MIRA INFORM REPORT

Report Date :

25.03.2011

IDENTIFICATION DETAILS

Correct Name :	OOO NORTEKS
Registered Office :	Armyanskiy per., 4, bldg. 1AB, Moscow, 101000
Country :	Russia
Financials (as on) :	01.01.2009
Date of Incorporation :	23.09.2005
Com. Reg. No.:	1057748343256
Legal Form :	Limited Liability Company
Line of Business :	Wholesale trade in building materials

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 :	50 000 USD
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Russia	a2	a2

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

Comments

Information

The address and the telephone number mentioned in your inquiry belong to the company Obschestvo s ogranichennoy otvetstvennostyu "NORTEKS" (name in English: "NORTEX" LIMITED LIABILITY COMPANY). We provide the report on this company.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "NORTEKS"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2005
Sales	444 054 th RUR for 12 months, ended 01.01.2009
Employees	35 on March, 22, 2011 (company's data)

Creditline Recommendations

Credit Limit

50 000 USD

Company Identification Details

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "NORTEKS"
Short Name	OOO "NORTEKS"
Name in English	"NORTEX" LIMITED LIABILITY COMPANY
Address	Dzerzhinskoe shosse, bldg. 9, Kotel'niki, Lyuberetskiy District, Moscow Region, 140054, Russian Federation
Legal Address	Armyanskiy per., 4, bldg. 1AB, Moscow, 101000, Russian Federation
Phone	+7 (495) 2254440, 5506626
Fax	+7 (495) 5506626
E-mail	welcome@nortex.com.ru
WEB Address	www.nortex.com.ru
History	03.10.2006: Legal Address changed from Maroseyka str., 17/6, bldg. 2VG, Moscow, 101990, Russian Federation

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	23.09.2005
Registration Number	1057748343256
Statistic Code (OKPO)	78553326
Taxpayer Code (INN)	7701618743
Registration Authority	Federal Tax Service of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital

1 000 000 RUR

Shareholders

Total	2 private persons
Shareholder	Mr Yakushin Vladimir Petrovich
Nationality	Russian Federation
Taxpayer Code (INN)	772803962933
Share	70 %
Shareholder	Ms Yakushina Yuliya Vladimirovna
Nationality	Russian Federation
Taxpayer Code (INN)	772735657760
Share	30 %

Directors

Director	Mr Yakushin Vladimir Petrovich
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	772803962933

Re-Registration Data

Date of Registration	23.09.2005
	(Entering into the Single State Register of Legal Entities)
Registration Number	1057748343256
Registration Authority	Federal Tax Service of Russian Federation
Date of Re-registration	05.06.2006
File Number	8067746877840
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	03.10.2006
File Number	2067757454026
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Address
Date of Re-registration	02.07.2008
File Number	2087757227809
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	21.12.2009
File Number	8097748654061
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Wholesale trade in building materials. The company is the official dealer of the companies Saint Gobain Technical Fabrics, Owens Corning, Bayer Material Science, Lanxess, SI-Group.
Staff Employed	35 on March, 22, 2011 (company's data)
Employees' History	40 (approx.) on September, 21, 2009 (company's data)

Real Estate

Own	none
Rent	Office, warehouse Address: Dzerzhinskoe shosse, bldg. 9, Kotel'niki, Lyuberetskiy District, Moscow Region, 140054, Russian Federation (company's data)

Export & Import

Export Countries	2009: Kazakhstan
Exported Goods	chemical products
Export Value	for 10 months 2010: none in 2009: 80 008 USD in 2006-2008: none
Import Countries	for 10 months 2010: Germany, China, Poland, India, Great Britain, Lithuania, Czechia, Belgium, France, Netherlands, Latvia, Korea, Austria, USA, Turkey, Slovenia, Hong Kong 2009: Germany, China, Poland, Lithuania, Czechia, USA, India, Netherlands, Korea, Belgium, Latvia, Austria, Switzerland, France 2008: Czechia, Poland, China, Austria, Germany, Netherlands, Belgium, France, Mexico, Lithuania, Croatia, Luxemburg 2007: Germany, Poland, Czechia, Italy, Finland, China, Latvia, France, Netherlands, Lithuania, Luxemburg 2006: Germany, Poland
Imported Goods	chemical products, fiberglass products, equipment, spares, textile materials, hardware
Import Value	for 10 months 2010: 19 653 706 USD in 2009: 12 915 864 USD in 2008: 11 631 318 USD in 2007: 9 670 252 USD in 2006: 424 510 USD

