Identification

SUMMARY

Financial Elements

MIRA INFORM REPORT

3decades

Report No. :	494281
Report Date :	07.03.2018

IDENTIFICATION DETAILS

Name :	FIRM ERIDON, SMALL PRIVATE COMPANY

Registered Office :	46 Lenina str., Knyazhychi, Kiev region, Brovarskiy district, 08143

Country :	Ukraine

Financials (as on) :	31.12.2017

Date of Incorporation :	13.10.1993

Com. Reg. No.:	19420704

Legal Form :	Private Company by Ukrainian Law

Line of Business :	Farm machinery and equipment Wholesale of agricultural machinery and accessories and implements, including tractors Wholesale of agricultural machinery, equipment and supplies Grain & Field Beans Wholesale of grain, seeds and animal feeds Wholesale of grain, unmanufactured tobacco, seeds and animal feeds Farm Supplies Agents specializing in the sale of particular products or ranges of products n.e.c. Agents specialised in the sale of other particular products Fertilizer/Agric Chemicals Agents specializing in the sale of particular products or ranges of products n.e.c Agents specialised in the sale of other particular products Animal Feeds Agents specializing in the sale of particular products or ranges of products n.e.c.) Agents specialised in the sale of other particular products Wholesale trade in agricultural chemicals, seeds, fertilizers, feed additives and farm machinery

No. of Employees :	550

RATING & COMMENTS

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

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	--

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

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, but remained behind peers in the region and among Europe’s poorest. After former President YANUKOVYCH fled the country during the Revolution of Dignity, Ukraine’s economy fell into crisis because of Russia’s annexation of Crimea, military conflict in the east of the country, and a trade war with Russia, resulting in a 17% decline in GDP, inflation at nearly 60%, and dwindling foreign currency reserves. 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 business environment to attract foreign investment, and privatizing state-owned enterprises.

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 The Ukrainian economy returned to low growth in in 2016 and 2017, reaching 2.3% and 2.0%, respectively, as key reforms took hold. It also redirected trade activity towards the EU following the implementation of a bilateral Deep and Comprehensive Free Trade Agreement, displacing Russia as Ukraine’s largest trading partner. A prohibition on commercial trade with separatist-controlled territories in early 2017 has not impacted Ukraine’s key industrial sectors as much as expected, largely because of favorable external conditions. Amid positive economic developments, Ukraine returned to international debt markets in September 2017, issuing a $3 billion sovereign bond.

Source : CIA

Full Name

Male Pryvatne Pidpryemstvo Firma ERIDON

Name in English

Firm ERIDON, Small Private Company

Name in national language

Мале Приватне Підприємство Фірма ЕРІДОН

Office Address

30 Chornovola lane, Sofiyivska Borschagivka settlement, Kiev region, Kievo-Svyatoshinskiy district, 08131, Ukraine

Legal Address

46 Lenina str., Knyazhychi, Kiev region, Brovarskiy district, 08143, Ukraine

Other Addresses

Previous legal address
16 Lenina str., apt. 82, Muzychi settlement, Kiev region, Kievo-Svyatoshinskiy district, 08125, Ukraine

( the data cancelled since 18.08.2009 )

Contacts

-	Phone/fax	:	(+38 044) 5369200, 5018830
-	E-mail	:	office@eridon.ua
-	WWW	:	www.eridon.ua

Legal Form : Private Company by Ukrainian Law

Incorporation : 1993

Staff : 550

Litigation events : yes
Remarks on payments : n/a

Sales :	16 735 579.00 th UAH ( for 12 months, ended 31.12.2017 )
	15 420 281.00 th UAH ( for 12 months, ended 31.12.2016 )

Incorporation

1993

Registration Data

Date of registration

13.10.1993

Registration number

19420704

Registr. authority

Regional Administration (Kiev, Ukraine)

Number of the Certificate of State Registration: 143482 Series of the Certificate: A01

VAT number

194207010139

Registr. place

Ukraine

Date of VAT Payer registration: 30.07.1997

Legal Form

Private Company by Ukrainian Law		since 13.10.1993

Share Capital

1 007 001 UAH (registered)		since 29.12.2016

Shareholders

Board / Executives

Executives

Director

Mr Omelchuk Svyatoslav Vladimirovich (Ukraine)

Name in Cyrillic: Омельчук Святослав Владимирович.

