MIRA INFORM REPORT

Report Date :

06.09.2011

IDENTIFICATION DETAILS

Name :	ACO MARINE S.R.O.
Formerly Known As :	AKF Systémové prvky spol. s r.o.
Registered Office :	Nádražní 3158/72, 150 00 Praha 5 - Smíchov
Country :	Czech Republic
Financials (as on) :	31.12.2010
Date of Incorporation :	03.12.1993
Com. Reg. No.:	C/24872
Legal Form :	Private Limited Company
Line of Business :	Development and installation of ecological systems for ship construction as well as for construction of bank technology

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Partly Delayed
Litigation :	----

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Czech Republic	a2	a2

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

Bottom of Form

Company name & address

ACO Marine s.r.o.

Nádražní 3158/72 
150 00 Praha 5 - Smíchov 
telephone: 00420/ 257 217 990 
telefax: 00420/ 257 310 718 
e-mail: mbeavis@acomarine.com
Web: www.acomarine.com

Company summary

Company development

Stagnant business development

Order situation	Retrograde order situation
Terms of payment	mostly within agreed terms, but partly also delayed

Business connection	Credits require securities
Credit limit		CZK 0,- EUR 0,-

Legal form

Private limited company

Foundation	03/12/1993 - Private limited company
Comp. Register	31/01/2007, Městský soud v Praze, RegNr.: C/24872 03/12/1993, Městský soud v Praze, RegNr.: C/24872 03/01/1995, Krajský soud Hradec Králové, RegNr.: C/7433 Statistical number: 60198729 Tax number: CZ60198729

Share Capital	03/12/1993	CZK	100 000,-
	06/12/1994	CZK	1 800 000,-

	14/04/2006	CZK	200 000,-
Shareholders	ACO Industries k.s. (Statistical number: 48119458) Havlíčkova 260, 582 22 Přibyslav	CZK	200 000,-

Management	Ing. Lukáš Kaisler (08.12.1963) Jindřicha Plachty 1714, 150 00 Praha 5  Executive Manager sole power of attorney
	Mark Anthony Beavis (05.01.1960) Hightown Gardens 18, BH243E4 Ringwood, Hampshire, Great Britain Executive Manager sole power of attorney

General Data	Development and installation of ecological systems for ship
	construction as well as for construction of bank technology.

Main activity:
	Former name(s) AKF Systémové prvky spol. s r.o. Beginning of validity: 03.12.1993 End of validity: 18.09.2006

	Trade name(s) ACO Marine s.r.o. Beginning of validity: 18.09.2006
Export:		100%

Address:
Nádražní 3158/72, 150 00 Praha 5 - Smíchov 
Beginning of validity: 04.01.2007
telephone:
00420/ 257 217 990 
telefax:
00420/ 257 310 718 
e-mail:
mbeavis@acomarine.com

Web:
www.acomarine.com

U družstva Práce 14, 140 00 Praha 4 
Beginning of validity: 03.12.1993
End of validity: 06.12.1994

Havlíčkova 260, 582 22 Přibyslav 
Beginning of validity: 06.12.1994
End of validity: 04.01.2007

		Branch of the business: Havlíčkova 260, 582 22 Přibyslav
Staff	2000		15 employees

2003	0 employees
2009	6 employees

2010	13 employees
2011	13 employees

Annual Sales	2007	actual sales	CZK	52 699 000,-
	2008	actual sales	CZK	71 084 000,-

2009	actual sales	CZK	106 933 000,-
2010	actual sales	CZK	76 494 000,-

Balance sheets	The enclosed balance of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK) The enclosed balance of 2009 from business register, -. (31.12.2009 - 1 CZK) The enclosed balance of 2008. (31.12.2008 - 1 CZK) The enclosed balance of 2007. (31.12.2007 - 1 CZK)
	The enclosed profit/loss account of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK) The enclosed profit/loss account of 2009 from business register, -. (31.12.2009 - 1 CZK) The enclosed profit/loss account of 2008. (31.12.2008 - 1 CZK) The enclosed profit/loss account of 2007. (31.12.2007 - 1 CZK)

Remarks	All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database and others) are currently monitored.
	Contact:

Marcela Kubátová - economist

The company is a part of the group ACO Group.

Bankers

Komerční banka, a.s.  HSBC Bank plc - pobočka Praha UniCredit Bank Czech Republic, a.s.

