MIRA INFORM REPORT

Report Date :

30.01.2013

IDENTIFICATION DETAILS

Name :	Bella Limited Liability company
Registered Office :	Promyshlennaya str., 9, Egorevsk, Moscow Region, 140301
Country :	Russia
Financials (as on) :	01.01.2012
Date of Incorporation :	29.07.2002
Com. Reg. No.:	1025001466368
Legal Form :	OOO (Limited Liability Company by Russian Law)
Line of Business :	Manufacturer and Sales of Hygienic Production.
No. of Employees :	500 (Approximately)

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 (31.03.2011)	Current Rating (30.06.2012)
Russia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

russia - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive commodity producers. In 2011, Russia became the world's leading oil producer, surpassing Saudi Arabia; Russia is the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is the third-largest exporter of both steel and primary aluminum. Other less competitive heavy industries remain dependent on the Russian domestic market. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the highly volatile swings in global commodity prices. The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. According to the World Bank the government's anti-crisis package in 2008-09 amounted to roughly 6.7% of GDP. The Central Bank of Russia spent one-third of its $600 billion international reserves, the world's third largest, in late 2008 to slow the devaluation of the ruble. The government also devoted $200 billion in a rescue plan to increase liquidity in the banking sector and aid Russian firms unable to roll over large foreign debts coming due. The economic decline bottomed out in mid-2009 and the economy began to grow in the third quarter of 2009. However, a severe drought and fires in central Russia reduced agricultural output, prompting a ban on grain exports for part of the year, and slowed growth in other sectors such as manufacturing and retail trade. High oil prices buoyed Russian growth in 2011 and helped Russia reduce the budget deficit inherited from the lean years of 2008-09. Russia has reduced unemployment since 2009 and has made progress on reducing inflation since 2010. Russia's long-term challenges include a shrinking workforce, a high level of corruption, difficulty in accessing capital for smaller, non-energy companies, and poor infrastructure in need of large investments.

Source : CIA

Comments

Information

The address and the telephone numbers mentioned in your inquiry belong to the company Obschestvo s ogranichennoy otvetstvennostyu "BELLA" (name in English: "BELLA" LIMITED LIABILITY COMPANY). We provide the report on this company.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "BELLA"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2002
Sales	2 448 865 th RUR for 12 months, ended 01.01.2012
Employees	500 (approx.) on January, 25, 2013 (company's data)

Company Identification Details

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "BELLA"
Short Name	OOO "BELLA"
Name in English	"BELLA" LIMITED LIABILITY COMPANY
Address	Promyshlennaya str., 9, Egorevsk, Moscow Region, 140301, Russian Federation
Legal Address	Promyshlennaya str., 9, Egorevsk, Moscow Region, 140301, Russian Federation
Phone	+7 (49640) 48370, 49017
Fax	+7 (49640) 48370, 49017
E-mail	infopost@bella-tzmo.ru
WEB Address	www.bella-tzmo.ru
History	09.12.2003: Legal Address changed from Promyshlennaya str., 1, Egorevsk, Moscow Region, 140301, Russian Federation

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	29.07.2002
Registration Number	1025001466368
Statistic Code (OKPO)	11736425
Taxpayer Code (INN)	5011021499
Registration Authority	Ministry for Taxes and Duties of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital

1 702 473 728 RUR

Shareholders

Total	1 legal person
Shareholder	TORUNSKIE ZAKLADY MATERIALOW OPATRUNKOWYCH SA
Address	Poland
Registration Number	0000011286
Share	100 %

Directors

Director	Mr Koval'chik Marchin Kamil
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	501105209502

