MIRA INFORM REPORT

Report No. :	352237
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	OAO "TYAZHMASH"

Registered Office :	Ul Gidroturbinnaya D 13, 446010 Samarskaya Obl, G Syzran

Country :	Russia

Financials (as on) :	30.06.2015

Date of Incorporation :	19.01.1993

Com. Reg. No.:	1026303055217

Legal Form :	Public limited company

Line of Business :	General mechanical engineering

No. of Employee :	5429

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	RUB 241 699 000

Status :	Satisfactory

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Russia

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

RUSSIA - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy towards a more market-based and globally-integrated economy, but stalling as a partially reformed, statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russia is one of the world's leading producers of oil and natural gas, and is also a top exporter of metals such as steel and primary aluminum. Russia's manufacturing sector is generally uncompetitive on world markets and is geared toward domestic consumption. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during 1998-2008 as oil prices rose rapidly, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. In 2014, economic growth declined further when Russia forcibly violated Ukraine’s sovereignty and territorial integrity, and interfered in Ukraine’s internal affairs. In the second half of 2014, the Russian ruble lost about half of its value, contributing to increased capital outflows that reached $151.5 billion for the year; the ruble remains volatile. Declining oil prices, lack of economic reforms, and the imposition of foreign sanctions have contributed to the downturn and created wide expectations the economy will continue to slump. In April 2015, the Russian Ministry of Economic Development predicted that the Russia’s economy will contract by 3% in 2015, and average only 2.5% growth through 2030.

Source : CIA

Company name and address

OAO "TYAZHMASH"

Ul Gidroturbinnaya D 13, 446010 Samarskaya Obl, G Syzran

Tel: 78464372281
Telefax: 78464990610
E-Mail: info@tyazhmash.com
Web: www.tyazhmash.com

Incorporation Details

Company development

Constant company development.

(29)

Business course	Good order situation.	(21)
Terms of payment	Mostly within agreed terms, in individual cases dalays of payments / payment reminders.	(31)

Business connection	Business connection and credit are permissible.	(21)
Credit limit	RUB 241 699 000,- EUR 3 482 883,-

Established on

19/01/1993 - Public limited company (OAO)

Registered on

22/07/2002, Mezhrayonnaya inspektsiya Federalnoy nalogovoy sluzhby № 3 po Samarskoy oblasti,

RegNr.: 1026303055217
Tax number: 6325000660
Statistical number: 05764498

Registered capital

Registered capital

RUB

268 319 550,-

Stockholders

Stockholders

ZAO "PromEnergoSbyt"
ul Veshnikh Vod d 8 A, 129338 g Moskva
Beginning of validity: 13.10.2011

24,9498

	AO "AREOPAG" UL VESHNIKH VOD D 8 A, 129338 G MOSKVA Beginning of validity: 13.10.2011	%	22,7241
	Andrey Fedorovich Trifonov	%	11,098

	ZAO "PROMTYAZHMASHINZHINIRING" ul Veshnikh Vod d 8 A, korp 1, 129338 g Moskva Beginning of validity: 13.10.2011	%	8,5981
	Dmitriy Sergeevich Trifonov	%	8,2324

Valeriy Petrovich Fomichev

0,0006

Board of directors

Board of directors

Aleksey Mikhaylovich Gulimov
Member of the board of directors

	Anna Evgenevna YAshagina Member of the board of directors
	Igor Viktorovich Syrov Member of the board of directors

	Roman Mikhaylovich Larionov Member of the board of directors
	Valeriy Petrovich Fomichev Managing committee chairman

	Viktor Ivanovich Denisov Member of the board of directors
	Vyacheslav Viktorovich Abydennikov Member of the board of directors

Vyacheslav Viktorovich Garanin
Member of the board of directors

Sole Executive Body

Sole Executive Body

Andrey Fedorovich Trifonov
Managing director

General data

General data	Main activity: General mechanical engineering		(28.52)
		Full name: Otkrytoe aktsionernoe obshchestvo "TYAZHMASH"

	Short name: OAO "TYAZHMASH"

Residence address:

Ul Gidroturbinnaya d 13, 446010 Samarskaya obl, g Syzran
Tel: 78464372281 / 78464378202
Telefax: 78464990610
E-Mail: info@tyazhmash.com
Web: www.tyazhmash.com

