MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	COGEBI A.S.
Registered Office :	Vožická 2104 390 51 Tábor
Country :	Czech Republic
Financials (as on) :	31.12.2010
Date of Incorporation :	04.07.1990
Legal Form :	Public Limited Company
Line of Business :	Manufacture of electrical and electronic equipment for motor vehicles
No. of Employees :	130 employees

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 1 750 000
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 – 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 name and address

COGEBI a.s.

Vožická 2104
390 51 Tábor

telephone: 00420/ 381 493 111
telefax: 00420/ 381 281 567
e-mail: office@cogebi.com
Web: www.cogebi.cz

Summary

Company development

Stagnant business development

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

Business connection	Business connections appear permissible
Credit limit		CZK 1 750 000,- EUR 67 830,-

Legal form

Public limited company

Foundation	04/07/1990 - Public limited company
Comp. Register	08/03/1991, Krajský soud České Budějovice, RegNr.: B/69 Statistical number: 00659487 Tax number: CZ00659487

Share Capital	09/03/1991		CZK	68 700 000,-
		687 pc of common nominative shares at nominal value of CZK 100.000,-- - in documentary form

Main Shareholder	ELCIM Group B.V. Claude Debussylaan 24, 1082 Amsterdam, Netherlands		%	100
Board of Directors		Igor Kuimov (03.07.1952) Naro-Fominsk Dist. 7-54, 143322 Ateptsevo, Russia chairman

Dipl.-Phys Tomáš Dolák (01.08.1969)
Nad Záhybem 350, 390 02 Tábor

Peter Landendinger (04.01.1956)
Lanfeld 17, 54426 Schoenberg, Germany

Supervisory Board	Luca Moretti (15.07.1975) District,Rechnaya 7/ 54, 14322 Ateptsevo, Naro-Fominsk, Russia chairman of supervisory board
	RSDr. Svatopluk Černý (22.05.1948) Moskevská 2716, Tábor

	Jaroslav Kalenský (20.10.1954) Lipová 492, 391 01 Sezimovo Ústí II
General Data	Manufacture of micaceous electric insulation materials, of insulated conductors and laminates, of heat resistant materials

Main activity: Manufacture of electrical and electronic equipment for motor vehicles		(29.31)
	Former name(s) ELEKTROIZOLA a. s., ve zkratce EIT a. s. Beginning of validity: 08.03.1991 End of validity: 26.11.1993

ELEKTROISOLA a. s., ve zkratce EIT a. s.
Beginning of validity: 26.11.1993
End of validity: 28.07.1999

Elektroisola a.s.
Beginning of validity: 28.07.1999
End of validity: 05.02.2004

EIT a. s.
Beginning of validity: 05.02.2004
End of validity: 17.03.2006

Trade name(s)
COGEBI a. s.
Beginning of validity: 17.03.2006

Export: European Union	80%
Import: European Union

Address:
Vožická 2104, 390 51 Tábor
telephone:
00420/ 381 493 111
telefax:
00420/ 381 281 567
e-mail:
office@cogebi.com
Web:
www.cogebi.cz

Staff	2006	136 employees
	2008	155 employees

2010	138 employees
2012	130 employees

Annual Sales	2004	actual sales	CZK	225 374 000,-
	2005	actual sales	CZK	218 696 000,-

2006	actual sales	CZK	300 348 000,-
2007	actual sales	CZK	294 109 000,-

2008	actual sales	CZK	291 211 000,-
2009	actual sales	CZK	262 830 000,-

	2010		actual sales	CZK	236 938 000,-
Property		Property of the company: Business premises CZ-390 02 Tábor , Vožická 2104

Balance sheets	The enclosed balance of 2010 company's own data, 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 from business register, -. (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, it is authenticated by the auditor. (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)

Auditor	Deloitte Audit s.r.o. (Statistical number: 49620592) Karolinská 654/2, 186 00 Praha 8, Karlín
Remarks		The company is a holder of ISO 9001 and ISO 14001 certificates. All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, and others) are currently monitored. The final accounts for the year 2011 are not available yet.

