MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Correct Name :	STAMART SPOL. S R.O.
Registered Office :	Milady Horákové 106 , 160 00 Praha 6
Country :	Czech Republic
Financials (as on) :	31.12.2009
Date of Incorporation :	05.11.1992
Com. Reg. No.:	C/16449
Legal Form :	Private Limited Company
Line of Business :	Wholesale of mining, construction and civil engineering machinery
No. of Employees :	03 (2012)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	CZK 30 000 EUR 1 163
Status :	Moderate
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 name & address

STAMART spol. s r.o.
Milady Horákové 106 
160 00 Praha 6 
telephone: 00420/ 224 319 902
telefax: 00420/ 224 318 044
e-mail: info@stamart.cz

Company Summary

Company development

Stagnant company development

Order situation	Retrograde course of business
Terms of payment	no complaints

Business connection	Business connections appear permissible
Credit limit		CZK 30 000,- EUR 1 163,-

Legal form

Private limited company

Foundation	05/11/1992 - Private limited company
Comp. Register	12/01/1993, Městský soud v Praze, RegNr.: C/16449 Statistical number: 48113158 Tax number: CZ48113158

Share Capital	12/01/1993	CZK	900 000,-
	24/10/1994	CZK	1 140 000,-

Shareholders	Ing. Rudolf Michetschläger (22.02.1949) Na Slovance 30/2201, 180 00 Praha 8	CZK	790 000,-
	Ing. Lenka Marsová (28.03.1962) Sezemínská 2029, 155 00 Praha 5	CZK	175 000,-

	Hana Tučková (15.03.1956) Poříčany 35, 289 14 Poříčany		CZK	175 000,-
Management		Ing. Rudolf Michetschläger (22.02.1949) Na Slovance 30/2201, 180 00 Praha 8  Executive Manager sole power of attorney

Supervisory Board	Ing. Ján Mikuláš (28.12.1954) Švermova 3, 036 01 Martin, Slovakia
	Ing. Pavol Benko (16.09.1952) Hvizdáka 10, 036 01 Martin, Slovakia

	JUDr. Pavel Srb (01.07.1957) K Drazdům 790, 149 00 Praha 4
General Data	Sale of building, road and agricultural machines.

Main activity: Wholesale of mining, construction and civil engineering machinery
	Trade name(s) STAMART spol. s r.o.

Export:
European Union

		Address: Milady Horákové 106, 160 00 Praha 6  telephone: 00420/ 224 319 902 telefax: 00420/ 224 318 044 e-mail: info@stamart.cz
Staff	2005		7 employees

2007	5 employees
2012	3 employees

Annual Sales	2005	actual sales	CZK	61 701 000,-
	2006	actual sales	CZK	25 825 000,-

2007	actual sales	CZK	20 346 000,-
2008	actual sales	CZK	6 334 000,-

	2009		actual sales	CZK	4 015 000,-
Balance sheets		The enclosed balance of 2009 from business register, -. (31.12.2009 - 1 CZK) The enclosed balance of 2008 from business register, -. (31.12.2008 - 1 CZK) The enclosed balance of 2007. (31.12.2007 - 1 CZK)

	The enclosed profit/loss account of 2009 from business register, -. (31.12.2009 - 1 CZK) The enclosed profit/loss account of 2008 from business register, -. (31.12.2008 - 1 CZK) The enclosed profit/loss account of 2007. (31.12.2007 - 1 CZK)
Remarks	The company contrary to the Act on Accounting did not store its current  final accounts to the Companies Register. The company does not provide its current economic data. 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.

	Other entrepreneurial interests: Ing. Rudolf Michetschläger - C O N T I A spol. s r.o., IČ 16 55 59 88 confidential clerk, associate 25%
Bankers	Československá obchodní banka, a. s.  Komerční banka, a.s.

Copyright: s.r.o. Praha

This information is addressed exclusively to the addressee. Contractor obligates to provide updated information. Although it is always put maximum effort to collect actual and exact information, it is not confirmed as delinquency if there are particular inaccurateness contained within the information, which are not considered as essential in terms of the objective for which the information is provided to the addressee. Contractor and recipient conform to the rules of the Name and Description Security Act, Nub.101/2000. According to the Name and Description Security Act, recipient has the right to process or to use forwarding data only for the purpose for which information has been sent to the recipient. Usage for other purpose is acceptable only in case referring to valid regulations of the above mentioned act.

