MIRA INFORM REPORT

Report No. :	304072
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	FEMAD S.R.O.
Registered Office :	Studená 3, 946 51 Nesvady
Country :	Slovakia
Financials (as on) :	23.08.2013
Date of Incorporation :	07.08.1992
Com. Reg. No.:	Sro 1332/N
Legal Form :	Limited liability company (Ltd.)
Line of Business :	Manufacture of metal furniture, wire program Manufacture of other fabricated metal products
No. of Employee :	99 (2013)

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 :	Unknown
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 Name and address

FEMAD S.R.O.

Studená 3, 946 51 Nesvady

Phone: 035 /7692133
Telefax: 035/ 7692890
Telefax: 035/ 7692891
E-Mail: femad@femad.sk

SUMMARY

Legal form

Limited liability company (Ltd.)

Established on	07/08/1992 - Limited liability company (Ltd.)
	Last entry in Business register

	23.08.2013
Registered on	11/09/1992, Okresný súd Nitra, RegNr.: Sro 1332/N Tax number: SK2020397621 Statistical number: 31420290

Registered capital	11/09/1992	EUR	3 319,39
	11/09/1992	EUR	3 319,39

21/04/2006	EUR	6 672,00
20/12/2011	EUR	650 202,00

Owner	STAIN Corp Limited 15/F, SPA Centre, Lockhart Road 53-55, 1501(538) Wanchai, Hongkong	EUR	650 202,00
Manager	Eric Vinay Rue de la Rappe 31, 884 80 Etival Clairefontaine, France authorized to sign alone

General data	Manufacture of metal furniture, wire program
	Main activity: Manufacture of other fabricated metal products n.e.c.	(25.99)

Commercial name
FE.MAD spol. s r.o.
Beginning of validity: 11.09.1992
End of validity: 25.04.2006

TSA Femad s.r.o.
Beginning of validity: 26.04.2006
End of validity: 12.04.2010

FEMAD s.r.o.
Beginning of validity: 13.04.2010

General contacts:
Phone:
035 /7692133
Telefax:
035/ 7692890
035/ 7692891
E-Mail:
femad@femad.sk

Residence address:
Studená 3, 946 51 Nesvady
Beginning of validity: 19.11.2001

Obchodná 1, 946 55 Pribeta
Beginning of validity: 17.05.1995
End of validity: 18.11.2001

	Komárňanská 15, 947 01 Hurbanovo Beginning of validity: 11.09.1992 End of validity: 16.05.1995
Employees	2011	up to 49 employees

2013	up to 99 employees
according to statistics

Annual turnover	2008	Enterprise turnover	EUR	5 184 392,-
	2009	Enterprise turnover	EUR	4 363 593,-

2010	Enterprise turnover	EUR	5 040 887,-
2011	Enterprise turnover	EUR	7 103 880,-

Property	Company's property: Business premises
Balance sheets	The enclosed balance of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR) The enclosed balance of 2010 is originated from official source, it is authenticated by the auditor. (31.12.2010 - 1 EUR) The enclosed balance of 2009 is originated from official source, we do not have information about the clause of the auditor. (31.12.2009 - 1 EUR)

The enclosed profit/loss account of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR) The enclosed profit/loss account of 2010 is originated from official source, it is authenticated by the auditor. (31.12.2010 - 1 EUR) The enclosed profit/loss account of 2009 is originated from official source, we do not have information about the clause of the auditor. (31.12.2009 - 1 EUR)

Remarks

Other informations are not available. According to the Commercial register the actual figures were not published on the Internet despite the statutory duty. The question-form was sent by post office. We have not received any answer yet. In case that the company responds, we will forward the data to you.

Bank relations	VÚB a.s.:
Company development	Company development constant	(30)

Business course	satisfactory	(30)
Terms of payment	Unknown	(39)

Business connection

Credits are not rejected. The establishing of the business connection may be allowed.

