MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	LEANGRUPP OOO

Registered Office :	Promyshlennaya Street 25, Minsk 220075

Country :	Belarus

Date of Incorporation :	15.12.2006

Legal Form :	Limited Liability Company

Line of Business :	Manufacturers of plastic laminated packaging materials mainly tube.

No. of Employee :	400

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Belarus

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

BELARUS ECONOMIC OVERVIEW

As part of the former Soviet Union, Belarus had a relatively well-developed industrial base; it retained this industrial base - which is now outdated, energy inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets - following the breakup of the USSR. The country also has a broad agricultural base which is inefficient and dependent on government subsidies. After an initial burst of capitalist reform from 1991-94, including privatization of state enterprises, creation of institutions of private property, and development of entrepreneurship, Belarus' economic development greatly slowed. About 80% of all industry remains in state hands, and foreign investment has been hindered by a climate hostile to business. A few banks, which had been privatized after independence, were renationalized. State banks account for 75% of the banking sector. Economic output, which had declined for several years following the collapse of the Soviet Union, revived in the mid-2000s thanks to the boom in oil prices. Belarus has only small reserves of crude oil, though it imports most of its crude oil and natural gas from Russia at prices substantially below the world market. Belarus exported refined oil products at market prices produced from Russian crude oil purchased at a steep discount. In late 2006, Russia began a process of rolling back its subsidies on oil and gas to Belarus. Tensions over Russian energy reached a peak in 2010, when Russia stopped the export of all subsidized oil to Belarus save for domestic needs. In December 2010, Russia and Belarus reached a deal to restart the export of discounted oil to Belarus. Little new foreign investment has occurred in recent years. In 2011, a financial crisis began, triggered by government directed salary hikes unsupported by commensurate productivity increases. The crisis was compounded by an increased cost in Russian energy inputs and an overvalued Belarusian ruble, and eventually led to a near three-fold devaluation of the Belarusian ruble in 2011. In November 2011, Belarus agreed to sell to Russia its remaining shares in Beltransgaz, the Belarusian natural gas pipeline operator, in exchange for reduced prices for Russian natural gas. Receiving more than half of a $3 billion loan from the Russian-dominated Eurasian Economic Community (EurAsEC) Bail-out Fund, a $1 billion loan from the Russian state-owned bank Sberbank, and the $2.5 billion sale of Beltranzgas to Russian state-owned Gazprom helped stabilize the situation in 2012; nevertheless, the Belarusian currency lost more than 60% of its value, as the rate of inflation reached new highs in 2011 and 2012, before calming in 2013. As of January 2014, the final tranche of the EurAsEC loan has been delayed, but in December 2013 Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continues to struggle under the weight of high external debt servicing payments, a growing trade deficit, stagnant economic growth, and low foreign reserves.

Source : CIA

Company name

LeanGrupp OOO (Correct)

LeanGroup Ltd (Requested)

ADDRESS

Street : Promyshlennaya Street 25

Town : Minsk 220075

Country : Belarus

Telephone : (375 17) 345 5377 ext. 134 (Andrey Sachuk) / ext. 119 (Natalya Guryeva) / ext. 317 (Darya Voynich) / ext. 320 (Elena Vitalyevna Ivaschuk)/ Mobile (375 29) 341 0059 (Andrey Sachuk)

Fax : (375 17) 345 5378

E-Mail : info@leangroup.by / a.sachuk@leangroup.by

Website : www.leangroup.by

English Translation : LeanGroup Ltd

Also known as : LeanGrupp Obshchestvo s Ogranichennoy Otvetstvennostyu

SENIOR COMPANY PERSONNEL

Name Position

1. Igal Koyfman Managing Director

2. Sergey Leonidovich Lesogorov Deputy Managing Director / Finance

3. Konstantin Valentinovich Kalinin Deputy Managing Director / Commerce

4. Elena Vitalyevna Ivaschuk Deputy Managing Director / Marketing & Development

5. Vladimir Ivanovich Kondrashov Deputy Managing Director / Quality

6. Vasiliy Vladimirovich Imbro Deputy Managing Director / Production

7. Maria Vladimirovna Chief Accountant

8. Andrey Sachuk International Relations Manager

9. Natalya Guryeva Procurement Manager

10.Darya Voynich Marketing Manager

Total Employees : 400

PAYMENTS

No complaints have been heard regarding payments from local suppliers or banks.

We consider it is acceptable to deal with subject for MEDIUM amounts, however in view of the lack of financial information we recommend international suppliers exercise a degree of caution.

Opinion on maximum credit : B ROUBLE 1,300,000,000 (higher amounts may be considered with full fiscal disclosure)

Trade risk assessment: Normal

It is normal accepted practice for international suppliers to deal on secured terms with Belarus importers.

PRINCIPAL BANKERS

NAME : PRIORBANK OAO

Branch : Radialnaya Street 38a

Town : Minsk

Telephone : (375 17) 289 9802

Fax : (375 17) 289 9840

FINANCIAL INFORMATION

Private companies in Belarus are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

LEGAL STATUS AND HISTORY

Date Started : 15 December 2006

History : The subject company was established in Belarus on 15 December 2006, however its origins can be traced back to 1999.

Tax No. : UNP 190783089

Capital : not given

Obshchestvo s Ogranichennoy Otvetstvennostyu (limited liability company) with the following shareholders :

Percentage

1. Vladimir Gennadyevich Synkovskiy 50%

2. Sergey Karpovich 50%

Affiliated companies of the subject company :

Associates

Lean Lageen Mirupack JLLC

Promyshlennaya Street 25A/3/2/2

Minsk 220075

Belarus

Telephone : (375 17) 345 5377 / 346 2143

Fax : (375 17) 345 5378

E-mail : info@mirupack.by

Est. : 2 July 2010

Tax No. : UNP 808001261

ACTIVITIES

The Company is involved in the following activities :

Manufacturers of plastic laminated packaging materials mainly tube.

Subject provides printing house services on laminate including printing, pre-printing preparation and post-printing decorating.

NACE Code : 2222 / 1812

Imports from Europe, Germany, France, Poland, Switzerland, China and CIS countries.

Exports to Europe, Poland and Russia.

FACILITIES

The Company has the following facilities :

Owned office premises, a manufacturing unit and storage facilities located at the heading address as well as one branch office located elsewhere in Russia (see “Branch Office” below).

REGISTERED OFFICE

Promyshlennaya Street 25A, Corpus 3, Block 3A, Office 1

Minsk 220075

BRANCH OFFICES

Volokolamskoe Highway 89 km, Office 516

Moscow 125371

Russia

Telephone : (7 495) 280 7344

Fax : (7 495) 280 7344

E-mail : mosoffice@leangroup.by

SPECIAL NOTE

You enquired on: LeanGroup Ltd. Please note that this name applies to an English translation of the subject’s name. Subject’s correct registered name is as per heading.

The telephone number given by you: +375 29 341 0059 applies to Andrey Sachuk.

Interviewed : Andrey Sachuk (International Relations Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.