MIRA INFORM REPORT

Report Date :

06.09.2012

IDENTIFICATION DETAILS

Name :	Tovarystvo z Obmezhenoyu Vidpovidalnistyu ATEM
Formerly Known As :	Zakryte Aktsionerne Tovarystvo ATEM
Registered Office :	19 Zhylyanska str., Kiev, 01033
Country :	Ukraine
Financials (as on) :	31.03.2012
Date of Incorporation :	22.09.1994
Com. Reg. No.:	21643937
Legal Form :	Limited Liability Company
Line of Business :	· Manufacture of other non-metallic mineral products Manufacture of ceramic tiles and flags Wholesale of wood, construction materials and sanitary equipment
No. of Employees :	Not Available

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Ukraine	B2	B2

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

ukraine - ECONOMIC OVERVIEW

After Russia, the Ukrainian republic was the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) in other regions of the former USSR. Shortly after independence in August 1991, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Output by 1999 had fallen to less than 40% of the 1991 level. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements and 100% of its nuclear fuel needs. After a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia in January 2009 that brought gas prices to "world" levels. The strict terms of the contracts have further hobbled Ukraine's cash-strapped state gas company, Naftohaz. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms. Ukrainian Government officials eliminated most tax and customs privileges in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow economy, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework. Ukraine's economy was buoyant despite political turmoil between the prime minister and president until mid-2008. Real GDP growth exceeded 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. A drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 2008. Ukraine reached an agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 2008 to deal with the economic crisis, but the program quickly stalled due to the Ukrainian Government's lack of progress in implementing reforms. The economy contracted nearly 15% in 2009, among the worst economic performances in the world. In April 2010, Ukraine negotiated a price discount on Russian gas imports in exchange for extending Russia's lease on its naval base in Crimea. In August 2010, Ukraine, under the YANUKOVYCH Administration, reached a new agreement with the IMF for a $15.1 billion Stand-By Agreement to put the country on the path to fiscal sustainability, reform the gas sector, and shore up the country's banking system. Economic growth resumed in 2010 and 2011, buoyed by exports. After initial disbursements, the IMF program stalled in early 2011 due to the Ukrainian Government's lack of progress in implementing key gas sector reforms, namely gas tariff increases.

Source : CIA

Identification

Full Name

:

Tovarystvo z Obmezhenoyu Vidpovidalnistyu ATEM

Name in English

:

ATEM, LLC

Name in national language

:

?????????? ? ????????? ???????????????? ????

Previous Names

:

-	Zakryte Aktsionerne Tovarystvo ATEM
-	Tovarystvo z Obmezhenoyu Vidpovidalnistyu ATEM

Office address

:

19 Zhylyanska str., Kiev, 01033, Ukraine

Legal Address

:

19 Zhylyanska str., Kiev, 01033, Ukraine

Other Addresses

:

Previous legal address

2 Parizhskoy Komunny str., Mironivka, Kiev region, Myronivskiy district, 08800, Ukraine

( the data cancelled since 28.11.2007 )

Previous legal address

25 Instytutska str., Kiev, 01001, Ukraine

( the data cancelled since 15.01.1998 )

Previous legal address

4-b Promyslova str., lit "M", Kiev, 01001, Ukraine

( the data cancelled since 02.08.2007 )

Previous legal address

22 Kominterna str., apt. 8, Kiev, 01001, Ukraine

( the data cancelled since 22.04.2004 )

Previous location

50-b Zhylyanskaya str., Kiev, 01001, Ukraine

Contacts

:

-	Phone/fax	:	(+380 44) 5202000, 5202003, 5202004, 5202006, 5202007
-	WWW	:	www.atem.com.ua
-	E-mail	:	atem2@i.kiev.ua

company SUMMARY

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

Incorporation : 1994

Staff : n/a

Litigation events : n/a Remarks on payments : yes

Sales :	163 928.00 th UAH ( for 3 months, ended 31.03.2012 )
	557 364.00 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

1994

Registration Data

Date of registration

:

22.09.1994

Registration number

:

21643937

Registr. authority

:

Local Administration (Kiev, Ukraine)

