MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	DEZA, A.S.
Formerly Known As :	DEZA, AKCIOVÁ SPOLEČNOST
Registered Office :	Masarykova 753 757 01 Valašské Meziříčí
Country :	Czech Republic
Financials (as on) :	31.12.2013
Date of Incorporation :	29.12.1990
Com. Reg. No.:	B 120
Legal Form :	Public limited company
Line of Business :	· Manufacture of basic and auxiliary products made of raw tar · Manufacture of phthalate plasticizers, processing raw benzole · Manufacture of other chemical products · Manufacture and distribution of heat and electricity.
No. of Employees	1080

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 :	Good
Payment Behaviour :	Regular
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Czech Republic	A2	A2

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

DEZA, A.S.

Masarykova 753
757 01 Valašské Meziříčí

telephone: 00420/ 571 691 111
telefax: 00420/ 571 611 546
e-mail: info@deza.cz
Web: www.deza.cz

Company summary

Legal form

Public limited company

Foundation

29/12/1990 - Public limited company

Comp. Register

29/12/1990, Krajský soud v Ostravě, RegNr.: B 120 Statistical number: 00011835 Tax number: CZ00011835

Share Capital

29/12/1990

CZK

818 096 000,-

11/12/1992

CZK

1 101 025 000,-

26/07/2006

CZK

1 101 025 000,-

01 pc of common nominative share in book form, at nominal value
of 1 101 025 000,-

Main Shareholder

AGROFERT, a.s. (Statistical number: 26185610) Pyšelská 2327/2, 149 00 Praha 4

%

100

Board of Directors

Ing. Zbyněk Průša (06.12.1953) Sluneční 2355, 755 01 Rožnov pod Radhoštěm chairman of board Tel:00420/ 571 692 101 E-mail:z.prusa@deza.cz

AGROFERT, a.s.
Pyšelská 2327/2, 149 00 Praha 4
vice-chairman of board
Tel:00420/ 272 192 111
Fax:00420/ 272 192 272
E-mail:agrofert@agrofert.cz

Ing. Martin Marek (29.01.1970)
Horní Dráhy 2701, 756 61 Rožnov pod Radhoštěm

Supervisory Board

Ing. Oldřich Konečný, MBA (02.06.1966) Sušilova 490, 769 01 Holešov chairman of supervisory board Tel:00420/ 581 252 270

Ing. Karel Vabroušek (22.08.1969)
Jabloňová 1920, 274 01 Slaný
vice-chairman of supervisory board

Ing. Marta Bezděková (07.05.1963)
Ve Stráni 690, 757 01 Valašské Meziříčí

Management

Ing. Karel Jiříček (23.06.1942) Sluneční 2408, 756 61 Rožnov pod Radhoštěm representative of shareholder/owner

General Data

Manufacture of basic and auxiliary products made of raw tar, manufacture of phthalate plasticizers, processing raw benzole, manufacture of other chemical products, manufacture and distribution of heat and electricity.

Main activity: Manufacture of other organic basic chemicals

(20.14)

Former name(s)
DEZA, akciová společnost
Beginning of validity: 29.12.1990
End of validity: 06.08.2001

Trade name(s)
DEZA, a.s.
Beginning of validity: 06.08.2001

Export: Italy Germany Poland India Ukraine Slovakia France USA Romania Austria Hungary Brasilia Slovenia

63%

Import:
Poland
Ukraine

General contacts:
telephone:
00420/ 571 691 111
telefax:
00420/ 571 611 546
e-mail:
info@deza.cz
Web:
www.deza.cz

Address:
Masarykova 753, 757 01 Valašské Meziříčí
Beginning of validity: 11.02.2014

Masarykova č.p. 753, 757 28 Valašské Meziříčí
Beginning of validity: 06.08.2001
End of validity: 11.02.2014

Masarykova 753, 757 28 Valašské Meziříčí
Beginning of validity: 17.07.1997
End of validity: 06.08.2001

Hřbitovní 753, 757 28 Valašské Meziříčí
Beginning of validity: 03.09.1993
End of validity: 17.07.1997

757 27 Valašské Meziříčí
Beginning of validity: 29.12.1990
End of validity: 03.09.1993

Branches of the business:
Tomáše Bati 1764, 765 02 Otrokovice
telephone:
00420/ 577 111 611

Staff

2006

1069 employees

2007	1071 employees

2008	1081 employees

2009	1011 employees

2010	963 employees

2011	968 employees

2012	983 employees

2013	984 employees

2014	1080 employees

Annual Sales

2005

actual sales

CZK

7 204 510 000,-

2006

actual sales

CZK

7 976 791 000,-

2007

actual sales

CZK

8 660 134 000,-

2008

actual sales

CZK

8 994 596 000,-

2009

actual sales

CZK

5 166 488 000,-

2010

actual sales

CZK

7 585 128 000,-

2011

actual sales

CZK

8 896 593 000,-

2012

actual sales

CZK

9 509 681 000,-

2013

actual sales

CZK

10 255 867 000,-

The company is not registered in the Central register of executions.

