MIRA INFORM REPORT

Report Date :

05.02.2013

IDENTIFICATION DETAILS

Name :	PRYVATNE AKTSIONERNE TOVARYSTVO ALBA UKRAINA
Registered Office :	100 Shevchenka str., Boryspil, Kiev region, Boryspilskiy district, 08300
Country :	Ukraine
Financials (as on) :	30.06.2012
Date of Incorporation :	01.09.1995
Com. Reg. No.:	22946976
Legal Form :	Private Joint-Stock Company by Ukrainian Law
Line of Business :	Wholesale of pharmaceutical products.
No. of Employees :	1 200

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 :	Exist

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)
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. Economic growth resumed in 2010 and 2011, buoyed by exports, but slowed in 2012. 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

:

PRYVATNE AKTSIONERNE TOVARYSTVO ALBA UKRAINA

Name in English

:

ALBA UKRAINE, PrJSC

Name in national language

:

Приватне Акціонерне Товариство АЛЬБА УКРАЇНА

Previous Names

:

-	Dochirnye Pidpriemstvo POLIMED

Office Address

:

100 Shevchenka str., Boryspil, Kiev region, Boryspilskiy district, 08300, Ukraine

Legal Address

:

100 Shevchenka str., Boryspil, Kiev region, Boryspilskiy district, 08300, Ukraine

Other Addresses

:

Previous legal address

2-A Krivonosa str., Kiev, Ukraine

( the data cancelled since 16.03.1998 )

Previous legal address

119 Chervonozoryaniy ave., Kiev, Ukraine

( the data cancelled since 27.11.1995 )

Previous legal address

119 Chervonozoryaniy ave., Kiev, Ukraine

( the data cancelled since 29.01.2002 )

Previous legal address

2-A Krivonosa str., Kiev, Ukraine

( the data cancelled since 01.09.1995 )

Contacts

:

-	Phone/fax	:	(+38 044) 4903270, 4903271, 4903273
-	E-mail	:	office@alba.kiev.ua, isapoga@alba.kiev.ua
-	WWW	:	www.alba.kiev.ua

SUMMARY

Legal Form : Private Joint-Stock Company by Ukrainian Law

Incorporation : 1995

Staff : 1 200

Litigation events : n/a Remarks on payments : n/a

Sales :	3 084 740.00 th UAH ( for 6 months, ended 30.06.2012 )
	4 747 454.00 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

1995

Registration Data

Date of registration

:

01.09.1995

Registration number

:

22946976

Registr. authority

:

Local Executive Committee (Ukrainka, Kiev region, Obukhivskiy district, Ukraine)

Number of the Certificate of State Registration: 537818 Series of the Certificate: А00

VAT number

:

229469710047

Registr. place

:

Ukraine

Number of VAT-certificate: 100237726 Date of issue: 02.08.2009

Legal Form

:

Private Joint-Stock Company by Ukrainian Law

since 01.09.1995

Share Capital

:

225 302 277 UAH (registered)

since 19.05.2011

Shareholders

:

-	LAONA PUBLIK COMPANY LIMITED (Cyprus)				100.00 %
		share's book value	:	225 302 277 UAH

Board / Executives

Executives

Director

:

Mr Korzhykov Aleksandr Petrovich (Ukraine)
	pers. code: 2634910433
	address: 5 Druzhby Narodiv blvd., apt. 46, Ternopil, Ternopil region, 46000, Ukraine

Director

:

Mr Efimenko, Roman Vasilyevich (Ukraine)

( the data cancelled since 29.01.2002 )

Authorised signature

:

Mr Korzhykov Aleksandr Petrovich

Mr Efimenko, Roman Vasilyevich

( the data cancelled since 29.01.2002 )

Changes in Registration Data

- 19.05.2011

:

share capital

- 18.10.2010

:

share capital

- 20.07.2009

:

legal form

- 27.09.2002

:

share capital

- 15.05.2002

:

legal address, share capital

- 29.01.2002

:

managers, authorised signature

- 16.03.1998

:

legal address

- 25.07.1996

:

share capital

- 27.11.1995

:

legal address

- 01.09.1995

:

legal address

- 29.03.1995

:

legal form

Activities

:

-	5122	Drugs, proprietaries, and sundries
		(NACE 5146: Wholesale of pharmaceutical goods)

Wholesale of pharmaceutical products.

