MIRA INFORM REPORT

Report No. :	331990
Report Date :	23.07.2015

IDENTIFICATION DETAILS

Name :	FARMAK, PJSC
Formerly Known As :	VIDKRYTE AKTSIONERNE TOVARYSTVO FARMAK
Registered Office :	63 Frunze Str., Kiev, 04080
Country :	Ukraine
Financials (as on) :	30.06.2014
Date of Incorporation :	04.06.1996
Com. Reg. No.:	00481198
Legal Form :	PAT (Public Joint-Stock Company by Ukrainian Law)
Line of Business :	Company's main activity is production, wholesale and retail trade in drugs and medicines, pharmaceutical preparations
No. of Employees :	2000

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 :	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)
Ukraine

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. Russia’s seizure of the Crimean Peninsula has created uncertainty as to the annual rate of growth of the Ukrainian economy in 2014.

Source : CIA

Identification

Full Name

:

Publichne Aktsionerne Tovarystvo FARMAK

Name in English

:

FARMAK, PJSC

Name in national language

:

Публічне Акціонерне Товариство ФАРМАК

Previous Names

:

-	Vidkryte Aktsionerne Tovarystvo FARMAK

Office Address

:

63 Frunze str., Kiev, 04080, Ukraine

Legal Address

:

63 Frunze str., Kiev, 04080, Ukraine

Other Addresses

:

Previous legal address

74 Frunze str., Kiev, 01001, Ukraine

( the data cancelled since 02.03.1999 )

Contacts

:

-	Phone	:	(+38 044) 2391940, 4968713, 4176449, 4968778
-	mobile tel.	:	(+38 067) 4649243
	The phone number belongs to Ms Irina Pechenyuk, specialist of development contract projects depertment.
-	Fax	:	(+38 044) 4171055, 4176449, 4968778
-	E-mail	:	farmak@farmak.ua, i.pecheniuk@farmak.ua
-	WWW	:	www.farmak.ua

SUMMARY

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

Incorporation : 1996

Staff : 2 000

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

Sales :	1 036 130.00 th UAH ( for 6 months, ended 30.06.2014 )
	1 942 720.00 th UAH ( for 12 months, ended 31.12.2013 )

Incorporation

:

1996

Registration Data

Date of registration

:

04.06.1996

Registration number

:

00481198

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

4811926650

Registr. place

:

Ukraine

Date of VAT Payer registration: 28.06.1997

Legal Form

:

PAT (Public Joint-Stock Company by Ukrainian Law)

since 04.06.1996

Share Capital

:

36 366 000 UAH (registered)

since 13.10.2011

Shareholders

:

-

1327 shareholders due to register

100.00 %

The information on the shareholders is not available at the official sources. Due to the company’s legal form (JSC) the list of shareholders is kept by the Registrar with the restricted public access. Mass-media data as at 1st quarter 2015 the principal shareholders of FARMAK, PJSC according to followed depository institutions: 1. According to depository institution PJSC "OTP Bank" (registration code: 21685166) the main shareholder of FARMAK, PJSC is FARMAK GROUP N.V. (regestration code, Netherlands, 59353538) - share 25.0000% 2. According to depository institution LTD "PROFIT PLUS" (registration code: 25395301) the main shareholder of FARMAK, PJSC is FARMAK GROUP N.V. (regestration code, Netherlands, 59353538) - share 42.5102% 3. According to depository institution PJSC "Raiffeisen Bank Aval" (regestration code: 14305909) the main shareholder of FARMAK, PJSC is FARMAK INTERNATIONAL HOLDING GmbH (regestration code, Austria, FN303303i) - share 11.2783% Source:http://smida.gov.ua/db/owners/00481198/2014/4

Board / Executives

Executives

Finance Director

:

Mrs Smarodina Viktoriya Georgievna (Ukraine)

( the data as of 31.03.2015 )

General Director

:

Mrs Zhebrovskaya Filya Ivanovna (Ukraine)

Technical Director

:

Mr Kostyuk Grigoriy Viktorovich (Ukraine)

( the data as of 31.03.2015 )

Authorised signature

:

