MIRA INFORM REPORT

Report Date :

09.12.2013

IDENTIFICATION DETAILS

Name :	BANK CREDIT DNEPR, PRJSC

Registered Office :	17 Lenina str., Dnipropetrovsk, Dnipropetrovsk region, 49000,

Country :	Ukraine

Financials (as on) :	30.09.2013

Date of Incorporation :	07.07.1993

Com. Reg. No.:	14352406

Legal Form :	Private Joint-Stock Company by Ukrainian Law

Line of Business :	Commercial bank with a wide range of services

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Exists

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Ukraine

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 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. 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. 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. Economic growth slowed in the second half of 2012 with Ukraine finishing the year in technical recession following two consecutive quarters of negative growth.

Source : CIA

Identification

Full Name

Pryvatne Aktsionerne Tovarystvo BANK KREDYT DNIPRO

Name in English

BANK CREDIT DNEPR, PRJSC

Name in national language

Приватне Акціонерне Товариство БАНК КРЕДИТ ДНІПРО

Previous Names

-	Zakryte Aktsionerne Tovarystvo Komertsiyniy Bank KREDYT-DNIPRO

Office Address

1A Pysarzhevskogo str., Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

Legal Address

17 Lenina str., Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

Other Addresses

Head Office
17 Lenina str., Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

Contacts

-	Phone	:	(+38 0562) 367344, 367316
-	Fax	:	(+38 0562) 333972
-	E-mail	:	info@creditdnepr.com, anton.aslanov@creditdnepr.com
-	WWW	:	www.creditdnepr.com.ua

SUMMARY

Legal Form : Private Joint-Stock Company by Ukrainian Law

Incorporation : 1993

Staff : n/a

Litigation events : n/a

Remarks on payments : n/a

Sales : n/a

Company summary

Incorporation

1993

Registration Data

Date of registration

07.07.1993

Registration number

14352406

Registr. authority

National Bank (Ukraine)

VAT number

143524004022

Registr. place

Ukraine

Number of VAT-certificate: 100236875 Date of issue: 30.07.2009

Legal Form

Private Joint-Stock Company by Ukrainian Law		since 07.07.1993

Share Capital

315 000 000 UAH (registered)		since 27.01.2009

Shareholders

-	Shareholders due to the register				100.00 %
		share's book value	:	315 000 000 UAH

The information on the shareholders is not available at the official sources. Due to the company’s legal form (PrJSC) the list of shareholders is kept by the Registrar with the restricted public access. According to the mass-media data as at 2 quarter 2013 BRANCROFT ENTERPRISES LIMITED, CYP company is the shareholder of BANK CREDIT DNEPR, PrJSC company (share - 100.0000%).

Board / Executives

Executives

Director

Mr Makarov Pavel Aleksandrovich (Ukraine)

Authorised signature

Mr Makarov Pavel Aleksandrovich

Changes in Registration Data

- 16.07.2009

name

- 27.01.2009

share capital

Activities

-	6029	Commercial Banks, NEC
		(NACE 6512: Other monetary intermediation)

Commercial bank with a wide range of services.

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

-	1 577
	( the data as of 30.03.2013 )

-	1 552
	( the data as of 31.12.2012 )

Export

none

Import

none

Facilities

Real estate

unknown ownership:
-	Premises - Office
	address	:	1A Pysarzhevskogo str., Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

-	Premises - Office
	name	:	Head Office
	address	:	17 Lenina str., Dnipropetrovsk, Dnipropetrovsk region, 49000, Ukraine

Subsidiaries and Participation

n/a

Bankers

-	Nadra (Ukraine)
	bank code	:	320003
	account(s)	:	16005305749001 UAH, 16000305749501 USD

-	Ukrsotsbank (Ukraine)
	bank code	:	300023
	account(s)	:	16005980804093 UAH, 16003840804094 USD

Litigation

There have been traced 488 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 11.07.2006 up to 28.11.2013. There are no bankruptcy/insolvency filed.

