MIRA INFORM REPORT

Report Date :

24.12.2013

IDENTIFICATION DETAILS

Name :	OBSHCHESTVO S OGRANICHENNOY OTVETSTVENNOSTYU DZHEY RUS
Registered Office :	Ul Snegovaya 15 A, 690074 G Vladivostok
Country :	Russia
Financials (as on) :	31.12.2012
Date of Incorporation :	29.06.2002
Com. Reg. No.:	1022501900893
Legal Form :	Limited Liability Companies
Line of Business :	· Processing of tea and coffee · Wholesaler of coffee · Market research and public opinion polling · Advertising
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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. 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 also a top exporter of metals such as steel and primary aluminum. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global 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 visible 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 economic decline bottomed out in mid-2009 and the economy began to grow again in the third quarter of 2009. High oil prices buoyed Russian growth in 2011-12 and helped Russia reduce the budget deficit inherited from 2008-09. Russia has reduced unemployment to a record low and has lowered inflation below double digit rates. Russia joined the World Trade Organization in 2012, which will reduce trade barriers in Russia for foreign goods and services and help open foreign markets to Russian goods and services. At the same time, Russia has sought to cement economic ties with countries in the former Soviet space through a Customs Union with Belarus and Kazakhstan, and, in the next several years, through the creation of a new Russia-led economic bloc called the Eurasian Economic Union. Russia has had difficulty attracting foreign direct investment and has experienced large capital outflows in the past several years, leading to official programs to improve Russia's international rankings for its investment climate. Russia's adoption of a new oil-price-based fiscal rule in 2012 and a more flexible exchange rate policy have improved its ability to deal with external shocks, including volatile oil prices. Russia's long-term challenges also include a shrinking workforce, rampant corruption, and underinvestment in infrastructure.

Source : CIA

Company name & address

Obshchestvo s ogranichennoy otvetstvennostyu "Dzhey Rus"	Tel	74232791049
UL SNEGOVAYA 15 A	Telefax	74232791050
690074 G VLADIVOSTOK	E-Mail	inforus@jaytea.com
Russia	Web	www.jaytea.ru

		Registration:	INSPEKTSIYA MNS ROSSII PO PERVORECHENSKOMU G. VLADIVOSTOKA
Statistical Nr.	28807980	Registration Nr.	1022501900893
Tax Nr.	2538072140	Status	active

Economic situation

Business connection	Business connection appears permissible.
Terms of payment	As far as know, punctually.

Basic information

Legal form

Limited liability companies (OOO)

Founded

29/06/2002 as Limited liability companies (OOO)

Registration

30/10/2002, INSPEKTSIYA MNS ROSSII PO PERVORECHENSKOMU G. VLADIVOSTOKA, 1022501900893 Statistical Nr.: 28807980 Tax Nr.: 2538072140

Registered names

Valid from	Full name	Valid until
	Obshchestvo s ogranichennoy otvetstvennostyu "Dzhey Rus"
Valid from	Name in foreign language	Valid until
	"Jay Rus" CO., LTD

Owners and Capital

	Name / Address / Status	From	Share
Owner
9497336790 9497336790	Kompaniya Maltitreyd Oversiz PTE.LTD Robinson Roud 36, Siti KHaus 13-01, 068877 Singapur Singapur		100%

Management

	Name / Address / Status	Since Power of attorney
Sole Executive Body
9509962401	Managing director Tanmay CHakrabarti

Company address

Valid from Residence address Valid

	UL SNEGOVAYA 15 A, 690074 G VLADIVOSTOK, Russia
Valid from	Permanent address	Valid until
	ul. Strelnikova d. 7 kab. 904, 690074 g. Vladivostok, Russia Tel: 74232791049 Telefax: 74232791050 E-Mail: inforus@jaytea.com Web: www.jaytea.ru

Business activities

Main activity	Nace
Processing of tea and coffee	15.86
Additional activities	Nace
Wholesale of coffee	51.37
Market research and public opinion polling	74.13
Advertising	74.40

Company specializes in sale of tea.

Economic data

Turnover and Employees

Date Turnover

31/12/2006 100 509 000 RUB

31/12/2007 118 407 000 RUB

31/12/2008 152 699 000 RUB

31/12/2009 206 719 000 RUB

31/12/2010 206 187 000 RUB

31/12/2011 213 959 000 RUB

31/12/2012 220 057 000 RUB

Properties

Name Detail Value

office premise Owner’s property Unknown

Supplementary data

Remarks

As open sources inform, OOO "Dzhey Rus" is the official representative of company "Madhu Jayanti International Ltd" in Russia. Brands represented by OOO "Dzhey Rus": "Viktoriya", "Indus", "Gold Bond", "Korol Dzhungley".

