MIRA INFORM REPORT

Report No. :	334964
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	FRULIKA S.R.O.
Registered Office :	Pohorska´ 290, 382 41 Kaplice
Country :	Czech Republic
Financials (as on) :	31.12.2014
Date of Incorporation :	04.08.2004
Com. Reg. No.:	C 12590
Legal Form :	Private limited company
Line of Business :	Other professional, scientific and technical activities n.e.c. Manufacture and sale of fruit and vegetable components for further \ processing (for dairy and bakery production). Business activity.
No. of Employees :	50

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 and 2013, however, the economy fell into a recession again, due both to a slump in external demand in the EU and to the government’s austerity measures, returning to weak growth in 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 identification

Frulika s.r.o.		Telephone	00420/ 380 301 110
Pohorska´ 290		telefax	00420/ 380 301 149
382 41 Kaplice		e-mail	office@frulika.cz
Czech Republic		Web	www.frulika.cz
Crefo Nr.	9210643607	Registration:	Krajsky´ soud Ceske´ Budejoviceˇ
Statistical Nr.	26078082	Registration Nr.	C 12590
Tax Nr.	CZ26078082	Status	activ

Economic situation

Business connection	Business connections appear permissible	(31)
Terms of payment	No Complaints	(31)

Basic information

Legal form

Private limited company

Founded

04/08/2004 as Private limited company

Registration

04/08/2004, Krajsky´ soud Ceske Budejovice, C 12590 Statistical Nr.: 26078082

Tax Nr.: CZ26078082

Registered names

Valid from	Trade name(s)	Valid until
21/12/2009	Frulika s.r.o.
Valid from	Former name(s)	Valid until
04/08/2004	H&P BUDWEIS 6 spol. s r.o.	25/10/2004
25/10/2004	Rottal Bohemia s.r.o.	29/04/2009
03/09/2009	Rottal Bohemia s.r.o.	21/12/2009
29/04/2009	Rottal Bohemia s.r.o. v likvidaci	03/09/2009

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9214960771	Berglandmilch eGen	28/07/2014	18,000,000	CZK
	Schubertstrasse 30, Wels Austria
9212868377	Robert Poschl¨ (birth date 15/05/1969)	28/07/2014	2,430,000	CZK
	Desky 17, 382 41 Malonty Czech Republic
9214960841	Petra Lekesovˇa´ (birth date 12/05/1974)	28/07/2014	2,430,000	CZK
	Cejkovice 113, 373 41 Hluboka´ nad Vltavou Czech
	Republic
9214960844	Jaroslav Vanekˇ (birth date 19/11/1972)	28/07/2014	228,000	CZK
	Omlenickaˇ 86, 382 41 Omlenice Czech Republic
9214495047	Michael Valdauf (birth date 01/11/1973)	28/07/2014	228,000	CZK
	Sumavska´ 889, 382 41 Kaplice Czech Republic
9214960843	Milosˇ Michalec (birth date 08/01/1974)	28/07/2014	228,000	CZK
	Doln´ı 301, 370 06 Srubec Czech Republic
9214960842	Marek Jakl (birth date 11/05/1974)	28/07/2014	228,000	CZK
	103, 382 91 Malonty Czech Republic
9214338491	Michal Bohdal (birth date 13/11/1968)	28/07/2014	228,000	CZK
	Skoln´ı 520, 382 32 Veles´ınˇ Czech Republic
Total capital			24,000,000 CZK

Registered capital

Date	Currency	Value
04/08/2004	CZK	200,000
16/03/2010	CZK	24,000,000

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9212868376	Executive Manager	10/11/2009
	Ing. Josef Braunshofer(birth date 22/03/1963)
	Eisenreich - Dornach 56, 3300 Amstetten Austria
9214960841	Executive Manager	04/03/2010
	Petra Lekesovˇa(birth´ date 12/05/1974)
	ˇ
	Cejkovice 113, 373 41 Hluboka´ nad Vltavou Czech
	Republic
9212868377	Executive Manager	10/11/2009
	Robert Poschl(birth¨ date 15/05/1969)
	Desky 17, 382 41 Malonty Czech Republic