Staff employed

:

1 200 [E]

Staff History

:

-	1 000 [E]
	( the data as of 23.08.2011 )
-	1 500 [E]
	( the data as of 12.05.2011 )
-	1 500 [E]
	( the data as of 05.04.2011 )
-	1 286
	Official data.
	( the data as of 31.03.2010 )
-	1 286
	( the data as of 31.12.2009 )
-	1 500 [E]
	( the data as of 07.12.2009 )
-	Official data:
	1 351
	( the data as of 31.12.2007 )
-	Official data:
	935
	( the data as of 09.11.2007 )

Export

- 01.11.2012

:

Fiscal period: 10 month(s), currency: UAH

61 966.00

Latvia

Import

- 01.11.2012

:

Fiscal period: 10 month(s), currency: UAH

4 938 130 990.00

United States of America, Belgium, Germany, Australia, India

- 01.05.2011

:

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

451 691 414.00

Slovenia, Germany, Austria, Hungary, Cyprus

- 01.01.2011

:

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

1 506 031 924.00

Germany, Slovenia, Switzerland, United States of America, Hungary

Facilities

Real estate

:

own:
-	Premises - Office
	address	:	100 Shevchenka str., Boryspil, Kiev region, Boryspilskiy district, 08300, Ukraine

Subsidiaries and Participation

:

-	Chedd Partnery (Ukraine)				share n/a
		reg. number	:	35023110

Bankers

:

-	Kyivska Rus (Ukraine)
	bank code	:	319092
	account(s)	:	02600931442002 USD; 02600031442003 EUR; 02600131442004 RUB
-	Ukreksimbank (Ukraine)
	bank code	:	322313
	account(s)	:	26000012825849 USD, EUR, UAH

Clients

:

-	TONUS ELAST (Latvia)

Suppliers

:

-	BECTON DICKINSON INTERNATIONAL (Belgium)
-	Bionorica SE (Germany)
-	CIPLA LIMITED (India)
-	N' KAPHARMA PHARMACEUTIKAL EXPORT PTY LTD (Australia)
-	PFIZER H.C.P. CORPORATION (United States of America)

Litigation

:

According to the data of Bulletin of the State Registration as of 30.01.2013, there are no bankruptcy registered in the name of the subject company.

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 375 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 29.06.2006 up to 05.12.2012. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	6	12	12
Ended	30.06.2012	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	319 901.00	320 899.00
- Fixed assets	287 741.00	282 620.00	278 741.00
- Investments in tangible assets
- Financial assets	20 165.00	20 165.00	19 595.00
- Other non-current assets	0.00
Non-current assets total	627 807.00	623 684.00	628 620.00
CURRENT ASSETS
- Stock	833 917.00	852 933.00	615 109.00
- Debtors	467 502.00	412 004.00	239 777.00
- Other receivables	53 225.00	29 361.00
- Short-term financial investments	0.00
- Cash	5 944.00	13 491.00	18 777.00
- Other current assets	561.00	527.00
Current assets total	1 361 149.00	1 308 316.00	873 663.00
Assets total	1 988 956.00	1 932 000.00	1 507 282.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	225 302.00	225 302.00	130 002.00
- Additional capital	536 574.00	536 574.00
- Other capital	0.00
- Reserve capital	83.00	83.00
- Retained earnings (Non-covered loss)	-273 332.00	-290 450.00
Capital and reserves total	488 627.00	471 509.00	362 905.00
Provisions	0.00
LONG-TERM LIABILITIES
- Loans and credits	343 865.00	343 816.00
- long-term amounts owed to banks	343 865.00	343 816.00
- Other long-term liabilities	0.00
Long-term liabilities total	343 865.00	343 816.00	20 831.00
SHORT-TERM LIABILITIES
- Loans and credits	46 570.00	45 690.00
- short-term amounts owed to banks	46 570.00	44 460.00
- Creditors	1 100 436.00	1 070 985.00
- trade debts	1 083 350.00	1 000 781.00
- accrued payroll	2 401.00	2 493.00
- tax liabilities	2 795.00	3 221.00
- other creditors
- advances received	11 890.00	64 490.00
- Dividends in arrears
- Accrued income, deferred charges	0.00
- Other short-term liabilities	9 458.00
Short-term liabilities total	1 156 464.00	1 116 675.00	1 123 546.00
Liabilities total	1 500 329.00	1 460 491.00	1 144 377.00
Equity and liabilities total	1 988 956.00	1 932 000.00	1 507 282.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	3 084 740.00	4 747 454.00	3 338 711.00
Cost of goods sold	2 931 774.00	4 542 771.00	3 092 240.00
Gross profit	152 966.00	204 683.00
Distribution costs	94 243.00	121 144.00
Administrative and management costs	12 712.00	32 020.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests	0.00
Other operating income	48 236.00	106 211.00
Other operating charges	45 980.00	80 467.00
Operating profit			73 126.00
INVESTMENT INCOME AND CHARGES
Investment income less charges	-30 792.00	-58 019.00
Profit before taxation	17 475.00	19 244.00	5 377.00
Income-tax and other similar payments	3 750.00	5 378.00
Profit (loss) from ordinary activity
Extraordinary income less charges	0.00
Net profit	13 725.00	13 866.00	2 150.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.57	0.41	0.16
Profit before taxation / Net sales
Operating margin of profit, %			2.19
Operating profit / Net sales
Return on investment, %	3.58	4.08	1.48
Profit before taxation / Equity
Current assets turnover	2.27	3.63	3.82
Net sales / Current assets
Working capital	204 685.00	191 641.00	-249 883.00
Current assets - Short-term liabilities
Leverage	0.25	0.24	0.24
Equity / Total assets
Current ratio	1.18	1.17	0.78
Current assets / Short-term liabilities
Quick ratio	0.46	0.41	0.23
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	3.07	3.10	3.15
Total liabilities / Equity

