MIRA INFORM REPORT

Report No. :	336278
Report Date :	19.08.2015

IDENTIFICATION DETAILS

Name :	RELEEXPORT COMPANY, LLC
Formerly Known As :	ZAKRYTEAKTSIONERNE TOVARYSTVO FIRMA RELEEKSPORT
Registered Office :	4 Lepse Blvd. Off.315, Kiev, 03067
Country :	Ukraine
Financials (as on) :	31.12.2013
Date of Incorporation :	11.11.1996
Com. Reg. No.:	21623366
Legal Form :	Limited Liability Company by Ukrainian Law
Line of Business :	Wholesale of wood, construction materials and sanitary equipment Provides complete supply of electrical equipment, spare parts, materials and components for power engineering, metallurgy, shipbuilding, cement, mining, railways,
No. of Employee :	30

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Ukraine	C2	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. Outside institutions - particularly the IMF –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. From 2000 until mid-2008, Ukraine's economy was buoyant despite political turmoil between the prime minister and president.

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. In January 2009, after a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia that brought gas prices to "world" levels. The strict terms of the contracts further hobbled Ukraine's cash-strapped state gas company, Naftohaz. 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 a November 2013 decision of President YANUKOVYCH. In response, on 17 December 2013 then 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. Russia’s seizure of the Crimean Peninsula created uncertainty as to the annual rate of growth of the Ukrainian economy in 2014.

Source : CIA

Identification

Full Name

:

TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU FIRMA RELEEKSPORT

IGK-number

:

115-323-247

Name in English

:

RELEEXPORT COMPANY, LLC

Name in national language

:

Товариство з Обмеженою Відповідальністю ФІРМА РЕЛЕЕКСПОРТ

Previous Names

:

-	ZakryteAktsionerne Tovarystvo FIRMA RELEEKSPORT

Office Address

:

4 Lepse blvd. o

f.315, Kiev, 03067, Ukraine

Legal Address

:

4 Lepse

vd., Kiev, 03067, Ukraine

Contacts

:

-	Phone	:	(+38 044) 4083100
-	Fax	:	(+38 044) 4080945
-	E-mail	:	zakaz@relayexport.com.ua
-	WWW	:	www.relayexport.com.ua

SUMMARY

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

Incorporation : 1996

Staff : 30

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

Sales :	43 060.00 th UAH ( for 12 months, ended 31.12.2013 )
	35 542.50 th UAH ( for 12 months, ended 31.12.2012 )

Registration details

Incorporation

:

1996

Registration Data

Date of registration

:

11.11.1996

Registration number

:

21623366

Registr. authority

:

Regional Administration (Ukraine)

VAT number

:

216233626589

Registr. place

:

Ukraine

Date of VAT Payer registration: 25.09.1997

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 20.04.2011

Share Capital

:

27 840 UAH (registered)

since 06.08.2014

Shareholders

:

-	Mr Kushnerchuk Stepan Ivanovich (Ukraine)				52.40 %
		share's book value	:	14 592 UAH
-	Mr Kushnerchuk Aleksey Stepanovich (Ukraine)				24.50 %
		share's book value	:	6 816 UAH
-	Mrs Gordienko Nina Aleksandrovna (Ukraine)				6.30 %
		share's book value	:	1 752 UAH
-	Mr Molokov Aleksandr Nikolayevich (Ukraine)				5.80 %
		share's book value	:	1 608 UAH
-	Mrs Yasyuchenko Lyubov Petrovna (Ukraine)				4.00 %
		share's book value	:	1 128 UAH
-	Mr Muzhanovskiy Kazimir Feliksovich (Ukraine)				3.50 %
		share's book value	:	984 UAH
-	Mrs Shtifurak Mariya Mihaylovna (Ukraine)				3.50 %
		share's book value	:	984 UAH

Board / Executives

Executives

Director

:

Kushnerchuk Stepan Ivanovich (Ukraine)

Authorised signature

:

Kushnerchuk Stepan Ivanovich

Changes in Registration Data

- 06.08.2014

:

share capital

- 20.04.2011

:

share capital

- 07.04.2011

:

managers, authorised signature

Activities

-	5063	Electric Apparatus/Equip, NEC
		(5153 / NACE_1.1: Wholesale of wood, construction materials and sanitary equipment)
		(4673 / NACE_2: Wholesale of wood, construction materials and sanitary equipment)

Provides complete supply of electrical equipment, spare parts, materials and components for power engineering, metallurgy, shipbuilding, cement, mining, railways,

Employees

Staff employed

:

30 [E]

Staff History

:

-	24
	( the data as of 31.12.2012 )
-	21
	( the data as of 31.12.2009 )

IMPORT and EXPORT

Export

- 01.11.2014

:

Fiscal period: 10 month(s), currency: UAH

3 092 774.00

- 01.01.2014

:

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

679 005.00

:

none

Import

- 01.06.2015

:

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

2 898 850.00

Russian Federation

- 01.11.2014

:

Fiscal period: 9 month(s), currency: UAH

10 354 911.00

- 01.01.2014

:

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

31 669 802.00

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	4 Lepse blvd. off.315, Kiev, 03067, Ukraine

Bankers

-	Ukreksimbank (Ukraine)
	bank code	:	322313
	account(s)	:	2600101004846 USD, UAH, EUR, RUB

Suppliers

-	Cheboksarskiy Elektroaparatniy Zavod, PJSC (Russian Federation)

