MIRA INFORM REPORT

Report No. :	335858
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	LEVIOR S.R.O.

Registered Office :	Č.P. 900, 751 02 Troubky

Country :	Czech Republic

Financials (as on) :	31.12.2013

Date of Incorporation :	19.08.1994

Com. Reg. No.:	C 7320

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of hardware, plumbing and heating equipment and supplies

No. of Employee :	55

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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

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 name and address

LEVIOR S.R.O.

Č.P. 900, 751 02 Troubky

telephone: 00420/ 581 746 256 - 8
telefax: 00420/ 581 746 255
e-mail: levior@levior.cz
Web: www.levior.cz

Company details

Legal form

Private limited company

Foundation	19/08/1994 - Private limited company
Comp. Register	19/08/1994, Krajský soud v Ostravě, RegNr.: C 7320 Statistical number: 61973939 Tax number: CZ61973939

Share Capital	19/08/1994	CZK	500 000,-
Shareholders	Ing. Ondřej Marek (14.01.1965) Kokory 396, 751 05 Kokory	CZK	450 000,-

LEVIOR TOOLS s.r.o. (Statistical number: 03795641)
Troubky 900, 751 02 Troubky nad Bečvou

CZK

50 000,-

Management

Ing. Ondřej Marek (14.01.1965)
Kokory 396, 751 05 Kokory
Executive Manager

Lenka Brázdová (10.10.1967)
Havlíčkova 506, 751 03 Brodek u Přerova
confidential clerk

General Data

Business activity with building equipment, tools, measuring instruments,
ironmongery and gardening equipment.

Main activity:

Wholesale of hardware, plumbing and heating equipment and supplies

Former name(s)
TEMP s.r.o.
Beginning of validity: 19.08.1994
End of validity: 03.01.2001

Trade name(s)

LEVIOR s.r.o.
Beginning of validity: 03.01.2001

Export:

Croatia
Hungary
Poland
Slovakia

45%

Import:

Austria
China
Germany
Italy
South Korea

General contacts:

telephone:
00420/ 581 746 256 - 8
telefax:
00420/ 581 746 255
e-mail:
levior@levior.cz
Web:
www.levior.cz

Address:

č.p. 900, 751 02 Troubky
Beginning of validity: 10.06.2004

čp. 381, 751 05 Kokory
Beginning of validity: 03.01.2001
End of validity: 10.06.2004

Kokory, správní budova ZD Beginning of validity: 19.08.1994 End of validity: 03.01.2001
2005	20 employees

2008	40 employees
2009	43 employees

2011	43 employees
2012	49 employees

2013	55 employees
2015	55 employees

Annual Sales

2004	actual sales	CZK	211 260 000,-
2005	actual sales	CZK	256 468 000,-

2006	actual sales	CZK	304 417 000,-
2007	actual sales	CZK	400 356 000,-

2008	actual sales	CZK	450 042 000,-
2009	actual sales	CZK	387 112 000,-

2010	actual sales	CZK	423 787 000,-
2011	actual sales	CZK	461 920 000,-

2012	actual sales	CZK	487 905 000,-
2013	actual sales	CZK	498 392 000,-

2014	actual sales	CZK	520 000 000,-
The company is not registered in the Central register of executions.

Balance sheets	The enclosed balance of 2013 from business register, -. (31.12.2013 - 1 CZK) The enclosed balance of 2012 from business register, it is authenticated by the auditor. (31.12.2012 - 1 CZK) The enclosed balance of 2011 company's own data, it is authenticated by the auditor. (31.12.2011 - 1 CZK)
	The enclosed profit/loss account of 2013 from business register, -. (31.12.2013 - 1 CZK) The enclosed profit/loss account of 2012 from business register, it is authenticated by the auditor. (31.12.2012 - 1 CZK) The enclosed profit/loss account of 2011 company's own data, it is authenticated by the auditor. (31.12.2011 - 1 CZK)


Remarks

The final accounts for the year 2014 are not available yet.

