MIRA INFORM REPORT

Report No. :	495975
Report Date :	10.03.2018

IDENTIFICATION DETAILS

Name :	TIBI TRADE D.O.O.
Registered Office :	Kostolacka 60, Beograd (Vozdovac)
Country :	Serbia
Financials (as on) :	31.12.2016
Date of Incorporation :	15.09.1993
Legal Form :	Ltd. - Limited Liability Company
Line of Business :	Non-Specialized Wholesale Trade
No. of Employees :	3 [2016]

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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)
Serbia	C1	C1

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

SERBIA - ECONOMIC OVERVIEW

Serbia has a transitional economy largely dominated by market forces, but the state sector remains significant in certain areas. The economy relies on manufacturing and exports, driven largely by foreign investment. MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, civil war, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left the economy worse off than it was in 1990. In 2015, Serbia’s GDP was 27.5% below where it was in 1989.

After former Federal Yugoslav President MILOSEVIC was ousted in September 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on a market reform program. Serbia renewed its membership in the IMF in December 2000 and rejoined the World Bank and the European Bank for Reconstruction and Development. Serbia has made progress in trade liberalization and enterprise restructuring and privatization, but many large enterprises - including the power utilities, telecommunications company, natural gas company, and others - remain state-owned. Serbia has made some progress towards EU membership, gaining candidate status in March 2012. In January 2014, Serbia's EU accession talks officially opened and, as of December 2017, Serbia had opened 12 negotiating chapters including one on foreign trade. Serbia's negotiations with the WTO are advanced, with the country's complete ban on the trade and cultivation of agricultural biotechnology products representing the primary remaining obstacle to accession. Serbia maintains a three-year Stand-by Arrangement with the IMF worth approximately $1.3 billion that is scheduled to end in February 2018. The government has shown progress implementing economic reforms, such as fiscal consolidation, privatization, and reducing public spending.

Unemployment in Serbia, while relatively low (16% in 2017) compared with its Balkan neighbors, remains significantly above the European average. Serbia is slowly implementing structural economic reforms needed to ensure the country's long-term prosperity. Serbia reduced its budget deficit to 1.7% of GDP and its public debt to 71% of GDP in 2017. Public debt had more than doubled between 2008 and 2015. Serbia's concerns about inflation and exchange-rate stability preclude the use of expansionary monetary policy.

Major economic challenges ahead include: stagnant household incomes; the need for private sector job creation; structural reforms of state-owned companies; strategic public sector reforms; and the need for new foreign direct investment. Other serious longer-term challenges include an inefficient judicial system, high levels of corruption, and an aging population. Factors favorable to Serbia's economic growth include the economic reforms it is undergoing as part of its EU accession process and IMF agreement, its strategic location, a relatively inexpensive and skilled labor force, and free trade agreements with the EU, Russia, Turkey, and countries that are members of the Central European Free Trade Agreement.

Source : CIA

Company name & address

TIBI TRADE D.O.O.

Preduzece Za Trgovinu I Usluge Tibi Trade Doo, Beograd (Vozdovac)

Kostolacka 60

RS 11000 Beograd (Vozdovac)

Tel: +381 11/2852718, 3096744, 3971565

Fax: +381 11/2852718, 3096742

company summary

Legal form	Ltd. - Limited Liability Company
Established	15.09.1993
Registered	National Identification Number: 06914063 PIB (Value Added Tax): 101742836 Serbian Business Registers Agency Nr. 48865
Establisher	Branislav Raicevic, born 28.12.1945 Serbia		100.00%
Basic capital	RSD 435,000 (31.12.2016)
Management	Branislav Raicevic, Director, born 28.12.1945 Serbia
Activity	Basic activity (according to National activity classification): Non-specialized wholesale trade (46.90)
Business Premises	Registered Address: Kostolacka 60, Beograd (Vozdovac)
Motor pool	Data not available
Staff	2016	3 employees
	2015	3 employees
	2014	3 employees
	2013	3 employees
	2012	3 employees
	2011	3 employees
	2010	3 employees
	2009	3 employees
	2008	2 employees
	2007	2 employees
	2006	2 employees
	2005	2 employees
	2004	2 employees
	2003	2 employees
	2002	1 employees
	2001	1 employees

Sales	2016 revenue	RSD	383,215,000
	2015 revenue	RSD	435,511,000
	2014 revenue	RSD	441,395,000
	2013 revenue	RSD	415,565,000
	2012 revenue	RSD	421,856,000
	2011 revenue	RSD	313,797,000
	2010 revenue	RSD	264,904,000
	2009 revenue	RSD	209,503,000
	2008 revenue	RSD	165,041,000
	2007 revenue	RSD	135,747,000
	2006 revenue	RSD	153,714,000
	2005 revenue	RSD	79,061,000
	2004 revenue	RSD	21,589,000
	2003 revenue	RSD	6,676,000
	2002 revenue	RSD	3,115,000
	2001 revenue	RSD	1,348,000

