CARRHAE CAPITAL LLP

Risk Rating: MEDIUM Justification: While Carrhae Capital LLP is a long-established entity with active status and no immediate indicators of insolvency, the assessment is elevated to MEDIUM due to significant data anomalies in the filing dates, a highly concentrated ownership structure that introduces key-person risk, and the complete absence of financial data necessary to assess solvency and liquidity. The inability to verify basic financial health prevents a lower risk rating.

Key Concerns: - Anomalous Filing Dates: The records indicate that the last accounts were made up to 31 March 2026, and the last confirmation statement to 1 June 2026. As these are future dates, this represents a significant data anomaly. It raises immediate questions regarding the reliability of the compliance data and whether there are underlying administrative or system errors. - Concentrated Control and Key-Person Risk: Mr. Ali Akay holds between 50% and 75% of the voting rights and the right to appoint and remove members. In an LLP structure, this level of concentrated control means the business is heavily exposed to his continued involvement and discretion. Any regulatory, legal, or personal issues affecting this individual could destabilize the entire firm. - PSC Register Discrepancies: "Carrhae Capital Management (Uk) Limited" is listed twice as a PSC with identical holdings (25-50% voting rights, >75% surplus assets). This duplication suggests potential administrative errors in maintaining the PSC register, which is a statutory requirement and an indicator of broader compliance hygiene.

Positive Indicators: - Corporate Longevity: Incorporated in 2011, the LLP has over a decade of operational history. Entities that survive beyond the initial five-year failure threshold generally demonstrate a proven business model and operational resilience. - Active Status and Non-Overdue Filings: The company is listed as Active and is not flagged as in liquidation or administration. Furthermore, despite the anomalous future dates, the filings are not marked as "Overdue," suggesting the company is currently meeting its statutory obligations. - Full Accounts Filing: The accounts category is listed as "Full." As an LLP, filing full accounts indicates the entity exceeds the small/dormant thresholds, suggesting operational substance and a degree of transparency compared to micro-entities.

Due Diligence Notes: - Financial Health Verification: The provided data lacks the financial figures (Current Assets, Liabilities, Net Assets) required to assess solvency and liquidity. The latest filed accounts must be retrieved directly from Companies House to evaluate working capital and net asset positions. - Filing Date Investigation: Direct verification with Companies House is required to resolve the 2026 filing date anomaly and confirm the actual accounting reference date and compliance status. - Corporate Member Analysis: Background checks should be conducted on the corporate members, specifically "Carrhae Capital Management (Uk) Limited" and "LTD. CANEPA CC HOLDINGS." Understanding the jurisdiction, financial health, and ultimate beneficial ownership of these corporate entities is critical, given their rights to surplus assets and voting power. - PSC Register Audit: The duplicate PSC entry must be clarified. Additionally, the overlap in control—where Mr. Akay holds dominant voting rights while a corporate entity holds rights to over 75% of surplus assets—requires careful legal review to understand how capital distributions and governance conflicts are resolved.