MIRA INFORM REPORT

Report No. :	343990
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	VESCO, PJSC
Formerly Known As :	ZAKRYTE AKTSIONERNE TOVARYSTVO VESKO
Registered Office :	2 Industrialna str., Druzhkivka city, Donetsk region, 84205
Country :	Ukraine
Financials (as on) :	31.12.2014
Date of Incorporation :	20.04.1994
Com. Reg. No.:	00282049
Legal Form :	PAT (Public Joint-Stock Company by Ukrainian Law)
Line of Business :	Mining of clays and kaolin.
No. of Employee :	1 101 (31.12.2014)

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	C2	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. Outside institutions - particularly the IMF –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. From 2000 until mid-2008, Ukraine's economy was buoyant despite political turmoil between the prime minister and president.

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. In January 2009, after a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia that brought gas prices to "world" levels. The strict terms of the contracts further hobbled Ukraine's cash-strapped state gas company, Naftohaz. 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 a November 2013 decision of President YANUKOVYCH. In response, on 17 December 2013 then 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 created uncertainty as to the annual rate of growth of the Ukrainian economy in 2014.

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.

Contacts

:

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

Summary

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

Incorporation : 1994

Staff : n/a

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

Sales :	1 430 315.00 th UAH ( for 12 months, ended 31.12.2014 )
	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 2-d quarter 2015 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)

( 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
		(1422 / NACE_1.1: Mining of clays and kaolin)
		(0812 / NACE_2: Operation of gravel and sand pits; mining of clays and kaolin)

Mining of clay and kaolin.

Staff employed

:

n/a

There is no current information in the official sources. The company's administration refused to provide this information either.

Staff History

:

-	n/a
	There is no current information in the official sources.
	( the data as of 05.02.2015 )
-	1 101
	( the data as of 31.12.2014 )
-	900 [E]
	( the data as of 06.10.2014 )
-	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

:

none

Import

- 01.06.2015

:

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

31 702 462.00

Korea Republic, Poland

- 01.11.2014

:

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

59 006.00

Poland, Germany

- 01.01.2014

:

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

102 515 941.00

Branches

:

none

Subsidiaries and Participation

:

n/a

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

:

-	LiuGong DRESSTA Machinery Sp.z o.o. (Poland)
-	MASCHINENFABRIK GUSTAV EIRICH GMBH & CO KG (Germany)
-	Volvo Group Korea Co. Ltd (Korea Republic)

Other associated Companies

:

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

PJSC Vesco is a part of UMG group which is a subsidiary of JSC System Capital Management (SCM, Donetsk). SCM Group also includes companies Metinvest Holding, DTEK, Telecommunications group Vega, Multimedia Today, TRC Ukraine, Esta Holding, Ukrainian Retail and others. Source: http://www.cna.ua/ua/news/11984

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 49 court where the subject company is filed as a defendant and claimant in the period from 15.09.2011 up to 12.10.2015. There are no bankruptcy/insolvency filed. These litigation processes arise in the course of company's usual operation.

According to the data of Bulletin of the State Registration as of 12.10.2015, there are no bankruptcy records registered in the name of the subject company.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	12	12	12
Ended	31.12.2014	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	55 311.00	49 472.00
- Fixed assets	214 858.00	199 062.00
- Investments in tangible assets
- Financial assets	7 310.00	7 309.00
- Other non-current assets	12 840.00	15 153.00
Non-current assets total	290 319.00	270 996.00	285 681.00
CURRENT ASSETS
- Stock	172 972.00	91 341.00
- Debtors	316 570.00	186 600.00	202 708.00
- Other receivables	37 819.00	45 306.00
- Short-term financial investments			0.00
- Cash	164 400.00	33 274.00	61 293.00
- Other current assets			0.00
Current assets total	691 761.00	356 521.00	412 150.00
Assets total	982 080.00	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	-2 076.00	15.00	15.00
- Other capital	-43.00	-43.00	-43.00
- Reserve capital
- Retained earnings (Non-covered loss)	692 209.00	425 057.00
Capital and reserves total	747 643.00	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	34 996.00	34 693.00
Long-term liabilities total	34 996.00	51 443.00	239 798.00
SHORT-TERM LIABILITIES
- Loans and credits	33 201.00	34 128.00	9 105.00
- short-term amounts owed to banks	33 201.00	34 128.00	9 105.00
- Creditors	145 732.00	36 673.00
- trade debts	54 464.00	18 784.00
- accrued payroll	2 532.00	12 898.00
- tax liabilities	85 934.00	4 991.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges			0.00
- Other short-term liabilities	20 508.00	22 691.00
Short-term liabilities total	199 441.00	93 492.00	77 400.00
Liabilities total	234 437.00	144 935.00	317 198.00
Equity and liabilities total	982 080.00	627 517.00	697 831.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 430 315.00	715 239.00	718 634.00
Cost of goods sold	269 594.00	225 206.00	240 933.00
Gross profit	1 160 721.00	490 033.00
Distribution costs	414 932.00	277 644.00
Administrative and management costs	32 955.00	31 285.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	322 832.00	118 182.00	62 299.00
Other operating charges	608 061.00	145 368.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-3 420.00	-15 902.00	-22 122.00
Profit before taxation	424 185.00	138 016.00
Income-tax and other similar payments	157 979.00	34 319.00	25 380.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	266 206.00	103 697.00	88 430.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	29.66	19.30
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	56.74	28.60
Profit before taxation / Equity
Current assets turnover	2.07	2.01	1.74
Net sales / Current assets
Working capital	492 320.00	263 029.00	334 750.00
Current assets - Short-term liabilities
Leverage	0.76	0.77	0.55
Equity / Total assets
Current ratio	3.47	3.81	5.32
Current assets / Short-term liabilities
Quick ratio	2.60	2.84
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.31	0.30	0.83
Total liabilities / Equity

