MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	"ECO RESOURCE" PRIVATE JOINT STOCK COMPANY
Registered Office :	Kievskaya str., 6, bldg. 1, lit. B, St.-Petersburg, 196084, Russian Federation
Country :	Russia
Financials (as on) :	01.01.2012
Date of Incorporation :	19.10.2006
Com. Reg. No.:	5067847462073
Legal Form :	ZAO (Private Joint Stock Company by Russian Law)
Line of Business :	Manufacture and sales of food aromatizers, food supplements, food ingredients.
No. of Employees :	70

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)
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 Zakrytoe aktsyonernoe obschestvo "EKO RESURS" (name in English: "ECO RESOURCE" PRIVATE JOINT STOCK COMPANY). We provide the report on this company.

Summary

Original Name	Zakrytoe aktsyonernoe obschestvo "EKO RESURS"
Legal Form	ZAO (Private Joint Stock Company by Russian Law)
Year of Foundation	2006
Sales	286 403 th RUR for 12 months, ended 01.01.2012
Employees	70 (approx.) on March, 13, 2013 (company's data)

Company Identification Details

Original Name	Zakrytoe aktsyonernoe obschestvo "EKO RESURS"
Short Name	ZAO "EKO RESURS"
Name in English	"ECO RESOURCE" PRIVATE JOINT STOCK COMPANY
Address	Kievskaya str., 6, bldg. 1, lit. B, St.-Petersburg, 196084, Russian Federation
Legal Address	Kievskaya str., 6, bldg. 1, lit. B, St.-Petersburg, 196084, Russian Federation
Phone	+7 (812) 7777331, 3805757
Fax	+7 (812) 7777332, 3805758
E-mail	er@eco-resource.ru
WEB Address	www.eco-resource.ru

Official Company Data

Legal Form	ZAO (Private Joint Stock Company by Russian Law)
Date of Registration	19.10.2006
Registration Number	5067847462073
Statistic Code (OKPO)	96785767
Taxpayer Code (INN)	7810076603
Registration Authority	Federal Tax Service of Russian Federation

Public Record Information

Information

The company Zakrytoe aktsyonernoe obschestvo "EKO RESURS" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

10 000 RUR

Shareholders

Total	1 legal person
Shareholder	OOO "RINVOL"
Address	Kievskaya str., 6, bldg. 1, lit. B, St.-Petersburg, 196084, Russian Federation
Registration Number	1027810251886
Taxpayer Code (INN)	7826153204
Share	100 %
Comments	The information on the shareholders of the company is presented on 19.10.2006: According to Russian legislation the information on change of shareholders of companies with the legal status joint-stock company isnt included in the Single State Register of Legal Entities of Russian Federation. Data on change of shareholders of company (if the company has a status joint-stock company) are reflected in register of shareholders which is conducted either by the company itself or by independent specific company - register holder. According to Russian legislation to get an extract about the composition of shareholders at current situation from the register of shareholders its necessary to be a shareholder of this company (to have no less than 1 % of its share). The inquired company isnt public corporation (the shares of the company arent presented on the exchange), thats why the company doesnt publish quarterly reports about the composition of shareholders. Therefore current composition of companys shareholders may differ from ours one in the report.

Directors

Director	Mr Demenok Sergey Leonidovich
	Signature Right
Nationality	Russian Federation
Address	Kirochnaya str., 45, ap. 28, St.-Petersburg, 190000, Russian Federation
Date of Birth	20.01.1959
Taxpayer Code (INN)	780518751447

Operations

Activities	Manufacture and sales of food aromatizers, food supplements, food ingredients. The company sells goods under brands: EKORESURS, EKOPLANT, FOODCO, AROMAKOLOR, NOVOTON, EKOTAN, AKVATON, EKOTON, AKVABETIN, FERRONAT, MIKHROM.
Staff Employed	70 (approx.) on March, 13, 2013 (company's data)
Employees' History	80 (approx.) on June, 19, 2012 (company's data) 65 on May, 10, 2011 (company's data) 60 (approx.) on July, 26, 2010 (company's data) 60 (approx.) on July, 28, 2009 (company's data)

