MIRA INFORM REPORT

Report No. :	493151
Report Date :	26.02.2018

IDENTIFICATION DETAILS

Name :	EAST SPIRITS, LTD
Registered Office :	Piedrujas Iela 22, Riga, LV-1073
Country :	Latvia
Financials (as on) :	31.12.2016
Date of Incorporation :	16.06.2009
Com. Reg. No.:	40103234986
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	· Wholesale of alcoholic and other beverages · Trade in alcoholic beverages
No. of Employees :	10 [2017]

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 :	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 "East Spirits"

Name in English

:

East Spirits, LTD.

Name in national language

:

Sabiedrība ar ierobežotu atbildību "East Spirits"

Office Address

:

Dzelzavas 127, Riga, LV-1021, Latvia

/In nat.lang.: Dzelzavas 127, Rīga, LV-1021/

Legal Address

:

Piedrujas iela 22, Riga, LV-1073, Latvia

/In nat.lang.: Rīga, Piedrujas iela 22, LV-1073/

Contacts

:

-	Phone	:	(+371) 67797546; 67797547
-	E-mail	:	eastspirits@eastspirits.lv
-	E-mail	:	martins@eastspirits.lv
-	WWW	:	www.eastspirits.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2009

Staff : 10

Litigation events : none Remarks on payments : yes

Sales :	20 660 522.00 EUR ( for 12 months, ended 31.12.2016 )
	17 988 936.00 EUR ( for 12 months, ended 31.12.2015 )

Incorporation

:

2009

Registration Data

Date of registration

:

16.06.2009

Registration number

:

40103234986

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40103234986

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 16.06.2009

Share Capital

:

2 840 EUR (registered)

since 05.11.2015

Shareholders

:

-	Global Spirits, SIA (Latvia)				63.03 %
		reg. number	:	40203045984
		address	:	Piedrujas iela 5A, Riga, Latvia
-	Mercury Wholesale, SIA (Latvia)				27.11 %
		reg. number	:	40203046674
		address	:	Piedrujas iela 5A, Riga, Latvia
-	Mr Poliscuks, Vladislavs (Latvia)				9.86 %
		address	:	Kuldigas iela 7-14, Jurmala, Latvia
	date of birth: 03.04.1983
-	Duty Free Baltics (Latvia)				100.00 %
		reg. number	:	40103268855
		address	:	Piedrujas 5a, Riga, LV-1073, Latvia
	( the data as of 13.10.2014, cancelled since 20.03.2017 )

Board / Executives

Executives

Board Member

:

Mrs Tole, Lasma (Latvia)

date of birth: 15.11.1985

Proxy

:

Mr Mirkis, Janis (Latvia)
	address: Unijas iela 55-36, Riga, Latvia

date of birth: 16.02.1980

Board Member

:

Mr Poliscuks, Vladislavs (Latvia)
	address: Kuldigas iela 7-14, Jurmala, Latvia

( the data cancelled since 04.03.2016 )

Authorised signature

:

Mr Mirkis, Janis

Mrs Tole, Lasma

Changes in Registration Data

- 06.12.2017

:

legal address

Obsolete address: Riga, Piedrujas iela 5A

- 20.03.2017

:

shareholders

- 04.03.2016

:

legal address, managers, authorised signature

Obsolete address: Riga, Ulbrokas iela 38

- 05.11.2015

:

share capital, shareholders

- 04.04.2013

:

managers, authorised signature

- 21.05.2012

:

legal address

Obsolete address: Riga, Piedrujas iela 5A

- 04.04.2012

:

name, managers, shareholders

Obsolete name: Sabiedriba ar ierobezotu atbildibu "Baltic Ship Supplies"

- 10.05.2010

:

name, legal address

Obsolete name: Sabiedriba ar ierobezotu atbildibu "STANBRIDGE" Obsolete address: Riga, Visbijas prospekts 7

Activities

:

-	518	Beer, Wine, and Distilled Beverages
		(5134 / NACE_1.1: Wholesale of alcoholic and other beverages)
		(4634 / NACE_2: Wholesale of beverages)

Trade in alsoholic beverages.

Staff employed

:

10

( the data as of 30.09.2017 )

Staff History

:

-	9
	( the data as of 31.12.2016 )
-	8
	( the data as of 31.12.2015 )
-	15
	( the data as of 13.10.2014 )
-	1
	( the data as of 31.12.2012 )

Export

- 13.10.2014

:

China Peoples Republic, United Arab Emirates (Dubai)

Import

- 13.10.2014

:

European Union

Facilities

:

unknown ownership:
-	Other tools & equipment - Transport vehicle
	quantity	:	3.00 unit(s)

Branches

:

-	Warehouse (Riga, Latvia)

According to company's website data: The company is using services of all major independent warehouses in the Netherlands and other European countries: Top Logistics, Loendersloot, NBK, Mentrex, NewCorp, etc.

