MIRA INFORM REPORT

Report No. :	503076
Report Date :	12.04.2018

IDENTIFICATION DETAILS

Name :	OOO FARVATER-S
Registered Office :	Generala Ostryakova Avenue 203 B, Apartment 33, Sevastopol 299055
Country :	Russia
Financials (as on) :	31.12.2016
Date of Incorporation :	24.12.2014
Com. Reg. No.:	OGRN 1149204066857
Legal Form :	Limited Liability Company
Line of Business :	Manufacturers and suppliers of ship equipment and related spare parts. Subject also provides repair and after sale services.
No. of Employees :	24

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Russia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

RUSSIA - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.

Russia is one of the world's leading producers of oil and natural gas, and is also a top exporter of metals such as steel and primary aluminum. Russia is heavily dependent on the movement of world commodity prices as reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during the 1998-2008 period as oil prices rose rapidly, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.

A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with GDP falling by close by 2.8%. The downturn continued through 2016, with GDP contracting another 0.2%, but was reversed in 2017 as world demand picked up. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries.

Source : CIA

BRIEF SUMMARY
COMPANY NAME	OOO FARVATER-S
ADDRESS	Building	Street			Area			PO Box
	N/A	Promyshlennaya Street 7A			Sevastopol Region, Crimean Peninsula			299055 Sevastopol
TEL/FAX	Verified Phones: (+7 8692) 404 111 / Fax: (+7 8692) 404 418
EMAIL/WEBSITE	Email: farvater-sev@mail.ru / Website: www.farvater-s.ru
ACTIVITY	NACE 4690 - Non-specialised wholesale trade; NACE 2711 - Manufacture of electric motors, generators and transformers; NACE 2651 - Manufacture of instruments and appliances for measuring, testing and navigation.
PRINCIPAL	Yuriy Semenovich Ivlev					Workforce
	Managing Director					24
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	24/12/2014		OGRN 1149204066857	LLC			Active
CAPITAL	CURRENCY			AMOUNT
	RUBLE (RUB)			1,000,000
OPINION ON MAX CREDIT	CURRENCY			AMOUNT
	RUBLE (RUB)			860,000

IDENTIFICATION
CO. NAME	OOO FARVATER-S
ENQUIRED NAME	FARVATER S
ALSO KNOWN NAME (S)	“FARVATER-S” Ltd
STREET	Promyshlennaya Street 7A
AREA	Sevastopol Region, Crimean Peninsula
POSTAL ADDRESS	299055 Sevastopol
CITY	Sevastopol
COUNTRY	Russian Federation
TELEPHONE	(+7 8692) 404 111 / (+7 8692) 404 418 / Mobiles (+7 978) 856 5109 (Svetlana Aleksandrovna) / (+7 911) 210 5795 (Nikolay Vitalevich Opimah) / (+7 978) 783 0615 / (+7 978) 722 1462 (Yuriy Semenovich Ivlev) / (+7 978) 722 1492 (Andrey Yurievich Ivlev)
FAX	(+7 8692) 404 418
VERIFIED EMAIL	farvater-sev@mail.ru / farvater-s.elena@mail.ru
WEBSITE	www.farvater-s.ru
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Mon-Fri	09:00-17:00	12:00-13:00
REGISTERED ADDRESS	Generala Ostryakova Avenue 203 B, Apartment 33, Sevastopol 299055, Russia
FORMER ADDRESS	Until 2015, subject was located at: Industrialnaya Street 15 Sevastopol 299040

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Yuriy Semenovich Ivlev Nationality: Russian INN: 920455307850	Managing Director
	Andrey Yurievich Ivlev (son of the above) Svetlana Aleksandrovna Nikolay Vitalevich Opimah (currently on sick leave)	Commercial Director HR Director Branch Director – Saint Petersburg
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	24	04.2018
	56	04.2017

FINANCIAL SUMMARY
REVENUE	31/12/2016	31/12/2015
	RUBLE 33,105,000	RUBLE 70,638,000
NET PROFIT / (LOSS)	31/12/2016	31/12/2015
	RUBLE 463,000	RUBLE 2,178,000
STOCK/INVENTORIES	RUBLE 2,845,000 as of 31/12/2016
FISCAL YEAR-END	31 December

LEGAL STATUS
INCORPORATION	24/12/2014
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	OGRN 1149204066857	Federal Tax Service
OTHER REGISTRATION NO.	INN 9201500610 (Tax Code) / KPP 920401001 / OKPO 356079 (Statistics Code) / OKTMO 67312000000
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	1,000,000	RUBLE
PAID-UP CAPITAL	AMOUNT	CURRENCY
	1,000,000	RUBLE
LEGAL FORM	Limited Liability Company
BUSINESS HISTORY	The company was incorporated in Russian Federation on 24 December 2014, however its origins of business activities can be traced back to 2007, when subject operated under the jurisdiction of Autonomous Republic of Crimea, Ukraine.
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. Andrey Yurievich Ivlev 2. Alesya Yurievna Fondis Nationality: Russian Tax Code: INN 920400142198 3. Sergey Vladimirovich Prokopiev Nationality: Russian Tax Code: INN 920151826685	40.00% 35.00% 25.00%

