MIRA INFORM REPORT

Report Date :

22.02.2013

IDENTIFICATION DETAILS

Name :	KIEV SHIPPING, LLC
Registered Office :	9 Gnata Yury str., Kiev, 03148
Country :	Ukraine
Date of Incorporation :	02.06.2000
Com. Reg. No.:	30963836
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	Water Transportation
No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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. Economic growth resumed in 2010 and 2011, buoyed by exports, but slowed in 2012. 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 KIYIV SHYPPING

Name in English

:

KIEV SHIPPING, LLC

Name in national language

:

Товариство з обмеженою відповідальністю КИЇВ ШИППІНГ

Office Address

:

16 Politehnichna str., off. 10B, Kiev, 03056, Ukraine

Legal Address

:

9 Gnata Yury str., Kiev, 03148, Ukraine

Contacts

:

-	Phone	:	(+38 067) 4010506
	Mobile phone belongs to Mr Kalniy Konstantin Evgenyevich (director).
-	E-mail	:	kievship@ukrtel.com
-	WWW	:	www.kievship.kiev.ua

SUMMARY

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

Incorporation : 2000

Staff : 5

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

Sales : n/a

Incorporation

:

2000

Registration Data

Date of registration

:

02.06.2000

Registration number

:

30963836

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

309638326069

Registr. place

:

Ukraine

Number of VAT-certificate: 36327050 Cancellation date: 31.12.2007 Cause of cancellation: Person registers as single tax payer. Pretext of cancellation: Spearheaded by the Tax-payer.

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 02.06.2000

Share Capital

:

7 400 UAH (registered)

since 02.06.2000

Shareholders

:

-	Mr Kalniy Konstantin Evgenyevich (Ukraine)				50.00 %
		share's book value	:	3 700 UAH
-	Mr Kuznetsov Aleksandr Yuryevich (Ukraine)				50.00 %
		share's book value	:	3 700 UAH

Board / Executives

Executives

Director

:

Mr Kalniy Konstantin Evgenyevich (Ukraine)

Authorised signature

:

Mr Kalniy Konstantin Evgenyevich

Activities

:

-	44	WATER TRANSPORTATION
		(NACE 6100: Water transport)
-	81	LEGAL SERVICES
		(NACE 7411: Legal activities)
-	8741	Management Services, NEC
		(NACE 7414: Business and management consultancy activities)

Managing of sea-going ships, shipping of cargoes, buying and selling of sea-going ships, maritime consulting.

Staff employed

:

5 [E]

Export

:

none

Import

:

none

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	16 Politehnichna str., off. 10B, Kiev, 03056, Ukraine

Subsidiaries and Participation

:

n/a

Bankers

:

-	Tas-Komertsbank (Ukraine)
	bank code	:	300164
	account(s)	:	26005303236950 USD; 26009303236901 UAH

Litigation

:

There are no suits/litigation files recorded in the name of KIYIV SHYPPING 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 18.02.2013, 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 Elements

:

The subject company is legally obliged to file its financial statements at the State Register, but it has not done this.

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 Mr Kalniy Konstantin Evgenyevich (director) on 18.02.2013 by the tel. number: +38 067 4010506. 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. If the additional information comes in we will update the subject report.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.72.23

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.