Слайд 1 - Mikro Kapital

Asset Management
An Opportunity Fund Investing in Emerging Markets
(data from 30 June 2016)
Contents
SECTION 1
Fund Overview
3
SECTION 2
Fund Strategy and Investment process
16
SECTION 3
Portfolio Analysis
22
SECTION 4
Financial Analysis
27
SECTION 5
Mikro Fund Bond Issues
31
2
SECTION 1
Fund Overview
3
What is Mikro Fund?
VALUE
CREATION
VALUE
PROTECTION
Mikro Fund issues micro finance loans at a rate of ~27%
per annum
The Fund invests in the real economy
The Fund does not create any artificial profit nor engage
in leverage
Loans are issued to quality companies that are subject
to a detailed and rigorous due diligence and credit
selection process
Primarily short to medium-term loans
Bondholders interests are protected by the owners
equity capital in Mikro Fund
Fund’s value is allocated among shareholders
VALUE
DISTRIBUTION
Mikro Fund provides bondholders with a coupon yielding
on average ~9% per annum which is approximately equal
to the increase in the Fund’s unit value per year
4
Mikro Fund Key Features
NOT SUSCEPTIBLE TO
VOLATILITY IN FINANCIAL
MARKETS
NOT EFFECTED BY
CHANGES IN THE
MACROECONOMIC
ENVIRONMENT
No correlation to the performance of the other asset classes in
financial markets
The product is not susceptible to price fluctuations caused by the
volatility in the financial markets
The business model is not affected by changes or discrepancies in
macroeconomic indicators (inflation, GDP, unemployment etc.)
Low foreign exchange rate risks
Investment of funds raised from bond sales is carried out at market
rates
The Funds performance is driven by strict investment selection and
carries very low risk for the investors
Mikro Fund is a Luxembourg securitisation fund, controlled by
Luxembourg authorities and subject to Luxembourg law
LOW RISK
INVESTMENT POLICY
EU DOMICILED FUND
SUBJECT TO LUXEMBOURG LAW Quarterly Net Asset Value calculated by Deloitte Luxembourg with
an annual independent audit carried out by JPA International
5
Advantages in Comparison to
Traditional Funds
Traditional Investment Funds may invest in Emerging Markets but fail to effectively limit risks
The unique structure of Mikro Fund is designed to reduce investment risks without impacting
profits
Gives exposure to the real economy with little or no correlation to other asset classes
Not influenced by macro economic factors
The team, operating in the territory of Eastern Europe, have deep local knowledge and contacts
within the entrepreneurial network and companies being financed
Industry diversification within the Funds loan portfolio reduces investment risk
Each loan is fully collateralised. Collateral is in the form of property (fixed and immovable) and
personal guarantees
The Funds equity is an additional guarantee to the bondholders investment in the Fund
Duration and returns of investments are defined at Subscription Date
The duration of the investments equal 18, 24 or 120 months (with a possible redemption at
nominal value at 18 month periods without incurring penalties) with the first coupon payment
being 3 months after subscription date
As a result of the extensive branch network and the unique way in which the group is structured,
the Fund has experienced rapid growth and has developed a wide network of contacts
Investing in bonds issued by Mikro Fund gives investors the combination of simplicity, reasonable
taxation and a stable income (determined in advance), with investment protection
6
Investment in Mikro Fund
Mikro Fund is a securitisation fund without legal persona, created on a contractual basis
with co-ownership of assets
Mikro Fund is subject to Luxembourg law and complies with local and EU regulations
The Management company is Mikro Kapital Sàrl, which is registered in Luxembourg
The financing of Mikro Fund is carried out through the issuance of both bonds and units
Mikro Fund invests in Eastern Europe with a strong focus on Russia
Mikro Fund invests in guaranteed debt instruments within a limited time frame (6-24
months)
The Fund currency is Euro
Mikro Fund combines the security and control of a European structure
with the return on investment of Emerging Markets
7
Why Invest in Mikro Fund?
High rate of return with little or no correlation to other asset classes, market volatility and macro
economic factors
Combines Emerging Market returns with the safety of a European domiciled Fund structure
(transparency, regulation etc.)