Real Estate

Own	none
Rent	Office, warehouse, industrial area Address: Kievskaya str., 6, bldg. 1, lit. B, St.-Petersburg, 196084, Russian Federation (company's data)

Export & Import

Export Countries	2011: Ukraine, Armenia, Georgia, Moldova, Uzbekistan 2010: Ukraine, Armenia, Moldova, Georgia, Kazakhstan 2009: Ukraine, Armenia, Moldavia, Georgia, Kazakhstan, Uzbekistan 2008: Moldavia, Georgia, Ukraine, Armenia, Uzbekistan, Kazakhstan, Kyrgyzstan 2007: Kazakhstan
Exported Goods	food aromatizers, food supplements, food ingredients
Export Value	in 2011: 410 213 USD in 2010: 639 433 USD in 2009: 285 639 USD in 2008: 274 479 USD in 2007: 6 511 USD in 2006: none
Import Countries	2011: Netherlands, Peru, India, Germany, Gibraltar, Italy, Spain, China, Poland, France, Estonia 2010: Netherlands, Peru, India, China, Italy, Great Britain, Germany, France, Spain, Gibraltar, Taiwan, Poland, Austria, Estonia 2009: Peru, Great Britain, Netherlands, India, France, Germany, Estonia, Ukraine 2008: Switzerland, Great Britain, India, Netherlands, Peru, Spain, Italy, Germany, Colombia 2007: India, Great Britain, Peru, Italy, Lithuania, Germany
Imported Goods	food aromatizers, food supplements, food ingredients
Import Value	in 2011: 3 724 520 USD in 2010: 3 248 632 USD in 2009: 1 601 067 USD in 2008: 1 740 642 USD in 2007: 252 774 USD in 2006: none

Branches

Branch

Moscow branch Address: Zolotorozhskiy Val str., 22, office 15, Moscow, 111033, Russian Federation Tel.: +7 (495) 7814855 E-mail: food@nova-com.ru

Participation

Information

None

Related Companies

Information

The company OOO "RINVOL" is also a shareholder of companies: OOO "NEVA-TEPLOTEKHNIKA" Registration number: 1107847409581 OOO "EVRO RESURS" Registration number: 1094706001312 OOO "KHOLLIDEY INSTRUMENTS" Registration number: 1077847016620 OOO "KHOLLIDEY PIGMENTS" Registration number: 1047855086124 ZAO "KONTROL' KACHESTVA" Registration number: 1097847189241 OOO "KHOTEY" Registration Number: 1074720002037 OOO "STRATA" Registration Number: 1127847126164 Mr Demenok Sergey Leonidovich is also a shareholder of companies: OOO "RINVOL" Registration number: 1027810251886 ZAO "EVRO KOLOR" Registration number: 1037811016330

Bankers

Bank	ZAO "YUNIKREDIT BANK", St.-Petersburg branch (Russian Federation)

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	286403	253326	214794	174227
Cost of Goods sold	224631	189056	164047	131649
GROSS PROFIT	61772	64270	50747	42578
Distribution Costs	29003	38867	29818	29160
Management Costs	21926	17015	13933	7649
OPERATING PROFIT	10843	8388	6996	5769
Non Trading Income	-2839	-1209	-2088	-5829
PRE TAX PROFIT	8004	7179	4908	-60
Taxation	1633	1633	853	162
PROFIT AFTER TAX	6231	5608	4220	-143

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	6724	6902	5931	2517
Intangible Assets
Fixed Assets	6690	6848	5912	2419
TOTAL CURRENT ASSETS	139001	107019	76400	64410
Stock	75634	55911	43637	24381
Trade debtors	57771	42611	25512	37727
Cash	4434	3628	394	1959
TOTAL ASSETS	145725	113921	82330	66927
TOTAL EQUITY	10351	9364	4230	425
Share Capital	10	10	10	10
Retained Profits	10341	9354	4220	415
TOTAL LONG TERM LIABS	169	49	222	5036
Long Term Loans				5000
TOTAL CURRENT LIABS	135205	104507	77878	61466
Short Term Loans	23306	6093	4234	4204
Short Term Trade Creditors	111021	97621	73220	55099
TOTAL EQUITY & LIABS	145725	113920	82330	66927

