MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	OBSCHESTVO S OGRANICHENNOY OTVETSTVENNOSTYU "FAKTOR"
Registered Office :	Partizanskaya str., 27, office 301, 407, Moscow, 121351, Russian Federation
Country :	Russia
Financials (as on) :	01.01.2012
Date of Incorporation :	15.09.2006
Com. Reg. No.:	5067746653508
Legal Form :	OOO (Limited Liability Company by Russian Law)
Line of Business :	Engaged in customs declaration of goods
No. of Employees :	300

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 :	Slow but correct
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 telephone numbers mentioned in your inquiry belong to the company Obschestvo s ogranichennoy otvetstvennostyu "FAKTOR" (name in English: "FACTOR" LIMITED LIABILITY COMPANY). We provide the report on this company. Mr Evseenko Alexander is a employee of the company OOO "FAKTOR". In your inquiry the address is mentioned not completely.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "FAKTOR"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2006
Sales	5 111 465 th RUR for 12 months, ended 01.01.2012
Employees	300 (approx.) on September, 25, 2012 (company's data)

Company Identification Details

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "FAKTOR"
Short Name	OOO "FAKTOR"
Name in English	"FACTOR" LIMITED LIABILITY COMPANY
Address	Partizanskaya str., 27, office 301, 407, Moscow, 121351, Russian Federation
Legal Address	Profsoyuznaya str., 100A, Moscow, 117485, Russian Federation
Phone	+7 (495) 7752452 +7 (916) 7015295
Fax	+7 (495) 7752452
E-mail	info@zolla.ru evseenko@zolla.ru korneeva@zolla.ru
WEB Address	www.zolla.ru

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	15.09.2006
Registration Number	5067746653508
Statistic Code (OKPO)	97221512
Taxpayer Code (INN)	7728594673
Registration Authority	Federal Tax Service of Russian Federation Interregional Inspection N 46 within Moscow

Public Record Information

Information

The company Obschestvo s ogranichennoy otvetstvennostyu "FAKTOR" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

10 000 RUR

Shareholders

Total	1 legal person
Shareholder	SZFV BUILDING LIMITED
Address	Cyprus
Registration Number	297342
Share	100 %
Comments	The names of foreign shareholders of the company may be pointed incorrectly as in official documents (extracts from register) they're written in Russian by cyrillic letters. We present our apologies for possible mistakes in transliteration.

Directors

Director	Mr Shestakov Aleksey Aleksandrovich
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	503300196508

Re-Registration Data

Date of Registration	15.09.2006
	(Entering into the Single State Register of Legal Entities)
Registration Number	5067746653508
Registration Authority	Federal Tax Service of Russian Federation Interregional Inspection N 46 within Moscow
Date of Re-registration	26.02.2008
File Number	6087746687704
Registration Authority	Federal Tax Service of Russian Federation, Interregional Inspection N 46 within Moscow
Changes	Company's Rules
Date of Re-registration	29.05.2008
File Number	2087755902518
Registration Authority	Federal Tax Service of Russian Federation, Interregional Inspection N 46 within Moscow
Changes	Company's Rules
Date of Re-registration	07.12.2009
File Number	8097748003884
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	07.07.2010
File Number	8107747364827
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	18.04.2012
File Number	7127746612327
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	06.08.2012
File Number	2127747617765
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Export-import transactions. The company is engaged in customs declaration of goods. Retail trade in clothing. The company sells goods under brand ZOLLA.
Staff Employed	300 (approx.) on September, 25, 2012 (company's data)
Employees' History	100 (approx.) on February, 27, 2011 (company's data) 70 (approx.) on August, 17, 2010 (company's data) 20 (approx.) on July, 07, 2009 (company's data) 20 (approx.) on May, 28, 2009 (company's data) 15 on June, 22, 2007 (company's data)

