MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	PARITET-K
Registered Office :	17 Glybochytska str., corp. 2, Kiev, 04050
Country :	Ukraine
Financials (as on) :	31.12.2012
Date of Incorporation :	20.05.1994
Reg. No.:	21488112
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	· Production and trade in safety equipment, safes for banks and homes. · Fabricated Metal Products · Wholesale Trade- Durable Goods
No. of Employees :	50

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Ukraine	B2	B2

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

UKRAINE - ECONOMIC OVERVIEW

After Russia, the Ukrainian republic was the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) in other regions of the former USSR. Shortly after independence in August 1991, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Output by 1999 had fallen to less than 40% of the 1991 level. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements and 100% of its nuclear fuel needs. After a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia in January 2009 that brought gas prices to "world" levels. The strict terms of the contracts have further hobbled Ukraine's cash-strapped state gas company, Naftohaz. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms to foster economic growth. Ukrainian Government officials eliminated most tax and customs privileges in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow economy, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework. Ukraine's economy was buoyant despite political turmoil between the prime minister and president until mid-2008. Real GDP growth exceeded 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. A drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 2008. Ukraine reached an agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 2008 to deal with the economic crisis, but the program quickly stalled due to the Ukrainian Government's lack of progress in implementing reforms. The economy contracted nearly 15% in 2009, among the worst economic performances in the world. In April 2010, Ukraine negotiated a price discount on Russian gas imports in exchange for extending Russia's lease on its naval base in Crimea. In August 2010, Ukraine, under the YANUKOVYCH Administration, reached a new agreement with the IMF for a $15.1 billion Stand-By Agreement. Economic growth resumed in 2010 and 2011, buoyed by exports. After initial disbursements, the IMF program stalled in early 2011 due to the Ukrainian Government's lack of progress in implementing key gas sector reforms, namely gas tariff increases. Economic growth slowed in the second half of 2012 with Ukraine finishing the year in technical recession following two consecutive quarters of negative growth.

Source : CIA

Identification

Full Name

:

Tovarystvo z Obmezhenoyu Vidpovidalnistyu PARYTET-K

Name in English

:

PARITET-K

Name in national language

:

Товариство з Обмеженою Відповідальністю ПАРИТЕТ-К

Previous Names

:

-	Tovarystvo z Obmezhenoyu Vidpovidalnistyu PARYTET K

Office Address

:

17 Glybochytska str., corp. 2, Kiev, 04050, Ukraine

Legal Address

:

17 Glybochytska str., corp. 2, Kiev, 04050, Ukraine

Other Addresses

:

Previous legal address

27 Pushkinska str., Kiev, 01004, Ukraine

Until 13.03.1997 legal address was: 10 Polyarna str., Kyiv, Ukraine.

( the data cancelled since 28.04.2009 )

Contacts

:

-	E-mail	:	office@paritet-k.com.ua
-	Phone/fax	:	(+38044) 5319101
-	Phone	:	(+38 044) 4619717
-	WWW	:	www.paritet-k.com.ua

SUMMARY

Legal Form : TOV (Limited Liability Company by Ukrainian Law)

Incorporation : 1994

Staff : 50

Litigation events : n/a Remarks on payments : n/a

Sales :	40 797.80 th UAH ( for 12 months, ended 31.12.2012 )
	38 670.90 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

1994

Registration Data

Date of registration

:

20.05.1994

Registration number

:

21488112

Registr. authority

:

Local Administration (Kiev, Ukraine)

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 20.05.1994

Share Capital

:

10 200 000 UAH (registered)

since 11.09.2013

Shareholders

:

-	Mr Rikovskiy Konstantin Gennadyevich (Ukraine)				35.00 %
		share's book value	:	3 570 000 UAH
		reg. number	:	2147603315
-	Mrs Rikovskaya Elena Viktorovna (Ukraine)				20.00 %
		share's book value	:	2 040 000 UAH
		reg. number	:	2183307845
-	Mr Rikovskiy Aleksandr Gennadyevich (Ukraine)				20.00 %
		share's book value	:	2 040 000 UAH
		reg. number	:	2610103032
-	Mr Dorofeev Evgeniy Nikolaevich (Ukraine)				15.00 %
		share's book value	:	1 530 000 UAH
		reg. number	:	2502205333
-	Mr Suharevskiy Yuriy Aleksandrovich (Ukraine)				10.00 %
		share's book value	:	1 020 000 UAH
		reg. number	:	2538311230

