Credit Analysis: TRADE POINT AGRO LIMITED

1. Credit Opinion: DECLINE

This facility must be declined. The company is insolvent on a net liabilities basis, subject to a proposal to strike off the Companies House register, has overdue statutory filings, and demonstrates zero operational activity. No credit facility should be extended under these circumstances.

The striking-off proposal alone renders this entity effectively non-viable for lending purposes. Combined with deep insolvency and no visible trading activity, this represents an unacceptable credit risk.

2. Financial Strength: CRITICAL

Balance sheet is catastrophically impaired:

Key concerns: - Deep insolvency: Net liabilities of $3.5M with only $61k in current assets represents a coverage ratio of 0.02x — effectively zero - Deterioration accelerating: Net liabilities worsened by $455k (15%) year-on-year with no corresponding asset growth - Share capital of only £100 provides no meaningful equity buffer - Currency mismatch: Latest accounts filed in USD for a UK-registered entity — raises questions about the nature of obligations and jurisdiction of debts - Historical anomaly: The company reported positive net assets of £583k in 2018, suggesting either a dramatic subsequent deterioration or potential reclassification of balances

3. Cash Flow Assessment: NON-EXISTENT

No operational cash generation is evident:

• Zero employees in both 2022 and 2023 — no workforce to generate revenue
• Current assets flat at $61,094 year-on-year — no trading activity, no debtor book, no stock movement
• No turnover or P&L data filed — micro-entity accounts provide minimal disclosure, but the absence of any revenue indicator is telling
• No description of principal activity stated in the accounts — the company appears dormant in practice despite not filing as such

Working capital position: Current liabilities exceed current assets by $3M. The company has no capacity to meet obligations as they fall due — the definition of cash flow insolvency.

4. Monitoring Points: N/A — Facility Should Not Be Opened

If any existing exposure exists elsewhere in the portfolio, the following require immediate attention:

1. Strike-off status: Monitor monthly for dissolution — any credit exposure would rank behind preferential creditors in a winding-up
2. Accounts overdue: The next accounts were due 30 September 2025 and are already flagged overdue — regulatory non-compliance is a governance failure
3. PSC discrepancy: Serhii Melnyk is listed as PSC with 25-50% ownership and right to appoint directors, yet Gennadii Klievtsur serves as sole director — clarify whether control arrangements are properly documented
4. Creditor composition: $3M+ in liabilities with no visible trading — determine whether these are related-party balances, contingent liabilities, or genuine third-party obligations
5. Jurisdictional risk: USD-denominated accounts for a UK entity with Ukrainian-connected officers may indicate international obligations subject to foreign law

Additional Risk Factors