Mrs Zhebrovskaya Filya Ivanovna

Changes in Registration Data

- 03.04.2012

:

name

- 13.10.2011

:

share capital

- 25.03.2008

:

share capital

- 21.07.2005

:

share capital

- 02.03.1999

:

legal address, share capital

Activities

:

-	283	Drugs
		(2442 / NACE_1.1: Manufacture of pharmaceutical preparations)
		(2120 / NACE_2: Manufacture of pharmaceutical preparations)
-	512	Drugs, Proprietaries, and Sundries
		(5146 / NACE_1.1: Wholesale of pharmaceutical goods)
		(4646 / NACE_2: Wholesale of pharmaceutical goods)
-	5912	Drug stores and proprietary stores
		(5231 / NACE_1.1: Dispensing chemists)
		(4773 / NACE_2: Dispensing chemist in specialised stores)

Company's main activity is production, wholesale and retail trade in drugs and medicines, pharmaceutical preparations.

Staff employed

:

2 000

( the data as of 31.03.2015 )

Staff History

:

-	2 116
	( the data as of 31.12.2014 )
-	1 000 [E]
	( the data as of 24.12.2012 )
-	1 000 [E]
	( the data as of 17.09.2012 )
-	1 000 [E]
	( the data as of 08.07.2010 )
-	1 351
	( the data as of 31.03.2010 )
-	1 100 [E]
	( the data as of 23.02.2010 )
-	1 351
	( the data as of 31.12.2009 )
-	No official data are available. According to the information received from interview, estimated number of employees are 1220-1230.
	n/a
	( the data as of 15.10.2009 )
-	Mass-media data:
	1 143
	( the data as of 06.05.2008 )
-	Official data:
	1 216
	( the data as of 31.12.2007 )
-	Official data:
	1 224
	( the data as of 01.01.2007 )

Export

- 01.05.2015

:

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

604 857 945.00

Uzbekistan, Kazakhstan, Belarus, Moldova, Russian Federation

- 01.11.2014

:

Fiscal period: 10 month(s), currency: UAH

321 581 419.00

- 01.01.2014

:

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

764 579 377.00

Latvia, Russian Federation, Belarus, Kazakhstan, Lithuania

Import

- 01.06.2015

:

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

390 967 441.00

Germany, Austria, Switzerland, Slovenia, Czechia

- 01.11.2014

:

Fiscal period: 9 month(s), currency: UAH

565 693 670.00

Korea Republic, Germany, Czechia, India, France

- 01.01.2014

:

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

995 646 933.00

Facilities

Real estate

:

own:
-	Land - Land
	value	:	962.01 UAH
-	Buildings - Other buildings
	value	:	436 060.86 UAH
	Buildings and constructions.
-	Premises - Office and production
	address	:	63 Frunze str., Kiev, 04080, Ukraine

Other Property

:

own:
-	FIXED ASSETS - Other fixed assets
	value	:	1 496.67 UAH
-	Equipment - Production
	value	:	432 871.95 UAH
	Machinery and equipment.
-	Other tools & equipment - Other equipment
	value	:	104 737.35 UAH
-	Other tools & equipment - Cars and others motor vehicles
	value	:	60 304.00 UAH

Branches

:

-	Affiliated company (Zatoka settlement, Odessa region, Bilgorod-Dnistrovskit district, Ukraine)
	name	:	Baza Vidpochynku Smuglyanka
	address	:	Platforma Lymanska, Zatoka settlement, Odessa region, Bilgorod-Dnistrovskit district, 67772, Ukraine
	Registration number: 30762446
-	Affiliated company (Kharkiv, Kharkiv region, Ukraine)
	name	:	Farmahim, LTD
	address	:	29 Kashtanova str., Kharkiv, Kharkiv region, 61035, Ukraine

Subsidiaries and Participation

:

-	SP Farmak Varshava (Poland)				26.00 %
		address	:	5-A Nalenchovska str., Warszawa, 02-922, Poland
-	TOV Remfarmservis (Ukraine)				share n/a
		reg. number	:	32311071
		address	:	59 Frunze str., Kiev, 04080, Ukraine

