MIRA INFORM REPORT

Report No. :	355305
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	INNOVATRICS, S.R.O.
Registered Office :	Pri Vinohradoch 82, 831 06 Bratislava
Country :	Slovakia
Financials (as on) :	30.11.2014
Date of Incorporation :	15.02.2011
Com. Reg. No.:	39481/B
Legal Form :	Limited Liability Company
Line of Business :	Computer Programming Activities.
No. of Employees :	18 Employees

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)
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

INNOVATRICS, S.R.O.

Pri vinohradoch 82,
831 06 Bratislava

Phone: 02/20714056
Telefax: 02/33016320
E-Mail: info@fingera.com
Web: www.fingera.com

Company Summary

Legal form

Limited liability company (Ltd.)

Established on	06/02/2006 - Limited liability company (Ltd.)
	Last entry in Business register

	15.02.2011
Registered on	17/02/2006, Okresný súd Bratislava 1, RegNr.: Sro 39481/B Tax number: SK2022139537 Statistical number: 36280712

Registered capital		17/02/2006		EUR	6 638,78
	16/02/2010		EUR			6 640,00

Owner	Ján Lunter Pri vinohradoch 6387/82, 831 06 Bratislava		EUR	6 640,00
Manager		Ján Lunter Pri vinohradoch 6387/82, 831 06 Bratislava authorized to sign alone

General data	complete biometric time & attendance and access control package FINGERA - over 350 installations in Slovakia and the Czech Republic References: The Constitutional Court of Slovak Republic 2 district courts in Slovakia Lenovo Unimedia FANY Gastroservis s.r.o. AED project, a.s. Bohemia Bike, a.s. Glogster, a.s. ACEMA Credit Czech, a.s. QUIDO BERGMANN, spol. s r.o. Kasper Metal spol. s r. o.
	Main activity: Computer programming activities	(62.01)

General contacts:
Phone:
02/20714056
Telefax:
02/33016320
Web:
www.fingera.com

Residence address:
Pri vinohradoch 82, 831 06 Bratislava
Beginning of validity: 16.02.2010
E-Mail:
info@fingera.com

		Pionierska 15, 831 02 Bratislava Beginning of validity: 17.02.2006 End of validity: 15.02.2010
Employees	2013		14 employees

2014	18 employees
2015	18 employees

Annual turnover	2012	Enterprise turnover	EUR	1 701 168,-
	2013	Enterprise turnover	EUR	2 486 150,-

	2014	Enterprise turnover	EUR	2 669 085,-
Balance sheets

Bank relations

VÚB a.s.:

Company development	Company development positive
Business course	good

Terms of payment	As far as known, prompt
Business connection	Credits and the establishing of the business connection are allowed.

Financials Details

A. The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (30.11.2012 - 1 EUR)
B. The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (30.11.2013 - 1 EUR)
C. The enclosed balance of 2014 is originated from official source, we do not have information about the clause of the auditor. (30.11.2014 - 1 EUR)

