MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	AGROFERT HOLDING, A.S.
Registered Office :	Pyselska 2327/2 149 00 Praha 4
Country :	Czech Republic
Financials (as on) :	31.12.2010
Date of Incorporation :	01.07.2000
Com. Reg. No.:	B/6626
Legal Form :	Public Limited Company
Line of Business :	Wholesale of chemical products
No. of Employees :	195

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	CZK 105,000,000
Status :	Good
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Czech Republic	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company identification

AGROFERT HOLDING, a.s. Pyselska 2327/2 149 00 Praha 4 Czech Republic		telephone telefax e-mail Web	00420/ 272 192 111 00420/ 272 192 272 agrofert@agrofert.cz www.agrofert.cz
Crefo Nr. Statistical Nr. Tax Nr.	9210093422 26185610 CZ26185610	Registration: Registration Nr. Status	Mestsky soud v Praze B/6626

Economic situation

Business connection	Business connections appear permissible	(31)
Terms of payment	mostly no complaints, but occasional delays / reminders	(31)
Credit Limit	105,000,000	CZK
	3,944,850	EUR

Basic information

Legal form

Public limited company

Founded

01/07/2000 as Public limited company

Registration

01/07/2000, Mestsky soud v Praze, B/6626

Statistical Nr.: 26185610 Tax Nr.: CZ26185610

Registered names

Valid from	Former name(s)	Valid until
01/07/2000	AGFTRADING, a.s.	31/08/2004
Valid from	Trade name(s)	Valid until
31/08/2004	AGROFERT HOLDING, a.s.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Main Shareholder
9210028837	Ing. Andrej Babis (birth date 02/09/1954) Frantiska Zemana 876, Pnuhonice, 252 43, Czech Republic		100%

Registered capital

Date	Currency	Value
01/07/2000	CZK	390,000,000
29/08/2001	CZK	428,000,000
01/10/2002	CZK	528,000,000
30/12/2002	CZK	628,000,000

628 pc of nominative shares at nominal value of CZK 1.000.000,— The shares of the company are issued in documentary form. The shares \ are convertible without any restrictions between the shareholders of \ the company. Transfer of shares to another subject is possible just \ with consent of the company's Board of Directors.

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Board of Directors

9210028837	chairman Ing. Andrej Babis (birth date 02/09/1954) Frantiska Zemana 876, Pnuhonice, 252 43, Czech Republic
9210076540	vice-chairman Ing. Zbynek Prusa (birth date 06/12/1953) Slunecnl 2355, Roznov pod Radhosteem, 755 01, Czech Republic telephone: 00420/571 692 101 e-mail: z.prusa@deza.cz
9210099922	vice-chairman Ing. Petr Cingr (birth date 18/05/1968) Chvateruby 96, Kralupy nad Vltavou, 278 01, Czech Republic
9210139639	Ing. Josef Mraz (birth date 07/04/1965) Dejvicka 555/36, Praha 6, Bubenec, 162 00, Czech Republic telephone: 00420/ 272 192 215 e-mail: josef.mraz@agrofert.cz
9212670964	Mgr. Libor Nemecek, PhD. (birth date 22/05/1971) Kodymova 2536/14, Praha 5, Stodulky, 158 00, Czech Republic
9210071264	Ing. Jiff Haspeklo (birth date 31/01/1958) Kochanky 2, Pfedmefice nad Jizerou, 294 74, Czech Republic telephone: 00420/ 272 192 221 e-mail: jiri.haspeklo@agrofert.cz
9210047664	Ing. Jaroslav Faltynek (birth date 28/04/1962) Winklerova 2259/23, Prostejov, 796 01, Czech Republic
9210227432	Ing. Jaroslav Kurcfk (birth date 24/08/1969) Miranova 831/2, Praha 10, Hostivafr, 102 00, Czech Republic
9210222971	Ing. Daniel Kurucz (birth date 03/03/1968) Kralovicka 1931, Brandys nad Labem, 250 01, Czech Republic
Supervisory Board
9210122610	chairman Ing. Petra Prochazkova (birth date 21/11/1965) Klausova 1421/40, Praha 5, 155 00, Czech Republic telephone: 00420/ 272 192 216 e-mail: petra.prochazkova@agrofert.cz

9210078008	JUDr. Libor Siroky (birth date 09/10/1953) Dlouha 167, Zdiby - Brnky, 250 66, Czech Republic
9210063681	Ing. Blanka Rybova (birth date 21/11/1967) Jiznf 397, Psary - Dolnf Jircany, 252 44, Czech Republic

