MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	PRYVATNE AKTSIONERNE TOVARYSTVO MONOMAH
Formerly Known As :	VIDKRYTE AKTSIONERNE TOVARYSTVO MONOMAH
Registered Office :	Komunalna Str., Velyka Dymerka, Kiev Region, Brovarskiy District, 07442
Country :	Ukraine
Financials (as on) :	31.12.2010
Date of Incorporation :	09.07.1993
Com. Reg. No.:	19421419
Legal Form :	Private Joint-Stock Company by Ukrainian Law
Line of Business :	Agents involved in the sale of food, beverages and tobacco

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 :	60 000 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

:

Pryvatne Aktsionerne Tovarystvo MONOMAH

Name in English

:

MONOMAH, PrJSC

Previous Names

:

-	Vidkryte Aktsionerne Tovarystvo MONOMAH

Office address

:

Komunalna str., Velyka Dymerka, Kiev region, Brovarskiy district, 07442, Ukraine

Legal Address

:

Komunalna str., Velyka Dymerka, Kiev region, Brovarskiy district, 07442, Ukraine

Other Addresses

:

Previous legal address

22 Komunalna str., Brovary, Kiev region, Brovarskiy district, 07400, Ukraine

( the data cancelled since 15.07.1997 )

Contacts

:

-	Phone	:	(+380 44) 3316108, 3320848
-	Phone	:	(+38 04594) 33300
-	Fax	:	(+380 4594) 67661
-	WWW	:	www.monomakh.com.ua
-	E-mail	:	info@monomakh.com.ua, b.barabash@monomakh.com.ua

SUMMARY

Legal Form : Private Joint-Stock Company by Ukrainian Law

Incorporation : 1993

Staff : 20

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

Sales :	41 979.80 th UAH ( for 12 months, ended 31.12.2010 )
	39 296.40 th UAH ( for 12 months, ended 31.12.2009 )

Credit Opinion

Credit Limit	:	60 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.
Incorporation	:	1993

Registration Data

Date of registration

:

09.07.1993

Registration number

:

19421419

Registr. authority

:

Regional Administration (Brovary, Kiev region, Brovarskiy district, Ukraine)

VAT number

:

194214110068

Registr. place

:

Ukraine

Number of VAT-certificate: 100335012 Date of issue: 06.05.2011

Legal Form

:

Private Joint-Stock Company by Ukrainian Law

since 05.04.2011

Share Capital

:

28 421 350 UAH (registered)

since 23.09.2004

Shareholders

:

-	Mr Barabash Vladimir Vladimirovich (Ukraine)				59.85 %
		share's book value	:	17 008 880 UAH
		reg. number	:	1886711655
-	Mr Dyachuk Vladimir Alekseevich (Ukraine)				39.90 %
		share's book value	:	11 340 320 UAH
		reg. number	:	1884112071
-	Private persons (54) (Ukraine)				0.18 %
		share's book value	:	52 050 UAH
-	Legal entities (4) (Ukraine)				0.07 %
		share's book value	:	19 100 UAH

Board / Executives

Executives

Financial director

:

Mrs Babaeva Olga Valentinovna (Ukraine)
	pers. code: 2502503320

( the data as of 05.11.2007 )

President

:

Mr Barabash Bogdan Olegovich (Ukraine)
	pers. code: 2890105334

Director

:

Mr Barabash Vladimir Vladimirovich (Ukraine)
	pers. code: 1886711655

( the data cancelled since 23.09.2004 )

Authorised signature

:

Mr Barabash Bogdan Olegovich

Mr Barabash Vladimir Vladimirovich

( the data cancelled since 23.09.2004 )

Changes in Registration Data

- 05.04.2011

:

name

- 23.09.2004

:

share capital, managers, authorised signature

- 17.11.2000

:

legal form, share capital

- 15.07.1997

:

legal address

Activities

:

-	5149	Coffee & Tea
		(NACE 5117: Agents involved in the sale of food, beverages and tobacco)
	( the data as of 05.11.2007 )
-	599	Retail Stores, not elsewhere classified
		(NACE 5248: Other retail sale in specialized stores)
	( the data as of 05.11.2007 )

Packing and trade in teas. The tea-coffee production is mounted with more than 20 units of equipment, which are able to produce about 300 tons of the finished products in a month . Our obligations on the products delivery is fulfilled with the autopark of 15 lorries of different carrying capacity. Warehouse capacity is ready to contain over 200 tons of raw materials and packing and to place the finished products on storage on 1500 Euro-pallets. The quality department, which has the certificated tea-coffee production laboratory in its structure, carries out the permanent monitoring of manufacturing and storage of products.

