MIRA INFORM REPORT

Report No. :	497332
Report Date :	17.03.2018

IDENTIFICATION DETAILS

Name :	PINGONS, LTD
Registered Office :	Lacplesa 87B, Riga, LV-1011
Country :	Latvia
Financials (as on) :	31.12.2016
Date of Incorporation :	1995
Com. Reg. No.:	40003250185
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	· Manufacture of knitted and crocheted hosiery · Manufacture of other wearing apparel and accessories · Manufacture of knitted and crocheted hosiery · Manufacture of other wearing apparel and accessories · Retail sale of clothing · Retail sale of clothing in specialised stores · production/knitting of socks, hosiery
No. of Employees :	68

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 :	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 "Pingons"

Name in English

:

Pingons, Ltd

Name in national language

:

Sabiedrība ar ierobežotu atbildību "Pingons"

Previous Names

:

-	Kopuznemums - sabiedriba ar ierobezotu atbildibu "PINGONS"

Office Address

:

Lacplesa 87B, Riga, LV-1011, Latvia

/In nat.lang.: Lāčplēša 87B, Rīga, LV-1011/

Legal Address

:

Lacplesa 87B, Riga, LV-1011, Latvia

/In nat.lang.: Lāčplēša 87B, Rīga, LV-1011/

Contacts

:

-	Phone	:	(+371) 67286551
-	Fax	:	(+371) 67504278
-	E-mail	:	riga@pingons.net
-	E-mail	:	sandra@pingons.net
-	WWW	:	www.pingons.net

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 1995

Staff : 68

Litigation events : none Remarks on payments : none

Sales :	1 534 997.00 EUR ( for 12 months, ended 31.12.2016 )
	1 327 235.00 EUR ( for 12 months, ended 31.12.2015 )

Incorporation

:

1995

Registration Data

Date of registration

:

22.01.2004

Registration number

:

40003250185

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003250185

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 23.03.1995

Share Capital

:

362 040 EUR (registered)

since 17.04.2014

Shareholders

:

-	Mr Mjacins, Aleksandrs (Latvia)				70.24 %
		address	:	Melluzu prospekts 19-204, Jurmala, Latvia
	date of birth: 13.02.1954
-	Mr Beketovs, Vladimirs (Latvia)				29.76 %
		address	:	Jurmalas gatve 59-8, Riga, Latvia
	date of birth: 08.10.1958

Board / Executives

Executives

Board Member

:

Mr Beketovs, Vladimirs (Latvia)
	address: Jurmalas gatve 59-8, Riga, Latvia

Authorised signature

:

Mr Beketovs, Vladimirs

Changes in Registration Data

- 04.12.2015

:

legal address

Obsolete address: Lacplesa iela 87b, Riga

- 17.04.2014

:

share capital, shareholders

- 07.04.2008

:

managers

- 05.04.2005

:

managers, shareholders

- 22.01.2004

:

name, managers, shareholders

- 09.03.2001

:

managers

- 18.04.2000

:

shareholders

- 17.04.2000

:

shareholders

- 01.04.1999

:

managers, shareholders

- 10.08.1998

:

shareholders

- 16.07.1996

:

shareholders

Activities

:

-	2252	Anklets & Socks
		(1771 / NACE_1.1: Manufacture of knitted and crocheted hosiery)
		(1419 / NACE_2: Manufacture of other wearing apparel and accessories)
-	2252	Hosiery, NEC, NEC
		(1771 / NACE_1.1: Manufacture of knitted and crocheted hosiery)
		(1419 / NACE_2: Manufacture of other wearing apparel and accessories)
-	56	APPAREL AND ACCESSORY STORES
		(5242 / NACE_1.1: Retail sale of clothing)
		(4771 / NACE_2: Retail sale of clothing in specialised stores)

production/knitting of socks, hosiery

Staff employed

:

68

( the data as of 30.09.2017 )

Staff History

:

-	68
	( the data as of 30.06.2017 )
-	65
	( the data as of 31.12.2016 )
-	69
	( the data as of 31.12.2015 )
-	74
	( the data as of 31.12.2014 )
-	75
	( the data as of 31.12.2013 )
-	80
	( the data as of 05.04.2012 )

Facilities

:

own:
-	Other tools & equipment - Van
	quantity	:	1.00 unit(s)
	TOYOTA HIACE

Subsidiaries and Participation

:

none

Bankers

:

-	SEB BANKA (Latvia)
	account(s)	:	LV98UNLA0050001283173

Clients

:

Bisoks (LV), Pingons OOO (RF, Moscow)

Suppliers

:

Tikora SIA (LV), Lonati Spa (IT), Newcocot Spa (IT), Fein-Elast Estonia (EE), Textilverderung (DE), Winsome (India)

