• Форум обманутых инвесторов. Вся правда о мошенниках - Крымов Павел Геннадьевич, Эдуард Суржик, Игорь Мазепа (Concorde Capital). Финансовые пирамиды - Forex Trend, Panteon Finance, PrivateFX, ShareInStock, Prime Broker, Solvena, Worldcore. Сбор и распространение информации о мошенниках, о схемах кидалова, о новых лохотронах. Противодействие в информационном поле, привлечение и информирование правоохранительных органов разных стран. Репост материалов приветствуется.

Worldcore Ernst & Young ICO Presentation (2 oct 2017)


Well-Known Member
EUPSProvider s.r.o.
Attn.: Mr. Alexey Nasonov
Křemencova 186/7
110 00 Prague 1 – Nove Mesto

2 October 2017

Dear Mr. Nasonov,

Based on the engagement agreement concluded on 14 August 2017 (Engagement Agreement“), we, E & Y Valuations s.r.o., having its registered office at Na Florenci 2116/15, 110 00 Prague 1 - Nové Město, ID: 161 90 581, registered with the Commercial Register maintained by the Municipal Court in Prague, File No. C 2483 (“we“, or “EY“), have been asked by EUPSProvider s.r.o., having its registered office at Křemencova 186/7, 110 00 Prague 1 – Nove Mesto, ID: 022 26 987, registered with the Commercial Register maintained by the Municipal Court in Prague, File No. C 217150 (“Client”, “Company“, or “you”) to provide valuation services related to an indicative valuation of 100% ownership interest in the Company.

Subject and purpose of valuation

Based on the Engagement Agreement we were asked to perform indicative valuation of the 100% ownership interest (“Share”) in the Company for purposes of a contemplated Initial Coin Offering (“ICO”). In addition, the Client requested indicative valuation of an developed customized software underlying the Company’s operations (“Software”). It is our understanding that the Client requests our services for the purpose of an internal decision making process within the contemplated ICO (“Purpose”).

We emphasize that according to the Engagement Agreement the indicative valuation of the Software should be prepared in a form of a separate expert opinion. However, the Client asked us to summarize the results of our Software indicative valuation analysis in the Appendix of this presentation („Presentation“). Hence, summary of the valuation of the Software within this Presentation serves for illustrative purposes only and must be read in conjunction with the expert opinion, its scope, conditions and limitations.

The Client instructed us to perform the valuation analysis as at 31 July 2017 („Valuation Date“). The Presentation has been prepared exclusively for the aforementioned Purpose and cannot be used for any other purpose and in manners different from those specified in the Engagement Agreement or in this Presentation.
Sources of information Our valuation analysis is primarily based on information obtained from the Client and publicly available information. Our valuation analysis is, among other factors, based on
general legal, economic and commercial assumptions and on specific information regarding the business and legal frameworks of the Company relevant as at the Valuation Date.

The last available information used for the preparation of this Presentation was acquired on 1 October 2017. Please note that the financial statements of the Company provided to us were not audited and we were neither provided nor had access to audited annual reports or notes to the Company’s financial statements.

Conditions and limitations to our engagement

We did not independently investigate or otherwise verify the data provided to us and we do not express any opinion or offer any form of assurance regarding its achievability (especially of the business plan), accuracy or completeness. We performed neither an audit nor another similar review of the source data and documents that were submitted to us by the Client. These data and documents are entirely in the competence of the Client’s representatives and we are fully reliant upon them.

Subject to our obligation to conduct our work with reasonable skill and care, we have no liability for any loss or damage, of whatsoever nature, arising from information material to our work being withheld or concealed from us or misrepresented to us by the directors, employees, or agents of the Client or any other person of whom we make enquiries except to the extent that such loss or damage arises as a result of our bad faith or willful default or where the withholding, concealment or misrepresentation should have been apparent to us
without further enquiry from the information provided to us and required to be considered by us under the terms of our assignment. We would like to point out that in case of a significant change in key assumptions, the results of our valuation analysis may materially change as well. In this regard, the value of
the subject assets is a time-dependent dynamic variable influenced by development in financial markets and markets of related services. We understand that the Company has announced ICO as part of its expansion plans and that our Presentation might be used as one of the documents underlying the ICO and might
be disclosed to potential investors. We would like to stress that our valuation analysis do not offer investment advice and nothing in it should be construed as investment advice. The information contained in our valuation is not, and should not be read as, an offer or recommendation to participate in aforementioned ICO or a solicitation of an offer or recommendation to buy or sell any issued tokens of the Company.

EUPSProvider s.r.o. is an early-stage fintech company being in the initial phase of a life cycle. Hence, an establishment of the financial plan for any kind of such company is significantly influenced by a subjective judgment of the preparer that is supported by limited historical observations with regards to financial performance. Forecasted financial figures are subject to significant level of uncertainty regarding their future achievability. It is usually the case that some events and circumstances do not occur as expected or are not
anticipated. Therefore, actual results during the forecast period will almost always differ from the forecasts and as such differences may be material. To the extent that our conclusions are based on forecasts, we express no opinion on the achievability of those forecasts. The Client informed us that the Company has experienced transition period in the first half of 2017 due to awaiting approval from the Czech National Bank to become a payment institution. The Company had to stop its marketing activities attracting new customers in a first half of 2017. Furthermore, the Client informed us that, as at the date of issuance of this Presentation, the Company already got approval from the Czech National Bank to become a payment institution. However, obtaining the official written Czech National Bank licence takes some time to be processed and finalized. We note that the provided financial plan assumes mentioned licence of a payment institution of the Czech National Bank and its achievability is dependant on it.
The Company is a regulated financial institution and as such has to adhere to certain capital requirements imposed on payment institutions. These requirements are driven by Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC. We did not examine capital requirements imposed to the Company and we fully relied on the information provided us by the Client in this matter and did not verify them.
We appreciate the opportunity to provide our valuation advisory services to EUPSProvider s.r.o.. Please do not hesitate to contact us if you have any questions about this engagement or if we may be of any further assistance.

Yours sincerely,

Marek Jindra
E & Y Valuations s.r.o.