Balance sheet

	Balance	31.12.2007 (CZK)	31.12.2008 (CZK)	31.12.2009 (CZK)	31.12.2010 (CZK)
r1	TOTAL ASSETS	30 918 000	40 762 000	54 227 000	30 387 000
r2	Receivables for subscriptions	0	0	0	0
r3	Fixed assets	350 000	403 000	351 000	845 000
r4	Intangible fixed assets	0	0	41 000	45 000
r5	Incorporation expenses	0	0	0
r6	Research and development	0	0	0
r7	Software	0	0	41 000	45 000
r8	Valuable rights	0	0	0
r9	Goodwill	0	0	0
r10	Other intangible fixed assets	0	0	0
r11	Intangible fixed assets under construction	0	0	0
r12	Advance payments for intangible fixed assets	0	0	0
r13	Tangible fixed assets	350 000	403 000	310 000	800 000
r14	Lands	0	0	0	0
r15	Constructions	0	0	0	0
r16	Equipment	350 000	403 000	310 000	800 000
r17	Perennial corps	0	0	0
r18	Breeding and draught animals	0	0	0
r19	Other tangible fixed assets	0	0	0
r20	Tangible fixed assets under construction	0	0	0
r21	Advance payments for tangible fixed assets	0	0	0
r22	Adjustment to acquired assets	0	0	0
r23	Long-term financial assets	0	0	0	0
r24	Shares in controlled and managed organizations	0	0	0
r25	Shares in accounting units with substantial influence	0	0	0
r26	Other securities and shares	0	0	0
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence	0	0	0
r28	Other financial investments	0	0	0
r29	Financial investments acquired	0	0	0
r30	Advance payments for long-term financial assets	0	0	0
r31	Current assets	30 511 000	40 074 000	53 072 000	26 334 000
r32	Inventory	4 500 000	5 608 000	5 350 000	1 873 000
r33	Materials	0	0	0
r34	Work in progress and semi-products	0	0	0
r35	Finished products	0	0	0
r36	Animals	0	0	0
r37	Merchandise	4 500 000	5 608 000	5 350 000	1 873 000
r38	Advance payments for inventory	0	0	0
r39	Long-term receivables	0	0	366 000	275 000
r40	Trade receivables	0	0	0
r41	Receivables from controlled and managed organizations	0	0	0
r42	Receivables from accounting units with substantial influence	0	0	0
r43	Receivables from partners, cooperative members and association members	0	0	0
r44	Long-term deposits given	0	0	0
r45	Estimated receivable	0	0	0
r46	Other receivables	0	0	0
r47	Deferred tax receivable	0	0	366 000	275 000
r48	Short-term receivables	22 057 000	31 984 000	42 555 000	21 055 000
r49	Trade receivables	19 281 000	30 504 000	24 559 000	11 640 000
r50	Receivables from controlled and managed organizations	0	0	0
r51	Receivables from accounting units with substantial influence	0	0	0
r52	Receivables from partners, cooperative members and association members	0	0	0
r53	Receivables from social security and health insurance	0	0	0
r54	Due from state - tax receivable	2 762 000	1 348 000	1 904 000	1 651 000
r55	Short-term deposits given	14 000	32 000	16 009 000	7 759 000
r56	Estimated receivable	0	0	81 000
r57	Other receivables	0	100 000	2 000	5 000
r58	Short-term financial assets	3 954 000	2 482 000	4 801 000	3 131 000
r59	Cash	27 000	19 000	9 000	37 000
r60	Bank accounts	3 927 000	2 463 000	4 792 000	3 094 000
r61	Short-term securities and ownership interests	0	0	0
r62	Short-term financial assets acquired	0	0	0
r63	Accruals	57 000	285 000	804 000	3 208 000
r64	Deferred expenses	57 000	285 000	691 000	502 000
r65	Complex deferred costs	0	0	0
r66	Deferred income	0	0	113 000	2 706 000
r67	TOTAL LIABILITIES	30 918 000	40 762 000	54 227 000	30 387 000
r68	Equity	-3 815 000	-3 773 000	1 474 000	-14 039 000
r69	Registered capital	200 000	200 000	200 000	200 000
r70	Registered capital	200 000	200 000	200 000	200 000
r71	Company’s own shares and ownership interests (-)	0	0	0
r72	Changes of registered capital ( +/- )	0	0	0
r73	Capital funds	0	0	0	0
r74	Share premium	0	0	0
r75	Other capital funds	0	0	0
r76	Differences from revaluation of assets and liabilities ( +/- )	0	0	0
r77	Differences from revaluation in transformation ( +/- )	0	0	0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	20 000	20 000	20 000	20 000
r79	Legal reserve fund / indivisible fund	20 000	20 000	20 000	20 000
r80	Statutory and other funds	0	0	0
r81	Profit / loss - previous years	-290 000	-4 036 000	-3 993 000	1 254 000
r82	Retained earnings from previous years	0	0	43 000	1 254 000
r83	Accumulated losses from previous years	-290 000	-4 036 000	-4 036 000
r84	Profit / loss - current year (+/-)	-3 745 000	43 000	5 247 000	-15 513 000
r85	Other sources	34 686 000	24 134 000	37 296 000	44 409 000
r86	Reserves	30 000	55 000	176 000	301 000
r87	Reserves under special statutory regulations	0	0	0
r88	Reserves for pension and similar payables	0	0	0
r89	Income tax reserves	0	0	0
r90	Other reserves	30 000	55 000	176 000	301 000
r91	Long-term payables	-1 181 000	-1 156 000	0	0
r92	Trade payables	0	0	0
r93	Payables to controlled and managed organizations	0	0	0
r94	Payables to accounting units with substantial influence	0	0	0
r95	Payables from partners, cooperative members and association members	0	0	0
r96	Long-term advances received	0	0	0
r97	Issues bonds	0	0	0
r98	Long-term notes payables	0	0	0
r99	Estimated payables	0	0	0
r100	Other payables	0	0	0
r101	Deferred tax liability	-1 181 000	-1 156 000	0