Balance sheet

	balance	31.12.2007 (CZK)	31.12.2008 (CZK)	31.12.2009 (CZK)
r1	TOTAL ASSETS	23 746 000	21 643 000	10 166 000
r2	Receivables for subscriptions	0	0	0
r3	Fixed assets	0	0	0
r4	Intangible fixed assets	0	0	0
r5	Incorporation expenses	0
r6	Research and development	0
r7	Software	0
r8	Valuable rights	0
r9	Goodwill	0
r10	Other intangible fixed assets	0
r11	Intangible fixed assets under construction	0
r12	Advance payments for intangible fixed assets	0
r13	Tangible fixed assets	0	0	0
r14	Lands	0
r15	Constructions	0
r16	Equipment	0
r17	Perennial corps	0
r18	Breeding and draught animals	0
r19	Other tangible fixed assets	0
r20	Tangible fixed assets under construction	0
r21	Advance payments for tangible fixed assets	0
r22	Adjustment to acquired assets	0
r23	Long-term financial assets	0	0	0
r24	Shares in controlled and managed organizations	0
r25	Shares in accounting units with substantial influence	0
r26	Other securities and shares	0
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence	0
r28	Other financial investments	0
r29	Financial investments acquired	0
r30	Advance payments for long-term financial assets	0
r31	Current assets	23 739 000	21 610 000	10 146 000
r32	Inventory	0	1 189 000	1 634 000
r33	Materials	0
r34	Work in progress and semi-products	0
r35	Finished products	0
r36	Animals	0
r37	Merchandise	0	1 189 000	1 634 000
r38	Advance payments for inventory	0
r39	Long-term receivables	0	0	0
r40	Trade receivables	0
r41	Receivables from controlled and managed organizations	0
r42	Receivables from accounting units with substantial influence	0
r43	Receivables from partners, cooperative members and association members	0
r44	Long-term deposits given	0
r45	Estimated receivable	0
r46	Other receivables	0
r47	Deferred tax receivable	0
r48	Short-term receivables	12 659 000	9 570 000	6 818 000
r49	Trade receivables	11 404 000	6 838 000	5 872 000
r50	Receivables from controlled and managed organizations	0
r51	Receivables from accounting units with substantial influence	0
r52	Receivables from partners, cooperative members and association members	0
r53	Receivables from social security and health insurance	0
r54	Due from state - tax receivable	272 000	316 000	98 000
r55	Short-term deposits given	170 000	162 000	53 000
r56	Estimated receivable	22 000	22 000
r57	Other receivables	791 000	2 232 000	795 000
r58	Short-term financial assets	11 080 000	10 851 000	1 694 000
r59	Cash	39 000	32 000	11 000
r60	Bank accounts	11 041 000	10 819 000	1 683 000
r61	Short-term securities and ownership interests	0
r62	Short-term financial assets acquired	0
r63	Accruals	7 000	33 000	20 000
r64	Deferred expenses	7 000	33 000	20 000
r65	Complex deferred costs	0
r66	Deferred income	0
r67	TOTAL LIABILITIES	23 746 000	21 643 000	10 166 000
r68	Equity	23 125 000	20 585 000	9 182 000
r69	Registered capital	1 140 000	1 140 000	1 140 000
r70	Registered capital	1 140 000	1 140 000	1 140 000
r71	Company’s own shares and ownership interests (-)	0
r72	Changes of registered capital ( +/- )	0
r73	Capital funds	0	114 000	114 000
r74	Share premium	0
r75	Other capital funds	0
r76	Differences from revaluation of assets and liabilities ( +/- )	0
r77	Differences from revaluation in transformation ( +/- )	0
	Diferences from tranformation of companies ( +/- )		114 000	114 000
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	114 000	0	0
r79	Legal reserve fund / indivisible fund	114 000
r80	Statutory and other funds	0
r81	Profit / loss - previous years	23 380 000	21 871 000	11 331 000
r82	Retained earnings from previous years	27 870 000	27 870 000	11 331 000
r83	Accumulated losses from previous years	-4 490 000	-5 999 000
r84	Profit / loss - current year (+/-)	-1 509 000	-2 540 000	-3 403 000
r85	Other sources	387 000	1 058 000	984 000
r86	Reserves	0	0	0
r87	Reserves under special statutory regulations	0
r88	Reserves for pension and similar payables	0
r89	Income tax reserves	0
r90	Other reserves	0
r91	Long-term payables	0	0	0
r92	Trade payables	0
r93	Payables to controlled and managed organizations	0
r94	Payables to accounting units with substantial influence	0
r95	Payables from partners, cooperative members and association members	0
r96	Long-term advances received	0
r97	Issues bonds	0
r98	Long-term notes payables	0
r99	Estimated payables	0
r100	Other payables	0
r101	Deferred tax liability	0
r102	Short-term payables	387 000	1 058 000	984 000
r103	Trade payables	41 000	105 000	775 000
r104	Payables to controlled and managed organizations	0
r105	Payables to accounting units with substantial influence	0
r106	Payables from partners, cooperative members and association members	0
r107	Payroll	102 000	118 000	96 000
r108	Payables to social securities and health insurance	69 000	81 000	61 000
r109	Due from state - tax liabilities and subsidies	29 000	16 000	12 000
r110	Short-term deposits received	70 000	93 000
r111	Issues bonds	0
r112	Estimated payables	76 000	645 000	40 000
r113	Other payables	0
r114	Bank loans and financial accommodations	0	0	0
r115	Long-term bank loans	0	0	0
r116	Short-term bank loans	0	0	0
r117	Short-term accommodations	0	0	0
r118	Accruals	234 000	0	0
r119	Accrued expenses	0
r120	Deferred revenues	234 000

