MIRA INFORM REPORT

Report No. :	491173
Report Date :	19.02.2018

IDENTIFICATION DETAILS

Name :	HIMBALT, LTD
Registered Office :	Dzirnavu iela 41 - 2, Riga, LV-1010
Country :	Latvia
Financials (as on) :	30.06.2017
Date of Incorporation :	26.06.2006
Com. Reg. No.:	40003836172
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	Chemicals and Allied Products Wholesale of chemical products Engine Fuels & Oils Wholesale of solid, liquid and gaseous fuels and related products
No. of Employees :	6

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 (30.09.2017)	Current Rating (31.12.2017)
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

:

Sabiedriba ar ierobezotu atbildibu "HimBalt"

IGK-number

:

017-580-515

Name in English

:

HimBalt, Ltd

Name in national language

:

Sabiedrība ar ierobežotu atbildību "HimBalt"

Office Address

:

Dzirnavu iela 41 - 2, Riga, LV-1010, Latvia

/In nat.lang.: Dzirnavu iela 41 - 2, Rīga, LV-1010/

Legal Address

:

Dzirnavu iela 41 - 2, Riga, LV-1010, Latvia

/In nat.lang.: Rīga, Dzirnavu iela 41 - 2, LV-1010/

Other Addresses

:

legal:

Tvaika iela 35, Riga, LV-1034, Latvia

( the data as of 30.06.2014, cancelled since 23.12.2016 )

Contacts

:

-	Phone	:	(+371) 66165507
-	Fax	:	(+371) 67160740
-	E-mail	:	info@himbalt.lv
-	WWW	:	http://www.himbalt.lv/

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2006

Staff : 6

Litigation events : none Remarks on payments : none

Sales :	106 882 660.00 EUR ( for 12 months, ended 30.06.2017 )
	68 456 131.00 EUR ( for 12 months, ended 30.06.2016 )

Incorporation

:

2006

Registration Data

Date of registration

:

26.06.2006

Registration number

:

40003836172

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003836172

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 26.06.2006

Share Capital

:

2 845 EUR (registered)

since 12.04.2016

Shareholders

:

-	Mr Kharoshka, Artsiom (Belarus)				100.00 %
		address	:	Novopolocka, Kalinina street 20-26, 211440, Vitebsk region, Belarus
	date of birth: 04.06.1971

Board / Executives

Executives

Board Member

:

Mr Kharoshka, Artsiom (Belarus)

ph.: +371 20201524

( the data as of 10.03.2017 )

Chief Accountant

:

Mr Burnins, Eduards (Latvia)

ph: +371 29419131 e-mail: finance@himbalt.lv

Authorised signature

:

Mr Kharoshka, Artsiom

( the data as of 10.03.2017 )

Changes in Registration Data

- 23.12.2016

:

legal address

Obsolete address: Riga, Tvaika iela 35

- 12.04.2016

:

share capital

- 07.04.2016

:

shareholders

- 18.09.2014

:

managers, authorised signature

- 11.05.2012

:

shareholders

- 06.12.2011

:

legal address

- 09.06.2011

:

managers

- 22.07.2009

:

managers

previous addresses: 08.03.2010 06.12.2011 Riga, Citadeles iela 7 26.06.2006 08.03.2010 Riga, Elijas iela 17-230

Activities

:

-	516	Chemicals and Allied Products
		(5155 / NACE_1.1: Wholesale of chemical products)
		(4675 / NACE_2: Wholesale of chemical products)
-	5172	Engine Fuels & Oils
		(5151 / NACE_1.1: Wholesale of solid, liquid and gaseous fuels and related products)
		(4671 / NACE_2: Wholesale of solid, liquid and gaseous fuels and related products)

Wholesale of chemical products; Manufacture of refined petroleum products According to company's website data: Himbalt Company provides a wide range of base oils and chemical products: •Base Oils Group I / Group III, Naphtenic Oils •Slack Wax, Paraffin; •LDPE, Propylene, DIPE •PYGAS, BBF

Staff employed

:

6

Staff History

:

