MIRA INFORM REPORT

Report Date :

27.04.2011

IDENTIFICATION DETAILS

Name :	BADM, LLC

Registered Office :	2 Panikahy str., Dnipropetrovsk, Dnipropetrovsk region, 49008

Country :	Ukraine

Financials (as on) :	30.09.2010

Date of Incorporation :	18.01.2002

Com. Reg. No.:	31816235

Legal Form :	TOV (Limited Liability Company by Ukrainian Law)

Line of Business :	Wholesale Trade-Nondurable Goods

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Ukraine

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Identification

Full Name : Tovarystvo z obmezhenoyu vidpovidalnistyu BADM

Name in English : BADM, LLC

Office address : 2 Panikahy str., Dnipropetrovsk, Dnipropetrovsk region, 49008, Ukraine

Second office

164b Robitnycha str., Dnipropetrovsk, Dnipropetrovsk region, 49008, Ukraine

Legal Address : 2 Panikahy str., Dnipropetrovsk, Dnipropetrovsk region, 49008, Ukraine

Other Addresses :Previous legal address

164b Robitnycha str., Dnipropetrovsk, Dnipropetrovsk region, 49008, Ukraine

( the data cancelled since 26.01.2007 )

Contacts : - Phone : (+380 56) 7470121, 2399010, 7470110, 7470105

- Fax : (+380 56) 7470196, 7470211

- E-mail : secretary@ooobadm.dp.ua

- WWW : www.ooobadm.dp.ua

SUMMARY

Legal Form : TOV (Limited Liability Company by Ukrainian Law)

Incorporation : 2002 Staff : n/a

Litigation events : n/a

Remarks on payments : n/a

Sales : 3 872 481.00 th UAH ( for 9 months, ended 30.09.2010 )

4 483 301.00 th UAH ( for 12 months, ended 31.12.2009 )

Incorporation : 2002

Registration Data

Date of registration : 18.01.2002

Registration number : 31816235

Registr. authority : Local Executive Committee (Dnipropetrovsk, Dnipropetrovsk region, Ukraine)

VAT number : 318162304666

Registr. place : Ukraine

Number of VAT-certificate: 100327725 Date of issue: 16.03.2011

Legal Form : TOV (Limited Liability Company by Ukrainian Law) since 18.01.2002

Share Capital : 112 832 UAH (registered) since 07.04.2005

Shareholders - Liorko Investments Limited (Cyprus) 100.00 %

share's book value : 112 832 UAH

address : Limassol ARH Makarii III 284 Fortuna Kort BL, 2 floor, Cyprus ( the data as of 14.12.2010 )

Board / Executives

Executives

Director : Mr Chicherin Viktor Valentinovich (Ukraine)

pers. code: 2290016794

Authorised signature : Mr Chicherin Viktor Valentinovich

Changes in Registration Data

- 26.01.2007 : legal address

- 07.04.2005 : share capital

Activities : - 51 WHOLESALE TRADE-NONDURABLE GOODS

(NACE 5100: Wholesale trade and commission trade, except of motor vehicles and motorcycles)

- 5122 Drugs & Drug Proprietaries

(NACE 5146: Wholesale of pharmaceutical goods)

Wholesale trade in medicaments.

Staff employed : n/a

There is no current information in the official sources. The company's administration refused to provide this information either.

Company administration data on 09.07.2008. Amount of employees: within the limits of 1500 person.

Staff History : - 1 800 [E]

( the data as of 08.07.2010 )

- 1 483

Official data.

( the data as of 31.03.2010 )

- 1 800 [E]

( the data as of 22.03.2010 )

- 1 400

( the data as of 24.12.2009 )

- Company's administration data:

950 [E]

( the data as of 05.02.2009 )

- Official data:

975

( the data as of 31.12.2007 )

- 764

( the data as of 01.01.2007 )

Export

- 01.01.2011 : Fiscal period: 12 month(s), currency: UAH 3 970 080.00

Azerbaijan, Georgia, Moldova

- 01.01.2010 : Fiscal period: 12 month(s), currency: UAH 217 908.00

Georgia, Slovenia

- 01.01.2009 : Fiscal period: 12 month(s), currency: UAH 75 969.65

Germany

- 01.01.2007 : Fiscal period: 12 month(s), currency: UAH 0.00

Chernogoria,Serbia
Exported goods: return of medicines unsuitable to the use.

