MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	LABRADORYT, LLC
Registered Office :	Kamyaniy Brid, Zhytomyr region, Korostyshivskiy district, 12511
Country :	Ukraine
Financials (as on) :	31.12.2011
Date of Incorporation :	06.02.2003
Com. Reg. No.:	32356128
Legal Form :	Limited Liability Company
Line of Business :	Nonmetallic minerals, except fuels
No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but 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 – 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 LABRADORYT

Name in English

:

LABRADORYT, LLC

Office address

:

108 Kyivska str., Zhytomyr, Zhytomyr region, 10001, Ukraine

Legal Address

:

Kamyaniy Brid, Zhytomyr region, Korostyshivskiy district, 12511, Ukraine

Other Addresses

:

Previous legal address

6 Zarichna str., Kamyaniy Brid settl., Korostyshiv district, Zhitomir Region, 10001, Ukraine

Until 08.12.2003 the legal address was 2 Gorkogo str., Korostyshiv city, Zhitomir Region. Until 31.08.2004 the legal address was Kamyaniy Brid settl, Korostyshiv district, Zhitomir Region.

( the data cancelled since 07.09.2010 )

Contacts

:

-	E-mail	:	labrodarit@i.ua
-	Phone/fax	:	(+380 412) 418558

SUMMARY

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

Incorporation : 2003

Staff : 50

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

Sales :	11 569.10 th UAH ( for 12 months, ended 31.12.2011 )
	13 325.00 th UAH ( for 12 months, ended 31.12.2010 )

Incorporation

:

2003

Registration Data

Date of registration

:

06.02.2003

Registration number

:

32356128

Registr. authority

:

Regional Administration (Korostyshiv, Zhytomyr region, Korostyshivskiy district, Ukraine)

Number of the Certificate of State Registration: 137009 Series of the Certificate: AOO

VAT number

:

323561206108

Registr. place

:

Ukraine

Number of VAT-certificate: 9346833 Certificate date: 21.03.2005

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 06.02.2003

Share Capital

:

184 300 UAH (registered)

since 08.12.2003

Shareholders

:

-	Mrs Krivoruchko Elena Nikolaevna (Ukraine)				47.69 %
		share's book value	:	87 895 UAH
		reg. number	:	2720715981
		address	:	27 Stadionna str., Zhytomyr, Zhytomyr region, Ukraine
-	Mrs Melnik Aleksandra Nikolaevna (Ukraine)				47.69 %
		share's book value	:	87 895 UAH
		reg. number	:	2876918841
		address	:	56 Kosmonavtiv str., apt. 60 , Zhytomyr, Zhytomyr region, Ukraine
-	Mrs Melnik Natalya Dmitrievna (Ukraine)				2.01 %
		share's book value	:	3 700 UAH
		reg. number	:	2766907402
		address	:	8 Korolenka str., apt.33 , Zhytomyr, Zhytomyr region, Ukraine
-	Mr Prihodko Mihail Vladimirovich (Ukraine)				1.61 %
		share's book value	:	2 960 UAH
		reg. number	:	2976624312
		address	:	5 Putyatynskiy microrayon , apt. 12 , Zhytomyr, Zhytomyr region, Ukraine
-	Mr Nimko Viktor Ivanovich (Ukraine)				1.00 %
		share's book value	:	1 850 UAH
		reg. number	:	2366810372
		address	:	98b Schorsa str., apt.126 , Zhytomyr, Zhytomyr region, Ukraine

Board / Executives

Executives

Director

:

Mrs Melnik Aleksandra Nikolaevna (Ukraine)
	pers. code: 2876918841
	address: 56 Kosmonavtiv str., apt. 60, Zhytomyr, Zhytomyr region, Ukraine

Authorised signature

:

Mrs Melnik Aleksandra Nikolaevna

Changes in Registration Data

- 07.09.2010

:

legal address

- 31.08.2004

:

legal address

New legal address: 6 Zarichna str., Kmyaniy Brud settl., Korostyshiv district, Zhitomir Region.

- 08.12.2003

:

legal address, share capital

New share capital: UAH 184 300
Legal address: Kmyaniy Brud settl, Korostyshiv district, Zhitomir Region.

Activities

:

-	14	NONMETALLIC MINERALS, EXCEPT FUELS
-	50	WHOLESALE TRADE- DURABLE GOODS

Extraction of a stone and trade of stone products (granite, labradorite).

