MIRA INFORM REPORT

Report No. :	490259
Report Date :	10.02.2018

IDENTIFICATION DETAILS

Name :	LITHUANIAN AND FRENCH PRIVATE LIMITED LIABILITY COMPANY EUROLINEN
Registered Office :	V. A. Graiciuno G. 32, Vilnius, Vilnius region, Vilnius City municipality, LT-02241
Country :	Lithuania
Financials (as on) :	31.12.2016
Date of Incorporation :	03.06.1992
Com. Reg. No.:	110382414
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian law)
Line of Business :	· Preparation and spinning of textile fibres · Wholesale trade-nondurable goods · Wholesale of other intermediate products
No. of Employees :	39

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Lithuania	A2	A2

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

LITHUANIA - ECONOMIC OVERVIEW

After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO in May 2001, the EU in May 2004, and the euro zone in January 2015, and is now working to complete the OECD accession roadmap it received in July 2015. In 2017, joined the OECD Working Group on Bribery, an important step in the OECD accession process.

The Lithuanian economy was severely hit by the 2008-09 global financial crisis, but it has rebounded and become one of the fastest growing in the EU. Increases in exports, investment, and wage growth that supported consumption helped the economy grow by 3.6% in 2017. In 2015, Russia was Lithuania’s largest trading partner, followed by Poland, Germany, and Latvia; goods and services trade between the US and Lithuania totaled $2.2 billion. Lithuania opened a self-financed liquefied natural gas terminal in January 2015, providing the first non-Russian supply of natural gas to the Baltic States and reducing Lithuania’s dependence on Russian gas from 100% to approximately 30% in 2016.

Lithuania’s ongoing recovery hinges on improving the business environment, especially by liberalizing labor laws, and improving competitiveness and export growth, the latter hampered by economic slowdowns in the EU and Russia. In addition, a steady outflow of young and highly educated people is causing a shortage of skilled labor, which, combined with a rapidly aging population, could stress public finances and constrain long-term growth.

Source : CIA

Identification

Full Name

:

LIETUVOS IR PRANCUZIJOS UZDAROJI AKCINE BENDROVE "EUROLINEN"

Name in English

:

LITHUANIAN AND FRENCH PRIVATE LIMITED LIABILITY COMPANY EUROLINEN

Name in national language

:

LIETUVOS IR PRANCUZIJOS U DAROJI AKCINE BENDROVE EUROLINEN

Office Address

:

V. A. Graiciuno g. 32, Vilnius, Vilnius region, Vilnius city municipality, LT-02241, Lithuania

Legal Address

:

V. A. Graiciuno g. 32, Vilnius, Vilnius region, Vilnius city municipality, LT-02241, Lithuania

Contacts

:

-	Phone	:	(+370 5) 2601970
-	Fax	:	(+370 5) 2601975
-	E-mail	:	info@eurolinen.lt

SUMMARY

Legal Form : UAB (Private Joint-Stock Co. by Lithuanian law)

Incorporation : 1992

Staff : 39

Litigation events : none Remarks on payments : none

Sales :	6 615 006.00 EUR ( for 12 months, ended 31.12.2016 )
	7 792 936.00 EUR ( for 12 months, ended 31.12.2015 )

Incorporation

:

1992

Registration Data

Date of registration

:

03.06.1992

Registration number

:

110382414

Registr. authority

:

State Register (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Date of registration

:

01.05.1994

VAT number

:

LT103824113

Registr. authority

:

Tax Board (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Legal Form

:

UAB (Private Joint-Stock Co. by Lithuanian law)

since 03.06.1992

Share Capital

:

213 954 EUR (registered)

since n/a

Shareholders

:

-	SANECO S.A.S. (France)				95.50 %
		reg. number	:	FR 53382560092
-	Mr Robert Pilecki (Lithuania)				3.00 %
-	Mr Juozas Kabasinskas (Lithuania)				1.50 %

Board / Executives

Executives

Director

:

Mr Robert Pilecki (Lithuania)

Authorised signature

:

Mr Robert Pilecki

Changes in Registration Data

- 25.02.2000

:

legal address

Activities

:

-	2281	Yarn mills, except wool
		(1717 / NACE_1.1: Preparation and spinning of other textile fibres)
		(1310 / NACE_2: Preparation and spinning of textile fibres)
-	51	Wholesale trade-nondurable goods
		(5156 / NACE_1.1: Wholesale of other intermediate products)
		(4676 / NACE_2: Wholesale of other intermediate products)

Linen twine - production. Flax fiber, yarn, rope, cloth, flax seeds - wholesale.

