MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	OBSCHESTVO S OGRANICHENNOY OTVETSTVENNOSTYU "INDIATEKS"
Registered Office :	Elektrolitniy pr., 3, bldg. 32, Moscow, 115230
Country :	Russia
Financials (as on) :	01.01.2012
Date of Incorporation :	25.03.2005
Com. Reg. No.:	1057746509040
Legal Form :	OOO (Limited Liability Company by Russian Law)
Line of Business :	Sales of textiles.
No. of Employees :	10

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Russia	A2	A2

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

russia - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive commodity producers. In 2011, Russia became the world's leading oil producer, surpassing Saudi Arabia; Russia is the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is the third-largest exporter of both steel and primary aluminum. Other less competitive heavy industries remain dependent on the Russian domestic market. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the highly volatile swings in global commodity prices. The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. According to the World Bank the government's anti-crisis package in 2008-09 amounted to roughly 6.7% of GDP. The Central Bank of Russia spent one-third of its $600 billion international reserves, the world's third largest, in late 2008 to slow the devaluation of the ruble. The government also devoted $200 billion in a rescue plan to increase liquidity in the banking sector and aid Russian firms unable to roll over large foreign debts coming due. The economic decline bottomed out in mid-2009 and the economy began to grow in the third quarter of 2009. However, a severe drought and fires in central Russia reduced agricultural output, prompting a ban on grain exports for part of the year, and slowed growth in other sectors such as manufacturing and retail trade. High oil prices buoyed Russian growth in 2011 and helped Russia reduce the budget deficit inherited from the lean years of 2008-09. Russia has reduced unemployment since 2009 and has made progress on reducing inflation since 2010. Russia's long-term challenges include a shrinking workforce, a high level of corruption, difficulty in accessing capital for smaller, non-energy companies, and poor infrastructure in need of large investments.

Source : CIA

Comments

Information

The address and the Taxpayer Code (INN) 7704551180 mentioned in your inquiry belong to the company Obschestvo s ogranichennoy otvetstvennostyu "INDIATEKS" (name in English: "INDIATEX" LIMITED LIABILITY COMPANY). We provide the report on this company.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "INDIATEKS"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2005
Sales	61 961 th RUR for 12 months, ended 01.01.2012
Employees	10 on December, 20, 2012 (company's data)

Company Identification Details

Original Name	OBSCHESTVO S OGRANICHENNOY OTVETSTVENNOSTYU "INDIATEKS"
Short Name	OOO "INDIATEKS"
Name in English	"INDIATEX" LIMITED LIABILITY COMPANY
Address	Elektrolitniy pr., 3, bldg. 32, Moscow, 115230, Russian Federation
Legal Address	Gagarinskiy per., 37, bldg. 2, Moscow, 119002, Russian Federation
Phone	+7 (495) 6444733 +7 (903) 1595121
Fax	+7 (495) 6444733
E-mail	info@arloni.ru tikhonova@arloni.ru
WEB Address	www.arloni.ru
History	26.11.2009: Legal Address changed from M. Pirogovskaya str., Moscow, 21119435, Russian Federation

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	25.03.2005
Registration Number	1057746509040
Statistic Code (OKPO)	76589432
Taxpayer Code (INN)	7704551180
Registration Authority	Federal Tax Service of Russian Federation

Public Record Information

Information

The company Obschestvo s ogranichennoy otvetstvennostyu "INDIATEKS" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital 14 000 RUR

Shareholders

Total	1 private person
Shareholder	Ms Nikitina Elena Eduardovna
Nationality	Russian Federation
Taxpayer Code (INN)	770170620020
Share	100 %

Directors

Director	Ms Nikitina Elena Eduardovna
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	770170620020

Re-Registration Data

Date of Registration	25.03.2005
	(Entering into the Single State Register of Legal Entities)
Registration Number	1057746509040
Registration Authority	Federal Tax Service of Russian Federation
Date of Re-registration	26.11.2009
File Number	7097748425262
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Address, shareholders
Date of Re-registration	30.12.2009
File Number	9097748327723
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Sales of textiles. The company operates under trading name ARLONI.
Staff Employed	10 on December, 20, 2012 (company's data)

Real Estate

Own	None
Rent	Office, warehouse Address: Elektrolitniy pr., 3, bldg. 32, Moscow, 115230, Russian Federation (company's data)

Export & Import

Export Countries	2008-2011: No Export Activity
Exported Goods	none
Export Value	none
Import Countries	2011: India, Sweden 2009-2010: India, Pakistan, Sweden 2008: India, Sweden
Imported Goods	floor coverings, textile production, clothes, furniture, ladies' bags
Import Value	in 2011: 615 425 USD in 2010: 674 648 USD in 2009: 424 623 USD in 2008: 527 688 USD

Branches

Branch None

Participation

Information None

Related Companies

Information

Ms Nikitina Elena Eduardovna is also a shareholder of company: OOO "ARLONI" Registration number: 1057749617090

