MIRA INFORM REPORT

Report Date :

11.09.2012

IDENTIFICATION DETAILS

Name :	ZAKRYTOE AKTSYONERNOE OBSCHESTVO "ZANGAS"
Registered Office :	Entuziastov shosse, 20B, Moscow, 111024, Russian Federation
Country :	Russia
Financials (as on) :	01.01.2012
Date of Incorporation :	22.09.2003
Com. Reg. No.:	1037739871432
Legal Form :	Private Joint Stock Company by Russian Law
Line of Business :	Construction-assembly works.
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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)
Russia	A2	A2

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

RUSSIA - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive commodity producers. In 2011, Russia became the world's leading oil producer, surpassing Saudi Arabia; Russia is the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is the third-largest exporter of both steel and primary aluminum. Other less competitive heavy industries remain dependent on the Russian domestic market. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the highly volatile swings in global commodity prices. The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. According to the World Bank the government's anti-crisis package in 2008-09 amounted to roughly 6.7% of GDP. The Central Bank of Russia spent one-third of its $600 billion international reserves, the world's third largest, in late 2008 to slow the devaluation of the ruble. The government also devoted $200 billion in a rescue plan to increase liquidity in the banking sector and aid Russian firms unable to roll over large foreign debts coming due. The economic decline bottomed out in mid-2009 and the economy began to grow in the third quarter of 2009. However, a severe drought and fires in central Russia reduced agricultural output, prompting a ban on grain exports for part of the year, and slowed growth in other sectors such as manufacturing and retail trade. High oil prices buoyed Russian growth in 2011 and helped Russia reduce the budget deficit inherited from the lean years of 2008-09. Russia has reduced unemployment since 2009 and has made progress on reducing inflation since 2010. Russia's long-term challenges include a shrinking workforce, a high level of corruption, difficulty in accessing capital for smaller, non-energy companies, and poor infrastructure in need of large investments.

Source : CIA

Comments

Information

The address and the telephone numbers mentioned in your inquiry belong to the company Zakrytoe aktsyonernoe obschestvo "ZANGAS" (name in English: "ZANGAS" PRIVATE JOINT STOCK COMPANY). We provide the report on this company.

Summary

Original Name	Zakrytoe aktsyonernoe obschestvo "ZANGAS"
Legal Form	ZAO (Private Joint Stock Company by Russian Law)
Year of Foundation	2003
Sales	12 726 th RUR for 12 months, ended 01.01.2012
Employees	10 (approx.) on September, 09, 2012 (company's data)

Company Identification Details

Original Name	Zakrytoe aktsyonernoe obschestvo "ZANGAS"
Short Name	ZAO "ZANGAS"
Name in English	"ZANGAS" PRIVATE JOINT STOCK COMPANY
Address	B. Gruzinskaya str., 38, bldg. 1, Moscow, 123056, Russian Federation
Legal Address	Entuziastov shosse, 20B, Moscow, 111024, Russian Federation
Phone	+7 (499) 2541189, 7662422
Fax	+7 (499) 2541189, 7662504
E-mail	zangas@mail.ru
WEB Address	znvs.ru
History	20.03.2007: Legal Address changed from B. Gruzinskaya str., 60, bldg. 1, Moscow, 123056, Russian Federation

Official Company Data

Legal Form	ZAO (Private Joint Stock Company by Russian Law)
Date of Registration	22.09.2003
Registration Number	1037739871432
Statistic Code (OKPO)	70239961
Taxpayer Code (INN)	7710506323
Registration Authority	Ministry for Taxes and Duties of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital

10 000 RUR

Shareholders

Total	1 private person
Shareholder	Mr Ushanov Il'ya Yur'evich
Nationality	Russian Federation
Address	Khabarovskaya str., 4, ap. 341, Moscow, 107589, Russian Federation
Date of Birth	07.07.1978
Share	100 %
Comments	The information on the shareholders of the company is presented on 21.11.2003: According to Russian legislation the information on change of shareholders of companies with the legal status joint-stock company isn’t included in the Single State Register of Legal Entities of Russian Federation. Data on change of shareholders of company (if the company has a status joint-stock company) are reflected in register of shareholders which is conducted either by the company itself or by independent specific company – register holder. According to Russian legislation to get an extract about the composition of shareholders at current situation from the register of shareholders it’s necessary to be a shareholder of this company (to have no less than 1 % of its share). The inquired company isn’t public corporation (the shares of the company aren’t presented on the exchange), that’s why the company doesn’t publish quarterly reports about the composition of shareholders. Therefore current composition of company’s shareholders may differ from ours one in the report.

