MIRA INFORM REPORT

Report No. :	504941
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	JSC PASLAUGU SPEKTRAS
Registered Office :	M.K. Paco G. 7 / Pavasario G. 2 - 4, Vilnius, Vilnius Region, Vilnius City Municipality, LT-10309
Country :	Lithuania
Financials (as on) :	31.12.2017
Date of Incorporation :	19.07.2006
Com. Reg. No.:	300584017
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian Law)
Line of Business :	Wholesale of Wood, Construction Materials and Sanitary Equipment)
No. of Employees :	3

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 & Delayed
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)
Lithuania	A2	A2

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

LITHUANIA - ECONOMIC OVERVIEW

After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO in May 2001, the EU in May 2004, and the euro zone in January 2015, and is now working to complete the OECD accession roadmap it received in July 2015. In 2017, joined the OECD Working Group on Bribery, an important step in the OECD accession process.

The Lithuanian economy was severely hit by the 2008-09 global financial crisis, but it has rebounded and become one of the fastest growing in the EU. Increases in exports, investment, and wage growth that supported consumption helped the economy grow by 3.6% in 2017. In 2015, Russia was Lithuania’s largest trading partner, followed by Poland, Germany, and Latvia; goods and services trade between the US and Lithuania totaled $2.2 billion. Lithuania opened a self-financed liquefied natural gas terminal in January 2015, providing the first non-Russian supply of natural gas to the Baltic States and reducing Lithuania’s dependence on Russian gas from 100% to approximately 30% in 2016.

Lithuania’s ongoing recovery hinges on improving the business environment, especially by liberalizing labor laws, and improving competitiveness and export growth, the latter hampered by economic slowdowns in the EU and Russia. In addition, a steady outflow of young and highly educated people is causing a shortage of skilled labor, which, combined with a rapidly aging population, could stress public finances and constrain long-term growth.

Source : CIA

Identification

Full Name

:

UAB PASLAUGU SPEKTRAS

Name in English

:

JSC PASLAUGU SPEKTRAS

Name in national language

:

UAB PASLAUGU SPEKTRAS

Office Address

:

M.K. Paco g. 7 / Pavasario g. 2 - 4, Vilnius, Vilnius region, Vilnius city municipality, LT-10309, Lithuania

Legal Address

:

M.K. Paco g. 7 / Pavasario g. 2 - 4, Vilnius, Vilnius region, Vilnius city municipality, LT-10309, Lithuania

Contacts

:

-	Phone	:	(+370) (606) 14 907
-	Phone	:	(+370) (600) 22 546
-	E-mail	:	regina.laurinaviciene@yahoo.com

SUMMARY

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

Incorporation : 2006

Staff : 3

Litigation events : none Remarks on payments : none

Sales :	145 797.00 EUR ( for 12 months, ended 31.12.2017 )
	154 769.00 EUR ( for 12 months, ended 31.12.2016 )

Incorporation

:

2006

Registration Data

Date of registration

:

19.07.2006

Registration number

:

300584017

Registr. authority

:

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

Date of registration

:

14.09.2006

VAT number

:

LT100002583210

Registr. authority

:

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

Legal Form

:

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

since 19.07.2006

Share Capital

:

20 272 EUR (registered)

since 22.12.2016

Shareholders

:

-	Mrs Laurinaviciene, Regina (Lithuania)	50.00 %
-	Mr Laurinavicius, Dominykas (Lithuania)	50.00 %
	(+370) (600) 22 546, Dominykas2000@yahoo.com

Board / Executives

Executives

Chief Accountant

:

Mrs Grazul, Aliona (Lithuania)

Director

:

Mrs Laurinaviciene, Regina (Lithuania)

regina.laurinaviciene@yahoo.com

Commercial Director

:

Mr Laurinavicius, Dominykas (Lithuania)

Authorised signature

:

Mrs Laurinaviciene, Regina

Changes in Registration Data

- 22.12.2016

:

share capital

Increased capital

Activities

:

-	5032	Brick/Stone/Related, NEC
		(5153 / NACE_1.1: Wholesale of wood, construction materials and sanitary equipment)
		(4673 / NACE_2: Wholesale of wood, construction materials and sanitary equipment)
	Trade in granite products.

Staff employed

:

3

Staff History

:

-	3
	( the data as of 01.01.2018 )
-	5
	( the data as of 01.01.2017 )
-	4
	( the data as of 01.01.2016 )
-	2
	( the data as of 01.01.2015 )

Export

- 2017

:

Latvia

Import

- 2017

:

China Peoples Republic, India, Russian Federation, Poland

:

China Peoples Republic

Facilities

:

own:
-	Equipment

According information from the company no real estate owned.

TRANSPORT VEHICLES: 4 OPEL VECTRA STATION WAGON Passenger car 06-04-2007 Owner RENAULT MASTER Truck up to 3.5t 09-12-2008 Owner VOLVO S80 Passenger car 02-02-2012 User OPEL MOVANO Truck up to 3.5t 26-05-2015 User

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	AB Luminor bankas (Lithuania)
	account(s)	:	LT072140030003302662
-	AB SEB bankas (Lithuania)
	account(s)	:	LT677044060005613349

Clients

:

The average number of regular clients: 10

-	UAB Akmenine dovana (Lithuania)
-	UAB Granito uola (Lithuania)
-	UAB VD Granitas (Lithuania)
-	UAB Zybartuva (Lithuania)

Suppliers

:

The average number of regular suppliers: 7

-	Daksha Granites PVT LTD (India)
-	Shenzhen Yidaxuan Trade Co Ltd (China Peoples Republic)
-	Xiamen Gowen Stone Enterprise (China Peoples Republic)

Other associated Companies

:

-	UAB Apskaitos, konsultaciju ir mokymu centras 304459192 (Lithuania)
	The same director.