The company is registered as a taxpayer at the State Tax Administration.

Publications

- 11.04.2011

:

Subject

:

EBRD has provided wholesale pharmaceutical distributor "Alba Ukraine" Financing of 25 million USD

European Bank for Reconstruction and Development (EBRD) has provided wholesale pharmaceutical distributor "Alba Ukraine" Financing of 25 million USD. Financing package, which includes the loan of up to 13 million UAH and an equity investment of up to 12 million USD, will help to expand wholesale operations of the company "Alba". It will also help the company to approach its target to achieve market share of 20% before the end of 2016. European Bank for Reconstruction and Development is the biggest financial investor in Ukraine. As of 31 December 2010, the bank has pledged to provide funding worth more than 8.3 billion USD in 264 projects. Source: http://www.rbcdaily.ru/market/partnernews/160967.shtml

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Kristina Hushvahtova (secretary) on 30.01.2013 by the tel. number: +38 044 4903270. 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. Registration file does not contain information about A/C No 2600100717980 in Swedbank.

Legal Form History

- 03.02.1995

:

Daughter Company (by Ukrainian Law)

( the data as of 03.02.1995, cancelled since 01.09.1995 )

Capital History

- 18.10.2010

:

130 001 877 UAH (registered)

( the data as of 12.05.2011, cancelled since 19.05.2011 )

- 29.09.2002

:

1 875 UAH (registered)

( the data as of 29.09.2002, cancelled since 18.10.2010 )

- 15.05.2002

:

7 500 UAH (registered)

( the data as of 15.05.2002, cancelled since 29.09.2002 )

- 25.07.1996

:

750 UAH (registered)

( the data as of 25.07.1996, cancelled since 15.05.2002 )

