MIRA INFORM REPORT

Report Date :

30.08.2012

IDENTIFICATION DETAILS

Name :	LOGISTIC GROUP, LLC
Registered Office :	36-A Krasnozavodska str., Dnipropetrovsk, Dnipropetrovsk region, 49019,
Country :	Ukraine
Financials (as on) :	31.12.2011
Year of Establishment :	2004
Com. Reg. No.:	32838690
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	Automobiles and other motor vehicles
No. of Employees :	40

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 LOGISTIK GRUP

Name in English

:

LOGISTIC GROUP, LLC

Office address

:

36-A Krasnozavodska str., Dnipropetrovsk, Dnipropetrovsk region, 49019, Ukraine

Russian transliteration: 36-A Krasnozavodskaya str.

Legal Address

:

36-A Krasnozavodska str., Dnipropetrovsk, Dnipropetrovsk region, 49019, Ukraine

Other Addresses

:

Previous legal address

19 Topolyna str., apt. 98, Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

( the data cancelled since 30.10.2006 )

Contacts

:

-	Phone/fax	:	(+380 562) 323353
-	mobile tel.	:	(+38 050) 3152440
-	E-mail	:	oleg@forklift.dp.ua
-	WWW	:	www.pogruzchik.dp.ua

SUMMARY

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

Incorporation : 2004

Staff : 40

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

Sales :	6 419.20 th UAH ( for 12 months, ended 31.12.2011 )
	9 728.00 th UAH ( for 12 months, ended 31.12.2010 )

Incorporation

:

2004

Registration Data

Date of registration

:

30.01.2004

Registration number

:

32838690

Registr. authority

:

Local Executive Committee (Dnipropetrovsk, Dnipropetrovsk region, Ukraine)

VAT number

:

328386904628

Registr. place

:

Ukraine

Number of VAT-certificate: 100016322 Date of issue: 26.01.2007

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 30.01.2004

Share Capital

:

1 000 000 UAH (registered)

since 06.10.2011

Shareholders

:

-	Mr Hohlovich Leonid Mihaylovich (Ukraine)				100.00 %
		share's book value	:	1 000 000 UAH

Board / Executives

Executives

Director

:

Mr Brodskiy, Oleg Valeryevich (Ukraine)
	pers. code: 2685700137

Director

:

Mr Duzenko Igor Vitalyevich (Ukraine)

( the data cancelled since 23.12.2004 )

Authorised signature

:

Mr Brodskiy, Oleg Valeryevich

Mr Duzenko Igor Vitalyevich

( the data cancelled since 23.12.2004 )

Changes in Registration Data

- 06.10.2011

:

share capital

- 30.01.2006

:

legal address

- 23.12.2004

:

managers, authorised signature

Activities

:

-	5012	Automobiles and other motor vehicles
		(NACE 5010: Sale of motor vehicles)
-	75	AUTO REPAIR, SERVICES, AND GARAGES
		(NACE 5020: Maintenance and repair of motor vehicles)

Trade and service of loaders, forklifts.

Staff employed

:

40 [E]

Staff History

:

-	40 [E]
	( the data as of 19.03.2012 )
-	Official data:
	41
	( the data as of 31.12.2009 )
-	Official data:
	9
	( the data as of 31.12.2007 )

Export

:

none

Import

- 01.04.2012

:

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

4 861 429.00

China, Germany, Spain, Japan, Netherlands

- 01.05.2011

:

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

815 312.00

China, Japan, Netherlands

- 01.01.2011

:

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

4 039 444.00

- 01.01.2010

:

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

876 149.00

Facilities

Real estate

:

own:
-	Premises - Office
	address	:	36-A Krasnozavodska str., Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

Branches

:

none

Subsidiaries and Participation

:

-	STO Balkancar (Ukraine)				share n/a
		reg. number	:	24990361

Bankers

:

-	Agrobank (Ukraine)
	bank code	:	307123
	account(s)	:	26004001025775 USD, EUR, UAH

Suppliers

:

-	AUSA Center S.L.U. (Spain)
-	GT VORKHEFTRUKS BV (Netherlands)
-	JIANGSU FEICHI CO., LTD (China)
-	KYOEI AUTO CORPORATION (Japan)
-	UNILIFT GmbH & Co. KG (Germany)

Other associated Companies

:

-

Logistic Forklift (Ukraine)