Number of the Certificate of State Registration: 575866 Series of the Certificate: A00

VAT number

:

216439326505

Registr. place

:

Ukraine

Number of VAT-certificate: 100093207 Date of issue: 26.01.2008

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 30.06.1998

Share Capital

:

273 767 023 UAH (registered)

since 18.11.2008

Shareholders

:

-	TOV "Keraplast Tehnolodzhi GmbH" (Keraplast Technology GmbH) (Germany)				44.60 %
		share's book value	:	122 165 324 UAH
		address	:	31 Banhofshtrasse, Ludwigsburg, Germany
-	Mrs Krikun Tatyana Stanislavovna (Ukraine)				24.50 %
		share's book value	:	67 061 846 UAH
-	Mr Bardachenko Oleg Nikolaevich (Ukraine)				17.00 %
		share's book value	:	46 553 399 UAH
-	Mrs Kuzmenko, Tamila Ivanovna (Ukraine)				9.21 %
		share's book value	:	25 210 663 UAH
		reg. number	:	2184206641
-	Pryvatna Aktsionerna Kompaniya z Obmezhenoyu Vidpovidalnistyu Alfakon Limited (ALFACON LIMITED) (United Kingdom)				4.67 %
		share's book value	:	12 775 791 UAH
		address	:	ENTERPRISE HOUSE 82 WHITCHURCH ROAD, Cardiff, CF14 3LX, United Kingdom

Board / Executives

Executives

Director

:

Mrs Kuzmenko, Tamila Ivanovna (Ukraine)
	pers. code: 2184206641

Director

:

Mr Schedrin Viktor Viktorovich (Ukraine)

( the data cancelled since 22.11.1999 )

Director

:

Sergienko I.S

( the data cancelled since 30.04.1996 )

Authorised signature

:

Mrs Kuzmenko, Tamila Ivanovna

Mr Schedrin Viktor Viktorovich

( the data cancelled since 22.11.1999 )

Sergienko I.S

( the data cancelled since 30.04.1996 )

Changes in Registration Data

- 18.11.2008

:

share capital

- 27.11.2007

:

legal address

- 02.08.2007

:

legal address

- 26.01.2007

:

share capital

- 22.09.2006

:

share capital

- 13.04.2006

:

share capital

- 20.04.2005

:

share capital

- 22.04.2004

:

legal address

- 10.03.2004

:

share capital

- 11.09.2003

:

share capital

- 13.01.2003

:

share capital

- 20.08.2002

:

share capital

- 05.12.2001

:

share capital

- 25.10.2000

:

share capital

- 22.11.1999

:

share capital, managers, authorised signature

- 30.06.1998

:

name, legal form, share capital

- 15.01.1998

:

legal address

- 30.04.1996

:

name, legal form, share capital, managers, authorised signature

Activities

:

-	32	STONE, CLAY, AND GLASS PRODUCTS
		(NACE 2600: Manufacture of other non-metallic mineral products)
-	3253	Ceramic wall and floor tile
		(NACE 2630: Manufacture of ceramic tiles and flags)
-	5032	Tile & Clay Products
		(NACE 5153: Wholesale of wood, construction materials and sanitary equipment)

Production and trade in ceramic tile.

Staff employed

:

n/a

There is no current information in the official sources. The company's administration refused to provide this information either.

Staff History

:

-	1 000 [E]
	( the data as of 10.08.2010 )
-	581
	Official data.
	( the data as of 31.03.2010 )
-	581
	( the data as of 31.12.2009 )
-	Official data:
	659
	( the data as of 31.12.2007 )
-	Official data:
	524
	( the data as of 01.01.2007 )

Export

- 01.04.2012

:

Fiscal period: 3 month(s), currency: UAH

210 906 816.00

Moldova, Belarus, Russian Federation, Kazakhstan, Romania

- 01.05.2011

:

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

39 928 350.00

Belarus, Moldova, Kirghizia, Russian Federation, Kazakhstan

- 01.01.2011

:

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

106 206 830.00

- 01.01.2010

:

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

79 777 159.00

Import

- 01.04.2012

:

Fiscal period: 3 month(s), currency: UAH

96 880 407.00

Finland, China Peoples Republic, France, Spain, Poland

- 01.05.2011

:

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

31 735 922.00

Czech Republic, Germany, Spain, Poland, Austria

- 01.01.2011

:

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

96 205 846.00

- 01.01.2010

:

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

92 751 942.00

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	19 Zhylyanska str., Kiev, 01033, Ukraine

Branches

:

The subject company has 7 branches in Ukraine.

