PRODUCTS WATER · Ipoteka Bank UW Risk Assessment (Risk Opinion)

← PRODUCTS WATER

EN .docx RU .docx UZ .docx EN .pdf RU .pdf UZ .pdf

Поиск в документе:

CONFIDENTIAL

📎 draft_full.pdf · стр. 1 · 0.17

нет рефов

Approved for submission to the

📎 draft_full.pdf · стр. 10 · 0.45

📎 draft_full.pdf · стр. 4 · 0.73

Approved by

нет рефов

(S.N.P)

(Head of

📎 draft_full.pdf · стр. 10 · 0.30

)

Prepared by

нет рефов

(Expert in the

📎 draft_full.pdf · стр. 1 · 0.16

)

Date:

📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 1 · 0.51

Company name	PRODUCTS WATER MASULIYATI CHEKLANGAN JAMİYAT 📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 1 · 0.72			Client role / Group		Borrower 📎 draft_full.pdf · стр. 7 · 0.51 OTP Group 📎 draft_full.pdf · стр. 1 · 0.60
Legal establishment	2021-03-02 📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 1 · 0.74			OKED		46490 📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 1 · 0.74
Industry name	Wholesale trade of non-food consumer goods 📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 1 · 0.59		OLLP color	📎 draft_full.pdf · стр. 2 · 0.44	Charter capital	300000000 📎 draft_full.pdf · стр. 3 · 0.72
Stage	📎 draft_full.pdf · стр. 2 · 0.03	CRS	B - 61 Medium 📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 1 · 0.59	Forbearance		📎 draft_full.pdf · стр. 4 · 0.51
Local	📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 1 · 0.37	Compliance risk		📎 draft_full.pdf · стр. 6 · 0.74
Serving banks	Primary: Uchtepa branch of National Bank of Uzbekistan 📎 draft_full.pdf · стр. 3 · 0.72 Secondary: secondary account in Yunusabad branch of Ipoteka Bank 📎 draft_full.pdf · стр. 3 · 0.72					Bank since	2021 📎 draft_full.pdf · стр. 7 · 0.73
Main products	wholesale trade of soft drinks 📎 draft_full.pdf · стр. 5 · 0.51			External Audit		нет рефов
Shareholders	ANVAROV OTABEK FARXOD O'G'LI, FOZILOV JAXONGIR FAXRIDIN O'G'LI 📎 draft_full.pdf · стр. 3 · 0.72			Client exposure (existing)		4,944,559,400 UZS 📎 draft_full.pdf · стр. 6 · 0.59
Credit rating	B - 61 Medium 📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 1 · 0.67
Client group exposure (existing)		1,200,000 📎 draft_full.pdf · стр. 2 · 0.66

Type of loan	📎 draft_full.pdf · стр. 4 · 0.66	Banking product	Revolving loan for working capital 📎 draft_full.pdf · стр. 4 · 0.66
Source of Funds	Bank's own funds 📎 draft_full.pdf · стр. 4 · 0.74	Own / Attracted	Own 📎 draft_full.pdf · стр. 4 · 0.72
Proposed Group exposure	1,000,000 📎 draft_full.pdf · стр. 1 · 0.74	Interest Repayment date	monthly 📎 draft_full.pdf · стр. 4 · 0.73
Proposed Client exposure	1,000,000 📎 draft_full.pdf · стр. 1 · 0.72	Purpose	📎 draft_full.pdf · стр. 4 · 0.76
New transaction amount	1000000 📎 draft_full.pdf · стр. 1 · 0.72	Repayment Schedule	Each utilization is for 12 months, with repayment in equal installments during the last 3 months. 📎 draft_full.pdf · стр. 4 · 0.59
Currency	📎 draft_full.pdf · стр. 4 · 0.67	Collateral / Security	Pledge of real estate owned by LLC 'Conglomerate solutions' 📎 draft_full.pdf · стр. 9 · 0.75
Interest rate	10 📎 draft_full.pdf · стр. 1 · 0.75	Collateral / Security 2	нет рефов
Term (months)	36 📎 draft_full.pdf · стр. 4 · 0.75	Grace period (months)	0 📎 draft_full.pdf · стр. 4 · 0.75
Approval Authority	📎 draft_full.pdf · стр. 10 · 0.51	HQ Consent	нет рефов

Brief information on applicant

Loan purpose and structure

Executive Summary — Relationship background with Ipoteka Bank ?Relationship background with Ipoteka Bank | Cooperation period and products | Maximum limit history