	Business management: Dipl.Phys. Tomáš Dolák – company directorředitel společnosti Ing. Pavel Kvasnička – financial director, phone 00420/ 381 493 214 The original firm was founded in 1942 and occupied itself with splitting mica blocks. From 1956, manufacture of paper made of mica is in course, from 1997, non-calcinated mica paper is produced. In 1991, joint-stock company ELEKTROIZOLA has taken its origin by transformation of the branch office of the enterprise Závody silnoproudé elektrotechniky ZSE Praha. The company COGEBI a. s. is a part of then international group COGEBI. Due to decision of the proprietor, there was restructuring of activities in the company COGEBI a.s. in the course of the year 2011. Some of the administration activities have been transferred to the firm COGEBI Admin s.r.o., founded in December 2010.
Bankers	Komerční banka, a.s. Československá obchodní banka, a. s. Raiffeisenbank, a. s.	(0100) (0300) (5500)

Copyright:		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		31.12.2007 (CZK)	31.12.2008 (CZK)	31.12.2009 (CZK)	31.12.2010 (CZK)
r1	TOTAL ASSETS		186 674 000	187 860 000	173 315 000	165 999 000
r2	Receivables for subscriptions		0	0	0	0
r3	Fixed assets		82 064 000	80 026 000	65 383 000	56 152 000
r4	Intangible fixed assets		747 000	211 000	102 000	114 000
r5	Incorporation expenses		0		0
r6	Research and development		0		0
r7	Software		747 000	211 000	67 000	65 000
r8	Valuable rights		0		0
r9	Goodwill		0		0
r10	Other intangible fixed assets		0		0
r11	Intangible fixed assets under construction		0		35 000	49 000
r12	Advance payments for intangible fixed assets		0		0
r13	Tangible fixed assets		81 317 000	79 815 000	65 281 000	56 038 000
r14	Lands		2 285 000	2 285 000	2 284 000	2 284 000
r15	Constructions		27 229 000	27 734 000	27 675 000	26 552 000
r16	Equipment		47 857 000	49 796 000	34 667 000	26 107 000
r17	Perennial corps		0		0
r18	Breeding and draught animals		0		0
r19	Other tangible fixed assets		0		0
r20	Tangible fixed assets under construction		2 810 000		655 000	467 000
r21	Advance payments for tangible fixed assets		1 136 000		0	628 000
r22	Adjustment to acquired assets		0		0
r23	Long-term financial assets		0	0	0	0
r24	Shares in controlled and managed organizations		0		0
r25	Shares in accounting units with substantial influence		0		0
r26	Other securities and shares		0		0
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence		0		0
r28	Other financial investments		0		0
r29	Financial investments acquired		0		0
r30	Advance payments for long-term financial assets		0		0
r31	Current assets		102 740 000	106 604 000	106 897 000	109 487 000
r32	Inventory		58 953 000	53 866 000	63 110 000	71 874 000
r33	Materials		28 751 000	26 373 000	26 747 000	32 642 000
r34	Work in progress and semi-products		12 934 000	11 024 000	26 878 000	23 854 000
r35	Finished products		13 996 000	14 205 000	7 260 000	13 543 000
r36	Animals		0		0
r37	Merchandise		3 271 000	2 264 000	2 225 000	1 835 000
r38	Advance payments for inventory		1 000		0
r39	Long-term receivables		35 000	35 000	35 000	681 000
r40	Trade receivables		0		35 000
r41	Receivables from controlled and managed organizations		0		0
r42	Receivables from accounting units with substantial influence		0		0
r43	Receivables from partners, cooperative members and association members		0		0
r44	Long-term deposits given		35 000	35 000	0	35 000
r45	Estimated receivable		0		0
r46	Other receivables		0		0
r47	Deferred tax receivable		0		0	646 000
r48	Short-term receivables		34 393 000	49 913 000	29 708 000	30 073 000
r49	Trade receivables		32 099 000	44 746 000	28 059 000	19 684 000
r50	Receivables from controlled and managed organizations		0		0
r51	Receivables from accounting units with substantial influence		0		0
r52	Receivables from partners, cooperative members and association members		0		0
r53	Receivables from social security and health insurance		0		0
