MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU MASTER SPAYS
Registered Office :	24 Nezalezhnosti str., Brovary, Kiev region, Brovarskiy district, 07400
Country :	Ukraine
Financials (as on) :	31.12.2013
Date of Incorporation :	28.04.2009
Com. Reg. No.:	36432364
Legal Form :	Limited Liability Company
Line of Business :	Wholesaler of Coffee, Tea, Cocoa and Spices
No of Employees :	05 (31.12.2012)

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 :	Slow
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.

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 MASTER SPAYS

Name in English

:

MASTER SPICE, LTD

Name in national language

:

Товариство з Обмеженою Відповідальністю МАСТЕР СПАЙС

Office Address

:

Kiev, 04655, Ukraine

Please see final comments.

Legal Address

:

24 Nezalezhnosti str., Brovary, Kiev region, Brovarskiy district, 07400, Ukraine

Contacts

:

-	mobile tel.	:	(+38 067) 4656767
-	E-mail	:	masterspice@ukr.net
-	WWW	:	www.masterspice.com.ua

SUMMARY

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

Incorporation : 2009

Staff : n/a

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

Sales :	6 584.50 th UAH ( for 12 months, ended 31.12.2013 )
	4 730.80 th UAH ( for 12 months, ended 31.12.2012 )

Incorporation

:

2009

Registration Data

Date of registration

:

28.04.2009

Registration number

:

36432364

Registr. authority

:

Local Executive Committee (Brovary, Kiev region, Brovarskiy district, Ukraine)

VAT number

:

364323610291

Registr. place

:

Ukraine

Date of VAT-payer registration: 24.06.2009

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 28.04.2009

Share Capital

:

1 400 000 UAH (registered)

since 26.08.2014

Shareholders

:

-	Mr Kozachinskiy Dmitriy Petrovich (Ukraine)				100.00 %
		share's book value	:	1 400 000 UAH

Board / Executives

Executives

Director registered

:

Mr Kozachinskiy Dmitriy Petrovich (Ukraine)

Authorised signature

:

Mr Kozachinskiy Dmitriy Petrovich

Changes in Registration Data

- 26.08.2014

:

share capital

Activities

:

-	5149	Seasonings, Sauces & Extracts
		(5137 / NACE_1.1: Wholesale of coffee, tea, cocoa and spices)
		(4637 / NACE_2: Wholesale of coffee, tea, cocoa and spices)

Trade in spices.

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

:

-	5
	( the data as of 31.12.2012 )
-	1
	( the data as of 31.12.2009 )

Export

:

none

Import

- 01.07.2014

:

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

3 192 954.00

Sri Lanka, India

- 01.01.2014

:

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

6 652 509.00

- 01.12.2012

:

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

1 501 185.00

- 01.05.2011

:

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

875 193.00

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Evrogazbank (Ukraine)
	bank code	:	380430
	account(s)	:	260063014279 EUR, UAH, USD
-	VAB (Ukraine)
	bank code	:	380537
	account(s)	:	26008090000143 USD, UAH

Suppliers

:

-	Plant Lipids Lanka (Pvt) Limited (Sri Lanka)
-	Synthite Exports Limited (India)

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 10 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 14.09.2012 up to 09.09.2014. There is no bankruptcy/insolvency filed. These litigation processes arise in the course of company's usual operation.

According to the official data as of 28.11.2014, 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 data

Financial Elements

:

There is no company’s financial report for 6 months 2014 at the official accessible sources.

