MIRA INFORM REPORT

Report Date :

09.03.2012

IDENTIFICATION DETAILS

Name :	COMPANY MAY PRIVATE JOINT STOCK COMPANY
Registered Office :	4294-th Proektiruemyy pr., 19, Moscow, 109235, Russian Federation
Country :	Russia
Financials (as on) :	01.01.2011
Date of Incorporation :	04.08.2006
Com. Reg. No.:	1067746975559
Legal Form :	ZAO (Private Joint Stock Company by Russian Law)
Line of Business :	Manufacture and sales of coffee and tea
No. of Employees :	250 Approximately

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 :	300 000 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, 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 mentioned in your inquiry belongs to the company Zakrytoe aktsyonernoe obschestvo KOMPANIYA "MAY" (name in English: "COMPANY MAY" PRIVATE JOINT STOCK COMPANY). We provide the report on this company.

Summary

Original Name	Zakrytoe aktsyonernoe obschestvo KOMPANIYA "MAY"
Legal Form	ZAO (Private Joint Stock Company by Russian Law)
Year of Foundation	2006
Sales	632 425 th RUR for 12 months, ended 01.01.2011
Employees	250 (approx.) on March, 04, 2012 (company's data)

Creditline Recommendations

Credit Limit

300 000 USD

Company Identification Details

Original Name	Zakrytoe aktsyonernoe obschestvo KOMPANIYA "MAY"
Short Name	ZAO KOMPANIYA "MAY"
Name in English	"COMPANY MAY" PRIVATE JOINT STOCK COMPANY
Address	4294-th Proektiruemyy pr., 19, Moscow, 109235, Russian Federation
Legal Address	Ukhtomskiy per., 4, Moscow, 111020, Russian Federation
Phone	+7 (495) 7757505
Fax	+7 (495) 7755515
E-mail	info@maycompany.ru
WEB Address	www.maycompany.ru
History	19.11.2009: Legal Address changed from Ukhtomskiy per., 4, bldg. 1, Moscow, 111020, Russian Federation The company was formed through reorganization of company Obschestvo s ogranichennoy otvetstvennostyu "INTERPROD" (registration number: 1047796853917, taxpayer number (INN): 7722530232, date of registration: 10.11.2004) with change of legal status. The company is the legal successor of the company OOO "INTERPROD".

Official Company Data

Legal Form	ZAO (Private Joint Stock Company by Russian Law)
Date of Registration	04.08.2006
Registration Number	1067746975559
Statistic Code (OKPO)	75545438
Taxpayer Code (INN)	7722584340
Registration Authority	Federal Tax Service of Russian Federation Interregional Inspection N 46 within Moscow

Public Record Information

Information

The company Zakrytoe aktsyonernoe obschestvo KOMPANIYA "MAY" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

10 010 000 RUR

Shareholders

Total	1 legal and 1 private person incl.
Shareholder	OOO "TRANSPROD"
Address	Ukhtomskiy per., 4, bldg. 1, Moscow, 111020, Russian Federation
Registration Number	1027739486994
Taxpayer Code (INN)	7722144029
Share	99,9 %
Shareholder	private person
Nationality	Russian Federation
Share	0,1 %
Comments	The information on the shareholders of the company is presented on 01.04.2010. By Russian law full structural information of shareholders is not available.

Directors

Director	Mr Lisinenko Igor' Vasil'evich
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	772317892389

Re-Registration Data

Date of Registration	04.08.2006
	(Entering into the Single State Register of Legal Entities)
Registration Number	1067746975559
Registration Authority	Federal Tax Service of Russian Federation Interregional Inspection N 46 within Moscow
Date of Re-registration	02.09.2008
File Number	2087761156052
Registration Authority	Federal Tax Service of Russian FederationInterregional Inspection N 46 within Moscow
Changes	Company's Rules
Date of Re-registration	19.11.2009
File Number	7097748108220
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Address

Operations

Activities	Manufacture and sales of coffee and tea. The company produces goods under brands: MAYSKIY, LISMA, ZAVARKIN, CURTIS. The company operates under trading name MAY.
Staff Employed	250 (approx.) on March, 04, 2012 (company's data)
Employees' History	100 (approx.) on September, 29, 2010 (company's data) 100 (approx.) on June, 03, 2010 (company's data) 100 (approx.) on July, 13, 2009 (company's data)

Real Estate

Own	None
Rent	Office Address: 4294-th Proektiruemyy pr., 19, Moscow, 109235, Russian Federation (company's data) Industrial area, warehouse Address: Ozernaya str., 1 A, Fryazino, Moscow Region, 141190, Russian Federation (company's data)

