MIRA INFORM REPORT

Report Date :

06.02.2013

IDENTIFICATION DETAILS

Name :	DOCHIRNE PIDPRYEMSTVO DGZP SPETSTEHNOEKSPORT
Registered Office :	7 Moskovskiy ave., Kiev, 04073
Country :	Ukraine
Financials (as on) :	30.06.2012
Date of Incorporation :	08.07.1998
Com. Reg. No.:	30019335
Legal Form :	Affiliated company by Ukrainian law
Line of Business :	Export and import of military and special appointment products and services.
No. of Employees :	100

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 – 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

:

DOCHIRNE PIDPRYEMSTVO DGZP SPETSTEHNOEKSPORT

Name in English

:

SFTE SPETSTECHNOEXPORT, Affiliated company

Full name: Dochirne Pidpryemstvo Derzhavnoyi kompaniyi "Ukrspetseksport" - Derzhavne Gosprozrahunkove Zovnishnyetorgivelne Pidpryemstvo SPETSTEHNOEKSPORT in English: Affiliated company of State company "Ukrspetseksport" - State Self-supporting Foreign Trade Enterprise SPETSTEHNOEKSPORT

Office Address

:

7 Moskovskiy ave., Kiev, 04073, Ukraine

Legal Address

:

7 Moskovskiy ave., Kiev, 04073, Ukraine

Contacts

:

-	Phone	:	(+38 044) 4619574, 5685070, 5085062
-	Fax	:	(+38 044) 5685068
-	E-mail	:	office@ste.kiev.ua
-	WWW	:	www.ste.com.ua

SUMMARY

Legal Form : Affiliated company by Ukrainian law

Incorporation : 1998

Staff : 100

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

Sales :	55 205.00 th UAH ( for 6 months, ended 30.06.2012 )
	96 617.00 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

1998

Registration Data

Date of registration

:

08.07.1998

Registration number

:

30019335

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

300193326659

Registr. place

:

Ukraine

Number of VAT-certificate: 35481836 Date of issue: 09.07.2003

Legal Form

:

Affiliated company by Ukrainian law

since 08.07.1998

Share Capital

:

842 000 UAH (registered)

since 04.07.2005

Shareholders

:

-	Derzhavna Kompaniya z Eksportu ta Importu Produktsiyi i Poslug Viyskovogo ta Spetsialnogo Pryznachennya UKRSPETSEKSPORT (Ukraine)				100.00 %
		share's book value	:	842 000 UAH
		reg. number	:	21655998
	(name in English: State Company for Export and Import of Military and Special Appointment Products and Services UKRSPECEXPORT, State Enterprise)

/www.ukrspecexport.com/ 'Ukrspecexport', is an authorized state-owned intermediary company, which is engaged in foreign economic activities for export and import of military and special-purpose products and services. Ultimate shareholder: Cabinet of Ministers of Ukraine

Board / Executives

Executives

Director

:

Mr Gladush Igor Viktorovich (Ukraine)

Authorised signature

:

Mr Gladush Igor Viktorovich

Activities

:

-	5099	Durable goods, not elsewhere classified
		(NACE 5190: Other wholesale)
-	5099	Firearms & Ammo Exc Sporting
		(NACE 5190: Other wholesale)

Export and import of military and special appointment products and services.

Staff employed

:

100 [E]

Staff History

:

-	101
	( the data as of 31.03.2010 )
-	101
	( the data as of 31.12.2009 )

Export

- 01.11.2012

:

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

4 888 608 096.00

India, Poland, Bangladesh, Indonesia, Venezuela

- 01.05.2011

:

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

198 354 813.00

Sudan, India, Algeria, Malaysia, Bangladesh

- 01.01.2011

:

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

668 692 582.00

India, Latvia, Algeria, Sudan, Korea Republic

Import

- 01.11.2012

:

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

25 057 811.00

Poland, India, United States of America, United Kingdom, Malaysia

- 01.05.2011

:

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

668 149.00

India

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	7 Moskovskiy ave., Kiev, 03143, Ukraine

Subsidiaries and Participation

:

none

Bankers

:

