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CREDIT ANALYSIS REPORT

Coface Latvia Credit Management Services SIA email: orders@coface.lv 18.08.2009 10:40 (GMT+2)

Order Details:

Customer: SIA "XXX" Order number: 12345 Delivery speed: Normal Language: English Given company name: SAMPLE SIA

COMPANY REPORTED
SIA "SAMPLE" International Name: SAMPLE, Ltd Principal Address: Rga LV-0123 Rgas raj. Latvia Tel: +371-12345678 Fax: +371-12345678 Email: sveiki@asd.lv Registered office: Rga LV-0123 Rgas raj. Latvia Former company addresses Former Registered office: xxx gatve 96 LV-0123 Rga Latvia ICON number: XXXXXXXX National ID: XXXXXXXXXXX VAT number: XXXXXXXXXXX

Date of Last Research:

14.08.2009

CREDIT INFORMATION SUMMARY


Insolvency Information: According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

Maximum Credit:

EUR 2.500.000,00 Coface Central Europe Group defined a Maximum Credit of EUR 2.500.000 as the general upper limit for a suppliers credit. The Maximum Credit computed for the company in question would exceed this upper limit.

Credit Rating:

6 - Acceptable risk
Insolvency / preliminary / debt regulation proceedings

Very High Risk 1 2 3

Medium High Risk 4 5 6 7

Low Risk 8 9 10

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Payment Practices:

Payments are made according to terms

Debt Collection:

There is no record of any debt collection action by Coface Latvia Credit Management Services SIA against this company exceeding a single case volume of EUR 500.

Negative information available:

NO

COMPANY DETAILS
Established: 2004

Registration:

No. XXXXXXXXX xx.xx.2004 Commercial Register, Latvia

Legal Form:

Limited Liability Company

Capital:

Nominal capital: Changed from:

LVL 4.871.738,00 since 12.06.2007 LVL 4.571.738,00 since 21.12.2006 LVL 3.868.934,00 since 14.11.2005 LVL 1.619.962,00 since 18.02.2005

Shareholders: Full Name XXX XXX Registration: XXX XXX XXX Registration: Latvia XXX Function Shareholder Shareholder XXX XXX XXX XXX Shareholder Shareholder Address

Equity capital 38,95% 33,05%

22,10% 5,90%

Management:

Full Name Uzvards Vards Nationality: LV

Function Chairman of the executive board (signature right)

Address A.Biezia xx Rga Latvia iekurkalna x. rslnija x x Rga Latvia Rumbulas xx Rga Latvia Zeltiu x Rga Latvia Mavanes xx Gardabaer Iceland Penkules x Rga Latvia Laugalind x Kopavogur Iceland Elizabetes x Rga Latvia

Uzvards Vards Nationality: LV

Member of the executive board (signature right)

Uzvards Vards Nationality: LV Uzvards Vards Nationality: LV Uzvards Vards Helgi Nationality: IS Uzvards Vards Nationality: LV Uzvards Vards Nationality: IS Uzvards Vards Nationality: LV

Member of the executive board (signature right) Member of the executive board (signature right) Chairman of the supervisory board

Deputy chairman of the supervisory board

Member of the supervisory board

Member of the supervisory board

Uzvards Vards
Nationality: LV

Member of the supervisory board

Trvetes x Jelgava Latvia

Person functions in other companies:

Function

Company

Other known functions of Uzvards Vards Chairman of the supervisory board Member of the supervisory board
SIA "XXX" (LV)

National ID: XXXXXXXXXXX


"XXX", AS (LV)

National ID: XXXXXXXXXXX Member of the supervisory board ierobe otu atbildbu "XXX" (LV) National ID: XXXXXXXXXXX Other known functions of Uzvards Vards Member of the supervisory board otu atbildbu "XXX"" (LV) National ID: XXXXXXXXXXX Chairman of the supervisory board Deputy chairman of the supervisory board Member of the supervisory board Member of the supervisory board Member of the supervisory board SIA ''XXX'' (LV) National ID: XXXXXXXXXXX
SIA "XXX" (LV) Sabiedrba ar ierobe

