MIRA INFORM REPORT

Report Date :

25.04.2013

IDENTIFICATION DETAILS

Name :	D PLAST A.S.
Registered Office :	U Tescomy 206 760 01 Zlín - Lužkovice
Country :	Czech Republic
Financials (as on) :	31.12.2012
Date of Incorporation :	02.05.1991
Com. Reg. No.:	B 4677
Legal Form :	Public Limited Company
Line of Business :	Manufacture of plastic plates, sheets, tubes and profiles
No. of Employees :	120

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Czech Republic	A2	A2

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

CZECH REPUBLIC - ECONOMIC OVERVIEW

The Czech Republic is a stable and prosperous market economy closely integrated with the EU, especially since the country's EU accession in 2004. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. In 2012, however, the economy fell into a recession due to a slump in external demand. The auto industry remains the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. Foreign and domestic businesses alike voice concerns about corruption especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Source : CIA

Company name and address

D PLAST a.s.

U Tescomy 206
760 01 Zlín - Lužkovice

telephone: 00420/ 577 610 111
telefax: 00420/ 577 610 170
e-mail: info@dplast.cz
Web: www.dplast.cz

Company development

Constant company development

Order situation	Good course of business
Terms of payment	mostly within agreed terms, but partly also delayed

Business connection

Business connections appear permissible

Legal form

Public limited company

Foundation	02/05/1991 - Private limited company 01/07/2006 - Public limited company
Comp. Register	02/05/1991, Krajský soud v Brně, RegNr.: C 1554 01/07/2006, Krajský soud v Brně, RegNr.: B 4677 Statistical number: 00544752 Tax number: CZ00544752

Share Capital	10/04/1995	CZK	140 000,-
	08/11/1995	CZK	21 913 000,-

01/07/2006		CZK	21 913 000,-
	21 913 pc of nominative shares in documentary form at nomimal value of CZK 1.000,--

Main Shareholder	Ing. Jiří Drag (26.06.1950) Horní Vršava V 5363, 760 01 Zlín		%	23,9
Board of Directors		Ing. Jiří Drag (26.06.1950) Horní Vršava V 5363, 760 01 Zlín chairman of board

Ing. Ladislav Košárek (09.09.1958)
Hořejší 5405, 760 01 Zlín

Ing. Marcela Dragová (29.01.1952)
Horní Vršava V 5363, 760 01 Zlín, Vršava

Supervisory Board	Lubomír Vinter (25.06.1958) Jabloňová 596, 763 14 Zlín - Kostelec chairman of supervisory board
	Ing. Jaroslav Šich (27.04.1951) Obeciny 3637/XII, 760 01 Zlín

	Zdeněk Zubíček (15.05.1978) Podlesí I 4967, 760 05 Zlín
General Data	Manufacture and sale of seals, pastes, granulates, tubes, hoses and pressed profiles for food industry, building, engineering and automotive industry as well as for consumer branches; manufacture and sale of plastic-coated sheet metals for the sphere of constructions and surface treatment of metallic elements.

Main activity: Manufacture of plastic plates, sheets, tubes and profiles		(22.21)
	Former name(s) D PLAST,spol. s r. o., Beginning of validity: 02.05.1991 End of validity: 20.11.1997

D PLAST s.r.o.
Beginning of validity: 20.11.1997
End of validity: 18.12.1997

D PLAST, spol. s r.o.
Beginning of validity: 18.12.1997
End of validity: 04.02.1998

D PLAST spol. s r.o.
Beginning of validity: 04.02.1998
End of validity: 01.07.2006

Trade name(s)
D PLAST a.s.
Beginning of validity: 01.07.2006

Export:
European Union

Address:
U Tescomy 206, 760 01 Zlín - Lužkovice
Beginning of validity: 14.02.2012
telephone:
00420/ 577 610 111
telefax:
00420/ 577 610 170
e-mail:
info@dplast.cz
Web:
www.dplast.cz

Lužkovice 206, 763 11 Zlín
Beginning of validity: 27.01.1998
End of validity: 14.02.2012

Zábraní 179, Zlín - Malenovice
Beginning of validity: 10.04.1992
End of validity: 27.01.1998

J.Fučíka VIII/3985, Zlín
Beginning of validity: 02.05.1991
End of validity: 10.04.1992

		Factory of the business: Stráně 460, 763 01 Zlín - Mladcová telephone: 00420/ 577 243 259 telefax: 00420/ 577 142 084
Staff	2009		96 employees

2010	103 employees
2011	108 employees

2012	121 employees
2013	120 employees

Annual Sales	2005	actual sales	CZK	255 048 000,-
	2006	actual sales	CZK	319 744 000,-