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

Further participations: Ing. Ondřej Marek
- Mikasa plus s.r.o., in insolvency proceedings, IČ 24784184, share 100%
- Codex Vetus s.r.o., IČ 25843508, executive head, share 33,3%
- Areál Jaslo Hranice s.r.o., IČ 01725955, executive head, share 50%
- 09 AGRA Přerov spol. s r.o., IČ 257 29 799, executive head, share 50%

The company PREKONA Přerov spol. s r.o., IČ 25511734, Trouky 900,
was divided by split-off and merger of the off-splitted part of property with
the company LEVIOR s.r.o., IČ 61973939, Troubky 900, 751 02, as
successor company nr. 1 and the company 09 AGRA Přerov spol. s r.o.,
Troubky 900, 751 02, IČ 25729799, as successor company nr. 2,
according to Project on division from 20.6.2012, approved on 22.8.2012.
Determining day of the transaction: 1.1.2012.

By resolution of the Regional Court in Ostrava, branch office of Olomouc,
from 26.11.2014, nr. 30 Cm 78/2014 - 385, which acquired legal force
on 1.12.2014, the decision of the company RSCG SE, Bratislava,
Zámocká 30, 811 01, Slovakia, IČ 45002827, as sole associate of
the company LEVIOR s.r.o., Troubky 900, 751 02, IČ 61973939 from
26.6.2014 was invalidated. The invalidated decision versioned:
1. The current executive head of the company, Ing. Ondřej Marek,
is suspended and as the new executive head will be established
Michal Maňák, born on 26.9.1974, pers.nr. 740926/0067, settled at:
Praha 10, 28.pluku 1031/56.
2. The current confidential clerk, Mrs. Lenka Brázdová, is suspended
from her function.

According to information of Mrs. Gromesová, in some sources, there is
mentioned a premises at the address Tovačovská 924, 750 02 Přerov I
- Město. In the reality, it is the address of the registered office.

Contact:
Jana Gromesová, external chief-accountant,
phone: 00420/ 581 746 256, e-mail: jana.gromesova@levior.cz
Lenka Brázdová, accountant - phone: 00420/ 581 292 414

Bankers

Komerční banka, a.s.
Account number: 86-7180840227/0100
Account number: 000086-7180900277/0100

Česká spořitelna, a. s.
Account number: 218202/0800
Account number: 000000-0001350352/0800

