MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	INTERNATIONAL POTASH COMPANY (UK) LIMITED
Registered Office :	85 Chelsea Manor Street, London, SW3 5QP.
Country :	United Kingdom
Financials (as on) :	31.12.2010
Date of Incorporation :	26.08.1999
Com. Reg. No.:	03834701
Legal Form :	Private Limited
Line of Business :	The purchasing and distribution of potash and other fertilisers. Accounts data expressed in US Dollars.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP 400,000
Status :	Good
Payment Behaviour :	Regular
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)
United Kingdom	A1	A1

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

Company Identification Details

Subject Reported on	INTERNATIONAL POTASH COMPANY (UK) LIMITED
Registration Number	03834701
Address	ELSCOT HOUSE, ARCADIA AVENUE, LONDON, N3 2JE.
Telephone	0208 346 4464
Facsimile	0208 346 4465

Creditline Recommendations

Monthly Credit Guide

GBP 400,000

Official Company Data

Legal Form	Private Limited
Registration Number	03834701
Subject Status	Trading
Date of Incorporation	26/08/1999
Registered Office	85 CHELSEA MANOR STREET, LONDON, SW3 5QP.
History	26/01/2006 : The Registered Office address changed from 3 POND PLACE, LONDON, SW3 6QR.
	13/11/2003 : The Registered Office address changed from C/O VENTHAMS QUEENS HOUSE, 55-56 LINCOLNS INN.
	10/11/2001 : The Registered Office address changed from 1 REGENT STREET, LONDON, SW1Y 4NW.
Date of Last Annual Return to Registry	26/08/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2010
Accounting Reference Date	31/12

Operations

Activities	The purchasing and distribution of potash and other fertilisers. Accounts data expressed in US Dollars.
Nace Code	5155
Premises	Offices
Staff Employed	5
Auditors	Venthams

Historical Rating

Date	Monthly Credit Guide
29/09/2011	400,000
29/06/2011	400,000
29/03/2011	400,000
29/12/2010	400,000
29/09/2010	400,000

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	0	0

Search History Details

The Search History Details shows details of the most recent 40 searches

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	11
Number Outstanding	9
Number Partially Satisfied	0
Number Satisfied	2
Date of Latest Mortgage Created	02/11/2009
Date of Latest Satisfaction	02/02/2008

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	19/11/2009	02/11/2009	Deposit Account Charge	MG01	Bayerische Hypo-Und Vereinsbank Ag
	15/09/2006	13/09/2006	Charge And Release Over Deposit	395	Fortis Bank Sa-Nv
	02/02/2006	19/01/2006	A Security Deed	395	Dbs Bank Ltd, London Branch
	19/07/2005	13/07/2005	General Charge Of Receivables And Contract Rights	395	Bayerische Hypo-Und Vereinsbank (London Branch)
	19/07/2005	13/07/2005	General Letter Of Pledge	395	Bayerische Hypo-Und Vereinsbank (London Branch)
	19/07/2005	13/07/2005	Charge Of Deposit	395	Bayerische Hypo-Und Vereinsbank (London Branch)
	27/01/2005	20/01/2005	General Letter Of Pledge	395	Fortis Bank Sa-Nv
	25/05/2002	23/05/2002	Rent Deposit Deed	395	Punch Retail Limited
	04/10/2001	26/09/2001	Trade Finance Security Agreement	395	Bnp Paribas (Suisse) S.A.
02/02/2008	17/08/2001	15/08/2001	Trade Finance Agreement	395	Bnp Paribas

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

05/04/2011	Companies House Gazette	Notification of any change among the company's directors
20/09/2007	Companies House Gazette	Change among directors of a company
08/03/2007	Companies House Gazette	Change among directors of a company
03/02/2004	Companies House Gazette	Change among directors of a company
18/09/2003	Companies House Gazette	Change among directors of a company
27/04/2000	Companies House Gazette	Change among directors of a company
17/02/2000	Companies House Gazette	Change among directors of a company
09/02/2000	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	SVEDBERG LAW
Service Address	85 CHELSEA MANOR STREET, LONDON, SW3 5QP.
Country of Origin	UNITED KINGDOM
Appointment Date	30/06/2003

Directors

Director	MR ALEXEY LITVYAKOV
Service Address	44 PARKOVAYA STR APT 56, MOSCOW.
Country of Origin	SOVIET UNION
Date of Birth	30/04/1956
Appointment Date	13/01/2004
Director	MR ILYA RASHITOVITCH CHERMENTEEV
Service Address	APP. 191, MOLDSTOVA STR. NO. 31, MOSCOW, 127081.
Country of Origin	SOVIET UNION
Date of Birth	21/07/1971
Appointment Date	03/04/2007
Director	MR IVAN VASIN
Service Address	85 CHELSEA MANOR STREET, LONDON, SW3 5QP.
Country of Origin	SOVIET UNION
Date of Birth	10/02/1971
Appointment Date	05/04/2011

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	350,000
Principal Shareholder	350,000 International Potash Co.

