MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU DYUNA-VESTA
Registered Office :	67 Bogdana Khmelnitskogo str., Chervonograd, Lviv region, 80100
Country :	Ukraine
Financials (as on) :	30.06.2011
Date of Incorporation :	26.12.2002
Com. Reg. No.:	32285581
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	Manufacture of textiles
No. of Employees :	800

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 :	120 000 EUR
Status :	Moderate
Payment Behaviour :	No complaints
Litigation :	Exists

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

:

Tovarystvo z obmezhenoyu vidpovidalnistyu DYUNA-VESTA

Name in English

:

DYUNA-VESTA, LLC

Name in national language

:

?????????? ? ????????? ???????????????? ????-?????

Office address

:

67 Bogdana Khmelnitskogo str., Chervonograd, Lviv region, 80100, Ukraine

Legal Address

:

67 Bogdana Khmelnitskogo str., Chervonograd, Lviv region, 80100, Ukraine

Contacts

:

-	E-mail	:	dunavesta@dunavesta.com.ua
-	Phone/fax	:	(+38 03249) 27299
-	Phone	:	(+38 03249) 41344
-	WWW	:	www.dunavesta.com.ua

SUMMARY

Legal Form : TOV (Limited Liability Company by Ukrainian Law)

Incorporation : 2002

Staff : 800

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

Sales :	42 059.00 th UAH ( for 6 months, ended 30.06.2011 )
	93 054.00 th UAH ( for 12 months, ended 31.12.2010 )

Credit Limit

:

120 000 EUR Credit line at value over the Credit Limit is advised to be secured with proper guarantees.

Incorporation

:

2002

Registration Data

Date of registration

:

26.12.2002

Registration number

:

32285581

Registr. authority

:

Local Administration (Chervonograd, Lviv region, Ukraine)

Number of the Certificate of State Registration: 536724 Series of the Certificate: ?00

VAT number

:

322855813138

Registr. place

:

Ukraine

Number of VAT-certificate:100294476 Date of issue: 31.07.2010

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 23.09.2010

Share Capital

:

67 783 000 UAH (registered)

since 22.12.2011

Shareholders

:

-	Mr Kapustyanyk Yuriy Mihaylovich (Ukraine)				27.52 %
		share's book value	:	18 655 848 UAH
-	Mr Vishnevskiy Sergey Ivanovich (Ukraine)				24.27 %
		share's book value	:	16 451 138 UAH
-	Mr Shah Anatoliy Nikolayevich (Ukraine)				24.10 %
		share's book value	:	16 338 007 UAH
-	Mr Drobotey Aleksandr Fedorovich (Ukraine)				24.10 %
		share's book value	:	16 338 007 UAH

Board/ Executives

Executives

Director

:

Mr Kapustyanyk Yuriy Mihaylovich (Ukraine)

Director

:

Mr Vishnevskiy, Sergey Ivanovich (Ukraine)
	pers. code: 2295604970
	address: 19 Dolyna str., Bryuhovychi settl., Lviv Region, Ukraine

( the data cancelled since 20.07.2010 )

Director

:

Mr Kapustyanik, Yuriy Mihaylovich (Ukraine)
	pers. code: 2419714817
	address: 22 Klyusivska str., apt. 135, Chervonograd, Lviv region, Ukraine

( the data cancelled since 29.10.2009 )

Director

:

Mr Vishnevskiy, Sergey Ivanovich (Ukraine)
	pers. code: 2295604970
	address: 19 Dolyna str., Bryuhovychi settl., Lviv Region, Ukraine

( the data cancelled since 08.07.2004 )

Director

:

Mr Kapustyanik, Yuriy Mihaylovich (Ukraine)
	pers. code: 2419714817
	address: 22 Klyusivska str., apt. 135, Chervonograd, Lviv region, Ukraine

( the data cancelled since 13.08.2003 )

Authorised signature

:

Mr Kapustyanyk Yuriy Mihaylovich

Mr Vishnevskiy, Sergey Ivanovich

( the data cancelled since 20.07.2010 )

Mr Kapustyanik, Yuriy Mihaylovich

( the data cancelled since 29.10.2009 )

Mr Vishnevskiy, Sergey Ivanovich

( the data cancelled since 08.07.2004 )

Mr Kapustyanik, Yuriy Mihaylovich

( the data cancelled since 13.08.2003 )

Changes in Registration Data

- 22.12.2011

:

share capital

- 19.11.2010

:

share capital

- 23.09.2010

:

share capital, managers, authorised signature

- 20.07.2010

:

legal form, share capital, managers, authorised signature

- 29.10.2009

:

legal form, share capital, managers, authorised signature

- 08.07.2004

:

share capital, managers, authorised signature

New share capital: UAH 9 825 000. New director: Mr Yuriy Mihaylovich Kapustyanik.

