MIRA INFORM REPORT

Report No. :	308602
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	MX LOGISTIKA SL, SPOL. S R.O.
Formally Known As :	ERK - IMMOBILIEN SL, S.R.O.
Registered Office :	Rožňavská 32, 821 04 Bratislava
Country :	Slovakia
Financials (as on) :	31.03.2014
Date of Incorporation :	21.08.2007
Legal Form :	Limited liability company (Ltd.)
Line of Business :	Warehousing and storage Supply to furniture and home accessories
No. of Employee :	37

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. After a period of relative stagnation in the early and mid 1990s, reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget, get on track to join the EU in 2004, and adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has facilitated a foreign investment boom with business friendly policies. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap, skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages to foreign investors. Growth returned, following a contraction in 2009, but has remained sluggish in large part due to continued weakness in external demand. In 2012 the government of Prime Minister Robert FICO rolled back some of Slovakia's pro-growth reforms to help shore up public finances. Corruption and slow dispute resolution remain key factors constraining economic growth.

Source : CIA

Company name and address

MX LOGISTIKA SL, SPOL. S R.O.

Roˇzˇnavsk´a 32

821 04 Bratislava

Slovakia

Phone 02/32212611

E-Mail verwaltung.z7@moebelix.at

Company summary

Legal form

Limited liability company (Ltd.)

Established on	21/08/2007 - Limited liability company (Ltd.)
	Last entry in Business register

	7.11.2012
Registered on	27/09/2007, Okresný súd Bratislava 1, RegNr.: Sro 48106/B Tax number: SK2022467568 Statistical number: 36838951

Registered capital	27/09/2007	EUR	5 000,00
Owner	XLCEE - Holding GmbH Romerstrasse 39, A-4600 Wels, Austria	EUR	5 000,00

Manager	Mag. Roland Werner Hofkirchen 186, 4492 Hofkirchen, Austria confidential clerk authorized to collective sign
	Franz Pemmer Waldgasse 17, 2325 Himberg, Austria authorized to sign alone

General data	supply to furniture and home accessories for concern XXXLutz (Möbelix)
	Main activity: Warehousing and storage	(52.10)

Commercial name

MX Logistika SL, spol. s r.o.
Beginning of validity: 28.04.2009

Former name

ERK - Immobilien SL, s.r.o.
Beginning of validity: 27.09.2007
End of validity: 27.04.2009

Export:

Austria
Czech Republic
Hungary
Germany

General contacts:

Phone:
02/32212611
E-Mail:
verwaltung.z7@moebelix.at

Residence address:

Rožňavská 32, 821 04 Bratislava

business premises:

Logistický areál Lozorno, P.O.BOX 26, 900 55 Lozorno

Employees	2012	26 employees
	2013	41 employees

	2014	37 employees
Annual turnover	01/04/2008 - 31/03/2009		Enterprise turnover	EUR	0,-

01/04/2009 - 31/03/2010	Enterprise turnover	EUR	8 124 417,-
01/04/2010 - 31/03/2011	Enterprise turnover	EUR	34 492 698,-

01/04/2012 - 31/03/2013	Enterprise turnover	EUR	46 358 707,-
01/04/2013 - 31/03/2014	Enterprise turnover	EUR	47 002 017,-

Balance sheets

Bank relations	Oberbank AG pobočka zahraničnej banky v Slovenskej republike:
Company development	Company development positive	(20)

Business course	good	(20)
Terms of payment	Within agreed terms	(22)

Business connection

Credits and the establishing of the business connection are allowed.

(21)

A. The enclosed balance of 2010 is originated from official source, we do not have information about the clause of the auditor. (31.03.2011 - 1 EUR)
B. The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.03.2013 - 1 EUR)
C. The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.03.2014 - 1 EUR)