Import

- 01.01.2011 : Fiscal period: 12 month(s), currency: UAH 2 481 403 096.00

Europe, Asia, United States of America

- 01.01.2010 : Fiscal period: 12 month(s), currency: UAH 1 909 489 494.00

Europe, Asia, United States of America

- 01.01.2009 : Fiscal period: 12 month(s), currency: UAH 1 519 658 044.10

Germany, Switzerland, Austria, United States of America, Denmark, Poland, Russian Federation, United Kingdom, Mauritius, Slovenia, Slovakia, Hungary, Belgium, Bulgaria, Latvia, India, Finland, Croatia, Netherlands, Turkey, Thailand, Cyprus, France, Malta, United Arab Emirates

- 01.01.2008 : Fiscal period: 12 month(s), currency: UAH 944 761 164.90

Austria, France, Great Britain, Germany, Poland, Switzerland, Slovenia, India, Hungary, United States of America, Netherlands, Finland, Croatia, Slovakia
Imported goods: food supplements, serums, immunological products, vaccines, medical products, makeup preparations, manicure preparations, detergents, goods from plastic and rubber, medical facilities.

- 01.01.2007 : Fiscal period: 12 month(s), currency: UAH 693 940 850.00

Austria, France, Great Britain, Germany, Poland, Switzerland, Slovenia, India, Hungary, United States of America, Netherlands, Finland, Croatia
Imported goods: food supplements, serums, immunological products, vaccines, medical products, makeup preparations, manicure preparations, detergents, goods from plastic and rubber, medical facilities.

Facilities

Real estate : unknown ownership:

- Premises - Office

name : Second office

address : 164b Robitnycha str., Dnipropetrovsk, Dnipropetrovsk region, 49008, Ukraine

- Premises - Office

name : Head office

address : 2 Panikahy str., Dnipropetrovsk, Dnipropetrovsk region, 49008, Ukraine

Branches : none

Subsidiaries and Participation : - Lokis, LTD (Ukraine) share n/a

reg. number : 30316895

address 22 Sverdlova str., apt. 15, Dnipropetrovsk, Dnipropetrovsk region, Ukraine

Bankers : - Pershiy Ukrainskiy Mizhnarodniy Bank, Dnipropetrovsk branch

address : 23 Dzerzhynskogo str., Dnipropetrovsk, Dnipropetrovsk region, Ukraine

bank code : 305813

account(s) : 26006900696720 EUR, UAH, USD

- Privatbank

address : 50 Peremogy str., Dnipropetrovsk, Dnipropetrovsk region, Ukraine

bank code : 305299

account(s) : 26068146146001 UAH; 26106146146101 UAH

- Rayffayzenbank Ukraina, Dnipropetrovsk branch (Ukraine)

address : 20 Artema str., Dnipropetrovsk, Dnipropetrovsk region, Ukraine

bank code : 307071

account(s) : 26004001301862 EUR, USD; 26065051301862 UAH

- Ukrsibbank, Dnipropetrovsk branch

address : 8 Chelyuskina str., Dnipropetrovsk, Dnipropetrovsk region, Ukraine

bank code : 306856

account(s) : 26060053860000 UAH

Clients : - Ayseps-Farma (Moldova)

- LTD"MEDPHARMA" (Georgia)

- OOO "KP Kompani" (Georgia)

- R.F.S.Company (Azerbaijan)

Suppliers : - Actavis International Ltd (Malta)

- Astellas Pharma Europe B.V. (Netherlands)

- SANDOZ d.d. (Slovenia)

- SANOFI-AVENTIS Hungary Com mercial&Servising Private Co.Ltd. (Hungary)

- Valeant Pharmaceuticals SwitzerlandGmbH (Switzerland)

According to the sources available TOV "BADM" company collaborates with more than 35 companies the world over.

Litigation : According to the official data as of 07.04.2011, there are no bankruptcy registered in the name of the subject company.

