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AS Tolaram Investments

Legal form:

Public limited company

Registry code:

10014351

VAT no.:

EE100262858

Fiscal-year period:

01.01 - 31.12

Established:

29.02.1996 (30)

Former business names:

TOLARAM-INVESTEERINGUTE Aktsiaselts

Capital:

199 455 EUR

Address:

Kopli tn 35, Põhja-Tallinna linnaosa, Tallinn, Harju maakond, 10412

Status:

Registered

Contacts

Email:

tarvo@tolaram.ee

Phone:

+372 6129202

Industries

REAL ESTATE ACTIVITIES
Real estate activities
68201 - Renting and operating of own or leased real estate

VAT liability

	Start	End
EE100262858	01.12.1995

Annual reports

Aggregate data

	Period	Submitted
2025	01.01.2025 - 31.12.2025	22.06.2026	Valid
2024	01.01.2024 - 31.12.2024	06.05.2025	Valid
2023	01.01.2023 - 31.12.2023	19.04.2024	Valid
2022	01.01.2022 - 31.12.2022	18.04.2023	Valid
2021	01.01.2021 - 31.12.2021	04.04.2022	Valid
2020	01.01.2020 - 31.12.2020	22.03.2021	Valid
2019	01.01.2019 - 31.12.2019	08.05.2020	Valid
2018	01.01.2018 - 31.12.2018	26.03.2019	Valid
2017	01.01.2017 - 31.12.2017	21.03.2018	Valid
2016	01.01.2016 - 31.12.2016	26.04.2017	Valid
2015	01.01.2015 - 31.12.2015	29.03.2016	Valid
2014	01.01.2014 - 31.12.2014	14.04.2015	Valid
2013	01.01.2013 - 31.12.2013	20.03.2014	Valid
2012	01.01.2012 - 31.12.2012	07.05.2013	Valid
2011	01.01.2011 - 31.12.2011	05.06.2012	Valid
2010	01.01.2010 - 31.12.2010	31.05.2011	Valid
2009	01.01.2009 - 31.12.2009	26.09.2010	Valid
2008	01.01.2008 - 31.12.2008	19.04.2010	Valid
2007	01.01.2007 - 31.12.2007	12.12.2008	Valid
2006	01.01.2006 - 31.12.2006	12.07.2007	Valid
2005	01.01.2005 - 31.12.2005	14.07.2006	Valid
2004	01.01.2004 - 31.12.2004	01.06.2006	Valid
2002	01.01.2002 - 31.12.2002	15.09.2004	Valid
2001	01.01.2001 - 31.12.2001	03.09.2002	Valid
2000	01.01.2000 - 31.12.2000	02.07.2001	Valid

Unsubmitted declarations

No unsubmitted declarations found

No unsubmitted declarations as of 23.07.2026.