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	722.50		19.70
- Investments in tangible assets
- Financial assets			0.00
- Other non-current assets			0.00
Non-current assets total	722.50	10.00	19.70
CURRENT ASSETS
- Stock	1 523.70		1 486.30
- Debtors	648.50	632.80	882.10
- Other receivables	428.80		104.90
- Short-term financial investments		0.00	0.00
- Cash	416.90	8.80	29.60
- Other current assets	105.60	0.00	88.10
Current assets total	3 123.50	1 926.70	2 591.00
Assets total	3 846.00	1 936.70	2 610.70
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	62.50	62.50	62.50
- Additional capital			0.00
- Other capital			0.00
- Reserve capital			0.00
- Retained earnings (Non-covered loss)	-163.20		63.20
Capital and reserves total	-100.70	-52.70	125.70
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	584.20	0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	1 000.00		0.00
- short-term amounts owed to banks	1 000.00		0.00
- Creditors	433.30	532.40	1 286.20
- trade debts	399.20	532.40	1 263.50
- accrued payroll			6.80
- tax liabilities	34.10		15.90
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00	0.00
- Other short-term liabilities	1 929.20		1 198.80
Short-term liabilities total	3 362.50	1 989.40	2 485.00
Liabilities total	3 946.70	1 989.40	2 485.00
Equity and liabilities total	3 846.00	1 936.70	2 610.70
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	6 584.50	4 730.80	10 198.70
Cost of goods sold	4 732.20	3 132.90	8 295.90
Gross profit
Distribution costs	1 792.50	891.30	1 583.10
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income		0.00	1.90
Other operating charges	75.00	0.00	112.20
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	-15.20		209.40
Income-tax and other similar payments	28.50	9.60	136.40
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-43.70	-197.50	73.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-0.23		2.05
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	15.09		166.59
Profit before taxation / Equity
Current assets turnover	2.11	2.46	3.94
Net sales / Current assets
Working capital	-239.00	-62.70	106.00
Current assets - Short-term liabilities
Leverage	-0.03	-0.03	0.05
Equity / Total assets
Current ratio	0.93	0.97	1.04
Current assets / Short-term liabilities
Quick ratio	0.48		0.44
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	-39.19	-37.75	19.77
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/

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted officer on 28.11.2014 by the phone number: +38 067 4656767. He confirmed only name of the company, name of the director, legal address and e-mail, refused to provide other information. 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.

Capital History

- 28.04.2009

:

62 500 UAH (registered)

( the data as of 28.04.2009, cancelled since 26.08.2014 )

APPENDIX A

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,	7 904.30	4 730.80	12 238.50
services
020 Indirect taxes and other compulsory payments	1 319.80		2 039.80
030 Net sales revenue (010-020)	6 584.50	3 836.30	10 198.70
040 Other operating income		0.00	1.90
050 Other income			0.00
070 Net revenue total (030+040+050)	6 584.50	3 836.30	10 200.60
080 Cost of goods, works, services	4 732.20	3 132.90	8 295.90
090 Other operating charges	1 792.50	891.30	1 583.10
091 incl.
092
100 Other charges	75.00	0.00	112.20
120 Charges total (080+090+100)	6 599.70	4 024.20	9 991.20
130 Profit before taxation (070-120)	-15.20		209.40
140 Profit tax	28.50	9.60	136.40
150 Net profit (130-140)	-43.70	-197.50	73.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress			0.00
Fixed assets
030 residual assets	722.50		19.70
031 acquisition cost	800.40		49.80
032 depreciation	77.90		30.10
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	722.50	10.00	19.70
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	35.50		32.50
110 Current biological assets
130 Finished goods	1 488.20		1 453.80
Trade debtors:
160 net realizable value	648.50	632.80	882.10
161 acquisition cost	648.50		882.10
162 doubtful debts reserve			0.00
Accounts receivable
170 Budget accounts receivable	140.40		81.80
210 Other current accounts receivable	288.40		23.10
220 Current financial investments		0.00	0.00
Cash at bank and in hand
230 Funds in local currency	416.90	8.80	29.60
231 incl. cash in hand
240 Funds in foreign currencies		0.00	0.00
250 Other current assets	105.60		88.10
260 CURRENT ASSETS TOTAL	3 123.50	1 926.70	2 591.00
270 III. DEFERRED CHARGES		0.00	0.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	3 846.00	1 936.70	2 610.70
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	62.50	62.50	62.50
320 Additional contributed capital			0.00
340 Reserve capital			0.00
350 Retained earnings (loss)	-163.20		63.20
360 Unpaid capital (minus)			0.00
380 CAPITAL AND RESERVES TOTAL	-100.70	-52.70	125.70
430 II. PROVISIONS OF DEFERRED CHARGES	0.00	0.00	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	584.20	0.00	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	1 000.00		0.00
510 Short-term portion of long-term liabilities			0.00
530 Trade creditors	399.20	532.40	1 263.50
Accounts payable:
550 Budget accounts payable	28.50		12.70
570 Insurance payments	5.60		3.20
580 Accrued payroll			6.80
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities	1 929.20		1 198.80
620 SHORT-TERM LIABILITIES TOTAL	3 362.50	1 989.40	2 485.00
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	3 846.00	1 936.70	2 610.70

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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