MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	UNITON, LLC
Registered Office :	1 Chubanova str., Zaporizhzhya, 69600
Country :	Ukraine
Financials (as on) :	30.06.2011
Date of Incorporation :	21.12.1995
Com. Reg. No.:	23853490
Legal Form :	Limited Liability Company by Ukrainian Law
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	55

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	170 000 EUR
Status :	Satisfactory
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 YUNITON

Name in English

:

UNITON, LLC

Previous Names

:

-

YUNION

Office address

:

1 Chubanova str., Zaporizhzhya, 69600, Ukraine

Legal Address

:

1 Chubanova str., Zaporizhzhya, 69600, Ukraine

Other Addresses

:

Previous legal address

7 Bayrachna str., Zaporizhzhya, 69118, Ukraine

( the data cancelled since 31.10.2006 )

Previous legal address

18 Ladozka str., Zaporizhzhya, 69118, Ukraine

( the data cancelled since 25.10.2000 )

Contacts

:

-	Phone/fax	:	(+38 061) 2287903
-	Phone	:	(+38 061) 2287901, 2287913 ,2287914
-	Fax	:	(+38 061) 2287990
-	E-mail	:	valentina@uniton.zp.ua
-	WWW	:	www.uniton.zp.ua
-	Previous phone numbers:
	Phone	:	(+38 061) 2702601, 2702613, 2702614
	( the data as of 07.12.2011 )
-	Fax	:	(+38 061) 2702690
	Previous fax number
	( the data as of 07.12.2011 )
-	Phone/fax	:	(+380 61) 2702603
	Previous phone/fax number
	( the data as of 07.12.2011 )

SUMMARY

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

Incorporation : 1995

Staff : n/a

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

Sales :	62 290.00 th UAH ( for 6 months, ended 30.06.2011 )
	99 267.00 th UAH ( for 12 months, ended 31.12.2010 )

Credit Opinion

Credit Limit

:

170 000 EUR Credit amount exceeding the value above is advised to be supported by proper guarantees.

Range

:

R6

Incorporation

:

1995

Registration Data

Date of registration

:

21.12.1995

Registration number

:

23853490

Registr. authority

:

Local Executive Committee (Zaporizhzhya, Ukraine)

VAT number

:

238534908286

Registr. place

:

Ukraine

Number of VAT-certificate: 100014028 Date of issue: 19.01.2007

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 21.12.1995

Share Capital

:

75 000 UAH (registered)

since 31.10.2006

Shareholders

:

-	Mr Sanzharevskiy Igor Engelsovich (Ukraine)				45.00 %
		share's book value	:	33 750 UAH
		reg. number	:	2209707650
-	Mr Leshkevich Ivan Ivanovich (Ukraine)				45.00 %
		share's book value	:	33 750 UAH
		reg. number	:	2294202770
-	Mrs Sanzharevskaya Natalya Anatolyevna (Ukraine)				5.00 %
		share's book value	:	3 750 UAH
		reg. number	:	2246415605
-	Mrs Leshkevich Natalya Vadimovna (Ukraine)				5.00 %
		share's book value	:	3 750 UAH
		reg. number	:	2421114447

Board / Executives

Executives

Director

:

Mr Sanzharevskiy Igor Engelsovich (Ukraine)
	pers. code: 2209707650

Authorised signature

:

Mr Sanzharevskiy Igor Engelsovich

Changes in Registration Data

- 31.10.2006

:

legal address, share capital

- 25.10.2000

:

legal address

- 24.07.1996

:

name

Activities

:

-	5051	Iron & Steel Products
		(NACE 5152: Wholesale of metals and metal ores)

UNITON Ltd is a leader on the market of heat resistant and sensitive alloys, stainless, bearing, high-speed, instrumental, alloyed and structural steel for more than 15 years, offering over 800 grades of steel in accordance with GOST, DIN, ASTM, AISI, EN.