There have been traced 89 court records where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 13.10.2006 up to 21.03.2011. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

Remarks on payment : No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months 9 12 12

Ended 30.09.2010 31.12.2009 31.12.2008

Currency UAH th UAH th UAH th

Non-current assets 74 360.00 64 081.00 44 189.00

incl: - Fixed assets 72 599.00 62 261.00 42 423.00

- Financial assets 1 646.00 1 646.00 1 601.00

Current assets 1 168 708.00 919 740.00 797 205.00

incl: - Stock 666 655.00 556 762.00 528 696.00

- Debtors 409 435.00 311 112.00 217 045.00

- Cash 91 004.00 51 820.00 50 849.00

ASSETS TOTAL 1 243 068.00 983 821.00 841 394.00

Equity -13 699.00 -78 435.00 -151 577.00

incl: - Share capital 113.00 113.00 113.00

Liabilities Total 1 256 767.00 1 062 256.00 992 971.00

incl: - Long-term liabilities 198 822.00 122 660.00 194 153.00

- Short-term liabilities 1 057 945.00 939 596.00 798 818.00

EQUITY AND LIABILITIES TOTAL 1 243 068.00 983 821.00 841 394.00

Net sales 3 872 481.00 4 483 301.00 2 743 150.00

Cost of goods sold 3 698 023.00 4 249 224.00 2 615 481.00

Operating profit 70 344.00 87 876.00 -72 959.00

Profit before taxation 70 956.00 73 233.00 -192 755.00

Net profit 64 736.00 73 142.00 -198 652.00

- - - - - - - KEY RATIOS - - - - - - -

Return on sales, % 1.83 1.63 -7.03

Profit before taxation / Net sales

Operating margin of profit, % 1.82 1.96 -2.66

Operating profit / Net sales

Return on investment, % -517.96 -93.37 127.17

Profit before taxation / Equity

Current assets turnover 3.31 4.87 3.44

Net sales / Current assets

Working capital 110 763.00 -19 856.00 -1 613.00

Current assets - Short-term liabilities

Leverage -0.01 -0.08 -0.18

Equity / Total assets

Current ratio 1.10 0.98 1.00

Current assets / Short-term liabilities

Quick ratio 0.47 0.39 0.34

(Current assets - Stock) / Short-term liabilities

Debt-to-equity ratio -91.74 -13.54 -6.55

Total liabilities / Equity

The company is registered as a taxpayer at the State Tax Administration.

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Marvinskaya Mariya Sergeyevna (officer) on 20.04.2011 by the tel. number: +38 056 7470105. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Director but no answer was received. If the additional information comes in we will update the subject report.

Capital History

- 18.01.2002 : 14 000 UAH (registered)

( the data as of 18.01.2002, cancelled since 07.04.2005 )

COUNTRY REVIEW

UKRAINIAN COUNTRY REVIEW, UPDATE AS OF AUGUST 2010 (DATA OF THE MINISTRY OF ECONOMI

CS)

Gross Domestic Product

By a preliminary estimate, GDP in the first quarter of 2010, (in invariable prices

of 2007) grew by 4.8% in comparison with the first quarter of 2009.

Real GDP for 2009 in comparison with 2008 decreased by 15.1%, nominal GDP for the r

eporting period amounted to 914.7 bln UAH .

Reduction of gross added cost in 2009 compared to 2008 has occurred in construction

 (by 45.9%), processing industry (by 26.6%), commerce (by 15.7%), production and di

stribution of electricity, gas and water (11.7%), extraction industry (by 10.5%), t

ransport and communication (by 9.1%).

Industrial sector

The volume of industrial production for January-June 2010 compared to the relevant

period of the last year increased by 12.0%. Industrial output of processing industr

y grew by 13.8%, extraction industry - by 6,1%, production and distribution of elec

tricity, gas and water - by 12.5%.

In June 2010 compared to May 2010 the total industrial output decreased by 0.5%.

In the processing industry production output decreased by 0.4%. The volume of indus

trial production reduced significantly among enterprises of metallurgical productio

n and manufacturing of finished metal products - by 11.0%, coke production, petrole

um refining products - by 10.1%. However, production increased in light industry (b

y 20.2%), pulp and paper production, publishing (by 9.6%), mechanical engineering (

7.6%) and wood processing and manufacturing of wood products, except furniture (by

6.7%), manufacture of other nonmetallic mineral products (by 3.4%),

food beverages and tobacco (by 2.7%).

