MIRA INFORM REPORT

Report Date :

02.10.2008

IDENTIFICATION DETAILS

Name :	MODERAM LLC
Registered Office :	Griboedova Kanala nab., 130, lit. A, office 25, St.-Peterburg, 190121
Country :	Russian Federation
Financials (as on) :	01.01.2008
Date of Incorporation :	2002
Legal Form :	Limited Liability Company by Russian Law
Line of Business :	Wholesale Trade in Clothes, Footwear, Textile Products.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 9 000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Comments

Information

The address mentioned in your inquiry belongs to the company Obschestvo s ogranichennoy otvetstvennostyu "MODERAM" (name in English: MODERAM LIMITED LIABILITY COMPANY). We provide the report on this company.

Summary

Original Name Obschestvo s ogranichennoy otvetstvennostyu "MODERAM"

Legal Form OOO (Limited Liability Company by Russian Law)

Year of Foundation 2002

Sales 9 551 th RUR for 12 months, ended 01.01.2008

Employees 10 (company's data)

Creditline Recommendations

Credit Limit 9 000 USD

Company Identification Details

Original Name Obschestvo s ogranichennoy otvetstvennostyu "MODERAM"

Short Name OOO "MODERAM"

Name in English MODERAM LIMITED LIABILITY COMPANY

Address Griboedova Kanala nab., 130, lit. A, office 25, St.-Peterburg, 190121, Russian Federation

Legal Address Griboedova Kanala nab., 130, lit. A, office 25, St.-Peterburg, 190121, Russian Federation

Phone +7 (812) 3203010, 3203006

Fax +7 (812) 3203011, 4486602

E-mail moderam@moderam.spb.ru

WEB Address www.moderam.ru

History 21.02.2007: Legal Address changed from Voznesenskiy prosp., 45, office 18, St.-Peterburg, 198068, Russian Federation

Official Company Data

Legal Form OOO (Limited Liability Company by Russian Law)

Date of Registration 27.08.2002

Registration Number 1027810225695

Statistic Code (OKPO) 50016489

Taxpayer Code (INN) 7826131257

Registration Authority Mministry for Taxes and Duties of Russian Federation

Public Record Information

Information

The company Obschestvo s ogranichennoy otvetstvennostyu "MODERAM" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital 2 582 977 RUR

Shareholders

Total 1 legal and 2 private persons

Shareholder MALTON HOLDING INVEST LLC

Address USA

Registration Number 150413

Share 50,01 %

Shareholder Mr Kuznetsov Aleksey Aleksandrovich

Nationality Russian Federation

Taxpayer Code (INN) 471301935774

Share 10 %

Shareholder Mr Vedrov Aleksandr Anatol'evich

Nationality Russian Federation

Taxpayer Code (INN) 781601153204

Share 39,99 %

Directors

Director Mr Vedrov Aleksandr Anatol'evich
Signature Right

Nationality Russian Federation

Taxpayer Code (INN) 781601153204

Re-Registration Data

Initial Registration 24.04.2002

Registration Number 181555

Registration Authority St.-Peterburg Register Chamber

Date of Registration 27.08.2002
(Entering into the Single State Register of Legal Entities)

Registration Number 1027810225695

Registration Authority Mministry for Taxes and Duties of Russian Federation

Date of Re-registration 27.08.2002

File Number 2027810225705

Registration Authority Ministry for Taxes and Duties of Russian Federation

Changes Company's Rules

Date of Re-registration 14.05.2004

File Number 2047833024402

Registration Authority Ministry for Taxes and Duties of Russian Federation

Changes Share Capital

Date of Re-registration 02.09.2005

File Number 2057812091181

Registration Authority Federal Tax Service of Russian Federation

Changes Company's Rules

Date of Re-registration 15.09.2005

File Number 2057812390953

Registration Authority Federal Tax Service of Russian Federation

Changes Company's Rules

Date of Re-registration 21.02.2007

File Number 2077847185480

Registration Authority Federal Tax Service of Russian Federation

Changes Legal Address

Operations

Activities Wholesale trade in clothes, footwear, textile products.

Staff Employed 10 on October, 01, 2008 (company's data)

Real Estate

Own None

Rent Office
Address: Griboedova Kanala nab., 130, lit. A, office 25, St.-Peterburg, 190121, Russian Federation
(company's data)

Warehouse
Address: 7-th Predportoviy pr., 14, St.-Petersburg, Russian Federation
(company's data)

Export & Import

Export Countries 2005-2007: No Export Activity

Exported Goods none

Export Value none

Import Countries 2005-2007: No Import Activity

Imported Goods none

Import Value none

Branches

Ekaterinburg branch
Address: Chernyakhovskogo str., 68, Ekaterinburg, Russian Federation
Tel.: +7 (343) 2638612

Participation

Information

ZAO "GREYD"
Registration number: 1027810277989

OOO "FABRIKA LIT'EVOY OBUVI"
Registration number: 1037851001803

OOO "TORGOVIY DOM "MODERAM"
Registration number: 1047855088270

OOO "UPRAVLENIE PO VNEDRENIYU SREDSTV INDIVIDUAL'NOY ZASCHITY PRI ORGANE ISPOLNITEL'NOY VLASTI PO TRUDU ADMINISTRATSII SANKT-PETERBURGA"
Registration number: 1047825044893

