MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	BOHEMIA BAG S.R.O.
Registered Office :	Oblekovice 355 671 81 Znojmo
Country :	Czech Republic
Financials (as on) :	31.12.2012
Date of Incorporation :	22.01.1993
Com. Reg. No.:	C 8901
Legal Form :	Private limited company
Line of Business :	Manufacture of non-wovens and articles made from non-wovens, except apparel
No. of Employees :	30 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

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 – 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

BOHEMIA BAG S.R.O.
Oblekovice 355
671 81 Znojmo

telephone: 00420/ 515 227 967
telefax: 00420/ 515 244 559
e-mail: info@bohemiabag.cz
Web: www.bohemiabag.cz

Company Summary

Company development

Constant company development

Order situation	Satisfactory order situation
Terms of payment	as far as known, prompt

Business connection

Business connections appear permissible

Legal form

Private limited company

Foundation	22/01/1993 - Private limited company
Comp. Register	22/01/1993, Krajský soud v Brně, RegNr.: C 8901 Statistical number: 46995269 Tax number: CZ46995269

Share Capital	22/01/1993	CZK	100 000,-
	03/11/1995	CZK	400 000,-

	02/06/1997		CZK			21 400 000,-
Shareholders		Roman Pevný (01.07.1957) Na Hrázi 52, 669 02 Znojmo		CZK	13 268 000,-

	Ludmila Pevná (21.04.1958) Na Hrázi 52, 671 81 Znojmo		CZK	8 132 000,-
Management		Ludmila Pevná (21.04.1958) Na Hrázi 52, 671 81 Znojmo Executive Manager

	Roman Pevný (01.07.1957) Na Hrázi 52, 669 02 Znojmo Executive Manager
General Data	Manufacture and sale of great-volume sacks for transport of loose material, buy-out, cleaning and sale of used sacks.

Main activity: Manufacture of non-wovens and articles made from non-wovens, except apparel		(13.95)
	Former name(s) HABERL A PEVNÝ, spol. s r.o. Beginning of validity: 22.01.1993 End of validity: 03.11.1995

FCS PEVNÝ, spol. s r.o.
Beginning of validity: 03.11.1995
End of validity: 23.09.1998

Storsack Bohemia s.r.o.
Beginning of validity: 23.09.1998
End of validity: 12.04.2006

	Trade name(s) Bohemia Bag s.r.o. Beginning of validity: 12.04.2006
Export: European Union		85%

Import: European Union India
	General contacts: telephone: 00420/ 515 227 967 telefax: 00420/ 515 244 559 e-mail: info@bohemiabag.cz Web: www.bohemiabag.cz

Address:
Oblekovice 355, 671 81 Znojmo
Beginning of validity: 29.01.2005

355, 671 81 Oblekovice
Beginning of validity: 11.08.2004
End of validity: 29.01.2005

Rooseveltova 17, Znojmo
Beginning of validity: 02.06.1997
End of validity: 11.08.2004

Rooseveltova 14, Znojmo
Beginning of validity: 26.08.1993
End of validity: 02.06.1997

		Pohraniční stráže 14, Znojmo Beginning of validity: 22.01.1993 End of validity: 26.08.1993
Staff	2009		35 employees

2010	32 employees
2011	34 employees

2012	30 employees
2013	30 employees

Annual Sales	2005	actual sales	CZK	120 854 000,-
	2006	actual sales	CZK	104 901 000,-

2007	actual sales	CZK	96 702 000,-
2008	actual sales	CZK	72 353 000,-

2009	actual sales	CZK	30 204 000,-
2010	actual sales	CZK	36 630 000,-

2011	actual sales	CZK	49 423 000,-
2012	actual sales	CZK	43 267 000,-

Property	Property of the company: Business premises (verified in the real estate registry) 671 81 Znojmo, Oblekovice 355
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 company's own data, -. (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, -. (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 company's own data, -. (31.12.2010 - 1 CZK) The enclosed profit/loss account of 2009 from business register, -. (31.12.2009 - 1 CZK)
Remarks	The company is a holder of ISO 9001 certificate. All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database of Creditreform and others) are currently monitored.

	Contact: Roman Pevný, executive, mobile phone: 00420/ 602 532 765 e-mail: info@bohemiabag.cz Ing. Kristýna Pevná, economist, mobile phone: 00420/ 724 546 717 phone: 00420/ 515 244 558, e-mail: kristyna.pevna@bohemiabag.cz
Bankers	Raiffeisenbank, a. s. Account number: 6354890001/5500 Komerční banka, a.s. Account number: 19-5056450257/0100 Account number: 19-5073530267/0100	(5500) (0100)

