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MIRA INFORM REPORT
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Report No. : |
494071 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
EASTERN SEAFOOD LLC |
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Registered Office : |
3 Izhorskaya str., prem. I, off. 40, Moscow, 125599 |
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Country : |
Russia |
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Financials (as on) : |
01.01.2017 |
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Date of Incorporation : |
13.03.2015 |
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Legal Form : |
Limited Liability Company (OOO) |
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Line of Business : |
The main activity of the Company is wholesale of fish, crustaceans and mollusks, canned food and preserves from fish and seafood. |
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No. of Employees : |
between 16 and 100 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Russia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
RUSSIA - ECONOMIC OVERVIEW
Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.
Russia is one of the world's leading producers of oil and natural gas, and is also a top exporter of metals such as steel and primary aluminum. Russia is heavily dependent on the movement of world commodity prices as reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during the 1998-2008 period as oil prices rose rapidly, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.
A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with GDP falling by close by 2.8%. The downturn continued through 2016, with GDP contracting another 0.2%, but was reversed in 2017 as world demand picked up. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries.
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Source
: CIA |
GENERAL INFORMATION
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Name |
Общество
с
Ограниченной
Ответственностью
«Истерн
Сифуд» |
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International name |
Eastern Seafood OOO |
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English equivalent |
Eastern Seafood LLC |
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Actual address |
3 Izhorskaya str., prem. I, off. 40, Moscow, 125599,
Russian Federation |
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Legal address |
3 Izhorskaya str., prem. I, off. 40, Moscow, 125599,
Russian Federation |
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tel |
(+7 495) 2088492 |
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Legal form |
Limited Liability Company (OOO) |
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Year of incorporation |
2015 |
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Employees |
between 16 and 100 (according to official information
as of 01.01.2017) |
FINANCIAL INFORMATION
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NET SALES |
1 363 670 |
RUB th., for 12 months of 2016 |
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527 766 |
RUB th., for 12 months of 2015 |
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NET PROFIT (LOSS) |
30 249 |
RUB th., for 12 months of 2016 |
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(820) |
RUB th., for 12 months of 2015 |
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OWN CAPITAL |
29 439 |
RUB th., as of 01.01.2017 |
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-810 |
RUB th., as of 01.01.2016 |
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NET WORKING CAPITAL |
29 234 |
RUB th., as of 01.01.2017 |
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-1 015 |
RUB th., as of 01.01.2016 |
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Equity to
Total Assets |
Debt-to-Equity
Ratio |
Debt-to-Total-Assets Ratio |
Current
Ratio |
Quick
Ratio |
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Recommended Value |
0,5 – 0,8 |
X |
X |
not
less than 1, 1 – 1,5 |
not
less than 0,5, 0,5 – 1 |
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01.01.2017 |
0.10 |
9.30 |
0.90 |
1.10 |
1.10 |
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01.01.2016 |
-0.01 |
-119.29 |
1.01 |
0.95 |
0.95 |
CREDIT OPINION
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Analytical conclusion: |
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The
main activity of the Company is wholesale of fish, crustaceans and mollusks, canned
food and preserves from fish and seafood; Along
with the positive dynamics of Equity
to Total Assets ratio, its level remains insufficient; As
of 01.01.2017, the financial structure consisted of 10% of capital and 90% of
short-term liabilities; Liquidity
ratios correspond to the normative values, except for Cash Ratio. Negative
dynamics of cash ratio indicates low solvency of the enterprise; The
excess of current assets over current liabilities allows to repay debts due
and signifies that the Company has reserves for business expansion. Net
working capital increased significantly from RUB -1 015 th. to RUB
29 234 th. In 2016 compared to 2015; All
indicators in the group of profitability ratios has increased, which
indicates the strengthening of the Company's financial position; Faster
growth rate of payables compared to receivables could lead to liquidity
reduction. |
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Transparency of business activities |
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The Company represents a real sector of economy and its business corresponds
to the declared one. We did not reveal any signs of fictitious activities. |
GENERAL INFORMATION
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ESTABLISHED: |
2015 |
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REGISTRATION
DATA Date
of registration: |
13.03.2015 |
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Registration numbers: |
INN
code: 7743090960 KPP code: 774301001 OGRN code:
1157746184606 OKPO code: 42436177 OKOPF code: 12300 OKFS code: 16 |
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Registr. Authority: |
Interdistrict
Inspectorate of Federal Tax Service №46 in Moscow city (Moscow, Russian
Federation) |
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Legal address: |
3 Izhorskaya str., prem. I, off. 40, Moscow, 125599,
Russian Federation |
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Date
of registration in the Inspectorate of Federal Tax Service №43
in Moscow city: 14.03.2015 Identification
code of the registration authority: 1157746184606 INN
code: 7743090960 KPP
code: 774301001 Date
of registration in the State Agency -
General Administration of Pension Fund of Russian Federation №5
in Moscow city and Moscow region Zapadnoe Degunino municipal raion of Moscow
city: 30.06.2015 Identification
code of the registration authority: 087208007456 OGRN
code: 1157746184606 GRN
code: 2157747322489 Date
of registration in Branch №1
of State Agency of Moscow regional department of Social Insurance Fund of
Russian Federation: 12.09.2016 Identification
code of the registration authority: 770106609077011 OGRN
code: 1157746184606 GRN
code: 9167748109399 |
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LEGAL STATUS: |
OOO (Limited
Liability Company by the Russian Law) (since 13.03.2015) |
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SHARE CAPITAL: |
RUB 10 000 (since 13.05.2015) |
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SHARE
CAPITAL HISTORY: |
There were no
changes in the Company`s share capital. |
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CHANGES
IN REGISTRATION DATA: |
There were no
changes in the Company`s registration data. |
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SHAREHOLDERS/OWNERS: |
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Mr. Md Saydur Rahman 100.00% Share's book value RUB 10 000 Personal code: 772472238004 |
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BOARD/EXECUTIVES: |
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Director: |
Mr.