Staff employed

:

20 [E]

Staff History

:

-	20
	( the data as of 29.07.2011 )
-	20
	( the data as of 11.01.2010 )
-	19
	( the data as of 31.12.2009 )
-	Mass-media data:
	125
	( the data as of 24.04.2008 )
-	Official data:
	125
	( the data as of 31.12.2007 )
-	Official data:
	115
	( the data as of 01.01.2007 )

Export

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

611 695.00

Belarus

- 01.01.2011

:

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

1 062 218.00

Belarus, Bangladesh

- 01.01.2010

:

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

288 103.00

Belarus, Moldova

Import

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

7 215 403.00

Belarus, China, Japan, Italy, Poland

- 01.01.2011

:

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

13 529 041.00

Vietnam, Italy, Poland, China, Sri Lanka

- 01.01.2010

:

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

7 068 262.00

Vietnam, Italy, Poland

Facilities

Real estate

:

own:
-	Premises - Office and production
	address	:	Komunalna str., Velyka Dymerka settl., Kyiv region, 07442, Ukraine

Branches

:

none

Subsidiaries and Participation

:

-	Spilne Ukrainsko-Brytanske Pidpryemstvo Monomah-Alfa (Ukraine)				share n/a
		reg. number	:	23575393
		address	:	Komunalna str., Velyka Dymerka, Kiev region, Brovarskiy district, 07442, Ukraine
-	Lavanda, LLC (Ukraine)				share n/a
		reg. number	:	14021566

Bankers

:

-	MTB, VAT (Kyiv branch) (Ukraine)
	address	:	Kiev, Ukraine
	bank code	:	300829
	account(s)	:	00026000414751 UAH; 26001414751840 USD; 26003414751978 EUR
-	Rayffayzen bank Aval (Ukraine)
	address	:	Odessa, Odessa region, Ukraine
	bank code	:	300335
	account(s)	:	2600611049 UAH

Clients

:

-	OOO Evrotorg (Belarus)

Suppliers

:

-	Nasa Corporation (Japan)
-	PT. PERKEBUNAN NUSANTRA (Indonesia)
-	TEAMAC S.r.l. (Italy)
-	YAMANAKA INDUSTRY CO. (Japan)
-	YIYANG GOLD BUDDHA TEA CO. (Chile)

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data the subject company has been involved as a claimant into 2 litigation processes in the period from 27.08.2008 up to 27.07.2010.

According to the data of Bulletin of the State Registration as of 24.10.2011, there are no bankruptcy registered in the name of the subject company.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

:

There is no companys financial report for 6 months 2011 at the official accessible sources.

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	30 723.60	32 146.50	30 300.00
incl: - Fixed assets	30 723.60	32 146.50	5 366.00
- Financial assets	0.00	0.00	0.00
Current assets	25 702.20	30 242.40	24 685.00
incl: - Stock	14 574.00	17 027.90	9 291.00
- Debtors	10 216.50	10 699.60	13 706.00
- Cash	16.10	54.90	105.00
ASSETS TOTAL	56 425.80	62 388.90	54 985.00
Equity	31 688.80	30 991.40	30 361.00
incl: - Share capital	28 421.40	28 421.40	28 421.00
Liabilities Total	24 737.00	31 397.50	24 624.00
incl: - Long-term liabilities	13 835.30	16 914.30	15 070.00
- Short-term liabilities	10 901.70	14 483.20	9 554.00
EQUITY AND LIABILITIES TOTAL	56 425.80	62 388.90	54 985.00
Net sales	41 979.80	39 296.40	44 314.00
Cost of goods sold			17 197.00
Operating profit			7 133.00
Profit before taxation	697.40	631.00	2 188.00
Net profit	697.40	631.00	2 188.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.66	1.61	4.94
Profit before taxation / Net sales
Operating margin of profit, %			16.10
Operating profit / Net sales
Return on investment, %	2.20	2.04	7.21
Profit before taxation / Equity
Current assets turnover	1.63	1.30	1.80
Net sales / Current assets
Working capital	14 800.50	15 759.20	15 131.00
Current assets - Short-term liabilities
Leverage	0.56	0.50	0.55
Equity / Total assets
Current ratio	2.36	2.09	2.58
Current assets / Short-term liabilities
Quick ratio	1.02	0.91	1.61
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.78	1.01	0.81
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 Yurchenko Yuliya (head of department) on 24.10.2011 by the tel. number: +38 044 3316108. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Director but no answer was received. If the additional information comes in we will update the subject report. Registration file does not contain the information about Bank Credit Dnepr mentioned in your request.
Legal Form History
- 17.11.2000	:	VAT (Public Joint-Stock Company by Ukrainian Law)
		( the data as of 11.01.2010, cancelled since 05.04.2011 )
- 09.07.1993	:	TOV (Limited Liability Company by Ukrainian Law)
		( the data as of 15.07.1997, cancelled since 17.11.2000 )
Capital History
- 17.11.2000	:	3 433 300 UAH (registered)
		( the data as of 17.11.2000, cancelled since 23.09.2004 )

