MIRA INFORM REPORT

Report Date :

10.08.2013

IDENTIFICATION DETAILS

Name :	ASTENJOHNSON, S.R.O.
Registered Office :	Bezová 1658 147 14 Praha 4
Country :	Czech Republic
Financials (as on) :	31.12.2012
Date of Incorporation :	12.07.2004
Com. Reg. No.:	C 101157
Legal Form :	Private Limited Company
Line of Business :	Manufacture of other technical and industrial textiles
No. of Employees :	160

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Czech Republic	B1	B1

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

AstenJohnson, s.r.o.

Bezová 1658
147 14 Praha 4

telephone: 00420/ 383 322 002
telefax: 00420/ 383 321 998
e-mail: info.cz@astenjohnson.com
Web: www.sitos.cz

Company details

Company development

Positive company development

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

Business connection

Business connections appear permissible

Legal form

Private limited company

Foundation	12/07/2004 - Private limited company
Comp. Register	12/07/2004, Městský soud v Praze, RegNr.: C 101157 Statistical number: 27163806 Tax number: CZ27163806

Share Capital		12/07/2004		CZK	200 000,-
	22/12/2005		CZK			120 000 000,-

Shareholders	AstenJohnson Specialty Holdings, Inc. 1209 Orange Street, 19801 City of Wilmington, USA		CZK	120 000 000,-
Management		Guido André Quinting (21.04.1964) Eynattener Strasse 179, B-4730 Raeren, Belgium Executive Manager sole power of attorney

James M. Gibson (16.02.1965)
Marsh Creek Drive 2553, 29414 Charleston, USA
Executive Manager
sole power of attorney

Stephen King Polston (13.02.1959)
Mt. Pleasant SC 29466, Rivertowne Country Club Drive 1588, USA
Executive Manager
sole power of attorney

General Data		Manufacture and sale of paper mill wires and technical tissues as carriage elements in the course of paper sheet formation.
	Main activity: Manufacture of other technical and industrial textiles		(13.96)

Former name(s)
Korzia s.r.o.
Beginning of validity: 12.07.2004
End of validity: 05.10.2005

Sitos Holdings, s.r.o.
Beginning of validity: 05.10.2005
End of validity: 01.01.2008

	Trade name(s) AstenJohnson, s.r.o. Beginning of validity: 01.01.2008
Export: USA Germany Singapore		82%

General contacts:
telephone:
00420/ 383 322 002
telefax:
00420/ 383 321 998
e-mail:
info.cz@astenjohnson.com
Web:
www.sitos.cz

Address:
Bezová 1658, 147 14 Praha 4
Beginning of validity: 05.10.2005

Ocelářská 13, 190 00 Praha 9
Beginning of validity: 11.05.2005
End of validity: 05.10.2005

V Dolích 306, 252 28 Černošice
Beginning of validity: 12.07.2004
End of validity: 11.05.2005

		business locations: Textiláků 1112, 386 02 Strakonice
Staff	2008		161 employees

2009	147 employees
2010	143 employees

2011	162 employees
2012	159 employees

		2013	160 employees
Annual Sales	2005			actual sales	CZK	173 976 000,-

2006	actual sales	CZK	186 626 000,-
2007	actual sales	CZK	213 846 000,-

2008	actual sales	CZK	238 241 000,-
2009	actual sales	CZK	221 489 000,-

2010	actual sales	CZK	252 943 000,-
2011	actual sales	CZK	247 501 000,-

	2012		actual sales	CZK	259 973 000,-
Property		Property of the company: Business premises (verified in the real estate registry) CZ-386 02 Strakonice I., Textiláků 1112

Balance sheets

The enclosed balance of 2012 company's own data, it is authenticated by the auditor. (31.12.2012 - 1 CZK) The enclosed balance of 2011 company's own data, it is authenticated by the auditor. (31.12.2011 - 1 CZK) 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 profit/loss account of 2012 company's own data, it is authenticated by the auditor. (31.12.2012 - 1 CZK) The enclosed profit/loss account of 2011 company's own data, it is authenticated by the auditor. (31.12.2011 - 1 CZK) The enclosed profit/loss account of 2010 company's own data, 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)

Auditor	PricewaterhouseCoopers Audit, s.r.o. (Statistical number: 40765521) Hvězdova 1734/2c, 140 00 Praha 4
Remarks		All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database of others) are currently monitored.