Bankers

Bank	OAO AKB "ROSEVROBANK" (Russian Federation)
Bank	AKB «PROBIZNESBANK» (OAO), bank code: 044525986 (Russian Federation)
Account(s)	40702810700060025272 (RUR)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES	61961	50259	40251	39015
Cost of Goods sold	32212	25905	20903	19524
GROSS PROFIT	29749	24354	19348	19491
Distribution Costs	1288	839	809	645
Management Costs	21413	17847	15647	15297
OPERATING PROFIT	7048	5668	2892	3549
Non Trading Income	-2536	-2131	-60	2374
PRE TAX PROFIT	4512	3537	2832	5923
Taxation	902	707	566	1422
PROFIT AFTER TAX	2968	2206	1200	3845

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	51	80	113	148
Intangible Assets
Fixed Assets	51	77	110	148
TOTAL CURRENT ASSETS	34931	28887	24670	23076
Stock	8336	9098	6819	9802
Trade debtors	25872	19063	17061	12625
Cash	253	376	445	327
TOTAL ASSETS	34981	28967	24784	23224
TOTAL EQUITY	16062	13094	10888	9688
Share Capital	14	14	14	14
Retained Profits	16048	13080	10874	9674
TOTAL LONG TERM LIABS	7900	4400	5032	5132
Long Term Loans	7900	4400	5032	5132
TOTAL CURRENT LIABS	11019	11473	8864	8404
Short Term Loans			2000	2057
Short Term Trade Creditors	11007	11473	6864	6347
TOTAL EQUITY & LIABS	34981	28967	24784	23224

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Current Ratio	3,17	2,52	2,78	2,75
Working Capital, x1000 RUR	23912	17414	15806	14672
Quick Ratio	2,41	1,72	2,01	1,58
Debt to Equity Ratio	1,18	1,21	1,28	1,4
Current Assets Turnover	1,77	1,74	1,63	1,69
Total Assets Turnover Ratio	1,77	1,74	1,62	1,68
Pre Tax Profit Margin, %	7,28	7,04	7,04	15,18
Gross Profit, %	48,01	48,46	48,07	49,96
Return on Investment, %	28,09	27,01	26,01	61,14
Return on Assets, %	12,9	12,21	11,43	25,5

Clients & Suppliers

Suppliers

EKELUND LINNEVAVERIET I HORRE (Sweden) SHIV GANGA EXPORTS (India) AAURA INTERNATIONAL (India) MARIKO (India) ALPHA CORPORATION (India) A-ONE TEXTILE AND TOWEL INDUSTRIES (Pakistan) *** 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

According to Arbitration court of Moscow judicial claims of the company are not registered.

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 Ms Nikitina Elena Eduardovna (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 01.01.2010	as at 01.01.2011	as at 01.01.2012
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	110	77	51
Construction in progress	130	3	3	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	-	-	-
Other non-current assets	150	-	-	-
Total section I	190	113	80	51
II. CURRENT ASSETS
Inventories	210	6819	9098	8336
including :
raw materials and other inventories	211	79	55	-
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	4931	8442	-
goods dispatched	215	1799	587	-
expenses related to future periods	216	10	13	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	71	76	76
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	-	-	-
including :
buyers and customers	231	-	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	17061	19063	25872
including :
buyers and customers	241	6977	11287	-
Short-term investments	250	-	-	-
Monetary assets	260	445	376	253
Other current assets	270	274	274	394
Total section II	290	24670	28887	34931
TOTAL SECTIONS I and II	300	24784	28967	34981
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	14	14	14
Treasury shares	411	-	-	-
Additional capital	420	-	-	-
Legal reserve	430	-	-	-
including :
reserves and provisions formed in  accordance with legislation	431	-	-	-
reserves formed in accordance  with foundation documents	432	-	-	-
Retained earnings (loss)	470	10874	13080	16048
Total section III	490	10888	13094	16062
IV. NON-CURRENT LIABILITIES
Borrowings	510	5032	4400	7900
Deferred tax liabilities	515	-	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	5032	4400	7900
V. CURRENT LIABILITIES
Borrowings	610	2000	-	-
Accounts payable	620	6864	11473	11007
including :
suppliers and contractors	621	2617	5892	-
salaries payable	622	544	578	-
payable to state non-budget funds	623	99	99	-
taxes payable	624	2976	1502	-
other creditors	625	628	3402	-
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	12
Total section V	690	8864	11473	11019
TOTAL SECTIONS III,IV,V	700	24784	28967	34981

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2012	01.01.2011	01.01.2010
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	61961	50259	40251
Cost of goods, products, work, services sold	020	32212	25905	20903
Gross profit	029	29749	24354	19348
Selling expenses	030	1288	839	809
Administrative expenses	040	21413	17847	15647
Profit (loss) from operations	050	7048	5668	2892
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	121	310	119
Income from investments in other companies	080	-	-	-
Other operating income	090	348	1015	4822
Other operating expenses	100	2763	2836	4763
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	4512	3537	2832
Deferred tax assets	141	-	-	-
Deferred tax liabilities	142	-	-	-
Current profit tax	150	902	707	566
Net profit (loss) for the reporting period	190	2968	2206	1200

Rates of Exchange

RUR - Russian Rouble	01.01.2012:   1 EUR = 41.67 RUR,   1 USD = 32.19 RUR
EUR - EURO	01.01.2011:   1 EUR = 40.49 RUR,   1 USD = 30.35 RUR
USD - US Dollar	01.01.2010:   1 EUR = 43.46 RUR,   1 USD = 30.19 RUR

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

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.