In the mining industry industrial output decreased compared to May 2010 by 2.7%, in

cluding industrial output in mining operations, except energy minerals mining which

 decreased by 4.1% and mining of energy minerals - by 1.6% down.

Industrial production for individual activities

Mechanical engineering.* Industrial production of engineering enterprises (machine-

building industry) increased by 30.1% in January-June 2010 compared to the relevant

 period of the last year. The growth of the machinery production is caused by the i

ncrease in production at enterprises, which produce railway rolling stock - by 156.

7%, machinery and equipment for agriculture and forestry - by 74.5%, machinery and

equipment for the mining industry and construction - by 44.6%, production of equipm

ent for radio, television and communication - by 23.7%, electric machines and equip

ment - by 12.9%, machinery and equipment for metallurgy - by 7.3%,

road transportation - by 2.2%. In January-May 2010 the number of profitable enterpr

ises was 52.2% (last year - 50.7%).

*Iron and steel production and manufacture of fabricated metal products.*

In January-June 2010 industry output compared to the corresponding period in 2009 i

ncreased by 19.1%. The metallurgical enterprises showed the 25,7 increase in the ou

tput of other types of primary processing of steel, fabricated metal products: +19.

8%, iron, steel and ferroalloys: +18.8%, pipes: +13.9%, production of nonferrous me

tals: +12,8%. In January-May 2010 the number of profitable enterprises was 48.4% (l

ast year - 43.2%).

*Chemical and petrochemical industries.*

Industrial output in January-June 2010 compared to the corresponding period of 2009

 increased by 21.4%, including the increase in the production of basic chemical pro

ducts - by 20,8%, pharmaceutical products - by 37.6% soap and detergents, cleaner a

nd polish, perfume and cosmetics - by 9.2%, varnishes and paints - by 2.5%, rubber

and plastic products - by 16.7% and 7.7% accordingly. In January-May 2010 the numbe

r of profitable enterprises was 63.2% (last year - 62.6%).

*Production of food, beverages and tobacco products.*

Industrial output of the branch in January-June 2010 compared to the corresponding

period of the last year increased by 0.8%. At the enterprises which produce oils an

d fats production growth was 10.3%, meat industry - 5.3%, confectionery industry -

4.6%. Production reduced in processing and preservation of fruits and vegetables (b

y 5.8%), in dairy and beverage industry (by 4.0%), manufacture of tobacco products

(by 2.3%). In January-May 2010 the number of profitable enterprises was 57.1% (last

 year - 59.2%).

*Light industry.*

In January-June 2010 compared to the corresponding period of the last year output g

rew by 7.5%. The enterprises of textile manufacture, clothes, fur and fur productio

n output increased by 8.2%, leather production, leather and other materials - by 5.

1%. In January-May 2010 the number of profitable enterprises constituted 52.6% (las

t year 54.8%).

Wholesale and retail trade

The physical volume of wholesale trade turnover in January-June 2010 compared to th

e corresponding period of the last year increased by 5.0% (last year - decreased by

 24.6%).

Retail trade turnover in January-June 2010 compared to the corresponding period in

2009 increased by 2.3% (last year - was reduced by 15.2%).

Volume of retail trade of enterprises, which operate in retail trade and restaurant

 business, in January-June 2010 increased in comparable prices against the same per

iod of the last year by 2.5% (last year - was reduced by 19.9%).

Foreign trade in goods

In January-May 2010 export of goods amounted to 18,769.0 mln USD and increased comp

ared to the corresponding period of 2009 by 31.4% and import amounted to 20,869.3 m

ln USD that is 25.9% up. A negative balance of foreign trade amounted to 2,100.3 ml

n USD (last year negative balance amounted to 2,290.3 mln USD).

Import-export ratio of goods in January-May 2010 amounted to 0.90 (last year - 0.86

).

The largest volume of export was supplied to Russian Federation  24.9% of total ex

port, Turkey - 6.6%, Italy - 4.6%, Belarus - 3.5%, Poland - 3.2%, Germany - 3 1%, I

ndia - 2.9%. In January-May 2010, compared to the corresponding period of 2009, exp

ort to Russia increased by 68.2%, import  2.2 times. The balance of foreign trade

with Russia was negative and amounted to 3,054.2 mln USD.

The greatest import to Ukraine came from Russia - 37.1% of total imports, Germany -

 7.3%, China  6.9%, Poland  4.1%, Belarus - 3.2%, the USA 2.9%, Italy - 2.4%.