Real Estate

Own

none

Rent

Office Address: Partizanskaya str., 27, office 301, 407, Moscow, 121351, Russian Federation (company's data) Shop, warehouse Address: B. Cheremushkinskaya str., 1, Trading center "RIO", Moscow, 117447, Russian Federation (company's data) Shop, warehouse Address: Ordzhonikidze str., 11, bldg. 1/2, Moscow, 115419, Russian Federation (company's data) Shop, warehouse Address: Varshavskoe shosse, 87B, Trading center "VARSHAVSKIY", Moscow, 117556, Russian Federation (company's data) Shop, warehouse Address: Grazhdanskiy prosp., 41, Trading center "MEGA AKADEMICHESKIY", St.-Petersburg, 195220, Russian Federation (company's data) Shop, warehouse Address: Khalturina str., 55A, Trading center "KARNAVAL", Ekaterinburg, Sverdlovsk Region, 620034, Russian Federation (company's data)

Export & Import

Export Countries	2006-2011: No Export Activity
Exported Goods	none
Export Value	none
Import Countries	2011: China, Hong Kong, Bangladesh, Sri Lanka, Germany, Finland 2010: China, Hong Kong, Bangladesh, Netherlands, Lithuania, Estonia 2009: China, Hong Kong, Bangladesh, Indonesia, Estonia 2008: China, Bangladesh, Indonesia, India, Hong Kong 2007: China, Hong Kong
Imported Goods	clothes, accessories, bags, costume jewellery, footwear
Import Value	in 2011: 50 309 389 USD in 2010: 10 441 237 USD in 2009: 21 210 469 USD in 2008: 21 356 106 USD in 2007: 6 869 564 USD in 2006: none

Branches

Branch

According to the management of the company the firm has got branches and shops situated in following cities of Russian Federation: St.-Petersburg, Vladimir, Ekaterinburg, Ivanovo, Izhevsk, Kazan, Krasnodar, Krasnoyarsk, Kursk, Nizhni Novgorod, Novosibirsk, Perm, Rostov-on-Don, Samara, Tyumen, Chelyabinsk, Cherepovets, Yaroslavl. The company has representations: China, Bangladesh

Participation

Information

None

Related Companies

Information

The company SZFV BUILDING LIMITED isn't a shareholder of any other companies in Russian Federation. Mr Shestakov Aleksey Aleksandrovich isn't a shareholder or a director of any other companies in Russian Federation.

Bankers

Bank	OOO KB "NEKLIS-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	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES	5111465	3211962	953238	703523
Cost of Goods sold	1837599	987811	705586	600567
GROSS PROFIT	3273866	2224151	247652	102956
Distribution Costs	2995180	2099592	150756	34565
Management Costs
OPERATING PROFIT	278686	124559	96896	68391
Non Trading Income	-294805	-102907	-88739	-86124
PRE TAX PROFIT	-16119	21652	8157	-17733
Taxation	18787	4428	352	198
PROFIT AFTER TAX	-37078	17205	7841	-17962

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	17731	12140	4617	3146
Intangible Assets
Fixed Assets	17500	11975	4434	3079
TOTAL CURRENT ASSETS	2105164	1392608	493330	426322
Stock	1715246	949693	366023	273521
Trade debtors	314936	349617	101192	138003
Cash	12301	82373	23231	5857
TOTAL ASSETS	2122895	1404748	497947	429468
TOTAL EQUITY	-30185	6893	-10730	-18150
Share Capital	10	10	10	10
Retained Profits	-30195	6883	-10740	-18160
TOTAL LONG TERM LIABS	1624055	1080441	376325	445801
Long Term Loans	1623749	1080300	376287	445744
TOTAL CURRENT LIABS	529025	317414	132352	1817
Short Term Loans	25971
Short Term Trade Creditors	503054	317414	132352	1817
TOTAL EQUITY & LIABS	2122895	1404748	497947	429468

