MIRA INFORM REPORT

Report Date :

04.07.2013

IDENTIFICATION DETAILS

Name :	PROTEK-SVM LIMITED LIABILITY COMPANY
Registered Office :	Kashirskoe shosse, 22/4, bldg. 7, Moscow, 115201,
Country :	Russian
Financials (as on) :	01.01.2012
Date of Incorporation :	22.01.2003
Com. Reg. No.:	1035005502256
Legal Form :	OOO (Limited Liability Company by Russian Law)
Line of Business :	Sales of pharmaceutical substances, pharmaceutical preparations.
No. of Employees :	170

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Russia	A2	A2

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

RUSSIA - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. In 2011, Russia became the world's leading oil producer, surpassing Saudi Arabia; Russia is the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is also a top exporter of metals such as steel and primary aluminum. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few visible results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. According to the World Bank the government's anti-crisis package in 2008-09 amounted to roughly 6.7% of GDP. The economic decline bottomed out in mid-2009 and the economy began to grow again in the third quarter of 2009. High oil prices buoyed Russian growth in 2011-12 and helped Russia reduce the budget deficit inherited from 2008-09. Russia has reduced unemployment to a record low and has lowered inflation below double digit rates. Russia joined the World Trade Organization in 2012, which will reduce trade barriers in Russia for foreign goods and services and help open foreign markets to Russian goods and services. At the same time, Russia has sought to cement economic ties with countries in the former Soviet space through a Customs Union with Belarus and Kazakhstan, and, in the next several years, through the creation of a new Russia-led economic bloc called the Eurasian Economic Union. Russia has had difficulty attracting foreign direct investment and has experienced large capital outflows in the past several years, leading to official programs to improve Russia's international rankings for its investment climate. Russia's adoption of a new oil-price-based fiscal rule in 2012 and a more flexible exchange rate policy have improved its ability to deal with external shocks, including volatile oil prices. Russia's long-term challenges also include a shrinking workforce, rampant corruption, and underinvestment in infrastructure.

Source : CIA

Comments

Information

The address mentioned in your inquiry belongs to the company Obschestvo s ogranichennoy otvetstvennostyu "PROTEK-SVM" (name in English: "PROTEK-SVM" LIMITED LIABILITY COMPANY). We provide the report on this company.

Summary

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "PROTEK-SVM"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2003
Sales	1 492 223 th RUR for 12 months, ended 01.01.2012
Employees	170 (approx.) on July, 03, 2013 (company's data)

Company Identification Details

Original Name	Obschestvo s ogranichennoy otvetstvennostyu "PROTEK-SVM"
Short Name	OOO "PROTEK-SVM"
Name in English	"PROTEK-SVM" LIMITED LIABILITY COMPANY
Address	Kashirskoe shosse, 22/4, bldg. 7, Moscow, 115201, Russian Federation
Legal Address	Kashirskoe shosse, 22/4, bldg. 7, Moscow, 115201, Russian Federation
Phone	+7 (495) 2312861
Fax	+7 (495) 2312859
E-mail	svm@protek.ru
WEB Address	www.protek-svm.ru www.protek.ru
History	18.07.2007: Legal Address changed from Kashirskoe shosse 22, bldg. 7, Moscow, 115201, Russian Federation 23.01.2007: Legal Address changed from Novomytischinskiy prosp., 5, bldg. 1A, bldg, 1B, Mytischy, Moscow Region, 141002, Russian Federation

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	22.01.2003
Registration Number	1035005502256
Statistic Code (OKPO)	13327889
Taxpayer Code (INN)	5029067462
Registration Authority	Ministry for Taxes and Duties of Russian Federation Inspection within Mytischy of Moscow Region

Public Record Information

Information

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

Share Capital

Current Share Capital

10 000 RUR

Shareholders

Total	1 legal person
Shareholder	OAO "PROTEK"
Address	Kashirskoe shosse, 22, bldg. 4, Moscow, 115201, Russian Federation
Registration Number	1027715014140
Taxpayer Code (INN)	7715354473
Share	100 %

