MIRA INFORM REPORT

Report No. :	493253
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	OOO POLYGAL VOSTOK
Registered Office :	Sovetskaya Street 105, Orekhovo-Zuevskiy District, Moscow Region, 142620 Kurovskoye
Country :	Russia
Financials (as on) :	31.12.2016
Date of Incorporation :	05.06.2006
Com. Reg. No.:	OGRN 1065034027728
Legal Form :	Limited Liability Company
Line of Business :	· Manufacture of plastic plates, sheets, tubes and profiles · Wholesale of wood, construction materials and sanitary equipment
No. of Employees :	110

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Russia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

RUSSIA - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly 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, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.

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 is heavily dependent on the movement of world commodity prices as 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 the 1998-2008 period as oil prices rose rapidly, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.

A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with GDP falling by close by 2.8%. The downturn continued through 2016, with GDP contracting another 0.2%, but was reversed in 2017 as world demand picked up. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries.

Source : CIA

SUMMARY
COMPANY NAME	OOO Polygal Vostok
ADDRESS	Building	Street			Area			PO Box
	Polygal Vostok Building	Sovetskaya Street 105			Orekhovo-Zuevskiy District, Moscow Region			142620 Kurovskoye
TEL/FAX	Verified Phones: (+7 496) 411 9000 / Fax: (+7 496) 411 0179
EMAIL/WEBSITE	Email: vostok@plazit-polygal.com / sineva@plazitpolygal.com / Website: www.polygalvostok.ru
ACTIVITY	NACE 2221 - Manufacture of plastic plates, sheets, tubes and profiles; NACE 4673 - Wholesale of wood, construction materials and sanitary equipment;
PRINCIPAL	Avraham Zadaka					Workforce
	Managing Director					110
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	05/06/2006		OGRN 1065034027728	LLC			Active
CAPITAL	CURRENCY			AMOUNT
	RUBLE (RUB)			1,000,000

IDENTIFICATION
CO. NAME	OOO Polygal Vostok
TRADEMARK	Polygal
ALSO KNOWN NAME (S)	Polygal Vostok LLC / Polygal Vostok OOO
BUILDING	Polygal Vostok Building
STREET	Sovetskaya Street 105
AREA	Orekhovo-Zuevskiy District, Moscow Region
POSTAL ADDRESS	142620 Kurovskoye
CITY	Kurovskoye
COUNTRY	Russia
TELEPHONE	(+7 496) 411 9000 ext. 3 (Accounts Department)
FAX	(+7 496) 411 0179
VERIFIED EMAIL	vostok@plazit-polygal.com / sineva@plazitpolygal.com
WEBSITE	www.polygalvostok.ru
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Mon-Fri	09:00-18:00	13:00-14:00
REGISTERED ADDRESS	Sovetskaya Street 105, Orekhovo-Zuevskiy District, Moscow Region, 142620 Kurovskoye, Russia

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Avraham Zadaka	Managing Director
	Maksim Svintsionnik Larisa Yurievna Ekgart Anna Sineva Tatyana Vladimirovna Medvedeva	Deputy Managing Director Chief Accountant Head of Sales Department Sales Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	110	01.2018
	73	01.2017

FINANCIAL SUMMARY
REVENUE	31/12/2016	31/12/2015
	RUBLE 1,999,143,000	RUBLE 1,790,000,000
NET PROFIT / (LOSS)	31/12/2016	31/12/2015
	RUBLE 105,580,000	RUBLE 65,274,000
PROFIT BEFORE TAX	RUBLE 139,300,000 as of 31/12/2016
STOCK/INVENTORIES	RUBLE 272,207,000 as of 31/12/2016

LEGAL STATUS
INCORPORATION	05/06/2006
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	OGRN 1065034027728	Federal Tax Service
OTHER REGISTRATION NO.	INN 5034026060 (Tax Code) / KPP 503401001 / OKPO 93726592 (Statistics Code) / OKTMO 46643108001
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	1,000,000	RUBLE
PAID-UP CAPITAL	AMOUNT	CURRENCY
	1,000,000	RUBLE
LEGAL FORM	Limited Liability Company
BUSINESS HISTORY	The Company was incorporated in Russia on 5 June 2006 with Polygal Plastics Industries Ltd (Israel) as sole shareholder. Later on, subject’s shareholding structure changed to the present.
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	M.V.S. Trade Limited Oneworld Parkview House Nicosia Cyprus Est.: 17/11/2005 C.R. No.: 168160	100.00%