(31)

FINANCIAL

A. The enclosed balance of 2008 is originated from official source, it is authenticated by the auditor. (31.12.2008 - 1 EUR) - Warning! The figures stated in the balance sheet may contain error(s).
B. The enclosed balance of 2009 is originated from official source, we do not have information about the clause of the auditor. (31.12.2009 - 1 EUR)
C. The enclosed balance of 2010 is originated from official source, it is authenticated by the auditor. (31.12.2010 - 1 EUR)
D. The enclosed balance of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR)

balance	A 31.12.2008	B 31.12.2009	C 31.12.2010	D 31.12.2011
Total assets	3 396 037	3 572 175	3 480 879	5 228 586
Non-current assets	1 122 452	970 635	899 976	1 008 189
Intangible fixed assets	0	0	0	0
Incorporation expenses	0	0
Development expenses	0	0	0	0
Software	0	0	0	0
Valuable rights	0	0	0	0
Goodwill	0	0	0	0
Other intangible fixed assets	0	0	0	0
Acquisition of intangible fixed assets	0	0	0	0
Advance payments for intangible fixed assets	0	0	0	0
Tangible fixed assets – total	1 122 452	970 635	899 976	1 008 189
Lands	32 264	32 278	32 278	32 278
Constructions	536 978	521 373	483 019	444 665
Separate movable assets and sets of movable assets	537 775	416 984	384 679	276 314
Perennial crops	0	0	0	0
Breeding and draught animals	0	0	0	0
Other tangible fixed assets	0	0	0	0
Acquisition of tangible fixed assets	15 435	0	0	162 932
Advance payments for tangible fixed assets	0	0	0	92 000
Adjustment to acquired assets	0	0	0	0
Long-term financial investments	0	0	0	0
Shares and ownership interests with control influence in enterprises	0	0	0	0
Shares and ownership interests with substantial influence of enterprises	0	0	0	0
Other long-term shares and ownership interests	0	0	0	0
Intercompany loans	0	0	0	0
Other long-term financial investments	0	0	0	0
Loans with maturity up to one year	0	0	0	0
Acquisition of long-term financial investments	0	0	0	0
Advance payments for long-term assets	0	0	0	0
Current assets	2 271 360	2 598 391	2 535 531	4 219 654
Inventory - total	912 600	612 808	1 273 018	1 787 876
Material	584 180	493 023	895 048	1 333 496
Work-in-progress and semi-finished goods	278 165	112 124	370 649	447 059
Construction contracts where the expected time of completion exceeds one year	0	0
Finished products	7 767	7 661	7 321	7 321
Animals	0	0	0	0
Merchandise	0	0	0	0
Advance payments made for inventory	42 488	0	0	0
Long-term receivables – total	0	0	0	0
Trade receivables	0	0	0	0
Net value of contract		0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0	0
Other intercompany receivables	0	0	0	0
Receivables from participants, members and association	0	0	0	0
Other receivables	0	0	0	0
Deffered tax asset	0	0	0	0
Short - term receivables – total	1 345 350	1 923 420	1 209 143	2 416 060
Trade receivables	999 668	1 602 330	1 079 923	2 254 125
Net value of contract		0	0	0
Receivables from a controlled entity and a controlling entity	0	200 000	0	0
Other intercompany receivables	199 993	0	0	0
Receivables from participants, members and association	0	0	0	0
Social security	0	0	0	0
Taxation and subsidies	145 688	121 090	129 220	161 887
Other receivables	0	0	0	48
Financial accounts – total	13 410	62 163	53 370	15 718
Cash	4 880	5 860	6 344	7 734
Bank accounts	8 531	56 303	47 026	7 984
Bank accounts with notice period exceeding one year	0	0	0	0
Short-term financial assets	0	0	0	0
Acquisition of short-term financial assets	0	0	0	0
Prepayments	2 224	3 149	45 372	743
Deferred expenses	2 224
Accrued revenues	0
Deferred expenses long term		0	0	0
Deferred expenses short term		1 998	45 372	743
Accrued revenues long term		0	0	0
Accrued revenues short term		1 151	0	0