Directors

Director	Mr Nikonov Pavel Borisovich
	Signature Right
Nationality	Russian Federation
Taxpayer Code (INN)	773504341859

Re-Registration Data

Date of Registration	22.01.2003
	(Entering into the Single State Register of Legal Entities)
Registration Number	1035005502256
Registration Authority	Ministry for Taxes and Duties of Russian Federation Inspection within Mytischy of Moscow Region
Date of Re-registration	25.11.2003
File Number	2035005523980
Registration Authority	Ministry for Taxes and Duties of Russian Federation Inspection within Mytischy of Moscow region
Changes	Company Rules
Date of Re-registration	23.01.2007
File Number	2075029009636
Registration Authority	Federal Tax Service of Russian Federation Inspection within Mytischy of Moscow region
Changes	Legal Address
Date of Re-registration	18.07.2007
File Number	2077758063766
Registration Authority	Federal Tax Service of Russian Federation
Changes	Legal Address
Date of Re-registration	21.06.2009
File Number	6097747226648
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	12.10.2009
File Number	2097748296303
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Sales of pharmaceutical substances, pharmaceutical preparations. The company trades in goods under brands: Sotex «PharmFirm», Protek-SVM, Protein Contour. The company sells the production of the companies: Chemo Iberica Group, Cipla Ltd., DSM Group, Merck S.A., Saint Gobain, Unique Chemicals Ltd., Shandong Xinhua Pharmaceutical Factory, Harbin General Pharm Factory, Ven Petrochem&Pharma Pvt.Ltd., Wuhan Pharmaceutical factory, Orchid Chemicals.
Staff Employed	170 (approx.) on July, 03, 2013 (company's data)
Employees' History	160 (approx.) on December, 25, 2012 (company's data) 150 (approx.) on October, 17, 2011 (company's data) 100 (approx.) on February, 25, 2011 (company's data) 100 (approx.) on April, 08, 2010 (company's data) 90 (approx.) on October, 06, 2010 (company's data) 80 (approx.) on April, 05, 2010 (company's data) 100 (approx.) on October, 22, 2008 (company's data) 60 (approx.) on August, 08, 2007 (company's data) 50 (approx.) on June, 07, 2006 (company's data)

Real Estate

Own	none
Rent	Office, warehouse Address: Kashirskoe shosse, 22/4, bldg. 7, Moscow, 115201, Russian Federation (company's data)

Export & Import

Export Countries	2012: China 2007: China 2005: Hong Kong, India, Germany
Exported Goods	pharmaceutical substances, pharmaceutical preparations
Export Value	in 2012: 31 600 USD in 2011: none in 2010: none in 2009: none in 2008: none in 2007: 59 179 USD in 2006: none in 2005: 3 534 842 RUR in 2004: none
Import Countries	2012: Switzerland, China, India, Hungary, United Arab Emirates, Lithuania, Spain, France, Netherlands, Germany, Brazil, Italy 2011: Switzerland, China, India, Hungary, United Arab Emirates, Lithuania, Spain, France, Netherlands, Germany, Brazil, Italy, Finland 2010: Switzerland, China, India, Hungary, United Arab Emirates, Lithuania, Spain, France, Netherlands, Germany 2007-2009: Switzerland, China, India, Hungary, United Arab Emirates, Lithuania, Spain, France, Netherlands, Germany, Brazil, Italy, Finland 2006: China, India, Switzerland, Spain, Germany, Austria, Poland, France, Brazil, Finland, Netherlands Czechi2005: Switzerland, India, China, Germany, Brazil, France, Italy, Spain, Netherlands, Great Britain, Romania, British Virgin Islands 2004: India, Brazil, Germany, Finland, China, Netherlands, France, Romania, Latvia, United Arab Emirates, Italy, Qatar, Lithuania, British Virgin Islands
Imported Goods	pharmaceutical substances, pharmaceutical preparations
Import Value	in 2012: 15 890 811 USD in 2011: 18 802 300 USD in 2010: 22 539 657 USD in 2009: 13 717 778 USD in 2008: 12 598 449 USD in 2007: 8 839 893 USD in 2006: 8 490 655 USD in 2005: 271 660 448 RUR in 2004: 223 831 331 RUR

