MIRA INFORM REPORT

Report Date :

03.06.2011

IDENTIFICATION DETAILS

Name :	RUSBALTCHEM OSAUHING
Formerly Known As :	GLOBAL TRADING HOUSE OSAUHING
Registered Office :	Tartu road 84A, Tallinn, Harju county, 10112
Country :	Estonia
Date of Incorporation :	24.05.2010
Com. Reg. No.:	11945198
Legal Form :	OU (Limited Liability Company by Estonian Commercial Law)
Line of Business :	Other business support service activities

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Estonia	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Identification

Full Name

:

Rusbaltchem Osauhing

Name in English

:

Rusbaltchem LLC

Name in national language

:

Rusbaltchem O

Previous Names

:

-	Global Trading House Osauhing

Office address

:

Tartu road 84A, Tallinn, Harju county, 10112, Estonia

Legal Address

:

Tartu road 84A, Tallinn, Harju county, 10112, Estonia

Contacts

:

-	Phone	:	(+372) 6613805
-	Fax	:	(+372) 6613806
-	E-mail	:	info@rbc.ee
-	WWW	:	www.rbc.ee

SUMMARY

Legal Form : OU (Limited Liability Company by Estonian Commercial Law)

Incorporation : 2010

Staff : n/a

Litigation events : none Remarks on payments : none

Sales : n/a

Credit Opinion

Incorporation

:

2010

Registration Data

Date of registration

:

24.05.2010

Registration number

:

11945198

Registr. authority

:

Registration department of the County Court (Harju county, Estonia)

VAT number

:

-

Registr. place

:

Estonia

VAT payers are persons (including legal persons), whose taxable supply from the beginning of a calendar year exceeds 250 000 EEK. VAT rate is 20 percent. Exception: If turnover is with VAT rate 0% (e.x. sales inside European Union), then company is not liable to have valid VAT number.

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since 24.05.2010

Limited liability company (LLC) is a company with a capital divided into shares and who is liable for its obligations with all its assets. The minimum share capital must be at least 40,000.00 EEK (2,556.00 EUR), held by one or several shareholders.

Share Capital

:

100 000 EEK (registered)

since 24.05.2010

Shareholders

:

-	Mr Arumae, Rasmus (Estonia)				100.00 %
		share's book value	:	100 000 EEK
		reg. number	:	38003240248

Board / Executives

Executives

Member of the board

:

Mr Arumae, Rasmus (Estonia)
	pers. code: 38003240248

:

The member of the management board represents the private limited company alone unless noted otherwise in the commercial register.

Authorised signature

:

Mr Arumae, Rasmus

Changes in Registration Data

- 26.07.2010

:

name

Activities

:

-	8999	Services NEC, NEC
		(NACE 7487: Other business activities n.e.c.)

Principal activity: Other business support service activities n.e.c. (NACE code: 82.99)

Staff employed

:

n/a

Facilities

Real estate

:

According to Estonian Land Register, company required has no real estate objects.

Branches

:

none

According to official sources and our evaluation, the company required has no branches.

Subsidiaries and Participation

:

none

According to official sources and our evaluation, the company required has no subsidiaries.

Bankers

:

-	UniCredit Bank Eesti filiaal (Estonia)
	address	:	Liivalaia 13/15, Tallinn, Harju county, 10118, Estonia
	reg. number	:	11343140
	bank code	:	699
	account(s)	:	8861000295014 / IBAN: EE958808861000295014 / SWIFT: UNCREE22

Litigation

:

none

There are no warnings recorded by the State Register. There are no registered legal actions against company required.

Remarks on payment

:

none

Debts to Estonian government: By the Tax Authorities there are no tax debts registered on the subject. Other debts: No current on defaulted payments are reported by local debt collection companies

Business mortgages

:

none

According to official sources and our evaluation, the company required has no commercial pledges.

Financial Elements

:

The financial statements are not available, because the subject company is a newly established business.

Publications

:

No publications in mass-media regarding company required.

FINAL COMMENTS

The information given in this report was received from all accessible sources. We sent our questionnaire form to the company by an email: info@rbc.ee. We called by the tel. number: +372 6613805, on 01.06.2011. Mr Arumae, Rasmus (Shareholder) promised to reply us officially within few days.

COUNTRY REVIEW

STATE BOARD FOR STATISTICAL DATA REPORTS

Estonia, Updated: 11 March 2010

Last year the biggest downfall of the GDP was recorded in the 2nd quarter

According to Statistics Estonia, in 2009 the gross domestic product (GDP) decreased

by 14.1% compared to the previous year. The biggest downfall was in the 2nd quarte

r when the GDP decreased by 16.1%. After that, the decrease gradually decelerated.

In the 4th quarter, the GDP decreased by 9.5% according to the first estimates.

2009

In 2009 the GDP at current prices was 214.8 billion kroons.