Staff employed

:

39 [E]

Staff History

:

-	39 [E]
	( the data as of 01.01.2018 )
-	38 [E]
	( the data as of 01.01.2017 )
-	36 [E]
	( the data as of 01.01.2016 )
-	35 [E]
	( the data as of 01.01.2015 )

Facilities

:

Transport Vehicles: 2 RENAULT MEGANE Passenger car 01-09-2017 User TOYOTA TOYOTA AURIS Passenger car 15-06-2016 User

Branches

:

none

Subsidiaries and Participation

:

n/a

Bankers

:

n/a

Other associated Companies

:

Saneco Group is a fully integrated company from fiber to finished goods, specialized exclusively in Linen/ flax and distributing fiber, yarn, fabric and finished goods in more than 30 countries

Litigation

:

none

There are no registered legal actions against company required.

Remarks on payment

:

none

No current records are reported by the local debt collection companies.

Financial Elements

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	EUR	EUR	LTL
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	412 306.00	418 365.00	1 378 995.00
- Investments in tangible assets
- Financial assets			0.00
- Other non-current assets
Non-current assets total	412 306.00	418 365.00	1 378 995.00
CURRENT ASSETS
- Stock	959 953.00	1 252 748.00	5 347 809.00
- Debtors	812 342.00	1 164 620.00	3 023 028.00
- Other receivables	8 295.00	8 742.00
- Short-term financial investments
- Cash	541 127.00	103 770.00	527 637.00
- Other current assets
Current assets total	2 321 717.00	2 529 880.00	8 898 474.00
Assets total	2 734 023.00	2 948 245.00	10 277 469.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	213 954.00	213 954.00	800 000.00
- Additional capital
- Other capital
- Reserve capital	861 186.00	692 299.00
- Retained earnings (Non-covered loss)	471 204.00	496 687.00
Capital and reserves total	1 546 344.00	1 402 940.00	4 080 045.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities	411 671.00	554 842.00
Long-term liabilities total	411 671.00	554 842.00	1 392 440.00
SHORT-TERM LIABILITIES
- Loans and credits
- short-term amounts owed to banks
- Creditors	768 957.00	968 285.00
- trade debts
- accrued payroll
- tax liabilities
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	7 051.00	22 178.00
- Other short-term liabilities
Short-term liabilities total	776 008.00	990 463.00	4 804 984.00
Liabilities total	1 187 679.00	1 545 305.00	6 197 424.00
Equity and liabilities total	2 734 023.00	2 948 245.00	10 277 469.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	6 615 006.00	7 792 936.00	19 945 652.00
Cost of goods sold	5 322 552.00	6 352 660.00	16 353 127.00
Gross profit	1 292 454.00	1 440 276.00
Distribution costs	399 533.00	567 744.00
Administrative and management costs	315 262.00	313 251.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable	24 936.00	22 465.00
Income from participating interests	637.00	45 560.00
Other operating income	3 128.00	6 660.00
Other operating charges
Operating profit			1 229 293.00
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	556 488.00	589 036.00	1 309 387.00
Income-tax and other similar payments	85 284.00	92 349.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	471 204.00	496 687.00	1 173 445.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	8.41	7.56	6.56
Profit before taxation / Net sales
Operating margin of profit, %			6.16
Operating profit / Net sales
Return on investment, %	35.99	41.99	32.09
Profit before taxation / Equity
Current assets turnover	2.85	3.08	2.24
Net sales / Current assets
Working capital	1 545 709.00	1 539 417.00	4 093 490.00
Current assets - Short-term liabilities
Leverage	0.57	0.48	0.40
Equity / Total assets
Current ratio	2.99	2.55	1.85
Current assets / Short-term liabilities
Quick ratio	1.75	1.29	0.74
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.77	1.10	1.52
Total liabilities / Equity
Debtor days	44.82	54.55
Debtors / Net sales *365
Creditor days
Trade debts / Cost of goods sold *365

Income range of the subject LTL (according to data of Statistics Dep-t): 11,000,001-13,000,000 /2011-12-31/ 9,000,001-11,000,000 /2009-12-31/ 9,000,001-11,000,000 /2008-12-31/ 13,000,001-15,000,000 /2008-01-02/ 15,000,001-20,000,000 /2007-01-01/ 15,000,001-20,000,000 /2005-12-31/ 20,000,001-30,000,000 /2004-12-31/ 15,000,001-20,000,000 /2003-12-31/ 13,000,001-15,000,000 /2002-12-31/ 15,000,001-20,000,000 /1999-12-31/

FINAL COMMENTS

Information was received from all the sources available. We have not found any information about the subject on OFAC lists, or EU sanctions lists. The financial manager of the company Mrs. Dalia refused to confirm even general information about the company without director's permission. The director of the company is out of office untill the next week. /Date: 07.02.2018, phone:(+370 5) 2601970/ We sent our questionnaire and now we are waiting for additional information from the company. If we receive any additional information, we'll supplement the report.