balance	A 30.11.2012	B 30.11.2013	C 30.11.2014	D
Total assets	2 206 464	3 210 121	4 210 064
Non-current assets	112 568	217 239	408 683
Intangible fixed assets	46 120	16 204	17 471
Development expenses	0	0	0
Software	0	0	0
Valuable rights	16 204	16 204	14 958
Incorporation expenses
Goodwill	0	0	0
Other intangible fixed assets	0	0	0
Acquisition of intangible fixed assets	29 916	0	2 513
Advance payments for intangible fixed assets	0	0	0
Tangible fixed assets – total	66 448	201 035	391 212
Lands	0	0	0
Constructions	38 864	37 529	336 859
Separate movable assets and sets of movable assets	27 060	18 464	53 143
Perennial crops	0	0	0
Breeding and draught animals	0	0	0
Other tangible fixed assets	0	0	0
Acquisition of tangible fixed assets	524	107 541	1 210
Advance payments for tangible fixed assets	0	37 501	0
Adjustment to acquired assets	0	0	0
Long-term financial investments	0	0	0
Shares and ownership interests with control influence in enterprises	0	0	0
Shares and ownership interests with substantial influence of enterprises	0	0	0
Other long-term shares and ownership interests	0	0	0
Intercompany loans	0	0	0
Other long-term financial investments	0	0	0
Loans with maturity up to one year	0	0	0
Acquisition of long-term financial investments	0	0	0
Advance payments for long-term assets	0	0	0
Current assets	2 087 029	2 983 705	3 768 021
Inventory - total	107 781	76 925	89 625
Material	0	278	278
Work-in-progress and semi-finished goods	0	0	0
Construction contracts where the expected time of completion exceeds one year
Finished products	0	0	0
Animals	0	0	0
Merchandise	107 781	76 647	89 347
Advance payments made for inventory	0	0	0
Long-term receivables – total	0	0	0
Trade receivables	0	0	0
Net value of contract	0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0
Other intercompany receivables	0	0	0
Receivables from participants, members and association	0	0	0
Other receivables	0	0	0
Deffered tax asset	0	0	0
Short - term receivables – total	1 146 379	1 029 866	743 960
Trade receivables	914 028	785 526	518 088
Net value of contract	0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0
Other intercompany receivables	0	0	0
Receivables from participants, members and association	150 871	182 443	174 048
Social security	0	0	0
Taxation and subsidies	70 222	59 876	42 860
Other receivables	11 258	2 021	8 964
Financial accounts – total	832 869	1 876 914	2 934 436
Cash	133 034	111 225	75 671
Bank accounts	699 835	1 765 689	2 858 765
Bank accounts with notice period exceeding one year	0	0	0
Short-term financial assets	0	0	0
Acquisition of short-term financial assets	0	0	0
Prepayments	6 867	9 177	33 360
Deferred expenses long term	0	0	0
Deferred expenses short term	6 867	9 177	33 360
Accrued revenues long term	0	0	0
Accrued revenues short term	0	0	0
Total capital and liabilities	2 206 464	3 210 121	4 210 064
Capital	1 685 445	2 263 688	2 485 882
Registered capital - total	6 640	6 640	6 640
Registered capital – total	6 640	6 640	6 640
Own shares and own business shares	0	0	0
Change in registered capital	0	0	0
Receivables for subscriptions (for own equity capital)	0	0	0
Capital funds – total	0	0	0
Share premium	0	0	0
Other capital funds	0	0	0
Legal reserve fund (Non-distributable fund) from capital contributions	0	0	0
Gains or losses from revaluation of assets and liabilities	0	0	0
Gains or losses from investments	0	0	0
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger	0	0	0
Funds created from profit – total	664	664	664
Legal reserve fund	664	664	664
Indivisible funds	0	0	0
Statutory funds and other funds	0	0	0
Retained profit or loss from previous years	1 133 039	1 691 853	1 944 236
Retained earnings from previous years	1 133 039	1 691 853	1 944 236
Retained earnings from previous years	0	0	0
Profit or loss for the accounting period	545 102	564 531	534 342
Liabilities	448 285	629 692	570 962
Reserves – total	0	0	9 921
Legal provisions	0	0	0
Legal reserves short term	0	0	0
Other provisions	0	0	0
Other short-term reserves	0	0	9 921
Long-term liabilities - total	1 164	1 243	6 675
Long-term trade liabilities – total	0	0	0
Net value of contract	0	0	0
Uninvoiced long-term supplies	0	0	0
Long-term liabilities to a controlled entity and a controlling entity	0	0	0
Other intercompany long-term liabilities	0	0	0
Long-term advances received	0	0	0
Long-term bills of exchange to a paid	0	0	0
Bonds issued	0	0	0
Liabilities from social fund	1 164	1 243	1 699
Other long-term liabilities	0	0	0
Deffered tax liability	0	0	4 976
Short-term liabilities - total	446 329	628 449	554 366
Trade liabilities	296 468	455 788	390 331
Net values of contract	0	0	0
Uninvoiced supplies	87 101	124 438	116 605
Liabilities to a controlled entity and a controlling entity	0	0	0
Other intercompany liabilities	0	0	0
Liabilities to partners and participants in association	392	0	0
Liabilities to employees	5 867	16 103	19 950
Social security liabilities	5 226	11 747	19 600
Taxation and subsidies	47 261	13 247	388
Other liabilities	4 014	7 126	7 492
Short-term financial assistance	0	0	0
Bank loans	792	0	0
Long-term bank loans	0	0	0
Current bank loans	792	0	0
Prepayments - total	72 734	316 741	1 153 220
Accrued expenses long term	0	0	0
Accrued expenses short term	0	0	0
Deferred revenues long term	0	0	0
Deferred revenues short term	72 734	316 741	1 153 220
A. The enclosed profit/loss account of 2012 is originated from official source, we do not have information about the clause of the auditor. (30.11.2012 - 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. (30.11.2013 - 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. (30.11.2014 - 1 EUR)

