MIRA INFORM REPORT

Report Date :

06.02.2013

IDENTIFICATION DETAILS

Name :	JOINT UKRAINIAN-ESTONIAN ENTERPRISE OPTIMA-PHARM, LTD
Registered Office :	18-A Kikvidze str., Kiev, 01103
Country :	Ukraine
Financials (as on) :	30.06.2012
Date of Incorporation :	26.09.1994
Com. Reg. No.:	21642228
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	1 000

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 :	Exists

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 (31.03.2011)	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

:

Spilne Ukrainsko-Estonske Pidpryemstvo u formi Tovarystva z Obmezhenoyu Vidpovidalnistyu OPTIMA-FARM, LTD

Name in English

:

Joint Ukrainian-Estonian Enterprise OPTIMA-PHARM, LTD

Name in national language

:

Cпільне Українсько-Естонське Підприємство у формі Товариства з Обмеженою Відповідальністю ОПТIМА-ФАРМ, ЛТД

Office Address

:

9 zh Boryspilska str., Kiev, 02660, Ukraine

Legal Address

:

18-A Kikvidze str., Kiev, 01103, Ukraine

Other Addresses

:

Previous legal address

25 Instytutska str., Kiev, 01001, Ukraine

( the data cancelled since 26.01.2002 )

Contacts

:

-	Phone/fax	:	(+38 044) 4905310
-	E-mail	:	vzainchkovskaya@optimapharm.ua
-	WWW	:	www.optimapharm.ua

SUMMARY

Legal Form : TOV (Limited Liability Company by Ukrainian Law)

Incorporation : 1994

Staff : 1 000

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

Sales :	3 045 161.00 th UAH ( for 6 months, ended 30.06.2012 )
	6 286 080.00 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

1994

Registration Data

Date of registration

:

26.09.1994

Registration number

:

21642228

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

216422226555

Registr. place

:

Ukraine

Number of VAT-certificate: 100332322 Date of issue: 13.04.2011

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 26.09.1994

Share Capital

:

18 768 UAH (registered)

since 26.01.2002

Shareholders

:

-	Mr Gubskiy, Andrey Ivanovich (Ukraine)				99.98 %
		share's book value	:	18 765 UAH
		reg. number	:	2391705658
-	Asset Management Company PROFESSIONAL ASSET MANAGMENT, LLC (Ukraine)				0.02 %
		share's book value	:	4 UAH
		reg. number	:	35369323

Board / Executives

Executives

Director

:

Mr Gubskiy, Andrey Ivanovich (Ukraine)
	pers. code: 2391705658

Director

:

Mr Tuyskiy A.I. (Ukraine)

( the data cancelled since 10.04.1998 )

Authorised signature

:

Mr Gubskiy, Andrey Ivanovich

Mr Tuyskiy A.I.

( the data cancelled since 10.04.1998 )

Changes in Registration Data

- 11.02.2002

:

share capital

- 26.01.2002

:

legal address, share capital

- 08.12.2000

:

share capital

Activities

:

-	512	Drugs, Proprietaries, and Sundries
		(NACE 5146: Wholesale of pharmaceutical goods)
-	5122	Drugs & Sundries, NEC
		(NACE 5146: Wholesale of pharmaceutical goods)

Wholesale trade in medicines.

Staff employed

:

1 000 [E]

Staff History

:

-	1 000 [E]
	( the data as of 07.03.2012 )
-	1 000 [E]
	( the data as of 03.11.2011 )
-	1 500 [E]
	( the data as of 07.04.2011 )
-	300
	( the data as of 13.12.2010 )
-	700 [E]
	( the data as of 05.08.2010 )
-	1 298
	Official data.
	( the data as of 31.03.2010 )
-	1 298
	( the data as of 31.12.2009 )
-	1 500 [E]
	( the data as of 18.02.2009 )
-	957
	( the data as of 15.11.2007 )

Export

- 01.11.2012

:

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

1 469 618.00

France, Slovenia

Import

- 01.11.2012

:

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

6 408 367 078.00

Hungary, Poland, Belgium, United Kingdom, United States of America

- 01.05.2011

:

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

844 410 556.00

Belgium, Austria, Slovenia, Switzerland, Germany

- 01.01.2011

:

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

2 107 387 319.00

United States of America, Latvia, Germany, India, Slovenia, Romania, Switzerland, Finland, Belgium

