MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	MEDICOP D.O.O.

Registered Office :	Obrtna ulica 43, 9000 Murska Sobota

Country :	Slovenia

Financials (as on) :	31.12.2013

Date of Incorporation :	7.11.1989

Com. Reg. No.:	10027300

Legal Form :	d.o.o. - Limited liability company (Ltd.)

Line of Business :	Design and Manufacture of medical equipment, equipment for special vehicles

No. of Employees :	70

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Slovenia

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

SLOVENIA - ECONOMIC OVERVIEW

With excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe, Slovenia has one of the highest per capita GDPs in Central Europe. Slovenia became the first 2004 European Union entrant to adopt the euro (on 1 January 2007) and has experienced one of the most stable political transitions in Central and Southeastern Europe. In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. In 2007, Slovenia was invited to begin the process for joining the OECD; it became a member in 2012. However, long-delayed privatizations, particularly within Slovenia’s largely state-owned and increasingly indebted banking sector, have fueled investor concerns since 2012 that the country would need EU-IMF financial assistance. In 2013, the European Commission granted Slovenia permission to begin recapitalizing ailing lenders and transferring their nonperforming assets into a “bad bank” established to restore bank balance sheets. Yield-seeking bond investors’ strong demand for Slovenian debt helped the government in 2013 to continue to finance itself independently on international markets. The government has embarked on a program of state asset sales intended to bolster investor confidence in the economy, which in 2014 is poised to contract 1%, its third-year of recession.

Source : CIA

Company name and address

MEDICOP d.o.o.

Obrtna ulica 43,

9000 Murska Sobota

Phone: 02 531 12 03

Telefax: 02 539 12 55

E-Mail: draga.medicop@siol.net

E-Mail: info@medicop.si

Web: www.medicop.si

company Summary

Legal form	d.o.o. - Limited liability company (Ltd.)
Established on		27/11/1989 - d.o.o. - Limited liability company (Ltd.)
		last entry on 11.01.2014
Registered on		27/11/1989, Murska Sobota, Registration number: 10027300 Tax number: SI93519508 Company number: 5295254
Registered capital									EUR			81.578,12
		on 23.7.2012 decrease of capital for EUR 75.302,88
Owner		Aleksander Podlunšek Murski Črnci 54g, 9251 Tišina							EUR			54.385,41
		Peter Podlunšek Noršinci 5d, 9221 Martjanci							EUR			27.192,71
Manager		Aleksander Podlunšek Murski Črnci 54g, 9251 Tišina director
		Peter Podlunšek Noršinci 5d, 9221 Martjanci director
General data		company activity: design and manufacture of medical equipment, equipment for special vehicles customers in 52 countries Headquarters and business premises are located on the address above
		Main activity: Manufacture of medical and dental instruments and supplies (NACE 2)												(32.50)
		Export: Austria Croatia Bosnia-Hercegovina Russia China Saudi Arabia Iran Syria
		Import: Germany Netherlands France

