MIRA INFORM REPORT

Report Date :

21.07.2011

IDENTIFICATION DETAILS

Correct Name :	MIDEN-DS LIMITED LIABILITY COMPANY
Registered Office :	Gor'kogo str., 1, Gayduk Village, Novorossiysk, Krasnodar Region, 353991
Country :	Russia
Financials (as on) :	01.01.2010
Date of Incorporation :	14.02.2006
Com. Reg. No.:	1062315007347
Legal Form :	Limited Liability Company
Line of Business :	customs declaration 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 :	20 000 USD
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Russia	a2	a2

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

Bottom of Form

Comments

Information

The address mentioned in your inquiry belongs to the company Obschestvo s ogranichennoy otvetstvennostyu "MIDEN-DS" (name in English: "MIDEN-DS" LIMITED LIABILITY COMPANY). We provide the report on this company. The telephone number +7 (903) 5491032 mentioned in your inquiry belongs to Mr. Vishal. Mr. Vishal told us that he was the employee of the company WINTECH LIMITED. According to the administration of the company OOO "MIDEN-DS" the company WINTECH LIMITED is its trading partner.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "MIDEN-DS"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2006
Sales	566 592 th RUR for 12 months, ended 01.01.2010
Employees	20 (approx.) on July, 19, 2011 (company's data)

Creditline Recommendations

Credit Limit

20 000 USD

Company Identification Details

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "MIDEN-DS"
Short Name	OOO "MIDEN-DS"
Name in English	"MIDEN-DS" LIMITED LIABILITY COMPANY
Address	Krasnaya str., 108, Kirilovka Village, Novorossiysk, Krasnodar Region, 353960, Russian Federation
Legal Address	Gor'kogo str., 1, Gayduk Village, Novorossiysk, Krasnodar Region, 353991, Russian Federation
Phone	+7 (8617) 269118, 269119
Fax	+7 (8617) 269118, 269119
E-mail	varakina@brazisgroup.ru
WEB Address	none
History	29.05.2008: Legal Address changed from Lenina str., 122, Myskhako poselok, Novorossiysk, Krasnodar Region, 353993, Russian Federation

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	14.02.2006
Registration Number	1062315007347
Statistic Code (OKPO)	93804926
Taxpayer Code (INN)	2315121281
Registration Authority	Federal Tax Service of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital

10 000 RUR

Shareholders

Total	1 private person
Shareholder	Ms Stepushkina Lyudmila Pavlovna
Nationality	Russian Federation
Taxpayer Code (INN)	231502204766
Share	100 %

Directors

Director	Ms Stepushkina Lyudmila Pavlovna
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	231502204766

Re-Registration Data

Date of Registration	14.02.2006
	(Entering into the Single State Register of Legal Entities)
Registration Number	1062315007347
Registration Authority	Federal Tax Service of Russian Federation
Date of Re-registration	29.05.2008
File Number	2082315060683
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Address
Date of Re-registration	05.03.2011
File Number	2112315009706
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Export-import transactions. The company is engaged in customs declaration of goods.
Staff Employed	20 (approx.) on July, 19, 2011 (company's data)
Employees' History	20 (approx.) on September, 30, 2010 (company's data) 20 (approx.) on December, 03, 2009 (company's data) 18 on August, 17, 2009 (company's data)

Real Estate

Own	none
Rent	Office, warehouse Address: Krasnaya str., 108, Kirilovka Village, Novorossiysk, Krasnodar Region, 353960, Russian Federation (company's data)

Export & Import

Export Countries	2010: Ukraine 2007-2008: Ukraine 2006: Ukraine, Uzbekistan
Exported Goods	footwear, fruits
Export Value	in 2010: 127 129 USD in 2009: none in 2008: 251 307 USD in 2007: 320 193 USD in 2006: 88 651 USD
Import Countries	2010: Spain, China, Turkey, Vietnam, Indonesia, Greece, Canada, India, Taiwan, Portugal, Thailand, Egypt, Italy, Netherlands, Peru, Ukraine 2009: Turkey, China, Vietnam, Spain, Indonesia, Portugal, Greece, Belgium, Canada, India, Singapore, Egypt, Taiwan, Italy 2007-2008: China, Turkey 2006: Turkey
Imported Goods	furniture, sanitary engineering, yeast, vegetables, nuts, mushrooms, fruits, fabrics, fixtures
Import Value	in 2010: 24 638 692 USD in 2009: 15 491 098 USD in 2008: 2 907 844 USD in 2007: 2 709 826 USD in 2006: 445 441 USD

Branches

Branch

None

Participation

Information

None

Related Companies

Information

Ms Stepushkina Lyudmila Pavlovna isn't a shareholder or a director of any other companies of Russian Federation.

Bankers

Bank	OAO AKB "YUGBANK", branch "PRIMORSKIY" (Russian Federation)
Bank	OAO KB "URALSIB" (Russian Federation)
Bank	ZAO AKB "BALTIYSKIY BANK RAZVITIYA" (Russian Federation)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2010	01.01.2009	01.01.2008	01.01.2007
Currency	RUR	RUR	RUR	RUR
SALES	566592	143421	213062	58268
Cost of Goods sold	539000	138214	206682	56091
GROSS PROFIT	27592	5207	6380	2177
Distribution Costs	23759	4926	4085	1718
Management Costs				3
OPERATING PROFIT	3833	281	2295	456
Non Trading Income	-3115	-2506	-271	163
PRE TAX PROFIT	718	-2225	2024	619
Taxation	3
PROFIT AFTER TAX	715	-2225	2024	619