Export & Import

Export Countries	2011: Italy 2007: Italy
Exported Goods	tea
Export Value	in 2011: 41 086 USD in 2010: none in 2009: none in 2008: none in 2007: 1 054 USD in 2006: none
Import Countries	2011: Sri Lanka, India, Germany, Kenya, Vietnam, Indonesia, Spain, Great Britain, China, Sudan, Italy, Netherlands, Egypt, Korea, Chile 2010: Sri Lanka, India, Germany, Kenya, Vietnam, Indonesia, Spain, Great Britain, China, Sudan, Italy, Netherlands, Egypt, Korea, Chile, Ukraine, Tanzania 2009: India, Sri Lanka, Kenya, Indonesia, Germany, Vietnam, Great Britain, Spain, China, Ukraine 2008: Sri Lanka, India, Germany, Kenya, Vietnam, Indonesia, Spain, Great Britain, China, Sudan, Italy, Netherlands, Egypt, Korea, Chile, Ukraine, Tanzania 2007: Germany, Spain, Italy, Sri Lanka, Vietnam, Netherlands, India, Indonesia, Kenya, China, Ukraine, Poland 2006: Spain, Germany, Sri Lanka, Italy, Vietnam, China, India, Kenya, Indonesia
Imported Goods	tea, packing, yarn, fruits
Import Value	in 2011: 54 453 647 USD in 2010: 53 505 822 USD in 2009: 60 593 013 USD in 2008: 83 576 042 USD in 2007: 67 362 491 USD in 2006: 7 147 807 USD

Branches

Branch

The company has representation: India

Participation

Information

None

Related Companies

Information

The company OOO "TRANSPROD" aren't shareholder of any other companies of Russian Federation. Mr Lisinenko Igor' Vasil'evich is also the shareholder of companies: ZAO "SOVA" Registration number: 5117746047942 OOO "DZHENERAL EKSPORT" Registration number: 1097746151513 OOO "FUD EKSPORT" Registration number: 1097746153482 OOO "YUNAYTED EKSPORT KOMPANI" Registration number: 1067746126755 OOO "TRANSPROD" Registration number: 1027739486994 OOO KOMPANIYA "MAY" Registration number: 1025007068756 OOO "DELOVAYA ROSSIYA" Registration number: 1027746002954 Mr Lisinenko Igor' Vasil'evich is also the director of companies: OOO "FUD EKSPORT" Registration number: 1097746153482 ZAO "YUNAYTED FUD KOMPANI" Registration number: 1085050001706 OOO "YUNAYTED EKSPORT KOMPANI" Registration number: 1067746126755 OOO "TRANSPROD" Registration number: 1027739486994 OOO KOMPANIYA "MAY" Registration number: 1025007068756 OOO KOMPANIYA "MAY" Registration number:1027739484079 OOO "AGROLIDER" Registration number: 1027739487050

Bankers

Bank	ZAO "MEZHDUNARODNYY MOSKOVSKIY BANK" (Russian Federation)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
SALES	632425	1393099	2827320	2760521
Cost of Goods sold	429958	1167386	2662026	2494933
GROSS PROFIT	202467	225713	165294	265588
Distribution Costs	201166	222896	159845	258978
Management Costs
OPERATING PROFIT	1301	2817	5449	6610
Non Trading Income		-10010	-457	9111
PRE TAX PROFIT	1301	2536	4992	15721
Taxation	260	559	1368	4903
PROFIT AFTER TAX	1041	1977	3624	10818

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS				7395
Intangible Assets
Fixed Assets
TOTAL CURRENT ASSETS	54212	139891	401328	762150
Stock	18224	88308	308598	412105
Trade debtors	35402	49310	87619	257510
Cash	586	2273	2879	88003
TOTAL ASSETS	54212	139891	401328	769545
TOTAL EQUITY	17139	16098	14121	30497
Share Capital	10010	10010	10010	10010
Retained Profits	7129	6088	4111	20487
TOTAL LONG TERM LIABS			126240	245760
Long Term Loans			126240	245760
TOTAL CURRENT LIABS	37073	123793	260967	493288
Short Term Loans
Short Term Trade Creditors	34605	123793	260967	493288
TOTAL EQUITY & LIABS	54212	139891	401328	769545

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Current Ratio	1,46	1,13	1,54	1,55
Working Capital, x1000 RUR	17139	16098	140361	268862
Quick Ratio	0,97	0,42	0,36	0,71
Debt to Equity Ratio	2,16	7,69	27,42	24,23
Current Assets Turnover	11,67	9,96	7,04	3,62
Total Assets Turnover Ratio	11,67	9,96	7,04	3,59
Pre Tax Profit Margin, %	0,21	0,18	0,18	0,57
Gross Profit, %	32,01	16,2	5,85	9,62
Return on Investment, %	7,59	15,75	35,35	51,55
Return on Assets, %	2,4	1,81	1,24	2,04

Clients & Suppliers

Clients

INDUSTRIA MACCHINE AUTOMATICHE SPA (Italy)