	profit/loss account		31.12.2007 (CZK)	31.12.2008 (CZK)	31.12.2009 (CZK)
a1	Turnover		20 346 000	6 334 000	4 015 000
a2	Revenues from sold goods		19 912 000	6 203 000	4 011 000
a3	Expenses on sold goods		16 973 000	4 798 000	2 673 000
a4	Sale margin		2 939 000	1 405 000	1 338 000
a5	Production		434 000	131 000	4 000
a6	Revenues from own products and services		434 000	131 000	4 000
a7	Change in inventory of own products		0
a8	Capitalization		0
a9	Production consumption		1 594 000	1 159 000	769 000
a10	Consumption of material and energy		222 000	163 000	195 000
a11	Services		1 372 000	996 000	574 000
a12	Added value		1 779 000	377 000	573 000
a13	Personnel expenses		3 242 000	2 654 000	2 321 000
a14	Wages and salaries		2 338 000	1 878 000	1 645 000
a15	Renumeration of board members		24 000	14 000
a16	Social security expenses and health insurance		779 000	684 000	583 000
a17	Other social expenses		101 000	78 000	93 000
a18	Taxes and fees		7 000	5 000	4 000
a19	Depreciations of intangible and tangible assets		0	0	0
a20	Revenues from disposals of fixed assets and materials		0	1 000	0
a21	Revenues from disposals of fixed assets		0	1 000
a22	Revenues from disposals of materials		0
a23	Net book value of disposed fixed assets and materials		0	0	0
a24	Net book value of sold fixed assets		0
a25	Net book value of sold material		0
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		0	0	0
a27	Other operating revenues		573 000	1 000	0
a28	Other operating expenses		4 000	0	1 805 000
a29	Transfer of operating revenues		0
a30	Transfer of operating expenses		0
a31	Operating profit / loss		-901 000	-2 280 000	-3 557 000
a32	Revenues from sales of securities and ownership interests		0
a33	Sold securities and ownership interests		0
a34	Revenues from long-term financial assets		0
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence		0
a36	Revenues from others securities and ownership interests		0
a37	Revenues from other long-term financial assets		0
a38	Revenues from short-term financial assets		0
a39	Expenses associated with financial assets		0
a40	Revenues from revaluation of securities and derivatives		0
a41	Cost of revaluation of securities and derivatives		0
a42	Change in financial reserves and adjustments ( + / - )		0
a43	Interest revenues		217 000	242 000	172 000
a44	Interest expenses		0	0	0
a45	Other financial revenues		312 000	426 000	140 000
a46	Other financial expenses		1 141 000	928 000	200 000
a47	Transfer of financial revenues		0
a48	Transfer of financial expenses		0
a49	Profit / loss from financial operations ( transactions )		-612 000	-260 000	112 000
a50	Income tax on ordinary income		0	0	0
a51	Due tax		0
a52	Tax deferred		0
a53	Operating profit / loss ordinary activity		-1 513 000	-2 540 000	-3 445 000
a54	Extraordinary revenues		4 000		42 000
a55	Extraordinary expenses		0
a56	Income tax on extraordinary income		0
a57	Due tax		0
a58	Tax deferred		0
a59	Operating profit / loss extraordinary activity		4 000	0	42 000
a60	Transfer profit ( loss ) to partners (+/-)		0
a61	Profit / loss of current accounting period (+/-)		-1 509 000	-2 540 000	-3 403 000
a62	Profit / loss before tax (+/-)		-1 509 000	-2 540 000	-3 403 000
Balance indices			31.12.2007	31.12.2008	31.12.2009
Return on total assets ROA (in %)		a62/r1 * 100	-6,35	-11,74	-33,47
Return on equity ROE (in %)		a62/r68 * 100	-6,53	-12,34	-37,06
Return on sales ROS (in %)		a62/a1 * 100	-7,42	-40,10	-84,76
Turnover of receivables (in days)		r49/a1 * 365	204,58	394,04	533,82
Turnover of liabilities (in days)		r103/a1 * 365	0,74	6,05	70,45
Turnover of inventories (days)		r32/a1 * 365	0,00	68,52	148,55
Net working capital (in ths. CZK)		r31 - r102 - r116 - r117	23 352,00	20 552,00	9 162,00
Ratio of accounts payable to accounts receivable (in %)		(r39+r48) / (r91+r102) * 100	3 271,06	904,54	692,89
Ratio of profit/loss to tangible assets (in%)		r3 / a1 * 100	0,00	0,00	0,00
Current ratio		r31 / (r102+r116+r117)	61,34	20,43	10,31
Quick ratio		(r58+r48) / (r102+r116+r117)	61,34	19,30	8,65
Cash ratio		r58 / (r102+r116+r117)	28,63	10,26	1,72
Debt ratio I (in %)		(1-r68/r67) * 100	2,62	4,89	9,68
Debt ratio II (in %)		r85/r67 * 100	1,63	4,89	9,68

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

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.