Company addresses

Valid from	Address	Valid until
13/02/2007	Pyselska 2327/2, 149 00 Praha 4, Czech Republic telephone: 00420/ 272 192 111 telefax: 00420/ 272 192 272 e-mail: agrofert@agrofert.cz Web: www.agrofert.cz
01/07/2000	Rohacova 83/1099, 130 00 Praha 3, Czech Republic	13/02/2007
Valid from	Branch of the business	Valid until
	odstepny zavod PRECOLOR / Zweigbetrieb PRECOLOR Dr. Ed. Benese 1170/24, 750 62 Prerov, Czech Republic telephone: 00420/581 706 831 telefax: 00420/ 581 706 830 e-mail: precolor@precolor.cz Web: www.precolor.cz
	organizacni sloZka Agrochemia Nobelova 34, 836 05 Bratislava, Slovensko, Slovakia

Subsidiaries

Crefo Nr.	Name / Address / Status	Valid from	Share
Shareholders
9210207115	AGROPROFIT spol. s r.o. - VYMAZANO k 30.6.2005 Statistical Nr.: 61467294 Rohacova 1099/83, Praha 3, 130 00, Czech Republic		100,000 CZK
9210276010	PREOL, a.s. Statistical Nr.: 26311208 Terezfnska 1214, Lovosice, 410 17, Czech Republic		100%
9210141396	SPV spol. s r.o. Pelhrimov, VYMAZANO Z OR k 30.06.2011 !!! Statistical Nr.: 46679740 , Plevnice 42, Pelhfrimov, 39301, Czech Republic	29/03/2011	105,600,000 CZK

9210026164	Prochazka spol. s r.o. Statistical Nr.: 44223081 Chelcickeho 627, Roudnice nad Labem, 413 01, Czech Republic	95,000,000 CZK
Members
Main Shareholder
9210000627	AGROTEC a.s. Statistical Nr.: 00544957 Brneenska 74, Hustopece u Brna, 693 01, Czech Republic	100 %
9210001471	AgroZZN, a.s. Statistical Nr.: 45148082 V Lubnici 2333, Rakovnfk, 269 26, Czech Republic	100 %
9210004454	DEZA, a.s. Statistical Nr.: 00011835 Masarykova 753, Valasske Meziffcf, 757 28, Czech Republic	100 %
9210012885	ZZN POMORAVI a.s. Statistical Nr.: 46900845 Nadraznf 60, Hustopece u Brna, 693 01, Czech Republic	100 %
9210020651	ZZN Pardubice, a.s. Statistical Nr.: 46504940 Delnicka 384, Pardubice, 53125, Czech Republic	100 %
9210028219	Kostelecke uzeniny a.s. Statistical Nr.: 46900411 Kostelec 60, Kostelec u Jihlavy, 588 61, Czech Republic	100 %
9210031683	ZZN Pelhrimov a.s. Statistical Nr.: 46678140 Nadraznf 805, Pelhrimov, 393 01, Czech Republic	100 %
9210034915	Maso Plana, a.s. - 01.07.2010 VYMAZANO Z OR !!! Statistical Nr.: 60071231 Pnumyslova 499, Plana nad Luznicf, 391 11, Czech Republic	100 %
9210046087	PENAM a.s. Statistical Nr.: 46967851 Cejl 38, Brno, 602 00, Czech Republic	100 %
9210010484	ZZN Agro Morava a.s. Statistical Nr.: 63481529 Obilnf 35, Brno, 643 00, Czech Republic	100 %
9210096971	ZZN Chomutov, a.s. - vymazano Statistical Nr.: 46708201 C^f ernovice u Chomutova , Spofrice, 431 01, Czech Republic	51 %
9210013608	Agroservis Tachov, a.s. Statistical Nr.: 47716614 Bor 644, Bor u Tachova, 348 02, Czech Republic	100 %
9210042149	Zemedelske zasobovanl a nakup v Melnlku, a.s. Statistical Nr.: 45274061 Kokorfnska 2981, Mielnfk, 276 01, Czech Republic	92 %

