MIRA INFORM REPORT

Report Date :

15.02.2012

IDENTIFICATION DETAILS

Correct Name :	OTKRYTOE AKTSIONERNOE OBSCHESTVO "SIBENERGOMASH"
Registered Office :	Kalinina prosp., 26, Barnaul, Altay Region, 656037, Russian Federation
Country :	Russia
Financials (as on) :	01.01.2011
Date of Incorporation :	27.08.2009
Com. Reg. No.:	1092224004707
Legal Form :	OAO (Public Joint Stock Company by Russian Law)
Line of Business :	Manufacture and sales of boiler equipment.
No. of Employees :	1 000 (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

Maximum Credit Limit :	100 000 USD
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 – 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

Comments

Information

The address and the telephone number mentioned in your inquiry belong to the company Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH" (name in English: "SIBENERGOMASH" PUBLIC JOINT STOCK COMPANY). We provide the report on this company.

Summary

Original Name	Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH"
Legal Form	OAO (Public Joint Stock Company by Russian Law)
Year of Foundation	2009
Sales	2 194 440 th RUR for 12 months, ended 01.01.2011
Employees	1 000 (approx.) on February, 13, 2012 (company's data)

Credit Limit

100 000 USD

Company Identification Details

Original Name	Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH"
Short Name	OAO "SIBENERGOMASH"
Name in English	"SIBENERGOMASH" PUBLIC JOINT STOCK COMPANY
Address	Kalinina prosp., 26, Barnaul, Altay Region, 656037, Russian Federation
Legal Address	Kalinina prosp., 26, Barnaul, Altay Region, 656037, Russian Federation
Phone	+7 (3852) 777520, 778177
Fax	+7 (3852) 778064
E-mail	par@sibenergomash.com
WEB Address	www.sibenergomash.com

Official Company Data

Legal Form	OAO (Public Joint Stock Company by Russian Law)
Date of Registration	27.08.2009
Registration Number	1092224004707
Statistic Code (OKPO)	62352347
Taxpayer Code (INN)	2224135248
Registration Authority	Federal Tax Service of Russian Federation

Public Record Information

Information

The company Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

10 000 000 RUR

Shareholders

Total	2 legal persons
Shareholder	OAO "TRUBMASH"
Address	Gvozdeva str., 7/4, bldg. 1, Moscow, 115172, Russian Federation
Registration Number	1097746388651
Taxpayer Code (INN)	7705892352
Share	99 %
Shareholder	OOO "TEKHNOPROM"
Address	Planetnaya str., 11, Moscow, 115172, Russian Federation
Registration Number	1097746171258
Taxpayer Code (INN)	7714777645
Share	1 %
Comments	The information on the shareholders of the company is presented on 01.01.2012.

Directors

Director	Mr Ryabov Konstantin Nikolaevich
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	222104919471

Operations

Activities	Manufacture and sales of boiler equipment.
Staff Employed	1 000 (approx.) on February, 13, 2012 (company's data)

Real Estate

Own	Office, warehouse, industrial area Address: Kalinina prosp., 26, Barnaul, Altay Region, 656037, Russian Federation (company's data)
Rent	none

Export & Import

Export Countries	for 4 months 2011: Guinea, Ukraine, Mongolia 2010: Kazakhstan, Armenia, Ukraine, Kirghizia, Hungary, Bosnia and Herzegovina 2009: Kazakhstan, Ukraine
Exported Goods	spare parts, fixture, pumps, boiler equipment
Export Value	for 4 months 2011: 320 725 USD in 2010: 8 154 366 USD in 2009: 1 508 583 USD
Import Countries	for 4 months 2011: China 2010: Italy, Netherlands
Imported Goods	industrial equipment, metal designs, fixture, pumps
Import Value	for 4 months 2011: 404 247 USD in 2010: 280 045 USD in 2009: none

Branches

Branch

None

Participation

Information

OAO "BIYSKIY KOTEL'NIY ZAVOD" Registration number: 1112204000105 OAO "BIYSKENERGOMASH" Registration number: 1112204000116 OAO "NOVAEM" Registration number: 1107746174931

