MIRA INFORM REPORT

Report Date :

28.04.2012

IDENTIFICATION DETAILS

Name :	OTKRYTOE AKTSIONERNOE OBSCHESTVO NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY
Registered Office :	Promyshlennaya str., 49, Novotroitsk, Orenburg Region, 462353, Russian Federation
Country :	Russia
Financials (as on) :	01.01.2011
Date of Incorporation :	29.07.2002
Com. Reg. No.:	1025600820431
Legal Form :	OAO (Public Joint Stock Company by Russian Law)
Line of Business :	Manufacture and sales of chemical (chromium compounds).
No. of Employees :	1250 (approx.)

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

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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Russia	A2	A2

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

Summary

Original Name	Otkrytoe aktsionernoe obschestvo "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Legal Form	OAO (Public Joint Stock Company by Russian Law)
Year of Foundation	1992
Sales	4 090 383 th RUR for 12 months, ended 01.01.2011
Employees	1250 (approx.) on April, 26, 2012 (company's data)

Creditline Recommendations

Risk Category

BELOW AVERAGE RISK

Company Identification Details

Original Name	Otkrytoe aktsionernoe obschestvo "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Short Name	OAO "NZKHS"
Name in English	"NOVOTROITSK PLANT OF CHROMIUM COMPOUNDS" PUBLIC JOINT STOCK COMPANY
Address	Promyshlennaya str., 49, Novotroitsk, Orenburg Region, 462353, Russian Federation
Legal Address	Promyshlennaya str., 49, Novotroitsk, Orenburg Region, 462353, Russian Federation
Phone	+7 (3537) 674152, 674155, 672010, 74200
Fax	+7 (3537) 672010, 72010
E-mail	post@nzhs.ru
WEB Address	www.nzhs.ru
History	30.10.2003: Legal Address changed from Zavodskaya str., 1, Novotroitsk, Orenburg Region, 462359, Russian Federation

Official Company Data

Legal Form	OAO (Public Joint Stock Company by Russian Law)
Date of Registration	29.07.2002
Registration Number	1025600820431
Statistic Code (OKPO)	5762312
Taxpayer Code (INN)	5607002135
Registration Authority	Ministry for Taxes and Duties of Russian Federation

Public Record Information

Information

The company Otkrytoe aktsionernoe obschestvo "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

188 261 RUR

Shareholders

Total	319 legal and private persons incl.
Shareholder	Mr Salikhov Ravil' Rinatovich
Nationality	Russian Federation
Taxpayer Code (INN)	771700364993
Share	not available
Shareholder	Ms Izmalkina Elena Vasil'evna
Nationality	Russian Federation
Date of Birth	1979
Taxpayer Code (INN)	770401836798
Share	not available
Shareholder	Mr Izmalkin Vasiliy Ivanovich
Nationality	Russian Federation
Date of Birth	1952
Taxpayer Code (INN)	560701337903
Share	not available
Shareholder	Mr Miroshnichenko Aleksey Nikolaevich
Nationality	Russian Federation
Taxpayer Code (INN)	1964
Share	not available
Shareholder	Mr Izmalkin Sergey Vasil'evich
Nationality	Russian Federation
Share	not available
Shareholder	Ms Izmalkina Nadezhda Fedorovna
Nationality	Russian Federation
Share	not available
Comments	The information on the shareholders of the company is presented on 01.01.2012. By Russian law full structural information of shareholders is not available. In an accessible registration file the detailed information on the shareholders of the company is absent.

Directors

Director	Mr. Borodin Andrey Vladimirovich
	Signature Right
Nationality	Russian Federation
Date of Birth	1979
Taxpayer Code (INN)	560704377284
Executives	data on 01.10.2011: Board of Directors Chief of Board of Directors - Mr Borodin Andrey Vladimirovich, year of birth 1979 Members of Board of Directors Mr Rogachev Anatoliy Pavlovich, year of birth 1952 Mr Izmalkin Vasiliy Ivanovich, year of birth 1952 Ms Izmalkina Elena Vasil'evna, year of birth 1979 Mr Semenov Gennadiy Aleksandrovich, year of birth 1961 Mr Miroshnichenko Aleksey Nikolaevich, year of birth 1964

