MIRA INFORM REPORT

Report Date :

29.11.2014

IDENTIFICATION DETAILS

Name :	AGROSYNDICATE, LTD
Registered Office :	20 Transportna Str., Illichivsk, Odessa Region, 68003
Country :	Ukraine
Financials (as on) :	31.12.2013
Date of Incorporation :	01.07.2010
Com. Reg. No.:	36769908
Legal Form :	Limited Liability Company
Line of Business :	· Wholesaler of grain, seeds and animal feeds Wholesaler of grain, unmanufactured tobacco, seeds and animal Wholesaler of rapeseed, yellow pea, green pea, sorghum, oat, faba bean, coriander, flax seed, millet, chick pea and sunflower seed.
No of Employees :	100

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 :	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

:

Tovarystvo z obmezhenoyu vidpovidalnistyu AGROSINDIKAT

Name in English

:

AGROSYNDICATE, LTD

Name in national language

:

Товариство з обмеженою відповідальністю АГРОСІНДІКАТ

Office Address

:

POB 41, Odessa, Odessa region, 65037, Ukraine

Legal Address

:

20 Transportna str., Illichivsk, Odessa region, 68003, Ukraine

Contacts

:

-	Phone	:	(+38 048) 7972508
-	Fax	:	(+38 048) 7972507
-	E-mail	:	sales@pclua.net
-	WWW	:	www.agrosyndicate.com.ua

SUMMARY

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

Incorporation : 2010

Staff : 100

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

Sales :	163 462.50 th UAH ( for 12 months, ended 31.12.2013 )
	47 537.50 th UAH ( for 12 months, ended 31.12.2012 )

Incorporation

:

2010

Registration Data

Date of registration

:

01.07.2010

Registration number

:

36769908

Registr. authority

:

Local Administration (Ivanivka, Odessa region, Ivanivskiy district, Ukraine)

VAT number

:

367699015149

Registr. place

:

Ukraine

Date of VAT-payer registration: 26.07.2010

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 01.07.2010

Share Capital

:

1 000 000 UAH (registered)

since 16.09.2010

Shareholders

:

-	Mr Kumari Ruchika				100.00 %
		share's book value	:	1 000 000 UAH

Board / Executives

Executives

Director

:

Mr Porkul Vitaliy Vladimirovich (Ukraine)

Authorised signature

:

Mr Porkul Vitaliy Vladimirovich

Changes in Registration Data

- 19.12.2012

:

legal address

- 22.04.2011

:

managers, authorised signature

- 16.09.2010

:

share capital

Activities

:

-	5153	Grains
		(5121 / NACE_1.1: Wholesale of grain, seeds and animal feeds)
		(4621 / NACE_2: Wholesale of grain, unmanufactured tobacco, seeds and animal feeds)

Wholesale of rapeseed, yellow pea, green pea, sorghum, oat, faba bean, coriander, flax seed, millet, chick pea and sunflower seed.

Staff employed

:

100

Staff History

:

-	20
	( the data as of 31.12.2012 )

Export

- 01.01.2014

:

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

161 254 652.00

United Kingdom, Moldova, Georgia

- 01.12.2012

:

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

12 885 222.00

- 01.05.2011

:

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

1 371 743.00

Import

:

none

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	POB 41, Odessa, Odessa region, 65037, Ukraine
-	Premises - Office
	address	:	POB 41, Odessa, Odessa region, 65037, Ukraine

Subsidiaries and Participation

:

n/a

Bankers

:

-	Pryvatbank (Ukraine)
	bank code	:	328704
	account(s)	:	26050060719389 UAH, 26006054409659 EUR, 26004054409725 USD
-	Ukrinbank (Ukraine)
	bank code	:	328696
	account(s)	:	26006004666002 EUR, USD, 26007004666001 UAH

Clients

:

-	LTD Kanio- Grup (Moldova)
-	SUNRISE COMMODITIES LTD (United Kingdom)
-	Vazha Barbakadze, Private Enterpreneur (Georgia)