Litigation

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 22 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 20.12.2007 up to 01.12.2014. 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 17.08.2015, 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 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	1 030.20		656.00
- Investments in tangible assets
- Financial assets	8.50		0.00
- Other non-current assets			0.00
Non-current assets total	1 038.70	711.60	672.00
CURRENT ASSETS
- Stock	2 536.10		27.00
- Debtors	3 042.40	3 211.50	5 604.00
- Other receivables	2 958.90		667.00
- Short-term financial investments		0.00	0.00
- Cash	2 331.00	259.60	1 236.00
- Other current assets	150.20	0.00	373.00
Current assets total	11 018.60	10 469.40	13 272.00
Assets total	12 057.30	11 181.00	13 944.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	32.00	32.00	32.00
- Additional capital	99.30		85.00
- Other capital			0.00
- Reserve capital	8.00		8.00
- Retained earnings (Non-covered loss)	8 075.70		6 372.00
Capital and reserves total	8 215.00	7 226.50	6 511.00
Provisions		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
SHORT-TERM LIABILITIES
- Loans and credits			0.00
- short-term amounts owed to banks			0.00
- Creditors	2 948.80	1 478.70	4 966.00
- trade debts	2 933.70	1 478.70	4 863.00
- accrued payroll			3.00
- tax liabilities	15.10		100.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges		0.00	0.00
- Other short-term liabilities	893.50		179.00
Short-term liabilities total	3 842.30	3 954.50	7 433.00
Liabilities total	3 842.30	3 954.50	7 433.00
Equity and liabilities total	12 057.30	11 181.00	13 944.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	43 060.00	35 542.50	47 206.00
Cost of goods sold	30 692.10	24 215.00	1 414.00
Gross profit
Distribution costs	14 868.20	6 074.50	6 051.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	3 836.90	126.20	41 494.00
Other operating charges	113.80	27.10	2 237.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	1 222.80		0.00
Income-tax and other similar payments	234.30	186.60	9.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	988.50	716.00	0.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	2.84		0.00
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	14.88		0.00
Profit before taxation / Equity
Current assets turnover	3.91	3.39	3.56
Net sales / Current assets
Working capital	7 176.30	6 514.90	5 839.00
Current assets - Short-term liabilities
Leverage	0.68	0.65	0.47
Equity / Total assets
Current ratio	2.87	2.65	1.79
Current assets / Short-term liabilities
Quick ratio	2.21		1.78
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.47	0.55	1.14
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 17.08.2015 by the tel. number: +38 044 4083100. 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.

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,	47 727.90	35 542.50	47 206.00
services
020 Indirect taxes and other compulsory payments	4 667.90		0.00
030 Net sales revenue (010-020)	43 060.00	31 074.00	0.00
040 Other operating income	3 719.60	126.20	33 627.00
050 Other income	117.30		7 867.00
070 Net revenue total (030+040+050)	46 896.90	31 219.20	4 153.00
080 Cost of goods, works, services	30 692.10	24 215.00	1 414.00
090 Other operating charges	14 868.20	6 074.50	6 051.00
091 incl.
092
100 Other charges	113.80	27.10	2 237.00
120 Charges total (080+090+100)	45 674.10	30 316.60	40.00
130 Profit before taxation (070-120)	1 222.80		0.00
140 Profit tax	234.30	186.60	9.00
150 Net profit (130-140)	988.50	716.00	0.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress			0.00
Fixed assets
030 residual assets	1 030.20		656.00
031 acquisition cost	2 131.50		1 612.00
032 depreciation	1 101.30		956.00
Long-term biological assets
035 residual assets
036 acquisition cost
037 depreciation
040 Long-term financial investments	8.50		0.00
070 Other non-current assets			0.00
080 NON-CURRENT ASSETS TOTAL	1 038.70	711.60	672.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	53.90		27.00
110 Current biological assets	2 482.20		0.00
130 Finished goods			0.00
Trade debtors:
160 net realizable value	3 042.40	3 211.50	5 604.00
161 acquisition cost	3 042.40		5 604.00
162 doubtful debts reserve			0.00
Accounts receivable
170 Budget accounts receivable	11.20		262.00
210 Other current accounts receivable	2 947.70		405.00
220 Current financial investments		0.00	0.00
Cash at bank and in hand
230 Funds in local currency	1 195.90	235.90	652.00
231 incl. cash in hand
240 Funds in foreign currencies	1 135.10	23.70	584.00
250 Other current assets	150.20		373.00
260 CURRENT ASSETS TOTAL	11 018.60	10 469.40	13 272.00
270 III. DEFERRED CHARGES		0.00	0.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	12 057.30	11 181.00	13 944.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	32.00	32.00	32.00
320 Additional contributed capital	99.30		85.00
340 Reserve capital	8.00		8.00
350 Retained earnings (loss)	8 075.70		6 372.00
360 Unpaid capital (minus)			0.00
380 CAPITAL AND RESERVES TOTAL	8 215.00	7 226.50	6 511.00
430 II. PROVISIONS OF DEFERRED CHARGES		0.00	0.00
AND TARGETED FUNDING
480 III. LONG-TERM LIABILITIES		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	2 933.70	1 478.70	4 863.00
Accounts payable:
550 Budget accounts payable	15.10		99.00
570 Insurance payments			1.00
580 Accrued payroll			3.00
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities	893.50		179.00
620 SHORT-TERM LIABILITIES TOTAL	3 842.30	3 954.50	7 433.00
630 V. DEFERRED INCOME		0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	12 057.30	11 181.00	13 944.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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.