MIRA INFORM REPORT

Report No. :	337316
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	QERCENT S. R. O.
Registered Office :	Eötvösa 1097/1, 945 01 Komárno
Country :	Slovakia
Financials (as on) :	31.12.2014
Date of Incorporation :	03.10.2011
Com. Reg. No.:	Sro 31233/N
Legal Form :	Limited liability company
Line of Business :	Other business support service activities [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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)
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. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) in 2004 and the Eurozone in 2009. The country’s banking sector is sound. Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.

Source : CIA

Company name and address

QERCENT S. R. O.

Eötvösa 1097/1, 945 01 Komárno

Phone: 035/7778783
E-Mail: m.bertova@bemacont.sk

Registration Details

Legal form

Limited liability company (Ltd.)

Established on	03/10/2011 - Limited liability company (Ltd.)
	Last entry in Business register

	22.02.2012
Registered on	20/10/2011, Okresný súd Nitra, RegNr.: Sro 31233/N Tax number: SK2023370778 Statistical number: 46398082

Capital

Registered capital	20/10/2011	EUR	5 000,00
Owner	Zoltán Szigeti Gazdovská ul. 779/34, 945 01 Komárno	EUR	5 000,00

Manager

Zoltán Szigeti
Gazdovská ul. 779/34, 945 01 Komárno
authorized to sign alone

General data

retail and wholesale, business activity

Main activity:

Other business support service activities

General contacts:

Phone:
035/7778783
E-Mail:
m.bertova@bemacont.sk

Residence address:

Eötvösa 1097/1, 945 01 Komárno
Beginning of validity: 22.02.2012

Klincová 37/B, 821 08 Bratislava
Beginning of validity: 20.10.2011
End of validity: 21.02.2012

Bank relations

bank relation is not known

Company development	Company development stagnative
Business course	satisfactory

Terms of payment	Mostly within agreed terms, but partly also delayed
Business connection	Providing credits require assurances. The establishing of the business connection is not rejected.

Employees

Employees

2014

0 employees

Financials

Annual turnover

2012

Enterprise turnover

EUR

81 787,-

2013	Enterprise turnover	EUR	186 848,-
2014	Enterprise turnover	EUR	213 265,-

Balance sheets	The enclosed balance of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 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 profit/loss account of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR) 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)

Remarks

Other informations are not available.

A. 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) B. 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) C. The enclosed balance of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)

balance	A 31.12.2012	B 31.12.2013	C 31.12.2014	D
Total assets	96 444	124 440	365 247
Non-current assets	0	0	0
Intangible fixed assets	0	0	0
Development expenses	0	0
Software	0	0
Valuable rights	0	0
Incorporation expenses
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	0	0	0
Lands	0	0
Constructions	0	0
Separate movable assets and sets of movable assets	0	0	0
Perennial crops	0	0
Breeding and draught animals	0	0
Other tangible fixed assets	0	0	0
Acquisition of tangible fixed assets	0	0
Advance payments for tangible fixed assets	0	0
Adjustment to acquired assets	0	0	0
Lands and Constructions			0
Long-term financial investments	0	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	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
Otherlong non-current financial assets with remaining maturity of up to one year			0
Shares			0
Current assets	96 444	124 440	365 247
Inventory - total	46 498	20 172	74 578
Material	0	0
Work-in-progress and semi-finished goods	0	0
Construction contracts where the expected time of completion exceeds one year
Finished products	0	0
Animals	0	0
Merchandise	46 498	20 172
Advance payments made for inventory	0	0
Long-term receivables – total	0	0	0
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	0
Deffered tax asset	0	0
Short - term receivables – total	49 236	101 972	279 087
Trade receivables	37 757	88 336	272 327
Net value of contract	0	0
Social security, taxation and subsidies			6 760
Other receivables			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	11 479	13 636
Other receivables	0	0
Financial accounts – total	710	2 296	11 582
Cash	513	170
Bank accounts	197	2 126
Bank accounts with notice period exceeding one year	0	0	0
Short-term financial assets	0	0
Acquisition of short-term financial assets	0	0
Cash and Bank accounts			11 582
Other financial accounts			0
Prepayments	0	0
Deferred expenses long term	0	0
Deferred expenses short term	0	0
Accrued revenues long term	0	0
Accrued revenues short term	0	0
Total capital and liabilities	96 444	124 440	365 247
Capital	-43 751	-132 605	-151 830
Registered capital - total	5 000	5 000	5 000
Registered capital – total	5 000	5 000
Own shares and own business shares	0	0
Change in registered capital	0	0
Registered capital and changes in registered capital			5 000
Receivables for subscriptions (for own equity capital)	0	0	0
Capital funds – total	0	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
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger	0	0
Funds created from profit – total	0	0	0
Legal reserve fund	0	0
Indivisible funds	0	0
Statutory funds and other funds	0	0
Differences from revaluation			0
Retained profit or loss from previous years	0	-48 930	-137 604
Retained earnings from previous years	0	0
Retained earnings from previous years	0	-48 930
Profit or loss for the accounting period	-48 751	-88 675	-19 226
Liabilities	140 195	257 045	517 077
Reserves – total	0	0
Legal provisions	0	0
Legal reserves short term	0	0
Other provisions	0	0
Other short-term reserves	0	0
Long-term liabilities - total	0	0	0
Long-term trade liabilities – total	0	0
Net value of contract	0	0
Long-term provisions			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	0	0
Other long-term liabilities	0	0
Deffered tax liability	0	0
Short-term liabilities - total	140 195	257 045	517 077
Trade liabilities	29 823	16 012	57 003
Net values of contract	0	0
Short-term provisions			0
Liabilities to employees and social security liabilities			0
Other short-term liabilities			459 114
Uninvoiced supplies	0	0
Liabilities to a controlled entity and a controlling entity	0	0
Other intercompany liabilities	0	0
Liabilities to partners and participants in association	110 372	241 033
Liabilities to employees	0	0
Social security liabilities	0	0
Taxation and subsidies	0	0	960
Other liabilities	0	0
Short-term financial assistance	0	0	0
Bank loans	0	0
Long-term bank loans	0	0	0
Current bank loans	0	0	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
A. 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) B. 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) C. The enclosed profit/loss account of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)