-	Privatbank (Ukraine)
	bank code	:	321842
	account(s)	:	26002053106353 EUR, USD, UAH
-	Ukrsotsbank (Ukraine)
	bank code	:	322012
	account(s)	:	26156027243671 UAH, USD

Clients

:

-	Air Force Ministry of Defence (Indonesia)
-	Indo-Russian Aviation LTD (India)
-	Ministry of Defence (Venezuela)
-	NAVCOM SYSTEMS (Poland)
-	The Government of the People's Republic of Bangladesh (Bangladesh)

Suppliers

:

-	1 Base Repair Depot of the Indian Air Force (India)
-	ANKOL Sp.z o.o. (Poland)
-	Kanrus Trading Company (United States of America)
-	Ministry of Defence (Malaysia)
-	SELEX Galileo Ltd (United Kingdom)

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 24 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 13.06.2007 up to 23.11.2012. There are no bankruptcy/insolvency 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 31.01.2013, there are no bankruptcy records registered in the name of the subject company.

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	56.00	11.00
- Fixed assets	6 940.00	7 136.00	7 751.00
- Investments in tangible assets
- Financial assets	0.00	0.00	0.00
- Other non-current assets	0.00	0.00
Non-current assets total	6 996.00	7 147.00	7 753.00
CURRENT ASSETS
- Stock	766.00	828.00	902.00
- Debtors	687 399.00	678 018.00	880 255.00
- Other receivables	5 872.00	1 403.00
- Short-term financial investments	0.00	0.00
- Cash	79 357.00	98 217.00	67 967.00
- Other current assets	120.00	3 631.00
Current assets total	773 514.00	782 097.00	949 187.00
Assets total	780 510.00	789 244.00	956 966.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	842.00	842.00	842.00
- Additional capital	112 800.00	98 595.00
- Other capital	-430.00	-430.00
- Reserve capital	210.00	210.00
- Retained earnings (Non-covered loss)	0.00	0.00
Capital and reserves total	113 422.00	99 217.00	79 811.00
Provisions	0.00	0.00
LONG-TERM LIABILITIES
- Loans and credits	0.00	0.00
- long-term amounts owed to banks	0.00	0.00
- Other long-term liabilities	52.00	57.00
Long-term liabilities total	52.00	57.00	76.00
SHORT-TERM LIABILITIES
- Loans and credits	0.00	0.00
- short-term amounts owed to banks	0.00	0.00
- Creditors	545 503.00	550 164.00
- trade debts	1 649.00	5 537.00
- accrued payroll	399.00	0.00
- tax liabilities	734.00	6 886.00
- other creditors
- advances received	542 721.00	537 741.00
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00
- Other short-term liabilities	121 533.00	139 806.00
Short-term liabilities total	667 036.00	689 970.00	877 079.00
Liabilities total	667 088.00	690 027.00	877 155.00
Equity and liabilities total	780 510.00	789 244.00	956 966.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	55 205.00	96 617.00	1 247 369.00
Cost of goods sold	16 242.00	2 536.00	20 642.00
Gross profit	38 963.00	94 081.00
Distribution costs	1 908.00	12 633.00
Administrative and management costs	18 731.00	37 744.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests	0.00	0.00
Other operating income	13 906.00	280 537.00
Other operating charges	11 292.00	290 102.00
Operating profit			24 622.00
INVESTMENT INCOME AND CHARGES
Investment income less charges	0.00	0.00
Profit before taxation	20 938.00	34 139.00	27 687.00
Income-tax and other similar payments	4 226.00	11 309.00
Profit (loss) from ordinary activity
Extraordinary income less charges	0.00	0.00
Net profit	16 712.00	22 830.00	20 325.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	37.93	35.33	2.22
Profit before taxation / Net sales
Operating margin of profit, %			1.97
Operating profit / Net sales
Return on investment, %	18.46	34.41	34.69
Profit before taxation / Equity
Current assets turnover	0.07	0.12	1.31
Net sales / Current assets
Working capital	106 478.00	92 127.00	72 108.00
Current assets - Short-term liabilities
Leverage	0.15	0.13	0.08
Equity / Total assets
Current ratio	1.16	1.13	1.08
Current assets / Short-term liabilities
Quick ratio	1.16	1.13	1.08
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	5.88	6.95	10.99
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 Viktoriya (director's assistant) on 31.01.2013 by the tel. number: +38 044 5685070. She confirmed the general information about the Company. We sent the letter of inquiry to the Company by the e-mail: office@ste.kiev.ua, but there was no reply received by now. If we receive additional information we will inform you at once.