Bankers

:

-	Prominvestbank (Ukraine)
	bank code	:	300012
	account(s)	:	260573017676 UAH
-	UKREKSIMBANK (Ukraine)
	bank code	:	322313
	account(s)	:	260040128163 USD, UAH, EUR, RUB
-	Ukrsotsbank (Ukraine)
	bank code	:	300023
	account(s)	:	26002000017281 EUR, 26003000017280 UAH, 26001000017282 USD

Clients

:

-	Belfarmatsiya (Belarus)
-	O'zbekiston Dori-Ta'minoti (Uzbekistan)
-	Stofarm (Kazakhstan)
-	Tamozhenniy Sklad Transservis (Russian Federation)
-	Tetis International Co. S.R.L. (Moldova)

Ukrainian clients according to the company administration data: BADM, LTD OPTIMA-FARM, JC FRA-M, LTD

Suppliers

:

-	KUNSTSTOFFWERK KREMSMUNSTER GMBH (Austria)
-	Robert Bosch GmBH (Germany)
-	STOLZLE-UNION S.R.O. (Czechia)
-	Selectchemie AG (Switzerland)
-	VITAMED D.O.O. (Slovenia)

Supplier (additional) according to the company administration data: ELI LILLY VOSTOK S.A.

Other associated Companies

:

According to the company administration data: Baza Vidpochynku Smuglyanka; Farmahim, LTD; Sympozyum, LTD; Farmak Varshava, JC (Poland); Farmak International Holding GMBH (Austria); Vital Farma GMBH (Germany)

Litigation

:

According to the data of Bulletin of the State Registration as of 20.07.2015, 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 88 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 06.06.2006 up to 09.06.2015. There is 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	6	12	12
Ended	30.06.2014	31.12.2013	31.12.2012
Currency	UAH th	UAH th	UAH th
Comments			***)
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	28 651.00	25 010.00	21 143.00
- Fixed assets	1 339 458.00	1 218 090.00	1 069 840.00
- Investments in tangible assets
- Financial assets	3 912.00	5 848.00	3 777.00
- Other non-current assets	39 664.00	13 146.00	10 661.00
Non-current assets total	1 411 685.00	1 262 094.00	1 108 798.00
CURRENT ASSETS
- Stock	395 225.00	336 983.00	236 823.00
- Debtors	371 164.00	332 939.00	331 752.00
- Other receivables	32 400.00	9 512.00	7 849.00
- Short-term financial investments			974.00
- Cash	5 932.00	13 376.00	52 093.00
- Other current assets	9 585.00	2 841.00	414.00
Current assets total	814 306.00	695 650.00	629 905.00
Assets total	2 225 991.00	1 957 744.00	1 738 703.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	36 366.00	36 366.00	36 366.00
- Additional capital	21 284.00	21 284.00	21 284.00
- Other capital			-6 503.00
- Reserve capital			0.00
- Retained earnings (Non-covered loss)	1 488 620.00	1 464 183.00	1 045 771.00
Capital and reserves total	1 546 270.00	1 521 833.00	1 110 741.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	168 669.00	97 790.00	33 578.00
- long-term amounts owed to banks	168 669.00	97 790.00	28 290.00
- Other long-term liabilities	10 875.00	7 834.00	2 695.00
Long-term liabilities total	187 557.00	109 238.00	36 273.00
SHORT-TERM LIABILITIES
- Loans and credits	251 574.00	139 779.00	416 812.00
- short-term amounts owed to banks	251 574.00	139 779.00	416 812.00
- Creditors	177 852.00	134 335.00	122 022.00
- trade debts	153 033.00	112 178.00	81 008.00
- accrued payroll	16 958.00	13 458.00	13 507.00
- tax liabilities	7 861.00	8 699.00	26 944.00
- other creditors
- advances received			563.00
- Dividends in arrears
- Accrued income, deferred charges	414.00	420.00	1 250.00
- Other short-term liabilities	48 926.00	51 141.00	51 605.00
Short-term liabilities total	492 164.00	326 673.00	591 689.00
Liabilities total	679 721.00	435 911.00	627 962.00
Equity and liabilities total	2 225 991.00	1 957 744.00	1 738 703.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 036 130.00	1 942 720.00	1 691 761.00
Cost of goods sold	422 203.00	878 071.00	728 360.00
Gross profit	613 927.00	1 064 649.00	963 401.00
Distribution costs	245 595.00	383 871.00	346 179.00
Administrative and management costs	108 606.00	189 361.00	168 634.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests		1 076.00	909.00
Other operating income	14 271.00	23 281.00	16 138.00
Other operating charges	212 392.00	122 630.00	80 647.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-13 981.00	-21 399.00	-30 760.00
Profit before taxation	47 624.00	371 745.00	354 228.00
Income-tax and other similar payments	10 140.00	77 337.00	75 816.00
Profit (loss) from ordinary activity
Extraordinary income less charges			0.00
Net profit	37 484.00	294 408.00	272 722.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.60	19.14	20.94
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	3.08	24.43	31.89
Profit before taxation / Equity
Current assets turnover	1.27	2.79	2.69
Net sales / Current assets
Working capital	322 142.00	368 977.00	38 216.00
Current assets - Short-term liabilities
Leverage	0.69	0.78	0.64
Equity / Total assets
Current ratio	1.65	2.13	1.06
Current assets / Short-term liabilities
Quick ratio	0.85	1.10	0.66
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.44	0.29	0.57
Total liabilities / Equity

