MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	WOORY SLOVAKIA S.R.O.
Registered Office :	ul. Ľudovíta Štúra 1030/74, 019 01 Ilava
Country :	Slovakia
Financials (as on) :	31.12.2012
Date of Incorporation :	16.06.2009
Com. Reg. No.:	22652/R
Legal Form :	Limited liability company
Line of Business :	Manufacture of motor vehicles
No. of Employees :	30

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget and get on track to join the EU in 2004 after a period of relative stagnation in the early and mid 1990s and to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies. Slovakia's economic growth exceeded expectations in 2001-08 despite a general European slowdown. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap and skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages for foreign investors. The economy contracted 5% in 2009 primarily as a result of smaller inflows of FDI and reduced demand for Slovakia''s exports before rebounding in 2010-11, but growth slowed in 2012 due to weakening external demand. The government of Prime Minister Robert FICO in 2012 implemented tax increases on higher-earning individuals and corporations, effectively scrapping Slovakia''s flat tax to help meet budget deficit targets of 4.9% of GDP in 2012 and 3% of GDP in 2013

Source : CIA

company name and address

WOORY SLOVAKIA S.R.O.

ul. Ľudovíta Štúra 1030/74, 019 01 Ilava

Phone: 032/6528178
Phone: 042/4464164
Phone: 042/4464166
Telefax: 042/4464165
E-Mail: info@woory.eu
Web: www.woory.com

Company summary

Legal form

Limited liability company (Ltd.)

Established on	16/06/2009 - Limited liability company (Ltd.)
	Last entry in Business register

	18.09.2012
Registered on	16/06/2009, Okresný súd Trenčín, RegNr.: Sro 22652/R Tax number: SK2022837839 Statistical number: 44810881

Registered capital		EUR			115 000,00
Owner	Jung-Woo Kim 107-901 Hyundai Apt., Apgujeong-dong, Gangman-gu 426, 107-91 Soul		EUR	57 500,00

	Woory Industrial Co., Ltd. Hyundai Apt., Apgujeong-dong,Gangman-gu 426, 107-901 Soul, South-Korea		EUR	57 500,00
Manager		Choon Kyu Park Ssangyong Maeul Tranchae 512-802, 330-783 Cheonan-si Chungcheongnam-do, South-Korea authorized to sign alone

General data		production of cars
	Main activity: Manufacture of motor vehicles		(29.10)

General contacts:
Phone:
032/6528178
042/4464164
042/4464166
Telefax:
042/4464165
E-Mail:
info@woory.eu
Web:
www.woory.com

Residence address:
ul. Ľudovíta Štúra 1030/74, 019 01 Ilava
Beginning of validity: 26.11.2009

		Okružná 2, 917 01 Trnava Beginning of validity: 16.06.2009 End of validity: 25.11.2009
Employees	2014		30 employees

Annual turnover	2011	Enterprise turnover	EUR	7 701 033,-
	2012	Enterprise turnover	EUR	9 534 603,-

Balance sheets	The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR) The enclosed balance of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)
	The enclosed profit/loss account of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR) The enclosed profit/loss account of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)

Bank relations		Tatra banka, a.s.:
Company development	Company development positive

Business course	good
Terms of payment	Mostly within agreed terms, but partly also delayed

Financial data

A. The enclosed balance of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)
B. The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR)

