MIRA INFORM REPORT

Report No. :	501343
Report Date :	06.04.2018

IDENTIFICATION DETAILS

Name :	JUMBOSTRAP LLC
Registered Office :	Kadaka Road 137A, Tallinn, Harju County, 12915
Country :	Estonia
Financials (as on) :	31.12.2016
Date of Incorporation :	22.05.1995
Com. Reg. No.:	10376315
Legal Form :	OU (Limited Liability Company by Estonian Commercial Law)
Line of Business :	Manufacture of Plastic Packing Goods
No. of Employees :	64

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Estonia	B1	B1

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

ESTONIA - ECONOMIC OVERVIEW

Estonia, a member of the EU 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, but its economy is highly dependent on trade, leaving it vulnerable to external shocks. Estonia's successive governments have pursued a free market, pro-business economic agenda, and sound fiscal policies that have resulted in balanced budgets and the lowest debt-to-GDP ratio in the EU.

The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Germany, and Russia. After two years of robust recovery in 2011 and 2012, the Estonian economy faltered in 2013 with only 1.6% GDP growth, mainly due to a continuing recession in much of the EU. GDP growth dropped below 2% in 2015 due to lower demand in key Scandinavian and Russian export markets. Rapid increases in investment, which includes EU development funding, and the recovery of export markets contributed to an estimated 4.2% GDP growth in 2017. Inflation also rose in 2017 alongside increased global prices for food and energy, which make up a large share of Estonia’s consumption basket.

Estonia is challenged by a shortage of labor, both skilled and unskilled, although the government has amended its immigration law to allow easier hiring of highly qualified foreign workers, and wage growth that outpaces productivity gains. The government is also pursuing efforts to boost productivity growth with a focus on innovations that emphasize technology start-ups and e-commerce.

Source : CIA

Identification

Full Name

:

JUMBOSTRAP OSAUHING

Name in English

:

JUMBOSTRAP LLC

Name in national language

:

JUMBOSTRAP O

Office Address

:

Kadaka road 137A, Tallinn, Harju county, 12915, Estonia

Legal Address

:

Kadaka road 137A, Tallinn, Harju county, 12915, Estonia

Contacts

:

-	Phone	:	(+372) 6779377
-	Phone	:	(+372) 56211004
-	Phone	:	(+372) 56216678
-	Phone	:	(+372) 6779373, 6779379
-	E-mail	:	andres@jumbostrap.com
-	E-mail	:	kirsti@jumbostrap.com
-	E-mail	:	rauno@jumbostrap.com
-	WWW	:	www.jumbostrap.com

SUMMARY

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

Incorporation : 1995

Staff : 64

Litigation events : none Remarks on payments : none

Sales :	3 591 425.00 EUR ( for 12 months, ended 31.12.2016 )
	3 177 123.00 EUR ( for 12 months, ended 31.12.2015 )

Incorporation

:

1995

Registration Data

Date of registration

:

22.05.1995

Registration number

:

10376315

Registr. authority

:

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

Date of registration

:

01.08.1995

VAT number

:

EE100235102

Registr. authority

:

Tax Board (Tallinn, Harju county, Estonia)

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since 22.05.1995

Share Capital

:

200 000 EEK (registered)

since 02.02.1998

Shareholders

:

-	POLYSTRAP OU (Estonia)				60.00 %
		share's book value	:	120 000 EEK
		reg. number	:	10420200
-	Karia OU (Estonia)				40.00 %
		share's book value	:	80 000 EEK
		reg. number	:	10077200
		address	:	Kesk road 15, Juri borough, Rae parish, Harju county, 75301, Estonia

Actual beneficiaries: - Mrs Ulle Johanson Share: 27.50% - Mr Karl-Erik Kiipli Share: 27.50% - Mr Andres Kiipli Share: 15% - Mr Rauno Kristel Share: 15% - Mrs Kirsti Rattasepp Share: 15%

