MIRA INFORM REPORT

Report No. :	497804
Report Date :	19.03.2018

IDENTIFICATION DETAILS

Name :	VIVA - TRADE, LTD
Registered Office :	53 Geroyiv Dnipra str., Apt. 99, Cherkasy, Cherkasy Region, 18000
Country :	Ukraine
Financials (as on) :	31.12.2016
Date of Incorporation :	30.06.2005
Com. Reg. No.:	33585132
Legal Form :	Limited Liability Company by Ukrainian Law
Line of Business :	Manufacture and Wholesale of Workwear, Work Footwear and Personal Protective 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 :

B

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

Status :	Moderate
Payment Behaviour :	Slow
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, 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

Identification

Full Name

:

TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU VIVA - TREYD

Name in English

:

VIVA - TRADE, LTD

Office Address

:

50 Odeska str., off. 901-909, Cherkasy, Cherkasy region, 18000, Ukraine

Legal Address

:

53 Geroyiv Dnipra str., apt. 99, Cherkasy, Cherkasy Region, 18000, Ukraine

Contacts

:

-	Phone/fax	:	(+38 0472) 368448, 368446
-	E-mail	:	viva_trade@ukr.net
-	WWW	:	www.oxran.com

SUMMARY

Legal Form : Limited Liability Company by Ukrainian Law

Incorporation : 2005

Staff : n/a

Litigation events : yes Remarks on payments : n/a

Sales :	75 577.90 th UAH ( for 12 months, ended 31.12.2016 )
	46 949.90 th UAH ( for 12 months, ended 31.12.2015 )

Incorporation

:

2005

Registration Data

Date of registration

:

30.06.2005

Registration number

:

33585132

Registr. authority

:

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

VAT number

:

335851323019

Registr. place

:

Ukraine

Date of VAT Payer registration: 12.07.2005

Legal Form

:

Limited Liability Company by Ukrainian Law

since 30.06.2005

Share Capital

:

1 000 000 UAH (registered)

since 23.01.2008

Shareholders

:

-	Mr Zarschikov Vitaliy Konstantinovich (Ukraine)				50.00 %
		share's book value	:	500 000 UAH
-	Mr Vasilyev Vadim Vyacheslavovich (Ukraine)				50.00 %
		share's book value	:	500 000 UAH
	Name in Cyrillic: ???????? ????? ????????????.

Board / Executives

Executives

Director

:

Mr Zarschikov Vitaliy Konstantinovich (Ukraine)

Authorised signature

:

Mr Zarschikov Vitaliy Konstantinovich

Changes in Registration Data

- 23.01.2008

:

share capital

Activities

:

-	2326	Work Clothing, Male
		(1821 / NACE_1.1: Manufacture of workwear)
		(1412 / NACE_2: Manufacture of workwear)
-	5136	Male Clothing, NEC
		(5142 / NACE_1.1: Wholesale of clothing and footwear)
		(4642 / NACE_2: Wholesale of clothing and footwear)
-	5139	Footwear, NEC
		(5142 / NACE_1.1: Wholesale of clothing and footwear)
		(4642 / NACE_2: Wholesale of clothing and footwear)

Manufacture and wholesale of workwear, work footwear and personal protective equipment.

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

:

-	34
	( the data as of 31.12.2016 )
-	50 [E]
	( the data as of 21.05.2013 )
-	12
	( the data as of 31.12.2012 )
-	5
	( the data as of 31.12.2009 )

Export

:

none

Import

- 01.01.2018

:

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

48 747 021.00

China Peoples Republic, Indonesia, India

- 01.01.2017

:

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

40 881 805.00

China Peoples Republic, India, Indonesia

- 01.01.2016

:

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

14 507 083.00

Facilities

Real estate

:

unknown ownership:
-	Premises - Office
	address	:	50 Odeska str., off. 901-909, Cherkasy, Cherkasy region, 18000, Ukraine

Subsidiaries and Participation

:

n/a

Bankers

:

Registration file does not contain this information.

Suppliers

:

-	EBAD EXPORTS PVT. LTD. (India)
-	LEBOO HEALTHCARE PRODUCTS LTD (China Peoples Republic)
-	PT. MITRA SARUTA INDONESIA (Indonesia)

Litigation

:

Yes

According to the data of Bulletin of the State Registration as of 19.03.2018, there are no bankruptcy records registered in the name of the subject company.

Generally in the DB of the Unified State Register of the Legal Judgements data there have been traced 41 court records where the subject company is filed as a defendant, co-defendant, claimant and co-claimant in the period from 23.04.2009 up to 23.01.2018. There are no bankruptcy/insolvency records filed. These litigation processes arise in the course of company's usual operation.