📎 draft_full.pdf · стр. 7 · 0.59

📎 draft_full.pdf · стр. 1 · 0.51

📎 draft_full.pdf · стр. 1 · 0.47

📎 draft_full.pdf · стр. 2 · 0.45

Cooperation period (date of using banking products)	2021 📎 draft_full.pdf · стр. 7 · 0.65
Maximum limit approved	1,000,000 📎 draft_full.pdf · стр. 1 · 0.68 USD ( 14,456,940,000 📎 draft_full.pdf · стр. 10 · 0.65 UZS) dated 12.12.2025 📎 draft_full.pdf · стр. 2 · 0.60
Bank products used	revolving credit for working capital 📎 draft_full.pdf · стр. 4 · 0.58

Bank importance rationale ?Why the bank is important to this client | Firm rationale for limit approval or new transaction

The bank's strategic importance to Products Water is underscored by the client's intention to diversify its banking relationships and enhance operational flexibility. Currently, Products Water maintains its primary settlement account with another bank, but has committed to opening a secondary account with the Yunusabad branch of Ipoteka Bank upon approval of the proposed credit facility. This move demonstrates the client's willingness to deepen its engagement with Ipoteka Bank, which is further supported by the company's significant monthly turnover exceeding UZS 12.0 billion.

The rationale for limit approval is firmly grounded in the client's strong credit profile and positive track record. Products Water is classified as a first-class client according to the bank's internal rating system, fully compliant with credit policy requirements. The requested revolving credit facility of USD 1,000,000 is intended to finance working capital needs, supporting the company's ongoing operations and future growth. The client has a history of positive cooperation with Ipoteka Bank, having previously been serviced by the Tashkent regional branch, and is now seeking to re-establish and expand this relationship. Given the client's scale, sound financial standing, and strategic intent to increase banking activity with Ipoteka Bank, approval of the proposed limit is both commercially justified and aligned with the bank's business development objectives.

📎 draft_full.pdf · стр. 3 · 0.52

📎 draft_full.pdf · стр. 4 · 0.44

📎 draft_full.pdf · стр. 1 · 0.37

Decisions in last 12 months ?Recent credit decisions (last 12 months) | Requests, approvals, conditions, fulfillment checks

In the past 12 months, the primary credit decision concerning LLC "PRODUCTS WATER" involved the consideration and approval of a revolving credit limit application for USD 1,000,000, with a tenor of 36 months. Each drawdown under this facility is structured for a 12-month period, with repayments scheduled in equal installments over the final three months of each cycle. The facility was approved at an interest rate of 10% per annum, following the client's initial request for a 9% rate; the final terms were established in accordance with the bank's internal correspondence dated 25.11.2025.

The credit committee's decision was based on the client's significant business profile, positive credit history, and alignment with internal credit policy requirements, including a top-tier internal rating and satisfactory collateral coverage. The approval was contingent upon the client opening a secondary account with the Yunusabad branch of Ipoteka Bank, which the client committed to following the positive credit decision. Ongoing compliance with the agreed terms and monitoring requirements is in place, with no reported breaches or delays in fulfillment as of the latest review.

📎 draft_full.pdf · стр. 1 · 0.46

📎 draft_full.pdf · стр. 1 · 0.44

📎 draft_full.pdf · стр. 2 · 0.44

📎 draft_full.pdf · стр. 1 · 0.37

Waivers, covenant breaches, modifications ?Waivers granted | Covenant breaches and their resolution | Any adjustment or modification

📎 draft_full.pdf · стр. 2 · 0.58

Current request details ?Current request amount, purpose, special conditions

📎 draft_full.pdf · стр. 4 · 0.74

📎 draft_full.pdf · стр. 1 · 0.73

📎 draft_full.pdf · стр. 1 · 0.67

📎 draft_full.pdf · стр. 4 · 0.59

It is important not to repeat the data presented in the loan application — focus on the risk angle for each factor below. Give 4–5 sentences per section.

Risk factors for the client

Owner risk →

Ownership / Management profile, key-person dependency, beneficial ownership transparency.

Owner risk — Ownership analysis ?Ownership/Management profile | Key-person dependency | Beneficial ownership transparency | Owner's other business interests

📎 draft_full.pdf · стр. 3 · 0.58

📎 draft_full.pdf · стр. 5 · 0.52

📎 draft_full.pdf · стр. 4 · 0.51

📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 2 · 0.44

Owner risk — Ownership / Management profile ?Management and ownership overlap | Owner background and track record

The company is privately owned, with two founders, Anvarov Otabek Farxod o’g’li and Fozilov Jaxongir Faxridin o’g’li, each holding a 50% stake in the charter capital. Both individuals are citizens of Uzbekistan, and there is evidence that Anvarov Otabek Farxod o’g’li is an active entrepreneur with participations in other enterprises, indicating a breadth of business experience and engagement in commercial activities.

The current director is Badalov Dilshod Hikmatullaevich, appointed by order No. 03 dated 01.08.2024. There is no indication of recent management turnover or instability, as confirmed by the absence of director changes in the past 12 months. There is no evidence of overlap between the owners and the current management, as neither founder holds a management position within the company. This separation of ownership and management reduces potential governance risks associated with concentrated control.

