MIRA INFORM REPORT

Report No. :	305654
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	GLOBAL SUPPLY, A.S.
Registered Office :	Potočná 334,  909 01 Skalica
Country :	Slovakia
Financials (as on) :	31.12.2013
Date of Incorporation :	23.01.1998
Legal Form :	Company limited by shares
Line of Business :	Wholesale of other machinery and equipment
No. of Employee :	10

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 name and address

GLOBAL SUPPLY, A.S.

Potočná 334, 
909 01 Skalica 

Phone: 034/6538178
Phone: 0903/ 692889
Telefax: 034/ 6538177
E-Mail: business@globalsupply.com
E-Mail: florkova@globalsupply.com
Web: www.globalsuply.com

Summary

Legal form

Company limited by shares

Established on	23/01/1998 - Company limited by shares
	Last entry in Business register

	12.12.2014
Registered on	23/01/1998, Okresný súd Trnava, RegNr.: Sa 10473/T Tax number: SK2021401349 Statistical number: 35739118

Registered capital	23/01/1998	EUR	33 193,92
	01/12/2007	EUR	531 102,70

	06/02/2009	EUR	531 200,00
Shareholder	HTC holding a.s. (Statistical number: 31342141) Dobrovičova 8, 811 09 Bratislava

Management	Ing. Mária Florková Predmestie 1571/123, 909 01 Skalica  chairman authorized to collective sign
	Ing. Eva Zítková Hlaváčiková 25/3163, 841 05 Bratislava  Member authorized to collective sign

	Ing. Igor Kováč Žilinská cesta 86/479, 013 11 Lietavská Lúčka  Member authorized to collective sign
Supervisory Board	Dana Haľamová Kaštieľska 1A/5388, 821 05 Bratislava

Jana Ragasová
934, 900 55 Lozorno

Marta Tkáčová
Veltlínska 12472/5, 831 02 Bratislava

General data	Main activity: Wholesale of other machinery and equipment	(46.69)
	Commercial name Global Supply, a.s.

EXTERN, a.s.
Beginning of validity: 23.01.1998
End of validity: 06.09.2006

General contacts:
Phone:
034/6538178
E-Mail:
business@globalsupply.com
florkova@globalsupply.com
Web:
www.globalsuply.com

Residence address:
Potočná 334, 909 01 Skalica 
Beginning of validity: 01.12.2007

Dobrovičova 8, 811 09 Bratislava 
Beginning of validity: 07.09.2006
End of validity: 30.11.2007

	Mlynské Nivy 36, 821 09 Bratislava  Beginning of validity: 23.01.1998 End of validity: 06.09.2006
Employees	2007	10 employees

2008	12 employees
2013	10 employees

	2014	10 employees
Annual turnover	2006		Enterprise turnover	EUR	29 709,-

2007	Enterprise turnover	EUR	11 208 391,-
2008	Enterprise turnover	EUR	10 836 055,-

2010	Enterprise turnover	EUR	9 928 822,-
2011	Enterprise turnover	EUR	14 715 819,-

2012	Enterprise turnover	EUR	12 465 243,-
2013	Enterprise turnover	EUR	10 594 754,-

Bank relations	UniCredit Bank:
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)

Balance sheets

The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR) The enclosed profit/loss account of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR) The enclosed profit/loss account of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)

The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR) The enclosed balance of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR) The enclosed balance of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)

A. The enclosed balance of 2010 is originated from official source, we do not have information about the clause of the auditor. (31.12.2010 - 1 EUR)
B. The enclosed balance of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)
C. The enclosed balance of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR)
D. The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)