-	6
	( the data as of 30.09.2017 )
-	5
	( the data as of 30.09.2016 )
-	4
	( the data as of 31.12.2015 )
-	4
	( the data as of 31.12.2014 )
-	4
	( the data as of 31.03.2014 )
-	5
	( the data as of 31.12.2012 )

Export

:

Uk-England, Germany, Niger, Egypt, South Africa
Export makes over 95% of turnover

Import

:

Commonwealth of Indep. States

Facilities

Real estate

:

rent:
-	Premises - Office
	size/amnt	:	100.00 m2
	address	:	Dzirnavu iela 41 - 2, Riga, LV-1010, Latvia
-	Premises - Storehouse
	address	:	Tvaika 35, Riga, Latvia

Branches

:

-	Warehouse (Riga, Latvia)
	address	:	Tvaika 35, Riga, Latvia

Subsidiaries and Participation

:

none

Bankers

:

-	Baltic International Bank
-	BlueOrange Bank

Clients

:

About 15. More detailed information is confidential. Terms of payment: both partial or full prepayment.

Suppliers

:

About 5. More detailed information is confidential. Terms of payment: 100% prepayment.

Other associated Companies

:

None

Litigation

:

none

There are no bankruptcy/insolvency records listed in the subject name in the official sources. There was no record of any legal occurrences regarding the enquired company at the time of creating the report.

Remarks on payment

:

Slow but Correct

There are no records on unpaid invoices/defaulted payments noted by local debt collection companies.

Business mortgages

:

none

Financial Elements

Period, months	12	12	12
Ended	30.06.2017	30.06.2016	30.06.2015
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	8 603.00	1 281.00	0.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	8 603.00	1 281.00	0.00
CURRENT ASSETS
- Stock	5 291 310.00	4 862 434.00	2 383 867.00
- Debtors	14 516 965.00	1 210 222.00	1 946 808.00
- Other receivables
- Short-term financial investments
- Cash	478 033.00	306 174.00	252 863.00
- Other current assets
Current assets total	20 286 308.00	6 378 830.00	4 583 538.00
Assets total	20 294 911.00	6 380 111.00	4 583 538.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	2 845.00	2 845.00	2 846.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	1 051 653.00	702 273.00	441 913.00
Capital and reserves total	1 054 498.00	705 118.00	444 759.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total
SHORT-TERM LIABILITIES
- Loans and credits	876 271.00	900 739.00	648 747.00
- short-term amounts owed to banks	876 271.00	900 739.00	648 747.00
- Creditors	18 359 042.00	4 769 254.00	3 439 331.00
- trade debts	14 005 903.00	4 621 369.00	2 670 700.00
- accrued payroll
- tax liabilities	23 757.00	18 654.00	21 951.00
- other creditors	4 928.00	2 111.00	1 236.00
- advances received	4 324 454.00	127 120.00	745 444.00
- Dividends in arrears
- Accrued income, deferred charges	5 100.00	5 000.00	50 701.00
- Other short-term liabilities
Short-term liabilities total	19 240 413.00	5 674 993.00	4 138 779.00
Liabilities total	19 240 413.00	5 674 993.00	4 138 779.00
Equity and liabilities total	20 294 911.00	6 380 111.00	4 583 538.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	106 882 660.00	68 456 131.00	56 542 893.00
Cost of goods sold	106 369 589.00	67 960 197.00	56 183 663.00
Gross profit	513 071.00	495 934.00	359 230.00
Distribution costs
Administrative and management costs	278 213.00	89 490.00	52 590.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable	8 197.00	1 779.00	685.00
Interest payable	66 493.00	70 465.00	65 940.00
Income from participating interests
Other operating income	260 435.00	2 952.00	17 051.00
Other operating charges	24 584.00	34 093.00	51 557.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	412 413.00	306 617.00	206 879.00
Income-tax and other similar payments	63 033.00	46 257.00	31 245.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	349 380.00	260 360.00	175 634.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.39	0.45	0.37
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	39.11	43.48	46.51
Profit before taxation / Equity
Current assets turnover	5.27	10.73	12.34
Net sales / Current assets
Working capital	1 045 895.00	703 837.00	444 759.00
Current assets - Short-term liabilities
Leverage	0.05	0.11	0.10
Equity / Total assets
Current ratio	1.05	1.12	1.11
Current assets / Short-term liabilities
Quick ratio	0.78	0.27	0.53
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	18.25	8.05	9.31
Total liabilities / Equity
Debtor days	49.57	6.45	12.57
Debtors / Net sales *365
Creditor days	48.06	24.82	17.35
Trade debts / Cost of goods sold *365