Branches

Branch

None

Participation

Information

None

Related Companies

Information

The company OAO "PROTEK" is also a shareholder of more than 20 companies, including: OOO "RIGLA-YAROSLAVL'" Registration number: 1127603001976 OOO "RIGLA-SURGUT" Registration number: 1128602019534 OOO "AS-TSENTR" Registration number: 1125038013650 OOO "TRIAFARMA" Registration number: 1113668044269 OOO "AVALON" Registration number: 1115038006478 ZAO "ORTES" Registration number: 1115042000589 OOO "FARMATSEVTICHESKOE PREDPRIYATIE "PANATSEYA" Registration number: 1104714000379 OOO "RIGLA-NOVOSIBIRSK" Registration number: 1065402044498 OOO "SEMEYNAYA APTEKA" Registration number: 1063905088070 OOO "TSETUS" Registration number: 1043400325143 OOO "RIGLA-NN" Registration number: 1035205641250 OOO "RIGLA-KRASNODAR" Registration number: 1032305691549 OOO "PROTEK-50" Registration number: 1025002030492 ZAO "FIRMA "KOMAN" Registration number: 1027700087777 Mr Nikonov Pavel Borisovich isn't a shareholder or a director of any other companies in Russian Federation.

Bankers

Bank	OAO AKTSIONERNIY KOMMERCHESKIY SBEREGATEL'NIY BANK ROSSIYSKOY FEDERATSII, bank code: 044525225 (Russian Federation)
Account(s)	40702810938050104960 (RUR) 40702810638360105027 (RUR)
Bank	"ABN AMRO BANK A.O.", bank code: 044525217 (Russian Federation)
Account(s)	40702810500005420598 (RUR)
Bank	ZAO "RAYFFAYZENBANK AVSTRIYA", bank code: 044525700 (Russian Federation)
Account(s)	40702810800001402398 (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	1492223	1682008	1145383	768034
Cost of Goods sold	1320983	1433788	936830	638729
GROSS PROFIT	171240	248220	208553	129305
Distribution Costs	150152	157008	81119	61613
Management Costs
OPERATING PROFIT	21088	91212	127434	67692
Non Trading Income	66008	72588	7241	-31397
PRE TAX PROFIT	87095	163800	134675	36295
Taxation	15958	35183	27428	9581
PROFIT AFTER TAX	69931	129488	107533	26534

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	12304	2823	1675	1842
Intangible Assets	383	128
Fixed Assets	1849	1685	1527	1842
TOTAL CURRENT ASSETS	616648	622299	479360	370387
Stock	203655	172810	126087	71108
Trade debtors	392595	440024	278430	265295
Cash	6602	9428	69731	33968
TOTAL ASSETS	628952	625122	481035	372229
TOTAL EQUITY	240289	301357	171869	64303
Share Capital	10	10	10	10
Retained Profits	240279	301347	171859	64293
TOTAL LONG TERM LIABS	17	17	23	64374
Long Term Loans				64181
TOTAL CURRENT LIABS	388646	323748	309143	243552
Short Term Loans	131774	63015	25293	6567
Short Term Trade Creditors	250811	255679	283850	236984
TOTAL EQUITY & LIABS	628952	625122	481035	372229

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	1,59	1,92	1,55	1,52
Working Capital, x1000 RUR	228002	298551	170217	126835
Quick Ratio	1,06	1,39	1,14	1,23
Debt to Equity Ratio	1,62	1,07	1,8	4,79
Current Assets Turnover	2,42	2,7	2,39	2,07
Total Assets Turnover Ratio	2,37	2,69	2,38	2,06
Pre Tax Profit Margin, %	5,84	9,74	11,76	4,73
Gross Profit, %	11,48	14,76	18,21	16,84
Return on Investment, %	36,25	54,35	78,36	56,44
Return on Assets, %	13,85	26,2	28	9,75

