MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	VESCO, PJSC
Formerly Known As :	ZAKRYTE AKTSIONERNE TOVARYSTVO VESKO VESNA
Registered Office :	2 Industrialna Str., Druzhkivka City, Donetsk Region, 84205
Country :	Ukraine
Financials (as on) :	30.06.2014
Date of Incorporation :	20.04.1994
Com. Reg. No.:	00282049
Legal Form :	Public Joint-Stock Company
Line of Business :	Mining of clays and kaolin
No of Employees :	900

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 :	--

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Ukraine	B2	C2

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. 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

Identification

Full Name

:

Publichne Aktsionerne Tovarystvo VESKO

Name in English

:

VESCO, PJSC

Name in national language

:

Публічне Акціонерне Товариство ВЕСКО

Previous Names

:

-	Zakryte aktsionerne tovarystvo VESKO
-	VESNA

Office Address

:

Druzhkivka city, Donetsk region, 84200, Ukraine

According to the company’s administration data, the subject company's office has no particular address. It is located near the open pits near Druzhkivka city.

Legal Address

:

2 Industrialna str., Druzhkivka city, Donetsk region, 84205, Ukraine

Until 22.10.2002 the legal address was: Veselivskiy karyer, Druzhkivka city, Donetsk region. Until 08.12.1999 the legal address was: Ter-iya Veselivskiy, Dokuchaevsk city.

Other Addresses

:

Previous office address

2 Industrialna str., Druzhkivka city, Donetsk region, 84205, Ukraine

( the data as of 29.11.2007 )

Contacts

:

-	Phone	:	(+38 06267) 34542
-	Fax	:	(+38 06267) 32916
-	Phone/fax	:	(+38 06267) 53708
-	E-mail	:	vesco@vesco.donetsk.ua
-	WWW	:	www.umgukraine.com.ua

SUMMARY

Legal Form : PAT (Public Joint-Stock Company by Ukrainian Law)

Incorporation : 1994

Staff : 900

Litigation events : -- Remarks on payments : No Complaints

Sales :	590 417.00 th UAH ( for 6 months, ended 30.06.2014 )
	715 239.00 th UAH ( for 12 months, ended 31.12.2013 )

Incorporation

:

1994

Registration Data

Date of registration

:

20.04.1994

Registration number

:

00282049

Registr. authority

:

City Council (Druzhkivka city, Donetsk region, Ukraine)

VAT number

:

002820405100

Registr. place

:

Ukraine

Date of VAT Payer registration: 15.07.1997

Legal Form

:

PAT (Public Joint-Stock Company by Ukrainian Law)

since 15.12.2009

Share Capital

:

57 552 600 UAH (registered)

since 22.10.2002

Shareholders

:

-	Shareholders private persons				100.00 %
		share's book value	:	57 552 600 UAH

The information on the shareholders is not available at the official sources. Due to the company’s legal form (Public JSC) the list of shareholders is kept by the Registrar with the restricted public access. Mass-media data: According to the mass-media data for 2nd quarter 2014 VESCO LIMITED (Cyprus) is the shareholder of VESCO, PJSC company (share - 96.3614%). Source: http://smida.gov.ua/db/participant/00282049

Board / Executives

Executives

Director

:

Mr Tsymarman Evgeniy Vitalyevich (Ukraine)

Director

:

Mr Schetinikov Aleksandr Ivanovich (Ukraine)
	pers. code: 2128715353

( the data cancelled since 07.06.2007 )

Authorised signature

:

Mr Tsymarman Evgeniy Vitalyevich

Mr Schetinikov Aleksandr Ivanovich

( the data cancelled since 07.06.2007 )

Changes in Registration Data

- 15.12.2009

:

name, legal form

- 11.06.2009

:

managers, authorised signature

Activities

:

-	1455	Kaolin and ball clay
		(NACE 1422: Mining of clays and kaolin)

Mining of clay and kaolin.