The company demonstrates a stable ownership structure and benefits from experienced stakeholders, with no reported issues of mistrust or conflict between owners and management. This profile supports confidence in the company’s governance and operational continuity.

📎 draft_full.pdf · стр. 3 · 0.65

📎 draft_full.pdf · стр. 4 · 0.51

📎 draft_full.pdf · стр. 5 · 0.51

📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 2 · 0.44

Management risk →

Management stability, proficiency, one-man-show risk, succession planning.

Management risk ?Management stability and proficiency | One-man-show risk | Succession planning | Track record

📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 2 · 0.59

📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 2 · 0.30

📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 2 · 0.23

📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 2 · 0.10

Client group risk →

Group structure, interdependencies, cross-guarantees, consolidated risk.

Client group risk ?Group structure and interdependencies | Cross-guarantees | Intragroup transactions | Consolidated financial health

📎 draft_full.pdf · стр. 4 · 0.50

📎 draft_full.pdf · стр. 4 · 0.44

📎 draft_full.pdf · стр. 1 · 0.43

📎 draft_full.pdf · стр. 2 · 0.31

Business model risk →

Sustainability, revenue concentration, supply chain, competitive moat.

Business model risk ?Business model sustainability | Revenue concentration | Supply chain vulnerabilities | Competitive moat

📎 draft_full.pdf · стр. 9 · 0.58

📎 draft_full.pdf · стр. 9 · 0.51

📎 draft_full.pdf · стр. 5 · 0.50

📎 draft_full.pdf · стр. 5 · 0.43

Sectorial / Market risk →

Sector outlook, regulatory environment, macro-economic sensitivity.

Sectorial / Market risk ?Sector outlook | Regulatory environment | Macro-economic sensitivity | Competition landscape

📎 draft_full.pdf · стр. 9 · 0.51

📎 draft_full.pdf · стр. 9 · 0.44

📎 draft_full.pdf · стр. 6 · 0.31

📎 draft_full.pdf · стр. 6 · 0.23

Risk factors grid

Compliance risk:		Seasonality of the business:
FX risks, other exposures:		Concentration risk:
Business cyclicity:		Intragroup risk:

Industry profile

Industry profile — size, growth, drivers, barriers ?Industry size and growth | Key drivers | Barriers to entry | Regulatory factors

The wholesale soft drinks industry in Uzbekistan demonstrates robust and sustained growth, underpinned by strong consumer demand. The sector benefits from the country's predominantly hot climate, which drives consistently high consumption of soft drinks. Revenue in this segment is projected to reach approximately UZS 125.3 billion in 2025, representing a 13% year-on-year increase, with an average annual growth rate of 18–20%. This positive trajectory reflects both stable market demand and the sector's high turnover characteristics.

Key industry drivers include climatic factors, which ensure year-round demand, and the high velocity of goods turnover typical of wholesale trade. The market is characterized by established distribution networks and experienced operators, which can present moderate barriers to entry for new participants seeking to achieve similar scale and efficiency. Regulatory oversight is present but does not pose significant constraints, as evidenced by the company's full compliance with prevailing requirements and the absence of exposure to compliance risks. The industry is largely insulated from global tariff instability, given its domestic operational focus.

Overall, the wholesale soft drinks sector in Uzbekistan offers a favorable environment for growth, supported by strong demand fundamentals and a stable regulatory framework.

📎 draft_full.pdf · стр. 9 · 0.58

📎 draft_full.pdf · стр. 5 · 0.50

📎 draft_full.pdf · стр. 6 · 0.44

Market profile

Market profile — position, customers, dynamics ?Market position | Customer base | Competitive dynamics | Market share

PRODUCTS WATER LLC has established a strong market presence in the wholesale distribution of soft drinks, leveraging significant experience in the sector. The company is currently ranked 113th by revenue within its industry and 244th in Tashkent region, according to data as of the end of 2025. Nationally, it holds the 1900th position by revenue, indicating a solid, though not dominant, market share within Uzbekistan’s competitive beverage distribution landscape.

The company’s revenue has demonstrated consistent and robust growth, with an expected 13% year-on-year increase for 2025 and an average annual growth rate of 18–20%. This performance is underpinned by sustained demand for its product portfolio, reflecting a stable and expanding customer base. The company’s official distributorship status since August 2023 further strengthens its competitive positioning and supports ongoing market share gains.

Competitive dynamics in the sector remain intense, but PRODUCTS WATER LLC’s established relationships with major suppliers and its official distributorship role provide a competitive edge. The company’s operational focus within the Tashkent region, combined with its upward revenue trajectory, positions it as a notable player in the regional market, with potential for further expansion.