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	1,03	1,02	0,98	1,05
Working Capital, x1000 RUR	3796	2512	-1478	2944
Quick Ratio	0,47	0,49	0,42	0,65
Debt to Equity Ratio	13,08	11,17	18,46	156,48
Current Assets Turnover	2,06	2,37	2,81	2,7
Total Assets Turnover Ratio	1,97	2,22	2,61	2,6
Pre Tax Profit Margin, %	2,79	2,83	2,28	-0,03
Gross Profit, %	21,57	25,37	23,63	24,44
Return on Investment, %	77,33	76,67	116,03	-14,12
Return on Assets, %	5,49	6,3	5,96	-0,09

Clients & Suppliers

Clients

OOO ARTUR EV GEVORG (Armenia) OOO KONDIVIV IMPEKS (Moldavia) OOO "ShVIDI MIT" (Georgia) OOO NOVAKOM UKRAINA (Ukraine) OOO KFF TREYD (Ukraine) DP "NOVAKOM LUGANSK" (Ukraine) OOO OKEANICHESKIE RESURSY (Ukraine)

Suppliers

SICNA S.R.L. (Italy) NEELIKON FOOD DYES AND CHEMICALS LIMITED (India) GREEN EUROPEAN LINE (Netherlands) IBERCHEM S.A. (Spain) IMBAREX S.A. (Peru) PRONEX S.A. (Peru) SYNTHITE INDUSTRIAL CHEMICALS LTD. (India) EXPRESSIONS AROMATIQUES S.A. (France) INNOVA ANDINA S.A. (Peru) *** 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	25.09.2009
Registration number	A56-67062/2009
Plaintiff	ZAO "EKO RESURS"
Defendant	OOO "TORGOVO-PROMYSHLENNYY DOM "NIZHNIY NOVGOROD"
Claim sum	525 386 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 Demenok Sergey Leonidovich (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	-	-	-
Fixed assets	120	5912	6848	6690
Construction in progress	130	-	-	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	18	54	34
Other non-current assets	150	-	-	-
Total section I	190	5931	6902	6724
II. CURRENT ASSETS
Inventories	210	43637	55911	75634
including :
raw materials and other inventories	211	5961	14510	-
livestock	212	-	-	-
work in progress	213	325	2946	-
finished goods and goods for resale	214	37111	38362	-
goods dispatched	215	-	-	-
expenses related to future periods	216	240	93	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	859	2606	441
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	25512	42611	57771
including :
buyers and customers	241	20458	33252	-
Short-term investments	250	5998	2263	505
Monetary assets	260	394	3628	4434
Other current assets	270	-	-	216
Total section II	290	76400	107019	139001
TOTAL SECTIONS I and II	300	82330	113921	145725
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	4220	9354	10341
Total section III	490	4230	9364	10351
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	222	49	169
Other non-current liabilities	520	-	-	-
Total section IV	590	222	49	169
V. CURRENT LIABILITIES
Borrowings	610	4234	6093	23306
Accounts payable	620	73220	97621	111021
including :
suppliers and contractors	621	70755	93600	-
salaries payable	622	-	-	-
payable to state non-budget funds	623	-	2	-
taxes payable	624	372	3508	-
other creditors	625	2093	511	-
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	424	794	-
Other current liabilities	660	-	-	-
Total section V	690	77878	104507	135205
TOTAL SECTIONS III,IV,V	700	82330	113920	145725

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	286403	253326	214794
Cost of goods, products, work, services sold	020	224631	189056	164047
Gross profit	029	61772	64270	50747
Selling expenses	030	29003	38867	29818
Administrative expenses	040	21926	17015	13933
Profit (loss) from operations	050	10843	8388	6996
OTHER INCOME AND EXPENSES
Interest income	060	89	227	92
Interest expenses	070	754	515	748
Income from investments in other companies	080	-	-	-
Other operating income	090	34107	23940	23986
Other operating expenses	100	36281	24861	25418
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	8004	7179	4908
Deferred tax assets	141	-20	62	228
Deferred tax liabilities	142	120	-	63
Current profit tax	150	1633	1633	853
Net profit (loss) for the reporting period	190	6231	5608	4220

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.