MIRA INFORM REPORT

Report No. :	492420
Report Date :	22.02.2018

IDENTIFICATION DETAILS

Name :	KYIVMETROBUD, PJSC
Formerly Known As :	VIDKRYTE KTSIONERNE OVARYSTVO KYIVMETROBUD
Registered Office :	8 Prorizna str., Kiev, 01601
Country :	Ukraine
Financials (as on) :	31.12.2016
Date of Incorporation :	21.12.1994
Com. Reg. No.:	01387432
Legal Form :	Public Joint-Stock Company by Ukrainian Law
Line of Business :	The construction of underground railways, special underground structures and technical tunnels.
No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exist

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)
Ukraine	C2	C2

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

Identification

Full Name

:

PUBLICHNE KTSIONERNE OVARYSTVO KYIVMETROBUD

Name in English

:

KYIVMETROBUD, PJSC

Previous Names

:

-	VIDKRYTE KTSIONERNE OVARYSTVO KYIVMETROBUD

Office Address

:

8 Prorizna str., Kiev, 01601, Ukraine

Legal Address

:

8 Prorizna str., Kiev, 01601, Ukraine

Contacts

:

-	Phone	:	(+38 044) 2781962
-	Fax	:	(+38 044) 2793884
-	E-mail	:	metrobud@metrobud.kiev.ua
-	WWW	:	www.metrobud.kiev.ua

SUMMARY

Legal Form : Public Joint-Stock Company by Ukrainian Law

Incorporation : 1994

Staff : n/a

Litigation events : yes Remarks on payments : n/a

Sales :	443 426.00 th UAH ( for 12 months, ended 31.12.2016 )
	433 751.00 th UAH ( for 12 months, ended 31.12.2015 )

Incorporation

:

1994

Registration Data

Date of registration

:

21.12.1994

Registration number

:

01387432

Registr. authority

:

Local Executive Committee (Kiev, Ukraine)

VAT number

:

013874326652

Registr. place

:

Ukraine

Date of VAT Payer registration: 11.07.1997

Legal Form

:

Public Joint-Stock Company by Ukrainian Law

since 21.12.1994

Share Capital

:

1 000 632.5 UAH (registered)

since 21.12.1994

Shareholders

:

-	Shareholders due to the register				100.00 %
		share's book value	:	1 000 632.5 UAH

The information on the shareholders is not available at the official sources. Due to the company’s legal form (JSC) the list of shareholders is kept by the Registrar with the restricted public access. According to the mass-media data as at 3 quarter 2017 the principal shareholders of KYIVMETROBUD, PJSC are: - BEREZANIAHOLDING LTD, HE 292678,- share 15.0000% - Vantaris LTD, 1724317, - share 22.7733% - VESTINTRO, PrJSC, 39912600 - share 23.3991% - INTROVEST, PrJSC, 39934599 - share 23.3991% Source: https://smida.gov.ua/db/participant/01387432

Board / Executives

Executives

Director

:

Mr Petrenko Volodymyr Ivanovych (Ukraine)

Name in Cyrillic: ???????? ????????? ????????.

Authorised signature

:

Mr Petrenko Volodymyr Ivanovych

Changes in Registration Data

- 08.12.2010

:

name

Activities

:

-	15	GENERAL BUILDING CONTRACTORS
		(4521 / NACE_1.1: General construction of buildings and civil engineering works)
		(4212 / NACE_2: Construction of railways and underground railways)

The construction of underground railways, special underground structures and technical tunnels.

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

:

-	1 175
	( the data as of 31.12.2016 )
-	2 377
	( the data as of 31.12.2012 )

Export

:

none

Import

:

none

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	8 Prorizna str., Kiev, 01601, Ukraine

Branches

:

There are 10 branch in Ukraine.

Subsidiaries and Participation

:

-	Corporation METROBUDTUNEL (Ukraine)				share n/a
		reg. number	:	00034128
-	UKRTUNELMETROMOSTOBUD (Ukraine)				share n/a
		reg. number	:	32829563

Bankers

:

Registration file does not contain this information.