Director

Mr Krolevets Sergey Viktorovich (Ukraine)

Name in Cyrillic: Кролевец Сергей Викторович.

( the data cancelled since 11.11.2015 )

Director

Mr Polonskiy, Vitaliy Anatolyevich (Ukraine)

Name in Cyrillic: Полонский Виталий Анатольевич.

( the data cancelled since 18.09.2013 )

Director

Mr Krolevets, Sergey Viktorovich (Ukraine)

Name in Cyrillic: Кролевец Сергей Викторович.

( the data cancelled since 10.11.2011 )

Authorised signature

Mr Omelchuk Svyatoslav Vladimirovich

Mr Krolevets Sergey Viktorovich

( the data cancelled since 11.11.2015 )

Mr Polonskiy, Vitaliy Anatolyevich

( the data cancelled since 18.09.2013 )

Mr Krolevets, Sergey Viktorovich

( the data cancelled since 10.11.2011 )

Changes in Registration Data

- 29.12.2016

share capital

- 28.12.2016

share capital

- 11.11.2015

managers, authorised signature

- 18.09.2013

managers, authorised signature

- 10.11.2011

managers, authorised signature

- 18.08.2009

legal address, share capital

- 17.10.2005

share capital

- 09.07.2001

share capital

Activities

-	5083	Farm machinery and equipment
		(5188 / NACE_1.1: Wholesale of agricultural machinery and accessories and implements, including tractors)
		(4661 / NACE_2: Wholesale of agricultural machinery, equipment and supplies)
-	5153	Grain & Field Beans
		(5121 / NACE_1.1: Wholesale of grain, seeds and animal feeds)
		(4621 / NACE_2: Wholesale of grain, unmanufactured tobacco, seeds and animal feeds)
-	5191	Farm Supplies
		(5118 / NACE_1.1: Agents specializing in the sale of particular products or ranges of products n.e.c.)
		(4618 / NACE_2: Agents specialised in the sale of other particular products)
-	5191	Fertilizer/Agric Chemicals
		(5118 / NACE_1.1: Agents specializing in the sale of particular products or ranges of products n.e.c.)
		(4618 / NACE_2: Agents specialised in the sale of other particular products)
-	5191	Animal Feeds
		(5118 / NACE_1.1: Agents specializing in the sale of particular products or ranges of products n.e.c.)
		(4618 / NACE_2: Agents specialised in the sale of other particular products)

Wholesale trade in agricultural chemicals, seeds, fertilizers, feed additives and farm machinery.

Staff employed

550 [E]

Staff History

-	550 [E]
	( the data as of 15.01.2018 )

-	550 [E]
	( the data as of 02.10.2017 )

-	575
	( the data as of 31.12.2016 )

-	550 [E]
	( the data as of 30.10.2015 )

-	500 [E]
	( the data as of 08.10.2013 )

-	522
	( the data as of 31.12.2012 )

-	Company's administration data:
	420 [E]
	( the data as of 22.11.2011 )

-	Company's administration data:
	410 [E]
	( the data as of 06.12.2010 )

-	Company's administration data:
	400 [E]
	( the data as of 18.05.2010 )

-	Official data:
	380
	( the data as of 31.03.2010 )

-	Official data:
	380
	( the data as of 31.12.2009 )

-	Company's administration data:
	341 [E]
	( the data as of 21.12.2009 )

-	Official data:
	277
	( the data as of 31.12.2007 )

-	Official data:
	225
	( the data as of 01.01.2007 )

Export

- 01.01.2018

Fiscal period: 12 month(s), currency: UAH	1 781 967 636.00

Switzerland, United Kingdom, Estonia, Turkey, Macedonia

- 01.01.2017

Fiscal period: 12 month(s), currency: UAH	1 211 608 383.00

Austria, Germany, Poland, Switzerland, United Kingdom

- 01.12.2015

Fiscal period: 11 month(s), currency: UAH	814 929 636.00

Import

- 01.01.2018

Fiscal period: 12 month(s), currency: UAH	1 775 482 039.00

Germany, Denmark, United Kingdom, France, Belgium

- 01.01.2017

Fiscal period: 12 month(s), currency: UAH	1 325 954 775.00

Belgium, France, Denmark, Germany, United Kingdom

- 01.01.2016

Fiscal period: 12 month(s), currency: UAH	1 378 852 797.00

Facilities

Real estate

unknown ownership:
-	Premises - Office
	address	:	30 Chornovola lane, Sofiyivska Borschagivka settlement, Kiev region, Kievo-Svyatoshinskiy district, 08131, Ukraine

Subsidiaries and Participation

n/a

Bankers

Registration file does not contain this information.