2007	actual sales	CZK	407 827 000,-
2008	actual sales	CZK	422 907 000,-

2009	actual sales	CZK	417 197 000,-
2010	actual sales	CZK	468 299 000,-

2011	actual sales	CZK	534 092 000,-
2012	actual sales	CZK	612 479 000,-

Property	Property of the company: Business premises (verified in the real estate registry) CZ-763 11 Zlín, Lužkovice, U Tescomy 206
Balance sheets	The enclosed balance of 2012 company's own data, -. (31.12.2012 - 1 CZK) The enclosed balance of 2011 from business register, -. (31.12.2011 - 1 CZK) The enclosed balance of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK) The enclosed balance of 2009 company's own data, -. (31.12.2009 - 1 CZK)

	The enclosed profit/loss account of 2012 company's own data, -. (31.12.2012 - 1 CZK) The enclosed profit/loss account of 2011 from business register, -. (31.12.2011 - 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 company's own data, -. (31.12.2009 - 1 CZK)
Remarks	The company is a holder of ISO 9001 certificate.

	The company D PLAST spol. s r.o. was transformed, on 1.7.2006, from limited liability company to the joint-stock company D PLAST a.s. Contact: Martin Tomek, financial director - phone: 00420/ 577 610 111 Mobile phone: 00420/ 603 587 076, e-mail: martin.tomek@dplast.cz
Bankers	Československá obchodní banka, a. s. Account number: 1458937/0300 Česká spořitelna, a. s. Account number: 4162162/0800 Raiffeisenbank, a. s. Account number: 5014503234/5500	(0300) (0800) (5500)