Komerční banka, a.s.
Account number: 000107-1895890247/0100

Financials

	balance	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)	31.12.2013 (CZK)
r1	TOTAL ASSETS	314 209 000	374 033 000	480 727 000	441 321 000
r2	Receivables for subscriptions	0	0	0	0
r3	Fixed assets	20 517 000	48 653 000	81 219 000	92 173 000
r4	Intangible fixed assets	31 000	43 000	43 000	16 000
r5	Incorporation expenses				0
r6	Research and development				0
r7	Software	31 000	31 000	31 000	4 000
r8	Valuable rights		12 000	12 000	12 000
r9	Goodwill				0
r10	Other intangible fixed assets				0
r11	Intangible fixed assets under construction				0
r12	Advance payments for intangible fixed assets				0
r13	Tangible fixed assets	19 951 000	19 535 000	50 121 000	48 232 000
r14	Lands	2 048 000	2 048 000	4 274 000	4 274 000
r15	Constructions	13 612 000	13 421 000	19 372 000	18 403 000
r16	Equipment	3 803 000	3 497 000	4 064 000	4 048 000
r17	Perennial corps			75 000	59 000
r18	Breeding and draught animals				0
r19	Other tangible fixed assets				0
r20	Tangible fixed assets under construction	488 000	569 000	5 400 000	5 640 000
r21	Advance payments for tangible fixed assets				0
r22	Adjustment to acquired assets			16 936 000	15 808 000
r23	Long-term financial assets	535 000	29 075 000	31 055 000	43 925 000
r24	Shares in controlled and managed organizations				0
r25	Shares in accounting units with substantial influence				0
r26	Other securities and shares				0
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence				0
r28	Other financial investments	535 000	29 075 000	31 055 000	43 925 000
r29	Financial investments acquired				0
r30	Advance payments for long-term financial assets				0
r31	Current assets	292 060 000	324 500 000	399 065 000	348 406 000
r32	Inventory	196 031 000	260 173 000	259 335 000	198 227 000
r33	Materials				0
r34	Work in progress and semi-products				0
r35	Finished products				0
r36	Animals				0
r37	Merchandise	196 031 000	260 173 000	259 335 000	198 227 000
r38	Advance payments for inventory				0
r39	Long-term receivables	0	0	0	0
r40	Trade receivables				0
r41	Receivables from controlled and managed organizations				0
r42	Receivables from accounting units with substantial influence				0
r43	Receivables from partners, cooperative members and association members				0
r44	Long-term deposits given				0
r45	Estimated receivable				0
r46	Other receivables				0
r47	Deferred tax receivable				0
r48	Short-term receivables	116 424 000	133 148 000	136 809 000	149 420 000
r49	Trade receivables	98 382 000	117 260 000	118 075 000	119 011 000
r50	Receivables from controlled and managed organizations				0
r51	Receivables from accounting units with substantial influence				0
r52	Receivables from partners, cooperative members and association members				0
r53	Receivables from social security and health insurance				0
r54	Due from state - tax receivable				0
r55	Short-term deposits given	15 773 000	15 657 000	8 716 000	23 154 000
r56	Estimated receivable	1 000	145 000	3 112 000	7 182 000
r57	Other receivables	2 268 000	86 000	6 906 000	73 000
r58	Short-term financial assets	-20 395 000	-68 821 000	2 921 000	759 000
r59	Cash	93 000	48 000	969 000	252 000
r60	Bank accounts	-20 488 000	-68 869 000	1 952 000	507 000
r61	Short-term securities and ownership interests				0
r62	Short-term financial assets acquired				0
r63	Accruals	1 632 000	880 000	443 000	742 000
r64	Deferred expenses	1 632 000	880 000	443 000	742 000
r65	Complex deferred costs				0
r66	Deferred income				0
r67	TOTAL LIABILITIES	314 209 000	374 033 000	480 727 000	441 321 000
r68	Equity	256 032 000	315 608 000	362 357 000	357 150 000
r69	Registered capital	500 000	500 000	500 000	500 000
r70	Registered capital	500 000	500 000	500 000	500 000
r71	Company’s own shares and ownership interests (-)				0
r72	Changes of registered capital ( +/- )				0
r73	Capital funds	160 855 000	218 917 000	237 951 000	191 383 000
r74	Share premium				0
r75	Other capital funds	160 855 000	218 917 000	221 015 000	174 447 000
r76	Differences from revaluation of assets and liabilities ( +/- )				0
r77	Differences from revaluation in transformation ( +/- )			16 936 000	16 936 000
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	50 000	50 000	50 000	50 000
r79	Legal reserve fund / indivisible fund	50 000	50 000	50 000	50 000
r80	Statutory and other funds				0
r81	Profit / loss - previous years	94 146 000	94 627 000	99 478 000	123 856 000
r82	Retained earnings from previous years	94 146 000	94 627 000	99 478 000	123 856 000
r83	Accumulated losses from previous years				0
r84	Profit / loss - current year (+/-)	481 000	1 514 000	24 378 000	41 361 000
r85	Liabilities	58 177 000	58 425 000	118 370 000	84 171 000
r86	Reserves	450 000	450 000	450 000	450 000
r87	Reserves under special statutory regulations				0
r88	Reserves for pension and similar payables				0
r89	Income tax reserves				0
r90	Other reserves	450 000	450 000	450 000	450 000
r91	Long-term payables	946 000	1 077 000	1 132 000	1 188 000
r92	Trade payables				0
r93	Payables to controlled and managed organizations				0
r94	Payables to accounting units with substantial influence				0
r95	Payables from partners, cooperative members and association members				0
r96	Long-term advances received				0
r97	Issues bonds				0
r98	Long-term notes payables				0
