086.00	1 727 759.00
420 BALANCE	1 825 073.00	1 902 208.00	1 739 056.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	227 520.00	227 520.00	14 220.00
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
510 Retained earnings		169 210.00	78 727.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	309 094.00
520 Profit or loss for the current year	43 204.00	139 884.00	90 483.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	579 818.00	536 614.00	183 430.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions		0.00	19 447.00
561 Provisions for vacations
570 PROVISIONS TOTAL		0.00	19 447.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	405 263.00	405 263.00
601 Other loans	16 098.00	16 098.00
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries		0.00	807 738.00
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
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	421 361.00	421 361.00	807 738.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	124 032.00	154 060.00	86 903.00
671 Other loans	241 767.00	232 802.00	210 316.00
680 Advanced payments received	144.00	587.00	1 403.00
690 Trade debts	313 801.00	427 618.00	223 127.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries		0.00	107 852.00
720 Amounts owed to related companies
730 Taxes and social security payments	103 706.00	88 720.00	67 149.00
740 Other creditors	14 868.00	12 413.00	14 276.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	25 576.00	28 033.00	17 415.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	823 894.00	944 233.00	728 441.00
790 Creditors, total	1 245 255.00		1 536 179.00
800 BALANCE	1 825 073.00	1 902 208.00	1 739 056.00
990 Employees number		14.00	16.00

- 30.09.2015

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	5 090 608.00
020 Cost of sales	-4 610 291.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	480 317.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-215 878.00
050 Administrative expenses	-138 628.00
060 Other operating income	2 698.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-285 069.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-40 496.00
120 Profit or loss on ordinary activities before taxation	-197 056.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	-197 056.00
160 Income-tax for fiscal period	-4 135.00
170 Other taxes
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	-201 191.00
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.	1 995.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	1 995.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	6 168.00
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	8 324.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets	0.00
100 Total tangible assets	14 492.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
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
200 NON-CURRENT ASSETS TOTAL	16 487.00
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	1 059 309.00
240 Orders outstanding
250 Payments on account	13 093.00
260 Working and productive animals
270 Total stock	1 072 402.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	872 168.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	26 232.00
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	7 917.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	906 317.00
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)	3 232.00
410 CURRENT ASSETS TOTAL	1 981 951.00
420 BALANCE	1 998 438.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	14 220.00
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	279 918.00
520 Profit or loss for the current year	-201 191.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	92 947.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	18 646.00
561 Provisions for vacations
570 PROVISIONS TOTAL	18 646.00
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
604 Bills of exchange payable
610 Amounts owed to subsidiaries	874 491.00
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
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	874 491.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	233 081.00
671 Other loans	0.00
680 Advanced payments received	10 502.00
690 Trade debts	617 328.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	10 945.00
720 Amounts owed to related companies
730 Taxes and social security payments	124 075.00
740 Other creditors	12 397.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	4 026.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	1 012 354.00
790 CREDITORS TOTAL	1 886 845.00
800 BALANCE	1 998 438.00
990 Employees number

- 30.09.2014

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	6 779 650.00
020 Cost of sales	-6 207 069.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	572 581.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-219 514.00
050 Administrative expenses	-131 053.00
060 Other operating income	446.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-127 066.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-40 522.00
120 Profit or loss on ordinary activities before taxation	54 872.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	54 872.00
160 Income-tax for fiscal period	-21 273.00
170 Other taxes
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	33 599.00
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.	3 648.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	3 648.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets	9 505.00
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	9 934.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets	640.00
100 Total tangible assets	20 079.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
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
200 NON-CURRENT ASSETS TOTAL	23 727.00
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	1 019 961.00
240 Orders outstanding
250 Payments on account	11 362.00
260 Working and productive animals
270 Total stock	1 031 323.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	828 267.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	28 280.00
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	10 874.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	867 421.00
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)	1 858.00
410 CURRENT ASSETS TOTAL	1 900 602.00
420 BALANCE	1 924 329.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	14 230.00
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	246 319.00
520 Profit or loss for the current year	33 599.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	294 148.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	16 993.00
561 Provisions for vacations
570 PROVISIONS TOTAL	16 993.00
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
604 Bills of exchange payable
610 Amounts owed to subsidiaries	956 495.00
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
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	956 495.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	124 573.00
671 Other loans	3 035.00
680 Advanced payments received	718.00
690 Trade debts	377 413.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	33 923.00
720 Amounts owed to related companies
730 Taxes and social security payments	95 979.00
740 Other creditors	17 025.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	4 027.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	656 693.00
790 CREDITORS TOTAL	1 613 188.00
800 BALANCE	1 924 329.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.14
UK Pound	1	INR 89.50
Euro	1	INR 79.43
LVL (Euro)	1	INR 103.38

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.