Board / Executives

Executives

Director

:

Mr Dorofeev Evgeniy Nikolaevich (Ukraine)
	pers. code: 2502205333

Director

:

Mr Rikovskiy Konstantin Gennadyevich (Ukraine)
	pers. code: 2147603315

( the data cancelled as of 25.04.2001 )

Authorised signature

:

Mr Dorofeev Evgeniy Nikolaevich

Mr Rikovskiy Konstantin Gennadyevich

( the data cancelled as of 25.04.2001 )

Changes in Registration Data

- 11.09.2013

:

share capital

- 13.09.2011

:

share capital

- 28.04.2009

:

legal address, share capital

- 30.01.2008

:

share capital

- 29.11.2006

:

share capital

New share capital: 3 500 000 UAH.

- 22.06.2005

:

share capital

Share capital: 1 500 000 UAH.

- 23.09.2004

:

share capital

Share capital: 100 000 UAH.

- 25.04.2001

:

managers, authorised signature

New director: Mr Evgeniy Nikolaevich Dorofeev.

- 13.03.1997

:

name, legal address, share capital

New name of the company: Tovarystvo z Obmezhenoyu Vidpovidalnistyu PARYTET-Kю New legal address: 27 Pushkinska str., Kyiv, 01004, Ukraine. Share capital: 1 UAH.

Activities

:

-	34	FABRICATED METAL PRODUCTS
-	50	WHOLESALE TRADE- DURABLE GOODS
-	5099	Safety Equipment & Supplies

Production and trade in safety equipment, safes for banks and homes.

Staff employed

:

50 [E]

Staff History

:

-	25
	( the data as of 31.12.2012 )
-	96
	( the data as of 12.12.2007 )

Export

- 01.12.2012

:

Fiscal period: 11 month(s), currency: UAH

1 349 931.00

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

1 147 522.00

:

none

Import

- 01.12.2012

:

Fiscal period: 11 month(s), currency: UAH

2 981 550.00

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

291 926.00

:

none

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	17 Glybochytska str., corp. 2, Kiev, 04050, Ukraine

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Praveks-Bank (Ukraine)
	address	:	9/2 Klovskiy uzviz str., Kiev, 01021, Ukraine
	bank code	:	321983
	account(s)	:	2600600000051 UAH, USD, EUR
-	Privatbank (Ukraine)
	bank code	:	300711
	account(s)	:	26007060407351 UAH

Suppliers

:

-	Densit A/S (Denmark)
-	ESCALERA (United States of America)
-	LA GARD LOCKS B.V. (Netherlands)
-	Nove Tek s.r.l. (Italy)
-	Steinbach & Vollmann GmbH & Co (Germany)

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 19 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 23.03.2009 up to 20.01.2014. There are no bankruptcy/insolvency filed. These litigation processes arise in the course of company's usual operation.

According to the data of Bulletin of the State Registration as of 14.02.2014, there are no bankruptcy records registered in the name of the subject company.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financials

Financial Elements

:

There is no company’s financial report for 6 months 2013 at the official accessible sources.