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Holding Company	International Potash Co., a company incorporated in RUSSIAN FEDERATION
Ultimate Parent	JSC INTERNATIONAL POTASH CO., a company incorporated in RUSSIAN FEDERATION

Financial Data– Statutory Accounts

For annual accounts images, view the

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	USD	USD	USD	USD
SALES	340417	659911	498929	169972
Export	340417	659911	498929	169972
Cost of goods sold	335556	650964	493086	166680
GROSS PROFIT	4861	8947	5843	3292
Wages and Salaries	2684	1432	1557	1456
Directors Emoluments	1825	728	786	750
Auditors Fees	16	21	26	27
Non-Audit Fees	1	22
Trading Profit	687	6739	2550	887
OPERATING PROFIT	687	6739	2550	887
Non Trading Income	19	86	375	295
Interest Payable	6		95	44
PRE TAX PROFIT	700	6825	2830	1138
Taxation	204	1947	938	288
PROFIT AFTER TAX	496	4878	1892	850
Dividends Payable	300	285	368	400
RETAINED PROFITS	196	4593	1524	450

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	USD	USD	USD	USD
TOTAL CURRENT ASSETS	45003	82902	82562	32736
Trade debtors	39146	61868	63264	25366
Other Current Assets	5857	21034	19298	7370
Misc Current Assets	390	12591	171	291
Cash	5467	8443	19127	7079
TOTAL ASSETS	45003	82902	82562	32736
TOTAL CURRENT LIABILITIES	28099	66193	70446	22145
Trade creditors	20300	44501	51089	12495
Short Term Loans	2803			7158
Bank Overdraft	2803			7158
Other Liabilities	4996	21692	19357	2492
WORKING CAPITAL	16904	16709	12116	10591
NET ASSETS/(LIABILITIES)	16904	16709	12116	10591
SHARE CAPITAL + RESERVES	16904	16709	12116	10591
Share Cap + Sundry Res	556	556	556	556
Issued Share Capital	556	556	556	556
Profit and Loss account	16348	16153	11560	10035
SHAREHOLDERS FUNDS	16904	16709	12116	10591
CAPITAL EMPLOYED	16904	16709	12116	10591

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	USD	USD	USD	USD
Net Cashflow from Oper.	(3792)	(9368)	19810	(15137)
Increase in Cash	(2976)	(10683)	12047	(8185)
Directors Remuneration	1825	728	786	750
Auditors Remuneration	16	21	26	27
Liquid Assets	44613	70311	82391	32445
Net Working Capital	16904	16709	12116	10591
Tangible Net Worth(T.N.W)	16904	16709	12116	10591
Equity	16904	16709	12116	10591
Number of Years Trading	11	10	9	8
Number of Employees	5	6	6	6
Profit per Employee	140000	1137500	471666.7	189666.7
Sales per Employee	68083400	109985166.7	83154833.3	28328666.7

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Current Ratio	1.6	1.3	1.2	1.5
Pre Tax Profit Margin%	0.2	1	0.6	0.7
Gross Profit%	1.4	1.4	1.2	1.9
Debtors Days (D.S.O)	42	34	46	54
Creditors Days (D.P.O)	22	25	37	27
Quick Ratio	1.6	1.3	1.2	1.5
Return on Investment%	3.6	40.8	24.1	6.7
Return on Assets%	1.6	8.2	3.4	3.5
T.N.W/Total Assets%	37.6	20.2	14.7	32.4
Return on Capital%	4.1	40.8	23.4	10.7
Rtn on Shareholders Funds%	4.1	40.8	23.4	10.7
Working Capital/Sales%	5	2.5	2.4	6.2
Borrowing Ratio%	16.6			67.6
Equity Gearing%	60.2	25.2	17.2	47.8
Days Purchases Outstanding	22.1	25	37.8	27.4

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	605	5431	6328	6452
Pre-Tax Profit Margin	5.3	3.5	2.5	3.6
Current Ratio	1.6	1.6	1.7	1.5
Borrowing Ratio	86.5	100	94.4	103.9
Return on Capital	29.7	22.2	19.8	25.5
Creditors Days	45	63	77	50

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of non-agricultural intermediate products, waste and scrap

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2010.

Turnover

Turnover decreased by 48 % and reduced by 319,494,000 to USD 340,417,000.

Operating Profit

Totalled USD 687,000. In the year prior a Profit of USD 6,739,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 89 % over the previous year.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

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.