r102	Short-term payables	15 837 000	14 235 000	17 801 000	34 084 000
r103	Trade payables	3 380 000	1 972 000	12 494 000	9 469 000
r104	Payables to controlled and managed organizations	11 310 000	9 531 000	0
r105	Payables to accounting units with substantial influence	0	0	0
r106	Payables from partners, cooperative members and association members	0	0	0	13 282 000
r107	Payroll	195 000	368 000	388 000	580 000
r108	Payables to social securities and health insurance	149 000	76 000	94 000	190 000
r109	Due from state - tax liabilities and subsidies	79 000	64 000	1 501 000	93 000
r110	Short-term deposits received	0	0	72 000	8 623 000
r111	Issues bonds	0	0	0
r112	Estimated payables	724 000	2 224 000	3 236 000	1 835 000
r113	Other payables	0	0	16 000	12 000
r114	Bank loans and financial accommodations	20 000 000	11 000 000	19 319 000	10 024 000
r115	Long-term bank loans	0	0	0	0
r116	Short-term bank loans	20 000 000	11 000 000	19 319 000	10 024 000
r117	Short-term accommodations	0	0	0	0
r118	Accruals	47 000	20 401 000	15 457 000	17 000
r119	Accrued expenses	47 000	0	100 000	17 000
r120	Deferred revenues	0	20 401 000	15 357 000
	profit/loss account	31.12.2007 (CZK)	31.12.2008 (CZK)	31.12.2009 (CZK)	31.12.2010 (CZK)
a1	Turnover	52 699 000	71 084 000	106 933 000	76 494 000
a2	Revenues from sold goods	51 638 000	68 452 000	103 837 000	73 227 000
a3	Expenses on sold goods	38 116 000	48 596 000	70 154 000	53 196 000
a4	Sale margin	13 522 000	19 856 000	33 683 000	20 031 000
a5	Production	1 061 000	2 632 000	3 096 000	3 267 000
a6	Revenues from own products and services	1 061 000	2 632 000	3 096 000	3 267 000
a7	Change in inventory of own products	0	0	0
a8	Capitalization	0	0	0
a9	Production consumption	13 284 000	13 657 000	17 799 000	22 564 000
a10	Consumption of material and energy	375 000	277 000	339 000	1 040 000
a11	Services	12 909 000	13 380 000	17 460 000	21 524 000
a12	Added value	1 299 000	8 831 000	18 980 000	734 000
a13	Personnel expenses	5 436 000	6 539 000	7 419 000	12 298 000
a14	Wages and salaries	4 030 000	5 795 000	6 261 000	9 710 000
a15	Renumeration of board members	0	0	0
a16	Social security expenses and health insurance	1 406 000	744 000	1 153 000	2 486 000
a17	Other social expenses	0	0	5 000	102 000
a18	Taxes and fees	5 000	7 000	9 000	6 000
a19	Depreciations of intangible and tangible assets	114 000	170 000	290 000	394 000
a20	Revenues from disposals of fixed assets and materials	12 000	0	0	0
a21	Revenues from disposals of fixed assets	12 000	0	0
a22	Revenues from disposals of materials	0	0	0
a23	Net book value of disposed fixed assets and materials	35 000	0	0	1 000
a24	Net book value of sold fixed assets	35 000	0	0	1 000
a25	Net book value of sold material	0	0	0
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )	28 000	671 000	1 206 000	225 000
a27	Other operating revenues	1 000	96 000	529 000	306 000
a28	Other operating expenses	426 000	451 000	1 278 000	1 201 000
a29	Transfer of operating revenues	0	0	0
a30	Transfer of operating expenses	0	0	0
a31	Operating profit / loss	-4 732 000	1 089 000	9 307 000	-13 085 000
a32	Revenues from sales of securities and ownership interests	0	0	0
a33	Sold securities and ownership interests	0	0	0
a34	Revenues from long-term financial assets	0	0	0
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence	0	0	0
a36	Revenues from others securities and ownership interests	0	0	0
a37	Revenues from other long-term financial assets	0	0	0
a38	Revenues from short-term financial assets	0	0	0
a39	Expenses associated with financial assets	0	0	0
a40	Revenues from revaluation of securities and derivatives	0	0	0
a41	Cost of revaluation of securities and derivatives	0	0	0
a42	Change in financial reserves and adjustments ( + / - )	0	0	0
a43	Interest revenues	8 000	11 000	2 000	2 000
a44	Interest expenses	175 000	653 000	340 000	487 000
a45	Other financial revenues	2 266 000	7 771 000	4 687 000	4 021 000
a46	Other financial expenses	2 293 000	8 172 000	6 637 000	5 873 000
a47	Transfer of financial revenues	0	0	0
a48	Transfer of financial expenses	0	0	0
a49	Profit / loss from financial operations ( transactions )	-194 000	-1 043 000	-2 288 000	-2 337 000
a50	Income tax on ordinary income	-1 181 000	25 000	1 840 000	91 000
a51	Due tax	0	0	1 050 000	-1 000
a52	Tax deferred	-1 181 000	25 000	790 000	92 000
a53	Operating profit / loss ordinary activity	-3 745 000	21 000	5 179 000	-15 513 000
a54	Extraordinary revenues	0	22 000	68 000
a55	Extraordinary expenses	0	0	0
a56	Income tax on extraordinary income	0	0	0
a57	Due tax	0	0	0
a58	Tax deferred	0	0	0
a59	Operating profit / loss extraordinary activity	0	22 000	68 000	0
a60	Transfer profit ( loss ) to partners (+/-)	0	0	0
a61	Profit / loss of current accounting period (+/-)			5 247 000	-15 513 000
a62	Profit / loss before tax (+/-)	-4 926 000	68 000	7 087 000	-15 422 000
	Receivables after due date total			1 287 000	3 527 000
	Liabilities after due date total			565 000	1 347 000
	Liabilities more than 180 days after due date			158 000	2 000