Clients

-	CARDIFF TRADING OU (Estonia)

-	COFCO TARIM TICARET A.S.KISIKLI CADDESI SARKUYSAN-AK (Turkey)

-	NOBLE RESOURCES S.A. (Switzerland)

-	SPIKE TRADE LP (United Kingdom)

-	VEST Uvoz-izvoz doeel (Macedonia)

Suppliers

-	Cheminova A/S (Denmark)

-	FADER ALLIANCE LTD (United Kingdom)

-	FELDSAATEN FREUDENBERGER GmbH & Co. KG (Germany)

-	RAGT SEMENCES S.A.S. (France)

-	ROSIER S.A. (Belgium)

Litigation

yes

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 358 court records where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 25.07.2006 up to 14.02.2018. 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 27.02.2018, there are no bankruptcy records registered in the name of the subject company.

Remarks on payment

No Complaints

Mr Krolevets Sergey Viktorovich (Ukraine)

share's book value

1 007 001 UAH

94 Lisniy lane, Zhornivka village, Kiev region, Kievo-Svyatoshinskiy district, 08143, Ukraine

Name in Cyrillic: Кролевец Сергей Викторович.
According to the State Register data, Mr Krolevets Sergey Viktorovich is listed as a shareholder in the following companies: - SVK UKRAINA, Ltd (registration number: 03756566); - UKRAINA, Agricultural PC (registration number: 30617889); - ROZMARYN, Ltd (registration number: 32791793); - EVROSEM, Ltd (registration number: 34218716); - DEVELOPMENT AND IMPROVEMENT, CF (registration number: 39442511).

Period, months	12	12	12
Ended	31.12.2017	31.12.2016	31.12.2015
Currency	UAH th	UAH th	UAH th

===== BALANCE SHEET ====================

--- A S S E T S --------------------

NON-CURRENT ASSETS
- Intangible assets	45.00	72.00	133.00
- Fixed assets	487 356.00	369 547.00	396 248.00
- Investments in tangible assets
- Financial assets	23.00	23.00	33.00
- Other non-current assets	9 385.00	7 360.00	6 436.00
Non-current assets total	496 809.00	377 022.00	402 850.00

CURRENT ASSETS
- Stock	3 676 788.00	3 907 784.00	831 953.00
- Debtors	4 191 815.00	3 245 196.00	3 005 369.00
- Other receivables	377 331.00	96 850.00	209 752.00
- Short-term financial investments			123 588.00
- Cash	1 411 123.00	1 685 387.00	1 153 505.00
- Other current assets	283 937.00	406 308.00	147 448.00
Current assets total	10 025 319.00	9 460 920.00	5 471 615.00

Assets total	10 522 128.00	9 837 922.00	5 874 465.00

--- EQUITY AND LIABILITIES ---------

CAPITAL AND RESERVES
- Share capital	1 007.00	1 007.00	7.00
- Additional capital	702 892.00	702 892.00	702 892.00
- Other capital			0.00
- Reserve capital	1 191 779.00	1 191 779.00	0.00
- Retained earnings (Non-covered loss)	1 344 785.00	1 119 605.00	762 455.00
Capital and reserves total	3 240 463.00	3 015 283.00	1 465 354.00

Provisions

LONG-TERM LIABILITIES
- Loans and credits			0.00
- long-term amounts owed to banks			0.00
- Other long-term liabilities	2 354 810.00	2 354 810.00	1 559 549.00
Long-term liabilities total	2 354 810.00	2 354 810.00	1 559 549.00

SHORT-TERM LIABILITIES
- Loans and credits			0.00
- short-term amounts owed to banks			0.00
- Creditors	545 885.00	584 113.00	2 610 887.00
- trade debts	532 821.00	571 965.00	782 364.00
- accrued payroll	54.00	27.00	15.00
- tax liabilities	13 010.00	12 121.00	2 478.00
- other creditors
- advances received			1 826 030.00
- Dividends in arrears
- Accrued income, deferred charges			0.00
- Other short-term liabilities	290 628.00	300 201.00	238 675.00
Short-term liabilities total	4 926 855.00	4 467 829.00	2 849 562.00