- 11.11.2003

:

share capital

Share capital: UAH 8 375 000.

- 13.08.2003

:

managers, authorised signature

Director: Mr Sergey Ivanovich Vishnevskiy.

Activities

:

-	22	TEXTILE MILL PRODUCTS
		(NACE 1700: Manufacture of textiles)
-	2251	Women's hosiery, except socks
		(NACE 1771: Manufacture of knitted and crocheted hosiery)
-	2252	Anklets & Socks
		(NACE 1771: Manufacture of knitted and crocheted hosiery)
-	2252	Tights & Leg Warmers
		(NACE 1771: Manufacture of knitted and crocheted hosiery)
-	51	WHOLESALE TRADE-NONDURABLE GOODS
		(NACE 5100: Wholesale trade and commission trade, except of motor vehicles and motorcycles)
-	513	Apparel, Piece Goods, and Notions
		(NACE 5142: Wholesale of clothing and footwear)

Production and trade in socks and hosiery.

Staff employed

:

800 [E]

Staff History

:

-	800 [E]
	( the data as of 09.06.2011 )
-	700
	( the data as of 05.05.2010 )
-	595
	Official data.
	( the data as of 31.03.2010 )
-	505
	( the data as of 31.10.2007 )

Export

- 01.05.2011

:

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

7 422 991.00

Russian Federation, Moldova, Belarus

- 01.01.2011

:

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

27 887 877.00

Russian Federation, Lithuania, Czechia, Moldova

- 01.01.2010

:

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

17 574 589.00

Lithuania, Moldova, Russia, Czech Republic

Import

- 01.05.2011

:

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

18 059 851.00

Poland, Italy, Germany, China, India

- 01.01.2011

:

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

44 780 855.00

Poland, Turkey, Italy, China, Czech Republic

- 01.01.2010

:

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

36 837 101.00

Germany, Poland, India, Russian Federation, Turkey

Facilities

Real estate

:

own:
-	Premises - Office and production
	address	:	67 Bogdana Khmelnitskogo str., Chervonograd, Lviv region, 80100, Ukraine

Branches

:

-	Representative office
	name	:	Representative office Dyuna-Lviv-Pivdenniy
	Registration number: 37983859
-	Representative office
	name	:	Representative office Kyiv-Dyuna
	Registration number: 37541223
-	Shop
	name	:	Brand store in Lutsk
	Registration number: 37796314

Subsidiaries and Participation

:

-	Trading house DYUNA-SHID (Ukraine)				share n/a
		reg. number	:	37214206
-	Trading house Dyuna-Center (Ukraine)				share n/a
		reg. number	:	36187030
		address	:	25 Shevchenka str., Donetsk, Donetsk region, Ukraine
-	PJSC Sokalskiy Elevator (Ukraine)				share n/a
		reg. number	:	00954892
		address	:	4, --go Maya str., Lviv Region, Ukraine
-	Trading house Dyuna-Vesta (Ukraine)				share n/a
		reg. number	:	35342647
		address	:	25 Shevchenka str., Donetsk, Donetsk region, Ukraine

Bankers

:

-	Pryvatbank (Ukraine)
	bank code	:	325882
	account(s)	:	26009051300013 EUR
-	Rayffayzen Bank Aval (Ukraine)
	bank code	:	325570
	account(s)	:	260659496 UAH

Clients

:

-	CERYX Ltd (Lithuania)
-	FARMINA (Moldova)
-	LepKep (Russian Federation)
-	Travnikov Sergey Vasilyevich (Belarus)
-	ZIREX (Czechia)

Suppliers

:

-	FLAINOX S.R.L. (Italy)
-	Fabrica de Hilados Fontfilva S.L. (Poland)
-	Fritz Brandt Landmaschinenhandel (Germany)
-	LLC Kurskhimvolokno (Russian Federation)
-	Winsome Textile Industries Limited (India)

Litigation

:

According to the data of Bulletin of the State Registration as of 02.04.2012, there are no bankruptcy registered in the name of the subject company.