Branches

Branch

The company has got branch situated at the following address: Address: Dzerzhinskoe shosse, bldg. 9, Kotel'niki, Lyuberetskiy District, Moscow Region, 140054, Russian Federation

Participation

Information

None

Related Companies

Information

Mr Yakushin Vladimir Petrovichis also the shareholder of company OOO "NORTEKS-YUG" Registration number: 1092312003189 Ms Yakushina Yuliya Vladimirovna isn't a shareholder of any other companies in Russian Federation.

Bankers

Bank	AKTSIONERNYY KOMMERCHESKIY SBEREGATEL'NYY BANK ROSSIYSKOY FEDERATSII (OAO), Moscow branch No 6901 (Russian Federation)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2009	01.01.2008	01.01.2007	01.01.2006
Currency	RUR	RUR	RUR	RUR
SALES	444054	354201	211373	29972
Cost of Goods sold	376702	306619	187962	27002
GROSS PROFIT	67352	47582	23411	2970
Distribution Costs	43888	29632	17309	2465
Management Costs
OPERATING PROFIT	23464	17950	6102	505
Non Trading Income	-9502	-4496	-986	-42
PRE TAX PROFIT	13962	13454	5116	463
Taxation	3803	3396	1308	109
PROFIT AFTER TAX	10195	10069	3804	344

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2009	01.01.2008	01.01.2007	01.01.2006
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	1645	1193	1136	929
Intangible Assets	35	44	52
Fixed Assets	1490	1114	1049	798
TOTAL CURRENT ASSETS	75603	72553	33889	18415
Stock	50513	42587	22329	10996
Trade debtors	23406	29933	11161	6020
Cash	1507	7	376	217
TOTAL ASSETS	77248	73745	35025	19344
TOTAL EQUITY	25411	15217	5148	1344
Share Capital	1000	1000	1000	1000
Retained Profits	24411	14217	4148	344
TOTAL LONG TERM LIABS	51	3	13	9
Long Term Loans
TOTAL CURRENT LIABILITIES	51786	58525	29864	17990
Short Term Loans	29024	14297	3911	9000
Short Term Trade Creditors	22761	44228	25954	8990
TOTAL EQUITY & LIABILITIES	77248	73745	35025	19344

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2009	01.01.2008	01.01.2007	01.01.2006
Current Ratio	1,46	1,24	1,13	1,02
Working Capital, x1000 RUR	23817	14028	4025	425
Quick Ratio	0,48	0,51	0,39	0,41
Debt to Equity Ratio	2,04	3,85	5,8	13,39
Current Assets Turnover	5,87	4,88	6,24	1,63
Total Assets Turnover Ratio	5,75	4,8	6,03	1,55
Pre Tax Profit Margin, %	3,14	3,8	2,42	1,54
Gross Profit, %	15,17	13,43	11,08	9,91
Return on Investment, %	54,94	88,41	99,38	34,45
Return on Assets, %	18,07	18,24	14,61	2,39

Clients & Suppliers

Clients

TOO OTAU LTD. (Kazakhstan) TOO KORPORATSIYA DERZHAVA (Kazakhstan)

Suppliers

LANXESS DEUTSCHLAND GMBH (Germany) BAYER INTERNATIONAL SA (Switzerland) JINWU GLASS FIBER CO., LTD. (China) EUROPEAN OWENS CORNING FIBERGLAS SPRL (Belgium) SAINT-GOBAIN VERTEX S.R.O (Czechia) SHENZHEN HYPET CO., LTD. (China) ELASTOGRAN GMBH (Germany) *** 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	28.07.2009
Registration number	94317/09-90-678
Plaintiff	OOO "NORTEKS"
Defendant	OOO "TD STEKLOTEKS"
Claim sum	150 100 RUR
Claim category	Default of obligations under the contract