Provides portfolio diversification and exposure to social investment (supporting the development of
small and mid-sized companies and job creation in underdeveloped regions of the former Soviet
Union)
Recently the subsidiary companies of the Fund have been recognised as the developer of the Best
Loan Programmes for the financing of small and mid-sized companies in Russia
Provides access to deep local knowledge and expertise (the senior management team are foreign
nationals who have been working in Russia for many years and are experts in the field of micro
financing in the region. They are supported by a large team of local expert professionals)
The product offers a wide diversification of risks to investors from the perspective of the debtors type,
size and geographical location
8
Fund information
Name
Mikro Fund
Location
Luxembourg
Currency
Euro
Target value
Latest Approved NAV
Minimum
Investments
Target: 1 billion EUR by 2019 (222,6 €m in June 2016)
June 2016: 527,194 € (+322% since the inception)
EUR 125,000
Fund Administrator
Mikro Kapital Sàrl
Paying Agent Banks
UBI Bank, BIL (Luxembourg); Valartis Bank (Liechtenstein)
Auditor
Legal adviser
NAV evaluator
JPA, Luxembourg
Carnelutti Studio Legale Associato
Deloitte Luxembourg
9
Growth in Value
Mikro Fund Net Asset Value
From launch
Situation in Ukraine
Mikro Fund bond index
+322% NAV
Bankia Bankruptcy
+80% Bond index
Default in Greece
Crisis in Hungary
283
Downfall on stock market
Wildfire in Russia
MSCI World:
Debt of Greece
Debt of Ireland
Minim, history
Mortgage
.
PIGS debt
192
179 183 188
173
170
165 167
156 159
141152
132 137
124 127 130
116119 122
113
100103 105108
107
100 111
96
crisis
422
394 397
352
Spain Spread
Lehman bankruptcy
380 385
333
291296
Russia WTO accession
279
Tsunami in Japan
219
199200 211
170 173
161 163 165 168
158
156
149 152 154
133 135137140 143 145 147
175177 180
10
A projection of Mikro Fund
Sep-16
Dec-16
Mar-17
June-17
Sep-17
ASSETS
239 806 634
250 107 104
266 847 167
289 252 867
298 353 667
€ INVESTED IN RUSSIA
116 306 218
116 049 696
123 283 391
132 188 560
131 872 321
€ INVESTED IN BELARUS
35 970 995
37 516 066
40 027 075
43 387 930
44 753 050
€ INVESTED IN ARMENIA
5 035 939
5 752 463
6 404 332
7 520 575
8 652 256
11 990 332
16 507 069
20 013 538
23 140 229
26 255 123
3 357 293
4 251 821
5 070 096
6 363 563
7 757 195
€ INVESTED IN MOLDAVIA
€ INVESTED IN ROMANIA
€ INVESTMENTS SHORT-TERM
19 184 531
20 008 568
18 679 302
18 801 436
19 392 988
€ OTHER ASSETS
23 980 663
25 010 710
26 684 717
28 925 287
29 835 367
€ CASH
23 980 663
25 010 710
26 684 717
28 925 287
29 835 367
EQUITY AND LIABILITIES
239 806 634
250 107 104
266 847 167
289 252 867
298 353 667
LIABILITIES
191 845 308
200 085 684
213 477 734
231 402 294
238 682 934
€ EMTNs
191 749 385
199 985 641
213 370 995
231 286 593
238 563 593
€ DEBT
€ OTHER LIABILITIES
-
-
-
-
-
95 923
100 043
106 739
115 701
119 341
EQUITY
47 961 327
50 021 421
53 369 433
57 850 573
59 670 733
€ NAV
47 961 327
50 021 421
53 369 433
57 850 573
59 670 733
11
Group Structure
European Institutional and Private
investors
Mikro Kapital
Founders and Managers
100%
Share Capital
100%
EMTNs Preferred Shares
Mikro Fund
Luxembourg
100%
Town Money
Russia
NLK
Russia
Russia
100%
Credit CMB S.R.L.