In 2009, the domestic demand decreased approximately by 24%, including households

final consumption expenditures by 19% and gross fixed capital formation by 35%. The

change in inventories decreased fast as well. The share of the domestic demand in

the GDP was 95%. The domestic demand was annually less than the GDP for the first t

ime in the last 15 years, i.e. despite the fast decrease the GDP was still bigger t

han the sum total of final consumption expenditures, investments and changes in inv

entories. The decrease in households final consumption expenditures was most influe

nced by the decrease in expenditures on transport, recreation and culture, restaura

nts and hotels and on miscellaneous goods and services (e.g. on financial services,

personal care, etc). The decrease in gross fixed capital formation was most influe

nced by the decrease in investments in machinery and equipment by the non-financial

corporations sector.

Along with the decrease in domestic demand import of goods and services decreased a

s well in real terms (by 27%). The decrease in imports of chemicals and chemical pr

oducts and food products and beverages, as well as the increase in imports of petro

leum products and fuel influenced import the most.

The value added decreased in the majority of economic activities in 2009. It increa

sed only in forestry, fishing and in public administration and defence, but the sha

re of these activities in gross value added of the economy was small. The value add

ed decreased the most in construction, financial intermediation and in manufacturin

g, whereas the decrease in the value added in manufacturing and wholesale and retai

l trade had the biggest influence on the decrease in the GDP. Weak domestic demand

was the main reason for the bad result of the wholesale and retail trade. Weak dome

stic demand together with the decrease in domestic orders and worsened external dem

and contributed the most to the decrease in the value added of the manufacturing. D

ue to the worsened external demand exports of manufacturing activities steeply dimi

nished.

In 2009, exports of goods and services of the total economy decreased by 11%, inclu

ding exports of goods by 12% and exports of services by 10%. The decrease in export

s was most influenced by the decrease in exports of electrical machinery and appara

tus and wood and products of wood. At the same time, the increase in exports of pet

roleum products and fuels after inward processing had the positive effect.

In 2009, foreign trade balance improved in Estonia. The share of net export in the

GDP was 5.4%, being the best indicator annually of the last 15 years. The share of

net export in the GDP turned into positive indicator as of the 1st quarter 2009.

4th quarter 2009

Compared to the 3rd quarter, the seasonally and working-day adjusted GDP increased

by 2.5% in the 4th quarter. The seasonally and working-day adjusted GDP grew last i

n the 4th quarter of 2007.

The decrease of the domestic demand decelerated to 17% in the 4th quarter of 2009 (

in the 3rd quarter the domestic demand decreased by 28%), influenced to a great ext

ent by the abrupt deceleration of the decrease in inventories in previous year pric

es. The volume of inventories was influenced by the stocking up of excise goods (es

pecially of tobacco products) by corporations before the rise of excise taxes since

the 1st January 2010. Stocking up of excise goods brought about substantially bigg

er receipts of excise taxes than customary, contributing to the deceleration of the

decrease in the GDP.

Households final consumption expenditures decreased by 17% (by 20% in the 3rd quar

ter) and gross fixed capital formation decreased by 35% (by 37% in the 3rd quarter)

. The decrease in the expenditures on transport and miscellaneous goods and service

s (e.g. financial services, personal care, etc.) influenced the decrease in the hou

seholds final consumption expenditures most. The decrease in gross fixed capital f

ormation was mostly influenced by the decrease in investments by the non-financial

corporations sector.

Along with the decrease in domestic demand imports of goods and services decreased

as well in real terms (by 22%). At the same time, the decrease in imports has decel

erated since the 2nd quarter of 2009. In the 4th quarter the decrease in imports of

chemicals and chemical products, petroleum products and fuel and food products and

beverages influenced imports the most.

In the 4th quarter the gross value added of most economic activities decreased. The

decline was the biggest in construction, hotels and restaurants and in financial i

ntermediation (by -26%, -23% and -21%, respectively). The value added increased in

forestry, fishing, mining and quarrying, and in public administration and defence,

but the share of these economic activities in the gross value added of the economy

was small. The decrease of the gross value added decelerated to 10.7%, affected to

a great extent by the decrease of the value added in manufacturing. If in the 3rd q

uarter the value added in manufacturing decreased by 27%, then in the 4th quarter b

y 14%. The deceleration of the falling trend of the value added in manufacturing wa

s contributed by the slight increase in exports of this economic activity. At the s

ame time one of the reasons for the improvement of the situation was also lower ref

erence base of the 4th quarter of 2008.

In the 4th quarter, exports of goods and services decreased by 8% in real terms, of

which exports of goods by 6% and exports of services by 12%. Exports decreased mos

t in the 1st quarter of 2009, after that export has gradually improved. In the 4th

quarter, export of goods was most influenced by the decrease in exports of electric

al machinery and apparatus, wood and wood products and food products and beverages.

At the same time, the increase in exports of petroleum products and fuels after in

ward processing had the positive effect.

Real growth of the GDP compared to the same quarter of the previous year, 1st quart

er 2006 4th quarter 2009

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.73.46
Euro	1	Rs.64.58

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.