Sabiedrba ar

National ID: XXXXXXXXXXX Sabiedrba ar ierobe otu atbildbu "XXX" (LV) National ID: XXXXXXXXXXX
SIA "XXX" (LV)

National ID: XXXXXXXXXXX


SIA "XXX" (LV)

National ID: XXXXXXXXXXX Other known functions of Uzvards Vards Member of the supervisory board Member of the executive board "XXX", AS (LV) National ID: XXXXXXXXXXX Sabiedrba ar ierobe otu atbildbu "XXX "XXX"" (LV) National ID: XXXXXXXXXXX SIA "XXX" (LV) National ID: XXXXXXXXXXX SIA " XXX " (LV) National ID: XXXXXXXXXXX " XXX ", SIA (LV) National ID: XXXXXXXXXXX SIA " XXX " (LV) National ID: XXXXXXXXXXX

Member of the supervisory board Member of the supervisory board Member of the executive board Chairman of the supervisory board

Other known functions of Uzvards Vards Chairman of the supervisory board Chairman of the executive board Chairman of the supervisory board Chairman of the supervisory board Chairman of the executive board "XXX", AS (LV) National ID: XXXXXXXXXXX "XXX", SIA (LV) National ID: XXXXXXXXXXX Sabiedrba ar ierobe otu atbildbu " XXX " (LV) National ID: XXXXXXXXXXX SIA " XXX " (LV) National ID: XXXXXXXXXXX " XXX ", SIA (LV) National ID: XXXXXXXXXXX

Other known functions of Uzvards Vards Member of the executive board " XXX ", SIA (LV) National ID: XXXXXXXXXXX

Legal Representation:

see free text

KEY DATA ON OPERATIONS

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Subject of Operation:

NACE

main activity: 4719 Other retail sale in non-specialised stores 4673 Wholesale of wood, construction materials and sanitary equipment 4710 Retail sale in non-specialised stores 4770 Retail sale of other goods in specialised stores Retail trade in specialized products and accessories (equipment) for garden and house. NACE codes given are based on the most recent NACE Revision 2. The company is active in the Coface sector 'Non specialised trade'.

Note: the Coface Sector Rating for this industry in the emerging markets of CEE is 'B+' (Last rating: 'B+') Inflation rate: 1% Key Data: Amounts shown in Latvian Lat (LVL) 01.01.2009-01.06.2009 Net turnover NON-CURRENT ASSETS TOTAL CAPITAL AND RESERVES TOTAL Profit after taxation Loss after taxation Operating result - profit Operating result - loss 34.792.998 8.283.312 5.715.898 39.421 0 392.515 0 2008 89.071.015 8.261.875 5.676.477 481.119 0 1.473.660 0 2007 62.307.267 5.486.119 5.195.358 941.433 0 1.513.810 0 2006 25.181.899 3.179.898 3.855.240 0 73.013 0 88.247

strong positive trend ( >=+20%) positive trend ( <+20% & >=+5%)

stable trend ( <+/-5%)

strong negative trend ( >=-20%) negative trend ( <-20% & >=-5%)

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Workforce: Total workforce

2009 1.100

2008 1.083

2007 814

2006 0

Motor Vehicles: Number of cars Total number of vehicles

2009 leased: 52 52

Imports:

Belarus China Germany

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Denmark Estonia Spain Lithuania Poland United States of America

Major Customers:

Retail trade.

Major Suppliers:

Degoyer Knauf (Latvia) Prockwool ERGIS EUROFILMS SA

Real Estate:

Shop Address: xxx gatve xx LV-0123 Rga Latvia Type of ownership: rented Shop Address: xxx xx Rga Latvia

Shop Address: xxx oseja x Rgas r.,xxx p., xxx Latvia

Shop Address: xxx 123 Daugavpils Latvia

Shop Address: xxx xxx Rga Latvia

Shop Address: xxx xx LV-0123 Liepja Latvia

Shop Address: xxx oseja x LV-0123 XXX Latvia

Shop Address: Xxx 1 LV-0123 Jkabpils Latvia

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Office Address: XXX LV-0123 XXX Latvia Type of ownership: rented Shop Address: xxx Rzekne Latvia

