MIRA INFORM REPORT

Report Date :

31.08.2014

IDENTIFICATION DETAILS

Name :	TVA LTD.
Registered Office :	Duntes iela 23A, Riga, Rigas region, LV-1005
Country :	Latvia
Financials (as on) :	31.12.2013
Year of Establishment :	1995
Com. Reg. No.:	40103154426
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	TRUCKING AND WAREHOUSING Transportation Svcs, NEC, NEC
No of Employees :	131

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Exist

NOTES :

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

LATVIA - ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The government of Prime Minister Valdis DOMBROVSKIS remains committed to fiscal prudence and reducing the fiscal deficit. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia intends to join the euro zone in 2014

Source : CIA

Identification

Full Name

:

Sabiedriba ar ierobezotu atbildibu "TVA"

Name in English

:

TVA Ltd.

Name in national language

:

Sabiedrība ar ierobežotu atbildību "TVA"

Previous Names

:

-	Sabiedriba ar ierobezotu atbildibu TRIS V AGENTURA

Office Address

:

Duntes iela 23A, Riga, Rigas region, LV-1005, Latvia

Legal Address

:

Duntes iela 23A, Riga, Rigas region, L

-1005, Latvia

Contacts

:

-	Phone	:	(+371) 67709119
	Janis Samsonov /Director of finance/
-	Phone	:	67382375
-	Fax	:	67382444
-	E-mail	:	vv@tva.lv
-	E-mail	:	tva@tva.lv
-	E-mail	:	viktors@tva.lv
-	E-mail	:	ks@tva.lv
-	WWW	:	www.tva.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 1995

Staff : 131

Litigation events : yes Remarks on payments : yes

Sales :	24 550 895.00 LVL ( for 12 months, ended 31.12.2013 )
	23 649 091.00 LVL ( for 12 months, ended 31.12.2012 )

Incorporation

:

1995

Registration Data

Date of registration

:

09.07.2003

Registration number

:

40103154426

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40103154426

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 23.03.1995

Share Capital

:

10 000 LVL (registered)

since 09.07.2003

Shareholders

:

-	TVA GROUP (Latvia)				93.00 %
		reg. number	:	40103227043
		address	:	Duntes 23a, Riga, Rigas region, LV-1005, Latvia
-	Mrs Denisova, Irina (Latvia)				7.00 %
		reg. number	:	261258-10716
		address	:	Garkalnes nov., Sunisi, Mala iela 9, Latvia
-	Mr Ašs Vladimirs (Latvia)				31.00 %
	( the data cancelled since 12.04.2013 )
-	Mr Vasiljevs, Viktors (Latvia)				31.00 %
		reg. number	:	271069-12754
	( the data cancelled since 12.04.2013 )
-	Mr Zaicevs Vladimirs (Latvia)				31.00 %
	( the data cancelled since 12.04.2013 )

Board / Executives

Executives

Board Chairman

:

Mr Zaytsev, Vladimir (Latvia)
	pers. code: 310769-11129

Board Member

:

Mr Vasiljevs, Viktors (Latvia)
	pers. code: 271069-12754

Chief Accountant

:

Irina Suvorova

Director of finance

:

Janis Samsonov

Authorised signature

:

Mr Vasiljevs, Viktors

Mr Zaytsev, Vladimir

Changes in Registration Data

- 12.04.2014

:

shareholders

- 27.12.2013

:

shareholders

- 14.11.2013

:

managers

- 12.04.2013

:

shareholders

- 10.11.2010

:

legal address

former address: Riga, Ganibu dambis 36-309

- 20.08.2009

:

managers

- 12.05.2006

:

name

former name: Sabiedriba ar ierobezotu atbildibu TRIS V AGENTURA

- 09.07.2003

:

managers

- 09.07.2003

:

shareholders

- 09.06.2003

:

shareholders

- 21.05.2002

:

managers

- 09.01.2002

:

legal address

former address: Riga, Ganibu dambis 40

- 28.05.1997

:

shareholders

- 20.02.1996

:

shareholders

Activities

:

-	42	TRUCKING AND WAREHOUSING
		(NACE 6024: Freight transport by road)
-	4789	Transportation Svcs, NEC, NEC
		(NACE 6340: Activities of other transport agencies)

Staff employed

:

131

Staff History

:

-	131
	( the data as of 31.03.2014 )
-	130
	( the data as of 31.12.2013 )
-	123
	( the data as of 2012 )
-	122
	( the data as of 2011 )
-	116
	( the data as of 2010 )

Export

:

The company transports cargoes between Europe, Southeast Asia, China and the CIS countries.

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	NORDEA
-	Swedbank (Latvia)
	address	:	Balasta dambis 1a, Riga, Rigas region, LV-1048, Latvia
	reg. number	:	40003074764
	bank code	:	HABALV22

Clients

:

General amount: over 100 There are no payment delays. Seasonality affects on turnover: turnover increases in the second half of a year.

Suppliers

:

General amount: over 100 General clients: Maersk, MSC, CMA-CGM, APL, NYK, COSCO, China Shipping, DFDS Transport, DHL, Kuehne&Nagel, Evergreen, Sarjak According to the company's web page. Partners provide a deferred payment of up to 60 days.