Clients & Suppliers

Clients

BENXI LEILONG COMMERCIAL CO.,LTD (China) ZAO "FIRMA "TSV" PROTEK" (Russian Federation) OOO "OLIGOFARM" (Russian Federation) OAO "AY SI EN LEKSREDSTVA" (Russian Federation) ZAO "MAKIZ-FARMA" (Russian Federation) ZAO "PTF "ULISS - AVIA" (Russian Federation) OOO "ERGOFARM" (Russian Federation) OOO "PROIZVODSTVO MEDIKAMENTOV" (Russian Federation) OOO "KHANTER GRUPP" (Russian Federation) OAO "KHIMIKO-FARMATSEVTICHESKIY KOMBINAT " (Russian Federation) OOO "A-FARM" (Russian Federation) ZAO "EVROFARM" (Russian Federation) OAO "AY SI EN POLIFARM" (Russian Federation)

Suppliers

BEIJING SECOND PHARMACEUTICAL FACTORY (China) CHANGZHOU XINHUA INDUSTRIES GENERAL CO. (China) CHONGQING DAXIN PHARMACEUTICAL CO LTD (China) HARBIN GENERAL PHARMA FACTORY (China) HEBEI WELCOME PHARMACEUTICAL CO LTD. (China) HUANGYAN EAST ASIA SHEMICAL CO. LTD. (China) HUBEI MAXPHARM INDUSTRIES KO. LTD. (China) JIANGSU JIANGSHAN PHARMACEUTICAL LTD. (China) NANJING PHARMACEUTICAL FACTORY (China) NANTONG GENERAL PHARMACEUTICAL FACTORY (China)

Actions at law

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

Date of registration	20.06.2013
Registration number	A40-78158/2013
Plaintiff	OOO "PROTEK-SVM"
Defendant	OAO "USOL'E-SIBIRSKIY KHIMIKO-FARMATSEVTICHESKIY ZAVOD"
Claim sum	226 313 RUR
Claim category	Default of obligations under the contract

Date of registration	12.05.2009
Registration number	A51-13695/08
Plaintiff	OOO "PROTEK-SVM"
Defendant	ZAO IST FARM
Claim sum	3 797 608 RUR
Claim category	Default of obligations under the contract

Date of registration	19.03.2009
Registration number	A70-2200/09
Plaintiff	OOO "PROTEK-SVM"
Defendant	OOO YUGRA FARM
Claim sum	-
Claim category	Economic disputes

Date of registration	31.05.2007
Registration number	A19-8776/07
Plaintiff	OOO "PROTEK-SVM"
Defendant	OAO "FARMASINTEZ"
Claim sum	-
Claim category	Economic disputes

Date of registration	23.06.2011
Registration number	A40-67518/11
Plaintiff	OOO "PROTEK-SVM"
Defendant	OOO ASFARMA
Claim sum	14 937 286 RUR
Claim category	Default of obligations under the contract

Date of registration	16.03.2012
Registration number	A40-42127/2012
Plaintiff	OOO "PROTEK-SVM"
Defendant	OOO MITRA
Claim sum	3 395 509 RUR
Claim category	Default of obligations under the contract

Date of registration	10.05.2012
Registration number	A40-66600/2012
Plaintiff	OOO "PROTEK-SVM"
Defendant	OOO "ROZFARM
Claim sum	2 538 498 RUR
Claim category	Default of obligations under the contract

Date of registration	10.12.2012
Registration number	A40-161415/2012
Plaintiff	OOO "PROTEK-SVM"
Defendant	OAO "MARBIOFARM"
Claim sum	16 737 RUR
Claim category	Default of obligations under the contract

