MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	SWISSCOLOR, S.R.O.
Registered Office :	Medňanského 11, 911 05 Trenčín
Country :	Slovakia
Financials (as on) :	31.12.2013
Date of Incorporation :	01.04.1993
Com. Reg. No.:	Sro 1641/R
Legal Form :	Limited Liability Company (Ltd.)
Line of Business :	Agents involved in the sale of Fuels, Ores, Metals and Industrial Chemicals as well as Supply of Dyes, Textile Auxiliaries, Optical Brightening Agents and \ Chemicals for Pretreatment Processes, Dyeing, Printing Representation of the Company HUNTSMAN in Slovak Republic
No of Employees :	06 (2014)

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Slovakia	A2	A2

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

Slovakia ECONOMIC OVERVIEW

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. After a period of relative stagnation in the early and mid 1990s, reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget, get on track to join the EU in 2004, and adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has facilitated a foreign investment boom with business friendly policies. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap, skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages to foreign investors. Growth returned, following a contraction in 2009, but has remained sluggish in large part due to continued weakness in external demand. In 2012 the government of Prime Minister Robert FICO rolled back some of Slovakia's pro-growth reforms to help shore up public finances. Corruption and slow dispute resolution remain key factors constraining economic growth.

Source : CIA

Company name & address

SWISSCOLOR, s.r.o.
Medňanského 11, 
911 05 Trenčín 
Phone: 032/7481111
Telefax: 032/7442049
E-Mail: balazova@swisscolor.sk
info@swisscolor.sk
Web: www.swisscolor.sk

Registration: Okresn´y s´ud Trenˇc´ın

Statistical Nr. 31435238

Registration Nr. Sro 1641/R

Tax Nr. SK2020384564

Status active

Economic situation

Business connection Credits and the establishing of the business connection are allowed.

Terms of payment As far as known, prompt

Basic information

Legal form

Limited liability company (Ltd.)

Founded

01/04/1993 as Limited liability company (Ltd.)

Registration

04/05/1993, Okresn´y s´ud Trenˇc´ın, Sro 1641/R

Statistical Nr.: 31435238

Tax Nr.: SK2020384564

Owners and Capital

Name / Address / Status Share

Owner

9231017953 Ing. J´ ulius Bern´ath 6 639,00 EUR

J. B. Magina 2287/8, Trenˇc´ın Slovakia

Total capital 6 639,00 EUR

Registered capital

Date Currency Value

04/05/1993 EUR 3 319,39

20/05/2011 EUR 6 639,00

Management

Name / Address / Status Power of attorney

Manager

9230009543 Ing. J´ ulius Bern´ath authorized to sign alone

J. B. Magina 2287/8, 911 01 Trenˇc´ın Slovakia

E-mail: bernath@swisscolor.sk

Company addresses

Valid from Residence address Valid until

Koˇzuˇsn´ıcka 2, 911 01 Trenˇc´ın, Slovakia

Medˇnansk´eho 11, 911 01 Trenˇc´ın, Slovakia

Medˇnansk´eho 11, 911 05 Trenˇc´ın, Slovakia

20/05/2011 Medˇnansk´eho 11, 911 05 Trenˇc´ın, Slovakia

04/05/1993 Koˇzuˇsn´ıcka 2, 911 00 Trenˇc´ın, Slovakia 05/03/1998

06/03/1998 Medˇnansk´eho 11, 911 01 Trenˇc´ın, Slovakia 19/05/2011

Business activities

Main activity Nace

Agents involved in the sale of fuels, ores, metals and industrial chemicals 46.12

as well as Supply of dyes, textile auxiliaries, optical brightening agents and \

chemicals for pretreatment processes, dyeing, printing

representation of the company HUNTSMAN in Slovak Republic

Economic data

Turnover and Employees

Date Turnover Employees

2008 1 821 549 EUR

2009 1 239 096 EUR

2010 1 595 105 EUR

2011 2 017 330 EUR

2012 2 221 977 EUR

2013 2 763 717 EUR 5

2014 6

Import / Export

Import Export

Percentage 100 % 90 %

Countries Germany Czech Republic, Slovenia

Supplementary data

Remarks

Other informations are not available.

amount of vehicles: 8 personal

SWISSCOLOR Company Ltd. located in Trencin was founded in 1993 as an agency of Ciba Specialty Chemicals Switzerland operating in the territory of Slovakia. Its mission was carried out for that company business and technical services in the sale of dyes and chemicals to customers in the textile industry.