Company addresses

Valid from	Address	Valid until
21/12/2009	Pohorska´ 290, 382 41 Kaplice, Czech Republic
04/08/2004	V. Talicha 752/12, 370 05ˇ Ceske´ Budejovice,ˇ Czech Republic	25/10/2004
25/10/2004	245, 373 82 Borsovˇ nad Vltavou, Czech Republic	08/01/2008
08/01/2008	Zatkovo´ nabr.´ˇ 448/7, 370 01 Ceske´ Budejovice,ˇ Czech Republic	21/12/2009

Business activities

Main activity	Nace
Other professional, scientific and technical activities n.e.c.	74.90
Additional activities	Nace
Manufacture and sale of fruit and vegetable components for further \ processing (for dairy and bakery production). Business activity.

Economic data

Turnover and Employees

Date	Turnover		Employees
2009	0 CZK
2010	20,732,000	CZK	20
2011	114,154,000	CZK	31
2012	208,327,000	CZK	41
2013	250,197,000	CZK	46
2014	281,598,000	CZK	50
2015			50

The company is not registered in the Central register of executions

Import / Export

	Import	Export
Percentage	Unknown	Unknown
Countries	European Union	European Union

Properties

Name	Detail	Currency	Value
Business	Property of the company		Unknown
premises	Pohorska´ 290, Kaplice 382 41, Czech Republic

Supplementary data

Remarks

All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance insti-tutions, commercial bulletin, collection database of Creditreform and others) are currently monitored.

Business management:

Mr. Michael Valdauf, associate, mobile: 00420/ 606 733 376

Contact:

Ms. Herdova,´ administration, phone: 00420/ 380 301 121

Majority shareholder Berglandmilch eGen, Austria, has 1.114 employees.

Sales in 2013 amounted to EUR 860.386.000,– EUR

As of 21.12.2009, there was change to name, registered office and executives of the company.

The company Frulika s.r.o. started activities in year 2010..

Banks

Code		Bank name / Address	Account Nr.
8040	Oberbank AG pobocka ˇCeska´ republika		7000016530/8040
8040	Oberbank AG pobockaˇ ˇCeska´ republika ˇ		7081022528/8040

Main indices

Payment experience and credit opinion

Terms of payment	No Complaints	(31)
Business connection	Business connections appear permissible	(31)

Business development

Company development	Constant company development	(30)
Order situation	Satisfactory course of business	(31)

Events

No negative events registered.

Balances

Dec 31, 2014 The enclosed balance of 2014 from business register, -.

Dec 31, 2013 The enclosed balance of 2013 from business register, -.

Dec 31, 2012 The enclosed balance of 2012 from business register, -.

Dec 31, 2011 The enclosed balance of 2011 from business register, -.

