MIRA INFORM REPORT

Report No. :	493806
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	OOO VELES GROUP
Registered Office :	Nevelskaya Street 7, Office 28, Kirovskiy District, 198035 Saint Petersburg
Country :	Russia
Financials (as on) :	31.12.2016
Date of Incorporation :	29.12.2015
Com. Reg. No.:	OGRN 1157847453004
Legal Form :	Limited Liability Company
Line of Business :	Trading as importers and wholesalers of frozen fish, foodstuff and other consumer products. Subject also provides logistics services
No. of Employees :	35

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 :	Good
Payment Behaviour :	Regular
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

SUMMARY

COMPANY NAME	OOO Veles Group
ADDRESS	Building	Street			Area			PO Box
	N/A	Nevelskaya Street 7, Office 28			Kirovskiy District			198035 Saint Petersburg
TEL/FAX	Verified Phones: (+7 921) 866 6020
EMAIL/WEBSITE	Email: info@vgltd.ru / Website: www.vgltd.ru
ACTIVITY	NACE 4638 - Wholesale of other food, including fish, crustaceans and molluscs; NACE 4690 - Non-specialised wholesale trade; NACE 2829 - Manufacture of other general-purpose machinery n.e.c.
PRINCIPAL	Aleksandr Adamovich Eliseev					Workforce
	Managing Director					35
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	29/12/2015		OGRN 1157847453004	LLC			Active
CAPITAL	CURRENCY			AMOUNT
	RUBLE (RUB)			10,000

IDENTIFICATION
CO. NAME	OOO Veles Group
ENQUIRED NAME	VELES GROUP LTD
TRADEMARK	Veles Group
ALSO KNOWN NAME (S)	OOO Veles Grupp / VG Ltd / VG
STREET	Nevelskaya Street 7, Office 28
AREA	Kirovskiy District
POSTAL ADDRESS	198035 Saint Petersburg
CITY	Saint Petersburg
COUNTRY	Russia
TELEPHONE	(+7 921) 866 6020 (Vitaliy V.) / (+7 812) 372 6915 / (+7 812) 540 1046
VERIFIED EMAIL	info@vgltd.ru
WEBSITE	www.vgltd.ru
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Mon-Fri	09:00-18:00	13:00-14:00
REGISTERED ADDRESS	Nevelskaya Street 7, Office 28, Kirovskiy District, 198035 Saint Petersburg, Russia

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Aleksandr Adamovich Eliseev	Managing Director
	Vitaliy V.	Sales Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	35	01.2018

FINANCIAL SUMMARY
REVENUE	31/12/2017	31/12/2016
	RUBLE 200,000,000	RUBLE 149,982,000
NET PROFIT / (LOSS)	31/12/2017	31/12/2016
	RUBLE 500,000	RUBLE 200,000
PROFIT BEFORE TAX	RUBLE 250,000 as of 31/12/2016
STOCK/INVENTORIES	RUBLE 38,136,000 as of 31/12/2016

LEGAL STATUS
INCORPORATION	29/12/2015
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	OGRN 1157847453004	Federal Tax Service
OTHER REGISTRATION NO.	INN 7805343162 (Tax Code) / KPP 780501001 / OKPO 33147741 (Statistics Code) / OKTMO 40341000000
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	10,000	RUBLE
PAID-UP CAPITAL	AMOUNT	CURRENCY
	10,000	RUBLE
LEGAL FORM	Limited Liability Company
BUSINESS HISTORY	The Company was incorporated in Russia on 29 December 2015, however its origins can be traced back to 2010.
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	Aleksandr Adamovich Eliseev Nationality: Russian Tax Code: INN 782615071306	100.00%

OPERATION
BANKERS	PAO Sberbank Vavilova Street 19 117997 Moscow Russia Telephone: (+7 495) 957 5731 Fax : (+7 495) 747 4758 Subject also has an account with other local banks.
ACTIVITY CODE (NACE)	4638 - Wholesale of other food, including fish, crustaceans and molluscs; 4690 - Non-specialised wholesale trade; 2829 - Manufacture of other general-purpose machinery n.e.c.
LINE OF BUSINESS	Trading as importers and wholesalers of frozen fish, foodstuff and other consumer products. Subject also provides logistics services.
IMPORT FROM	Europe, Turkey, the Netherlands, Ecuador, India, Norway and China.
FACILITIES	Rented premises comprising administrative offices located at the heading address as well as 2 warehouse facilities located elsewhere in Moscow and Saint Petersburg.
RELATED COMPANIES	Associate OOO Veles Mezhevoy Kanal 5, Liter YA Saint Petersburg 198035 Russia Est.: 02/09/2009 C.R. No.: OGRN 1097847237322 Tax Code: INN 7810562931 Capital: RUBLE 10,000 Sole Shareholder: Aleksandr Adamovich Eliseev

FINANCIAL INFORMATION
CURRENCY	RUBLE
NOTES	The following financial highlights as at 31 December 2016 showed: 31/12/2016 (in RUBLE) ASSETS Non-current assets 0 Current assets Inventories 38,136,000 Value added tax on purchased valuables 1,800,000 Trade receivables 39,346,000 Financial investments 3,530,000 Cash and cash equivalents 444,000 Total current assets 83,256,000 Total Assets 83,256,000 EQUITY & LIABILITIES Equity Share capital 10,000 Retained earnings 19,172,000 Total equity 19,182,000 Total long-term liabilities 0 Short-term liabilities Borrowings 1,838,000 Accounts payable 62,236,000 Total short-term liabilities 64,074,000 Total liabilities and equity 83,256,000 INCOME STATEMENT Revenue 149,982,000 Cost of sales 140,368,000 Gross profit 9,614,000 Commercial expenses 8,929,000 Profit (loss) from sales 685,000 Other income and expenses Interest income 31,000 Interest payable 541,000 Other income 3,020,000 Other expenses 2,945,000 Profit (loss) before taxation 250,000 Current income tax 50,000 Net profit (loss) 200,000

SPECIAL REMARKS
INTERVIEWED	Vitaliy V. (Sales Manager).
COMMENTS	You enquired on: VELES GROUP LTD. Please note that this name applies to an English translation of the subject’s name. Subject’s correct registered name is as per heading.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50
RUB	1	INR 1.15

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TRU

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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