MIRA INFORM REPORT

Report No. :	495976
Report Date :	22.03.2018

IDENTIFICATION DETAILS

Name :	BECOM PLUS D.O.O.
Registered Office :	Novosadska 38 RS 21241 KAC
Country :	Serbia
Financials (as on) :	31.12.2017
Date of Incorporation :	14.04.2009
Legal Form :	Limited Liability company
Line of Business :	Non-specialised wholesale trade [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	13 (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 :	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)
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 and address

BECOM PLUS D.O.O.

BECOM PLUS DOO ZA PROIZVODNJU, TRGOVINU I USLUGE KAC

Novosadska 38

RS 21241 Kac

Tel: +381 21/6212189, 6402662

Fax: +381 21/6212189, 6402662

Mob.: +381 64/6423092, 6423093

Company summery

Legal form	Ltd. - Limited Liability company
Established	14.04.2009
Registered	National Identification Number: 20526246 PIB (Value Added Tax): 106054631
Establisher	Lazar Damjanov, born 07.03.1960 Novosadska 36, 21241 Novi Sad, Serbia		100.00%
Basic capital	RSD 23,000 (31.12.2016)
Management	Lazar Damjanov, Director, born 07.03.1960 Novosadska 36, 21241 Novi Sad, Serbia
Activity	Basic activity (according to National activity classification): Non-specialised wholesale trade (46.90)
Business Premises	Novosadska 38, Novi Sad, ownership unknown, Wholesale Novosadska 38, Novi Sad, ownership unknown, Registered Address
Motor pool	Data not available
Staff	2016	13 employees
	2015	13 employees
	2014	11 employees
	2013	11 employees
	2012	10 employees
	2011	9 employees
	2010	9 employees
	2009	5 employees

Revenue	2017 revenue	RSD	486,843,000
	2016 revenue	RSD	476,251,000
	2015 revenue	RSD	398,312,000
	2014 revenue	RSD	357,953,000
	2013 revenue	RSD	386,504,000
	2012 revenue	RSD	378,984,000
	2011 revenue	RSD	397,350,000
	2010 revenue	RSD	367,682,000
	2009 revenue	RSD	153,742,000

Real estate

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

Financial

Balance Sheet	RSD (x 1,000)	31.12.2017	31.12.2016	31.12.2015
Unconsolidated
	FIXED ASSETS	19,020	19,046	21,574
	Subscribed capital unpaid	0	0	0
	Intangible fixed assets	0	0	0
	Tangible fixed assets	19,020	19,046	21,574
	Other fixed assets	0	0	0
	CURRENT ASSETS	133,057	115,655	132,945
	Inventories	34,321	26,098	29,977
	Accounts receivable	96,212	86,742	83,480
	Cash and cash equivalent	1,962	2,498	19,480
	Other current assets	562	317	8
	LOSS	0	0	0
	TOTAL ASSETS	152,077	134,701	154,519
	EQUITY	112,923	109,774	102,022
	Capital	23	23	23
	Subscribed capital unpaid	0	0	0
	Reserves	0	0	0
	Revalorization reserves	0	0	0
	Undistributed Income	112,900	109,751	101,999
	Loss	0	0	0
	Treasury shares	0	0	0
	LONG TERM RESERVATIONS	0	0	0
	LONG TERM LIABILITIES	0	988	4,646
	SHORT TERM LIABILITIES	39,154	23,939	47,851
	OTHER LIABILITIES	0	0	0
	TOTAL LIABILITIES	152,077	134,701	154,519

Profit And Loss Account	RSD (x 1,000)	31.12.2017	31.12.2016	31.12.2015
Unconsolidated
	OPERATING REVENUES	485,852	473,251	397,433
	Sales of goods	485,621	473,118	397,315
	OPERATING EXPENSES	471,421	461,141	385,755
	Costs of goods sold	439,626	438,156	364,533
	Raw materials costs	12,058	4,996	4,515
	Salaries, wages and other personal indemnities	9,429	7,781	6,892
	Deprecation and provision costs	4,969	4,978	4,344
	Other operating expenses	10,970	9,852	9,762
	FINANCIAL REVENUES	94	318	379
	FINANCIAL EXPENSES	45	425	762
	Financial P/L	49	(107)	(383)
	OTHER REVENUES	11,706	8,506	500
	OTHER EXPENSES	11,792	6,660	5,252
	Other P/L	(86)	1,846	(4,752)
	Profit from regular business operations before tax	3,585	8,025	6,543
	Loss from regular business operations before tax	0	0	0
	Net profit of businesses to be ceased	120	63	0
	Net loss of businesses to be ceased	0	0	0
	Profit before taxation	3,705	8,088	6,543
	Loss before taxation	0	0	0
	Taxation on profit	556	336	331
	Personal indemnities paid to employer	0	0	0
	TOTAL REVENUES	486,843	476,251	398,312
	TOTAL EXPENSES	483,258	468,226	391,769
	PROFIT OF THE PERIOD	3,149	7,752	6,212
	LOSS OF THE PERIOD	0	0	0
	Number of employees	14	13	13

Ratios	RSD (x 1,000)	31.12.2017	31.12.2016	31.12.2015
Unconsolidated
	Financial stability ratio	2.12	2.45	2.07
	Equity ratio %	74.25	81.49	66.03
	Debt to equity (Worth)	0.35	0.23	0.51
	Liquidity ratio	2.51	3.73	2.15
	Current ratio	3.35	4.73	2.37
	Total assets turnover	3.19	3.51	2.57
	Average collection period in days	72	67	77
	Profit margin %	0.65	1.64	1.56
	Return on total assets %	2.07	5.76	4.02
	Return on equity %	2.79	7.06	6.09
	Total assets per employee (ths.)	10,862.64	10,361.62	11,886.08
	Equity per employee (ths)	8,065.93	8,444.15	7,847.85
	Total revenue per employee (ths.)	34,703.71	36,403.92	30,571.77
	Profit per employee (ths.)	224.93	596.31	477.85
	Loss per employee (ths.)	0.00	0.00	0.00
	Average net to salaries (ths.)	56.13	49.88	44.18
	* Auditing of financial statements Small legal entities

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: BECOM PLUS D.O.O., KAC (BECOM PLUS Ltd., KAC)
Inflation	2012: 2011: 2010:	12.20% 10.30% 7.90%
Bankers	SOCIETE GENERALE BANKA SRBIJA A.D. Beograd Bulevar Zorana Djindjica 50 a i 50 b 275-10221689206-70
	SOCIETE GENERALE BANKA SRBIJA A.D. Beograd Bulevar Zorana Djindjica 50 a i 50 b 275-0010225746947-56
	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	No Complaints
Credit opinion	Business connections are permissible

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 91.33
Euro	1	INR 79.96
RSD	1	INR 0.68

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TRU

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.