Staff employed

:

50 [E]

Staff History

:

-	38
	( the data as of 15.05.2008 )

Export

- 01.05.2011

:

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

4 018 252.00

- 01.04.2011

:

Fiscal period: 3 month(s), currency: UAH

5 930 460.00

Italy, India, Egypt

- 01.01.2011

:

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

8 565 443.00

- 01.01.2010

:

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

6 416 765.00

Import

- 01.04.2012

:

Fiscal period: 3 month(s), currency: UAH

13 096.00

Italy

- 01.05.2011

:

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

27 806.00

- 01.01.2011

:

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

38 116.00

- 01.01.2010

:

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

102 246.00

:

none

Facilities

Real estate

:

rent:
-	Premises - Office
	address	:	108 Kyivska str., Zhytomyr, Zhytomyr region, 10001, Ukraine

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Pryvatbank (Ukraine)
	address	:	23 Peremogy str., Zhytomyr, Zhytomyr region, 10014, Ukraine
	bank code	:	311409
-	Ukreksimbank (Ukraine)
	address	:	23 Peremogy str., Zhytomyr, Zhytomyr region, 10014, Ukraine
	bank code	:	311324

Clients

:

-	CAVE MICHELANGELO S.R.L. (Italy)
-	DIVYASHAKTI GRANITES LTD. (India)
-	MARMONIL MARBLE & GRANITE (Egypt)

Suppliers

:

-	Benetti Macchine S.p.A. (Italy)

Litigation

:

According to the data of Bulletin of the State Registration as of 15.08.2012, 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 17 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 07.04.2009 up to 04.07.2012. 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

:

There is no company�s financial report for 3 months 2012 at the official accessible sources.

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	3 630.00	3 193.50	3 340.30
- Investments in tangible assets
- Financial assets	2 174.50	2 190.70	606.00
- Other non-current assets	124.60
Non-current assets total	5 929.10	5 511.00	4 075.40
CURRENT ASSETS
- Stock	519.00	265.80	2 127.20
- Debtors	920.20	1 791.30	647.90
- Other receivables	1 542.30
- Short-term financial investments
- Cash	60.00	2.40	6.20
- Other current assets
Current assets total	3 041.50	2 059.50	2 781.30
Assets total	8 970.60	7 570.50	6 856.70
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	184.30	184.30	184.30
- Additional capital	1 564.00
- Other capital
- Reserve capital	2 673.50
- Retained earnings (Non-covered loss)	-121.50
Capital and reserves total	4 300.30	3 464.50	3 711.40
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total		0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits
- short-term amounts owed to banks
- Creditors	1 345.30
- trade debts	1 092.00
- accrued payroll	88.30
- tax liabilities	165.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities	3 325.00
Short-term liabilities total	4 670.30	4 106.00	3 145.30
Liabilities total	4 670.30	4 106.00	3 145.30
Equity and liabilities total	8 970.60	7 570.50	6 856.70
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	11 569.10	13 325.00	8 794.50
Cost of goods sold	5 181.60
Gross profit
Distribution costs	5 418.10
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	6.70
Other operating charges
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	976.10	-116.60	-1 193.90
Income-tax and other similar payments	140.30
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	835.80	-246.90	-1 282.30
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	8.44	-0.88	-13.58
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	22.70	-3.37	-32.17
Profit before taxation / Equity
Current assets turnover	3.80	6.47	3.16
Net sales / Current assets
Working capital	-1 628.80	-2 046.50	-364.00
Current assets - Short-term liabilities
Leverage	0.48	0.46	0.54
Equity / Total assets
Current ratio	0.65	0.50	0.88
Current assets / Short-term liabilities
Quick ratio	0.54	0.44	0.21
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.09	1.19	0.85
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 Marina Yuryevna (accountant) on 15.08.2012 by the tel. number: +38 0412 418558. 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. As to the customer question: Please note that there must have been a spelling mistake in the surname (Malnik) of the contact person. Correct surname of the director is Melnik.

Capital History

- 06.02.2003

:

18 500 UAH (registered)

( the data as of 06.02.2003 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	12 137.70
services
020 Indirect taxes and other compulsory payments	568.60
030 Net sales revenue (010-020)	11 569.10
040 Other operating income	6.70
050 Other income
070 Net revenue total (030+040+050)	11 575.80
080 Cost of goods, works, services	5 181.60
090 Other operating charges	5 418.10
091 incl.
092
100 Other charges
120 Charges total (080+090+100)	10 599.70
130 Profit before taxation (070-120)	976.10
140 Profit tax	140.30
150 Net profit (130-140)	835.80
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	688.80
Fixed assets
030 residual assets	2 941.20
031 acquisition cost	7 707.80
032 depreciation	4 766.60
Long-term biological assets
035 residual assets
036 acquisition cost
037 depreciation
040 Long-term financial investments	2 174.50
070 Other non-current assets	124.60
080 NON-CURRENT ASSETS TOTAL	5 929.10
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	127.10
110 Current biological assets
130 Finished goods	391.90
Trade debtors:
160 net realizable value	920.20
161 acquisition cost	920.20
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable	1 056.00
210 Other current accounts receivable	486.30
220 Current financial investments
Cash at bank and in hand
230 Funds in local currency	4.10
231 incl. cash in hand
240 Funds in foreign currencies	55.90
250 Other current assets
260 CURRENT ASSETS TOTAL	3 041.50
270 III. DEFERRED CHARGES
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	8 970.60
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	184.30
320 Additional contributed capital	1 564.00
340 Reserve capital	2 673.50
350 Retained earnings (loss)	-121.50
360 Unpaid capital (minus)
380 CAPITAL AND RESERVES TOTAL	4 300.30
430 II. PROVISIONS OF DEFERRED CHARGES
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions
510 Short-term portion of long-term liabilities
530 Trade creditors	1 092.00
Accounts payable:
550 Budget accounts payable	140.70
570 Insurance payments	24.30
580 Accrued payroll	88.30
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities	3 325.00
620 SHORT-TERM LIABILITIES TOTAL	4 670.30
630 V. DEFERRED INCOME
640 EQUITY AND LIABILITIES TOTAL	8 970.60