FINAL COMMENTS

We contcted Mr Eduards Burnins, Chief Accountant, and he provided us with the general information about the company and FS 2017.

Capital History

- date n/a

:

2 000 LVL (registered)

( the data as of 30.06.2014, cancelled since 12.04.2016 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	30.06.2017	30.06.2016	30.06.2015
Currency	EUR	EUR	EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	106 882 660.00
a) from agricultural activities
b) from other operating activities
020 Cost of sales	-106 369 589.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	513 071.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-278 213.00
060 Other operating income	260 435.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-24 584.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	8 197.00
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	-66 493.00
120 Profit or loss on ordinary activities before taxation
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation
160 Income-tax for fiscal period	-63 033.00
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	349 380.00
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	412 413.00
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.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	8 603.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	8 603.00
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	8 603.00
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
240 Orders outstanding
250 Payments on account	5 291 310.00
255 Animals and plants
256 a) the animals and planting annuals
260 Working and productive animals
270 Total stock	5 291 310.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	14 289 929.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	220 831.00
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	183.00
341 Accrued income	6 022.00
343 Deferred tax liabilities
350 Total debtors	14 516 965.00
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)	478 033.00
410 CURRENT ASSETS TOTAL	20 286 308.00
420 BALANCE	20 294 911.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 845.00
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	702 273.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years
520 Profit or loss for the current year	349 380.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	1 054 498.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
561 Provisions for vacations
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	876 271.00
671 Other loans
680 Advanced payments received	4 324 454.00
690 Trade debts	14 005 903.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	23 757.00
740 Other creditors	4 928.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	5 100.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	19 240 413.00
790 Creditors, total
800 BALANCE	20 294 911.00
990 Employees number	5.00

- 30.06.2016

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	68 456 131.00
020 Cost of sales	-67 960 197.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	495 934.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-89 490.00
060 Other operating income	2 952.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-34 093.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	1 779.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-70 465.00
120 Profit or loss on ordinary activities before taxation	306 617.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	306 617.00
160 Income-tax for fiscal period	-46 257.00
170 Other taxes
175 Deferred Income-tax for fiscal period
176 Minority profit or loss
180 Profit or loss for fiscal period	260 360.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	1 281.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	1 281.00
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	1 281.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	0.00
220 Work in progress
230 Finished goods and goods for resale
240 Orders outstanding
250 Payments on account	4 862 434.00
260 Working and productive animals
270 Total stock	4 862 434.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	1 186 612.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	23 490.00
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	120.00
341 Accrued income	0.00
343 Deferred tax liabilities
350 Total debtors	1 210 222.00
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)	306 174.00
410 CURRENT ASSETS TOTAL	6 378 830.00
420 BALANCE	6 380 111.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 845.00
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	441 913.00
520 Profit or loss for the current year	260 360.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	705 118.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
561 Provisions for vacations
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	900 739.00
671 Other loans
680 Advanced payments received	127 120.00
690 Trade debts	4 621 369.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	18 654.00
740 Other creditors	2 111.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	5 000.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	5 674 993.00
790 CREDITORS TOTAL	5 674 993.00
800 BALANCE	6 380 111.00
990 Employees number