Staff employed

:

n/a

There is no current information in the official sources. The company's administration refused to provide this information either.

Staff History

:

-	55 [E]
	( the data as of 07.12.2011 )
-	30 [E]
	( the data as of 18.04.2011 )
-	48
	( the data as of 31.03.2010 )
-	48
	( the data as of 31.12.2009 )
-	Official data:
	50
	( the data as of 01.01.2007 )

Export

- 01.01.2011

:

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

268 629.00

Russian Federation

- 01.01.2010

:

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

365 910.00

Russian Federation

:

none

Import

- 01.05.2011

:

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

25 875 332.00

China Peoples Republic, India, Poland, Germany, Netherlands

- 01.01.2011

:

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

44 101 818.00

Belgium, Sweden, Taiwan, Poland, Slovenia

- 01.01.2010

:

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

9 909 508.00

Italy, Sweden, Taiwan, Poland, Slovenia

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	1 Chubanova str., Zaporizhzhya, 69600, Ukraine

Branches

:

-	Branch (Donetsk, Donetsk region, Ukraine)
	name	:	Donetsk branch
	address	:	4 Ovnatanyana str., Donetsk, Donetsk region, 83000, Ukraine
	Registration number: 26503655
-	Branch (Kharkiv, Kharkiv region, Ukraine)
	name	:	Harkiv branch
	address	:	19 Kyrgyzka str., corp 2, apt. 401, Kharkiv, Kharkiv region, 61001, Ukraine
	Registration number: 33431902
-	Branch (Kiev, Ukraine)
	name	:	Kyiv branch
	address	:	191 Borschagivska str., apt. 193, Kiev, 01001, Ukraine
	Registration number: 33985847
-	Branch (Lviv, Lviv region, Ukraine)
	name	:	Lviv branch
	address	:	174 Gorodotska str., Lviv, Lviv region, 79000, Ukraine
	Registration number: 33431876
-	Representative office (Kiev, Ukraine)
	name	:	Kyiv Representative office
	address	:	191 Borschagivska str., apt. 193, Kiev, 01001, Ukraine
	Registration number: 26501248.

Subsidiaries and Participation

:

-	Dniprokor (Ukraine)				share n/a
		reg. number	:	13612779
		address	:	Zaporizhzhya, Ukraine
-	PJSC Plant of Agrotechnical Machines (ZAT Zavod agrotehnichnyh mashyn) (Ukraine)				share n/a
		reg. number	:	00235826
		address	:	Zaporizhzhya, Ukraine
-	LLC Club of vase-coronary rehabilitation (TOV Klub vazo-koronarnoyi reabilitatsiyi) (Ukraine)				share n/a
		reg. number	:	20500394
		address	:	Zaporizhzhya, Ukraine
-	TOV Medservis LTD (Ukraine)				share n/a
		reg. number	:	19272385
		address	:	Zaporizhzhya, Ukraine

Bankers

:

-	Metalurg (Ukraine)
	address	:	30 Metalurgiv ave., Zaporizhzhya, 69006, Ukraine
	bank code	:	313582
	account(s)	:	00026009139201 UAH, 00026008139235 EUR
-	Privatbank, Zaporizhzhya branch (Ukraine)
	address	:	1 Gliserna str., Zaporizhzhya, 69002, Ukraine
	bank code	:	313399
	account(s)	:	26003202815004 EUR, 26006202815001 UAH, 26005202815002 USD

Clients

:

-	ZAO Uniton (Russian Federation)

Suppliers

:

-	AUSTENIT IMPORT (Poland)
-	MS Stainless GmbH (Germany)
-	RATNESH METAL INDUSTRIES PVT. LTD. (India)
-	Roba Metals B.V. (Netherlands)
-	WUXI XINSHUI STEEL CO.,Ltd (China Peoples Republic)

Litigation

:

According to the data of Bulletin of the State Registration as of 17.04.2012, there are no bankruptcy registered in the name of the subject company.