The subject company belongs to Logistic forklift group. In 2007 Logistic group and LTD STO Balkancar combined the efforts into one group, created the new Logistic forklift brand and became the largest forklift company in Ukraine. Now Logistic forklift offers: industrial forklifts, rough terrain forklifts , telehandlers, stackers, and hand pallet trucks of leading manufacturers. Our company sells forklifts and repairs them, offers warranty service and spare parts for forklifts , batteries for all types of forklifts , hydraulic hand pallet trucks, stackers , reach-trucks , tires . In an enterprise warehouse used forklifts from Japan, the USA, and Europe which have passed diagnostics and preselling preparation, are all always available, as a rule there are more than 250 of them. New forklifts Goodsense from China and new rough terrain forklifts and Taurulifts AUSA from Spain are available now. Rent of forklifts for any term with and without the driver. Source: http://pogruzchik.dp.ua/en

Litigation

:

According to the data of Bulletin of the State Registration as of 28.08.2012, 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 8 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 20.10.2006 up to 23.07.2012. 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 companys 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	236.80	236.10	144.80
- Investments in tangible assets
- Financial assets	1 138.70	1 138.70	1 138.70
- Other non-current assets	11.80
Non-current assets total	1 387.30	1 384.30	1 293.50
CURRENT ASSETS
- Stock	5 981.10	4 725.40	3 088.80
- Debtors	42.80	785.30	631.10
- Other receivables	467.80
- Short-term financial investments	0.00
- Cash	354.80	60.60	0.20
- Other current assets	133.60
Current assets total	6 980.10	5 572.80	3 733.20
Assets total	8 367.40	6 965.10	5 033.80
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	1 000.00	20.50	20.50
- Additional capital	0.00
- Other capital	-150.00
- Reserve capital	0.00
- Retained earnings (Non-covered loss)	496.70
Capital and reserves total	1 346.70	297.30	27.40
Provisions	0.00
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	4 747.50	3 558.20	3 558.20
SHORT-TERM LIABILITIES
- Loans and credits	0.00
- short-term amounts owed to banks	0.00
- Creditors	2 100.90
- trade debts	2 100.90
- accrued payroll	0.00
- tax liabilities	0.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00
- Other short-term liabilities	172.30
Short-term liabilities total	2 273.20	3 109.60	1 448.20
Liabilities total	7 020.70	6 667.80	5 006.40
Equity and liabilities total	8 367.40	6 965.10	5 033.80
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	6 419.20	9 728.00	6 663.40
Cost of goods sold	4 781.00
Gross profit
Distribution costs	1 354.20
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	3.50
Other operating charges	1.40
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	286.10	368.00	-154.70
Income-tax and other similar payments	66.20
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	219.90	269.90	-210.80
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.46	3.78	-2.32
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	21.24	123.78	-564.60
Profit before taxation / Equity
Current assets turnover	0.92	1.75	1.78
Net sales / Current assets
Working capital	4 706.90	2 463.20	2 285.00
Current assets - Short-term liabilities
Leverage	0.16	0.04	0.01
Equity / Total assets
Current ratio	3.07	1.79	2.58
Current assets / Short-term liabilities
Quick ratio	0.44	0.27	0.44
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	5.21	22.43	182.72
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 Vita Yurchenko (accountant) on 28.08.2012 by the tel. number: +380 562 323353. She confirmed the general information about the Company. We sent the letter of inquiry to the Company by the e-mail: oleg@forklift.dp.ua, but there was no reply received by now. If we receive additional information we will inform you at once.
Capital History
- 30.01.2004	:	20 500 UAH (registered)
		( the data as of 30.01.2004, cancelled since 06.10.2011 )

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,	7 703.10
services
020 Indirect taxes and other compulsory payments	1 283.90
030 Net sales revenue (010-020)	6 419.20
040 Other operating income	3.50
050 Other income	0.00
070 Net revenue total (030+040+050)	6 422.70
080 Cost of goods, works, services	4 781.00
090 Other operating charges	1 354.20
091 incl.	0.00
092	0.00
100 Other charges	1.40
120 Charges total (080+090+100)	6 136.60
130 Profit before taxation (070-120)	286.10
140 Profit tax	66.20
150 Net profit (130-140)	219.90
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	236.80
031 acquisition cost	512.10
032 depreciation	275.30
Long-term biological assets
035 residual assets	0.00
036 acquisition cost	0.00
037 depreciation	0.00
040 Long-term financial investments	1 138.70
070 Other non-current assets	11.80
080 NON-CURRENT ASSETS TOTAL	1 387.30
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	14.40
110 Current biological assets	0.00
130 Finished goods	5 966.70
Trade debtors:
160 net realizable value	42.80
161 acquisition cost	42.80
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	41.30
210 Other current accounts receivable	426.50
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	354.80
231 incl. cash in hand	0.00
240 Funds in foreign currencies	0.00
250 Other current assets	126.80
260 CURRENT ASSETS TOTAL	6 973.30
270 III. DEFERRED CHARGES	6.80
275 IV. NON-CURRENT ASSETS HELD FOR SALE	0.00
280 ASSETS TOTAL	8 367.40
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1 000.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	496.70
360 Unpaid capital (minus)	150.00
380 CAPITAL AND RESERVES TOTAL	1 346.70
430 II. PROVISIONS OF DEFERRED CHARGES	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	4 747.50
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	2 100.90
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.00
580 Accrued payroll	0.00
605 Liabilities connected with non-current assets held	0.00
for sale
610 Other short-term liabilities	172.30
620 SHORT-TERM LIABILITIES TOTAL	2 273.20
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	8 367.40