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

:

none

Business mortgages

- 13.03.2012

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

- 15.02.2012

:

Commercial pledge
	pledgee	:	SEB banka, AS (Latvia)

- 30.06.2005

:

Commercial pledge
	pledgee	:	SEB Latvijas Unibanka, AS (Latvia)

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	2.00	26.00	49.00
- Fixed assets	676 329.00	714 327.00	808 538.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	676 331.00	714 353.00	808 587.00
CURRENT ASSETS
- Stock	579 360.00	595 936.00	700 512.00
- Debtors	670 886.00	714 026.00	659 941.00
- Other receivables
- Short-term financial investments
- Cash	24 353.00	2 668.00	2 144.00
- Other current assets
Current assets total	1 274 599.00	1 312 630.00	1 362 597.00
Assets total	1 950 930.00	2 026 983.00	2 171 184.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	362 040.00	362 040.00	362 040.00
- Additional capital
- Other capital
- Reserve capital	60 473.00	60 473.00	60 473.00
- Retained earnings (Non-covered loss)	425 337.00	424 283.00	465 260.00
Capital and reserves total	847 850.00	846 796.00	887 773.00
Provisions		0.00	877.00
LONG-TERM LIABILITIES
- Loans and credits	657 451.00	735 451.00	813 451.00
- long-term amounts owed to banks	592 924.00	670 924.00	748 924.00
- Other long-term liabilities	61 052.00	63 338.00	75 295.00
Long-term liabilities total	718 503.00	798 789.00	888 746.00
SHORT-TERM LIABILITIES
- Loans and credits	93 000.00	148 000.00	174 000.00
- short-term amounts owed to banks	78 000.00	78 000.00	74 000.00
- Creditors	280 700.00	222 860.00	188 432.00
- trade debts	138 704.00	114 740.00	99 085.00
- accrued payroll
- tax liabilities	63 747.00	57 775.00	57 364.00
- other creditors	33 243.00	48 715.00	31 658.00
- advances received	45 006.00	1 630.00	325.00
- Dividends in arrears
- Accrued income, deferred charges	10 877.00	10 538.00	31 356.00
- Other short-term liabilities
Short-term liabilities total	384 577.00	381 398.00	393 788.00
Liabilities total	1 103 080.00	1 180 187.00	1 282 534.00
Equity and liabilities total	1 950 930.00	2 026 983.00	2 171 184.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 534 997.00	1 327 235.00	1 550 972.00
Cost of goods sold	1 293 949.00	1 198 630.00	1 378 487.00
Gross profit	241 048.00	128 605.00	172 485.00
Distribution costs	7 051.00	5 550.00	982.00
Administrative and management costs	220 888.00	176 487.00	177 797.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable	27 393.00	35 478.00	42 284.00
Income from participating interests
Other operating income	29 265.00	47 977.00	78 181.00
Other operating charges	13 237.00	6 919.00	20 159.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	1 744.00	-47 852.00	9 444.00
Income-tax and other similar payments	2 529.00	-6 875.00	2 383.00
Profit (loss) from ordinary activity
Extraordinary income less charges	2 286.00
Net profit	1 501.00	-40 977.00	7 061.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.11	-3.61	0.61
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	0.21	-5.65	1.06
Profit before taxation / Equity
Current assets turnover	1.20	1.01	1.14
Net sales / Current assets
Working capital	890 022.00	931 232.00	968 809.00
Current assets - Short-term liabilities
Leverage	0.43	0.42	0.41
Equity / Total assets
Current ratio	3.31	3.44	3.46
Current assets / Short-term liabilities
Quick ratio	1.81	1.88	1.68
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.30	1.39	1.44
Total liabilities / Equity
Debtor days	159.53	196.36
Debtors / Net sales *365
Creditor days	39.13	34.94
Trade debts / Cost of goods sold *365

Publications

- 0001

:

Subject

:

http://www.pingons.net/

PINGONS SIA, based on 100% private Latvian capital, is the high-quality socks manufacturer in Latvia, with more than 15 years of experience in this field. An increasing part of our production is exported to the European, Scandinavian, Russian and Baltic states market. Pingons SIA over the years invested in more and new machines. We employ approx. 90 people and have production facilities of more than 4,500 m2. Investments in the machinery make it possible to produce every month hundred thousands pairs of socks using the latest technological advances. We are very conscious that socks, machines and investments cannot do it all. The company’s biggest active is the people who administrate the technology, ideas, marketing and all the work in general. With a good teamwork we are able to combine these elements and achieve success. The utmost attention is paid to the production of high quality socks. The usage of yarn from western suppliers makes socks especially attractive. The customers and the market are the centre of our attention and it is therefore our primary objective to be ready for – and willing to change in order for us to keep matching the demands and expectations that are made to an innovative textile company today. The major target of our marketing policy is to increase the number of customers who prefer socks under private label. Increased competition in the new market economy makes us constantly develop our potential production abilities to keep the current trade ties and to successfully establish new ones.