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets			0.00
- Fixed assets		8 433.90	9 120.00
- Investments in tangible assets
- Financial assets		0.00	0.00
- Other non-current assets		0.00	15.00
Non-current assets total	9 849.00	8 433.90	9 135.00
CURRENT ASSETS
- Stock		4 194.20	4 823.00
- Debtors	6 062.70	5 695.20	7 366.00
- Other receivables		355.20	492.00
- Short-term financial investments	0.00	0.00	0.00
- Cash	0.10	600.80	456.00
- Other current assets	0.00	0.00	0.00
Current assets total	11 597.60	10 845.40	13 137.00
Assets total	21 446.60	19 279.30	22 272.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	8 200.00	8 200.00	7 000.00
- Additional capital		0.00	0.00
- Other capital		-1 259.00	-1 050.00
- Reserve capital		0.00	0.00
- Retained earnings (Non-covered loss)		1 434.00	922.00
Capital and reserves total	5 117.80	8 375.00	6 872.00
Provisions	0.00	0.00	0.00
LONG-TERM LIABILITIES
- Loans and credits			1 193.00
- long-term amounts owed to banks			1 193.00
- Other long-term liabilities			0.00
Long-term liabilities total	0.00	410.00	1 193.00
SHORT-TERM LIABILITIES
- Loans and credits		1 504.50	1 760.00
- short-term amounts owed to banks		1 504.50	1 760.00
- Creditors	1 351.20	5 464.00	8 829.00
- trade debts	1 351.20	5 317.30	8 712.00
- accrued payroll		23.90	19.00
- tax liabilities		122.80	98.00
- other creditors
- advances received			0.00
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00	0.00
- Other short-term liabilities		3 525.80	3 618.00
Short-term liabilities total	16 328.80	10 494.30	14 207.00
Liabilities total	16 328.80	10 904.30	15 400.00
Equity and liabilities total	21 446.60	19 279.30	22 272.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	40 797.80	38 670.90	32 863.00
Cost of goods sold	29 928.90	31 121.80	24 429.00
Gross profit			8 434.00
Distribution costs	8 465.90	9 090.60	1 750.00
Administrative and management costs			2 241.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests			0.00
Other operating income	1 702.50	2 782.00	2 587.00
Other operating charges	770.80	548.20	4 919.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges			-909.00
Profit before taxation		692.30	1 202.00
Income-tax and other similar payments	72.30	181.10	124.00
Profit (loss) from ordinary activity
Extraordinary income less charges			0.00
Net profit	-3 568.70	511.20	1 078.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %		1.79	3.66
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %		8.27	17.49
Profit before taxation / Equity
Current assets turnover	3.52	3.57	2.50
Net sales / Current assets
Working capital	-4 731.20	351.10	-1 070.00
Current assets - Short-term liabilities
Leverage	0.24	0.43	0.31
Equity / Total assets
Current ratio	0.71	1.03	0.92
Current assets / Short-term liabilities
Quick ratio		0.63	0.59
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	3.19	1.30	2.24
Total liabilities / Equity

The company is registered as a taxpayer at the State Tax Administration.

Publications

- 10.02.2014

:

Subject

:

Fitch has degraded the independent rating of Ukraine to CCC

Fitch Rating was the last one which degraded the independent rating of Ukraine to CCC from previous B-. Long-term rating of national currency obligations stands at B-, outlook – Negative. Rating of State Obligations in foreign currency was degraded from B- to CCC, while the State Obligations in national currency remained as B-. Before Fitch the other International agencies have also degraded the ratings of Ukraine: on January 28-th Standard&Poor`s changed long-term and short-term ratings of obligations in foreign currency from B-/B to CCC+/C/ On February 1-st Moody`s degraded the rating of Ukrainian state obligations from Caa1 to Caa2. All Agencies assigned "Negative" outlook for State Obligations. http://investfunds.ua/news/fitch-snizilo-suverennyj-rejting-ukrainy-do-sss-kommersant-ukraina-117691/

- 12.12.2013

:

Subject

:

INTERNATIONAL RATINGS TREND

http://countryeconomy.com/ratings/ukraine ----------------------- INTERNATIONAL RATINGS TREND FOR THE UKRAINE IN 2012-2013 2013: 1. Rating Moody's Ukraine Long Term Rating: Foreign Currency Date Rating (Outlook) 2013-09-20 Caa1 (Under Review) 2012-12-05 B3 Local Currency Date Rating 2013-09-20 Caa1 2012-12-05 B3 2. Rating S&P Ukraine Long Term Rating Foreign Currency Date Rating (Outlook) 2013-11-01 B- (Negative) 2012-12-07 B (Negative) Local Currency Date Rating 2013-11-01 B- 2012-12-07 A- 3. Rating Fitch Ukraine Long Term Rating Foreign Currency Date Rating (Outlook) 2013-11-28 B- (Negative) 2012-07-18 B (Stable) Local Currency Date Rating 2013-11-28 B- 2012-07-18 B 2012: Information source: Correspondent.net, December 1-th 2012: Today, the international rating agency Standard & Poor's Ratings Services lowered its outlook on the sovereign credit rating of Ukraine from stable to negative. As informed the press service of the Agency, short-term ratings in foreign and local currency were affirmed at B + / B. Ukraine's long-term rating on the national scale was reduced from uaAA- to uaA +. " Risk assessment of transfer and convertibility of hard currency (T & C) remains at the level of B +, according to the ratings in foreign currency. Recovery Rating of unsecured debt in foreign currency affirmed at level 4, indicating our expectation of payment at 30% -50 % of the debt in the event of default " - said in a S&P statement. Yesterday the other international rating agency Moody's downgraded the rating of Ukrainian government bonds by one notch - from B2 to B3 with a negative outlook.

