MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	MANULI UKRAINE LTD
Registered Office :	18 Malynska str., Kiev, 03680
Country :	Ukraine
Financials (as on) :	31.12.2010
Date of Incorporation :	19.06.1997
Com. Reg. No.:	24929232
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	Trade of packaging materials and equipment.
No. of Employees :	20

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 :	4 000 EUR
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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

:

Spilne ukrainsko-italiyske tovarystvo z obmezhenoyu vidpovidalnistyu MANULI UKRAINA LTD

Name in English

:

MANULI UKRAINE LTD

Office address

:

18 Malynska str., Kiev, 03680, Ukraine

Legal Address

:

2 Maydan Nezalezhnosti, Kiev, 01001, Ukraine

Contacts

:

-	Phone	:	(+380 44) 5373147
-	Fax	:	(+380 44) 5373148
-	E-mail	:	info@manuli.ua
-	WWW	:	www.manuli.ua

SUMMARY

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

Incorporation : 1997

Staff : 20

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

Sales :	59 955.00 th UAH ( for 12 months, ended 31.12.2010 )
	49 348.00 th UAH ( for 12 months, ended 31.12.2009 )

Credit Opinion

Credit Limit

:

4 000 EUR Credit amount at value over the Credit Limit is advised to be secured with proper guarantees

Incorporation

:

1997

RAGISTRATION DATA

Date of registration

:

19.06.1997

Registration number

:

24929232

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

249292326107

Registr. place

:

Ukraine

Number of VAT-certificate: 37466166 Date of issue: 02.09.1997

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 19.06.1997

Share Capital

:

98 266 UAH (registered)

since 17.08.1999

Shareholders

:

-	Manuli Stretch SPA (Italy)				74.00 %
		share's book value	:	72 765 UAH
-	Mr Romanyuk Igor Semenovich (Ukraine)				9.00 %
		share's book value	:	8 743 UAH
-	Mr Yurchenko Dmitriy Viktorovich (Ukraine)				4.50 %
		share's book value	:	4 459 UAH
-	Mr Shapoval Ivan Viktorovich (Ukraine)				4.50 %
		share's book value	:	4 459 UAH
-	Mr Ferrara Massimo (Italy)				4.00 %
		share's book value	:	3 920 UAH
-	Mr Kosta Alberto (Italy)				4.00 %
		share's book value	:	3 920 UAH

Board / Executives

Executives

Director

:

Mr Punin Yuriy Olegovich (Ukraine)

Authorised signature

:

Mr Punin Yuriy Olegovich

Changes in Registration Data

- 11.11.2009

:

managers, authorised signature

- 10.02.2009

:

managers, authorised signature

Activities

:

-	5084	Processing/Packaging Equip
		(NACE 5181: Wholesale of machine tools)

Trade of packaging materials and equipment.

Staff employed

:

20 [E]

Staff History

:

-	24
	( the data as of 31.12.2009 )

Export

- 01.01.2011

:

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

236 403.00

Italy, Armenia, Moldova

- 01.01.2010

:

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

248 366.00

:

none

Import

- 01.05.2011

:

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

9 402 298.00

United Arab Emirates, Germany, Italy, Israel, France

- 01.01.2011

:

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

36 168 735.00

- 01.01.2010

:

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

18 128 069.00

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	18 Malynska str., Kiev, 03680, Ukraine

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Kiev (Ukraine)
	bank code	:	322498
	account(s)	:	26002000221470 EUR, 26004000221401 UAH, 26008000221430 USD
-	Ukrsotsbank (Ukraine)
	bank code	:	322012
	account(s)	:	26006013329411 EUR, USD

Clients

:

-	Nairit Plant (Armenia)
-	SIAT S.p.A. (Italy)
-	?? Supraten (Moldova)

Suppliers

:

-	AURORA FORWARDING LTD (Israel)
-	BOLLORE ODET-ERGUE GABERIC (France)
-	BOSTON tapes S.p.A. (Italy)
-	Manuli Stretch Deutschland GmbH (Germany)
-	NOVA INDUSTRIES L.L.C. (Israel)

Other associated Companies

:

-	Manuli Stretch Group
	MANULI UKRAINA LTD belongs to the group of companies Manuli Stretch Group. The main lines of business Manuli Stretch Group - is the production of stretch films LLDPE and distribution of equipment and materials for the final stages of packing. Source: http://www.manuli.ua/

Litigation

:

According to the data of Bulletin of the State Registration as of 16.01.2012, 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 the subject company has been involved as a claimant into 6 litigation processes in the period from 30.01.2009 up to 01.08.2011.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

:

There is no companys financial report for 6 months 2011 at the official accessible sources.