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
- Fixed assets	14 413.30	7 369.20	1 476.50
- Investments in tangible assets
- Financial assets	0.00	0.00
- Other non-current assets	0.00	0.00
Non-current assets total	14 413.30	7 369.20	1 476.50
CURRENT ASSETS
- Stock	18 412.60	7 664.90	6 854.60
- Debtors	6 497.50	3 141.00	2 488.40
- Other receivables	9 286.10	4 221.20
- Short-term financial investments	0.00	0.00
- Cash	2 128.10	651.90	212.50
- Other current assets	0.00	0.00
Current assets total	36 324.30	15 679.00	9 555.50
Assets total	50 737.60	23 048.20	11 032.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	1 000.00	1 000.00	1 000.00
- Additional capital	0.00	0.00
- Other capital	0.00	0.00
- Reserve capital	8.80	8.80	8.80
- Retained earnings (Non-covered loss)	1 521.70	820.80	-171.40
Capital and reserves total	2 530.50	1 829.60	837.40
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	8 459.00	298.70	518.50
SHORT-TERM LIABILITIES
- Loans and credits	1 928.00	0.00	250.00
- short-term amounts owed to banks	1 928.00	0.00	250.00
- Creditors	21 536.40	5 086.60	5 133.80
- trade debts	21 495.90	5 060.40	5 114.80
- accrued payroll	31.50	16.10	11.90
- tax liabilities	9.00	10.10	7.10
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00
- Other short-term liabilities	16 283.70	15 833.30	4 292.30
Short-term liabilities total	39 748.10	20 919.90	9 676.10
Liabilities total	48 207.10	21 218.60	10 194.60
Equity and liabilities total	50 737.60	23 048.20	11 032.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	75 577.90	46 949.90	19 218.20
Cost of goods sold	58 165.50	34 002.30	12 851.10
Gross profit
Distribution costs
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	1 687.20	937.30	154.80
Other operating charges	18 243.10	12 674.90	6 166.70
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	856.50	1 210.00	355.20
Income-tax and other similar payments	155.60	217.80	65.20
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	700.90	992.20	290.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	1.13	2.58	1.85
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	33.85	66.13	42.42
Profit before taxation / Equity
Current assets turnover	2.08	2.99	2.01
Net sales / Current assets
Working capital	-3 423.80	-5 240.90	-120.60
Current assets - Short-term liabilities
Leverage	0.05	0.08	0.08
Equity / Total assets
Current ratio	0.91	0.75	0.99
Current assets / Short-term liabilities
Quick ratio	0.45	0.38	0.28
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	19.05	11.60	12.17
Total liabilities / Equity
Debtor days	31.38	24.42	47.26
Debtors / Net sales *365
Creditor days	134.89	54.32	145.27
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 Inna (manager) on 19.03.2018 by the phone number: +38 0472 386448. 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.

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	75 577.90	46 949.90
2120 Other operating income	1 687.20	937.30
2240 Other income	0.00	0.00
2280 Income total (2000 + 2120 + 2240)	77 265.10	47 887.20
2050 Cost of goods, work, services	58 165.50	34 002.30
2180 Other operating charges	17 356.80	12 462.70
2270 Other expenses	886.30	212.20
2285 Expenses total (2050 + 2180 + 2270)	76 408.60	46 677.20
2290 Profit before taxation (2268 � 2285)	856.50	1 210.00
2300 Income-tax	155.60	217.80
2350 Net profit (loss) (2290 � 2300)	700.90	992.20
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1005 Incomplete investments	99.30	4 407.60
1010 Fixed assets	14 314.00	2 961.60
1011 acquisition cost	19 519.80	6 659.00
1012 depreciation	5 205.80	3 697.40
1020 Long-term biological assets	0.00	0.00
1030 Long-term financial assets	0.00	0.00
1090 Other non-current assets	0.00	0.00
1095 NON-CURRENT ASSETS TOTAL	14 413.30	7 369.20
II. CURRENT ASSETS
1100 Stock	18 412.60	7 664.90
1103 - incl. finished products	3 220.40	4 018.50
1110 Current biological assets	0.00	0.00
1125 Trade debtors	6 497.50	3 141.00
1135 Budget accounts receivable	2 893.50	0.00
1136 - incl. by income tax	0.00	0.00
1155 Other current accounts receivable	6 392.60	4 221.20
1160 Current financial investments	0.00	0.00
1165 Cash and equivalents	2 128.10	651.90
1170 Deferred charges	0.00	0.00
1190 Other current assets	0.00	0.00
1195 CURRENT ASSETS TOTAL	36 324.30	15 679.00
1200 III. NON-CURRENT ASSETS HELD FOR SALE	0.00	0.00
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	50 737.60	23 048.20
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized (share) capital	1 000.00	1 000.00
1410 Additional capital	0.00	0.00
1415 Reserve capital	8.80	8.80
1420 Retained earnings (loss)	1 521.70	820.80
1425 Unpaid capital (minus)	0.00	0.00
1495 CAPITAL AND RESERVES TOTAL	2 530.50	1 829.60
III. LONG-TERM LIABILITIES
1595 TOTAL LONG-TERM LIABILITIES	8 459.00	298.70
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	1 928.00	0.00
1610 Short-term portion of long-term liabilities	0.00	0.00
Accounts payable:
1615 Trade creditors	21 495.90	5 060.40
1620 Budget accounts payable	0.00	0.00
1621 - incl. income tax	0.00	0.00
1625 Insurance payments	9.00	10.10
1630 Accrued payroll	31.50	16.10
1665 Deferred income	0.00	0.00
1690 Other short-term liabilities	16 283.70	15 833.30
1695 SHORT-TERM LIABILITIES TOTAL	39 748.10	20 919.90
1700 IV. LIABILITIES ASSOCIATED WITH	0.00	0.00
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	50 737.60	23 048.20