APPENDIX A

Financial Statements

Period, months	6	12	12
Ended	30.06.2012	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,	3 136 960.00
services
015 VAT tax	24 252.00
020 Excise tax	0.00
025	0.00
030 Other compulsory payments	27 968.00
035 Net sales revenue	3 084 740.00
040 Cost of goods, work, services	2 931 774.00
045 Total production costs
050 Gross profit	152 966.00
055 Gross loss	0.00
060 Other operating income	47 751.00
070 Administrative and management costs	12 712.00
080 Distribution costs	94 243.00
090 Other operating charges	33 964.00
100 Operating profit	59 798.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	0.00
130 Other income	485.00
140 Financial charges	30 792.00
150 Capital participating expenses	0.00
160 Other expenses	12 016.00
170 Profit from ordinary activity before taxation	17 475.00
175 Loss from ordinary activity before taxation	0.00
180 Ordinary activity Income-tax	3 750.00
190 Profit from ordinary activity	13 725.00
195 Loss from ordinary activity	0.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	13 725.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	6 015.00
240 Payroll costs	30 527.00
250 Allocation to social needs	11 013.00
260 Amortization charges	11 108.00
270 Other operating charges	82 256.00
280 Operating charges total	140 919.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	319 901.00
011 acquisition cost	406 469.00
012 depreciation	86 568.00
020 Construction in progress	11 298.00
Fixed assets
030 residual value	276 443.00
031 acquisition cost	416 901.00
032 depreciation	140 458.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises	20 159.00
045 Other financial investments	6.00
050 Long-term accounts receivable	0.00
060 Deferred tax assets	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	627 807.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	7 826.00
110 Current biological assets	0.00
120 Work in progress	0.00
130 Finished goods	0.00
140 Goods for resale	826 091.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	437 322.00
161 acquisition cost	443 704.00
162 doubtful debts reserve	6 382.00
Accounts receivable
170 Budget accounts receivable	7.00
180 Payments in advance	30 180.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	53 218.00
220 Current financial investments	0.00
Cash at bank and on hands
230 Funds in local currency	5 926.00
231 incl. cash on hands
240 Funds in foreign currencies	18.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	1 360 588.00
270 III. DEFERRED CHARGES	561.00
280 ASSETS TOTAL	1 988 956.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	225 302.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	536 574.00
340 Reserve capital	83.00
350 Retained earnings (loss)	-273 332.00
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	488 627.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel	0.00
410 Other provisions	0.00
415 Insurance reserves	0.00
416 portion covered by insurers	0.00
417	0.00
418	0.00
420 Targeted funding	0.00
430 PROVISIONS OF EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	343 865.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	343 865.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	46 570.00
510 Short-term portion of long-term liabilities	0.00
520 Bills of exchange payable	0.00
530 Trade creditors	1 083 350.00
Accounts payable:
540 Advance payments	11 890.00
550 Budget accounts payable	1 709.00
560 Non-budget accounts payable	0.00
570 Insurance payments	1 086.00
580 Accrued payroll	2 401.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	9 458.00
620 SHORT-TERM LIABILITIES TOTAL	1 156 464.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	1 988 956.00

- 31.12.2011

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	4 817 515.00
services
015 VAT tax	35 880.00
020 Excise tax
025
030 Other compulsory payments	34 181.00
035 Net sales revenue	4 747 454.00
040 Cost of goods, work, services	4 542 771.00
045 Total production costs
050 Gross profit	204 683.00
055 Gross loss
060 Other operating income	104 469.00
070 Administrative and management costs	32 020.00
080 Distribution costs	121 144.00
090 Other operating charges	79 565.00
100 Operating profit	76 423.00
105 Operating loss
110 Income from capital participating
120 Other financial income	1 878.00
130 Other income	1 742.00
140 Financial charges	59 897.00
150 Capital participating expenses
160 Other expenses	902.00
170 Profit from ordinary activity before taxation	19 244.00
175 Loss from ordinary activity before taxation
180 Ordinary activity Income-tax	5 378.00
190 Profit from ordinary activity	13 866.00
195 Loss from ordinary activity
200 Extraordinary income
205 Extraordinary charges
210 Extraordinary activity Income-Tax
220 Net profit	13 866.00
225 Net loss
Operating charges details:
230 Tangible expenses	12 297.00
240 Payroll costs	33 069.00
250 Allocation to social needs	12 641.00
260 Amortization charges	29 986.00
270 Other operating charges	144 736.00
280 Operating charges total	232 729.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	320 899.00
011 acquisition cost	406 470.00
012 depreciation	85 571.00
020 Construction in progress	3 217.00
Fixed assets
030 residual value	279 403.00
031 acquisition cost	414 575.00
032 depreciation	135 172.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises	20 159.00
045 Other financial investments	6.00
050 Long-term accounts receivable
060 Deferred tax assets
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	623 684.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	5 379.00
110 Current biological assets
120 Work in progress
130 Finished goods
140 Goods for resale	847 554.00
150 Bills of exchange receivable
Trade debtors:
160 net realizable value	379 254.00
161 acquisition cost	386 137.00
162 doubtful debts reserve	6 883.00
Accounts receivable
170 Budget accounts receivable	7.00
180 Payments in advance	32 750.00
190 Accrued income
200 Internal payments
210 Other current accounts receivable	29 354.00
220 Current financial investments
Cash at bank and on hands
230 Funds in local currency	13 062.00
231 incl. cash on hands
240 Funds in foreign currencies	429.00
250 Other current assets
260 CURRENT ASSETS TOTAL	1 307 789.00
270 III. DEFERRED CHARGES	527.00
280 ASSETS TOTAL	1 932 000.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	225 302.00
310 Share capital
320 Additional contributed capital
330 Other additional capital	536 574.00
340 Reserve capital	83.00
350 Retained earnings (loss)	-290 450.00
360 Unpaid capital (minus)
370 Retired capital (minus)
380 CAPITAL AND RESERVES TOTAL	471 509.00
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	343 816.00
450 Other financial liabilities
460 Deferred tax liabilities
470 Other long-term liabilities
480 TOTAL LONG-TERM LIABILITIES	343 816.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	42 586.00
510 Short-term portion of long-term liabilities	1 874.00
520 Bills of exchange payable	1 230.00
530 Trade creditors	1 000 781.00
Accounts payable:
540 Advance payments	64 490.00
550 Budget accounts payable	1 962.00
560 Non-budget accounts payable
570 Insurance payments	1 259.00
580 Accrued payroll	2 493.00
590 Liabilities to shareholders
600 Internal payments
610 Other short-term liabilities
620 SHORT-TERM LIABILITIES TOTAL	1 116 675.00
630 V. DEFERRED INCOME
640 EQUITY AND LIABILITIES TOTAL	1 932 000.00