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,	41 979.80	39 296.40
services
020 Indirect taxes and other compulsory payments	8 316.40	9 455.90
030 Net sales revenue (010-020)	33 663.40	29 840.50
040 Other operating income	2 884.30	1 707.00
050 Other income from ordinary activity	1 210.90	2 707.90
060 Extraordinary income	0.00	0.00
070 Net revenue total (030+040+050+060)	37 758.60	34 255.40
080 Change in work-in-progress and finished goods	35.60	464.60
090 Tangible expenses	573.40	493.40
100 Payroll costs	218.60	230.80
110 Allocation to social needs	78.10	84.30
120 Amortization charges	1 397.50	1 203.80
130 Other operating charges	3 866.30	3 191.10
131 incl.	0.00	0.00
140 Cost of sales	23 901.00	21 750.80
150 Other ordinary activity expenses	7 061.90	7 134.80
160 Extraordinary charges	0.00	0.00
170 Profit tax	0.00	0.00
180 Charges total (090+100+110+120+130+140+150+	37 061.20	33 624.40
+160+170+ -080)
190 Net profit (070-180)	697.40	631.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00	0.00
Fixed assets
030 residual assets	30 723.60	32 146.50
031 acquisition cost	37 396.80	37 835.30
032 depreciation	6 673.20	5 688.80
Long-term financial assets
040 Capital participation in other enterprises	0.00	0.00
070 Other non-current assets	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	30 723.60	32 146.50
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	8 348.90	9 790.00
130 Finished goods	6 225.10	7 237.90
Trade debtors:
160 net realizable value	8 196.90	6 892.40
161 acquisition cost	8 196.90	6 892.40
162 doubtful debts reserve	0.00	0.00
Accounts receivable
170 Budget accounts receivable	49.60	42.70
210 Other current accounts receivable	1 970.00	3 764.50
220 Current financial investments	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	16.10	54.90
240 Funds in foreign currencies	0.00	0.00
250 Other current assets	895.60	2 460.00
260 CURRENT ASSETS TOTAL	25 702.20	30 242.40
270 III. DEFERRED CHARGES	0.00	0.00
280 ASSETS TOTAL	56 425.80	62 388.90
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	28 421.40	28 421.40
320 Additional contributed capital	0.00	0.00
340 Reserve capital	0.00	0.00
350 Retained earnings (loss)	3 267.40	2 570.00
360 Unpaid capital (minus)	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	31 688.80	30 991.40
430 II. PROVISIONS FOR EXPENSES AND	0.00	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	13 835.30	16 914.30
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	4 776.90	6 450.90
510 Short-term portion of long-term liabilities	0.00	0.00
530 Trade creditors	5 799.20	7 853.20
Accounts payable:
550 Budget accounts payable	196.10	35.40
570 Insurance payments	74.10	72.60
580 Accrued payroll	10.00	15.10
610 Other short-term liabilities	45.40	56.00
620 SHORT-TERM LIABILITIES TOTAL	10 901.70	14 483.20
630 V. DEFERRED INCOME	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	56 425.80	62 388.90

- 31.12.2008

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	44 314.00
services
015 VAT tax	5 202.00
020 Excise tax	0.00
025
030 Other compulsory payments	7 267.00
035 Net sales revenue	31 845.00
040 Cost of goods, work, services	17 197.00
050 Gross profit	14 648.00
055 Gross loss	0.00
060 Other operating income	1 691.00
070 Administrative and management costs	2 909.00
080 Distribution costs	4 527.00
090 Other operating charges	1 770.00
100 Operating profit	7 133.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	0.00
130 Other income	1 446.00
140 Financial charges	2 285.00
150 Capital participating expenses	0.00
160 Other expenses	4 106.00
170 Profit from ordinary activity before taxation	2 188.00
175 Loss from ordinary activity before taxation	0.00
180 Ordinary activity Income-tax	0.00
190 Profit from ordinary activity	2 188.00
195 Loss from ordinary activity	0.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	2 188.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	686.00
240 Payroll costs	317.00
250 Allocation to social needs	119.00
260 Amortization charges	1 444.00
270 Other operating charges	3 429.00
280 Operating charges total	5 995.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	24 934.00
011 acquisition cost	25 176.00
012 depreciation	242.00
020 Construction in progress	0.00
Fixed assets
030 residual assets	5 366.00
031 acquisition cost	10 484.00
032 depreciation	5 118.00
Long-term financial assets
040 Capital participation in other enterprises	0.00
045 Other financial investments	0.00
050 Long-term accounts receivable	0.00
060 Deferred tax charges	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	30 300.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	5 430.00
110 Working and productive animals	0.00
120 Construction in progress	0.00
130 Finished goods	3 537.00
140 Goods for resale	324.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	9 891.00
161 acquisition cost	9 891.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	35.00
180 Payments in advance	0.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	3 780.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	105.00
240 Funds in foreign currencies	0.00
250 Other current assets	1 583.00
260 CURRENT ASSETS TOTAL	24 685.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	54 985.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	28 421.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	1 940.00
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	30 361.00
II. PROVISIONS FOR EXPENSES AND
LIABILITIES
400 Provisions for payments to personnel	0.00
410 Other provisions	0.00
415 Insurance reserves	0.00
416 portion covered by insurers	0.00
420 Special-purpose funding	0.00
430 PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	14 836.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	234.00
480 TOTAL LONG-TERM LIABILITIES	15 070.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	8 059.00
510 Short-term portion of long-term liabilities	0.00
520 Bills of exchange payable	0.00
530 Trade creditors	1 264.00
Accounts payable:
540 Advance payments	0.00
550 Budget accounts payable	2.00
560 Non-budget accounts payable	0.00
570 Insurance payments	79.00
580 Accrued payroll	30.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	120.00
620 SHORT-TERM LIABILITIES TOTAL	9 554.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	54 985.00