Liabilities total	7 281 665.00	6 822 639.00	4 409 111.00
Equity and liabilities total	10 522 128.00	9 837 922.00	5 874 465.00

===== PROFIT AND LOSS ACCOUNT ==========

ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	16 735 579.00	15 420 281.00	12 854 244.00
Cost of goods sold	15 865 101.00	14 680 429.00	12 809 233.00
Gross profit	870 478.00	739 852.00	45 011.00
Distribution costs	434 766.00	418 729.00	218 203.00
Administrative and management costs	46 033.00	27 481.00	17 146.00
Profit on sales

OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests	4 200.00		0.00
Other operating income	90 746.00	371 475.00	591 105.00
Other operating charges	264 329.00	309 439.00	301 737.00
Operating profit

INVESTMENT INCOME AND CHARGES
Investment income less charges	88 974.00	79 976.00	107 214.00

Profit before taxation	309 270.00	435 654.00	206 244.00
Income-tax and other similar payments	82 862.00	77 470.00	36 347.00
Profit (loss) from ordinary activity
Extraordinary income less charges			0.00
Net profit	226 408.00	358 184.00	169 897.00


- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.85	2.83	1.60
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	9.54	14.45	14.07
Profit before taxation / Equity
Current assets turnover	1.67	1.63	2.35
Net sales / Current assets
Working capital	5 098 464.00	4 993 091.00	2 622 053.00
Current assets - Short-term liabilities
Leverage	0.31	0.31	0.25
Equity / Total assets
Current ratio	2.03	2.12	1.92
Current assets / Short-term liabilities
Quick ratio	1.29	1.24	1.63
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	2.25	2.26	3.01
Total liabilities / Equity
Debtor days	91.42	76.81	85.34
Debtors / Net sales *365
Creditor days	12.26	14.22	22.29
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

- 11.07.2013

Subject	:	About company

Leader at the market of supplies of production stock for agriculture; According to the market analysis — the largest company in the field of distribution of plant protection substances, field crops, mineral fertilizers and fertilizers for foliar dressing, animal feed concentrates and complete feed; Representatives offices in all regions of Ukraine, and 22 own representative offices premises with the total area of 33 925 m²; High-quality specialists who provide services to farming enterprises, and consult them on the different aspects of agricultural crop cultivation technologies; Cooperation with over 5 000 farming enterprises, including own farms in Zhytomyr, Kirovograd and Kyiv regions; Has two own plants: seed plant and plant of animal feed concentrates and complete feed; Each year expands the list of its customers by means of fulfillment of its obligations, efficiency of its logistics and wide product range. Source: http://www.eridon.ua/en/about/

FINAL COMMENTS

Up-date as of 05.03.2018: the subject report is supplemented with the FS 2017. Previous comments as of 27.02.2018: The information given in this report was collected from all the sources accessible. We contacted Mrs Olga (secretary) on 27.02.2018 by the phone number: +38 044 5369200. She 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.

Capital History

- 18.08.2009

7 001 UAH (registered)

( the data as of 18.08.2009, cancelled since 28.12.2016 )

- 17.10.2005

0 UAH (registered)

( the data as of 17.10.2005, cancelled since 18.08.2009 )

- 09.07.2001

7 000 UAH (registered)

( the data as of 09.07.2001, cancelled since 17.10.2005 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2017	31.12.2016	31.12.2015
Currency	UAH th	UAH th	UAH th

PROFIT AND LOSS ACCOUNT (s)

2000 Net sales revenue	16 735 579.00
2010 Net earned insurance premiums
2011 premiums written, gross amount
2012 premium transferred to reinsurance
2013 change in reserve for unearned premiums,
gross amount
2014 reinsurer's share change in provision for
unearned premiums
2050 Cost of goods, work, services	15 865 101.00
2070 Net losses incurred on insurance payments
2090 Gross profit	870 478.00
2095 Gross loss
2105 Income (loss) from changes in reserves for long-term
liabilities
2110 Income (loss) from changes in other insur. reserves
2111 change in other insurance reserves, gross amount
2112 change in reinsurers ' share in other reserves
2120 Other operating income	90 067.00
2121 -incl. income from changes in the value of assets
that are measured at fair
2122 income from the initial recognition of biological
assets and agricultural products
2123 income from use of funds released from taxation
2130 Administrative and management costs	46 033.00
2150 Distribution costs	434 766.00
2180 Other operating expenses	264 329.00
2181 - incl. expenses from changes in the value of assets
that are measured at fair
2182 expenses from the initial recognition of biological
assets and agricultural products
2190 Operating profit	215 417.00
2195 Operating loss
2200 Income from capital participating	4 200.00
2220 Other financial income	88 974.00
2240 Other income	679.00
2241 incl. income from charity
2250 Financial charges
2255 Capital participating expenses
2270 Other expenses
2275 Profit (loss) from the effects of inflation
on monetary items
2290 Profit before taxation	309 270.00

