MIRA INFORM REPORT

Report Date :

03.06.2014

IDENTIFICATION DETAILS

Name :	XOMOX MAGYARORSZÁG TERMELÕ KORLÁTOLT FELELÕSSÉGÛ TÁRSASÁG

Registered Office :	8000 Székesfehérvár, Sóstó Ipari Park, Cseh út 1

Country :	Hungary

Financials (as on) :	31.12.2012

Date of Incorporation :	14.08.2001

Com. Reg. No.:	07 09 008237

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of other taps and valves

No. of Employees	119

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Hungary

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

HUNGARY ECONOMIC OVERVIEW

Hungary has made the transition from a centrally planned to a market economy, with a per capita income nearly two-thirds that of the EU-28 average. In late 2008, Hungary's impending inability to service its short-term debt - brought on by the global financial crisis - led Budapest to obtain an IMF/EU/World Bank-arranged financial assistance package worth over $25 billion. The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in a severe economic contraction in 2009. In 2010 the new government implemented a number of changes including cutting business and personal income taxes, but imposed "crisis taxes" on financial institutions, energy and telecom companies, and retailers. The IMF/EU bail-out program lapsed at the end of the year and was replaced by Post Program Monitoring and Article IV Consultations on overall economic and fiscal processes. At the end of 2011 the government turned to the IMF and the EU to obtain financial backstop to support its efforts to refinance foreign currency debt and bond obligations in 2012 and beyond, but Budapest's rejection of EU and IMF economic policy recommendations led to a breakdown in talks with the lenders in late 2012. Global demand for high yield has since helped Hungary to obtain funds on international markets. Hungary’s progress reducing its deficit to under 3% of GDP led the European Commission in 2013 to permit Hungary for the first time since joining the EU in 2004 to exit the Excessive Deficit Procedure

Source : CIA

Company name and address

XOMOX MAGYARORSZÁG TERMELÕ KORLÁTOLT FELELÕSSÉGÛ TÁRSASÁG

8000 Székesfehérvár, Sóstó Ipari Park, Cseh út 1.

Phone: +36(22)513100

Telefax: +36(22)513131

Web: www.cranecpe.com

financial data

balance A B C D

2009.12.31. 2010.12.31. 2011.12.31. 2012.12.31.