Date of registration	23.07.2009
Registration number	92026/09-86-448
Plaintiff	OOO "NORTEKS"
Defendant	OOO "TD STEKLOTEKS"
Claim sum	608 959 RUR
Claim category	Default of obligations under the contract

Date of registration	23.07.2009
Registration number	92024/09-86-447
Plaintiff	OOO "NORTEKS"
Defendant	OOO "KUZBYTKHIM"
Claim sum	155 247 RUR
Claim category	Default of obligations under the contract

Date of registration	16.03.2011
Registration number	A40-108494/10
Plaintiff	OOO "NORTEKS"
Defendant	OOO "AL'FA PROM"
Claim sum	115 849 RUR
Claim category	Default of obligations under the contract

Date of registration	20.10.2010
Registration number	A60-37950/10
Plaintiff	OAO "KACHKANARSKIY GORNO-OBOGATITEL'NYY KOMBINAT "VANADIY"
Defendant	OOO "NORTEKS"
Claim sum	10 500 RUR
Claim category	Default of obligations under the contract

Date of registration	20.04.2010
Registration number	A40-46720/10
Plaintiff	OOO INZHSTROYSERVIS PARALLEL'
Defendant	OOO "NORTEKS"
Claim sum	49 400 RUR
Claim category	Default of obligations under the contract

Financial Data

We couldn't get the financial data on the company of 2009 year, because there weren't company's financial data of 2009 year in the Federal Statistics Service of 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 01.01.2007	as at 01.01.2008	as at 01.01.2009
I. NON-CURRENT ASSETS
Intangible assets	110	52	44	35
Fixed assets	120	1049	1114	1490
Construction in progress	130	35	35	35
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	-	-	84
Other non-current assets	150	-	-	-
Total section I	190	1136	1193	1645
II. CURRENT ASSETS
Inventories	210	22329	42587	50513
including :
raw materials and other inventories	211	155	356	983
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	21129	39592	44089
goods dispatched	215	942	2234	4903
expenses related to future periods	216	102	404	538
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	23	26	177
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	11161	29933	23406
including :
buyers and customers	241	8676	21876	17224
Short-term investments	250	-	-	-
Monetary assets	260	376	7	1507
Other current assets	270	-	-	-
Total section II	290	33889	72553	75603
TOTAL SECTIONS I and II	300	35025	73745	77248
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	1000	1000	1000
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	4148	14217	24411
Total section III	490	5148	15217	25411
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	13	3	51
Other non-current liabilities	520	-	-	-
Total section IV	590	13	3	51
V. CURRENT LIABILITIES
Borrowings	610	3911	14297	29024
Accounts payable	620	25954	44228	22761
including :
suppliers and contractors	621	24152	38649	16951
salaries payable	622	361	694	346
payable to state non-budget funds	623	88	147	106
taxes payable	624	79	827	2901
other creditors	625	1273	3911	2457
Dividends payable to participants (shareholders)	630	-	-	-
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	29864	58525	51786
TOTAL SECTIONS III,IV,V	700	35025	73745	77248

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2009	01.01.2008	01.01.2007
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	444054	354201	211373
Cost of goods, products, work, services sold	020	376702	306619	187962
Gross profit	029	67352	47582	23411
Selling expenses	030	43888	29632	17309
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	23464	17950	6102
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	2897	898	501
Income from investments in other companies	080	-	-	-
Other operating income	090	8422	3047	480
Other operating expenses	100	15027	6645	965
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	13962	13454	5116
Deferred tax assets	141	84	-	-
Deferred tax liabilities	142	48	-11	4
Current profit tax	150	3803	3396	1308
Net profit (loss) for the reporting period	190	10195	10069	3804

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.44.77
UK Pound	1	Rs.72.66
Euro	1	Rs.63.06

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

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.