MIRA INFORM REPORT

Report Date :

29.05.2014

IDENTIFICATION DETAILS

Name :	CENTRAVIS PRODUCTION UKRAINE, PRIVATE JSC
Formerly Known As :	· Zakryte Aktsionerne Tovarystvo Sentravis Prodakshn Yukreyn Zakryte Aktsionerne Tovarystvo Nikopolskiy Zavod Nerzhaviyuchyh Trub
Registered Office :	56 Trubnykiv ave., Nikopol, Dnipropetrovsk Region, Nikopolskiy District, 53201
Country :	Ukraine
Financials (as on) :	31.12.2013
Date of Incorporation :	23.05.2000
Com. Reg. No.:	30926946
Legal Form :	Private Joint-Stock Company by Ukrainian Law
Line of Business :	Production and trade in corrosion-resistant steel tubes.
No. of Employees :	2300

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Ukraine	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. 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. Movement toward an Association Agreement with the European Union, which would commit Ukraine to economic and financial reforms in exchange for preferential access to EU markets, was curtailed by the November 2013 decision of President YANUKOVYCH against signing this treaty. In response, on 17 December 2013 President YANUKOVYCH and President PUTIN concluded a financial assistance package containing $15 billion in loans and lower gas prices. However, the end of the YANUKOVYCH government in February 2014 caused Russia to halt further funding. With the formation of an interim government in late February 2014, the international community began efforts to stabilize the Ukrainian economy, including a 27 March 2014 IMF assistance package of $14-18 billion.

Source : CIA

Company Identification

Full Name

:

Pryvatne Aktsionerne Tovarystvo SENTRAVIS PRODAKSHN YUKREYN

Name in English

:

CENTRAVIS PRODUCTION UKRAINE, Private JSC

Name in national language

:

Приватне Акціонерне Товариство СЕНТРАВІС ПРОДАКШН ЮКРЕЙН

Previous Names

:

-	Zakryte Aktsionerne Tovarystvo SENTRAVIS PRODAKSHN YUKREYN
-	Zakryte Aktsionerne Tovarystvo Nikopolskiy zavod nerzhaviyuchyh trub

Office Address

:

56 Trubnykiv ave., Nikopol, Dnipropetrovsk region, Nikopolskiy district, 53201, Ukraine

Legal Address

:

56 Trubnykiv ave., Nikopol, Dnipropetrovsk region, Nikopolskiy district, 53201, Ukraine

Contacts

:

-	Phone/fax	:	(+380 566) 691101
-	E-mail	:	secretariat@centravis.com
-	WWW	:	www.centravis.com

Summary

Legal Form : Private Joint-Stock Company by Ukrainian Law

Incorporation : 2000

Staff : 2 300

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

Sales :	1 636 698.00 th UAH ( for 12 months, ended 31.12.2013 )
	1 551 248.00 th UAH ( for 12 months, ended 31.12.2012 )

Registration Data

Date of registration

:

23.05.2000

Registration number

:

30926946

Registr. authority

:

Local Executive Committee (Nikopol, Dnipropetrovsk region, Nikopolskiy district, Ukraine)

Number of the Certificate of State Registration: 823334 Series of the Certificate: A00

VAT number

:

309269404078

Registr. place

:

Ukraine

Date of VAT Payer registration: 05.06.2000

Legal Form

:

Private Joint-Stock Company by Ukrainian Law

since 23.05.2000

Share Capital

:

202 560 396 UAH (registered)

since 22.09.2008

Shareholders

:

-	Sentavris Limited (CENTRAVIS LIMITED) (Cyprus)				100.00 %
		share's book value	:	202 560 396 UAH
		address	:	Limassol, Cyprus