Property

Property of the company: Business premises (verified in the real estate registry) CZ-757 28 Valašské Meziříčí - Krásno nad Bečvou, Masarykova 753 Property of the company: Business premises (verified in the real estate registry) CZ-765 02 Otrokovice, K. Čapka 1764

Balance sheets

The enclosed balance of 2013 from business register, it is authenticated by the auditor. (31.12.2013 - 1 CZK) The enclosed balance of 2012 from business register, it is authenticated by the auditor. (31.12.2012 - 1 CZK) The enclosed balance of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK)

The enclosed profit/loss account of 2013 from business register, it is authenticated by the auditor. (31.12.2013 - 1 CZK)
The enclosed profit/loss account of 2012 from business register, it is authenticated by the auditor. (31.12.2012 - 1 CZK)
The enclosed profit/loss account of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK)

Remarks

The company is a holder of ISO 9001 and ISO 14001 certificates. 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.

Business management:
Ing. Zbyněk Průša – general manager
Ing. Daniel Hruška – director for finance, economy and property administration, phone: 00420/ 571 692 401, e-mail: d.hruska@deza.cz
Ing. Martin Marek – business director
Ing. Ladislav Haiker – staff director
Ing. Pavel Pustějovský – production director

The company is a part of the consolidation complex Agrofert Holding.

Subsidiaries:
- TK DEZA Valašské Meziříčí spol. s r.o., IČ 64087247, Kouty 26, 757 01 Valašké Meziříčí, share 65%
- CS CABOT, spol. s r.o., IČ 14612411, Masarykova 753, 757 27 Valašské Meziříčí, share 48%
- DEZA POLSKA Sp. z o.o., Bytomska 9, Szcecin, Poland, share 100%

To the inquired company as to the successor company, property of the company AGROBOHEMIE a.s., IČ 63078121 has been transferred as of the disappearing company, which had been dissolved without liquidation. This step was performed on the basis of Agreement on transfer from May 14, 2008. Record date of merger was stipulated for 1.1.2008.

Contact:
Ing. J. Gvozdek – economic department chief,
phone: 00420/ 571 692 421, e-mail: j.gvozdek@deza.cz
Ing. Jaroslav Obermajer, Ph.D. – press spokesman,
phone: 00420/ 571 692 347

Bankers

The Royal Bank of Scotland N.V., organizační složka Account number: 000000-7510003924/5400 Komerční banka, a.s. Account number: 000000-6818780207/0100 The Royal Bank of Scotland N.V., organizační složka Account number: 7510003895/5400 HSBC Bank plc - pobočka Praha Account number: 271603102/8150 UniCredit Bank Czech Republic and Slovakia, a.s. Account number: 7127499015/2700 Komerční banka, a.s. Account number: 605851/0100 UniCredit Bank Czech Republic and Slovakia, a.s. Account number: 000000-7127499007/2700 Citibank Europe plc, organizační složka Account number: 2006580105/2600 Account number: 000000-2006580308/2600 HSBC Bank plc - pobočka Praha Account number: 000000-0271600200/8150 Česká spořitelna, a. s. Account number: 5786532/0800 Account number: 000000-0005786612/0800

(5400) (0100) (5400) (8150) (2700) (0100) (2700) (2600) (8150) (0800)

