MIRA INFORM REPORT

Report Date :

26.12.2013

IDENTIFICATION DETAILS

Name :	PRIVATNE PIDPRYEMSTVO MALLATI
Registered Office :	8/10 Onilovoyi lane, Odessa, Odessa region, 65000
Country :	Ukraine
Financials (as on) :	31.12.2012
Date of Incorporation :	21.08.2003
Com. Reg. No.:	32642097
Legal Form :	Private Company by Ukrainian
Line of Business :	· Wholesaler of fruit and vegetables Freight forwarding and customs brokerage services. Wholesale trader of dried fruits
No. of Employees :	24 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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

:

Privatne Pidpryemstvo MALLATI

Name in English

:

MALLATI, PC

Name in national language

:

Приватне Підприємство МАЛЛАТІ

Office Address

:

3 Kirovskiy square, off. 5,6, Odessa, Odessa region, 65000, Ukraine

Legal Address

:

8/10 Onilovoyi lane, Odessa, Odessa region, 65000, Ukraine

Other Addresses

:

Previous legal address

115 Chornomorskogo kozatstva str., Odessa, Odessa region, 65000, Ukraine

( the data cancelled since 21.01.2013 )

Previous legal address

72 Chornomorskogo kozatstva str., Odessa, Odessa region, 65000, Ukraine

( the data cancelled since 22.02.2011 )

Previous legal address

8/10 Onilovoyi lane, Odessa, Odessa region, 65000, Ukraine

( the data cancelled since 15.12.2011 )

Contacts

:

-	Phone	:	(+38 0482) 365891
-	Phone/fax	:	(+38 0482) 328259
-	E-mail	:	tornado@mallati.com.ua
-	WWW	:	www.mallati.com.ua

SuMMARY

Legal Form : PP (Private Company by Ukrainian Law)

Incorporation : 2003

Staff : n/a

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

Sales :	48 733.90 th UAH ( for 12 months, ended 31.12.2012 )
	47 555.70 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

2003

Registration Data

Date of registration

:

21.08.2003

Registration number

:

32642097

Registr. authority

:

Executive committee of city council (Odessa, Odessa region, Ukraine)

Number of the Certificate of State Registration: 320917 Series of the Certificate: A01

VAT number

:

326420915548

Registr. place

:

Ukraine

Number of VAT-certificate: 200108335 Date of issue: 11.02.2013

Legal Form

:

PP (Private Company by Ukrainian Law)

since 21.08.2003

Share Capital

:

3 000 000 UAH (registered)

since 24.09.2010

Shareholders

:

-	Mr Kryukovskiy Aleksey Viktorovich (Ukraine)				100.00 %
		share's book value	:	3 000 000 UAH

Board / Executives

Executives

Director

:

Mr Kryukovskiy Aleksey Viktorovich (Ukraine)

Authorised signature

:

Mr Kryukovskiy Aleksey Viktorovich

Changes in Registration Data

- 21.01.2013

:

legal address

- 15.12.2011

:

legal address

- 22.02.2011

:

legal address

- 24.09.2010

:

share capital

- 15.05.2007

:

managers, authorised signature

- 20.03.2007

:

legal address

Activities

:

-	4789	Transportation Svcs, NEC, NEC
		(NACE 6340: Activities of other transport agencies)
-	5148	Fruits
		(NACE 5131: Wholesale of fruit and vegetables)

Freight forwarding and customs brokerage services. Wholesale trade in dried fruits.

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

:

-	24
	( the data as of 31.12.2012 )
-	20 [E]
	( the data as of 24.04.2012 )
-	5
	( the data as of 31.12.2009 )

Export

- 01.11.2013

:

Fiscal period: 10 month(s), currency: UAH

2 007 842.00

Turkey, Iran, Iraq, New Zealand

- 01.12.2012

:

Fiscal period: 11 month(s), currency: UAH

12 778 593.00

- 01.05.2011

:

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

3 269 806.00

- 01.01.2010

:

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

717 931.00

Import

- 01.11.2013

:

Fiscal period: 10 month(s), currency: UAH

56 507 158.00

Iran, Argentina, Thailand, Vietnam, China Peoples Republic

- 01.12.2012

:

Fiscal period: 11 month(s), currency: UAH

31 832 679.00

- 01.05.2011

:

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

10 866 074.00

- 01.01.2010

:

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

15 223 170.00

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	3 Kirovskyy skver str., off. 5,6, Odessa, Odessa region, 65000, Ukraine

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Pivdennyy Bank (Ukraine)
	bank code	:	328209
	account(s)	:	26005311267002 USD, 26006311267001 UAH
-	Swedbank (Ukraine)
	bank code	:	300164
	account(s)	:	26009003902201 UAH, USD

