MIRA INFORM REPORT

Report No. :	344699
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	UAB "BALTIC SUPPLY"
Registered Office :	Salininku G. 32A, Vilnius, Vilnius region, Vilnius City Municipality, LT-02200
Country :	Lithuania
Financials (as on) :	31.12.2014
Date of Incorporation :	25.01.2007
Com. Reg. No.:	300637701
Legal Form :	Private Joint-Stock Co. by Lithuanian law
Line of Business :	Processing and preserving of fruit and vegetables Manufacture of other food products
No. of Employee :	25

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 :	Slow but correct
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)
Lithuania	A2	A2

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

LITHUANIA - ECONOMIC OVERVIEW

Lithuania gained membership in the World Trade Organization in May 2001 and joined the EU in May 2004. Lithuania's trade with the EU and CIS countries accounts for approximately 87.3% of total trade. Foreign investment and EU funding have aided in the transition from the former planned economy to a market economy. The three former Soviet Baltic republics were severely hit by the 2008-09 financial crisis, but Lithuania has rebounded and become one of the fastest growing economies in the EU. Lithuania’s ongoing recovery hinges on export growth, which is being hampered by economic slowdowns in the EU and Russia. Lithuania joined the euro zone on 1 January 2015.

Source : CIA

Company name

UAB "BALTIC SUPPLY"

Identification

Full Name

:

UAB "BALTIC SUPPLY"

IGK-number

:

090-684-018

Name in national language

:

UAB "BALTIC SUPPLY"

Trading Names, Brands

:

Solo 1 RIESUTAI IR DZIOVINTI VAISIAI NUTS AND DRIED FRUITS, Grando

Office Address

:

Skaidiskes, Sodu g. 6, Vilnius, Vilnius region, Vilnius city municipality, LT-13269, Lithuania

Sodų g. 6, Skaidiškių k., Nemėžio sen., Vilniaus r. sav., LT-13269

Legal Address

:

Salininku g. 32a, Vilnius, Vilnius region, Vilnius city

unicipality, LT-02200, Lithuania

Other Addresses

:

legal:

Former address

Bareikiskes, Vilnius, Vilnius region, Vilnius city municipality, LT-13176, Lithuania

Logistics centre - Vinges Terminalas (16th km Vilnius–Minsk)

( the data as of 22.01.2013 )

Contacts

:

-	Phone	:	(+370 5) 2341555
-	Fax	:	(+370 5) 2302218
-	E-mail	:	info@balticsupply.lt
-	WWW	:	www.balticsupply.lt

SUMMARY

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

Incorporation : 2007

Staff : 25

Litigation events : yes Remarks on payments : yes

Sales :	11 926 298.00 LTL ( for 12 months, ended 31.12.2014 )
	15 246 840.00 LTL ( for 12 months, ended 31.12.2013 )

Registration Data

Incorporation

:

2007

Date of registration

:

25.01.2007

Registration number

:

300637701

Registr. authority

:

State Register (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Date of registration

:

22.02.2007

VAT number

:

LT100002886315

Registr. authority

:

Tax Board (Vilnius, Vilnius region, Vilnius city municipality, Lithuania)

Legal Form

:

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

since 25.01.2007

Capital

Share Capital

:

200 000 LTL (registered)

since 24.02.2010

Shareholders

:

-	Mr Kaminskas, Rimantas (Lithuania)	41.00 %
-	Mr Kaminskas, Jaunius (Lithuania)	40.00 %
-	Mr Ceskevicius, Kestutis (Lithuania)	19.00 %

Board / Executives

Executives
Director	:	Mr Kaminskas, Rimantas (Lithuania)
Authorised signature	:	Mr Kaminskas, Rimantas

Changes in Registration Data

- 24.02.2010	:	share capital Increase of share capital
- 19.11.2009	:	share capital Increase of share capital
- 07.05.2009	:	share capital Increase of share capital
- 28.01.2008	:	managers

Activities

2034	Dried & Dehydrated Fruits
	(1533 / NACE_1.1: Processing and preserving of fruit and vegetables n.e.c.)
	(1039 / NACE_2: Other processing and preserving of fruit and vegetables)
2068	Salt/Roast Nuts/Seeds
	(1589 / NACE_1.1: Manufacture of other food products n.e.c.)
	(1089 / NACE_2: Manufacture of other food products n.e.c.)

Company specializes in dried fruits, nuts, edible seeds and snacks import, export, distribution, processing and marketing of products.

