MIRA INFORM REPORT

Report Date :

28.05.2014

IDENTIFICATION DETAILS

Name :	UAB LTFIREWOOD
Registered Office :	Silelio Str. 38, Anyksciai, Utena Region, Anyksciu District Municipality, LT-29144
Country :	Lithuania
Financials (as on) :	31.12.2012
Date of Incorporation :	10.10.2011
Com. Reg. No.:	302674919
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian law)
Line of Business :	Wholesaler of Wood, Construction Materials and Sanitary Equipment.
No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Lithuania	A2	A2

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

LITHUANIA - ECONOMIC OVERVIEW

Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite its EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. The three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. The government's efforts to attract foreign investment, to develop export markets, and to pursue broad economic reforms has been key to Lithuania's quick recovery from a deep recession, making Lithuania one of the fastest growing economies in the EU. Lithuania is committed to meeting the Maastricht criteria to join the euro zone, which the government expects to achieve by 2015. Under the Conservative Party's leadership, Lithuania raised the monthly minimum wage in January 2012 nearly 25% over 2011. In January 2013, the new Social Democrat-led government increased the minimum wage another 25% over January 2012. Despite government efforts, unemployment remains high.

Source : CIA

Company name and address

Full Name

:

UAB LTFIREWOOD

Name in national language

:

UAB LTFIREWOOD

Office Address

:

Silelio str. 38, Anyksciai, Utena region, Anyksciu district municipality, LT-29144, Lithuania

Legal Address

:

Silelio str. 38, Anyksciai, Utena region, Anyksciu district municipality, LT-29144, Lithuania

Other Addresses

:

Kareiviu str. 19-197, Vilnius, Vilnius region, Vilnius city municipality, LT-09133, Lithuania

Contacts

:

-	Phone	:	(+370 683) 16153
-	Phone	:	(+370 676) 13754
-	E-mail	:	info@ltfirewood.com
-	WWW	:	http://www.ltfirewood.com/

Summary

Legal Form : UAB (Private Joint-Stock Co. by Lithuanian law)

Incorporation : 2011

Staff : 5

Litigation events : none Remarks on payments : none

Sales :	3 931 402.00 LTL ( for 12 months, ended 31.12.2012 )
	239 714.00 LTL ( for 3 months, ended 31.12.2011 )

Registration Data

Date of registration

:

10.10.2011

Registration number

:

302674919

Registr. Authority

:

State Register (Anyksciai, Utena region, Anyksciu district municipality, Lithuania)

Date of registration

:

28.10.2011

VAT number

:

LT100006436910

Registr. Authority

:

Tax Board (Anyksciai, Utena region, Anyksciu district municipality, Lithuania)

Legal Form

:

UAB (Private Joint-Stock Co. by Lithuanian law)

since 10.10.2011

Share Capital

:

100 000 LTL (registered)

since 11.10.2013

Shareholders

:

-

Mrs Puodziukaite, Jurga (Lithuania)

100.00 %

Board / Executives

Executives
Director	:	Mrs Lutcaite, Daiva (Lithuania)
Authorised signature	:	Mrs Lutcaite, Daiva

Changes in Registration Data

- 11.10.2013	:	share capital Increase of the share capital.
- 17.08.2012	:	managers
- 16.03.2012	:	managers
- 18.10.2011	:	legal address, managers

Activities

-	5031	Lumber, plywood and millwork
		(NACE 5153: Wholesale of wood, construction materials and sanitary equipment)
firewood, briquettes, pellets and other wood products trade

Staff employed

Staff employed

:

5 [E]

Staff History

:

-	3 [E]
	( the data as of 01.01.2014 )
-	3 [E]
	( the data as of 01.01.2013 )
-	1 [E]
	( the data as of 01.01.2012 )

Export

Germany, Belgium, France, Luxembourg, Netherlands, Norway, Denmark, Asian coutries

Import

Belarus, Ukraine, Russian Federation

Facilities

Leasing:
-	Other tools & equipment - Car
	quantity	:	1.00 unit(s)
	name	:	BMW 530D, 2011
Rent:
-	Other tools & equipment - Car
	quantity	:	1.00 unit(s)
	name	:	MERCEDES BENZ E 300 TURBODIESEL, 1998

Branches

None

Subsidiaries and Participation

N/A

Bankers

AB SEB bankas (Lithuania)
bank code	:	70440
account(s)	:	LT287044060007738739

Litigation

None

There are no registered legal actions against company required.

Remarks on payment

None

No current are reported by the local debt collection companies.