Facilities

Real estate

:

own:
-	Premises - Office and storehouse
	address	:	9 zh Boryspilska str., Kiev, 02660, Ukraine

Subsidiaries and Participation

:

-	Apteka NTS (Ukraine)				share n/a
		reg. number	:	20075951

Bankers

:

-	TAS-Komertsbank (Ukraine)
	address	:	Kiev, Ukraine
	bank code	:	300164
	account(s)	:	26003303254901 UAH
-	Ukrainskiy Kredytniy Bank (Ukrainian Credit Bank) (Ukraine)
	bank code	:	321701
	account(s)	:	26007001211 UAH, USD, EUR, RUB
-	Ukreksimbank (Ukreximbank) (Ukraine)
	bank code	:	322313
	account(s)	:	26003012817821 USD, EUR, RUB, GBP, ZAR; 26065010017821 UAH

Clients

:

-	KRKA (Slovenia)
-	LABORATOIRE INNOTECH INTERNATIONAL,S.A.S (France)

Suppliers

:

-	ADAMED Sp.z o.o. (Poland)
-	Brupharmexport s.p.r.l (Belgium)
-	DANHSON LLP (United Kingdom)
-	PFIZER H.C.P. CORPORATION (United States of America)
-	Reckitt Benckiser Hungary Kft (Hungary)

At present, the company "Optima Pharm" is cooperating with more than 100 foreign and 70 Ukrainian producers of medicines. Source: http://www.optimapharm.ua/default.aspx?mode=about&id=1&newsid=5.

Litigation

:

According to the data of Bulletin of the State Registration as of 30.01.2012, 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 296 court records where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 13.06.2006 up to 16.01.2013. 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	533.00	678.00
- Fixed assets	93 289.00	97 377.00	90 926.00
- Investments in tangible assets
- Financial assets	200 190.00	200 190.00	190.00
- Other non-current assets	0.00	0.00
Non-current assets total	294 012.00	298 245.00	91 121.00
CURRENT ASSETS
- Stock	859 445.00	850 909.00	677 367.00
- Debtors	446 386.00	373 942.00	269 501.00
- Other receivables	1 063.00	1 111.00
- Short-term financial investments	0.00	0.00
- Cash	13 326.00	9 826.00	1 860.00
- Other current assets	0.00	0.00
Current assets total	1 320 220.00	1 235 788.00	948 728.00
Assets total	1 614 232.00	1 534 033.00	1 039 849.00
--- EQUITY AND LIABILITIES --------
CAPITAL AND RESERVES
- Share capital	19.00	19.00	19.00
- Additional capital	0.00	0.00
- Other capital	0.00	0.00
- Reserve capital	0.00	0.00
- Retained earnings (Non-covered loss)	164 393.00	157 433.00
Capital and reserves total	164 412.00	157 452.00	79 385.00
Provisions	0.00	0.00
LONG-TERM LIABILITIES
- Loans and credits	399 813.00	399 745.00
- long-term amounts owed to banks	199 813.00	199 745.00
- Other long-term liabilities	0.00	0.00
Long-term liabilities total	399 813.00	399 745.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	61 882.00	66 427.00
- short-term amounts owed to banks	61 882.00	66 427.00
- Creditors	982 229.00	900 963.00
- trade debts	972 466.00	877 468.00
- accrued payroll	1 889.00	1 694.00
- tax liabilities	4 364.00	18 278.00
- other creditors
- advances received	3 510.00	3 523.00
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00
- Other short-term liabilities	5 896.00	9 446.00
Short-term liabilities total	1 050 007.00	976 836.00	960 464.00
Liabilities total	1 449 820.00	1 376 581.00	960 464.00
Equity and liabilities total	1 614 232.00	1 534 033.00	1 039 849.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	3 045 161.00	6 286 080.00	4 602 816.00
Cost of goods sold	3 044 394.00	6 146 040.00	4 305 043.00
Gross profit	767.00	140 040.00
Distribution costs	55 146.00	97 011.00
Administrative and management costs	24 592.00	61 473.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests	0.00	0.00
Other operating income	168 782.00	397 005.00
Other operating charges	30 007.00	156 986.00
Operating profit			441 086.00
INVESTMENT INCOME AND CHARGES
Investment income less charges	-47 520.00	-83 543.00
Profit before taxation	12 284.00	138 032.00	423 597.00
Income-tax and other similar payments	5 324.00	27 872.00
Profit (loss) from ordinary activity
Extraordinary income less charges	0.00	-23 672.00
Net profit	6 960.00	86 488.00	403 499.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.40	2.20	9.20
Profit before taxation / Net sales
Operating margin of profit, %			9.58
Operating profit / Net sales
Return on investment, %	7.47	87.67	533.60
Profit before taxation / Equity
Current assets turnover	2.31	5.09	4.85
Net sales / Current assets
Working capital	270 213.00	258 952.00	-11 736.00
Current assets - Short-term liabilities
Leverage	0.10	0.10	0.08
Equity / Total assets
Current ratio	1.26	1.27	0.99
Current assets / Short-term liabilities
Quick ratio	0.44	0.39	0.28
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	8.82	8.74	12.10
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 Tatyana Zdrak (officer) on 30.01.2013 by the tel. number: +38 044 4905310. 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.

