Annual Financial Report
July 22 2010 - 10:15AM
UK Regulatory
TIDM53HZ
RNS Number : 7854P
Kazanorgsintez S.A.
22 July 2010
Director's Report
The directors present their annual report and the
financial statements for the year ended December 31, 2008.
1. ACTIVITIES
AND REVIEW OF THE DEVELOPMENT OF THE BUSINESS
The object of the Company
is the granting of loans or other forms of financing directly or indirectly in
whatever mean to Kazan Open Joint Stock Company «Organichesky sintez» (e.g.
including, but not limited to, by subscription of bonds, debentures, other debt
instruments, advances, the granting of pledges or the issuing of other
guarantees of any kind to secure the obligations of Kazan Open Joint Stock
Company «Organichesky sintez»).
The Company may finance itself in
whatever form including, without being limited to, through borrowing or through
issuance of listed or unlisted notes and other debt instruments (e.g. including
but not limited to bonds, notes, loan participation notes and subordinated
notes) including under stand alone issues, medium term note and commercial paper
programmes.
The Company may also:
- grant security for funds raised,
including notes and other debt instruments issued, and for the obligations of
the Company; and
- enter into all necessary agreements, including, but not
limited to underwriting agreements, marketing agreements, management agreements,
advisory agreements, administration agreements and other contracts for services,
selling agreements, deposit agreements, fiduciary agreements, hedging
agreements, interest and/or currency exchange agreements and other financial
derivative agreements, bank and cash administration agreements, liquidity
facility agreements, credit insurance agreements and any agreements creating any
kind of security interest.
On the October 26,2006 the Company has issued
Loan participation notes in amount of USD 200,000,000 which proceeds has been
used to grant the Loan to Kazan OJSC. The maturity of the Notes is October 30,
2011 which is the same day as the repayment Date of the Loan.
In
addition to the foregoing, the Company can perform all legal, commercial,
technical and financial investments or operation and in general, all
transactions which are necessary or useful to fulfill its objects as well as all
operations connected directly or indirectly to facilitating the accomplishment
of its purpose in all areas described above, it being understood that the
Company will not enter into any transaction which would cause it to be engaged
in any activity that would be a regulated activity of the financial
sector.
The total expenses of EUR 13,375,748 are represented mainly by
interest paid to Noteholders. The total income of EUR 13,375,748 are
represented mainly by interest received from loans. .
2. RESULTS
AND ALLOCATION
The result for the year ended is nil.
3. POST
BALANCE SHEET EVENTS
In April 2009 an Event of Default has occured and is
continuing under Clause 15.3 of the Loan Agreement due to the failure of Kazan
JSC "Organichesky sintez" (the Borrower) to make a payment of principal in
respect of its indebtedness on the April 2009 payment date. Following
deterioration of the business and financial conditions for the Borrower's
operations the Borrower has taken steps to postpone the repayment of principal
amounts and any accrued interest until an acceptable restructuring solution can
be agreed with all its creditors.
4. PROPOSAL
We propose the
approval of the annual financial statements as well as the proposed allocation
of the results and to give full discharge to the board of directors and
independent auditor for their mandates during the year to December 31,
2008.
Luxembourg, June 11, 2010
_________________________
_________________________
Jorge
Perez Lozano
Paul van Baarle
Director
Director
To see the full 2008 financial statements, please click on the link below.
http://www.rns-pdf.londonstockexchange.com/rns/7854P_-2010-7-22.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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