Financial Elements

Period, months		12		3
	Ended		31.12.2012		31.12.2011
	Currency		LTL		LTL
	Non-current assets		139 581.00		1 058.00
	incl: - Fixed assets		139 581.00		1 058.00
	- Financial assets
	Current assets		835 864.00		87 935.00
	incl: - Stock		38 818.00		200.00
	- Debtors		709 854.00		58 983.00
	- Cash		87 192.00		28 752.00
	ASSETS TOTAL		975 445.00		88 993.00
	Equity		162 395.00		32 351.00
	incl: - Share capital		10 000.00		10 000.00
	Liabilities Total		813 050.00		56 642.00
	incl: - Long-term liabilities		15 546.00
	- Short-term liabilities		797 504.00		56 642.00
	EQUITY AND LIABILITIES TOTAL		975 445.00		88 993.00
	Net sales		3 931 402.00		239 714.00
	Cost of goods sold		3 549 992.00		213 967.00
	Operating profit		252 302.00		23 354.00
	Profit before taxation		154 164.00		23 527.00
	Net profit		130 044.00		22 351.00
	- - - - - - - KEY RATIOS - - - - - - -
	Return on sales, %		3.92		9.81
	Profit before taxation / Net sales
	Operating margin of profit, %		6.42		9.74
	Operating profit / Net sales
	Return on investment, %		94.93		72.72
	Profit before taxation / Equity
	Current assets turnover		4.70		2.73
	Net sales / Current assets
	Working capital		38 360.00		31 293.00
	Current assets - Short-term liabilities
	Leverage		0.17		0.36
	Equity / Total assets
	Current ratio		1.05		1.55
	Current assets / Short-term liabilities
	Quick ratio		1.00		1.55
	(Current assets - Stock) / Short-term liabilities
	Debt-to-equity ratio		5.01		1.75
	Total liabilities / Equity

FINAL COMMENTS

Information was received from all the sources available. The head of sales on the company Mr. Vaidas Puodziukas said that he would provide us with information only if the name of final user is released.

Capital History

- 10.10.2011	:	10 000 LTL (registered)
		( the data as of 10.10.2011, cancelled since 11.10.2013 )

Financial Statements

APPENDIX A

Period, months	12	3
Ended	31.12.2012	31.12.2011
Currency	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	3 931 402.00	239 714.00
II. COSTS OF GOODS SOLD AND SERVICES	3 549 992.00	213 967.00
RENDERED
III. GROSS PROFIT (LOSS)	381 410.00	25 747.00
IV. OPERATING EXPENSES	129 108.00	2 393.00
IV.1 Expenses on sales
IV.2 Administrative and other expenses
V. OPERATING PROFIT (LOSS)	252 302.00	23 354.00
VI. OTHER OPERATIONS	-61 483.00	173.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-36 655.00
VII.1 Revenue from financial and investing activities
VII.2 Expenses on financial and investing activities
VIII. BASIC ACTIVITY PROFIT (LOSS)	154 164.00	23 527.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	154 164.00	23 527.00
XII. PROFIT TAX	24 120.00	1 176.00
XIII. NET PROFIT (LOSS)	130 044.00	22 351.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	139 581.00	1 058.00
I. INTANGIBLE ASSETS
I.1 Reseach and development costs
I.2 Goodwill
I.3 Rights obtained (licences, patents etc.)
I.4 Software
I.5 Other intangible assets
II. TANGIBLE ASSETS	139 581.00	1 058.00
II.1 Land
II.2 Buildings and constructions
II.3 Plant and equipment
II.4 Transport vehicles
II.5 Other fixtures, fittings, tools and equipment
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS
III.1 Capital participation and investments in related
companies
III.2 Loans to subsidiaries and associated companies
III.3 Long-term accounts receivable
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	835 864.00	87 935.00
I. STOCKS AND CONTRACTS IN PROGRESS	38 818.00	200.00
I.1. Stocks
I.1.1 Raw materials and consumables
I.1.2 Work in progress
I.1.3 Finished products
I.1.4 Goods purchased for sale
I.1.5 Long term assets for resale
I.2 Advanced payments
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	708 225.00	58 983.00
II.1. Trade debtors
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable
III. OTHER CURRENT ASSETS	1 629.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	87 192.00	28 752.00
TOTAL ASSETS	975 445.00	88 993.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	162 395.00	32 351.00
I. CAPITAL	10 000.00	10 000.00
I.1. Authorized capital
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	1 000.00
III.1. Legally prescribed reserevs
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	151 395.00	22 351.00
IV.1 Profit (loss) from the current year
IV.2 Profit (loss) brought forward from previous years
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	813 050.00	56 642.00
I. LONG-TERM ACCOUNTS PAYABLE	15 546.00
I.1 Financial loans
I.1.1 Leasing and other similar obligations
I.1.2 Amounts owed to credit institutions
I.1.3 Other financial loans
I.2 Trade creditors
I.3 Advanced payments under contracts in progress
I.4 Provisions
I.4.1 Liabilities repayment
I.4.2 Benefit and similar liabilities
I.4.3 Other provisions
I.5 Deffered taxes
I.6 Other accounts payable and long-term liabilities
II. SHORT-TERM LIABILITIES	797 504.00	56 642.00
II.1 Short-term portion of long-term debts
II.2 Financial debts
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors
II.4 Advanced payments under contracts in progress
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments
II.7 Provisions
II.8 Other accounts payable and short-term liabilities
TOTAL EQUITY AND LIABILITIES	975 445.00	88 993.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.06
UK Pound	1	Rs.99.61
Euro	1	Rs.80.60

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NIT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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