MIRA INFORM REPORT

Report No. :	502867
Report Date :	16.04.2018

IDENTIFICATION DETAILS

Name :	AIM PRODUCTION LLC
Registered Office :	Kesk Road 17, Aaviku, Rae Parish, Harju County, 75301
Country :	Estonia
Financials (as on) :	31.12.2016
Date of Incorporation :	16.12.2010
Com. Reg. No.:	12030325
Legal Form :	OU (Limited Liability Company by Estonian Commercial Law)
Line of Business :	Subject is a contract manufacturer of precision fabricated metal components and assemblies.
No. of Employees :	50

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow
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

:

AIM PRODUCTION OSAUHING

IGK-number

:

059-899-417

Name in English

:

AIM PRODUCTION LLC

Name in national language

:

AIM PRODUCTION O

Office Address

:

Kesk road 17, Aaviku, Rae parish, Harju county, 75301, Estonia

Legal Address

:

Kesk road 17, Aaviku, Rae parish, Harju county, 75301, Estonia

Contacts

:

-	Phone	:	(+372) 5067778, 6971073
-	E-mail	:	info@aimproduction.ee
-	WWW	:	www.aimproduction.ee

SUMMARY

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

Incorporation : 2010

Staff : 50

Litigation events : none Remarks on payments : none

Sales :	2 471 976.00 EUR ( for 12 months, ended 31.12.2016 )
	2 060 564.00 EUR ( for 12 months, ended 31.12.2015 )

Incorporation

:

2010

Registration Data

Date of registration

:

16.12.2010

Registration number

:

12030325

Registr. authority

:

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

Date of registration

:

20.12.2010

VAT number

:

EE101416564

Registr. authority

:

Estonian Tax and Customs Board (Harju county, Estonia)

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since 16.12.2010

Share Capital

:

2 556 EUR (registered)

since 20.01.2012

Shareholders

:

-	AIM INDUSTRIES OU (Estonia)				100.00 %
		share's book value	:	2 556 EUR
		reg. number	:	12032229
		address	:	Kurmu 25, Tallinn, Harju county, 13522, Estonia

Actual beneficiaries: - Mr Marko Manni Share: 100%

Board / Executives

Executives

Board Member

:

Mr Manni, Marko (Estonia)
	address: Tallinn, Harju county, Estonia

Board Member

:

Mr Tamm, Andrus (Estonia)

The member of the management board represents the private limited company alone unless noted otherwise in the commercial register.

Authorised signature

:

Mr Manni, Marko

Mr Tamm, Andrus

Changes in Registration Data

- 20.01.2012

:

shareholders

- 18.02.2011

:

shareholders

Activities

:

-	3441	Fabricated Structural Metal
		(2811 / NACE_1.1: Manufacture of metal structures and parts of structures)
		(2433 / NACE_2: Cold forming or folding)

According to company's website data: AIM Production is a contract manufacturer of precision fabricated metal components and assemblies.

Staff employed

:

50

Staff History

:

-	45
	( the data as of 31.12.2017 )
-	31
	( the data as of 31.12.2016 )
-	25
	( the data as of 31.12.2015 )

Export

- 2017

:

Finland, Norway
About 70% - 80% of turnover

- 31.12.2016

:

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

529 900.00

- 31.12.2015

:

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

347 951.00

Import

- 2017

:

Finland
About 30% of turnover

Facilities

Real estate

:

rent:
-	Buildings
	size/amnt	:	4 000.00 m2

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	Swedbank (Estonia)

Clients

:

About 20 - 30 ABB

Suppliers

:

About 30

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. IGK databases: No current records are reported on the company required.

Business mortgages

- 17.04.2013

:

Commercial pledge				155 000 EUR
	pledgee	:	Swedbank AS (Estonia)

- 22.03.2012

:

Commercial pledge				70 000 EUR
	pledgee	:	Swedbank AS (Estonia)

Financial statements

Financial Elements

:

According to the information from Customs Department: The turnover: 1 287 239.41 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	19 038.00	10 989.00	13 154.00
- Fixed assets	378 748.00	430 691.00	300 676.00
- Investments in tangible assets			16 940.00
- Financial assets
- Other non-current assets
Non-current assets total	397 786.00	441 680.00	330 770.00
CURRENT ASSETS
- Stock	214 864.00	183 998.00	171 265.00
- Debtors	537 837.00	330 461.00	233 269.00
- Other receivables
- Short-term financial investments
- Cash			2 657.00
- Other current assets
Current assets total	752 701.00	514 459.00	407 191.00
Assets total	1 150 487.00	956 139.00	737 961.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	2 556.00	2 556.00	2 556.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	647.00	-15 813.00	78 855.00
Capital and reserves total	3 203.00	-13 257.00	81 411.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	387 793.00	542 437.00	389 531.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	387 793.00	542 437.00	389 531.00
SHORT-TERM LIABILITIES
- Loans and credits	343 304.00	60 340.00	20 854.00
- short-term amounts owed to banks
- Creditors	416 187.00	366 619.00	246 165.00
- trade debts	314 230.00	296 954.00	174 760.00
- accrued payroll	46 526.00	27 945.00	30 300.00
- tax liabilities	55 431.00	40 742.00	41 105.00
- other creditors		978.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	759 491.00	426 959.00	267 019.00
Liabilities total	1 147 284.00	969 396.00	656 550.00
Equity and liabilities total	1 150 487.00	956 139.00	737 961.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	2 471 976.00	2 060 564.00	1 625 916.00
Cost of goods sold	1 733 130.00	1 445 219.00	1 038 729.00
Gross profit
Distribution costs	739 689.00	543 310.00	371 913.00
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	204 873.00	37 389.00
Other operating charges	166 489.00	195 563.00	144 692.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-21 081.00	-8 529.00	-5 925.00
Profit before taxation	16 460.00	-94 668.00	64 657.00
Income-tax and other similar payments
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	16 460.00	-94 668.00	64 657.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.67	-4.59	3.98
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	513.89	714.10	79.42
Profit before taxation / Equity
Current assets turnover	3.28	4.01	3.99
Net sales / Current assets
Working capital	-6 790.00	87 500.00	140 172.00
Current assets - Short-term liabilities
Leverage	0.00	-0.01	0.11
Equity / Total assets
Current ratio	0.99	1.20	1.52
Current assets / Short-term liabilities
Quick ratio	0.71	0.77	0.88
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	358.19	-73.12	8.06
Total liabilities / Equity
Debtor days	79.41	58.54	52.37
Debtors / Net sales *365
Creditor days	66.18	75.00	61.41
Trade debts / Cost of goods sold *365