According to the data of Bulletin of the State Registration as of 05.12.2013, 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

Date: September 2013

Item Position in the list of banks mill UAH

Assets 23 6 423.78

KIP 28 4 071.63

Private deposits 19 3 467.38

Corporate deposits 34 948.78

Capital 26 860.58

Financial result 110 -30.10

Period, months	9	12	12
Ended	30.09.2013	31.12.2012	31.12.2011
Currency	UAH th	UAH th	UAH th
Comments		**)	***)

Statement of financial position at as 30 September 2013 Assets Cash and cash equivalents, except for balances on current accounts with the National Bank of Ukraine 521 452 Balances with the National Bank of Ukraine 57 260 Amounts due from banks 451 745 Loans to costumers 3 672 120 Financial assets available-for-sale 624 725 Property, equipment and intangible assets 176 848 Investment property 46 466 Assets held-for-sale 83 916 Deferred income tax 2 336 Receivables in respect of current income tax 5 142 Other assets 21 908 Other financial assets 759 938 Total assets 6 423 856 Liabilities Amounts due to banks 289 398 Amounts due to costumers 4 483 433 Debt securities issued 516 Current income tax liabilities 3 486 Other borrowings 32 494 Subordinated debt 293 446 Other liabilities 21 510 Other financial liabilities 732 788 Total liabilities 5 857 071 Equity Share capital 315 000 Revaluation reserve 281 885 Retained earnings -30 100 Total capital 566 785 Total equity and liabilities 6 423 856 Statement of Financial Position (Balance Sheet) for 3rd quarter 2013 Interest income: 549 480 Interest expense: -419 851 Net interest income / (Net interest expense): 129 630 Fee and commission income: 84 446 Fee and commission expense: -13 548 Result from operations with securities in the trading portfolio - Gains less losses from fair value hedge: - Gain on revaluation of other financial instruments at fair value through profit - through profit or loss: - Gain on sale of securities available for sale: - Gain on foreign exchange: 26 843 Gain on revaluation of foreign currency: -2 394 Gain on revaluation of investment property: - Income/loss arising on initial recognition of financial assets at an interest ate that is higher/lower than the market: -1 450 Expense/income arising from the initial recognition of financial liabilities at the rate that is higher/lower than the market: 459 Charge for provision for impairment of loans and advances from banks: -15 683 Charge for impairment of receivables and other financial assets: -1 220 Impairment of securities available for sale: - Impairment of securities held to maturity: - Allocations to provisions for liabilities: -324 Other operating income: 4 177 Administrative and other operating expenses: -241 098 Share of profit / ( loss) of associates: - Profit / (loss ) before tax: -26 614 Income tax expense: -3 486 Profit / ( loss) from continuing operations: - Profit / ( loss) from discontinued operations after tax: - Profit / ( loss): -30 906 Other comprehensive income: - Total comprehensive income: - Profit / (loss) per share from continuing operations: - Net profit / (loss) per common share: - Adjusted net profit / (loss) per common share: - Profit / (loss) per share from discontinued operations: - Net profit / (loss) per common share: - Adjusted net profit / (loss) per common share: - Profit / (loss) per share for the quarter: - Net profit / (loss) per common share: - Adjusted net profit / (loss) per common share: -

**)
Statement of comprehensive income For the year ended 31 December 2012 Interest income Loans to customers 725 560 Financial assets available-for-sale 21 412 Cash and cash equivalents, except for balances on current accounts with the National Bank of Ukraine 15 361 Balances with the National Bank of Ukraine 1 591 763 924 Interest expenses Amounts due customers (555 820) Amounts due to banks (53 073) Subordinated debt (23 622) Debt securities issued (1 186) (633 701) Net interest income 130 223 Charges to allowances for impairment of loan to customers (247 918) Net interest income after impairment of interest earning assets (117 695) Net fee and commission income 77 465 Net gains from financial assets available-for-sale - Net gains(losses) arising from foreign currencies: trading 45 078 translation differences (7 674) operations with derivative financial instruments 13 849 Other income 4 327 Non-interest income 133 045 Personnel expenses (123 102) Other operation expenses (130 544) Depreciation and amortization (26 621) Other charges to allowances for impairment and provisions (15 246) Non-interest expenses (295 513) Profit before income tax expenses (280 163) Income tax expenses 40 701 Profit for the year (239 462) Other comprehensive income, net of tax Effect or the fixed asserts tax base adjustment - Unrealised (losses) gains from financial assets available-for-sale (302) Realised gains from financial assets available-for-sale reclassified to profit or loss - Income tax relating to components of other comprehensive income 30 (272) Total comprehensive income for the year (239 734) Statement of financial position at as 31 December 2012 Assets Cash and cash equivalents, except for balances on current accounts with the National Bank of Ukraine 1 839 947 Balances with the National Bank of Ukraine 363 330 Amounts due from banks 33 728 Loans to costumers 5 114 901 Financial assets available-for-sale 161 369 Property, equipment and intangible assets 193 287 Investment property 72 711 Assets held-for-sale 63 336 Deferred income tax 21 057 Other assets 37 309 Total assets 7 900 975 Liabilities Amounts due to banks 756 975 Amounts due to costumers 6 286 316 Debt securities issued 532 Current income tax liabilities 2 288 Subordinated debt 293 103 Other liabilities 48 130 Total liabilities 7 387 344 Equity Share capital 338 666 Additional paid-in capital 17 678 Revaluation reserve 97 130 Retained earnings 60 157 Total capital 513 631 Total equity and liabilities 7 900 975

