MIRA INFORM REPORT

Report No. :	302839
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	DUPONT SLOVAKIA S.R.O.
Registered Office :	Tom´aˇsikova 64, 831 03 Bratislava
Country :	Slovakia
Financials (as on) :	31.12.2013
Date of Incorporation :	01.03.2008
Com. Reg. No.:	Sro 50866/B
Legal Form :	Limited liability company (Ltd.)
Line of Business :	Subject is engaged in business and other management consultancy activates
No. of Employee :	100

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 identification

DuPont Slovakia s.r.o.	Phone	0915/571345
Tomasikova 64	Telefax	02/32252200
831 03 Bratislava	E-Mail	alena.strakova@dupont.com
Slovakia	Web	www.dupontslovakia.sk

Crefo Nr.	9230159201	Registration:	Okresny sUd Bratislava 1
Statistical Nr.	44030118	Registration Nr.	Sro 50866/B
Tax Nr.	SK44030118	Status	active

Economic situation

Business connection	Credits and the establishing of the business connection are allowed.
Terms of payment	Within agreed terms, partly using of cash discount

Basic information

Legal form

Limited liability company (Ltd.

Founded

01/02/2008 as Limited liability company (Ltd.)

Registration

01/03/2008, Okresny sud Bratislava 1, Sro 50866/B Statistical Nr.: 44030118 Tax Nr.: SK44030118

Registered names

Valid from	Former name	Valid until
01/03/2008	Danisco Slovakia s.r.o.	18/12/2013

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Owner
9231319600	DuPont Nutrition Biosciences ApS Langebrogade 1, 1001 Kodan Denmark		6 638,78 EUR
Total capital			6 638,78 EUR

Registered capital

Date Currency Value

01/03/2008 EUR 6 638,78

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Manager
9231376392	Santiago Estevez Huerta Chemin du Champ Baron 8, 1209 Zeneva Switzerland		authorized to sign alone
9231376393	Sona Krausova V Lazmch 687, 252 42 Jesenice, Praha - Zapad Czech Republic		sole power of attorney

Company addresses

Valid from	Residence address	Valid until
	Tomasikova 64, 831 03 Bratislava, Slovakia
	Kycerskeho 5, 811 05 Bratislava, Slovakia
26/08/2008	Tomasikova 64, 831 03 Bratislava, Slovakia
01/03/2008	Kycerskeho 5, 811 05 Bratislava, Slovakia	25/08/2008
Valid from	Delivery address	Valid until
	PO BOX 143, 820 05 Bratislava, Slovakia

Business activities

Main activity	Nace
Business and other management consultancy activities	70.22
Additional activities	Nace

financial services

- DuPont has in Bratislava financial services center, which provides \

support for the entire European region

- DuPont has brought world-class science and engineering to the \

global marketplace through innovative products, materials and services

hero brands:

Corian

Danisco

Kevlar

Nomex

Pioneer

SentryGlas

Sorona

Teflon

Tyvek

Economic data

Turnover and Employees

Date	Turnover	Employees
2010	2 298 922 EUR
2011	1 730 352 EUR
2012	3 194 271 EUR	92
2013	4 122 670 EUR	99
2014		100

Supplementary data

Remarks

Other informations are not available.

Main indices

Payment experience and credit opinion

Terms of payment	Within agreed terms, partly using of cash discount
Business connection	Credits and the establishing of the business connection are allowed.

Business development

Company development	Company development positive
Business course	good

Events

No negative events registered.

Balances

Balance

Name	Ref.	31/12/2013 1 EUR balance	31/12/2012 1 EUR balance	31/12/2011 1 EUR balance	31/12/2010 1 EUR balance
Total assets	001	2 804 127	2 015 700	1 222 617	1 340 038
Non-current assets	002	91 397	146 974	44 906	70 138
Intangible fixed assets	003	419	2 933	5 446	13 305
Incorporation expenses
Development expenses	004	0	0	0	0
Software	005	0	0	0	6 182
Valuable rights	006	0	0	0	0
Goodwill	007	0	0	0	0
Other intangible fixed assets	008	419	2 933	5 446	7 123
Acquisition of intangible fixed assets	009	0	0	0	0
Advance payments for intangible fixed assets	010	0	0	0	0
Tangible fixed assets - total	011	90 978	144 041	39 460	56 833
Lands	012	0	0	0	0