📎 draft_full.pdf · стр. 5 · 0.66

📎 draft_full.pdf · стр. 3 · 0.58

📎 _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf · стр. 1 · 0.51

Industry / Market grid

Product need:		Customers:
Competition:		Industry features/risks:
Market share (%):		Industry lifecycle:

Strengths · Weaknesses · Opportunities · Threats (SWOT)

SWOT Analysis ?Strengths — internal advantages | Weaknesses — internal vulnerabilities | Opportunities — external favorable | Threats — external risks

Strengths:
- The company demonstrates significant experience in the wholesale trade of soft drinks, which has contributed to a strong and established market position (Excerpts 1, 2).
- PRODUCTS WATER maintains compliance with regulatory requirements and is not subject to compliance risks, reflecting robust internal controls (Excerpt 6).
- The company holds a respectable position in both the regional and sectoral revenue rankings, indicating solid operational performance (Excerpt 8).

Weaknesses:
- Liquidity is projected to decline in 2024 and 2025, albeit remaining within acceptable norms, and working capital has slightly decreased due to changes in asset structure and increased inventory levels (Excerpt 3).
- The company's stability rating is currently at a 'B' (average), with some volatility observed in monthly ratings, suggesting room for improvement in financial resilience (Excerpts 9, 11, 13).

Opportunities:
- The company’s established market presence and official distributor status since August 2023 provide a platform for further market expansion and strengthening of its competitive position (Excerpt 1).
- Absence of direct impact from global tariff instability allows the company to operate in a relatively stable external environment within Uzbekistan (Excerpt 5).

Threats:
- The operational cycle has lengthened due to increased inventory, which could impact cash flow management if not addressed (Excerpt 3).
- The company’s stability rating, while average, indicates exposure to potential external shocks or operational disruptions that could affect overall creditworthiness (Excerpts 9, 11).

📎 draft_full.pdf · стр. 5 · 0.51

📎 draft_full.pdf · стр. 8 · 0.44

📎 draft_full.pdf · стр. 6 · 0.37

Environmental, Social, Governance (ESG) risks

ESG risk assessment ?Environmental impact and climate risks | Social factors (labor, community) | Governance quality | ESG rating if available

The ESG risk profile for PRODUCTS WATER MCHJ is assessed as low, reflecting the company's adherence to regulatory requirements and absence of compliance risks. The company operates in the wholesale trade of soft drinks within Uzbekistan, an activity with limited direct environmental impact and minimal exposure to climate-related risks. No significant environmental liabilities or incidents have been identified.

Social factors are stable, with no evidence of labor disputes or negative community impacts. The company maintains compliance with labor and tax regulations, as indicated by timely registration of electronic invoices and the absence of legal proceedings or restructuring through courts in the past 12 months.

Governance quality is satisfactory. There have been no recent changes in management or indications of distrust toward the founders or executives. The company has also demonstrated prompt rectification of deficiencies identified by tax authorities, further supporting governance stability.

The most recent ESG-related rating, based on the stability index, is 'B - 61', which is classified as average. This rating, along with the company's low compliance and AML risk profile, supports the conclusion that ESG risks are well-managed and do not present a material concern at this time.

📎 draft_full.pdf · стр. 1 · 0.53

📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 1 · 0.44

📎 draft_full.pdf · стр. 6 · 0.44

📎 draft_full.pdf · стр. 2 · 0.37

Financial risk →

Revenue/profitability trends, liquidity, debt burden, working capital.

Financial risk ?Revenue and profitability trends | Liquidity position | Debt burden and leverage | Working capital adequacy

The company demonstrates robust revenue growth, with expected revenue for 2025 projected at UZS 125.3 billion, representing a 13% increase over the previous year and maintaining a strong average annual growth rate of 18–20%. This positive trend is underpinned by stable demand in the wholesale soft drinks sector. Profitability, however, remains modest, with EBITDA margins improving from 1.3% in 2024 to 1.8% in 2025, and a significant projected increase to over 20% from 2026 onward, indicating anticipated operational efficiencies and margin expansion.

Liquidity ratios, while declining from 6.4x in 2024 to 4.2x in 2025 and further to 1.6x in 2026, remain within acceptable levels for the near term. Working capital has slightly decreased due to accelerated turnover and changes in asset structure, but remains adequate to support ongoing operations. The debt burden is assessed as moderate, with leverage and scheduled principal repayments well within manageable limits. Overall, the financial risk profile is stable, supported by strong revenue growth and manageable leverage, though the declining liquidity trend and currently low profitability margins warrant ongoing monitoring.