9210002904	AGROS Horesedly a.s. Statistical Nr.: 00398403 Knefzfeves 391, Hofresedly, 270 04, Czech Republic	60 %
9210073578	ZZN Havlickuv Brod a.s. Statistical Nr.: 48155187 Havffska 1059, Havlfckuv Brod, 580 01, Czech Republic	100 %
9210017709	Precheza a.s. Statistical Nr.: 14617064 nabf. Dr. E. Benese 24, Prerov, 75062, Czech Republic	99 %
9210006658	MASNA Studena, a.s. Statistical Nr.: 46678174 Masna ul. 480, Studena, 378 56, Czech Republic	72 %
9210240059	PRECHEZA a.s. Statistical Nr.: 26872307 Nabf. Dr. E. Benese 24, Prerov, 751 62, Czech Republic	100 %
9210046279	AGRO Radomysl, a.s. Statistical Nr.: 48201022 Radomysfl 89, Strakonice, 386 01, Czech Republic	24 %
9210276010	PREOL, a.s. Statistical Nr.: 26311208 Terezfnska 1214, Lovosice, 410 17, Czech Republic	100 %
9210023208	Zemedelske zasobovanl a nakup Strakonice a.s. Statistical Nr.: 46678379 83, Radosfovice, 38646, Czech Republic	24 %
9210092258	Agropol Group, a.s. Statistical Nr.: 25100025 Opletalova 1535/4, Praha 1, 113 76, Czech Republic	100 %
9210046917	MILKAGRO a.s. Statistical Nr.: 47677198 Vfdenska 20, Olomouc, 772 00, Czech Republic	96 %
9210014020	AGRO Blatna a.s. Statistical Nr.: 48202479 Lnafe 147, Lnare, 387 42, Czech Republic	35 %
9210003380	AGROPODNIK, a.s., Velke Mezirici Statistical Nr.: 46982761 Tfebfcska 1540, Velke Meziffd, 594 01, Czech Republic	12%
9210002375	Synthesia, a.s. Statistical Nr.: 60108916 Semtfn 103, Pardubice, 532 17, Czech Republic	100 %
9210033166	NAVOS, a.s. Statistical Nr.: 47674857 Celakovskeho 1858, Kromeeffz, 767 16, Czech Republic	100 %
9210060043	OSEVA, a.s. Statistical Nr.: 47912430 Potocnf 1436, Bzenec, 696 81, Czech Republic	100 %

9210141094	PRVNI ZATECKA a.s. Statistical Nr.: 63144549 Podebradova 578, Louny, 44001, Czech Republic	99%
9210003909	Lovochemie, a.s. Statistical Nr.: 49100262 Terezmska 57, Lovosice, 410 17, Czech Republic	100%
9210075930	ZENA - zemedeisky nakup a.s. Statistical Nr.: 45148163 Palackeho 863, Mlada Boleslav, 293 01, Czech Republic	100%
9210034105	Obila, a.s. Statistical Nr.: 45148376 Karlov 196, Kutna Hora, 284 01, Czech Republic	100%
9210013706	OLMA, a.s. Statistical Nr.: 47675730 Pavelkova 18, Olomouc, 779 00, Czech Republic	100%
9210179247	KMOTR - Masna KromefTZ a.s. Statistical Nr.: 25570765 Hulmska 2286, Kromierfz, 767 60, Czech Republic	100 %
9210222446	Vodnanska drubeZ, a.s. Statistical Nr.: 25396480 Radomilicka 886, Vodnany, 389 01, Czech Republic	100 %
9210136815	Krahuh'k-MASOZAVOD KrahuiCi, a.s. Statistical Nr.: 25586823 Krahulcf 10, Telc, 588 56, Czech Republic	100 %

Business activities

Main activity	Nace
Wholesale of chemical products	46.75
Additional activities	Nace
Wholesale of grain, unmanufactured tobacco, seeds and animal feeds	46.21
Wholesale of meat and meat products	46.32
Wholesale of solid, liquid and gaseous fuels and related products	46.71

Sale of industrial fertilizers, of raw materials for chemical \ production, of agrochemicals, agricultural products, fuels; controlling and providing services for the group Agrofert Holding.

Economic data

Turnover and Employees_

Date	Turnover	Employees
2005	22,882,498,000 CZK
2006	15,941,686,000 CZK
2007	17,690,246,000 CZK	167
2008	19,881,517,000 CZK
2009	10,291,843,000 CZK	158
2010	13,762,733,000 CZK	194
2011		195

With regard to the realized fusions with the company AGROFERT Trading \ s.r.o. and the company Agropol Group a.s., the data for the year 2010 \ is not fully comparable with the preceding period.