Capital History

- 11.02.2002

:

2 880 UAH (registered)

( the data as of 22.03.2010 )

- 10.04.1998

:

18 945 UAH (registered)

( the data as of 10.04.1998, cancelled since 26.01.2002 )

- 26.09.1994

:

144 UAH (registered)

( the data as of 26.09.1994, cancelled since 10.04.1998 )

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,	3 116 558.00	6 408 821.00
services
015 VAT tax	34 118.00	66 294.00
020 Excise tax	0.00	0.00
025	0.00	0.00
030 Other compulsory payments	37 279.00	56 447.00
035 Net sales revenue	3 045 161.00	6 286 080.00
040 Cost of goods, work, services	3 044 394.00	6 146 040.00
045 Total production costs
050 Gross profit	767.00	140 040.00
055 Gross loss	0.00	0.00
060 Other operating income	168 702.00	396 615.00
070 Administrative and management costs	24 592.00	61 473.00
080 Distribution costs	55 146.00	97 011.00
090 Other operating charges	30 006.00	155 064.00
100 Operating profit	59 725.00	223 107.00
105 Operating loss	0.00	0.00
110 Income from capital participating	0.00	0.00
120 Other financial income	1 244.00	2 492.00
130 Other income	80.00	390.00
140 Financial charges	48 764.00	86 035.00
150 Capital participating expenses	0.00	0.00
160 Other expenses	1.00	1 922.00
170 Profit from ordinary activity before taxation	12 284.00	138 032.00
175 Loss from ordinary activity before taxation	0.00	0.00
180 Ordinary activity Income-tax	5 324.00	27 872.00
190 Profit from ordinary activity	6 960.00	110 160.00
195 Loss from ordinary activity	0.00	0.00
200 Extraordinary income	0.00	0.00
205 Extraordinary charges	0.00	23 672.00
210 Extraordinary activity Income-Tax	0.00	0.00
220 Net profit	6 960.00	86 488.00
225 Net loss	0.00	0.00
Operating charges details:
230 Tangible expenses	22 233.00	64 884.00
240 Payroll costs	19 974.00	34 453.00
250 Allocation to social needs	7 039.00	12 220.00
260 Amortization charges	7 402.00	12 630.00
270 Other operating charges	53 096.00	189 361.00
280 Operating charges total	109 744.00	313 548.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	533.00	678.00
011 acquisition cost	3 246.00	2 911.00
012 depreciation	2 713.00	2 233.00
020 Construction in progress	320.00	320.00
Fixed assets
030 residual value	92 969.00	97 057.00
031 acquisition cost	146 685.00	144 152.00
032 depreciation	53 716.00	47 095.00
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	200 190.00	200 190.00
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	294 012.00	298 245.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	7 304.00	6 930.00
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	852 141.00	843 979.00
150 Bills of exchange receivable	0.00	0.00
Trade debtors:
160 net realizable value	415 782.00	364 038.00
161 acquisition cost	415 782.00	364 038.00
162 doubtful debts reserve	0.00	0.00
Accounts receivable
170 Budget accounts receivable	61.00	46.00
180 Payments in advance	30 604.00	9 904.00
190 Accrued income	0.00	0.00
200 Internal payments	0.00	0.00
210 Other current accounts receivable	1 002.00	1 065.00
220 Current financial investments	0.00	0.00
Cash at bank and on hands
230 Funds in local currency	11 288.00	7 953.00
231 incl. cash on hands
240 Funds in foreign currencies	2 038.00	1 873.00
250 Other current assets	0.00	0.00
260 CURRENT ASSETS TOTAL	1 320 220.00	1 235 788.00
270 III. DEFERRED CHARGES	0.00	0.00
280 ASSETS TOTAL	1 614 232.00	1 534 033.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	19.00	19.00
310 Share capital	0.00	0.00
320 Additional contributed capital	0.00	0.00
330 Other additional capital	0.00	0.00
340 Reserve capital	0.00	0.00
350 Retained earnings (loss)	164 393.00	157 433.00
360 Unpaid capital (minus)	0.00	0.00
370 Retired capital (minus)	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	164 412.00	157 452.00
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	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	199 813.00	199 745.00
450 Other financial liabilities	200 000.00	200 000.00
460 Deferred tax liabilities	0.00	0.00
470 Other long-term liabilities	0.00	0.00
480 TOTAL LONG-TERM LIABILITIES	399 813.00	399 745.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	61 882.00	66 427.00
510 Short-term portion of long-term liabilities	0.00	0.00
520 Bills of exchange payable	0.00	0.00
530 Trade creditors	972 466.00	877 468.00
Accounts payable:
540 Advance payments	3 510.00	3 523.00
550 Budget accounts payable	3 503.00	17 537.00
560 Non-budget accounts payable	75.00	10.00
570 Insurance payments	786.00	731.00
580 Accrued payroll	1 889.00	1 694.00
590 Liabilities to shareholders	0.00	0.00
600 Internal payments	0.00	0.00
610 Other short-term liabilities	5 896.00	9 446.00
620 SHORT-TERM LIABILITIES TOTAL	1 050 007.00	976 836.00
630 V. DEFERRED INCOME	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	1 614 232.00	1 534 033.00