There have been traced 28 court records where the subject company is filed as a defendant and claimant in the period from 24.04.2007 up to 07.02.2012. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	6	12	12
Ended	30.06.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
Non-current assets	28 950.00	32 761.00	22 878.00
incl: - Fixed assets	28 409.00	32 199.00	22 703.00
- Financial assets	541.00	562.00	175.00
Current assets	81 416.00	63 603.00	41 347.00
incl: - Stock	43 443.00	26 457.00	18 207.00
- Debtors	35 929.00	36 760.00	20 851.00
- Cash	2 044.00	365.00	2 289.00
ASSETS TOTAL	110 376.00	96 383.00	64 243.00
Equity	67 384.00	64 682.00	39 926.00
incl: - Share capital	59 504.00	59 504.00	23 025.00
Liabilities Total	42 992.00	31 701.00	24 317.00
incl: - Long-term liabilities	25 316.00	21 681.00	20 505.00
- Short-term liabilities	17 676.00	10 020.00	3 812.00
EQUITY AND LIABILITIES TOTAL	110 376.00	96 383.00	64 243.00
Net sales	42 059.00	93 054.00	79 564.00
Cost of goods sold	25 001.00	60 290.00	48 555.00
Operating profit	4 724.00	12 447.00	14 460.00
Profit before taxation	2 493.00	8 383.00	8 344.00
Net profit	1 876.00	6 287.00	6 258.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	5.93	9.01	10.49
Profit before taxation / Net sales
Operating margin of profit, %	11.23	13.38	18.17
Operating profit / Net sales
Return on investment, %	3.70	12.96	20.90
Profit before taxation / Equity
Current assets turnover	0.52	1.46	1.92
Net sales / Current assets
Working capital	63 740.00	53 583.00	37 535.00
Current assets - Short-term liabilities
Leverage	0.61	0.67	0.62
Equity / Total assets
Current ratio	4.61	6.35	10.85
Current assets / Short-term liabilities
Quick ratio	2.15	3.71	6.07
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.64	0.49	0.61
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 Golub Natalya (secretary) on 02.04.2012 by the tel. number: +38 03249 41344. 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.

Legal Form History

- 26.12.2002

:

ZAT (Private Joint-Stock Company by Ukrainian Law)

( the data as of 26.12.2002, cancelled since 23.09.2010 )

Capital History

- 19.11.2010

:

59 504 000 UAH (registered)

( the data as of 19.11.2010, cancelled since 22.12.2011 )

- 23.09.2010

:

44 575 000 UAH (registered)

( the data as of 23.09.2010, cancelled since 19.11.2010 )

- 20.07.2010

:

29 975 000 UAH (registered)

( the data as of 20.07.2010, cancelled since 23.09.2010 )

- 29.10.2009

:

23 025 000 UAH (registered)

( the data as of 29.10.2009, cancelled since 20.07.2010 )

- 08.07.2004

:

9 825 000 UAH (registered)

( the data as of 08.07.2004, cancelled since 29.10.2009 )

- 11.11.2003

:

8 375 000 UAH (registered)

( the data as of 11.11.2003, cancelled since 08.07.2004 )

- 26.12.2002

:

6 450 000 UAH (registered)

( the data as of 26.12.2002, cancelled since 11.11.2003 )