***)

Statement of financial position at as 31 December 2011 Assets Cash and cash equivalents, except for balances on current accounts with the National Bank of Ukraine 1 975 159 Balances with the National Bank of Ukraine 392 436 Amounts due from banks 15 393 Loans to costumers 5 360 147 Financial assets available-for-sale 156 847 Property, equipment and intangible assets 202 816 Investment property 84 205 Assets held-for-sale 66 765 Other assets 33 826 Total assets 8 287 594 Liabilities Amounts due to banks 1 503 894 Amounts due to costumers 5 584 811 Debt securities issued 106 363 Subordinated debt 292 398 Current income tax liabilities 1 876 Deferred income tax liabilities 26 278 Other liabilities 18 609 Total liabilities 7 534 229 Equity Share capital 338 666 Additional paid-in capital 17 678 Revaluation reserve 97 402 Retained earnings 299 619 Total capital 753 365 Total equity and liabilities 8 287 594 Statement of comprehensive income For the year ended 31 December 2011 Interest income Loans to customers 668 865 Financial assets available-for-sale 7 057 Cash and cash equivalents, except for balances on current accounts with the National Bank of Ukraine 5 673 Balances with the National Bank of Ukraine 1 389 682 984 Interest expenses Amounts due customers (395 187) Amounts due to banks (55 441) Subordinated debt (13 124) Debt securities issued (7 372) (471 124) Net interest income 211 860 Charges to allowances for impairment of loan to customers (40 839) Net interest income after impairment of interest earning assets 171 021 Net fee and commission income 53 441 Net gains from financial assets available-for-sale 2 354 Net gains(losses) arising from foreign currencies: trading 41 354 translation differences (677) Other income 3 417 Non-interest income 99 889 Personnel expenses (110 819) Other operation expenses (135 408) Depreciation and amortization (15 410) Other charges to allowances for impairment and provisions (1 775) Non-interest expenses (263 412) Profit before income tax expenses 7 498 Income tax expenses (3 297) Profit for the year 4 201 Other comprehensive income, net of tax Effect or the fixed asserts tax base adjustment - Unrealised (losses) gains from financial assets available-for-sale (1 367) Realised gains from financial assets available-for-sale reclassified to profit or loss (2 354) Income tax relating to components of other comprehensive income 703 (3 018) Total comprehensive income for the year 1 183

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

Publications

- 03.12.2013

Subject	:	http://www.prostobank.ua/

	National Bank of Ukraine named the most profitable and unprofitable banks in Ukraine in the first nine months of 2013. In the list of the Top 10 unprofitable banks entered Credit Dnepr Bank, which for the first six months showed a positive financial result. It took 9th place.

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mr Anton Aslanov (manager FEA) on 05.12.2013 by the tel. number: +38 0562 367344. He 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. When the additional information comes in we will update the subject report.

APPENDIX A

Financial Statements

Period, months	9	12	12
Ended	30.09.2013	31.12.2012	31.12.2011
Currency	UAH th	UAH th	UAH th

- 30.09.2013

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

- 31.12.2012

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

- 31.12.2011

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Report Prepared by :

NNA

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.