Board / Executives

Executives
Director	:	Mr Atanasov Yuriy Vasilyevich (Ukraine)
Director	:	Mr Lyutik Vitaliy Yaroslavovich (Ukraine)
		( the data cancelled since 22.09.2009 )
Director	:	Mr Panchenko, Sergey Anatolyevich (Ukraine)
		( the data cancelled since 17.07.2007 )
Director	:	Mr Vinokurov, Nikolay Vasilevich (Ukraine)
		( the data cancelled since 08.08.2006 )
Director	:	Mr Naumenko, Sergey Grigorievich (Ukraine)
		( the data cancelled since 17.09.2004 )
Authorised signature	:	Mr Atanasov Yuriy Vasilyevich
		Mr Lyutik Vitaliy Yaroslavovich
		( the data cancelled since 22.09.2009 )
		Mr Panchenko, Sergey Anatolyevich
		( the data cancelled since 17.07.2007 )
		Mr Vinokurov, Nikolay Vasilevich
		( the data cancelled since 08.08.2006 )
		Mr Naumenko, Sergey Grigorievich
		( the data cancelled since 17.09.2004 )

Changes in Registration Data

- 25.05.2011	:	name
- 22.09.2009	:	share capital, managers, authorised signature
- 22.09.2008	:	share capital
- 16.10.2007	:	name
- 17.07.2007	:	managers, authorised signature
- 08.08.2006	:	managers, authorised signature
- 17.09.2004	:	managers, authorised signature
- 19.03.2002	:	share capital

Activities

3312	Pipes & Tubes
	(NACE 2710: Manufacture of basic iron and steel and of ferro-alloys)
3317	Steel pipe and tubes
	(NACE 2720: Manufacture of tubes)
5051	Iron & Steel Products
	(NACE 5152: Wholesale of metals and metal ores)
	Production and trade in corrosion-resistant steel tubes.

Staff employed

Staff employed

:

2 300 [E]

Staff History

:

-	2 300 [E]
	( the data as of 09.04.2013 )
-	2 200 [E]
	( the data as of 12.03.2013 )
-	2 000 [E]
	( the data as of 01.06.2012 )
-	2 240
	( the data as of 30.03.2012 )
-	2 000 [E]
	( the data as of 02.07.2011 )
-	2 000 [E]
	( the data as of 23.06.2010 )
-	1 984
	( the data as of 31.03.2010 )
-	2 000 [E]
	( the data as of 27.01.2010 )
-	1 984
	( the data as of 31.12.2009 )
-	Mass-media data:
	2 202
	( the data as of 07.11.2008 )
-	Official data:
	2 056
	( the data as of 01.01.2007 )

Export

- 01.01.2014

:

Fiscal period: 12 month(s), currency: UAH

1 964 082 050.00

Germany, Netherlands, Austria, Italy, Poland

- 01.12.2012

:

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

1 444 093 798.00

Russian Federation, Denmark, Belarus, Italy, Hungary

- 01.05.2011

:

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

423 107 997.00

Germany, Czech Republic, Russian Federation, Belarus, Netherlands

Import

- 01.01.2014

:

Fiscal period: 12 month(s), currency: UAH

496 938 502.00

China Peoples Republic, Germany, Czechia, Italy, Austria

- 01.12.2012

:

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

176 701 037.00

India, China Peoples Republic, Germany, Italy, Russian Federation

- 01.05.2011

:

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

26 223 107.00

India, Germany, Italy, Austria, China

Facilities

Real estate

:

own:
-	Premises - Office and production
	address	:	56 Trubnykiv ave., Nikopol, Dnipropetrovsk region, Nikopolskiy district, 53201, Ukraine

Branches

Branch (Dnipropetrovsk, Dnipropetrovsk region, Ukraine)
name	:	Dnipropetrovsk branch
Registration number: 35312539
Representative office (Dnipropetrovsk, Dnipropetrovsk region, Ukraine)
name	:	Representative office in Dnipropetrovsk
Registration number: 26141146

Subsidiaries and Participation

-	Nikopol Plant of Technological Equipment, PrJSC (Ukraine)				share n/a
		reg. number	:	31760880
-	Association of Enterprises UKRTRUBOPROM (Ukraine)				share n/a
		reg. number	:	13463115
-	Nikopol Repair Plant, PrJSC (Ukraine)				share n/a
		reg. number	:	31167067