2295 Loss before taxation

2300 Income-tax	82 862.00
2305 Profit (loss) from discontinued operations after tax
2350 Net profit	226 408.00
2355 Net loss

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET

ASSETS

I. NON-CURRENT ASSETS
1000 Intangible assets	45.00
1001 acquisition cost	573.00
1002 depreciation	528.00
1005 Incomplete investments	76 042.00
1010 Fixed assets	411 314.00
1011 acquisition cost	605 913.00
1012 depreciation	194 599.00
1015 Investment property	310.00
1016 acquisition cost
1017 depreciation
1020 Long-term biological assets
1021 acquisition cost
1022 accumulated depreciation
1030 Long-term financial assets recognized as	23.00
capital participation in other enterprises
1035 Other financial investments
1040 Long-term accounts receivable	9 075.00
1045 Deferred tax assets
1050 Goodwill
1060 Deferred acquisition costs
1065 The balance of funds in the centralized insurance
reserve funds
1090 Other non-current assets
1095 NON-CURRENT ASSETS TOTAL	496 809.00

II. CURRENT ASSETS
1100 Stock	3 676 788.00
1101 inventories
1102 work in progress
1103 finished products
1104 goods
1110 Current biological assets
1115 Deposits reinsurance
1120 Notes receivable
1125 Trade debtors	2 368 658.00
Accounts receivable
1130 Payments in advance	1 823 157.00
1135 Budget accounts receivable	98 857.00
1136 - incl, by income tax
1140 Receivables from estimated accrued income
1145 Receivables from internal settlements
1155 Other current accounts receivable	278 474.00
1160 Current financial investments
1165 Cash and equivalents	1 411 123.00
1166 cash
1167 bank accounts
1170 Deferred charges	1 534.00
1180 Share of reinsurer in insurance reserves
incl. in
1181 reserves for long-term liabilities
1182 reserves for loss or reserves for entitlements
1183 reserves for unearned premium
1184 other insurance reserves
1190 Other current assets	282 403.00
1195 CURRENT ASSETS TOTAL	10 025 319.00

1200 III. NON-CURRENT ASSETS HELD FOR SALE	0.00
AND DISPOSAL GROUPS

1300 ASSETS TOTAL	10 522 128.00

EQUITY AND LIABILITIES

I. CAPITAL AND RESERVES
1400 Authorized capital	1 007.00
1401 Contributions for unregistered share capital
1405 Capital revaluation	702 892.00
1410 Additional capital
1411 share premium
1412 accumulated translation differences
1415 Reserve capital	1 191 779.00
1420 Retained earnings (loss)	1 344 785.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)
1435 Other reserves
1495 CAPITAL AND RESERVES TOTAL	3 240 463.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities
1505 Pension liabilities
1510 Long-term amounts owed to credit institutions
1515 Other long-term liabilities
1520 Long-term provisions	2 354 810.00
1521 ensuring long-term costs of staff
1525 Targeted funding
1526 charity
1530 Insurance reserves
including
1531 long-term commitment reserve
1532 reserves for loss or reserves for entitlements
1533 reserves for unearned premium
1534 other insurance reserves
1535 Investment contracts
1540 Prize fund
1545 Provision for payment of jackpot
1595 TOTAL LONG-TERM LIABILITIES	2 354 810.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions
1605 Notes payable
1610 Short-term portion of long-term liabilities
Accounts payable:
1615 Trade creditors	532 821.00
1620 Budget accounts payable	13 010.00
1621 - incl. income tax	13 010.00
1625 Insurance payments
1630 Accrued payroll	54.00
1635 Advance payments
1640 Payments to participants
1645 Internal settlements
1650 Insurance activities
1660 Short-term provisions	10 787.00
1665 Deferred income
1670 Deferred commission income from reinsurers
1690 Other short-term liabilities	279 841.00
1695 SHORT-TERM LIABILITIES TOTAL	4 926 855.00
1700 IV. LIABILITIES ASSOCIATED WITH	0.00
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1800 V. Net asset value of private pension fund	0.00
1900 EQUITY AND LIABILITIES TOTAL	10 522 128.00