OPERATION
BANKERS	1. PAO RNCB Bank (Russian National Commercial Bank) Generala Ostryakova Avenue 164 Sevastopol Telephone: (+7 3652) 550 500 Fax : (+7 3652) 550 505 2. JSC GENBANK Generala Ostryakova Avenue 128 Sevastopol Telephone: (+7 8692) 539 753 Fax : (+7 8692) 539 753 Subject also has an account with AO AB ROSSIYA.
ACTIVITY CODE (NACE)	4690 - Non-specialised wholesale trade; 2711 - Manufacture of electric motors, generators and transformers; 2651 - Manufacture of instruments and appliances for measuring, testing and navigation.
LINE OF BUSINESS	Manufacturers and suppliers of ship equipment and related spare parts. Subject also provides repair and after sale services. Subject’s products include: - Ship electrical equipment; - Control and measuring devices; - Ship valves; - Ship diesel engines, both domestic and imported; - Spare parts for marine diesel engines and diesel generators; - Ship pumps, pumps and spare parts for them; - Refrigeration and compressor equipment; - Cooling and desalination equipment; - Gas turbine equipment and spare parts; - Anchor chains and chain devices.
EXPORT TO	Asia and CIS countries.
TRADE REFERENCES	1. PAO Zvezda Babushkina Street 123 Saint Petersburg 192012 Russia Telephone: (+7 812) 362 0747 2. AO Zavod Dagdizel Lenina Street 1 Kaspiysk Republic of Dagestan Russia Telephone: (+7 87246) 32426 3. OAO Barnaultransmash Kalinina Avenue 28 Barnaul 656037 Russia Telephone: (+7 3852) 398 020
FACILITIES	650 sq. m. rented premises comprising administrative offices, a manufacturing unit and storage facilities located at the heading address as well as one branch office located in Saint Petersburg (see “Branch Offices” below).
BRANCH OFFICES	Quary Bypass Canal, House 122, Liter B, Room 39 Saint Petersburg 198095 Russia
RELATED COMPANIES	Associate OOO Ferrari Ltd Industrialnaya Street 15 Sevastopol 299040 Russia Est.: 31/05/1994 C.R. No.: OGRN 1149204049114 Tax Code: INN 9201016381 Managing Director: Aleksandr Turlinov Shareholders: OOO FARVATER-S – 16.67% Natalia Bragina - 16.67% Dmitriy Kalabin - 16.67% Aleksandr Turlinov - 16.67% Vladimir Chernenko - 16.66% Elena Ostapchuk - 16.66%

FINANCIAL INFORMATION
CURRENCY	RUBLE
NOTES	The following financial highlights as at 31 December 2016 showed (latest available): 31/12/2016 (in RUBLE) ASSETS Fixed assets 2,264,000 Financial investments 13,601,000 Non-current assets 15,865,000 Current assets Inventories 2,845,000 Trade receivables 5,984,000 Cash and cash equivalents 231,000 Total current assets 9,060,000 Total Assets 24,925,000 EQUITY & LIABILITIES Total equity 20,221,000 Long-term liabilities Borrowings 539,000 Total long-term liabilities 539,000 Short-term liabilities Borrowings 833,000 Accounts payable 3,332,000 Total short-term liabilities 4,165,000 Total liabilities and equity 24,925,000 INCOME STATEMENT Revenue 33,105,000 Cost of sales (33,244,000) Gross profit (139,000) Profit (loss) from sales (139,000) Other income and expenses Other income 16,444,000 Other expenses (16,099,000) Profit (loss) before taxation 206,000 Current income tax 257,000 Net profit (loss) 463,000

PAYMENT
CREDIT OPINION	We consider it is acceptable to deal with subject for SMALL amounts.
FINANCIAL STRENGTH	Normal
EMPLOYEE RANGE	ER5

SPECIAL REMARKS
INTERVIEWED	Svetlana Aleksandrovna (HR Director).
COMMENTS	You enquired on: FARVATER S. Please note that subject’s correct registered name is as per heading. The address which you provided: 198095, ST Petersburg, Russia Quary Bypass Canal, House 122, Liter B, Room 39 Russia applies to subject’s branch office address. Please note that subject’s administrative office address is as per heading.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.13
UK Pound	1	INR 92.52
Euro	1	INR 80.59
RUB	1	INR 1.05

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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