MIRA INFORM REPORT

Report Date :

01.09.2012

IDENTIFICATION DETAILS

Correct Name :	PRODUCTION AND COMMERCIAL FIRM BID, LLC
Registered Office :	2 Plehanova str., apt. 9, Dnipropetrovsk, Dnipropetrovsk region, 49000
Country :	Ukraine
Financials (as on) :	31.12.2011
Date of Incorporation :	21.01.1994
Com. Reg. No.:	20261487
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of machinery for food, beverage and tobacco processing
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Ukraine	B2	B2

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. 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. After a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia in January 2009 that brought gas prices to "world" levels. The strict terms of the contracts have further hobbled Ukraine's cash-strapped state gas company, Naftohaz. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms. 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. Ukraine's economy was buoyant despite political turmoil between the prime minister and president until mid-2008. Real GDP growth exceeded 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. A drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 2008. Ukraine reached an agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 2008 to deal with the economic crisis, but the program quickly stalled due to the Ukrainian Government's lack of progress in implementing reforms. 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. In August 2010, Ukraine, under the YANUKOVYCH Administration, reached a new agreement with the IMF for a $15.1 billion Stand-By Agreement to put the country on the path to fiscal sustainability, reform the gas sector, and shore up the country's banking system. Economic growth resumed in 2010 and 2011, buoyed by exports. After initial disbursements, the IMF program stalled in early 2011 due to the Ukrainian Government's lack of progress in implementing key gas sector reforms, namely gas tariff increases.

Source : CIA

Identification

Full Name

:

Tovarystvo z obmezhenoyu vidpovidalnistyu Vyrobnycho-komertsiyn? pidpryemstvo BID

Name in English

:

Production and Commercial Firm BID, LLC

Office address

:

10 Lypova str., Dnipropetrovsk, Dnipropetrovsk region, 49124, Ukraine

Legal Address

:

2 Plehanova str., apt. 9, Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

Contacts

:

-	Phone	:	(+38 056) 7295121
-	Fax	:	(+38 056) 7295126
-	E-mail	:	bid@bid.dp.ua
-	WWW	:	www.bid.dp.ua

company SUMMARY

Legal Form : TOV (Limited Liability Company by Ukrainian Law)

Incorporation : 1994

Staff : n/a

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

Sales :	385.50 th UAH ( for 12 months, ended 31.12.2011 )
	382.40 th UAH ( for 12 months, ended 31.12.2010 )

Incorporation

:

1994

Registration Data

Date of registration

:

21.01.1994

Registration number

:

20261487

Registr. authority

:

Local Executive Committee (Dnipropetrovsk, Dnipropetrovsk region, Ukraine)

VAT number

:

202614804626

Registr. place

:

Ukraine

Number of VAT-certificate: 3989749 Date of issue: 03.12.1998

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 21.01.1994

Share Capital

:

1 UAH (registered)

since 11.12.2002

Shareholders

:

-	Mr Berkin Dmitriy Georgievich (Ukraine)	share n/a
-	Mrs Berkina Irina Vladimirovna (Ukraine)	share n/a

There is no information on the shares proportion owned by the shareholders in the official sources.

Board / Executives

Executives

Director

:

Mr Berkin Dmitriy Georgievich (Ukraine)

Authorised signature

:

Mr Berkin Dmitriy Georgievich

Activities

:

-	3551	Food products machinery
		(NACE 2953: Manufacture of machinery for food, beverage and tobacco processing)
-	5084	Food Industry Machinery
		(NACE 5185: Wholesale of other office machinery and equipment)

BID Company produces and sells pasta machines, equipment for pasta production, pasta lines, lines for the production of pasta, as well as various drying equipment, drying systems, cabinet dryers, Conveyor dryers, pasta press, packaging equipment.