Copyright: Creditreform 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		31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)
r1	TOTAL ASSETS		25 845 000	24 381 000	29 766 000	27 729 000
r2	Receivables for subscriptions		0	0	0	0
r3	Fixed assets		14 841 000	14 079 000	14 722 000	15 689 000
r4	Intangible fixed assets		0	0	0	0
r5	Incorporation expenses		0		0
r6	Research and development		0		0
r7	Software		0		0
r8	Valuable rights		0		0
r9	Goodwill		0		0
r10	Other intangible fixed assets		0		0
r11	Intangible fixed assets under construction		0		0
r12	Advance payments for intangible fixed assets		0		0
r13	Tangible fixed assets		14 841 000	14 079 000	14 722 000	15 689 000
r14	Lands		2 170 000	2 170 000	2 170 000	2 170 000
r15	Constructions		12 298 000	11 902 000	11 580 000	12 014 000
r16	Equipment		373 000	7 000	972 000	1 505 000
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		0		0
r21	Advance payments for tangible fixed assets		0		0
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		10 839 000	10 059 000	14 965 000	11 962 000
r32	Inventory		6 870 000	5 613 000	7 454 000	6 764 000
r33	Materials		3 996 000	3 190 000	4 216 000	3 167 000
r34	Work in progress and semi-products		1 550 000	1 495 000	1 561 000	1 231 000
r35	Finished products		1 324 000	924 000	1 642 000	604 000
r36	Animals		0		0
r37	Merchandise		0	4 000	35 000	1 762 000
r38	Advance payments for inventory		0		0
r39	Long-term receivables		11 000	11 000	0	0
r40	Trade receivables		0		0
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		11 000	11 000	0
r45	Estimated receivable		0		0
r46	Other receivables		0		0
r47	Deferred tax receivable		0		0
r48	Short-term receivables		3 703 000	4 130 000	7 369 000	4 317 000
r49	Trade receivables		3 012 000	3 087 000	5 906 000	2 364 000
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		364 000	600 000	697 000	286 000
r55	Short-term deposits given		267 000	443 000	766 000	434 000
r56	Estimated receivable		60 000		0
r57	Other receivables		0		0	1 233 000
r58	Short-term financial assets		255 000	305 000	142 000	881 000
r59	Cash		202 000	35 000	77 000	115 000
r60	Bank accounts		53 000	270 000	65 000	766 000
r61	Short-term securities and ownership interests		0		0
r62	Short-term financial assets acquired		0		0
r63	Accruals		165 000	243 000	79 000	78 000
r64	Deferred expenses		165 000	243 000	79 000	78 000
r65	Complex deferred costs		0		0
r66	Deferred income		0		0
r67	TOTAL LIABILITIES		25 845 000	24 381 000	29 766 000	27 729 000
r68	Equity		10 589 000	11 859 000	17 337 000	20 069 000
r69	Registered capital		21 400 000	21 400 000	21 400 000	21 400 000
r70	Registered capital		21 400 000	21 400 000	21 400 000	21 400 000
r71	Company’s own shares and ownership interests (-)		0		0
r72	Changes of registered capital ( +/- )		0		0
r73	Capital funds		206 000	206 000	206 000	206 000
r74	Share premium		0		0
r75	Other capital funds		206 000	206 000	206 000	206 000
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		502 000	502 000	565 000	839 000
r79	Legal reserve fund / indivisible fund		502 000	502 000	565 000	839 000
r80	Statutory and other funds		0		0
r81	Profit / loss - previous years		-9 759 000	-11 519 000	-10 312 000	-5 108 000
r82	Retained earnings from previous years		0		0
r83	Accumulated losses from previous years		-9 759 000	-11 519 000	-10 312 000	-5 108 000
r84	Profit / loss - current year (+/-)		-1 760 000	1 270 000	5 478 000	2 732 000
r85	Liabilities		15 256 000	12 522 000	12 429 000	7 660 000
r86	Reserves		0	0	0	0
r87	Reserves under special statutory regulations		0		0
r88	Reserves for pension and similar payables		0		0
r89	Income tax reserves		0		0
r90	Other reserves		0		0
r91	Long-term payables		2 420 000	2 400 000	900 000	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		2 420 000	2 400 000	900 000
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		0		0
r102	Short-term payables		6 636 000	6 322 000	8 387 000	5 590 000
r103	Trade payables		4 314 000	3 872 000	5 497 000	3 131 000
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		1 673 000	1 600 000	1 600 000	1 493 000
r107	Payroll		400 000	458 000	605 000	485 000
r108	Payables to social securities and health insurance		181 000	229 000	327 000	250 000
r109	Due from state - tax liabilities and subsidies		8 000	26 000	57 000	35 000
r110	Short-term deposits received		0	17 000	0
r111	Issues bonds		0		0
r112	Estimated payables		60 000	120 000	265 000	196 000
r113	Other payables		0		36 000
r114	Bank loans and financial accommodations		6 200 000	3 800 000	3 142 000	2 070 000
r115	Long-term bank loans		3 800 000	1 400 000	3 142 000	2 070 000
r116	Short-term bank loans		2 400 000	2 400 000	0
r117	Short-term accommodations		0	0	0
r118	Accruals		0	0	0	0
r119	Accrued expenses		0		0
r120	Deferred revenues		0		0