Md Saydur Rahman Personal code: 772472238004 |
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Signature: |
Mr. Md Saydur
Rahman Personal code: 772472238004 |
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ACTIVITIES: |
The main activity
of the Company is wholesale of fish, crustaceans and mollusks, canned food
and preserves from fish and seafood. Activities,
according to NACE (rev. 2): G46.3.8 - Wholesale
of other food, including fish, crustaceans and molluscs G46.1.7 - Agents
involved in the sale of food, beverages and tobacco G46.3.1 - Wholesale
of fruit and vegetables G46.3.2 - Wholesale
of meat and meat products G46.3.3 - Wholesale
of dairy products, eggs and edible oils and fats G46.3.4 - Wholesale
of beverages G46.3.6 - Wholesale
of sugar and chocolate and sugar confectionery G46.3.7 - Wholesale
of coffee, tea, cocoa and spices G46.3.8 - Wholesale
of other food, including fish, crustaceans and molluscs G46.3.9 -
Non-specialized wholesale of food, beverages and tobacco G46.9.0 -
Non-specialized wholesale trade G47.1.1 - Retail
sale in non-specialized stores with food, beverages or tobacco predominating G47.2.1 - Retail
sale of fruit and vegetables in specialized stores G47.2.2 - Retail
sale of meat and meat products in specialized stores G47.2.3 - Retail
sale of fish, crustaceans and molluscs in specialized stores G47.2.4 - Retail
sale of bread, cakes, flour confectionery and sugar confectionery in
specialized stores G47.2.5 - Retail
sale of beverages in specialized stores G47.2.6 - Retail
sale of tobacco products in specialized stores G47.2.9 - Other
retail sale of food in specialized stores G46.3.5 - Wholesale
of tobacco products |
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EMPLOYEES: |
between 16 and 100 (as
of 01.01.2017) According to
official information. |
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EMPLOYEES
HISTORY: |
No official
information is available. |
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EXPORT: |
According to
official sources, the Company does not export goods to Ukraine (as of
01.07.2017). |
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IMPORT: |
According to
official sources, the Company does not import goods from Ukraine (as of
01.07.2017). |
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KNOWN ASSETS |
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Immovable property: |
UNKNOWN PROPERTY: - Premises - Office
address: 3 Izhorskaya str., prem. I, off. 40, Moscow, 125599,
Russian Federation According to the
official information. |
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BRANCHES: |
None According to the
official information. |
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PARTICIPATION: |
None According to the
official information. |
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BANKERS: |
No official information
is available. |
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INFORMATION
ON SECURITIES ISSUE: |
The
Company didn`t carry out securities issue. |
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FINANCIAL
INFORMATION
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Period (in months) |
12 |
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12 |
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Ended |
01.01.2016 |
Dynamics |
01.01.2017 |
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Currency |
RUB, th |
2016/2015 |
RUB, th |
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Days |
365 |
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365 |
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Net sales |
527 766 |
+158.4% |
1 363 670 |
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Cost of sales |
507 010 |
+157.8% |
1 307 301 |
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Gross profit |
20 756 |
+171.6% |
56 369 |
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Business expenses |
10 900 |
+307.2% |
44 390 |
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Interest payable |
|
320 |
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Other income |
9 945 |
+529.8% |
62 633 |
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Other charges |
20 826 |
+75% |
36 455 |
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Pre-tax profit |
(1 025) |
-3791.4% |
37 837 |
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Changes
in deffered tax assets |
205 |
-100% |
0 |
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Others |
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21 |
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Income-tax |
|
7 567 |
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Net profit |
(820) |
-3788.9% |
30 249 |
BALANCE
SHEET
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As at |
01.01.2016 |
Dynamics |
01.01.2017 |
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Currency |
RUB, th |
2016/2015 |
RUB, th |
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I. NON-CURRENT ASSETS |
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Deferred tax assets |
205.0 |
+0.0% |
205.0 |
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NON-CURRENT ASSETS TOTAL |
205.0 |
+0.0% |
205.0 |
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II. CURRENT ASSETS |
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Input VAT |
3 408.0 |
-20.8% |
2 700.0 |
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Accounts receivable |
92 023.0 |
+226.3% |
300 228.0 |
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Cash and cash equivalents |