Moldova
Armenia
Mikro Leasing
(Ranked 4th)
Belarus
Town Money Leasing
Russia
50 offices in 7 different countries
12
Group’s locations
Europe 3 offices
Milan, Italy
Luxembourg
Zurich, Switzerland
Russia 34 offices
Armenia 1 office
Petrozavodsk
Erevan
Nizhny Novgorod
St.Petersburg
Kaluga
Kaliningrad
Bryansk
Chisinau
Orel
Soroca
Ufa
Obninsk
Tula
Lipetsk
Penza
Minsk
Samara
Grodno
Balti
Gomel
Brest
Drochia
Comrat
Ekaterinburg
Moscow
Moldova 5 offices
Luxembourg
Zurich
Soroca
Balti
Comrat
Chisinau
Togliatti
Syzran
Rostov on Don
Astrakhan
Krasnodar
Moscow (2)
St. Petersburg
Rostov on Don (2)
Kaliningrad
Tula
Obninsk
Ostashkov
Krasnodar (3)
Penza
Lipetsk
Astrakhan’
Orel
Petrozavodsk
Kaluga
Ludinovo
Ekaterinburg (2)
Ufa
Kazan’
Nizhny Novgorod (2)
Samara
Sergievsk
Bryansk
Buguruslan
Buzuluk
Dimitrovgrad
Pohvistnevo
Syzran
Togliatti
Drochia
Erevan
Belarus 7 offices
Milan
Minsk
Vitebsk
Gomel
Polozk
Brest
Grodno
Mogilev
Equity and liabilities of Mikro Fund
(as of 30.06.2016)
Structure of liabilities, €m
14
Sources of asset & Portfolio breakdown
(30.06.2016)
Structure of investments
222,596,533€
Structure of the sources
222,596,533€
Investments in Russia
Russia (125,4 €m)
Equity
59,019,349€
(26,5%)
Total
Liabilities +
Equity
222,596,533€
Investments in Armenia
Armenia (0,4 €m)
323 Bondholders
4 Shareholders
Bonds
156,074,443€
(70,1%)
Average bond amount
purchased by one
bondholder:
483,203 €
In total: 125,373,728 €
Clients: 2,882
Average investments: 43,502€
Moldova (5,4 €m)
In total: 350,467€
Clients: 104
Average investments: 3,360€
Investments in Moldova
In total: 5,382,048€
Clients: 759
Average investments: 7,091€
Belarus (31,5 €m)
Investments in Belarus
Short – term assets (48,2 €m)
Other 7,502,742 €
Cash (11,8 €m)
In total: 31,504,192€
Clients: 1,751
Average investments: 17,992€
15
Section 2
Fund Strategy and Investment Process
16
Fund Target
Target Asset Structure
Small and
medium-sized
companies
Target Equity and Liabilities
Structure
50%
of assets
EMTNs
18, 24 months
Expected Return
80%
of assets
9%
(quarterly coupon
payment)
(EMTNs)
800m €
Leasing
companies
20%
of assets
Microfinance
Institutions
20%
of assets
Cash Instruments
10%
of assets
NAV
(semi-annual dividend
payment)
20%
of assets
14%
(NAV)
200m €
17
Credit Process
Целевая структура
Each Loan application is subject to strict due diligence and credit check and must be approved by
активов
at least 2/3 members of the Credit Committee
Onsite monitoring every 6 months at the borrowers location
In the event of overdue payments on a loan (principal or interest amount), monitoring is carried
out on the monthly basis
Application
for a loan
1 week
Document
preparation for
the Credit
Committee
1 week
Financial
analysis
Preparation of
loan documents
Loan
disbursement
3-4 days
1 week
2 weeks
Monitoring
Loan repayment
Every
6 months
Credit Committee
18
Market Entry Model
Fund Investment
Fund Raising
From own structures (MKR, ML, TM, CCMB, MKA) the
funds
are then channeled to:
Institutional clients and then to their final clients (borrowers);
Direct clients.
From Luxembourg the funds are directed to the companies of
the group:
Russia - Mikro Kapital Russia (MKR); Town Money (TM);
Belarus - Mikro Leasing (ML);
Moldavia – Credit CMB S.R.L. (CCMB);
Armenia – Mikro Kapital (MK).
Funds, raised in Europe through EMTNs issued in
Luxembourg
Luxembourg
Luxembourg
Credit CMB
S.R.L
Town Money
Leasing
Russia
Belarus
Russia
Moldova
Armenia
Institutional clients
Direct
clients
Final
clients
Direct
clients
Direct
clients
Direct
clients
19
Loans issued by Country
73,1% of the
Fund is invested
into
the
core
activity
(the
share of Russia
amounts
to
56,3%,
Belarus
share amounts to
about
14,2%,
2,4% - Moldova,
0,2% -Armenia)
21,6%
is
invested in highly
liquid assets.