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020406080100

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Tax data

	State taxes	Labour taxes	Taxable turnover	Employees
2026 Q2	41 971 €	18 742 €	173 078 €50.7%	7
2026 Q1	30 853 €	24 345 €	114 851 €21.2%	7
Kokku 2026:	72 824 €	43 087 €	287 929 €
2025 Q4	27 387 €	18 474 €	94 733 €12.5%	7
2025 Q3	24 751 €	18 456 €	84 173 €11.1%	7
2025 Q2	21 471 €	18 476 €	75 787 €11.5%	7
2025 Q1	23 899 €	21 041 €	85 648 €11.8%	8
Kokku 2025:	97 508 €	76 447 €	340 341 €9.0%
2024 Q4	21 022 €	14 904 €	76 639 €12.4%	8
2024 Q3	15 476 €	14 978 €	87 507 €4.7%	8
2024 Q2	19 815 €	14 298 €	83 568 €33.8%	8
2024 Q1	30 494 €	17 408 €	126 259 €11.3%	7
Kokku 2024:	86 807 €	61 588 €	373 973 €27.2%
2023 Q4	31 603 €	15 061 €	142 411 €20.5%	7
2023 Q3	26 990 €	13 006 €	118 178 €7.3%	6
2023 Q2	23 664 €	12 967 €	110 113 €23.0%	6
2023 Q1	26 807 €	12 008 €	142 953 €21.6%	6
Kokku 2023:	109 064 €	53 043 €	513 655 €26.6%
2022 Q4	21 744 €	9 140 €	182 424 €3.1%	5
2022 Q3	20 522 €	9 142 €	188 237 €18.1%	5
2022 Q2	18 660 €	9 140 €	159 331 €6.1%	5
2022 Q1	26 421 €	14 320 €	169 766 €9.7%	5
Kokku 2022:	87 347 €	41 742 €	699 759 €57.1%
2021 Q4	15 082 €	9 645 €	154 718 €72.8%	5
2021 Q3	11 123 €	10 036 €	89 515 €12.8%	8
2021 Q2	11 429 €	9 772 €	102 659 €4.3%	8
2021 Q1	18 097 €	12 230 €	98 452 €3.5%	5
Kokku 2021:	55 731 €	41 683 €	445 343 €21.5%
2020 Q4	16 961 €	9 228 €	95 148 €28.3%	5
2020 Q3	14 533 €	9 228 €	74 154 €17.5%	5
2020 Q2	15 242 €	9 228 €	89 831 €16.3%	7
2020 Q1	12 929 €	12 748 €	107 294 €13.8%	7
Kokku 2020:	59 666 €	40 433 €	366 427 €25.4%
2019 Q4	21 328 €	11 593 €	124 508 €20.1%	7
2019 Q3	18 793 €	11 549 €	103 665 €11.8%	7
2019 Q2	19 529 €	11 549 €	117 540 €19.1%	7
2019 Q1	21 681 €	14 442 €	145 366 €8.6%	7
Kokku 2019:	81 331 €	49 133 €	491 079 €18.9%
2018 Q4	14 886 €	10 738 €	133 841 €1.7%	7
2018 Q3	19 398 €	9 260 €	136 168 €16.1%	7
2018 Q2	26 133 €	14 738 €	162 235 €6.3%	7
2018 Q1	19 955 €	8 434 €	173 220 €9.7%	7
Kokku 2018:	80 372 €	43 170 €	605 464 €15.6%
2017 Q4	15 274 €	3 170 €	191 751 €20.2%	6
2017 Q3	17 598 €	7 232 €	159 534 €15.6%	6
2017 Q2	18 244 €	6 816 €	189 110 €6.7%	7
2017 Q1	20 414 €	9 314 €	177 196 €21.4%	7
Kokku 2017:	71 530 €	26 532 €	717 591 €0.1%
2016 Q4	20 062 €	6 804 €	225 537 €26.7%	4
2016 Q3	16 578 €	5 370 €	178 007 €22.9%	4
2016 Q2	18 805 €	4 370 €	144 862 €14.6%	4
2016 Q1	16 163 €	5 116 €	169 594 €6.6%	4
Kokku 2016:	71 608 €	21 660 €	718 000 €0.6%
2015 Q4	12 999 €	3 610 €	181 665 €0.1%	1
2015 Q3	12 965 €	3 613 €	181 838 €5.5%	1
2015 Q2	11 444 €	3 424 €	172 326 €7.4%	1
2015 Q1	9 894 €	3 699 €	186 171 €	1
Kokku 2015:	47 302 €	14 346 €	722 000 €

Revenue by industry

	2023	2024	2025
Renting and operating of own or leased real estate	547 000 €	347 000 €	380 000 €
Accounting and tax consultancy		40 000 €

Tax debts

No tax debt found

No tax debt as of 23.07.2026

Representatives

Name	Personal ID code	Date of birth	Role	Start	End
Viktoria Orlova	48401XXXXXX	26.01.1984 (42)	Board member	16.01.2018	-
Tarvo Teder	37609XXXXXX	23.09.1976 (49)	Board member	27.11.2009	-

9 inactive record hidden, extended access to the information portal is required to view history!

1 - 2 / 2 rows

Shareholders

Name	Personal ID code	Date of birth	Role	Share	%	Type	Start	End
TOLARAM CAPITAL PTE. LTD.	-	-	Shareholder	199 455,00 EUR	100	Sole ownership	02.05.2025	-

9 inactive record hidden, extended access to the information portal is required to view history!

