MIRA INFORM REPORT

Report Date :

20.11.2014

IDENTIFICATION DETAILS

Name :	TRADING HOUSE GOLDEN MILE, PC
Registered Office :	7 Petrovskogo str., Kharkiv, Kharkiv region, 61002
Country :	Ukraine
Financials (as on) :	30.06.2014
Date of Incorporation :	25.09.2006
Com. Reg. No.:	34470937
Legal Form :	PP (Private Company by Ukrainian Law)
Line of Business :	· Manufacture of margarine and similar edible fats · Wholesale of food, beverages and tobacco
No of Employees :	Not Available

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 :	No complaints
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Ukraine	B2	C2

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. 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

:

Pryvatne Pidpryemstvo TORGOVIY DIM ZOLOTA MYLYA

Name in English

:

TRADING HOUSE GOLDEN MILE, PC

Name in national language

:

Приватне Підприємство ТОРГОВИЙ ДIМ ЗОЛОТА МИЛЯ

Office Address

:

135A Moskovskiy Ave., Kharkiv, Kharkiv region, 61001, Ukraine

Legal Address

:

7 Petrovskogo str., Kharkiv, Kharkiv region, 61002, Ukraine

Contacts

:

-	Phone/fax	:	(+38 057) 7324886, 7714755
-	E-mail	:	info@goldenmile.com.ua, mostipan_s@ukr.net, kobzeva_lv@goldenmile.com.ua
-	WWW	:	www.goldenmile.com.ua

SUMMARY

Legal Form : PP (Private Company by Ukrainian Law)

Incorporation : 2006

Staff : n/a

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

Sales :	64 830.00 th UAH ( for 6 months, ended 30.06.2014 )
	72 257.00 th UAH ( for 12 months, ended 31.12.2013 )

Incorporation

:

2006

Registration Data

Date of registration

:

25.09.2006

Registration number

:

34470937

Registr. authority

:

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

VAT number

:

344709320315

Registr. place

:

Ukraine

Date of VAT Payer registration: 29.09.2006

Legal Form

:

PP (Private Company by Ukrainian Law)

since 25.09.2006

Share Capital

:

12 000 000 UAH (registered)

since 26.10.2010

Shareholders

:

-	Mr Bandurka Aleksandr Aleksandrovich (Ukraine)				100.00 %
		share's book value	:	12 000 000 UAH

Board / Executives

Executives

Director

:

Mr Bandurka Aleksandr Aleksandrovich (Ukraine)

Authorised signature

:

Mr Bandurka Aleksandr Aleksandrovich

Changes in Registration Data

- 26.10.2010

:

share capital

- 02.03.2010

:

share capital

- 01.10.2008

:

share capital

Activities

:

-	2079	Margarine & Margarine Oils
		(1543 / NACE_1.1: Manufacture of margarine and similar edible fats)
		(1042 / NACE_2: Manufacture of margarine and similar edible fats)
-	514	Groceries and Related Products
		(5130 / NACE_1.1: Wholesale of food, beverages and tobacco)
		(4630 / NACE_2: Wholesale of food, beverages and tobacco)

Production and sale of raw materials for food industry.

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

:

-	78
	( the data as of 31.12.2012 )
-	73
	( the data as of 31.03.2010 )
-	73
	( the data as of 31.12.2009 )

Export

- 01.01.2014

:

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

124 691.00

Moldova

- 01.12.2012

:

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

100 982.00

Czech Republic

- 01.05.2011

:

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

1 505 452.00

Germany, Poland, Serbia

Import

- 01.07.2014

:

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

41 696 315.00

Czechia, Netherlands, Poland, Uzbekistan

- 01.01.2014

:

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

89 102 810.00

India, Turkey, Czechia, Poland, Uzbekistan

- 01.12.2012

:

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

22 278 555.00

Czech Republic, Uzbekistan, Russian Federation, Poland, India

- 01.05.2011

:

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

455 406.00

Spain

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	135A Moskovskiy Ave., Kharkiv, Kharkiv region, 61001, Ukraine

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Grant (Ukraine)
	bank code	:	351607
	account(s)	:	26008033905 UAH, USD, EUR, RUB

Clients

:

-	CONDIPROD-COM SRL (Moldova)

Suppliers

:

-	BONU KOSMETIKS (Uzbekistan)
-	ROS-SWEET Sp. z o.o. (Poland)
-	Red River - Van Eck B.V. (Netherlands)
-	TRIAS CR s.r.o. (Czechia)

Litigation

:

According to the data of Bulletin of the State Registration as of 17.11.2014, there are no bankruptcy registered in the name of the subject company.