- 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,	9 728.00
services
020 Indirect taxes and other compulsory payments	1 621.30
030 Net sales revenue (010-020)	8 106.70
040 Other operating income	11.20
050 Other income from ordinary activity	0.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	8 117.90
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	24.70
100 Payroll costs	526.30
110 Allocation to social needs	190.40
120 Amortization charges	73.00
130 Other operating charges	849.60
131 incl.	0.00
140 Cost of sales	6 020.40
150 Other ordinary activity expenses	65.50
160 Extraordinary charges	0.00
170 Profit tax	98.10
180 Charges total (090+100+110+120+130+140+150+	7 848.00
+160+170+ -080)
190 Net profit (070-180)	269.90
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	236.10
031 acquisition cost	431.90
032 depreciation	195.80
Long-term financial assets
040 Capital participation in other enterprises	1 138.70
070 Other non-current assets	9.50
080 NON-CURRENT ASSETS TOTAL	1 384.30
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	28.70
130 Finished goods	4 696.70
Trade debtors:
160 net realizable value	543.60
161 acquisition cost	543.60
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	227.90
210 Other current accounts receivable	13.80
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	60.60
240 Funds in foreign currencies	0.00
250 Other current assets	1.50
260 CURRENT ASSETS TOTAL	5 572.80
270 III. DEFERRED CHARGES	8.00
280 ASSETS TOTAL	6 965.10
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	20.50
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	276.80
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	297.30
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	3 558.20
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	3 109.10
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.00
580 Accrued payroll	0.00
610 Other short-term liabilities	0.50
620 SHORT-TERM LIABILITIES TOTAL	3 109.60
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	6 965.10

- 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,	6 663.40
services
020 Indirect taxes and other compulsory payments	1 110.60
030 Net sales revenue (010-020)	5 552.80
040 Other operating income	34.10
050 Other income from ordinary activity	0.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	5 586.90
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	15.60
100 Payroll costs	332.90
110 Allocation to social needs	122.40
120 Amortization charges	62.50
130 Other operating charges	532.70
131 incl.	0.00
140 Cost of sales	4 560.40
150 Other ordinary activity expenses	115.10
160 Extraordinary charges	0.00
170 Profit tax	56.10
180 Charges total (090+100+110+120+130+140+150+	5 797.70
+160+170+ -080)
190 Net profit (070-180)	-210.80
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	144.80
031 acquisition cost	267.60
032 depreciation	122.80
Long-term financial assets
040 Capital participation in other enterprises	1 138.70
070 Other non-current assets	10.00
080 NON-CURRENT ASSETS TOTAL	1 293.50
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	4.10
130 Finished goods	3 084.70
Trade debtors:
160 net realizable value	327.50
161 acquisition cost	327.50
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	303.20
210 Other current accounts receivable	0.40
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	0.20
240 Funds in foreign currencies	0.00
250 Other current assets	13.10
260 CURRENT ASSETS TOTAL	3 733.20
270 III. DEFERRED CHARGES	7.10
280 ASSETS TOTAL	5 033.80
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	20.50
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	6.90
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	27.40
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	3 558.20
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	20.50
510 Short-term portion of long-term liabilities	0.00
530 Trade creditors	1 416.80
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.00
580 Accrued payroll	0.00
610 Other short-term liabilities	10.90
620 SHORT-TERM LIABILITIES TOTAL	1 448.20
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	5 033.80

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.66
UK Pound	1	Rs.88.04
Euro	1	Rs.69.91

INFORMATION DETAILS

Report Prepared by :

PRL

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.