MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	URALKALI TRADING SA
Registered Office :	Avenue des Morgines 12, 1213 Petit-Lancy/GE
Country :	Switzerland
Financials (as on) :	31.12.2012
Date of Incorporation :	04.11.2004
Com. Reg. No.:	660.1.840.004-4 / 772930
Legal Form :	Company Limited By Shares
Line of Business :	· Agents involved in the sale of fuels, ores, metals and industrial chemicals · Wholesale of chemical products
No of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 began to recover in 2010. 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 below 2% per year during 2011-13. 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 & address

URALKALI TRADING SA

Operating address:

Avenue des Morgines 12

1213 Petit-Lancy/GE

Switzerland/CH

Telephone: 022 8791060

Fax: 022 8791061

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

E-mail: info@uralkali-trading.com

WIN Worldbox No.: CH0006491276

VAT-No.: CHE112090571

Profile

Established: 2004

Line of Business: Trade brokers, Consumer goods wholesale

Industry Division: Wholesale trade

Industry-code (NACE): 4612 Agents involved in the sale of fuels, ores, metals and industrial chemicals

4675 Wholesale of chemical products

Import/Export: Agency

Banks: unknown

Operational Figures

Coverage: Company

Figures: estimated

Financial year: 2014

Employees: 5

Sales: CHF 10-20 Mio

Activity

The business activities includes international trade in chemical products, potassium chloride, potash fertiliser, etc. The major markets are Brazil, India, China, Southeast Asia, Russia, USA, and Europe.

Real Estate

Real Estate: The company does not appear to own any property.

Company Register

Company No: 660.1.840.004-4 / 772930

Legal form: Company limited by shares

Registration: 04.11.2004

Legal status: active

Responsible Register: Registre du commerce du canton de Genève

History: Date of Statutes: 25.06.2008

Date of Statutes: 06.03.2008

Date of Statutes: 23.12.2004

Date of Incorporation Statutes: 26.10.2004

Entry Deleted Name

04.11.2004 Uralkali Trading SA

Entry Deleted Legal domicile

03.01.2005 Lancy, Switzerland

04.11.2004 03.01.2005 Genève, Switzerland

Entry Deleted Address

03.01.2005 Avenue des Morgines 12, 1213 Lancy/GE, Switzerland/CH

04.11.2004 03.01.2005 rue de Contamines 16, 1200 Genève/GE, Switzerland/CH

Entry Deleted Capital

27.06.2008 Share Capital CHF 23,000,000, paidup CHF 23,000,000

Entry Deleted Capital Structure

27.06.2008 23,000 Registered shares with restricted transferability of CHF 1,000.--

Official Administration

Title Name

Director Beat Spoerri

Citizen: Thônex, Switzerland

Residential address: Thônex, Switzerland

single signature

Registered since: 04.11.2004

Management

Title Name

Director Serguei Evstratov

Citizen: Russia

Residential address: Genève/GE, Switzerland

single signature

Registered since: 20.01.2011

External Positions

Title Name

Auditor PricewaterhouseCoopers SA

Residential address: Genève, Switzerland

Registered since: 04.11.2004

Executive board

Title Name

Chief Executive Officer Serguei Evstratov

Ultimate Parent Company

Name: JOINT STOCK COMPANY URALKALI

City/Country: BEREZNIKIY PERM REGION, Russia/RU

Financial Data JOINT STOCK COMPANY URALKALI

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. RUB th. RUB

Balance Sheet

Intangible fixed assets 7,794,454.0 7,421,733.0 508,000.0 504,000.0

Tangible fixed assets 3,385,128.0 3,169,736.0 48,296,000.0 46,142,000.0

Financial fixed assets 12,887.0 12,563.0 0.0 0.0

other fixed assets 140,849.0 82,273.0 486,000.0 702,000.0

Fixed assets 11,333,318.0 10,686,305.0 49,290,000.0 47,348,000.0

Stocks 242,167.0 243,603.0 3,515,000.0 3,481,000.0

Liquid assets 1,665,576.0 1,017,619.0 14,765,000.0 4,297,000.0

Current assets 2,957,719.0 1,980,962.0 25,516,000.0 15,280,000.0

Total assets 14,291,037.0 12,667,267.0 74,806,000.0 62,628,000.0

Total shareholders equity 8,764,587.0 8,047,149.0 56,774,000.0 43,688,000.0

Minority interests 0.0 12,461.0 23,000.0 27,000.0

long term debt (financial debts) 2,803,616.0 3,001,425.0 8,709,000.0 7,854,000.0

Provisions 122,479.0 75,205.0 282,000.0 260,000.0

Other non current liabilities 1,110,447.0 807,945.0 1,154,000.0 923,000.0

Non current liabilities 4,036,542.0 3,884,575.0 10,145,000.0 9,037,000.0

Current liabilities 1,489,908.0 723,082.0 7,864,000.0 9,876,000.0

Total liabilities 14,291,037.0 12,667,267.0 74,806,000.0 62,628,000.0

Profit and loss account

Net sales 3,949,793.0 3,495,889.0 51,592,000.0 33,809,000.0

Operating result 1,848,315.0 1,664,230.0 20,422,000.0 12,128,000.0

Result for the financial year 2,064,949.0 1,184,032.0 16,650,000.0 9,089,000.0

Owner/-s

No. of Owner/-s: 1

Owner: The company is foreign owned.

Class: 100%

Type: direct, Group-Level 1

Name: JOINT STOCK COMPANY URALKALI

City/Country: BEREZNIKIY PERM REGION, Russia/RU

Interest: 100,00% voting right, 100,00% capital interest (since 04.11.2004)

Investments

It is believed that the company has no investments.

Financials

Balance sheet publication:

The subject company does not publish balance sheet or turnover figures.

Legal Actions

Control date Year No. Amount CHF Status

03.04.2012 2012 0

31.12.2011 2011 0

31.12.2010 2010 0

Official bankruptcy reports:

No bankruptcy publications available on the subject.

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.

Payment experiences

Payment experiences from pre-legal collection cases:

No payment experiences from pre-legal collection cases are available.

Payment experiences from collection cases:

No payment experiences from legal collection cases are available.

Mode of payment / Business conduct:

There are no complaints about the mode of payment and the business conduct.

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 difficult to assess.

Payment experiences: There are no objections regarding the payment of financial obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TPT

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.