Board / Executives

Executives

Board Member

:

Mr Kiipli, Andres (Estonia)

Board Member

:

Mr Kiipli, Karl-Erik (Estonia)

Board Member

:

Mr Kristel, Rauno (Estonia)

Authorised signature

:

Mr Kiipli, Andres

Mr Kiipli, Karl-Erik

Mr Kristel, Rauno

Changes in Registration Data

- 07.11.2017

:

managers, authorised signature

- 14.09.2009

:

managers, authorised signature

- 11.02.2000

:

legal address

- 02.02.1998

:

name, legal form, share capital, managers, authorised signature

Activities

:

-	2673	Plastic/Foil/Coated Paper Bags
		(2522 / NACE_1.1: Manufacture of plastic packing goods)
		(2222 / NACE_2: Manufacture of plastic packing goods)

According to company's website data: Jumbostrap Ltd. is a Big-bag manufacturer spezializing in the production of top quality Baffled, Conductive and UN Approved bags. Our range of big-bags are designed out of flat or circular woven fabric for transporting, handling and storing sensitive granules and powders. Our production area is located in Tallinn, Estonia. We employ 80 people and our present capacity is 450000 pc of 4-loop big-bags per year.

Staff employed

:

64

( the data as of 31.12.2017 )

Staff History

:

-	69
	( the data as of 31.12.2016 )
-	67
	( the data as of 31.12.2015 )
-	75
	( the data as of 31.12.2014 )
-	100
	( the data as of 31.12.2012 )

Export

- 31.12.2016

:

Fiscal period: 12 month(s), currency: EUR

2 644 704.00

- 31.12.2015

:

Fiscal period: 12 month(s), currency: EUR

2 341 856.00

- 31.12.2014

:

Fiscal period: 12 month(s), currency: EUR

3 029 835.00

( the data as of 31.12.2014 )

- 31.12.2012

:

Fiscal period: 12 month(s), currency: EUR

3 230 182.00

( the data as of 31.12.2012 )

:

Germany, Finland

Import

:

India
60-70% of turnover

Facilities

Real estate

:

own:
-	Land
	size/amnt	:	9 000.00 m2
-	Buildings
	size/amnt	:	3 500.00 m2

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Luminor Bank (Estonia)
-	SEB Pank AS (Estonia)

Clients

:

About 50 Boxon GmbH (Germany) Juta (Chech)

Suppliers

:

Regular suppliers: 20

Other associated Companies

:

According to the official sources data: Mr RAUNO KRISTEL is registered as shareholder and Member of the Board in the following companies: - ALFA INVEST OU (reg.nr.: 10722131); - VALAIRO OU (reg.nr.: 10404810); - POLYSTRAP OU (reg.nr.: 10420200). Mr ANDRES KIIPLI is registered as shareholder and Member of the Board in the following companies: - POLYSTRAP OU (reg.nr.: 10420200); - ALFA INVEST OU (reg.nr.: 10722131). Mr KARL-ERIK KIIPLI is registered as shareholder and Member of the Board in KARIA OU (reg.nr.: 10077200). And as Member of the Board in Karia Food OU (reg.nr.: 12238729).

Litigation

:

none

No bankruptcy/insolvency on the subject company have been found in the official sources. There was no record of any legal occurrences regarding the enquired company at the time of creating the report.

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 records on defaulted payments are reported by local debt collection companies. IGK databases: No current records are reported on the company required.