Name: XXX

FINANCIAL INFORMATION
Financials: Amounts shown in Latvian Lat (LVL) 01.01.2009-01.06.2009 2008 2007 2006

BALANCE SHEET
ASSETS
Cost of research and development Concessions, patents, licences, brands, etc. Payments on account for intangible assets Total intangible assets Long-term investments in leased tangible assets Plant and machinery Other fixtures and fittings, tools and equipment Payments on account and tangible assets in progress Prepayment for tangible assets Total tangible assets Other securities and capital participation Other loans Total financial assets NON-CURRENT ASSETS TOTAL Raw materials and consumables Work in progress Finished goods and goods for resale Orders outstanding Payments on account Total stock 116.008,00 25.166.181,00 177.347,00 177.347,00 8.283.312,00 90.752,00 65.218,00 24.894.202,00 308.608,00 18.999,00 327.608,00 109.968,00 9.428,00 7.435.922,00 217.740,00 24.401,00 361.019,00
-1,67%

367.148,00
+38,58%

264.943,00 6.394,00 271.337,00 50.195,00 49.215,00 2.202.634,00 307.503,00

18.999,00 380.018,00
+3,51%

0,00 367.148,00
+35,31%

86.488,00
+77,59%

48.702,00
-2,97%

15.559,00
-54,52%

34.214,00
-30,48%

7.186.830,00
+72,65%

4.162.687,00
+88,99%

331.557,00
-41,96%

571.303,00
+85,79%

5.298,00 7.778.357,00

50.647,00
-59,39%

124.718,00
+330,48%

28.972,00 2.638.519,00

7.671.081,00
+55,23%

4.941.624,00
+87,29%

177.347,00
0%

177.347,00 177.347,00 177.347,00


-34,33%

177.347,00
0%

210.776,00
+18,85%

270.042,00 3.179.898,00 123.553,00

8.261.875,00
+50,60%

5.486.119,00
+72,52%

171.298,00
+175,58%

62.158,00
-49,69%

57.315,00
+71,71%

33.379,00 17.784.688,00
+88,74%

25.017.428,00
+40,67%

9.422.939,00 13.580,00 543.897,00 10.103.969,00

57.315,00
+71,71%

33.379,00
+145,80%

241.776,00
-55,69%

545.646,00
+0,32%

25.487.817,00
+38,33%

18.425.871,00
+82,36%

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Trade receivables Other receivables Subscribed capital called but not paid Short-terms loans to the members of the company and the management Prepayments and accrued income Total receivables Cash at bank and on hand (total) CURRENT ASSETS TOTAL BALANCE

692.104,00 160.991,00 33.429,00

979.101,00
-9,02%

1.076.152,00
+298,06%

270.352,00 43.593,00 702.804,00

242.436,00
-4,66%

254.284,00
+483,31%

0,00

108.724,00
-84,53%

108.724,00

71.467,00 957.990,00 286.911,00 26.411.082,00 34.694.394,00

63.691,00
+6,08%

60.040,00
+14,66%

52.365,00 1.069.114,00 349.177,00 11.522.260,00 14.702.158,00

1.285.228,00
-14,27%

1.499.200,00
+40,23%

656.215,00
-35,78%

1.021.747,00
+192,62%

27.429.260,00
+30,95%

20.946.818,00
+81,79%

35.691.135,00
+35,03%

26.432.937,00
+79,79%

EQUITY AND LIABILITIES


Share capital Profit or loss carried forward from previous years Profit or loss for the current year CAPITAL AND RESERVES TOTAL Amounts owed to credit institutions Other creditors Deferred tax liabilities Total long-term liabilities Amounts owed to credit institutions Other loans Advance payments received Trade debts Taxes and social security payments Other creditors Accrued charges Total short-term liabilities CREDITORS TOTAL BALANCE 4.061.876,00 10.789.666,00 879.835,00 168.897,00 11.876.863,00 741.902,00 229.027,00 230.430,00 24.916.620,00 28.978.496,00 34.694.394,00 4.871.738,00 804.739,00 4.871.738,00
0%