Total capital and liabilities	3 396 037	3 572 175	3 480 879	5 228 586
Capital	1 125 041	1 478 027	1 282 170	2 376 666
Registered capital - total	6 672	6 672	6 672	650 202
Registered capital – total	6 672	6 672	6 672	650 202
Own shares and own business shares	0	0	0	0
Change in registered capital	0	0	0	0
Receivables for subscriptions (for own equity capital)	0	0	0	0
Capital funds – total	0	0	0	0
Share premium	0	0	0	0
Other capital funds	0	0	0	0
Legal reserve fund (Non-distributable fund) from capital contributions	0	0	0	0
Gains or losses from revaluation of assets and liabilities	0	0	0	0
Gains or losses from investments	0	0	0	0
Gain or losses from revaluation from join and divesting	0	0	0	0
Funds created from profit – total	7 203	7 199	7 199	7 199
Legal reserve fund	664	667	667	667
Indivisible funds	0	0	0	0
Statutory funds and other funds	6 539	6 532	6 532	6 532
Retained profit or loss from previous years	597 657	1 111 147	714 156	1 268 300
Retained earnings from previous years	597 657	1 111 147	714 156	1 268 300
Retained earnings from previous years	0	0	0	0
Profit or loss for the accounting period	513 510	353 009	554 143	450 965
Liabilities	2 216 126	2 048 433	2 156 171	2 813 508
Reserves – total	13 510	0	45 262	33 410
Legal reserves	0
Legal reserves long term		0	0	0
Legal reserves short term		0	45 262	33 410
Other long-term reserves	0	0	0	0
Short-term reserves	13 510
Other short-term reserves		0	0	0
Long-term liabilities - total	646 784	643 530	658 543	10 046
Long-term trade liabilities – total	0	0	0	0
Net value of contract		0	0	0
Uninvoiced long-term supplies	0	0	0	0
Long-term liabilities to a controlled entity and a controlling entity	0	0	0	0
Other intercompany long-term liabilities	0	0	0	0
Long-term advances received	0	0	0	0
Long-term bills of exchange to a paid	0	0	0	0
Bonds issued	0	0	0	0
Liabilities from social fund	0	0	0	0
Other long-term liabilities	646 784	643 530	658 543	10 046
Deffered tax liability	0	0	0	0
Short-term liabilities - total	573 027	583 829	435 175	1 462 857
Trade liabilities	493 228	534 683	289 339	1 359 597
Net values of contract		0	0	0
Bank loans and financial assistance - total	982 806
Uninvoiced supplies	1 095	0	45 386	175
Liabilities to a controlled entity and a controlling entity	0	0	0	0
Other intercompany liabilities	0	0	0	0
Liabilities to partners and participants in association	0	0	0	0
Liabilities to employees	30 904	30 569	30 105	43 872
Social security liabilities	35 949	18 560	17 959	53 059
Taxation and subsidies	11 850	0	51 333	5 680
Other liabilities	0	17	1 053	474
Short-term financial assistance	0	0	0	0
Bank loans		821 074	1 017 191	1 307 195
Long-term bank loans	257 153	227 195	113 981	44 425
Current bank loans	725 652	593 879	903 210	1 262 770
Prepayments - total	54 870	45 715	42 538	38 412
Accrued expenses	0
Deferred revenues	54 870
Accrued expenses long term		0	0	0
Accrued expenses short term		0	475	0
Deferred revenues long term		45 715	42 063	38 412
Deferred revenues short term		0	0	0
A. The enclosed profit/loss account of 2008 is originated from official source, it is authenticated by the auditor. (31.12.2008 - 1 EUR) - Warning! The figures stated in the balance sheet may contain error(s). B. The enclosed profit/loss account of 2009 is originated from official source, we do not have information about the clause of the auditor. (31.12.2009 - 1 EUR) C. The enclosed profit/loss account of 2010 is originated from official source, it is authenticated by the auditor. (31.12.2010 - 1 EUR) D. The enclosed profit/loss account of 2011 is originated from official source, it is authenticated by the auditor. (31.12.2011 - 1 EUR)

