MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Correct Name :	VICHIUNAI-RUS LIMITED LIABILITY COMPANY

Registered Office :	Mayakovskogo str., 3B, Sovetsk, Kaliningrad Region, 238758

Country :	Russia

Financials (as on) :	01.01.2011

Date of Incorporation :	02.10.2002

Com. Reg. No.:	1023902001947

Legal Form :	Limited Liability Company

Line of Business :	Manufacture and sales of fish production

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	300 000 USD
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Russia

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 web address mentioned in your inquiry belong to the company Obschestvo s ogranichennoy otvetstvennostyu "VICHYUNAY-RUS'" (name in English: "VICHIUNAI-RUS" LIMITED LIABILITY COMPANY). We provide the report on this company.

The telephone number mentioned in your inquiry belongs to the company UAB VICIUNAI IR KO (Lithuania).

The companies OOO "VICHYUNAY-RUS'" and UAB VICIUNAI IR KO (Lithuania) enter into the group of companies VICIUNAI GROUP.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "VICHYUNAY-RUS'"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2002
Sales	3 861 417 th RUR for 12 months, ended 01.01.2011
Employees	1 300 (approx.) on November, 08, 2011 (company's data)

Creditline Recommendations

Credit Limit

300 000 USD

Company Identification Details

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "VICHYUNAY-RUS'"
Short Name	OOO "VICHYUNAY-RUS'"
Name in English	"VICHIUNAI-RUS" LIMITED LIABILITY COMPANY
Address	Mayakovskogo str., 3B, Sovetsk, Kaliningrad Region, 238758, Russian Federation
Legal Address	Mayakovskogo str., 3B, Sovetsk, Kaliningrad Region, 238758, Russian Federation
Phone	+7 (40161) 36868, 40715, 40774
Fax	+7 (40161) 36868, 40715, 40774
E-mail	info@vici-msk.ru vici@office.ru
WEB Address	www.vici.lt www.viciunaigroup.eu

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	02.10.2002
Registration Number	1023902001947
Statistic Code (OKPO)	51813165
Taxpayer Code (INN)	3911008930
Registration Authority	Ministry for Taxes and Duties of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital

193 000 000 RUR

Shareholders

Total	1 legal person

Shareholder	PLUNGES KOOPERATINE PREKYBA UAB
Address	Lithuania
Registration Number	AV 94-50
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 Stonkus Gerimantas
	Signature Right
Nationality	Lithuania

Re-Registration Data

Initial Registration	28.06.2002
Registration Number	R-2166.17
Registration Authority	Administration of Kaliningrad Region

Date of Registration	02.10.2002
	(Entering into the Single State Register of Legal Entities)
Registration Number	1023902001947
Registration Authority	Ministry for Taxes and Duties of Russian Federation

Date of Re-registration	09.12.2002
File Number	2023902004993
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Company's Rules

Date of Re-registration	26.12.2002
File Number	2023902006951
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Company's Rules

Date of Re-registration	03.09.2003
File Number	2033908002478
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Company's Rules

Date of Re-registration	24.01.2005
File Number	2053905500450
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Manufacture and sales of fish production. The company sells goods under brand VICI. The company enters into the group of companies VICIUNAI GROUP. Also into the group of companies enter the following companies: PLUNGES KOOPERATINE PREKYBA UAB, UAB VICIUNAI IR KO, SIA VICIUNAI-LAT, VICIUNAI BALTIC OU, KAUNO FILIALAS, NV VICHIUNAI EUROPE, S.R.O. VICINAI CENTRAL EUROPE, VICZIUNAI-POL SP.Z.O.O. and other. The group of companies operates on the market of fish production.

Staff Employed	1 300 (approx.) on November, 08, 2011 (company's data)
Employees' History	1 300 (approx.) on August, 12, 2010 (company's data) 1 300 (approx.) on March, 10, 2010 (company's data)

Real Estate

Own	Office, warehouse, industrial area Address: Mayakovskogo str., 3B, Sovetsk, Kaliningrad Region, 238758, Russian Federation (company's data)

Rent	none

Export & Import

Export Countries	2010: Ukraine, Kazakhstan, Moldova, Belarus, Georgia, Uzbekistan, Lithuania 2009: Ukraine, Kazakhstan, Moldova, Lithuania, Uzbekistan, Georgia, Azerbaijan, Serbia, Armenia 2008: Ukraine, Kazakhstan, Moldova, Serbia, Georgia, Lithuania, Armenia, Sweden, Germany 2007: Ukraine, Kazakhstan, Moldova, Lithuania, Georgia, Armenia
Exported Goods	equipment, foodstuff
Export Value	in 2010: 21 925 608 USD in 2009: 17 610 873 USD in 2008: 34 705 980 USD in 2007: 25 416 080 USD