Import / Export

	Import	Export
Percentage	Unknown	22%
Countries	Germany, Slovakia	Germany, Hungary, Netherlands, Poland,
		Slovakia, Switzerland

Supplementary data

Remarks_

All the sources of negative data accessible to public are currently monitored. The company is a holder of ISO 9001 certificate.

Business management:

Ing. Andrej Babis - general director

Ing. Josef Mraz - executive director and director of division for development and strategy

Ing. Petr Cingr - director of division for fertilizers, fuels and purchase

Ing. Daniel Kurucz - director of special chemistry division

Ing. Petra Prochazkova- Financial Direktor

Phone: 00420/ 272 192 216, mobile phone: 00420/ 602 39 09 39,

e-mail: petra.prochazkova@agrofert.cz

Mgr. Libor Neemecek, Dr. - director of division for fusions,

acquisitions and corporate financing, phone: 00420/ 272 192 205

The company AGROFERT HODLING, a.s. has taken its origin on July 1, 2000 by means of transformation of the company AGFTRADING, spol. s r.o., ICC 60 69 89 51 founded on March 15, 1994 and dissolved on July 1, 2000.

To the inquired company as to the legal successor, property of the disappearing company AGROFERT HOLDING, a.s., ICC 25 13 00 72 has been transferred as of 31.08.2004 and that of the disappeared companies AGROFERT a.s., ICC 60 19 77 73 and AGROPROFIT spol. s r.o., ICC 61 46

72 94. has been transferred as of 30.06.2005.

With the dissolved company AGROFERT HOLDING, a.s., ICC 25130072, the company PRECOLOR, a.s. nabf. Dr. Ed. Benese 24, Prerov, ICC 60792558 was mergered as of September 30, 2002.

On the basis of Agreement on Assumption, the the inquired company has assumed, as the successor company, property of the disappearing companies AGF-K, a.s., ICC 26 77 63

32 and CECHEM - Sprava kapitalovych ucastf, a.s., ICC 26 87 23 31. Record date of the fusion was 1.1.2006.

The company AGROFERT HOLDING, a.s. was mergered, in consequence of fusion, with the companies AGROFERT Trading, s.r.o., ICC 45806233 and Agropol Group, a.s., IC^f 25100025, where it has assumed, as the successor company, property of the above stated disappeared companies. Record date of the fusion was 1.1.2010.; as of this date, opening balance sheet has been processed.

Most important subsidiary companies:

- PRECHEZA a.s., ICC 26 87 23 07,

Nabr. Dr. E. Benese 24, 750 62 Prerov, share 100%

- PENAM a.s., ICC 46 96 78 51,

Cejl 38, 602 00 Brno, share 100%

- Cerea, a.s., IC^f 46 50 49 40,

Deelnicka 384, 531 25 Pardubice, share 100%

- Agroservis Tachov a.s., IC^f 47 71 66 14, Bor 644, 348 02 Bor u Tachova, share 100%

- AgroZZN, a.s., ICC 45 14 80 82,

V Lubnici 2333, 269 26 Rakovnfk, share 100%

- AGROTEC a.s., ICC 00 54 49 57, Brneenska 74, 693 01 Hustopece, share 100%

- ZZN Pelhfimov a. s., ICC 46 67 81 40, Nadraznf 805, 393 01 Pelhrimov, share 100% -NAVOS a.s., ICC 47 67 48 57,

CCelakovskeho 1858, 767 16 Kromerfz, share 100%

- Kostelecke uzeniny a.s., ICC 46 90 04 11, Kostelec 60, 588 61 Kostelec, share 100%

- PREOL, a.s., ICC 26 31 12 08, Terezfnska 47, 410 17 Lovosice, share 100%.

- Lovochemie, a.s., ICC 491 00 262 Terezfnska 57, 410 17 Lovosice, share 100 %

- Synthesia, a.s., ICC 60108916 Semtfn, 532 17 Pardubice, share 100 %

- OSEVA, a.s., ICC 47912430,

Potocnf 1436, 696 81 Bzenec, share 100 %

- DEZA, a.s. ICC 00011835,

Masarykova 753, 757 28 Valasske Meziffcf, share 100 %

- SPV Pelhfimov, a.s., ICC 251 57 507, 393 01 Pelhrimov, Plevnice 42, share 100 %

- OLMA, a.s., ICC 47675730, Pavelkova 18, Olomouc, share 100%

- KMOTR - Masna Kromeeffz a.s. ICC 25570765, Kromeeffz, Hulfnska 2286, share 100%

- Krahulfk-MASOZAVOD Krahulcf, a.s. ICC 25586823, Krahulcf 10, 588 56 Telcf, share 100%

- NAVOS, a.s., ICC 476 74 857, 767 16 Kromeeffz, CCelakovskeho 1858, share 100%

Further companies purchased by the firm AGROFERT HOLDING according to

our information,are: EURO BAKERIES HOLDING a.s., ICO: 28974646 and UNILES, a.s., IC 47307706. Up to now, new proprietor of these companies has not been stated in the Companies Register.