Clients

:

-	ALI MAHMOOD MOHAMMAD (Iraq)
-	Baroni Foods Ltd (New Zealand)
-	CAGDAS KAYISI GIDA INSAAT. OTOMOTIV PETROL. NAK. ITH. IHR. SAN. TIC. L (Turkey)
-	RAHGAN TARABAR (Iran)

Suppliers

:

-	INSA COMERCIO EXTERIOR S.A. (Argentina)
-	JUNAN KINGLAND FOODSTUFF CO.,LTD (China Peoples Republic)
-	NAKLEH SABZE SOBHI CO.LTD. (Iran)
-	SAMROIYOD CORPORATION LIMITED (Thailand)
-	TONG CONG TY RAU QUA NONG SAN CONG TY (Vietnam)

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 20 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 08.07.2009 up to 01.10.2013. There are no bankruptcy/insolvency filed. These litigation processes arise in the course of company's usual operation.

According to the data of Bulletin of the State Registration as of 23.12.2013, 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

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets		3 290.70	2 944.70
- Investments in tangible assets
- Financial assets		0.00	0.00
- Other non-current assets		0.00
Non-current assets total	2 115.80	3 290.70	2 944.70
CURRENT ASSETS
- Stock		5 452.50	10 456.20
- Debtors	2 334.50	4 689.60	9 514.40
- Other receivables		3 927.80
- Short-term financial investments	0.00	0.00
- Cash	75.80	254.60	202.40
- Other current assets	0.00	494.60
Current assets total	15 416.70	14 819.10	20 198.30
Assets total	17 532.50	18 109.80	23 143.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	3 000.00	3 000.00	3 000.00
- Additional capital		0.00
- Other capital		-1 113.80
- Reserve capital		0.00
- Retained earnings (Non-covered loss)		1 978.20
Capital and reserves total	4 765.30	3 864.40	1 415.20
Provisions	0.00	0.00
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	0.00	0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits		0.00
- short-term amounts owed to banks		0.00
- Creditors	11 666.20	12 935.40
- trade debts	11 666.20	12 864.50
- accrued payroll		6.30
- tax liabilities		64.60
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00
- Other short-term liabilities		1 310.00
Short-term liabilities total	12 767.20	14 245.40	21 727.80
Liabilities total	12 767.20	14 245.40	21 727.80
Equity and liabilities total	17 532.50	18 109.80	23 143.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	48 733.90	47 555.70	47 356.70
Cost of goods sold	36 695.90	42 326.90
Gross profit
Distribution costs	4 223.90	2 658.20
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	70.10	40.80
Other operating charges	0.00	0.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation		2 611.40	1 218.00
Income-tax and other similar payments	426.60	162.20
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	900.90	2 449.20	1 111.10
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %		5.49	2.57
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %		67.58	86.07
Profit before taxation / Equity
Current assets turnover	3.16	3.21	2.34
Net sales / Current assets
Working capital	2 649.50	573.70	-1 529.50
Current assets - Short-term liabilities
Leverage	0.27	0.21	0.06
Equity / Total assets
Current ratio	1.21	1.04	0.93
Current assets / Short-term liabilities
Quick ratio		0.66	0.45
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.68	3.69	15.35
Total liabilities / Equity

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

Publications

- 12.12.2013

:

Subject

:

INTERNATIONAL RATINGS TREND

http://countryeconomy.com/ratings/ukraine ----------------------- INTERNATIONAL RATINGS TREND FOR THE UKRAINE IN 2012-2013 2013: 1. Rating Moody's Ukraine Long Term Rating: Foreign Currency Date Rating (Outlook) 2013-09-20 Caa1 (Under Review) 2012-12-05 B3 Local Currency Date Rating 2013-09-20 Caa1 2012-12-05 B3 2. Rating S&P Ukraine Long Term Rating Foreign Currency Date Rating (Outlook) 2013-11-01 B- (Negative) 2012-12-07 B (Negative) Local Currency Date Rating 2013-11-01 B- 2012-12-07 A- 3. Rating Fitch Ukraine Long Term Rating Foreign Currency Date Rating (Outlook) 2013-11-28 B- (Negative) 2012-07-18 B (Stable) Local Currency Date Rating 2013-11-28 B- 2012-07-18 B 2012: Information source: Correspondent.net, December 1-th 2012: Today, the international rating agency Standard & Poor's Ratings Services lowered its outlook on the sovereign credit rating of Ukraine from stable to negative. As informed the press service of the Agency, short-term ratings in foreign and local currency were affirmed at B + / B. Ukraine's long-term rating on the national scale was reduced from uaAA- to uaA +. " Risk assessment of transfer and convertibility of hard currency (T & C) remains at the level of B +, according to the ratings in foreign currency. Recovery Rating of unsecured debt in foreign currency affirmed at level 4, indicating our expectation of payment at 30% -50 % of the debt in the event of default " - said in a S&P statement. Yesterday the other international rating agency Moody's downgraded the rating of Ukrainian government bonds by one notch - from B2 to B3 with a negative outlook.

