MIRA INFORM REPORT

Report No. :	305356
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	KIEV SHIPPING, LTD
Registered Office :	145 Borshagivska Str., Kiev, 03056
Country :	Ukraine
Financials (as on) :	31.12.2007
Date of Incorporation :	02.06.2000
Com. Reg. No.:	30963836
Legal Form :	Limited Liability Company By Ukrainian Law
Line of Business :	· Water Transportation · Legal Services · Management Services NEC
No. of Employees :	Not Available

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 :	Unknown
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. 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 KIYIV SHYPPING

IGK-number

:

075-021-594

Name in English

:

KIEV SHIPPING, LTD

Name in national language

:

Товариство з Oбмеженою Bідповідальністю КИЇВ ШИППІНГ

Office Address

:

145 Borshagivska str., Kiev, 03056, Ukraine

Legal Address

:

9 Gnata Yury str., Kiev, 03148, Ukraine

Contacts

:

-	mobile tel.	:	(+38 067) 4010506
	Mobile phone belongs to Mr Kalniy Konstantin Evgenyevich (director).
-	Fax	:	(+38 067) 4416167
-	E-mail	:	kievship@ukrtel.com
-	WWW	:	www.kievship.kiev.ua

S U M M A R Y

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

Incorporation : 2000

Staff : n/a

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

Sales : 0.00 th UAH ( for 12 months, ended 31.12.2007 )

Incorporation

:

2000

Registration Data

Date of registration

:

02.06.2000

Registration number

:

30963836

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

309638326069

Registr. place

:

Ukraine

Cancellation date: 31.12.2007 Cause of cancellation: Person registers as single tax payer. Pretext of cancellation: Spearheaded by the Tax-payer.

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 02.06.2000

Share Capital

:

7 400 UAH (registered)

since 02.06.2000

Shareholders

:

-	Mr Kalniy Konstantin Evgenyevich (Ukraine)				50.00 %
		share's book value	:	3 700 UAH
-	Mr Kuznetsov Aleksandr Yuryevich (Ukraine)				50.00 %
		share's book value	:	3 700 UAH

Board / Executives

Executives

Director

:

Mr Kalniy Konstantin Evgenyevich (Ukraine)

Authorised signature

:

Mr Kalniy Konstantin Evgenyevich

Activities

:

-	44	WATER TRANSPORTATION
		(6100 / NACE_1.1: Water transport)
		(5020 / NACE_2: Sea and coastal freight water transport)
-	81	LEGAL SERVICES
		(7411 / NACE_1.1: Legal activities)
		(6910 / NACE_2: Legal activities)
-	8741	Management Services, NEC
		(7414 / NACE_1.1: Business and management consultancy activities)
		(0240 / NACE_2: Support services to forestry)

Managing of sea-going ships, shipping of cargoes, buying and selling of sea-going ships, maritime consulting.

Staff employed

:

n/a

There is no this information in the official sources. The company's administration refused to provide this information either.

Staff History

:

-	5 [E]
	( the data as of 18.02.2013 )

Export

:

none

Import

:

none

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	145 Borshagivska str., Kiev, 03056, Ukraine

Subsidiaries and Participation

:

n/a

Bankers

:

-	Ukrsibbank (Ukraine)
	bank code	:	351005
	account(s)	:	26007251421300 UAH

Litigation

:

According to the data of Bulletin of the State Registration as of 02.02.2015, there are no bankruptcy registered in the name of the subject company.

There are no suits/litigation files recorded in the name of KIYIV SHYPPING 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

:

There are no the company's financial statements for 2008 - 2013 at the official sources accessible. The subject company is legally obliged to file its financial statements at the State Register, but it has not done this.

Period, months	12
Ended	31.12.2007
Currency	UAH th
Non-current assets	0.00
incl: - Fixed assets	0.00
- Financial assets	0.00
Current assets	0.50
incl: - Stock	0.00
- Debtors	0.00
- Cash	0.50
ASSETS TOTAL	0.50
Equity	0.50
incl: - Share capital	7.40
Liabilities Total	0.00
incl: - Long-term liabilities	0.00
- Short-term liabilities	0.00
EQUITY AND LIABILITIES TOTAL	0.50
Net sales	0.00
Cost of goods sold
Operating profit
Profit before taxation	-3.50
Net profit	-3.50
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.00
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-700.00
Profit before taxation / Equity
Current assets turnover	0.00
Net sales / Current assets
Working capital	0.50
Current assets - Short-term liabilities
Leverage	1.00
Equity / Total assets
Current ratio	0.00
Current assets / Short-term liabilities
Quick ratio	0.00
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.00
Total liabilities / Equity

The company's status is unknown 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 director on 02.02.2015 by the phone number: +38 067 4010506. 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.

Financial Statements

Period, months	12
Ended	31.12.2007
Currency	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	0.00
services
020 Indirect taxes and other compulsory payments	0.00
030 Net sales revenue (010-020)	0.00
040 Other operating income	0.00
050 Other income from ordinary activity	0.00
060 Extraordinary income	0.00
070 Net revenue total (030+040+050+060)	0.00
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	0.00
100 Payroll costs	0.00
110 Allocation to social needs	0.00
120 Amortization charges	0.00
130 Other operating charges	3.50
131 incl.	0.00
140 Cost of sales	0.00
150 Other ordinary activity expenses	0.00
160 Extraordinary charges	0.00
170 Profit tax	0.00
180 Charges total (090+100+110+120+130+140+150+	3.50
+160+170+ -080)
190 Net profit (070-180)	-3.50
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress	0.00
Fixed assets
030 residual assets	0.00
031 acquisition cost	0.00
032 depreciation	0.00
Long-term financial assets
040 Capital participation in other enterprises	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	0.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	0.00
130 Finished goods	0.00
Trade debtors:
160 net realizable value	0.00
161 acquisition cost	0.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	0.00
210 Other current accounts receivable	0.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	0.50
240 Funds in foreign currencies	0.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	0.50
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	0.50
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	7.40
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	-1.70
360 Unpaid capital (minus)	5.20
380 CAPITAL AND RESERVES TOTAL	0.50
430 II. PROVISIONS FOR EXPENSES AND	0.00
LIABILITIES
480 III. LONG-TERM LIABILITIES	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	0.00
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.00
580 Accrued payroll	0.00
610 Other short-term liabilities	0.00
620 SHORT-TERM LIABILITIES TOTAL	0.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	0.50

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.75

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%)

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.