📎 draft_full.pdf · стр. 8 · 0.65

📎 draft_full.pdf · стр. 9 · 0.58

📎 draft_full.pdf · стр. 8 · 0.51

Projections for the tenor of the proposed lending

Projections / Cash-flow, DSCR ?Revenue forecast assumptions | EBITDA projections | Debt service capacity (DSCR) | Sensitivity analysis

The revenue forecast for the period 2024–2028 demonstrates robust growth, with total income projected to rise from UZS 110.8 billion in 2024 to UZS 226.6 billion by 2028. This represents a compound annual growth rate of approximately 18–20%, underpinned by sustained demand for soft drinks in Uzbekistan’s climate and the company’s established position in the wholesale trade sector. The revenue assumptions are supported by historical growth trends and market demand dynamics.

EBITDA is forecast to increase significantly, from UZS 1.45 billion in 2024 to UZS 65.9 billion in 2028, with EBITDA margins improving from 1.3% to 21.8% over the same period. This sharp margin expansion is expected as the company scales operations and benefits from increased efficiency and higher sales volumes. The projected EBITDA figures provide a solid foundation for debt service.

Debt service obligations are structured with principal repayments commencing in 2025 and peaking in 2026 (UZS 20.1 billion), before stabilizing at UZS 12 billion annually. The company’s improving EBITDA and liquidity position suggest adequate debt service capacity throughout the loan tenor. Although explicit DSCR calculations are not provided, the strong upward trajectory in operating cash flow and liquidity ratios (declining but remaining above 1.6x through 2026) indicate a satisfactory ability to meet debt obligations.

Sensitivity analysis is implicitly addressed through the conservative revenue growth assumptions and the resilience of demand for the company’s products. However, the rapid improvement in EBITDA margins warrants close monitoring, as any deviation from projected efficiency gains could impact coverage ratios. The high liquidity and working capital levels serve as mitigants against potential cash flow volatility.

📎 draft_full.pdf · стр. 9 · 0.75

📎 draft_full.pdf · стр. 9 · 0.62

📎 draft_full.pdf · стр. 9 · 0.61

📎 draft_full.pdf · стр. 9 · 0.32

Bank / Base case assumptions

Base case assumptions ?Key assumptions for base case scenario | Revenue growth rate | Cost assumptions | Working capital assumptions

The base case scenario assumes continued robust revenue growth, underpinned by sustained high demand for soft drinks in Uzbekistan’s hot climate and the company’s established position in the wholesale trade sector. Projected revenue for 2025 is UZS 125.3 billion, representing a 13% increase over the previous year. Historical data supports an average annual revenue growth rate of 18–20%, which is expected to persist due to the sector’s favorable dynamics and the company’s proven track record of expansion.

Cost assumptions are reflected in the improving EBITDA margin, which is projected to rise from 1.3% in 2024 to 1.8% in 2025, and further to above 20% in subsequent years. This margin expansion is attributed to operational efficiencies and scale effects as the company grows. The cost structure is expected to remain stable, with no significant increases in input costs anticipated in the near term.

Working capital assumptions are based on the company’s ongoing efforts to optimize inventory and receivables management. While working capital increased from UZS 6.2 billion at the start of 2024 to UZS 9.1 billion at the start of 2025, this is primarily due to higher inventory levels to support revenue growth. Liquidity ratios, though declining from 6.4x to 4.2x over the same period, remain within acceptable norms, indicating that the company maintains sufficient short-term financial flexibility. The credit facility is intended to further support working capital needs, ensuring the company can capitalize on market opportunities without liquidity constraints.

📎 draft_full.pdf · стр. 9 · 0.65

📎 draft_full.pdf · стр. 9 · 0.57

📎 draft_full.pdf · стр. 7 · 0.52

📎 draft_full.pdf · стр. 9 · 0.50

Break-even calculations / Downside scenario

Break-even / Downside scenario ?Downside scenario parameters | Break-even point calculation | Stress test results | Margin of safety

The analysis of the company's financial projections indicates a significant improvement in profitability and debt service capacity over the forecast period. In 2025, EBITDA is projected at 2.3 billion UZS with an EBITDA margin of 1.8%, increasing sharply to 32.1 billion UZS and a margin of 20.3% in 2026, and further strengthening in subsequent years. Debt service obligations commence in 2025 with principal payments of 1.9 billion UZS, rising to 20.1 billion UZS in 2026, and stabilizing at 12 billion UZS annually thereafter.

Based on the 2025 projections, the company's EBITDA covers debt service requirements with a narrow margin, indicating that the break-even point for debt service is reached at an EBITDA of approximately 2.3 billion UZS. Any material underperformance in revenue or margin in 2025 could result in a DSCR below 1.0x, potentially jeopardizing timely debt repayment. However, from 2026 onward, the projected EBITDA provides a substantial margin of safety, with EBITDA exceeding annual debt service by more than 1.5x, and margins stabilizing above 20%.