					31/12/2014	31/12/2013		31/12/2012		31/12/2011
Name		Ref.			1000	1000		1000		1000
					CZK	CZK		CZK		CZK
					balance	balance		balance		balance
TOTAL ASSETS		r1			195,248	174,247		154,675		123,067
Receivables for subscriptions		r2			0	0		0		0
Fixed assets		r3			93,512	75,108		76,666		53,849
Intangible fixed assets		r4			0	0		174		697
Incorporation expenses		r5				0		0		0
Research and development		r6				0		0		0
Software		r7				0		174		697
Valuable rights		r8				0		0		0
Goodwill		r9				0		0		0
Other intangible fixed assets		r10				0		0		0
Intangible fixed assets under construction		r11				0		0		0
Advance payments for intangible fixed assets		r12				0		0		0
Tangible fixed assets		r13			93,512	75,108		76,492		53,152
Lands		r14			562	562		562		0
Constructions		r15			21,885	21,863		22,661		2,831
Equipment		r16			71,065	52,526		53,185		50,193
Perennial corps		r17				0		0		0
Breeding and draught animals		r18				0		0		0
Other tangible fixed assets		r19				0		0		0
Tangible fixed assets under construction		r20				57		84		128
Advance payments for tangible fixed assets		r21				100		0		0
Adjustment to acquired assets		r22				0		0		0
Long-term financial assets		r23			0	0		0		0
Shares in controlled and managed organizations		r24				0		0		0
Shares in accounting units with substantial influ-		r25				0		0		0
ence
Other securities and shares		r26				0		0		0
Loans to controlled and managed organizations		r27				0		0		0
and to accounting unit with substantial influence
Other financial investments		r28				0		0		0
Financial investments acquired		r29				0		0		0
Advance payments for long-term financial assets		r30				0		0		0
Current assets		r31			101,675	99,074		77,952		69,140
Inventory		r32			75,279	66,177		54,856		56,042
Materials		r33			69,356	58,363		49,745		48,979
Work in progress and semi-products		r34			444	386		466		817
Finished products		r35			5,479	7,428		4,645		6,246
Animals		r36				0		0		0
Merchandise		r37				0		0		0
Advance payments for inventory		r38				0		0		0
Trade receivables
Long-term receivables		r39			559	401		0		379
Trade receivables		r40				0		0		0
Receivables from controlled and managed orga-		r41				0		0		0
nizations
Receivables from accounting units with substan-		r42				0		0		0
tial influence
Receivables from partners, cooperative members		r43				0		0		0
and association members
Long-term deposits given		r44				0		0		0
Estimated receivable		r45				0		0		379
Other receivables		r46				0		0		0
Deferred tax receivable		r47			559	401		0		0
Short-term receivables		r48			25,679	24,562		18,472		7,497
Trade receivables		r49			22,318	21,456		15,928		5,375
Receivables from controlled and managed orga-		r50				0		0		0
nizations
Receivables from accounting units with substan-		r51				0		0		0
tial influence
Receivables from partners, cooperative members		r52				0		0		0
and association members
Receivables from social security and health insur-		r53				0		0		0
ance
Due from state - tax receivable		r54			3,342	3,124		2,593		2,116
Short-term deposits given		r55			2	0		0		0
Estimated receivable		r56			4	-45		-79		0
Other receivables		r57			13	27		30		6
Short-term financial assets		r58			158	7,934		4,624		5,222
Cash		r59			56	2		56		13
Bank accounts		r60			102	7,932		4,568		5,209
Short-term securities and ownership interests		r61				0		0		0