APPENDIX A

Financial Statements

Period, months	6	12	12
Ended	30.06.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	42 059.00	93 054.00	79 564.00
services
015 VAT tax	5 587.00	10 958.00	10 333.00
020 Excise tax	0.00	0.00	0.00
025
030 Other compulsory payments	0.00	0.00	0.00
035 Net sales revenue	36 472.00	82 096.00	69 231.00
040 Cost of goods, work, services	25 001.00	60 290.00	48 555.00
050 Gross profit	10 404.00	21 806.00	20 676.00
055 Gross loss	0.00	0.00	0.00
060 Other operating income	3 160.00	1 759.00	1 910.00
070 Administrative and management costs	1 592.00	2 963.00	2 089.00
080 Distribution costs	4 184.00	7 227.00	4 593.00
090 Other operating charges	3 064.00	928.00	1 444.00
100 Operating profit	4 724.00	12 447.00	14 460.00
105 Operating loss	0.00	0.00	0.00
110 Income from capital participating	0.00	0.00	0.00
120 Other financial income	17.00	143.00	34.00
130 Other income	430.00	0.00	526.00
140 Financial charges	2 640.00	4 207.00	6 132.00
150 Capital participating expenses	0.00	0.00	0.00
160 Other expenses	38.00	0.00	544.00
170 Profit from ordinary activity before taxation	2 493.00	8 383.00	8 344.00
175 Loss from ordinary activity before taxation	0.00	0.00	0.00
180 Ordinary activity Income-tax	617.00	2 096.00	2 086.00
190 Profit from ordinary activity	1 876.00	6 287.00	6 258.00
195 Loss from ordinary activity	0.00	0.00	0.00
200 Extraordinary income	0.00	0.00	0.00
205 Extraordinary charges	0.00	0.00	0.00
210 Extraordinary activity Income-Tax	0.00	0.00	0.00
220 Net profit	1 876.00	6 287.00	6 258.00
225 Net loss	0.00	0.00	0.00
Operating charges details:
230 Tangible expenses	30 818.00	48 228.00	37 337.00
240 Payroll costs	8 500.00	14 020.00	8 354.00
250 Allocation to social needs	2 904.00	5 279.00	3 159.00
260 Amortization charges	4 495.00	6 069.00	3 841.00
270 Other operating charges	3 550.00	5 070.00	2 159.00
280 Operating charges total	50 267.00	78 666.00	54 850.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	0.00	0.00	0.00
011 acquisition cost	6.00	6.00	6.00
012 depreciation	6.00	6.00	6.00
020 Construction in progress	0.00	0.00	0.00
Fixed assets
030 residual assets	28 409.00	32 199.00	22 703.00
031 acquisition cost	54 394.00	53 733.00	38 614.00
032 depreciation	25 985.00	21 534.00	15 911.00
Long-term financial assets
040 Capital participation in other enterprises	354.00	354.00	175.00
045 Other financial investments	187.00	208.00	0.00
050 Long-term accounts receivable	0.00	0.00	0.00
060 Deferred tax charges	0.00	0.00	0.00
070 Other non-current assets	0.00	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	28 950.00	32 761.00	22 878.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	5 578.00	7 030.00	6 131.00
110 Working and productive animals	0.00	0.00	0.00
120 Construction in progress	0.00	0.00	0.00
130 Finished goods	35 921.00	18 947.00	11 689.00
140 Goods for resale	1 944.00	480.00	387.00
150 Bills of exchange receivable	0.00	0.00	0.00
Trade debtors:
160 net realizable value	32 295.00	33 041.00	18 813.00
161 acquisition cost	32 295.00	33 041.00	18 813.00
162 doubtful debts reserve	0.00	0.00	0.00
Accounts receivable
170 Budget accounts receivable	3 634.00	3 048.00	1 017.00
180 Payments in advance	0.00	0.00	0.00
190 Accrued income	0.00	0.00	0.00
200 Internal payments	0.00	0.00	0.00
210 Other current accounts receivable	0.00	671.00	1 021.00
220 Current financial investments	0.00	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	1 404.00	325.00	1 824.00
240 Funds in foreign currencies	640.00	40.00	465.00
250 Other current assets	0.00	21.00	0.00
260 CURRENT ASSETS TOTAL	81 416.00	63 603.00	41 347.00
270 III. DEFERRED CHARGES	10.00	19.00	18.00
280 ASSETS TOTAL	110 376.00	96 383.00	64 243.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	59 504.00	59 504.00	23 025.00
310 Share capital	0.00	0.00	0.00
320 Additional contributed capital	0.00	0.00	0.00
330 Other additional capital	3 437.00	3 868.00	6 950.00
340 Reserve capital	0.00	0.00	3 693.00
350 Retained earnings (loss)	4 443.00	1 310.00	6 258.00
360 Unpaid capital (minus)	0.00	0.00	0.00
370 Retired capital (minus)	0.00	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	67 384.00	64 682.00	39 926.00
II. PROVISIONS FOR EXPENSES AND
LIABILITIES
400 Provisions for payments to personnel	0.00	0.00	0.00
410 Other provisions	0.00	0.00	0.00
415 Insurance reserves	0.00	0.00	0.00
416 portion covered by insurers	0.00	0.00	0.00
420 Special-purpose funding	0.00	0.00	0.00
430 PROVISIONS FOR EXPENSES AND	0.00	0.00	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	25 000.00	20 692.00	20 442.00
450 Other financial liabilities	0.00	0.00	0.00
460 Deferred tax liabilities	316.00	989.00	63.00
470 Other long-term liabilities	0.00	0.00	0.00
480 TOTAL LONG-TERM LIABILITIES	25 316.00	21 681.00	20 505.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	11 797.00	6 000.00	0.00
510 Short-term portion of long-term liabilities	0.00	0.00	0.00
520 Bills of exchange payable	0.00	0.00	0.00
530 Trade creditors	4 344.00	2 487.00	2 136.00
Accounts payable:
540 Advance payments	0.00	0.00	0.00
550 Budget accounts payable	108.00	342.00	520.00
560 Non-budget accounts payable	0.00	0.00	0.00
570 Insurance payments	302.00	298.00	331.00
580 Accrued payroll	651.00	650.00	777.00
590 Liabilities to shareholders	0.00	0.00	0.00
600 Internal payments	0.00	0.00	0.00
610 Other short-term liabilities	474.00	243.00	48.00
620 SHORT-TERM LIABILITIES TOTAL	17 676.00	10 020.00	3 812.00
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	110 376.00	96 383.00	64 243.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.79
Euro	1	Rs.68.34

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.