Bankers

Bank AKB "SOYUZ" (OAO), St.-Petersburg branch, bank code: 044030866 (Russian Federation)

Account(s) 40702810290010000138 (RUR)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2008	01.01.2007	01.01.2006	01.01.2005
Currency	RUR	RUR	RUR	RUR
SALES	9551			112
Cost of Goods sold	6884			104
GROSS PROFIT	2667			8
Distribution Costs	1060		36
Management Costs
OPERATING PROFIT	1607		-36	8
Non Trading Income	-1574	-18	-7	7
PRE TAX PROFIT	33	-18	-43	15
Taxation	29
PROFIT AFTER TAX	4	-18	-43	15

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2008	01.01.2007	01.01.2006	01.01.2005
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	65513	29707	25969	23476
Intangible Assets
Fixed Assets	35774	7	7	264
TOTAL CURRENT ASSETS	7060	318	1113	1730
Stock	2069
Trade debtors	4675	5	2	50
Cash	3	7	18	6
TOTAL ASSETS	72573	30025	27082	25206
TOTAL EQUITY	17907	17904	17943	17987
Share Capital	2583	2583	2583	2583
Retained Profits	15324	15321	15360	15404
TOTAL LONG TERM LIABS	50050
Long Term Loans	50050
TOTAL CURRENT LIABILITIES	4616	12121	9139	7219
Short Term Loans	136	12100	9122	7211
Short Term Trade Creditors	4480	21	17	8
TOTAL EQUITY & LIABILITIES	72573	30025	27082	25206

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2008	01.01.2007	01.01.2006	01.01.2005
Current Ratio	1,53	0,03	0,12	0,24
Working Capital, x1000 RUR	2444	-11803	-8026	-5489
Quick Ratio	1,08	0,03	0,12	0,24
Debt to Equity Ratio	3,05	0,68	0,51	0,4
Current Assets Turnover	1,35			0,06
Total Assets Turnover Ratio	0,13			0
Pre Tax Profit Margin, %	0,35			13,39
Gross Profit, %	27,92			7,14
Return on Investment, %	0,18	-0,1	-0,24	0,08
Return on Assets, %	0,05	-0,06	-0,16	0,06

Original Financial Data (Russian Accounting Report in English)

Balance Sheet

The following figures are shown in units of 1000

ASSETS	Line code	as at 01.01.2006	as at 01.01.2007	as at 01.01.2008
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	7	7	35774
Construction in progress	130	-	-	39
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	25962	29700	29700
Deferred tax assets	145	-	-	-
Other non-current assets	150	-	-	-
Total section I	190	25969	29707	65513
II. CURRENT ASSETS
Inventories	210	-	-	2069
including :
raw materials and other inventories	211	-	-	-
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	-	-	1678
goods dispatched	215	-	-	-
expenses related to future periods	216	-	-	391
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	-	-	7
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	-	-	-
including :
buyers and customers	231	-	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	2	5	4675
including :
buyers and customers	241	-	-	37
Short-term investments	250	1093	306	306
Monetary assets	260	18	7	3
Other current assets	270	-	-	-
Total section II	290	1113	318	7060
TOTAL SECTIONS I and II	300	27082	30025	72573
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	2583	2583	2583
Treasury shares	411	-	-	-
Additional capital	420	-	-	-
Legal reserve	430	-	-	-
including :
reserves and provisions formed in  accordance with legislation	431	-	-	-
reserves formed in accordance  with foundation documents	432	-	-	-
Retained earnings (loss)	470	15360	15321	15324
Total section III	490	17943	17904	17907
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	50050
Deferred tax liabilities	515	-	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	-	-	50050
V. CURRENT LIABILITIES
Borrowings	610	9122	12100	136
Accounts payable	620	17	21	4480
including :
suppliers and contractors	621	-	-	2953
salaries payable	622	3	18	20
payable to state non-budget funds	623	-	2	15
taxes payable	624	14	1	329
other creditors	625	-	-	1163
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	-
Total section V	690	9139	12121	4616
TOTAL SECTIONS III,IV,V	700	27082	30025	72573

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2008	01.01.2007	01.01.2006
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	9551	-	-
Cost of goods, products, work, services sold	020	6884	-	-
Gross profit	029	2667	-	-
Selling expenses	030	1060	-	36
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	1607	-	-36
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	1041	10	-
Income from investments in other companies	080	-	120	-
Other operating income	090	-	-	268
Other operating expenses	100	533	128	275
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	33	-18	-43
Deferred tax assets	141	-	-	-
Deferred tax liabilities	142	-	-	-
Current profit tax	150	29	-	-
Net profit (loss) for the reporting period	190	4	-18	-43

Rates of Exchange

RUR - Russian Rouble	01.01.2008:    1 EUR = 35.93 RUR,   1 USD = 24.55 RUR
EUR - EURO	01.01.2007:    1 EUR = 34.69 RUR,   1 USD = 26.33 RUR
USD - US Dollar	01.01.2006:    1 EUR = 34.19 RUR,   1 USD = 28.78 RUR

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.96
UK Pound	1	Rs.83.91
Euro	1	Rs.66.36

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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