MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	NOVEX TRADING (SWISS) SA
Registered Office :	Riva Paradiso 2 Palazzo Mantegazza 6900 Paradiso/TI Switzerland/CH
Country :	Switzerland
Financials (as on) :	31.12.2012
Date of Incorporation :	07.11.2007
Com. Reg. No.:	501.3.009.504-8 / 889442
Legal Form :	Company limited by shares
Line of Business :	Trading in steel products and metallurgical raw materials
No. of Employees :	15

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)
Switzerland	A1	A1

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

SWITZERLAND - ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy recovered in 2010 with 3.0% growth. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell to 1.9% in 2011 and 0.8% in 2012. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy

Source : CIA

Company name and address

NOVEX TRADING (SWISS) SA

Operating address

Riva Paradiso 2

Palazzo Mantegazza

6900 Paradiso/TI

Switzerland/CH

Telephone: 091 9853040

Fax: 091 9853041

Web site: http://www.nlmkgroup.com

E-mail: contact@novextrading.ch

WIN Worldbox No.: CH0007678928

VAT-No.: CHE113916305

Profile

Established: 2007

Line of Business: Consumer goods wholesale

Industry Division: Wholesale trade

Industry-code (NACE): 4672 Wholesale of metals and metal ores

Import/Export: Import, Export

Banks: unknown

Operational Figures

Coverage: Company

Figures: estimated

Employees: 15

Activity

The business activities includes trading in steel products and metallurgical raw materials. The company is responsable for the group sales to Europe, Turkey and North Africa, and global sales of dynamo (non-grain-oriented) and transformer (grain-oriented) steel.

Real Estate

Real Estate: The company owns no property.

Company Register

Company No: 501.3.009.504-8 / 889442

Legal form: Company limited by shares

Registration: 07.11.2007

Legal status: active

Responsible Register: Registro di commercio del Cantone Ticino

History: Date of Statutes: 23.12.2011

Date of Statutes: 17.09.2009

Date of Statutes: 07.05.2008

Date of Incorporation Statutes: 05.11.2007

Entry Deleted Name

07.11.2007 Novex Trading (Swiss) SA

Entry Deleted Legal domicile

24.09.2009 Paradiso, Switzerland

07.11.2007 24.09.2009 Lugano, Switzerland

Entry Deleted Address

24.09.2009 Riva Paradiso 2, Palazzo Mantegazza, 6900 Paradiso/TI, Switzerland/CH

21.01.2008 24.09.2009 Riva Caccia 1, 6900 Lugano/TI, Switzerland/CH

07.11.2007 21.01.2008 c/o Studio legale Perucchi & Baggi, Via Ferruccio Pelli 9, Casella postale 6263, 6901 Lugano/TI, Switzerland/CH

Entry Deleted Capital

29.12.2011 Share Capital CHF 40,645,000, paidup CHF 40,645,000

07.11.2007 29.12.2011 Share Capital CHF 1,000,000, paidup CHF 1,000,000

Entry Deleted Capital Structure

29.12.2011 40,645 Registered shares of CHF 1,000.--

07.11.2007 29.12.2011 1,000 Registered shares of CHF 1,000.--

Entry Deleted Activity (original Language)

09.05.2008 L'acquisto, la vendita, la distribuzione ed il commercio di prodotti in acciaio e di materiali metallurgici grezzi in Svizzera ed all'estero. La società fornisce pure servizi di rappresentanza e di agenzia alle società che effettuano trading di prodotti di acciaio e di materiali metallurgici grezzi. La società può assumere partecipazioni in altre società, associazioni o consorzi in Svizzera e all'estero, acquisire, possedere e vendere titoli e beni immobili. La società può emettere vaglia cambiari, obbligazioni e ogni altro titolo di credito, accendere ipoteche, costituire pegni o altrimenti gravare la sua proprietà, i suoi interessi o introiti o parte di essi per garantire i propri impegni, stipulare contratti di pegni o di garanzia richiesti od utilizzati per l'espletamento, la promozione ed il raggiungimento degli obiettivi relativi alle proprie attività commerciali e di quelle delle sue affiliate. La società può anche assicurare impegni di altre società o persone del gruppo (compresi i suoi azionisti e società o persone del gruppo di cui), in particolare sotto forma di garanzie, pegni, cessioni globali, assegnazioni fiduciari e cessioni a titolo di garanzia, sia per suo beneficio o sia in favore di altre società o persone. La società può inoltre esercitare tutte le attività commerciali, industriali, finanziarie o di altro genere che siano permesse secondo le leggi vigenti in Svizzera.

07.11.2007 09.05.2008 L'acquisto, la vendita, la distribuzione ed il commercio di prodotti in acciaio e di materiali metallurgici grezzi in Svizzera ed all'estero. La società fornisce pure servizi di rappresentanza e di agenzia alle società che effettuano trading di prodotti di acciaio e di materiali metallurgici grezzi. La società può assumere partecipazioni in altre società, associazioni o consorzi in Svizzera e all'estero, acquisire, possedere e vendere titoli e beni immobili. La società può emettere vaglia cambiari, obbligazioni e ogni altro titolo di credito, accendere ipoteche, costituire pegni o altrimenti gravare la sua proprietà, i suoi interessi o introiti o parte di essi per garantire i propri impegni, stipulare contratti di pegni o di garanzia richiesti od utilizzati per l'espletamento, la promozione ed il raggiungimento degli obiettivi relativi alle proprie attività commerciali e di quelle delle sue affiliate, può inoltre esercitare tutte le attività commerciali, industriali, finanziarie o di altro genere che siano permesse secondo le leggi vigenti in Svizzera.