FINAL COMMENTS

We contacted Mrs Sandra, the Chief accountant of the company, by the ph.number +371 67286551 and sent a written inquiry to the company by email: sandra@pingons.net. Mrs Sandra promised to think whether to provide us with the general information about the company. If/when additional information is obtained we will supplement the report.

Registration History

- 23.03.1995

:

Registration number	:	000325018
Registr. authority	:	State Register (Latvia)

( the data as of 23.03.1995, cancelled since 22.01.2004 )

Capital History

- date n/a

:

254 520 LVL (registered)

( the data as of 03.04.2012, cancelled since 17.04.2014 )

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	1 534 997.00
a) from agricultural activities
b) from other operating activities
020 Cost of sales	-1 293 949.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	241 048.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-7 051.00
050 Administrative expenses	-220 888.00
060 Other operating income	29 265.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-13 237.00
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	-27 393.00
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	-2 529.00
165. Profit after corporate income tax
170 Other taxes
175 Deferred Income-tax for fiscal period	2 286.00
176 Minority profit or loss
178 Extraordinary dividend
180 Profit or loss for fiscal period	1 501.00
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	1 744.00
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.	2.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	2.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery	409 304.00
080 Other fixtures and fittings, tools and equipment	30 038.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets	8 982.00
100 Total tangible assets	676 329.00
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	676 331.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	450 660.00
220 Work in progress
225 Work in progress and orders
230 Finished goods and goods for resale	35 715.00
240 Orders outstanding
250 Payments on account	5 607.00
255 Animals and plants
256 a) the animals and planting annuals
260 Working and productive animals
270 Total stock	579 360.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	665 124.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	72.00
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	5 681.00
341 Accrued income	9.00
343 Deferred tax liabilities
350 Total debtors	670 886.00
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)	24 353.00
410 CURRENT ASSETS TOTAL	1 274 599.00
420 BALANCE	1 950 930.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	362 040.00
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	60 473.00
500 Total reserves	60 473.00
510 Retained earnings	423 836.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years
520 Profit or loss for the current year	1 501.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	847 850.00
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	592 924.00
601 Other loans	64 527.00
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	61 052.00
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	718 503.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	78 000.00
671 Other loans	15 000.00
680 Advanced payments received	45 006.00
690 Trade debts	138 704.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	63 747.00
740 Other creditors	33 243.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	10 877.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	384 577.00
790 Creditors, total
800 BALANCE	1 950 930.00
990 Employees number	65.00

- 31.12.2015

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	1 327 235.00
020 Cost of sales	-1 198 630.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	128 605.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-5 550.00
050 Administrative expenses	-176 487.00
060 Other operating income	47 977.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-6 919.00
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	-35 478.00
120 Profit or loss on ordinary activities before taxation	-47 852.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	-47 852.00
160 Income-tax for fiscal period	-1 789.00
170 Other taxes	-3 293.00
175 Deferred Income-tax for fiscal period	11 957.00
180 Profit or loss for fiscal period	-40 977.00
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	26.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	26.00
Tangible assets
060 Real estate	228 275.00
061 Long-term investments in leased tangible assets
070 Plant and machinery	448 200.00
080 Other fixtures and fittings, tools and equipment	33 661.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets	4 191.00
100 Total tangible assets	714 327.00
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	714 353.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	474 979.00
220 Work in progress	75 741.00
230 Finished goods and goods for resale	44 434.00
240 Orders outstanding
250 Payments on account	782.00
260 Working and productive animals
270 Total stock	595 936.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	690 710.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	12 791.00
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	7 660.00
341 Accrued income	2 865.00
343 Deferred tax liabilities
350 Total debtors	714 026.00
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)	2 668.00
410 CURRENT ASSETS TOTAL	1 312 630.00
420 BALANCE	2 026 983.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	362 040.00
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	60 473.00
500 Total reserves	60 473.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	465 260.00
520 Profit or loss for the current year	-40 977.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	846 796.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	0.00
561 Provisions for vacations
570 PROVISIONS TOTAL	0.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	670 924.00
601 Other loans	64 527.00
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	63 338.00
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	798 789.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	78 000.00
671 Other loans	70 000.00
680 Advanced payments received	1 630.00
690 Trade debts	114 740.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	57 775.00
740 Other creditors	48 715.00
750 Deferred income	0.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	10 538.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	381 398.00
790 CREDITORS TOTAL	1 180 187.00
800 BALANCE	2 026 983.00
990 Employees number