- 31.12.2016

Fiscal period: 12 month(s), currency: UAH, th

PROFIT AND LOSS ACCOUNT (s)

2000 Net sales revenue	15 420 281.00
2010 Net earned insurance premiums
2011 premiums written, gross amount
2012 premium transferred to reinsurance
2013 change in reserve for unearned premiums,
gross amount
2014 reinsurer's share change in provision for
unearned premiums
2050 Cost of goods, work, services	14 680 429.00
2070 Net losses incurred on insurance payments
2090 Gross profit	739 852.00
2095 Gross loss
2105 Income (loss) from changes in reserves for long-term
liabilities
2110 Income (loss) from changes in other insur. reserves
2111 change in other insurance reserves, gross amount
2112 change in reinsurers ' share in other reserves
2120 Other operating income	370 867.00
2121 -incl. income from changes in the value of assets
that are measured at fair
2122 income from the initial recognition of biological
assets and agricultural products
2123 income from use of funds released from taxation
2130 Administrative and management costs	27 481.00
2150 Distribution costs	418 729.00
2180 Other operating expenses	309 439.00
2181 - incl. expenses from changes in the value of assets
that are measured at fair
2182 expenses from the initial recognition of biological
assets and agricultural products
2190 Operating profit	355 070.00
2195 Operating loss
2200 Income from capital participating
2220 Other financial income	79 976.00
2240 Other income	608.00
2241 incl. income from charity
2250 Financial charges
2255 Capital participating expenses
2270 Other expenses
2275 Profit (loss) from the effects of inflation
on monetary items
2290 Profit before taxation	435 654.00

2295 Loss before taxation

2300 Income-tax	77 470.00
2305 Profit (loss) from discontinued operations after tax
2350 Net profit	358 184.00
2355 Net loss

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET

ASSETS

I. NON-CURRENT ASSETS
1000 Intangible assets	72.00
1001 acquisition cost	705.00
1002 depreciation	633.00
1005 Incomplete investments	14 621.00
1010 Fixed assets	354 926.00
1011 acquisition cost	499 701.00
1012 depreciation	144 775.00
1015 Investment property	349.00
1016 acquisition cost
1017 depreciation
1020 Long-term biological assets
1021 acquisition cost
1022 accumulated depreciation
1030 Long-term financial assets recognized as	23.00
capital participation in other enterprises
1035 Other financial investments
1040 Long-term accounts receivable	7 011.00
1045 Deferred tax assets
1050 Goodwill
1060 Deferred acquisition costs
1065 The balance of funds in the centralized insurance
reserve funds
1090 Other non-current assets
1095 NON-CURRENT ASSETS TOTAL	377 022.00

II. CURRENT ASSETS
1100 Stock	3 907 784.00
1101 inventories
1102 work in progress
1103 finished products
1104 goods
1110 Current biological assets
1115 Deposits reinsurance
1120 Notes receivable
1125 Trade debtors	1 149 583.00
Accounts receivable
1130 Payments in advance	2 095 613.00
1135 Budget accounts receivable	19 341.00
1136 - incl, by income tax
1140 Receivables from estimated accrued income
1145 Receivables from internal settlements
1155 Other current accounts receivable	77 509.00
1160 Current financial investments
1165 Cash and equivalents	1 685 387.00
1166 cash
1167 bank accounts
1170 Deferred charges	390.00
1180 Share of reinsurer in insurance reserves
incl. in
1181 reserves for long-term liabilities
1182 reserves for loss or reserves for entitlements
1183 reserves for unearned premium
1184 other insurance reserves
1190 Other current assets	405 918.00
1195 CURRENT ASSETS TOTAL	9 460 920.00