Real estate

Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Balance Sheet	RSD (x 1,000)	31.12.2016	31.12.2015	31.12.2014
Unconsolidated
	FIXED ASSETS	13,135	9,721	9,957
	Subscribed capital unpaid	0	0	0
	Intangible fixed assets	121	121	0
	Tangible fixed assets	13,014	9,600	9,957
	Other fixed assets	0	0	0
	CURRENT ASSETS	161,807	161,374	133,261
	Inventories	94,548	106,640	79,460
	Accounts receivable	64,552	48,081	51,330
	Cash and cash equivalent	1,183	5,796	2,471
	Other current assets	1,524	857	0
	LOSS	0	0	0
	TOTAL ASSETS	174,942	171,095	143,218
	EQUITY	76,044	69,166	57,714
	Capital	435	435	435
	Subscribed capital unpaid	0	0	0
	Reserves	17	17	17
	Revalorization reserves	0	0	0
	Undistributed Income	75,592	69,040	57,262
	Loss	0	326	0
	Treasury shares	0	0	0
	LONG TERM RESERVATIONS	0	0	0
	LONG TERM LIABILITIES	31,847	18,000	15,730
	SHORT TERM LIABILITIES	67,051	83,929	69,774
	OTHER LIABILITIES	0	0	0
	TOTAL LIABILITIES	174,942	171,095	143,218

Profit And Loss Account	RSD (x 1,000)	31.12.2016	31.12.2015	31.12.2014
Unconsolidated
	OPERATING REVENUES	378,415	431,270	440,020
	Sales of goods	378,261	431,270	439,812
	OPERATING EXPENSES	369,400	410,010	419,731
	Costs of goods sold	353,862	390,184	402,620
	Raw materials costs	1,331	869	746
	Salaries, wages and other personal indemnities	1,873	1,711	1,543
	Deprecation and provision costs	600	509	455
	Other operating expenses	12,397	17,406	14,913
	FINANCIAL REVENUES	1,532	1,490	994
	FINANCIAL EXPENSES	4,240	4,805	5,215
	Financial P/L	(2,708)	(3,315)	(4,221)
	OTHER REVENUES	3,268	2,751	381
	OTHER EXPENSES	1,868	6,840	811
	Other P/L	1,400	(4,089)	(430)
	Profit from regular business operations before tax	7,707	13,856	15,638
	Loss from regular business operations before tax	0	0	0
	Net profit of businesses to be ceased	0	0	0
	Net loss of businesses to be ceased	0	0	0
	Profit before taxation	7,707	13,856	15,638
	Loss before taxation	0	0	0
	Taxation on profit	1,156	2,078	2,346
	Personal indemnities paid to employer	0	0	0
	TOTAL REVENUES	383,215	435,511	441,395
	TOTAL EXPENSES	375,508	421,655	425,757
	PROFIT OF THE PERIOD	6,551	11,778	13,292
	LOSS OF THE PERIOD	0	0	0
	Number of employees	3	3	3

Ratios	RSD (x 1,000)	31.12.2016	31.12.2015	31.12.2014
Unconsolidated
	Financial stability ratio	1.00	0.75	0.82
	Equity ratio %	43.47	40.43	40.30
	Debt to equity (Worth)	1.30	1.47	1.48
	Liquidity ratio	1.00	0.65	0.77
	Current ratio	2.37	1.84	1.87
	Total assets turnover	2.16	2.52	3.07
	Average collection period in days	62	41	43
	Profit margin %	1.73	2.73	3.02
	Return on total assets %	3.74	6.88	9.28
	Return on equity %	8.61	17.03	23.03
	Total assets per employee (ths.)	58,314.00	57,031.67	47,739.33
	Equity per employee (ths)	25,348.00	23,055.33	19,238.00
	Total revenue per employee (ths.)	126,138.33	143,756.67	146,673.33
	Profit per employee (ths.)	2,183.67	3,926.00	4,430.67
	Loss per employee (ths.)	0.00	0.00	0.00
	Average net to salaries (ths.)	52.03	47.53	42.86

Corporate structure	Rep. Offices in Serbia: none Rep. Offices abroad: none Affiliates: not identified Subsidiaries: not identified Immediate parent company: none
Other info	Short company name: TIBI TRADE DOO BEOGRAD (TIBI TRADE Ltd. BEOGRAD)
Inflation	2012: 2011: 2010:	12.20% 10.30% 7.90%
Bankers	RAIFFEISEN BANKA A.D. Beograd Bulevar Zorana Djindjica 64 a 265-1780310000083-86
	SOCIETE GENERALE BANKA MONTENEGRO, Podgorica 550-0010221228399-47
	No unsettled liability was registered during last 12 months.
Debt collection	Case Registered:	-
	Case Status:	There is no record of any debt collection action.
Mode of payment	Slow but correct
Credit opinion	Business connections are permissible

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.07
UK Pound	1	INR 89.85
Euro	1	INR 80.16
RSD	1	INR 0.68

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)

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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.