Employees

Staff employed

:

25 [E]

Staff History

:

-	22 [E]
	( the data as of 01.01.2015 )
-	23 [E]
	( the data as of 01.01.2014 )
-	26 [E]
	( the data as of 01.01.2013 )
-	20 [E]
	( the data as of 01.01.2012 )

Export

:

Latvia, Estonia

Import

:

Turkey, Iran, Chile, China, India, Vietnam, United States, Argentina, Thailand

Facilities

:

own:
-	Other tools & equipment - Car
	quantity	:	1.00 unit(s)
	name	:	VOLVO FM9, 2003
-	Other tools & equipment - Car
	quantity	:	1.00 unit(s)
	name	:	BMW 530, 2005
-	Other tools & equipment - Car
	quantity	:	1.00 unit(s)
	name	:	BMW 530, 2003
-	Other tools & equipment - Car
	quantity	:	1.00 unit(s)
	name	:	HONDA CIVIC, 2006

Branches

:

none

Subsidiaries and Participation

:

n/a

Bankers

:

AB SEB bankas (Lithuania)
bank code	:	70440
account(s)	:	LT67 7044 0600 0612 1144
AB Swedbank (Lithuania)
bank code	:	73000
	account(s)	:	LT79 7300 0100 9867 2272

Clients

The main clients of the company in Lithuanian market are the largest retail chains: Maxima, IKI, Norfa, Sanitex; the largest confectionary producers: Vilniaus Pergale, Ruta and others and largest confectionery manufacturers in Belarus, Estonia and Latvia: Pervaja Shokoladnaja Kompanija, AS Kalev, JSC Laima and others.

Litigation

yes

Case number: 2-68-3-37741-2014-8 | 2-45553-535/2014 Court: Vilnius district court Date: 2015-06-04 Case summary: debt Case parts: Defendant: Baltic Supply; Plaintiff: TOMENA Case number: 2-68-3-18167-2015-0 | eL2-25510-807/2015 Court: Vilnius district court Date: 2015-05-25 Case summary: debt Case parts: Defendant: Baltic Supply Case number: 2-68-3-29506-2015-9 | eL2-37001-833/2015 Court: Vilnius district court Date: 2015-08-27 Case summary: debt Case parts: Defendant: UAB Baltic Supply

Payment

- 13.05.2015

:

Debt collection (confirmed)				14 250.00 EUR
	payment status	:	partial

Rest: 8,750.00 EUR

( the data as of 03.07.2015 )

- 13.05.2015

:

Debt collection (confirmed)				4 290.00 USD
	payment status	:	none

( the data as of 03.07.2015 )

- 18.09.2012

:

Debt collection (confirmed)				18 293.75 EUR
	payment status	:	complete

( the data as of 19.02.2013 )

There are 5 cases of overdue accounts reported by the local debt collection companies. Amounts from 302 LTL to 84990 EUR, dated 2012-2013. All of them are closed successfully.

The company almost every month is late with the payments to the State Social Insurance Fund Board under the Ministry of Social Security and Labor for 3-23 days (information for 2012-2015).

Business mortgages

:

There are 2 property seizure acts registered in official sources. Registration date: 2015-06-19 Amount: 436,55 EUR Registration date: 2012-06-01 Amount: 40736,58 JAV

Financials

Financial Elements

:

Amortization 2014 - 895 Lt Depreciation 2014 - 217954Lt

Period, months	12	12	12
Ended	31.12.2014	31.12.2013	31.12.2012
Currency	LTL	LTL	LTL
Non-current assets	1 483 660.00	1 447 268.00	1 324 000.00
incl: - Fixed assets	1 483 583.00	1 446 296.00	1 322 134.00
- Financial assets
Current assets	3 869 490.00	4 880 237.00	5 604 124.00
incl: - Stock	2 061 685.00	2 282 686.00	2 778 429.00
- Debtors	1 724 152.00	2 516 949.00	2 629 956.00
- Cash	83 653.00	80 602.00	195 739.00
ASSETS TOTAL	5 353 150.00	6 327 505.00	6 928 124.00
Equity	906 534.00	911 856.00	1 252 424.00
incl: - Share capital	200 000.00	200 000.00	200 000.00
Liabilities Total	4 446 616.00	5 415 649.00	5 675 700.00
incl: - Long-term liabilities	231 663.00	521 094.00	829 327.00
- Short-term liabilities	4 214 953.00	4 894 555.00	4 846 373.00
EQUITY AND LIABILITIES TOTAL	5 353 150.00	6 327 505.00	6 928 124.00
Net sales	11 926 298.00	15 246 840.00	21 184 506.00
Cost of goods sold	10 487 997.00	13 597 894.00	19 076 940.00
Operating profit	-40 409.00	-111 254.00	168 114.00
Profit before taxation	-242 916.00	-340 568.00	211 183.00
Net profit	-245 030.00	-340 568.00	162 340.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-2.04	-2.23	1.00
Profit before taxation / Net sales
Operating margin of profit, %	-0.34	-0.73	0.79
Operating profit / Net sales
Return on investment, %	-26.80	-37.35	16.86
Profit before taxation / Equity
Current assets turnover	3.08	3.12	3.78
Net sales / Current assets
Working capital	-345 463.00	-14 318.00	757 751.00
Current assets - Short-term liabilities
Leverage	0.17	0.14	0.18
Equity / Total assets
Current ratio	0.92	1.00	1.16
Current assets / Short-term liabilities
Quick ratio	0.43	0.53	0.58
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	4.91	5.94	4.53
Total liabilities / Equity