Period, months	12	12	12
Ended	31.12.2010	31.12.2009	31.12.2008
Currency	UAH th	UAH th	UAH th
Non-current assets	622.00	716.00	1 033.00
incl: - Fixed assets	531.00	668.00	862.00
- Financial assets	0.00	0.00	0.00
Current assets	11 193.00	6 774.00	12 117.00
incl: - Stock	6 673.00	2 463.00	6 026.00
- Debtors	3 929.00	3 989.00	5 501.00
- Cash	493.00	301.00	553.00
ASSETS TOTAL	11 869.00	7 561.00	13 212.00
Equity	517.00	-1 270.00	-3 388.00
incl: - Share capital	98.00	98.00	98.00
Liabilities Total	11 297.00	8 803.00	16 555.00
incl: - Long-term liabilities	36.00	32.00	0.00
- Short-term liabilities	11 261.00	8 771.00	16 555.00
EQUITY AND LIABILITIES TOTAL	11 869.00	7 561.00	13 212.00
Net sales	59 955.00	49 348.00	77 037.00
Cost of goods sold	40 948.00	30 816.00	54 253.00
Operating profit	2 551.00	3 304.00	-3 736.00
Profit before taxation	2 551.00	3 304.00	-3 692.00
Net profit	1 787.00	2 118.00	-4 543.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.25	6.70	-4.79
Profit before taxation / Net sales
Operating margin of profit, %	4.25	6.70	-4.85
Operating profit / Net sales
Return on investment, %	493.42	-260.16	108.97
Profit before taxation / Equity
Current assets turnover	5.36	7.28	6.36
Net sales / Current assets
Working capital	-68.00	-1 997.00	-4 438.00
Current assets - Short-term liabilities
Leverage	0.04	-0.17	-0.26
Equity / Total assets
Current ratio	0.99	0.77	0.73
Current assets / Short-term liabilities
Quick ratio	0.40	0.49	0.37
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	21.85	-6.93	-4.89
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 Aleksandr Aleksandrovich (Logistics) on 16.01.2012 by the tel. number: +38 044 5373147. He 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.