Bankers

Alfa-Bank (Ukraine)
bank code	:	300346
account(s)	:	26009102232001 USD, EUR, RUB, UAH
OTP-Bank (Ukraine)
bank code	:	300528
account(s)	:	26007002315561 UAH, USD, EUR

Clients

-	BENTELER DISTRIBUTION DEUTSCHLAND GMBH & CO. KG (Germany)
-	FBM HUDSON ITALIANA S.P.A. (Italy)
-	KARL MERTL HANDELSGES m.b.H (Austria)
-	NOXON STAINLESS BV (Netherlands)
-	STALESIA SP.Z.O.O. (Poland)

Suppliers

-	BGH EDELSTAHL SIEGEN GMBH (Germany)
-	COGNE ACCIAI SPECIALI SPA (Italy)
-	HAINZL INDUSTRIESYSTEME GMBH (Austria)
-	MEVATEC S.R.O. (Czechia)
-	SHANGHAI MAXMOUNT SPECIAL STEEL CO.,LTD (China Peoples Republic)

Other associated Companies

CENTRAVIS Group

The subject company belongs to CENTRAVIS Group. CENTRAVIS Group includes following companies: 1. CENTRAVIS PRODUCTION UKRAINE; 2. CENTRAVIS CONSULTING; 3. CENTRAVIS FINANCE; 4. CENTRAVIS SALES: - CENTRAVIS SALES Italy; - CENTRAVIS SALES Switzerland; - CENTRAVIS SALES Ukraine; - CENTRAVIS SALES RUS; - CENTRAVIS SALES Uzbekistan; - CENTRAVIS SALES Germany. Source: http://www.centravis.com/about-us/company-structure/

Litigation

:	According to the data of Bulletin of the State Registration as of 26.05.2014, there are no bankruptcy registered in the name of the subject company.
	Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 34 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 15.08.2006 up to 111.11.2013. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

Remarks on payment

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	18 796.00		3 604.00
- Fixed assets	1 026 510.00		1 101 129.00
- Investments in tangible assets
- Financial assets	31 229.00		27 450.00
- Other non-current assets	5 953.00
Non-current assets total	1 082 488.00	1 161 972.00	1 132 183.00
CURRENT ASSETS
- Stock	500 925.00		474 103.00
- Debtors	174 730.00	215 091.00	194 038.00
- Other receivables	71 488.00		162 276.00
- Short-term financial investments	6 560.00	6 560.00	6 560.00
- Cash	18 824.00	7 930.00	360.00
- Other current assets	755.00	290.00	4 447.00
Current assets total	773 282.00	764 990.00	841 784.00
Assets total	1 855 770.00	1 926 962.00	1 973 967.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	202 560.00	202 560.00	202 560.00
- Additional capital	419 242.00	603 508.00	442 107.00
- Other capital		0.00
- Reserve capital	2 321.00		2 321.00
- Retained earnings (Non-covered loss)	-471 688.00		-277 761.00
Capital and reserves total	152 435.00	312 066.00	369 227.00
Provisions		0.00
LONG-TERM LIABILITIES
- Loans and credits	673 533.00	642 767.00	720 864.00
- long-term amounts owed to banks	673 533.00	642 767.00	617 883.00
- Other long-term liabilities	206 070.00		26 946.00
Long-term liabilities total	879 603.00	833 830.00	747 810.00
SHORT-TERM LIABILITIES
- Loans and credits	290 562.00	285 681.00	354 949.00
- short-term amounts owed to banks	290 562.00	285 681.00	354 949.00
- Creditors	463 447.00		487 485.00
- trade debts	455 766.00		293 329.00
- accrued payroll	4 528.00		3 446.00
- tax liabilities	3 153.00		2 449.00
- other creditors
- advances received			188 261.00
- Dividends in arrears
- Accrued income, deferred charges		0.00
- Other short-term liabilities	69 723.00		14 496.00
Short-term liabilities total	823 732.00	781 066.00	856 930.00
Liabilities total	1 703 335.00	1 614 896.00	1 604 740.00
Equity and liabilities total	1 855 770.00	1 926 962.00	1 973 967.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 636 698.00	1 551 248.00	1 470 540.00
Cost of goods sold		1 329 656.00	1 339 550.00
Gross profit			130 990.00
Distribution costs	52 846.00		41 085.00
Administrative and management costs	90 359.00		89 972.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests	3 102.00		3 722.00
Other operating income	259 534.00	140 914.00	1 423 495.00
Other operating charges	368 193.00		1 438 215.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-99 292.00	-98 621.00	-108 227.00
Profit before taxation	-113 365.00		-119 292.00
Income-tax and other similar payments	-7 093.00	8 183.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-120 458.00	-131 463.00	-98 010.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-6.93		-8.11
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-74.37		-32.31
Profit before taxation / Equity
Current assets turnover	2.12	2.03	1.75
Net sales / Current assets
Working capital	-50 450.00	-16 076.00	-15 146.00
Current assets - Short-term liabilities
Leverage	0.08	0.16	0.19
Equity / Total assets
Current ratio	0.94	0.98	0.98
Current assets / Short-term liabilities
Quick ratio	0.33		0.43
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	11.17	5.17	4.35
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 FOR THE UKRAINE IN 2012-2013

