MIRA INFORM REPORT

Report Date :

02.10.2008

IDENTIFICATION DETAILS

Name :	NOVOCHROME LLC
Registered Office :	Promyshlennaya Str., 51, Novotroitsk, Orenburg Region, 462353
Country :	Russian Federation
Financials (as on) :	01.01.2008
Date of Incorporation :	22.07.2002
Com. Reg. No.:	1025600820365
Legal Form :	Limited Liability Company by Russian Law
Line of Business :	Manufacture and Sales of Paint-and-Lacquer Materials, Reagents.

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 250 000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Comments

Information

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

Summary

Original Name Obschestvo s ogranichennoy otvetstvennostyu "NOVOKHROM"

Legal Form OOO (Limited Liability Company by Russian Law)

Year of Foundation 2002

Sales 271 540 th RUR for 12 months, ended 01.01.2008

Employees 60 (approx.) on September, 30, 2008 (company's data)

Creditline Recommendations

Credit Limit 250 000 USD

Company Identification Details

Original Name Obschestvo s ogranichennoy otvetstvennostyu "NOVOKHROM"

Short Name OOO "NOVOKHROM"

Name in English NOVOCHROME LIMITED LIABILITY COMPANY

Address Promyshlennaya str., 51, Novotroitsk, Orenburg Region, 462353, Russian Federation

Legal Address Promyshlennaya str., 51, Novotroitsk, Orenburg Region, 462353, Russian Federation

Phone +7 (3537) 674179, 674181, 674178

Fax +7 (3537) 674178

E-mail info@chemfactory.dlm.ru

WEB Address www.novochrom.ru

History 24.01.2005: Legal Address changed from Zavodskaya str., 1, Novotroitsk, Orenburg Region, 462320, Russian Federation

Official Company Data

Legal Form OOO (Limited Liability Company by Russian Law)

Date of Registration 22.07.2002

Registration Number 1025600820365

Statistic Code (OKPO) 23932568

Taxpayer Code (INN) 5607014758

Registration Authority Mministry for Taxes and Duties of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital 50 000 RUR

Shareholders

Total 2 private persons

Shareholder Mr Izmalkin Vasiliy Ivanovich

Nationality Russian Federation

Taxpayer Code (INN) 560701337903

Share 50 %

Shareholder Ms Izmalkina Elena Vasil'evna

Nationality Russian Federation

Taxpayer Code (INN) 770401836798

Share 50 %

Directors

Director Mr Kudinov Aleksandr Viktorovich
Signature Right

Nationality Russian Federation

Taxpayer Code (INN) 560707271529

Re-Registration Data

Date of Registration 22.07.2002
(Entering into the Single State Register of Legal Entities)

Registration Number 1025600820365

Registration Authority Mministry for Taxes and Duties of Russian Federation

Date of Re-registration 10.06.2004

File Number 2045603202511

Registration Authority Mministry for Taxes and Duties of Russian Federation

Changes Company's Rules

Date of Re-registration 24.01.2005

File Number 2055607000348

Registration Authority Federal Tax Service of Russian Federation

Changes Legal Address

Operations

Activities Manufacture and sales of paint-and-lacquer materials, reagents.

Staff Employed 60 (approx.) on September, 30, 2008 (company's data)

Real Estate

Own Office, industrial area, warehouse
Address: Promyshlennaya str., 51, Novotroitsk, Orenburg Region, 462353, Russian Federation
(company's data)

Rent None

Export & Import

Export Countries 2007: Indonesia, Iran, Vietnam, Tunisia, Portugal, Uzbekistan, Brazil, New Zealand, Djibouti, Kyrgyzstan, Azerbaijan, Italy, Egypt, Republic of South Africa, Turkey, Venezuela, Sudan, Peru, Kenya and other countries.
2006: Kazakhstan, New Zealand, Republic of South Africa, Portugal, Indonesia, Iran, Italy, Egypt, Venezuela, Ukraine, Mexico, Lebanon, Spain, Taiwan, Paraguay, Brazil, Kenya, Great Britain, China, Turkey, Pakistan and other countries.
2005: Kazakhstan, Ukraine, Kyrgyzstan, Moldavia, Poland, Uzbekistan, Indonesia, Iran, Australia, Taiwan, China, Czechia, Great Britain, Egypt, Italy, Lithuania, New Zealand, Spain, Brazil, Sudan

Exported Goods sodium sulphate, chromic sulphate

Export Value in 2007: 4 797 872 USD
in 2006: 4 661 333 USD
in 2005: 133 878 869 RUR

Import Countries 2005-2007: No Import Activity

Imported Goods none

Import Value none

Branches

None

Participation

Information None

Bankers

Bank OAO "BANK MOSKVY", Orsk branch, bank code: 045339802 (Russian Federation)

Account(s) 40702810200620000684 (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	271540	309028	256086	176702
Cost of Goods sold	142782	140963	115277	106016
GROSS PROFIT	128758	168065	140810	70685
Distribution Costs	25954	39392	34790	24089
Management Costs
OPERATING PROFIT	102804	128673	106020	46595
Non Trading Income	-4042	-4208	-2667	-2007
PRE TAX PROFIT	98762	124465	103353	44587
Taxation	24230	29464	24143	11178
PROFIT AFTER TAX	74743	93231	78411	34429