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	EUR	EUR	LTL
PROFIT LOSS ACCOUNT
1. Sales income	6 615 006.00	7 792 936.00
2. Cost of sales	-5 322 552.00	-6 352 660.00
3. Change of the real value of biological asset
4. GROSS PROFIT (LOSS)	1 292 454.00	1 440 276.00
5. Sales expences	-399 533.00	-567 744.00
6. General and administrative expences	-315 262.00	-313 251.00
7. Other operating results	3 128.00	6 660.00
8. Income from the investments to the shares of parent companies, subsidiaries, asociated companies
9. Income from other long term investments and loans
10. Other income from interests and simmilar	637.00	45 560.00
11. Decrease of financial assets and short term investments
12. Interest and similar expenses	-24 936.00	-22 465.00
13. PROFIT (LOSS) BEFORE INCOME TAX	556 488.00	589 036.00
14. Income tax	-85 284.00	-92 349.00
15. NET PROFIT (LOSS)	471 204.00	496 687.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A. ASSETS
1. NON-CURRENT ASSETS	412 306.00	418 365.00
2. INTANGIBLE ASSETS
3. TANGIBLE ASSETS	412 306.00	418 365.00
4. FINANCIAL ASSETS
5. OTHER NON-CURRENT ASSETS
B. CURRENT ASSETS	2 313 422.00	2 521 138.00
1. INVENTORIES	959 953.00	1 252 748.00
2. AMOUNTS RECEIVABLE WITHIN ONE YEAR	812 342.00	1 164 620.00
3. Current investments
4. CASH AND CASH EQUIVALENTS	541 127.00	103 770.00
5. Other currents assets
C. DEFERRED EXPENSES AND ACCRUED INCOME	8 295.00	8 742.00
TOTAL ASSETS	2 734 023.00	2 948 245.00
EQUITY AND LIABILITIES
D. EQUITY	1 546 344.00	1 402 940.00
1. CAPITAL	213 954.00	213 954.00
2. SHARE PREMIUM
3. REVALUATION RESERVE (RESULTS)
4. RESERVES	861 186.00	692 299.00
5. RETAINED PROFIT (LOSS)	471 204.00	496 687.00
E. GRANTS AND SUBSIDIES
F. PROVISIONS
G. ACCOUNTS PAYABLE AND OTHER LIABILITIES	1 180 628.00	1 523 127.00
1. ACCOUNTS PAYABLE AFTER ONE YEAR AND LONG-TERM LIABILITIES	411 671.00	554 842.00
2. ACCOUNTS PAYABLE WITHIN ONE YEAR AND SHORT LIABILITIES	768 957.00	968 285.00
H. ACCRUED EXPENCES AND DEFFERED INCOME	7 051.00	22 178.00
EQUITY AND LIABILITIES TOTAL	2 734 023.00	2 948 245.00