r54	Due from state - tax receivable		1 738 000	5 027 000	1 018 000	4 843 000
r55	Short-term deposits given		406 000	40 000	44 000	3 149 000
r56	Estimated receivable		141 000	90 000	586 000	2 397 000
r57	Other receivables		9 000	10 000	1 000
r58	Short-term financial assets		9 359 000	2 790 000	14 044 000	6 859 000
r59	Cash		73 000	109 000	97 000	88 000
r60	Bank accounts		9 286 000	2 681 000	13 947 000	6 771 000
r61	Short-term securities and ownership interests		0		0
r62	Short-term financial assets acquired		0		0
r63	Accruals		1 870 000	1 230 000	1 035 000	360 000
r64	Deferred expenses		1 864 000	1 229 000	1 034 000	359 000
r65	Complex deferred costs		0		0
r66	Deferred income		6 000	1 000	1 000	1 000
r67	TOTAL LIABILITIES		186 674 000	187 860 000	173 315 000	165 999 000
r68	Equity		125 582 000	109 743 000	120 964 000	103 775 000
r69	Registered capital		68 700 000	68 700 000	68 700 000	68 700 000
r70	Registered capital		68 700 000	68 700 000	68 700 000	68 700 000
r71	Company’s own shares and ownership interests (-)		0		0
r72	Changes of registered capital ( +/- )		0		0
r73	Capital funds		0	0	0	0
r74	Share premium		0		0
r75	Other capital funds		0		0
r76	Differences from revaluation of assets and liabilities ( +/- )		0		0
r77	Differences from revaluation in transformation ( +/- )		0		0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings		13 740 000	13 740 000	13 740 000	13 740 000
r79	Legal reserve fund / indivisible fund		13 740 000	13 740 000	13 740 000	13 740 000
r80	Statutory and other funds		0		0
r81	Profit / loss - previous years		22 909 000	24 823 000	25 070 000	26 424 000
r82	Retained earnings from previous years		22 909 000	24 823 000	25 070 000	26 424 000
r83	Accumulated losses from previous years		0		0
r84	Profit / loss - current year (+/-)		20 233 000	2 480 000	13 454 000	-5 089 000
r85	Other sources		60 654 000	77 931 000	52 179 000	62 080 000
r86	Reserves		11 934 000	14 983 000	14 640 000	2 996 000
r87	Reserves under special statutory regulations		8 730 000	11 640 000	11 640 000
r88	Reserves for pension and similar payables		0		0
r89	Income tax reserves		0		0
r90	Other reserves		3 204 000	3 343 000	3 000 000	2 996 000
r91	Long-term payables		1 877 000	515 000	291 000	0
r92	Trade payables		0		0
r93	Payables to controlled and managed organizations		0		0
r94	Payables to accounting units with substantial influence		0		0
r95	Payables from partners, cooperative members and association members		0		0
r96	Long-term advances received		0		0
r97	Issues bonds		0		0
r98	Long-term notes payables		0		0
r99	Estimated payables		0		0
r100	Other payables		0		0
r101	Deferred tax liability		1 877 000	515 000	291 000
r102	Short-term payables		25 163 000	26 147 000	19 858 000	35 615 000
r103	Trade payables		10 405 000	14 329 000	11 491 000	23 787 000
r104	Payables to controlled and managed organizations		0		0
r105	Payables to accounting units with substantial influence		0		0
r106	Payables from partners, cooperative members and association members		0		0
r107	Payroll		2 218 000	2 845 000	2 372 000	2 402 000
r108	Payables to social securities and health insurance		1 139 000	1 422 000	1 184 000	1 180 000
r109	Due from state - tax liabilities and subsidies		2 654 000	303 000	229 000	262 000
r110	Short-term deposits received		1 518 000	989 000	1 319 000	1 268 000
r111	Issues bonds		0		0
r112	Estimated payables		5 848 000	6 166 000	3 174 000	6 634 000
r113	Other payables		1 381 000	93 000	89 000	82 000
r114	Bank loans and financial accommodations		21 680 000	36 286 000	17 390 000	23 469 000
r115	Long-term bank loans		8 846 000	6 011 000	12 447 000	8 629 000
r116	Short-term bank loans		12 834 000	30 275 000	4 943 000	14 840 000
r117	Short-term accommodations		0	0	0	0
r118	Accruals		438 000	186 000	172 000	144 000
r119	Accrued expenses		158 000	186 000	172 000	144 000
r120	Deferred revenues		280 000		0