4.871.738,00
+6,56%

4.571.738,00 -643.485,00

323.620,00
+152,38%

-617.813,00
+3,99%

39.421,00 5.715.898,00 4.061.876,00

481.119,00
-48,90%

941.433,00
+1.389,40%

-73.013,00 3.855.240,00

5.676.477,00
+9,26%

5.195.358,00
+34,76%

4.061.876,00 4.061.876,00
+42,67%

2.847.044,00
+44,11%

1.975.651,00

0,00 4.061.876,00
+38,13%

93.630,00 2.940.674,00
+48,85%

1.975.651,00 4.047.945,00 501.947,00 88.942,00 3.548.628,00 138.374,00 106.439,00 438.992,00 8.871.267,00 10.846.918,00 14.702.158,00

12.500.000,00
+34,88%

9.267.774,00
+128,95%

1.758.098,00
+42,63%

1.232.602,00
+145,56%

200.463,00
+83,29%

109.372,00
+22,97%

9.599.069,00
+49,80%

6.407.866,00
+80,57%

1.095.338,00
+85,95%

589.059,00
+325,70%

276.860,00
+3,23%

268.207,00
+151,98%

522.954,00
+23,92%

422.025,00
-3,86%

25.952.782,00
+41,84%

18.296.905,00
+106,25%

30.014.658,00
+41,33%

21.237.579,00
+95,79%

35.691.135,00
+35,03%

26.432.937,00
+79,79%

PROFIT AND LOSS


Net turnover Cost of sales GROSS PROFIT OR LOSS Distribution costs Administrative expenses Other operating income 34.792.998,00 25.434.256,00 9.358.742,00 8.530.741,00 496.274,00 60.788,00 89.071.015,00
+42,95%

62.307.267,00
+147,43%

25.181.899,00 19.880.128,00 5.301.771,00 4.938.055,00 469.914,00 28.692,00

68.831.249,00
+42,14%

48.425.077,00
+143,59%

20.239.766,00
+45,80%

13.882.190,00
+161,84%

17.898.363,00
+54,41%

11.591.122,00
+134,73%

1.014.720,00
+3,15%

983.760,00
+109,35%

194.273,00
-31,30%

282.777,00
+885,56%

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Other operating expenses Other interest receivable and similar income Interest payable and similar charges PROFIT/LOSS ON ORDINARY ACTIVITIES (BEFORE TAXATION) PROFIT OR LOSS BEFORE TAXATION Income-tax for fiscal period Deferred income-tax PROFIT OR LOSS FOR FISCAL PERIOD 39.421,00 20.377,00 373.472,00 39.421,00

47.296,00
-37,99%

76.275,00
+610,13%

10.741,00 60.436,00 163.826,00 -191.637,00

20.427,00
-92,08%

257.907,00
+326,74%

1.140.027,00
+79,41%

635.444,00
+287,88%

354.060,00
-68,84%

1.136.273,00
+692,93%

39.421,00

354.060,00
-68,84%

1.136.273,00
+692,93%

-191.637,00

127.059,00
-34,79%

194.840,00 -157.877,00
-233,09%

127.059,00
+180,48%

118.624,00 -73.013,00

481.119,00
-48,90%

941.433,00
+1.389,40%

Approximate Exchange2008: 0,702804 LVL = 1 EUR Rates: 2007: 0,702804 LVL = 1 EUR 2006: 0,7028 LVL = 1 EUR 2005: 0,7028 LVL = 1 EUR 2004: 0,6711 LVL = 1 EUR 2008: 0,4797623 LVL = 1 USD 2007: 0,51365205 LVL = 1 USD 2006: 0,5725 LVL = 1 USD 2005: 0,5651 LVL = 1 USD 2004: 0,54 LVL = 1 USD

Bankers:

"Swedbank" AS - Account no. HABALV22-LV85HABA0551009367426 LV-1048 Rga, Balasta dambis 1a "Swedbank" AS - Account no. LV49HABA0551008904123 SEB banka, AS - Account no. LV38UNLA0050005867018