***)
Results of automatic check: CONSISTENCY NOTE(S): - "Non-current assets total" (1108798) not equal to sum of items (1105421) - "Capital and reserves total" (1110741) not equal to sum of items (1096918) - "Net profit" (272722) not equal to calculated result (278412)
	The company is registered as a taxpayer at the State Tax Administration.
	According to the company administration data Main indicators of financial and economic activity for 2014 year. 2 716 276 th, UAH - Total assets 1 530 808 th, UAH - Fixed Assets 33 898 th, UAH - Long-term financial investments 458 360 th, UAH - Inventories 597 568 th, UAH - Total receivables 95 642 th, UAH - Cash and cash relevance 1 451 136 th, UAH - Retained earnings 21 284 th, UAH - Equity 36 366 th, UAH - Share capital 259 743 th, UAH - Long-term liabilities 740 893 th, UAH - Current liabilities 206 854 th, UAH - Net income (loss) 7 273 200 th, UAH - Average number of shares (units). 0 th, UAH - Number of own shares repurchased during the period (units). 0 th, UAH - The total amount of money spent on buying its own shares during the year 2 116 th, UAH - Number of employees at end of period

Publications

- 25.03.2015

:

Subject

:

Company's History

The company was founded in 1925 at the Kiev chemical and pharmaceutical plant of Lomonosov. Today JSC Farmak provides 18% of drugs production in Ukraine; is a leader in the export of drugs - more than 20% of production is exported. JSC Farmak supplying medicines in more than 20 countries (Germany, France, Italy, Greece, Turkey, India, Egypt, Russia and other countries of Europe, CIS and Baltic States). Today the product portfolio of over 200 drugs of different therapeutic areas and forms of production. Production JSC Farmak meet international quality standards GMP. Every year appears on the market to 15 new medicines. A number of drugs are made from substances synthesized experts PAT Farmak.

- 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/

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Ms Irina Pechenyuk (specialist of development contract projects depertment) on 17.07.2015 by the phone number: +38 067 4649243. 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. When the additional information comes in we will update the subject report.
Events History	:	Open Joint Stock Company «Farmak» is one of the oldest pharmaceutical companies in Ukraine manufacturing finished medicines and pharmaceutical substances. The company has been established in 1991 on the basis of Kiev Chemical-Pharmaceutical Plant named after M. V. Lomonosov, which started its history with production of synthetic medicines in 1925. Over 80 years of its existence the company has become one of the leading manufacturers of local pharmaceutical industry.