	profit/loss account		31.12.2009 (CZK)		31.12.2010 (CZK)		31.12.2011 (CZK)		31.12.2012 (CZK)
a1	Turnover		30 204 000		36 630 000		49 423 000		43 267 000
a2	Revenues from sold goods		2 784 000		556 000		3 530 000		464 000
a3	Expenses on sold goods		2 173 000		406 000		3 003 000		260 000
a4	Sale margin		611 000		150 000		527 000		204 000
a5	Production		26 400 000		35 727 000		46 620 000		41 436 000
a6	Revenues from own products and services		27 420 000		36 074 000		45 893 000		42 803 000
a7	Change in inventory of own products		-295 000		-400 000		718 000		-1 037 000
a8	Capitalization		-725 000		53 000		9 000		-330 000
a9	Production consumption		18 912 000		24 246 000		30 111 000		26 155 000
a10	Consumption of material and energy		14 834 000		19 437 000		25 201 000		22 366 000
a11	Services		4 078 000		4 809 000		4 910 000		3 789 000
a12	Added value		8 099 000		11 631 000		17 036 000		15 485 000
a13	Personnel expenses		8 358 000		8 121 000		9 873 000		10 447 000
a14	Wages and salaries		6 473 000		6 122 000		7 400 000		7 818 000
a15	Renumeration of board members		0				0
a16	Social security expenses and health insurance		1 855 000		1 977 000		2 387 000		2 512 000
a17	Other social expenses		30 000		22 000		86 000		117 000
a18	Taxes and fees		35 000		56 000		60 000		185 000
a19	Depreciations of intangible and tangible assets		862 000		762 000		531 000		883 000
a20	Revenues from disposals of fixed assets and materials		256 000		1 000		428 000		6 000
a21	Revenues from disposals of fixed assets		173 000				0		20 000
a22	Revenues from disposals of materials		83 000		1 000		428 000		-14 000
a23	Net book value of disposed fixed assets and materials		0		1 000		0		0
a24	Net book value of sold fixed assets		0				0
a25	Net book value of sold material		0		1 000		0
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		-309 000		0		0
a27	Other operating revenues		83 000		0		23 000		562 000
a28	Other operating expenses		686 000		869 000		608 000		363 000
a29	Transfer of operating revenues		0				0
a30	Transfer of operating expenses		0				0
a31	Operating profit / loss		-1 194 000		1 823 000		6 415 000		4 175 000
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		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		0		0		0		2 000
a44	Interest expenses		408 000		205 000		161 000		201 000
a45	Other financial revenues		692 000		384 000		411 000		251 000
a46	Other financial expenses		850 000		732 000		1 187 000		1 495 000
a47	Transfer of financial revenues		0				0
a48	Transfer of financial expenses		0				0
a49	Profit / loss from financial operations ( transactions )		-566 000		-553 000		-937 000		-1 443 000
a50	Income tax on ordinary income		0		0		0		0
a51	Due tax		0				0
a52	Tax deferred		0				0
a53	Operating profit / loss ordinary activity		-1 760 000		1 270 000		5 478 000		2 732 000
a54	Extraordinary revenues		0				0
a55	Extraordinary expenses		0				0
a56	Income tax on extraordinary income		0				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 (+/-)		-1 760 000		1 270 000		5 478 000		2 732 000
a62	Profit / loss before tax (+/-)		-1 760 000		1 270 000		5 478 000		2 732 000
	Receivables after due date total		404 000		304 000		1 139 000		312 000
	Receivables more than 360 days after due date		0						120 000
	Receivables more than 180 days after due date		175 000		186 000		135 000		0
	Liabilities after due date total		762 000		0		891 000		0
	Liabilities more than 360 days after due date		0
	Liabilities more than 180 days after due date		0				8 000
Balance indices				31.12.2009		31.12.2010		31.12.2011		31.12.2012
Return on total assets ROA (in %)		a62/r1 * 100		-6,81		5,21		18,40		9,85
Return on equity ROE (in %)		a62/r68 * 100		-16,62		10,71		31,60		13,61
Return on sales ROS (in %)		a62/a1 * 100		-5,83		3,47		11,08		6,31
Turnover of receivables (in days)		r49/a1 * 365		36,40		30,76		43,62		19,94
Turnover of liabilities (in days)		r103/a1 * 365		52,13		38,58		40,60		26,41
Turnover of inventories (days)		r32/a1 * 365		83,02		55,93		55,05		57,06
Net working capital (in ths. CZK)		r31 - r102 - r116 - r117		1 803,00		1 337,00		6 578,00		6 372,00
Ratio of accounts payable to accounts receivable (in %)		(r39+r48) / (r91+r102) * 100		41,01		47,48		79,35		77,23
Ratio of profit/loss to tangible assets (in%)		r3 / a1 * 100		49,14		38,44		29,79		36,26
Current ratio		r31 / (r102+r116+r117)		1,20		1,15		1,78		n/a
Quick ratio		(r58+r48) / (r102+r116+r117)		0,44		0,51		0,90		0,93
Cash ratio		r58 / (r102+r116+r117)		0,03		0,04		0,02		n/a
Debt ratio I (in %)		(1-r68/r67) * 100		59,03		51,36		41,76		27,62
Debt ratio II (in %)		r85/r67 * 100		59,03		51,36		41,76		27,62

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

SDA

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.