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

:

-	1
	( the data as of 31.12.2009 )

Export

:

none

Import

:

none

Facilities

Real estate

:

own:
-	Premises - Office
	address	:	10 Lypova str., Dnipropetrovsk, Dnipropetrovsk region, 49124, Ukraine

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Privatbank (Ukraine)
	bank code	:	305299
	account(s)	:	26000107131002 USD, 26001107131001 UAH

Litigation

:

There are no suits/litigation files recorded in the name of BID company registered at the web-site of the Unified State Register of the Legal Judgements.

According to the data of Bulletin of the State Registration as of 30.01.2012, there are no bankruptcy registered in the name of the subject company.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial data

Financial Elements

:

There is no company�s financial report for 3 months 2012 at the official accessible sources.

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	80.80	87.00	121.60
- Investments in tangible assets
- Financial assets		0.00	0.00
- Other non-current assets
Non-current assets total	80.80	87.00	121.60
CURRENT ASSETS
- Stock		0.00	0.00
- Debtors	46.40	59.40	58.00
- Other receivables	4.20
- Short-term financial investments
- Cash	0.10	0.00	0.20
- Other current assets
Current assets total	50.70	59.40	58.20
Assets total	131.50	146.40	179.80
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital		0.00	0.00
- Additional capital	7.70
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	-9.00
Capital and reserves total	-1.30	20.30	31.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	66.70	66.70	91.70
SHORT-TERM LIABILITIES
- Loans and credits
- short-term amounts owed to banks
- Creditors	66.10
- trade debts	63.20
- accrued payroll	1.10
- tax liabilities	1.80
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	66.10	59.40	57.10
Liabilities total	132.80	126.10	148.80
Equity and liabilities total	131.50	146.40	179.80
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	385.50	382.40	350.00
Cost of goods sold	321.00
Gross profit
Distribution costs	70.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income
Other operating charges	14.10
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	-19.60	-8.50	-15.60
Income-tax and other similar payments	2.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-21.60	-10.70	-16.50
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-5.08	-2.22	-4.46
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	1 507.69	-41.87	-50.32
Profit before taxation / Equity
Current assets turnover	7.60	6.44	6.01
Net sales / Current assets
Working capital	-15.40	0.00	1.10
Current assets - Short-term liabilities
Leverage	-0.01	0.14	0.17
Equity / Total assets
Current ratio	0.77	1.00	1.02
Current assets / Short-term liabilities
Quick ratio		1.00	1.02
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	-102.15	6.21	4.80
Total liabilities / Equity

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

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Viktoriya(secretary) on 30.08.2012 by the tel. number: +38 056 7295121. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Directord but no answer was received. If the additional information comes in we will update the subject report.

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	461.50
services
020 Indirect taxes and other compulsory payments	76.00
030 Net sales revenue (010-020)	385.50
040 Other operating income
050 Other income
070 Net revenue total (030+040+050)	385.50
080 Cost of goods, works, services	321.00
090 Other operating charges	70.00
091 incl.
092
100 Other charges	14.10
120 Charges total (080+090+100)	405.10
130 Profit before taxation (070-120)	-19.60
140 Profit tax	2.00
150 Net profit (130-140)	-21.60
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress
Fixed assets
030 residual assets	80.80
031 acquisition cost	229.90
032 depreciation	149.10
Long-term biological assets
035 residual assets
036 acquisition cost
037 depreciation
040 Long-term financial investments
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	80.80
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies
110 Current biological assets
130 Finished goods
Trade debtors:
160 net realizable value	46.40
161 acquisition cost	46.40
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable	4.10
210 Other current accounts receivable	0.10
220 Current financial investments
Cash at bank and in hand
230 Funds in local currency	0.10
231 incl. cash in hand
240 Funds in foreign currencies
250 Other current assets
260 CURRENT ASSETS TOTAL	50.70
270 III. DEFERRED CHARGES
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	131.50
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital
320 Additional contributed capital	7.70
340 Reserve capital
350 Retained earnings (loss)	-9.00
360 Unpaid capital (minus)
380 CAPITAL AND RESERVES TOTAL	-1.30
430 II. PROVISIONS OF DEFERRED CHARGES
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	66.70
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions
510 Short-term portion of long-term liabilities
530 Trade creditors	63.20
Accounts payable:
550 Budget accounts payable	1.80
570 Insurance payments
580 Accrued payroll	1.10
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities
620 SHORT-TERM LIABILITIES TOTAL	66.10
630 V. DEFERRED INCOME
640 EQUITY AND LIABILITIES TOTAL	131.50