- 31.12.2014

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
2000 Net sales revenue	19 218.20
2050 Cost of goods, work, services	12 851.10
2090 Gross profit
2095 Gross loss
2120 Other operating income	154.80
2130 Administrative and management costs
2150 Distribution costs
2180 Other operating charges	6 017.30
2190 Operating profit
2195 Operating loss
2200 Income from capital participating
2220 Other financial income
2240 Other income
2250 Financial charges
2255 Capital participating expenses
2270 Other expenses	149.40
2290 Profit before taxation	355.20
2295 Loss before taxation
2300 Income-tax	65.20
2305 Profit (loss) from discontinued operations after tax
2350 Net profit	290.00
2355 Net loss
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
1000 Intangible assets
1001 acquisition cost
1002 depreciation
1005 Incomplete investments
1010 Fixed assets	1 476.50
1011 acquisition cost	4 431.80
1012 depreciation	2 955.30
1015 Investment property
1020 Long-term biological assets
1030 Long-term financial assets recognized as
capital participation in other enterprises
1035 Other financial investments
1040 Long-term accounts receivable
1045 Deferred tax assets
1090 Other non-current assets
1095 NON-CURRENT ASSETS TOTAL	1 476.50
II. CURRENT ASSETS
1100 Stock	6 854.60
1110 Current biological assets
1125 Trade debtors	2 488.40
Accounts receivable
1130 Payments in advance
1135 Budget accounts receivable
1136 - incl, by income tax
1155 Other current accounts receivable
1160 Current financial investments
1165 Cash and equivalents	212.50
1170 Deferred charges
1190 Other current assets
1195 CURRENT ASSETS TOTAL	9 555.50
1200 III. NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1300 ASSETS TOTAL	11 032.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
1400 Authorized capital	1 000.00
1405 Capital revaluation
1410 Additional contributed capital
1415 Reserve capital	8.80
1420 Retained earnings (loss)	-171.40
1425 Unpaid capital (minus)
1430 Retired capital (minus)
1495 CAPITAL AND RESERVES TOTAL	837.40
III. LONG-TERM LIABILITIES
1500 Deferred tax liabilities
1510 Long-term amounts owed to credit institutions
1515 Other long-term liabilities
1520 Long-term provisions
1525 Targeted funding
1595 TOTAL LONG-TERM LIABILITIES	518.50
IV. SHORT-TERM LIABILITIES
1600 Short-term amounts owed to credit institutions	250.00
1610 Short-term portion of long-term liabilities
Accounts payable:
1615 Trade creditors	5 114.80
1620 Budget accounts payable
1621 - incl. income tax
1625 Insurance payments	7.10
1630 Accrued payroll	11.90
1660 Short-term provisions
1665 Deferred income
1690 Other short-term liabilities	4 292.30
1695 SHORT-TERM LIABILITIES TOTAL	9 676.10
1700 IV. LIABILITIES ASSOCIATED WITH
NON-CURRENT ASSETS HELD FOR SALE
AND DISPOSAL GROUPS
1900 EQUITY AND LIABILITIES TOTAL	11 032.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.87
UK Pound	1	INR 90.49
Euro	1	INR 79.91
UAH	1	INR 2.47

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.