MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	OBSCHESTVO S OGRANICHENNOY OTVETSTVENNOSTYU "SIBLES"
Registered Office :	Finlyandskiy prosp., 4, liter A, office 535, St.-Petersburg, 194044, Russian Federation
Country :	Russia
Financials (as on) :	01.01.2012
Date of Incorporation :	28.01.2005
Com. Reg. No.:	1057810033214
Legal Form :	Limited Liability Company by Russian Law
Line of Business :	Sales of wood chemical raw materials and products of its processing enterprises tire, rubber, chemical, paint, mud, road and cable industries.
No. of Employees :	10 on May, 17, 2013 (company's data)

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

Summary

Original Name	OBSCHESTVO S OGRANICHENNOY OTVETSTVENNOSTYU "SIBLES"
Legal Form	OOO (Limited Liability Company by Russian Law)
Year of Foundation	2005
Sales	277 728 th RUR for 12 months, ended 01.01.2012
Employees	10 on May, 17, 2013 (company's data)

Company Identification Details

Original Name	OBSCHESTVO S OGRANICHENNOY OTVETSTVENNOSTYU "SIBLES"
Short Name	OOO "SIBLES"
Name in English	"SIBLES" LIMITED LIABILITY COMPANY
Address	Finlyandskiy prosp., 4, liter A, office 535, St.-Petersburg, 194044, Russian Federation
Legal Address	Sredneokhtinskiy prosp., 52/11, office 13 N, St.-Petersburg, 195027, Russian Federation
Phone	+7 (812) 3321406
Fax	+7 (812) 3321406
E-mail	info.sibbles@mail.ru
WEB Address	www.sibbles.net

Official Company Data

Legal Form	OOO (Limited Liability Company by Russian Law)
Date of Registration	28.01.2005
Registration Number	1057810033214
Statistic Code (OKPO)	76140577
Taxpayer Code (INN)	7806310385
Registration Authority	Federal Tax Service of Russian Federation

Public Record Information

Information

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

Share Capital

Current Share Capital

10 000 RUR

Shareholders

Total	1 private person
Shareholder	Ms Mironenko Viktoriya Vyacheslavovna
Nationality	Russian Federation
Share	100 %

Directors

Director	Ms Mironenko Viktoriya Vyacheslavovna
	Signature Right
Nationality	Russian Federation

Re-Registration Data

Date of Registration	28.01.2005
	(Entering into the Single State Register of Legal Entities)
Registration Number	1057810033214
Registration Authority	Federal Tax Service of Russian Federation
Date of Re-registration	02.12.2009
File Number	2099847169607
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Sales of wood chemical raw materials and products of its processing enterprises tire, rubber, chemical, paint, mud, road and cable industries. The company operates under trading name SIBLES.
Staff Employed	10 on May, 17, 2013 (company's data)

Real Estate

Own	None
Rent	Office Address: Finlyandskiy prosp., 4, liter A, office 535, St.-Petersburg, 194044, Russian Federation (company's data) Warehouse Address: St.-Petersburg, Russian Federation (company's data)

Export & Import

Export Countries	2011: Uzbekistan
Exported Goods	chemical production
Export Value	in 2012: none in 2011: 151 308 USD in 2009-2010: none
Import Countries	2009-2012: No Import Activity
Imported Goods	none
Import Value	none

Branches

Branch None

Participation

Information None

Related Companies

Information

Ms Mironenko Viktoriya Vyacheslavovna isn't a shareholder or a director of any other companies in 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	277728	36628	28	627
Cost of Goods sold	239761	29046	24	489
GROSS PROFIT	37967	7582	4	138
Distribution Costs	6863	654	56	76
Management Costs
OPERATING PROFIT	31104	6928	-52	62
Non Trading Income	912	-35	-13	-19
PRE TAX PROFIT	32016	6893	-65	43
Taxation	6203	1379		10
PROFIT AFTER TAX	25813	5514	-65	33