Subsidiaries and Participation

:

-	Kyiv Plant Evroplast, LLC (Ukraine)				share n/a
		reg. number	:	31282988
		address	:	22 Kominterna str., apt. 8, Kiev, Ukraine
-	Affiliated Company Resurs-Servis of Atem, LLC (Ukraine)				share n/a
		reg. number	:	35144326
-	CJSC Keramin Kyiv (Ukraine)				share n/a
		reg. number	:	31485139
		address	:	22 Kominterna str., apt. 8, Kiev, Ukraine
-	Sanatorium MAYAK, LLC (Ukraine)				share n/a
		reg. number	:	25276996
		address	:	58 Yunkerova str., Kiev, Ukraine

Bankers

:

-	Ekspobank (Ukraine)
	bank code	:	322294
	account(s)	:	26008104211201 USD; 26001104211101 UAH
-	Industrialbank (Ukraine)
	bank code	:	320962
	account(s)	:	26002030000461 RUB; 26004036000009 UAH; 26005030000509 USD
-	UKREKSIMBANK (Ukraine)
	bank code	:	331649
	account(s)	:	02600001643574 UAH, USD, EUR

Clients

:

-	F.B.IMPEXCERA (Romania)
-	IMPEXCERA (Moldova)
-	Karlen Ceramics (Kazakhstan)
-	KeramoMarket (Belarus)
-	Metako (Russian Federation)

Suppliers

:

-	BOREALIS Polymers Oy (Finland)
-	Beijing Century Wang An International Trade Co.,Ltd (China Peoples Republic)
-	LEBLON-DELIENNE (France)
-	TFCI sp.zo.o (Poland)
-	Tecnografica iberica (Spain)

Litigation

:

There have been traced 75 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 17.04.2007 up to 16.07.2012. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

According to the data of Bulletin of the State Registration as of 06.09.2012, there are no bankruptcy records registered in the name of the subject company.

Remarks on payment

- 10.11.2010

:

Debt collection (confirmed)				47 930.00 EUR
	payment status	:	none

Debt was confirmed, however, it was closed without any payment as the creditor could not provide all necessary documents.

( the data as of 10.11.2010, cancelled since 30.06.2011 )