	profit/loss account		31.12.2007 (CZK)		31.12.2008 (CZK)		31.12.2009 (CZK)		31.12.2010 (CZK)
a1	Turnover		294 109 000		291 211 000		262 830 000		236 938 000
a2	Revenues from sold goods		22 311 000		20 068 000		13 587 000		11 719 000
a3	Expenses on sold goods		13 015 000		10 531 000		7 706 000		7 967 000
a4	Sale margin		9 296 000		9 537 000		5 881 000		3 752 000
a5	Production		278 775 000		273 476 000		256 546 000		228 061 000
a6	Revenues from own products and services		271 798 000		271 143 000		249 243 000		225 219 000
a7	Change in inventory of own products		6 414 000		1 308 000		6 767 000		2 666 000
a8	Capitalization		563 000		1 025 000		536 000		176 000
a9	Production consumption		186 516 000		192 891 000		170 216 000		186 712 000
a10	Consumption of material and energy		149 562 000		154 139 000		140 171 000		150 283 000
a11	Services		36 954 000		38 752 000		30 045 000		36 429 000
a12	Added value		101 555 000		90 122 000		92 211 000		45 101 000
a13	Personnel expenses		51 422 000		56 472 000		50 462 000		48 000 000
a14	Wages and salaries		36 269 000		40 138 000		36 352 000		34 286 000
a15	Renumeration of board members		804 000		804 000		804 000		804 000
a16	Social security expenses and health insurance		12 694 000		13 782 000		11 608 000		11 431 000
a17	Other social expenses		1 655 000		1 748 000		1 698 000		1 479 000
a18	Taxes and fees		354 000		208 000		489 000		584 000
a19	Depreciations of intangible and tangible assets		17 705 000		20 593 000		21 538 000		12 397 000
a20	Revenues from disposals of fixed assets and materials		3 463 000		1 750 000		1 584 000		6 912 000
a21	Revenues from disposals of fixed assets		245 000		98 000		38 000		2 923 000
a22	Revenues from disposals of materials		3 218 000		1 652 000		1 546 000		3 989 000
a23	Net book value of disposed fixed assets and materials		2 429 000		1 333 000		1 092 000		6 064 000
a24	Net book value of sold fixed assets		0		1 333 000		1 000		2 874 000
a25	Net book value of sold material		2 429 000				1 091 000		3 190 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		2 527 000		6 672 000		-1 683 000		-12 870 000
a27	Other operating revenues		4 863 000		2 809 000		3 268 000		5 340 000
a28	Other operating expenses		7 012 000		4 030 000		4 769 000		6 572 000
a29	Transfer of operating revenues		0				0
a30	Transfer of operating expenses		0				0
a31	Operating profit / loss		28 432 000		5 373 000		20 396 000		-3 394 000
a32	Revenues from sales of securities and ownership interests		0				0
a33	Sold securities and ownership interests		0				0
a34	Revenues from long-term financial assets		0				0
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence		0				0
a36	Revenues from others securities and ownership interests		0				0
a37	Revenues from other long-term financial assets		0				0
a38	Revenues from short-term financial assets		0				0
a39	Expenses associated with financial assets		0				0
a40	Revenues from revaluation of securities and derivatives		0				0
