MIRA INFORM REPORT

Report No. :	335784
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	BANFI BALTIC LLC
Registered Office :	Lastekodu tn 6a, Tallinn, Harju county, 10113
Country :	Estonia
Financials (as on) :	31.12.2014
Date of Incorporation :	16.02.2000
Com. Reg. No.:	10643168
Legal Form :	Limited Liability Company
Line of Business :	Activities auxiliary to insurance and pension funding Activities of insurance agents and brokers
No. of Employee :	Not Available

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Estonia	B1	B1

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

ESTONIA - ECONOMIC OVERVIEW

Estonia, a member of the European Union since 2004 and the euro zone since 2011, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. Estonia's economy fell into recession in mid-2008, as a result of an investment and consumption slump following the bursting of the real estate market bubble and a decrease in export demand as result of economic slowdown in the rest of Europe, but the economy recovered strongly in the five years up to 2014. Growth fell below 2% in 2014 as a consequence of weak EU and Russian growth. Estonia is challenged by a shortage of labor, both skilled and unskilled, and the government has amended its immigration law to allow easier hiring of highly qualified foreign workers.

Source : CIA

Identification

Full Name

:

BANFI BALTIC OSAUHING

IGK-number

:

077-691-453

Name in English

:

BANFI BALTIC LLC

Name in national language

:

BANFI BALTIC OÜ

Previous Names

:

-	BANFI AUTO OSAUHING

Office Address

:

Lastekodu tn 6a, Tallinn, Harju county, 10113, Estonia

Legal Address

:

Lastekodu tn 6a, Tallinn, Harju county, 10113, Estonia

Contacts

:

-

E-mail

:

mihail.osos@inbox.lv

SUMMARY

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

Incorporation : 2000

Staff : n/a

Litigation events : none Remarks on payments : none

Sales :	1 611.00 EUR ( for 12 months, ended 31.12.2014 )
	2 188.00 EUR ( for 12 months, ended 31.12.2013 )

Incorporation

:

2000

Registration Data

Date of registration

:

16.02.2000

Registration number

:

10643168

Registr. authority

:

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

Date of registration

:

01.03.2000

VAT number

:

EE100599961

Registr. authority

:

Estonian Tax and Customs Board (Harju county, Estonia)

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since n/a

Share Capital

:

2 556 EUR (registered)

since n/a

Shareholders

:

-

Mr Mihails Osos (Estonia)

100.00 %

Board / Executives

Board

Board Member

:

Mr Mihails Osos

in board since: 24/11/2014

Authorised signature

:

Mr Mihails Osos

Changes in Registration Data

:

Persons Previously Connected to the Company valentina fomitševa ID code (date of birth): 44203010312 location: Estonia Shareholder since 16/02/2000 until 05/07/2011 Evgueni Fomitchev ID code (date of birth): 34202250313 location: Estonia Shareholder since 05/07/2011 until 21/11/2014 Evgueni Fomitchev ID code (date of birth): 34202250313 location: Estonia Member of the Board since 16/02/2000 until 24/11/2014 Valentina Fomitcheva ID code (date of birth): 44203010312 location: Estonia Member of the Board since 16/02/2000 until 24/11/2014 Valentina Fomitcheva ID code (date of birth): 44203010312 location: Estonia Shareholder since 05/07/2011 until 21/11/2014 Evgeni Fomitšev ID code (date of birth): 34202250313 location: Estonia Shareholder since 16/02/2000 until 05/07/2011

Activities

:

-	6411	Insurance agents, brokers & service
		(6720 / NACE_1.1: Activities auxiliary to insurance and pension funding)
		(6622 / NACE_2: Activities of insurance agents and brokers)

Main Sphere of Business: Reinsurance Additional activities: Other retail sale in non-specialised stores

Staff employed

:

n/a

Staff History

:

-	1
	( the data as of 31.12.2014 )

Subsidiaries and Participation

:

n/a

Bankers

:

n/a

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. No current are reported on the company required.

Financial Elements

Period, months	12	12
Ended	31.12.2014	31.12.2013
Currency	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	2 876.00	3 852.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	2 876.00	3 852.00
CURRENT ASSETS
- Stock	9 988.00	10 188.00
- Debtors
- Other receivables
- Short-term financial investments
- Cash	7 709.00	7 838.00
- Other current assets
Current assets total	17 697.00	18 026.00
Assets total	20 573.00	21 878.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	2 556.00	2 556.00
- Additional capital
- Other capital
- Reserve capital	256.00	256.00
- Retained earnings (Non-covered loss)	17 761.00	17 719.00
Capital and reserves total	20 573.00	20 531.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total
SHORT-TERM LIABILITIES
- Loans and credits
- short-term amounts owed to banks
- Creditors		1 347.00
- trade debts
- accrued payroll
- tax liabilities
- other creditors		1 347.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	0.00	1 347.00
Liabilities total	0.00	1 347.00
Equity and liabilities total	20 573.00	21 878.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 611.00	2 188.00
Cost of goods sold	200.00	3 500.00
Gross profit
Distribution costs	330.00	1 995.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	1 000.00
Other operating charges	2 081.00	2 644.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	42.00
Profit before taxation	42.00	-5 951.00
Income-tax and other similar payments
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	42.00	-5 951.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	2.61	-271.98
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	0.20	-28.99
Profit before taxation / Equity
Current assets turnover	0.09	0.12
Net sales / Current assets
Working capital	17 697.00	16 679.00
Current assets - Short-term liabilities
Leverage	1.00	0.94
Equity / Total assets
Current ratio	0.00	13.38
Current assets / Short-term liabilities
Quick ratio	0.00	5.82
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.00	0.07
Total liabilities / Equity

Taxes paid: In Q2 2015, the company paid 437.25 EUR as state taxes 437.25 EUR as payroll taxes

FINAL COMMENTS

We called subject company several times. The contact person told us that all authorized persons are on seminar currently. Later we will call again. If we receive new information we will update the report.

APPENDIX A

Financial Statements

Period, months	12	12
Ended	31.12.2014	31.12.2013
Currency	EUR	EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	7 709.00	7 838.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	9 988.00	10 188.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	17 697.00	18 026.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment	16 714.00	16 714.00
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)	13 838.00	12 862.00
9. TANGIBLE ASSETS TOTAL	2 876.00	3 852.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL	2 876.00	3 852.00
TOTAL ASSETS	20 573.00	21 878.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts		1 347.00
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL		1 347.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	0.00	1 347.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL
LIABILITIES TOTAL	0.00	1 347.00
20. SHARE CAPITAL	2 556.00	2 556.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	256.00	256.00
25. Other reserves
26. RETAINED EARNINGS	17 719.00	23 670.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	42.00	-5 951.00
EQUITY TOTAL	20 573.00	20 531.00
EQUITY AND LIABILITIES TOTAL	20 573.00	21 878.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	1 611.00	2 188.00
2. Other income	1 000.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	200.00	3 500.00
8. Other operating expenses	1 105.00	972.00
9. STAFF COSTS
9.a. Wages and salaries	248.00	1 470.00
9.b. Social security costs	82.00	525.00
9.c. Pension expenses
9. STAFF COSTS TOTAL	330.00	1 995.00
10. Depreciation and impairment of fixed assets	976.00	1 672.00
11. Other expenses
OPERATING PROFIT (LOSS)	0.00	-5 951.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses	42.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	42.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	42.00	-5 951.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	42.00	-5 951.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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.