	To the inquired company, property of the company SÍTOS, a.s., IČ: 25 19 51 66, was transferred in consequence of fusion by merger. The record date of the fusion is 1.1.2006. Contact: Michal Hruška - economist, phone: 00420/ 383 313 671, 00420/ 608 822 589, e-mail: michal.hruska@astenjohnson.com
Bankers	GE Money Bank, a.s. Account number: 150265661/0600 Československá obchodní banka, a. s. Account number: 312814003/0300	(0600) (0300)

	balance	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)
r1	TOTAL ASSETS	314 858 000	363 547 000	376 289 000	408 144 000
r2	Receivables for subscriptions	0	0	0	0
r3	Fixed assets	214 130 000	193 444 000	215 089 000	201 940 000
r4	Intangible fixed assets	455 000	299 000	143 000	2 347 000
r5	Incorporation expenses	0
r6	Research and development	0
r7	Software	455 000	299 000	143 000
r8	Valuable rights	0
r9	Goodwill	0
r10	Other intangible fixed assets	0
r11	Intangible fixed assets under construction	0			2 347 000
r12	Advance payments for intangible fixed assets	0
r13	Tangible fixed assets	213 675 000	193 145 000	214 946 000	199 593 000
r14	Lands	1 998 000	1 998 000	1 998 000	1 998 000
r15	Constructions	95 252 000	91 625 000	88 012 000	84 404 000
r16	Equipment	116 425 000	99 522 000	87 926 000	112 264 000
r17	Perennial corps	0
r18	Breeding and draught animals	0
r19	Other tangible fixed assets	0
r20	Tangible fixed assets under construction	0		37 010 000	927 000
r21	Advance payments for tangible fixed assets	0
r22	Adjustment to acquired assets	0
r23	Long-term financial assets	0	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	100 267 000	169 366 000	159 522 000	204 408 000
r32	Inventory	34 050 000	53 563 000	64 011 000	72 769 000
r33	Materials	7 857 000	9 850 000	17 165 000	19 583 000
r34	Work in progress and semi-products	21 743 000	40 154 000	44 410 000	46 099 000
r35	Finished products	3 617 000	3 559 000	2 436 000	7 087 000
r36	Animals	0
r37	Merchandise	0
r38	Advance payments for inventory	833 000
r39	Long-term receivables	0	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	51 300 000	102 823 000	91 098 000	129 755 000
r49	Trade receivables	46 962 000	58 693 000	25 389 000	19 618 000
r50	Receivables from controlled and managed organizations	0	43 608 000	64 160 000	108 395 000
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	4 289 000	473 000	1 453 000	1 659 000
r55	Short-term deposits given	49 000	49 000	96 000	83 000
r56	Estimated receivable	0
r57	Other receivables	0
r58	Short-term financial assets	14 917 000	12 980 000	4 413 000	1 884 000
r59	Cash	97 000	150 000	151 000	106 000
r60	Bank accounts	14 820 000	12 830 000	4 262 000	1 778 000
r61	Short-term securities and ownership interests	0
r62	Short-term financial assets acquired	0
r63	Accruals	461 000	737 000	1 678 000	1 796 000
r64	Deferred expenses	273 000	212 000	577 000	377 000
r65	Complex deferred costs	0
r66	Deferred income	188 000	525 000	1 101 000	1 419 000
r67	TOTAL LIABILITIES	314 858 000	363 547 000	376 289 000	408 144 000
r68	Equity	274 885 000	315 039 000	338 394 000	361 680 000
r69	Registered capital	120 000 000	120 000 000	120 000 000	120 000 000
r70	Registered capital	120 000 000	120 000 000	120 000 000	120 000 000
r71	Company’s own shares and ownership interests (-)	0
r72	Changes of registered capital ( +/- )	0
r73	Capital funds	84 610 000	84 610 000	84 610 000	84 610 000
r74	Share premium	0
r75	Other capital funds	84 610 000	84 610 000	84 610 000	84 610 000
r76	Differences from revaluation of assets and liabilities ( +/- )	0