Stress testing the downside scenario, a revenue decline of more than 10-15% in 2025, or a failure to achieve the anticipated margin improvement, could result in insufficient cash flow to meet debt obligations in that year. The margin of safety is therefore limited in the initial year of repayment but improves markedly thereafter as profitability strengthens. The company's strong revenue growth trajectory and the sector's resilience to demand shocks serve as mitigants to downside risks.

📎 draft_full.pdf · стр. 9 · 0.65

📎 draft_full.pdf · стр. 9 · 0.59

📎 draft_full.pdf · стр. 9 · 0.51

Bank relationship risk →

Client value, account turnover, cross-selling, relationship depth.

Bank relationship risk ?Client value to the bank | Account turnover and profitability | Cross-selling history | Relationship depth

The client demonstrates significant commercial value to the bank, as evidenced by its classification as a high-value client for the Yunusabad branch and a positive credit history. The client maintained its primary banking relationship with Ipoteka Bank from 2021 until October 2024, after which it transitioned to the National Bank, where its primary account is now held. Average monthly account turnover is robust, with figures reaching 6.7 billion UZS in 2024 and projected to increase to 9.2 billion UZS in 2025, reflecting the client’s growing business scale and stable revenue growth.

While the client’s main account is currently with another bank, the relationship with the National Bank is developing, and the client has expressed intentions to expand cooperation through additional agreements in the future. The client’s strong internal rating (Class 1) and absence of overdue payments on existing credit facilities further underscore the quality of the relationship. The depth of the relationship is supported by the client’s willingness to consider further engagement, and the bank’s recognition of the client as strategically important mitigates potential risks associated with the recent shift of primary account activity. The client’s stable financial performance and positive compliance track record enhance the overall risk profile and support the case for continued and expanded cooperation.

📎 draft_full.pdf · стр. 2 · 0.59

📎 draft_full.pdf · стр. 7 · 0.51

📎 draft_full.pdf · стр. 6 · 0.44

📎 draft_full.pdf · стр. 7 · 0.44

Transactional risk →

Deal structure, repayment source reliability, purpose risk, disbursement conditions.

Transactional risk ?Deal structure risk | Repayment source reliability | Purpose risk | Disbursement conditions

The proposed transaction is structured as a revolving credit facility with a total limit of USD 1,000,000 and a tenor of 36 months, where each drawdown is for a period of 12 months and principal repayment is made in equal installments over the final three months of each cycle. The primary purpose of the facility is to finance working capital for the procurement of soft drinks, a sector characterized by high turnover and stable demand in Uzbekistan’s hot climate, which supports the reliability of cash flow generation for debt service. The main source of repayment is the borrower’s operating cash flows from wholesale beverage sales, which is further supported by the company’s strong internal rating (1st class) and a positive track record of timely debt service, as evidenced by the absence of overdue payments on existing facilities.

Collateral risk is mitigated by a mortgage over real estate owned by a related entity, CONGLOMATARE PRODUCTS, with coverage ratios in line with internal credit policy requirements. The disbursement of funds is governed by standard credit policy and product passport S-3, ensuring compliance with internal controls. Overall, the transaction structure and repayment sources are robust, though the sector’s yellow industrial risk rating warrants ongoing monitoring.

📎 draft_full.pdf · стр. 9 · 0.66

📎 draft_full.pdf · стр. 2 · 0.51

📎 draft_full.pdf · стр. 4 · 0.51

Collateral risk →

Type, valuation, marketability, coverage ratio, legal enforceability.

Collateral risk ?Collateral type and quality | Valuation adequacy | Marketability/liquidity | Coverage ratio | Legal enforceability

📎 draft_full.pdf · стр. 2 · 0.58

📎 draft_full.pdf · стр. 10 · 0.52

📎 draft_full.pdf · стр. 9 · 0.44

Based on the financial statements the client

📎 draft_full.pdf · стр. 7 · 0.44

service the debt repayment properly.

Listed deviations / derogations from OLLP, Credit Policy, GCRP

Deviations / Derogations — 1 ?List deviations from OLLP, Credit Policy, GCRP | Justification for each deviation

нет рефов

Deviations / Derogations — 2 ?Additional deviations if any

нет рефов

Deviations / Derogations — 3 ?Additional deviations if any

📎 _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf · стр. 2 · 0.51

📎 draft_full.pdf · стр. 7 · 0.02

The risk officer proposal is to

📎 draft_full.pdf · стр. 10 · 0.72

the request as follows:

Mandatory conditions

The mandatory conditions to be implemented should be organized in the following structure:

Before signing the loan agreement ?Conditions precedent to loan agreement signing

Prior to the signing of the loan agreement, several conditions precedent must be satisfied. The borrower, LLC "PRODUCTS WATER," is required to provide collateral in the form of real estate owned by LLC "Conglomerate solutions," as specified in the credit documentation. The collateral must meet the bank’s coverage ratio requirements, with the current assessment indicating compliance with the internal policy of at least 120% coverage. Additionally, the internal client rating must be no lower than class 3; the borrower currently holds a class 1 rating, which is fully compliant.