The company is registered as a taxpayer at the State Tax Administration.

Publications

- 07.10.2015

:

Subject

:

: https://www.fitchratings.com/site/fitch-home/pressrelease?id=991865

Fitch Ratings-New York/London-06 October 2015: Fitch Ratings has taken the following rating actions on Ukraine: --Long-term foreign currency IDR downgraded to 'RD' (Restricted Default) from 'C'; --Long-term local currency IDR affirmed at 'CCC'; --Short-term foreign currency IDR downgraded to 'RD' from 'C'; --Senior unsecured foreign-currency issue ratings on all outstanding external issues affirmed at 'C'; --Senior unsecured local-currency issue ratings affirmed at 'CCC'; --Senior unsecured foreign-currency issue ratings on all outstanding domestic issues affirmed at 'CCC'; --Country Ceiling affirmed at 'CCC'. KEY RATING DRIVERS The 10-day grace period on Ukraine's USD500m eurobond maturing on 23 September 2015 has elapsed without payment being made. Fitch therefore judges Ukraine to be in default on its sovereign eurobond obligations. On 24 September, Ukraine launched the exchange offer for approximately USD18bn in direct and government-guaranteed eurobonds. Fitch considers that this represents a Distressed Debt Exchange (DDE) under its criteria that results in material losses to bondholders and is being conducted to avoid default. RATING SENSITIVITIES Ukraine's ratings will be upgraded shortly after Fitch determines that the exchange has been successful. The new rating will be consistent with Ukraine's prospective credit profile and debt structure. The Ministry of Finance has said that it plans to conclude the exchange by 27 October. KEY ASSUMPTIONS Fitch assumes that the debt exchange offer announced on 24 September will be implemented.

- 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 Mr Damir (head of sales department) on 12.10.2015 by the tel. number: +38 06267 53708. He confirmed the contact data, address and name of the Company, however, refused to disclose any other information,unless the customer name become available. We sent the letter (of inquiry) to the Company by the e-mail: kudryakovdr@vesco.donetsk.ua, but there was no reply received by now. If we receive additional information we will inform you at once.