r99	Estimated payables				0
r100	Other payables	946 000	1 077 000	1 132 000	1 188 000
r101	Deferred tax liability				0
r102	Short-term payables	32 780 000	33 945 000	45 789 000	35 757 000
r103	Trade payables	25 186 000	26 914 000	34 751 000	16 248 000
r104	Payables to controlled and managed organizations				0
r105	Payables to accounting units with substantial influence				0
r106	Payables from partners, cooperative members and association members				0
r107	Payroll	4 888 000	1 580 000	867 000	1 037 000
r108	Payables to social securities and health insurance	358 000	414 000	478 000	570 000
r109	Due from state - tax liabilities and subsidies	-299 000	1 823 000	6 803 000	7 638 000
r110	Short-term deposits received	364 000	-1 000	150 000	162 000
r111	Issues bonds				0
r112	Estimated payables	585 000	3 215 000	2 738 000	6 569 000
r113	Other payables	1 698 000		2 000	3 533 000
r114	Bank loans and financial accommodations	24 001 000	22 953 000	70 999 000	46 776 000
r115	Long-term bank loans	24 001 000	22 953 000	5 420 000	3 000 000
r116	Short-term bank loans	0	0	65 579 000	43 776 000
r117	Short-term accommodations	0	0	0	0
r118	Accruals	0	0	0	0
r119	Accrued expenses				0
r120	Deferred revenues				0
	profit/loss account	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)	31.12.2013 (CZK)
a1	Turnover	423 787 000	461 920 000	487 905 000	498 392 000
a2	Revenues from sold goods	421 118 000	460 895 000	486 457 000	496 935 000
a3	Expenses on sold goods	340 602 000	378 938 000	388 293 000	385 691 000
a4	Sale margin	80 516 000	81 957 000	98 164 000	111 244 000
a5	Production	2 669 000	1 065 000	1 448 000	1 457 000
a6	Revenues from own products and services	2 669 000	1 025 000	1 448 000	1 457 000
a7	Change in inventory of own products				0
a8	Capitalization		40 000		0
a9	Production consumption	28 601 000	31 576 000	45 733 000	37 740 000
a10	Consumption of material and energy	3 015 000	4 163 000	3 706 000	3 613 000
a11	Services	25 586 000	27 413 000	42 027 000	34 127 000
a12	Added value	54 584 000	51 446 000	53 879 000	74 961 000
a13	Personnel expenses	50 389 000	48 229 000	18 436 000	20 954 000
a14	Wages and salaries	45 966 000	43 484 000	13 635 000	15 535 000
a15	Renumeration of board members				0
a16	Social security expenses and health insurance	4 182 000	4 501 000	4 522 000	5 108 000
a17	Other social expenses	241 000	244 000	279 000	311 000
a18	Taxes and fees	27 000	87 000	174 000	185 000
a19	Depreciations of intangible and tangible assets	177 000	857 000	1 533 000	2 167 000
a20	Revenues from disposals of fixed assets and materials	51 000	121 000	320 000	516 000
a21	Revenues from disposals of fixed assets	43 000	120 000		502 000
a22	Revenues from disposals of materials	8 000	1 000	320 000	14 000
a23	Net book value of disposed fixed assets and materials	0	120 000	0	541 000
a24	Net book value of sold fixed assets		120 000		541 000
a25	Net book value of sold material				0
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )	0	-2 726 000	0	0
a27	Other operating revenues	716 000	101 000	340 000	858 000
a28	Other operating expenses	2 093 000	5 851 000	5 036 000	2 578 000
a29	Transfer of operating revenues				0
a30	Transfer of operating expenses				0
a31	Operating profit / loss	2 665 000	-750 000	29 360 000	49 910 000
a32	Revenues from sales of securities and ownership interests				0
a33	Sold securities and ownership interests				0
a34	Revenues from long-term financial assets				0
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence				0
a36	Revenues from others securities and ownership interests				0
a37	Revenues from other long-term financial assets				0
a38	Revenues from short-term financial assets				0
a39	Expenses associated with financial assets				0
a40	Revenues from revaluation of securities and derivatives				0
a41	Cost of revaluation of securities and derivatives				0
a42	Change in financial reserves and adjustments ( + / - )				0
a43	Interest revenues	24 000	156 000	2 975 000	3 450 000
a44	Interest expenses	3 343 000	2 242 000	2 199 000	1 668 000
a45	Other financial revenues	15 166 000	19 717 000	16 979 000	9 524 000
a46	Other financial expenses	13 931 000	14 740 000	16 484 000	9 752 000
a47	Transfer of financial revenues				0
a48	Transfer of financial expenses				0
a49	Profit / loss from financial operations ( transactions )	-2 084 000	2 891 000	1 271 000	1 554 000
a50	Income tax on ordinary income	100 000	627 000	6 253 000	10 103 000
a51	Due tax	100 000	627 000	6 253 000	10 103 000
a52	Tax deferred				0
a53	Operating profit / loss ordinary activity	481 000	1 514 000	24 378 000	41 361 000
a54	Extraordinary revenues				0
a55	Extraordinary expenses				0
a56	Income tax on extraordinary income				0
a57	Due tax				0
a58	Tax deferred				0
a59	Operating profit / loss extraordinary activity	0	0	0	0
a60	Transfer profit ( loss ) to partners (+/-)				0
a61	Profit / loss of current accounting period (+/-)	481 000	1 514 000	24 378 000	41 361 000
a62	Profit / loss before tax (+/-)	581 000	2 141 000	30 631 000	51 464 000
	Receivables after due date total	60 693 000	69 372 000	67 207 000	65 944 000
	Receivables more than 180 days after due date	8 542 000	7 394 000	11 252 000	9 022 000
	Liabilities after due date total	11 066 000	16 445 000	17 528 000	10 105 000
	Liabilities more than 180 days after due date	0	0	0	-587 000

