MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	KEFO D.O.O.

Registered Office :	Brnčičeva ulica 29, 1231 Ljubljana-Črnuče

Country :	Slovenia

Financials (as on) :	31.12.2013

Date of Incorporation :	23.12.2013

Com. Reg. No.:	6516327

Legal Form :	Limited liability company

Line of Business :	Wholesale of pharmaceutical goods Wholesale of industrial chemicals and granulates, laboratory consumables and chemicals

No of Employees :	27

RATING & COMMENTS

MIRA’s Rating :	NB
	With Financial

RATING

STATUS

PROPOSED CREDIT LINE

New Business

Status :	New Business

Payment Behaviour :	Unknown

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)

Slovenia

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 & ADDRESS

KEFO d.o.o.

Brnčičeva ulica 29,

1231 Ljubljana-Črnuče

Phone: 01 5634100

Telefax: 01 5634128

E-Mail: info@kefo.si

Web: www.kefo.si

Company summary

Legal form	d.o.o. - Limited liability company (Ltd.)
Established on	23/12/2013 - d.o.o. - Limited liability company (Ltd.)
	last entry on 23.12.2013 on 23.12.2013 transmition a part of property from the company KEFO SKUPINA d.o.o. to new company KEFO d.o.
Registered on	23/12/2013, Ljubljana, Registration number: Tax number: SI27956903 Company number: 6516327
Registered capital		EUR	767.870,88
Owner	Vladimir Bangiev Lucija, Kozinova ulica 17a, 6320 Portorož-Portorose	EUR	767.870,88
Manager	Vladimir Bangiev Lucija, Kozinova ulica 17a, 6320 Portorož-Portorose director
General data	company activity: Wholesale of pharmaceutical goods wholesale of industrial chemicals and granulates, laboratory consumables and chemicals Headquarters and business premises are located on the address above
	Main activity: Wholesale of pharmaceutical goods (NACE 2)			(46.46)
	Import: Hungary Netherlands Belgium France Germany Poland

	Residence address: Brnčičeva ulica 29, 1231 Ljubljana-Črnuče Phone: 01 5634100 Telefax: 01 5634128 E-Mail: info@kefo.si Web: www.kefo.si

Other activities

Employees	2013	24 employees
	2014	27 employees
Annual turnover	2013		Enterprise turnover	EUR	3.791.078,-

Remarks	full name of company: KEFO, kemija in farmacija, d.o.o. the company is active from 16.1.2014 and took over a part of activity and employees from the company KEFO SKUPINA d.o.o.
Interests	Vladimir Bangiev:
	DELO PRODAJA, d.d. (Statistical number: 5096014)			Supervisory Board
	KEFO LAB d.o.o.			Owner
	KEFO LAB d.o.o.			Manager
	KEFO SKUPINA d.o.o. (Statistical number: 1582321)			Owner
	KEFO SKUPINA d.o.o. (Statistical number: 1582321)			Manager
Bank relations	BANKA KOPER d.d.: Central address: SI Pristaniška 14, 6502 Koper Account number: SI56 101000052734239
Company development	Business development remains to be seen
Terms of payment	No payment experience
Business connection	Development remains to be seen

A. The enclosed balance of 2013 is originated from official source, it is not authenticated by the auditor. (31.12.2013 - 1 EUR)

Balance

balance	A 31.12.2013
ASSETS (AKTIVA)	4.773.038
LONG-TERM ASSETS	703.038
Intangible assets and long-term deferred costs and accrued revenues	0
Intangible assets	0
Long-term deferred costs and accrued revenues	0
Tangible fixed assets	149.873
Long-term financial investments and Real estate investments	536.043
Investment property	0
Long-term financial investments	536.043
Long-term operating receivables	17.122
Deferred receivables for taxes	0
SHORT-TERM ASSETS	4.056.479
Assets (group for estrange) for sell	0
Inventories	1.053.478
Short-term financial investments	114.423
Short-term operating receivables	2.652.822
Cash assets	235.856
Short-term deferred costs and accrued revenues	13.421
Off-balance sheet items	0
LIABILITIES	4.773.038
CAPITAL	847.847
Called-up capital	767.871
Basic (subscribed) capital	767.871
Non called-up capital (deductive item)	0
Capital reserves	0
Reserves from profit	613
Surplus from revaluation	0
Retained net	15.730
Net business result for the business year	63.633
PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES	0
FINANCIAL AND BUSINESS LIABILITIES	3.919.954
LONG-TERM LIABILITIES	32.438
Long-term financial liabilities	9.546
Long-term operating liabilities	22.892
Deferred liabilities for taxes	0
SHORT-TERM LIABILITIES	3.887.516
Liabilities, included in groups for estrange	0
Short-term financial liabilities	0
Short-term operating liabilities	3.887.516
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES	5.237
Off-balance sheet items	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)

profit and loss account

profit and loss account	A 31.12.2013
Net sales	3.780.815
Changes in the value of inventories of products and work-in-process	0
Capitalised own products and own services	0
Other operating revenues (with subventions, grants,...)	10.084
GROSS OPERATING YIELD	3.790.899
Cost of goods, material and services	3.413.609
Purchase value of goods and materials sold and cost of material and cost of material used	3.201.809
Cost of services	211.800
Labour cost	277.988
Cost of wages	208.792
Cost of pension insurance	18.478
Cost of other social insurance	15.137
Other labour cost	35.581
Write-offs	19.561
Depreciation	19.561
Revaluation operating expenses for non-tangible assets and tangible fixed assets	0
Revaluation operating expenses for current assets	0
Other operating expenses	2.440
OPERATING REVENUES	3.790.899
OPERATING EXPENSES	3.713.598
OPERATING RESULT	77.301
EBIT	77.301
Financial income from investments in other enterprises	0
Financial income from loans	0
Financial income from operating receivables	0
Financial expenses from depreciation and write-offs of financial investments	0
Financial expenses from financial liabilities	279
Financial expenses from operating liabilities	0
Financial income	0
Financial expenses	279
Other revenues	179
Other expenses	286
Total revenues	3.791.078
Total costs	3.714.163
Total business result	76.915
Tax on profit	13.282
Deferred taxs	0
Net business result for the accounting period	63.633

Ratios

	2013
Equity ratio	0,16
Cleared equity ratio	0,16
Current liquidity	1,04
Quick liquidity	0,77
Working capital	168963
Gearing	6,22
Cleared gearing	0,01
Profitability	2,03
Operating profitability	1,68
Stock days	101
Debtor days	255
Supplier days	374

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.06
UK Pound	1	Rs. 98.73
Euro	1	Rs. 77.45

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%)

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.