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,	802 879.00	2 025 797.00
services
015 VAT tax	10 937.00	18 745.00
020 Excise tax	0.00	0.00
025	0.00	0.00
030 Other compulsory payments	736 737.00	1 910 435.00
035 Net sales revenue	55 205.00	96 617.00
040 Cost of goods, work, services	16 242.00	2 536.00
045 Total production costs
050 Gross profit	38 963.00	94 081.00
055 Gross loss	0.00	0.00
060 Other operating income	13 906.00	280 537.00
070 Administrative and management costs	18 731.00	37 744.00
080 Distribution costs	1 908.00	12 633.00
090 Other operating charges	11 282.00	290 076.00
100 Operating profit	20 948.00	34 165.00
105 Operating loss	0.00	0.00
110 Income from capital participating	0.00	0.00
120 Other financial income	0.00	0.00
130 Other income	0.00	0.00
140 Financial charges	0.00	0.00
150 Capital participating expenses	0.00	0.00
160 Other expenses	10.00	26.00
170 Profit from ordinary activity before taxation	20 938.00	34 139.00
175 Loss from ordinary activity before taxation	0.00	0.00
180 Ordinary activity Income-tax	4 226.00	11 309.00
190 Profit from ordinary activity	16 712.00	22 830.00
195 Loss from ordinary activity	0.00	0.00
200 Extraordinary income	0.00	0.00
205 Extraordinary charges	0.00	0.00
210 Extraordinary activity Income-Tax	0.00	0.00
220 Net profit	16 712.00	22 830.00
225 Net loss	0.00	0.00
Operating charges details:
230 Tangible expenses	892.00	1 633.00
240 Payroll costs	8 571.00	17 210.00
250 Allocation to social needs	2 822.00	5 162.00
260 Amortization charges	397.00	912.00
270 Other operating charges	19 165.00	68 714.00
280 Operating charges total	31 847.00	93 631.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	56.00	11.00
011 acquisition cost	85.00	34.00
012 depreciation	29.00	23.00
020 Construction in progress	2 833.00	2 854.00
Fixed assets
030 residual value	4 107.00	4 282.00
031 acquisition cost	11 159.00	10 943.00
032 depreciation	7 052.00	6 661.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises	0.00	0.00
045 Other financial investments	0.00	0.00
050 Long-term accounts receivable	0.00	0.00
060 Deferred tax assets	0.00	0.00
070 Other non-current assets	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	6 996.00	7 147.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	242.00	237.00
110 Current biological assets	0.00	0.00
120 Work in progress	0.00	0.00
130 Finished goods	0.00	0.00
140 Goods for resale	524.00	591.00
150 Bills of exchange receivable	0.00	0.00
Trade debtors:
160 net realizable value	120 902.00	136 470.00
161 acquisition cost	120 902.00	136 470.00
162 doubtful debts reserve	0.00	0.00
Accounts receivable
170 Budget accounts receivable	4 372.00	445.00
180 Payments in advance	566 497.00	541 548.00
190 Accrued income	0.00	0.00
200 Internal payments	0.00	0.00
210 Other current accounts receivable	1 500.00	958.00
220 Current financial investments	0.00	0.00
Cash at bank and on hands
230 Funds in local currency	430.00	10 470.00
231 incl. cash on hands
240 Funds in foreign currencies	78 927.00	87 747.00
250 Other current assets	72.00	3 610.00
260 CURRENT ASSETS TOTAL	773 466.00	782 076.00
270 III. DEFERRED CHARGES	48.00	21.00
280 ASSETS TOTAL	780 510.00	789 244.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	842.00	842.00
310 Share capital	0.00	0.00
320 Additional contributed capital	0.00	0.00
330 Other additional capital	112 800.00	98 595.00
340 Reserve capital	210.00	210.00
350 Retained earnings (loss)	0.00	0.00
360 Unpaid capital (minus)	430.00	430.00
370 Retired capital (minus)	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	113 422.00	99 217.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel	0.00	0.00
410 Other provisions	0.00	0.00
415 Insurance reserves	0.00	0.00
416 portion covered by insurers	0.00	0.00
417	0.00
418	0.00
420 Targeted funding	0.00
430 PROVISIONS OF EXPENSES AND	0.00	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	0.00	0.00
450 Other financial liabilities	0.00	0.00
460 Deferred tax liabilities	52.00	57.00
470 Other long-term liabilities	0.00	0.00
480 TOTAL LONG-TERM LIABILITIES	52.00	57.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00	0.00
510 Short-term portion of long-term liabilities	0.00	0.00
520 Bills of exchange payable	0.00	0.00
530 Trade creditors	1 649.00	5 537.00
Accounts payable:
540 Advance payments	542 721.00	537 741.00
550 Budget accounts payable	550.00	6 886.00
560 Non-budget accounts payable	0.00	0.00
570 Insurance payments	184.00	0.00
580 Accrued payroll	399.00	0.00
590 Liabilities to shareholders	0.00	0.00
600 Internal payments	0.00	0.00
610 Other short-term liabilities	121 533.00	139 806.00
620 SHORT-TERM LIABILITIES TOTAL	667 036.00	689 970.00
630 V. DEFERRED INCOME	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	780 510.00	789 244.00