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2010	01.01.2009	01.01.2008	01.01.2007
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS		4	7
Intangible Assets
Fixed Assets		4	7
TOTAL CURRENT ASSETS	315203	55320	37730	28129
Stock	17147	16662	27031	18576
Trade debtors	294753	37173	9185	5197
Cash	273	312	574	3718
TOTAL ASSETS	315203	55324	37737	28129
TOTAL EQUITY	-2735	-727	1960	469
Share Capital	10	10	10	10
Retained Profits	-2745	-737	1950	459
TOTAL LONG TERM LIABS
Long Term Loans
TOTAL CURRENT LIABILITIES	317938	56051	35777	27660
Short Term Loans	20289	1850
Short Term Trade Creditors	297649	54201	35777	27660
TOTAL EQUITY & LIABILITIES	315203	55324	37737	28129

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2010	01.01.2009	01.01.2008	01.01.2007
Current Ratio	0,99	0,99	1,05	1,02
Working Capital, x1000 RUR	-2735	-731	1953	469
Quick Ratio	0,94	0,69	0,3	0,35
Debt to Equity Ratio	-116,25	-77,1	18,25	58,98
Current Assets Turnover	1,8	2,59	5,65	2,07
Total Assets Turnover Ratio	1,8	2,59	5,65	2,07
Pre Tax Profit Margin, %	0,13	-1,55	0,95	1,06
Gross Profit, %	4,87	3,63	2,99	3,74
Return on Investment, %	-26,25	306,05	103,27	131,98
Return on Assets, %	0,23	-4,02	5,36	2,2

Clients & Suppliers

Clients

OOO FUDZ IMPORT KAMPANI (Ukraine) OOO UKRROSTORGIMPORT (Ukraine) OOO "PRODUKT-MENEDZHMENT" (Ukraine)

Suppliers

XINJIANG IVAN INTL TRADING CO., LTD. (China) PAK IHRACAT A.S. (Turkey) WORLDWIDE LOGISTIC CO., LTD. (China) XINJIANG IVAN INTL TRADING CO., LTD. (China) KRONOS S.A. (Greece) GUANGDONG OMER INDUSTRIAL AND COMMERCE CO., LTD. (China) HANGZHOU CRYSTAL BATHROOM CO., LTD. (China) MINGMEIXUAN FURNITURE INDUSTRIAL CO., LTD. (China) PALIRRIA-SOULIOTIS S.A. (Greece) INTERCOM FOODS S.A. (Greece) *** The names of foreign partners may be pointed incorrectly as in official documents (declarations) they’re written in Russian. We present our apologies for possible mistakes in transliteration.

Actions at law

The information of Arbitration court of Moscow about judicial claims is presented

Date of registration	27.09.2010
Registration number	A32-27870/2010
Plaintiff	OOO "MIDEN-DS"
Defendant	Novorossiysk customs
Claim sum	-
Claim category	Customs dispute

Original Financial Data

(Russian Accounting Report in English)

Balance Sheet

The following figures are shown in units of 1000

ASSETS	Line code	as at 01.01.2008	as at 01.01.2009	as at 01.01.2010
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	7	4	-
Construction in progress	130	-	-	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	-	-	-
Other non-current assets	150	-	-	-
Total section I	190	7	4	-
II. CURRENT ASSETS
Inventories	210	27031	16662	17147
including :
raw materials and other inventories	211	4	-	13
livestock	212	-	-	-
work in progress	213	104	64	187
finished goods and goods for resale	214	26801	16598	16947
goods dispatched	215	-	-	-
expenses related to future periods	216	122	-	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	940	1173	-
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	9185	37173	294753
including :
buyers and customers	241	5611	31561	264655
Short-term investments	250	-	-	3030
Monetary assets	260	574	312	273
Other current assets	270	-	-	-
Total section II	290	37730	55320	315203
TOTAL SECTIONS I and II	300	37737	55324	315203
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	10	10	10
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	1950	-737	-2745
Total section III	490	1960	-727	-2735
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	-	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	-	-	-
V. CURRENT LIABILITIES
Borrowings	610	-	1850	20289
Accounts payable	620	35777	54201	297649
including :
suppliers and contractors	621	28307	53757	273467
salaries payable	622	67	64	-
payable to state non-budget funds	623	-	9	-
taxes payable	624	326	22	4
other creditors	625	7077	349	24178
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	35777	56051	317938
TOTAL SECTIONS III,IV,V	700	37737	55324	315203

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2010	01.01.2009	01.01.2008
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	566592	143421	213062
Cost of goods, products, work, services sold	020	539000	138214	206682
Gross profit	029	27592	5207	6380
Selling expenses	030	23759	4926	4085
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	3833	281	2295
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	-	-	-
Income from investments in other companies	080	-	-	-
Other operating income	090	19107	3124	1851
Other operating expenses	100	22222	5630	2122
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	718	-2225	2024
Deferred tax assets	141	-	-	-
Deferred tax liabilities	142	-	-	-
Current profit tax	150	3	-	-
Net profit (loss) for the reporting period	190	715	-2225	2024

Rates of Exchange

RUR - Russian Rouble	01.01.2010:    1 EUR = 43.46 RUR,   1 USD = 30.19 RUR
EUR - EURO	01.01.2009:    1 EUR = 41.43 RUR,   1 USD = 29.39 RUR
USD - US Dollar	01.01.2008:    1 EUR = 35.93 RUR,   1 USD = 24.55 RUR

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.46
UK Pound	1	Rs.71.67
Euro	1	Rs.62.94

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.