Balance	A 31.12.2010	B 31.12.2011	C 31.12.2012	D 31.12.2013
Total assets	2 865 930	3 956 376	3 522 938	3 461 785
Non-current assets	1 541	32 843	53 632	47 601
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	1 541	32 843	53 632	47 601
Lands	0	0	0	0
Constructions	0	0	0	0
Separate movable assets and sets of movable assets	540	13 915	43 506	44 150
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	1 001	15 333	10 126	3 451
Advance payments for tangible fixed assets	0	3 595	0	0
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	2 817 753	3 717 605	3 432 809	3 376 751
Inventory - total	718 395	1 340 582	1 136 418	1 220 486
Material	131	198	198	182
Work-in-progress and semi-finished goods	0	0	0	0
Construction contracts where the expected time of completion exceeds one year	0	0
Finished products	0	0	0	0
Animals	0	0	0	0
Merchandise	718 264	1 340 384	1 136 220	1 220 304
Advance payments made for inventory	0	0	0	0
Long-term receivables – total	9 236	0	21 858	31 856
Trade receivables	0	0	0	0
Net value of contract	0	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	9 236	0	21 858	31 856
Short - term receivables – total	1 771 676	2 374 460	2 167 581	1 963 821
Trade receivables	1 710 479	2 271 439	2 102 622	1 963 821
Net value of contract	0	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
Social security	0	0	0	0
Taxation and subsidies	61 197	102 924	64 959	0
Other receivables	0	97	0	0
Financial accounts – total	318 446	2 563	106 952	160 588
Cash	47	214	124	205
Bank accounts	318 399	2 349	106 828	160 383
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	46 636	205 928	36 497	37 433
Deferred expenses long term	0	0	0	0
Deferred expenses short term	3 387	3 517	2 954	3 429
Accrued revenues long term	0	202 411	33 543	34 004
Accrued revenues short term	43 249	0	0	0
Total capital and liabilities	2 865 930	3 956 376	3 522 938	3 461 785
Capital	1 177 732	1 311 896	1 351 038	1 427 976
Registered capital - total	531 200	531 200	531 200	531 200
Registered capital – total	531 200	531 200	531 200	531 200
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	89 844	95 404	106 240	106 240
Legal reserve fund	89 844	95 404	106 240	106 240
Indivisible funds	0	0	0	0
Statutory funds and other funds	0	0	0	0
Retained profit or loss from previous years	501 088	551 128	634 456	617 198
Retained earnings from previous years	501 088	551 128	634 456	617 198
Retained earnings from previous years	0	0	0	0
Profit or loss for the accounting period	55 600	134 164	79 142	173 338
Liabilities	1 688 198	2 644 480	2 171 900	2 033 809
Reserves – total	114 708	296 963	125 566	154 303
Legal reserves long term	0	0	0	0
Legal reserves short term	105 083	283 035	109 550	15 252
Other long-term reserves	9 625	13 928	16 016	11 222
Other short-term reserves	0	0	0	127 829
Long-term liabilities - total	785	11 174	5 864	1 338
Long-term trade liabilities – total	0	0	0	0
Net value of contract	0	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	785	1 082	1 673	470
Other long-term liabilities	0	7 291	4 191	868
Deffered tax liability	0	2 801	0	0
Short-term liabilities - total	1 572 705	2 092 652	1 620 945	1 838 336
Trade liabilities	1 496 051	2 042 159	1 581 544	1 718 529
Net values of contract	0	0	0	0
Uninvoiced supplies	3 874	513	513	513
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	21 177	31 287	22 212	18 373
Social security liabilities	9 540	10 959	11 254	13 497
Taxation and subsidies	27 841	7 615	5 413	87 424
Other liabilities	14 222	119	9	0
Short-term financial assistance	0	0	0	0
Bank loans	0	243 691	419 525	39 832
Long-term bank loans	0	0	0	0
Current bank loans	0	243 691	419 525	39 832
Prepayments - total	0	0	0	0
Accrued expenses long term	0	0	0	0
Accrued expenses short term	0	0	0	0
Deferred revenues long term	0	0	0	0
Deferred revenues short term	0	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. (31.12.2010 - 1 EUR) - Warning! The figures stated in the balance sheet may contain error(s). B. The enclosed profit/loss account of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR) C. The enclosed profit/loss account of 2012 is originated from official source, it is authenticated by the auditor. (31.12.2012 - 1 EUR) D. The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)