		Residence address: Obrtna ulica 43, 9000 Murska Sobota Phone: 02 531 12 03 Telefax: 02 539 12 55 E-Mail: info@medicop.si draga.medicop@siol.net Web: www.medicop.si
Other activities
Employees		2008		50 employees
		2009		45 employees
		2010		50 employees
		2011		54 employees
		2012		50 employees
		2013		59 employees
		2014		70 employees
Annual turnover		2008				Enterprise turnover			EUR			5.177.529,-
		2009				Enterprise turnover			EUR			4.700.372,-
		2010				Enterprise turnover			EUR			4.815.851,-
		2011				Enterprise turnover			EUR			6.138.721,-
		2012				Enterprise turnover			EUR			5.654.716,-
		2013				Enterprise turnover			EUR			6.507.918,-
Property		Company's property: Business premises 9000 Murska Sobota, Obrtna ulica 43
Remarks		full name of company: MEDICOP - specialna oprema d.o.o. participation in capital: Medicop equipment d.o.o.Austria(100% share) linked companies: Medair d.o.o. (co.nu.6354785) RRA mura d.o.o. (co.nu.5956935)
Interests		Peter Podlunšek:
		PETER PODLUNŠEK S.P. (Statistical number: 1293354)							Owners
Bank relations		NOVA LJUBLJANSKA BANKA d.d., LJUBLJANA: Central address: SI Trg republike 2, 1520 Ljubljana Account number: SI56 0234 0001 8291 964
Company development		Positive												(20)
Business course		satisfactory												(30)
Terms of payment		No complaints, but occasional delays												(31)
Business connection		Business connection appear premissable												(31)
A. The enclosed balance of 2013 is originated from official source, it is not authenticated by the auditor. (31.12.2013 - 1 EUR) B. The enclosed balance of 2012 is originated from official source, it is not authenticated by the auditor. (31.12.2012 - 1 EUR) C. The enclosed balance of 2011 is originated from official source, it is not authenticated by the auditor. (31.12.2011 - 1 EUR) D. The enclosed balance of 2010 is originated from official source, it is not authenticated by the auditor. (31.12.2010 - 1 EUR)
balance					A 31.12.2013		B 31.12.2012				C 31.12.2011				D 31.12.2010
ASSETS (AKTIVA)					4.622.586		4.281.262				4.428.148				4.705.678
LONG-TERM ASSETS					1.772.355		2.023.813				2.115.362				2.192.219
Intangible assets and long-term deferred costs and accrued revenues					264.143		307.987				346.800				328.393
Intangible assets					264.143		307.987				346.800				328.393
Long-term deferred costs and accrued revenues					0		0				0				0
Tangible fixed assets					1.467.600		1.675.115				1.731.243				1.826.567
Long-term financial investments and Real estate investments					40.612		40.711				37.319
Investment property					0		0				0				0
Long-term financial investments					40.612		40.711				37.319				37.259
Long-term operating receivables					0		0				0				0
Deferred receivables for taxes					0		0				0				0
SHORT-TERM ASSETS					2.850.231		2.257.449				2.312.786				2.513.459
Assets (group for estrange) for sell					0		0				0				0
Inventories					1.290.823		1.292.390				1.229.842				987.941
Short-term financial investments					192.051		244.820				414.869				414.869
Short-term operating receivables					1.346.117		617.663				642.787				1.045.760
Cash assets					21.240		102.576				25.288				64.889
Short-term deferred costs and accrued revenues					0		0				0				0
Off-balance sheet items					0		0				0				0
LIABILITIES					4.622.586		4.281.262				4.428.148				4.705.678
CAPITAL					2.239.035		2.014.806				1.960.751				2.156.836
Called-up capital					81.578		81.578				156.881				156.881
Basic (subscribed) capital					81.578		81.578				156.881				156.881
Non called-up capital (deductive item)					0		0				0				0
Capital reserves					75.304		75.304				0				0
Reserves from profit					15.688		15.688				15.688				15.688
Surplus from revaluation					0		0				0				0
Retained net					1.832.236		1.788.182				1.788.182				1.984.267
Net business result for the business year					234.229		54.054				0				0
PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES					43.281		64.056				84.831				105.606
FINANCIAL AND BUSINESS LIABILITIES					2.340.270		2.202.400				2.382.566
LONG-TERM LIABILITIES					563.416		757.373				818.935				1.078.282
Long-term financial liabilities					563.416		757.373				818.935				1.078.282
Long-term operating liabilities					0		0				0				0
Deferred liabilities for taxes					0		0				0				0
SHORT-TERM LIABILITIES					1.776.854		1.445.027				1.563.631				1.364.954
Liabilities, included in groups for estrange					0		0				0				0