- 31.12.2007

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	39 015.20
services
015 VAT tax	5 386.60
020 Excise tax
025
030 Other compulsory payments	304.70
035 Net sales revenue	33 323.90
040 Cost of goods, work, services	20 332.40
050 Gross profit	12 991.50
055 Gross loss
060 Other operating income	124.10
070 Administrative and management costs	2 011.20
080 Distribution costs	7 227.30
090 Other operating charges	947.40
100 Operating profit	2 929.70
105 Operating loss
110 Income from capital participating
120 Other financial income	0.60
130 Other income	107.10
140 Financial charges	1 892.70
150 Capital participating expenses
160 Other expenses	753.90
170 Profit from ordinary activity before taxation	390.80
175 Loss from ordinary activity before taxation
180 Ordinary activity Income-tax
190 Profit from ordinary activity	390.80
195 Loss from ordinary activity
200 Extraordinary income
205 Extraordinary charges
210 Extraordinary activity Income-Tax
220 Net profit	390.80
225 Net loss
Operating charges details:
230 Tangible expenses	572.10
240 Payroll costs	755.00
250 Allocation to social needs	274.30
260 Amortization charges	908.90
270 Other operating charges	70.90
280 Operating charges total	2 581.20
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	24 920.10
011 acquisition cost	24 998.20
012 depreciation	78.10
020 Construction in progress
Fixed assets
030 residual assets	5 991.90
031 acquisition cost	10 069.60
032 depreciation	4 077.70
Long-term financial assets
040 Capital participation in other enterprises
045 Other financial investments
050 Long-term accounts receivable
060 Deferred tax charges
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	30 912.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	4 249.90
110 Working and productive animals
120 Construction in progress
130 Finished goods	2 293.80
140 Goods for resale	352.30
150 Bills of exchange receivable
Trade debtors:
160 net realizable value	6 543.30
161 acquisition cost	6 543.30
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable	14.30
180 Payments in advance
190 Accrued income
200 Internal payments
210 Other current accounts receivable	4 073.10
220 Current financial investments
Cash at bank and in hand
230 Funds in local currency	180.80
240 Funds in foreign currencies
250 Other current assets	565.80
260 CURRENT ASSETS TOTAL	18 273.30
270 III. DEFERRED CHARGES
280 ASSETS TOTAL	49 185.30
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	28 421.40
310 Share capital
320 Additional contributed capital
330 Other additional capital
340 Reserve capital
350 Retained earnings (loss)	-248.20
360 Unpaid capital (minus)
370 Retired capital (minus)
380 CAPITAL AND RESERVES TOTAL	28 173.20
II. PROVISIONS FOR EXPENSES AND
LIABILITIES
400 Provisions for payments to personnel
410 Other provisions
415 Insurance reserves
416 portion covered by insurers
420 Special-purpose funding
430 PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	13 974.60
450 Other financial liabilities
460 Deferred tax liabilities
470 Other long-term liabilities	1 126.40
480 TOTAL LONG-TERM LIABILITIES	15 101.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	2 373.50
510 Short-term portion of long-term liabilities
520 Bills of exchange payable
530 Trade creditors	3 220.50
Accounts payable:
540 Advance payments
550 Budget accounts payable	3.90
560 Non-budget accounts payable
570 Insurance payments	57.40
580 Accrued payroll
590 Liabilities to shareholders
600 Internal payments
610 Other short-term liabilities	255.80
620 SHORT-TERM LIABILITIES TOTAL	5 911.10
630 V. DEFERRED INCOME
640 EQUITY AND LIABILITIES TOTAL	49 185.30

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.28

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.