a41	Cost of revaluation of securities and derivatives		0				0
a42	Change in financial reserves and adjustments ( + / - )		0				0
a43	Interest revenues		49 000		33 000		6 000		24 000
a44	Interest expenses		653 000		1 381 000		960 000		561 000
a45	Other financial revenues		6 688 000		11 520 000		11 648 000		2 442 000
a46	Other financial expenses		8 465 000		12 269 000		13 528 000		4 820 000
a47	Transfer of financial revenues		0				0
a48	Transfer of financial expenses		0				0
a49	Profit / loss from financial operations ( transactions )		-2 381 000		-2 097 000		-2 834 000		-2 915 000
a50	Income tax on ordinary income		5 818 000		796 000		4 108 000		-1 220 000
a51	Due tax		6 724 000		2 159 000		4 331 000		-283 000
a52	Tax deferred		-906 000		-1 363 000		-223 000		-937 000
a53	Operating profit / loss ordinary activity		20 233 000		2 480 000		13 454 000		-5 089 000
a54	Extraordinary revenues		0				0
a55	Extraordinary expenses		0				0
a56	Income tax on extraordinary income		0				0
a57	Due tax		0				0
a58	Tax deferred		0				0
a59	Operating profit / loss extraordinary activity		0		0		0		0
a60	Transfer profit ( loss ) to partners (+/-)		0				0
a61	Profit / loss of current accounting period (+/-)		20 233 000		2 480 000		13 454 000		-5 089 000
a62	Profit / loss before tax (+/-)		26 051 000		3 276 000		17 562 000		-6 309 000
	Operating cash flow		33 281 000		14 711 000				1 955 000
	Investment cash flow		-19 226 000		-17 568 000				-3 119 000
	Financial cash flow		-13 735 000		-3 712 000				-6 021 000
	Receivables after due date total				26 458 000		15 416 000		9 039 000
	Liabilities after due date total				4 263 000		577 000		9 532 000
Balance indices				31.12.2007		31.12.2008		31.12.2009		31.12.2010
Return on total assets ROA (in %)		a62/r1 * 100		13,96		1,74		10,13		-3,80
Return on equity ROE (in %)		a62/r68 * 100		20,74		2,99		14,52		-6,08
Return on sales ROS (in %)		a62/a1 * 100		8,86		1,12		6,68		-2,66
Turnover of receivables (in days)		r49/a1 * 365		39,84		56,08		38,97		30,32
Turnover of liabilities (in days)		r103/a1 * 365		12,91		17,96		15,96		36,64
Turnover of inventories (days)		r32/a1 * 365		73,16		67,51		87,64		110,72
Net working capital (in ths. CZK)		r31 - r102 - r116 - r117		64 743,00		50 182,00		82 096,00		59 032,00
Ratio of accounts payable to accounts receivable (in %)		(r39+r48) / (r91+r102) * 100		127,32		187,34		147,62		86,35
Ratio of profit/loss to tangible assets (in%)		r3 / a1 * 100		27,90		27,48		24,88		23,70
Current ratio		r31 / (r102+r116+r117)		2,70		1,89		4,31		2,17
Quick ratio		(r58+r48) / (r102+r116+r117)		1,15		0,93		1,76		0,73
Cash ratio		r58 / (r102+r116+r117)		0,25		0,05		0,57		0,14
Debt ratio I (in %)		(1-r68/r67) * 100		32,73		41,58		30,21		37,48
Debt ratio II (in %)		r85/r67 * 100		32,49		41,48		30,11		37,40

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.90
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

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.