- 2007

:

Subject

:

About company

WE HAVE BEEN ON THE UKRAINIAN MARKET SINCE 1992 Founded in 1992, PARITET-K specializes in manufacturing equipment for banks, as well as home and business safes. Since the time of establishment the company has been following EUROPEAN STANDARDS as a major landmark of quality of its products and customer servicing. PARITET-K is certified under DSTU ISO 9001-2001 Quality Control System. PARITET-K manufactures its products with locks produced by world's leading manufacturers like LA GARD, CARL WITTKOPP and STEINBASH&VOLLMANN. PARITET-K production is certified by: The State Center for Security Device Certification with the State Protection Service to the Ministry of Interior of Ukraine's (Deed No. 11/6-2-227/Chk). Metal, Woodworking Equipment, Mechanical Production and Quality Systems Certification Authority with the National Technical University of Ukraine "KPI" (Deed No 095/С-01). Source: www.paritet-k.com.ua/English/about.html

- 2007

:

Subject

:

Own-made products

PARITET-K offers own-made products: vault panels: monolithic, modular and combined (reinforced); vault doors; a variety of armored depository safes; vault rooms; deposit boxes; deposit chest combination; shielded rooms (server); deposit systems; office safes; fire safes; metal boxes for documents; data media safes; gun/pistol safes; concealed security safes; furniture repositories. Due to the high level of production and original design solutions we export safes to the United States, Italy and Russia. To meet the demands of our customers we also import certain models of safes from the United States, Italy, Slovakia and Russia. But our main priority is to promote the development of domestic and our own safe manufacturing. We carefully select locking devices and locking bars for our safes. We cooperate only with world's leaders in this field buying key locks from Germany and code locks from the United States. The PARITET-K research center has developed a solid concrete mix technology for bank vault doors and panels, as well as armored depository safes. DENSIT-technology developed on the basis of Danish-made special cement was first introduced in Ukraine for high-class products. PARITET-K security and functionally pragmatic products can add to the interior of any bank, office and home. The company imports safes of world's leading producers GARDAL (USA), SETRY (USA), STARK (Italy), NOVETEK (Italy), SAFE-TRONICS (Slovakia) - to cope with customer's demands. One can familiarize with PARITET-K products displayed in specialized show-rooms in Kiev, Donetsk and Dnepropetrovsk and receive qualified consulting advice of company's experts. Source: www.paritet-k.com.ua/English/about.html

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Elena (secretary) on 14.02.2014 by the tel. number: +38 044 5319101. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Director but no answer was received. If the additional information comes in we will update the subject report. Phone number (095 2718634) mentioned in your order doesn't belong to the subject company.

Registration History

- date n/a

:

VAT number	:	214881126074
Registr. place	:	Ukraine

Date of VAT Payer registration: 02.07.2002

Capital History

- 29.11.2006

:

3 500 000 UAH (registered)

( the data as of 29.11.2006, cancelled since 30.01.2008 )

- 22.06.2005

:

1 500 000 UAH (registered)

( the data as of 22.06.2005 )

- 23.09.2004

:

100 000 UAH (registered)

( the data as of 23.09.2004 )

- 13.03.1997

:

1 UAH (registered)

( the data as of 13.03.1997 )

- 20.05.1994

:

