MIRA INFORM REPORT

Report No. :	322769
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	OOO "DELER NEYCHREL FUD END BEVERIDZH INGREDIENTS"

Registered Office :	Krasnopolyanskoe Shosse D 4, 141734 G Lobnya

Country :	Russia

Financials (as on) :	31.12.2013

Date of Incorporation :	29.12.1994

Com. Reg. No.:	1027739375212

Legal Form :	Limited liability companies

Line of Business :	Manufacture of other food products Freight transport by road Storage and warehousing Letting of own property

No. of Employees :	150 (2012)

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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. Slowly declining oil prices over the past few years and difficulty attracting foreign direct investment have contributed to a noticeable slowdown in GDP growth rates. In late 2013, the Russian Economic Development Ministry reduced its growth forecast through 2030 to an average of only 2.5% per year, down from its previous forecast of 4.0 to 4.2%. In 2014, following Russia's military intervention in Ukraine, economic growth declined further, with expectations that GDP growth in 2015 could drop below zero if world oil prices continue to fall. The Russian ruble lost about half of its value in the second half of 2014 and remains volatile, contributing to increased capital outflows.

Source : CIA

Company name and address

OOO "DELER NF I BI"

Krasnopolyanskoe shosse d 4,
141734 g Lobnya

Tel: 74952238626
Telefax: 74952238625
E-Mail: mailbox@doehler.ru
Web: www.ru.doehler.com

Company development

Constant company development.

(31)

Business course	Satisfactory order situation.	(31)
Terms of payment	As far as know, punctually.	(29)

Business connection

Business connection appears permissable.

(31)

Legal form	Limited liability companies (OOO)
Established on	29/12/1994 - Limited liability companies (OOO)

Registered on	14/10/2002, Mezhrayonnaya inspektsiya Ministerstva Rossiyskoy Federatsii po nalogam i sboram № 39 po g Moskve, RegNr.: 1027739375212 Tax number: 7704030318 Statistical number: 40610205
Registered capital		RUB	525 000 000,-

Owner	OOO DELER GMBKH DE	%	100
Sole Executive Body	VADIM VALENTINOVICH ZAPEVALOV Managing director

General data	Main activity: Other wholesale trade	(51.70)
	Full name: OOO "DELER NEYCHREL FUD END BEVERIDZH INGREDIENTS"

	Name in foreign language: "DOLER NF & BI"
	Short name: OOO "Deler NF i BI"


	Residence address: Krasnopolyanskoe shosse d 4, 141734 g Lobnya Tel: 74952238626 Telefax: 74952238625 E-Mail: mailbox@doehler.ru Web: www.ru.doehler.com

	Plant, factory address: Krasnopolyanskoe shosse d 4, 141730 g Lobnya
Other activities

	:
	Manufacture of other food products n.e.c.	(15.89)

	Freight transport by road	(60.24)
	Storage and warehousing	(63.12)

	Letting of own property		(70.20.2)
Employees	2012	150 employees

Annual turnover	31/12/2006	Enterprise turnover	RUB	606 138 000,-
	31/12/2007	Enterprise turnover	RUB	1 026 932 000,-

	31/12/2008	Enterprise turnover	RUB	1 513 467 000,-
	31/12/2009	Enterprise turnover	RUB	1 514 451 000,-

	31/12/2010	Enterprise turnover	RUB	1 561 107 000,-
	31/12/2011	Enterprise turnover	RUB	1 523 239 000,-

	31/12/2012	Enterprise turnover	RUB	1 549 996 000,-
	31/12/2013	Enterprise turnover	RUB	2 334 414 000,-

Remarks

OOO «Deler NF I BI» (INN 7704030318) is included in Doehler Group. The company is a producer, marketer and provider of natural ingredients, ingredient systems and integrated solutions for the food and beverage industry.
Affiliated companies:
- OOO «Deler-Povolge» (INN 6319083933);
- OOO «Deler-Kuban» (INN 2309071120);
- OOO «DELER» (INN 5025023200);
- OOO «Deler-Irkutsk» (INN 3811065565);
- ООО «Deler-Ural» (INN 6664077604);
- OOO «Deler-Sibir» (INN 5404165230).
No affiliation was revealed through the managing director of the subject with other companies.
OOO «Deler NF I BI» carries on cooperation with partners: OOO «TD Aerosvit» (INN 7718601096), OOO Kommercheskiy Bank «SOCEKONOMBANK» (INN 7715011839), OOO «Usluga pereezd» (INN 7733646790), OOO «Profil-Evro» (INN 7736042595) and others.
OOO «Deler NF I BI» participated in several cases and collected the following amount of debt:
In 2014: 8 702 322, 39 RUB;
In 2013: 5 102 008, 83 RUB.
The company had one state contract on the total sum:
In 2011: 967 333 RUB.
According to the information, disclosed by the Federal Tax Service, OOO «Deler NF I BI» does not have tax arrears, the company is not going to be excluded from the state register as non-active.
According to the information, disclosed by the Pension Fund of Russian Federation, OOO «Deler NF I BI» does not have delays in social payments.
According to the information, disclosed by the Federal Labor Service, OOO «Deler NF I BI» does not plan to attract foreign employees.
OOO «Deler NF I BI» is not in the list of default debtors, the Register of unfair suppliers, the blacklist of Russians companies.
The management of the company is not in the list of default debtors, the register of disqualified persons, the blacklist of Russian Private Persons.