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	3,98	4,39	3,73	234,63
Working Capital, x1000 RUR	1576139	1075194	360978	424505
Quick Ratio	0,74	1,4	0,96	84,1
Debt to Equity Ratio	-71,33	202,79	-47,41	-24,66
Current Assets Turnover	2,43	2,31	1,93	1,65
Total Assets Turnover Ratio	2,41	2,29	1,91	1,64
Pre Tax Profit Margin, %	-0,32	0,67	0,86	-2,52
Gross Profit, %	64,05	69,25	25,98	14,63
Return on Investment, %	53,4	314,12	-76,02	97,7
Return on Assets, %	-0,76	1,54	1,64	-4,13

Clients & Suppliers

Suppliers

BIGKIND LTD. (Hong Kong) NINGBO TIANYA CLOTHING CO., LTD. (China) NINGBO FOREIGN ENTERPRISES SERVICE AND TRADE CO., LTD. (China) NINGBO GREENLAND COSTUME INDUSTRIAL CO., LTD. (China) NINGBO FUSHIJIE CLOTHING CO., LTD. (China) NANJING FORTUNATE TEXTILE & FASHION CO., LTD. (China) NINGBO YONGNAN TIMES GARMENT CO., LTD. (China) NINGBO JADESTONE IMP & EXP CO., LTD. (China) SHAOXING COUNTRY HONGGUANG TEXTILE AND GARMENTS CO., LTD. (China) NINGBO DOLPHIN GARMENTS CO., LTD. (China) GOLDINDO PRIMATAMA SWEATER PT. (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

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 Shestakov Aleksey Aleksandrovich (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	4434	11975	17500
Construction in progress	130	1	-	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	183	165	231
Other non-current assets	150	-	-	-
Total section I	190	4617	12140	17731
II. CURRENT ASSETS
Inventories	210	366023	949693	1715246
including :
raw materials and other inventories	211	2248	8136	-
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	295412	574216	-
goods dispatched	215	67149	365564	-
expenses related to future periods	216	1214	1777	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	2884	10926	62682
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	101192	349617	314936
including :
buyers and customers	241	-	2771	-
Short-term investments	250	-	-	-
Monetary assets	260	23231	82373	12301
Other current assets	270	-	-	-
Total section II	290	493330	1392608	2105164
TOTAL SECTIONS I and II	300	497947	1404748	2122895
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	-10740	6883	-30195
Total section III	490	-10730	6893	-30185
IV. NON-CURRENT LIABILITIES
Borrowings	510	376287	1080300	1623749
Deferred tax liabilities	515	38	141	306
Other non-current liabilities	520	-	-	-
Total section IV	590	376325	1080441	1624055
V. CURRENT LIABILITIES
Borrowings	610	-	-	25971
Accounts payable	620	132352	317414	503054
including :
suppliers and contractors	621	60231	287115	-
salaries payable	622	1053	9808	-
payable to state non-budget funds	623	438	1588	-
taxes payable	624	438	1495	-
other creditors	625	70192	17407	-
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	132352	317414	529025
TOTAL SECTIONS III,IV,V	700	497947	1404748	2122895

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	5111465	3211962	953238
Cost of goods, products, work, services sold	020	1837599	987811	705586
Gross profit	029	3273866	2224151	247652
Selling expenses	030	2995180	2099592	150756
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	278686	124559	96896
OTHER INCOME AND EXPENSES
Interest income	060	68	-	-
Interest expenses	070	195456	108954	82371
Income from investments in other companies	080	-	-	-
Other operating income	090	308671	144387	165897
Other operating expenses	100	408088	138340	172265
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	-16119	21652	8157
Deferred tax assets	141	66	86	26
Deferred tax liabilities	142	2238	105	-10
Current profit tax	150	18787	4428	352
Net profit (loss) for the reporting period	190	-37078	17205	7841

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.53.57
UK Pound	1	Rs.86.60
Euro	1	Rs.68.93

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.