Financials

	balance	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)
r1	TOTAL ASSETS	365 007 000	415 260 000	418 462 000	523 060 000
r2	Receivables for subscriptions	0	0	0	0
r3	Fixed assets	219 711 000	226 291 000	214 308 000	229 281 000
r4	Intangible fixed assets	496 000	611 000	407 000	439 000
r5	Incorporation expenses			0
r6	Research and development			0
r7	Software	391 000	380 000	241 000	314 000
r8	Valuable rights	105 000	78 000	120 000	104 000
r9	Goodwill			0
r10	Other intangible fixed assets		90 000	46 000	21 000
r11	Intangible fixed assets under construction		63 000	0
r12	Advance payments for intangible fixed assets			0
r13	Tangible fixed assets	195 416 000	201 881 000	190 102 000	205 043 000
r14	Lands	10 219 000	13 035 000	13 035 000	15 136 000
r15	Constructions	122 746 000	139 085 000	133 570 000	143 068 000
r16	Equipment	30 311 000	49 269 000	41 632 000	40 587 000
r17	Perennial corps			0
r18	Breeding and draught animals			0
r19	Other tangible fixed assets			0
r20	Tangible fixed assets under construction	2 127 000	470 000	0	4 040 000
r21	Advance payments for tangible fixed assets	30 013 000	22 000	1 865 000	2 212 000
r22	Adjustment to acquired assets			0
r23	Long-term financial assets	23 799 000	23 799 000	23 799 000	23 799 000
r24	Shares in controlled and managed organizations	23 799 000	23 799 000	23 799 000	23 799 000
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	145 250 000	188 913 000	204 130 000	293 312 000
r32	Inventory	55 213 000	70 191 000	111 729 000	191 624 000
r33	Materials	26 052 000	39 293 000	55 682 000	107 392 000
r34	Work in progress and semi-products	2 485 000	3 368 000	3 815 000	4 565 000
r35	Finished products	17 486 000	26 432 000	51 851 000	79 519 000
r36	Animals			0
r37	Merchandise	9 190 000	1 098 000	381 000	148 000
r38	Advance payments for inventory			0
r39	Long-term receivables	0	3 257 000	353 000	2 224 000
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		3 257 000	353 000	2 224 000
r47	Deferred tax receivable			0
r48	Short-term receivables	79 294 000	108 426 000	88 364 000	96 844 000
r49	Trade receivables	70 796 000	82 469 000	85 445 000	89 549 000
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	1 072 000	3 454 000	0	1 925 000
r55	Short-term deposits given	1 289 000	273 000	1 050 000	2 707 000
r56	Estimated receivable	5 865 000	1 280 000	983 000	1 355 000
r57	Other receivables	272 000	20 950 000	886 000	1 308 000
r58	Short-term financial assets	10 743 000	7 039 000	3 684 000	2 620 000
r59	Cash	227 000	299 000	179 000	210 000
r60	Bank accounts	10 516 000	6 740 000	3 505 000	2 410 000
r61	Short-term securities and ownership interests			0
r62	Short-term financial assets acquired			0
r63	Accruals	46 000	56 000	24 000	467 000
r64	Deferred expenses	46 000	56 000	24 000	467 000
r65	Complex deferred costs			0
r66	Deferred income			0
r67	TOTAL LIABILITIES	365 007 000	415 260 000	418 462 000	523 060 000
r68	Equity	236 548 000	236 780 000	246 519 000	236 733 000
r69	Registered capital	21 913 000	21 913 000	21 913 000	21 913 000
r70	Registered capital	21 913 000	21 913 000	21 913 000	21 913 000
r71	Company’s own shares and ownership interests (-)			0
r72	Changes of registered capital ( +/- )			0
r73	Capital funds	0	4 649 000	353 000	2 224 000
r74	Share premium			0
r75	Other capital funds			0
r76	Differences from revaluation of assets and liabilities ( +/- )		4 649 000	353 000	2 224 000
r77	Differences from revaluation in transformation ( +/- )			0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	5 406 000	5 377 000	4 574 000	4 778 000
r79	Legal reserve fund / indivisible fund	4 383 000	4 383 000	4 383 000	4 383 000
r80	Statutory and other funds	1 023 000	994 000	191 000	395 000
r81	Profit / loss - previous years	126 550 000	143 729 000	140 196 000	123 979 000
r82	Retained earnings from previous years	127 592 000	144 771 000	140 196 000	123 979 000
r83	Accumulated losses from previous years	-1 042 000	-1 042 000	0
r84	Profit / loss - current year (+/-)	82 679 000	61 112 000	79 483 000	83 839 000
r85	Liabilities	128 459 000	178 480 000	171 943 000	286 327 000
r86	Reserves	0	0	1 941 000	950 000
r87	Reserves under special statutory regulations			226 000	950 000
r88	Reserves for pension and similar payables			0
r89	Income tax reserves			0
r90	Other reserves			1 715 000
r91	Long-term payables	3 850 000	2 829 000	2 009 000	8 783 000
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	3 850 000	2 829 000	2 009 000	8 783 000
r102	Short-term payables	124 609 000	123 111 000	150 464 000	151 675 000
r103	Trade payables	41 291 000	37 903 000	44 414 000	49 680 000
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	77 009 000	80 147 000	94 003 000	96 842 000
r108	Payables to social securities and health insurance	1 101 000	1 196 000	1 261 000	1 633 000
r109	Due from state - tax liabilities and subsidies	3 599 000	839 000	9 769 000	1 685 000
r110	Short-term deposits received	67 000	70 000	56 000	199 000
r111	Issues bonds			0
r112	Estimated payables	1 542 000	2 956 000	961 000	1 636 000
r113	Other payables			0
r114	Bank loans and financial accommodations	0	52 540 000	17 529 000	124 919 000
r115	Long-term bank loans	0	8 988 000	0	0
r116	Short-term bank loans	0	43 552 000	17 529 000	124 919 000
r117	Short-term accommodations	0	0	0	0
r118	Accruals	0	0	0	0
r119	Accrued expenses			0
r120	Deferred revenues			0