Re-Registration Data

Date of Registration	29.07.2002
	(Entering into the Single State Register of Legal Entities)
Registration Number	1025001466368
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Date of Re-registration	09.12.2003
File Number	2035002361227
Registration Authority	Ministry for Taxes and Duties of Russian Federation
Changes	Legal Address
Date of Re-registration	23.12.2009
File Number	2095011027560
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	04.02.2010
File Number	2105011008166
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	01.03.2010
File Number	2105011011081
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	24.03.2010
File Number	2105011012368
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	15.04.2010
File Number	2105011013215
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	04.06.2010
File Number	2105011015701
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	28.07.2010
File Number	2105011018176
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	06.12.2010
File Number	2105011029935
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	15.12.2010
File Number	2105011030309
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Manufacture and sales of hygienic production. The company sells goods under brand BELLA.
Staff Employed	500 (approx.) on January, 25, 2013 (company's data)

Real Estate

Own	Office, warehouse, industrial area Address: Promyshlennaya str., 9, Egorevsk, Moscow Region, 140301, Russian Federation (company's data)
Rent	none

Export & Import

Export Countries	2011: Ukraine, Poland, Latvia, India, Armenia, Germany 2009-2010: Ukraine, Poland, Latvia 2008: Ukraine, Poland, Czechia, India, Uzbekistan
Exported Goods	hygienic production, packing, equipment, spare parts, raw materials
Export Value	in 2011: 6 654 027 USD in 2010: 7 398 288 USD in 2009: 7 042 605 USD in 2008: 5 569 821 USD
Import Countries	2011: Poland, USA, Indonesia, Pakistan, Italy, Greece, Finland, France 2010: Poland, USA, Indonesia, Pakistan, Finland, Greece, Ukraine 2009: Poland, Indonesia, USA, Greece, Germany, Pakistan, Turkey, Ukraine 2008: Poland, USA, Turkey, Ukraine, Pakistan, Indonesia, Greece, Hungary
Imported Goods	equipment, spare parts, raw materials, paper, hygienic production, furniture, electroproduction
Import Value	in 2011: 43 918 029 USD in 2010: 27 577 953 USD in 2009: 19 303 327 USD in 2008: 28 534 741 USD

Branches

Branch

None

Participation

Information

None

Related Companies

Information

The company TORUNSKIE ZAKLADY MATERIALOW OPATRUNKOWYCH SA is also a shareholder of companies: OOO "BELLA INVEST" Registration number: 1075011000371 OOO "BELLA VOLGA" Registration number: 1075260014939 OOO "BELLA SIBIR'" Registration number: 1065475022942 OOO "KOMPANIYA BELLA URAL" Registration number: 1069658108629 OOO "BELLA VOSTOK" Registration number: 1047796113485 OOO "GIGIENA-SEVER" Registration number: 1037821004319 ZAO "BELLA-TZMO" Registration number: 1027700183158 Mr Koval'chik Marchin Kamil isn't a shareholder or a director of any other companies in Russian Federation.

Bankers

Bank	OAO BANK "VOZROZHDENIE", bank code: 044525181 (Russian Federation)
Account(s)	40702810001200140471 (RUR)
Bank	ZAO "ING BANK (EVRAZIYA)", bank code: 044525222 (Russian Federation)
Account(s)	40702810200001002191 (RUR) 40702810501001002191 (RUR)
Bank	OOO "DOYCHE BANK", bank code: 044525101 (Russian Federation)
Account(s)	40702810800000000237 (RUR)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES	2448865	1839421	1475304	926253
Cost of Goods sold	2141718	1455087	1108307	835857
GROSS PROFIT	307147	384334	366997	90396
Distribution Costs	3987	8623	4082	4364
Management Costs	97277	105907	97896	83718
OPERATING PROFIT	205883	269804	265019	2314
Non Trading Income	-56756	-7576	-47632	-113732
PRE TAX PROFIT	149127	262228	217387	-111418
Taxation	31489	47273
PROFIT AFTER TAX	118124	207992	169093	-86986