balance	A 31.12.2011	B 31.12.2012
Total assets	3 280 863	3 890 676
Non-current assets	209 414	161 409
Intangible fixed assets	0	0
Incorporation expenses	0	0
Development expenses	0	0
Software	0	0
Valuable rights	0	0
Goodwill	0	0
Other intangible fixed assets	0	0
Acquisition of intangible fixed assets	0	0
Advance payments for intangible fixed assets	0	0
Tangible fixed assets – total	209 414	161 409
Lands	0	0
Constructions	0	0
Separate movable assets and sets of movable assets	209 414	161 409
Perennial crops	0	0
Breeding and draught animals	0	0
Other tangible fixed assets	0	0
Acquisition of tangible fixed assets	0	0
Advance payments for tangible fixed assets	0	0
Adjustment to acquired assets	0	0
Long-term financial investments	0	0
Shares and ownership interests with control influence in enterprises	0	0
Shares and ownership interests with substantial influence of enterprises	0	0
Other long-term shares and ownership interests	0	0
Intercompany loans	0	0
Other long-term financial investments	0	0
Loans with maturity up to one year	0	0
Acquisition of long-term financial investments	0	0
Advance payments for long-term assets	0	0
Current assets	3 070 665	3 727 706
Inventory - total	790 984	1 016 311
Material	232 240	331 693
Work-in-progress and semi-finished goods	0	0
Construction contracts where the expected time of completion exceeds one year	0	63 747
Finished products	0	0
Animals	0	620 871
Merchandise	558 744	0
Advance payments made for inventory	0	0
Long-term receivables – total	79	7 223
Trade receivables	0	0
Net value of contract	0	0
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	0	0
Receivables from participants, members and association	0	0
Other receivables	0	7 223
Deffered tax asset	79	0
Short - term receivables – total	1 635 440	1 718 892
Trade receivables	1 548 130	1 718 892
Net value of contract	0	0
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	0	0
Receivables from participants, members and association	0	0
Social security	0	0
Taxation and subsidies	87 310	0
Other receivables	0	0
Financial accounts – total	644 162	985 280
Cash	477	570
Bank accounts	643 685	984 710
Bank accounts with notice period exceeding one year	0	0
Short-term financial assets	0	0
Acquisition of short-term financial assets	0	0
Prepayments	784	1 561
Deferred expenses long term	0	0
Deferred expenses short term	784	1 561
Accrued revenues long term	0	0
Accrued revenues short term	0	0
Total capital and liabilities	3 280 863	3 890 676
Capital	556 772	938 096
Registered capital - total	115 000	115 000
Registered capital – total	115 000	115 000
Own shares and own business shares	0	0
Change in registered capital	0	0
Receivables for subscriptions (for own equity capital)	0	0
Capital funds – total	0	0
Share premium	0	0
Other capital funds	0	0
Legal reserve fund (Non-distributable fund) from capital contributions	0	0
Gains or losses from revaluation of assets and liabilities	0	0
Gains or losses from investments	0	0
Gain or losses from revaluation from join and divesting	0	0
Funds created from profit – total	22 513	22 513
Legal reserve fund	22 513	22 513
Indivisible funds	0	0
Statutory funds and other funds	0	0
Retained profit or loss from previous years	400 150	400 150
Retained earnings from previous years	400 150	400 150
Retained earnings from previous years	0	0
Profit or loss for the accounting period	19 109	400 433
Liabilities	2 724 091	2 952 580
Reserves – total	23 262	12 334
Legal reserves long term	0	0
Legal reserves short term	0	0
Other long-term reserves	0	0
Other short-term reserves	23 262	12 334
Long-term liabilities - total	24 756	3 669
Long-term trade liabilities – total	0	0
Net value of contract	0	0
Uninvoiced long-term supplies	0	0
Long-term liabilities to a controlled entity and a controlling entity	0	0
Other intercompany long-term liabilities	0	0
Long-term advances received	0	0
Long-term bills of exchange to a paid	0	0
Bonds issued	0	0
Liabilities from social fund	727	1 937
Other long-term liabilities	24 029	1 732
Deffered tax liability	0	0
Short-term liabilities - total	2 672 749	2 936 577
Trade liabilities	2 517 564	2 707 544
Net values of contract	0	0
Uninvoiced supplies	6 147	84
Liabilities to a controlled entity and a controlling entity	0	0
Other intercompany liabilities	0	0
Liabilities to partners and participants in association	0	0
Liabilities to employees	15 836	17 601
Social security liabilities	7 611	10 264
Taxation and subsidies	125 591	193 178
Other liabilities	0	7 906
Short-term financial assistance	0	0
Bank loans	3 324	0
Long-term bank loans	0	0
Current bank loans	3 324	0
Prepayments - total	0	0
Accrued expenses long term	0	0
Accrued expenses short term	0	0
Deferred revenues long term	0	0
Deferred revenues short term	0	0