1 - 1 / 1 rows

Other persons

Name	Personal ID code	Date of birth	Role	Start	End
Kontrollikoda OÜ	-	-	Audit firm	01.08.2025	-
Narinder Kumar Ghanshamdas Aswani	36304XXXXXX	12.04.1963 (63)	Chairman of the supervisory board	20.02.2025	-
Kunal Adnani	-	15.10.1984 (41)	Supervisory-board member	10.12.2024	-
Urmas Reimand	35709XXXXXX	23.09.1957 (68)	Supervisory-board member	10.12.2024	-
Rein Ruusalu	36802XXXXXX	21.02.1968 (58)	Audit firm	06.04.2017	-

8 inactive record hidden, extended access to the information portal is required to view history!

1 - 5 / 5 rows

Ultimate beneficial owners

Name	Personal ID code	Date of birth	Role	Start	End
Sajen Ghanshamdas Aswani	-	22.04.1960 (66)	Indirect holding	22.03.2021	-
Vishamkar Tikamdas Adnani	-	12.03.1942 (84)	Indirect holding	08.05.2020	-
RAJESHLAL MOHANLAL VASWANI	-	31.03.1971 (55)	Indirect holding	04.02.2020	-
HARKISHIN GHANSHAMADAS ASWANI	-	05.10.1961 (64)	Indirect holding	23.10.2018	-
MOHAN K VASWANI	-	26.08.1938 (87)	Indirect holding	23.10.2018	-

1 - 5 / 6 rows

Holdings in companies

Company	Registered	Role	Share	%	Type	Start	End
AS PHOENIX LAND	24.10.1996	Shareholder	20 045 632,00 EUR	100	Sole ownership	16.08.2023	-

4 inactive record hidden, extended access to the information portal is required to view history!

1 - 1 / 1 rows

2026 Q2

Turnover

Amount

173 078 €

Monthly average

57 693 €

Per employee

8 242 €

Equity ratio

28,93%

Labour taxes

Turnover ratio

10,83%

Tax ratio

44,65%

Monthly average

6 247 €

Per employee

892 €

State taxes

Monthly average

13 990 €

Turnover ratio

24,25%

Estimated salary

Gross salary

1 745 €

Net salary

1 442 €

Aggregate data

	2025	2024	2023	2022	2021	2020	2019
Current assets	968 000 €64.2%	2 701 000 €323.4%	638 000 €35.1%	983 000 €15.0%	1 156 000 €5.2%	1 220 000 €32.0%	1 793 000 €
Non-current assets	18 558 000 €2.2%	18 156 000 €0.7%	18 291 000 €7.8%	16 969 000 €5.3%	16 113 000 €10.8%	14 540 000 €16.9%	17 490 000 €
Total assets	19 526 000 €6.4%	20 857 000 €10.2%	18 929 000 €5.4%	17 952 000 €4.0%	17 269 000 €9.6%	15 760 000 €18.3%	19 283 000 €
Short-term liabilities	208 000 €11.2%	187 000 €61.4%	485 000 €13.5%	561 000 €19.6%	469 000 €26.1%	372 000 €82.6%	2 141 000 €
Long-term liabilities	54 000 €97.3%	2 011 000 €1.2%	2 035 000 €5.3%	1 932 000 €6.0%	2 055 000 €1.0%	2 076 000 €1.0%	2 096 000 €
Total liabilities	262 000 €88.1%	2 198 000 €12.8%	2 520 000 €1.1%	2 493 000 €1.2%	2 524 000 €3.1%	2 448 000 €42.2%	4 237 000 €
Share or stock capital	199 000 €96.8%	6 199 000 €	6 199 000 €	6 199 000 €	6 199 000 €	6 199 000 €	6 199 000 €
Retained earnings	18 460 000 €80.8%	10 210 000 €10.3%	9 260 000 €8.4%	8 546 000 €20.1%	7 113 000 €19.6%	8 847 000 €8.1%	8 186 000 €
Net profit	605 000 €73.1%	2 250 000 €136.8%	950 000 €33.1%	714 000 €50.2%	1 433 000 €182.6%	-1 734 000 €362.3%	661 000 €
Equity	19 264 000 €3.2%	18 659 000 €13.7%	16 409 000 €6.1%	15 459 000 €4.8%	14 745 000 €10.8%	13 312 000 €11.5%	15 046 000 €
Turnover	722 000 €3.5%	748 000 €19.5%	929 000 €15.1%	1 094 000 €30.4%	839 000 €38.9%	604 000 €15.5%	715 000 €
Profit margin	83.80%72.1%	300.80%194.2%	102.26%56.7%	65.27%61.8%	170.80%159.5%	-287.09%410.5%	92.45%