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 26 court where the subject company is filed as a defendant and claimant in the period from 28.08.2009 up to 27.08.2014. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	6	12	12
Ended	30.06.2014	31.12.2013	31.12.2012
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	72.00	43.00
- Fixed assets	5 415.00	5 089.00
- Investments in tangible assets
- Financial assets
- Other non-current assets	137.00	137.00
Non-current assets total	5 624.00	5 269.00	4 626.00
CURRENT ASSETS
- Stock	19 389.00	14 119.00
- Debtors	17 206.00	9 171.00	4 680.00
- Other receivables	502.00	294.00
- Short-term financial investments			0.00
- Cash	115.00		244.00
- Other current assets	426.00	639.00	53.00
Current assets total	37 638.00	24 223.00	17 572.00
Assets total	43 262.00	29 492.00	22 198.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	12 000.00	12 000.00	12 000.00
- Additional capital			0.00
- Other capital			0.00
- Reserve capital
- Retained earnings (Non-covered loss)	-222.00	-1 283.00
Capital and reserves total	11 778.00	10 717.00	10 483.00
Provisions			0.00
LONG-TERM LIABILITIES
- Loans and credits	22 032.00	10 822.00	8 214.00
- long-term amounts owed to banks	22 032.00	10 822.00	8 214.00
- Other long-term liabilities
Long-term liabilities total	22 032.00	10 822.00	8 214.00
SHORT-TERM LIABILITIES
- Loans and credits		311.00	0.00
- short-term amounts owed to banks		311.00	0.00
- Creditors	4 048.00	7 642.00
- trade debts	3 960.00	3 867.00
- accrued payroll	50.00	3 704.00
- tax liabilities	38.00	71.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges			0.00
- Other short-term liabilities	584.00	0.00
Short-term liabilities total	9 452.00	7 953.00	3 501.00
Liabilities total	31 484.00	18 775.00	11 715.00
Equity and liabilities total	43 262.00	29 492.00	22 198.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	64 830.00	72 257.00	66 782.00
Cost of goods sold	51 186.00	64 826.00	50 972.00
Gross profit	13 644.00	7 431.00
Distribution costs	4 897.00	3 346.00
Administrative and management costs	896.00	1 995.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	529.00	1 970.00	1 148.00
Other operating charges	5 823.00	2 315.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-1 496.00	-1 456.00	-1 200.00
Profit before taxation	1 061.00	289.00
Income-tax and other similar payments		55.00	35.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	1 061.00	234.00	131.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.64	0.40
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	9.01	2.70
Profit before taxation / Equity
Current assets turnover	1.72	2.98	3.80
Net sales / Current assets
Working capital	28 186.00	16 270.00	14 071.00
Current assets - Short-term liabilities
Leverage	0.27	0.36	0.47
Equity / Total assets
Current ratio	3.98	3.05	5.02
Current assets / Short-term liabilities
Quick ratio	1.93	1.27
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.67	1.75	1.12
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 Mrs Yana (administrative manager) on 17.11.2014 by the phone number: +38 057 7714755. She confirmed the general information 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.

APPENDIX A

Financial Statements

Period, months	6	12	12
Ended	30.06.2014	31.12.2013	31.12.2012
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
2000 Net sales revenue	64 830.00	72 257.00
2050 Cost of goods, work, services	51 186.00	64 826.00
2090 Gross profit	13 644.00	7 431.00
2095 Gross loss
2120 Other operating income	529.00	1 970.00
2130 Administrative and management costs	896.00	1 995.00
2150 Distribution costs	4 897.00	3 346.00
2180 Other operating charges	5 823.00	2 315.00
2190 Operating profit	2 557.00	1 745.00
2195 Operating loss
2200 Income from capital participating
2220 Other financial income
2240 Other income
2250 Financial charges	1 496.00	1 456.00
2255 Capital participating expenses
2270 Other expenses
2290 Profit before taxation	1 061.00	289.00
2295 Loss before taxation
2300 Income-tax		55.00
2305 Profit (loss) from discontinued operations after tax
2350 Net profit	1 061.00	234.00
2355 Net loss
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1000 Intangible assets	72.00	43.00
1001 acquisition cost	114.00	78.00
1002 depreciation	42.00	35.00
1005 Incomplete investments	304.00	445.00
1010 Fixed assets	5 111.00	4 644.00
1011 acquisition cost	8 683.00	7 836.00
1012 depreciation	3 572.00	3 192.00
1015 Investment property
1020 Long-term biological assets
1030 Long-term financial assets recognized as
capital participation in other enterprises
1035 Other financial investments
1040 Long-term accounts receivable
1045 Deferred tax assets	137.00	137.00
1090 Other non-current assets
1095 NON-CURRENT ASSETS TOTAL	5 624.00	5 269.00
II. CURRENT ASSETS
1100 Stock	19 389.00	14 119.00
1110 Current biological assets
1125 Trade debtors	9 841.00	6 181.00
Accounts receivable
1130 Payments in advance	7 365.00	2 990.00
1135 Budget accounts receivable	502.00	294.00
1136 - incl, by income tax
1155 Other current accounts receivable
1160 Current financial investments
1165 Cash and equivalents	115.00
1170 Deferred charges	61.00	57.00
1190 Other current assets	365.00	582.00
1195 CURRENT ASSETS TOTAL	37 638.00	24 223.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE	0.00	0.00
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	43 262.00	29 492.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	12 000.00	12 000.00
1405 Capital revaluation
1410 Additional contributed capital
1415 Reserve capital
1420 Retained earnings (loss)	-222.00	-1 283.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)
1495 CAPITAL AND RESERVES TOTAL	11 778.00	10 717.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities
1510 Long-term amounts owed to credit institutions	22 032.00	10 822.00
1515 Other long-term liabilities
1520 Long-term provisions
1525 Targeted funding
1595 TOTAL LONG-TERM LIABILITIES	22 032.00	10 822.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions		311.00
1610 Short-term portion of long-term liabilities
Accounts payable:
1615 Trade creditors	3 960.00	3 867.00
1620 Budget accounts payable	29.00	64.00
1621 - incl. income tax		57.00
1625 Insurance payments	9.00	7.00
1630 Accrued payroll	50.00	3 704.00
1660 Short-term provisions
1665 Deferred income
1690 Other short-term liabilities	584.00
1695 SHORT-TERM LIABILITIES TOTAL	9 452.00	7 953.00
1700 IV. LIABILITIES ASSOCIATED WITH	0.00	0.00
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	43 262.00	29 492.00