5,3% - cash.
20
Increase in loan issued
Start of RussianUkraine crisis
149 303
The activity is focused
on the development
of internal structures:
this helps to increase
the number of clients
of its subsidiaries.
Portfolio at risk (PAR
30 and PAR 90) is on
a
sufficiently
low
level.
At the time of the
calculation of PAR90,
the sum of the loans
for which at least one
payment amount is in
arrears.
The
acceptable level of
portfolio at risk is the
result
of
Fund’s
conservative
investment policy.
2 144
Crisis in Hungary1 791
Downfall of
Stock Markets
Debt of Ireland
4 021
3 753
3 675
Bankia
3 351
bankrupcy
3 067
(Spain)
Russia WTO 2 706
accession
Enlargement of
options in Italy
In 2Q the number of
clients is 5,496.
4 407
3 758
Default in Greece
Tsunami in Japan
5 556 5 496
679 770
1 077 1 121
923
584
414 441 546
dec-10 mar-11 jun-11 sep-11 dec-11 mar-12 jun-12 sep-12 dec-12 mar-13 jun-13 sep-13 dec-13 mar-14 jun-14 sept-14 dec-14 mar-15 jun-15 sep-15 dec-15 mar-16 jun-16
Portfolio at risk- % on Total Assets
jun-14
sep-14 dec-14 mar-15 jun-15 sep-15 dec-15 mar-16 jun-16
PAR30 (Total)
0,98% 1,52%
1,32% 1,36%
1,97% 1,88% 2,22% 2,33% 2,12%
PAR90 (Total)
1,04% 1,88%
1,88% 1,68%
2,75% 2,23% 2,68% 3,08% 3,30%
21
Section 3
Portfolio analysis
22
Currency risks: general
coverage in EUR
Currency risks - equivalent in €
Currency risks – number of contracts
The Fund’s portfolio composes 71,6% in EUR, with Russian Rubles representing 28,4% of the
total portfolio. Almost ¾ of the Ruble contracts are investments with an average equivalent of
23,094€. For example, the average amount of the euro contract is 56,540€.
All exchange risks are fully covered by the hedging instruments.
23
Analysis of Defaults and Legal Action
Court Cases (% of aggregated assets)
jun-13 sep-13 dec-13 mar-14 jun-14 sep-14 dec-14 mar-15 jun-15 sep-15 dec-15 mar-16 jun-16
N. of clients on trial in Russia
€. of clients on trial in Russia
N. of clients on trial in Belarus
€. of clients on trial in Belarus
N. of clients on trial in Armenia
€. of clients on trial Armenia
5,35% 3,24% 3,03% 3,73% 4,43% 4,71%
3,86% 3,61% 4,40% 4,20% 3,70% 3,11%
1,18%
2,36% 2,02% 1,50% 0,97% 1,01% 1,32%
0,92% 0,73% 0,84% 0,76% 0,81% 0,74%
0,96%
0,62% 0,61% 0,42% 0,30% 0,26% 0,41%
0,38% 0,42% 0,72% 0,88% 1,00% 0,68%
0,71%
0,16% 0,16% 0,11% 0,07% 0,005% 0,09%
0,09% 0,10% 0,17% 0,21% 0,21% 0,17%
0,17%
0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,05% 0,19%
0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,01%
0,27% 0,27% 0,25%
0,02% 0,03% 0,03%
0,13%
0,01%
The fund has recorded only the number of open disputes in the court: it occurs because the
companies, at the time of having to repay their debts are willing to reach a settlement with Mikro
Fund, in order to not lose their guaranteed collateral.
When giving out a loan for the first time, only those potential borrowers who can provide a
collateral in the form of guarantee and pledge of property are considered. The collateral is a
guarantee of a loan repayment.