Representative office:
Ul Tranduikhung d 117, 15 etazh, ofis F1512B, g KHanoy, Kauzey

	ul Veshnikh Vod d 8 A, str 1, 129338 g Moskva Tel: 74957810178 E-Mail: promenerg@yandex.ru
	Ul Lesnaya d 23, 443004 g Samara

Address of the company premises:

Prosp Amazonas 477 720, EC1701 provintsiya Pichincha, kanton Kito, prikhod Santa-Priska, sektor Mari

Mirador, Severnyy prospekt, Torre Futura d 87, San-Salvador

Office address:
Krasnopresnenskaya nab d 12, 123610 g Moskva
Tel: 74951342200
E-Mail: office@tyazhmash.com

Other activities

Building of complete constructions or parts thereof; civil engineering

(45.2)

	Wholeslae of other machinery and equipments	(51.65)
	Other retail sale in non-specialized stores	(52.12)

	Hotels	(55.1)
	Camping sites and other provision of short-stay accommodation	(55.2)

	Youth hostels and mountain refuges	(55.21)
	Other provision of lodgings n.e.c.	(55.23.1)

	Storage and warehousing	(63.12.4)
	Activities of other transport agencies	(63.40)

	Buying and selling of own real estate	(70.12.1)
	Buying and selling of own real estate	(70.12.3)

	Software consultancy and supply	(72.20)
	Research and experimental development on natural sciences and engineering	(73.10)

	Hospital activities	(85.11.2)
	Other human health activities	(85.14)

Operation of sports arenas and stadiums

(92.61)

Employees

Employees

30/06/2015

5429 employees

Annual turnover

Annual turnover	31/12/2006	Enterprise turnover	RUB	1 473 937 000,-
	31/12/2007	Enterprise turnover	RUB	2 560 073 000,-

	31/12/2008	Enterprise turnover	RUB	3 359 690 000,-
	31/12/2009	Enterprise turnover	RUB	4 853 321 000,-

	31/12/2010	Enterprise turnover	RUB	4 099 617 000,-
	31/12/2011	Enterprise turnover	RUB	5 400 180 000,-

	31/12/2012	Enterprise turnover	RUB	6 120 448 000,-
	31/12/2013	Enterprise turnover	RUB	9 805 929 000,-

31/12/2014

Enterprise turnover

RUB

10 411 796 000,-

Events, negative data

Events, negative data

17.12.2012 - Legal debt collection procedure

Remark:
A40-164645/2012

	19.07.2013 - Legal debt collection procedure Remark: A55-15443/2013
	27.11.2013 - Legal debt collection procedure Remark: A55-26799/2013

	15.10.2014 - Legal debt collection procedure Remark: A55-24552/2014
	20.01.2015 - Legal debt collection procedure Remark: A55-771/2015

Remarks

According to the information from official web site, OAO "TYAZHMASH" is a part of Group of companies “TYAZHMASH” which was founded as a soviet factory in 1941 and is currently one of the largest industrial group in Russia. OAO "TYAZHMASH" develops and manufactures crushing and milling equipment, fuel and conveying equipment, equipment for nuclear power plants and ground cosmodrome's complex.
OAO "TYAZHMASH" has the following licenses:
№ 63.STS.06.002.L 000089.08.06 - Activities in the field of ionizing radiation sources – valid till: 19.08.2016;
№ 3-А/00089 - Activities in the field of prevention and extinguishing of fires - valid till: not limited.
Since 16 May, 2014 the register of shareholders of company is held by a private non-state registrar - ZAO “Registratorskoe Obshestvo “STATUS” (INN: 7707179242). Due to this fact information about shareholders of company is closed and is not updated in the state register. List of shareholders of OAO "TYAZHMASH" provided in this report was formed according to information from the list of affiliated persons the company has disclosed by 30.09.2015.
During the phone call the representative informed, that industrial premises are owned by the company. The total space is more than 250 square meters.
According to the research, the affiliation of the company through managing director, Andrey Fedorovich Trifonov, was found with following legal entities:
- ZAO "PROMTYAZHMASHINZHINIRING" - INN: 7716200035, g Moskva. Andrey Fedorovich Trifonov is the owner of 20% of share capital of this company.
- ZAO "PROMENERGOKOMPLEKT" - INN: 7702032207, Respublika Altay, g Gorno-Altaysk. Andrey Fedorovich Trifonov is the owner of 22,5 % of share capital of this company.
OAO "TYAZHMASH" had state contracts on the total sum:
In 2012: 685 400 RUB.
OAO "TYAZHMASH" participated in court cases as claimant and collected:
In 2015: 246 976,36 RUB;
In 2014: 3 364 807,51 USD and 717 269,21 RUB;
In 2013: 86 719 485 RUB;
In 2012: 65 689 641 RUB.

