Identification

SUMMARY

Board / Executives

Identification

SUMMARY

Board / Executives

MIRA INFORM REPORT

MIRA INFORM REPORT

Unit

Report No. :	491333
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	FINEWOOD, LTD

Registered Office :	21 Hlibna str., Zhytomyr, Zhytomyr region, 10030

Country :	Ukraine

Date of Incorporation :	13.06.2017

Com. Reg. No.:	41395120

Legal Form :	Limited Liability Company by Ukrainian Law

Line of Business :	· Forest Nurseries and Seed Gathering · Sawmilling and planing of wood · Furniture and Home Furnishings · Wholesale of china and glassware, wallpaper and cleaning materials · Wholesale of wood, construction materials and sanitary equipment

No. of Employees :	Not available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
NB	New Business	No recommendation can be done due to business in infancy stage

Status :	New Business

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Ukraine

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

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 unique equipment, such as, large diameter pipes and vertical drilling apparatus, and raw materials to industrial and mining sites 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. From 2000 until mid-2008, Ukraine's economy was buoyant despite political turmoil between the prime minister and president. 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.

Ukraine’s oligarch-dominated economy grew slowly from 2010 to 2013. After former President YANUKOVYCH fled the country during the Revolution of Dignity, the international community began efforts to stabilize the Ukrainian economy, including a March 2014 IMF assistance package of $17.5 billion, of which Ukraine has received four disbursements, most recently in April 2017, bringing the total disbursed as of that date to approximately $8.4 billion. Ukraine has made significant progress on reforms designed to make the country prosperous, democratic, and transparent. But more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework.

Russia’s occupation of Crimea in March 2014 and ongoing aggression in eastern Ukraine have hurt economic growth. With the loss of a major portion of Ukraine’s heavy industry in Donbas and ongoing violence, Ukraine’s economy contracted by 6.6% in 2014 and by 9.8% in 2015, but grew by 2.3% in 2016 and 2.0% in 2017 as key reforms took hold. After the EU and Ukraine enacted the Deep and Comprehensive Free Trade Area and Russia imposed a series of trade restrictions, the EU replaced Russia as Ukraine’s largest trading partner. A new prohibition on commercial trade with separatist-controlled territories has had an uncertain effect on Ukraine’s key industrial sectors.

Source : CIA

Full Name

Tovarystvo z Obmezhenoyu Vidpovidalnistyu FAYNVUD

Name in English

FINEWOOD, LTD

Name in national language

Товариство з Обмеженою Відповідальністю ФАЙНВУД

Office Address

8V Vatslava Gavela str., Kiev, 01001, Ukraine

Legal Address

21 Hlibna str., Zhytomyr, Zhytomyr region, 10030, Ukraine

Contacts

-	mobile tel.	:	(+38 093) 1255377
-	E-mail	:	wood.build77@gmail.com

Legal Form : Limited Liability Company by Ukrainian Law

Incorporation : 2017

Staff : n/a

Litigation events : none
Remarks on payments : n/a

Sales : n/a

Incorporation

2017

Registration Data

Date of registration

13.06.2017

Registration number

41395120

Registr. authority

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

Legal Form

Limited Liability Company by Ukrainian Law		since 13.06.2017

Share Capital

1 000 UAH (registered)		since 13.06.2017

Shareholders

Executives

Director

Mr Nadirov Rasim Gahraman Ogly (Ukraine)

Name in Cyrillic: Надіров Расім Гахраман Огли.

Authorised signature

Mr Nadirov Rasim Gahraman Ogly

Activities

082	Forest Nurseries and Seed Gathering
	(0201 / NACE_1.1: Forestry and logging)
	(0220 / NACE_2: Logging)
082	Forest Nurseries and Seed Gathering
	(0201 / NACE_1.1: Forestry and logging)
	(1610 / NACE_2: Sawmilling and planing of wood)
502	Furniture and Home Furnishings
	(5144 / NACE_1.1: Wholesale of china and glassware, wallpaper and cleaning materials)
	(4673 / NACE_2: Wholesale of wood, construction materials and sanitary equipment)

Sale of wood and boards.

Staff employed

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

Export

none

Import

none

Facilities

Real estate

unknown ownership:
-	Premises - Office
	address	:	8V Vatslava Gavela str., Kiev, 01001, Ukraine

Subsidiaries and Participation

n/a

Bankers

Registration file does not contain this information.

Litigation

none

There are no suits/litigation files recorded in the name of FAYNVUD 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 13.02.2018, 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. There are no records on debt collection cases against the subject company in IGK Debt collection data base.

Financial Elements

The official financial data is not available, because the subject is a recently established business.

The company doesn't pay taxes to the State Tax Administration.

Publications

- 28.04.2017

Subject	:	Fitch Ratings-London-28 April 2017: Fitch Ratings has affirmed Ukraine's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook.