Financial data

	balance	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)	31.12.2013 (CZK)
r1	TOTAL ASSETS	4 642 145 000	5 216 660 000	5 514 555 000	5 632 445 000
r2	Receivables for subscriptions	0	0	0	0
r3	Fixed assets	2 663 333 000	2 702 501 000	2 718 867 000	2 578 886 000
r4	Intangible fixed assets	15 812 000	72 917 000	77 560 000	49 891 000
r5	Incorporation expenses		0
r6	Research and development		0
r7	Software	265 000	300 000	761 000	1 574 000
r8	Valuable rights	1 543 000	36 037 000	31 351 000	25 571 000
r9	Goodwill		0
r10	Other intangible fixed assets	14 004 000	33 621 000	35 867 000
r11	Intangible fixed assets under construction		2 959 000	9 581 000	22 746 000
r12	Advance payments for intangible fixed assets		0
r13	Tangible fixed assets	2 324 358 000	2 335 781 000	2 352 392 000	2 245 761 000
r14	Lands	97 267 000	97 576 000	97 507 000	96 847 000
r15	Constructions	1 008 021 000	980 470 000	1 072 942 000	1 073 467 000
r16	Equipment	1 092 067 000	1 047 795 000	1 035 671 000	1 048 118 000
r17	Perennial corps		136 000
r18	Breeding and draught animals		203 225 000
r19	Other tangible fixed assets	136 000	6 579 000	148 000	148 000
r20	Tangible fixed assets under construction	124 667 000	0	92 586 000	27 181 000
r21	Advance payments for tangible fixed assets	2 200 000	0	53 538 000
r22	Adjustment to acquired assets		0
r23	Long-term financial assets	323 163 000	293 803 000	288 915 000	283 234 000
r24	Shares in controlled and managed organizations	45 799 000	42 038 000	44 813 000	47 936 000
r25	Shares in accounting units with substantial influence	178 327 000	178 327 000	178 327 000	178 327 000
r26	Other securities and shares	1 000	1 000	1 000	1 000
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence		73 437 000
r28	Other financial investments	99 036 000	0	65 774 000	56 970 000
r29	Financial investments acquired		0
r30	Advance payments for long-term financial assets		0
r31	Current assets	1 942 474 000	2 510 086 000	2 789 390 000	3 041 201 000
r32	Inventory	831 157 000	1 159 264 000	1 463 377 000	1 630 821 000
r33	Materials	336 046 000	539 891 000	488 562 000	639 320 000
r34	Work in progress and semi-products	181 918 000	248 341 000	398 625 000	412 235 000
r35	Finished products	285 445 000	345 319 000	509 934 000	552 755 000
r36	Animals		0
r37	Merchandise	435 000	148 000	424 000	604 000
r38	Advance payments for inventory	27 313 000	25 565 000	65 832 000	25 907 000
r39	Long-term receivables	8 397 000	7 096 000	5 286 000	5 281 000
r40	Trade receivables		5 281 000
r41	Receivables from controlled and managed organizations		1 815 000
r42	Receivables from accounting units with substantial influence		0
r43	Receivables from partners, cooperative members and association members		0
r44	Long-term deposits given	5 275 000	0	5 286 000	5 281 000
r45	Estimated receivable		0
r46	Other receivables	3 122 000	0
r47	Deferred tax receivable		0
r48	Short-term receivables	939 732 000	1 200 155 000	1 219 686 000	1 300 938 000
r49	Trade receivables	866 663 000	1 099 032 000	1 155 713 000	1 151 477 000
r50	Receivables from controlled and managed organizations		0
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	14 730 000	43 997 000	54 874 000	117 758 000
r55	Short-term deposits given	25 216 000	55 720 000	3 106 000	3 565 000
r56	Estimated receivable	25 494 000	20 000	5 680 000	28 111 000
r57	Other receivables	7 629 000	1 386 000	313 000	27 000
r58	Short-term financial assets	163 188 000	143 571 000	101 041 000	104 161 000
r59	Cash	469 000	431 000	457 000	417 000