Import Countries	2010: Germany, Lithuania, Norway, Iceland, Netherlands, Ukraine, Denmark, Latvia, Poland, Sweden, Belgium, USA, Spain, Estonia, Portugal 2009: Germany, Lithuania, Norway, Denmark, Iceland, Latvia, Netherlands, Ukraine, Switzerland, Poland 2008: Lithuania, Germany, Iceland, Norway, Latvia, Netherlands, Denmark, Peru, Estonia 2007: Lithuania, Germany, India, Latvia, Iceland, Thailand, France, Peru, Great Britain, Norway, Italy, Vietnam
Imported Goods	equipment, food raw materials, boxes, clothes, furniture
Import Value	in 2010: 76 058 633 USD in 2009: 64 277 896 USD in 2008: 87 642 286 USD in 2007: 65 678 014 USD

Branches

Branch

None

Participation

Information

None

Related Companies

Information

The company PLUNGES KOOPERATINE PREKYBA UAB is also the shareholder of company

OOO "BALTKO"
Registration number: 1037707029777

Bankers

Bank	ZAO AKB "SETEVOY NEFTYANOY BANK", bank code: 042727745 (Russian Federation)
Account(s)	40702810200000000114 (RUR)

Bank	AKTSIONERNYY KOMMERCHESKIY SBEREGATEL'NYY BANK ROSSIYSKOY FEDERATSII, Kaliningrad branch No 8626, bank code: 042748634 (Russian Federation)
Account(s)	40702810420180100430 (RUR)

Bank	OOO KB "PROMSVYAZ'BANK", Kaliningrad branch (Russian Federation)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
SALES	3861417	3550871	3302404	2306738
Cost of Goods sold	3164920	2644968	2808447	2000574
GROSS PROFIT	696497	905903	493957	306164
Distribution Costs	376643	277072	272347	215543
Management Costs	25791	27388	38963	33473
OPERATING PROFIT	294063	601443	182647	57148
Non Trading Income	-95060	-319639	-233713	-20303
PRE TAX PROFIT	199003	281804	-51066	36845
Taxation	11206	15900
PROFIT AFTER TAX	161213	223516	-44962	47659

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	849264	834997	635313	438573
Intangible Assets
Fixed Assets	625393	603866	484634	410033
TOTAL CURRENT ASSETS	2036586	1663194	1311082	949034
Stock	980218	618643	227924	174582
Trade debtors	896323	972903	1023110	734692
Cash	66848	14395	3386	10142
TOTAL ASSETS	2885851	2498191	1946394	1387606

TOTAL EQUITY	621679	460466	239770	284732
Share Capital	193000	193000	193000	193000
Retained Profits	428677	267464	46768	91730
TOTAL LONG TERM LIABS	610583	456277	199996	263895
Long Term Loans	485326	300000		236482
TOTAL CURRENT LIABS	1653589	1581448	1506628	838980
Short Term Loans	983291	385341	537684	104505
Short Term Trade Creditors	649893	1177896	961590	725350
TOTAL EQUITY & LIABS	2885851	2498191	1946394	1387606

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Current Ratio	1,23	1,05	0,87	1,13
Working Capital, x1000 RUR	382997	81746	-195546	110054
Quick Ratio	0,64	0,66	0,72	0,92
Debt to Equity Ratio	3,64	4,43	7,12	3,87
Current Assets Turnover	1,9	2,13	2,52	2,43
Total Assets Turnover Ratio	1,34	1,42	1,7	1,66
Pre Tax Profit Margin, %	5,15	7,94	-1,55	1,6
Gross Profit, %	18,04	25,51	14,96	13,27
Return on Investment, %	32,01	61,2	-21,3	12,94
Return on Assets, %	6,9	11,28	-2,62	2,66

Clients & Suppliers

Clients	OOO "VICHUNAY-UKRAINA" (Ukraine) SRL "ACOREX-TRADING" (Moldova) TOO "VICHUNAY KAZAKHSTAN" (Kazakhstan) SLAVENA-LUX S.R.L. (Moldova) PLUNGES KOOPERATINE PREKYBA UAB (Lithuania) SRL "TIMCAT" (Moldova) SRL "HORECO IMPEX" (Moldova) TENESI-COM SRL (Moldova) OOO "YUPITER" (Russian Federation) OOO "BALTKO" (Russian Federation)

Suppliers	PLUNGES KOOPERATINE PREKYBA UAB (Lithuania) ZAO "REKHA" (Lithuania) CMA-CGM DEUTSCHLAND GMBH (Germany) ZAO "LIETPAK" (Lithuania) ZAO "SCA PAKAGING" (Lithuania) COSCO CONTAINER LINE GERMANY GMBH (Germany) ZAO "VOLUNTA PAK" (Lithuania) ICE INTERNATIONAL (Iceland) A.D.M. BALTIC SIA (Latvia) KFS VALLAU (Germany) HAMBURG UND DEUTSCHLAND (Germany) OOO "YUPITER" (Russian Federation) OOO "BALTKO" (Russian Federation) OOO "YUNIVERSAL MEDIA UORLDVAYD" (Russian Federation) OOO "STROITEL'NYE TEKHNOLOGII" (Russian Federation) OOO "TRANSSERVIS" (Russian Federation) OOO "MVS PRODUKT" (Russian Federation) OOO "IMPERIAL LAYN" (Russian Federation) ZAO "POLIFON" (Russian Federation) OOO SP "EDVIK" (Russian Federation) OOO "SPRINT" (Russian Federation) OOO "U.K.F.-SAL'DO" (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