Litigation

:

Yes

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 264 court records where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 29.11.2006 up to 02.02.2018. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

According to the data of Bulletin of the State Registration as of 19.02.2018, 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

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	UAH th	UAH th	UAH th
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	86.00	89.00	92.00
- Fixed assets	69 830.00	80 459.00	109 810.00
- Investments in tangible assets
- Financial assets	215.00	51.00	51.00
- Other non-current assets	0.00	0.00	0.00
Non-current assets total	70 131.00	80 599.00	109 953.00
CURRENT ASSETS
- Stock	50 534.00	194 218.00	294 582.00
- Debtors	103 884.00	125 123.00	132 946.00
- Other receivables	44 281.00	24 906.00	16 002.00
- Short-term financial investments	0.00	0.00	0.00
- Cash	10 447.00	57 606.00	10 659.00
- Other current assets	746.00	2 188.00	459.00
Current assets total	209 892.00	404 041.00	454 648.00
Assets total	280 023.00	484 640.00	564 601.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	1 001.00	1 001.00	1 001.00
- Additional capital	6 059.00	0.00	0.00
- Other capital	0.00	0.00	0.00
- Reserve capital	993.00	993.00	993.00
- Retained earnings (Non-covered loss)	1 306.00	6 248.00	60 905.00
Capital and reserves total	9 359.00	8 242.00	62 899.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	0.00	0.00	0.00
- long-term amounts owed to banks	0.00	0.00	0.00
- Other long-term liabilities	14 304.00	15.00	13.00
Long-term liabilities total	14 304.00	15.00	13.00
SHORT-TERM LIABILITIES
- Loans and credits	0.00	190 402.00	170 653.00
- short-term amounts owed to banks	0.00	190 402.00	170 653.00
- Creditors	225 966.00	271 645.00	315 128.00
- trade debts	200 825.00	242 203.00	288 335.00
- accrued payroll	2 441.00	3 640.00	6 145.00
- tax liabilities	10 567.00	25 802.00	20 648.00
- other creditors
- advances received	12 133.00	0.00	0.00
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00	0.00
- Other short-term liabilities	30 394.00	14 336.00	15 908.00
Short-term liabilities total	256 360.00	476 383.00	501 689.00
Liabilities total	270 664.00	476 398.00	501 702.00
Equity and liabilities total	280 023.00	484 640.00	564 601.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	443 426.00	433 751.00	240 673.00
Cost of goods sold	456 981.00	412 125.00	167 179.00
Gross profit	-13 555.00	21 626.00	73 494.00
Distribution costs	0.00	80.00	99.00
Administrative and management costs	16 341.00	8 649.00	6 861.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests	0.00	0.00	0.00
Other operating income	308 088.00	96 725.00	36 863.00
Other operating charges	276 912.00	151 514.00	80 817.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	0.00	-12 765.00	-17 973.00
Profit before taxation	1 280.00	-54 657.00	4 607.00
Income-tax and other similar payments	447.00	0.00	3 515.00
Profit (loss) from ordinary activity
Extraordinary income less charges	0.00	0.00	0.00
Net profit	833.00	-54 657.00	1 092.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.29	-12.60	1.91
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	13.68	-663.15	7.32
Profit before taxation / Equity
Current assets turnover	2.11	1.07	0.53
Net sales / Current assets
Working capital	-46 468.00	-72 342.00	-47 041.00
Current assets - Short-term liabilities
Leverage	0.03	0.02	0.11
Equity / Total assets
Current ratio	0.82	0.85	0.91
Current assets / Short-term liabilities
Quick ratio	0.62	0.44	0.32
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	28.92	57.80	7.98
Total liabilities / Equity
Debtor days	85.51	105.29	201.62
Debtors / Net sales *365
Creditor days	160.40	214.51	629.52
Trade debts / Cost of goods sold *365

The company is registered as a taxpayer at 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 Sergey(Deputy Head of Marketing) on 19.02.2018 by the phone number: +38 044 2781962. 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. NOTE The e-mail address mentioned in your inquiry belong to the company reported. There is no information in official sources about whether the subject company appears on OFAC lists, UE Sanctions Lists.