In 2010, the inquired company has shown acquired dividends from the company with deciding and substantial influence at the total amount

of CZK 2 862 235 thousand.

In 2010, the consolidated revenues from sale of the group Agrofert have amounted to CZK 92,14 milliard..

Other entrepreneurial interests: ing. Andrej Babis

- IMOBA, a.s., IC 26124459, chairman of the Board of Directors

- PROFROST a.s., IC 27771245, chairman of the Board of Directors

- SynBiol, a.s., IC 26014343, member of the Board of Directors, shareholder 100%

- Kostelecke maso uzeniny, a.s., IC 26919958, member of the Board of Directors, shareholder 100%

- AGF Wood, a.s., ICC 24833461, chairman of the Board of Directors

Banks

Code	Bank name / Address	Account Nr.
0800	Ceska spofitelna, a. s.
2600	Citibank Europe plc, organizacnf slozka
6200	Commerzbank Aktiengesellschaft, pobocka Praha
8150	HSBC Bank plc - pobocka Praha
0100	Komercnf banka, a.s.
5400	The Royal Bank of Scotland N.V.
2700	UniCredit Bank Czech Republic, a.s.

Main indices

Payment experience and credit opinion

Terms of payment	mostly no complaints, but occasional delays / reminders	(31)
Business connection	Business connections appear permissible	(31)
Credit Limit	105,000,000	CZK
	3,944,850	EUR

Business development

Company development	Positive company development	(20)
Order situation	Satisfactory order situation	(30)

Events_

No negative events registered.

Balances Auditor

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Auditor
9210059030	PricewaterhouseCoopers Audit, s.r.o. Statistical Nr.: 40765521 Katerinska 40/466, Praha 2, 120 00, Czech Republic telephone: 00420/ 251151111 telefax: 00420/ 251156111

Balance sheet

		31/12/2010	31/12/2009	31/12/2008	31/12/2007
Name	Ref.	1000	1000	1000	1000
		CZK	CZK	CZK	CZK
		balance	balance	balance	balance
TOTAL ASSETS	r1	28,347,369	26,351,886	20,634,486	12,069,685
Receivables for subscriptions	r2	0	0	0	0
Fixed assets	r3	23,557,709	21,663,594	16,177,717	8,360,801
Intangible fixed assets	r4	7,559	4,694	2,288	3,612
Incorporation expenses	r5			0	0
Research and development	r6			0	0
Software	r7	6,582	1,436	1,039	1,913
Valuable rights	r8	113	67	88	123
Goodwill	r9			0	0
Other intangible fixed assets	r10	751	741	1,161	1,373
Intangible fixed assets under construction	r11	113	652	0	203
Advance payments for intangible fixed assets	r12		1,798	0	0
Tangible fixed assets	r13	176,436	131,237	174,010	384,868
Lands	r14	1,986	333	8,780	34,453
Constructions	r15	101,457	41,600	44,622	193,401
Equipment	r16	38,449	29,744	37,138	48,119
Perennial corps	r17			0	0
Breeding and draught animals	r18			0	0

