MIRA INFORM REPORT

Report No. :	495273
Report Date :	07.03.2018

IDENTIFICATION DETAILS

Name :	MS-TRANS, LTD
Registered Office :	Ostas prospekts 4, Riga, LV-1034
Country :	Latvia
Financials (as on) :	31.12.2016
Date of Incorporation :	11.01.2016
Com. Reg. No.:	40103960256
Legal Form :	SIA (Ltd by Latvian law)
Line of Business :	· Trucking and warehousing · Freight transport by road
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 :	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)
Latvia	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

LATVIA - ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing more than half of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality.

Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the slowing world economy. Triggered by the collapse of the second largest bank, GDP plunged by more than 14% in 2009 and, despite strong growth since 2011, the economy took until 2017 return to pre-crisis levels in real terms. Strong investment and consumption, the latter stoked by rising wages, helped the economy grow by more than 4% in 2017, while inflation rose to 3%. Continued gains in competitiveness and investment will be key to maintaining economic growth, especially in light of unfavorable demographic trends, including the emigration of skilled workers, and one of the highest levels of income inequality in the EU.

In the wake of the 2008-09 crisis, the IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011, although, the austerity measures imposed large social costs. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 80% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia also joined the euro zone in 2014 and the OECD in 2016.

Source : CIA

Identification

Full Name

:

SIA “MS-Trans”

Name in English

:

MS-Trans, LTD

Name in national language

:

SIA “MS-Trans”

Office Address

:

Lugazu 14a, Riga, LV-1045, Latvia

/In nat.lang.: Lugažu iela 14, Rīga, LV-1045/

Legal Address

:

Ostas prospekts 4, Riga, LV-1034, Latvia

/In nat.lang.: Ostas prospekts 4, Rīga, LV-1034/

Contacts

:

-	Phone	:	(+371) 27090177
-	E-mail	:	info@ms-trans.lv

SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2016

Staff : 3

Litigation events : none Remarks on payments : none

Sales : 951 200.00 EUR ( for 12 months, ended 31.12.2016 )

Incorporation

:

2016

Registration Data

Date of registration

:

11.01.2016

Registration number

:

40103960256

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40103960256

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

SIA (Ltd by Latvian law)

since 11.01.2016

Share Capital

:

50 EUR (registered)

since 11.01.2016

Shareholders

:

-	Mr Knaus, Eugen (Germany)	100.00 %
	date of birth: 09.11.1970

Board / Executives

Executives

Board Member

:

Mr Knaus, Eugen (Germany)

Authorised signature

:

Mr Knaus, Eugen

Activities

:

-	42	TRUCKING AND WAREHOUSING
		(6024 / NACE_1.1: Freight transport by road)
		(4941 / NACE_2: Freight transport by road)

Staff employed

:

3

Staff History

:

-	3
	( the data as of 30.09.2017 )
-	3
	( the data as of 31.12.2016 )

Export

:

China Peoples Republic

Import

:

Russian Federation, Belarus

Facilities

Real estate

:

rent:
-	Premises - Office
	size/amnt	:	15.00 m2

Branches

:

none

Subsidiaries and Participation

:

none

Bankers

:

-	SWEDBANKA AS (Latvia)

Clients

:

About 12

Suppliers

:

About 15-20

Other associated Companies

:

None

Litigation

:

none

There are no bankruptcy/insolvency records listed in the subject name 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

There are no records on unpaid invoices/defaulted payments noted by local debt collection companies. According to the Tax Office of Latvia the subject company doesn’t have any arrears exceeding 150 EUR as at 26.02.2018.

Business mortgages

:

none

Financial Elements

Period, months	12
Ended	31.12.2016
Currency	EUR
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets
- Fixed assets
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total
CURRENT ASSETS
- Stock	9 094.00
- Debtors	253 538.00
- Other receivables
- Short-term financial investments
- Cash	11 119.00
- Other current assets
Current assets total	273 751.00
Assets total	273 751.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	50.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	16 729.00
Capital and reserves total	16 779.00
Provisions	1 249.00
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total
SHORT-TERM LIABILITIES
- Loans and credits
- short-term amounts owed to banks
- Creditors	255 723.00
- trade debts	149 734.00
- accrued payroll
- tax liabilities	3 876.00
- other creditors	913.00
- advances received	101 200.00
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	255 723.00
Liabilities total	255 723.00
Equity and liabilities total	273 751.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	951 200.00
Cost of goods sold	914 821.00
Gross profit	36 379.00
Distribution costs
Administrative and management costs	11 357.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income
Other operating charges	5 087.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	19 935.00
Income-tax and other similar payments	3 206.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	16 729.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	2.10
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	118.81
Profit before taxation / Equity
Current assets turnover	3.47
Net sales / Current assets
Working capital	18 028.00
Current assets - Short-term liabilities
Leverage	0.06
Equity / Total assets
Current ratio	1.07
Current assets / Short-term liabilities
Quick ratio	1.03
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	15.24
Total liabilities / Equity
Debtor days	97.29
Debtors / Net sales *365
Creditor days	59.74
Trade debts / Cost of goods sold *365

FINAL COMMENTS

We contacted Mr Evgenijs Knaus, Member of the Board, by the ph.number +371 27090177 and he provided us with the general information about the company.

APPENDIX A

Financial Statements

Period, months	12
Ended	31.12.2016
Currency	EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	951 200.00
a) from agricultural activities
b) from other operating activities
020 Cost of sales	-914 821.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	36 379.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-11 357.00
060 Other operating income
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-5 087.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
a) Long-term financial investments in associated companies
110 Interest payable and similar charges
120 Profit or loss on ordinary activities before taxation
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation
160 Income-tax for fiscal period	-3 206.00
165. Profit after corporate income tax
170 Other taxes
175 Deferred Income-tax for fiscal period
176 Minority profit or loss
178 Extraordinary dividend
180 Profit or loss for fiscal period	16 729.00
b) other operating activites
b) from other persons
190 Minority profit or loss
200 Profit or loss after taxation and minority interests
370 Profit or loss on ordinary	19 935.00
activities before taxation
380 Profit after tax for the year
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
a) of group companies
b) other persons
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets
200 NON-CURRENT ASSETS TOTAL
CURRENT ASSETS
Stock
210 Raw materials and consumables	9 094.00
220 Work in progress
225 Work in progress and orders
230 Finished goods and goods for resale
240 Orders outstanding
250 Payments on account
255 Animals and plants
256 a) the animals and planting annuals
260 Working and productive animals
270 Total stock	9 094.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	189 094.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	64 383.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
335 Other loans
340 Prepayments and accrued	61.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	253 538.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	11 119.00
410 CURRENT ASSETS TOTAL	273 751.00
420 BALANCE	273 751.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	50.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
510 Retained earnings
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years
520 Profit or loss for the current year	16 729.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	16 779.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	1 249.00
561 Provisions for vacations
570 PROVISIONS TOTAL	1 249.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions
671 Other loans
680 Advanced payments received	101 200.00
690 Trade debts	149 734.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	3 876.00
740 Other creditors	913.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	255 723.00
790 Creditors, total
800 BALANCE	273 751.00
990 Employees number	3.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.99
UK Pound	1	INR 89.91
Euro	1	INR 80.21
LVL	1	INR 114.88

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

INFORMATION DETAILS

Analysis Done by :	VAR
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)

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.