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
Intangible Assets
Fixed Assets
TOTAL CURRENT ASSETS	40878	8301	226	952
Stock	9555	2796	43	67
Trade debtors	28937	3867	97	870
Cash	1299	1154	80	9
TOTAL ASSETS	40878	8301	226	952
TOTAL EQUITY	31529	5717	201	811
Share Capital	10	10	10	10
Retained Profits	31519	5707	191	801
TOTAL LONG TERM LIABS
Long Term Loans
TOTAL CURRENT LIABS	9349	2584	24	140
Short Term Loans
Short Term Trade Creditors	6723	2583	24	140
TOTAL EQUITY & LIABS	40878	8301	226	952

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	4,37	3,21	9,42	6,8
Working Capital, x1000 RUR	31529	5717	202	812
Quick Ratio	3,35	2,13	7,63	6,32
Debt to Equity Ratio	0,3	0,45	0,12	0,17
Current Assets Turnover	6,79	4,41	0,12	0,66
Total Assets Turnover Ratio	6,79	4,41	0,12	0,66
Pre Tax Profit Margin, %	11,53	18,82	-232,14	6,86
Gross Profit, %	13,67	20,7	14,29	22,01
Return on Investment, %	101,54	120,57	-32,34	5,3
Return on Assets, %	78,32	83,04	-28,76	4,52

Clients & Suppliers

Clients

OAO «TATNEFT'NEFTEKHIMSNAB» (Russian Federation) OAO «KAMKABEL'» (Russian Federation) OAO «SEVKABEL'» (Russian Federation) OAO «KORDIANT» (Russian Federation) OAO «ORGSINTEZ» (Russian Federation) OOO ZAVOD «KRASKI KVIL» (Russian Federation) UPP "MENRJON-MENRIVON" (Uzbekistan) SP OAO "TOSKENT LOK-VO'YOG ZAVODI" (Uzbekistan) *** 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

According to Arbitration court of Moscow judicial claims of the company are not registered.

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	-	-	-
Construction in progress	130	-	-	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	-
Deferred tax assets	145	-	-	-
Other non-current assets	150	-	-	-
Total section I	190	-	-	-
II. CURRENT ASSETS
Inventories	210	43	2796	9555
including :
raw materials and other inventories	211	-	-	-
livestock	212	-	-	-
work in progress	213	-	-	-
finished goods and goods for resale	214	43	-	-
goods dispatched	215	-	-	-
expenses related to future periods	216	-	-	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	6	402	419
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	97	3867	28937
including :
buyers and customers	241	-	-	-
Short-term investments	250	-	-	-
Monetary assets	260	80	1154	1299
Other current assets	270	-	82	668
Total section II	290	226	8301	40878
TOTAL SECTIONS I and II	300	226	8301	40878
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	191	5707	31519
Total section III	490	201	5717	31529
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	-	-	-
Other non-current liabilities	520	-	-	-
Total section IV	590	-	-	-
V. CURRENT LIABILITIES
Borrowings	610	-	-	-
Accounts payable	620	24	2583	6723
including :
suppliers and contractors	621	-	-	-
salaries payable	622	23	-	-
payable to state non-budget funds	623	1	-	-
taxes payable	624	-	-	-
other creditors	625	-	-	-
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	1	2626
Total section V	690	24	2584	9349
TOTAL SECTIONS III,IV,V	700	226	8301	40878

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	277728	36628	28
Cost of goods, products, work, services sold	020	239761	29046	24
Gross profit	029	37967	7582	4
Selling expenses	030	6863	654	56
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	31104	6928	-52
OTHER INCOME AND EXPENSES
Interest income	060	-	-	-
Interest expenses	070	-	-	-
Income from investments in other companies	080	-	-	-
Other operating income	090	1167	-	-
Other operating expenses	100	255	35	13
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	32016	6893	-65
Deferred tax assets	141	-	-	-
Deferred tax liabilities	142	-	-	-
Current profit tax	150	6203	1379	-
Net profit (loss) for the reporting period	190	25813	5514	-65

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.54.88
UK Pound	1	Rs.83.65
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

NLM

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.