MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	ESO WORLD S.R.O.

Registered Office :	Příkop 834/8 602 00 Brno

Country :	Czech Republic

Financials (as on) :	31.12.2011

Date of Incorporation :	07.12.2007

Com. Reg. No.:	C 57775

Legal Form :	Private limited company

Line of Business :	Trading activity with complete range of special sorts of binding materials for connections strained by heat or by pressure - stud bolts and nuts, bolts, plates, fittings, valves, stainless steel fasteners and other products.

No. of Employees	03

RATING & COMMENTS

MIRA’s Rating :

(With Financial)

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

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Czech Republic

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. The auto industry is 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. 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 sharply in 2009. The economy slowly recovered in the second half of 2009 and registered weak growth in the next two years. In 2012, however, the economy fell into a recession again, due both to a slump in external demand and to the government’s austerity measures. The country pulled out of recession in the second half of 2013, and most analysts expect modest, but steady, growth through 2014. 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

ESO WORLD S.R.O.

Příkop 834/8
602 00 Brno

telephone: 00420/566 520 512
telefax: 00420/566 520 512
e-mail: 566520512@iol.cz
Web: www.esoworld.cz

Company summary

Legal form

Private limited company

Foundation	07/12/2007 - Private limited company
Comp. Register	07/12/2007, Městský soud v Praze, RegNr.: C 132582 06/02/2008, Krajský soud v Brně, RegNr.: C 57775 Statistical number: 28204361 Tax number: CZ28204361

Share Capital	07/12/2007		CZK			200.000,-
Shareholders		Jiří Toman (23.06.1965) Mostiště 123, 594 01 Velké Meziříčí		CZK	104.000,-

	Milan Doležal (18.10.1962) Budišov 317, 675 03 Třebíč		CZK	96.000,-
Management		Jiří Toman (23.06.1965) Mostiště 123, 594 01 Velké Meziříčí Executive Manager

	Milan Doležal (18.10.1962) Budišov 317, 675 03 Třebíč Executive Manager
General Data	Trading activity with complete range of special sorts of binding materials for connections strained by heat or by pressure - stud bolts and nuts, bolts, plates, fittings, valves, stainless steel fasteners and other products.

Main activity:		(46.70)
	Former name(s) Tutex s.r.o. Beginning of validity: 07.12.2007 End of validity: 20.12.2007

	Trade name(s) ESO WORLD s.r.o. Beginning of validity: 20.12.2007
	General contacts: telephone: 00420/566 520 512 telefax: 00420/566 520 512 e-mail: 566520512@iol.cz Web: www.esoworld.cz

	Address: Příkop 834/8, 602 00 Brno Beginning of validity: 11.03.2014
	Podhradí 65/14, 594 01 Velké Meziříčí Beginning of validity: 20.12.2007 End of validity: 11.03.2014

	Za Zámečkem 744/9, 158 00 Praha 5 Beginning of validity: 07.12.2007 End of validity: 20.12.2007
	business locations: Podhradí 65/14, 594 01 Velké Meziříčí

		Budišov 389, 675 03 Budišov
Staff	2010		3 employees

		2012	3 employees
Annual Sales	2009			actual sales	CZK	14.054.000,-

	2010	actual sales	CZK	17.901.000,-
	2011	actual sales	CZK	24.189.000,-

	The company is not registered in the Central register of executions. No more detailed data is available.
Property	Property of the company: Business premises CZ-675 03 Budišov, Budišov 389

Balance sheets	The enclosed balance of 2011 from business register, -. (31.12.2011 - 1 CZK) The enclosed balance of 2010 from business register, -. (31.12.2010 - 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, -. (31.12.2010 - 1 CZK)

Remarks

The final accounts for the year 2012 are not available yet.

The company was challenged to fulfil its duty to store its final account at the Companies Register.

We have asked the firm management in written form to send final account.
In case that we receive account statements, we will send you a.

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 :
Jiří Toman - executive, phone: 00420/ 605 329 517

Bankers	Komerční banka, a.s. Account number: 43-1207710207/0100	(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.