- 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,	3 338 711.00
services
015 VAT tax	26 167.00
020 Excise tax	0.00
025
030 Other compulsory payments	15 693.00
035 Net sales revenue	3 296 851.00
040 Cost of goods, work, services	3 092 240.00
050 Gross profit	204 611.00
055 Gross loss	0.00
060 Other operating income	99 187.00
070 Administrative and management costs	49 543.00
080 Distribution costs	83 967.00
090 Other operating charges	97 162.00
100 Operating profit	73 126.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	116.00
130 Other income	2 044.00
140 Financial charges	69 791.00
150 Capital participating expenses	0.00
160 Other expenses	118.00
170 Profit from ordinary activity before taxation	5 377.00
175 Loss from ordinary activity before taxation	0.00
180 Ordinary activity Income-tax	3 227.00
190 Profit from ordinary activity	2 150.00
195 Loss from ordinary activity	0.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	2 150.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	24 981.00
240 Payroll costs	19 830.00
250 Allocation to social needs	9 756.00
260 Amortization charges	22 252.00
270 Other operating charges	153 853.00
280 Operating charges total	230 672.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	330 284.00
011 acquisition cost	406 409.00
012 depreciation	76 125.00
020 Construction in progress	2 163.00
Fixed assets
030 residual assets	276 578.00
031 acquisition cost	373 390.00
032 depreciation	96 812.00
Long-term financial assets
040 Capital participation in other enterprises	19 589.00
045 Other financial investments	6.00
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	628 620.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	1 921.00
110 Working and productive animals	0.00
120 Construction in progress	0.00
130 Finished goods	0.00
140 Goods for resale	613 188.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	200 623.00
161 acquisition cost	206 325.00
162 doubtful debts reserve	5 702.00
Accounts receivable
170 Budget accounts receivable	1.00
180 Payments in advance	10 355.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	28 798.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	18 776.00
240 Funds in foreign currencies	1.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	873 663.00
270 III. DEFERRED CHARGES	4 999.00
280 ASSETS TOTAL	1 507 282.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	130 002.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	537 697.00
340 Reserve capital	83.00
350 Retained earnings (loss)	-304 877.00
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	362 905.00
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	20 831.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	20 831.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	230 554.00
510 Short-term portion of long-term liabilities	14 174.00
520 Bills of exchange payable	0.00
530 Trade creditors	863 966.00
Accounts payable:
540 Advance payments	13 095.00
550 Budget accounts payable	778.00
560 Non-budget accounts payable	0.00
570 Insurance payments	251.00
580 Accrued payroll	728.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	0.00
620 SHORT-TERM LIABILITIES TOTAL	1 123 546.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	1 507 282.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.97
UK Pound	1	Rs.83.17
Euro	1	Rs.72.20

INFORMATION DETAILS

Report Prepared by :

SDA

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.