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 Mr Nikonov Pavel Borisovich (as private person) does'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	-	128	383
Fixed assets	120	1527	1685	1849
Construction in progress	130	-	-	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	148	1011	1492
Other non-current assets	150	-	-	-
Total section I	190	1675	2823	12304
II. CURRENT ASSETS
Inventories	210	126087	172810	203655
including :
raw materials and other inventories	211	60	158	-
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	123000	167203	-
goods dispatched	215	-	-	-
expenses related to future periods	216	3028	5449	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	219	37	10804
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	4893	-	-
including :
buyers and customers	231	4893	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	278430	440024	392595
including :
buyers and customers	241	271428	433770	-
Short-term investments	250	-	-	-
Monetary assets	260	69731	9428	6602
Other current assets	270	-	-	2992
Total section II	290	479360	622299	616648
TOTAL SECTIONS I and II	300	481035	625122	628952
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	10	10	10
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	171859	301347	240279
Total section III	490	171869	301357	240289
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	23	17	17
Other non-current liabilities	520	-	-	-
Total section IV	590	23	17	17
V. CURRENT LIABILITIES
Borrowings	610	25293	63015	131774
Accounts payable	620	283850	255679	250811
including :
suppliers and contractors	621	263783	252383	-
salaries payable	622	2544	1976	-
payable to state non-budget funds	623	171	104	-
taxes payable	624	9188	944	-
other creditors	625	8163	272	-
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	5054	-
Other current liabilities	660	-	-	3703
Total section V	690	309143	323748	388646
TOTAL SECTIONS III,IV,V	700	481035	625122	628952

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	1492223	1682008	1145383
Cost of goods, products, work, services sold	020	1320983	1433788	936830
Gross profit	029	171240	248220	208553
Selling expenses	030	150152	157008	81119
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	21088	91212	127434
OTHER INCOME AND EXPENSES
Interest income	060	12	138	395
Interest expenses	070	7544	2128	6930
Income from investments in other companies	080	-	-	-
Other operating income	090	176755	135032	99153
Other operating expenses	100	103215	60454	85377
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	87095	163800	134675
Deferred tax assets	141	-19	863	148
Deferred tax liabilities	142	-1	5	-138
Current profit tax	150	15958	35183	27428
Net profit (loss) for the reporting period	190	69931	129488	107533

Additional information about shareholders (legal persons)

Below is presented the extended information about the shareholders (legal persons) of subject company.

Name	OAO "PROTEK"
Legal address	Kashirskoe shosse, 22, bldg. 4, Moscow, 115201, Russian Federation
Taxpayer code (INN)	7715354473
Registration Number	1027715014140
Share	100 %

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	116770	122911	192347	141078
Cost of Goods sold	101350	106746	164801	123391
GROSS PROFIT	15420	16165	27546	17687
Distribution Costs
Management Costs	9772	10769	12334	13372
OPERATING PROFIT	5648	5396	15212	4315
Non Trading Income	111380	102076	701278	170996
PRE TAX PROFIT	117028	107472	716490	175311
Taxation	26557	21157	6430	2783
PROFIT AFTER TAX	90466	86315	710254	172293

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	5454459	4094769	2671	3144
Intangible Assets	192	259	326	225
Fixed Assets	5	44	309	719
TOTAL CURRENT ASSETS	715639	1869826	113827	199769
Stock		523	586	653
Trade debtors	50234	26726	51657	7761
Cash	545404	18227	14634	13055
TOTAL ASSETS	6170098	5964595	116498	202913
TOTAL EQUITY	6036853	5946387	58165	73498
Share Capital	5271	5271	4700	4000
Retained Profits	203516	113079	29431	185298
TOTAL LONG TERM LIABS				235
Long Term Loans
TOTAL CURRENT LIABS	133245	18208	58333	129180
Short Term Loans	107653
Short Term Trade Creditors	21350	18208	58333	29420
TOTAL EQUITY & LIABS	6170098	5964595	116498	202913

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.60.10
UK Pound	1	Rs.91.07
Euro	1	Rs.77.95

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.