MIRA INFORM REPORT

Report No. :	327764
Report Date :	26.06.2015

IDENTIFICATION DETAILS

Name :	PRYVATNE PIDPRYEMSTVO BILAYT
Registered Office :	37N Promyslova str., Odessa, Odessa region, 65031
Country :	Ukraine
Financials (as on) :	31.12.2011
Date of Incorporation :	32521371
Com. Reg. No.:	05.06.2003
Legal Form :	PP (Private Company by Ukrainian Law)
Line of Business :	Groceries and Related Products Non-specialised wholesale of food, beverages and tobacco. Official data.
No. of Employee :	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 :	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 – 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. 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. Russia’s seizure of the Crimean Peninsula has created uncertainty as to the annual rate of growth of the Ukrainian economy in 2014.

Source : CIA

Identification

Full Name

:

PRYVATNE PIDPRYEMSTVO BILAYT

IGK-number

:

083-491-116

Name in English

:

BILAYT, PC

Name in national language

:

Приватне Підприємство БІЛАЙТ

Office Address

:

Ukraine

Not traced, please see Final comments.

Legal Address

:

37N Promyslova str., Odessa, Odessa region, 65031, Ukraine

Contacts

:

n/a

SUMMARY

Legal Form : PP (Private Company by Ukrainian Law)

Incorporation : 2003

Staff : n/a

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

Sales :	25.30 th UAH ( for 12 months, ended 31.12.2011 )
	221.60 th UAH ( for 12 months, ended 31.12.2010 )

Incorporation

:

2003

Registration Data

Date of registration

:

05.06.2003

Registration number

:

32521371

Registr. authority

:

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

VAT number

:

325213715524

Registr. place

:

Ukraine

Date of VAT Payer registration: 01.02.2014

Legal Form

:

PP (Private Company by Ukrainian Law)

since 05.06.2003

Share Capital

:

5 000 000 UAH (registered)

since 12.02.2014

Shareholders

:

-	Mr Kor Kulzhit				100.00 %
		share's book value	:	5 000 000 UAH

Board / Executives

Executives

Director

:

Mr Averbuh Aleksandr Emanuilovich

Authorised signature

:

Mr Averbuh Aleksandr Emanuilovich

Changes in Registration Data

- 06.04.2014

:

managers, authorised signature

- 12.02.2014

:

share capital

- 25.12.2013

:

share capital

Activities

:

-	514	Groceries and Related Products
		(5139 / NACE_1.1: Non-specialized wholesale of food, beverages and tobacco)
		(4639 / NACE_2: Non-specialised wholesale of food, beverages and tobacco)

Non-specialised wholesale of food, beverages and tobacco. Official data.

Staff employed

:

n/a

There is no this information in the official sources.

Export

:

none

Import

:

none

Subsidiaries and Participation

:

n/a

Bankers

:

-	Prokredyt bank (Ukraine)
	bank code	:	320984
	account(s)	:	260080105198 UAH

Litigation

:

There are no suits/litigation files recorded in the name of BILAYT company registered at the web-site of the Unified State Register of the Legal Judgements.

According to the data of Bulletin of the State Registration as of 23.06.2015, there are no bankruptcy registered in the name of the subject company.

Remarks on payment

No official information is available according to the Ukrainian legislation.

Financial Elements

There are no company’s financial reports for 2012-2013 at the official accessible sources. The subject company is legally obliged to file its financial statements at the State Register, but it has not done this. There is no company’s financial report for 6 months 2014 at the official accessible sources.

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	0.00	0.00	0.00
- Investments in tangible assets
- Financial assets	0.00	0.00	0.00
- Other non-current assets	0.00
Non-current assets total	0.00	0.00	0.00
CURRENT ASSETS
- Stock	255.40	254.10	232.40
- Debtors	44.30	52.40	198.80
- Other receivables	0.00
- Short-term financial investments	0.00
- Cash	0.30	11.50	4.90
- Other current assets	0.00
Current assets total	300.00	318.00	467.80
Assets total	300.00	318.00	467.80
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	1.00	1.00	1.00
- Additional capital	0.00
- Other capital	0.00
- Reserve capital	0.00
- Retained earnings (Non-covered loss)	94.90
Capital and reserves total	95.90	95.30	94.10
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	0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	0.00
- short-term amounts owed to banks	0.00
- Creditors	10.30
- trade debts	7.40
- accrued payroll	2.90
- tax liabilities	0.00
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00
- Other short-term liabilities	193.80
Short-term liabilities total	204.10	222.70	373.70
Liabilities total	204.10	222.70	373.70
Equity and liabilities total	300.00	318.00	467.80
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	25.30	221.60	427.10
Cost of goods sold	41.70
Gross profit
Distribution costs	13.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	30.00
Other operating charges	0.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	0.60	1.20	10.80
Income-tax and other similar payments	0.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	0.60	1.20	10.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	2.37	0.54	2.53
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	0.63	1.26	11.48
Profit before taxation / Equity
Current assets turnover	0.08	0.70	0.91
Net sales / Current assets
Working capital	95.90	95.30	94.10
Current assets - Short-term liabilities
Leverage	0.32	0.30	0.20
Equity / Total assets
Current ratio	1.47	1.43	1.25
Current assets / Short-term liabilities
Quick ratio	0.22	0.29	0.63
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.13	2.34	3.97
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 provided in this report has been collected from all the sources available. We have not managed to trace the contact data of the subject. The search results: 1. There is no any phone number mentioned in your order. 2. There were no contact numbers included in the company’s registration files. 3. There were the following contact numbers found in Internet directories searching by the company’s name: phone number: +38 0482 396734 (invalid number); phone number: +38 0482 396734 (invalid number); phone number: +38 0482 375546 (invalid number); phone number: +38 048 7282229 (nobody responded); phone number: +38 048 7182137 (invalid number). 4. The subject company is not listed in Odesa on-line services. 5. There were no any other contact details found. We have sent our letter of inquiry to the legal address. No answer has come in to us by now. If we receive the reply from the subject, we will update this report.