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.

- 30.03.2012

:

Subject

:

About the company

During the last 5 years, our mill at Nikopol increased its production volume of quality tubes to 20 400 tons, which marks an annual growth rates of about 10%. These positive trends are accompanied by a gradual extension of our geographical distribution facilities, starting to ship to the United States, Australia, but also to further European customers such as Austria, Switzerland, Finland and Denmark. All in all we are delivering seamless stainless steel solutions to more than 70 countries. Since 2000 year Centravis company has gained a world market share in seamless stainless steel tubes of near 4% with a significant presence in the following product segments. 1. Heat-exchanger tubing -8% worldwide 2. Boiler Tube — 3% 3. Hollow bars — 10% 4. General tube and pipe — 4%. Source: http://www.centravis.com/about-us/facts/

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Ekaterina (officer) on 26.05.2014 by the tel. number: +38 0566 691101. 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.

Capital History

- 19.03.2002

:

102 560 396 UAH (registered)

( the data as of 19.03.2002, cancelled since 22.09.2008 )

- 23.05.2000

:

51 383 396 UAH (registered)

( the data as of 23.05.2000, cancelled since 19.03.2002 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
2000 Net sales revenue	1 636 698.00
2050 Cost of goods, work, services
2090 Gross profit
2095 Gross loss
2120 Other operating income	172 622.00
2130 Administrative and management costs	90 359.00
2150 Distribution costs	52 846.00
2180 Other operating charges	159 137.00
2190 Operating profit	104 969.00
2195 Operating loss
2200 Income from capital participating	3 102.00
2220 Other financial income	2.00
2240 Other income	86 912.00
2250 Financial charges	99 294.00
2255 Capital participating expenses
2270 Other expenses	209 056.00
2290 Profit before taxation
2295 Loss before taxation	113 365.00
2300 Income-tax	-7 093.00
2305 Profit (loss) from discontinued operations after tax
2350 Net profit
2355 Net loss	120 458.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1000 Intangible assets	18 796.00
1001 acquisition cost	30 735.00
1002 depreciation	11 939.00
1005 Incomplete investments	11 665.00
1010 Fixed assets	1 014 845.00
1011 acquisition cost	2 637 193.00
1012 depreciation	1 622 348.00
1015 Investment property
1020 Long-term biological assets
1030 Long-term financial assets recognized as	31 229.00
capital participation in other enterprises
1035 Other financial investments
1040 Long-term accounts receivable
1045 Deferred tax assets
1090 Other non-current assets
1095 NON-CURRENT ASSETS TOTAL	1 076 535.00
II. CURRENT ASSETS
1100 Stock	500 925.00
1110 Current biological assets
1125 Trade debtors	157 100.00
Accounts receivable
1130 Payments in advance	17 630.00
1135 Budget accounts receivable	61 652.00
1136 - incl, by income tax	2 135.00
1155 Other current accounts receivable	9 836.00
1160 Current financial investments	6 560.00
1165 Cash and equivalents	18 824.00
1170 Deferred charges	264.00
1190 Other current assets	491.00
1195 CURRENT ASSETS TOTAL	773 282.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE	5 953.00
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	1 855 770.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	202 560.00
1405 Capital revaluation	415 149.00
1410 Additional contributed capital	4 093.00
1415 Reserve capital	2 321.00
1420 Retained earnings (loss)	-471 688.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)
1495 CAPITAL AND RESERVES TOTAL	152 435.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities	32 801.00
1510 Long-term amounts owed to credit institutions	673 533.00
1515 Other long-term liabilities	173 269.00
1520 Long-term provisions
1525 Targeted funding
1595 TOTAL LONG-TERM LIABILITIES	879 603.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	290 562.00
1610 Short-term portion of long-term liabilities
Accounts payable:
1615 Trade creditors	455 766.00
1620 Budget accounts payable	983.00
1621 - incl. income tax
1625 Insurance payments	2 170.00
1630 Accrued payroll	4 528.00
1660 Short-term provisions	15 752.00
1665 Deferred income
1690 Other short-term liabilities	53 971.00
1695 SHORT-TERM LIABILITIES TOTAL	823 732.00
1700 IV. LIABILITIES ASSOCIATED WITH
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	1 855 770.00