Staff employed

:

900 [E]

Staff History

:

-	723
	( the data as of 31.03.2010 )
-	723
	( the data as of 31.12.2009 )
-	1 034
	( the data as of 29.11.2007 )

Export

- 01.01.2014

:

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

1 401 396 304.00

Russian Federation, Poland, British Virgin Islands, Belgium, Turkey

- 01.12.2012

:

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

626 307 710.00

- 01.05.2011

:

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

96 138 600.00

British Virgin Islands, Turkey, Russian Federation, Poland, Belarus

Import

- 01.07.2014

:

Fiscal period: 5 month(s), currency: UAH

59 006.00

Poland, Germany

- 01.01.2014

:

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

102 515 941.00

- 01.12.2012

:

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

29 579 720.00

Branches

:

none

Subsidiaries and Participation

:

There are 31 subsidiaries in Ukraine.

Bankers

:

-	Swedbank (Ukraine)
	bank code	:	300164
	account(s)	:	26006101488501 USD, UAH, EUR
-	Ukrsotsbank (Ukraine)
	bank code	:	300023
	account(s)	:	26004000119284 UAH, 26001000119317 EUR, 26002000119316 USD

Clients

:

-	CHARIS LIMITED (British Virgin Islands)
-	KALESERAMIK CANAKKALE KALEBODURSERAMIK SAN A.S A.S (Turkey)
-	OPOCZNO I sp.z o.o. (Poland)
-	Stroyfarfor (Russian Federation)
-	Wijnands Bulk Care-Transport & Bulk logistics (Belgium)

Suppliers

:

-	LGC Standards Sp.z o.o. (Poland)
-	MASCHINENFABRIK GUSTAV EIRICH GMBH & CO KG (Germany)

Other associated Companies

:

-	Group of companies UMG Ukraine (Ukraine)
	The subject company belongs to UMG group. Source: http://www.umgukraine.com/o_kompaniy

Litigation

:

According to the data of Bulletin of the State Registration as of 06.10.2014, 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 38 court where the subject company is filed as a defendant and claimant in the period from 15.09.2011 up to 10.06.2014. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

Remarks on payment

:

No Complaints

Financial Elements

Period, months	6	12	12
Ended	30.06.2014	31.12.2013	31.12.2012
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	54 190.00	49 472.00
- Fixed assets	196 823.00	199 062.00
- Investments in tangible assets
- Financial assets	7 310.00	7 309.00
- Other non-current assets	15 213.00	15 153.00
Non-current assets total	273 536.00	270 996.00	285 681.00
CURRENT ASSETS
- Stock	140 271.00	91 341.00
- Debtors	331 168.00	186 600.00	202 708.00
- Other receivables	85 733.00	45 306.00
- Short-term financial investments			0.00
- Cash	107 558.00	33 274.00	61 293.00
- Other current assets			0.00
Current assets total	664 906.00	356 521.00	412 150.00
Assets total	938 442.00	627 517.00	697 831.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	57 553.00	57 553.00	57 553.00
- Additional capital	15.00	15.00	15.00
- Other capital	-43.00	-43.00	-43.00
- Reserve capital
- Retained earnings (Non-covered loss)	680 887.00	425 057.00
Capital and reserves total	738 412.00	482 582.00	380 633.00
Provisions			0.00
LONG-TERM LIABILITIES
- Loans and credits		16 750.00	136 259.00
- long-term amounts owed to banks		16 750.00	136 259.00
- Other long-term liabilities	30 167.00	34 693.00
Long-term liabilities total	31 451.00	51 443.00	239 798.00
SHORT-TERM LIABILITIES
- Loans and credits	50 025.00	34 128.00	9 105.00
- short-term amounts owed to banks	50 025.00	34 128.00	9 105.00
- Creditors	90 317.00	36 673.00
- trade debts	74 192.00	18 784.00
- accrued payroll	2 469.00	12 898.00
- tax liabilities	13 656.00	4 991.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges			0.00
- Other short-term liabilities	22 082.00	22 691.00
Short-term liabilities total	168 579.00	93 492.00	77 400.00
Liabilities total	200 030.00	144 935.00	317 198.00
Equity and liabilities total	938 442.00	627 517.00	697 831.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	590 417.00	715 239.00	718 634.00
Cost of goods sold	117 012.00	225 206.00	240 933.00
Gross profit	473 405.00	490 033.00
Distribution costs	168 532.00	277 644.00
Administrative and management costs	15 114.00	31 285.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	106 753.00	118 182.00	62 299.00
Other operating charges	137 987.00	145 368.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-2 695.00	-15 902.00	-22 122.00
Profit before taxation	255 830.00	138 016.00
Income-tax and other similar payments	255 830.00	34 319.00	25 380.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit		103 697.00	88 430.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	43.33	19.30
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	34.65	28.60
Profit before taxation / Equity
Current assets turnover	0.89	2.01	1.74
Net sales / Current assets
Working capital	496 327.00	263 029.00	334 750.00
Current assets - Short-term liabilities
Leverage	0.79	0.77	0.55
Equity / Total assets
Current ratio	3.94	3.81	5.32
Current assets / Short-term liabilities
Quick ratio	3.11	2.84
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.27	0.30	0.83
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.

