MIRA INFORM REPORT

Report No. :	330676
Report Date :	08.07.2015

IDENTIFICATION DETAILS

Name :	KAMNIK-SCHLENK D.O.O.
Registered Office :	Fužine 9, 1241 Kamnik
Country :	Slovenia
Financials (as on) :	31.12.2014
Date of Incorporation :	17.07.1998
Com. Reg. No.:	13084400
Legal Form :	Limited liability company
Line of Business :	Subject is manufacture of dyes and pigments
No. of Employee :	65

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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, despite having suffered a protracted recession in 2008-2009 in the wake of the global financial crisis. 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. Export-led growth fueled by demand in larger European markets pushed GDP growth to 2.6% in 2014, while stubbornly-high unemployment fell slightly to 13%. PM CERAR’s government took office in September 2014, pledging to press ahead with commitments to privatize a select group of state-run companies, rationalize public spending, and further stabilize the banking sector.

Source : CIA

Company name and address KAMNIK-SCHLENK D.O.O. Fužine 9, 1241 Kamnik Phone: 01 830 94 40 Telefax: 01 830 94 43 E-Mail: info@kamnik-schlenk.si Web: www.schlenk.de
Legal form d.o.o. - Limited liability company (Ltd.) Established on 17/07/1998 - d.o.o. - Limited liability company (Ltd.) last entry on 09.03.2011 Registered on 17/07/1998, Ljubljana, Registration number: 13084400 Tax number: SI89934806 Company number: 1304267 Registered capital
EUR	202.838,00
Owner SCHLENK INTERNATIONAL GMBH Barnsdorfer Hauptstrasse 5, 91154 Roth, Germany									EUR			202.838,00
Manager Bojan Flis Preserje pri Radomljah, Igriška ulica 25, 1235 Radomlje Director
General data company activity: manufacture of dyes and pigments Headquarters and business-production premisess are located on the address above
Main activity Manufacture of dyes and pigments (NACE 2)
Export Austria Switzerland Germany Egypt USA
Import Germany Italy
Residence address Fužine 9, 1241 Kamnik Phone: 01 830 94 40 Telefax: 01 830 94 43 E-Mail: info@kamnik-schlenk.si Web: www.schlenk.de
Other activities
Employees	2010	59 employees
	2011	62 employees
	2012	51 employees
	2013	54 employees
	2014	65 employees
	2015	65 employees
Annual turnover	2010				Enterprise turnover				EUR			10.720.049,-
	2011				Enterprise turnover				EUR			10.285.581,-
	2012				Enterprise turnover				EUR			10.627.609,-
	2013				Enterprise turnover				EUR			11.575.391,-
	2014				Enterprise turnover				EUR			13.072.652,-
Remarks	full name of the company: KAMNIK-SCHLENK, proizvodnja in trgovina kovinskih pigmentov, d.o.o.
Bank relations	UNICREDIT BANKA SLOVENIJA d.d.: Central address: SI Šmartinska 140, 1000 Ljubljana Account number: SI56 290000055252124
Company development	Positive
Business course	good
Terms of payment	Within agreed terms
Business connection	Business connection are premissible
A. The enclosed balance of 2014 is originated from official source, it is not authenticated by the auditor. (31.12.2014 - 1 EUR) B. The enclosed balance of 2013 is originated from official source, it is not authenticated by the auditor. (31.12.2013 - 1 EUR) C. The enclosed balance of 2012 is originated from official source, it is not authenticated by the auditor. (31.12.2012 - 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 sheet
balance				A 31.12.2014			B 31.12.2013				C 31.12.2012		D 31.12.2011
ASSETS (AKTIVA)				5.808.714			6.984.113				5.064.727		4.783.449
LONG-TERM ASSETS				2.334.902			2.366.548				2.056.262		2.037.447
Intangible assets and long-term deferred costs and accrued revenues				3.788			4.817				5.846		6.874
Intangible assets				3.788			4.817				5.846
Long-term deferred costs and accrued revenues				0			0				0
Tangible fixed assets				2.316.120			2.337.030				2.033.766		2.010.223
Long-term financial investments and Real estate investments				152			0				0
Investment property				0			0				0
Long-term financial investments				152			0				0
Long-term operating receivables				0			0				0
Deferred receivables for taxes				14.842			24.701				16.650		20.350
SHORT-TERM ASSETS				3.452.620			4.580.570				2.989.513		2.726.542
Assets (group for estrange) for sell				0			0				0
Inventories				2.003.896			2.021.274				1.408.833		1.490.952
Short-term financial investments				1.811			1.104.787				0
Short-term operating receivables				723.608			741.421				1.309.059		928.680
Cash assets				723.305			713.088				271.621		306.910
Short-term deferred costs and accrued revenues				21.192			36.995				18.952		19.460
Off-balance sheet items				362.885			835				0		835
LIABILITIES				5.808.714			6.984.113				5.064.727		4.783.449
CAPITAL				4.824.841			5.743.518				3.852.244		3.094.133
Called-up capital				202.838			202.838				202.838		202.838
Basic (subscribed) capital				202.838			202.838				202.838		202.838
Non called-up capital (deductive item)				0			0				0
Capital reserves				55.566			55.566				55.566		55.566