1200 III. NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS

1300 ASSETS TOTAL	9 837 922.00

EQUITY AND LIABILITIES

I. CAPITAL AND RESERVES
1400 Authorized capital	1 007.00
1401 Contributions for unregistered share capital
1405 Capital revaluation	702 892.00
1410 Additional capital
1411 share premium
1412 accumulated translation differences
1415 Reserve capital	1 191 779.00
1420 Retained earnings (loss)	1 119 605.00
1425 Unpaid capital (minus)
1430 Retired capital (minus)
1435 Other reserves
1495 CAPITAL AND RESERVES TOTAL	3 015 283.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities
1505 Pension liabilities
1510 Long-term amounts owed to credit institutions
1515 Other long-term liabilities
1520 Long-term provisions	2 354 810.00
1521 ensuring long-term costs of staff
1525 Targeted funding
1526 charity
1530 Insurance reserves
including
1531 long-term commitment reserve
1532 reserves for loss or reserves for entitlements
1533 reserves for unearned premium
1534 other insurance reserves
1535 Investment contracts
1540 Prize fund
1545 Provision for payment of jackpot
1595 TOTAL LONG-TERM LIABILITIES	2 354 810.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions
1605 Notes payable
1610 Short-term portion of long-term liabilities
Accounts payable:
1615 Trade creditors	571 965.00
1620 Budget accounts payable	12 121.00
1621 - incl. income tax	11 663.00
1625 Insurance payments
1630 Accrued payroll	27.00
1635 Advance payments
1640 Payments to participants
1645 Internal settlements
1650 Insurance activities
1660 Short-term provisions	8 475.00
1665 Deferred income
1670 Deferred commission income from reinsurers
1690 Other short-term liabilities	291 726.00
1695 SHORT-TERM LIABILITIES TOTAL	4 467 829.00
1700 IV. LIABILITIES ASSOCIATED WITH
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1800 V. Net asset value of private pension fund
1900 EQUITY AND LIABILITIES TOTAL	9 837 922.00

- 31.12.2015

Fiscal period: 12 month(s), currency: UAH, th

PROFIT AND LOSS ACCOUNT (s)

2000 Net sales revenue	12 854 244.00
2010 Net earned insurance premiums	0.00
2011 premiums written, gross amount	0.00
2012 premium transferred to reinsurance	0.00
2013 change in reserve for unearned premiums,	0.00
gross amount
2014 reinsurer's share change in provision for	0.00
unearned premiums
2050 Cost of goods, work, services	12 809 233.00
2070 Net losses incurred on insurance payments	0.00
2090 Gross profit	45 011.00
2095 Gross loss	0.00
2105 Income (loss) from changes in reserves for long-term	0.00
liabilities
2110 Income (loss) from changes in other insur. reserves	0.00
2111 change in other insurance reserves, gross amount	0.00
2112 change in reinsurers ' share in other reserves	0.00
2120 Other operating income	590 949.00
2121 -incl. income from changes in the value of assets	0.00
that are measured at fair
2122 income from the initial recognition of biological	0.00
assets and agricultural products
2123 income from use of funds released from taxation
2130 Administrative and management costs	17 146.00
2150 Distribution costs	218 203.00
2180 Other operating expenses	301 737.00
2181 - incl. expenses from changes in the value of assets	0.00
that are measured at fair
2182 expenses from the initial recognition of biological
assets and agricultural products
2190 Operating profit	98 874.00
2195 Operating loss	0.00
2200 Income from capital participating	0.00
2220 Other financial income	107 214.00
2240 Other income	156.00
2241 incl. income from charity	0.00
2250 Financial charges	0.00
2255 Capital participating expenses	0.00
2270 Other expenses	0.00
2275 Profit (loss) from the effects of inflation	0.00
on monetary items
2290 Profit before taxation	206 244.00

2295 Loss before taxation	0.00

2300 Income-tax	-36 347.00
2305 Profit (loss) from discontinued operations after tax	0.00
2350 Net profit	169 897.00
2355 Net loss	0.00