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 51 court records where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 24.07.2006 up to 29.03.2012. 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	6 018.00	5 547.00	5 746.00
incl: - Fixed assets	4 383.00	3 852.00	4 126.00
- Financial assets	1 429.00	1 429.00	1 429.00
Current assets	50 645.00	26 531.00	18 682.00
incl: - Stock	16 171.00	11 916.00	12 689.00
- Debtors	30 012.00	14 087.00	5 849.00
- Cash	1 522.00	165.00	93.00
ASSETS TOTAL	56 663.00	32 078.00	24 428.00
Equity	18 230.00	15 829.00	9 902.00
incl: - Share capital	75.00	75.00	75.00
Liabilities Total	38 433.00	16 249.00	14 526.00
incl: - Long-term liabilities	0.00	0.00	0.00
- Short-term liabilities	38 433.00	16 249.00	14 526.00
EQUITY AND LIABILITIES TOTAL	56 663.00	32 078.00	24 428.00
Net sales	62 290.00	99 267.00	39 224.00
Cost of goods sold	42 467.00	70 842.00	26 443.00
Operating profit	3 780.00	7 361.00	2 237.00
Profit before taxation	2 608.00	7 327.00	931.00
Net profit	2 410.00	5 927.00	795.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.19	7.38	2.37
Profit before taxation / Net sales
Operating margin of profit, %	6.07	7.42	5.70
Operating profit / Net sales
Return on investment, %	14.31	46.29	9.40
Profit before taxation / Equity
Current assets turnover	1.23	3.74	2.10
Net sales / Current assets
Working capital	12 212.00	10 282.00	4 156.00
Current assets - Short-term liabilities
Leverage	0.32	0.49	0.41
Equity / Total assets
Current ratio	1.32	1.63	1.29
Current assets / Short-term liabilities
Quick ratio	0.90	0.90	0.41
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.11	1.03	1.47
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 Gorpuhina Katerina (office manager) on 17.04.2012 by the tel. number: +38 061 2287903. 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.

Capital History

- 21.12.1995

:

1 000 UAH (registered)

( the data as of 21.12.1995, cancelled since 31.10.2006 )