According to the research, through managing director of OOO "Dzhey Rus", Chakrabarti Tanmay, company was affiliated with: OOO "Standart Advaysors" - INN: 7709502846, Moscow. Chakrabarti Tanmay was the owner of 100% of share capital of company till 2011. State contracts:

2012: 52 500 RUB

2013: 673 178 RUB.

Company did not participate in court cases. No negative information has been revealed.

Main indices

Payment experience and credit opinion

Terms of payment	As far as know, punctually.
Business connection	Business connection appears permissible.

Business development

Company development	Constant company development.
Business course	Satisfactory order situation.

Events

No negative events registered.

Balance sheet

Balance

31.12.2012 The enclosed balance of 2012 is originated from official source, no data available about authentication.

31.12.2011 The enclosed balance of 2011 is originated from official source, no data available about authentication.

			31/12/2012		31/12/2011
Name	Ref.		1000		1000
			RUB		RUB
			balance		balance
1. ASSETS
I. FIXED ASSETS
Intangible assets			88		108
The results of research and development	1120		0		0
Intangible research assets	1130		0		0
Tangible research assets	1140		0		0
Fixed assets	1150		7 644		8 117
Profitable investments in tangible assets	1160		0		0
Financial investments	1170		0		0
Deferred tax assets	1180		0		0
Other non-current assets	1190		0		0
TOTAL IN SECTION I.	1100		7 733		8 225
II. CURRENT ASSETS
Inventories	1210		18 117		30 887
VAT on acquired assets	1220		0		0
Accounts receivable	1230		21 220		23 139
Financial investments (excluding the monetary equivalent)	1240		0		0
Cash and monetary equivalents	1250		930		168
Other current assets	1260		39		339
TOTAL IN SECTION II.	1200		40 306		54 533
BALANCE	1600		48 038		62 757
2. LIABILITIES
III. CAPITAL AND RESERVES
Authorized capital (share capital, charter capital, deposits capital, partners capital)	1310		4 991		4 991
Treasury stock	1320		0		0
Revaluation of fixed assets	1340		0		0
Additional capital (without revaluation)	1350		0		0
Reserve capital	1360		0		0
Retained earnings (uncovered loss)		1370		6 576		11 564
TOTAL IN SECTION III.		1300		11 567		16 555
IV. LONG-TERM LIABILITIES
Borrowed funds		1410		0		10 000
Deferred tax liabilities		1420		0		0
Provisions		1430		0		0
Other liabilities		1450		0		0
TOTAL IN SECTION IV.		1400		0		10 000
V. SHORT-TERM LIABILITIES
Borrowed funds		1510		9 476		6 934
Payables		1520		26 995		29 269
Deferred income		1530		0		0
Provisions		1540		0		0
Sonstige Verbindlichkeiten		1550		0		0
TOTAL IN SECTION V.		1500		36 471		36 203
BALANCE		1700		48 038		62 757

Profit and loss accounts

______________________________________________________________________________________________________

31.12.2012 The enclosed profit and loss account of 2012 is originated from official source, no data available about authentication.

31.12.2011 The enclosed profit and loss account of 2011 is originated from official source, no data available about authentication.

Name	Ref.	31/12/2012 1000 RUB profit and loss account	31/12/2011 1000 RUB profit and loss account
Turnover	2110	220 057	213 959
Cost of sales	2120	165 507	163 709
Gross profit (loss)	2100	54 550	50 250
Selling expenses	2210	41 329	28 599
Administrative expenses	2220	5 963	5 049
Sales profit (loss)	2200	7 258	16 602
Earnings from other entities	2310	0	0
Interest receivable	2320	0	0
Interest payable	2330	1 519	667
Other operating income	2340	9 873	3 099
Other operating expenses	2350	9 703	6 766
Profit (loss) before tax	2300	5 909	12 268
Current profit tax	2410	1 182	2 454
Permanent tax liabilities (assets)	2421	0	0
Change in deferred tax liabilities	2430	0	0
Change in deferred tax assets	2450	0	0
Different	2430	914	141
Net profit (loss)	2400	3 813	9 673
Results of fixed assets revaluation, non-included in net profit/loss for period	2510	0	0
Result of other transactions, non included in net profit/loss for period	2520	0	0
Total financial result for period	2500	3 813	9 673

Financial Ratios

Name	Ref.	31/12/2012	31/12/2011
Quick ratio	1	0,61	0,64
Current ratio	2	0,52	0,87
Average Collection Period	3	36,79	19,74
Payables turnover Period	4	62,04	32,63
Debt ratio	5	0,76	0,74
Equity to total assets ratio	6	0,24	0,26
Funding ratio	7	0,32	0,36
Return on sales	8	1,73	4,52
Return on Assets	9	15,46	20,61
Return on Equity	10	27,12	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.99
UK Pound	1	Rs.101.37
Euro	1	Rs.84.82

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.