Name	Ref.	31/12/2010 1000 CZK balance	31/12/2009 1000 CZK balance	31/12/2008 1000 CZK balance	31/12/2007 1000 CZK balance
Other tangible fixed assets	r19	985	753	753	753
Tangible fixed assets under construction	r20		437	0	1,050
Advance payments for tangible fixed assets	r21		500	0	0
Adjustment to acquired assets	r22	33,559	57,870	82,717	107,092
Long-term financial assets	r23	23,373,714	21,527,663	16,001,419	7,972,321
Shares in controlled and managed organizations	r24	23,083,734	21,230,476	15,742,309	7,360,721
Shares in accounting units with substantial influence	r25	113,354	94,056	88,489	58,437
Other securities and shares	r26	107,204	111,150	136,161	135,886
Loans to controlled and managed organizations and to accounting unit with substantial influence	r27	47,253		30,000	377,164
Other financial investments	r28			0	0
Financial investments acquired	r29	18,175	90,000	3,632	24,177
Advance payments for long-term financial assets	r30	3,994	1,981	828	15,936
Current assets	r31	4,785,676	4,682,825	4,447,589	3,700,690
Inventory	r32	763,710	500,750	1,039,753	882,425
Materials	r33	557	588	586	722
Work in progress and semi-products	r34			0	0
Finished products	r35			0	0
Animals	r36			0	0
Merchandise	r37	668,575	490,243	1,021,459	853,509
Advance payments for inventory	r38	94,578	9,919	17,708	28,194
Trade receivables
Long-term receivables	r39	37,808	96,581	157,797	79,163
Trade receivables	r40		71,501	132,733	54,099
Receivables from controlled and managed organizations	r41			0	0
Receivables from accounting units with substantial influence	r42			0	0
Receivables from partners, cooperative members and association members	r43			0	0
Long-term deposits given	r44			0	0
Estimated receivable	r45			0	0
Other receivables	r46	25,064	25,080	25,064	25,064
Deferred tax receivable	r47	12,744		0	0
Short-term receivables	r48	3,778,665	3,020,345	3,179,663	2,680,308
Trade receivables	r49	2,621,453	2,172,342	2,603,947	2,077,892
Receivables from controlled and managed organizations	r50	313,443	709,762	477,567	253,200
Receivables from accounting units with substantial influence	r51			0	0
Receivables from partners, cooperative members and association members	r52			0	0

Name	Ref.	31/12/2010 1000 CZK balance	31/12/2009 1000 CZK balance	31/12/2008 1000 CZK balance	31/12/2007 1000 CZK balance
Receivables from social security and health insurance	r53			0	0
Due from state - tax receivable	r54	352,599	37,687	21,371	25,843
Short-term deposits given	r55	71,096	21,652	4,404	3,054
Estimated receivable	r56	30,139	8,764	12,461	15,734
Other receivables	r57	389,935	70,138	59,913	304,585
Short-term financial assets	r58	205,493	1,065,149	70,376	58,794
Cash	r59	715	844	483	795
Bank accounts	r60	204,778	1,064,305	69,893	57,999
Short-term securities and ownership interests	r61			0	0
Short-term financial assets acquired	r62			0	0
Accruals	r63	3,984	5,467	9,180	8,194
Deferred expenses	r64	3,339	4,993	9,081	8,155
Complex deferred costs	r65			0	39
Deferred income	r66	645	474	99	0
TOTAL LIABILITIES	r67	28,347,369	26,351,886	20,634,486	12,069,685
Equity	r68	22,881,475	21,310,076	16,042,272	8,401,351
Registered capital	r69	628,000	628,000	628,000	628,000
Registered capital	r70	628,000	628,000	628,000	628,000
Company's own shares and ownership interests (-)	r71			0	0
Changes of registered capital ( +/-)	r72			0	0
Capital funds	r73	3,644,005	4,049,199	4,175,424	3,366,279
Share premium	r74	30,600	30,600	30,600	30,600
Other capital funds	r75	3,361,554	3,364,436	3,364,436	3,364,436
Differences from revaluation of assets and liabilities ( +/- )	r76	251,851	654,163	0	-28,757
Differences from revaluation in transformation (+/-)	r77			780,388	0
Diferences from tranformation of companies ( +/-)
Reserve funds, statutory reserve account for cooperatives, and other retained earnings	r78	291,501	292,147	292,968	250,778
Legal reserve fund / indivisible fund	r79	272,453	272,453	272,453	229,390
Statutory and other funds	r80	19,048	19,694	20,515	21,388
Profit / loss - previous years	r81	15,733,469	10,945,880	4,113,231	3,295,044
Retained earnings from previous years	r82	15,733,469	10,945,880	4,113,231	3,295,044
Accumulated losses from previous years	r83			0	0
Profit / loss - current year (+/-)	r84	2,584,500	5,394,850	6,832,649	861,250
Other sources	r85	5,465,260	5,039,709	4,588,208	3,663,225
Reserves	r86	54,877	346,267	121,254	20,000
Reserves under special statutory regulations	r87			0	0
Reserves for pension and similar payables	r88			0	0