Other associated Companies

:

-	TVA GROUP (Latvia)
	address	:	Duntes 23a, Riga, Rigas region, LV-1005, Latvia
	reg. number	:	40103227043

Litigation

:

yes

The subject company is being involved as a claimant and defendant into several legal proceedings in the period from 04.03.2009 up to 10.09.2014 (next court sitting).

No bankruptcy/insolvency are registered against the subject.

Remarks on payment

:

yes

There are no active on unpaid invoices/defaulted payments noted by local debt collection companies.

Business mortgages

- 02.04.2014

:

Commercial pledge
	pledgee	:	Nordea Bank AB reg. number: 516406-0120

- 31.07.2013

:

Commercial pledge
	pledgee	:	Nordea Bank Finland Plc.

Financial Elements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	LVL	LVL	LVL
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	81 848.00	94 452.00	69 845.00
- Fixed assets	2 703 078.00	2 692 092.00	2 662 398.00
- Investments in tangible assets
- Financial assets	1 349 818.00	97 662.00	501 951.00
- Other non-current assets
Non-current assets total	4 134 744.00	2 884 206.00	3 234 194.00
CURRENT ASSETS
- Stock	1 146 841.00	580 175.00	34 881.00
- Debtors	5 591 345.00	5 225 130.00	4 078 665.00
- Other receivables
- Short-term financial investments
- Cash	206 105.00	124 325.00	148 115.00
- Other current assets
Current assets total	6 944 291.00	5 929 630.00	4 261 661.00
Assets total	11 079 035.00	8 813 836.00	7 495 855.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	10 000.00	10 000.00	10 000.00
- Additional capital
- Other capital
- Reserve capital	100.00	100.00	100.00
- Retained earnings (Non-covered loss)	1 705 493.00	1 590 723.00	1 481 087.00
Capital and reserves total	1 715 593.00	1 600 823.00	1 491 187.00
Provisions	78 174.00	84 614.00	40 292.00
LONG-TERM LIABILITIES
- Loans and credits	4 238 894.00	3 839 578.00	1 716 583.00
- long-term amounts owed to banks	2 095 728.00	2 124 349.00	0.00
- Other long-term liabilities	181 365.00	202 110.00	240 396.00
Long-term liabilities total	4 420 259.00	4 041 688.00	1 956 979.00
SHORT-TERM LIABILITIES
- Loans and credits	610 429.00	692 268.00	1 430 676.00
- short-term amounts owed to banks		418.00	800 912.00
- Creditors	3 311 562.00	1 952 423.00	2 341 960.00
- trade debts	2 202 501.00	1 531 081.00	2 139 847.00
- accrued payroll
- tax liabilities	95 673.00	29 076.00	74 440.00
- other creditors	878 590.00	225 136.00	113 207.00
- advances received	134 798.00	167 130.00	14 466.00
- Dividends in arrears	812 700.00	362 700.00	124 000.00
- Accrued income, deferred charges	130 318.00	79 320.00	110 761.00
- Other short-term liabilities
Short-term liabilities total	4 865 009.00	3 086 711.00	4 007 397.00
Liabilities total	9 285 268.00	7 128 399.00	5 964 376.00
Equity and liabilities total	11 079 035.00	8 813 836.00	7 495 855.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	24 550 895.00	23 649 091.00	20 986 088.00
Cost of goods sold	23 084 853.00	22 435 115.00	19 817 698.00
Gross profit	1 466 042.00	1 213 976.00	1 168 390.00
Distribution costs	100 019.00	101 298.00	66 213.00
Administrative and management costs	566 810.00	492 396.00	393 080.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable	69 666.00	39 254.00	22 536.00
Interest payable	134 659.00	120 417.00	134 479.00
Income from participating interests
Other operating income	617 451.00	364 974.00	472 685.00
Other operating charges	610 699.00	424 791.00	279 356.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	740 972.00	479 302.00	790 483.00
Income-tax and other similar payments	126 202.00	69 666.00	11 415.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	614 770.00	409 636.00	779 068.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	3.02	2.03	3.77
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	43.19	29.94	53.01
Profit before taxation / Equity
Current assets turnover	3.54	3.99	4.92
Net sales / Current assets
Working capital	2 079 282.00	2 842 919.00	254 264.00
Current assets - Short-term liabilities
Leverage	0.15	0.18	0.20
Equity / Total assets
Current ratio	1.43	1.92	1.06
Current assets / Short-term liabilities
Quick ratio	1.19	1.73	1.05
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	5.41	4.45	4.00
Total liabilities / Equity

According to Mr Samsonov turnover of the company for six months of 2014 is 17 000 000 EUR.

FINAL COMMENTS

An inquiry had been sent to the company by general e-mail for attention of Vladimir Zaytsev on 19.08.2014. Our letter was handed over to Mr Samsonov (Director of finance). On 21.08.2014 Mr Samsonov provided us with additional information about the subject company.