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET

ASSETS

I. NON-CURRENT ASSETS
1000 Intangible assets	133.00
1001 acquisition cost	688.00
1002 depreciation	555.00
1005 Incomplete investments	54 724.00
1010 Fixed assets	341 524.00
1011 acquisition cost	458 063.00
1012 depreciation	116 539.00
1015 Investment property	391.00
1016 acquisition cost	1 033.00
1017 depreciation	642.00
1020 Long-term biological assets	0.00
1021 acquisition cost	0.00
1022 accumulated depreciation	0.00
1030 Long-term financial assets recognized as	33.00
capital participation in other enterprises
1035 Other financial investments	0.00
1040 Long-term accounts receivable	6 045.00
1045 Deferred tax assets	0.00
1050 Goodwill	0.00
1060 Deferred acquisition costs	0.00
1065 The balance of funds in the centralized insurance	0.00
reserve funds
1090 Other non-current assets	0.00
1095 NON-CURRENT ASSETS TOTAL	402 850.00

II. CURRENT ASSETS
1100 Stock	831 953.00
1101 inventories	6 788.00
1102 work in progress	0.00
1103 finished products	0.00
1104 goods	823 165.00
1110 Current biological assets	0.00
1115 Deposits reinsurance	0.00
1120 Notes receivable	123 588.00
1125 Trade debtors	784 880.00
Accounts receivable
1130 Payments in advance	2 220 489.00
1135 Budget accounts receivable	123 381.00
1136 - incl, by income tax	0.00
1140 Receivables from estimated accrued income	0.00
1145 Receivables from internal settlements	0.00
1155 Other current accounts receivable	86 371.00
1160 Current financial investments	0.00
1165 Cash and equivalents	1 153 505.00
1166 cash	25.00
1167 bank accounts	1 153 480.00
1170 Deferred charges	293.00
1180 Share of reinsurer in insurance reserves	0.00
incl. in
1181 reserves for long-term liabilities	0.00
1182 reserves for loss or reserves for entitlements	0.00
1183 reserves for unearned premium	0.00
1184 other insurance reserves	0.00
1190 Other current assets	147 155.00
1195 CURRENT ASSETS TOTAL	5 471 615.00

1200 III. NON-CURRENT ASSETS HELD FOR SALE	0.00
AND DISPOSAL GROUPS

1300 ASSETS TOTAL	5 874 465.00

EQUITY AND LIABILITIES

I. CAPITAL AND RESERVES
1400 Authorized capital	7.00
1401 Contributions for unregistered share capital
1405 Capital revaluation	702 892.00
1410 Additional capital	0.00
1411 share premium	0.00
1412 accumulated translation differences	0.00
1415 Reserve capital	0.00
1420 Retained earnings (loss)	762 455.00
1425 Unpaid capital (minus)	0.00
1430 Retired capital (minus)	0.00
1435 Other reserves	0.00
1495 CAPITAL AND RESERVES TOTAL	1 465 354.00
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities	0.00
1505 Pension liabilities	0.00
1510 Long-term amounts owed to credit institutions	0.00
1515 Other long-term liabilities	0.00
1520 Long-term provisions	1 559 549.00
1521 ensuring long-term costs of staff	4 739.00
1525 Targeted funding	0.00
1526 charity	0.00
1530 Insurance reserves	0.00
including
1531 long-term commitment reserve	0.00
1532 reserves for loss or reserves for entitlements	0.00
1533 reserves for unearned premium	0.00
1534 other insurance reserves	0.00
1535 Investment contracts	0.00
1540 Prize fund	0.00
1545 Provision for payment of jackpot	0.00
1595 TOTAL LONG-TERM LIABILITIES	1 559 549.00
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	0.00
1605 Notes payable	0.00
1610 Short-term portion of long-term liabilities	0.00
Accounts payable:
1615 Trade creditors	782 364.00
1620 Budget accounts payable	2 478.00
1621 - incl. income tax	2 299.00
1625 Insurance payments	0.00
1630 Accrued payroll	15.00
1635 Advance payments	1 826 030.00
1640 Payments to participants	10 000.00
1645 Internal settlements	0.00
1650 Insurance activities	0.00
1660 Short-term provisions	0.00
1665 Deferred income	0.00
1670 Deferred commission income from reinsurers	0.00
1690 Other short-term liabilities	228 675.00
1695 SHORT-TERM LIABILITIES TOTAL	2 849 562.00
1700 IV. LIABILITIES ASSOCIATED WITH	0.00
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1800 V. Net asset value of private pension fund	0.00
1900 EQUITY AND LIABILITIES TOTAL	5 874 465.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.99
UK Pound	1	INR 89.91
Euro	1	INR 80.21
UAH	1	INR 2.47

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

INFORMATION DETAILS

Analysis Done by :	VAR

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)

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.