Ratios: 01.01.2009-01.06.2009 Return on sales, % Profit after tax / Turnover * 100 Return on investment, % Profit after tax / Capital and reserves total * 100 Current assets turnover, % Turnover / Current assets * 100 Net working capital Current assets - Short-term liabilities Leverage Equity / Total assets Current ratio Current assets / Short-term liabilities Quick ratio (Current assets - Total stock) / Short-term liabilities Debt-to-equity ratio (Short-term liabilities + Long-term liabilities) / Capital and reserves total 0,11 0,69 131,74 1.494.462 0,16 1,06 0,05 5,07 2008 0,54 8,48 324,73 1.476.478 0,16 1,06 0,07 5,29 2007 1,51 18,12 297,45 2.649.913 0,20 1,14 0,14 4,09 2006 -0,29 -1,89 218,55 2.650.993 0,26 1,30 0,16 2,81

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ADDITIONAL INFORMATION
Contact With Company: The information was received from all the sources available. The company's financial director Mrs Vera Marinkvia confirmed general information on the firm. yes Additional information is not available.

Commercial Pledges:

BUSINESS ENVIRONMENT
Country Indicators: Coface Country Rating: 01.06.2009 B
Inflation rate: 01.04.2009

01.03.2009 B

01.12.2008 A4

1%

CODES AND DEFINITIONS


Maximum Credit is to be understood as the highest possible engagement for a supplier delivering goods or rendering services on open terms with an average respite of 60 days. (It is assumed that, on the average, the company in question has 5 suppliers, who deliver goods or render services at the same time.)

Credit Rating 10 9 8 7 6 5 4 3 2 1 0 Excellent risk Very low risk Low risk Moderate risk Acceptable risk Medium high risk Significant risk High risk Very high risk of insolvency Extremely high risk of insolvency Insolvency/preliminary/debt regulation proceedings

Payment Practices Payments are made very correctly. - Payments are made regularly. - Payments are made according to terms - Payments are made irregularly. Payments are made slowly. - Payments are made very slowly. - Payments are extremely slow, constantly legal actions occur. - Payments stopped. Coface Sector Rating A+, A, A- In

a good sector economic environment with robust corporate financial health, payment behaviour has been satisfactory. Corporate default probability is low on average.
essentially good economic environment in the sector could experience short-term deterioration with negative consequences on corporate financial health. Payment behaviour has been generally satisfactory and default probability acceptable.

B+, B, B- The

C+, C, C- In

a very uncertain economic environment with vulnerable corporate financial health, payment behaviour is relatively poor. Default probability is high enough to cause concern.

D With a very poor economic environment prevailing in the sector, weakened corporate financial health gives rise to generally bad payment behaviour. Default probability is high. Coface Country Rating A1 The

political and economic situation is very good as is business environment quality. This has a positive influence on corporate payment behaviour. Average corporate default probability is very low.

A2

Thelow. political and economic situation is good. The business environment though has a number of shortcomings. Average corporate default probability is
in a generally good but somewhat volatile political and economic environment can affect corporate payment behaviour. The business environment has some shortcomings. Average corporate default probability is at a quite acceptable level.

A3 Changes

A4 The

political and economic outlook is somewhat shaky. A relatively volatile business environment can affect corporate payment behaviour, although average corporate default probability remains acceptable.

B Economic and financial uncertainties and an occasionally difficult business environment can affect corporate payment behaviour. Average corporate default probability is appreciable. C A very uncertain political and economic outlook and a business environment with many shortcomings can have a significant impact on corporate payment behaviour. Average corporate default probability is high.

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D A high-risk political and economic situation and an often highly difficult business environment can have a very significant impact on corporate payment behaviour. Average corporate default probability is very high.

All official information about Latvian companies is taken from the register of enterprises of the Latvian Republic and from the LURSOFT database in the Internet. The information and/or data provided are subject to the general terms and conditions or individual contract terms and may be used only for the purpose they have been requested for. Thank you for using our services. In case of any additional questions please contact our Credit Information Department: Coface Latvia Credit Management Services SIA Berzaunes iela 11a Riga LV-1039 Tel.: +371 6732 34 50 Fax : +371 6782 03 80 E-mail: orders@coface.lv *** End of document ***

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