MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	AGROMAX TRADE, PC
Formerly Known As :	YUKON 2
Registered Office :	7 Chapaeva str., apt. 106, Zhytomyr, Zhytomyr region, 10029
Country :	Ukraine
Financials (as on) :	31.12.2011
Date of Incorporation :	25.03.2003
Com. Reg. No.:	32411974
Legal Form :	PP (Private Company by Ukrainian Law)
Line of Business :	Growing of cereals and other crops
No. of Employees :	20

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 :	--

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

:

Pryvatne pidpryemstvo AGROMAKS TREYD

Name in English

:

AGROMAX TRADE, PC

Previous Names

:

-

YUKON 2

Office address

:

7 Chapaeva str., apt. 106, Zhytomyr, Zhytomyr region, 10029, Ukraine

Legal Address

:

7 Chapaeva str., apt. 106, Zhytomyr, Zhytomyr region, 10029, Ukraine

Contacts

:

-	Phone/fax	:	(+38 0412) 418427, 418524
-	E-mail	:	agromaks.trade@ukrpost.ua
-	WWW	:	www.agromax-trade.com

SUmMARY

Legal Form : PP (Private Company by Ukrainian Law)

Incorporation : 2003

Staff : n/a

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

Sales :	25 201.00 th UAH ( for 12 months, ended 31.12.2011 )
	37 269.20 th UAH ( for 12 months, ended 31.12.2010 )

Incorporation

:

2003

Registration Data

Date of registration

:

25.03.2003

Registration number

:

32411974

Registr. authority

:

Local Executive Committee (Zhytomyr, Zhytomyr region, Ukraine)

VAT number

:

324119706254

Registr. place

:

Ukraine

Number of VAT-certificate: 100279480 Date of issue: 17.04.2010

Legal Form

:

PP (Private Company by Ukrainian Law)

since 25.03.2003

Share Capital

:

18 000 UAH (registered)

since 01.04.2010

Shareholders

:

-	Mrs Poznyakova Mariya Adamovna (Ukraine)				100.00 %
		share's book value	:	18 000 UAH

Board / Executives

Executives

Director

:

Mrs Chyzh Nataliya Mihaylovna (Ukraine)

Authorised signature

:

Mrs Chyzh Nataliya Mihaylovna

Changes in Registration Data

- 01.04.2010

:

legal address, share capital

- 29.10.2009

:

name

- 24.09.2009

:

managers, authorised signature

Activities

:

-	0139	Food Crops
		(NACE 0111: Growing of cereals and other crops n.e.c.)
-	5153	Grain & Field Beans
		(NACE 5121: Wholesale of grain, seeds and animal feeds)

Main direction of companys activity: - Production of peas; - Wholesale trading on Ukrainian and foreign markets; - Import of wide range of rice to Ukrainian market; - Export of grain and dry food products; - Packaging of dry food products; - Direct selling of imported products.

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

:

-	20 [E]
	( the data as of 30.08.2011 )

Export

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

3 913 915.00

Jordan, Georgia, Poland, Turkey, Estonia

- 01.01.2011

:

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

5 061 082.00

- 01.01.2010

:

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

99 411.00

Import

- 01.08.2012

:

Fiscal period: 7 month(s), currency: UAH

6 127 799.00

Pakistan, Vietnam, India, Netherlands

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

2 586 887.00

Pakistan

- 01.01.2011

:

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

25 498 075.00

- 01.01.2010

:

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

518 050.00

Facilities

Real estate

:

rent:
-	Premises - Office
	address	:	7 Chapaeva str., apt. 106, Zhytomyr, Zhytomyr region, 10000, Ukraine

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Privatbank (Ukraine)
	bank code	:	311744
	account(s)	:	26000055902601 USD, 26009055903117 UAH, 26003055903403 EUR

Clients

:

-	Bright Star Trading Co (Jordan)
-	Martik (Poland)
-	Mersin,"Gok Yag" (Turkey)
-	OU "Worldline" (Estonia)
-	Zom.Ge, LLC (Georgia)

Suppliers

:

-	Atlas Foods (PVT)Ltd. (Pakistan)
-	JUPITER EXPORTS (India)
-	KOHINOOR FOODS LIMITED (Netherlands)
-	Phuong Quan Co.,LTD (Vietnam)

Litigation

:

According to the data of Bulletin of the State Registration as of 17.09.2012, there are no bankruptcy registered in the name of the subject company.

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 9 court records where the subject company is filed as a defendant, claimant and co-claimant in the period from 09.11.2010 up to 20.08.2012. There are no bankruptcy/insolvency records filed.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financials

Financial Elements

:

There is no companys financial report for 12 months 2009 at the official accessible sources. The subject company is legally obliged to file its financial statements at the State Register, but it has not done this.

There is no companys financial report for 3 months 2012 at the official accessible sources.