- 31.12.2014

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	1 550 972.00
020 Cost of sales	-1 378 487.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	172 485.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-982.00
050 Administrative expenses	-177 797.00
060 Other operating income	78 181.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-20 159.00
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	-42 284.00
120 Profit or loss on ordinary activities before taxation	9 444.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	9 444.00
160 Income-tax for fiscal period	-9 980.00
170 Other taxes	-3 293.00
175 Deferred Income-tax for fiscal period	10 890.00
180 Profit or loss for fiscal period	7 061.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development	0.00
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets	49.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	49.00
Tangible assets
060 Real estate	240 169.00
061 Long-term investments in leased tangible assets
070 Plant and machinery	513 236.00
080 Other fixtures and fittings, tools and equipment	43 932.00
090 Payments on account and tangible assets in cours	7 219.00
of construction
091 Prepayment for tangible assets	3 982.00
100 Total tangible assets	808 538.00
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	808 587.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	550 492.00
220 Work in progress	99 444.00
230 Finished goods and goods for resale	49 798.00
240 Orders outstanding
250 Payments on account	778.00
260 Working and productive animals
270 Total stock	700 512.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	644 973.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	2 556.00
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	12 315.00
341 Accrued income	97.00
343 Deferred tax liabilities
350 Total debtors	659 941.00
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)	2 144.00
410 CURRENT ASSETS TOTAL	1 362 597.00
420 BALANCE	2 171 184.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	362 040.00
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	60 473.00
500 Total reserves	60 473.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	458 199.00
520 Profit or loss for the current year	7 061.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	887 773.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	877.00
561 Provisions for vacations
570 PROVISIONS TOTAL	877.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	748 924.00
601 Other loans	64 527.00
602 Advanced payments received
603 Trade debts
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	0.00
634 Deferred tax liabilities	75 295.00
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	888 746.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	74 000.00
671 Other loans	100 000.00
680 Advanced payments received	325.00
690 Trade debts	99 085.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	57 364.00
740 Other creditors	31 658.00
750 Deferred income	21 383.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	9 973.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	393 788.00
790 CREDITORS TOTAL	1 282 534.00
800 BALANCE	2 171 184.00
990 Employees number

- 31.12.2013

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	1 818 198.00
020 Cost of sales	-1 544 938.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	273 260.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-9 499.00
050 Administrative expenses	-163 292.00
060 Other operating income	79 196.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-26 182.00
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	-47 432.00
120 Profit or loss on ordinary activities before taxation	106 051.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	106 051.00
160 Income-tax for fiscal period	-12 264.00
170 Other taxes	-3 055.00
175 Deferred Income-tax for fiscal period	-3 389.00
180 Profit or loss for fiscal period	87 343.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development	10.00
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets	0.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	10.00
Tangible assets
060 Real estate	252 063.00
061 Long-term investments in leased tangible assets
070 Plant and machinery	572 484.00
080 Other fixtures and fittings, tools and equipment	52 096.00
090 Payments on account and tangible assets in cours	10 601.00
of construction
091 Prepayment for tangible assets	0.00
100 Total tangible assets	887 244.00
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	887 254.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	473 388.00
220 Work in progress	109 795.00
230 Finished goods and goods for resale	36 001.00
240 Orders outstanding
250 Payments on account	1 288.00
260 Working and productive animals
270 Total stock	620 472.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	759 906.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	0.00
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	9 929.00
341 Accrued income	0.00
343 Deferred tax liabilities
350 Total debtors	769 835.00
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)	14 460.00
410 CURRENT ASSETS TOTAL	1 404 767.00
420 BALANCE	2 292 021.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	362 149.00
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	60 473.00
500 Total reserves	60 473.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	370 856.00
520 Profit or loss for the current year	87 343.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	880 821.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	4 059.00
561 Provisions for vacations
570 PROVISIONS TOTAL	4 059.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	822 924.00
601 Other loans	64 527.00
602 Advanced payments received
603 Trade debts
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	21 383.00
634 Deferred tax liabilities	86 185.00
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	995 019.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	86 283.00
671 Other loans	8 793.00
680 Advanced payments received	1 204.00
690 Trade debts	159 172.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	69 526.00
740 Other creditors	25 600.00
750 Deferred income	51 319.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	10 225.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	412 122.00
790 CREDITORS TOTAL	1 407 141.00
800 BALANCE	2 292 021.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.87
UK Pound	1	INR 90.49
Euro	1	INR 79.91
LVL	1	INR 80.02

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.