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 5 court where the subject company is filed as a defendant in the period from 28.05.2013 up to 25.02.2014. 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 26.11.2014, 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	496.10		250.40
- Investments in tangible assets
- Financial assets			0.00
- Other non-current assets			0.00
Non-current assets total	496.10	217.60	250.40
CURRENT ASSETS
- Stock	38 709.80		701.80
- Debtors	48.00	16 185.90	412.70
- Other receivables	4 335.30		1 592.70
- Short-term financial investments		0.00	0.00
- Cash	879.30	3 327.30	136.70
- Other current assets	582.20	0.00	0.00
Current assets total	44 554.60	51 754.20	2 843.90
Assets total	45 050.70	51 971.80	3 094.30
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	1 000.00	1 000.00	1 000.00
- Additional capital			0.00
- Other capital	-365.00		-368.00
- Reserve capital			0.00
- Retained earnings (Non-covered loss)	10 669.40		39.00
Capital and reserves total	11 304.40	1 728.30	671.00
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	120.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits			0.00
- short-term amounts owed to banks			0.00
- Creditors	3 220.30	22 218.30	1 329.50
- trade debts	3 088.10	22 218.30	1 307.60
- accrued payroll	86.80		15.00
- tax liabilities	45.40		6.90
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00	0.00
- Other short-term liabilities	30 526.00		1 093.80
Short-term liabilities total	33 746.30	50 123.50	2 423.30
Liabilities total	33 746.30	50 243.50	2 423.30
Equity and liabilities total	45 050.70	51 971.80	3 094.30
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	163 462.50	47 537.50	8 822.20
Cost of goods sold	152 710.80	41 627.90	8 604.10
Gross profit
Distribution costs	12 447.60	1 162.50	110.10
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	3 140.80	609.50	0.00
Other operating charges		0.00	0.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	1 444.90		108.00
Income-tax and other similar payments	339.70	254.00	89.20
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	1 105.20	118.00	18.80
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.88		1.22
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	12.78		16.10
Profit before taxation / Equity
Current assets turnover	3.67	0.92	3.10
Net sales / Current assets
Working capital	10 808.30	1 630.70	420.60
Current assets - Short-term liabilities
Leverage	0.25	0.03	0.22
Equity / Total assets
Current ratio	1.32	1.03	1.17
Current assets / Short-term liabilities
Quick ratio	0.17		0.88
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.99	29.07	3.61
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 Olga (officer) on 26.11.2014 by the phone number: +38 048 7972508. 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.

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,	163 488.80	47 537.50	9 050.10
services
020 Indirect taxes and other compulsory payments	26.30		227.90
030 Net sales revenue (010-020)	163 462.50	42 535.60	8 822.20
040 Other operating income	3 122.50	609.50	0.00
050 Other income	18.30		0.00
070 Net revenue total (030+040+050)	166 603.30	43 162.40	8 822.20
080 Cost of goods, works, services	152 710.80	41 627.90	8 604.10
090 Other operating charges	12 447.60	1 162.50	110.10
091 incl.
092
100 Other charges		0.00	0.00
120 Charges total (080+090+100)	165 158.40	42 790.40	8 714.20
130 Profit before taxation (070-120)	1 444.90		108.00
140 Profit tax	339.70	254.00	89.20
150 Net profit (130-140)	1 105.20	118.00	18.80
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress			0.00
Fixed assets
030 residual assets	496.10		250.40
031 acquisition cost	711.80		268.10
032 depreciation	215.70		17.70
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	496.10	217.60	250.40
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies			701.80
110 Current biological assets
130 Finished goods	38 709.80		0.00
Trade debtors:
160 net realizable value	48.00	16 185.90	412.70
161 acquisition cost	48.00		412.70
162 doubtful debts reserve			0.00
Accounts receivable
170 Budget accounts receivable	2 586.20		1 592.70
210 Other current accounts receivable	1 749.10		0.00
220 Current financial investments		0.00	0.00
Cash at bank and in hand
230 Funds in local currency	0.10	13.30	136.70
231 incl. cash in hand
240 Funds in foreign currencies	879.20	3 314.00	0.00
250 Other current assets	582.20		0.00
260 CURRENT ASSETS TOTAL	44 554.60	51 754.20	2 843.90
270 III. DEFERRED CHARGES	0.00	0.00	0.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	45 050.70	51 971.80	3 094.30
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1 000.00	1 000.00	1 000.00
320 Additional contributed capital			0.00
340 Reserve capital			0.00
350 Retained earnings (loss)	10 669.40		39.00
360 Unpaid capital (minus)	365.00		368.00
380 CAPITAL AND RESERVES TOTAL	11 304.40	1 728.30	671.00
430 II. PROVISIONS OF DEFERRED CHARGES	0.00	0.00	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES	0.00	120.00	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	3 088.10	22 218.30	1 307.60
Accounts payable:
550 Budget accounts payable	7.20		0.00
570 Insurance payments	38.20		6.90
580 Accrued payroll	86.80		15.00
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities	30 526.00		1 093.80
620 SHORT-TERM LIABILITIES TOTAL	33 746.30	50 123.50	2 423.30
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	45 050.70	51 971.80	3 094.30

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

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