Taxes paid: In Q4 2017, the company paid: 168 180.74 EUR as state taxes 119 913.52 EUR as payroll taxes

FINAL COMMENTS

We contacted Mr Andrus Tamm, Member of the Board, by the ph.number +372 6971073 and he provided us with the general information about the company.

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			2 657.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables	493 938.00	306 424.00	230 792.00
3.2. Prepaid and deferred taxes	2 164.00	3 607.00	649.00
3.3. Other short-term receivables	41 735.00	20 430.00	1 828.00
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	537 837.00	330 461.00	233 269.00
4. INVENTORIES
4.1 Raw materials	152 211.00	136 703.00	156 818.00
4.2 Work in progress	32 685.00		6 135.00
4.3 Finished goods	29 968.00	47 107.00	5 725.00
4.4 Goods for resale
4.5 Prepayments for inventories		188.00	2 587.00
4. INVENTORIES TOTAL	214 864.00	183 998.00	171 265.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	752 701.00	514 459.00	407 191.00
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			16 940.00
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings	72 960.00	72 960.00	62 987.00
9.3. Machinery and equipment	663 960.00	607 393.00	371 275.00
9.4. Other tangible assets	55 857.00	44 679.00	36 010.00
9.5. Construction-in-progress and prepayments for			22 500.00
tangible assets
9.6. Accumulated depreciation (-)	414 029.00	294 341.00	192 096.00
9. TANGIBLE ASSETS TOTAL	378 748.00	430 691.00	300 676.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill	8 535.00
11.2. Development costs
11.3. Other intangible assets	10 503.00	10 989.00	13 154.00
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL	19 038.00	10 989.00	13 154.00
NON-CURRENT ASSETS TOTAL	397 786.00	441 680.00	330 770.00
TOTAL ASSETS	1 150 487.00	956 139.00	737 961.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes	298 631.00	16 313.00
12.2. Current portion of long-term debt
12.3. Convertible debts	44 673.00	44 027.00	20 854.00
12. LOAN LIABILITIES TOTAL	343 304.00	60 340.00	20 854.00
13. DEBTS AND PAYABLES
13.1. Supplier payables	314 230.00	296 954.00	174 760.00
13.2. Employee-related liabilities	46 526.00	27 945.00	30 300.00
13.3. Taxes payable	55 431.00	40 742.00	41 105.00
13.4. Other debts		978.00
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	416 187.00	366 619.00	246 165.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	759 491.00	426 959.00	267 019.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables	83 943.00	126 587.00	45 681.00
16.2. Covertible debts	303 850.00	415 850.00	343 850.00
16. LONG-TERM LOAN LIABILITIES TOTAL	387 793.00	542 437.00	389 531.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	387 793.00	542 437.00	389 531.00
LIABILITIES TOTAL	1 147 284.00	969 396.00	656 550.00
20. SHARE CAPITAL	2 556.00	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
25. Other reserves
26. RETAINED EARNINGS	-15 813.00	78 855.00	14 198.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	16 460.00	-94 668.00	64 657.00
EQUITY TOTAL	3 203.00	-13 257.00	81 411.00
EQUITY AND LIABILITIES TOTAL	1 150 487.00	956 139.00	737 961.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	2 471 976.00	2 060 564.00	1 625 916.00
2. Other income	204 873.00	37 389.00
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	1 733 130.00	1 445 219.00	1 038 729.00
8. Other operating expenses	44 580.00	86 298.00	54 607.00
9. STAFF COSTS
9.a. Wages and salaries	552 625.00	406 741.00	275 112.00
9.b. Social security costs	182 721.00	133 334.00	94 142.00
9.c. Pension expenses
9.d. Other employee expenses	4 343.00	3 235.00	2 659.00
9. STAFF COSTS TOTAL	739 689.00	543 310.00	371 913.00
10. Depreciation and impairment of fixed assets	121 775.00	106 682.00	87 772.00
11. Other expenses	134.00	2 583.00	2 313.00
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)	37 541.00	-86 139.00	70 582.00
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	21 081.00	8 529.00	5 925.00
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-21 081.00	-8 529.00	-5 925.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	16 460.00	-94 668.00	64 657.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	16 460.00	-94 668.00	64 657.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34
Euro	1	INR 80.65

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

INFORMATION DETAILS

Analysis Done by :	PRI
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)

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.