Reserves from profit				20.284			20.284				20.284		20.284
Surplus from revaluation				0			0				0
Retained net				2.064.829			3.573.556				1.815.445		1.612.230
Net business result for the business year				2.481.324			1.891.274				1.758.111		1.203.215
PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES				171.844			174.431				169.414		213.521
FINANCIAL AND BUSINESS LIABILITIES				756.178			1.008.518				989.606		1.429.985
LONG-TERM LIABILITIES				0			0				66.468		132.936
Long-term financial liabilities				0			0				66.468		132.936
Long-term operating liabilities				0			0				0		0
Deferred liabilities for taxes				0			0				0		0
SHORT-TERM LIABILITIES				756.178			1.008.518				923.138		1.297.049
Liabilities, included in groups for estrange				0			0				0
Short-term financial liabilities				0			66.468				66.468		571.838
Short-term operating liabilities				756.178			942.050				856.670		725.211
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES				55.851			57.646				53.463		45.810
Off-balance sheet items				362.885			835				0		835
A. The enclosed profit and loss account of 2014 is originated from official source, it is not authenticated by the auditor. (31.12.2014 - 1 EUR) B. 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) C. 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) D. The enclosed profit and loss account of 2011 is originated from official source, it is authenticated by the auditor . (31.12.2011 - 1 EUR) profit and loss account
				A 31.12.2014			B 31.12.2013				C 31.12.2012		D 31.12.2011
Net sales				13.040.898			11.097.980				10.571.998		10.090.760
Changes in the value of inventories of products and work-in-process				-54.806			400.995				-61.145		121.538
Capitalised own products and own services				0			0				0
Other operating revenues (with subventions, grants,...)				46.038			42.895				77.229		21.359
GROSS OPERATING YIELD				13.032.130			11.541.870				10.588.082
Cost of goods, material and services				7.936.520			7.231.942				6.508.281		-6.768.222
Purchase value of goods and materials sold and cost of material and cost of material used				6.815.122			6.203.981				5.766.776		-6.073.284
Cost of services				1.121.398			1.027.961				741.505		-694.938
Labour cost				1.787.947			1.768.358				1.619.260		-1.617.894
Cost of wages				1.323.190			1.271.978				1.199.801		-1.199.400
Cost of pension insurance				152.220			147.424				0
Cost of other social insurance				96.803			93.455				229.164		-230.066
Other labour cost				215.734			255.501				190.295		-188.428
Write-offs				231.124			184.985				186.710		-213.879
Depreciation				225.109			177.335				155.276		-139.272
Revaluation operating expenses for non-tangible assets and tangible fixed assets				5.403			2.896				2.701		-5.534
Revaluation operating expenses for current assets				612			4.754				28.733		-69.073
Other operating expenses				132.251			129.600				145.622		-150.037
OPERATING REVENUES				13.086.936			11.140.875				10.649.227
OPERATING EXPENSES				10.087.842			9.314.885				8.459.873
OPERATING RESULT				2.999.094			1.825.990				2.189.354
EBIT				2.944.288			2.226.985				2.128.209
Financial income from investments in other enterprises				0			0				0
Financial income from loans				23.572			7.351				1.683		0
Financial income from operating receivables				16.944			11.708				24.662		44.321
Financial expenses from depreciation and write-offs of financial investments				0			0				0
Financial expenses from financial liabilities				1.745			4.071				8.733		-27.802
Financial expenses from operating liabilities				2.616			8.871				10.652		-19.643
Financial income				40.516			19.059				26.345
Financial expenses				4.361			12.942				19.385
Other revenues				6			14.462				13.182		7.603
Other expenses				1			1.204				3		-2.710
Total revenues				13.072.652			11.575.391				10.627.609
Total costs				10.092.204			9.329.031				8.479.261
Total business result				2.980.448			2.246.360				2.148.348
Tax on profit				489.265			363.137				386.537		-298.417
Deferred taxs				9.859			-8.051				3.700		16.238
Net business result for the accounting period				2.481.324			1.891.274				1.758.111		1.203.215
Ratios
			2011			2012		2013		2014
Equity ratio			0,04			0,04		0,03		0,03
Cleared equity ratio			0,04			0,04		0,03		0,03
Current liquidity			2,1			3,24		4,54		4,57
Quick liquidity			0,95			1,71		2,54		1,92
Working capital			1429493			2066375		3572052		2696442
Gearing			23,58			24,97		34,43		28,64
Cleared gearing			3,47			0,66		0,33		0
Profitability			n/a			20,21		19,41		22,8
Operating profitability			n/a			16,54		16,34		18,98
Stock days			n/a			48,39		63,74		55,95
Debtor days			n/a			44,96		23,38		20,2
Supplier days			n/a			29,42		29,71		21,11

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.37
UK Pound	1	Rs.98.86
Euro	1	Rs.69.97

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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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.