MIRA INFORM REPORT

Report No. :	504806
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	JSC STELLAR NAVIGATION
Registered Office :	Laisves pr. 125, Vilnius, Vilnius region, Vilnius city municipality, LT-06118
Country :	Lithuania
Financials (as on) :	31.12.2015
Date of Incorporation :	02.06.2008
Com. Reg. No.:	301737957
Legal Form :	UAB (Private Joint-Stock Co. by Lithuanian law)
Line of Business :	Renting and leasing of water transport equipment
No. of Employees :	1

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 :	Unknown
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 Stellar Navigation

Name in English

:

JSC Stellar Navigation

Name in national language

:

UAB Stellar Navigation

Office Address

:

Ukmerges g. 222, Vilnius, Vilnius region, Vilnius city municipality, LT-07157, Lithuania

Legal Address

:

Laisves pr. 125, Vilnius, Vilnius region, Vilnius city municipality, LT-06118, Lithuania

Contacts

:

-	mobile tel.	:	(+7 911) 0205555
-	E-mail	:	a.lysenko@stellar-navigation.com
-	E-mail	:	operations@stellar-navigation.com
-	E-mail	:	office@stellarnavigation.lt

SUMMARY

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

Incorporation : 2008

Staff : 1

Litigation events : none Remarks on payments : yes

Sales :	5 645 773.00 EUR ( for 12 months, ended 31.12.2015 )
	6 495 735.00 EUR ( for 12 months, ended 31.12.2014 )

Incorporation

:

2008

Registration Data

Date of registration

:

02.06.2008

Registration number

:

301737957

Registr. authority

:

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

Date of registration

:

28.10.2008

VAT number

:

LT100004338912

Registr. authority

:

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

Legal Form

:

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

since 02.06.2008

Share Capital

:

9 860 EUR (registered)

since 02.06.2008

Shareholders

:

-	Lysenko Oleksandr				100.00 %
		reg. number	:	06.07.1973

Board / Executives

Executives

Director

:

Lysenko Oleksandr

Authorised signature

:

Lysenko Oleksandr

Changes in Registration Data

- 04.10.2017

:

legal address

- 04.10.2017

:

share capital

conversion

- 10.03.2016

:

managers

- 04.11.2010

:

shareholders

Activities

:

-	4499	Water Transport Svc, NEC
		(7122 / NACE_1.1: Renting of water transport equipment)
		(7734 / NACE_2: Renting and leasing of water transport equipment)

Company is focused on dry bulk cargoes (which is mainly steels, iron ore, coal, fertilizers, clay), shipping them by sea-going vessels mainly ranging between 15-20.000 tons of deadweight. Besides this, it offers an additional service such as loading and discharging supervision, tally and holds sealing. To complement shipping activities, company is able to provide forwarding, ship management, ship agency services and IT solutions for trading and maritime companies through its holding organization.

Staff employed

:

1

Staff History

:

-	1
	( the data as of 01.01.2018 )
-	0
	( the data as of 01.01.2017 )
-	2
	( the data as of 01.01.2016 )
-	2
	( the data as of 02.01.2015 )

Subsidiaries and Participation

:

n/a

Bankers

:

-	Seb bank (Lithuania)
	bank code	:	70440
	account(s)	:	LT60704492622866

Other associated Companies

:

-	UAB Stereoglasa (Lithuania)
	reg. number	:	303254220
	the same director

Litigation

:

none

Last lawsuit, where company participated as a defendant, is dated 30-01-2018: Case number: e2-604-911/2018 Court: Kalipeda district court Date of the latest court hearing: 30-01-2018 Case summary: Regarding the invalidation of Board decisions. Case parts: Defendant: UAB „Stellar Navigation“ Judgment: The claim was rejected on 30-01-2018

Remarks on payment

- 31.05.2016

:

Local databases (unconfirmed)				994.43 EUR
	payment status	:	none

Telecommunications

Financial Elements

Period, months	12	12
Ended	31.12.2015	31.12.2014
Currency	EUR	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	0.00	0.00
- Fixed assets	3 359.00	2 760.00
- Investments in tangible assets
- Financial assets	999 091.00	636 005.00
- Other non-current assets	0.00	0.00
Non-current assets total	1 002 450.00	638 765.00
CURRENT ASSETS
- Stock	252 301.00	418 185.00
- Debtors	854 557.00	441 805.00
- Other receivables
- Short-term financial investments
- Cash	185 993.00	340 764.00
- Other current assets
Current assets total	1 292 851.00	1 200 754.00
Assets total	2 295 301.00	1 839 519.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	9 873.00	9 847.00
- Additional capital
- Other capital
- Reserve capital	985.00	985.00
- Retained earnings (Non-covered loss)	1 137 456.00	1 301 356.00
Capital and reserves total	1 148 314.00	1 312 188.00
Provisions	0.00	0.00
LONG-TERM LIABILITIES
- Loans and credits	0.00	0.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	0.00	0.00
- short-term amounts owed to banks
- Creditors	461 259.00	386 557.00
- trade debts	385 199.00	114 020.00
- accrued payroll
- tax liabilities	76 060.00	38 291.00
- other creditors
- advances received		234 246.00
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities	685 728.00	140 774.00
Short-term liabilities total	1 146 987.00	527 331.00
Liabilities total	1 146 987.00	527 331.00
Equity and liabilities total	2 295 301.00	1 839 519.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	5 645 773.00	6 495 735.00
Cost of goods sold	5 033 980.00	5 713 058.00
Gross profit	611 793.00	782 677.00
Distribution costs	0.00	132 705.00
Administrative and management costs	745 009.00	515 161.00
Profit on sales	-133 216.00	134 811.00
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	0.00	32 235.00
Other operating charges
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-5 436.00	-16 157.00
Profit before taxation	-138 652.00	150 889.00
Income-tax and other similar payments	25 247.00	23 090.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-163 899.00	127 799.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-2.46	2.32
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-12.07	11.50
Profit before taxation / Equity
Current assets turnover	4.37	5.41
Net sales / Current assets
Working capital	145 864.00	673 423.00
Current assets - Short-term liabilities
Leverage	0.50	0.71
Equity / Total assets
Current ratio	1.13	2.28
Current assets / Short-term liabilities
Quick ratio	0.91	1.48
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	1.00	0.40
Total liabilities / Equity
Debtor days	55.25	24.83
Debtors / Net sales *365
Creditor days	27.93	7.28
Trade debts / Cost of goods sold *365

Publications

:

No publications in mass-media regarding company required.

FINAL COMMENTS

Information was received from all the sources available. We sent our questionnaire by emails: a.lysenko@stellar-navigation.com and operations@stellar-navigation.com. After that we received call from the company. Mr. Olysenko confirmed some of the information. Company owner informed us, that financial statements for 2017 are not prepared and he cann't comment the situation. We asked to send financial information for 2016, because there is no financial report for 2016 accessible from the State Register yet. If we receive any additional information, we'll supplement the report. /Date: 20.04.2018, phone:+7 911 0205555/