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
2000 Net sales revenue	443 426.00	433 751.00	240 673.00
2010 Net earned insurance premiums	0.00	0.00	0.00
2011 premiums written, gross amount	0.00	0.00	0.00
2012 premium transferred to reinsurance	0.00	0.00	0.00
2013 change in reserve for unearned premiums,	0.00	0.00	0.00
gross amount
2014 reinsurer's share change in provision for	0.00	0.00	0.00
unearned premiums
2050 Cost of goods, work, services	456 981.00	412 125.00	167 179.00
2070 Net losses incurred on insurance payments	0.00	0.00	0.00
2090 Gross profit	0.00	21 626.00	73 494.00
2095 Gross loss	13 555.00	0.00	0.00
2105 Income (loss) from changes in reserves for long-term	0.00	0.00	0.00
liabilities
2110 Income (loss) from changes in other insur. reserves	0.00	0.00	0.00
2111 change in other insurance reserves, gross amount	0.00	0.00	0.00
2112 change in reinsurers ' share in other reserves	0.00	0.00	0.00
2120 Other operating income	302 950.00	96 396.00	36 511.00
2121 -incl. income from changes in the value of assets	0.00	0.00	0.00
that are measured at fair
2122 income from the initial recognition of biological	0.00	0.00	0.00
assets and agricultural products
2123 income from use of funds released from taxation
2130 Administrative and management costs	16 341.00	8 649.00	6 861.00
2150 Distribution costs	0.00	80.00	99.00
2180 Other operating expenses	252 286.00	148 051.00	79 848.00
2181 - incl. expenses from changes in the value of assets	0.00	0.00	0.00
that are measured at fair
2182 expenses from the initial recognition of biological	0.00	0.00	0.00
assets and agricultural products
2190 Operating profit	20 768.00	0.00	23 197.00
2195 Operating loss	0.00	38 758.00	0.00
2200 Income from capital participating	0.00	0.00	0.00
2220 Other financial income	0.00	35.00	0.00
2240 Other income	5 138.00	329.00	352.00
2241 incl. income from charity	0.00	0.00	0.00
2250 Financial charges	0.00	12 800.00	17 973.00
2255 Capital participating expenses	0.00	0.00	0.00
2270 Other expenses	24 626.00	3 463.00	969.00
2275 Profit (loss) from the effects of inflation	0.00	0.00	0.00
on monetary items
2290 Profit before taxation	1 280.00	0.00	4 607.00
2295 Loss before taxation	0.00	54 657.00	0.00
2300 Income-tax	447.00	0.00	3 515.00
2305 Profit (loss) from discontinued operations after tax	0.00	0.00	0.00
2350 Net profit	833.00	0.00	1 092.00
2355 Net loss	0.00	54 657.00	0.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1000 Intangible assets	86.00	89.00	92.00
1001 acquisition cost	126.00	126.00	126.00
1002 depreciation	40.00	37.00	34.00
1005 Incomplete investments	0.00	0.00	0.00
1010 Fixed assets	69 830.00	80 459.00	109 810.00
1011 acquisition cost	210 674.00	222 646.00	242 603.00
1012 depreciation	140 844.00	142 187.00	132 793.00
1015 Investment property	0.00	0.00	0.00
1016 acquisition cost	0.00	0.00	0.00
1017 depreciation	0.00	0.00	0.00
1020 Long-term biological assets	0.00	0.00	0.00
1021 acquisition cost	0.00	0.00	0.00
1022 accumulated depreciation	0.00	0.00	0.00
1030 Long-term financial assets recognized as	214.00	50.00	50.00
capital participation in other enterprises
1035 Other financial investments	1.00	1.00	1.00
1040 Long-term accounts receivable	0.00	0.00	0.00
1045 Deferred tax assets	0.00	0.00	0.00
1050 Goodwill	0.00	0.00	0.00
1060 Deferred acquisition costs	0.00	0.00	0.00
1065 The balance of funds in the centralized insurance	0.00	0.00	0.00
reserve funds
1090 Other non-current assets	0.00	0.00	0.00
1095 NON-CURRENT ASSETS TOTAL	70 131.00	80 599.00	109 953.00
II. CURRENT ASSETS
1100 Stock	50 534.00	194 218.00	294 582.00
1101 inventories	37 433.00	0.00	294 556.00
1102 work in progress	5 802.00	0.00	0.00
1103 finished products	7 299.00	0.00	0.00
1104 goods	0.00	0.00	26.00
1110 Current biological assets	0.00	0.00	0.00
1115 Deposits reinsurance	0.00	0.00	0.00
1120 Notes receivable	0.00	0.00	0.00
1125 Trade debtors	96 154.00	116 158.00	125 397.00