>FIXED ASSETS >488 390 >448 879 >403 703 >634 714

>Intangible assets >355 >3 775 >2 117 >87 462

Capitalised value of 0 0

fundantion and

restructuring costs

Capitalised value of 0 0

research and development

costs

Consessions and similar 173 42 0 87 462

rights and assents

Intellectual property 182 3 733 2 117 0

Goodwill 0 0

Advance payments on on 0 0

intangible assets

Revaluation of intangible 0 0

assets

>Tangible assets >488 035 >445 104 >401 586 >547 252

Land and buildings and 78 368 68 819 56 870 48 420

related concessions and

similar rights

Technical equipment, 163 273 203 369 204 104 164 483

machinery and vehicles

Other equipment, fittings 49 623 88 136 133 900 114 310

and vehicles

Breeding stock 0 0

Capital WIP, renovations 193 550 84 780 6 712 220 039

Advance payments on 3 221 0 0

Capital WIP

Revaluation of tangible 0 0

assets

>Financial investments >0 >0

Long term investments in 0 0

related companies

Long term loans given to 0 0

related companies

Other long term 0 0

investments

Long term loans given to 0 0

other investees

Other loag term loans 0 0

given

Securities representing 0 0

long term loans

Revaluation of financial 0 0

investments

>CURRENT ASSETS >1 313 925 >1 109 234 >1 644 353 >1 601 689

>Inventories >414 926 >543 432 >764 627 >818 784

Raw materials and 354 283 419 591 582 417 624 126

consumables

Work in progress and semi- 19 815 111 950 151 242 141 539

finished products

Animals 0 0

Finished goods 39 681 8 634 27 582 53 119

Goodss, services 1 147 3 257 3 386 0

Advance payments on 0 0

inventories

>Receivables >362 664 >383 779 >428 806 >486 678

Trade accounts receivable 9 581 58 987 27 170 404

Receivables from related 192 087 210 173 243 694 229 236

companies

Receivables from other 0 0

investees

Bills of exchange 0 0

receivable

Other receivables 160 996 114 619 157 942 257 038

Revaluation difference on 0

receivables

Revaluation difference (+ 0

) on derivative

transactions

>Securities >0 >0

Investments in related 0 0

companies

Other investments 0 0

Own shares, own quotas 0 0

Securities personifying 0 0

circulational credit

relation aim

>Liquid assets >536 335 >182 023 >450 920 >296 227

Cash in hand, cheques 111 474 268 212

Bank deposits 536 224 181 549 450 652 296 015

>PREPAID EXPENSES AND >11 267 >14 501 >20 336 >37 700

ACCRUED INCOME

Accrued income 2 402 2 134 3 452

Prepaid expenses 11 267 12 099 18 202 34 248

Deferred expenses 0 0

>TOTAL ASSETS >1 813 582 >1 572 614 >2 068 392 >2 274 103

>SHAREHOLDERS' EQUITY >586 083 >561 005 >281 387 >546 383

Capital subscribed 3 100 3 100 3 100 3 110

thereof: treasure shares 0 0

repurchased at face value

Issued but not paid 0 0

capital (-)

Capital reserves 337 220 337 220 337 220 717 357

Retained earnings from 163 719 245 763 220 685 -58 933

previous years

Non-distributable reserves 0 0

Revaluation reserve 0 0

Profit per balance-sheet 82 044 -25 078 -279 618 -115 151

>PROVISIONS >0 >22 384

Provisions for expected 0 22 384

liabilities

Provisions for future 0 0

expenses

Other provision 0 0

>LIABILITIES >1 169 050 >951 812 >1 716 400 >1 637 298

>Subordinated liabilities >0 >0

Subordinated liabilities 0 0

to related companies

Subordinated liabilities 0 0

to ither investees

Subordinated liabilities 0 0

to other enterprises

>Long term liabilities >770 000 >670 000 >786 898 >803 679

Long term credits 0 0

Convertible bonds 0 0

Debts on the issue of 0 0

bonds

Investment and 0 0

development loans

Other long term loans 0 0

Long term liabilities to 770 000 670 000 786 898 803 679

related companies

Long term liabilities to 0 0

other investees

Other long term 0 0

liabilities

>Short term liabilities >399 050 >281 812 >929 502 >833 619

Short term loans 0 0

thereof: convertible bonds 0 0

Short term credits 38 452 108 341

Advance payments received 3 278 0 0

from customers

Trade accounts payable 196 252 217 039 827 106 571 059

Bills of exchange payable 0 0

Short term liabilities to 154 241 21 299 12 908 36 151

related companies

Short term liabilities to 0 0

other investees

Other short term 45 279 43 474 51 036 118 068

liabilities

Revaluation difference on 0

liabilities

Revaluation difference 0

(–) on derivative

transactions

>ACCRUED EXPENSES AND >58 449 >59 797 >70 605 >68 038

DEFERRED INCOME

Deferred revenues 0 0

Accrued expenses and 58 449 59 797 70 605 68 038

deferred income

Deferred income 0 0

>TOTAL LIABILITIES AND >1 813 582 >1 572 614 >2 068 392 >2 274 103

SHEREHOLDERS EQUITY

A. The enclosed profit and loss account of 2009 is originated from official

source, it is authenticated by the auditor . (31.12.2009 - 1000 HUF)

B. The enclosed profit and loss account of 2010 is originated from official

source, it is authenticated by the auditor . (31.12.2010 - 1000 HUF)

C. The enclosed profit and loss account of 2011 is originated from official

source, it is authenticated by the auditor . (31.12.2011 - 1000 HUF)

D. The enclosed profit and loss account of 2012 is originated from official

source, it is authenticated by the auditor . (31.12.2012 - 1000 HUF)

profit and loss account A B C D

2009.12.31. 2010.12.31. 2011.12.31. 2012.12.31.