- 31.12.2014

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	19 945 652.00
II. COSTS OF GOODS SOLD AND SERVICES	16 353 127.00
RENDERED
III. GROSS PROFIT (LOSS)	3 592 525.00
IV. OPERATING EXPENSES	2 363 232.00
IV.1 Expenses on sales	1 386 020.00
IV.2 Administrative and other expenses	977 212.00
V. OPERATING PROFIT (LOSS)	1 229 293.00
VI. OTHER OPERATIONS	0.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	80 094.00
VII.1 Revenue from financial and investing activities	152 281.00
VII.2 Expenses on financial and investing activities	72 187.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	1 309 387.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	1 309 387.00
XII. PROFIT TAX	135 942.00
XIII. NET PROFIT (LOSS)	1 173 445.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	1 378 995.00
I. INTANGIBLE ASSETS	0.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets
II. TANGIBLE ASSETS	1 378 995.00
II.1 Land	432 399.00
II.2 Buildings and constructions	364 749.00
II.3 Plant and equipment	444 726.00
II.4 Transport vehicles	48 220.00
II.5 Other fixtures, fittings, tools and equipment	88 901.00
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	0.00
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	8 898 474.00
I. STOCKS AND CONTRACTS IN PROGRESS	5 347 809.00
I.1. Stocks	4 542 328.00
I.1.1 Raw materials and consumables	2 087 245.00
I.1.2 Work in progress	68 562.00
I.1.3 Finished products	1 276 895.00
I.1.4 Goods purchased for sale	1 109 626.00
I.1.5 Long term assets for resale
I.2 Advanced payments	805 481.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	3 023 028.00
II.1. Trade debtors	2 978 782.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	44 246.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	527 637.00
TOTAL ASSETS	10 277 469.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	4 080 045.00
I. CAPITAL	800 000.00
I.1. Authorized capital	800 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	2 167 804.00
III.1. Legally prescribed reserevs	80 000.00
III.2. Non-distributable reserves	61 204.00
III.3. Other reserves	2 026 600.00
IV. RETAINED EARNINGS	1 112 241.00
IV.1 Profit (loss) from the current year	1 112 241.00
IV.2 Profit (loss) brought forward from previous years
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	6 197 424.00
I. LONG-TERM ACCOUNTS PAYABLE	1 392 440.00
I.1 Financial loans	1 392 440.00
I.1.1 Leasing and other similar obligations	116 285.00
I.1.2 Amounts owed to credit institutions	1 276 155.00
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	4 804 984.00
II.1 Short-term portion of long-term debts	394 424.00
II.2 Financial debts	896.00
II.2.1 To credit institutions	896.00
II.2.2 Other loans
II.3 Trade creditors	4 126 055.00
II.4 Advanced payments under contracts in progress	10.00
II.5 Profit tax liabilities	114 124.00
II.6 Taxes, accrued payroll and social insurance payments	128 064.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	41 411.00
TOTAL EQUITY AND LIABILITIES	10 277 469.00

- 31.12.2013

:

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	16 537 496.00
II. COSTS OF GOODS SOLD AND SERVICES	13 096 871.00
RENDERED
III. GROSS PROFIT (LOSS)	3 440 625.00
IV. OPERATING EXPENSES	2 304 044.00
IV.1 Expenses on sales	1 305 328.00
IV.2 Administrative and other expenses	998 716.00
V. OPERATING PROFIT (LOSS)	1 136 581.00
VI. OTHER OPERATIONS	0.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-83 527.00
VII.1 Revenue from financial and investing activities	14 656.00
VII.2 Expenses on financial and investing activities	98 183.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	1 053 054.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	1 053 054.00
XII. PROFIT TAX	87 272.00
XIII. NET PROFIT (LOSS)	965 782.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	1 210 798.00
I. INTANGIBLE ASSETS	0.00
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets
II. TANGIBLE ASSETS	1 210 798.00
II.1 Land	432 399.00
II.2 Buildings and constructions	587 548.00
II.3 Plant and equipment	53 237.00
II.4 Transport vehicles	68 885.00
II.5 Other fixtures, fittings, tools and equipment	68 729.00
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	0.00
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	6 320 806.00
I. STOCKS AND CONTRACTS IN PROGRESS	3 453 111.00
I.1. Stocks	3 250 339.00
I.1.1 Raw materials and consumables	1 885 799.00
I.1.2 Work in progress	22 815.00
I.1.3 Finished products	1 052 923.00
I.1.4 Goods purchased for sale	288 802.00
I.1.5 Long term assets for resale
I.2 Advanced payments	202 772.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	2 567 017.00
II.1. Trade debtors	2 512 896.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	54 121.00
III. OTHER CURRENT ASSETS	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	300 678.00
TOTAL ASSETS	7 531 604.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	3 546 600.00
I. CAPITAL	800 000.00
I.1. Authorized capital	800 000.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	1 780 818.00
III.1. Legally prescribed reserevs	80 000.00
III.2. Non-distributable reserves
III.3. Other reserves	1 700 818.00
IV. RETAINED EARNINGS	965 782.00
IV.1 Profit (loss) from the current year	965 782.00
IV.2 Profit (loss) brought forward from previous years
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	3 985 004.00
I. LONG-TERM ACCOUNTS PAYABLE	1 574 477.00
I.1 Financial loans	1 574 477.00
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions	1 574 477.00
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions	0.00
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	2 410 527.00
II.1 Short-term portion of long-term debts	312 886.00
II.2 Financial debts	0.00
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors	1 843 279.00
II.4 Advanced payments under contracts in progress	10.00
II.5 Profit tax liabilities	87 272.00
II.6 Taxes, accrued payroll and social insurance payments	124 279.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	42 801.00
TOTAL EQUITY AND LIABILITIES	7 531 604.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89
LTL [Euro]	1	INR 21.04

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

INFORMATION DETAILS

Analysis Done by :	VAR
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)

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