Financial Elements

Period, months	3	12	12
Ended	31.03.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	119.00	119.00
- Fixed assets	2 403 485.00	2 403 965.00	2 411 274.00
- Investments in tangible assets
- Financial assets	2 050.00	2 050.00	1 829.00
- Other non-current assets
Non-current assets total	2 405 654.00	2 406 134.00	2 413 222.00
CURRENT ASSETS
- Stock	46 267.00	75 771.00	109 717.00
- Debtors	28 151.00	13 229.00	30 166.00
- Other receivables	16 483.00	18 883.00
- Short-term financial investments	502.00	502.00
- Cash	6 314.00	13 616.00	4 039.00
- Other current assets
Current assets total	97 717.00	122 001.00	143 922.00
Assets total	2 503 371.00	2 528 135.00	2 557 144.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	273 767.00	273 767.00	273 767.00
- Additional capital	2 000 526.00	2 000 526.00
- Other capital	-8 733.00	-12 103.00
- Reserve capital
- Retained earnings (Non-covered loss)	-124 913.00	-115 599.00
Capital and reserves total	2 140 647.00	2 146 591.00	2 145 167.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	331 632.00	339 323.00
- long-term amounts owed to banks	331 632.00	339 323.00
- Other long-term liabilities
Long-term liabilities total	331 632.00	339 323.00	372 915.00
SHORT-TERM LIABILITIES
- Loans and credits
- short-term amounts owed to banks
- Creditors	31 092.00	42 221.00
- trade debts	29 985.00	41 065.00
- accrued payroll	728.00	732.00
- tax liabilities	379.00	424.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	31 092.00	42 221.00	39 062.00
Liabilities total	362 724.00	381 544.00	411 977.00
Equity and liabilities total	2 503 371.00	2 528 135.00	2 557 144.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	163 928.00	557 364.00	499 305.00
Cost of goods sold	162 974.00	514 251.00	373 075.00
Gross profit	954.00	43 113.00
Distribution costs	959.00	4 423.00
Administrative and management costs	1 836.00	11 698.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	15 495.00	3 779.00
Other operating charges	18 665.00	13 568.00
Operating profit			44 426.00
INVESTMENT INCOME AND CHARGES
Investment income less charges	-4 303.00	-15 779.00
Profit before taxation	-9 314.00	1 424.00	-116 309.00
Income-tax and other similar payments
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-9 314.00	1 424.00	-116 309.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-5.68	0.26	-23.29
Profit before taxation / Net sales
Operating margin of profit, %			8.90
Operating profit / Net sales
Return on investment, %	-0.44	0.07	-5.42
Profit before taxation / Equity
Current assets turnover	1.68	4.57	3.47
Net sales / Current assets
Working capital	66 625.00	79 780.00	104 860.00
Current assets - Short-term liabilities
Leverage	0.86	0.85	0.84
Equity / Total assets
Current ratio	3.14	2.89	3.68
Current assets / Short-term liabilities
Quick ratio	1.65	1.09	0.88
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.17	0.18	0.19
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 Nataliya Grebenyuk (secretary) on 06.09.2012 by the tel. number: +38 044 5202000. She 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.

Events History

:

ATEM Ltd. has been working for more than 10 years. In 2003 the company entered the ceramic tiles market. The primary activity of ATEM Ltd. is the manufacturing of ceramic tiles and plastic products. The main types of ceramic tiles produced by ATEM Ltd. are: facing tiles for walls, decorative flooring tiles borders prominent borders ceramic granite (GRES tiles) tiles (100 x 100) All the equipment used in the ATEM factory for the production of ceramic tiles is brand-new. World leaders in equipment manufacturing; such as SACMI, SITY, SYSTEM etc, carried out the technical rigging of the factory. They supplied complex lines, accompanied by technologies and know-how, and fulfilled their contract mounting. A team of foreign production engineers continuously works in the factory. The high quality of our ceramic tiles results from the high quality of our raw materials component, such as Vesco clay, Turkish feldspar, chalk, sand, etc. ATEM Ltd. buys coloring agents and frits from Italian and Spanish suppliers. Few factories can afford the application of white body, as ATEM does, because it is quite expensive. According to Italian experts, the ATEM factory is one of the most modern in Europe. ATEM's pricing policy remains constant: We stand for moderate prices, whilst offering products of the highest quality..

Legal Form History

- 30.04.1996

:

ZAT (Private Joint-Stock Company by Ukrainian Law)

( the data as of 30.04.1996, cancelled since 30.06.1998 )

- 22.09.1994

:

TOV (Limited Liability Company by Ukrainian Law)

( the data as of 22.09.1994, cancelled since 30.04.1996 )

Capital History

- 26.01.2007

:

241 932 235 UAH (registered)

( the data as of 26.01.2007, cancelled since 18.11.2008 )

- 22.09.2006

:

223 381 300 UAH (registered)

( the data as of 22.09.2006, cancelled since 26.01.2007 )

- 13.04.2006

:

144 381 342 UAH (registered)

( the data as of 13.04.2006, cancelled since 22.09.2006 )

- 20.04.2005

:

139 331 342 UAH (registered)

( the data as of 20.04.2005, cancelled since 13.04.2006 )

- 10.03.2004

:

127 673 542 UAH (registered)

( the data as of 10.03.2004, cancelled since 20.04.2005 )

- 11.09.2003

:

57 568 507 UAH (registered)

( the data as of 11.09.2003, cancelled since 10.03.2004 )

- 13.01.2003

:

57 082 884 UAH (registered)

( the data as of 13.01.2003, cancelled since 11.09.2003 )

- 20.08.2002

:

55 886 570 UAH (registered)