Financial ratios

	2025	2024	2023	2022	2021
Profit and cash flow
EBITDA	LC UCL	-ZXP ADG	NBY NQB	273 000	-
Liquidity
Current ratio	W.I	N.V	V.J	1.8	2.7
Quick ratio	W.N	T.R	D.T	1.7	2.7
Cash ratio	E.A	E.Y	B.W	0.9	1.8
Efficiency
Days sales outstanding (dso)	D RXY.S	HY AJV.I	C KIZ.S	6 127.0	8 501.4
Asset turnover	Y.O	P.P	X.L	0.0	0.0
Structure
Debt ratio	S.S	R.L	S.O	0.0	0.0
Profitability
Operating margin	K.J%	-VV.F%	FL.D%	37.4%	62.0%
Net profit margin	QL.T%	-LH.N%	LD.B%	41.1%	66.5%
Return on assets (roa)	D.M%	-I.F%	I.R%	1.3%	1.5%
Return on equity (roe)	M.P%	-K.X%	H.N%	1.3%	1.5%

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Licences & notices

No licenses and notices found

Company has no active licenses and business activity notices

Regulations

Regulation no.	Date	Type	Deadline	Status
Ä 10000790 / 23	25.04.2025	Entry - Amendment entry		Entered into force (25.04.2025)
Ä 10000790 / M9	10.12.2018	Order to remedy deficiencies for correcting extra-entry data	24.12.2018	Entered into force (10.12.2018)
Ä 10000790 / M8	15.11.2018	Directive order	05.12.2018	Deficiencies remedied (28.11.2018)
Ä 10000790 / 22	07.03.2018	Entry - Amendment entry		Entered into force (07.03.2018)
Ä 10000790 / M7	13.02.2018	Order to remedy deficiencies - Amendment entry	15.03.2018	Deficiencies remedied (07.03.2018)

1 - 5 / 29 rows

Real estate

Address	Area	Purpose
Hariduse tn 4, Sindi linn, Tori vald, Pärnu maakond	1546 m²	Residential land 100%
Lai tn 44 // Pagari tn 1 // Pikk tn 59, Kesklinna linnaosa, Tallinn, Harju maakond	1551 m²	Commercial land 5%, Residential land 90%, Public-buildings land 5%
Pärnu mnt 40, Sindi linn, Tori vald, Pärnu maakond	8371 m²	Industrial land 100%
Pärnu mnt 40a, Sindi linn, Tori vald, Pärnu maakond	1099 m²	Commercial land 100%
Pärnu mnt 50, Sindi linn, Tori vald, Pärnu maakond	73505 m²	Industrial land 100%

1 - 5 / 12 rows

Consumer Disputes Committee decisions

No consumer dispute committee decisions found

Company has not been issued consumer dispute committee decisions

Official announcements

Subject	Date
Notice of share-capital reduction	22.01.2025
Notice of granting or refusal of an environmental permit	30.12.2020
Notice of company merger	21.03.2017
Notice of conclusion of a public limited company merger agreement	02.03.2017

1 - 4 / 4 rows

Public transactions

Date	Party	Amount	Classification
20.11.2025	Tallinna Strateegiakeskus	215.60 € Received	OTHER GRANTS Other economy, incl. economic administration

1 - 1 / 1 rows

.ee domains

Domain	Status	Registered	Expires	End
tolaram.ee	Active	04.07.2010	28.12.2026	-

1 - 1 / 1 rows

Enforcement proceedings

No enforcement proceedings found

Company has no active debts with bailiffs

Payment orders

No payment orders found

Company has no court-ordered payment orders