MIRA INFORM REPORT

Report Date :

06.07.2011

IDENTIFICATION DETAILS

Name :	PIDPRYEMSTVO Z INOZEMNYM KAPITALOM INDRAYANI OVERSIZ
Registered Office :	13 Rybalska str., Kiev, 01011, Ukraine
Country :	Ukraine
Financials (as on) :	31.12.2010
Date of Incorporation :	23.02.1998
Com. Reg. No.:	25398535
Legal Form :	Company wifh foreign capital
Line of Business :	Agents involved in the sale of a variety of goods

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	70 000 EUR
Status :	Moderate
Payment Behaviour :	No Complaints
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Ukraine	b2	b2

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

Identification

Full Name

:

Pidpryemstvo z Inozemnym Kapitalom INDRAYANI OVERSIZ

Office address

:

35 Antonova str., 2 off., Kiev, 03182, Ukraine

Legal Address

:

13 Rybalska str., Kiev, 01011, Ukraine

Contacts

:

-	Phone/fax	:	(+38 044) 2457509
-	Phone	:	(+38 044) 2457154
-	E-mail	:	info@indrajute.com
-	WWW	:	www.indrajute.com

company SUMMARY

Legal Form : Company wifh foreign capital

Incorporation : 1998

Staff : 10

Litigation events : n/a Remarks on payments : n/a

Sales :	51 290.80 th UAH ( for 12 months, ended 31.12.2010 )
	44 840.40 th UAH ( for 12 months, ended 31.12.2009 )

Credit Opinion

Credit Limit

:

70 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

1998

Registration Data

Date of registration

:

23.02.1998

Registration number

:

25398535

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

253985326555

Registr. place

:

Ukraine

Number of VAT-certificate: 100025932 Date of issue: 03.03.2007

Legal Form

:

Company wifh foreign capital

since 23.02.1998

Share Capital

:

2 700 000 UAH (registered)

since 03.11.2010

Shareholders

:

-	Mr Dange Ram Manikrao (Ukraine)				100.00 %
		share's book value	:	2 700 000 UAH

Board / Executives

Executives

Director

:

Mr Dange Ram Manikrao (Ukraine)

Authorised signature

:

Mr Dange Ram Manikrao

Changes in Registration Data

- 03.11.2010

:

share capital

- 12.02.2007

:

legal address

- 16.09.2002

:

legal address

Activities

:

-	5199	Fabrics, Yarns & Knit Goods
		(NACE 5119: Agents involved in the sale of a variety of goods)
-	5199	Bags, Baskets & Cases
		(NACE 5119: Agents involved in the sale of a variety of goods)

Wholesale trade of jute bags, jute fabrics and polypropylene bags.

Staff employed

:

10 [E]

Staff History

:

-	8
	( the data as of 31.12.2009 )

Export

- 01.01.2011

:

Fiscal period: 12 month(s), currency: UAH

110 770.00

Moldova

- 01.01.2010

:

Fiscal period: 12 month(s), currency: UAH

16 541 249.00

Import

- 01.01.2011

:

Fiscal period: 12 month(s), currency: UAH

20 642 526.00

India, Thailand, Vietnam

- 01.01.2009

:

Fiscal period: 12 month(s), currency: UAH

13 910 173.00

- 01.01.2009

:

Fiscal period: 12 month(s), currency: UAH

6 082 518.00

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	35 Antonova str., 2 off., Kiev, 03182, Ukraine

Branches

:

-	Branch
	name	:	Kamyanets-Podilskiy, Hmelnitskiy region
	Registration number: 25961456

Subsidiaries and Participation

:

none

Bankers

:

Registration file does not contain this information.

Clients

:

-	Moldavizolit (Moldova)

Suppliers

:

-	AI CHAMPDANY INDUSTRIES LTD (India)
-	Bommidala International (P) Ltd (India)
-	C.P.Intertrade Co., Ltd (Thailand)
-	Khang Long Impor-Export Co.Ltd (Vietnam)
-	SAI Industries PVT.LTD (India)

Litigation

:

According to the official data as of 04.07.2011, there are no bankruptcy registered in the name of the subject company.