		31/12/2013	31/12/2012	31/12/2011	31/12/2010
Name	Ref.	1 EUR balance	1 EUR balance	1 EUR balance	1 EUR balance
Constructions	013	0	0	0	0
Separate movable assets and sets of movable assets	014	16 468	34 579	39 460	56 833
Perennial crops	015	0	0	0	0
Breeding and draught animals	016	0	0	0	0
Other tangible fixed assets	017	74 510	106 586	0	0
Acquisition of tangible fixed assets	018	0	2 876	0	0
Advance payments for tangible fixed assets	019	0	0	0	0
Adjustment to acquired assets	020	0	0	0	0
Long-term financial investments	021	0	0	0	0
Shares and ownership interests with control influence in enterprises	022	0	0	0	0
Shares and ownership interests with substantial influence of enterprises	023	0	0	0	0
Other long-term shares and ownership interests	024	0	0	0	0
Intercompany loans	025	0	0	0	0
Other long-term financial investments	026	0	0	0	0
Loans with maturity up to one year	027	0	0	0	0
Acquisition of long-term financial investments	028	0	0	0	0
Advance payments for long-term assets	029	0	0	0	0
Current assets	030	2 550 869	1 376 931	1 093 895	1 174 286
Inventory - total	031	0	0	0	17 926
Material	032	0	0	0	17 926
Work-in-progress and semi-finished goods	033	0	0	0	0
Construction contracts where the expected time of completion exceeds one year
Finished products	034	0	0	0	0
Animals	035	0	0	0	0
Merchandise	036	0	0	0	0
Advance payments made for inventory	037	0	0	0	0
Long-term receivables - total	038	43 224	20 506	3 239	3 085
Trade receivables	039	0	0	0	0
Net value of contract	040	0	0	0	0
Receivables from a controlled entity and a controlling entity	041	0	0	0	0
Other intercompany receivables	042	0	0	0	0
Receivables from participants, members and association	043	0	0	0	0
Other receivables	044	0	0	0	0
Deffered tax asset	045	43 224	20 506	3 239	3 085
Short - term receivables - total	046	2 507 645	1 356 425	1 090 656	1 153 205
Trade receivables	047	2 476 598	1 312 991	1 040 277	1 138 168
Net value of contract	048	0	0	0	0

Name	Ref.	31/12/2013 1 EUR balance	31/12/2012 1 EUR balance	31/12/2011 1 EUR balance	31/12/2010 1 EUR balance
Receivables from a controlled entity and a controlling entity	049	0	0	14 572	0
Other intercompany receivables	050	0	0	0	0
Receivables from participants, members and association	051	0	0	0	0
Social security	052	0	0	0	0
Taxation and subsidies	053	29 742	39 254	35 757	15 037
Other receivables	054	1 305	4 180	50	0
Financial accounts - total	055	0	0	0	70
Cash	056	0	0	0	70
Bank accounts	057	0	0	0	0
Bank accounts with notice period exceeding one year	058	0	0	0	0
Short-term financial assets	059	0	0	0	0
Acquisition of short-term financial assets	060	0	0	0	0
Prepayments	061	161 861	491 795	83 816	95 614
Deferred expenses long term	062	0	0	0	2 525
Deferred expenses short term	063	19 481	5 038	15412	16 065
Accrued revenues long term	064	0	0	0	0
Accrued revenues short term	065	142 380	486 757	68 404	77 024
Total capital and liabilities	066	2 804 127	2 015 700	1 222 617	1 340 038
Capital	067	222 914	175 767	99 353	103 402
Registered capital - total	068	6 639	6 639	6 639	6 639
Registered capital - total	069	6 639	6 639	6 639	6 639
Own shares and own business shares	070	0	0	0	0
Change in registered capital	071	0	0	0	0
Receivables for subscriptions (for own equity capital)	072	0	0	0	0
Capital funds - total	073	0	0	0	0
Share premium	074	0	0	0	0
Other capital funds	075	0	0	0	0
Legal reserve fund (Non-distributable fund) from capital contributions	076	0	0	0	0
Gains or losses from revaluation of assets and liabilities	077	0	0	0	0
Gains or losses from investments	078	0	0	0	0
Gain or losses from revaluation from join and divesting	079	0	0	0	0
Funds created from profit - total	080	664	664	664	664
Legal reserve fund	081	664	664	664	664
Indivisible funds	082	0	0	0	0
Statutory funds and other funds	083	0	0	0	0
Retained profit or loss from previous years	084	69 005	44 140	32 162	16 178