After several years of such cooperation between the two contractors, the company SWISSCOLOR gradually transformed from the agency into a leading distributor of products of CIBA and later Huntsman (USA), which in 2006 bought the company.

Based on the good results of business cooperation occurred by mutual agreement of both parties to expand the scope of the territory of Slovakia in 2005, the Czech Republic, 2012 to 2013 Serbia and

Slovenia.

References: Johnson Controls, United Colors of Beneton, Schiesser, Marzotto Group, Svitap, pleas, Mosilana, Sametex, TONAK, modital, inplet, tekstina, POLZELA style, KORDA´ RNA, TORAY, TYTEX, pompea, TYLEX, ADFORS Saint Gobain, Triumph

Banks

Code Bank name

300 Cˇ SOB a.s.

Main indices

Payment experience and credit opinion

Terms of payment As far as known, prompt

Business connection Credits and the establishing of the business connection are allowed.

Business development

Company development Company development positive

Business course good

Events

No negative events registered.

Balance sheet

Name	Ref.	31/12/2013 1 EUR balance	31/12/2012 1 EUR balance	31/12/2011 1 EUR balance	31/12/2010 1 EUR balance
Total assets	001	1 426 126	1 173 068	1 081 602	843 429
Non-current assets	002	189 380	201 029	201 485	171 941
Intangible fixed assets	003	0	0	0
Incorporation expenses			0	0
Development expenses	004	0	0	0
Software	005	0	0	0
Valuable rights	006	0	0	0
Goodwill	007	0	0	0
Other intangible fixed assets	008	0	0	0
Acquisition of intangible fixed assets	009	0	0	0
Advance payments for intangible fixed assets	010	0	0	0
Tangible fixed assets - total	011	189 380	201 029	201 485	171 941
Lands	012	0	0	0
Constructions	013	0	0	0
Separate movable assets and sets of movable assets	014	101 266	114 860	115 316
Perennial crops	015	0	0	0
Breeding and draught animals	016	0	0	0
Other tangible fixed assets	017	88 114	86 169	86 169
Acquisition of tangible fixed assets	018	0	0	0
Advance payments for tangible fixed assets	019	0	0	0
Adjustment to acquired assets	020	0	0	0
Long-term financial investments	021	0	0	0
Shares and ownership interests with control influence in enterprises	022	0	0	0
Shares and ownership interests with substantial influence of enterprises	023	0	0	0
Other long-term shares and ownership interests	024	0	0	0
Intercompany loans	025	0	0	0
Other long-term financial investments	026	0	0	0
Loans with maturity up to one year	027	0	0	0
Acquisition of long-term financial investments	028	0	0	0
Advance payments for long-term assets	029	0	0	0
Current assets	030	1 167 793	965 272	874 602	665 159
Inventory - total	031	301 213	206 020	224 654	207 522
Material	032	205	66	0
Work-in-progress and semi-finished goods	033	0	0	0
Construction contracts where the expected time of completion exceeds one year			0	0
Finished products	034	0	0
Animals	035	0	0	0
Merchandise	036	301 008	205 954	224 654
Long-term receivables - total	038	0	0	0
Trade receivables	039	0	0	0
Net value of contract	040	0	0	0
Receivables from a controlled entity and a controlling entity	041	0	0	0
Other intercompany receivables	042	0	0	0
Receivables from participants, members and association	043	0	0	0
Other receivables	044	0	0	0
Deffered tax asset	045	0	0	0
Short - term receivables - total	046	711 297	560 004	543 049	400 047
Trade receivables	047	695 244	536 916	532 781
Net value of contract	048	0	0	0
Receivables from a controlled entity and a controlling entity	049	0	0	0
Other intercompany receivables	050	0	0	0
Receivables from participants, members and association	051	0	0	0
Social security	052	1 649	1 649	1 649
Taxation and subsidies	053	7 747	17 690	8 135
Other receivables	054	6 657	3 749	484
Financial accounts - total	055	155 283	199 248	106 899	57 590
Cash	056	24 600	27 789	19 061
Bank accounts	057	130 683	171 459	87 838
Bank accounts with notice period exceeding one year	058	0	0	0
Short-term financial assets	059	0	0	0
Acquisition of short-term financial assets	060	0	0	0
Prepayments	061	68 953	6 767	5 515	6 329
Deferred expenses long term	062	0	0	0