A. The enclosed balance of 2011 is originated from official source, no data available about authentication. (31.12.2011 - 1000 RUB) - Warning! The figures stated in the balance sheet may contain error(s).
B. 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).
C. 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).

FINANCIAL

balance	A 31.12.2011	B 31.12.2012	C 31.12.2013
1. ASSETS
I. FIXED ASSETS
Intangible assets	0	0	2 283
The results of research and development	0	0	0
Intangible research assets	0	0	0
Tangible research assets	0	0	0
Fixed assets	743 319	795 855	760 534
Profitable investments in tangible assets	13 290	13 290	196
Financial investments	21 449	34 654	39 370
Deferred tax assets	61	9 906	9 922
Other non-current assets	86 992	2 528	2 637
TOTAL IN SECTION I.	865 111	856 233	814 942
II. CURRENT ASSETS
Inventories	304 793	361 097	412 063
VAT on acquired assets	1 490	1 350	998
Accounts receivable	467 732	467 289	705 196
Financial investments (excluding the monetary equivalent)	0	0	0
Cash and monetary equivalents	13 245	26 433	45 482
Other current assets	107	0	0
TOTAL IN SECTION II.	787 367	856 169	1 163 739
BALANCE	1 652 478	1 712 402	1 978 681
2. LIABILITIES
III. CAPITAL AND RESERVES
Authorized capital (share capital, charter capital, deposits capital, partners capital)	525 000	525 000	525 000
Treasury stock	0	0	0
Revaluation of fixed assets	0	0	0
Additional capital (without revaluation)	22 629	22 628	22 628
Reserve capital	12	12	12
Retained earnings (uncovered loss)	116 368	224 346	176 836
TOTAL IN SECTION III.	664 009	771 986	724 476
IV. LONG-TERM LIABILITIES
Borrowed funds	374 636	201 142	629 578
Deferred tax liabilities	1 330	2 953	3 278
Provisions	0	0	0
Other liabilities	0	52 455	42 909
TOTAL IN SECTION IV.	375 966	256 550	675 765
V. SHORT-TERM LIABILITIES
Borrowed funds	0	0	0
Payables	600 631	683 766	578 440
Deferred income	0	0	0
Provisions	0	0	0
Sonstige Verbindlichkeiten	11 872	100	0
TOTAL IN SECTION V.	612 503	683 866	578 440
BALANCE	1 652 478	1 712 402	1 978 681
A. The enclosed profit and loss account of 2011 is originated from official source, no data available about authentication. (31.12.2011 - 1000 RUB) B. The enclosed profit and loss account of 2012 is originated from official source, no data available about authentication. (31.12.2012 - 1000 RUB) C. The enclosed profit and loss account of 2013 is originated from official source, no data available about authentication. (31.12.2013 - 1000 RUB)

profit and loss account	A 31.12.2011	B 31.12.2012	C 31.12.2013
Turnover	1 523 239	1 549 996	2 334 414
Cost of sales	1 109 371	1 097 907	1 812 978
Gross profit (loss)	413 868	452 089	521 436
Selling expenses	296 639	305 652	332 920
Administrative expenses	0	0	0
Sales profit (loss)	117 229	146 437	188 516
Earnings from other entities	0	0	0
Interest receivable	0	0	0
Interest payable	34 617	18 852	13 970
Other operating income	458 628	231 260	159 709
Other operating expenses	353 660	250 744	351 934
Profit (loss) before tax	187 580	108 101	-17 679
Current profit tax	45 700	37 763	12 968
Permanent tax liabilities (assets)	53 399	4 675	12 725
Change in deferred tax liabilities	0	0	325
Change in deferred tax assets	12 046	11 468	15
Different	0	0	0
Net profit (loss)	153 926	81 806	-30 957
Results of fixed assets revaluation, non-includedin net profit/loss for period	0	0	0
Result of other transactions, non included in net profit/loss for period	0	0	0
Total financial result for period	153 926	81 806	-30 957

Ratios		2011	2012	2013
	Current ratio	1,29	1,25	2,01

	Quick ratio	0,79	0,72	1,3
	Average Collection Period	115	110	91,66

	Payables turnover Period	176	213	127
	Debt ratio	0,6	0,55	0,63

	Equity to total assets ratio	0,4	0,45	0,37
	Funding ratio	0,67	0,82	0,58

	Return on sales	10,11	5,28	-1,33
	Return on Assets	9,49	4,86	-1,68

Return on Equity

27,46

11,39

-4,14

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

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.

MIRA INFORM REPORT

Company name and address

Remarks

FINANCIAL

Unit