- 31.12.2012

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	1 551 248.00
services
015 VAT tax
020 Excise tax
025
030 Other compulsory payments
035 Net sales revenue	1 503 547.00
040 Cost of goods, work, services	1 329 656.00
045 Total production costs
050 Gross profit
055 Gross loss
060 Other operating income	140 914.00
070 Administrative and management costs
080 Distribution costs
090 Other operating charges
100 Operating profit	53 872.00
105 Operating loss	0.00
110 Income from capital participating
120 Other financial income
130 Other income
140 Financial charges	98 621.00
150 Capital participating expenses
160 Other expenses
170 Profit from ordinary activity before taxation
175 Loss from ordinary activity before taxation
180 Ordinary activity Income-tax	8 183.00
190 Profit from ordinary activity
195 Loss from ordinary activity
200 Extraordinary income
205 Extraordinary charges
210 Extraordinary activity Income-Tax	0.00
220 Net profit	0.00
225 Net loss	131 463.00
Operating charges details:
230 Tangible expenses	1 145 931.00
240 Payroll costs	128 109.00
250 Allocation to social needs
260 Amortization charges	71 936.00
270 Other operating charges
280 Operating charges total	1 520 399.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value
011 acquisition cost
012 depreciation
020 Construction in progress
Fixed assets
030 residual value
031 acquisition cost
032 depreciation
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises
045 Other financial investments
050 Long-term accounts receivable
060 Deferred tax assets
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	1 161 972.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies
110 Current biological assets
120 Work in progress
130 Finished goods
140 Goods for resale
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	215 091.00
161 acquisition cost
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable
180 Payments in advance
190 Accrued income
200 Internal payments
210 Other current accounts receivable
220 Current financial investments	6 560.00
Cash at bank and on hands
230 Funds in local currency	4 366.00
231 incl. cash on hands
240 Funds in foreign currencies	3 564.00
250 Other current assets
260 CURRENT ASSETS TOTAL	764 700.00
270 III. DEFERRED CHARGES	290.00
280 ASSETS TOTAL	1 926 962.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	202 560.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	603 508.00
340 Reserve capital
350 Retained earnings (loss)
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	312 066.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel
410 Other provisions
415 Insurance reserves
416 portion covered by insurers
417
418
420 Targeted funding
430 PROVISIONS OF EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	642 767.00
450 Other financial liabilities
460 Deferred tax liabilities
470 Other long-term liabilities
480 TOTAL LONG-TERM LIABILITIES	833 830.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	285 681.00
510 Short-term portion of long-term liabilities
520 Bills of exchange payable
530 Trade creditors
Accounts payable:
540 Advance payments
550 Budget accounts payable
560 Non-budget accounts payable
570 Insurance payments
580 Accrued payroll
590 Liabilities to shareholders
600 Internal payments
610 Other short-term liabilities
620 SHORT-TERM LIABILITIES TOTAL	781 066.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	1 926 962.00