( the data as of 20.08.2002, cancelled since 13.01.2003 )

- 05.12.2001

:

14 311 446 UAH (registered)

( the data as of 05.12.2001, cancelled since 20.08.2002 )

- 25.10.2000

:

12 173 380 UAH (registered)

( the data as of 25.10.2000, cancelled since 05.12.2001 )

- 22.11.1999

:

11 843 379 UAH (registered)

( the data as of 22.11.1999, cancelled since 25.10.2000 )

- 30.06.1998

:

206 139 UAH (registered)

( the data as of 30.06.1998, cancelled since 22.11.1999 )

- 30.04.1996

:

100 000 UAH (registered)

( the data as of 30.04.1996, cancelled since 30.06.1998 )

APPENDIX A

Financial Statements

Period, months	3	12	12
Ended	31.03.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	171 036.00	639 828.00
services
015 VAT tax	7 108.00	82 464.00
020 Excise tax
025
030 Other compulsory payments
035 Net sales revenue	163 928.00	557 364.00
040 Cost of goods, work, services	162 974.00	514 251.00
045 Total production costs
050 Gross profit	954.00	43 113.00
055 Gross loss
060 Other operating income	15 495.00	3 779.00
070 Administrative and management costs	1 836.00	11 698.00
080 Distribution costs	959.00	4 423.00
090 Other operating charges	14 698.00	4 831.00
100 Operating profit		25 940.00
105 Operating loss	1 044.00
110 Income from capital participating
120 Other financial income
130 Other income
140 Financial charges	4 303.00	15 779.00
150 Capital participating expenses
160 Other expenses	3 967.00	8 737.00
170 Profit from ordinary activity before taxation		1 424.00
175 Loss from ordinary activity before taxation	9 314.00
180 Ordinary activity Income-tax
190 Profit from ordinary activity		1 424.00
195 Loss from ordinary activity	9 314.00
200 Extraordinary income
205 Extraordinary charges
210 Extraordinary activity Income-Tax
220 Net profit		1 424.00
225 Net loss	9 314.00
Operating charges details:
230 Tangible expenses	86 899.00	283 945.00
240 Payroll costs	3 956.00	15 102.00
250 Allocation to social needs	1 453.00	5 681.00
260 Amortization charges	15 366.00	48 777.00
270 Other operating charges	72 747.00	186 093.00
280 Operating charges total	180 421.00	539 598.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	119.00	119.00
011 acquisition cost	119.00	119.00
012 depreciation
020 Construction in progress	6 980.00	5 513.00
Fixed assets
030 residual value	2 396 505.00	2 398 452.00
031 acquisition cost	2 613 068.00	2 599 649.00
032 depreciation	216 563.00	201 197.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises
045 Other financial investments	2 050.00	2 050.00
050 Long-term accounts receivable
060 Deferred tax assets
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	2 405 654.00	2 406 134.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	17 412.00	22 990.00
110 Current biological assets
120 Work in progress
130 Finished goods	24 691.00	49 642.00
140 Goods for resale	4 164.00	3 139.00
150 Bills of exchange receivable
Trade debtors:
160 net realizable value	28 151.00	13 229.00
161 acquisition cost	28 151.00	13 229.00
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable	16 483.00	18 883.00
180 Payments in advance
190 Accrued income
200 Internal payments
210 Other current accounts receivable
220 Current financial investments	502.00	502.00
Cash at bank and on hands
230 Funds in local currency	4 619.00	10 251.00
231 incl. cash on hands
240 Funds in foreign currencies	1 695.00	3 365.00
250 Other current assets
260 CURRENT ASSETS TOTAL	97 717.00	122 001.00
270 III. DEFERRED CHARGES
280 ASSETS TOTAL	2 503 371.00	2 528 135.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	273 767.00	273 767.00
310 Share capital
320 Additional contributed capital	20.00	20.00
330 Other additional capital	2 000 506.00	2 000 506.00
340 Reserve capital
350 Retained earnings (loss)	-124 913.00	-115 599.00
360 Unpaid capital (minus)	8 733.00	12 103.00
370 Retired capital (minus)
380 CAPITAL AND RESERVES TOTAL	2 140 647.00	2 146 591.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel
410 Other provisions
415 Insurance reserves
416 portion covered by insurers
420 Targeted funding
430 PROVISIONS OF EXPENSES AND
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	331 632.00	339 323.00
450 Other financial liabilities
460 Deferred tax liabilities
470 Other long-term liabilities
480 TOTAL LONG-TERM LIABILITIES	331 632.00	339 323.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions
510 Short-term portion of long-term liabilities
520 Bills of exchange payable
530 Trade creditors	29 985.00	41 065.00
Accounts payable:
540 Advance payments
550 Budget accounts payable
560 Non-budget accounts payable
570 Insurance payments	379.00	424.00
580 Accrued payroll	728.00	732.00
590 Liabilities to shareholders
600 Internal payments
610 Other short-term liabilities
620 SHORT-TERM LIABILITIES TOTAL	31 092.00	42 221.00
630 V. DEFERRED INCOME
640 EQUITY AND LIABILITIES TOTAL	2 503 371.00	2 528 135.00