Capital History

- 25.03.2008	:	36 366 UAH (registered)
		( the data as of 25.03.2008, cancelled since 13.10.2011 )
- 21.07.2005	:	36 366 000 UAH (registered)
		( the data as of 21.07.2005, cancelled since 25.03.2008 )
- 02.03.1999	:	7 273 200 UAH (registered)
		( the data as of 02.03.1999, cancelled since 21.07.2005 )
- 04.06.1996	:	4 773 200 UAH (registered)
		( the data as of 04.06.1996, cancelled since 02.03.1999 )
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	1 036 130.00	1 942 720.00
2050 Cost of goods, work, services	422 203.00	878 071.00
2090 Gross profit	613 927.00	1 064 649.00
2095 Gross loss
2120 Other operating income	14 165.00	21 094.00
2130 Administrative and management costs	108 606.00	189 361.00
2150 Distribution costs	245 595.00	383 871.00
2180 Other operating charges	90 937.00	116 844.00
2190 Operating profit	182 954.00	395 667.00
2195 Operating loss
2200 Income from capital participating		1 076.00
2220 Other financial income	6.00	1 166.00
2240 Other income	106.00	2 187.00
2250 Financial charges	13 987.00	22 565.00
2255 Capital participating expenses
2270 Other expenses	121 455.00	5 786.00
2290 Profit before taxation	47 624.00	371 745.00
2295 Loss before taxation
2300 Income-tax	10 140.00	77 337.00
2305 Profit (loss) from discontinued operations after tax
2350 Net profit	37 484.00	294 408.00
2355 Net loss
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1000 Intangible assets	28 651.00	25 010.00
1001 acquisition cost	53 127.00	42 859.00
1002 depreciation	24 476.00	17 849.00
1005 Incomplete investments	336 313.00	191 779.00
1010 Fixed assets	1 003 145.00	1 026 311.00
1011 acquisition cost	1 539 691.00	1 501 638.00
1012 depreciation	536 546.00	475 327.00
1015 Investment property	2 190.00	2 885.00
1020 Long-term biological assets
1030 Long-term financial assets recognized as	404.00	2 341.00
capital participation in other enterprises
1035 Other financial investments	3 508.00	3 507.00
1040 Long-term accounts receivable	1 289.00	2 452.00
1045 Deferred tax assets	36 185.00	7 809.00
1090 Other non-current assets
1095 NON-CURRENT ASSETS TOTAL	1 411 685.00	1 262 094.00
II. CURRENT ASSETS
1100 Stock	395 225.00	336 983.00
1110 Current biological assets
1125 Trade debtors	349 629.00	299 884.00
Accounts receivable
1130 Payments in advance	21 535.00	33 055.00
1135 Budget accounts receivable	23 177.00	6 232.00
1136 - incl, by income tax	428.00	410.00
1155 Other current accounts receivable	9 223.00	3 280.00
1160 Current financial investments
1165 Cash and equivalents	5 932.00	13 376.00
1170 Deferred charges
1190 Other current assets	9 585.00	2 841.00
1195 CURRENT ASSETS TOTAL	814 306.00	695 650.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	2 225 991.00	1 957 744.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	36 366.00	36 366.00
1405 Capital revaluation
1410 Additional contributed capital	21 284.00	21 284.00
1415 Reserve capital
1420 Retained earnings (loss)	1 488 620.00	1 464 183.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)
1495 CAPITAL AND RESERVES TOTAL	1 546 270.00	1 521 833.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities
1510 Long-term amounts owed to credit institutions	168 669.00	97 790.00
1515 Other long-term liabilities	10 249.00	7 004.00
1520 Long-term provisions	626.00	830.00
1525 Targeted funding
1595 TOTAL LONG-TERM LIABILITIES	187 557.00	109 238.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	217 288.00	100 853.00
1610 Short-term portion of long-term liabilities	34 286.00	38 926.00
Accounts payable:
1615 Trade creditors	153 033.00	112 178.00
1620 Budget accounts payable	3 076.00	4 597.00
1621 - incl. income tax		1 658.00
1625 Insurance payments	4 785.00	4 102.00
1630 Accrued payroll	16 958.00	13 458.00
1660 Short-term provisions	41 622.00	45 406.00
1665 Deferred income	414.00	420.00
1690 Other short-term liabilities	7 304.00	5 735.00
1695 SHORT-TERM LIABILITIES TOTAL	492 164.00	326 673.00
1700 IV. LIABILITIES ASSOCIATED WITH
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	2 225 991.00	1 957 744.00