- 31.12.2010

:

Fiscal period: 12 month(s), currency: UAH, th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	13 325.00
services
020 Indirect taxes and other compulsory payments	609.70
030 Net sales revenue (010-020)	12 715.30
040 Other operating income	3.50
050 Other income from ordinary activity	0.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	12 718.80
080 Change in work-in-progress and finished goods	-1 887.50
090 Tangible expenses	3 873.90
100 Payroll costs	1 958.40
110 Allocation to social needs	700.40
120 Amortization charges	628.70
130 Other operating charges	3 786.50
131 incl.	0.00
140 Cost of sales	0.00
150 Other ordinary activity expenses	0.00
160 Extraordinary charges	0.00
170 Profit tax	130.30
180 Charges total (090+100+110+120+130+140+150+	12 965.70
+160+170+ -080)
190 Net profit (070-180)	-246.90
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	688.80
Fixed assets
030 residual assets	2 504.70
031 acquisition cost	6 900.10
032 depreciation	4 395.40
Long-term financial assets
040 Capital participation in other enterprises	2 190.70
070 Other non-current assets	126.80
080 NON-CURRENT ASSETS TOTAL	5 511.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	124.50
130 Finished goods	141.30
Trade debtors:
160 net realizable value	681.10
161 acquisition cost	681.10
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	507.30
210 Other current accounts receivable	602.90
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	1.10
240 Funds in foreign currencies	1.30
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	2 059.50
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	7 570.50
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	184.30
320 Additional contributed capital	1 564.00
340 Reserve capital	2 673.50
350 Retained earnings (loss)	-957.30
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	3 464.50
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities	0.00
530 Trade creditors	917.60
Accounts payable:
550 Budget accounts payable	119.30
570 Insurance payments	40.70
580 Accrued payroll	184.20
610 Other short-term liabilities	2 844.20
620 SHORT-TERM LIABILITIES TOTAL	4 106.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	7 570.50

- 31.12.2009

:

Fiscal period: 12 month(s), currency: UAH, th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	8 794.50
services
020 Indirect taxes and other compulsory payments	396.30
030 Net sales revenue (010-020)	8 398.20
040 Other operating income	111.80
050 Other income from ordinary activity	3.80
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	8 513.80
080 Change in work-in-progress and finished goods	-272.90
090 Tangible expenses	2 646.80
100 Payroll costs	1 392.80
110 Allocation to social needs	583.90
120 Amortization charges	698.20
130 Other operating charges	4 107.20
131 incl.	0.00
140 Cost of sales	0.00
150 Other ordinary activity expenses	5.90
160 Extraordinary charges	0.00
170 Profit tax	88.40
180 Charges total (090+100+110+120+130+140+150+	9 796.10
+160+170+ -080)
190 Net profit (070-180)	-1 282.30
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	492.00
Fixed assets
030 residual assets	2 848.30
031 acquisition cost	6 617.30
032 depreciation	3 769.00
Long-term financial assets
040 Capital participation in other enterprises	606.00
070 Other non-current assets	129.10
080 NON-CURRENT ASSETS TOTAL	4 075.40
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	98.40
130 Finished goods	2 028.80
Trade debtors:
160 net realizable value	209.30
161 acquisition cost	209.30
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	150.60
210 Other current accounts receivable	288.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	6.20
240 Funds in foreign currencies	0.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	2 781.30
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	6 856.70
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	184.30
320 Additional contributed capital	1 564.00
340 Reserve capital	2 673.50
350 Retained earnings (loss)	-710.40
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	3 711.40
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities	0.00
530 Trade creditors	994.50
Accounts payable:
550 Budget accounts payable	56.70
570 Insurance payments	82.50
580 Accrued payroll	167.00
610 Other short-term liabilities	1 844.60
620 SHORT-TERM LIABILITIES TOTAL	3 145.30
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	6 856.70

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.98
UK Pound	1	Rs.87.55
Euro	1	Rs.68.69

INFORMATION DETAILS

Report Prepared by :

MNL

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.