Short-term financial liabilities					647.000		661.000				661.000				450.000
Short-term operating liabilities					1.129.854		784.027				902.631				914.954
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES					0		0				0				0
Off-balance sheet items					0		0				0				0
A. The enclosed profit and loss account of 2013 is originated from official source, it is not authenticated by the auditor. (31.12.2013 - 1 EUR) B. The enclosed profit and loss account of 2012 is originated from official source, it is not authenticated by the auditor. (31.12.2012 - 1 EUR) C. The enclosed profit and loss account of 2011 is originated from official source, it is not authenticated by the auditor. (31.12.2011 - 1 EUR) D. The enclosed profit and loss account of 2010 is originated from official source, it is not authenticated by the auditor. (31.12.2010 - 1 EUR)
profit and loss account					A 31.12.2013		B 31.12.2012				C 31.12.2011				D 31.12.2010
Net sales					6.338.164		5.514.160				5.881.058				4.530.492
Changes in the value of inventories of products and work-in-process					115.598		51.162				224.801				41.072
Capitalised own products and own services					0		0				0				186.154
Other operating revenues (with subventions, grants,...)					32.622		49.663				22.858				29.661
GROSS OPERATING YIELD					6.486.384		5.614.985				6.128.717
Cost of goods, material and services					4.163.618		3.579.921				4.361.328				3.194.104
Purchase value of goods and materials sold and cost of material and cost of material used					3.533.084		2.943.739				3.499.349				2.451.385
Cost of services					630.534		636.182				861.979				742.719
Labour cost					1.760.542		1.581.293				1.679.989				1.530.814
Cost of wages					1.382.185		1.242.207				1.320.699				1.205.571
Cost of pension insurance					121.650		109.656				116.949				106.892
Cost of other social insurance					105.433		97.706				100.533				87.420
Other labour cost					151.274		131.724				141.808				130.931
Write-offs					230.646		236.604				215.478				159.203
Depreciation					208.779		235.775				215.478				159.203
Revaluation operating expenses for non-tangible assets and tangible fixed assets					0		0				0				0
Revaluation operating expenses for current assets					21.867		829				0				0
Other operating expenses					8.407		8.138				6.395				7.101
OPERATING REVENUES					6.370.786		5.563.823				5.903.916
OPERATING EXPENSES					6.163.213		5.405.956				6.263.190
OPERATING RESULT					207.573		157.867				-359.274
EBIT					323.171		209.029				-134.473
Financial income from investments in other enterprises					501		953				3.076				4.507
Financial income from loans					1.148		622				0				0
Financial income from operating receivables					1.945		2.647				2.579				11.044
Financial expenses from depreciation and write-offs of financial investments					0		0				0				78.440
Financial expenses from financial liabilities					58.644		62.000				67.121				36.653
Financial expenses from operating liabilities					49.284		130.617				2.575				6.087
Financial income					3.594		4.222				5.655
Financial expenses					107.928		192.617				69.696
Other revenues					17.940		35.509				4.349				12.921
Other expenses					61		2.089				1.919				683
Total revenues					6.507.918		5.654.716				6.138.721				4.815.851
Total costs					6.271.202		5.600.662				6.334.805				5.013.085
Total business result					236.716		54.054				-196.084				-197.234
Tax on profit					2.487		0				0				0
Deferred taxs					0		0				0				0
Net business result for the accounting period					234.229		54.054				-196.084				-197.234

Ratios								2010		2011			2012			2013
			Equity ratio					0,03		0,04			0,02			0,02
			Cleared equity ratio					0,03		0,04			0,02			0,02
			Current liquidity					1,84		1,48			1,56			1,6
			Quick liquidity					1,12		0,69			0,67			0,88
			Working capital					1148505		749155			812422			1073377
			Gearing					30		28,23			52,48			56,66
			Cleared gearing					9,74		9,43			17,39			14,84
			Profitability					-4,1		-3,19			0,96			3,64
			Operating profitability					-4,1		-3,19			0,96			3,6
			Stock days					74,88		73,12			83,42			72,4
			Debtor days					79,26		38,22			39,87			75,5
			Supplier days					69,35		53,67			50,61			63,37

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.97.02
Euro	1	Rs.76.13

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SHG

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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