89.0 |
-79.8% |
18.0 |
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Other current assets |
88.0 |
+36.4% |
120.0 |
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CURRENT ASSETS TOTAL |
95 608.0 |
+217.0% |
303 066.0 |
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BALANCE |
95 813.0 |
+216.5% |
303 271.0 |
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Share capital |
10.0 |
+0.0% |
10.0 |
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Retained profit |
(820.0) |
+3688.9% |
29 429.0 |
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CAPITAL AND RESERVES TOTAL |
(810.0) |
+3734.4% |
29 439.0 |
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Borrowed funds |
6.0 |
+755333.3% |
45 326.0 |
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Accounts payable |
96 617.0 |
+136.5% |
228 506.0 |
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SHORT-TERM LIABILITIES TOTAL |
96 623.0 |
+183.4% |
273 832.0 |
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BALANCE |
95 813.0 |
+216.5% |
303 271.0 |
FINANCIAL INDICIES
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Revision: |
01.01.2016 |
Dynamics |
01.01.2017 |
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Fiscal period (months): |
12 |
2016/2015 |
12 |
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FINANCIAL STABILITY RATIOS: |
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Equity to Total Assets |
-0.01 |
+0.11 |
0.10 |
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Debt-Equity Ratio |
-119.29 |
+128.59 |
9.30 |
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Debt-to-Total-Assets
Ratio |
1.01 |
-0.11 |
0.90 |
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Cost-of-Sales-to-Sales |
0.96 |
-0.00 |
0.96 |
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LIQUIDITY RATIOS: |
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Current Ratio |
0.95 |
+0.14 |
1.10 |
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Quick Ratio |
0.95 |
+0.14 |
1.10 |
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Cash Ratio |
0.0009 |
-0.00 |
0.0001 |
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Net
Working Capital, RUB, th |
-1 015.00 |
+30249.00 |
29 234.00 |
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PROFITABILITY RATIOS: |
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Gross Profit Margin |
3.93% |
+0.2% |
4.13% |
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Net Profit Margin |
-0.16% |
+2.4% |
2.22% |
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Return on Assets |
-0.86% |
+10.8% |
9.97% |
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Return on Equity |
0.00% |
+102.8% |
102.75% |
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EFFICIENCY RATIOS: |
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Assets Turnover |
- |
- |
1.71 |
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Inventory Period, days |
- |
- |
- |
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Accounts Receivable Period, days |
- |
- |
52 |
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Accounts Payable Period, days |
- |
- |
44 |
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Operating Cycle, days |
- |
- |
- |
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Financial Gap, days |
- |
- |
- |
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Short-term
debtor-to-current liabilities ratio |
0.95 |
+0.36 |
1.31 |
CHARTS
Financing structure Profitability,
RUB ths
Financial
stability ratios Liquidity ratios
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|
None According to the
official data, the Company is not in the process of bankruptcy, financial
insolvency or liquidation (as of 26.02.2018). |
RELATIONS
AND PARTNERSHIPS
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CLIENTS: |
- Customers in
Russian Federation and other countries. |
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PARTNERS: |
- Foreign and
Russian suppliers. |
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OTHER
RELATED COMPANIES: |
No official
information is available |
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TERMS
OF COOPERATION WITH CLIENTS AND PARTENERS: |
No official information
is available. |
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OVERDUE
ACCOUNTS PAYABLE: |
No official
information is available. |
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ENFORCEMENT
PROCEEDINGS: |
No official
information is available. |
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According to the official
information of the Database of Arbitration Cases the Company didn’t
participate in economic court decisions with subsequent recovery of funds
since 01.01.2017 till 26.02.2018. |
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According
to the data of the Federal Tax Service of the Russian Federation, the Company
has no overdue tax liabilities as of 26.02.2018 |
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COMMENTS: |
All the data for
this report was taken from the official and accessible information sources. When
additional information is obtained we will provide you with the updated
report immediately. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
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|
1 |
INR 89.70 |
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Euro |
1 |
INR 79.50 |
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RUB |
1 |
INR 1.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.