Name	Ref.	31/12/2010 1000 CZK balance	31/12/2009 1000 CZK balance	31/12/2008 1000 CZK balance	31/12/2007 1000 CZK balance
Income tax reserves	r89		326,267	31,718	0
Other reserves	r90	54,877	20,000	89,536	20,000
Long-term payables	r91	43,954	35,506	51,003	63,375
Trade payables	r92			0	0
Payables to controlled and managed organizations	r93			0	0
Payables to accounting units with substantial influence	r94			0	0
Payables from partners, cooperative members and association members	r95			0	0
Long-term advances received	r96			0	0
Issues bonds	r97			0	0
Long-term notes payables	r98			0	0
Estimated payables	r99			0	0
Other payables	r100	43,954	29,358	29,215	32,883
Deferred tax liability	r101		6,148	21,788	30,492
Short-term payables	r102	2,422,478	2,568,489	2,501,720	2,256,198
Trade payables	r103	2,259,575	2,372,368	2,439,499	2,032,097
Payables to controlled and managed organizations	r104			0	0
Payables to accounting units with substantial influence	r105			0	0
Payables from partners, cooperative members and association members	r106			0	0
Payroll	r107	12,390	127,159	11,434	6,388
Payables to social securities and health insurance	r108	3,703	2,197	3,284	3,712
Due from state - tax liabilities and subsidies	r109	2,399	22,336	2,208	2,120
Short-term deposits received	r110	15,398	9,515	796	123,679
Issues bonds	r111			0	0
Estimated payables	r112	118,724	24,829	43,790	80,955
Other payables	r113	10,289	10,085	709	7,247
Bank loans and financial accommodations	r114	2,943,951	2,089,447	1,914,231	1,323,652
Long-term bank loans	r115	0	250,000	550,000	500,000
Short-term bank loans	r116	2,943,951	1,839,447	1,364,231	823,652
Short-term accommodations	r117	0	0	0	0
Accruals	r118	634	2,101	4,006	5,109
Accrued expenses	r119		33	498	3,022
Deferred revenues	r120	634	2,068	3,508	2,087

Profit and loss accounts

Name	Ref.	31/12/2010 1000 CZK profit/loss account	31/12/2009 1000 CZK profit/loss account	31/12/2008 1000 CZK profit/loss account	31/12/2007 1000 CZK profit/loss account
Turnover	a1	13,762,733	10,291,843	19,881,517	17,690,246
Revenues from sold goods	a2	13,588,683	10,193,225	19,818,214	17,644,134
Expenses on sold goods	a3	12,355,439	9,826,935	18,174,426	15,997,580
Sale margin	a4	1,233,244	366,290	1,643,788	1,646,554
Production	a5	174,050	98,618	63,303	46,112
Revenues from own products and services	a6	174,050	98,618	63,303	46,112
Change in inventory of own products	a7			0	0
Capitalization	a8			0	0
Production consumption	a9	998,829	635,557	817,738	800,326
Consumption of material and energy	a10	17,817	14,086	16,774	19,742
Services	a11	981,012	621,471	800,964	780,584
Added value	a12	408,465	-170,649	889,353	892,340
Personnel expenses	a13	294,831	612,721	183,801	178,188
Wages and salaries	a14	244,688	576,481	151,287	133,523
Renumeration of board members	a15	514		0	0
Social security expenses and health insurance	a16	46,415	33,718	29,826	42,908
Other social expenses	a17	3,214	2,522	2,688	1,757
Taxes and fees	a18	1,555	11,947	1,180	5,279
Depreciations of intangible and tangible assets	a19	69,370	53,021	60,896	64,797
Revenues from disposals of fixed assets and materials	a20	31,943	31,081	6,532	136,896
Revenues from disposals of fixed assets	a21	31,443	30,615	6,461	136,297
Revenues from disposals of materials	a22	500	466	71	599
Net book value of disposed fixed assets and materials	a23	29,342	40,960	5,524	74,286
Net book value of sold fixed assets	a24	29,342	40,960	5,524	74,286
Net book value of sold material	a25			0	0
Change in operating reserves and adjustments and complex deferred costs ( + / -)	a26	-97,592	-4,594,736	113,467	-181,749
Other operating revenues	a27	394,981	1,537,530	365,748	283,556
Other operating expenses	a28	386,365	2,988,176	340,794	243,784
Transfer of operating revenues	a29			0	0
Transfer of operating expenses	a30			0	0
Operating profit / loss	a31	151,518	2,285,873	555,971	928,207
Revenues from sales of securities and ownership interests	a32	309,433	184,584	385,141	93,760
Sold securities and ownership interests	a33	595,674	173,989	743,778	117,231
Revenues from long-term financial assets	a34	2,862,235	3,887,984	7,045,237	399,361
Revenues from shares in controlled and managed organizations and in accounting units with substantial influence	a35	2,862,235	3,887,984	7,044,826	399,309
Revenues from others securities and ownership interests	a36			0	0