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	41766	42713	45291	39853
Intangible Assets
Fixed Assets	41107	41408	43322	28430
TOTAL CURRENT ASSETS	149209	102632	73766	60172
Stock	47677	40847	40236	33026
Trade debtors	34565	28301	16097	11245
Cash	12379	3020	9259	4776
TOTAL ASSETS	190975	145345	119057	100025
TOTAL EQUITY	144361	97221	48473	51173
Share Capital	50	50	50	50
Retained Profits	144298	97158	48410	51109
TOTAL LONG TERM LIABS	1861	2080	277	513
Long Term Loans				434
TOTAL CURRENT LIABILITIES	44753	46044	70307	48339
Short Term Loans
Short Term Trade Creditors	29753	29560	26307	48339
TOTAL EQUITY & LIABILITIES	190975	145345	119057	100025

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	3,33	2,23	1,05	1,24
Working Capital, x1000 RUR	104456	56588	3459	11833
Quick Ratio	2,27	1,34	0,48	0,56
Debt to Equity Ratio	0,32	0,49	1,46	0,95
Current Assets Turnover	1,82	3,01	3,47	2,94
Total Assets Turnover Ratio	1,42	2,13	2,15	1,77
Pre Tax Profit Margin, %	36,37	40,28	40,36	25,23
Gross Profit, %	47,42	54,39	54,99	40
Return on Investment, %	68,41	128,02	213,22	87,13
Return on Assets, %	51,71	85,63	86,81	44,58

Clients & Suppliers

Clients

KUSUMA KEMINDO SENTOSA (Indonesia)

RINO MASTROTTO GROUP S.P.A. (Italy)

OOO PROMSNABSERVIS (Ukraine)

OOO UKRAINSKO-ROSSIYSKAYA CHIMICHESKAYA KOMPANIYA (Ukraine)

TOO TAGIS (Kazakhstan)

OOO PROFIL' ENTERPRAYZIS (Uzbekistan)

OOO KAMA (Kyrgyzstan)

ZAO "OSTASHKOVSKIY KOZHEVENNYY ZAVOD" (Russian Federation)

ZAO "RUSSKAYA KOZHA" (Russian Federation)

OOO "BIYSKIY KOZHEVENNYY ZAVOD" (Russian Federation)

OAO "SIBIRYACHKA" (Russian Federation)

OOO "REKOM" (Russian Federation)

Suppliers

OOO "TOGOVYY DOM "TALLIY" (Russian Federation)

OOO "KONTSERN KHIMRESURS" (Russian Federation)

OAO "PRODIMEKS-KHOLDING" (Russian Federation)

OOO "BRISTOL'" (Russian Federation)

OOO "KOMPANIYA KHIMMARKET" (Russian Federation)

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	43322	41408	41107
Construction in progress	130	1969	1272	633
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	-	33	26
Other non-current assets	150	-	-	-
Total section I	190	45291	42713	41766
II. CURRENT ASSETS
Inventories	210	40236	40847	47677
including :
raw materials and other inventories	211	14527	10821	20204
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	19717	29919	27092
goods dispatched	215	5885	-	-
expenses related to future periods	216	107	107	381
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	8174	1725	3683
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	16097	28301	34565
including :
buyers and customers	241	7301	18824	30661
Short-term investments	250	-	28739	50905
Monetary assets	260	9259	3020	12379
Other current assets	270	-	-	-
Total section II	290	73766	102632	149209
TOTAL SECTIONS I and II	300	119057	145345	190975
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	50	50	50
Treasury shares	411	-	-	-
Additional capital	420	-	-	-
Legal reserve	430	13	13	13
including :
reserves and provisions formed in  accordance with legislation	431	-	-	-
reserves formed in accordance  with foundation documents	432	13	13	13
Retained earnings (loss)	470	48410	97158	144298
Total section III	490	48473	97221	144361
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	277	2080	1861
Other non-current liabilities	520	-	-	-
Total section IV	590	277	2080	1861
V. CURRENT LIABILITIES
Borrowings	610	-	-	-
Accounts payable	620	26307	29560	29753
including :
suppliers and contractors	621	19716	21300	21706
salaries payable	622	38	51	19
payable to state non-budget funds	623	128	58	91
taxes payable	624	710	792	933
other creditors	625	5715	7359	7004
Dividends payable to participants (shareholders)	630	44000	16484	15000
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	-
Total section V	690	70307	46044	44753
TOTAL SECTIONS III,IV,V	700	119057	145345	190975

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	271540	309028	256086
Cost of goods, products, work, services sold	020	142782	140963	115277
Gross profit	029	128758	168065	140810
Selling expenses	030	25954	39392	34790
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	102804	128673	106020
OTHER INCOME AND EXPENSES
Interest income	060	25	30	25
Interest expenses	070	159	-	-
Income from investments in other companies	080	-	-	-
Other operating income	090	1425	1492	784
Other operating expenses	100	5333	5730	3476
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	98762	124465	103353
Deferred tax assets	141	218	33	-
Deferred tax liabilities	142	7	1803	799
Current profit tax	150	24230	29464	24143
Net profit (loss) for the reporting period	190	74743	93231	78411

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