MIRA INFORM REPORT

Report Date :

31.10.2014

IDENTIFICATION DETAILS

Name :	EUROPALT, SPOL. S R.O.
Registered Office :	Kladnianska 34, 821 05 Bratislava 117, 935 35 Tehla
Country :	Slovakia
Financials (as on) :	31.12.2013
Date of Incorporation :	09.01.1995
Com. Reg. No.:	SRO 1174/N
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of other parts and accessories for motor vehicles
No. of Employees :	71

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 and address

EUROPALT, SPOL. S R.O.

Kladnianska 34,
821 05 Bratislava
117, 935 35 Tehla

Phone: 036/ 6350503
Phone: 036/ 6350504
Telefax: 036/ 6350505
E-Mail: info@europalt.sk
Web: www.europalt.sk

Company symmary

Legal form

Limited liability company (Ltd.)

Established on	09/01/1995 - Limited liability company (Ltd.)
	Last entry in Business register

	21.01.2009
Registered on	23/03/1995, Okresný súd Nitra, RegNr.: Sro 1174/N Tax number: SK2020402736 Statistical number: 34118641

Registered capital	23/03/1995	EUR	3 319,39
	22/02/1999	EUR	6 638,78

Owner	Attila Szücs 2900 Komárom, Arany J.út. 17, Hungary Member	EUR	3 319,39
	Štefan Miko Tehla 117, 935 35 Tehla Member	EUR	3 319,39

Manager	Štefan Miko Tehla 117, 935 35 Tehla Member authorized to sign alone
General data	spare parts for motor vehicles, production and business

Main activity: Manufacture of other parts and accessories for motor vehicles	(29.32)
Export: France Netherlands Great-Britain India China Hungary Poland

General contacts:
Phone:
036/ 6350503
036/ 6350504
Telefax:
036/ 6350505
E-Mail:
info@europalt.sk
Web:
www.europalt.sk

Residence address:
117, 935 35 Tehla

	business premises: Mestský Majer 2, 934 01 Levice
Employees	2013	73 employees

	2014	71 employees
Annual turnover	2006		Enterprise turnover	EUR	3 896 335,-

2007	Enterprise turnover	EUR	3 394 543,-
2008	Enterprise turnover	EUR	3 470 192,-

2009	Enterprise turnover	EUR	1 945 897,-
2010	Enterprise turnover	EUR	2 671 833,-

2011	Enterprise turnover	EUR	1 710 080,-
2012	Enterprise turnover	EUR	2 802 847,-

	2013	Enterprise turnover	EUR	2 380 154,-
Balance sheets	The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR) The enclosed profit/loss account of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR) The enclosed profit/loss account of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR)

	The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR) The enclosed balance of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR) The enclosed balance of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR)
Remarks	Fleet: five cars, three lorries Certificate: ISO 9001: 2000

Bank relations	Tatra banka, a.s.:
Company development	Company development constant	(30)

Business course	satisfactory	(30)
Terms of payment	As far as known, prompt	(29)

Business connection

Credits are not rejected. The establishing of the business connection may be allowed.

(31)

A. The enclosed balance of 2010 is originated from official source, we do not have information about the clause of the auditor. (31.12.2010 - 1 EUR)
B. The enclosed balance of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR)
C. The enclosed balance of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR)
D. The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)

