MIRA INFORM REPORT

Report No. :	306804
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	MMS TRGOVSKA DRUZBA D.O.O.
Registered Office :	Cesta Na Bokalce 40, 1000 Ljubljana
Country :	Slovenia
Financials (as on) :	31.12.2013
Date of Incorporation :	14.02.2012
Com. Reg. No.:	6112838
Legal Form :	Limited Liability Company
Line of Business :	Retail sale of furniture, lighting equipment and other household articles in specialized stores.
No. of Employees :	60 [2015]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Slovenia	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SLOVENIA - ECONOMIC OVERVIEW

With excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe, Slovenia has one of the highest per capita GDPs in Central Europe. Slovenia became the first 2004 European Union entrant to adopt the euro (on 1 January 2007) and has experienced one of the most stable political transitions in Central and Southeastern Europe. In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. In 2007, Slovenia was invited to begin the process for joining the OECD; it became a member in 2012. However, long-delayed privatizations, particularly within Slovenia’s largely state-owned and increasingly indebted banking sector, have fueled investor concerns since 2012 that the country would need EU-IMF financial assistance. In 2013, the European Commission granted Slovenia permission to begin recapitalizing ailing lenders and transferring their nonperforming assets into a “bad bank” established to restore bank balance sheets. Yield-seeking bond investors’ strong demand for Slovenian debt helped the government in 2013 to continue to finance itself independently on international markets. The government has embarked on a program of state asset sales intended to bolster investor confidence in the economy, which in 2014 is poised to contract 1%, its third-year of recession.

Source : CIA

Company Name & Address

MMS, TRGOVSKA DRUŽBA, D.O.O.

Cesta na Bokalce 40,

1000 Ljubljana

Phone: 01 241 21 02

Phone: 01 2412119

Telefax: 01 241 22 64

E-Mail: info@lesnina.si

Web: www.lesnina.si

Name:	MMS, trgovska družba, d.o.o.
Country:	Slovenija
Address:	1000 Ljubljana, Cesta na Bokalce 40
Telephone:	01 241 21 02
Telefax:	01 241 22 64

Company summary

Legal form	d.o.o. - Limited liability company (Ltd.)
Established on		14/02/2012 - d.o.o. - Limited liability company (Ltd.)
		last entry on 18.9.2014
Registered on		14/02/2012, Ljubljana, Registration number: Tax number: SI16010655 Company number: 6112838
Registered capital					EUR	407.500,00
		on 24.4.2012 increase of capital for EUR 400.000,--
Owner		LESNINA, d.o.o. (Statistical number: 5025648) Cesta na Bokalce 40, 1000 Ljubljana			EUR	407.500,00
Manager		Bojan Papič Cesta v Mestni log 58f, 1000 Ljubljana confidential clerk
		Cvetka Rolih Kunaverjeva ulica 8, 1000 Ljubljana confidential clerk
		Emil Koprivc Orešje 30, 2250 Ptuj director
General data		company activity: Retail sale of furniture, lighting equipment and other household articles in specialized stores brand: Mömax Headquarters and business premises are located on the address above business center with retail sale are located in Velenje (owned by Lesnina d.o.o.) and in Kranj
		Main activity: Retail sale of furniture, lighting equipment and other household articles in specialized stores (NACE 2)					(47.59)
		Import: Austria Germany
		Residence address: Cesta na Bokalce 40, 1000 Ljubljana Phone: 01 2412119 01 241 21 02 Telefax: 01 241 22 64 E-Mail: info@lesnina.si Web: www.lesnina.si
Other activities
Employees		2012	16 employees
		2013	24 employees
		2014	24 employees
		2015	60 employees
Annual turnover		2012		Enterprise turnover	EUR	2.660.070,-
		2013		Enterprise turnover	EUR	4.959.840,-
Remarks		full name of company: MMS, trgovska družba, d.o.o. the company is active from Juni 2012
Interests		Bojan Papič:
		LESNINA, d.o.o. (Statistical number: 5025648)			Manager
		LESNINA, d.o.o. (Statistical number: 5025648)			Board of Directors
		Cvetka Rolih:
		LESNINA, d.o.o. (Statistical number: 5025648)			Manager
		Emil Koprivc:
		LESNINA, d.o.o. (Statistical number: 5025648)			Manager
Bank relations		NOVA LJUBLJANSKA BANKA d.d., LJUBLJANA: Central address: SI Trg republike 2, 1520 Ljubljana Account number: SI56 0292 2025 9801 303
Company development		Positive					(20)
Terms of payment		No complaints, but occasional delays					(31)
Business connection		Business connection appear premissable					(31)
Credit limit		EUR 41.000,-
A. The enclosed balance of 2013 is originated from official source, it is not authenticated by the auditor. (31.12.2013 - 1 EUR) B. The enclosed balance of 2012 is originated from official source, it is not authenticated by the auditor. (31.12.2012 - 1 EUR)