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Alina (administrator) on 23.12.2013 by the tel. number: +38 0482 365891. 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. Postal Code mentioned in your order (65011) is incorrect. Correct Postal Code is 65000.

Capital History

- 21.08.2003

:

100 UAH (registered)

( the data as of 21.08.2003, cancelled since 24.09.2010 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	48 733.90	55 295.50
services
020 Indirect taxes and other compulsory payments		7 739.80
030 Net sales revenue (010-020)	42 171.10	47 555.70
040 Other operating income	70.10	40.80
050 Other income		0.00
070 Net revenue total (030+040+050)	42 247.30	47 596.50
080 Cost of goods, works, services	36 695.90	42 326.90
090 Other operating charges	4 223.90	2 658.20
091 incl.
092
100 Other charges	0.00	0.00
120 Charges total (080+090+100)	40 919.80	44 985.10
130 Profit before taxation (070-120)		2 611.40
140 Profit tax	426.60	162.20
150 Net profit (130-140)	900.90	2 449.20
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress		0.00
Fixed assets
030 residual assets		3 290.70
031 acquisition cost		4 688.60
032 depreciation		1 397.90
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	2 115.80	3 290.70
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies		0.00
110 Current biological assets
130 Finished goods		5 452.50
Trade debtors:
160 net realizable value	2 334.50	4 689.60
161 acquisition cost		4 689.60
162 doubtful debts reserve		0.00
Accounts receivable
170 Budget accounts receivable		2 578.00
210 Other current accounts receivable		1 349.80
220 Current financial investments	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	75.80	75.90
231 incl. cash in hand
240 Funds in foreign currencies	0.00	178.70
250 Other current assets		494.60
260 CURRENT ASSETS TOTAL	15 416.70	14 819.10
270 III. DEFERRED CHARGES	0.00	0.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	17 532.50	18 109.80
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	3 000.00	3 000.00
320 Additional contributed capital		0.00
340 Reserve capital		0.00
350 Retained earnings (loss)		1 978.20
360 Unpaid capital (minus)		1 113.80
380 CAPITAL AND RESERVES TOTAL	4 765.30	3 864.40
430 II. PROVISIONS OF DEFERRED CHARGES	0.00	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	0.00	0.00
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	11 666.20	12 864.50
Accounts payable:
550 Budget accounts payable		62.60
570 Insurance payments		2.00
580 Accrued payroll		6.30
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities		1 310.00
620 SHORT-TERM LIABILITIES TOTAL	12 767.20	14 245.40
630 V. DEFERRED INCOME	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	17 532.50	18 109.80

- 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,	47 356.70
services
020 Indirect taxes and other compulsory payments	6 356.60
030 Net sales revenue (010-020)	41 000.10
040 Other operating income	348.70
050 Other income from ordinary activity	0.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	41 348.80
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	0.00
100 Payroll costs	75.60
110 Allocation to social needs	41.40
120 Amortization charges	87.10
130 Other operating charges	1 221.90
131 incl.	0.00
140 Cost of sales	38 704.80
150 Other ordinary activity expenses	0.00
160 Extraordinary charges	0.00
170 Profit tax	106.90
180 Charges total (090+100+110+120+130+140+150+	40 237.70
+160+170+ -080)
190 Net profit (070-180)	1 111.10
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	2 944.70
031 acquisition cost	3 034.80
032 depreciation	90.10
Long-term financial assets
040 Capital participation in other enterprises	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	2 944.70
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	0.00
130 Finished goods	10 456.20
Trade debtors:
160 net realizable value	3 144.20
161 acquisition cost	3 144.20
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	4 727.20
210 Other current accounts receivable	1 643.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	202.40
240 Funds in foreign currencies	0.00
250 Other current assets	25.30
260 CURRENT ASSETS TOTAL	20 198.30
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	23 143.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	3 000.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	-471.00
360 Unpaid capital (minus)	1 113.80
380 CAPITAL AND RESERVES TOTAL	1 415.20
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	0.00
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	21 506.50
Accounts payable:
550 Budget accounts payable	0.20
570 Insurance payments	0.90
580 Accrued payroll	2.70
610 Other short-term liabilities	217.50
620 SHORT-TERM LIABILITIES TOTAL	21 727.80
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	23 143.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.101.10
Euro	1	Rs.84.65

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.