24
Example Loans (1/2)
Stroy – Vest LLC
Safin PE
Construction company
Retail sale of apparel
Established in 2001
Established in 1995
Located in Obninsk
Located in Ostashkovo
30 employees
7 employees
Amount disbursed: 25,000 EUR
Amount disbursed: 17,500 EUR
24 month loan
18 month loan
Upfront fee: 0%
Upfront fee: 0%
Interest rate: 32% per annum
Interest rate: 36% per annum
Interest payment: monthly
Interest payment: monthly
Principal repayment: monthly
Principal repayment: monthly
Collateral: transport, guarantee
Collateral: real estate, guarantee
25
Example Loans (2/2)
BESTAUTO LLC
KopliAgroService
Rent-a-car-company
Transport and trade company
Established in 2003
Established in 2004
Located in Moscow
Located in Kopyl
5 employees
23 employees
Amount disbursed: 40,000 EUR
Amount disbursed: 22,000 EUR
24 month loan
24 month leasing
Upfront fee: 0%
Upfront fee: 0%
Interest rate: 28% per annum
Interest rate: 25% per annum
Interest payment: monthly
Interest payment: monthly
Principal repayment: monthly
Principal repayment: monthly
Collateral: transport, guarantee
Object of Leasing: transport
26
Section 4
Financial Analysis
27
NAV Composition analysis (€)
Standard Ratio NAV/Bonds
20/80:
At the current level of the
fund’s equity (NAV) €59,0m
the maximum amount of
outstanding bonds is €236,1m.
As of 30.06.2016 Mikro Fund’s equity (NAV) was €59,0m (6,3% increase over the quarter).
The amount of outstanding bonds was €156,1m (70,1% of the aggregate assets).
28
Liquidity Management
Bond payments
Fund's aggregated assets
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
2,41%
1,14%
0,54%
0%
Sep-15
6,94%
4,53% 3,15%
1,74% 3,95%
0,00%
0,00%
Oct-15 Nov-15 Dec-15
Jan-16
Feb-16 Mar-16 Apr-16 May-16 Jun-16
2,59%
Jul-16
4,51%
0,00%
Aug-16 Sep-16
1,94%
Oct-16 Nov-16 Dec-16
Jan-17
4,29%
Feb-17 Mar-17 Apr-17 May-17 Jun-17
0,42%
Jul-17
2,09%
Aug-17 Sep-17
Thanks to the strategy of monthly bond commissioning, their maturity dates are not focused on
specific events any more, but are distributed through time.
For the 2Q 2016, bonds were redeemed in the amount that is equal to approximately 8,1% of the
aggregated assets.
29
Assets and liabilities model (30.06.2016)
Total Assets (Expected IN-Flows) EUR ML
Mikro Kapital provides on a
quarterly basis an updated
assets and liabilities model to its
investors.
This model ensures the balance
between the expected outflow
(in general of interests and
bonds paid to investors) and
inflow (in general the loans, paid
by entrepreneurs of Russia and
Belarus).
Coverage rate is between 0.3x –
0.7x.
A repaid loan may be extended.
222,6
Total Liabilities (Expected OUT-Flows) EUR ML
0.7X
Coverage Ratio
163,6
145,0
0.7X
105,8
102,1
0.3X
26,5
n/a
13,3
0,0
< 1 mth
1-3 mth
4-12mth
1-3 years
30
Section 5
Mikro Fund Bond Issues
31
Bond Issues 2008-2013
2008-2010
9,675,000 €
2008-2010
11,725,000 €
2012
21,750,000 €
2012
7,201,125 CHF
2012
5,767,750 USD
Average rate: 12%
Average rate: 10%
Average rate: 10%
Average rate: 9%
Average rate: 9%
Average time:17 months
Average time: 18 months
Average time: 32 months
Average time: 20 months
Average time: 22 months
Nominal value:125,000€
Nominal value: 125,000€
Nominal value: 125,000 €
Nominal value:
150,000CHF
Nominal: 155,885CHF
2013
2013
48,500,000 €
6,580,000 CHF
2013
10,897,000 USD
2013
1,760,000 GBP
Average rate: 9%
Average rate: 7.5%
Average rate: 9.5%
Average rate: 8.5%
Average time: 18 months
Average time: 18 months
Average time: 18 months
Average time: 120 months
Nominal value: 125,000€
Nominal value:
157,060CHF
Nominal value:
165,750USD
Nominal value:
110,000GBP
32
Bond Issues 2014
1Q 2014
20,250,000 €
1Q 2014
856,250 USD
1Q 2014
2Q 2014
2Q 2014
7,725,000 CHF
15,750,000 €
1,362,000 USD
Average rate: 9%
Average rate: 8%
Average rate: 7%
Average rate: 9%
Average rate: 9%
Average time:18 months
Average time: 18 months
Average time: 100 months
