MIRA INFORM REPORT

Report No. :	322493
Report Date :	26.05.2015

IDENTIFICATION DETAILS

Name :	O'ZBEKISTON NASHRIYOT-MATBAA IJODIY UYI GUP

Registered Office :	Navoi Street 30, Shaykhantaurskiy District, Tashkent 100129

Country :	Uzbekistan

Date of Incorporation :	04.08.2004

Legal Form :	State Unitary Enterprise

Line of Business :	Subject provides the following printing services : - Complete preparation of the edition for printing (a set, imposition, editing, design); - Until-Press preparation; - Flat and role full colour offset printing; - After-Press processes (binding, finishing); - Addressing a film; - Varnishing; - Carving labels; - Cardboard packing of any difficult configuration; - The paper-clean goods; - Brochures; - Booklets; - Prospectuses; - Advertising; - Certificates of honour, diplomas, reading and writing; - Thanks, the arms, hymns; - Posters, posters, cards, invitations, sets of cards; - Books for record of culinary recipes; - Calendars; - Account books; - Medical cards, certificates; - Folders; - Writing-books, diaries; - The consumer goods; - Packing for home appliances; - Packing for spare parts; - Packing for medical preparations and instruments; - Packing for footwear; - A colour paper; - Operative Printing; - After-Print Services; - Coloured offset printing; - Pre-printing preparation.

No. of Employees :	674

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 :	SUM 1,300,000,000

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Uzbekistan

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

UZBEKISTAN - ECONOMIC OVERVIEW

Uzbekistan is a dry, landlocked country; more than 60% of the population lives in densely populated rural communities. Export of natural gas, gold and cotton provides a significant share of foreign exchange earnings. Despite ongoing efforts to diversify crops, Uzbekistani agriculture remains largely centered around cotton; Uzbekistan is now the world's fifth largest cotton exporter and sixth largest producer. The country is beginning to enforce a ban on the use of child labor in its cotton harvest and is trying to address international criticism for its previous use of this practice. Following independence in September 1991, the government sought to prop up its Soviet-style command economy with subsidies and tight controls on production and prices. A sharp increase in the inequality of income distribution has hurt the lower ranks of society since independence. While aware of the need to improve the investment climate, the government continues to intervene in the business sector and has not addressed the impediments to foreign investment in the country. In 2003, the government accepted Article VIII obligations under the IMF, providing for full currency convertibility. However, strict currency controls and tightening of borders have lessened the effects of convertibility and have also led to some shortages that have further stifled economic activity. The Central Bank often delays or restricts convertibility, especially for consumer goods. Uzbekistan's growth has been driven primarily by state-led investments and a favorable export environment. In the past Uzbekistani authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbekistani laws and have frozen and even seized their assets. At the same time, the Uzbekistani Government has actively courted several major US and international corporations, offering financing and tax advantages. Diminishing foreign investment and difficulties transporting goods across borders further challenge Uzbekistan’s economy though it recently has intensified economic ties to Beijing. Tashkent began exporting natural gas to China and Chinese investments in the country have substantially increased.

Source : CIA

Company name and address

O'ZBEKISTON NASHRIYOT-MATBAA IJODIY UYI GUP (CORRECT)

PUBLISHING AND PRINTING CREATIVE HOUSE ZBEKISTON (REQUESTED)

ADDRESS

Street : Navoi Street 30

Area : Shaykhantaurskiy District

Town : Tashkent 100129

Country : Uzbekistan

Telephone : (998 71) 244 3401 / 244 3781 / 244 3810 (Managing Director) / 244 5404 (1^st Deputy Managing Director) / 244 2175 / 244 8742 (Chief Accountant) / 244 2036 (Khusan Allaveddinov)