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2010	31.12.2009	31.12.2008
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	59 955.00	49 348.00	77 037.00
services
015 VAT tax	9 953.00	8 183.00	12 832.00
020 Excise tax	0.00	0.00	0.00
025
030 Other compulsory payments	106.00	50.00	54.00
035 Net sales revenue	49 896.00	41 115.00	64 151.00
040 Cost of goods, work, services	40 948.00	30 816.00	54 253.00
050 Gross profit	8 948.00	10 299.00	9 898.00
055 Gross loss	0.00	0.00	0.00
060 Other operating income	567.00	670.00	2 466.00
070 Administrative and management costs	4 975.00	4 450.00	4 618.00
080 Distribution costs	1 384.00	990.00	2 049.00
090 Other operating charges	605.00	2 225.00	9 433.00
100 Operating profit	2 551.00	3 304.00	0.00
105 Operating loss	0.00	0.00	3 736.00
110 Income from capital participating	0.00	0.00	0.00
120 Other financial income	0.00	0.00	0.00
130 Other income	0.00	0.00	30.00
140 Financial charges	0.00	0.00	0.00
150 Capital participating expenses	0.00	0.00	0.00
160 Other expenses	0.00	0.00	26.00
170 Profit from ordinary activity before taxation	2 551.00	3 304.00	0.00
175 Loss from ordinary activity before taxation	0.00	0.00	3 732.00
180 Ordinary activity Income-tax	764.00	1 186.00	851.00
190 Profit from ordinary activity	1 787.00	2 118.00	0.00
195 Loss from ordinary activity	0.00	0.00	4 583.00
200 Extraordinary income	0.00	0.00	40.00
205 Extraordinary charges	0.00	0.00	0.00
210 Extraordinary activity Income-Tax	0.00	0.00	0.00
220 Net profit	1 787.00	2 118.00	0.00
225 Net loss	0.00	0.00	4 543.00
Operating charges details:
230 Tangible expenses	367.00	314.00	572.00
240 Payroll costs	2 429.00	2 109.00	1 792.00
250 Allocation to social needs	665.00	608.00	560.00
260 Amortization charges	184.00	196.00	184.00
270 Other operating charges	2 773.00	2 439.00	3 736.00
280 Operating charges total	6 418.00	5 666.00	6 844.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	91.00	48.00	59.00
011 acquisition cost	148.00	90.00	89.00
012 depreciation	57.00	42.00	30.00
020 Construction in progress	0.00	0.00	0.00
Fixed assets
030 residual assets	531.00	668.00	862.00
031 acquisition cost	1 223.00	1 264.00	1 344.00
032 depreciation	692.00	596.00	482.00
Long-term financial assets
040 Capital participation in other enterprises	0.00	0.00	0.00
045 Other financial investments	0.00	0.00	0.00
050 Long-term accounts receivable	0.00	0.00	0.00
060 Deferred tax charges	0.00	0.00	112.00
070 Other non-current assets	0.00	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	622.00	716.00	1 033.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	1 305.00	539.00	533.00
110 Working and productive animals	0.00	0.00	0.00
120 Construction in progress	0.00	0.00	0.00
130 Finished goods	1 138.00	455.00	486.00
140 Goods for resale	4 230.00	1 469.00	5 007.00
150 Bills of exchange receivable	0.00	0.00	0.00
Trade debtors:
160 net realizable value	3 601.00	3 612.00	5 368.00
161 acquisition cost	3 778.00	3 807.00	5 530.00
162 doubtful debts reserve	177.00	195.00	162.00
Accounts receivable
170 Budget accounts receivable	272.00	0.00	0.00
180 Payments in advance	56.00	373.00	131.00
190 Accrued income	0.00	0.00	0.00
200 Internal payments	0.00	0.00	0.00
210 Other current accounts receivable	0.00	4.00	2.00
220 Current financial investments	0.00	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	493.00	301.00	553.00
240 Funds in foreign currencies	0.00	0.00	0.00
250 Other current assets	98.00	21.00	37.00
260 CURRENT ASSETS TOTAL	11 193.00	6 774.00	12 117.00
270 III. DEFERRED CHARGES	54.00	71.00	62.00
280 ASSETS TOTAL	11 869.00	7 561.00	13 212.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	98.00	98.00	98.00
310 Share capital	0.00	0.00	0.00
320 Additional contributed capital	0.00	0.00	0.00
330 Other additional capital	0.00	0.00	0.00
340 Reserve capital	0.00	0.00	0.00
350 Retained earnings (loss)	419.00	-1 368.00	-3 486.00
360 Unpaid capital (minus)	0.00	0.00	0.00
370 Retired capital (minus)	0.00	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	517.00	-1 270.00	-3 388.00
II. PROVISIONS FOR EXPENSES AND
LIABILITIES
400 Provisions for payments to personnel	55.00	28.00	45.00
410 Other provisions	0.00	0.00	0.00
415 Insurance reserves	0.00	0.00	0.00
416 portion covered by insurers	0.00	0.00	0.00
420 Special-purpose funding	0.00	0.00	0.00
430 PROVISIONS FOR EXPENSES AND	55.00	28.00	45.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	0.00	0.00	0.00
450 Other financial liabilities	0.00	0.00	0.00
460 Deferred tax liabilities	36.00	32.00	0.00
470 Other long-term liabilities	0.00	0.00	0.00
480 TOTAL LONG-TERM LIABILITIES	36.00	32.00	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00	0.00	0.00
510 Short-term portion of long-term liabilities	0.00	0.00	0.00
520 Bills of exchange payable	0.00	0.00	0.00
530 Trade creditors	10 846.00	8 242.00	15 862.00
Accounts payable:
540 Advance payments	71.00	48.00	134.00
550 Budget accounts payable	138.00	180.00	396.00
560 Non-budget accounts payable	0.00	0.00	0.00
570 Insurance payments	46.00	51.00	40.00
580 Accrued payroll	159.00	188.00	119.00
590 Liabilities to shareholders	0.00	0.00	0.00
600 Internal payments	0.00	0.00	0.00
610 Other short-term liabilities	1.00	62.00	4.00
620 SHORT-TERM LIABILITIES TOTAL	11 261.00	8 771.00	16 555.00
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	11 869.00	7 561.00	13 212.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.28
UK Pound	1	Rs.77.60
Euro	1	Rs.64.66

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.