Average time:18 months
Average time: 18 months
Nominal value:125,000€
Nominal value: 170,635$
Nominal value: 155,000
CHF
Nominal value:125,000€
Nominal value: 170,100$
3Q 2014
3Q 2014
4Q 2014
4Q 2014
4Q 2014
9,750,000 €
3,355,000 USD
752,000 CHF
13,375,000 €
2,504,000 USD
Average rate: 9%
Average rate: 10%
Average rate: 8%
Average rate: 9,7%
Average rate: 10,5%
Average time: 18 months
Average time: 24months
Average time: 18months
Average time: 18 months
Average time: 18 months
Nominal value: 125,000€
Nominal value: 167,500$
Nominal value: 150,400
CHF
Nominal value: 125,000€
Nominal value: 156,500$
33
Bond issues 2015
1Q 2015
8,625,000 €
1Q 2015
852,000 USD
2Q 2015
2Q 2015
2Q 2015
15,125,000 €
8,560,600 USD
1,049,600 CHF
Average rate: 10%
Average rate: 10,5%
Average rate: 10%
Average rate: 10,5%
Average rate: 8%
Average time:20 months
Average time: 18 months
Average time:18 months
Average time:18 months
Average time:18 months
Nominal value:125,000€
Nominal value: 142,000$
Nominal value:125,000€
Nominal value:138,000$
Nominal value:131,200
CHF
3Q 2015
22,750,000 €
3Q 2015
3Q 2015
4Q 2015
4Q 2015
6,001,800 USD
3,997,000 CHF
15,250,000 €
7,683,750 USD
Average rate: 10%
Average rate: 10,5%
Average time:18 months
Average time:18 months
Nominal value:125,000€
Nominal value:139,000$
4Q 2015
949,450 CHF
Average rate: 10%
Average rate: 10 %
Average time:18 months
Average time:18 months
Average time:21 months
Nominal value:134,000
CHF
Nominal value:125,000€
Nominal value:137,000$
4Q 2015
85,000,000 RUB
Average rate: 7,5%
Average rate: 14,5%
Average time:18 months
Average time:18 months
Nominal value:135,600
CHF
Average rate: 7,5%
34
Bond issues 2016
1Q 2016
26,375,000 €
1Q 2016
380,912 USD
1Q 2016
1Q 2016
2,201,600 CHF
37,500,000 RUB
Average rate: 9%
Average rate: 8%
Average rate: 7%
Average rate: 14,5%
Average time: 18 months
Average time: 24 months
Average time:18 months
Average time:18 months
Nominal value:125,000€
Nominal value:137,600 CHF
2Q 2016
2Q 2016
24,500,000 €
1,365,525 CHF
2Q 2016
5,220,600 USD
Average rate: 9%
Average rate: 7%
Average rate: 9,5%
Average time: 18 months
Average time:18 months
Average time: 18 months
Nominal value:125,000€
Nominal value:137,600 CHF
35
EMTNs in Bloomberg
An example of
Bloomberg page
36
Disclaimer
This presentation is produced solely for the purposes of familiarization with one mode of investment
rather than a financial product; it doesn’t constitute any offer, as well as it doesn’t require representation
of offers for the purchasing or selling of products and other services. However, this information and
opinions, expressed in this presentation, were received from qualified sources, while we don’t undertake
any liability or guarantee, obvious or implicit in relation to their accuracy and completeness.
Mikro Kapital Sàrl does not provide any legal or tax advices. In such manner, this presentation isn’t an
advice. Mikro Kapital Sàrl recommends to all entities, interested in some product or service, to receive
independent tax or legal advice as well as advices of other character.
General information, contained herein shouldn’t be considered for your personal investment goals, as well
as for your financial situation and financial needs. Some products and services are subject to limitations,
that’s why they can’t be implicitly offered on world level. All the information and opinions, as well as
specified indicators may be changed anytime without preliminary notification.
This presentation approved and published by Mikro Kapital Sàrl, may not be reproduced or copied without
prior consent of Mikro Kapital Sàrl.
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Contact
Mikro Kapital Sàrl
The Management Company of Mikro Fund
11-13 Boulevard Grande-Duchesse Charlotte
L-1331 Luxembourg
[email protected]
www.mikrokapital.com
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