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,	62 290.00	99 267.00	39 224.00
services
015 VAT tax	10 382.00	14 357.00	6 476.00
020 Excise tax	0.00	0.00	0.00
025
030 Other compulsory payments	863.00	1 042.00	865.00
035 Net sales revenue	51 045.00	83 868.00	31 883.00
040 Cost of goods, work, services	42 467.00	70 842.00	26 443.00
050 Gross profit	8 578.00	13 026.00	5 440.00
055 Gross loss	0.00	0.00	0.00
060 Other operating income	39.00	329.00	518.00
070 Administrative and management costs	3 750.00	4 082.00	2 234.00
080 Distribution costs	758.00	1 340.00	623.00
090 Other operating charges	329.00	572.00	864.00
100 Operating profit	3 780.00	7 361.00	2 237.00
105 Operating loss	0.00	0.00	0.00
110 Income from capital participating	0.00	0.00	0.00
120 Other financial income	1.00	1 723.00	67.00
130 Other income	17.00	0.00	3.00
140 Financial charges	1 190.00	1 733.00	1 375.00
150 Capital participating expenses	0.00	0.00	0.00
160 Other expenses	0.00	24.00	1.00
170 Profit from ordinary activity before taxation	2 608.00	7 327.00	931.00
175 Loss from ordinary activity before taxation	0.00	0.00	0.00
180 Ordinary activity Income-tax	198.00	1 400.00	136.00
190 Profit from ordinary activity	2 410.00	5 927.00	795.00
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	2 410.00	5 927.00	795.00
225 Net loss	0.00	0.00	0.00
Operating charges details:
230 Tangible expenses	145.00	251.00	167.00
240 Payroll costs	1 424.00	677.00	407.00
250 Allocation to social needs	218.00	349.00	197.00
260 Amortization charges	234.00	421.00	443.00
270 Other operating charges	403.00	391.00	2 507.00
280 Operating charges total	2 424.00	2 089.00	3 721.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	19.00	1.00	5.00
011 acquisition cost	73.00	51.00	38.00
012 depreciation	54.00	50.00	33.00
020 Construction in progress	842.00	858.00	842.00
Fixed assets
030 residual assets	3 541.00	2 994.00	3 284.00
031 acquisition cost	6 055.00	5 451.00	5 337.00
032 depreciation	2 514.00	2 457.00	2 053.00
Long-term financial assets
040 Capital participation in other enterprises	1 429.00	1 429.00	1 429.00
045 Other financial investments	0.00	0.00	0.00
050 Long-term accounts receivable	0.00	0.00	0.00
060 Deferred tax charges	187.00	265.00	186.00
070 Other non-current assets	0.00	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	6 018.00	5 547.00	5 746.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	12.00	4.00	4.00
110 Working and productive animals	0.00	0.00	0.00
120 Construction in progress	0.00	0.00	0.00
130 Finished goods	0.00	0.00	0.00
140 Goods for resale	16 159.00	11 912.00	12 685.00
150 Bills of exchange receivable	0.00	0.00	0.00
Trade debtors:
160 net realizable value	9 699.00	6 439.00	3 134.00
161 acquisition cost	9 699.00	6 439.00	3 134.00
162 doubtful debts reserve	0.00	0.00	0.00
Accounts receivable
170 Budget accounts receivable	521.00	511.00	76.00
180 Payments in advance	17 722.00	5 721.00	1 648.00
190 Accrued income	0.00	0.00	0.00
200 Internal payments	0.00	0.00	0.00
210 Other current accounts receivable	2 070.00	1 416.00	991.00
220 Current financial investments	0.00	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	1 522.00	163.00	93.00
240 Funds in foreign currencies	0.00	2.00	0.00
250 Other current assets	2 940.00	363.00	51.00
260 CURRENT ASSETS TOTAL	50 645.00	26 531.00	18 682.00
270 III. DEFERRED CHARGES	0.00	0.00	0.00
280 ASSETS TOTAL	56 663.00	32 078.00	24 428.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	75.00	75.00	75.00
310 Share capital	0.00	0.00	0.00
320 Additional contributed capital	0.00	0.00	0.00
330 Other additional capital	0.00	0.00	0.00
340 Reserve capital	4.00	4.00	4.00
350 Retained earnings (loss)	18 151.00	15 750.00	9 823.00
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	18 230.00	15 829.00	9 902.00
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	0.00	0.00	0.00
450 Other financial liabilities	0.00	0.00	0.00
460 Deferred tax liabilities	0.00	0.00	0.00
470 Other long-term liabilities	0.00	0.00	0.00
480 TOTAL LONG-TERM LIABILITIES	0.00	0.00	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	14 295.00	14 020.00	5 991.00
510 Short-term portion of long-term liabilities	0.00	0.00	0.00
520 Bills of exchange payable	0.00	0.00	2 311.00
530 Trade creditors	3 222.00	176.00	5 469.00
Accounts payable:
540 Advance payments	17 474.00	1 271.00	244.00
550 Budget accounts payable	2 746.00	407.00	189.00
560 Non-budget accounts payable	0.00	0.00	0.00
570 Insurance payments	33.00	2.00	12.00
580 Accrued payroll	362.00	0.00	28.00
590 Liabilities to shareholders	0.00	0.00	0.00
600 Internal payments	0.00	0.00	0.00
610 Other short-term liabilities	301.00	373.00	282.00
620 SHORT-TERM LIABILITIES TOTAL	38 433.00	16 249.00	14 526.00
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	56 663.00	32 078.00	24 428.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.62
UK Pound	1	Rs.81.94
Euro	1	Rs.67.65

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.