Fax : (998 71) 244 3781

E-Mail : fea@iptd-uzbekistan.uz /

isadjanov@iptd-uzbekistan.uz / fea@iptd-uzbekistan.uz

Website : www.iptd-uzbekistan.uz

Extended Name : O'zbekiston Nashriyot-Matbaa Ijodiy Uyi Gosudarstvenno Unitarnoye Predpryatye

English Translation : The Press-Polygraph Creative House O'zbekiston State Unitary Enterprise

Also known as : IPDT O'zbekiston / O'zbekiston Nashriyot-Matbaa Ijodiy Uyi DK / Izdatelsko-Poligraficheskiy Tvorcheskiy Dom O'zbekiston

SENIOR COMPANY PERSONNEL

Name Position

1. Zair Tursunbaevich Isadjanov Managing Director

2. Mukhammadzhon Parpievich Zaytaev 1^st Deputy Managing Director /

Production

3. Mansur Zakirovich Sabirov Deputy Managing Director /

Procurement and General

4. Oybek Imamnazarovich Gayupov Deputy Managing Director /

Economic

5. Azimboy Yuldashevich Boboniesov Chief Editor

6. Olim Raximbaevich Meliev Chief Engineer

7. Elvira Fazliyeva Chief Accountant

8. Khusan Allaveddinov International Relations

Manager

Total Employees : 674

PAYMENTS

No complaints have been heard regarding payments from local suppliers or banks.

Subject is a state owned company responsible to the Uzbekskoe Agentstvo Po Pechati i Informatsii.

We consider it is acceptable to deal with subject for LARGE amounts,

although it is normal accepted practice for international suppliers to deal on secured terms with Uzbekistani importers.

Opinion on maximum credit : SUM 1,300,000,000 (higher amounts

if required may be considered with

governmental guarantees)

Trade risk assessment: Normal

PRINCIPAL BANKERS

NAME : NATIONAL BANK FOR FOREIGN ECONOMIC ACTIVITY OF UZBEKISTAN

Branch : Tashkent Region Branch, Taras Schevchenko Street 29

Town : Tashkent

Telephone: (998 71) 152 7020 / 152 7732

Fax : (998 71) 152 7721

Acc. No. : 20210840604347355001

SWIFT Code : NBFAUZ2X

Subject also has an account with :

Capitalbank JSC

Matbuotchilar Street 32

Tashkent 100000

Telephone: (998 71) 132 0703 / 132 0704

Fax : (998 71) 132 0703

Subject formerly had an account with :

Bank Ipak Yuli

Farkhadskaya 12A

Tashkent 100135

Telephone: (998 71) 220 0009 / 220 3899 / 216 1991

Fax : (998 71) 220 3886

FINANCIAL INFORMATION

State companies in Uzbekistan are not required to publish or disclose balance sheets. However, the subject interviewed offered

the following information :

Sales Turnover : SUM 30,000,000,000 - 2012 - exact

: SUM 48,900,000,000 - 2013 – exact

: SUM 63,400,000,000 - 2014 – exact

Net Profit : SUM 2,300,000,000 - 2013 – exact

: not given - 2014 – exact

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 4 August 2004

History : The subject company was established in Uzbekistan on 4 August 2004 on the basis of publishing houses "Uzbekistan", "Mehnat", "Uzblanknashr" and the Tashkent Polygraphic Industrial Complex. However, origins of its activities can be traced back to 1925.

C.R. No. : 344-09

Tax No.: INN 205188294 (issue date : 05/08/2004)

Statistics Code : OKPO 19745843

Activity Code : OKONKh 19400

Authorised Capital : SUM 2,300,000,000

Paid-Up Capital : SUM 2,300,000,000

Gosudarstvenno Unitarnoye Predpryatye (State Unitary Enterprise) responsible to the Uzbekskoe Agentstvo Po Pechati i Informatsii.