Balance sheet
balance	A 31.12.2010	B 31.12.2011	C 31.12.2012	D 31.12.2013
Total assets	1 568 424	1 423 795	1 498 881	1 714 170
Non-current assets	904 475	737 472	718 365	686 941
Intangible fixed assets	32 559	24 550	16 806	2 814
Incorporation expenses	0
Development expenses	0	0	0	0
Software	32 559	21 396	16 806	2 814
Valuable rights	0	0	0	0
Goodwill	0	0	0	0
Other intangible fixed assets	0	0	0	0
Acquisition of intangible fixed assets	0	3 154	0	0
Advance payments for intangible fixed assets	0	0	0	0
Tangible fixed assets – total	871 916	712 922	701 559	684 127
Lands	63 624	63 624	63 624	63 624
Constructions	409 274	389 209	369 143	349 078
Separate movable assets and sets of movable assets	399 018	260 089	268 792	271 013
Perennial crops	0	0	0	0
Breeding and draught animals	0	0	0	0
Other tangible fixed assets	0	0	0	0
Acquisition of tangible fixed assets	0	0	0	412
Advance payments for tangible fixed assets	0	0	0	0
Adjustment to acquired assets	0	0	0	0
Long-term financial investments	0	0	0	0
Shares and ownership interests with control influence in enterprises	0	0	0	0
Shares and ownership interests with substantial influence of enterprises	0	0	0	0
Other long-term shares and ownership interests	0	0	0	0
Intercompany loans	0	0	0	0
Other long-term financial investments	0	0	0	0
Loans with maturity up to one year	0	0	0	0
Acquisition of long-term financial investments	0	0	0	0
Advance payments for long-term assets	0	0	0	0
Current assets	653 905	678 994	773 051	1 023 218
Inventory - total	367 551	514 789	601 707	779 931
Material	121 986	94 668	106 144	161 478
Work-in-progress and semi-finished goods	158 273	305 872	423 150	491 760
Construction contracts where the expected time of completion exceeds one year	0
Finished products	47 605	90 771	44 274	97 582
Animals	0	0	0	0
Merchandise	39 687	23 478	28 139	29 111
Advance payments made for inventory	0	0	0	0
Long-term receivables – total	0	0	0	0
Trade receivables	0	0	0	0
Net value of contract		0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0	0
Other intercompany receivables	0	0	0	0
Receivables from participants, members and association	0	0	0	0
Other receivables	0	0	0	0
Deffered tax asset	0	0	0	0
Short - term receivables – total	282 891	160 858	163 779	214 225
Trade receivables	280 478	158 429	161 322	211 793
Net value of contract		0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0	0
Other intercompany receivables	0	0	0	0
Receivables from participants, members and association	0	0	0	0
Social security	0	0	0	0
Taxation and subsidies	0	0	0	14
Other receivables	2 413	2 429	2 457	2 418
Financial accounts – total	3 463	3 347	7 565	29 062
Cash	3 287	44	4 140	3 721
Bank accounts	176	3 303	3 425	25 341
Bank accounts with notice period exceeding one year	0	0	0	0
Short-term financial assets	0	0	0	0
Acquisition of short-term financial assets	0	0	0	0
Prepayments	10 044	7 329	7 465	4 011
Deferred expenses long term	0	7 329	7 465	4 011
Deferred expenses short term	10 044	0	0	0
Accrued revenues long term	0	0	0	0
Accrued revenues short term	0	0	0	0
Total capital and liabilities	1 568 424	1 423 795	1 498 881	1 714 170
Capital	644 629	627 473	888 426	901 475
Registered capital - total	6 639	6 639	6 639	6 639
Registered capital – total	6 639	6 639	6 639	6 639
Own shares and own business shares	0	0	0	0
Change in registered capital	0	0	0	0
Receivables for subscriptions (for own equity capital)	0	0	0	0
Capital funds – total	350 834	539 217	468 217	458 217
Share premium	0	0	0	0
Other capital funds	350 170	538 553	467 553	457 553
Legal reserve fund (Non-distributable fund) from capital contributions	664	664	664	664
Gains or losses from revaluation of assets and liabilities	0	0	0	0
Gains or losses from investments	0	0	0	0
Gain or losses from revaluation from join and divesting	0	0	0	0
Funds created from profit – total	8 759	8 759	8 759	8 759
Legal reserve fund	8 759	8 759	8 759	8 759
Indivisible funds	0	0	0	0
Statutory funds and other funds	0	0	0	0
Retained profit or loss from previous years	260 349	278 397	72 858	404 811
Retained earnings from previous years	260 349	278 397	72 858	404 811
Retained earnings from previous years	0	0	0	0
Profit or loss for the accounting period	18 048	-205 539	331 953	23 049
Liabilities	919 065	795 987	609 911	812 096
Reserves – total	30 530	36 485	51 919	44 500
Legal reserves long term	0	0	0	0
Legal reserves short term	30 530	36 485	51 919	44 500
Other long-term reserves	0	0	0	0
Other short-term reserves	0	0	0	0
Long-term liabilities - total	348 223	118 520	185 276	223 658
Long-term trade liabilities – total	0	0	0	0
Net value of contract		0	0	0
Uninvoiced long-term supplies	0	0	0	0
Long-term liabilities to a controlled entity and a controlling entity	0	0	0	0
Other intercompany long-term liabilities	0	0	0	0
Long-term advances received	0	0	0	0
Long-term bills of exchange to a paid	0	0	0	0
Bonds issued	0	0	0	0
Liabilities from social fund	7 941	8 593	9 419	10 557
Other long-term liabilities	288 519	46 970	117 716	168 904
Deffered tax liability	51 763	62 957	58 141	44 197
Short-term liabilities - total	416 513	417 313	251 641	498 106
Trade liabilities	282 521	313 707	157 022	377 480
Net values of contract		0	0	0
Uninvoiced supplies	6 266	29	746	-2 267
Liabilities to a controlled entity and a controlling entity	0	0	0	0
Other intercompany liabilities	0	0	0	0
Liabilities to partners and participants in association	19 765	3 440	6 400	4 514
Liabilities to employees	42 512	35 495	37 303	40 714
Social security liabilities	27 341	40 816	29 668	32 652
Taxation and subsidies	25 804	11 778	13 435	43 018
Other liabilities	12 304	12 048	7 067	1 995
Short-term financial assistance	0	0	0	0
Bank loans	123 799	223 669	121 075	45 832
Long-term bank loans	0	0	0	0
Current bank loans	123 799	223 669	121 075	45 832
Prepayments - total	4 730	335	544	599
Accrued expenses long term	0	0	0	0
Accrued expenses short term	3 780	161	544	599
Deferred revenues long term	0	0	0	0
Deferred revenues short term	950	174	0	0
A. The enclosed profit/loss account of 2010 is originated from official source, we do not have information about the clause of the auditor. (31.12.2010 - 1 EUR) B. The enclosed profit/loss account of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR) C. The enclosed profit/loss account of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR) D. The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)