r77	Differences from revaluation in transformation ( +/- )	0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	3 546 000	4 633 000	6 641 000	7 809 000
r79	Legal reserve fund / indivisible fund	3 546 000	4 633 000	6 641 000	7 809 000
r80	Statutory and other funds	0
r81	Profit / loss - previous years	45 014 000	65 642 000	103 788 000	125 975 000
r82	Retained earnings from previous years	45 014 000	65 642 000	103 788 000	125 975 000
r83	Accumulated losses from previous years	0
r84	Profit / loss - current year (+/-)	21 715 000	40 154 000	23 355 000	23 286 000
r85	Liabilities	39 140 000	48 154 000	37 595 000	45 397 000
r86	Reserves	657 000	880 000	928 000	2 140 000
r87	Reserves under special statutory regulations	0
r88	Reserves for pension and similar payables	0
r89	Income tax reserves	0
r90	Other reserves	657 000	880 000	928 000	2 140 000
r91	Long-term payables	12 885 000	14 511 000	15 782 000	17 124 000
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	12 885 000	14 511 000	15 782 000	17 124 000
r102	Short-term payables	23 194 000	32 763 000	20 835 000	26 126 000
r103	Trade payables	16 043 000	20 805 000	5 821 000	12 678 000
r104	Payables to controlled and managed organizations	0		5 296 000	4 852 000
r105	Payables to accounting units with substantial influence	0
r106	Payables from partners, cooperative members and association members	0
r107	Payroll	3 624 000	4 898 000	4 635 000	3 848 000
r108	Payables to social securities and health insurance	1 846 000	2 025 000	2 327 000	2 200 000
r109	Due from state - tax liabilities and subsidies	836 000	4 109 000	1 159 000	1 103 000
r110	Short-term deposits received	542 000	718 000	383 000	500 000
r111	Issues bonds	0
r112	Estimated payables	96 000		894 000	639 000
r113	Other payables	207 000	208 000	320 000	306 000
r114	Bank loans and financial accommodations	2 404 000	0	50 000	7 000
r115	Long-term bank loans	0	0	0	0
r116	Short-term bank loans	2 404 000	0	50 000	7 000
r117	Short-term accommodations	0	0	0	0
r118	Accruals	833 000	354 000	300 000	1 067 000
r119	Accrued expenses	833 000	354 000	300 000	1 067 000
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		221 489 000		252 943 000		247 501 000		259 973 000
a2	Revenues from sold goods		0		0		0		0
a3	Expenses on sold goods		0		0		0		0
a4	Sale margin		0		0		0		0
a5	Production		222 934 000		272 159 000		251 344 000		267 638 000
a6	Revenues from own products and services		221 489 000		252 943 000		247 501 000		259 973 000
a7	Change in inventory of own products		1 040 000		18 354 000		3 133 000		7 431 000
a8	Capitalization		405 000		862 000		710 000		234 000
a9	Production consumption		105 808 000		119 682 000		113 132 000		126 124 000
a10	Consumption of material and energy		87 409 000		98 984 000		90 233 000		100 706 000
a11	Services		18 399 000		20 698 000		22 899 000		25 418 000
a12	Added value		117 126 000		152 477 000		138 212 000		141 514 000
a13	Personnel expenses		74 849 000		80 171 000		88 221 000		87 350 000
a14	Wages and salaries		54 632 000		58 439 000		62 865 000		61 820 000
a15	Renumeration of board members		0
a16	Social security expenses and health insurance		16 989 000		18 589 000		20 426 000		20 241 000
a17	Other social expenses		3 228 000		3 143 000		4 930 000		5 289 000
a18	Taxes and fees		533 000		481 000		917 000		835 000
a19	Depreciations of intangible and tangible assets		19 464 000		22 949 000		21 177 000		21 196 000