Entry Deleted Remarks (original Language)

29.12.2011 Capital: Aumento ordinario mediante compensazione crediti per CHF 39'645'000.00 contro rimessa di 39'645 azioni nominative da CHF 1'000.00.

23.09.2011 Merger: Ripresa di attivi e passivi di Steel Invest Trading SA, in Lugano (CH-501.3.007.542-2), secondo il contratto di fusione del 21.09.2011 e bilancio al 30.06.2011, che presenta attivi per CHF 505'604'222.00 e passivi verso terzi per CHF 501'579'693.00 . La totalità del capitale azionario delle due società è detenuta dallo stesso azionista, la fusione avviene dunque senza aumento di capitale e senza attribuzione di azioni.

07.11.2007 Publishing authority: FUSC.

07.11.2007 Shares: La trasferibilità delle azioni nominative è limitata dallo statuto.

07.11.2007 Reports: Le comunicazioni della società agli azionisti avvengono mediante lettera.

Official Administration

Title Name

President Alexander Kozlov, Origin: Russia, Residential address: Nicosia, Cyprus, single signature, Registered since: 07.11.2007

Director Giorgio Della Santa, Origin: Lugano, Switzerland, Residential address: 6946 Ponte Capriasca/TI, Switzerland, joint signature of two, Registered since: 07.11.2007

Director Giovanni Zuccolotto, Origin: Mezzovico-Vira, Switzerland, Residential address: 6966 Villa Luganese/TI, Switzerland, joint signature of two, Registered since: 17.09.2009

Management

Title Name

Director Nicolò Bisconti, Origin: Italy, Residential address: 6977 Ruvigliana/TI, Switzerland, single signature, Registered since: 04.12.2007

Director Andrey Mamyshev, Origin: Russia, Residential address: 6900 Paradiso/TI, Switzerland, single signature, Registered since: 04.12.2007

External Positions

Title Name

Auditor PricewaterhouseCoopers SA, Residential address: Lugano, Switzerland, Id: CH-514.9.014.248-1, Registered since: 07.11.2007

Executive board

Title Name

Chief Executive Officer Nicolò Bisconti

Financial Data OJSC Novolipetsk Steel

Consolidation: consolidated

Industry: Trade/Industry

Fiscal year end: 31.12.2012 31.12.2011 31.12.2010 31.12.2009

Number of months: 12 12 12 12

Currency: th. USD th. USD th. USD th. USD

Balance Sheet

Intangible fixed assets 928,063.0 918,777.0 675,790.0 760,126.0

Tangible fixed assets 11,753,157.0 10,569,828.0 8,382,478.0 7,316,180.0

Financial fixed assets 19,293.0 8,420.0 687,665.0 468,236.0

other fixed assets 287,617.0 256,387.0 47,743.0 80,656.0

Fixed assets 12,988,130.0 11,753,412.0 9,793,676.0 8,625,198.0

Stocks 2,826,933.0 2,828,433.0 1,580,068.0 1,134,095.0

Liquid assets 951,247.0 797,169.0 747,979.0 1,247,048.0

Current assets 5,469,390.0 5,503,764.0 4,105,349.0 3,876,746.0

Total assets 18,457,520.0 17,257,176.0 13,899,025.0 12,501,944.0

Total shareholders equity 11,090,290.0 10,147,024.0 9,674,505.0 8,718,202.0

Minority interests 0.0 -41,863.0 -120,691.0 -108,334.0

long term debt (financial debts) 2,815,554.0 3,073,535.0 2,098,863.0 1,938,652.0

Provisions 92,592.0 115,249.0 0.0 0.0

Other non current liabilities 1,157,010.0 1,023,295.0 594,552.0 536,212.0

Non current liabilities 4,065,156.0 4,212,079.0 2,693,415.0 2,474,864.0

Current liabilities 3,302,074.0 2,939,936.0 1,651,796.0 1,417,212.0

Shareh. equity, min. interests + liabilities 18,457,520.0 17,257,176.0 13,899,025.0 12,501,944.0

Profit and loss account

Net sales 12,156,592.0 11,728,556.0 8,350,748.0 6,139,895.0

Operating result 951,468.0 1,633,971.0 1,752,344.0 783,937.0

Result for the financial year 595,805.0 1,357,594.0 1,255,043.0 215,055.0

Ultimate Parent Company

Name: OJSC Novolipetsk Steel

City/Country: LIPETSK, Russia/RU

Owner/-s

No. of Owner/-s: 1

Owner: The company is foreign owned.

Class: 100%

Type: indirect, Group-Level 1

Name: OJSC Novolipetsk Steel

City/Country: LIPETSK, Russia/RU

Interest: 100,00% voting right, 100,00% capital interest

Class: 100%

Type: direct, Group-Level 2

Name: NLMK International B.V.

City/Country: Amsterdam, Netherlands/NL

Interest: 100,00% voting right, 100,00% capital interest

Investments

It is believed that the company has no investments.

Legal Actions

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is considered to be good.

Payment experiences: Payment habits are considered good.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIS

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.