Net domestic sales 207 483 169 257 175 595 48 669

revenues

Net export sales revenues 3 620 706 3 058 089 3 499 421 4 372 196

>Net sales revenues >3 828 189 >3 227 346 >3 675 016 >4 420 865

Change in self- -80 222 61 088 58 240 15 834

manufactured inventories

Capitalised value of self- 6 088 6 215 28 077 400

manufactures assets

Capitalised value of own -74 134 67 303 86 317 16 234

performance

Other revenues 49 745 35 868 46 331 56 753

of which: reversal of 42 886 6 305 26 209 48 348

impairment loss provision

Cost of raw materials 2 404 558 2 098 332 2 702 656 3 122 030

Value of services used 346 868 380 666 392 818 461 393

Value of other services 6 553 6 379 5 949 5 696

Cost of goods sold 167 222 91 530 100 310 10 553

Value of recharged 26 792 66 490

services

>Material type expenditure >2 925 201 >2 576 907 >3 228 525 >3 666 162

Wages 347 714 337 454 379 049 423 229

Other payments to 67 566 83 270 79 216 92 395

personnel

Personnel related 123 764 108 779 117 059 128 680

contributions

>Payments to personnel >539 044 >529 503 >575 324 >644 304

Deprecation change 90 662 92 533 108 959 104 148

Other expenses 59 119 78 823 101 120 105 688

of which: impairment loss 24 998 22 227 45 415 40 079

provision

TRADING PROFIT 189 774 52 751 -206 264 -26 450

Dividend received 0 0

of which: received from 0 0

related companies

Gain on sale of investment 847 0

Given to associated 0 0

company

Interest received and 0 0

gain on financial

transactions

of which: received from 0 0

related companies

Other interest received 12 395 2 926 0 667

of which: received from 0 0

related companies

Other revenues from 181 829 85 781 99 978 110 784

financial transactions

Revenues from financial 194 224 88 707 100 825 111 451

transactions

Losst on financial 0 0

investments

of which: given to 0 0

related companies

Interest paid 96 917 52 427 51 545 70 202

of which: given to 96 791 52 427 49 986 0

related companies

Impairment loss of 0 0

financial investment,

secunties and bank

deposits

Other expenditures on 185 471 104 678 115 190 120 793

financial transactions

Expenditures of financial 282 388 157 105 166 735 190 995

transactions

FINANCIAL PROFIT -88 164 -68 398 -65 910 -79 544

PROFIT FROM ORDINARY 101 610 -15 647 -272 174 -105 994

BUSINESS

Extraordinary revenues 0 0

Extraordinary expenditures 0 0

PROFIT ON EXTRAORDINARY 0 0

EVENTS

>NET PROFIT BEFORE >101 610 >-15 647 >-272 174 >-105 994

TAXATION

Tax liability 19 566 9 431 7 444 9 157

>AFTER TAX PROFIT >82 044 >-25 078 >-279 618 >-115 151

Dividends paid out of 0 0

accumulated profit reserve

Dividends paid (approved) 0 0

out of current year

profits

>NET PROFIT PER BALANCE >82 044 >-25 078 >-279 618 >-115 151

SHEET

Ratios 2009 2010 2011 2012

Equity ratio 0,32 0,36 0,14 0,24

Cleared equity ratio 0,32 0,36 0,14 0,24

Current liquidity 3,29 3,94 1,77 1,92

Quick liquidity 2,25 2,01 0,95 0,94

Working capital 914875000 827422000 714851000 768070000

Gearing 1,99 1,7 6,1 3

Cleared gearing n/a n/a 0,14 0,2

Profitability 2,65 -0,48 -7,41 -2,4

Operating profitability 4,96 1,63 -5,61 -0,6

Stock days 39,56 61,46 75,94 67,6

Debtor days 34,58 43,4 42,59 40,18

Supplier days 24,49 30,74 93,51 56,85

equity ratio (%) 32,32 35,67 13,6 24,03

Long term debt ratio n/a n/a n/a n/a

(%)

Leverage (%) 158 123 298 174

Coverage of fixed 278 274 265 213

assets (%)

Receivables turnover 19,23 30,44 26,9 18,96

ratio (day)

P/L after tax/Turnover 4,96 1,63 -5,61 -0,6

(%)

Return On Investment 0,11 0,03 -0,1 -0,01

Interest cover 1,96 1,01 -4 -0,38

Return On Equity (%) 14 -4,47 -99,37 -21,08

Return On Assets (%) 4,52 -1,59 -13,52 -5,06

Net income/Turnover (%) 2,14 -0,78 -7,61 -2,6

Change in Turnover (%) -14,23 -15,7 13,87 20,3

Change in Net income -3,86 -13,29 31,53 9,95

(%)

Debtors/Creditors 0,05 0,27 0,03 0

Change in P/L before 16,91 -72,2 -491,01 -87,18

tax (%)

Turnover 3828189000 3227346000 3675016000 4420865000

Turnover/Employees 30625512 25818768 29400128 35366920

Share capital 586083000 561005000 281387000 546383000

Legal agreement This information is addressed exclusively to addresse. We don't assume responsibility for negligence referring to the content of this information. On behalf of the objective information, please inform us if you have different observations.

Advertisement The database which was published in HVG on 09.11.2013 and

16.11.2013 of the ”TOP 500 Hungarian companies regarding the

revenues and after-tax profit” and another one which was also

published in HVG on 27.07.2013 of the ”TOP 50 The biggest

Hungarian companies regarding the revenues, export revenues,

after-tax profit, number of employees and equity” were

compiled by Creditreform Kft. by examining the data of not themselves).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.14
UK Pound	1	Rs.99.02
Euro	1	Rs.80.63

INFORMATION DETAILS

Analysis Done by :	SUB

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.

MIRA INFORM REPORT

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