- 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,	1 760 103.00
services
015 VAT tax	1 186.00
020 Excise tax	0.00
025
030 Other compulsory payments	67 156.00
035 Net sales revenue	1 691 761.00
040 Cost of goods, work, services	728 360.00
045 Total production costs
050 Gross profit	963 401.00
055 Gross loss	0.00
060 Other operating income	7 222.00
070 Administrative and management costs	168 634.00
080 Distribution costs	346 179.00
090 Other operating charges	79 178.00
100 Operating profit	376 632.00
105 Operating loss	0.00
110 Income from capital participating	909.00
120 Other financial income	1 017.00
130 Other income	8 916.00
140 Financial charges	31 777.00
150 Capital participating expenses	0.00
160 Other expenses	1 469.00
170 Profit from ordinary activity before taxation	354 228.00
175 Loss from ordinary activity before taxation
180 Ordinary activity Income-tax	75 816.00
190 Profit from ordinary activity	278 412.00
195 Loss from ordinary activity	0.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
215 Minority interests	5 690.00
220 Net profit	272 722.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	604 520.00
240 Payroll costs	263 654.00
250 Allocation to social needs	73 401.00
260 Amortization charges	85 719.00
270 Other operating charges	312 091.00
280 Operating charges total	1 339 985.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	21 143.00
011 acquisition cost	29 727.00
012 depreciation	8 584.00
020 Construction in progress	109 547.00
Fixed assets
030 residual value	960 293.00
031 acquisition cost	1 324 596.00
032 depreciation	364 303.00
Long-term biological assets
035 residual value	0.00
036 acquisition cost	0.00
037 depreciation	0.00
Long-term financial assets
040 Capital participation in other enterprises	1 967.00
045 Other financial investments	1 810.00
050 Long-term accounts receivable	2 910.00
055 Fair (depreciated) value of investment property	3 377.00
060 Deferred tax assets	7 751.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	1 108 798.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	109 133.00
110 Current biological assets	0.00
120 Work in progress	18 789.00
130 Finished goods	107 678.00
140 Goods for resale	1 223.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	300 598.00
161 acquisition cost	309 758.00
162 doubtful debts reserve	9 160.00
Accounts receivable
170 Budget accounts receivable	5 398.00
180 Payments in advance	31 154.00
190 Accrued income	40.00
200 Internal payments	0.00
210 Other current accounts receivable	2 411.00
220 Current financial investments	974.00
Cash at bank and on hands
230 Funds in local currency	39 768.00
231 incl. cash on hands
240 Funds in foreign currencies	12 325.00
250 Other current assets	414.00
260 CURRENT ASSETS TOTAL	629 905.00
270 III. DEFERRED CHARGES
280 ASSETS TOTAL	1 738 703.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	36 366.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	21 284.00
340 Reserve capital	0.00
350 Retained earnings (loss)	1 045 771.00
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	6 503.00
375 Accumulated exchange differences	462.00
380 CAPITAL AND RESERVES TOTAL	1 110 741.00
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
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	28 290.00
450 Other financial liabilities	5 288.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	2 695.00
480 TOTAL LONG-TERM LIABILITIES	36 273.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	352 654.00
510 Short-term portion of long-term liabilities	64 158.00
520 Bills of exchange payable	0.00
530 Trade creditors	81 008.00
Accounts payable:
540 Advance payments	563.00
550 Budget accounts payable	21 797.00
560 Non-budget accounts payable	0.00
570 Insurance payments	5 147.00
580 Accrued payroll	13 507.00
590 Liabilities to shareholders	249.00
600 Internal payments
610 Other short-term liabilities	51 356.00
620 SHORT-TERM LIABILITIES TOTAL	590 439.00
630 V. DEFERRED INCOME	1 250.00
640 EQUITY AND LIABILITIES TOTAL	1 738 703.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.53
UK Pound	1	Rs.99.19
Euro	1	Rs.69.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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.