- 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,	4 602 816.00
services
015 VAT tax	52 608.00
020 Excise tax	0.00
025
030 Other compulsory payments	31 253.00
035 Net sales revenue	4 518 955.00
040 Cost of goods, work, services	4 305 043.00
050 Gross profit	213 912.00
055 Gross loss	0.00
060 Other operating income	375 780.00
070 Administrative and management costs	44 652.00
080 Distribution costs	62 659.00
090 Other operating charges	41 295.00
100 Operating profit	441 086.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	4 599.00
130 Other income	162.00
140 Financial charges	21 995.00
150 Capital participating expenses	0.00
160 Other expenses	255.00
170 Profit from ordinary activity before taxation	423 597.00
175 Loss from ordinary activity before taxation	0.00
180 Ordinary activity Income-tax	20 098.00
190 Profit from ordinary activity	403 499.00
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	403 499.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	58 145.00
240 Payroll costs	27 491.00
250 Allocation to social needs	9 944.00
260 Amortization charges	10 781.00
270 Other operating charges	42 245.00
280 Operating charges total	148 606.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	5.00
011 acquisition cost	708.00
012 depreciation	703.00
020 Construction in progress	322.00
Fixed assets
030 residual assets	90 604.00
031 acquisition cost	129 433.00
032 depreciation	38 829.00
Long-term financial assets
040 Capital participation in other enterprises	0.00
045 Other financial investments	190.00
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	91 121.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	4 895.00
110 Working and productive animals	0.00
120 Construction in progress	0.00
130 Finished goods	0.00
140 Goods for resale	672 472.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	256 706.00
161 acquisition cost	256 706.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	4.00
180 Payments in advance	8 481.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	4 310.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	0.00
240 Funds in foreign currencies	1 860.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	948 728.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	1 039 849.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	19.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	79 366.00
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	79 385.00
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	0.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	199 043.00
510 Short-term portion of long-term liabilities	0.00
520 Bills of exchange payable	0.00
530 Trade creditors	743 475.00
Accounts payable:
540 Advance payments	4 307.00
550 Budget accounts payable	6 210.00
560 Non-budget accounts payable	551.00
570 Insurance payments	449.00
580 Accrued payroll	1 273.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	5 156.00
620 SHORT-TERM LIABILITIES TOTAL	960 464.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	1 039 849.00

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 :

PRL

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.