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	1551554	1452156	1095606	1176917
Intangible Assets
Fixed Assets	1521240	1275383	1033508	897518
TOTAL CURRENT ASSETS	1106477	681505	733418	364926
Stock	393035	233953	180399	130763
Trade debtors	569264	355025	477048	148449
Cash	105765	10716	7827	14377
TOTAL ASSETS	2658031	2133661	1829024	1541843
TOTAL EQUITY	1959315	1842202	1562129	831710
Share Capital	1702474	1702474	1630393	1068748
Retained Profits	256841	139728	-68264	-237038
TOTAL LONG TERM LIABS	16155	14949	13885	9866
Long Term Loans
TOTAL CURRENT LIABS	682561	276510	253010	700267
Short Term Loans	250000			262340
Short Term Trade Creditors	417702	276510	253010	437927
TOTAL EQUITY & LIABS	2658031	2133661	1829024	1541843

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Current Ratio	1,62	2,46	2,9	0,52
Working Capital, x1000 RUR	423916	404995	480408	-335341
Quick Ratio	1,05	1,62	2,19	0,33
Debt to Equity Ratio	0,36	0,16	0,17	0,85
Current Assets Turnover	2,21	2,7	2,01	2,54
Total Assets Turnover Ratio	0,92	0,86	0,81	0,6
Pre Tax Profit Margin, %	6,09	14,26	14,74	-12,03
Gross Profit, %	12,54	20,89	24,88	9,76
Return on Investment, %	7,61	14,23	13,92	-13,4
Return on Assets, %	5,61	12,29	11,89	-7,23

Clients & Suppliers

Clients

TORUNSKIE ZAKLADY MATERIALOW OPATRUNKOWYCH SA (Poland) KOSMETICHNE VYROBY BAVELNIANE SP. Z.O.O. (Poland) OOO "BELLA-TREYD" (Ukraine) BELLA RIGA SIA (Latvia) OOO "SAR-DZHI" (Armenia) BELLA PREMIER HAPPY HYGIENE CARE PVT LTD. (India) SPINNBAU GMBH (Germany) OOO FIRMA "GRAN'" (Russian Federation) OOO "ROZNICHNAYA KOMPANIYA TEKHMARKET" (Russian Federation) ZAO "GEOSTROYIZYSKANIYA" (Russian Federation) ZAO "TRANS NAFTA" (Russian Federation) OOO "BAZA OTDYKHA "BEREZOVKA" (Russian Federation) ZAO "TAIR-BELT" (Russian Federation) OOO "REAFARM" (Russian Federation) ZAO "KONTUR S" (Russian Federation)

Suppliers

PLASTICA SP.Z.O.O. (Poland) PT ARGO MANUNGGAL TEXTILE (Indonesia) IHSAN SONS (PVT) LIMITED (Pakistan) INTERNATIONAL PAPER COMPANY INC. (USA) RUPLAST S.R.L. (Italy) UPM-KYMMENE CORPORATION (Finland) TORUNSKIE ZAKLADY MATERIALOW OPATRUNKOWYCH SA (Poland) INPLAST SP. Z.O.O. (Poland) OOO "TRASKO-INVEST-R" (Russian Federation) OAO "ARKHBUM" (Russian Federation) OOO "KOSMA" (Russian Federation) OOO "DESPO" (Russian Federation) OOO "EGOR'EVSK-SERVIS" (Russian Federation) ZAO "GOFRON" (Russian Federation) ZAO "MERPASSA" (Russian Federation) OOO "MEGASTROY" (Russian Federation) OOO "GLOBAL PRINTING SISTEMS" (Russian Federation) ZAO "NIITAVTOPROM-VTF" (Russian Federation) OOO "KVINDOR" (Russian Federation) *** The names of foreign partners may be pointed incorrectly as in official documents (declarations) they’re written in Russian. We present our apologies for possible mistakes in transliteration.

Actions at law

The information of Arbitration court of Moscow about judicial claims is presented

Date of registration	02.04.2010
Registration number	A41-12088/2010
Plaintiff	OOO "BELLA"
Defendant	Federal Tax Service of Russian Federation, Inspection within Egorevsk
Claim sum	231 051 RUR
Claim category	Tax dispute

Date of registration	26.08.2009
Registration number	A41-30719/2009
Plaintiff	OOO "BELLA"
Defendant	Noginsk customs
Claim sum	-
Claim category	Customs dispute

Publications

Date	2013
Source	The Federal Tax Service of Russian Federation
Text of Publication	The Federal Tax Service of Russian Federation has published the information that the Mr Koval'chik Marchin Kamil (as private person) doesn't have not paid taxes.