profit/loss account	A 31.12.2012	B 31.12.2013	C 31.12.2014	D
Revenue from the sale of merchandise	81 787	186 848	213 265
Operating income - total			213 247
Cost of merchandise sold	91 178	163 577	230 985
Trade margin	-9 391	23 271
Production	0	0
Revenue from the sale of own products and services	0	0	0
Operating expenses - total			235 721
Consumed raw materials, energy consumption, and consumption of other non-inventory supplies			0
Change in inventory	0	0	0
Own work capitalized	0	0	0
Purchased consumables and services	37 606	111 678
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	0	0
Services	37 606	111 678	4 496
Added value	-46 997	-88 407	-22 216
Personnel expenses - total	0	0	0
Wages and salaries	0	0
Remuneration of board members	0	0
Social security expenses	0	0
Social expenses	0	0
Taxes and fees	0	0	0
Depreciation expense of intangible and tangible fixed assets	0	0	0
Revenue from the sale of non-current intangible assets, property, plant and equipment, and raw materials	0	0	0
Net book value of fixed assets sold and material sold	0	0	0
Value adjustments to receivables	0	0	0
Other operating revenues	0	45	-18
Other operating expenses	8	3	240
Transfer of operating revenues	0	0
Transfer of operating expenses	0	0
Profit or loss from operations	-47 005	-88 365	-22 474
Revenues from sales of shares and ownership	0	0	0
Income from financial activities - total			6 685
Shares and ownership interests sold	0	0	0
Revenues from long-term financial assest	0	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	0
Expenses for short-term financial assets	0	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
Value adjustments to financial assets	0	0	0
Interest income	0	0	0
Interest expense	0	0	0
Exchange rate gains	650	1 889	6 685
Exchanges rate losses	1 733	1 438	448
Other financial revenues	0	0	0
Other financial expenses	663	761	2 029
Expenses related to financial activities - total			2 477
Transfer of financial revenues	0	0
Transfer of financial expenses	0	0
Profit or loss from financial activities	-1 746	-310	4 208
Profit or loss from ordinary activities before tax	-48 751	-88 675	-18 266
Income tax on ordinary activities	0	0
- current	0	0
- deferred	0	0
Profit or loss from ordinary activities after tax	-48 751	-88 675
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
Income tax			960
Profit or loss from extraordinary activities after tax	0	0
Profit or loss of the accounting period before tax	-48 751	-88 675
Transfer of profit or loss to partners	0	0	0
Profit or loss of the accounting period after tax	-48 751	-88 675	-19 226
Receivables after due date		0
Liabilities after due date		0

Ratios

	2012	2013	2014
Return on total assets ROA (in %)	-50,55	-71,26	-5,26

Return on equity ROE (in %)	111	66,87	12,66
Return on sales ROS (in %)	-59,61	-47,46	-9,02

Turnover of receivables (in days)	169	173	466
Turnover of liabilities (in days)	133	31,28	97,56

Turnover of inventories (days)	208	39,41	128
Net working capital	-43751	-132605	-151830

Ratio of accounts payable to accounts receivable	35,12	39,67	53,97
Ratio of profit/loss to tangible assets (in%)	0	0	0

Current ratio	0,69	0,48	0,71
Quick ratio	0,36	0,41	0,56

Cash ratio	0,01	0,01	0,02
Debt ratio I (in %)	145	207	142

Debt ratio sII (in %)

145

207

142

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.83
UK Pound	1	Rs.103.39
Euro	1	Rs.74.27

INFORMATION DETAILS

Analysis Done by :	KAS
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.