- 31.12.2011

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	1 526 239.00
services
015 VAT tax	54 612.00
020 Excise tax
025
030 Other compulsory payments	1 087.00
035 Net sales revenue	1 470 540.00
040 Cost of goods, work, services	1 339 550.00
045 Total production costs
050 Gross profit	130 990.00
055 Gross loss
060 Other operating income	1 193 032.00
070 Administrative and management costs	89 972.00
080 Distribution costs	41 085.00
090 Other operating charges	1 183 252.00
100 Operating profit	9 713.00
105 Operating loss
110 Income from capital participating	3 734.00
120 Other financial income	136.00
130 Other income	230 463.00
140 Financial charges	108 363.00
150 Capital participating expenses	12.00
160 Other expenses	254 963.00
170 Profit from ordinary activity before taxation
175 Loss from ordinary activity before taxation	119 292.00
180 Ordinary activity Income-tax
190 Profit from ordinary activity
195 Loss from ordinary activity	98 010.00
200 Extraordinary income
205 Extraordinary charges
210 Extraordinary activity Income-Tax
220 Net profit
225 Net loss	98 010.00
Operating charges details:
230 Tangible expenses	1 186 448.00
240 Payroll costs	114 539.00
250 Allocation to social needs	37 121.00
260 Amortization charges	71 019.00
270 Other operating charges	129 188.00
280 Operating charges total	1 538 315.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	3 604.00
011 acquisition cost	14 528.00
012 depreciation	10 924.00
020 Construction in progress	66 020.00
Fixed assets
030 residual value	1 035 109.00
031 acquisition cost	1 986 730.00
032 depreciation	951 621.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises	27 450.00
045 Other financial investments
050 Long-term accounts receivable
060 Deferred tax assets
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	1 132 183.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	213 944.00
110 Current biological assets
120 Work in progress	143 301.00
130 Finished goods	109 120.00
140 Goods for resale	7 738.00
150 Bills of exchange receivable
Trade debtors:
160 net realizable value	141 927.00
161 acquisition cost	141 927.00
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable	140 819.00
180 Payments in advance	52 111.00
190 Accrued income
200 Internal payments
210 Other current accounts receivable	21 457.00
220 Current financial investments	6 560.00
Cash at bank and on hands
230 Funds in local currency	296.00
231 incl. cash on hands
240 Funds in foreign currencies	64.00
250 Other current assets	4 131.00
260 CURRENT ASSETS TOTAL	841 468.00
270 III. DEFERRED CHARGES	316.00
280 ASSETS TOTAL	1 973 967.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	202 560.00
310 Share capital
320 Additional contributed capital
330 Other additional capital	442 107.00
340 Reserve capital	2 321.00
350 Retained earnings (loss)	-277 761.00
360 Unpaid capital (minus)
370 Retired capital (minus)
380 CAPITAL AND RESERVES TOTAL	369 227.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel
410 Other provisions
415 Insurance reserves
416 portion covered by insurers
420 Targeted funding
430 PROVISIONS OF EXPENSES AND
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	617 883.00
450 Other financial liabilities	102 981.00
460 Deferred tax liabilities	24 732.00
470 Other long-term liabilities	2 214.00
480 TOTAL LONG-TERM LIABILITIES	747 810.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	354 949.00
510 Short-term portion of long-term liabilities
520 Bills of exchange payable
530 Trade creditors	293 329.00
Accounts payable:
540 Advance payments	188 261.00
550 Budget accounts payable	883.00
560 Non-budget accounts payable
570 Insurance payments	1 566.00
580 Accrued payroll	3 446.00
590 Liabilities to shareholders
600 Internal payments
610 Other short-term liabilities	14 496.00
620 SHORT-TERM LIABILITIES TOTAL	856 930.00
630 V. DEFERRED INCOME
640 EQUITY AND LIABILITIES TOTAL	1 973 967.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.08
UK Pound	1	Rs.99.20
Euro	1	Rs.80.53

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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.