MIRA INFORM REPORT

Report No. :	304629
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	PRYVATNE PIDPRYEMSTVO INGULETS LTD
Registered Office :	34 Peremogy Ave., Apt. 78, Kryvyi Rig, Dnipropetrovsk Region, 50064
Country :	Ukraine
Financials (as on) :	31.12.2013
Date of Incorporation :	26.06.2007
Com. Reg. No.:	35005327
Legal Form :	Private Company
Line of Business :	Other Wholesale Trade [We tried to confirm / obtain the detailed activity but the same is not available from any sources.]
No of Employees :	02 (31.12.2009)

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 & Delayed
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

:

Pryvatne Pidpryemstvo INGULETS LTD

Name in English

:

INGULETS LTD, PC

Name in national language

:

Приватне Підприємство ІНГУЛЕЦЬ ЛТД

Office Address

:

34 Peremogy ave., apt. 78, Kryvyi Rig, Dnipropetrovsk region, 50064, Ukraine

Legal Address

:

34 Peremogy ave., apt. 78, Kryvyi Rig, Dnipropetrovsk region, 50064, Ukraine

Contacts

:

-	mobile tel.	:	(+38 050) 6280851
	Belongs to the Mr Yusefi Said (director).
-	E-mail	:	saiedyousefi@yandex.ua

company SUMMARY

Legal Form : PP (Private Company by Ukrainian Law)

Incorporation : 2007

Staff : n/a

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

Sales :	48.50 th UAH ( for 12 months, ended 31.12.2013 )
	22.30 th UAH ( for 12 months, ended 31.12.2012 )

Credit Opinion

:

Taking into consideration present high degree of political and economical risks in the Ukraine, currently we cannot recommend unsecured financing. On the occasion of credit deal or delayed payment we recommend to request the security of adequate reliability in its entirety.

Incorporation

:

2007

Registration Data

Date of registration

:

26.06.2007

Registration number

:

35005327

Registr. authority

:

Local Executive Committee (Kryvyi Rig, Dnipropetrovsk region, Ukraine)

VAT number

:

350053204827

Registr. place

:

Ukraine

Date of VAT Payer registration: 06.07.2007

Legal Form

:

PP (Private Company by Ukrainian Law)

since 26.06.2007

Share Capital

:

100 500 UAH (registered)

since 28.07.2011

Shareholders

:

-	Mr Yusefi Said				100.00 %
		share's book value	:	100 500 UAH

Board / Executives

Executives

Director

:

Mr Yusefi Said (Ukraine)

Authorised signature

:

Mr Yusefi Said

Changes in Registration Data

- 28.07.2011

:

share capital

Activities

:

-	5099	Durable goods, not elsewhere classified
		(5190 / NACE_1.1: Other wholesale)
		(4690 / NACE_2: Non-specialised wholesale trade)
-	5199	Nondurable goods, not elsewhere classified
		(5190 / NACE_1.1: Other wholesale)
		(4690 / NACE_2: Non-specialised wholesale trade)

Official data: other wholesale trade.

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

:

-	2
	( the data as of 31.12.2009 )

Export

:

none

Import

:

none

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	34 Peremogy ave., apt. 78, Kryvyi Rig, Dnipropetrovsk region, 50064, Ukraine

Subsidiaries and Participation

:

n/a

Bankers

:

-	BM Bank (Ukraine)
	bank code	:	380913
	account(s)	:	260060231315 UAH, USD, EUR
-	Finansy ta Kredyt (Ukraine)
	bank code	:	300131
	account(s)	:	100016300459 UAH

Litigation

:

According to the data of Bulletin of the State Registration as of 03.02.2015, 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 4 court where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 25.05.2010 up to 20.06.2012. 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

:

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	106.80	385.20	385.20
- Investments in tangible assets
- Financial assets			0.00
- Other non-current assets			0.00
Non-current assets total	106.80	385.20	385.20
CURRENT ASSETS
- Stock	44.50	39.10	56.00
- Debtors	70.50	253.40	186.70
- Other receivables	908.60	943.90	1 182.10
- Short-term financial investments			0.00
- Cash	22.70	2.90	7.40
- Other current assets			0.00
Current assets total	1 046.30	1 239.30	1 432.20
Assets total	1 153.10	1 624.50	1 817.40
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	100.50	100.50	100.50
- Additional capital			0.00
- Other capital			0.00
- Reserve capital			0.00
- Retained earnings (Non-covered loss)	946.40	1 410.80	1 616.00
Capital and reserves total	1 046.90	1 511.30	1 716.50
Provisions			0.00
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total			0.00
SHORT-TERM LIABILITIES
- Loans and credits			0.00
- short-term amounts owed to banks			0.00
- Creditors	106.20	102.70	100.90
- trade debts	101.50	92.90	92.90
- accrued payroll	3.20	9.80	4.90
- tax liabilities	1.50		3.10
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges			0.00
- Other short-term liabilities		10.50	0.00
Short-term liabilities total	106.20	113.20	100.90
Liabilities total	106.20	113.20	100.90
Equity and liabilities total	1 153.10	1 624.50	1 817.40
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	48.50	22.30	251.00
Cost of goods sold	249.90	192.50	251.70
Gross profit
Distribution costs	29.40	35.00	94.30
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	281.60		0.00
Other operating charges	515.20		50.10
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	-464.40	-205.20	-145.10
Income-tax and other similar payments			0.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-464.40	-205.20	-145.10
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-957.53	-920.18	-57.81
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-44.36	-13.58	-8.45
Profit before taxation / Equity
Current assets turnover	0.05	0.02	0.18
Net sales / Current assets
Working capital	940.10	1 126.10	1 331.30
Current assets - Short-term liabilities
Leverage	0.91	0.93	0.94
Equity / Total assets
Current ratio	9.85	10.95	14.19
Current assets / Short-term liabilities
Quick ratio	9.43	10.60	13.64
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.10	0.07	0.06
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 Mr Yusefi Said (director) on 03.02.2015 by the tel. number: +38 050 6280851. He confirmed only a few data 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,	58.20	26.80	301.20
services
020 Indirect taxes and other compulsory payments	9.70	4.50	50.20
030 Net sales revenue (010-020)	48.50	22.30	251.00
040 Other operating income			0.00
050 Other income	281.60		0.00
070 Net revenue total (030+040+050)	330.10	22.30	251.00
080 Cost of goods, works, services	249.90	192.50	251.70
090 Other operating charges	29.40	35.00	94.30
091 incl.
092
100 Other charges	515.20		50.10
120 Charges total (080+090+100)	794.50	227.50	396.10
130 Profit before taxation (070-120)	-464.40	-205.20	-145.10
140 Profit tax			0.00
150 Net profit (130-140)	-464.40	-205.20	-145.10
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
020 Construction in progress			0.00
Fixed assets
030 residual assets	106.80	385.20	385.20
031 acquisition cost	106.80	385.20	385.20
032 depreciation			0.00
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	106.80	385.20	385.20
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	44.50	39.10	56.00
110 Current biological assets
130 Finished goods			0.00
Trade debtors:
160 net realizable value	70.50	253.40	186.70
161 acquisition cost	70.50	253.40	186.70
162 doubtful debts reserve			0.00
Accounts receivable
170 Budget accounts receivable	883.60	918.90	917.10
210 Other current accounts receivable	25.00	25.00	265.00
220 Current financial investments			0.00
Cash at bank and in hand
230 Funds in local currency	22.70	2.90	7.40
231 incl. cash in hand
240 Funds in foreign currencies			0.00
250 Other current assets			0.00
260 CURRENT ASSETS TOTAL	1 046.30	1 239.30	1 432.20
270 III. DEFERRED CHARGES			0.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	1 153.10	1 624.50	1 817.40
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	100.50	100.50	100.50
320 Additional contributed capital			0.00
340 Reserve capital			0.00
350 Retained earnings (loss)	946.40	1 410.80	1 616.00
360 Unpaid capital (minus)			0.00
380 CAPITAL AND RESERVES TOTAL	1 046.90	1 511.30	1 716.50
430 II. PROVISIONS OF DEFERRED CHARGES			0.00
AND TARGETED FUNDING
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	101.50	92.90	92.90
Accounts payable:
550 Budget accounts payable	0.20		0.80
570 Insurance payments	1.30		2.30
580 Accrued payroll	3.20	9.80	4.90
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities		10.50	0.00
620 SHORT-TERM LIABILITIES TOTAL	106.20	113.20	100.90
630 V. DEFERRED INCOME			0.00
640 EQUITY AND LIABILITIES TOTAL	1 153.10	1 624.50	1 817.40

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 :	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%)

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.