MIRA INFORM REPORT

Report No. :	346236
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	KORSOL TRADE OU
Registered Office :	Korsol Trade, Vana-Narva Mnt. 22A, Maardu, Harju County, 74114
Country :	Estonia
Financials (as on) :	31.08.2015
Date of Incorporation :	25.09.2014
Com. Reg. No.:	12723979
Legal Form :	OU (Limited Liability Company By Estonian Commercial Law)
Line of Business :	Wholesale of Waste and Scrap.
No. of Employees :	01

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)
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

:

KORSOL TRADE OU

IGK-number

:

052-561-623

Name in English

:

KORSOL TRADE LLC

Name in national language

:

KORSOL TRADE OSAUHING

Office Address

:

Korsol Trade

Vana-Narva Mnt. 22a, Maardu, Harju County, 74114, Estonia

Legal Address

:

Korsol Trade

Vana-Narva Mnt. 22a, Maardu, Harju County, 74114, Estonia

Contacts

:

-	E-mail	:	info@korsol.ee
-	Phone	:	(++372) 56358819
-	E-mail	:	v.solovjov@neti.ee

SUMMARY

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

Incorporation : 2014

Staff : 1

Litigation events : none Remarks on payments : none

Sales :	16 859 275.00 EUR ( for 8 months, ended 31.08.2015 )
	n/a ( for 3 months, ended 31.12.2014 )

Incorporation

:

2014

Registration Data

Date of registration

:

23.09.2014

Registration number

:

12723979

Registr. authority

:

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

Date of registration

:

25.09.2014

VAT number

:

EE101743787

Registr. authority

:

Tax Board (Tallinn, Harju county, Estonia)

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since 23.09.2014

Share Capital

:

2 500 EUR (registered)

since 23.09.2014

Shareholders

:

-	Mr Aleksandr Kornilov (Estonia)				50.00 %
		share's book value	:	1 250 EUR
-	Mr Vladimir Solovjov (Estonia)				50.00 %
		share's book value	:	1 250 EUR

Board / Executives

Executives

Board Member

:

Mr Aleksandr Kornilov (Estonia)

Board Member

:

Mr Vladimir Solovjov (Estonia)

CEO, ph. +372- 56358819

Chief Accountant

:

Mrs Tatiana

ph. +372- 56358819

Authorised signature

:

Mr Aleksandr Kornilov

Mr Vladimir Solovjov

Changes in Registration Data

:

Aleksandr Kornilov ID code (date of birth): 37003180311 location: Estonia Founder since 22/09/2014 Vladimir Solovjov ID code (date of birth): 37512060338 location: Estonia Founder since 22/09/2014

Activities

:

-	5093	Scrap and waste materials
		(5157 / NACE_1.1: Wholesale of waste and scrap)
		(4677 / NACE_2: Wholesale of waste and scrap)

Staff employed

:

1

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

n/a

Litigation

:

none

No open court cases were found from official sources

Remarks on payment

:

none

No debts were found from official sources.

Business mortgages

:

none

No pledges were found from official sources.

Financial Elements

Period, months	8	3
Ended	31.08.2015	31.12.2014
Currency	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total
CURRENT ASSETS
- Stock	1 050 758.00	562 542.00
- Debtors	258 716.00
- Other receivables
- Short-term financial investments
- Cash	241 462.00	65 750.00
- Other current assets
Current assets total	1 550 936.00	628 292.00
Assets total	1 550 936.00	628 292.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	2 500.00	2 500.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	82 590.00	-990.00
Capital and reserves total	85 090.00	1 510.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	1 188 399.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	1 188 399.00
SHORT-TERM LIABILITIES
- Loans and credits		625 000.00
- short-term amounts owed to banks
- Creditors	277 447.00	1 782.00
- trade debts	266 809.00
- accrued payroll	280.00
- tax liabilities
- other creditors	358.00
- advances received	10 000.00
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	277 447.00	626 782.00
Liabilities total	1 465 846.00	626 782.00
Equity and liabilities total	1 550 936.00	628 292.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	16 859 275.00
Cost of goods sold	15 746 488.00
Gross profit
Distribution costs	5 441.00	173.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	96 048.00
Other operating charges	1 097 591.00	817.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-22 223.00
Profit before taxation		-990.00
Income-tax and other similar payments
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	83 580.00	-990.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %		-65.56
Profit before taxation / Equity
Current assets turnover	10.87
Net sales / Current assets
Working capital	1 273 489.00	1 510.00
Current assets - Short-term liabilities
Leverage	0.05	0.00
Equity / Total assets
Current ratio	5.59	1.00
Current assets / Short-term liabilities
Quick ratio	1.80	0.10
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	17.23	415.09
Total liabilities / Equity

FINAL COMMENTS

Interview was made with Mr. Vladimir Solovjov, CEO and 50% owner, ph. +372- 56358819 and with head bookkeeper Tatiana PH. +372-55542348 on October 21st, 2015.

APPENDIX A

Financial Statements

Period, months	8	3
Ended	31.08.2015	31.12.2014
Currency	EUR	EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	241 462.00	65 750.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	164 824.00
3.2. Prepaid and deferred taxes	3 892.00
3.3. Other short-term receivables	90 000.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	258 716.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale	74 574.00
4.5 Prepayments for inventories	976 184.00
4. INVENTORIES TOTAL	1 050 758.00	562 542.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 550 936.00	628 292.00
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
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)
9. TANGIBLE ASSETS TOTAL
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
TOTAL ASSETS	1 550 936.00	628 292.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes		625 000.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL		625 000.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	266 809.00
13.2. Employee-related liabilities	280.00
13.3. Taxes payable
13.4. Other debts	358.00
13.5. Prepayments received	10 000.00
13. DEBTS AND PAYABLES TOTAL	277 447.00	1 782.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	277 447.00	626 782.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	1 188 399.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	1 188 399.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	1 188 399.00
LIABILITIES TOTAL	1 465 846.00	626 782.00
20. SHARE CAPITAL	2 500.00	2 500.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve
25. Other reserves
26. RETAINED EARNINGS	-990.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	83 580.00	-990.00
EQUITY TOTAL	85 090.00	1 510.00
EQUITY AND LIABILITIES TOTAL	1 550 936.00	628 292.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	16 859 275.00
2. Other income	96 048.00
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	15 746 488.00
8. Other operating expenses	1 030 214.00	817.00
9. STAFF COSTS
9.a. Wages and salaries	5 441.00
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL	5 441.00	173.00
10. Depreciation and impairment of fixed assets
11. Other expenses	67 377.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	105 803.00	-990.00
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	-41 408.00
12.e. Profit (loss) on converting of foreign currencies	9 835.00
12.f. Other financial income and expenses	9 350.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-22 223.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES		-990.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	83 580.00	-990.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.96
UK Pound	1	Rs.99.55
Euro	1	Rs.71.64

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	TPT

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.