		31/12/2013 1 EUR balance	31/12/2012 1 EUR balance	31/12/2011 1 EUR balance	31/12/2010 1 EUR balance
Name	Ref.
Retained earnings from previous years	085	69 005	44 140	32 162	16 178
Retained earnings from previous years	086	0	0	0	0
Profit or loss for the accounting period	087	146 606	124 324	59 888	79 921
Liabilities	088	2 581 213	1 836 733	1 099 925	1 204 167
Reserves - total	089	283 006	214 524	125 859	223 980
Legal reserves long term	090	0	0	0	0
Legal reserves short term	091	87 274	109 493	125 859	155 529
Other long-term reserves	092	0	0	0	0
Other short-term reserves	093	195 732	105 031	0	68 451
Long-term liabilities - total	094	77 466	57 471	58 574	21 035
Long-term trade liabilities - total	095	0	0	0	0
Net value of contract	096	0	0	0	0
Uninvoiced long-term supplies	097	0	0	0	0
Long-term liabilities to a controlled entity and a controlling entity	098	0	0	0	0
Other intercompany long-term liabilities	099	0	0	0	0
Long-term advances received	100	0	0	0	0
Long-term bills of exchange to a paid	101	0	0	0	0
Bonds issued	102	0	0	0	0
Liabilities from social fund	103	77 466	57 471	58 574	21 035
Other long-term liabilities	104	0	0	0	0
Deffered tax liability	105	0	0	0	0
Short-term liabilities - total	106	2 220 741	1 564 738	915 492	959 152
Trade liabilities	107	160 245	138 951	143189	79 098
Net values of contract	108	0	0	0	0
Uninvoiced supplies	109	4 227	209	478	18 864
Liabilities to a controlled entity and a controlling entity	110	1 831 974	1 223 402	650176	732 264
Other intercompany liabilities	111	0	0	0	0
Liabilities to partners and participants in association	112	0	0	0	0
Liabilities to employees	113	114 741	106 070	69 324	74 010
Social security liabilities	114	71 868	57 699	39 647	36 820
Taxation and subsidies	115	37 686	38 407	10 940	18 073
Other liabilities	116	0	0	1 738	23
Short-term financial assistance	117	0	0	0	0
Bank loans	118	0	0	0	0
Long-term bank loans	119	0	0	0	0
Current bank loans	120	0	0	0	0
Prepayments - total	121	0	3 200	23 339	32 469
Accrued expenses long term	122	0	0	0	12 933
Accrued expenses short term	123	0	3 200	23 339	19 536

Name	Ref.	31/12/2013 1 EUR balance	31/12/2012 1 EUR balance	31/12/2011 1 EUR balance	31/12/2010 1 EUR balance
Deferred revenues long term	124	0	0	0	0
Deferred revenues short term	125	0	0	0	0

Profit and loss accounts

		31/12/2013 1 EUR profit/loss account	31/12/2012 1 EUR profit/loss account	31/12/2011 1 EUR profit/loss account	31/12/2010 1 EUR profit/loss account
Name	Ref.
Revenue from the sale of merchandise	01	0	0	0	0
Cost of merchandise sold	02	0	0	0	0
Trade margin	03	0	0	0	0
Production	04	4 122 670	3 194 271	1 730 352	2 298 922
Revenue from the sale of own products and services	05	4 122 670	3 194 271	1 730 352	2 298 922
Change in inventory	06	0	0	0	0
Own work capitalized	07	0	0	0	0
Purchased consumables and services	08	1 249 393	1 093 881	672 061	896 324
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	09	24 807	36 097	43 833	30 452
Services	10	1 224 586	1 057 784	628 228	865 872
Added value	11	2 873 277	2 100 390	1 058 291	1 402 598
Personnel expenses - total	12	2 586 867	1 868 309	945 387	1 205 672
Wages and salaries	13	1 864 783	1 395 560	692 582	897 788
Remuneration of board members	14	0	0	0	0
Social security expenses	15	669 549	433 817	232 013	279 328
Social expenses	16	52 535	38 932	20 792	28 556
Taxes and fees	17	1 985	1 678	149	495
Depreciation expense of intangible and tangible fixed assets	18	66 124	54 908	25 231	70 815
Revenues from sales of fixed assets and sales of materials	19	0	0	0	0
Net book value of fixed assets sold and material sold	20	0	0	0	0
Additions to and reversals of impairment losses	21	0	0	0	0
Other operating revenues	22	782	7 004	4 925	2 026
Other operating expenses	23	7 024	14 648	1 417	6 462
Transfer of operating revenues	24	0	0	0	0
Transfer of operating expenses	25	0	0	0	0
Profit or loss from operations	26	212 059	167 851	91 032	121 180
Revenues from sales of shares and ownership	27	0	0	0	0
Shares and ownership interests sold	28	0	0	0	0
Revenues from long-term financial assest	29	0	0	0	0