profit/loss account	A 31.12.2008	B 31.12.2009			C 31.12.2010		D 31.12.2011
Revenue from the sale of merchandise	0	0			0		0
Cost of merchandise sold	0	0			0		0
Trade margin	0	0			0		0
Production	5 076 678	4 194 869			5 299 071		7 180 290
Revenue from the sale of own products and services	5 184 392	4 363 593			5 040 887		7 103 880
Change in inventory	-107 714	-168 724			258 184		76 410
Own work capitalized	0	0			0		0
Purchased consumables and services	3 611 764	3 020 927			3 708 472		5 586 017
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	3 053 874	2 445 739			3 081 521		4 828 188
Services	557 890	575 188			626 951		757 829
Added value	1 464 914	1 173 942			1 590 599		1 594 273
Personnel expenses - total	567 815	573 620			653 335		793 410
Wages and salaries	403 074	402 141			464 557		577 850
Remuneration of board members	0	0			0		0
Social security expenses	137 456	135 419			151 112		187 489
Social expenses	27 285	36 060			37 666		28 071
Taxes and fees	5 344	5 061			5 799		5 501
Depreciation expense of intangible and tangible fixed assets	183 230	179 065			169 014		179 628
Revenues from sales of fixed assets and sales of materials	8 298	0			6 000		0
Net book value of fixed assets sold and material sold	531	0			9 127		0
Additions to and reversals of impairment losses		0			0		0
Use and reversal of reserves against operating income and accounting for complex deferred expenses	0
Creation of reserves for operations and accounting for complex deferred expenses	0
Accounting and reversal of provisions against operating income	0
Additions to provision against operating expenses	0
Other operating revenues	44 380	74 114			43 737		5 605
Other operating expenses	25 360	3 322			69 947		6 528
Transfer of operating revenues	0	0			0		0
Transfer of operating expenses	0	0			0		0
Profit or loss from operations	735 312	486 988			733 114		614 811
Revenues from sales of shares and ownership	0	0			0		0
Shares and ownership interests sold	0	0			0		0
Revenues from long-term financial assest	0	0			0		0
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	0	0			0		0
Revenues from other long-term ownership and shares	0	0			0		0
Revenues from other long-term financial assest	0	0			0		0
Revenues from short-term financial assest	0	0			0		0
Expenses for short-term financial assets	0	0			0		0
Revenues from revaluation of securities and revenues from derivative operations	0	0			0		0
Expenses for revaluation of securities and expenses for derivative operations	0	0			0		0
Reversal and creation of value adjustments for financial assets		0			0		0
Interest income	100	17			22		26
Interest expense	66 089	31 155			22 325		34 068
Exchange rate gains	132 145	2 825			5 370		2 744
Exchanges rate losses	142 103	3 254			13 863		8 338
Other financial revenues	0	0			0		0
Other financial expenses	18 854	17 512			15 664		15 556
Use and reversal of reserves against income from financial activities	0
Additions to reserves (financial)	0
Accounting for provisions against income from financial activities	0
Additions to provisions (financial)	0
Transfer of financial revenues	0	0			0		0
Transfer of financial expenses	0	0			0		0
Profit or loss from financial activities	-94 802	-49 079			-46 460		-55 192
Income tax on ordinary activities	127 000	84 900			132 511		108 654
- current	127 000	84 900			132 511		108 654
- deferred	0	0			0		0
Profit or loss from ordinary activities	513 510
Profit or loss from ordinary activities before tax		437 909			686 654		559 619
Profit or loss from ordinary activities after tax		353 009			554 143		450 965
Extraordinary revenues	0	0			0		0
Extraordinary expenses	0	0			0		0
Income tax on extraordinary activities	0	0			0		0
- current	0	0			0		0
- deferred	0	0			0		0
Profit or loss from extraordinary activities	0
Profit or loss from extraordinary activities before tax		0			0		0
Profit or loss from extraordinary activities after tax		0			0		0
Transfer of profit or loss to partners	0	0			0		0
Profit or loss of the accounting period	513 510
Profit or loss of the accounting period before tax		437 909			686 654		559 619
Profit or loss of the accounting period after tax		353 009			554 143		450 965
Ratios			2008	2009		2010		2011

Return on total assets ROA (in %)	15,12	9,88	15,92	8,62
Return on equity ROE (in %)	45,64	23,88	43,22	18,97

Rentabilität der Einnahmen ROS (in %)	9,9	8,09	10,99	6,35
Turnover of receivables (in days)	70,38	134	78,19	116

Turnover of liabilities (in days)	34,73	44,72	20,95	69,86
Turnover of inventories (days)	64,25	51,26	92,18	91,86

Net working capital	972681	1420683	1197146	1494027
Ratio of accounts payable to accounts receivable	110	157	111	164

Ratio of profit/loss to tangible assets (in%)	21,65	22,24	17,85	14,19
Current ratio	1,75	2,21	1,89	1,55

Quick ratio	1,05	1,69	0,94	0,89
Cash ratio	0,01	0,05	0,04	0,01

Debt ratio I (in %)	66,87	58,62	63,17	54,54
Debt ratio II (in %)	65,26	57,34	61,94	53,81

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.50
UK Pound	1	Rs. 92.16
Euro	1	Rs. 69.62

INFORMATION DETAILS

Analysis Done by :	DIV
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.