- 31.12.2010

:

Fiscal period: 12 month(s), currency: UAH, th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	382.40
services
020 Indirect taxes and other compulsory payments	63.70
030 Net sales revenue (010-020)	318.70
040 Other operating income	7.40
050 Other income from ordinary activity	0.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	326.10
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	238.90
100 Payroll costs	26.20
110 Allocation to social needs	9.60
120 Amortization charges	8.90
130 Other operating charges	44.60
131 incl.	0.00
140 Cost of sales	0.00
150 Other ordinary activity expenses	6.40
160 Extraordinary charges	0.00
170 Profit tax	2.20
180 Charges total (090+100+110+120+130+140+150+	336.80
+160+170+ -080)
190 Net profit (070-180)	-10.70
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	87.00
031 acquisition cost	230.80
032 depreciation	143.80
Long-term financial assets
040 Capital participation in other enterprises	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	87.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	0.00
130 Finished goods	0.00
Trade debtors:
160 net realizable value	58.00
161 acquisition cost	58.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	1.40
210 Other current accounts receivable	0.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	0.00
240 Funds in foreign currencies	0.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	59.40
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	146.40
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	0.00
320 Additional contributed capital	7.70
340 Reserve capital	0.00
350 Retained earnings (loss)	12.60
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	20.30
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	66.70
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities	0.00
530 Trade creditors	58.20
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.30
580 Accrued payroll	0.90
610 Other short-term liabilities	0.00
620 SHORT-TERM LIABILITIES TOTAL	59.40
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	146.40

- 31.12.2009

:

Fiscal period: 12 month(s), currency: UAH, th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	350.00
services
020 Indirect taxes and other compulsory payments	58.30
030 Net sales revenue (010-020)	291.70
040 Other operating income	0.00
050 Other income from ordinary activity	0.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	291.70
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	230.10
100 Payroll costs	23.50
110 Allocation to social needs	8.60
120 Amortization charges	11.90
130 Other operating charges	33.10
131 incl.	0.00
140 Cost of sales	0.00
150 Other ordinary activity expenses	0.10
160 Extraordinary charges	0.00
170 Profit tax	0.90
180 Charges total (090+100+110+120+130+140+150+	308.20
+160+170+ -080)
190 Net profit (070-180)	-16.50
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	121.60
031 acquisition cost	253.70
032 depreciation	132.10
Long-term financial assets
040 Capital participation in other enterprises	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	121.60
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	0.00
130 Finished goods	0.00
Trade debtors:
160 net realizable value	57.10
161 acquisition cost	57.10
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	0.90
210 Other current accounts receivable	0.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	0.20
240 Funds in foreign currencies	0.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	58.20
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	179.80
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	0.00
320 Additional contributed capital	7.70
340 Reserve capital	0.00
350 Retained earnings (loss)	23.30
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	31.00
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	91.70
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities	0.00
530 Trade creditors	53.80
Accounts payable:
550 Budget accounts payable	0.80
570 Insurance payments	0.70
580 Accrued payroll	1.80
610 Other short-term liabilities	0.00
620 SHORT-TERM LIABILITIES TOTAL	57.10
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	179.80

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.72
UK Pound	1	Rs.87.95
Euro	1	Rs.69.66

INFORMATION DETAILS

Report Prepared by :

MNL

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.