Financial Statements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	30.40
services
020 Indirect taxes and other compulsory payments	5.10
030 Net sales revenue (010-020)	25.30
040 Other operating income	30.00
050 Other income	0.00
070 Net revenue total (030+040+050)	55.30
080 Cost of goods, works, services	41.70
090 Other operating charges	13.00
091 incl.
092
100 Other charges	0.00
120 Charges total (080+090+100)	54.70
130 Profit before taxation (070-120)	0.60
140 Profit tax	0.00
150 Net profit (130-140)	0.60
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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 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	0.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	255.40
110 Current biological assets
130 Finished goods	0.00
Trade debtors:
160 net realizable value	44.30
161 acquisition cost	44.30
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	0.30
231 incl. cash in hand
240 Funds in foreign currencies	0.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	300.00
270 III. DEFERRED CHARGES	0.00
275 IV. NON-CURRENT ASSETS HELD FOR SALE
280 ASSETS TOTAL	300.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	94.90
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	95.90
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	7.40
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.00
580 Accrued payroll	2.90
605 Liabilities connected with non-current assets held
for sale
610 Other short-term liabilities	193.80
620 SHORT-TERM LIABILITIES TOTAL	204.10
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	300.00

- 31.12.2010

:

Fiscal period: 12 month(s), currency: UAH, th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	221.60
services
020 Indirect taxes and other compulsory payments	36.90
030 Net sales revenue (010-020)	184.70
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)	184.70
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	0.00
100 Payroll costs	75.90
110 Allocation to social needs	28.20
120 Amortization charges	0.00
130 Other operating charges	4.20
131 incl.	0.00
140 Cost of sales	75.20
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+	183.50
+160+170+ -080)
190 Net profit (070-180)	1.20
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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	254.10
130 Finished goods	0.00
Trade debtors:
160 net realizable value	52.40
161 acquisition cost	52.40
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	11.50
240 Funds in foreign currencies	0.00
250 Other current assets	0.00
260 CURRENT ASSETS TOTAL	318.00
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	318.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	94.30
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	95.30
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	9.60
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.20
580 Accrued payroll	2.80
610 Other short-term liabilities	210.10
620 SHORT-TERM LIABILITIES TOTAL	222.70
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	318.00

- 31.12.2009

:

Fiscal period: 12 month(s), currency: UAH, th
SMALL ENTREPRENEUR's PROFIT AND LOSS
ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	427.10
services
020 Indirect taxes and other compulsory payments	71.20
030 Net sales revenue (010-020)	355.90
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)	355.90
080 Change in work-in-progress and finished goods	0.00
090 Tangible expenses	0.00
100 Payroll costs	45.50
110 Allocation to social needs	16.70
120 Amortization charges	0.00
130 Other operating charges	43.70
131 incl.	0.00
140 Cost of sales	239.20
150 Other ordinary activity expenses	0.00
160 Extraordinary charges	0.00
170 Profit tax	0.80
180 Charges total (090+100+110+120+130+140+150+	345.90
+160+170+ -080)
190 Net profit (070-180)	10.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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	232.40
130 Finished goods	0.00
Trade debtors:
160 net realizable value	198.80
161 acquisition cost	198.80
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	4.90
240 Funds in foreign currencies	0.00
250 Other current assets	31.70
260 CURRENT ASSETS TOTAL	467.80
270 III. DEFERRED CHARGES	0.00
280 ASSETS TOTAL	467.80
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1.00
320 Additional contributed capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	93.10
360 Unpaid capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	94.10
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	63.40
Accounts payable:
550 Budget accounts payable	0.00
570 Insurance payments	0.10
580 Accrued payroll	5.20
610 Other short-term liabilities	305.00
620 SHORT-TERM LIABILITIES TOTAL	373.70
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	467.80

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.61
UK Pound	1	Rs.99.79
Euro	1	Rs.71.17

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%)

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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.