r60	Bank accounts	162 719 000	143 140 000	100 584 000	103 744 000
r61	Short-term securities and ownership interests		0
r62	Short-term financial assets acquired		0
r63	Accruals	36 338 000	4 073 000	6 298 000	12 358 000
r64	Deferred expenses	36 335 000	3 337 000	3 903 000	9 737 000
r65	Complex deferred costs		735 000	2 338 000	2 584 000
r66	Deferred income	3 000	1 000	57 000	37 000
r67	TOTAL LIABILITIES	4 642 145 000	5 216 660 000	5 514 555 000	5 632 445 000
r68	Equity	3 442 163 000	3 695 447 000	3 450 012 000	2 980 875 000
r69	Registered capital	1 101 025 000	1 101 025 000	1 101 025 000	1 101 025 000
r70	Registered capital	1 101 025 000	1 101 025 000	1 101 025 000	1 101 025 000
r71	Company’s own shares and ownership interests (-)		0
r72	Changes of registered capital ( +/- )		0
r73	Capital funds	-25 189 000	-31 631 000	-21 095 000	-11 351 000
r74	Share premium		0
r75	Other capital funds	15 552 000	15 552 000	15 552 000	15 552 000
r76	Differences from revaluation of assets and liabilities ( +/- )	-40 741 000	-47 183 000	-36 647 000	-26 903 000
r77	Differences from revaluation in transformation ( +/- )		0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	220 896 000	220 755 000	220 537 000	220 711 000
r79	Legal reserve fund / indivisible fund	220 205 000	220 205 000	220 205 000	220 205 000
r80	Statutory and other funds	691 000	550 000	332 000	506 000
r81	Profit / loss - previous years	1 044 114 000	1 389 206 000	1 398 922 000	1 142 959 000
r82	Retained earnings from previous years	1 044 114 000	1 389 206 000	1 398 922 000	1 142 959 000
r83	Accumulated losses from previous years		0
r84	Profit / loss - current year (+/-)	1 101 317 000	1 016 092 000	750 623 000	527 531 000
r85	Liabilities	1 176 212 000	1 454 518 000	2 063 679 000	2 651 406 000
r86	Reserves	213 801 000	226 426 000	80 143 000	150 939 000
r87	Reserves under special statutory regulations	88 242 000	28 709 000	66 972 000	137 360 000
r88	Reserves for pension and similar payables		0
r89	Income tax reserves	121 470 000	187 804 000
r90	Other reserves	4 089 000	9 913 000	13 171 000	13 579 000
r91	Long-term payables	237 635 000	208 275 000	166 406 000	158 870 000
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	47 836 000	30 218 000
r101	Deferred tax liability	189 799 000	178 057 000	166 406 000	158 870 000
r102	Short-term payables	686 192 000	794 443 000	839 385 000	868 003 000
r103	Trade payables	539 906 000	673 357 000	712 078 000	760 590 000
r104	Payables to controlled and managed organizations		0
r105	Payables to accounting units with substantial influence		0
r106	Payables from partners, cooperative members and association members		0
r107	Payroll	25 637 000	20 801 000	27 430 000	32 817 000
r108	Payables to social securities and health insurance	15 661 000	12 458 000	13 953 000	16 533 000
r109	Due from state - tax liabilities and subsidies	21 458 000	37 397 000	35 500 000	8 874 000
r110	Short-term deposits received	32 595 000	910 000	6 703 000	7 740 000
r111	Issues bonds		0
r112	Estimated payables	9 163 000	9 206 000	5 383 000	36 533 000
r113	Other payables	41 772 000	40 314 000	38 338 000	4 916 000
r114	Bank loans and financial accommodations	38 584 000	225 374 000	977 745 000	1 473 594 000
r115	Long-term bank loans	0	0	0	0
r116	Short-term bank loans	38 584 000	225 374 000	977 745 000	1 473 594 000
r117	Short-term accommodations	0	0	0	0
r118	Accruals	23 770 000	66 695 000	864 000	164 000
r119	Accrued expenses	23 770 000	66 695 000	864 000	164 000
r120	Deferred revenues		0