Business mortgages

- 03.05.1999

:

Commercial pledge				2 000 000 EEK
	pledgee	:	MERITA BANK PLC

Financial Elements

:

According to the information from Customs Department: The turnover: 1 009 419.88 EUR (period 01/09/2017 - 30/11/2017)

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	325 089.00	374 550.00	357 563.00
- Investments in tangible assets	20 694.00	16 347.00
- Financial assets
- Other non-current assets
Non-current assets total	345 783.00	390 897.00	357 563.00
CURRENT ASSETS
- Stock	823 459.00	854 197.00	856 879.00
- Debtors	346 997.00	272 174.00	280 899.00
- Other receivables
- Short-term financial investments
- Cash	62 898.00	13 121.00	34 329.00
- Other current assets
Current assets total	1 233 354.00	1 139 492.00	1 172 107.00
Assets total	1 579 137.00	1 530 389.00	1 529 670.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	12 782.00	12 782.00	12 782.00
- Additional capital
- Other capital
- Reserve capital	1 917.00	1 917.00	1 917.00
- Retained earnings (Non-covered loss)	1 148 778.00	1 033 965.00	949 948.00
Capital and reserves total	1 163 477.00	1 048 664.00	964 647.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	18 415.00	136 281.00	141 328.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	18 415.00	136 281.00	141 328.00
SHORT-TERM LIABILITIES
- Loans and credits	117 786.00	128 120.00	27 488.00
- short-term amounts owed to banks
- Creditors	279 459.00	217 324.00	396 207.00
- trade debts	158 752.00	119 190.00	239 995.00
- accrued payroll	48 814.00	42 245.00	56 272.00
- tax liabilities	71 338.00	55 407.00	98 892.00
- other creditors	555.00	482.00	506.00
- advances received			542.00
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	397 245.00	345 444.00	423 695.00
Liabilities total	415 660.00	481 725.00	565 023.00
Equity and liabilities total	1 579 137.00	1 530 389.00	1 529 670.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	3 591 425.00	3 177 123.00	3 813 686.00
Cost of goods sold	2 202 351.00	2 066 400.00	2 414 056.00
Gross profit
Distribution costs	880 052.00	853 527.00	940 700.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	1 392.00	6 949.00	18 076.00
Other operating charges	202 275.00	173 622.00	168 598.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-5 826.00	-6 506.00	-7 807.00
Profit before taxation	302 313.00	84 017.00	300 601.00
Income-tax and other similar payments	37 500.00		47 741.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	264 813.00	84 017.00	252 860.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	8.42	2.64	7.88
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	25.98	8.01	31.16
Profit before taxation / Equity
Current assets turnover	2.91	2.79	3.25
Net sales / Current assets
Working capital	836 109.00	794 048.00	748 412.00
Current assets - Short-term liabilities
Leverage	0.74	0.69	0.63
Equity / Total assets
Current ratio	3.10	3.30	2.77
Current assets / Short-term liabilities
Quick ratio	1.03	0.83	0.74
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	0.36	0.46	0.59
Total liabilities / Equity
Debtor days	35.27	31.27	26.88
Debtors / Net sales *365
Creditor days	26.31	21.05	36.29
Trade debts / Cost of goods sold *365

Taxes paid: In Q4 2017, the company paid: 81 201.37 EUR as state taxes 84 177.68 EUR as payroll taxes

Publications

:

No important publications found from Estonian mass media.

FINAL COMMENTS

We contacted Member of the Board Mr Rauno Kristel by the phone number +372 6779373 and he provided us with the general information about the company.

Events History

- 02.02.1998

:

REORGANIZATION

The company changed their form from PLC to LLC.

Registration History

- date n/a

:

Other Code	:	01382558
Registr. authority	:	Registration department of the County Court (Estonia)