The subject company has been involved as a claimant into 3 litigation processes in the period from 25.10.2007 up to 11.05.2011.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	12	12	12
Ended	31.12.2010	31.12.2009	31.12.2008
Currency	UAH th	UAH th	UAH th
Non-current assets	1.30	7.30	14.30
incl: - Fixed assets	1.30	7.30	14.30
- Financial assets	0.00	0.00	0.00
Current assets	15 088.50	14 669.40	16 506.90
incl: - Stock	7 207.80	7 155.70	12 798.10
- Debtors	7 667.80	7 083.50	1 079.70
- Cash	115.30	239.40	2 003.80
ASSETS TOTAL	15 089.80	14 676.70	16 521.20
Equity	5 111.40	3 316.80	616.10
incl: - Share capital	2 700.00	0.50	0.50
Liabilities Total	9 978.40	11 359.90	15 905.10
incl: - Long-term liabilities	4 244.20	4 871.60	5 813.50
- Short-term liabilities	5 734.20	6 488.30	10 091.60
EQUITY AND LIABILITIES TOTAL	15 089.80	14 676.70	16 521.20
Net sales	51 290.80	44 840.40	29 037.30
Cost of goods sold
Operating profit
Profit before taxation	2 277.00	3 053.10	46.60
Net profit	1 794.60	2 700.70	-165.30
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.44	6.81	0.16
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	44.55	92.05	7.56
Profit before taxation / Equity
Current assets turnover	3.40	3.06	1.76
Net sales / Current assets
Working capital	9 354.30	8 181.10	6 415.30
Current assets - Short-term liabilities
Leverage	0.34	0.23	0.04
Equity / Total assets
Current ratio	2.63	2.26	1.64
Current assets / Short-term liabilities
Quick ratio	1.37	1.16	0.37
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.95	3.42	25.82
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 Davidenko Oksana (manager) on 04.07.2011 by the tel. number: +38 044 2457509. She provided us with the contact data, address and name of the Company.We sent the letter (of inquiry) to the Company by the e-mail: info@indrajute.com, but there was no reply received by now. If we receive additional information we will inform you at once.

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	12	12	12
Ended	31.12.2010	31.12.2009	31.12.2008
Currency	UAH th	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	51 290.80	44 840.40	29 037.30
services
020 Indirect taxes and other compulsory payments	7 333.20	4 784.90	5 736.80
030 Net sales revenue (010-020)	43 957.60	40 055.50	23 300.50
040 Other operating income	926.50	6 963.30	412.40
050 Other income from ordinary activity	98.60	0.00	2 358.20
060 Extraordinary income	0.00	0.00	0.00
070 Net revenue total (030+040+050+060)	44 982.70	47 018.80	26 071.10
080 Change in work-in-progress and finished goods	0.00	0.00	0.00
090 Tangible expenses	4.20	16.00	3.10
100 Payroll costs	132.40	98.50	101.10
110 Allocation to social needs	49.30	36.70	37.60
120 Amortization charges	6.00	7.00	7.50
130 Other operating charges	5 621.60	12 329.30	5 469.10
131 incl.	0.00	0.00	0.00
140 Cost of sales	36 808.60	31 197.60	16 617.00
150 Other ordinary activity expenses	83.60	280.60	3 789.10
160 Extraordinary charges	0.00	0.00	0.00
170 Profit tax	482.40	352.40	211.90
180 Charges total (090+100+110+120+130+140+150+	43 188.10	44 318.10	26 236.40
+160+170+ -080)
190 Net profit (070-180)	1 794.60	2 700.70	-165.30
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00	0.00	0.00
Fixed assets
030 residual assets	1.30	7.30	14.30
031 acquisition cost	47.20	47.20	47.20
032 depreciation	45.90	39.90	32.90
Long-term financial assets
040 Capital participation in other enterprises	0.00	0.00	0.00
070 Other non-current assets	0.00	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	1.30	7.30	14.30
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	0.00	0.00	0.00
130 Finished goods	7 207.80	7 155.70	12 798.10
Trade debtors:
160 net realizable value	4 481.00	4 144.50	1 031.80
161 acquisition cost	4 481.00	4 144.50	1 031.80
162 doubtful debts reserve	0.00	0.00	0.00
Accounts receivable
170 Budget accounts receivable	1 669.20	1 638.20	0.00
210 Other current accounts receivable	1 517.60	1 300.80	47.90
220 Current financial investments	0.00	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	115.30	238.80	2 003.80
240 Funds in foreign currencies	0.00	0.60	0.00
250 Other current assets	97.60	190.80	625.30
260 CURRENT ASSETS TOTAL	15 088.50	14 669.40	16 506.90
270 III. DEFERRED CHARGES	0.00	0.00	0.00
280 ASSETS TOTAL	15 089.80	14 676.70	16 521.20
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	2 700.00	0.50	0.50
320 Additional contributed capital	0.00	0.00	0.00
340 Reserve capital	0.00	0.00	0.00
350 Retained earnings (loss)	2 411.40	3 316.30	615.60
360 Unpaid capital (minus)	0.00	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	5 111.40	3 316.80	616.10
430 II. PROVISIONS FOR EXPENSES AND	0.00	0.00	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	4 244.20	4 871.60	5 813.50
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00	0.00	3 757.60
510 Short-term portion of long-term liabilities	0.00	0.00	0.00
530 Trade creditors	4 905.60	5 375.20	4 888.90
Accounts payable:
550 Budget accounts payable	299.20	153.70	36.50
570 Insurance payments	1.40	4.10	3.50
580 Accrued payroll	0.00	6.90	10.80
610 Other short-term liabilities	528.00	948.40	1 394.30
620 SHORT-TERM LIABILITIES TOTAL	5 734.20	6 488.30	10 091.60
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	15 089.80	14 676.70	16 521.20

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.49
UK Pound	1	Rs.71.24
Euro	1	Rs.64.39

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%)

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.