MIRA INFORM REPORT

Report Date :

12.05.2011

IDENTIFICATION DETAILS

Name :	"JAY RUS" LIMITED LIABILITY COMPANY
Registered Office :	Strel'nikova str., 7, office 904, Vladivostok, Primorsk Region, 690065
Country :	Russian Federation
Financials (as on) :	01.01.2010
Date of Incorporation :	30.10.2002
Com. Reg. No.:	1022501900893
Legal Form :	Limited Liability Company by Russian Law
Line of Business :	Manufacture and sales of tea.

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 :	150 000 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 mentioned in your inquiry belongs to the company Obschestvo s ogranichennoy otvetstvennostyu "DZHEY RUS" (name in English: "JAY RUS" LIMITED LIABILITY COMPANY). We provide the report on this company.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "DZHEY RUS"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2002
Sales	206 719 th RUR for 12 months, ended 01.01.2010
Employees	30 (approx)

Creditline Recommendations

Credit Limit

150 000 USD

Company Identification Details

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "DZHEY RUS"
Short Name	OOO "DZHEY RUS"
Name in English	"JAY RUS" LIMITED LIABILITY COMPANY
Address	Strel'nikova str., 7, office 904, Vladivostok, Primorsk Region, 690065, Russian Federation
Legal Address	Snegovaya str., 15, bldg. A, Vladivostok, Primorsk Region, 690074, Russian Federation
Phone	+7 (4232) 791049, 794050
Fax	+7 (4232) 791049, 794050
E-mail	inforus@jaytea.com
WEB Address	www.jaytea.ru
History	12.07.2010: Legal Address changed from Snegovaya str., 15, bldg. A, Vladivostok, Primorsk Region, 000000, Russian Federation

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	30.10.2002
Registration Number	1022501900893
Statistic Code (OKPO)	28807980
Taxpayer Code (INN)	2538072140
Registration Authority	Ministry for Taxes and Duties of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital

4 991 020 RUR

Shareholders

Total	1 legal person
Shareholder	MULTITRADE OVERSEAS PTE. LTD.
Address	Singapore
Registration Number	200813024D
Share	100 %
Comments	The names of foreign shareholders of the company may be pointed incorrectly as in official documents (extracts from register) they’re written in Russian by cyrillic letters. We present our apologies for possible mistakes in transliteration.

Directors

Director	Mr Chakrabarti Tanmay
	Signature Right
Nationality	Singapore

Re-Registration Data

Initial Registration	29.06.2002
Registration Number	525-I
Registration Authority	Administration of Vladivostok
Date of Registration	30.10.2002
	(Entering into the Single State Register of Legal Entities)
Registration Number	1022501900893
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Date of Re-registration	05.11.2003
File Number	2032501915367
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Company's Rules
Date of Re-registration	10.08.2006
File Number	2062538137341
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	24.10.2007
File Number	2072538054961
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	18.09.2008
File Number	2082538064915
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	08.04.2009
File Number	2092538038998
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	21.12.2009
File Number	2092538168039
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	12.07.2010
File Number	2102538106031
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Addess

Operations

Activities	Manufacture and sales of tea. The company sells goods under brands JAY, Gold Bond, Ussuriyskiy tigr, Korol' Dzhungley, Indus, Siniy Almaz.
Staff Employed	30 (approx.) on May, 12, 2011 (company's data)

Real Estate

Own	none
Rent	Office Address: Strel'nikova str., 7, office 904, Vladivostok, Primorsk Region, 690065, Russian Federation (company's data Industrial area, warehouse Address: Snegovaya str., 15, bldg. A, Vladivostok, Primorsk Region, 690074, Russian Federation (company's data)

Export & Import

Export Countries	2007-2010: No Export Activity
Exported Goods	none
Export Value	none
Import Countries	2010: India 2009: India, Poland, USA, Netherlands 2007-2008: India, USA
Imported Goods	foodstuff, tea, threads, boxes, plates, sheets, paper products, equipment, plastic products
Import Value	in 2010: 3 579 249 USD in 2009: 3 839 464 USD in 2008: 4 521 643 USD in 2007: 2 829 839 USD

Branches

Branch

None

Participation

Information

None

Related Companies

Information

The companyMULTITRADE OVERSEAS PTE. LTD. isn't a shareholder of any other companies of Russian Federation. Mr Chakrabarti Tanmay isn't a shareholder or a director of any other companies of Russian Federation.