Profit loss account
profit/loss account	A 31.12.2010	B 31.12.2011			C 31.12.2012		D 31.12.2013
Revenue from the sale of merchandise	440 365	171 083			16 984		8 170
Cost of merchandise sold	303 624	105 942			7 747		6 073
Trade margin	136 741	65 141			9 237		2 097
Production	2 224 777	1 730 509			2 857 858		2 493 903
Revenue from the sale of own products and services	2 231 468	1 538 997			2 785 863		2 371 984
Change in inventory	-6 691	191 512			71 995		121 919
Own work capitalized	0	0			0		0
Purchased consumables and services	1 347 853	971 041			1 521 184		1 480 243
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	857 705	668 747			906 637		897 480
Services	490 148	302 294			614 547		582 763
Added value	1 013 665	824 609			1 345 911		1 015 757
Personnel expenses - total	837 180	859 867			969 403		971 993
Wages and salaries	615 932	624 932			705 026		707 842
Remuneration of board members	0	0			0		0
Social security expenses	196 249	208 064			234 656		235 988
Social expenses	24 999	26 871			29 721		28 163
Taxes and fees	10 626	9 708			10 959		10 784
Depreciation expense of intangible and tangible fixed assets	193 376	177 040			205 716		157 098
Revenues from sales of fixed assets and sales of materials	45 035	61 463			56 059		56 457
Net book value of fixed assets sold and material sold	0	0			0		0
Additions to and reversals of impairment losses	-659	0			1 394		9 144
Other operating revenues	87 567	40 578			137 258		113 923
Other operating expenses	23 528	53 427			12 248		15 365
Transfer of operating revenues	0	0			0		0
Transfer of operating expenses	0	0			0		0
Profit or loss from operations	82 216	-173 392			339 508		21 753
Revenues from sales of shares and ownership		0			0		0
Shares and ownership interests sold	0	0			0		0
Revenues from long-term financial assest	0	0			0		0
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	0	0			0		0
Revenues from other long-term ownership and shares	0	0			0		0
Revenues from other long-term financial assest	0	0			0		0
Revenues from short-term financial assest	0	0			0		0
Expenses for short-term financial assets	0	0			0		0
Revenues from revaluation of securities and revenues from derivative operations	0	0			0		0
Expenses for revaluation of securities and expenses for derivative operations	0	0			0		0
Reversal and creation of value adjustments for financial assets	0	0			0		0
Interest income	1	1			0		1
Interest expense	37 154	19 260			11 338		10 359
Exchange rate gains	144	0			0		0
Exchanges rate losses	1	7			1		13
Other financial revenues	0	0			0		0
Other financial expenses	1 675	1 687			1 031		2 277
Transfer of financial revenues	0	0			0		0
Transfer of financial expenses	0	0			0		0
Profit or loss from financial activities	-38 685	-20 953			-12 370		-12 648
Profit or loss from ordinary activities before tax	43 531	-194 345			327 138		9 105
Income tax on ordinary activities	25 483	11 194			-4 815		-13 944
- current	0	0			0		0
- deferred	25 483	11 194			-4 815		-13 944
Profit or loss from ordinary activities after tax	18 048	-205 539			331 953		23 049
Extraordinary revenues	0	0			0		0
Extraordinary expenses	0	0			0		0
Profit or loss from extraordinary activities before tax	0	0			0		0
Income tax on extraordinary activities	0	0			0		0
- current	0	0			0		0
- deferred	0	0			0		0
Profit or loss from extraordinary activities after tax	0	0			0		0
Profit or loss of the accounting period before tax	43 531	-194 345			327 138		9 105
Transfer of profit or loss to partners	0	0			0		0
Profit or loss of the accounting period after tax	18 048	-205 539			331 953		23 049
Receivables after due date
Liabilities after due date
Ratios			2010	2011		2012		2013

Return on total assets ROA (in %)	1,15	-14,44	22,15	1,34
Return on equity ROE (in %)	2,8	-32,76	37,36	2,56

Rentabilität der Einnahmen ROS (in %)	0,68	-12,02	11,84	0,97
Turnover of receivables (in days)	38,32	33,82	21,01	32,48

Turnover of liabilities (in days)	38,6	66,96	20,45	57,89
Turnover of inventories (days)	50,21	110	78,36	120

Net working capital	113593	38012	400335	479280
Ratio of accounts payable to accounts receivable	36,99	30,02	37,49	29,68

Ratio of profit/loss to tangible assets (in%)	33,85	43,12	25,63	28,86
Current ratio	1,21	1,06	2,07	1,88

Quick ratio	0,53	0,26	0,46	0,45
Cash ratio	0,01	0,01	0,02	0,05

Debt ratio I (in %)	58,9	55,93	40,73	47,41
Debt ratio II (in %)	58,6	55,91	40,69	47,38

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.21
Euro	1	Rs.77.45

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SHG

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.