Directors

Director	Mr Nikulin Vladimir Serafimovich
	Signature Right
Nationality	Russian Federation
Address	Lobnenskaya str., 12, bldg. 4, ap. 588, Moscow, 127644, Russian Federation
Date of Birth	04.09.1949
Taxpayer Code (INN)	771304520127

Re-Registration Data

Date of Registration	22.09.2003
	(Entering into the Single State Register of Legal Entities)
Registration Number	1037739871432
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Date of Re-registration	20.03.2007
File Number	8077746419435
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Address, Name

Operations

Activities	Construction-assembly works. The management of the company ZAO "ZANGAS" has refused to give any information about build projects and objects.
Staff Employed	10 (approx.) on September, 09, 2012 (company's data)

Real Estate

Own	none
Rent	Office Address: B. Gruzinskaya str., 38, bldg. 1, Moscow, 123056, Russian Federation (company's data)

Export & Import

Export Countries	2008-2011: No Export Activity
Exported Goods	none
Export Value	none
Import Countries	2008-2011: No Import Activity
Imported Goods	none
Import Value	none

Branches

Branch

None

Participation

Information

The company ZAO "ZANGAS" is also a shareholder of companies: OAO "TSENTPAL'NOE OB'EDINENIE SEL'SKIX STPOITELEY" Address: Kpasina pep., 16, bldg. 1, Moscow, 123056, Russian Federation Registration Number: 1047796555146 Taxpayer Code (INN): 7710551527

Related Companies

Information

Mr Ushanov Il'ya Yur'evich isn't a shareholder of any other companies in Russian Federation. Mr Nikulin Vladimir Serafimovich isn't a shareholder or a director of any other companies in Russian Federation.

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES	12726	27445	54950	1195017
Cost of Goods sold		59	476	1067187
GROSS PROFIT	12726	27386	54474	127830
Distribution Costs
Management Costs	16636	19329	18579	18888
OPERATING PROFIT	-3910	8057	35895	108942
Non Trading Income	-22395	-1909	456	-6719
PRE TAX PROFIT	-26305	6148	36351	102223
Taxation		1272	5818	15670
PROFIT AFTER TAX	-23361	47	30600	89851

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	8472	5536	43397	43440
Intangible Assets
Fixed Assets	1	9	24	67
TOTAL CURRENT ASSETS	66776	104666	103074	884915
Stock	84	301	122	4419
Trade debtors	57753	90116	67719	790280
Cash	2169	7440	26266	17271
TOTAL ASSETS	75248	110202	146471	928355
TOTAL EQUITY	12699	36060	38365	7765
Share Capital	10	10	10	10
Retained Profits	12689	36049	38355	7755
TOTAL LONG TERM LIABS	38392	35457	62520	60347
Long Term Loans	38392	35457	7460	5220
TOTAL CURRENT LIABS	24157	38685	45587	860242
Short Term Loans	5812		25746	74823
Short Term Trade Creditors	18345	38685	19841	785419
TOTAL EQUITY & LIABS	75248	110202	146471	928355

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Current Ratio	2,76	2,71	2,26	1,03
Working Capital, x1000 RUR	42619	65981	57487	24673
Quick Ratio	2,76	2,7	2,26	1,02
Debt to Equity Ratio	4,93	2,06	2,82	118,56
Current Assets Turnover	0,19	0,26	0,53	1,35
Total Assets Turnover Ratio	0,17	0,25	0,38	1,29
Pre Tax Profit Margin, %	-206,7	22,4	66,15	8,55
Gross Profit, %	100	99,79	99,13	10,7
Return on Investment, %	-207,14	17,05	94,75	1316,46
Return on Assets, %	-34,96	5,58	24,82	11,01

Clients & Suppliers

Clients	OOO "DEL'TASTROY" (Russian Federation)
Suppliers	OOO "SOSNY-2" (Russian Federation) OOO "LANESSIYA" (Russian Federation) OOO "DEL'TASTROY" (Russian Federation) OOO "MIRTAS" (Russian Federation) OOO "DUALA" (Russian Federation) ZAO "GORYACHAYA LINIYA-TELEKOM" (Russian Federation) OOO "KOMBELLGA" (Russian Federation) OOO "MEGAKOM" (Russian Federation) ZAO "SP DIAMANT LTD" (Russian Federation) OOO "VILEND" (Russian Federation)