Registration History

- 23.03.1995

:

Registration number	:	010315442
Registr. authority	:	State Register (Latvia)

( the data as of 23.03.1995, cancelled since 09.07.2003 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2013	31.12.2012	31.12.2011
Currency	LVL	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	24 550 895.00	23 649 091.00	20 986 088.00
020 Cost of sales	-23 084 853.00	-22 435 115.00	-19 817 698.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	1 466 042.00	1 213 976.00	1 168 390.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-100 019.00	-101 298.00	-66 213.00
050 Administrative expenses	-566 810.00	-492 396.00	-393 080.00
060 Other operating income	617 451.00	364 974.00	472 685.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-610 699.00	-424 791.00	-279 356.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	69 666.00	39 254.00	22 536.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-134 659.00	-120 417.00	-134 479.00
120 Profit or loss on ordinary activities before taxation	740 972.00	479 302.00	790 483.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	740 972.00	479 302.00	790 483.00
160 Income-tax for fiscal period	-146 947.00	-107 814.00	-84 802.00
170 Other taxes
175 Deferred Income-tax for fiscal period	20 745.00	38 148.00	73 387.00
180 Profit or loss for fiscal period	614 770.00	409 636.00	779 068.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.		0.00	17.00
021 Other intangible assets	45 218.00	76 556.00	472.00
030 Goodwill
040 Payments on account for intangible assets	36 630.00	17 896.00	69 356.00
050 Total intangible assets	81 848.00	94 452.00	69 845.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery	2 581 126.00	2 534 205.00	2 235 103.00
080 Other fixtures and fittings, tools and equipment	77 082.00	106 692.00	90 923.00
090 Payments on account and tangible assets in cours	44 870.00	44 870.00	28 895.00
of construction
091 Prepayment for tangible assets	0.00	6 325.00	307 477.00
100 Total tangible assets	2 703 078.00	2 692 092.00	2 662 398.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries	0.00	80 916.00	80 916.00
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation		0.00	411 140.00
160 Other loans	279 202.00	16 746.00	9 895.00
170 Own shares and parts
180 Loans to the members of the company and	1 070 616.00
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets	1 349 818.00	97 662.00	501 951.00
200 NON-CURRENT ASSETS TOTAL	4 134 744.00	2 884 206.00	3 234 194.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	29 113.00	33 042.00	34 881.00
220 Work in progress
230 Finished goods and goods for resale
240 Orders outstanding
250 Payments on account
260 Working and productive animals
270 Total stock	29 113.00	33 042.00	34 881.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD	1 117 728.00	547 133.00	0.00
FOR SALE
Debtors
280 Trade debtors	3 145 701.00	2 588 226.00	2 178 858.00
290 Amounts owed by subsidiaries	1 732 064.00	962 276.00	0.00
300 Amounts owed by related companies
310 Other debts	208 259.00	557 345.00	1 170 873.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company	38 140.00	976 324.00	629 059.00
and the management
340 Prepayments and accrued	47 357.00	50 031.00	40 837.00
341 Accrued income	419 824.00	90 928.00	59 038.00
343 Deferred tax liabilities
350 Total debtors	5 591 345.00	5 225 130.00	4 078 665.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	206 105.00	124 325.00	148 115.00
410 CURRENT ASSETS TOTAL	6 944 291.00	5 929 630.00	4 261 661.00
420 BALANCE	11 079 035.00	8 813 836.00	7 495 855.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	10 000.00	10 000.00	10 000.00
440 Share premium account
450 Long-term assets revaluation reserve	100.00	100.00	100.00
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	1 090 723.00	1 181 087.00	702 019.00
520 Profit or loss for the current year	614 770.00	409 636.00	779 068.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	1 715 593.00	1 600 823.00	1 491 187.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	78 174.00	84 614.00	40 292.00
570 PROVISIONS TOTAL	78 174.00	84 614.00	40 292.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions	2 095 728.00	2 124 349.00	0.00
601 Other loans	2 143 166.00	1 715 229.00	1 716 583.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income		0.00	138.00
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities	181 365.00	202 110.00	240 258.00
640 Total long-term liabilities	4 420 259.00	4 041 688.00	1 956 979.00
Short-term liabilities
650 Debenture loans	0.00
660 Convertible loans
670 Amounts owed to credit institutions		418.00	800 912.00
671 Other loans	610 429.00	691 850.00	629 764.00
680 Advanced payments received	134 798.00	167 130.00	14 466.00
690 Trade debts	2 202 501.00	1 531 081.00	2 139 847.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries	407 450.00	103 857.00	0.00
720 Amounts owed to related companies
730 Taxes and social security payments	95 673.00	29 076.00	74 440.00
740 Other creditors	471 140.00	121 279.00	113 207.00
750 Deferred income	0.00	138.00	413.00
760 Fiscal period dividends
770 Non-paid dividends of previous years	812 700.00	362 700.00	124 000.00
771 Accrued charges	130 318.00	79 182.00	110 348.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	4 865 009.00	3 086 711.00	4 007 397.00
790 CREDITORS TOTAL	9 285 268.00	7 128 399.00	5 964 376.00
800 BALANCE	11 079 035.00	8 813 836.00	7 495 855.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SHG

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.