Deferred expenses short term	063	6 522	5 394	4 699
Accrued sales long term	064	0	0	0
Accrued sales short term	065	62 431	1 373	816
Total capital and liabilities	066	1 426 126	1 173 068	1 081 602	843 429
Capital	067	878 196	792 023	692 811	499 654
Registered capital - total	068	6 639	6 639	6 639	6 639
Registered capital - total	069	6 639	6 639	6 639
Own shares and own business shares	070	0	0	0
Change in registered capital	071	0	0	0
Receivables for subscriptions (for own equity capital)	072	0	0	0
Capital funds - total	073	0	0	0
Other capital funds	075	0	0	0
Legal reserve fund (Non-distributable fund) from capital contributions	076	0	0	0
Gains or losses from revaluation of assets and liabilities	077	0	0	0
Gains or losses from investments	078	0	0	0
Gain or losses from revaluation from join and divesting	079	0	0	0
Funds created from profit - total	080	664	664	664	664
Legal reserve fund	081	664	664	664
Indivisible funds	082	0	0	0
Statutory funds and other funds	083	0	0	0
Retained profit or loss from previous years	084	699 720	643 332	467 332	246 451
Retained earnings from previous years	085	699 720	643 332	467 332
Retained earnings from previous years	086	0	0	0
Profit or loss for the accounting period	087	171 173	141 388	218 176
Liabilities	088	530 456	370 770	379 401	343 673
Reserves - total	089	5 703	4 070	3 286	3 081
Legal reserves long term	090	0	0	0
Legal reserves short term	091	5 703	4 070	3 286
Other long-term reserves	092	0	0	0
Other short-term reserves	093	0	0	0
Long-term liabilities - total	094	2 558	2 477	2 079	1 951
Long-term trade liabilities - total	095	0	0	0
Net value of contract	096	0	0	0
Uninvoiced long-term supplies	097	0	0	0
Long-term liabilities to a controlled entity and a controlling entity	098	0	0	0
Other intercompany long-term liabilities	099	0	0	0
Long-term advances received	100	0	0	0
Long-term bills of exchange to a paid	101	0	0	0
Bonds issued	102	0	0	0
Liabilities from social fund	103	2 558	2 477	2 079
Other long-term liabilities	104	0	0	0
Deffered tax liability	105	0	0	0
Short-term liabilities - total	106	521 170	364 223	374 036	336 935
Trade liabilities	107	492 636	326 772	325 525
Net values of contract	108	0	0	0
Uninvoiced supplies	109	0	0	0
Liabilities to a controlled entity and a controlling entity	110	0	0	0
Liabilities to partners and participants in association	112	0	0	0
Liabilities to employees	113	6 520	6 687	6 964
Social security liabilities	114	5 571	4 226	3 952
Taxation and subsidies	115	13 298	5 955	1 467
Other liabilities	116	3 145	20 583	36 128
Short-term financial assistance	117	0	0	0
Bank loans	118	1 025	0	0	1 706
Long-term bank loans	119	0	0	0
Current bank loans	120	1 025	0	0	1 706
Prepayments - total	121	17 474	10 275	9 390	102
Accrued expenses long term	122	0	0	0
Accrued expenses short term	123	17 474	10 275	9 390
Deferred sales long term	124	0	0	0
Deferred sales short term	125	0	0	0

Profit & Loss accounts

		31/12/2013 1 EUR profit/loss account	31/12/2012 1 EUR profit/loss account	31/12/2011 1 EUR profit/loss account	31/12/2010 1 EUR profit/loss account
Name	Ref.
Sale from the sale of merchandise	01	2 733 987	2 159 463	1 883155	1 436158
Cost of merchandise sold	02	1 795 474	1 462 813	1 215 526
Trade margin	03	938 513	696 650	667 629
Production	04	29 730	62 514	134 175
Sale from the sale of own products and services	05	29 730	62 514	134 175	158 947
Change in inventory	06	0	0	0
Own work capitalized	07	0	0	0
Purchased consumables and services	08	500 200	372 704	313 446
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	09	89 175	75 704	72 637
Services	10	411 025	297 000	240 809
Added value	11	468 043	386 460	488 358
Personnel expenses - total	12	171 422	129 579	135 670
Wages and salaries	13	124 386	102 566	112 331
Remuneration of board members	14	0	0	0
Social security expenses	15	42 194	23 759	21 424
Social expenses	16	4 842	3 254	1 915
Taxes and fees	17	3 588	4 975	3 170
Depreciation expense of intangible and tangible fixed assets	18	59 351	60 842	59 676	21 915

Profit & Loss accounts Contd.