Litigation

:

none

There are no registered legal actions against company required.

Remarks on payment

:

none

The company every month is late with the payments to the State Social Insurance Fund Board under the Ministry of Social Security and Labor for 1-26 days. (information for 01.2018-03.2018).

No current are reported by the local debt collection companies.

Business mortgages

:

none

Financial Elements

Period, months	12	12	12
Ended	31.12.2017	31.12.2016	31.12.2015
Currency	EUR	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets	46 109.00	39 755.00	31 146.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	46 109.00	39 755.00	31 146.00
CURRENT ASSETS
- Stock	605 305.00	521 782.00	428 199.00
- Debtors
- Other receivables
- Short-term financial investments
- Cash
- Other current assets	201 387.00	140 430.00	189 344.00
Current assets total	806 692.00	662 212.00	617 543.00
Assets total	852 801.00	701 967.00	648 689.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)
Capital and reserves total	96 306.00	116 816.00	121 989.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	111 945.00	82 158.00	99 534.00
SHORT-TERM LIABILITIES
- Loans and credits
- short-term amounts owed to banks
- Creditors
- trade debts
- accrued payroll
- tax liabilities
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	644 550.00	502 993.00	427 166.00
Liabilities total	756 495.00	585 151.00	526 700.00
Equity and liabilities total	852 801.00	701 967.00	648 689.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	145 797.00	154 769.00	377 962.00
Cost of goods sold
Gross profit
Distribution costs
Administrative and management costs	14 935.00	9 236.00	14 688.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	-100 946.00	-87 265.00	-100 523.00
Other operating charges	50 426.00	80 817.00	111 774.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation
Income-tax and other similar payments			24 281.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-20 510.00	-22 549.00	126 696.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %
Profit before taxation / Equity
Current assets turnover	0.18	0.23	0.61
Net sales / Current assets
Working capital	162 142.00	159 219.00	190 377.00
Current assets - Short-term liabilities
Leverage	0.11	0.17	0.19
Equity / Total assets
Current ratio	1.25	1.32	1.45
Current assets / Short-term liabilities
Quick ratio	0.31	0.28	0.44
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	7.86	5.01	4.32
Total liabilities / Equity
Debtor days
Debtors / Net sales *365
Creditor days
Trade debts / Cost of goods sold *365

Income range of the subject LTL (according to data of Statistics Dep-t): 200,001-400,000 /2008-01-02/ 1,001-30,000 /2007-01-01/ *Since 01.01.2008 information about income range is not available.

FINAL COMMENTS

Information was received from all the sources available, some information was confirmed by the director of the company. Mrs. Regina also sent us the Financial statements for 2017. /Date: 24.04.2018, email: regina.laurinaviciene@yahoo.com/

Capital History

- 19.07.2006

:

2 896 EUR (registered)

( the data as of 02.05.2016, cancelled since 22.12.2016 )

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2017	31.12.2016	31.12.2015
Currency	EUR	EUR	EUR
PROFIT AND LOSS
1. Sales income	145 797.00	154 769.00	377 962.00
2. Other income	3 702.00	13 806.00	27 002.00
3. Purchased stocks and used consumables
4. Change of stocks ballance	-104 648.00	-101 071.00	-127 525.00
5. Expences related to employment	-14 935.00	-9 236.00	-14 688.00
6. Depretiation, amortization, decrease of property value	-11 705.00	-8 964.00	-5 290.00
7. Other expences	-38 721.00	-71 853.00	-106 484.00
8. Income tax			-24 281.00
9. Net Profit ( Loss)	-20 510.00	-22 549.00	126 696.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	46 109.00	39 755.00	31 146.00
1. TANGIBLE ASSETS	46 109.00	39 755.00	31 146.00
2. OTHER NON-CURRENT ASSETS
B. CURRENT ASSETS	806 692.00	662 212.00	617 543.00
1. INVENTORIES	605 305.00	521 782.00	428 199.00
2. Other currents assets	201 387.00	140 430.00	189 344.00
C. DEFERRED EXPENSES AND ACCRUED INCOME
TOTAL ASSETS	852 801.00	701 967.00	648 689.00
EQUITY AND LIABILITIES
D. EQUITY	96 306.00	116 816.00	121 989.00
E. GRANTS AND SUBSIDIES
F. PROVISIONS
G. ACCOUNTS PAYABLE AND OTHER LIABILITIES	756 495.00	585 151.00	526 700.00
1. ACCOUNTS PAYABLE AFTER ONE YEAR AND LONG-TERM LIABILITIES	111 945.00	82 158.00	99 534.00
2. ACCOUNTS PAYABLE WITHIN ONE YEAR AND SHORT LIABILITIES	644 550.00	502 993.00	427 166.00
H. ACCRUED EXPENCES AND DEFFERED INCOME
EQUITY AND LIABILITIES TOTAL	852 801.00	701 967.00	648 689.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.36
UK Pound	1	INR 92.50
Euro	1	INR 81.05
Euro	1	INR 81.58

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

INFORMATION DETAILS

Analysis Done by :	NIY
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.