/Number of old business register/

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2016	31.12.2015	31.12.2014
Currency	EUR	EUR	EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	62 898.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	309 623.00
3.2. Prepaid and deferred taxes	23 129.00
3.3. Other short-term receivables	14 245.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	346 997.00
4. INVENTORIES
4.1 Raw materials	651 862.00
4.2 Work in progress	24 310.00
4.3 Finished goods	10 170.00
4.4 Goods for resale	125 500.00
4.5 Prepayments for inventories	11 617.00
4. INVENTORIES TOTAL	823 459.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 233 354.00
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	20 694.00
9. TANGIBLE ASSETS
9.1. Land	130 878.00
9.2. Buildings	709 924.00
9.3. Machinery and equipment	190 504.00
9.4. Other tangible assets	42 633.00
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)	748 850.00
9. TANGIBLE ASSETS TOTAL	325 089.00
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	345 783.00
TOTAL ASSETS	1 579 137.00
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	4 180.00
12. LOAN LIABILITIES TOTAL	117 786.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	158 752.00
13.2. Employee-related liabilities	48 814.00
13.3. Taxes payable	71 338.00
13.4. Other debts	555.00
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	279 459.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	397 245.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	18 415.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	18 415.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	18 415.00
LIABILITIES TOTAL	415 660.00
20. SHARE CAPITAL	12 782.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 917.00
25. Other reserves
26. RETAINED EARNINGS	883 965.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	264 813.00
EQUITY TOTAL	1 163 477.00
EQUITY AND LIABILITIES TOTAL	1 579 137.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	3 591 425.00
2. Other income	2 653.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	-1 261.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	2 202 351.00
8. Other operating expenses	126 732.00
9. STAFF COSTS
9.a. Wages and salaries	653 464.00
9.b. Social security costs	213 976.00
9.c. Pension expenses
9.d. Other employee expenses	12 612.00
9. STAFF COSTS TOTAL	880 052.00
10. Depreciation and impairment of fixed assets	53 642.00
11. Other expenses	21 901.00
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)	308 139.00
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	5 826.00
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-5 826.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	302 313.00
13. Income tax expense	37 500.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	264 813.00

- 31.12.2015

:

Fiscal period: 12 month(s), currency: EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	13 121.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	215 778.00
3.2. Prepaid and deferred taxes	44 531.00
3.3. Other short-term receivables	11 865.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	272 174.00
4. INVENTORIES
4.1 Raw materials	774 957.00
4.2 Work in progress	33 271.00
4.3 Finished goods	2 470.00
4.4 Goods for resale	31 401.00
4.5 Prepayments for inventories	12 098.00
4. INVENTORIES TOTAL	854 197.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 139 492.00
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	16 347.00
9. TANGIBLE ASSETS
9.1. Land	130 878.00
9.2. Buildings	709 924.00
9.3. Machinery and equipment	189 244.00
9.4. Other tangible assets	44 547.00
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)	700 043.00
9. TANGIBLE ASSETS TOTAL	374 550.00
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	390 897.00
TOTAL ASSETS	1 530 389.00
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	128 120.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	119 190.00
13.2. Employee-related liabilities	42 245.00
13.3. Taxes payable	55 407.00
13.4. Other debts	482.00
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	217 324.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	345 444.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	136 281.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	136 281.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	136 281.00
LIABILITIES TOTAL	481 725.00
20. SHARE CAPITAL	12 782.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 917.00
25. Other reserves
26. RETAINED EARNINGS	949 948.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	84 017.00
EQUITY TOTAL	1 048 664.00
EQUITY AND LIABILITIES TOTAL	1 530 389.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	3 177 123.00
2. Other income	6 169.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	780.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	2 066 400.00
8. Other operating expenses	122 842.00
9. STAFF COSTS
9.a. Wages and salaries	634 629.00
9.b. Social security costs	209 526.00
9.c. Pension expenses	9 372.00
9. STAFF COSTS TOTAL	853 527.00
10. Depreciation and impairment of fixed assets	50 715.00
11. Other expenses	65.00
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)	90 523.00
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	6 507.00
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses	1.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-6 506.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	84 017.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	84 017.00

- 31.12.2014

:

Fiscal period: 12 month(s), currency: EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	34 329.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	256 975.00
3.2. Prepaid and deferred taxes	15 291.00
3.3. Other short-term receivables	8 633.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	280 899.00
4. INVENTORIES
4.1 Raw materials	782 979.00
4.2 Work in progress	12 536.00
4.3 Finished goods	22 425.00
4.4 Goods for resale	22 939.00
4.5 Prepayments for inventories	16 000.00
4. INVENTORIES TOTAL	856 879.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 172 107.00
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	130 878.00
9.2. Buildings	703 811.00
9.3. Machinery and equipment	128 499.00
9.4. Other tangible assets	44 047.00
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)	649 672.00
9. TANGIBLE ASSETS TOTAL	357 563.00
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	357 563.00
TOTAL ASSETS	1 529 670.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	27 488.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	27 488.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	239 995.00
13.2. Employee-related liabilities	56 272.00
13.3. Taxes payable	98 892.00
13.4. Other debts	506.00
13.5. Prepayments received	542.00
13. DEBTS AND PAYABLES TOTAL	396 207.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	423 695.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	141 328.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	141 328.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	141 328.00
LIABILITIES TOTAL	565 023.00
20. SHARE CAPITAL	12 782.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 917.00
25. Other reserves
26. RETAINED EARNINGS	697 088.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	252 860.00
EQUITY TOTAL	964 647.00
EQUITY AND LIABILITIES TOTAL	1 529 670.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	3 813 686.00
2. Other income	44.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	18 032.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	2 414 056.00
8. Other operating expenses	122 101.00
9. STAFF COSTS
9.a. Wages and salaries	695 057.00
9.b. Social security costs	229 474.00
9.c. Pension expenses	16 169.00
9. STAFF COSTS TOTAL	940 700.00
10. Depreciation and impairment of fixed assets	45 993.00
11. Other expenses	504.00
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)	308 408.00
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	-7 807.00
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-7 807.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	300 601.00
13. Income tax expense	47 741.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	252 860.00

- 31.12.2013

:

Fiscal period: 12 month(s), currency: EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	49 466.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	264 725.00
3.2. Prepaid and deferred taxes	24 154.00
3.3. Other short-term receivables	9 732.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	298 611.00
4. INVENTORIES
4.1 Raw materials	881 738.00
4.2 Work in progress	13 441.00
4.3 Finished goods	3 488.00
4.4 Goods for resale	6 220.00
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	904 887.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	1 252 964.00
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	130 878.00
9.2. Buildings	703 811.00
9.3. Machinery and equipment	97 767.00
9.4. Other tangible assets	40 837.00
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)	603 679.00
9. TANGIBLE ASSETS TOTAL	369 614.00
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	369 614.00
TOTAL ASSETS	1 622 578.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	24 115.00
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	24 115.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	385 359.00
13.2. Employee-related liabilities	39 122.00
13.3. Taxes payable	54 339.00
13.4. Other debts	720.00
13.5. Prepayments received	4 387.00
13. DEBTS AND PAYABLES TOTAL	483 927.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	508 042.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	150 635.00
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	150 635.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	150 635.00
LIABILITIES TOTAL	658 677.00
20. SHARE CAPITAL	12 782.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve	1 917.00
25. Other reserves
26. RETAINED EARNINGS	840 896.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	108 306.00
EQUITY TOTAL	963 901.00
EQUITY AND LIABILITIES TOTAL	1 622 578.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	3 747 649.00
2. Other income	593.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in	33 706.00
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	2 502 688.00
8. Other operating expenses	115 783.00
9. STAFF COSTS
9.a. Wages and salaries	682 650.00
9.b. Social security costs	225 504.00
9.c. Pension expenses	15 181.00
9. STAFF COSTS TOTAL	923 335.00
10. Depreciation and impairment of fixed assets	42 853.00
11. Other expenses	2 142.00
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)	127 735.00
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	-8 796.00
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-8 796.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	118 939.00
13. Income tax expense	10 633.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	108 306.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.06
UK Pound	1	INR 91.50
Euro	1	INR 79.77
Euro	1	INR 79.58

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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