		31/12/2013 1 EUR profit/loss account	31/12/2012 1 EUR profit/loss account	31/12/2011 1 EUR profit/loss account	31/12/2010 1 EUR profit/loss account
Name	Ref.
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	30	0	0	0	0
Revenues from other long-term ownership and shares	31	0	0	0	0
Revenues from other long-term financial assest	32	0	0	0	0
Revenues from short-term financial assest	33	0	0	0	0
Expenses for short-term financial assets	34	0	0	0	0
Revenues from revaluation of securities and revenues from derivative operations	35	0	0	0	0
Expenses for revaluation of securities and expenses for derivative operations	36	0	0	0	0
Reversal and creation of value adjustments for financial assets	37	0	0	0	0
Interest income	38	1	7	5	2
Interest expense	39	7 836	8 951	10 791	13 911
Exchange rate gains	40	793	937	104	689
Exchanges rate losses	41	1 239	1 212	943	1 732
Other financial revenues	42	0	0	0	0
Other financial expenses	43	4 718	4 713	2 272	3 446
Transfer of financial revenues	44	0	0	0	0
Transfer of financial expenses	45	0	0	0	0
Profit or loss from financial activities	46	-12 999	-13 932	-13 897	-18 398
Profit or loss from ordinary activities before tax	47	199 060	153 919	77 135	102 782
Income tax on ordinary activities	47	52 454	29 595	17 247	22 861
- current	49	75 172	46 862	17 402	30 542
- deferred	50	-22 718	-17 267	-155	-7 681
Profit or loss from ordinary activities after tax	51	146 606	124 324	59 888	79 921
Extraordinary revenues	52	0	0	0	0
Extraordinary expenses	53	0	0	0	0
Profit or loss from extraordinary activities before tax	54	0	0	0	0
Income tax on extraordinary activities	55	0	0	0	0
- current	56	0	0	0	0
- deferred	57	0	0	0	0
Profit or loss from extraordinary activities after tax	58	0	0	0	0
Profit or loss of the accounting period before tax	59	199 060	153 919	77 135	102 782
Transfer of profit or loss to partners	60	0	0	0	0
Profit or loss of the accounting period after tax	61	146 606	124 324	59 888	79 921
Receivables after due date		119 997	21 510
Liabilities after due date		31 487	47 332

Financial Ratios

Name	Ref.	31/12/2013	31/12/2012	31/12/2011	31/12/2010
Return on total assets ROA (in %)	1	5,23	6,17	4,90	5,96
Return on equity ROE (in %)	2	65,77	70,73	60,28	77,29
Rentabilitat der Einnahmen ROS (in %)	3	3,56	3,89	3,46	3,48
Turnover of receivables (in days)	4	219,27	150,03	219,44	180,71
Turnover of liabilities (in days)	5	14,19	15,88	30,20	12,56
Turnover of inventories (days)	6	0,00	0,00	0,00	2,85
Net working capital	7	330128,00	-187807,00	178403,00	215134,00
Ratio of accounts payable to accounts receivable	8	110,99	84,88	112,30	117,97
Ratio of profit/loss to tangible assets (in%)	9	2,22	4,60	2,60	3,05
Current ratio	10	1,13	0,87	1,19	1,22
Quick ratio	11	1,13	0,87	1,19	1,20
Cash ratio	12	0,00	0,00	0,00	0,00
Debt ratio I (in %)	13	92,05	91,28	91,87	92,28
Debt ratio II (in %)	14	92,05	91,12	89,96	89,86

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	DPT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.