Financial data

	BALANCE	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)
r1	TOTAL ASSETS	8.052.000	8.680.000	11.625.000
r2	Receivables for subscriptions	0	0	0
r3	Fixed assets	5.100.000	6.716.000	9.520.000
r4	Intangible fixed assets	0	0	0
r13	Tangible fixed assets	5.100.000	6.716.000	9.520.000
r23	Long-term financial assets	0	0	0
r31	Current assets	2.938.000	1.957.000	2.096.000
r32	Inventory	0	0	0
r39	Long-term receivables	0	0	0
r48	Short-term receivables	2.519.000	1.522.000	1.773.000
r58	Short-term financial assets	419.000	435.000	323.000
r63	Accruals	14.000	7.000	9.000
r67	TOTAL LIABILITIES	8.052.000	8.680.000	11.625.000
r68	Equity	1.855.000	2.825.000	3.384.000
r69	Registered capital	200.000	200.000	200.000
r73	Capital funds	0	0	0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	0	0	0
r81	Profit / loss - previous years	1.331.000	1.655.000	2.625.000
r84	Profit / loss - current year (+/-)	324.000	970.000	559.000
r85	Liabilities	6.197.000	5.855.000	8.241.000
r86	Reserves	0	0	0
r91	Long-term payables	0	0	0
r102	Short-term payables	6.197.000	5.855.000	8.241.000
r114	Bank loans and financial accommodations	0	0	0
r118	Accruals	0	0	0

PROFIT/LOSS ACCOUNT

	PROFIT/LOSS ACCOUNT	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)
a1	Turnover	14.054.000	17.901.000	24.189.000
a2	Revenues from sold goods	14.054.000	17.901.000	24.189.000
a3	Expenses on sold goods	10.880.000	10.244.000	17.286.000
a4	Sale margin	3.174.000	7.657.000	6.903.000
a5	Production	0	0	0
a9	Production consumption	2.093.000	5.665.000	5.157.000
a12	Added value	1.081.000	1.992.000	1.746.000
a13	Personnel expenses	462.000	482.000	482.000
a18	Taxes and fees	12.000	19.000	24.000
a19	Depreciations of intangible and tangible assets	167.000	247.000	462.000
a20	Revenues from disposals of fixed assets and materials	0	0	0
a23	Net book value of disposed fixed assets and materials	0	0	0
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )	0	0	0
a27	Other operating revenues	3.000	0	0
a28	Other operating expenses	19.000	22.000	16.000
a29	Transfer of operating revenues			0
a30	Transfer of operating expenses			0
a31	Operating profit / loss	424.000	1.222.000	762.000
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
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	0	0	0
a44	Interest expenses	0	0	46.000
a45	Other financial revenues	3.000	1.000	17.000
a46	Other financial expenses	19.000	22.000	36.000
a47	Transfer of financial revenues			0
a48	Transfer of financial expenses			0
a49	Profit / loss from financial operations ( transactions )	-16.000	-21.000	-65.000
a50	Income tax on ordinary income	84.000	231.000	138.000
a53	Operating profit / loss ordinary activity	324.000	970.000	559.000
a54	Extraordinary revenues			0
a55	Extraordinary expenses			0
a56	Income tax on extraordinary income			0
a59	Operating profit / loss extraordinary activity	0	0	0
a60	Transfer profit ( loss ) to partners (+/-)			0
a61	Profit / loss of current accounting period (+/-)	324.000	970.000	559.000
a62	Profit / loss before tax (+/-)	408.000	1.201.000	697.000
	Receivables after due date total		0	0
	Liabilities after due date total		0	0

ratio

Balance indices		31.12.2009	31.12.2010	31.12.2011
Return on total assets ROA (in %)	a62/r1 * 100	5,07	13,84	6,00
Return on equity ROE (in %)	a62/r68 * 100	21,99	42,51	20,60
Return on sales ROS (in %)	a62/a1 * 100	2,90	6,71	2,88
Turnover of receivables (in days)	r49/a1 * 365	n/a	n/a	n/a
Turnover of liabilities (in days)	r103/a1 * 365	n/a	n/a	n/a
Turnover of inventories (days)	r32/a1 * 365	0,00	0,00	0,00
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	-3.259,00	-3.898,00	-6.145,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	40,65	25,99	21,51
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	36,29	37,52	39,36
Current ratio	r31 / (r102+r116+r117)	n/a	n/a	n/a
Quick ratio	(r58+r48) / (r102+r116+r117)	0,47	0,33	0,25
Cash ratio	r58 / (r102+r116+r117)	n/a	n/a	n/a
Debt ratio I (in %)	(1-r68/r67) * 100	76,96	67,45	70,89
Debt ratio II (in %)	r85/r67 * 100	76,96	67,45	70,89

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIS

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