- 31.12.2010

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	499 305.00
services
015 VAT tax	65 277.00
020 Excise tax	0.00
025
030 Other compulsory payments	0.00
035 Net sales revenue	434 028.00
040 Cost of goods, work, services	373 075.00
050 Gross profit	60 953.00
055 Gross loss	0.00
060 Other operating income	746.00
070 Administrative and management costs	10 072.00
080 Distribution costs	2 622.00
090 Other operating charges	4 579.00
100 Operating profit	44 426.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	0.00
130 Other income	11 179.00
140 Financial charges	16 525.00
150 Capital participating expenses	0.00
160 Other expenses	155 389.00
170 Profit from ordinary activity before taxation	0.00
175 Loss from ordinary activity before taxation	116 309.00
180 Ordinary activity Income-tax	0.00
190 Profit from ordinary activity	0.00
195 Loss from ordinary activity	116 309.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	0.00
225 Net loss	116 309.00
Operating charges details:
230 Tangible expenses	331 915.00
240 Payroll costs	12 246.00
250 Allocation to social needs	4 644.00
260 Amortization charges	27 044.00
270 Other operating charges	4 579.00
280 Operating charges total	380 428.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	119.00
011 acquisition cost	119.00
012 depreciation	0.00
020 Construction in progress	5 273.00
Fixed assets
030 residual assets	2 406 001.00
031 acquisition cost	2 558 421.00
032 depreciation	152 420.00
Long-term financial assets
040 Capital participation in other enterprises	0.00
045 Other financial investments	1 829.00
050 Long-term accounts receivable	0.00
060 Deferred tax charges	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	2 413 222.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	40 705.00
110 Working and productive animals	0.00
120 Construction in progress	0.00
130 Finished goods	64 691.00
140 Goods for resale	4 321.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	20 196.00
161 acquisition cost	20 196.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	9 468.00
180 Payments in advance	0.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	0.00
220 Current financial investments	502.00
Cash at bank and in hand
230 Funds in local currency	3 507.00
240 Funds in foreign currencies	532.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	143 922.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	2 557 144.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	273 767.00
310 Share capital	0.00
320 Additional contributed capital	20.00
330 Other additional capital	2 000 506.00
340 Reserve capital	0.00
350 Retained earnings (loss)	-117 023.00
360 Unpaid capital (minus)	12 103.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	2 145 167.00
II. PROVISIONS FOR EXPENSES AND
LIABILITIES
400 Provisions for payments to personnel	0.00
410 Other provisions	0.00
415 Insurance reserves	0.00
416 portion covered by insurers	0.00
420 Special-purpose funding	0.00
430 PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	372 915.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	372 915.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities	0.00
520 Bills of exchange payable	0.00
530 Trade creditors	38 484.00
Accounts payable:
540 Advance payments	0.00
550 Budget accounts payable	0.00
560 Non-budget accounts payable	0.00
570 Insurance payments	209.00
580 Accrued payroll	369.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	0.00
620 SHORT-TERM LIABILITIES TOTAL	39 062.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	2 557 144.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.89
UK Pound	1	Rs.88.63
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

MNL

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.