*Labour market*

During June 2010 the number of citizens who had the status of unemployed has decrea

sed by 4.9% and amounted 398.7 million people as of July 1, 2010. Since 2010 the nu

mber of registered unemployed has decreased by 25.0% (in comparison with June 2009

- by 39.5%).

Registered unemployment rate on July 1, 2010 amounted to 1.4% of the population of

working age. The highest unemployment rate was observed in Zhytomyr (2.6%), Poltava

 (2.4%), Rivne and Sumy (2.3% each) regions and the lowest one - in Kyiv (0.3%).

APPENDIX A

Financial Statements

Period, months 9 12 12

Ended 30.09.2010 31.12.2009 31.12.2008

Currency UAH th UAH th UAH th

PROFIT AND LOSS ACCOUNT (s)

010 Sales revenue (Income from sales of goods, work, 3 872 481.00 4 483 301.00 2 743 150.00

services

015 VAT tax 35 041.00 32 655.00 24 349.00

020 Excise tax 0.00 0.00 0.00

025

030 Other compulsory payments 22 370.00 25 007.00 6 547.00

035 Net sales revenue 3 815 070.00 4 425 639.00 2 712 254.00

040 Cost of goods, work, services 3 698 023.00 4 249 224.00 2 615 481.00

050 Gross profit 117 047.00 176 415.00 96 773.00

055 Gross loss 0.00 0.00 0.00

060 Other operating income 95 282.00 127 871.00 111 773.00

070 Administrative and management costs 20 883.00 26 844.00 25 204.00

080 Distribution costs 96 488.00 83 728.00 52 147.00

090 Other operating charges 24 614.00 105 838.00 204 154.00

100 Operating profit 70 344.00 87 876.00 0.00

105 Operating loss 0.00 0.00 72 959.00

110 Income from capital participating 0.00 0.00 0.00

120 Other financial income 3 726.00 1 606.00 7 139.00

130 Other income 14 486.00 14 161.00 870.00

140 Financial charges 6 040.00 6 382.00 6 389.00

150 Capital participating expenses 0.00 0.00 0.00

160 Other expenses 11 560.00 24 028.00 121 416.00

170 Profit from ordinary activity before taxation 70 956.00 73 233.00 0.00

175 Loss from ordinary activity before taxation 0.00 0.00 192 755.00

180 Ordinary activity Income-tax 6 220.00 91.00 5 897.00

190 Profit from ordinary activity 64 736.00 73 142.00 0.00

195 Loss from ordinary activity 0.00 0.00 198 652.00

200 Extraordinary income 0.00 0.00 0.00

205 Extraordinary charges 0.00 0.00 0.00

210 Extraordinary activity Income-Tax 0.00 0.00 0.00

220 Net profit 64 736.00 73 142.00 0.00

225 Net loss 0.00 0.00 198 652.00

Operating charges details:

230 Tangible expenses 10 941.00 12 648.00 11 398.00

240 Payroll costs 29 433.00 18 950.00 13 041.00

250 Allocation to social needs 9 891.00 6 214.00 4 017.00

260 Amortization charges 10 418.00 9 918.00 5 299.00

270 Other operating charges 81 302.00 168 680.00 247 750.00

280 Operating charges total 141 985.00 216 410.00 281 505.00

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BALANCE SHEET

ASSETS

I. NON-CURRENT ASSETS

Intangible assets

010 residual value 115.00 174.00 165.00

011 acquisition cost 395.00 395.00 316.00

012 depreciation 280.00 221.00 151.00

020 Construction in progress 0.00 0.00 14 027.00

Fixed assets

030 residual assets 72 599.00 62 261.00 28 396.00

031 acquisition cost 107 097.00 86 400.00 42 693.00

032 depreciation 34 498.00 24 139.00 14 297.00

Long-term financial assets

040 Capital participation in other enterprises 1 646.00 1 646.00 1 601.00

045 Other financial investments 0.00 0.00 0.00

050 Long-term accounts receivable 0.00 0.00 0.00

060 Deferred tax charges 0.00 0.00 0.00

070 Other non-current assets 0.00 0.00 0.00

080 NON-CURRENT ASSETS TOTAL 74 360.00 64 081.00 44 189.00

II. CURRENT ASSETS

Stock

100 Raw materials, consumables and supplies 468.00 651.00 0.00

110 Working and productive animals 0.00 0.00 0.00

120 Construction in progress 0.00 0.00 0.00

130 Finished goods 0.00 0.00 0.00

140 Goods for resale 666 187.00 556 111.00 528 696.00

150 Bills of exchange receivable 0.00 0.00 0.00

Trade debtors:

160 net realizable value 375 243.00 285 396.00 182 666.00

161 acquisition cost 375 243.00 285 396.00 182 666.00

162 doubtful debts reserve 0.00 0.00 0.00

Accounts receivable

170 Budget accounts receivable 0.00 213.00 24.00

180 Payments in advance 14 949.00 16 863.00 21 296.00

190 Accrued income 0.00 0.00 0.00

200 Internal payments 0.00 0.00 0.00

210 Other current accounts receivable 19 243.00 8 640.00 13 059.00

220 Current financial investments 0.00 0.00 0.00

Cash at bank and in hand

230 Funds in local currency 90 708.00 29 415.00 50 845.00

240 Funds in foreign currencies 296.00 22 405.00 4.00

250 Other current assets 1 614.00 46.00 615.00

260 CURRENT ASSETS TOTAL 1 168 708.00 919 740.00 797 205.00

270 III. DEFERRED CHARGES 0.00 0.00 0.00

280 ASSETS TOTAL 1 243 068.00 983 821.00 841 394.00

EQUITY AND LIABILITIES

I. CAPITAL AND RESERVES

300 Authorized capital 113.00 113.00 113.00

310 Share capital 0.00 0.00 0.00

320 Additional contributed capital 0.00 0.00 0.00

330 Other additional capital 0.00 0.00 0.00

340 Reserve capital 0.00 0.00 0.00

350 Retained earnings (loss) -13 812.00 -78 548.00 -151 690.00

360 Unpaid capital (minus) 0.00 0.00 0.00

370 Retired capital (minus) 0.00 0.00 0.00

380 CAPITAL AND RESERVES TOTAL -13 699.00 -78 435.00 -151 577.00

II. PROVISIONS FOR EXPENSES AND

LIABILITIES

400 Provisions for payments to personnel 0.00 0.00 0.00

410 Other provisions 0.00 0.00 0.00

415 Insurance reserves 0.00 0.00 0.00

416 portion covered by insurers 0.00 0.00 0.00

420 Special-purpose funding 0.00 0.00 0.00

430 PROVISIONS FOR EXPENSES AND 0.00 0.00 0.00

LIABILITIES TOTAL

III. LONG-TERM LIABILITIES

440 Long-term amounts owed to credit institutions 0.00 0.00 0.00

450 Other financial liabilities 197 837.00 121 675.00 190 190.00

460 Deferred tax liabilities 985.00 985.00 3 963.00

470 Other long-term liabilities 0.00 0.00 0.00

480 TOTAL LONG-TERM LIABILITIES 198 822.00 122 660.00 194 153.00

IV. SHORT-TERM LIABILITIES

500 Short-term amounts owed to credit institutions 0.00 0.00 121 189.00

510 Short-term portion of long-term liabilities 0.00 0.00 0.00

520 Bills of exchange payable 0.00 0.00 0.00

530 Trade creditors 1 046 347.00 929 808.00 675 049.00

Accounts payable:

540 Advance payments 4 180.00 5 865.00 1 119.00

550 Budget accounts payable 2 863.00 1 043.00 114.00

560 Non-budget accounts payable 0.00 0.00 0.00

570 Insurance payments 881.00 553.00 226.00

580 Accrued payroll 2 226.00 1 373.00 764.00

590 Liabilities to shareholders 0.00 0.00 0.00

600 Internal payments 0.00 0.00 0.00

610 Other short-term liabilities 1 448.00 954.00 357.00

620 SHORT-TERM LIABILITIES TOTAL 1 057 945.00 939 596.00 798 818.00

630 V. DEFERRED INCOME 0.00 0.00 0.00

640 EQUITY AND LIABILITIES TOTAL 1 243 068.00 983 821.00 841 394.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.73.44
Euro	1	Rs.64.81

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	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
--	NB	New Business	--

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%)

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