The interest rate for the facility has been set at 10% per annum, as per the official approval dated 25.11.2025, superseding the client’s initial request for a 9% rate. Furthermore, the borrower is expected to open a secondary account at the Yunusabad branch of Ipoteka Bank following the positive credit decision, as their primary account is currently maintained at another institution. These conditions must be fulfilled to ensure the legal and operational readiness for the execution of the loan agreement.

📎 draft_full.pdf · стр. 2 · 0.51

📎 draft_full.pdf · стр. 9 · 0.50

📎 draft_full.pdf · стр. 4 · 0.17

Before disbursement of the loan funds ?Conditions precedent to disbursement

📎 draft_full.pdf · стр. 2 · 0.59

📎 draft_full.pdf · стр. 4 · 0.45

📎 draft_full.pdf · стр. 4 · 0.24

During the loan period ?Ongoing monitoring covenants | Reporting requirements | Financial covenants

During the loan period, the borrower is subject to several ongoing conditions and covenants designed to ensure prudent risk management and compliance with the bank’s credit policy. The collateral coverage ratio is set at a minimum of 120%, and this requirement must be maintained throughout the loan term. The borrower's internal credit rating must remain at or above class 3; currently, the borrower holds a class 1 rating, which is fully compliant with policy standards. The industrial risk classification is yellow, which is within the acceptable range as per the bank’s guidelines.

Ongoing monitoring will include regular reviews of the borrower’s financial position, including liquidity and working capital metrics, as evidenced by the detailed financial ratios provided for the duration of the loan. The borrower is also expected to maintain active account turnover, with projected average monthly turnovers for 2024 and 2025 clearly specified. Compliance with anti-money laundering (AML) requirements is monitored, with the borrower currently assessed as low risk in this regard. The bank will continue to monitor for any restructuring, payment delays, or compliance issues as part of its standard oversight procedures.

Reporting requirements are implied through the need for ongoing financial monitoring and the maintenance of specified financial covenants. The borrower’s performance against these covenants will be reviewed periodically to ensure continued eligibility and risk mitigation.

📎 draft_full.pdf · стр. 2 · 0.51

📎 draft_full.pdf · стр. 2 · 0.37

📎 draft_full.pdf · стр. 2 · 0.29

Eslatma: har bir loyiha bo'yicha uning hamma jihatlarini e'tiborga olgan holda ushbu Risk opinion / xulosa namunasiga o'zgartirishlar kiritilishi mumkin.

[TEXT 1]

Executive Summary — Relationship background

Relationship background with Ipoteka Bank · Cooperation period and products · Maximum limit history

Источники: draft_full.pdf стр. 7; draft_full.pdf стр. 1; draft_full.pdf стр. 1; draft_full.pdf стр. 2

[TEXT 2]

Bank importance rationale

Why the bank is important to this client · Firm rationale for limit approval or new transaction

Источники: draft_full.pdf стр. 3; draft_full.pdf стр. 3; draft_full.pdf стр. 4; draft_full.pdf стр. 1

[TEXT 3]

Decisions in last 12 months

Recent credit decisions (last 12 months) · Requests, approvals, conditions, fulfillment checks

Источники: draft_full.pdf стр. 1; draft_full.pdf стр. 1; draft_full.pdf стр. 2; draft_full.pdf стр. 1

[TEXT 4]

Waivers, covenant breaches, modifications

Waivers granted · Covenant breaches and their resolution · Any adjustment or modification

Источники: draft_full.pdf стр. 2

[TEXT 5]

Current request details

Current request amount, purpose, special conditions

Источники: draft_full.pdf стр. 4; draft_full.pdf стр. 1; draft_full.pdf стр. 1; draft_full.pdf стр. 4

[TEXT 6]

Ownership analysis

Ownership/Management profile · Key-person dependency · Beneficial ownership transparency · Owner's other business interests

Источники: draft_full.pdf стр. 3; draft_full.pdf стр. 5; draft_full.pdf стр. 4; _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf стр. 2

[TEXT 7]

Ownership/Management profile

Management and ownership overlap · Owner background and track record

Источники: draft_full.pdf стр. 3; draft_full.pdf стр. 4; draft_full.pdf стр. 5; _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf стр. 2

[TEXT 8]

Management risk

Management stability and proficiency · One-man-show risk · Succession planning · Track record

Источники: _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf стр. 2; _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf стр. 2; _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf стр. 2; _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf стр. 2

[TEXT 9]