500 UAH (registered)

( the data as of 20.05.1994 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	40 797.80	46 095.80
services
020 Indirect taxes and other compulsory payments		7 424.90
030 Net sales revenue (010-020)	33 966.60	38 670.90
040 Other operating income	1 702.50	2 683.30
050 Other income		98.70
070 Net revenue total (030+040+050)	35 669.20	41 452.90
080 Cost of goods, works, services	29 928.90	31 121.80
090 Other operating charges	8 465.90	9 090.60
091 incl.
092
100 Other charges	770.80	548.20
120 Charges total (080+090+100)	39 165.60	40 760.60
130 Profit before taxation (070-120)		692.30
140 Profit tax	72.30	181.10
150 Net profit (130-140)	-3 568.70	511.20
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress		2 195.80
Fixed assets
030 residual assets		6 238.10
031 acquisition cost		11 179.30
032 depreciation		4 941.20
Long-term biological assets
035 residual assets
036 acquisition cost
037 depreciation
040 Long-term financial investments		0.00
070 Other non-current assets		0.00
080 NON-CURRENT ASSETS TOTAL	9 849.00	8 433.90
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies		411.80
110 Current biological assets
130 Finished goods		3 782.40
Trade debtors:
160 net realizable value	6 062.70	5 695.20
161 acquisition cost		5 695.20
162 doubtful debts reserve		0.00
Accounts receivable
170 Budget accounts receivable		0.00
210 Other current accounts receivable		355.20
220 Current financial investments	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	0.10	526.70
231 incl. cash in hand
240 Funds in foreign currencies	0.00	74.10
250 Other current assets		0.00
260 CURRENT ASSETS TOTAL	11 597.60	10 845.40
270 III. DEFERRED CHARGES	0.00	0.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	21 446.60	19 279.30
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	8 200.00	8 200.00
320 Additional contributed capital		0.00
340 Reserve capital		0.00
350 Retained earnings (loss)		1 434.00
360 Unpaid capital (minus)		1 259.00
380 CAPITAL AND RESERVES TOTAL	5 117.80	8 375.00
430 II. PROVISIONS OF DEFERRED CHARGES	0.00	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	0.00	410.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions		1 504.50
510 Short-term portion of long-term liabilities		0.00
530 Trade creditors	1 351.20	5 317.30
Accounts payable:
550 Budget accounts payable		112.30
570 Insurance payments		10.50
580 Accrued payroll		23.90
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities		3 525.80
620 SHORT-TERM LIABILITIES TOTAL	16 328.80	10 494.30
630 V. DEFERRED INCOME	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	21 446.60	19 279.30

- 31.12.2010

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	39 349.00
services
015 VAT tax	5 983.00
020 Excise tax	0.00
025	0.00
030 Other compulsory payments	503.00
035 Net sales revenue	32 863.00
040 Cost of goods, work, services	24 429.00
045 Total production costs
050 Gross profit	8 434.00
055 Gross loss	0.00
060 Other operating income	2 587.00
070 Administrative and management costs	2 241.00
080 Distribution costs	1 750.00
090 Other operating charges	4 919.00
100 Operating profit	2 111.00
105 Operating loss	0.00
110 Income from capital participating	0.00
120 Other financial income	3.00
130 Other income	0.00
140 Financial charges	912.00
150 Capital participating expenses	0.00
160 Other expenses	0.00
170 Profit from ordinary activity before taxation	1 202.00
175 Loss from ordinary activity before taxation	0.00
180 Ordinary activity Income-tax	124.00
190 Profit from ordinary activity	1 078.00
195 Loss from ordinary activity	0.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	1 078.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	1 449.00
240 Payroll costs	551.00
250 Allocation to social needs	206.00
260 Amortization charges	766.00
270 Other operating charges	4 919.00
280 Operating charges total	7 891.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	0.00
011 acquisition cost	41.00
012 depreciation	41.00
020 Construction in progress	3 548.00
Fixed assets
030 residual value	5 572.00
031 acquisition cost	10 029.00
032 depreciation	4 457.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises	0.00
045 Other financial investments	0.00
050 Long-term accounts receivable	0.00
060 Deferred tax assets	15.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	9 135.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	1 321.00
110 Current biological assets	0.00
120 Work in progress	11.00
130 Finished goods	0.00
140 Goods for resale	3 491.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	7 366.00
161 acquisition cost	7 366.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	3.00
180 Payments in advance	0.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	489.00
220 Current financial investments	0.00
Cash at bank and on hands
230 Funds in local currency	449.00
231 incl. cash on hands
240 Funds in foreign currencies	7.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	13 137.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	22 272.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	7 000.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	922.00
360 Unpaid capital (minus)	1 050.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	6 872.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel	0.00
410 Other provisions	0.00
415 Insurance reserves	0.00
416 portion covered by insurers	0.00
417	0.00
418	0.00
420 Targeted funding	0.00
430 PROVISIONS OF EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	1 193.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	1 193.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	1 760.00
510 Short-term portion of long-term liabilities	0.00
520 Bills of exchange payable	0.00
530 Trade creditors	8 712.00
Accounts payable:
540 Advance payments	0.00
550 Budget accounts payable	50.00
560 Non-budget accounts payable	0.00
570 Insurance payments	48.00
580 Accrued payroll	19.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	3 618.00
620 SHORT-TERM LIABILITIES TOTAL	14 207.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	22 272.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

INFORMATION DETAILS

Report Prepared by :

SDA

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.