Balance sheet

	A 31.03.2011	B 31.03.2013	C 31.03.2014	D
Total assets	11 526 288	15 425 507	13 795 904
Non-current assets	883 168	1 102 715	955 235
Intangible fixed assets	32 810	1	0
Incorporation expenses
Development expenses	0	0	0
Software	32 810	1	0
Valuable rights	0	0	0
Goodwill	0	0	0
Other intangible fixed assets	0	0	0
Acquisition of intangible fixed assets	0	0	0
Advance payments for intangible fixed assets	0	0	0
Tangible fixed assets – total	850 358	1 102 714	955 235
Lands	0	0	0
Constructions	59 603	48 267	42 600
Separate movable assets and sets of movable assets	790 755	1 054 447	912 635
Perennial crops	0	0	0
Breeding and draught animals	0	0	0
Other tangible fixed assets	0	0	0
Acquisition of tangible fixed assets	0	0	0
Advance payments for tangible fixed assets	0	0	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	10 638 605	14 322 282	12 839 764
Inventory - total	8 687 677	12 724 624	9 438 497
Material	0	744 639	410 138
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	8 687 677	11 979 985	9 028 359
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	1 609 790	930 815	2 762 390
Trade receivables	512 884	78 583	2 607 998
Net value of contract	0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0
Other intercompany receivables	775 929	691 634	0
Receivables from participants, members and association	0	0	0
Social security	0	0	0
Taxation and subsidies	319 617	159 532	149 670
Other receivables	1 360	1 066	4 722
Financial accounts – total	341 138	666 843	638 877
Cash	2 450	6 509	4 259
Bank accounts	338 688	660 334	634 618
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	4 515	510	905
Deferred expenses long term	0	0	0
Deferred expenses short term	4 515	510	0
Accrued revenues long term	0	0	0
Accrued revenues short term	0	0	905
Total capital and liabilities	11 526 288	15 425 507	13 795 904
Capital	1 214 283	2 107 815	2 891 138
Registered capital - total	5 000	5 000	5 000
Registered capital – total	5 000	5 000	5 000
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	20 585	20 585	20 585
Share premium	0	0	0
Other capital funds	20 585	20 585	20 585
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
Gain or losses from revaluation from join and divesting	0	0	0
Funds created from profit – total	0	500	500
Legal reserve fund	0	500	500
Indivisible funds	0	0	0
Statutory funds and other funds	0	0	0
Retained profit or loss from previous years	-892 049	1 537 125	2 081 730
Retained earnings from previous years	0	2 429 174	2 973 779
Retained earnings from previous years	-892 049	-892 049	-892 049
Profit or loss for the accounting period	2 080 747	544 605	783 323
Liabilities	10 307 261	13 285 093	10 904 648
Reserves – total	21 104	30 868	86 749
Legal reserves long term	0	0	0
Legal reserves short term	16 669	25 480	81 361
Other long-term reserves	4 435	5 388	5 388
Other short-term reserves	0	0	0
Long-term liabilities - total	20 242	34 571	35 809
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	2 034	3 503	3 861
Other long-term liabilities	0	0	1 180
Deffered tax liability	18 208	31 068	30 768
Short-term liabilities - total	10 265 915	13 219 654	10 782 090
Trade liabilities	1 887 174	855 706	763 955
Net values of contract	0	0	0
Uninvoiced supplies	270 765	447 746	848 772
Liabilities to a controlled entity and a controlling entity	0	11 821 237	9 025 015
Other intercompany liabilities	7 802 340	2 343	1 382
Liabilities to partners and participants in association	0	0	0
Liabilities to employees	24 982	33 235	34 419
Social security liabilities	12 778	16 961	18 302
Taxation and subsidies	267 876	42 426	90 245
Other liabilities	0	0	0
Short-term financial assistance	0	0	0
Bank loans	0	0	0
Long-term bank loans	0	0	0
Current bank loans	0	0	0
Prepayments - total	4 744	32 599	118
Accrued expenses long term	0	0	0
Accrued expenses short term	4 744	32 599	118
Deferred revenues long term	0	0	0
Deferred revenues short term	0	0	0
A. The enclosed profit/loss account of 2010 is originated from official source, we do not have information about the clause of the auditor. (31.03.2011 - 1 EUR) B. The enclosed profit/loss account of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.03.2013 - 1 EUR) C. The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.03.2014 - 1 EUR)
profit/loss account

	A 31.03.2011	B 31.03.2013		C 31.03.2014	D
Revenue from the sale of merchandise	34 436 631	46 319 998		46 566 780
Cost of merchandise sold	29 497 898	42 405 869		42 133 432
Trade margin	4 938 733	3 914 129		4 433 348
Production	56 067	38 709		435 237
Revenue from the sale of own products and services	56 067	38 709		435 237
Change in inventory	0	0		0
Own work capitalized	0	0		0
Purchased consumables and services	1 974 249	2 751 796		2 830 471
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	268 693	821 640		724 877
Services	1 705 556	1 930 156		2 105 594
Added value	3 020 551	1 201 042		2 038 114
Personnel expenses - total	340 764	534 024		560 443
Wages and salaries	245 362	389 292		411 088
Remuneration of board members	0	0		0
Social security expenses	84 758	129 980		136 658
Social expenses	10 644	14 752		12 697
Taxes and fees	7 336	5 152		2 327
Depreciation expense of intangible and tangible fixed assets	241 379	250 358		322 478
Revenues from sales of fixed assets and sales of materials	49 000	15 500		10 445
Net book value of fixed assets sold and material sold	42 838	16 541		12 105
Additions to and reversals of impairment losses	0	0		0
Other operating revenues	154 784	612 524		353 524
Other operating expenses	50 831	76 067		123 515
Transfer of operating revenues	0	0		0
Transfer of operating expenses	0	0		0
Profit or loss from operations	2 541 187	946 924		1 381 215
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
Reversal and creation of value adjustments for financial assets	0	0		0
Interest income	12 630	3 906		3 408
Interest expense	138 645	182 673		256 938
Exchange rate gains	20 273	1 672		136 484
Exchanges rate losses	18 312	0		135 839
Other financial revenues	0	0		0
Other financial expenses	50 236	65 136		77 842
Transfer of financial revenues	0	0		0
Transfer of financial expenses	0	0		0
Profit or loss from financial activities	-174 290	-242 231		-330 727
Profit or loss from ordinary activities before tax	2 366 897	704 693		1 050 488
Income tax on ordinary activities	286 150	160 088		267 165
- current	267 942	150 795		267 464
- deferred	18 208	9 293		-299
Profit or loss from ordinary activities after tax	2 080 747	544 605		783 323
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	2 366 897	704 693		1 050 488
Transfer of profit or loss to partners	0	0		0
Profit or loss of the accounting period after tax	2 080 747	544 605		783 323
Receivables after due date				0
Liabilities after due date		0		0
Ratios
			2010	2012		2013

Return on total assets ROA (in %)	18,05	3,53	5,68
Return on equity ROE (in %)	171	25,84	27,09

Rentabilität der Einnahmen ROS (in %)	6,03	1,17	1,67
Turnover of receivables (in days)	5,43	0,62	20,25

Turnover of liabilities (in days)	19,97	6,74	5,93
Turnover of inventories (days)	91,93	100	73,3

Net working capital	372690	1102628	2057674
Ratio of accounts payable to accounts receivable	15,65	7,02	25,54

Ratio of profit/loss to tangible assets (in%)	2,56	2,38	2,03
Current ratio	1,04	1,08	1,19

Quick ratio	0,19	0,12	0,32
Cash ratio	0,03	0,05	0,06

Debt ratio I (in %)	89,47	86,34	79,04
Debt ratio II (in %)	89,42	86,12	79,04

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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.