Accounts receivable
1130 Payments in advance	7 730.00	8 965.00	7 549.00
1135 Budget accounts receivable	148.00	328.00	281.00
1136 - incl, by income tax	0.00	0.00	0.00
1140 Receivables from estimated accrued income	0.00	0.00	0.00
1145 Receivables from internal settlements	0.00	0.00	0.00
1155 Other current accounts receivable	44 133.00	24 578.00	15 721.00
1160 Current financial investments	0.00	0.00	0.00
1165 Cash and equivalents	10 447.00	57 606.00	10 659.00
1166 cash	0.00	0.00	0.00
1167 bank accounts	10 447.00	57 606.00	10 659.00
1170 Deferred charges	254.00	282.00	427.00
1180 Share of reinsurer in insurance reserves	0.00	0.00	0.00
incl. in
1181 reserves for long-term liabilities	0.00	0.00	0.00
1182 reserves for loss or reserves for entitlements	0.00	0.00	0.00
1183 reserves for unearned premium	0.00	0.00	0.00
1184 other insurance reserves	0.00	0.00	0.00
1190 Other current assets	492.00	1 906.00	32.00
1195 CURRENT ASSETS TOTAL	209 892.00	404 041.00	454 648.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE	0.00	0.00	0.00
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	280 023.00	484 640.00	564 601.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	1 001.00	1 001.00	1 001.00
1401 Contributions for unregistered share capital
1405 Capital revaluation	0.00	0.00	0.00
1410 Additional capital	6 059.00	0.00	0.00
1411 share premium	0.00	0.00	0.00
1412 accumulated translation differences	0.00	0.00	0.00
1415 Reserve capital	993.00	993.00	993.00
1420 Retained earnings (loss)	1 306.00	6 248.00	60 905.00
1425 Unpaid capital (minus)	0.00	0.00	0.00
1430 Retired capital (minus)	0.00	0.00	0.00
1435 Other reserves	0.00	0.00	0.00
1495 CAPITAL AND RESERVES TOTAL	9 359.00	8 242.00	62 899.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities	14 299.00	0.00	0.00
1505 Pension liabilities	0.00	0.00	0.00
1510 Long-term amounts owed to credit institutions	0.00	0.00	0.00
1515 Other long-term liabilities	0.00	0.00	0.00
1520 Long-term provisions	0.00	0.00	0.00
1521 ensuring long-term costs of staff	0.00	0.00	0.00
1525 Targeted funding	5.00	15.00	13.00
1526 charity	0.00	0.00	0.00
1530 Insurance reserves	0.00	0.00	0.00
including
1531 long-term commitment reserve	0.00	0.00	0.00
1532 reserves for loss or reserves for entitlements	0.00	0.00	0.00
1533 reserves for unearned premium	0.00	0.00	0.00
1534 other insurance reserves	0.00	0.00	0.00
1535 Investment contracts	0.00	0.00	0.00
1540 Prize fund	0.00	0.00	0.00
1545 Provision for payment of jackpot	0.00	0.00	0.00
1595 TOTAL LONG-TERM LIABILITIES	14 304.00	15.00	13.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	0.00	190 402.00	170 653.00
1605 Notes payable	0.00	0.00	0.00
1610 Short-term portion of long-term liabilities	0.00	0.00	0.00
Accounts payable:
1615 Trade creditors	200 825.00	242 203.00	288 335.00
1620 Budget accounts payable	4 718.00	18 311.00	14 418.00
1621 - incl. income tax	0.00	0.00	1 168.00
1625 Insurance payments	5 849.00	7 491.00	6 230.00
1630 Accrued payroll	2 441.00	3 640.00	6 145.00
1635 Advance payments	12 133.00	0.00	0.00
1640 Payments to participants	4 883.00	0.00	0.00
1645 Internal settlements	0.00	0.00	0.00
1650 Insurance activities	0.00	0.00	0.00
1660 Short-term provisions	3 199.00	1 742.00	3 583.00
1665 Deferred income	0.00	0.00	0.00
1670 Deferred commission income from reinsurers	0.00	0.00	0.00
1690 Other short-term liabilities	22 312.00	12 594.00	12 325.00
1695 SHORT-TERM LIABILITIES TOTAL	256 360.00	476 383.00	501 689.00
1700 IV. LIABILITIES ASSOCIATED WITH	0.00	0.00	0.00
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1800 V. Net asset value of private pension fund	0.00	0.00	0.00
1900 EQUITY AND LIABILITIES TOTAL	280 023.00	484 640.00	564 601.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.82
UK Pound	1	INR 90.65
Euro	1	INR 79.94
UAH	1	INR 2.40

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)

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.