Balance indices		31.12.2010	31.12.2011	31.12.2012	31.12.2013
Return on total assets ROA (in %)	a62/r1 * 100	0,18	0,57	6,37	11,66
Return on equity ROE (in %)	a62/r68 * 100	0,23	0,68	8,45	14,41
Return on sales ROS (in %)	a62/a1 * 100	0,14	0,46	6,28	10,33
Turnover of receivables (in days)	r49/a1 * 365	84,73	92,66	88,33	87,16
Turnover of liabilities (in days)	r103/a1 * 365	21,69	21,27	26,00	11,90
Turnover of inventories (days)	r32/a1 * 365	168,84	205,58	194,01	145,17
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	259 280,00	290 555,00	287 697,00	268 873,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	345,21	380,18	291,57	404,44
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	4,84	10,53	16,65	18,49
Current ratio	r31 / (r102+r116+r117)	8,91	9,56	3,58	4,38
Quick ratio	(r58+r48) / (r102+r116+r117)	2,93	1,90	1,25	1,89
Cash ratio	r58 / (r102+r116+r117)	-0,62	-2,03	0,03	0,01
Debt ratio I (in %)	(1-r68/r67) * 100	18,52	15,62	24,62	19,07
Debt ratio II (in %)	r85/r67 * 100	18,52	15,62	24,62	19,07

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.12
UK Pound	1	Rs.101.62
Euro	1	Rs.72.56

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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.