Affiliated companies of O'zbekiston Nashriyot-Matbaa Ijodiy Uyi GUP :

Associates

1. O'qituvchi Nashriyot-Matbaa Ijodiy Uyi GUP

Yangi-Shakhar Street 1

Yunusabadskiy District

Tashkent 100200

Telephone : (998 71) 224 0561

Fax : (998 71) 244 2689 / 224 0561

E-Mail : info@oqituvchi.uz

Est.: 9 August 2004

C.R. No. : 352-09

Tax No.: INN 205190974

Statistics Code : OKPO 19746044

Activity Code : OKONKh 19400

Capital : SUM 705,000,000

2. Gafur Gulom Nomidagi Nashriyot-Matbaa Ijodiy Uyi GUP

Shayhontahurskaya Street 86

Shaykhantaurskiy District

Tashkent 100128

Telephone : (998 71) 241 3547 / 241 1612

Fax : (998 71) 241 8269

Est.: 11 April 1994

C.R. No. : 42

Tax No.: INN 200935397 (issue date : 03/05/1995)

Statistics Code : OKPO 04424056

Activity Code : OKONKh 19400

Capital : SUM 80,000,000

3. O’zbekiston Milliy Entsiklopediyasi GNI

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

Tel/Fax : (998 71) 244 2491

E-mail: uzme@ensiklopediya.uz

4. IPTD Chulpon

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

Telephone : (998 71) 244 1045

Fax : (998 71) 244 3094

5. Gazeta Sog’lom Avlod

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

Telephone : (998 71) 244 2485 / 244 2725.

Fax : (998 71) 244 2485

6. Gazeta Tong Yulduzi

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

Telephone : (998 71) 244 6308

Fax : (998 71) 244 6308

E-Mail : tong1924@mail.ru

7. Gazeta Kitob Duniosi

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

8. Gazeta Klass

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

Telephone : (998 71) 244 3681

Fax : (998 71) 244 3724

E-Mail : klass_children@rambler.ru

9. Zhurnal Gulkhan

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

Telephone : (998 71) 244 9438

10.Zhurnal Guncha

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

Telephone : (998 71) 244 9439

Fax : (998 71) 244 9439

E-Mail : guncha_2010@bk.ru

ACTIVITIES

The Company is involved in the following activities :

Owners and operators of a printing and publishing house.

Subject provides the following printing services :

- Complete preparation of the edition for printing (a set,

imposition, editing, design);

- Until-Press preparation;

- Flat and role full colour offset printing;

- After-Press processes (binding, finishing);

- Addressing a film;

- Varnishing;

- Carving labels;

- Cardboard packing of any difficult configuration;

- The paper-clean goods;

- Brochures;

- Booklets;

- Prospectuses;

- Advertising;

- Certificates of honour, diplomas, reading and writing;

- Thanks, the arms, hymns;

- Posters, posters, cards, invitations, sets of cards;

- Books for record of culinary recipes;

- Calendars;

- Account books;

- Medical cards, certificates;

- Folders;

- Writing-books, diaries;

- The consumer goods;

- Packing for home appliances;

- Packing for spare parts;

- Packing for medical preparations and instruments;

- Packing for footwear;

- A colour paper;

- Operative Printing;

- After-Print Services;

- Coloured offset printing;

- Pre-printing preparation.

NACE Code : 5811 / 5812 / 5819 / 1812

Imports from Europe, Turkey, Estonia, Germany, Sweden, UK, Finland and Russia.

Subject does not export, all sales are domestic.

FACILITIES

The Company has the following facilities :

State owned premises (22,500 sq. m.) comprising administrative offices, a printing house and storage facilities located at the heading address.

REGISTERED OFFICE

Navoi Street 30

Shaykhantaurskiy District

Tashkent 100129

SPECIAL NOTE

You enquired on: PUBLISHING AND PRINTING CREATIVE HOUSE ZBEKISTON. Please note that the correct name is as per heading.

Interviewed: Khusan Allaveddinov (International Relations Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.62
UK Pound	1	Rs.98.51
Euro	1	Rs.69.93

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.