APPENDIX A

Financial Statements

Period, months	12	12
Ended	31.12.2015	31.12.2014
Currency	EUR	EUR
PROFIT AND LOSS ACCOUNT
I. SALES AND SERVICES	5 645 773.00	6 495 735.00
II. COSTS OF GOODS SOLD AND SERVICES	5 033 980.00	5 713 058.00
RENDERED
III. GROSS PROFIT (LOSS)	611 793.00	782 677.00
IV. OPERATING EXPENSES	745 009.00	647 866.00
IV.1 Expenses on sales		132 705.00
IV.2 Administrative and other expenses	745 009.00	515 161.00
V. OPERATING PROFIT (LOSS)	-133 216.00	134 811.00
VI. OTHER OPERATIONS	0.00	32 235.00
VI.1 Revenue from other operations		32 235.00
VI.2 Expenses on other operations
VII. FINANCIAL AND INVESTMENT ACTIVITIES	-5 436.00	-16 157.00
VII.1 Revenue from financial and investing activities	41 977.00	16 500.00
VII.2 Expenses on financial and investing activities	47 413.00	32 657.00
VIII. BASIC ACTIVITY PROFIT (LOSS)	-138 652.00	150 889.00
IX. EXTRA-ORDINARY PROFIT
X. EXTRA-ORDINARY LOSS
XI. PROFIT LIABLE TO TAXATION (LOSS)	-138 652.00	150 889.00
XII. PROFIT TAX	25 247.00	23 090.00
XIII. NET PROFIT (LOSS)	-163 899.00	127 799.00
XIV. PROFIT (LOSS) before minority share
XV. MINORITY SHARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
A. NON-CURRENT ASSETS	1 002 450.00	638 765.00
I. INTANGIBLE ASSETS	0.00	0.00
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	3 359.00	2 760.00
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	3 359.00	2 760.00
II.6 Construction in progress and prepayments
II.7 Other tangible assets
II.8 Investment assets	0.00	0.00
II.8.1. Land
II.8.2. Buildings
III. LONG-TERM FINANCIAL ASSETS	999 091.00	636 005.00
III.1 Capital participation and investments in related	18 200.00	18 200.00
companies
III.2 Loans to subsidiaries and associated companies	950 806.00	587 720.00
III.3 Long-term accounts receivable	30 085.00	30 085.00
III.4 Other long-term finacial assets
IV. OTHER LONG TERM ASSETS	0.00	0.00
IV.1 Deffered tax profit
IV.2 Other long term assets
B. CURRENT ASSETS	1 292 851.00	1 200 754.00
I. STOCKS AND CONTRACTS IN PROGRESS	252 301.00	418 185.00
I.1. Stocks	15.00	4.00
I.1.1 Raw materials and consumables	15.00	4.00
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	252 286.00	418 181.00
I.3. Contracts in progress
II. SHORT-TERM ACCOUNTS RECEIVABLE	854 557.00	441 805.00
II.1. Trade debtors	587 991.00	13 667.00
II.2 Loans to subsidiaries and associated companies
II.3. Other accounts receivable	266 566.00	428 138.00
III. OTHER CURRENT ASSETS	0.00	0.00
III.1 Short-term investments
III.2 Deposit accounts
III.3 Other current assets
IV. CASH IN HAND AND BANK ACCOUNT	185 993.00	340 764.00
TOTAL ASSETS	2 295 301.00	1 839 519.00
EQUITY AND LIABILITIES
C. CAPITAL AND RESERVES	1 148 314.00	1 312 188.00
I. CAPITAL	9 873.00	9 847.00
I.1. Authorized capital	9 873.00	9 847.00
I.2. Uncalled capital
I.3 Share premium account
I.4 Own shares
II. REVALUATION RESERVE
III. RESERVES	985.00	985.00
III.1. Legally prescribed reserevs	985.00	985.00
III.2. Non-distributable reserves
III.3. Other reserves
IV. RETAINED EARNINGS	1 137 456.00	1 301 356.00
IV.1 Profit (loss) from the current year	-163 899.00	127 799.00
IV.2 Profit (loss) brought forward from previous years	1 301 355.00	1 173 557.00
V. Currency exchange rate influence
D. FINANCING (GRANTS AND SUBSIDIES)
D. MINORITY SHARE
E. ACCOUNTS PAYABLE AND LIABILITIES	1 146 987.00	527 331.00
I. LONG-TERM ACCOUNTS PAYABLE	0.00	0.00
I.1 Financial loans	0.00	0.00
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	0.00	0.00
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	1 146 987.00	527 331.00
II.1 Short-term portion of long-term debts
II.2 Financial debts	0.00	0.00
II.2.1 To credit institutions
II.2.2 Other loans
II.3 Trade creditors	385 199.00	114 020.00
II.4 Advanced payments under contracts in progress		234 246.00
II.5 Profit tax liabilities
II.6 Taxes, accrued payroll and social insurance payments	76 060.00	38 291.00
II.7 Provisions
II.8 Other accounts payable and short-term liabilities	685 728.00	140 774.00
TOTAL EQUITY AND LIABILITIES	2 295 301.00	1 839 519.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.36
UK Pound	1	INR 92.51
Euro	1	INR 81.05
Euro	1	INR 81.49

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.