Client group risk

Group structure and interdependencies · Cross-guarantees · Intragroup transactions · Consolidated financial health

Источники: draft_full.pdf стр. 4; draft_full.pdf стр. 4; draft_full.pdf стр. 1; draft_full.pdf стр. 2

[TEXT 10]

Business model risk

Business model sustainability · Revenue concentration · Supply chain vulnerabilities · Competitive moat

Источники: draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 5; draft_full.pdf стр. 5

[TEXT 11]

Sectorial / Market risk

Sector outlook · Regulatory environment · Macro-economic sensitivity · Competition landscape

Источники: draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 6; draft_full.pdf стр. 6

[TEXT 12]

Industry profile

Industry size and growth · Key drivers · Barriers to entry · Regulatory factors

Overall, the wholesale soft drinks sector in Uzbekistan offers a favorable environment for growth, supported by strong demand fundamentals and a stable regulatory framework.

Источники: draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 5; draft_full.pdf стр. 6

[TEXT 13]

Market profile

Market position · Customer base · Competitive dynamics · Market share

Источники: draft_full.pdf стр. 5; draft_full.pdf стр. 3; draft_full.pdf стр. 3; _PRODUCTS WATER_ MCHJ-308255174-Общая информация-14.04.2026 01_09.pdf стр. 1

[TEXT 14]

SWOT Analysis

Strengths — internal advantages · Weaknesses — internal vulnerabilities · Opportunities — external favorable · Threats — external risks

Источники: draft_full.pdf стр. 5; draft_full.pdf стр. 5; draft_full.pdf стр. 8; draft_full.pdf стр. 6

[TEXT 15]

ESG risks

Environmental impact and climate risks · Social factors (labor, community) · Governance quality · ESG rating if available

Источники: draft_full.pdf стр. 1; _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf стр. 1; draft_full.pdf стр. 6; draft_full.pdf стр. 2

[TEXT 16]

Financial risk

Revenue and profitability trends · Liquidity position · Debt burden and leverage · Working capital adequacy

Источники: draft_full.pdf стр. 8; draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 8

[TEXT 17]

Projections / Cash-flow

Revenue forecast assumptions · EBITDA projections · Debt service capacity (DSCR) · Sensitivity analysis

Источники: draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 9

[TEXT 18]

Base case assumptions

Key assumptions for base case scenario · Revenue growth rate · Cost assumptions · Working capital assumptions

Источники: draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 7; draft_full.pdf стр. 9

[TEXT 19]

Break-even / Downside scenario

Downside scenario parameters · Break-even point calculation · Stress test results · Margin of safety

Источники: draft_full.pdf стр. 9; draft_full.pdf стр. 9; draft_full.pdf стр. 9

[TEXT 20]

Bank relationship risk

Client value to the bank · Account turnover and profitability · Cross-selling history · Relationship depth

Источники: draft_full.pdf стр. 2; draft_full.pdf стр. 7; draft_full.pdf стр. 6; draft_full.pdf стр. 7

[TEXT 21]

Transactional risk

Deal structure risk · Repayment source reliability · Purpose risk · Disbursement conditions

Источники: draft_full.pdf стр. 9; draft_full.pdf стр. 2; draft_full.pdf стр. 2; draft_full.pdf стр. 4

[TEXT 22]

Collateral risk

Collateral type and quality · Valuation adequacy · Marketability/liquidity · Coverage ratio · Legal enforceability

Источники: draft_full.pdf стр. 2; draft_full.pdf стр. 2; draft_full.pdf стр. 10; draft_full.pdf стр. 9

[TEXT 23]

Deviations / Derogations — 1

List deviations from OLLP, Credit Policy, GCRP · Justification for each deviation

[TEXT 24]

Deviations / Derogations — 2

Additional deviations if any

[TEXT 25]

Deviations / Derogations — 3

Additional deviations if any

Источники: _PRODUCTS WATER_ MCHJ-308255174-Индексы стабильности_ риски-14.04.2026 01_11.pdf стр. 2; draft_full.pdf стр. 7

[TEXT 26]

Conditions before signing

Conditions precedent to loan agreement signing

Источники: draft_full.pdf стр. 2; draft_full.pdf стр. 2; draft_full.pdf стр. 9; draft_full.pdf стр. 4

[TEXT 27]

Conditions before disbursement

Conditions precedent to disbursement

Источники: draft_full.pdf стр. 2; draft_full.pdf стр. 2; draft_full.pdf стр. 4; draft_full.pdf стр. 4

[TEXT 28]

Conditions during loan period

Ongoing monitoring covenants · Reporting requirements · Financial covenants

Источники: draft_full.pdf стр. 2; draft_full.pdf стр. 2; draft_full.pdf стр. 2; draft_full.pdf стр. 2