a20	Revenues from disposals of fixed assets and materials		253 000		275 000		772 000		1 696 000
a21	Revenues from disposals of fixed assets		110 000		275 000				278 000
a22	Revenues from disposals of materials		143 000				772 000		1 418 000
a23	Net book value of disposed fixed assets and materials		113 000		4 000		360 000		640 000
a24	Net book value of sold fixed assets		0		4 000
a25	Net book value of sold material		113 000				360 000		640 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		-1 163 000		-1 154 000		-34 000		2 260 000
a27	Other operating revenues		1 453 000		1 043 000		1 832 000		2 325 000
a28	Other operating expenses		1 778 000		1 369 000		1 454 000		3 453 000
a29	Transfer of operating revenues		0
a30	Transfer of operating expenses		0
a31	Operating profit / loss		23 258 000		49 975 000		28 721 000		29 801 000
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		4 000		611 000		1 289 000		1 376 000
a44	Interest expenses		1 163 000		47 000		16 000		15 000
a45	Other financial revenues		8 733 000		3 028 000		4 098 000		2 782 000
a46	Other financial expenses		4 633 000		3 843 000		5 237 000		4 041 000
a47	Transfer of financial revenues		0
a48	Transfer of financial expenses		0
a49	Profit / loss from financial operations ( transactions )		2 941 000		-251 000		134 000		102 000
a50	Income tax on ordinary income		4 484 000		9 570 000		5 500 000		6 617 000
a51	Due tax		2 780 000		7 943 000		4 229 000		5 275 000
a52	Tax deferred		1 704 000		1 627 000		1 271 000		1 342 000
a53	Operating profit / loss ordinary activity		21 715 000		40 154 000		23 355 000		23 286 000
a54	Extraordinary revenues		0
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		0		0		0		0
a60	Transfer profit ( loss ) to partners (+/-)		0
a61	Profit / loss of current accounting period (+/-)		21 715 000		40 154 000		23 355 000		23 286 000
a62	Profit / loss before tax (+/-)		26 199 000		49 724 000		28 855 000		29 903 000
	Operating cash flow						33 205 000		48 983 000
	Investment cash flow						-41 822 000		-51 469 000
	Financial cash flow						50 000		-43 000
	Receivables after due date total		10 451 000		11 239 000		5 512 000		6 276 000
	Liabilities after due date total		347 000		1 712 000		4 292 000		2 194 000
Balance indices				31.12.2009		31.12.2010		31.12.2011		31.12.2012
Return on total assets ROA (in %)		a62/r1 * 100		8,32		13,68		7,67		7,33
Return on equity ROE (in %)		a62/r68 * 100		9,53		15,78		8,53		8,27
Return on sales ROS (in %)		a62/a1 * 100		11,83		19,66		11,66		11,50
Turnover of receivables (in days)		r49/a1 * 365		77,39		84,69		37,44		27,54
Turnover of liabilities (in days)		r103/a1 * 365		26,44		30,02		8,58		17,80
Turnover of inventories (days)		r32/a1 * 365		56,11		77,29		94,40		102,17
Net working capital (in ths. CZK)		r31 - r102 - r116 - r117		74 669,00		136 603,00		138 637,00		178 275,00
Ratio of accounts payable to accounts receivable (in %)		(r39+r48) / (r91+r102) * 100		142,19		217,50		248,79		300,01
Ratio of profit/loss to tangible assets (in%)		r3 / a1 * 100		96,68		76,48		86,90		77,68
Current ratio		r31 / (r102+r116+r117)		3,92		5,17		7,64		7,82
Quick ratio		(r58+r48) / (r102+r116+r117)		2,59		3,53		4,57		5,04
Cash ratio		r58 / (r102+r116+r117)		0,58		0,40		0,21		0,07
Debt ratio I (in %)		(1-r68/r67) * 100		12,70		13,34		10,07		11,38
Debt ratio II (in %)		r85/r67 * 100		12,43		13,25		9,99		11,12

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.11
UK Pound	1	Rs.94.77
Euro	1	Rs.81.54

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.