Original Financial Data (Russian Accounting Report in English)

Balance Sheet

The following figures are shown in units of 1000

ASSETS	Line code	as at 01.01.2010	as at 01.01.2011	as at 01.01.2012
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	-
Fixed assets	120	1033508	1275383	1521240
Construction in progress	130	48508	169103	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	5000
Deferred tax assets	145	13429	7599	9544
Other non-current assets	150	161	71	-
Total section I	190	1095606	1452156	1551554
II. CURRENT ASSETS
Inventories	210	180399	233953	393035
including :
raw materials and other inventories	211	160856	199047	-
livestock	212	-	-	-
work in progress	213	3210	14455	-
finished goods and goods for resale	214	14750	18267	-
goods dispatched	215	-	-	-
expenses related to future periods	216	1583	2184	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	45844	45870	26160
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	-	-	-
including :
buyers and customers	231	-	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	477048	355025	569264
including :
buyers and customers	241	353237	136771	-
Short-term investments	250	22300	35941	9672
Monetary assets	260	7827	10716	105765
Other current assets	270	-	-	2581
Total section II	290	733418	681505	1106477
TOTAL SECTIONS I and II	300	1829024	2133661	2658031
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	1630393	1702474	1702474
Treasury shares	411	-	-	-
Additional capital	420	-	-	-
Legal reserve	430	-	-	-
including :
reserves and provisions formed in  accordance with legislation	431	-	-	-
reserves formed in accordance  with foundation documents	432	-	-	-
Retained earnings (loss)	470	-68264	139728	256841
Total section III	490	1562129	1842202	1959315
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	13885	14949	16155
Other non-current liabilities	520	-	-	-
Total section IV	590	13885	14949	16155
V. CURRENT LIABILITIES
Borrowings	610	-	-	250000
Accounts payable	620	253010	276510	417702
including :
suppliers and contractors	621	140394	147695	-
salaries payable	622	5696	10248	-
payable to state non-budget funds	623	3073	4759	-
taxes payable	624	6417	9010	-
other creditors	625	97430	104798	-
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	-
Total section V	690	253010	276510	682561
TOTAL SECTIONS III,IV,V	700	1829024	2133661	2658031

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2012	01.01.2011	01.01.2010
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	2448865	1839421	1475304
Cost of goods, products, work, services sold	020	2141718	1455087	1108307
Gross profit	029	307147	384334	366997
Selling expenses	030	3987	8623	4082
Administrative expenses	040	97277	105907	97896
Profit (loss) from operations	050	205883	269804	265019
OTHER INCOME AND EXPENSES
Interest income	060	3281	367	742
Interest expenses	070	4174	-	14596
Income from investments in other companies	080	-	-	-
Other operating income	090	21133	58974	118542
Other operating expenses	100	76996	66917	152320
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	149127	262228	217387
Deferred tax assets	141	1692	-5830	-44276
Deferred tax liabilities	142	1206	1133	4018
Current profit tax	150	31489	47273	-
Net profit (loss) for the reporting period	190	118124	207992	169093

Additional information about related companies

Below is presented the extended information about the related companies of subject company.

Name	OOO "BELLA INVEST"
Registration Number	1075011000371
Taxpayer code (INN)	5011027356

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES
Cost of Goods sold
GROSS PROFIT
Distribution Costs
Management Costs	466
OPERATING PROFIT	-466
Non Trading Income	348	598	96	-92
PRE TAX PROFIT	-118	598	96	-92
Taxation
PROFIT AFTER TAX	-96	479	74	-53