Name	Ref.	31/12/2010 1000 CZK profit/loss account	31/12/2009 1000 CZK profit/loss account	31/12/2008 1000 CZK profit/loss account	31/12/2007 1000 CZK profit/loss account
Revenues from other long-term financial assets	a37			411	52
Revenues from short-term financial assets	a38			0	0
Expenses associated with financial assets	a39			0	0
Revenues from revaluation of securities and derivatives	a40	273	11,435	69,958	67,709
Cost of revaluation of securities and derivatives	a41	99,983	6,429	78,536	124,236
Change in financial reserves and adjustments ( +/-)	a42	270	-352	127,171	10,696
Interest revenues	a43	31,112	34,863	48,085	41,086
Interest expenses	a44	80,440	109,382	87,567	80,796
Other financial revenues	a45	389,571	2,087,001	1,054,794	814,977
Other financial expenses	a46	469,873	2,401,922	1,107,635	1,024,999
Transfer of financial revenues	a47			0	0
Transfer of financial expenses	a48			0	0
Profit / loss from financial operations (transactions)	a49	2,346,384	3,514,497	6,458,528	58,935
Income tax on ordinary income	a50	-86,598	405,520	181,850	125,892
Due tax	a51	-79,118	421,160	187,657	130,498
Tax deferred	a52	-7,480	-15,640	-5,807	-4,606
Operating profit / loss ordinary activity	a53	2,584,500	5,394,850	6,832,649	861,250
Extraordinary revenues	a54			0	0
Extraordinary expenses	a55			0	0
Income tax on extraordinary income	a56			0	0
Due tax	a57			0	0
Tax deferred	a58			0	0
Operating profit / loss extraordinary activity	a59	0	0	0	0
Transfer profit (loss ) to partners (+/-)	a60			0	0
Profit / loss of current accounting period (+/-)	a61	2,584,500	5,394,850	6,832,649	861,250
Profit / loss before tax (+/-)	a62	2,497,902	5,800,370	7,014,499	987,142
Operating cash flow		1,606,506	6,889,776	7,022,753	816,945
Investment cash flow		-3,015,566	-6,069,398	-7,600,877	-446,308
Financial cash flow		336,791	174,395	589,706	-623,969
Receivables after due date total		284,581	192,707	189,276	254,619
Receivables more than 360 days after due date
Receivables more than 180 days after due date
Receivables more than 90 days after due date
Receivables more than 60 days after due date
Receivables more than 30 days after due date
Receivables less than 30 days after due date
Liabilities after due date total		183,742	111,133	33,361	19,303
Liabilities more than 360 days after due date
Liabilities more than 180 days after due date

		31/12/2010	31/12/2009	31/12/2008	31/12/2007
		1000	1000	1000	1000
Name	Ref.	CZK	CZK	CZK	CZK
		profit/loss	profit/loss	profit/loss	profit/loss
		account	account	account	account
Liabilities more than 90 days after due date
Liabilities more than 60 days after due date
Liabilities more than 30 days after due date
Liabilities less than 30 days after due date

Financial Ratios

Name	Ref.	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Return on total assets ROA (in %)	1	8.81	22.01	33.99	8.18
Return on equity ROE (in %)	2	10.92	27.22	43.73	11.75
Return on sales ROS (in %)	3	18.15	56.36	35.28	5.58
Turnover of receivables (in days)	4	69.52	77.04	47.81	42.87
Turnover of liabilities (in days)	5	59.93	84.14	44.79	41.93
Turnover of inventories (days)	6	20.25	17.76	19.09	18.21
Net working capital (in ths. CZK)	7	-580753.00	274889.00	581638.00	620840.00
Ratio of accounts payable to accounts receivable (in %)	8	154.74	119.70	130.74	118.96
Ratio of profit/loss to tangible assets (in%)	9	171.17	210.49	81.37	47.26
Current ratio	10	0.89	1.06	1.15	1.20
Quick ratio	11	0.74	0.93	0.84	0.89
Cash ratio	12	0.04	0.24	0.02	0.02
Debt ratio I (in %)	13	19.28	19.13	22.26	30.39
Debt ratio II (in %)	14	19.28	19.12	22.24	30.35

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.70.07

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.