- 13.04.2012

:

Subject

:

http://www.rbn.cc/#news/398-skm-llipytr-vesko

Enterprises of UMG Group produce over 3 million tons of clay, being the largest producer of clay in Ukraine. Government of Ukraine gave PJSC Vesko for rent 178.7 hectares of land in the Donetsk region for the expansion of quarries on refractory clay extraction.

- 17.01.2012

:

Subject

:

http://www.cna.ua/ua/news/11984

January 16, 2012 PJSC Vesco got tranche of credit worth 450 thousand dollars from MRT Mineral Resources Trading Limited Company (Cyprus). Credit was received for financing the company's economic activity. The interest rate is fixed and is 10% per annum. Date of opening a credit line - December 21, 2007. Closing Date of the credit line is determined by the decision of the Borrower, but not later than December 21, 2012. Net assets of the issuer, calculated at the end of the last reporting period (30.09.2011), amounts to 295 million. UAH.

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Natalya (secretary) on 06.10.2014 by the phone number: +38 06267 34542. 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.

Legal Form History

- 08.12.1999

:

ZAT (Private Joint-Stock Company by Ukrainian Law)

( the data as of 08.12.1999, cancelled since 15.12.2009 )

- 20.04.1994

:

Affiliated company by Ukrainian law

( the data as of 20.04.1994 )

Capital History

- 27.11.2000

:

43 801 800 UAH (registered)

( the data as of 27.11.2000 )

- 07.04.2000

:

19 232 400 UAH (registered)

( the data as of 07.04.2000 )

- 17.01.2000

:

10 243 800 UAH (registered)

( the data as of 17.01.2000 )

- 08.12.1999

:

128 052 UAH (registered)

( the data as of 08.12.1999 )