profit/loss account

	profit/loss account	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)	31.12.2013 (CZK)
a1	Turnover	7 585 128 000	8 896 593 000	9 509 681 000	10 255 867 000
a2	Revenues from sold goods	6 563 000	7 386 000	6 044 000	19 012 000
a3	Expenses on sold goods	5 450 000	6 212 000	5 162 000	18 004 000
a4	Sale margin	1 113 000	1 174 000	882 000	1 008 000
a5	Production	7 563 082 000	9 070 807 000	9 913 043 000	10 345 154 000
a6	Revenues from own products and services	7 578 565 000	8 889 207 000	9 503 637 000	10 236 855 000
a7	Change in inventory of own products	-40 416 000	141 187 000	380 815 000	74 045 000
a8	Capitalization	24 933 000	40 413 000	28 591 000	34 254 000
a9	Production consumption	5 885 233 000	7 147 263 000	8 224 246 000	9 033 831 000
a10	Consumption of material and energy	5 008 033 000	6 354 830 000	7 470 198 000	8 238 506 000
a11	Services	877 200 000	792 433 000	754 048 000	795 325 000
a12	Added value	1 678 962 000	1 924 718 000	1 689 679 000	1 312 331 000
a13	Personnel expenses	451 231 000	471 157 000	486 680 000	503 755 000
a14	Wages and salaries	331 439 000	347 561 000	359 636 000	369 923 000
a15	Renumeration of board members	153 000	144 000	130 000	126 000
a16	Social security expenses and health insurance	109 567 000	112 583 000	115 776 000	120 682 000
a17	Other social expenses	10 072 000	10 869 000	11 138 000	13 024 000
a18	Taxes and fees	5 219 000	5 231 000	8 661 000	8 988 000
a19	Depreciations of intangible and tangible assets	321 622 000	321 345 000	339 565 000	334 042 000
a20	Revenues from disposals of fixed assets and materials	55 882 000	20 573 000	22 544 000	20 745 000
a21	Revenues from disposals of fixed assets	34 454 000	498 000	1 635 000	2 318 000
a22	Revenues from disposals of materials	21 428 000	20 075 000	20 909 000	18 427 000
a23	Net book value of disposed fixed assets and materials	18 131 000	17 280 000	18 718 000	17 208 000
a24	Net book value of sold fixed assets	233 000	42 000	813 000	1 304 000
a25	Net book value of sold material	17 898 000	17 238 000	17 905 000	15 904 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )	-165 448 000	5 486 000	110 175 000	80 479 000
a27	Other operating revenues	303 394 000	95 063 000	57 208 000	103 875 000
a28	Other operating expenses	331 960 000	130 185 000	95 816 000	99 008 000
a29	Transfer of operating revenues		0
a30	Transfer of operating expenses		0
a31	Operating profit / loss	1 075 523 000	1 089 670 000	709 816 000	393 471 000
a32	Revenues from sales of securities and ownership interests		0
a33	Sold securities and ownership interests		0
a34	Revenues from long-term financial assets	110 596 000	120 710 000	194 732 000	215 471 000
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence	110 596 000	120 710 000	194 732 000	215 471 000
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	8 000	2 000	33 000
a39	Expenses associated with financial assets		0
a40	Revenues from revaluation of securities and derivatives	59 857 000	229 000	7 189 000
a41	Cost of revaluation of securities and derivatives	1 316 000	8 160 000	1 665 000
a42	Change in financial reserves and adjustments ( + / - )		0
a43	Interest revenues	662 000	547 000	724 000	161 000
a44	Interest expenses	3 613 000	2 321 000	1 541 000	6 652 000
a45	Other financial revenues	142 370 000	157 792 000	115 781 000	142 651 000
a46	Other financial expenses	140 147 000	133 116 000	143 603 000	144 288 000
a47	Transfer of financial revenues		0	0
a48	Transfer of financial expenses		0	0
a49	Profit / loss from financial operations ( transactions )	168 417 000	135 683 000	171 650 000	207 343 000
a50	Income tax on ordinary income	147 904 000	209 261 000	130 843 000	73 283 000
a51	Due tax	122 926 000	221 003 000	142 494 000	80 819 000
a52	Tax deferred	24 978 000	-11 742 000	-11 651 000	-7 536 000
a53	Operating profit / loss ordinary activity	1 096 036 000	1 016 092 000	750 623 000	527 531 000
a54	Extraordinary revenues	6 025 000	0
a55	Extraordinary expenses		0
a56	Income tax on extraordinary income	744 000	0	0
a57	Due tax	744 000	0
a58	Tax deferred		0
a59	Operating profit / loss extraordinary activity	5 281 000	0	0	0
a60	Transfer profit ( loss ) to partners (+/-)		0
a61	Profit / loss of current accounting period (+/-)	1 101 317 000	1 016 092 000	750 623 000	527 531 000
a62	Profit / loss before tax (+/-)	1 249 965 000	1 225 353 000	881 466 000	600 814 000
	Operating cash flow	1 287 957 000		599 376 000	702 670 000
	Investment cash flow	-465 876 000		-357 465 000	-238 017 000
	Financial cash flow	-754 944 000		-284 441 000	-510 563 000
	Receivables after due date total	110 546 000	145 368 000	165 844 000	155 576 000
	Liabilities after due date total	4 839 000	1 053 000	7 451 000	2 608 000

ratio

Balance indices		31.12.2010	31.12.2011	31.12.2012	31.12.2013
Return on total assets ROA (in %)	a62/r1 * 100	26,93	23,49	15,98	10,67
Return on equity ROE (in %)	a62/r68 * 100	36,31	33,16	25,55	20,16
Return on sales ROS (in %)	a62/a1 * 100	16,48	13,77	9,27	5,86
Turnover of receivables (in days)	r49/a1 * 365	41,70	45,09	44,36	40,98
Turnover of liabilities (in days)	r103/a1 * 365	25,98	27,63	27,33	27,07
Turnover of inventories (days)	r32/a1 * 365	40,00	47,56	56,17	58,04
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	1 217 698,00	1 490 269,00	972 260,00	699 604,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	102,63	120,40	121,79	127,20
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	35,11	30,38	28,59	25,15
Current ratio	r31 / (r102+r116+r117)	2,68	2,46	1,54	1,30
Quick ratio	(r58+r48) / (r102+r116+r117)	1,52	1,32	0,73	0,60
Cash ratio	r58 / (r102+r116+r117)	0,23	0,14	0,06	0,04
Debt ratio I (in %)	(1-r68/r67) * 100	25,85	29,16	37,44	47,08
Debt ratio II (in %)	r85/r67 * 100	25,34	27,88	37,42	47,07

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 :	DPT

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.