MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	BETTA-EXCLUSIVE, LTD
Formerly Known As :	TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU INTER TREYD GRUP
Registered Office :	15 Lva Tolstogo Str., Kiev, 01033
Country :	Ukraine
Financials (as on) :	31.12.2013
Date of Incorporation :	03.08.1998
Com. Reg. No.:	21682392
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	Wholesale and retail trade of crockery and household goods in the shop Posud: meister.
No of Employees :	50

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 but correct
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.

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. 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. Movement toward an Association Agreement with the European Union, which would commit Ukraine to economic and financial reforms in exchange for preferential access to EU markets, was curtailed by the November 2013 decision of President YANUKOVYCH against signing this treaty. In response, on 17 December 2013 President YANUKOVYCH and President PUTIN concluded a financial assistance package containing $15 billion in loans and lower gas prices. However, the end of the YANUKOVYCH government in February 2014 caused Russia to halt further funding. With the formation of an interim government in late February 2014, the international community began efforts to stabilize the Ukrainian economy, including a 27 March 2014 IMF assistance package of $14-18 billion.

Source : CIA

Identification

Full Name

:

Tovarystvo z Obmezhenoyu Vidpovidalnistyu BETTA-EKSKLYUZYV

IGK-number

:

108-178-459

Name in English

:

BETTA-EXCLUSIVE, LTD

Name in national language

:

Товариство з Обмеженою Відповідальністю БЕТТА-ЕКСКЛЮЗИВ

Previous Names

:

-	TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU INTER TREYD GRUP

Office Address

:

15 Lva Tolstogo str., Kiev, 01033, Ukraine

Legal Address

:

15 Lva Tolstogo str., Kiev, 01033, Ukraine

Contacts

:

-	Phone/fax	:	(+38 044) 5319866
-	E-mail	:	info@betta.com.ua
-	WWW	:	www.posudmeister.com.ua

SUMMARY

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

Incorporation : 1998

Staff : n/a

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

Sales :	3 518.30 th UAH ( for 12 months, ended 31.12.2013 )
	4 592.00 th UAH ( for 12 months, ended 31.12.2012 )

Incorporation

:

1998

Registration Data

Date of registration

:

03.08.1998

Registration Number

:

21682392

Registr. Authority

:

Local Administration (Kiev, Ukraine)

VAT Number

:

216823926078

Registr. Place

:

Ukraine

Date of VAT Payer registration: 14.08.1998

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 03.08.1998

Share Capital

:

34 375 UAH (registered)

since 03.08.1998

Shareholders

:

-	Mr Eryomenko Vladimir Viktorovich (Ukraine)				100.00 %
		share's book value	:	34 375 UAH

Board / Executives

Executives

Director

:

Mr Eryomenko Vladimir Viktorovich (Ukraine)

Authorised signature

:

Mr Eryomenko Vladimir Viktorovich

Activities

:

-	572	Household Appliance Stores
		(NACE 5245: Retail sale of electrical household appliances (unit E1) and radio and television goods)

Wholesale and retail trade of crockery and household goods in the shop Posud:meister.

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

:

-	50 [E]
	( the data as of 26.07.2013 )
-	20
	( the data as of 31.12.2012 )
-	16
	( the data as of 31.12.2009 )

Export

:

none

Import

- 01.07.2014

:

Fiscal period: 5 month(s), currency: UAH

164 069.00

Sri Lanka

- 01.01.2014

:

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

646 105.00

Italy, Sri Lanka

- 01.12.2012

:

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

227 312.00

Sri Lanka

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	15 Lva Tolstogo str., Kiev, 01033, Ukraine

Subsidiaries and Participation

:

n/a

Bankers

:

-	Brokbiznesbank (Ukraine)
	bank code	:	300249
	account(s)	:	260090103800 UAH
-	Praveks-Bank (Ukraine)
	bank code	:	321983
	account(s)	:	2600900002300 USD, UAH

Suppliers

:

-	Dankotuwa Porcelain Limited (Sri Lanka)

Litigation

:

According to the data of Bulletin of the State Registration as of 22.08.2014, there are no bankruptcy registered in the name of the subject company.