- 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,	1 247 369.00
services
015 VAT tax	11 962.00
020 Excise tax	0.00
025
030 Other compulsory payments	1 142 639.00
035 Net sales revenue	92 768.00
040 Cost of goods, work, services	20 642.00
050 Gross profit	72 126.00
055 Gross loss	0.00
060 Other operating income	223 464.00
070 Administrative and management costs	34 834.00
080 Distribution costs	10 728.00
090 Other operating charges	225 406.00
100 Operating profit	24 622.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	3 053.00
130 Other income	0.00
140 Financial charges	0.00
150 Capital participating expenses	0.00
160 Other expenses	19.00
170 Profit from ordinary activity before taxation	27 656.00
175 Loss from ordinary activity before taxation	0.00
180 Ordinary activity Income-tax	7 362.00
190 Profit from ordinary activity	20 294.00
195 Loss from ordinary activity	0.00
200 Extraordinary income	31.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	20 325.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	1 498.00
240 Payroll costs	16 606.00
250 Allocation to social needs	4 809.00
260 Amortization charges	1 478.00
270 Other operating charges	32 866.00
280 Operating charges total	57 257.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	2.00
011 acquisition cost	21.00
012 depreciation	19.00
020 Construction in progress	2 854.00
Fixed assets
030 residual assets	4 897.00
031 acquisition cost	10 721.00
032 depreciation	5 824.00
Long-term financial assets
040 Capital participation in other enterprises	0.00
045 Other financial investments	0.00
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	7 753.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	240.00
110 Working and productive animals	0.00
120 Construction in progress	0.00
130 Finished goods	0.00
140 Goods for resale	662.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	164 088.00
161 acquisition cost	164 088.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	2.00
180 Payments in advance	712 493.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	3 672.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	968.00
240 Funds in foreign currencies	66 999.00
250 Other current assets	63.00
260 CURRENT ASSETS TOTAL	949 187.00
270 III. DEFERRED CHARGES	26.00
280 ASSETS TOTAL	956 966.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	842.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	74 315.00
340 Reserve capital	210.00
350 Retained earnings (loss)	4 874.00
360 Unpaid capital (minus)	430.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	79 811.00
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	0.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	76.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	76.00
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	23 012.00
Accounts payable:
540 Advance payments	711 096.00
550 Budget accounts payable	6 637.00
560 Non-budget accounts payable	0.00
570 Insurance payments	2.00
580 Accrued payroll	0.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	136 332.00
620 SHORT-TERM LIABILITIES TOTAL	877 079.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	956 966.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.29
UK Pound	1	Rs.83.96
Euro	1	Rs.71.88

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.