APPENDIX A

Financial Statements

Period, months	6	12	12
Ended	30.06.2014	31.12.2013	31.12.2012
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
2000 Net sales revenue	590 417.00	715 239.00
2050 Cost of goods, work, services	117 012.00	225 206.00
2090 Gross profit	473 405.00	490 033.00
2095 Gross loss
2120 Other operating income	106 684.00	118 146.00
2130 Administrative and management costs	15 114.00	31 285.00
2150 Distribution costs	168 532.00	277 644.00
2180 Other operating charges	62 628.00	107 550.00
2190 Operating profit	333 815.00	191 700.00
2195 Operating loss
2200 Income from capital participating
2220 Other financial income	952.00	4 229.00
2240 Other income	69.00	36.00
2250 Financial charges	3 647.00	20 131.00
2255 Capital participating expenses
2270 Other expenses	75 359.00	37 818.00
2290 Profit before taxation	255 830.00	138 016.00
2295 Loss before taxation
2300 Income-tax	255 830.00	34 319.00
2305 Profit (loss) from discontinued operations after tax
2350 Net profit		103 697.00
2355 Net loss
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1000 Intangible assets	54 190.00	49 472.00
1001 acquisition cost	56 806.00	51 493.00
1002 depreciation	2 616.00	2 021.00
1005 Incomplete investments
1010 Fixed assets	196 823.00	199 062.00
1011 acquisition cost	353 872.00	343 385.00
1012 depreciation	157 049.00	144 323.00
1015 Investment property
1020 Long-term biological assets
1030 Long-term financial assets recognized as
capital participation in other enterprises
1035 Other financial investments	7 310.00	7 309.00
1040 Long-term accounts receivable
1045 Deferred tax assets	5 537.00	5 537.00
1090 Other non-current assets	9 676.00	9 616.00
1095 NON-CURRENT ASSETS TOTAL	273 536.00	270 996.00
II. CURRENT ASSETS
1100 Stock	140 271.00	91 341.00
1110 Current biological assets
1125 Trade debtors	306 598.00	175 440.00
Accounts receivable
1130 Payments in advance	24 570.00	11 160.00
1135 Budget accounts receivable	85 675.00	45 141.00
1136 - incl, by income tax	46 365.00	31 273.00
1155 Other current accounts receivable	58.00	165.00
1160 Current financial investments
1165 Cash and equivalents	107 558.00	33 274.00
1170 Deferred charges
1190 Other current assets
1195 CURRENT ASSETS TOTAL	664 906.00	356 521.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE	0.00	0.00
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	938 442.00	627 517.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	57 553.00	57 553.00
1405 Capital revaluation
1410 Additional contributed capital	15.00	15.00
1415 Reserve capital
1420 Retained earnings (loss)	680 887.00	425 057.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)	43.00	43.00
1495 CAPITAL AND RESERVES TOTAL	738 412.00	482 582.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities		1 516.00
1510 Long-term amounts owed to credit institutions		16 750.00
1515 Other long-term liabilities		4 554.00
1520 Long-term provisions	30 167.00	28 623.00
1525 Targeted funding
1595 TOTAL LONG-TERM LIABILITIES	31 451.00	51 443.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	49 553.00	33 499.00
1610 Short-term portion of long-term liabilities	472.00	629.00
Accounts payable:
1615 Trade creditors	74 192.00	18 784.00
1620 Budget accounts payable	12 463.00	4 171.00
1621 - incl. income tax
1625 Insurance payments	1 193.00	820.00
1630 Accrued payroll	2 469.00	12 898.00
1660 Short-term provisions
1665 Deferred income
1690 Other short-term liabilities	22 082.00	22 691.00
1695 SHORT-TERM LIABILITIES TOTAL	168 579.00	93 492.00
1700 IV. LIABILITIES ASSOCIATED WITH	0.00	0.00
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	938 442.00	627 517.00

- 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,	718 634.00
services
015 VAT tax
020 Excise tax
025
030 Other compulsory payments
035 Net sales revenue	718 634.00
040 Cost of goods, work, services	240 933.00
045 Total production costs
050 Gross profit
055 Gross loss
060 Other operating income	62 299.00
070 Administrative and management costs
080 Distribution costs
090 Other operating charges
100 Operating profit	132 198.00
105 Operating loss	0.00
110 Income from capital participating
120 Other financial income
130 Other income
140 Financial charges	22 122.00
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	25 380.00
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	88 430.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	160 722.00
240 Payroll costs	35 634.00
250 Allocation to social needs
260 Amortization charges	19 677.00
270 Other operating charges
280 Operating charges total	622 039.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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	285 681.00
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	202 708.00
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	0.00
Cash at bank and on hands
230 Funds in local currency	1 295.00
231 incl. cash on hands
240 Funds in foreign currencies	59 998.00
250 Other current assets
260 CURRENT ASSETS TOTAL	412 150.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	697 831.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	57 553.00
310 Share capital	0.00
320 Additional contributed capital	8.00
330 Other additional capital	7.00
340 Reserve capital
350 Retained earnings (loss)
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	43.00
380 CAPITAL AND RESERVES TOTAL	380 633.00
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	136 259.00
450 Other financial liabilities
460 Deferred tax liabilities
470 Other long-term liabilities
480 TOTAL LONG-TERM LIABILITIES	239 798.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	9 105.00
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	77 400.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	697 831.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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.