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

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- ASSETS --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	643.10		695.00
- Investments in tangible assets
- Financial assets			0.00
- Other non-current assets			0.00
Non-current assets total	643.10	661.10	695.00
CURRENT ASSETS
- Stock	441.30		259.00
- Debtors	3 312.00	4 936.40	0.00
- Other receivables	1 200.50		166.60
- Short-term financial investments		0.00	0.00
- Cash	230.50	211.40	30.30
- Other current assets	470.00	2.00	247.40
Current assets total	5 654.30	6 964.20	703.30
Assets total	6 297.40	7 625.30	1 398.30
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	34.40	34.40	34.40
- Additional capital			0.00
- Other capital			0.00
- Reserve capital			0.00
- Retained earnings (Non-covered loss)	290.90		820.60
Capital and reserves total	325.30	1 113.90	855.00
Provisions	0.00	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	4 390.90	4 808.30	345.50
- trade debts	4 380.30	4 808.30	326.50
- accrued payroll	6.60		14.00
- tax liabilities	4.00		5.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00	0.00
- Other short-term liabilities	1 581.20		197.80
Short-term liabilities total	5 972.10	6 511.40	543.30
Liabilities total	5 972.10	6 511.40	543.30
Equity and liabilities total	6 297.40	7 625.30	1 398.30
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	3 518.30	4 592.00	769.30
Cost of goods sold	1 176.90	1 247.10	204.00
Gross profit
Distribution costs	3 180.00	2 251.90	641.30
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	50.00	0.00	0.00
Other operating charges	0.00	0.00	0.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	-788.60		-76.00
Income-tax and other similar payments		68.80	17.90
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-788.60	258.90	-93.90
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-22.41		-9.88
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-242.42		-8.89
Profit before taxation / Equity
Current assets turnover	0.62	0.66	1.09
Net sales / Current assets
Working capital	-317.80	452.80	160.00
Current assets - Short-term liabilities
Leverage	0.05	0.15	0.61
Equity / Total assets
Current ratio	0.95	1.07	1.29
Current assets / Short-term liabilities
Quick ratio	0.87		0.82
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	18.36	5.85	0.64
Total liabilities / Equity

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

Publications

- 10.02.2014

:

Subject

:

Fitch has degraded the independent rating of Ukraine to CCC

Fitch Rating was the last one which degraded the independent rating of Ukraine to CCC from previous B-. Long-term rating of national currency obligations stands at B-, outlook – Negative. Rating of State Obligations in foreign currency was degraded from B- to CCC, while the State Obligations in national currency remained as B-. Before Fitch the other International agencies have also degraded the ratings of Ukraine: on January 28-th Standard&Poor`s changed long-term and short-term ratings of obligations in foreign currency from B-/B to CCC+/C/ On February 1-st Moody`s degraded the rating of Ukrainian state obligations from Caa1 to Caa2. All Agencies assigned "Negative" outlook for State Obligations. http://investfunds.ua/news/fitch-snizilo-suverennyj-rejting-ukrainy-do-sss-kommersant-ukraina-117691/

- 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 officer on 22.08.2014 by the phone number: +38 044 5319866. 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.

Financial Statements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	UAH th	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	4 221.90	4 592.00	923.20
services
020 Indirect taxes and other compulsory payments	703.60		153.90
030 Net sales revenue (010-020)	3 518.30	3 826.70	769.30
040 Other operating income	50.00	0.00	0.00
050 Other income			0.00
070 Net revenue total (030+040+050)	3 568.30	3 826.70	769.30
080 Cost of goods, works, services	1 176.90	1 247.10	204.00
090 Other operating charges	3 180.00	2 251.90	641.30
091 incl.
092
100 Other charges	0.00	0.00	0.00
120 Charges total (080+090+100)	4 356.90	3 499.00	845.30
130 Profit before taxation (070-120)	-788.60		-76.00
140 Profit tax		68.80	17.90
150 Net profit (130-140)	-788.60	258.90	-93.90
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	8.20		23.90
Fixed assets
030 residual assets	634.90		671.10
031 acquisition cost	1 009.10		992.90
032 depreciation	374.20		321.80
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	643.10	661.10	695.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	27.10		86.00
110 Current biological assets
130 Finished goods	414.20		173.00
Trade debtors:
160 net realizable value	3 312.00	4 936.40	0.00
161 acquisition cost	3 312.00		0.00
162 doubtful debts reserve			0.00
Accounts receivable
170 Budget accounts receivable			0.00
210 Other current accounts receivable	1 200.50		166.60
220 Current financial investments		0.00	0.00
Cash at bank and in hand
230 Funds in local currency	230.50	211.40	30.30
231 incl. cash in hand
240 Funds in foreign currencies		0.00	0.00
250 Other current assets	468.00		245.20
260 CURRENT ASSETS TOTAL	5 652.30	6 962.20	701.10
270 III. DEFERRED CHARGES	2.00	2.00	2.20
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	6 297.40	7 625.30	1 398.30
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	34.40	34.40	34.40
320 Additional contributed capital			0.00
340 Reserve capital			0.00
350 Retained earnings (loss)	290.90		820.60
360 Unpaid capital (minus)			0.00
380 CAPITAL AND RESERVES TOTAL	325.30	1 113.90	855.00
430 II. PROVISIONS OF DEFERRED CHARGES	0.00	0.00	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	0.00	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	4 380.30	4 808.30	326.50
Accounts payable:
550 Budget accounts payable	4.00		5.00
570 Insurance payments			0.00
580 Accrued payroll	6.60		14.00
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities	1 581.20		197.80
620 SHORT-TERM LIABILITIES TOTAL	5 972.10	6 511.40	543.30
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	6 297.40	7 625.30	1 398.30

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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%)

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