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	12	12	12
Ended	31.12.2014	31.12.2013	31.12.2012
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
2000 Net sales revenue	1 430 315.00
2050 Cost of goods, work, services	269 594.00
2090 Gross profit	1 160 721.00
2095 Gross loss
2120 Other operating income	322 298.00
2130 Administrative and management costs	32 955.00
2150 Distribution costs	414 932.00
2180 Other operating charges	156 953.00
2190 Operating profit	878 179.00
2195 Operating loss
2200 Income from capital participating
2220 Other financial income	4 057.00
2240 Other income	534.00
2250 Financial charges	7 477.00
2255 Capital participating expenses
2270 Other expenses	451 108.00
2290 Profit before taxation	424 185.00
2295 Loss before taxation
2300 Income-tax	157 979.00
2305 Profit (loss) from discontinued operations after tax
2350 Net profit	266 206.00
2355 Net loss
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1000 Intangible assets	55 311.00
1001 acquisition cost	58 214.00
1002 depreciation	2 903.00
1005 Incomplete investments
1010 Fixed assets	214 858.00
1011 acquisition cost	381 040.00
1012 depreciation	166 182.00
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
1040 Long-term accounts receivable
1045 Deferred tax assets	3 803.00
1090 Other non-current assets	9 037.00
1095 NON-CURRENT ASSETS TOTAL	290 319.00
II. CURRENT ASSETS
1100 Stock	172 972.00
1110 Current biological assets
1125 Trade debtors	293 634.00
Accounts receivable
1130 Payments in advance	22 433.00
1135 Budget accounts receivable	37 718.00
1136 - incl, by income tax	1 456.00
1140 Payments in advance with accrued income	503.00
1155 Other current accounts receivable	101.00
1160 Current financial investments
1165 Cash and equivalents	164 400.00
1170 Deferred charges
1190 Other current assets
1195 CURRENT ASSETS TOTAL	691 761.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	982 080.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	57 553.00
1405 Capital revaluation	-2 091.00
1410 Additional contributed capital	15.00
1415 Reserve capital
1420 Retained earnings (loss)	692 209.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)	43.00
1495 CAPITAL AND RESERVES TOTAL	747 643.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities
1505 Pension liabilities	1 859.00
1510 Long-term amounts owed to credit institutions
1515 Other long-term liabilities	16.00
1520 Long-term provisions	33 121.00
1525 Targeted funding
1595 TOTAL LONG-TERM LIABILITIES	34 996.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	33 044.00
1610 Short-term portion of long-term liabilities	157.00
Accounts payable:
1615 Trade creditors	54 464.00
1620 Budget accounts payable	84 328.00
1621 - incl. income tax	80 533.00
1625 Insurance payments	1 606.00
1630 Accrued payroll	2 532.00
1635 For advances received	2 802.00
1660 Short-term provisions
1665 Deferred income
1690 Other short-term liabilities	20 508.00
1695 SHORT-TERM LIABILITIES TOTAL	199 441.00
1700 IV. LIABILITIES ASSOCIATED WITH
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	982 080.00

- 31.12.2013

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
2000 Net sales revenue	715 239.00
2050 Cost of goods, work, services	225 206.00
2090 Gross profit	490 033.00
2095 Gross loss
2120 Other operating income	118 146.00
2130 Administrative and management costs	31 285.00
2150 Distribution costs	277 644.00
2180 Other operating charges	107 550.00
2190 Operating profit	191 700.00
2195 Operating loss
2200 Income from capital participating
2220 Other financial income	4 229.00
2240 Other income	36.00
2250 Financial charges	20 131.00
2255 Capital participating expenses
2270 Other expenses	37 818.00
2290 Profit before taxation	138 016.00
2295 Loss before taxation
2300 Income-tax	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	49 472.00
1001 acquisition cost	51 493.00
1002 depreciation	2 021.00
1005 Incomplete investments
1010 Fixed assets	199 062.00
1011 acquisition cost	343 385.00
1012 depreciation	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	7 309.00
1040 Long-term accounts receivable
1045 Deferred tax assets	5 537.00
1090 Other non-current assets	9 616.00
1095 NON-CURRENT ASSETS TOTAL	270 996.00
II. CURRENT ASSETS
1100 Stock	91 341.00
1110 Current biological assets
1125 Trade debtors	175 440.00
Accounts receivable
1130 Payments in advance	11 160.00
1135 Budget accounts receivable	45 141.00
1136 - incl, by income tax	31 273.00
1155 Other current accounts receivable	165.00
1160 Current financial investments
1165 Cash and equivalents	33 274.00
1170 Deferred charges
1190 Other current assets
1195 CURRENT ASSETS TOTAL	356 521.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE	0.00
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	627 517.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	57 553.00
1405 Capital revaluation
1410 Additional contributed capital	15.00
1415 Reserve capital
1420 Retained earnings (loss)	425 057.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)	43.00
1495 CAPITAL AND RESERVES TOTAL	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	28 623.00
1525 Targeted funding
1595 TOTAL LONG-TERM LIABILITIES	51 443.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	33 499.00
1610 Short-term portion of long-term liabilities	629.00
Accounts payable:
1615 Trade creditors	18 784.00
1620 Budget accounts payable	4 171.00
1621 - incl. income tax
1625 Insurance payments	820.00
1630 Accrued payroll	12 898.00
1660 Short-term provisions
1665 Deferred income
1690 Other short-term liabilities	22 691.00
1695 SHORT-TERM LIABILITIES TOTAL	93 492.00
1700 IV. LIABILITIES ASSOCIATED WITH	0.00
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	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.65.02
UK Pound	1	Rs.99.89
Euro	1	Rs.73.92

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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.