- 30.06.2015

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	56 542 893.00
020 Cost of sales	-56 183 663.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	359 230.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-52 590.00
060 Other operating income	17 051.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-51 557.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	685.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-65 940.00
120 Profit or loss on ordinary activities before taxation	206 879.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	206 879.00
160 Income-tax for fiscal period	-31 245.00
170 Other taxes
175 Deferred Income-tax for fiscal period
176 Minority profit or loss
180 Profit or loss for fiscal period	175 634.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	0.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	0.00
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	0.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	10 846.00
220 Work in progress
230 Finished goods and goods for resale
240 Orders outstanding
250 Payments on account	2 373 021.00
260 Working and productive animals
270 Total stock	2 383 867.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	1 931 238.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	14 836.00
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	110.00
341 Accrued income	624.00
343 Deferred tax liabilities
350 Total debtors	1 946 808.00
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)	252 863.00
410 CURRENT ASSETS TOTAL	4 583 538.00
420 BALANCE	4 583 538.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 846.00
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	266 279.00
520 Profit or loss for the current year	175 634.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	444 759.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
561 Provisions for vacations
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	648 747.00
671 Other loans
680 Advanced payments received	745 444.00
690 Trade debts	2 670 700.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	21 951.00
740 Other creditors	1 236.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	50 701.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	4 138 779.00
790 CREDITORS TOTAL	4 138 779.00
800 BALANCE	4 583 538.00
990 Employees number

- 30.06.2014

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	27 562 192.00
020 Cost of sales	-27 312 168.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	250 024.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-45 943.00
060 Other operating income	1 262.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-33 512.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	0.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-61 245.00
120 Profit or loss on ordinary activities before taxation	110 586.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	110 586.00
160 Income-tax for fiscal period	-16 202.00
170 Other taxes
175 Deferred Income-tax for fiscal period
176 Minority profit or loss
180 Profit or loss for fiscal period	94 384.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets
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
CURRENT ASSETS
Stock
210 Raw materials and consumables	17 172.00
220 Work in progress
230 Finished goods and goods for resale
240 Orders outstanding
250 Payments on account	2 498 069.00
260 Working and productive animals
270 Total stock	2 515 241.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	987 119.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	8 126.00
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
341 Accrued income	0.00
343 Deferred tax liabilities
350 Total debtors	995 245.00
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)	71.00
410 CURRENT ASSETS TOTAL	3 510 557.00
420 BALANCE	3 510 557.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 846.00
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	171 896.00
520 Profit or loss for the current year	94 384.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	269 126.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
561 Provisions for vacations
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	673 226.00
671 Other loans
680 Advanced payments received	671 333.00
690 Trade debts	1 883 887.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	5 322.00
740 Other creditors	1 163.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	6 500.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	3 241 431.00
790 CREDITORS TOTAL	3 241 431.00
800 BALANCE	3 510 557.00
990 Employees number

- 30.06.2013

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	29 893 053.00
020 Cost of sales	-29 680 725.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	212 328.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-35 270.00
060 Other operating income	168.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-21 673.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	519.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-81 774.00
120 Profit or loss on ordinary activities before taxation	74 298.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	74 298.00
160 Income-tax for fiscal period	-10 646.00
170 Other taxes
175 Deferred Income-tax for fiscal period
176 Minority profit or loss
180 Profit or loss for fiscal period	63 652.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets
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
CURRENT ASSETS
Stock
210 Raw materials and consumables	0.00
220 Work in progress
230 Finished goods and goods for resale
240 Orders outstanding
250 Payments on account	4 165 227.00
260 Working and productive animals
270 Total stock	4 165 227.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	1 563 385.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	9 155.00
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
341 Accrued income	6 000.00
343 Deferred tax liabilities
350 Total debtors	1 578 540.00
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)	22 177.00
410 CURRENT ASSETS TOTAL	5 765 944.00
420 BALANCE	5 765 944.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 846.00
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	108 244.00
520 Profit or loss for the current year	63 652.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	174 742.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
561 Provisions for vacations
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	717 593.00
671 Other loans
680 Advanced payments received	4 149 429.00
690 Trade debts	712 941.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	6 689.00
740 Other creditors	993.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	3 557.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	5 591 202.00
790 CREDITORS TOTAL	5 591 202.00
800 BALANCE	5 765 944.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
Euro	1	INR 80.16

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

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.