Subsidiaries and Participation

:

none

Bankers

:

-	LUMINOR (Latvia)

Clients

:

Information for 2014: Average: 30

Suppliers

:

Information for 2014: Average: 20

Litigation

:

none

No bankruptcy/insolvency on the subject company have been found 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

- 12.03.2016

:

Debt collection (confirmed)				19.00 EUR
	payment status	:	complete

( the data as of 12.03.2016, cancelled since 19.02.2018 )

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 07.02.2018.

Business mortgages

:

yes

The company has 42 active commercial pledges registered for the period since 07.04.2015 till 23.03.2017.

Financial Elements

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	38 859.00	53 479.00	19 950.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	38 859.00	53 479.00	19 950.00
CURRENT ASSETS
- Stock	1 075 710.00	549 931.00	595 810.00
- Debtors	1 898 306.00	1 272 415.00	891 570.00
- Other receivables
- Short-term financial investments
- Cash	511 734.00	156 186.00	146 132.00
- Other current assets
Current assets total	3 485 750.00	1 978 532.00	1 633 512.00
Assets total	3 524 609.00	2 032 011.00	1 653 462.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	2 840.00	2 840.00	2 846.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	871 021.00	713 009.00	429 089.00
Capital and reserves total	873 861.00	715 849.00	431 935.00
Provisions			5 539.00
LONG-TERM LIABILITIES
- Loans and credits	612 670.00	17 122.00	0.00
- long-term amounts owed to banks	612 670.00	17 122.00	0.00
- Other long-term liabilities
Long-term liabilities total	612 670.00	17 122.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	484 448.00	4 296.00	521 070.00
- short-term amounts owed to banks	484 448.00	4 296.00	521 070.00
- Creditors	1 424 677.00	1 223 732.00	686 687.00
- trade debts	467 730.00	124 981.00	215 678.00
- accrued payroll
- tax liabilities	28 459.00	30 788.00	74 591.00
- other creditors	928 488.00	1 067 963.00	396 418.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges	128 953.00	71 012.00	8 231.00
- Other short-term liabilities
Short-term liabilities total	2 038 078.00	1 299 040.00	1 215 988.00
Liabilities total	2 650 748.00	1 316 162.00	1 215 988.00
Equity and liabilities total	3 524 609.00	2 032 011.00	1 653 462.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	20 660 522.00	17 988 936.00	15 575 594.00
Cost of goods sold	19 296 924.00	16 712 298.00	14 717 441.00
Gross profit	1 363 598.00	1 276 638.00	858 153.00
Distribution costs	373 822.00	436 304.00	252 348.00
Administrative and management costs	63 381.00	76 194.00	45 943.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable	147.00	251.00	1 250.00
Interest payable	15 177.00	33 788.00	16 523.00
Income from participating interests
Other operating income	281.00	273.00	534.00
Other operating charges	33 918.00	36 682.00	36 972.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	877 728.00	694 194.00	508 151.00
Income-tax and other similar payments	119 716.00	101 027.00	65 890.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	758 012.00	593 167.00	442 261.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.25	3.86	3.26
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	100.44	96.97	117.65
Profit before taxation / Equity
Current assets turnover	5.93	9.09	9.54
Net sales / Current assets
Working capital	1 447 672.00	679 492.00	417 524.00
Current assets - Short-term liabilities
Leverage	0.25	0.35	0.26
Equity / Total assets
Current ratio	1.71	1.52	1.34
Current assets / Short-term liabilities
Quick ratio	1.18	1.10	0.85
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	3.03	1.84	2.82
Total liabilities / Equity
Debtor days	33.54	25.82	20.89
Debtors / Net sales *365
Creditor days	8.85	2.73	5.35
Trade debts / Cost of goods sold *365

FINAL COMMENTS

We contacted Mr Janis Mirki, proxy, by the phone number +371 67797546. However he refused to provide us with any information about the company.