- 31.12.2012

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	66 782.00
services
015 VAT tax
020 Excise tax
025
030 Other compulsory payments
035 Net sales revenue	55 521.00
040 Cost of goods, work, services	50 972.00
045 Total production costs
050 Gross profit
055 Gross loss
060 Other operating income	1 148.00
070 Administrative and management costs
080 Distribution costs
090 Other operating charges
100 Operating profit	1 366.00
105 Operating loss	0.00
110 Income from capital participating
120 Other financial income
130 Other income
140 Financial charges	1 200.00
150 Capital participating expenses
160 Other expenses
170 Profit from ordinary activity before taxation
175 Loss from ordinary activity before taxation
180 Ordinary activity Income-tax	35.00
190 Profit from ordinary activity
195 Loss from ordinary activity
200 Extraordinary income
205 Extraordinary charges
210 Extraordinary activity Income-Tax	0.00
220 Net profit	131.00
225 Net loss	0.00
Operating charges details:
230 Tangible expenses	8 105.00
240 Payroll costs	1 116.00
250 Allocation to social needs
260 Amortization charges	647.00
270 Other operating charges
280 Operating charges total	12 864.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value
011 acquisition cost
012 depreciation
020 Construction in progress
Fixed assets
030 residual value
031 acquisition cost
032 depreciation
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises
045 Other financial investments
050 Long-term accounts receivable
060 Deferred tax assets
070 Other non-current assets
080 NON-CURRENT ASSETS TOTAL	4 626.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies
110 Current biological assets
120 Work in progress
130 Finished goods
140 Goods for resale
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	4 680.00
161 acquisition cost
162 doubtful debts reserve
Accounts receivable
170 Budget accounts receivable
180 Payments in advance
190 Accrued income
200 Internal payments
210 Other current accounts receivable
220 Current financial investments	0.00
Cash at bank and on hands
230 Funds in local currency	244.00
231 incl. cash on hands
240 Funds in foreign currencies	0.00
250 Other current assets
260 CURRENT ASSETS TOTAL	17 519.00
270 III. DEFERRED CHARGES	53.00
280 ASSETS TOTAL	22 198.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	12 000.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	0.00
340 Reserve capital
350 Retained earnings (loss)
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	10 483.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel
410 Other provisions
415 Insurance reserves
416 portion covered by insurers
417
418
420 Targeted funding
430 PROVISIONS OF EXPENSES AND	0.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	8 214.00
450 Other financial liabilities
460 Deferred tax liabilities
470 Other long-term liabilities
480 TOTAL LONG-TERM LIABILITIES	8 214.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	0.00
510 Short-term portion of long-term liabilities
520 Bills of exchange payable
530 Trade creditors
Accounts payable:
540 Advance payments
550 Budget accounts payable
560 Non-budget accounts payable
570 Insurance payments
580 Accrued payroll
590 Liabilities to shareholders
600 Internal payments
610 Other short-term liabilities
620 SHORT-TERM LIABILITIES TOTAL	3 501.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	22 198.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.83
UK Pound	1	Rs.96.56
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SNT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.