Re-Registration Data

Initial Registration	05.10.1992
Registration Number	189
Registration Authority	Administration of Novotroitsk
Date of Registration	29.07.2002
	(Entering into the Single State Register of Legal Entities)
Registration Number	1025600820431
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Date of Re-registration	02.08.2002
File Number	2025600820530
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Company's Rules
Date of Re-registration	24.12.2002
File Number	2025600825930
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Company's Rules
Date of Re-registration	30.10.2003
File Number	2035603254344
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Legal Address
Date of Re-registration	19.10.2005
File Number	2055607061464
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	02.07.2009
File Number	2095658296534
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	27.10.2011
File Number	2115658412780
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Manufacture and sales of chemical (chromium compounds).
Staff Employed	1250 (approx.) on April, 26, 2012 (company's data)
Employees' History	1 200 (approx.) on January, 24, 2012 (company's data) 1 270 on October, 01, 2011 (official data) 1 200 (approx.) on February, 08, 2010 (company's data) 1 253 on July, 01, 2009 (official data) 1 359 on July, 01, 2008 (official data)

Real Estate

Own

Office, industrial area, warehous Address: Promyshlennaya str., 49, Novotroitsk, Orenburg Region, 462353, Russian Federation (company's data) The total sum of immovables (lands, buildings, constructions) on 01.07.2008: 400 837 671 RUR. The total sum of immovables (lands, buildings, constructions) on 01.07.2009: 385 195 590 RUR. The total sum of immovables (lands, buildings, constructions) on 01.10.2011: 227 006 339 RUR.

Rent

None

Export & Import

Export Countries	2011: Germany, Latvia, Kazakhstan, Lithuania, Ukraine, Austria, Brazil, Colombia, Uruguay, Spain, Mexico, Georgia, Malaysia 2007-2010: Germany, Latvia, Kazakhstan, Lithuania, Ukraine, Austria, Brazil, Colombia, Uruguay, Spain, Mexico, Georgia, Malaysia, Indonesia, Taiwan, Australia, Pakistan, Poland, Czechia, Canada and other countries. 2006: Kazakhstan, Ukraine, Lithuania, Latvia, Poland, Georgia, Moldavia, Estonia, Germany, Uruguay, Brazil, Iran, Chile, Pakistan, France, Australia, Mexico, Venezuela, Czechia, Italy, Canada and other countries. 2005: Latvia, Uzbekistan, Kazakhstan, Germany, Ukraine, Estonia, Georgia, Poland, Iran, Turkey, Spain, Uruguay, Azerbaijan, China, Australia, Brazil, Chile, Tajikistan, Turkmenistan, India, Italy and other countries.
Exported Goods	chrome, chromic compounds
Export Value	in 2011: 130 367 891 USD in 2010: 106 005 229 USD in 2009: 64 881 646 USD in 2008: 81 268 195 USD in 2007: 69 952 865 USD in 2006: 56 474 721 USD in 2005: 1 495 361 975 RUR
Import Countries	2011: Kazakhstan 2010: Kazakhstan 2009: Kazakhstan 2008: Kazakhstan, Taiwan 2007: Kazakhstan 2006: Kazakhstan 2005: Kazakhstan, Taiwan, Germany
Imported Goods	chrome iron ore, equipment
Import Value	in 2011: 15 476 USD in 2010: 17 651 979 USD in 2009: 12 907 709 USD in 2008: 39 788 644 USD in 2007: 14 480 653 USD in 2006: 12 254 261 USD in 2005: 394 633 210 RUR

Branches

Branch

None

Participation

Information

None

Related Companies

Information

Ms Izmalkina Elena Vasil'evna is also a shareholder of company: OOO "NOVOKHROM" Registration number: 1025600820365 Mr Izmalkin Vasiliy Ivanovich is also a shareholder of companies: OOO "NOVAMET" Registration number: 1115658014120 OOO "NOVOKHROM" Registration number: 1025600820365 Mr Salikhov Ravil' Rinatovich and Mr Miroshnichenko Aleksey Nikolaevich are also shareholders of companies: OOO "ARKONA KAPITAL" Registration number: 1067746870421 ZAO "SOVMESTNOE PREDPRIYATIE ARKO" Registration number: 1037700226926 Ms Izmalkina Nadezhda Fedorovna and Mr Izmalkin Sergey Vasil'evich aren't shareholders of any other companies in Russian Federation.