Short-term financial assets acquired		r62				0		0		0
Accruals		r63			61	65		57		78
Deferred expenses		r64			61	65		57		78
Complex deferred costs		r65				0		0		0
Deferred income		r66				0		0		0
TOTAL LIABILITIES		r67			195,248	174,247		154,675		123,067
Equity		r68			36,973	23,151		8,433		-160
Registered capital		r69			24,000	24,000		24,000		24,000
Registered capital		r70			24,000	24,000		24,000		24,000
Company’s own shares and ownership interests		r71				0		0		0
(-)
Changes of registered capital ( +/- )		r72				0		0		0
Capital funds		r73			0	0		0		0
Share premium		r74				0		0		0
Other capital funds		r75				0		0		0
Differences from revaluation of assets and liabili-			r76				0		0		0
ties ( +/- )
Differences from revaluation in transformation ( +/-			r77				0		0		0
)
Diferences from tranformation of companies ( +/-
)
Reserve funds, statutory reserve account for			r78	0			874		14		14
cooperatives, and other retained earnings
Legal reserve fund / indivisible fund			r79				874		14		14
Statutory and other funds			r80				0		0		0
Profit / loss - previous years			r81	-850			-16,439		-24,174		-18,846
Retained earnings from previous years			r82	23,324			7,735		0		0
Accumulated losses from previous years			r83	-24,174			-24,174		-24,174		-18,846
Other profit / loss - previous years
Profit / loss - current year (+/-)			r84	13,823			14,716		8,593		-5,328
Decided on advance for payment of a profit
share
Liabilities			r85	158,275			151,096		146,242		123,227
Reserves			r86	366			0		0		0
Reserves under special statutory regulations			r87				0		0		0
Reserves for pension and similar payables			r88				0		0		0
Income tax reserves			r89				0		0		0
Other reserves			r90	366			0		0		0
Long-term payables			r91	93,197			96,710		95,906		76,154
Trade payables			r92				0		0		0
Payables to controlled and managed organiza-			r93				0		0		0
tions
Payables to accounting units with substantial in-			r94				0		0		0
fluence
Payables from partners, cooperative members			r95	93,197			96,710		95,906		76,154
and association members
Long-term advances received			r96				0		0		0
Issues bonds			r97				0		0		0
Long-term notes payables			r98				0		0		0
Estimated payables			r99				0		0		0
Other payables			r100				0		0		0
Deferred tax liability			r101				0		0		0
Short-term payables			r102	31,789			26,965		19,555		16,945
Trade payables			r103	22,102			19,214		13,870		15,694
Payables to controlled and managed organiza-			r104				0		0		0
tions
Payables to accounting units with substantial in-			r105				0		0		0
fluence
Payables from partners, cooperative members	r106				4,114	4,114		3,771		0
and association members
Payroll	r107				1,383	996		753		620
Payables to social securities and health insurance	r108				617	500		393		347
Due from state - tax liabilities and subsidies	r109				2,923	1,699		79		0
Short-term deposits received	r110					0		0		0
Issues bonds	r111					0		0		0
Estimated payables	r112				650	442		689		284
Other payables	r113					0		0		0
Bank loans and financial accommodations	r114				32,923	27,421		30,781		30,128
Long-term bank loans	r115				0	0		0		0
Short-term bank loans	r116				32,923	27,421		30,781		30,128
Short-term accommodations	r117				0	0		0		0
Accruals	r118				0	0		0		0
Accrued expenses	r119					0		0		0
Deferred revenues	r120					0		0		0