OPERATION
BANKERS	PAO Sberbank Vavilova Street 19 117997 Moscow Russia Telephone: +(7 495) 957 5731 Fax : +(7 495) 747 4758
ACTIVITY CODE (NACE)	2221 - Manufacture of plastic plates, sheets, tubes and profiles; 4673 - Wholesale of wood, construction materials and sanitary equipment;
LINE OF BUSINESS	Manufacturers of extruded multiwall PC sheets, solid PMMA and PC sheets.
IMPORT FROM	Germany, Italy, Israel and Saudi Arabia.
EXPORT TO	CIS countries, Kazakhstan, Belarus and Ukraine.
FACILITIES	Premises comprising administrative offices, a manufacturing unit and storage facilities located at the heading address as well as 3 branch offices located in Saint Petersburg, Samara and Chelyabinsk.
BRANCH OFFICES	1. Politekhnicheskaya Street 7 Saint Petersburg 194021 Tel/Fax: (+7 812) 603 2020 2. Fizkulturnaya Street 147, Liter G Samara 443092 Tel/Fax: (+7 846) 342 0766 3. Sverdlovskiy Trakt 5, Office 207 Chelyabinsk 454008 Tel/Fax: (+7 351) 245 0015
RELATED COMPANIES	A member of Plazit Polygal Group, which also includes the following companies: Associates 1. Plazit-Polygal Group Gazit 1934000 Israel Tel: (+972) 4662 8888 Fax: (+972) 4676 5784 E-Mail: plazit@plazit-polygal.com 2. Plazit Polygal Sud S.A. Ruta 68, km 69, Enlace de Tapihue s/n. Casablanca, Valparaíso Chile Tel: (+56 32) 280 2700 Fax: (+56 32) 280 2701 E-Mail: ventas@polygal.cl 3. Polygal Inc. USA 4. Plazit Ibérica c/Arboç, 13-15 - POLINGESA - 17457 Riudellots de la Selva - Girona - Spain Tel: (+34 972) 478 121 Fax: (+34 972) 478 072 E-Mail: info@plazitiberica.com

FINANCIAL INFORMATION
CURRENCY	RUBLE
PERIOD	31/12/2016	31/12/2015
CURRENT ASSETS	459,910,000	466,397,000
STOCK/INVENTORIES	272,207,000	300,894,000
NON-CURRENT ASSETS	145,546,000	137,001,000
CURRENT LIABILITIES	229,414,000	321,937,000
NON-CURRENT LIABILITIES	121,336,000	107,325,000
EQUITY	254,706,000	174,136,000
BALANCE TOTAL	605,456,000	603,398,000
REVENUE	1,999,143,000	1,790,000,000
NET PROFIT / LOSS	105,580,000	65,274,000
NOTES	Balance sheets as at 31 December 2016 showed : 31/12/2016 31/12/2015 (in RUBLE) ASSETS Non-current assets Intangible assets 613,000 39,000 Fixed assets 137,129,000 127,857,000 Deferred tax assets 2,967,000 3,344,000 Other non-current assets 4,837,000 5,761,000 Total non-current assets 145,546,000 137,001,000 Current assets Stock 272,207,000 300,894,000 Value added tax on purchased valuables 9,362,000 20,517,000 Trade receivables 139,655,000 123,206,000 Cash equivalents 38,561,000 21,780,000 Other current assets 125,000 0 Total current assets 459,910,000 466,397,000 TOTAL ASSETS 605,456,000 603,398,000 EQUITY & LIABILITIES Share capital 1,000,000 10,000 Retained earnings 253,706,000 174,126,000 Total Equity 254,706,000 174,136,000 Long-term liabilities Borrowings 120,000,000 100,000,000 Deferred tax Liabilities 1,336,000 871,000 Other long-term liabilities 0 6,454,000 Total long-term Liabilities 121,336,000 107,325,000 Short-term Liabilities Borrowings 130,289,000 80,285,000 Accounts payable 88,472,000 233,424,000 Total Short-term Liabilities 229,414,000 321,937,000 TOTAL EQUITY & LIABILITIES 605,456,000 603,398,000 INCOME STATEMENT Revenue 1,999,143,000 1,790,000,000 Cost of Sales 1,654,924,000 1,534,791,000 Gross Profit 344,219,000 255,209,000 Commercial expenses 114,972,000 85,688,000 Administrative expenses 53,983,000 46,774,000 Profit(loss) from sales 175,264,000 122,747,000 Other income and expenses Interest income 348,000 95,000 Interest payable 31,269,000 22,629,000 Other income 42,214,000 90,533,000 Other expenses 47,257,000 105,311,000 Profit(loss) before taxation 139,300,000 85,435,000 Change in deferred tax assets -378,000 422,000 Change in deferred tax liabilities 465,000 54,000 Current income tax 32,877,000 20,529,000 Net Profit(loss) 105,580,000 65,274,000

PAYMENT
CREDIT OPINION	We consider it is acceptable to deal with subject for LARGE amounts.
FINANCIAL STRENGTH	Normal

SPECIAL REMARKS
INTERVIEWED	Tatyana Vladimirovna Medvedeva (Sales Manager).
COMMENTS	You enquired on: POLYGAL VOSTOK LLC. Please note that this name applies to an English translation of the subject’s name. Subject’s correct registered name is as per heading.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
RUB	1	INR 1.15

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.