POVOLZHSKIY BANK SBERBANKA RF:
Central address: RU SAMARA, UL.NOVO-SADOVAYA,305
Account number: 40702810754050101226

ZAO YUNIKREDIT BANK:
Central address: RU MOSKVA, PRECHISTENSKAYA NAB.,9
Account number: 40702810300331418486
Account number: 40702810800010357387

ROSBANK:
Central address: RU NIZHNIY NOV�, UL.NOVAYA,17-B
Account number: 40702810225000000096

GPB (OAO):
Central address: RU MOSKVA, UL.NAMETKINA,16-1
Account number: 40702810900370000037

A. The enclosed balance of 2012 is originated from official source, no data available about authentication. (31.12.2012 - 1000 RUB) - Warning! The figures stated in the balance sheet may contain error(s).
B. The enclosed balance of 2013 is originated from official source, no data available about authentication. (31.12.2013 - 1000 RUB) - Warning! The figures stated in the balance sheet may contain error(s).
C. The enclosed balance of 2014 is originated from official source, no data available about authentication. (31.12.2014 - 1000 RUB) - Warning! The figures stated in the balance sheet may contain error(s).

Financials

balance	A 31.12.2012	B 31.12.2013	C 31.12.2014
1. ASSETS
I. FIXED ASSETS
Intangible assets	49 259	43 104	36 950
The results of research and development	0	0	0
Intangible research assets	0	0	0
Tangible research assets	0	0	0
Fixed assets	1 490 218	2 089 093	2 129 016
Profitable investments in tangible assets	0	0	0
Financial investments	833 534	833 519	833 499
Deferred tax assets	0	0	25 914
Other non-current assets	793 191	269 205	0
TOTAL IN SECTION I.	3 166 202	3 234 921	3 025 379
II. CURRENT ASSETS
Inventories	3 323 165	3 475 687	3 414 938
VAT on acquired assets	21 263	17 091	16 175
Accounts receivable	4 411 930	4 677 399	5 234 681
Financial investments (excluding the monetary equivalent)	683 571	598 184	612 328
Cash and monetary equivalents	425 900	1 717 742	1 220 775
Other current assets	731 076	14 724	94 694
TOTAL IN SECTION II.	9 596 905	10 500 827	10 593 591
BALANCE	12 763 107	13 735 748	13 618 970
2. LIABILITIES
III. CAPITAL AND RESERVES
Authorized capital (share capital, charter capital, deposits capital, partners capital)	268 320	268 320	268 320
Treasury stock	0	0	0
Revaluation of fixed assets	0	126 836	125 555
Additional capital (without revaluation)	508 920	381 961	382 848
Reserve capital	40 248	40 248	40 248
Retained earnings (uncovered loss)	1 951 240	2 875 995	2 870 313
TOTAL IN SECTION III.	2 768 728	3 693 360	3 687 284
IV. LONG-TERM LIABILITIES
Borrowed funds	537 623	465 093	704 873
Deferred tax liabilities	326 488	494 427	644 470
Provisions	0	0	0
Other liabilities	0	0	0
TOTAL IN SECTION IV.	864 111	959 520	1 349 343
V. SHORT-TERM LIABILITIES
Borrowed funds	1 954 352	27 679	974 795
Payables	7 149 323	8 937 135	7 423 308
Deferred income	51	51	1 203
Provisions	26 542	118 003	183 037
Sonstige Verbindlichkeiten	0	0	0
TOTAL IN SECTION V.	9 130 268	9 082 868	8 582 343
BALANCE	12 763 107	13 735 748	13 618 970
A. The enclosed profit and loss account of 2012 is originated from official source, no data available about authentication. (31.12.2012 - 1000 RUB) B. The enclosed profit and loss account of 2013 is originated from official source, no data available about authentication. (31.12.2013 - 1000 RUB) C. The enclosed profit and loss account of 2014 is originated from official source, no data available about authentication. (31.12.2014 - 1000 RUB)