Period, months	12	12
Ended	31.12.2011	31.12.2010
Currency	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	1 952.50	1 003.90
- Investments in tangible assets
- Financial assets	0.00	0.00
- Other non-current assets	0.00
Non-current assets total	1 952.50	1 003.90
CURRENT ASSETS
- Stock	3 265.80	3 251.90
- Debtors	864.90	8 917.00
- Other receivables	4 289.30
- Short-term financial investments	0.00
- Cash	14.10	30.80
- Other current assets	17.20
Current assets total	8 451.30	12 199.70
Assets total	10 403.80	13 218.90
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	18.00	18.00
- Additional capital	0.00
- Other capital	0.00
- Reserve capital	0.00
- Retained earnings (Non-covered loss)	549.40
Capital and reserves total	567.40	187.20
Provisions	0.00
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	415.10	740.10
SHORT-TERM LIABILITIES
- Loans and credits	2 000.00
- short-term amounts owed to banks	2 000.00
- Creditors	6 882.80
- trade debts	6 820.70
- accrued payroll	0.00
- tax liabilities	62.10
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00
- Other short-term liabilities	538.50
Short-term liabilities total	9 421.30	12 291.60
Liabilities total	9 836.40	13 031.70
Equity and liabilities total	10 403.80	13 218.90
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	25 201.00	37 269.20
Cost of goods sold	19 563.80
Gross profit
Distribution costs	6 090.30
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	2 107.10
Other operating charges	498.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	1 156.00	394.20
Income-tax and other similar payments	775.80
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	380.20	126.40
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	4.59	1.06
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	203.74	210.58
Profit before taxation / Equity
Current assets turnover	2.98	3.05
Net sales / Current assets
Working capital	-970.00	-91.90
Current assets - Short-term liabilities
Leverage	0.05	0.01
Equity / Total assets
Current ratio	0.90	0.99
Current assets / Short-term liabilities
Quick ratio	0.55	0.73
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	17.34	69.61
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 Nataliya Storozhuk (secretary) on 17.08.2012 by the tel. number: +38 0412 418427. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Director but no answer was received. If the additional information comes in we will update the subject report. Registration file does not contain information about State Saving Bank of Ukraine mentioned in your order.

APPENDIX A

Financial Statements

Period, months	12	12
Ended	31.12.2011	31.12.2010
Currency	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	29 289.50
services
020 Indirect taxes and other compulsory payments	4 088.50
030 Net sales revenue (010-020)	25 201.00
040 Other operating income	2 102.30
050 Other income	4.80
070 Net revenue total (030+040+050)	27 308.10
080 Cost of goods, works, services	19 563.80
090 Other operating charges	6 090.30
091 incl.
092
100 Other charges	498.00
120 Charges total (080+090+100)	26 152.10
130 Profit before taxation (070-120)	1 156.00
140 Profit tax	775.80
150 Net profit (130-140)	380.20
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	1 952.50
031 acquisition cost	2 457.70
032 depreciation	505.20
Long-term biological assets
035 residual assets
036 acquisition cost
037 depreciation
040 Long-term financial investments	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	1 952.50
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	53.40
110 Current biological assets
130 Finished goods	3 212.40
Trade debtors:
160 net realizable value	864.90
161 acquisition cost	864.90
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	1 868.60
210 Other current accounts receivable	2 420.70
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	14.10
231 incl. cash in hand
240 Funds in foreign currencies	0.00
250 Other current assets	0.20
260 CURRENT ASSETS TOTAL	8 434.30
270 III. DEFERRED CHARGES	17.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	10 403.80
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	18.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	549.40
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	567.40
430 II. PROVISIONS OF DEFERRED CHARGES	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	415.10
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	2 000.00
510 Short-term portion of long-term liabilities	0.00
530 Trade creditors	6 820.70
Accounts payable:
550 Budget accounts payable	62.10
570 Insurance payments	0.00
580 Accrued payroll	0.00
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities	538.50
620 SHORT-TERM LIABILITIES TOTAL	9 421.30
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	10 403.80

- 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,	37 269.20
services
020 Indirect taxes and other compulsory payments	5 227.20
030 Net sales revenue (010-020)	32 042.00
040 Other operating income	11 134.40
050 Other income from ordinary activity	2.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	43 178.40
080 Change in work-in-progress and finished goods	306.20
090 Tangible expenses	2 941.60
100 Payroll costs	196.40
110 Allocation to social needs	95.40
120 Amortization charges	147.20
130 Other operating charges	12 334.20
131 incl.	0.00
140 Cost of sales	27 294.60
150 Other ordinary activity expenses	81.00
160 Extraordinary charges	0.00
170 Profit tax	267.80
180 Charges total (090+100+110+120+130+140+150+	43 052.00
+160+170+ -080)
190 Net profit (070-180)	126.40
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	1 003.90
031 acquisition cost	1 154.00
032 depreciation	150.10
Long-term financial assets
040 Capital participation in other enterprises	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	1 003.90
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	208.00
130 Finished goods	3 043.90
Trade debtors:
160 net realizable value	4 243.90
161 acquisition cost	4 243.90
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	2 438.40
210 Other current accounts receivable	2 234.70
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	30.80
240 Funds in foreign currencies	0.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	12 199.70
270 III. DEFERRED CHARGES	15.30
280 ASSETS TOTAL	13 218.90
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	18.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	169.20
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	187.20
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	740.10
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	9 365.60
Accounts payable:
550 Budget accounts payable	161.40
570 Insurance payments	9.20
580 Accrued payroll	17.10
610 Other short-term liabilities	2 738.30
620 SHORT-TERM LIABILITIES TOTAL	12 291.60
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	13 218.90

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

INFORMATION DETAILS

Report Prepared by :

PRL

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.

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