The issue ratings on Ukraine's senior unsecured foreign- and local-currency bonds have also been affirmed at 'B-' and the sovereign's short-term senior unsecured local currency bonds at 'B'. The Country Ceiling has been affirmed at 'B-' and the Short-Term Foreign-Currency and Local-Currency IDRs at 'B'. KEY RATING DRIVERS Ukraine's ratings balance weak external liquidity, a high public debt burden and structural weaknesses, in terms of a weak banking sector, institutional constraints and geopolitical and political risks, against improved policy credibility and coherence, the sovereign's near-term manageable debt repayment profile and a track record of multilateral support. International reserves rose to USD16.7 billion in early April boosted by the latest IMF disbursement (USD1 billion), and the second instalment (EU600 million) of the EU Macro-Financial Assistance Programme. Reserves could increase further to USD18.1 billion (3.6 months of CXP) by year-end, but Ukraine's external buffers remain weaker than 'B' peers (4 months of CXP). Increased exchange rate flexibility, manageable foreign-currency commitments and moderate external imbalances mitigate near-term pressures on international reserves. FX controls still cushion external liquidity, although they have been gradually reduced. The continuation of the Fund programme (third review completed) is positive for Ukraine's credit profile, as it supports external financing, underpins confidence and provides reform momentum. However, further disbursements from the IMF and other international partners will depend on progress in the structural reform agenda, which is subject to delays and execution risks. Key reforms benchmarks include pensions, land sales, privatisation and progress in the fight against corruption. External debt repayments to multilateral and bilateral creditors are manageable, and external market debt amortisations resume only in 2019. Domestic debt roll-over risk is limited, as the majority of the debt stock is held by the central bank (58%) and state-owned banks. Some USD900 million in cash in Ukraine's treasury provides the sovereign with space to bridge gaps in external disbursements in the short term. Increased access to external financing will be key to meet restructured debt commitments starting in 2019. A trade blockade with occupied territories in the East will result in wider current account deficits and lower growth. The current account deficit is expected to widen to 4.3% of GDP in 2017-2018 from 3.6% in 2015 due to reduced exports of steel and increased demand for energy imports (coking coal). Improved commodity export prices and increased export volumes from the agricultural sector should mitigate the increase in the trade deficit. Ukraine's 2016 GDP growth of 2.3% surpassed expectations, but the blockade will negatively impact the mining, metallurgical and electricity sectors. We forecast growth to decelerate to 2% in 2017 before picking up to 3% in 2018 on the back of improving consumer demand and investment. Annual headline inflation increased to 15.1% in March, while core inflation has averaged 6.3% since September 2016. Average inflation is forecast to decline to 11.2% in 2017, down from 14.9% in 2016 but still well above the 5.3% 'B' median. In Fitch's view, the National Bank of Ukraine's (NBU) institutional commitment to sustainably lowering inflation while maintaining exchange rate flexibility, and continued coordination with fiscal policy to improve macroeconomic stability are important support factors for Ukraine's credit profile. The general government deficit is projected to increase to 3% of GDP (the target in the IMF program) in 2017. Adhering to the deficit reduction path outlined in the IMF EFF (2.5% and 2.3% of GDP in 2018 and 2019, respectively) will likely require additional policy measures due to spending pressures, most notably pension transfers and the public sector salary bill. Defence spending will remain high at 5% of GDP over the forecast period. General government debt rose to 72% of GDP (84% including guarantees) in 2016, substantially above the 56% 'B' median, partly reflecting the recapitalisation bill for Privatbank, which is forecast to add 5.6% of GDP to the country's debt burden. Debt dynamics remain subject to currency risks (68% FX denominated). SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Ukraine a score equivalent to a rating of 'CCC' on the Long-Term FC IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final Long-Term Foreign Currency IDR by applying its QO, relative to rated peers, as follows: Macro: +1 notch, to reflect Ukraine's strengthened monetary and exchange rate policy which will likely support improved macroeconomic performance and domestic confidence. Increased exchange rate flexibility allows the economy to absorb shocks without depleting reserves. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LTFC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced. Nonetheless, the following risk factors could, individually or collectively, trigger negative rating action: - Re-emergence of external financing pressures, loss of confidence and increased macroeconomic instability, for example stemming from delays to disbursements from, or the collapse of, the IMF programme. - External or political/geopolitical shock that weakens macroeconomic performance and Ukraine's fiscal and external position. The following risk factors could individually or collectively, trigger positive rating action: - Increased external liquidity and external financing flexibility. - Sustained fiscal consolidation leading to improved debt dynamics. - Improved macroeconomic performance. KEY ASSUMPTIONS Fitch expects neither resolution of the conflict in eastern Ukraine nor escalation of the conflict to the point of compromising overall macroeconomic performance. Fitch assumes that the debt dispute with Russia will not impair Ukraine's ability to access external financing and meet external debt service commitments. Source: https://www.fitchratings.com/site/pr/1022957

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mr Nadirov Rasim Gahraman Ogly (director) on 13.02.2018 by the phone number: +38 093 1255377. 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. In the open registries did not find information about the company on the sanctions lists.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
UAH	1	INR 2.40

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	SYL

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)

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.

Mr Nadirov Rasim Gahraman Ogly (Ukraine)

share's book value

64 Lenina str., Vepryk village, Kiev region, Fastivskiy district, 08521, Ukraine

Name in Cyrillic: Надіров Расім Гахраман Огли.
According to the State Register data, Mr Nadirov Rasim Gahraman Ogly is listed as a shareholder in the following company: - LIS-BUD, Ltd (registration number: 40264482).