profit and loss account	A 31.12.2012	B 31.12.2013	C 31.12.2014
Turnover	6 120 448	9 805 929	10 411 796
Cost of sales	3 988 921	5 330 610	5 907 510
Gross profit (loss)	2 131 527	4 475 319	4 504 286
Selling expenses	200 891	194 952	190 971
Administrative expenses	1 456 774	1 614 199	1 743 013
Sales profit (loss)	473 862	2 666 168	2 570 302
Earnings from other entities	0	0	0
Interest receivable	54 535	56 966	120 742
Interest payable	115 833	48 374	44 072
Other operating income	1 248 880	2 549 525	1 745 761
Other operating expenses	1 283 683	2 826 719	2 415 308
Profit (loss) before tax	377 761	2 397 566	1 977 425
Current profit tax	31 888	293 944	255 108
Permanent tax liabilities (assets)	10 204	17 630	16 248
Change in deferred tax liabilities	53 869	167 939	150 043
Change in deferred tax assets	0	0	25 914
Different	0	16 260	33
Net profit (loss)	292 004	1 919 423	1 598 155
Results of fixed assets revaluation, non-includedin net profit/loss for period	3 705	1 173	1 280
Result of other transactions, non included in net profit/loss for period	-183 947	0	0
Total financial result for period	111 762	1 920 596	1 599 435
A. The enclosed balance of 2015 is originated from official source, it is authenticated by the auditor . (30.06.2015 - 1000 RUB) - Warning! The figures stated in the balance sheet may contain error(s).

balance	A 30.06.2015	B	C
1. ASSETS
I. FIXED ASSETS
Intangible assets	34 598
The results of research and development	0
Intangible research assets	0
Tangible research assets	0
Fixed assets	2 066 641
Profitable investments in tangible assets	0
Financial investments	833 915
Deferred tax assets	35 363
Other non-current assets	262 950
TOTAL IN SECTION I.	3 233 467
II. CURRENT ASSETS
Inventories	5 015 224
VAT on acquired assets	10 967
Accounts receivable	5 044 923
Financial investments (excluding the monetary equivalent)	1 475 152
Cash and monetary equivalents	2 810 243
Other current assets	6 298
TOTAL IN SECTION II.	14 362 807
BALANCE	17 596 274
2. LIABILITIES
III. CAPITAL AND RESERVES
Authorized capital (share capital, charter capital, deposits capital, partners capital)	268 320
Treasury stock	0
Revaluation of fixed assets	125 066
Additional capital (without revaluation)	387 913
Reserve capital	40 248
Retained earnings (uncovered loss)	3 426 202
TOTAL IN SECTION III.	4 247 749
IV. LONG-TERM LIABILITIES
Borrowed funds	563 580
Deferred tax liabilities	795 329
Provisions	0
Other liabilities	0
TOTAL IN SECTION IV.	1 358 909
V. SHORT-TERM LIABILITIES
Borrowed funds	455 328
Payables	11 325 450
Deferred income	883
Provisions	207 955
Sonstige Verbindlichkeiten	0
TOTAL IN SECTION V.	11 989 616
BALANCE	17 596 274
A. The enclosed profit and loss account of 2015 is originated from official source, it is authenticated by the auditor . (30.06.2015 - 1000 RUB)

profit and loss account	A 30.06.2015	B	C
Turnover	2 389 852
Cost of sales	1 589 346
Gross profit (loss)	800 506
Selling expenses	118 806
Administrative expenses	894 356
Sales profit (loss)	-212 656
Earnings from other entities	0
Interest receivable	170 804
Interest payable	61 673
Other operating income	2 495 960
Other operating expenses	1 690 324
Profit (loss) before tax	702 021
Current profit tax	5 606
Permanent tax liabilities (assets)	6 612
Change in deferred tax liabilities	150 859
Change in deferred tax assets	9 449
Different	-47
Net profit (loss)	554 958
Results of fixed assets revaluation, non-includedin net profit/loss for period	0
Result of other transactions, non included in net profit/loss for period	0
Total financial result for period	554 958

Ratios

Ratios		2012	2013	2014
	Current ratio	1,05	1,16	1,23

	Quick ratio	0,69	0,77	0,84
	Average Collection Period	259	169	174

	Payables turnover Period	643	551	505
	Debt ratio	0,78	0,73	0,73

	Equity to total assets ratio	0,22	0,27	0,27
	Funding ratio	0,28	0,37	0,37

	Return on sales	4,77	19,57	15,35
	Return on Assets	2,37	14,49	11,68

Return on Equity

10,76

59,41

43,31

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.99.61
Euro	1	Rs.70.67
RUB	1	Rs. 0.99

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	ASH

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.