MIRA INFORM REPORT

Report No. :	506125
Report Date :	05.05.2018

IDENTIFICATION DETAILS

Name :	PLASTHIM LTD
Registered Office :	Estonia PST 5, Tallinn, Harju County, 10143
Country :	Estonia
Financials (as on) :	31.12.2016
Date of Incorporation :	28.01.2016
Com. Reg. No.:	12986288
Legal Form :	OU (Limited Liability Company by Estonian Commercial Law)
Line of Business :	Wholesale of Chemical Products
No. of Employees :	Not Available

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 :	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)
Estonia	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

ESTONIA - ECONOMIC OVERVIEW

Estonia, a member of the EU since 2004 and the euro zone since 2011, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region, but its economy is highly dependent on trade, leaving it vulnerable to external shocks. Estonia's successive governments have pursued a free market, pro-business economic agenda, and sound fiscal policies that have resulted in balanced budgets and the lowest debt-to-GDP ratio in the EU.

The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Germany, and Russia. After two years of robust recovery in 2011 and 2012, the Estonian economy faltered in 2013 with only 1.6% GDP growth, mainly due to a continuing recession in much of the EU. GDP growth dropped below 2% in 2015 due to lower demand in key Scandinavian and Russian export markets. Rapid increases in investment, which includes EU development funding, and the recovery of export markets contributed to an estimated 4.2% GDP growth in 2017. Inflation also rose in 2017 alongside increased global prices for food and energy, which make up a large share of Estonia’s consumption basket.

Estonia is challenged by a shortage of labor, both skilled and unskilled, although the government has amended its immigration law to allow easier hiring of highly qualified foreign workers, and wage growth that outpaces productivity gains. The government is also pursuing efforts to boost productivity growth with a focus on innovations that emphasize technology start-ups and e-commerce.

Source : CIA

Identification

Full Name

:

PLASTHIM OU

IGK-number

:

082-903-371

Name in English

:

PLASTHIM LTD

Name in national language

:

PLASTHIM OÜ

Office Address

:

Estonia PST 5, Tallinn, Harju county, 10143, Estonia

Legal Address

:

Estonia PST 5, Tallinn, Harju county, 10143, Estonia

Contacts

:

-	Phone	:	+380 677775916
-	E-mail	:	omen_af@ukr.net

SUMMARY

Legal Form : OU (Limited Liability Company by Estonian Commercial Law)

Incorporation : 2016

Staff : n/a

Litigation events : none Remarks on payments : none

Sales : 12 029 029.00 EUR ( for 12 months, ended 31.12.2016 )

Incorporation

:

2016

Registration Data

Date of registration

:

28.01.2016

Registration number

:

12986288

Registr. authority

:

Registration department of the County Court (Estonia)

The company is not registered as TAX payer

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since 28.01.2016

Share Capital

:

2 500 EUR (registered)

since 28.01.2016

Shareholders

:

-	Mr Gapieiev, Sergii (Ukraine)				100.00 %
		address	:	Drayzera str. 29, apt. 268, Kyiv, Ukraine
	date of birth: 13.08.1969
-	Mr Bekeruk, Volodymyr (Estonia)				share n/a
	( the data cancelled since 04.02.2016 )

Board / Executives

Executives

Board Member

:

Mr Gapieiev, Sergii (Ukraine)

:

/Sowana OU (reg.nr.: 12275593) - accounting outsourcing company/ ph.: +372 5520078 e-mail: info@wowana.ee

Authorised signature

:

Mr Gapieiev, Sergii

Changes in Registration Data

- 04.02.2016

:

shareholders

Activities

:

-	5191	Fertilizer/Agric Chemicals
		(5155 / NACE_1.1: Wholesale of chemical products)
		(4675 / NACE_2: Wholesale of chemical products)

Wholesale of fertilizers and agrochemical products

Staff employed

:

n/a

Staff History

:

-	0
	( the data as of 31.12.2016 )

Export

- 31.12.2016

:

Fiscal period: 12 month(s), currency: EUR

12 029 029.00

Subsidiaries and Participation

:

n/a

Bankers

:

n/a

Litigation

:

none

There are no bankruptcy/insolvency listed in the subject name in the official sources.

Remarks on payment

:

none

Debts to Estonian government: By the Tax Authorities there are no tax debts registered on the subject. Other debts: No current records on defaulted payments are reported by local debt collection companies. IGK databases: No current records are reported on the company required.

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
- Debtors
- Other receivables
- Short-term financial investments
- Cash	103 903.00
- Other current assets
Current assets total	103 903.00
Assets total	103 903.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	2 500.00
- Additional capital	-2 500.00
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	103 903.00
Capital and reserves total	103 903.00
Provisions
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
- trade debts
- accrued payroll
- tax liabilities
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total
Liabilities total
Equity and liabilities total	103 903.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	12 029 029.00
Cost of goods sold	11 919 811.00
Gross profit
Distribution costs
Administrative and management costs
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	15 443.00
Other operating charges	16 046.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-4 712.00
Profit before taxation	103 903.00
Income-tax and other similar payments
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	103 903.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.86
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	100.00
Profit before taxation / Equity
Current assets turnover	115.77
Net sales / Current assets
Working capital
Current assets - Short-term liabilities
Leverage	1.00
Equity / Total assets
Current ratio
Current assets / Short-term liabilities
Quick ratio
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio
Total liabilities / Equity
Debtor days
Debtors / Net sales *365
Creditor days
Trade debts / Cost of goods sold *365

FINAL COMMENTS

We contacted Mrs Lora, accountant of accounting outsourcing company, by the ph.number +372 5520078. However she refused to provide us with any information about the company.

APPENDIX A

Financial Statements

Period, months	12
Ended	31.12.2016
Currency	EUR
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	103 903.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	103 903.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9.6. Accumulated depreciation (-)
9. TANGIBLE ASSETS TOTAL
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL
NON-CURRENT ASSETS TOTAL
TOTAL ASSETS	103 903.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL
LIABILITIES TOTAL
20. SHARE CAPITAL	2 500.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL	-2 500.00
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve
25. Other reserves
26. RETAINED EARNINGS
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	103 903.00
EQUITY TOTAL	103 903.00
EQUITY AND LIABILITIES TOTAL	103 903.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1	12 029 029.00
2. Other income	15 443.00
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services	11 919 811.00
8. Other operating expenses
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9.d. Other employee expenses
9. STAFF COSTS TOTAL
10. Depreciation and impairment of fixed assets
11. Other expenses	16 046.00
1. NET SALES format 2
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales
GROSS PROFIT (LOSS)
5. Marketing expenses
6. Administration and general expenses
7. Other income
8. Other expenses
OPERATING PROFIT (LOSS)	108 615.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on converting of foreign currencies
12.f. Other financial income and expenses	-4 712.00
12. TOTAL FINANCIAL INCOME AND EXPENSES	-4 712.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	103 903.00
13. Income tax expense
NET PROFIT (LOSS) FOR FINANCIAL YEAR	103 903.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.76
UK Pound	1	INR 90.58
Euro	1	INR 79.97
Euro	1	INR 80.03

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)

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.