	profit/loss account		31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)
a1	Turnover		417 197 000	468 299 000	534 092 000	612 479 000
a2	Revenues from sold goods		41 768 000	49 673 000	10 071 000	1 486 000
a3	Expenses on sold goods		48 519 000	53 203 000	10 120 000	1 224 000
a4	Sale margin		-6 751 000	-3 530 000	-49 000	262 000
a5	Production		358 670 000	428 629 000	550 008 000	639 580 000
a6	Revenues from own products and services		375 429 000	418 626 000	524 021 000	610 993 000
a7	Change in inventory of own products		-16 812 000	9 934 000	25 896 000	28 440 000
a8	Capitalization		53 000	69 000	91 000	147 000
a9	Production consumption		242 480 000	331 168 000	434 940 000	523 693 000
a10	Consumption of material and energy		226 852 000	312 882 000	417 137 000	499 882 000
a11	Services		15 628 000	18 286 000	17 803 000	23 811 000
a12	Added value		109 439 000	93 931 000	115 019 000	116 149 000
a13	Personnel expenses		47 891 000	47 785 000	50 324 000	57 165 000
a14	Wages and salaries		35 653 000	34 915 000	37 141 000	42 269 000
a15	Renumeration of board members				0
a16	Social security expenses and health insurance		11 503 000	11 812 000	12 520 000	14 176 000
a17	Other social expenses		735 000	1 058 000	663 000	720 000
a18	Taxes and fees		152 000	257 000	297 000	394 000
a19	Depreciations of intangible and tangible assets		13 195 000	18 146 000	18 488 000	18 842 000
a20	Revenues from disposals of fixed assets and materials		51 408 000	46 850 000	8 246 000	12 414 000
a21	Revenues from disposals of fixed assets		1 274 000	448 000	151 000	443 000
a22	Revenues from disposals of materials		50 134 000	46 402 000	8 095 000	11 971 000
a23	Net book value of disposed fixed assets and materials		31 615 000	40 600 000	7 303 000	12 480 000
a24	Net book value of sold fixed assets		256 000	11 000	0	197 000
a25	Net book value of sold material		31 359 000	40 589 000	7 303 000	12 283 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		490 000	134 000	2 075 000	-991 000
a27	Other operating revenues		1 634 000	248 000	-511 000	-968 000
a28	Other operating expenses		1 112 000	982 000	1 225 000	1 461 000
a29	Transfer of operating revenues				0
a30	Transfer of operating expenses				0
a31	Operating profit / loss		68 026 000	33 125 000	43 042 000	38 244 000
a32	Revenues from sales of securities and ownership interests				0
a33	Sold securities and ownership interests				0
a34	Revenues from long-term financial assets		32 500 000	35 000 000	45 000 000	65 000 000
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence		32 500 000	35 000 000	45 000 000	65 000 000
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		49 000	8 000	28 000	33 000
a44	Interest expenses		3 902 000	3 811 000	3 757 000	3 859 000
a45	Other financial revenues		12 668 000	9 716 000	14 461 000	11 969 000
a46	Other financial expenses		15 755 000	10 611 000	14 208 000	14 928 000
a47	Transfer of financial revenues				0
a48	Transfer of financial expenses				0
a49	Profit / loss from financial operations ( transactions )		25 560 000	30 302 000	41 524 000	58 215 000
a50	Income tax on ordinary income		10 907 000	2 315 000	5 083 000	12 620 000
a51	Due tax		11 872 000	3 335 000	5 902 000	5 846 000
a52	Tax deferred		-965 000	-1 020 000	-819 000	6 774 000
a53	Operating profit / loss ordinary activity		82 679 000	61 112 000	79 483 000	83 839 000
a54	Extraordinary revenues				0
a55	Extraordinary expenses				0
a56	Income tax on extraordinary income				0	0
a57	Due tax				0
a58	Tax deferred				0
a59	Operating profit / loss extraordinary activity		0	0	0	0
a60	Transfer profit ( loss ) to partners (+/-)				0
a61	Profit / loss of current accounting period (+/-)		82 679 000	61 112 000	79 483 000	83 839 000
a62	Profit / loss before tax (+/-)		93 586 000	63 427 000	84 566 000	96 459 000
	Receivables more than 180 days after due date		2 048 000	1 148 000	1 161 000	4 463 000
	Liabilities more than 180 days after due date		351 000	349 000	291 000	27 000
Balance indices			31.12.2009	31.12.2010	31.12.2011	31.12.2012
Return on total assets ROA (in %)		a62/r1 * 100	25,64	15,27	20,21	18,44
Return on equity ROE (in %)		a62/r68 * 100	39,56	26,79	34,30	40,75
Return on sales ROS (in %)		a62/a1 * 100	22,43	13,54	15,83	15,75
Turnover of receivables (in days)		r49/a1 * 365	61,94	64,28	58,39	53,37
Turnover of liabilities (in days)		r103/a1 * 365	36,12	29,54	30,35	29,61
Turnover of inventories (days)		r32/a1 * 365	48,31	54,71	76,36	114,20
Net working capital (in ths. CZK)		r31 - r102 - r116 - r117	20 641,00	22 250,00	36 137,00	16 718,00
Ratio of accounts payable to accounts receivable (in %)		(r39+r48) / (r91+r102) * 100	61,73	88,68	58,19	61,74
Ratio of profit/loss to tangible assets (in%)		r3 / a1 * 100	52,66	48,32	40,13	37,43
Current ratio		r31 / (r102+r116+r117)	1,17	1,13	1,22	1,06
Quick ratio		(r58+r48) / (r102+r116+r117)	0,72	0,69	0,55	0,36
Cash ratio		r58 / (r102+r116+r117)	0,09	0,04	0,02	0,01
Debt ratio I (in %)		(1-r68/r67) * 100	35,19	42,98	41,09	54,74
Debt ratio II (in %)		r85/r67 * 100	35,19	42,98	41,09	54,74

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

INFORMATION DETAILS

Report Prepared by :

PRL

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.