		31/12/2013 1 EUR profit/loss account	31/12/2012 1 EUR profit/loss account	31/12/2011 1 EUR profit/loss account
Name	Ref.
Sales from sales of fixed assets and sales of materials	19	8 333	1 250	17 800
Net book value of fixed assets sold and material sold	20	3 632	0	18 215
Additions to and reversals of impairment losses	21	0	5 630	3 256
Other operating sales	22	9 494	6 787	1 102
Other operating expenses	23	18 602	11 652	8 167
Transfer of operating sales	24	0	0	0
Transfer of operating expenses	25	0	0	0
Profit or loss from operations	26	229 275	181 819	279 106
Sales from sales of shares and ownership	27	0	0	0
Shares and ownership interests sold	28	0	0	0
Sales from long-term financial assets	29	0	0	0
Sales from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	30	0	0	0
Sales from other long-term ownership and shares	31	0	0	0
Sales from other long-term financial assets	32	0	0	0
Sales from short-term financial assets	33	0	0	0
Expenses for short-term financial assets	34	0	0	0
Sales from revaluation of securities and sales from derivative operations	35	0	0	0
Expenses for revaluation of securities and expenses for derivative operations	36	0	0	0
Reversal and creation of value adjustments for financial assets	37	0	0	0
Interest income	38	3 517	795	565
Interest expense	39	1 514	3 365	4 985
Exchange rate gains	40	170	416	632
Exchanges rate losses	41	1 200	979	2 109
Other financial sales	42	0	0	2
Other financial expenses	43	2 447	509	574
Transfer of financial sales	44	0	0	0
Transfer of financial expenses	45	0	0	0
Profit or loss from financial activities	46	-1 474	-3 642	-6 469
Profit or loss from ordinary activities before tax	47	227 801	178 177	272 637
Income tax on ordinary activities	47	56 628	36 789	54 461
- current	49	56 628	36 789	54 461
- deferred	50	0	0	0
Profit or loss from ordinary activities after tax	51	171 173	141 388	218 176

Name	Ref.	31/12/2013 1 EUR profit/loss account	31/12/2012 1 EUR profit/loss account	31/12/2011 1 EUR profit/loss account	31/12/2010 1 EUR profit/loss account
Extraordinary expenses	53	0	0	0
Profit or loss from extraordinary activities before tax	54	0	0	0
Income tax on extraordinary activities	55	0	0	0
- current	56	0	0	0
- deferred	57	0	0	0
Profit or loss from extraordinary activities after tax	58	0	0	0
Profit or loss of the accounting period before tax	59	227 801	178 177	272 637
Transfer of profit or loss to partners	60	0	0	0
Profit or loss of the accounting period after tax	61	171 173	141 388	218 176	245 900

Financial ratios

Name	Ref.	31/12/2013	31/12/2012	31/12/2011	31/12/2010
Return on total assets ROA (in %)	1	12,00	12,05	20,17	29,15
Return on equity ROE (in %)	2	19,49	17,85	31,49	49,21
Rentabilitat der Einnahmen ROS (in %)	3	6,19	6,36	10,82	15,42
Turnover of receivables (in days)	4	91,82	88,20	96,40
Turnover of liabilities (in days)	5	65,06	53,68	58,90
Turnover of inventories (days)	6	39,78	33,84	40,65	47,49
Net working capital	7	645598,00	601049,00	500566,00	326518,00
Ratio of accounts payable to accounts receivable	8	135,81	152,71	144,38
Ratio of profit/loss to tangible assets (in%)	9	6,85	9,05	9,99	10,78
Current ratio	10	2,24	2,65	2,34
Quick ratio	11	1,66	2,08	1,74	1,35
Cash ratio	12	0,30	0,55	0,29	0,17
Debt ratio I (in %)	13	38,42	32,48	35,95	40,76
Debt ratio II (in %)	14	37,20	31,61	35,08	40,75

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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.