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

Date of registration	22.02.2011
Registration number	A21-1092/2011
Plaintiff	OOO "VICHYUNAY-RUS'"
Defendant	Kaliningrad customs
Claim sum	-
Claim category	Customs dispute

Date of registration	25.12.2009
Registration number	A21-14921/2009
Plaintiff	OOO "VICHYUNAY-RUS'"
Defendant	OAO "NOVOSELOVSKOE"
Claim sum	1 724 197 RUR
Claim category	Default of obligations under the contract

Date of registration	04.12.2009
Registration number	A40-58357/09
Plaintiff	OOO "VICHYUNAY-RUS'"
Defendant	OOO "KAYROS-M"
Claim sum	1 139 628 RUR
Claim category	Default of obligations under the contract

Date of registration	14.04.2008
Registration number	A21-1723/2008
Plaintiff	OOO "VICHYUNAY-RUS'"
Defendant	OOO TPG "ANFROST"
Claim sum	647 076 RUR
Claim category	Default of obligations under the contract

Original Financial Data

(Russian Accounting Report in English)

Balance Sheet

The following figures are shown in units of 1000

ASSETS	Line code	as at 01.01.2009	as at 01.01.2010	as at 01.01.2011

I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	484634	603866	625393
Construction in progress	130	113608	15358	8818
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	214568	214568
Deferred tax assets	145	37071	1205	486
Other non-current assets	150	-	-	-
Total section I	190	635313	834997	849264
II. CURRENT ASSETS
Inventories	210	227924	618643	980218
including :
raw materials and other inventories	211	179958	524789	729273
livestock	212	-	-	-
work in progress	213	3316	3364	7561
finished goods and goods for resale	214	42807	88901	185778
goods dispatched	215	-	-	55366
expenses related to future periods	216	1843	1589	2241
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	50262	50854	55641
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	1023110	972903	896323
including :
buyers and customers	241	897118	816214	800663
Short-term investments	250	6400	6400	37556
Monetary assets	260	3386	14395	66848
Other current assets	270	-	-	-
Total section II	290	1311082	1663194	2036586
TOTAL SECTIONS I and II	300	1946394	2498191	2885851

EQUITY AND LIABILITIES

III. EQUITY AND RESERVES
Share capital	410	193000	193000	193000
Treasury shares	411	-	-	-
Additional capital	420	2	2	2
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	46768	267464	428677
Total section III	490	239770	460466	621679
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	300000	485326
Deferred tax liabilities	515	20153	29497	55361
Other non-current liabilities	520	179843	126780	69895
Total section IV	590	199996	456277	610583
V. CURRENT LIABILITIES
Borrowings	610	537684	385341	983291
Accounts payable	620	961590	1177896	649893
including :
suppliers and contractors	621	754704	794513	449966
salaries payable	622	12651	14021	17649
payable to state non-budget funds	623	3724	4757	5613
taxes payable	624	48810	78030	39689
other creditors	625	141701	286575	136977
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	11609	10541
Reserves for future expenses and payments	650	7353	6602	9864
Other current liabilities	660	-	-	-
Total section V	690	1506628	1581448	1653589
TOTAL SECTIONS III,IV,V	700	1946394	2498191	2885851

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2011	01.01.2010	01.01.2009

INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	3861417	3550871	3302404
Cost of goods, products, work, services sold	020	3164920	2644968	2808447
Gross profit	029	696497	905903	493957
Selling expenses	030	376643	277072	272347
Administrative expenses	040	25791	27388	38963
Profit (loss) from operations	050	294063	601443	182647
OTHER INCOME AND EXPENSES
Interest income	060	3668	584	-
Interest expenses	070	95397	88915	-
Income from investments in other companies	080	-	-	-
Other operating income	090	234126	291203	248211
Other operating expenses	100	237457	522511	481924
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	199003	281804	-51066
Deferred tax assets	141	-720	-29686	19150
Deferred tax liabilities	142	25864	12702	13046
Current profit tax	150	11206	15900	-
Net profit (loss) for the reporting period	190	161213	223516	-44962

Rates of Exchange

RUR - Russian Rouble	01.01.2011: 1 EUR = 40.49 RUR, 1 USD = 30.35 RUR
EUR - EURO	01.01.2010: 1 EUR = 43.46 RUR, 1 USD = 30.19 RUR
USD - US Dollar	01.01.2009: 1 EUR = 41.43 RUR, 1 USD = 29.39 RUR

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

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.

Comments

Summary

Creditline Recommendations

Company Identification Details

Official Company Data

Public Record Information

Share Capital

Shareholders

Directors

Re-Registration Data

Operations

Real Estate

Export & Import

Branches

Participation

Related Companies

Bankers

Financial Data

Clients & Suppliers

Actions at law

Original Financial Data

Rates of Exchange

Unit