Suppliers

TODOPRINT S.L. (Spain) GFK INTERNATIONAL (India) VAN REES B.V. (Kenya) STASSEN EXPORTS LIMITED (Sri Lanka) GIVAUDAN SCHWEIZ AG (Germany) ZAO SP "TERIKHEM-LUTSK" (Ukraine) POLIPAK S.R.L. (Germany) VAN REES CEYLON, LTD. (Sri Lanka) GOZI FOR IMPORT AND EXPORT (Egypt) HUNAN DENKAI CO., LTD. (China) PT. SARI WANGI A.E.A. (Indonesia) *** 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	30.06.2010
Registration number	A40-77356/10
Plaintiff	ZAO KOMPANIYA "MAY"
Defendant	OOO "KS-PAK"
Claim sum	-
Claim category	Economic disputes

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 Mr Lisinenko Igor' Vasil'evich (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 01.01.2009	as at 01.01.2010	as at 01.01.2011
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	-	-	-
Construction in progress	130	-	-	-
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	-	-	-
II. CURRENT ASSETS
Inventories	210	308598	88308	18224
including :
raw materials and other inventories	211	179	-	-
livestock	212	-	-	-
work in progress	213	19670	14008	-
finished goods and goods for resale	214	288409	74199	18224
goods dispatched	215	-	-	-
expenses related to future periods	216	340	101	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	1406	-	-
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	87619	49310	35402
including :
buyers and customers	241	53221	41580	31864
Short-term investments	250	-	-	-
Monetary assets	260	2879	2273	586
Other current assets	270	826	-	-
Total section II	290	401328	139891	54212
TOTAL SECTIONS I and II	300	401328	139891	54212
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	10010	10010	10010
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	4111	6088	7129
Total section III	490	14121	16098	17139
IV. NON-CURRENT LIABILITIES
Borrowings	510	126240	-	-
Deferred tax liabilities	515	-	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	126240	-	-
V. CURRENT LIABILITIES
Borrowings	610	-	-	-
Accounts payable	620	260967	123793	34605
including :
suppliers and contractors	621	253623	119514	32843
salaries payable	622	1575	2475	636
payable to state non-budget funds	623	182	208	221
taxes payable	624	172	121	905
other creditors	625	5415	1475	-
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	2468
Total section V	690	260967	123793	37073
TOTAL SECTIONS III,IV,V	700	401328	139891	54212

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2011	01.01.2010	01.01.2009
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	632425	1393099	2827320
Cost of goods, products, work, services sold	020	429958	1167386	2662026
Gross profit	029	202467	225713	165294
Selling expenses	030	201166	222896	159845
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	1301	2817	5449
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	-	-	-
Income from investments in other companies	080	-	-	-
Other operating income	090	-	-	124
Other operating expenses	100	-	10010	581
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	1301	2536	4992
Deferred tax assets	141	-	-	-
Deferred tax liabilities	142	-	-	-
Current profit tax	150	260	559	1368
Net profit (loss) for the reporting period	190	1041	1977	3624

Additional information about shareholders (legal persons)

Below is presented the extended information about the shareholders (legal persons) of subject company.

Name	OOO "TRANSPROD"
Legal address	Ukhtomskiy per., 4, bldg. 1, Moscow, 111020, Russian Federation
Taxpayer code (INN)	7722144029
Registration Number	1027739486994
Share	99,9 %

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2008	01.01.2007	01.01.2006	01.01.2005
Currency	RUR	RUR	RUR	RUR
SALES	22579	17584	16970	17975
Cost of Goods sold	9733	11302	15409	16496
GROSS PROFIT	12846	6282	1561	1479
Distribution Costs
Management Costs	10723	4797
OPERATING PROFIT	2123	1485	1561	1479
Non Trading Income	-1267	-1025	-689	-413
PRE TAX PROFIT	856	460	602	1066
Taxation	412	240	230	514
PROFIT AFTER TAX	434	79	372	552

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2008	01.01.2007	01.01.2006	01.01.2005
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	348567	343939	343536	336529
Intangible Assets
Fixed Assets	29414	28128	27958	30808
TOTAL CURRENT ASSETS	20021	20095	20383	31403
Stock	15799	14936	16314	18183
Trade debtors	2706	4339	3311	6304
Cash	235	195	56	28
TOTAL ASSETS	368588	364034	363919	367932
TOTAL EQUITY	1086	1161	1088	738
Share Capital	9	9	9	9
Retained Profits	1077	1152	1079	729
TOTAL LONG TERM LIABS	7418	7410	7403
Long Term Loans	7418	7410	7403
TOTAL CURRENT LIABS	360084	355463	355428	367194
Short Term Loans
Short Term Trade Creditors	360084	355463	355303	366259
TOTAL EQUITY & LIABS	368588	364034	363919	367932

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.50.57
UK Pound	1	Rs.79.57
Euro	1	Rs.66.49

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.