PROFIT/LOSS ACCOUNT	A 31.12.2010		B 31.12.2011			C 31.12.2012		D 31.12.2013
Revenue from the sale of merchandise	9 927 850		14 714 092			12 465 243		10 589 358
Cost of merchandise sold	8 828 893		13 271 071			11 314 308		9 463 623
Trade margin	1 098 957		1 443 021			1 150 935		1 125 735
Production	972		1 727			0		5 396
Revenue from the sale of own products and services	972		1 727			0		5 396
Change in inventory	0		0			0		0
Own work capitalized	0		0			0		0
Purchased consumables and services	429 590		556 177			461 802		330 652
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	39 571		23 627			22 541		24 798
Services	390 019		532 550			439 261		305 854
Added value	670 339		888 571			689 133		800 479
Personnel expenses - total	421 141		548 552			532 272		476 876
Wages and salaries	328 491		439 026			432 398		371 149
Remuneration of board members	3 585		3 585			3 585		3 585
Social security expenses	82 040		95 244			87 756		100 971
Social expenses	7 025		10 697			8 533		1 171
Taxes and fees	822		2 848			969		654
Depreciation expense of intangible and tangible fixed assets	59 516		7 531			11 092		16 553
Revenues from sales of fixed assets and sales of materials	0		42			0		0
Net book value of fixed assets sold and material sold	0		0			0		0
Additions to and reversals of impairment losses	20 412		0			0		18 771
Other operating revenues	45 571		378 171			26 275		39 080
Other operating expenses	160 858		418 774			51 780		42 356
Transfer of operating revenues	0		0			0		0
Transfer of operating expenses	0		0			0		0
Profit or loss from operations	53 161		289 079			119 295		284 349
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		0
Interest income	41		143			30		10
Interest expense	17 324		844			12 090		12 516
Exchange rate gains	475 615		370 986			273 782		170 714
Exchanges rate losses	398 722		443 008			287 348		173 241
Other financial revenues	73		0			52		0
Other financial expenses	21 929		21 930			23 248		18 659
Transfer of financial revenues	0		0			0		0
Transfer of financial expenses	0		0			0		0
Profit or loss from financial activities	37 724		-94 653			-48 822		-33 692
Profit or loss from ordinary activities before tax	90 885		194 426			70 473		250 657
Income tax on ordinary activities	35 285		60 262			-8 669		77 319
- current	52 476		48 225			15 989		87 317
- deferred	-17 191		12 037			-24 658		-9 998
Profit or loss from ordinary activities after tax	55 600		134 164			79 142		173 338
Extraordinary revenues	0		0			0		0
Extraordinary expenses	0		0			0		0
Profit or loss from extraordinary activities before tax	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 after tax	0		0			0		0
Profit or loss of the accounting period before tax	90 885		194 426			70 473		250 657
Transfer of profit or loss to partners	0		0			0		0
Profit or loss of the accounting period after tax	55 600		134 164			79 142		173 338
Receivables after due date						437 427		400 518
Liabilities after due date						0		0
Ratios		2010		2011	2012		2013

Return on total assets ROA (in %)	1,94	3,39	2,25	5,01
Return on equity ROE (in %)	4,72	10,23	5,86	12,14

Rentabilität der Einnahmen ROS (in %)	0,56	0,91	0,63	1,64
Turnover of receivables (in days)	62,88	56,34	61,57	67,66

Turnover of liabilities (in days)	55	50,65	46,31	59,21
Turnover of inventories (days)	26,41	33,25	33,28	42,05

Net working capital	1245048	1381262	1392339	1498583
Ratio of accounts payable to accounts receivable	113	113	135	108

Ratio of profit/loss to tangible assets (in%)	0,02	0,22	0,43	0,45
Current ratio	1,79	1,59	1,67	1,78
Quick ratio	1,33	1,02	1,11	1,13
Cash ratio	0,2	0	0,05	0,09

Debt ratio I (in %)	58,91	66,84	61,65	58,75
Debt ratio II (in %)	58,91	66,84	61,65	58,75

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

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.