profit/loss account	A 30.11.2012	B 30.11.2013	C 30.11.2014	D
Revenue from the sale of merchandise	220 107	174 959	232 839
Cost of merchandise sold	65 623	159 216	157 994
Trade margin	154 484	15 743	74 845
Production	1 481 061	2 311 191	2 436 246
Revenue from the sale of own products and services	1 481 061	2 311 191	2 436 246
Change in inventory	0	0	0
Own work capitalized	0	0	0
Purchased consumables and services	794 300	1 166 051	1 311 201
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	45 184	81 334	97 170
Services	749 116	1 084 717	1 214 031
Added value	841 245	1 160 883	1 199 890
Personnel expenses - total	84 208	264 038	523 815
Wages and salaries	64 260	193 215	385 161
Remuneration of board members	0	0	0
Social security expenses	19 476	64 861	128 105
Social expenses	472	5 962	10 549
Taxes and fees	2 534	1 639	1 754
Depreciation expense of intangible and tangible fixed assets	25 759	23 643	28 251
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	37 613	67 234	54 976
Other operating revenues	7 910	3 058	14 390
Other operating expenses	1 904	8 084	3 504
Transfer of operating revenues	0	0	0
Transfer of operating expenses	0	0	0
Profit or loss from operations	697 137	799 303	601 980
Revenues from sales of shares and ownership	0	0	0
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	0
Revenues from other long-term ownership and shares	0	0	0
Revenues from other long-term financial assest	0	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	0
Expenses for revaluation of securities and expenses for derivative operations	0	0	0
Value adjustments to financial assets	0	0	0
Interest income	1 674	1 678	1 698
Interest expense	0	5	0
Exchange rate gains	5 099	9 904	150 631
Exchanges rate losses	22 088	70 482	21 293
Other financial revenues	0	0	0
Other financial expenses	1 672	2 579	7 156
Transfer of financial revenues	0	0	0
Transfer of financial expenses	0	0	0
Profit or loss from financial activities	-16 987	-61 484	123 880
Profit or loss from ordinary activities before tax	680 150	737 819	725 860
Income tax on ordinary activities	135 048	173 288	191 518
- current	135 048	173 288	186 543
- deferred	0	0	4 975
Profit or loss from ordinary activities after tax	545 102	564 531	534 342
Extraordinary revenues	0	0	0
Extraordinary expenses	0	0	0
Profit or loss from extraordinary activities before tax	0	0	0
Income tax on extraordinary activities	0	0	0
- current	0	0	0
- deferred	0	0	0
Profit or loss from extraordinary activities after tax	0	0	0
Profit or loss of the accounting period before tax	680 150	737 819	725 860
Transfer of profit or loss to partners	0	0	0
Profit or loss of the accounting period after tax	545 102	564 531	534 342
Receivables after due date			130 622
Liabilities after due date			0

Ratios		2012	2013	2014
	Return on total assets ROA (in %)	24,7	17,59	12,69

Return on equity ROE (in %)	32,34	24,94	21,5
Return on sales ROS (in %)	32,04	22,71	20,02

Turnover of receivables (in days)	196	115	70,85
Turnover of liabilities (in days)	63,61	66,92	53,38

Turnover of inventories (days)	23,13	11,29	12,26
Net working capital	1639908	2355256	3213655

Ratio of accounts payable to accounts receivable	256	164	133
Ratio of profit/loss to tangible assets (in%)	6,62	8,74	15,31

Current ratio	4,67	4,75	6,8
Quick ratio	4,43	4,63	6,64

Cash ratio	1,86	2,99	5,29
Debt ratio I (in %)	23,61	29,48	40,95

Debt ratio II (in %)

20,32

19,62

13,56

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33
EUR	1	Rs.71.92

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	NIT

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.