Bankers

Bank	ZAO KB "SITIBANK", bank code: 044525202 (Russian Federation)
Account(s)	40702810600700025039 (RUR)
Bank	ZAO "RAYFFAYZENBANK AVSTRIYA", bank code: 044525700 (Russian Federation)
Account(s)	40702810900001400559 (RUR)
Bank	OAO "BANKA MOSKVY", Orsk branch, bank code: 045339802 (Russian Federation)
Account(s)	40702810700620000003 (RUR)

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	4090383	2642384	2762097	2387021
Cost of Goods sold	3095556	2084889	2202327	1929525
GROSS PROFIT	994827	557495	559770	457496
Distribution Costs	151413	112577	146012	113879
Management Costs
OPERATING PROFIT	843414	444918	413758	343617
Non Trading Income	13012	-34536	38846	-38593
PRE TAX PROFIT	856426	410382	452604	305024
Taxation	172946	77589	97605	76076
PROFIT AFTER TAX	680355	327930	342391	229627

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	537849	390658	403147	372910
Intangible Assets	25	4	7	10
Fixed Assets	528684	378276	391967	253466
TOTAL CURRENT ASSETS	2172748	1654737	1288281	1176271
Stock	453196	266482	641365	231198
Trade debtors	487735	331531	293612	289675
Cash	544995	529577	219963	410662
TOTAL ASSETS	2710597	2045395	1691428	1549181
TOTAL EQUITY	2579742	1942039	1615924	1482795
Share Capital	188	188	188	188
Retained Profits	2478778	1837102	1510598	867728
TOTAL LONG TERM LIABS	9779	6413	13389	2219
Long Term Loans
TOTAL CURRENT LIABS	121076	96943	62115	64167
Short Term Loans
Short Term Trade Creditors	116060	92183	57023	63968
TOTAL EQUITY & LIABS	2710597	2045395	1691428	1549181

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	17,95	17,07	20,74	18,33
Working Capital, x1000 RUR	2051672	1557794	1226166	1112104
Quick Ratio	14,2	14,32	10,41	14,73
Debt to Equity Ratio	0,05	0,05	0,05	0,04
Current Assets Turnover	1,88	1,6	2,14	2,03
Total Assets Turnover Ratio	1,51	1,29	1,63	1,54
Pre Tax Profit Margin, %	20,94	15,53	16,39	12,78
Gross Profit, %	24,32	21,1	20,27	19,17
Return on Investment, %	33,2	21,13	28,01	20,57
Return on Assets, %	31,6	20,06	26,76	19,69

Clients & Suppliers

Clients

OOO KHIM LAT (Latvia) TOO MAY (Kazakhstan) ZAO KHROMTEKH (Lithuania) OOO NPP BYTKHIM (Ukraine) AO STEKOL'NAYA KOMPANIYA SAF (Kazakhstan) K.D. FEDDERSEN DO BRASIL LTDA (Brazil) NUBIOLA COLUMBIA PIGMENTOS S.A. (Colombia) OOO "PROKTER END GEMBL-NOVOMOSKOVSK" (Russian Federation) OOO "OMEGA-KHROM" (Russian Federation) OAO "NEFIS KOSMETIKS" (Russian Federation) OOO "SPEKTRUM LAYN" (Russian Federation) OOO "LEYKRETS" (Russian Federation)

Suppliers

TOO SPETSSTAL'-DG (Kazakhstan) AO ALUMINIY KAZAKHSTANA (Kazakhstan) AO TNK KAZKHROM (Kazakhstan) OOO "SUAL-PM" (Russian Federation) ZAO "STROYKOMPLEKTSOYUZ" (Russian Federation) OOO "ORENBURGREGIONGAZ" (Russian Federation) OAO "EDINAYA TORGOVAYA KOMPANIYA" (Russian Federation) OAO "CHELYABINSKIY TSINKOVYY ZAVOD" (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	22.06.2009
Registration number	A47-9882
Plaintiff	OOO "NOSTA-PECHAT'"
Defendant	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Claim sum	118 047 RUR
Claim category	Default of obligations under the contract

Date of registration	05.11.2008
Registration number	A47-8030
Plaintiff	OOO "ROSPOSTAVKA"
Defendant	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Claim sum	122 031 RUR
Claim category	Default of obligations under the contract

Date of registration	28.11.2011
Registration number	A47-8586/10
Plaintiff	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Defendant	OAO "URAl'SKAYA STAL'"
Claim sum	22 715 RUR
Claim category	Default of obligations under the contract

Date of registration	25.10.2011
Registration number	A47-10337/11
Plaintiff	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Defendant	Orenburg Customs
Claim sum	-
Claim category	Economic disputes