Capital History

- 16.06.2009

:

2 000 LVL (registered)

( the data as of 13.10.2014, cancelled since 05.11.2015 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	EUR	EUR	EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	20 660 522.00	17 988 936.00	15 575 594.00
a) from agricultural activities
b) from other operating activities
020 Cost of sales	-19 296 924.00	-16 712 298.00	-14 717 441.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	1 363 598.00	1 276 638.00	858 153.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-373 822.00	-436 304.00	-252 348.00
050 Administrative expenses	-63 381.00	-76 194.00	-45 943.00
060 Other operating income	281.00	273.00	534.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-33 918.00	-36 682.00	-36 972.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	147.00	251.00	1 250.00
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	-15 177.00	-33 788.00	-16 523.00
120 Profit or loss on ordinary activities before taxation			508 151.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation			508 151.00
160 Income-tax for fiscal period	-119 716.00	-101 027.00	-65 890.00
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	758 012.00	593 167.00	442 261.00
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	877 728.00	694 194.00
activities before taxation
380 Profit after tax for the year
995 Depreciation	22 224.00	10 432.00	3 402.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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			19 950.00
080 Other fixtures and fittings, tools and equipment	38 859.00	53 479.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	38 859.00	53 479.00	19 950.00
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	38 859.00	53 479.00	19 950.00
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	1 075 710.00	549 931.00	595 810.00
240 Orders outstanding
250 Payments on account
255 Animals and plants
256 a) the animals and planting annuals
260 Working and productive animals
270 Total stock	1 075 710.00	549 931.00	595 810.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	1 671 181.00	933 249.00	771 989.00
290 Amounts owed by subsidiaries	96 426.00	167 318.00	92 403.00
300 Amounts owed by related companies
310 Other debts	123 887.00	158 213.00	24 841.00
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	6 812.00	13 635.00	2 337.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	1 898 306.00	1 272 415.00	891 570.00
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)	511 734.00	156 186.00	146 132.00
410 CURRENT ASSETS TOTAL	3 485 750.00	1 978 532.00	1 633 512.00
420 BALANCE	3 524 609.00	2 032 011.00	1 653 462.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 840.00	2 840.00	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
510 Retained earnings	113 009.00	119 842.00	-13 172.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years
520 Profit or loss for the current year	758 012.00	593 167.00	442 261.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	873 861.00	715 849.00	431 935.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions			5 539.00
561 Provisions for vacations
570 PROVISIONS TOTAL			5 539.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	612 670.00	17 122.00	0.00
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	612 670.00	17 122.00	0.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	484 448.00	4 296.00	521 070.00
671 Other loans
680 Advanced payments received
690 Trade debts	467 730.00	124 981.00	215 678.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	804 015.00	1 005 143.00	328 374.00
720 Amounts owed to related companies
730 Taxes and social security payments	28 459.00	30 788.00	74 591.00
740 Other creditors	124 473.00	62 820.00	68 044.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	128 953.00	71 012.00	8 231.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	2 038 078.00	1 299 040.00	1 215 988.00
790 Creditors, total			1 215 988.00
800 BALANCE	3 524 609.00	2 032 011.00	1 653 462.00
990 Employees number	9.00	8.00	2.00

- 31.12.2013

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	6 607 119.00
a) from agricultural activities
b) from other operating activities
020 Cost of sales	-6 268 944.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	338 175.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-201 544.00
050 Administrative expenses	-13 790.00
060 Other operating income	322.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-1 863.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	7 997.00
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	-9 250.00
120 Profit or loss on ordinary activities before taxation	120 047.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	120 047.00
160 Income-tax for fiscal period	-5 613.00
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	114 434.00
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
activities before taxation
380 Profit after tax for the year
995 Depreciation	0.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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	2 055.00
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	2 055.00
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	2 055.00
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	92 737.00
240 Orders outstanding
250 Payments on account
255 Animals and plants
256 a) the animals and planting annuals
260 Working and productive animals
270 Total stock	92 737.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	334 077.00
290 Amounts owed by subsidiaries	135 531.00
300 Amounts owed by related companies
310 Other debts	12 130.00
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	1 670.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	483 408.00
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)	16 537.00
410 CURRENT ASSETS TOTAL	592 682.00
420 BALANCE	594 737.00
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
510 Retained earnings	-127 606.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years
520 Profit or loss for the current year	114 434.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	-10 326.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	1 520.00
561 Provisions for vacations
570 PROVISIONS TOTAL	1 520.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	161 904.00
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	161 904.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	0.00
671 Other loans
680 Advanced payments received
690 Trade debts	44 181.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	149 037.00
720 Amounts owed to related companies
730 Taxes and social security payments	8 598.00
740 Other creditors	229 583.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	10 240.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	441 639.00
790 Creditors, total	603 543.00
800 BALANCE	594 737.00
990 Employees number	2.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
LVL	1	INR 103.38

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

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.