Financial Statement

BALANCE		A 31.12.2013		B 31.12.2012
ASSETS (AKTIVA)		2.817.535		1.598.368
LONG-TERM ASSETS		510.292		555.346
Intangible assets and long-term deferred costs and accrued revenues		4.499		5.185
Intangible assets		4.499		5.185
Long-term deferred costs and accrued revenues		0		0
Tangible fixed assets		505.793		550.161
Long-term financial investments and Real estate investments		0		0
Investment property		0		0
Long-term financial investments		0		0
Long-term operating receivables		0		0
Deferred receivables for taxes		0		0
SHORT-TERM ASSETS		2.285.283		1.042.931
Assets (group for estrange) for sell		0		0
Inventories		1.398.517		870.911
Short-term financial investments		0		0
Short-term operating receivables		323.647		162.579
Cash assets		563.119		9.441
Short-term deferred costs and accrued revenues		21.960		91
Off-balance sheet items		0		0
LIABILITIES		2.817.535		1.598.368
CAPITAL		433.858		430.101
Called-up capital		407.500		407.500
Basic (subscribed) capital		407.500		407.500
Non called-up capital (deductive item)		0		0
Capital reserves		0		0
Reserves from profit		1.344		0
Surplus from revaluation		-522		0
Retained net		21.471		0
Net business result for the business year		4.065		22.601
PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES		522		0
FINANCIAL AND BUSINESS LIABILITIES		2.375.483		1.154.018
LONG-TERM LIABILITIES		0		0
Long-term financial liabilities		0		0
Long-term operating liabilities		0		0
Deferred liabilities for taxes		0		0
SHORT-TERM LIABILITIES		2.375.483		1.154.018
Liabilities, included in groups for estrange		0		0
Short-term financial liabilities		1.000.000		420.000
Short-term operating liabilities		1.375.483		734.018
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES		7.672		14.249
Off-balance sheet items		0		0
A. The enclosed profit and loss account of 2013 is originated from official source, it is not authenticated by the auditor. (31.12.2013 - 1 EUR) B. The enclosed profit and loss account of 2012 is originated from official source, it is not authenticated by the auditor. (31.12.2012 - 1 EUR)
PROFIT AND LOSS ACCOUNT		A 31.12.2013		B 31.12.2012
Net sales		4.958.628		2.655.824
Changes in the value of inventories of products and work-in-process		0		0
Capitalised own products and own services		0		0
Other operating revenues (with subventions, grants,...)		0		0
GROSS OPERATING YIELD		4.958.628		2.655.824
Cost of goods, material and services		4.219.472		2.255.061
Purchase value of goods and materials sold and cost of material and cost of material used		3.250.337		1.625.962
Cost of services		969.135		629.099
Labour cost		564.548		291.828
Cost of wages		385.005		195.111
Cost of pension insurance		34.869		17.267
Cost of other social insurance		28.570		14.146
Other labour cost		116.104		65.304
Write-offs		113.327		44.993
Depreciation		105.504		44.993
Revaluation operating expenses for non-tangible assets and tangible fixed assets		0		0
Revaluation operating expenses for current assets		7.823		0
Other operating expenses		36.922		36.863
OPERATING REVENUES		4.958.628		2.655.824
OPERATING EXPENSES		4.934.269		2.628.745
OPERATING RESULT		24.359		27.079
EBIT		24.359		27.079
Financial income from investments in other enterprises		0		0
Financial income from loans		623		4.191
Financial income from operating receivables		63		38
Financial expenses from depreciation and write-offs of financial investments		0		0
Financial expenses from financial liabilities		15.616		6.250
Financial expenses from operating liabilities		3.537		1.112
Financial income		686		4.229
Financial expenses		19.153		7.362
Other revenues		526		17
Other expenses		865		99
Total revenues		4.959.840		2.660.070
Total costs		4.954.287		2.636.206
Total business result		5.553		23.864
Tax on profit		1.274		1.263
Deferred taxs		0		0
Net business result for the accounting period		4.279		22.601
Ratios			2012		2013
	Equity ratio		0,25		0,14
	Cleared equity ratio		0,25		0,14
	Current liquidity		0,9		0,96
	Quick liquidity		0,15		0,37
	Working capital		-111087		-90200
	Gearing		3,92		6,91
	Cleared gearing		1,03		2,45
	Profitability		0,9		0,11
	Operating profitability		0,85		0,09
	Stock days		120		103
	Debtor days		22,31		23,82
	Supplier days		101		101

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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%)

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