Date of registration	10.05.2011
Registration number	A47-3869/11
Plaintiff	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Defendant	OAO MOSKOVSKIY METALLURGICHESKIY ZAVOD "SERP I MOLOT"
Claim sum	236 299 RUR
Claim category	Default of obligations under the contract

Date of registration	10.05.2011
Registration number	A47-3868/11
Plaintiff	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Defendant	FGUP "VSEROSSIYSKAYA GOSUDARSTVENNAYA I RADIOVESCHATEL'NAYA KOMPANIYA"
Claim sum	-
Claim category	Economic disputes

Date of registration	21.04.2011
Registration number	A76-19185/10
Plaintiff	OAO "RZHD"
Defendant	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Claim sum	61 150 RUR
Claim category	Default of obligations under the contract

Date of registration	26.01.2011
Registration number	A45-1593/11
Plaintiff	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Defendant	OOO "IDUES"
Claim sum	165 552 RUR
Claim category	Default of obligations under the contract

Date of registration	20.03.2012
Registration number	A47-8586/2010
Plaintiff	OAO "NOVOTROITSKIY ZAVOD KHROMOVYKH SOEDINENIY"
Defendant	OAO "URAL'SKAYA STAL'"
Claim sum	22 715 RUR
Claim category	Economic disputes

Publications

Date	2012
Source	The Federal Tax Service of Russian Federation
Text of Publication	The Federal Tax Service of Russian Federation has published the information that Mr Borodin Andrey Vladimirovich (as private person) does't have not paid taxes.

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	7	4	25
Fixed assets	120	391967	378276	528684
Construction in progress	130	10571	11191	6970
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	328	328	328
Deferred tax assets	145	274	95	337
Other non-current assets	150	-	764	1505
Total section I	190	403147	390658	537849
II. CURRENT ASSETS
Inventories	210	641365	266482	453196
including :
raw materials and other inventories	211	365825	181059	358141
livestock	212	-	-	-
work in progress	213	4024	26466	15737
finished goods and goods for resale	214	268646	58238	78508
goods dispatched	215	-	-	-
expenses related to future periods	216	2870	719	810
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	49022	74417	131994
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	4939	2728	13728
including :
buyers and customers	231	-	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	293612	331531	487735
including :
buyers and customers	241	109501	189482	187937
Short-term investments	250	79380	450000	541100
Monetary assets	260	219963	529577	544995
Other current assets	270	-	2	-
Total section II	290	1288281	1654737	2172748
TOTAL SECTIONS I and II	300	1691428	2045395	2710597
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	188	188	188
Treasury shares	411	-	-	-
Additional capital	420	105091	104702	100729
Legal reserve	430	47	47	47
including :
reserves and provisions formed in  accordance with legislation	431	47	47	47
reserves formed in accordance  with foundation documents	432	-	-	-
Retained earnings (loss)	470	1510598	1837102	2478778
Total section III	490	1615924	1942039	2579742
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	13389	6413	9779
Other non-current liabilities	520	-	-	-
Total section IV	590	13389	6413	9779
V. CURRENT LIABILITIES
Borrowings	610	-	-	-
Accounts payable	620	57023	92183	116060
including :
suppliers and contractors	621	12352	14337	18917
salaries payable	622	12684	16704	18153
payable to state non-budget funds	623	2744	4825	5285
taxes payable	624	6968	25090	16357
other creditors	625	22275	31227	57348
Dividends payable to participants (shareholders)	630	5092	4760	5016
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	-
Total section V	690	62115	96943	121076
TOTAL SECTIONS III,IV,V	700	1691428	2045395	2710597

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	4090383	2642384	2762097
Cost of goods, products, work, services sold	020	3095556	2084889	2202327
Gross profit	029	994827	557495	559770
Selling expenses	030	151413	112577	146012
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	843414	444918	413758
OTHER INCOME AND EXPENSES
Interest income	060	26403	16994	8103
Interest expenses	070	-	-	-
Income from investments in other companies	080	15	-	-
Other operating income	090	3612116	1748903	2147554
Other operating expenses	100	3625522	1800433	2116811
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	856426	410382	452604
Deferred tax assets	141	242	186	-1439
Deferred tax liabilities	142	3367	5049	11169
Current profit tax	150	172946	77589	97605
Net profit (loss) for the reporting period	190	680355	327930	342391

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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

SDA

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.