Related Companies

Information

The company OAO "TRUBMASH" is also the shareholder of companies: OAO "NOVAEM" Registration number: 1107746174931 OAO "ALAPAEVSKIY METALLURGICHESKIY ZAVOD" Registration number: 1106601000901 ZAO "SIBENERGOMASH" Registration number: 1092224004718 OOO "TRUBMASHEKSPORT" Registration number: 1037728053516 The company OOO "TEKHNOPROM" is also the shareholder of companies: OOO "TEKHNOPROM OVERSIZ" Registration number: 1117746245330 OOO "PROMPLAST" Registration number: 1107847180891 OOO "TEKHNOPROM LOGISTIK" Registration number: 1107746648481 ZAO "AKADEMIYA ENERGETICHESKIKH ISSLEDOVANIY" Registration number: 1097746505394 OOO "MAKSTERM" Registration number: 1097232019620 OOO "TERMAKS" Registration number: 1097232006410 OOO "LOGITEKH" Registration number: 1087847036573 OOO "PREM'ERLIZING" Registration number: 1087746640618 OOO "SPETSIALIZIROVANNOE STROITEL'NOE UPRAVLENIE-VEK" Registration number: 1089847074635 OOO "TEKHNOPROM-URAL" Registration number: 1076659016389

Bankers

Bank	AKTSIONERNYY KOMMERCHESKIY SBEREGATEL'NYY BANK ROSSIYSKOY FEDERATSII (OAO), Altay branch No 8644, bank code: 040173604 (Russian Federation)
Account(s)	40702810202000002127 (RUR)
Bank	OOO "RAYFFAYZENBANK AVSTRIYA" (Russian Federation)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12
Ended	01.01.2011	01.01.2010
Currency	RUR	RUR
SALES	2194440	101891
Cost of Goods sold	1719951	95253
GROSS PROFIT	474489	6638
Distribution Costs	121726	2765
Management Costs
OPERATING PROFIT	352763	3873
Non Trading Income	-19365	-3166
PRE TAX PROFIT	333398	707
Taxation	59078
PROFIT AFTER TAX	284922	93

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2011	01.01.2010
Currency	RUR	RUR
TOTAL FIXED ASSETS	22946	22946
Intangible Assets
Fixed Assets	12805	8147
TOTAL CURRENT ASSETS	1508083	569054
Stock	317253	158707
Trade debtors	604896	256619
Cash	79240	10082
TOTAL ASSETS	1531029	592000
TOTAL EQUITY	273813	10093
Share Capital	10000	10000
Retained Profits	263808	93
TOTAL LONG TERM LIABS	37536	14960
Long Term Loans	25805
TOTAL CURRENT LIABS	1219680	566948
Short Term Loans	243913	116023
Short Term Trade Creditors	975768	450925
TOTAL EQUITY & LIABS	1531029	592000

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2011	01.01.2010
Current Ratio	1,24	1
Working Capital, x1000 RUR	288403	2106
Quick Ratio	0,98	0,72
Debt to Equity Ratio	4,59	57,65
Current Assets Turnover	1,46	0,18
Total Assets Turnover Ratio	1,43	0,17
Pre Tax Profit Margin, %	15,19	0,69
Gross Profit, %	21,62	6,51
Return on Investment, %	121,76	7
Return on Assets, %	21,78	0,12

Clients & Suppliers

Clients	OOO "ARTEKSTEKH" (Ukraine) MEZ KOO (Mongolia) RUSAL FRIGUIA S.A. (Guinea) OAO "ELEKTRICHESKIE STANTSII" (Kirghizia) BELAZ PREMAR SERVIS DOO (Bosnia and Herzegovina) HUNGARO INVEST KFT (Hungary) AO "PAVLODARENERGO" (Kazakhstan) TOO "TARAZSKIY METALLURGICHESKIY ZAVOD" (Kazakhstan) TOO "FIRMA ZHOLDOSTAR" (Kazakhstan)
Suppliers	DALIAN MULTI BEST CO., LTD. (China) MAWIPEX BV (Netherlands) CO.MA.L S.R.L. (Italy) *** 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	18.10.2011
Registration number	A03-15145/2011
Plaintiff	OOO "BASHKIRSKAYA GENERIRUYUSCHAYA KOMPANIYA"
Defendant	OAO "SIBENERGOMASH"
Claim sum	2 000 190 RUR
Claim category	Default of obligations under the contract

