MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	OOO KURSIV
Registered Office :	Mira str., 3, lit. A, Novorossiysk, Krasnodar Region, 353900
Country :	Russia
Financials (as on) :	01.01.2007
Date of Incorporation :	23.08.2004
Com. Reg. No.:	1047855066710
Legal Form :	Limited Liability Company
Line of Business :	Subject engaged in specialized warehousing and forwarding services.
No. of Employees :	275

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	10 000 USD
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 – September 30^th, 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 Obschestvo s ogranichennoyotvetstvennostyu "KURSIV" (name in English: "KURSIV" LIMITED LIABILITY COMPANY). We provide the report on this company.

Summary

Original Name	Obschestvo s ogranichennoyotvetstvennostyu "KURSIV"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2004
Sales	0 RUR for 12 months, ended 01.01.2007
Employees	275 on January, 12, 2012 (company's data)

Creditline Recommendations

Credit Limit

10 000 USD

Company Identification Details

Original Name	Obschestvo s ogranichennoyotvetstvennostyu "KURSIV"
Short Name	OOO "KURSIV"
Name in English	"KURSIV" LIMITED LIABILITY COMPANY
Address	Mira str., 3, lit. A, Novorossiysk, Krasnodar Region, 353900, Russian Federation
Legal Address	Mira str., 3, lit. A, Novorossiysk, Krasnodar Region, 353900, Russian Federation
Phone	+7 (8617) 605050
Fax	+7 (8617) 605050
E-mail	info@kursiv-nvrsk.ru
WEB Address	None
History	12.12.2011: Legal Address changed from Inzhenernaya str., 9, lit. A, office 2N, St.-Petersburg, 191011, Russian Federation

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	23.08.2004
Registration Number	1047855066710
Statistic Code (OKPO)	73391669
Taxpayer Code (INN)	7841302563
Registration Authority	Ministry for Taxes and Duties of Russian Federation

Public Record Information

Information

The company Obschestvo s ogranichennoyotvetstvennostyu "KURSIV" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

10 000 RUR

Shareholders

Total	1 private person
Shareholder	MrMikheevMaksimViktorovich
Nationality	Russian Federation
Share	100 %

Directors

Director	Mr Alekseev Konstantin Viktorovich
	Signature Right
Nationality	Russian Federation

Re-Registration Data

Date of Registration	23.08.2004
	(Entering into the Single State Register of Legal Entities)
Registration Number	1047855066710
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Date of Re-registration	25.11.2004
File Number	2047841049100
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Company's Rules
Date of Re-registration	12.12.2011
File Number	9117847152348
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Address

Operations

Activities	The company is engaged in specialized warehousing and forwarding services.
Staff Employed	275 on January, 12, 2012 (company's data)

Real Estate

Own	None
Rent	Office, warehouse Address: Mira str., 3, lit. A, Novorossiysk, Krasnodar Region, 353900, Russian Federation (company's data)

Export & Import

Export Countries	2007-2010, for 4 months 2011: No Export Activity
Exported Goods	none
Export Value	none
Import Countries	2007-2010, for 4 months 2011: No Import Activity
Imported Goods	none
Import Value	none

Branches

Branch

None

Participation

Information

None

Related Companies

Information

MrMikheevMaksimViktorovich isn't a shareholder of any other companies of Russian Federation. Mr Alekseev Konstantin Viktorovich is also the shareholder and director of company: OOO "SEVERO-ZAPADNAYA INSTRUMENTAL'NAYA KOMPANIYA" Registration number: 1099847003123

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12
Ended	01.01.2007	01.01.2006	01.01.2005
Currency	RUR	RUR	RUR
SALES
Cost of Goods sold
GROSS PROFIT
Distribution Costs
Management Costs		16
OPERATING PROFIT		-16
Non Trading Income	-18	-2
PRE TAX PROFIT	-18	-18
Taxation
PROFIT AFTER TAX	-18	-18

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2007	01.01.2006	01.01.2005
Currency	RUR	RUR	RUR
TOTAL FIXED ASSETS	10	10	10
Intangible Assets
Fixed Assets
TOTAL CURRENT ASSETS	120	3	3
Stock			3
Trade debtors	112
Cash	5
TOTAL ASSETS	130	13	13
TOTAL EQUITY	-26	-8	10
Share Capital	10	10	10
Retained Profits	-36	-18
TOTAL LONG TERM LIABS
Long Term Loans
TOTAL CURRENT LIABS	156	21	3
Short Term Loans	131
Short Term Trade Creditors	25	21	3
TOTAL EQUITY & LIABS	130	13	13

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2007	01.01.2006	01.01.2005
Current Ratio	0,77	0,14	1
Working Capital, x1000 RUR	-36	-18
Quick Ratio	0,77	0,14
Debt to Equity Ratio	-6	-2,63	0,3
Current Assets Turnover
Total Assets Turnover Ratio
Pre Tax Profit Margin, %
Gross Profit, %
Return on Investment, %	69,23	225
Return on Assets, %	-13,85	-138,46

Actions at law

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

Financial Data

We couldn't get the financial data on the company of 2007 - 2010 years, because there weren't company's financial data of 2007 - 2010 years in the Federal Statistics Service of Russian Federation.

Original Financial Data (Russian Accounting Report in English)

Balance Sheet

The following figures are shown in units of 1000

ASSETS	Line code	as at 01.01.2005	as at 01.01.2006	as at 01.01.2007
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	-	-	-
Construction in progress	130	10	10	10
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	10	10	10
II. CURRENT ASSETS
Inventories	210	3	-	-
including :
raw materials and other inventories	211	-	-	-
livestock	212	-	-	-
work in progress	213	3	-	-
finished goods and goods for resale	214	-	-	-
goods dispatched	215	-	-	-
expenses related to future periods	216	-	-	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	-	3	3
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	-	-	112
including :
buyers and customers	241	-	-	111
Short-term investments	250	-	-	-
Monetary assets	260	-	-	5
Other current assets	270	-	-	-
Total section II	290	3	3	120
TOTAL SECTIONS I and II	300	13	13	130
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	10	10	10
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	-	-18	-36
Total section III	490	10	-8	-26
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	-	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	-	-	-
V. CURRENT LIABILITIES
Borrowings	610	-	-	131
Accounts payable	620	3	21	25
including :
suppliers and contractors	621	3	19	23
salaries payable	622	-	-	-
payable to state non-budget funds	623	-	-	-
taxes payable	624	-	-	-
other creditors	625	-	2	2
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	3	21	156
TOTAL SECTIONS III,IV,V	700	13	13	130

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2007	01.01.2006	01.01.2005
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	-	-	-
Cost of goods, products, work, services sold	020	-	-	-
Gross profit	029	-	-	-
Selling expenses	030	-	-	-
Administrative expenses	040	-	16	-
Profit (loss) from operations	050	-	-16	-
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	6	-	-
Income from investments in other companies	080	-	-	-
Other operating income	090	-	-	-
Other operating expenses	100	12	2	-
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	-18	-18	-
Deferred tax assets	141	-	-	-
Deferred tax liabilities	142	-	-	-
Current profit tax	150	-	-	-
Net profit (loss) for the reporting period	190	-18	-18	-

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.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.32

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.