Income range of the subject (LTL): 15,000,001 - 20,000,000 /2011-12-31/ 9,000,001 - 11,000,000 /2010-12-31/ 9,000,001 - 11,000,000 /2009-12-31/ 7,000,001 - 9,000,000 /2008-12-31/ 2,000,001 - 3,000,000 /2008-01-02/ FINAL COMMENTS Information was received from all the sources available, information was confirmed by the accountant of the company. /Date:12.10.2015, phone: (+370 5) 2341555/
Capital History
- 07.05.2009	:	100 000 LTL (registered)
		( the data as of 07.05.2009, cancelled since 24.02.2010 )
- 25.01.2007	:	10 000 LTL (registered)
		( the data as of 25.01.2007, cancelled since 07.05.2009 )
APPENDIX A
Financial Statements

Period, months	12	12	12
Ended	31.12.2014	31.12.2013	31.12.2012
Currency	LTL	LTL	LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	11 926 298.00	15 246 840.00	21 184 506.00
II. COSTS OF GOODS SOLD AND SERVICES	10 487 997.00	13 597 894.00	19 076 940.00
RENDERED
III. GROSS PROFIT (LOSS)	1 438 301.00	1 648 946.00	2 107 566.00
IV. OPERATING EXPENSES	1 478 710.00	1 760 200.00	1 939 452.00
IV.1 Expenses on sales
IV.2 Administrative and other expenses
V. OPERATING PROFIT (LOSS)	-40 409.00	-111 254.00	168 114.00
VI. OTHER OPERATIONS	27 272.00	38 858.00	1 970.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-229 779.00	-268 172.00	41 099.00
VII.1 Revenue from financial and investing activities
VII.2 Expenses on financial and investing activities
VIII. BASIC ACTIVITY PROFIT (LOSS)	-242 916.00	-340 568.00	211 183.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	-242 916.00	-340 568.00	211 183.00
XII. PROFIT TAX	2 114.00		48 843.00
XIII. NET PROFIT (LOSS)	-245 030.00	-340 568.00	162 340.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	1 483 660.00	1 447 268.00	1 324 000.00
I. INTANGIBLE ASSETS	77.00	972.00	1 866.00
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	1 483 583.00	1 446 296.00	1 322 134.00
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	3 869 490.00	4 880 237.00	5 604 124.00
I. STOCKS AND CONTRACTS IN PROGRESS	2 061 685.00	2 282 686.00	2 778 429.00
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	1 724 152.00	2 516 949.00	2 629 956.00
II.1. Trade debtors
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable
III. OTHER CURRENT ASSETS
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	83 653.00	80 602.00	195 739.00
TOTAL ASSETS	5 353 150.00	6 327 505.00	6 928 124.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	906 534.00	911 856.00	1 252 424.00
I. CAPITAL	200 000.00	200 000.00	200 000.00
I.1. Authorized capital
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE	239 708.00
III. RESERVES	20 000.00	20 000.00	20 000.00
III.1. Legally prescribed reserevs
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	446 826.00	691 856.00	1 032 424.00
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	4 446 616.00	5 415 649.00	5 675 700.00
I. LONG-TERM ACCOUNTS PAYABLE	231 663.00	521 094.00	829 327.00
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	4 214 953.00	4 894 555.00	4 846 373.00
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	5 353 150.00	6 327 505.00	6 928 124.00

- 31.12.2011

Fiscal period: 12 month(s), currency: LTL
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	16 899 323.00
II. COSTS OF GOODS SOLD AND SERVICES	14 447 037.00
RENDERED
III. GROSS PROFIT (LOSS)	2 452 286.00
IV. OPERATING EXPENSES	1 338 978.00
IV.1 Expenses on sales
IV.2 Administrative and other expenses
V. OPERATING PROFIT (LOSS)	1 113 308.00
VI. OTHER OPERATIONS	876.00
VI.1 Revenue from other operations
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-116 342.00
VII.1 Revenue from financial and investing activities
VII.2 Expenses on financial and investing activities
VIII. BASIC ACTIVITY PROFIT (LOSS)	997 842.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	997 842.00
XII. PROFIT TAX	166 210.00
XIII. NET PROFIT (LOSS)	831 632.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	175 434.00
I. INTANGIBLE ASSETS	1.00
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	175 433.00
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	3 907 659.00
I. STOCKS AND CONTRACTS IN PROGRESS	1 592 387.00
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	2 197 241.00
II.1. Trade debtors
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable
III. OTHER CURRENT ASSETS
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	118 031.00
TOTAL ASSETS	4 083 093.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	1 090 084.00
I. CAPITAL	200 000.00
I.1. Authorized capital
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	20 000.00
III.1. Legally prescribed reserevs
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	870 084.00
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	2 993 009.00
I. LONG-TERM ACCOUNTS PAYABLE	223 101.00
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	2 769 908.00
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	4 083 093.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Analysis Done by :	RAS
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.