Balance indices		31.12.2007	31.12.2008	31.12.2009	31.12.2010
Return on total assets ROA (in %)	a62/r1 * 100	-15,93	0,17	13,07	-50,75
Return on equity ROE (in %)	a62/r68 * 100	129,12	-1,80	480,80	109,85
Return on sales ROS (in %)	a62/a1 * 100	-9,35	0,10	6,63	-20,16
Turnover of receivables (in days)	r49/a1 * 365	133,54	156,63	83,83	55,54
Turnover of liabilities (in days)	r103/a1 * 365	23,41	10,13	42,65	45,18
Turnover of inventories (days)	r32/a1 * 365	31,17	28,80	18,26	8,94
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	-5 326,00	14 839,00	15 952,00	-17 774,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	150,50	244,54	241,12	62,58
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	0,66	0,57	0,33	1,10
Current ratio	r31 / (r102+r116+r117)	0,85	1,59	1,43	0,60
Quick ratio	(r58+r48) / (r102+r116+r117)	0,73	1,37	1,28	0,55
Cash ratio	r58 / (r102+r116+r117)	0,11	0,10	0,13	0,07
Debt ratio I (in %)	(1-r68/r67) * 100	112,34	109,26	97,28	146,20
Debt ratio II (in %)	r85/r67 * 100	112,19	59,21	68,78	146,14

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.94
UK Pound	1	Rs.74.28
Euro	1	Rs.64.97

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.