Date of registration	22.12.2010
Registration number	A03-17822/2010
Plaintiff	OOO "ALTAY-ELEKTROD"
Defendant	OAO "SIBENERGOMASH"
Claim sum	151 330 RUR
Claim category	Default of obligations under the contract

Date of registration	13.12.2010
Registration number	A40-147685/2010
Plaintiff	ZAO "STS LOGISTIK"
Defendant	OAO "SIBENERGOMASH"
Claim sum	1 421 195 RUR
Claim category	Default of obligations under the contract

Date of registration	05.04.2010
Registration number	A03-4202/2010
Plaintiff	OAO "ALTAYENERGOTEKHREMONT"
Defendant	OAO "SIBENERGOMASH"
Claim sum	11 698 753 RUR
Claim category	Default of obligations under the contract

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 the Mr Ryabov Konstantin Nikolaevich (as private person) doesn'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
I. NON-CURRENT ASSETS
Intangible assets	110	-	-
Fixed assets	120	8147	12805
Construction in progress	130	455	9627
Income-bearing investments in tangible assets	135	-	-
Long-term financial investments	140	-	-
Deferred tax assets	145	14344	514
Other non-current assets	150	-	-
Total section I	190	22946	22946
II. CURRENT ASSETS
Inventories	210	158707	317253
including :
raw materials and other inventories	211	34396	114275
livestock	212	-	-
work in progress	213	91649	108214
finished goods and goods for resale	214	27954	77525
goods dispatched	215	-	-
expenses related to future periods	216	4709	17240
other supplies and expenditures	217	-	-
Value added tax on purchased goods	220	1130	10867
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	256619	604896
including :
buyers and customers	241	17950	163514
Short-term investments	250	142516	495827
Monetary assets	260	10082	79240
Other current assets	270	-	-
Total section II	290	569054	1508083
TOTAL SECTIONS I and II	300	592000	1531029
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	10000	10000
Treasury shares	411	-	-
Additional capital	420	-	-
Legal reserve	430	-	5
including :
reserves and provisions formed in  accordance with legislation	431	-	-
reserves formed in accordance  with foundation documents	432	-	5
Retained earnings (loss)	470	93	263808
Total section III	490	10093	273813
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	25805
Deferred tax liabilities	515	14960	11730
Other non-current liabilities	520	-	-
Total section IV	590	14960	37536
V. CURRENT LIABILITIES
Borrowings	610	116023	243913
Accounts payable	620	450925	975768
including :
suppliers and contractors	621	40664	134786
salaries payable	622	17241	13326
payable to state non-budget funds	623	5937	5693
taxes payable	624	3797	39084
other creditors	625	383286	782879
Dividends payable to participants (shareholders)	630	-	-
Income of future periods	640	-	-
Reserves for future expenses and payments	650	-	-
Other current liabilities	660	-	-
Total section V	690	566948	1219680
TOTAL SECTIONS III,IV,V	700	592000	1531029

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	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	2194440	101891
Cost of goods, products, work, services sold	020	1719951	95253
Gross profit	029	474489	6638
Selling expenses	030	121726	2765
Administrative expenses	040	-	-
Profit (loss) from operations	050	352763	3873
OTHER INCOME AND EXPENSES
Interest income	060	30639	2610
Interest expenses	070	26167	2802
Income from investments in other companies	080	-	-
Other operating income	090	29906	598
Other operating expenses	100	53743	3572
Non-operating income	120	-	-
Non-operating expenses	130	-	-
Profit (loss) before profit tax	140	333398	707
Deferred tax assets	141	13831	14344
Deferred tax liabilities	142	3229	14960
Current profit tax	150	59078	-
Net profit (loss) for the reporting period	190	284922	93

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.49.33
UK Pound	1	Rs.77.41
Euro	1	Rs.64.83

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.