Profit and loss accounts

		31/12/2014	31/12/2013	31/12/2012	31/12/2011
		1000	1000	1000	1000
Name	Ref.	CZK	CZK	CZK	CZK
		profit/loss	profit/loss	profit/loss	profit/loss
		account	account	account	account
Turnover	a1	281,598	250,197	208,327	114,154
Revenues from sold goods	a2	0	0	0	0
Expenses on sold goods	a3	0	0	0	0
Sale margin	a4	0	0	0	0
Production	a5	279,652	252,878	206,411	119,040
Revenues from own products and services	a6	281,598	250,197	208,327	114,154
Change in inventory of own products	a7	-1,946	2,681	-1,916	4,886
Capitalization	a8		0	0	0
Production consumption	a9	221,931	202,912	168,657	103,869
Consumption of material and energy	a10	205,072	187,124	152,766	91,052
Services	a11	16,859	15,788	15,891	12,817
Added value	a12	57,721	49,966	37,754	15,171
Personnel expenses	a13	25,435	20,256	17,820	11,471
Wages and salaries	a14	19,268	15,068	13,301	8,582
Renumeration of board members	a15		0	0	0
Social security expenses and health insurance	a16	5,913	5,025	4,462	2,889
Other social expenses	a17	254	163	57	0
Taxes and fees	a18	177	173	24	23
Depreciations of intangible and tangible assets	a19	11,186	9,190	8,553	6,474
Revenues from disposals of fixed assets and	a20	240	14,049	967	11,433
materials
Revenues from disposals of fixed assets	a21		0	40	40
Revenues from disposals of materials	a22	240	14,049	927	11,393
Net book value of disposed fixed assets and	a23	200	13,880	903	10,859
materials
Net book value of sold fixed assets	a24		0	108	0
Net book value of sold material	a25	200	13,880	795	10,859
Change in operating reserves and adjustments	a26	685	-453	2,015	295
and complex deferred costs ( + / - )
Other operating revenues	a27	867	819	1,818	791
Other operating expenses	a28	815	207	264	713
Transfer of operating revenues	a29		0	0	0
Transfer of operating expenses	a30		0	0	0
Operating profit / loss	a31	20,330	21,581	10,960	-2,440
Revenues from sales of securities and ownership	a32		0	0	0
interests
Sold securities and ownership interests	a33		0	0	0
Revenues from long-term financial assets	a34		0	0	0
Revenues from shares in controlled and managed	a35		0	0	0
organizations and in accounting units with sub-
stantial influence
Revenues from others securities and ownership	a36		0	0	0
interests
Revenues from other long-term financial assets	a37		0	0	0
Revenues from short-term financial assets	a38		0	0	0
Expenses associated with financial assets	a39		0	0	0
Revenues from revaluation of securities and	a40		0	0	0
derivatives
Cost of revaluation of securities and derivatives	a41		0	0	0
Change in financial reserves and adjustments ( +	a42		0	0	0
/ - )
Interest revenues	a43	0	0	4	1
Interest expenses	a44	2,088	2,195	1,930	1,454
Other financial revenues	a45	955	3,300	2,567	1,992
Other financial expenses	a46	2,006	6,793	3,008	3,427
Transfer of financial revenues	a47		0	0	0
Transfer of financial expenses	a48		0	0	0
Profit / loss from financial operations ( trans-	a49	-3,139	-5,688	-2,367	-2,888
actions )
Income tax on ordinary income	a50	3,368	1,177	0	0
Due tax	a51	3,526	1,578	0	0
Tax deferred	a52	-158	-401	0	0
Operating profit / loss ordinary activity	a53	13,823	14,716	8,593	-5,328
Extraordinary revenues	a54		0	0	0
Extraordinary expenses	a55		0	0	0
Income tax on extraordinary income	a56	0	0	0	0
Due tax	a57		0	0	0
Tax deferred	a58		0	0	0
Operating profit / loss extraordinary activity	a59	0	0	0	0
Transfer profit ( loss ) to partners (+/-)	a60		0	0	0
Profit / loss of current accounting period (+/-)	a61	13,823	14,716	8,593	-5,328
Profit / loss before tax (+/-)	a62	17,191	15,893	8,593	-5,328
Operating cash flow
Investment cash flow
Financial cash flow
Receivables after due date total		9,610	9,582
Receivables more than 360 days after due date
Receivables more than 180 days after due date		0	0	0	0
Receivables more than 90 days after due date
Receivables more than 60 days after due date
Receivables more than 30 days after due date
Receivables less than 30 days after due date
Liabilities after due date total		1,860	588
Liabilities more than 360 days after due date		0	0
Liabilities more than 180 days after due date				0	0
Liabilities more than 90 days after due date
Liabilities more than 60 days after due date
Liabilities more than 30 days after due date
Liabilities less than 30 days after due date

Financial Ratios

Name	Ref.	31/12/2014	31/12/2013	31/12/2012	31/12/2011
Return on total assets ROA (in %)	1	8.80	9.12	5.56	-4.33
Return on equity ROE (in %)	2	46.50	68.65	101.90	3330.00
Return on sales ROS (in %)	3	6.10	6.35	4.12	-4.67
Turnover of receivables (in days)	4	28.93	31.30	27.91	17.19
Turnover of liabilities (in days)	5	28.65	28.03	24.30	50.18
Turnover of inventories (days)	6	97.57	96.54	96.11	179.19
Net working capital (in ths. CZK)	7	36963.00	44688.00	27616.00	22067.00
Ratio of accounts payable to accounts receivable	8	20.99	20.18	16.00	8.46
(in %)
Ratio of profit/loss to tangible assets (in%)	9	33.21	30.02	36.80	47.17
Current ratio	10	1.57	1.82	1.55	1.47
Quick ratio	11	0.40	0.60	0.46	0.27
Cash ratio	12	0.00	0.15	0.09	0.11
Debt ratio I (in %)	13	81.06	86.71	94.55	100.13
Debt ratio II (in %)	14	81.06	86.71	94.55	100.13

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

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.