Actions at law

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

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 Nikulin Vladimir Serafimovich (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	as at 01.01.2012
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	24	9	1
Construction in progress	130	-	-	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	43373	5527	8471
Other non-current assets	150	-	-	-
Total section I	190	43397	5536	8472
II. CURRENT ASSETS
Inventories	210	122	301	84
including :
raw materials and other inventories	211	112	95	-
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	-	-	-
goods dispatched	215	-	-	-
expenses related to future periods	216	9	206	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	1137	-	-
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	9	-	-
including :
buyers and customers	231	-	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	67719	90116	57753
including :
buyers and customers	241	14764	42312	-
Short-term investments	250	7821	6809	6638
Monetary assets	260	26266	7440	2169
Other current assets	270	-	-	133
Total section II	290	103074	104666	66776
TOTAL SECTIONS I and II	300	146471	110202	75248
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	10	10	10
Treasury shares	411	-	-	-
Additional capital	420	-	-	-
Legal reserve	430	-	1	1
including :
reserves and provisions formed in  accordance with legislation	431	-	-	-
reserves formed in accordance  with foundation documents	432	-	1	-
Retained earnings (loss)	470	38355	36049	12689
Total section III	490	38365	36060	12699
IV. NON-CURRENT LIABILITIES
Borrowings	510	7460	35457	38392
Deferred tax liabilities	515	55060	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	62520	35457	38392
V. CURRENT LIABILITIES
Borrowings	610	25746	-	5812
Accounts payable	620	19841	38685	18345
including :
suppliers and contractors	621	3845	3591	-
salaries payable	622	-	-	-
payable to state non-budget funds	623	-	-	-
taxes payable	624	-	-	-
other creditors	625	15996	35094	-
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	45587	38685	24157
TOTAL SECTIONS III,IV,V	700	146471	110202	75248

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2012	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	12726	27445	54950
Cost of goods, products, work, services sold	020	-	59	476
Gross profit	029	12726	27386	54474
Selling expenses	030	-	-	-
Administrative expenses	040	16636	19329	18579
Profit (loss) from operations	050	-3910	8057	35895
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	-	-	-
Income from investments in other companies	080	-	-	-
Other operating income	090	28506	45545	919886
Other operating expenses	100	50901	47454	919430
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	-26305	6148	36351
Deferred tax assets	141	-	-	67
Deferred tax liabilities	142	-2944	4829	-
Current profit tax	150	-	1272	5818
Net profit (loss) for the reporting period	190	-23361	47	30600

Additional information about participation companies

Below is presented the extended information about the participation companies of subject company.

Name	OAO "TSENTPAL'NOE OB'EDINENIE SEL'SKIX STPOITELEY"
Legal address	Kpasina pep., 16, bldg. 1, Moscow, 123056, Russian Federation
Registration Number	1047796555146
Taxpayer code (INN)	7710551527

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES	52091	43853	51824	27541
Cost of Goods sold		27	169	16969
GROSS PROFIT	52091	43826	51655	10572
Distribution Costs
Management Costs	51849	46893	52831	12860
OPERATING PROFIT	242	-3067	-1176	-2288
Non Trading Income	-567	1907	616	1230
PRE TAX PROFIT	-325	-1160	-560	-1058
Taxation				12
PROFIT AFTER TAX	-289	-1012	-480	-987

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	836	790	673	697
Intangible Assets
Fixed Assets	3	12	30	49
TOTAL CURRENT ASSETS	5381	3776	11366	4216
Stock	405	510	233	677
Trade debtors	867	2146	2898	2048
Cash	3556	700	3075	1091
TOTAL ASSETS	6217	4566	12039	4913
TOTAL EQUITY	-933	-641	370	851
Share Capital	4850	4850	4850	4850
Retained Profits	-5857	-5565	-4553	-4073
TOTAL LONG TERM LIABS	6	4	16	101
Long Term Loans
TOTAL CURRENT LIABS	7144	5203	11652	3961
Short Term Loans	4944	616	4710
Short Term Trade Creditors	1733	4287	6942	3961
TOTAL EQUITY & LIABS	6217	4566	12039	4913

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.55.33
UK Pound	1	Rs.88.50
Euro	1	Rs.70.74

INFORMATION DETAILS

Report Prepared by :

PDT

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.