Bankers

Bank	OAO SKB PRIMOR'YA "PRIMSOTSBANK", bank code: 040507803 (Russian Federation)
Account(s)	40702810900000006136 (RUR)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2010	01.01.2009	01.01.2008	01.01.2007
Currency	RUR	RUR	RUR	RUR
SALES	206719	152699	118407	100509
Cost of Goods sold	160179	127605	102654	83144
GROSS PROFIT	46540	25094	15753	17365
Distribution Costs	24558	11415	9409	10574
Management Costs	4531	3393	3903	2517
OPERATING PROFIT	17451	10286	2441	4274
Non Trading Income	19008	7633	6688	12754
PRE TAX PROFIT	18550	3392	2414	9463
Taxation	4894	1089	750	1572
PROFIT AFTER TAX	13656	2303	1664	7891

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	2502	2602	3671	5880
Intangible Assets	102	168	193	219
Fixed Assets	1261	2434	3478	5626
TOTAL CURRENT ASSETS	52852	60854	31585	35792
Stock	32137	43564	21172	22551
Trade debtors	19738	16232	6319	12282
Cash	775	4	3892	757
TOTAL ASSETS	55354	63457	35256	41672
TOTAL EQUITY	21273	7617	5313	3650
Share Capital	4991	4991	4991	4991
Retained Profits	16282	2626	322	-1341
TOTAL LONG TERM LIABS	30746	20651	12789	24291
Long Term Loans	30746	20651	12789	24291
TOTAL CURRENT LIABILITIES	3335	35188	17154	13732
Short Term Loans	64	1997		1800
Short Term Trade Creditors	3271	33192	17154	11932
TOTAL EQUITY & LIABILITIES	55354	63457	35256	41672

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	15,85	1,73	1,84	2,61
Working Capital, x1000 RUR	49517	25666	14431	22060
Quick Ratio	6,21	0,49	0,61	0,96
Debt to Equity Ratio	1,6	7,33	5,64	10,42
Current Assets Turnover	3,91	2,51	3,75	2,81
Total Assets Turnover Ratio	3,73	2,41	3,36	2,41
Pre Tax Profit Margin, %	8,97	2,22	2,04	9,42
Gross Profit, %	22,51	16,43	13,3	17,28
Return on Investment, %	87,2	44,53	45,44	259,26
Return on Assets, %	33,51	5,35	6,85	22,71

Clients & Suppliers

Clients

ZAO "EKSPOCENTR" (Russian Federation)

Suppliers

MADHU JAYANTI INTERNATIONAL LTD. (India) AHLSTROM CHIRNSIDE LTD. (Netherlands) VEGA ELECTRONICS (Poland) AHLSTROM NONWOVENS LLC. (USA) LAKES DIVISION OF KUHNE PLUS NAGEL INC. (USA) OOO "DEL'TA VEK" (Russian Federation) FGUP "GLAVNOE PROIZVODSTVENNO-KOMERCHESKOE UPRAVLENIE PO OBSLUZHIVANIYU DIPLOMATICHESKOGO KORPUSA PRI MINISTERSTVE INOSTRANNYH DEL ROSSII" (Russian Federation) OOO "SAMOHVAL" (Russian Federation) OOO "SCS SOVINTEL" (Russian Federation) ZAO "DISPLEJLEND" (Russian Federation) OOO "PPF YUS" (Russian Federation) ZAO "EKSPOCENTR" (Russian Federation) *** 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

According to Arbitration court of Moscow judicial claims of the company are not registered.

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	193	168	102
Fixed assets	120	3478	2434	1261
Construction in progress	130	-	-	1139
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	3671	2602	2502
II. CURRENT ASSETS
Inventories	210	21172	43564	32137
including :
raw materials and other inventories	211	12375	5638	17957
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	8694	37794	14013
goods dispatched	215	-	-	-
expenses related to future periods	216	103	131	168
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	-	9	-
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	6319	16232	19738
including :
buyers and customers	241	5267	11111	16729
Short-term investments	250	-	-	-
Monetary assets	260	3892	4	775
Other current assets	270	202	1046	202
Total section II	290	31585	60854	52852
TOTAL SECTIONS I and II	300	35256	63457	55354
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	4991	4991	4991
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	322	2626	16282
Total section III	490	5313	7617	21273
IV. NON-CURRENT LIABILITIES
Borrowings	510	12789	20651	30746
Deferred tax liabilities	515	-	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	12789	20651	30746
V. CURRENT LIABILITIES
Borrowings	610	-	1997	64
Accounts payable	620	17154	33192	3271
including :
suppliers and contractors	621	16315	33080	3062
salaries payable	622	34	-	30
payable to state non-budget funds	623	-	1	-
taxes payable	624	240	99	140
other creditors	625	564	11	38
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	17154	35188	3335
TOTAL SECTIONS III,IV,V	700	35256	63457	55354

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	206719	152699	118407
Cost of goods, products, work, services sold	020	160179	127605	102654
Gross profit	029	46540	25094	15753
Selling expenses	030	24558	11415	9409
Administrative expenses	040	4531	3393	3903
Profit (loss) from operations	050	17451	10286	2441
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	-	-	-
Income from investments in other companies	080	-	-	-
Other operating income	090	23999	7633	6688
Other operating expenses	100	4991	-	-
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	18550	3392	2414
Deferred tax assets	141	-	-	-
Deferred tax liabilities	142	-	-	-
Current profit tax	150	4894	1089	750
Net profit (loss) for the reporting period	190	13656	2303	1664

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.44.69
UK Pound	1	Rs.73.12
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.