profit/loss account	A 31.12.2011	B 31.12.2012	C	D
Revenue from the sale of merchandise	7 649 436	7 000 390
Cost of merchandise sold	6 228 715	5 900 041
Trade margin	1 420 721	1 100 349
Production	51 597	2 597 960
Revenue from the sale of own products and services	51 597	2 534 213
Change in inventory	0	63 747
Own work capitalized	0	0
Purchased consumables and services	1 211 421	2 794 402
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	817 046	2 435 881
Services	394 375	358 521
Added value	260 897	903 907
Personnel expenses - total	185 484	357 937
Wages and salaries	132 338	257 473
Remuneration of board members	0	0
Social security expenses	38 331	82 525
Social expenses	14 815	17 939
Taxes and fees	771	1 238
Depreciation expense of intangible and tangible fixed assets	37 352	50 229
Revenues from sales of fixed assets and sales of materials	0	0
Net book value of fixed assets sold and material sold	0	0
Additions to and reversals of impairment losses	0	0
Other operating revenues	576	12 776
Other operating expenses	1 270	3 771
Transfer of operating revenues	0	0
Transfer of operating expenses	0	0
Profit or loss from operations	36 596	503 508
Revenues from sales of shares and ownership	0	0
Shares and ownership interests sold	0	0
Revenues from long-term financial assest	0	0
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	0	0
Revenues from other long-term ownership and shares	0	0
Revenues from other long-term financial assest	0	0
Revenues from short-term financial assest	0	0
Expenses for short-term financial assets	0	0
Revenues from revaluation of securities and revenues from derivative operations	0	0
Expenses for revaluation of securities and expenses for derivative operations	0	0
Reversal and creation of value adjustments for financial assets	0	0
Interest income	249	47
Interest expense	911	421
Exchange rate gains	15 800	18 166
Exchanges rate losses	15 610	12 696
Other financial revenues	0	23
Other financial expenses	2 606	1 922
Transfer of financial revenues	0	0
Transfer of financial expenses	0	0
Profit or loss from financial activities	-3 078	3 197
Profit or loss from ordinary activities before tax	33 518	506 705
Income tax on ordinary activities	14 409	106 272
- current	14 390	113 416
- deferred	19	-7 144
Profit or loss from ordinary activities after tax	19 109	400 433
Extraordinary revenues	0	0
Extraordinary expenses	0	0
Profit or loss from extraordinary activities before tax	0	0
Income tax on extraordinary activities	0	0
- current	0	0
- deferred	0	0
Profit or loss from extraordinary activities after tax	0	0
Profit or loss of the accounting period before tax	33 518	506 705
Transfer of profit or loss to partners	0	0
Profit or loss of the accounting period after tax	19 109	400 433

Ratios

2011

2012

Return on total assets ROA (in %)	0,58	10,29
Return on equity ROE (in %)	3,43	42,69

Rentabilität der Einnahmen ROS (in %)	0,25	4,2
Turnover of receivables (in days)	73,38	65,8

Turnover of liabilities (in days)	119	104
Turnover of inventories (days)	37,49	38,91

Net working capital	394592	791129
Ratio of accounts payable to accounts receivable	60,63	58,71

Ratio of profit/loss to tangible assets (in%)	2,72	1,69
Current ratio	1,15	1,27

Quick ratio	0,85	0,92
Cash ratio	0,24	0,34

Debt ratio I (in %)	83,03	75,89
Debt ratio II (in %)	83,03	75,89

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

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

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