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	112141	69012	1068	456
Intangible Assets
Fixed Assets	111672	67334
TOTAL CURRENT ASSETS	7409	31636	8954	1066
Stock		1541	1138	730
Trade debtors	2423	21		50
Cash	3560	54	35	265
TOTAL ASSETS	119550	100648	10022	1522
TOTAL EQUITY	98916	100284	9805	-19
Share Capital	99800	99800	9800	50
Retained Profits	-884	484	5	-69
TOTAL LONG TERM LIABS	5265	288	184	102
Long Term Loans	5000
TOTAL CURRENT LIABS	15369	76	33	1439
Short Term Loans				1414
Short Term Trade Creditors	15326	76	33	25
TOTAL EQUITY & LIABS	119550	100648	10022	1522

Name	OOO "BELLA SIBIR'"
Registration Number	1065475022942
Taxpayer code (INN)	5448451118

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES	1138999	857722	691981	529244
Cost of Goods sold	850313	668958	539339	426767
GROSS PROFIT	288686	188764	152642	102477
Distribution Costs	258965	197179	152532	107226
Management Costs	14101	10061
OPERATING PROFIT	15620	-18476	110	-4749
Non Trading Income	-4001	-31426	387	-2812
PRE TAX PROFIT	11619	-49902	497	-7561
Taxation	947		68
PROFIT AFTER TAX	7307	-41059	-319	-6429

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	15548	49272	36265	35715
Intangible Assets	32
Fixed Assets	9886	40112	35306	34017
TOTAL CURRENT ASSETS	323495	272829	303968	195714
Stock	158758	157526	151464	76086
Trade debtors	128318	112260	140701	113388
Cash	34493	2036	11570	3449
TOTAL ASSETS	339043	322101	340233	231429
TOTAL EQUITY	-40949	-48256	-7591	-7272
Share Capital	2500	2500	2500	2500
Retained Profits	-43449	-50756	-10091	-9772
TOTAL LONG TERM LIABS	342	256	248	249
Long Term Loans
TOTAL CURRENT LIABS	379650	370101	347575	238452
Short Term Loans			29443	28195
Short Term Trade Creditors	379649	370101	318132	210257
TOTAL EQUITY & LIABS	339043	322101	340233	231429

Name	OOO "KOMPANIYA BELLA URAL"
Registration Number	1069658108629
Taxpayer code (INN)	6658249020

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
SALES	666190	552072	479505	405992
Cost of Goods sold	530048	458287	378582	324686
GROSS PROFIT	136142	93785	100923	81306
Distribution Costs	143439	119867	88122	92076
Management Costs
OPERATING PROFIT	-7297	-26082	12801	-10770
Non Trading Income	-2487	-71035	-7691	-6361
PRE TAX PROFIT	-9784	-97117	5110	-17131
Taxation				7
PROFIT AFTER TAX	-9077	-83309	2045	-15676

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010	01.01.2009
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	30820	21815	6587	8920
Intangible Assets
Fixed Assets	12631	6734	5197	4749
TOTAL CURRENT ASSETS	248175	173811	193939	132767
Stock	118538	86629	53499	21680
Trade debtors	117213	81064	136419	104917
Cash	9920	6062	3477	6082
TOTAL ASSETS	278995	195626	200526	141687
TOTAL EQUITY	-114298	-107673	-24364	-26411
Share Capital	2275	2275	2275	2275
Retained Profits	-116573	-109948	-26639	-28686
TOTAL LONG TERM LIABS
Long Term Loans
TOTAL CURRENT LIABS	393293	303299	224890	168098
Short Term Loans
Short Term Trade Creditors	391593	303299	224890	168098
TOTAL EQUITY & LIABS	278995	195626	200526	141687

Rates of Exchange

RUR - Russian Rouble	01.01.2012:   1 EUR = 41.67 RUR,   1 USD = 32.19 RUR
EUR - EURO	01.01.2011:   1 EUR = 40.49 RUR,   1 USD = 30.35 RUR
USD - US Dollar	01.01.2010:   1 EUR = 43.46 RUR,   1 USD = 30.19 RUR

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.70
UK Pound	1	Rs.84.35
Euro	1	Rs.72.21

INFORMATION DETAILS

Report Prepared by :

NIT

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.