MIRA INFORM REPORT

Report No. :	331810
Report Date :	13.07.2015

IDENTIFICATION DETAILS

Name :	SPINTEC D.O.O.
Registered Office :	Polje 12, 5290 Šempeter Pri Gorici
Country :	Slovenia
Financials (as on) :	31.12.2014
Date of Incorporation :	28.05.2010
Com. Reg. No.:	3741036
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of Other Electrical Equipment
No. of Employees :	20 [2015]

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 :	Slow but correct
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 & address

SPINTEC D.O.O.

Polje 12, 5290 Šempeter Pri Gorici

Phone: 041 822 553

Phone: 08 205 20 21

Telefax: 05 330 76 50

E-Mail: info@spintec.si

Web: www.spintec.si

Company summary

Legal form	D.O.O. - Limited liability company (Ltd.)
Established on	28/05/2010 - d.o.o. - Limited liability company (Ltd.)
	last entry on 30.09.2014 on 30.09.2014 change of registered address from Velika pot 20, Solkan to Polje 12, Šempeter pri Gorici
Registered on	28/05/2010, Nova Gorica, Registration number: Tax number: SI 60085266 Company number: 3741036
Registered capital							EUR			7.564,00
	on 03.10.2012 capital decrease for EUR 229.436,-- on 13.09.2012 capital increase for EUR 182.000,-- on 17.05.2011 capital increase for EUR 45.000,--
Owner	Goran Miškulin Vogrsko 123c, 5293 Volčja Draga						EUR			6.932,08
	Borut Cuznar Kosovelova ulica 4a, 5000 Nova Gorica						EUR			105,32
	Igor Lombar Cesta na Lenivec 24, 6210 Sežana						EUR			105,32
	Ivan Gabrijelčič Lig 20a, 5213 Kanal						EUR			105,32
	Marko Žižmond Bilje 57, 5292 Renče						EUR			105,32
	Sandi Stanič Trg 64, 5292 Renče						EUR			105,32
	Slavko Krapež Merljaki 25, 5292 Renče						EUR			105,32
Manager	Goran Miškulin Vogrsko 123c, 5293 Volčja Draga confidential clerk
	Igor Lombar Cesta na Lenivec 24, 6210 Sežana Director
General data	company activity: development, production and sales of automated roulette and other gaming devices own trademark Karma headquarters and business premises are located on the address above
	Main activity: Manufacture of other electrical equipment (NACE 2)											(27.90)
	Export: Spain Macau Netherlands Ireland
	Import: Great-Britain Italy Netherlands
	Residence address: Polje 12, 5290 Šempeter pri Gorici Phone: 041 822 553 08 205 20 21 Telefax: 05 330 76 50 E-Mail: info@spintec.si Web: www.spintec.si
Other activities
Employees	2010			2 employees
	2011			5 employees
	2012			6 employees
	2013			10 employees
	2014			14 employees
	2015			20 employees
Annual turnover	2010			Enterprise turnover			EUR			1.656,-
	2011			Enterprise turnover			EUR			463.522,-
	2012			Enterprise turnover			EUR			684.660,-
	2013			Enterprise turnover			EUR			1.866.469,-
	2014			Enterprise turnover			EUR			2.666.862,-
Remarks	company name: SPINTEC, razvoj, proizvodnja in prodaja igralnih naprav d.o.o.
Bank relations	ABANKA VIPA d.d.: Central address: SI Slovenska cesta 58, 1517 Ljubljana Account number: SI56 0510 0801 3037 859 HYPO ALPE-ADRIA-BANK d.d.: Central address: SI Dunajska cesta 117, 1000 Ljubljana Account number: SI56 3300 0000 4531 055
Company development	Positive											(20)
Business course	good											(20)
Terms of payment	Mostly within agrees terms, but partly also delayed											(32)
Business connection	Business connection appear premissable											(31)
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 not authenticated by the auditor. (31.12.2011 - 1 EUR)
Financials statements
BALANCE			A 31.12.2014		B 31.12.2013				C 31.12.2012				D 31.12.2011
ASSETS (AKTIVA)			1.282.112		717.117				697.675				388.326
LONG-TERM ASSETS			96.668		95.718				101.651				107.052
Intangible assets and long-term deferred costs and accrued revenues			66.991		77.797				92.539				100.366
Intangible assets			66.991		77.797				92.539				100.366
Long-term deferred costs and accrued revenues			0		0				0				0
Tangible fixed assets			26.344		17.921				9.112				6.686
Long-term financial investments and Real estate investments			0		0				0				0
Investment property			0		0				0				0
Long-term financial investments			0		0				0				0
Long-term operating receivables			3.333		0				0				0
Deferred receivables for taxes			0		0				0				0
SHORT-TERM ASSETS			1.154.733		596.625				552.378				280.584
Assets (group for estrange) for sell			0		0				0				0
Inventories			641.465		162.870				234.701				86.252
Short-term financial investments			0		0				2.000				2.000
Short-term operating receivables			413.083		403.804				287.890				147.662
Cash assets			100.185		29.951				27.787				44.670
Short-term deferred costs and accrued revenues			30.711		24.774				43.646				690
Off-balance sheet items			0		0				0				0
LIABILITIES			1.282.112		717.117				697.675				388.326
CAPITAL			114.226		63.581				11.461				-174.436
Called-up capital			7.564		7.564				7.564				55.000
Basic (subscribed) capital			7.564		7.564				7.564				55.000
Non called-up capital (deductive item)			0		0				0				0
Capital reserves			0		0				0				0
Reserves from profit			756		756				756				0
Surplus from revaluation			0		0				0				0
Retained net			55.260		3.141				0				-47.757
Net business result for the business year			50.646		52.120				3.141				-181.679
PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES			0		0				0				0
FINANCIAL AND BUSINESS LIABILITIES			1.151.662		643.472				686.214				562.762
LONG-TERM LIABILITIES			308.000		308.000				351.735				485.000
Long-term financial liabilities			308.000		308.000				351.735				485.000
Long-term operating liabilities			0		0				0				0
Deferred liabilities for taxes			0		0				0				0
SHORT-TERM LIABILITIES			843.662		335.472				334.479				77.762
Liabilities, included in groups for estrange			0		0				0				0
Short-term financial liabilities			0		44.000				0				0
Short-term operating liabilities			843.662		291.472				334.479				77.762
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES			16.224		10.064				0				0
Off-balance sheet items			0		0				0				0
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 not 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			2.333.326		1.834.639				701.739				400.000
Changes in the value of inventories of products and work-in-process			306.350		19.791				-23.772				61.893
Capitalised own products and own services			0		0				0				0
Other operating revenues (with subventions, grants,...)			0		10.430				3.108				0
GROSS OPERATING YIELD			2.639.676		1.864.860				681.075				461.893
Cost of goods, material and services			2.045.356		1.373.134				441.268				433.793
Purchase value of goods and materials sold and cost of material and cost of material used			1.395.654		871.017				189.833				285.501
Cost of services			649.702		502.117				251.435				148.292
Labour cost			505.796		391.542				211.281				181.437
Cost of wages			395.571		307.413				161.562				139.269
Cost of pension insurance			35.008		27.257				14.298				12.325
Cost of other social insurance			28.806		22.381				11.713				10.097
Other labour cost			46.411		34.491				23.708				19.746
Write-offs			47.574		29.475				19.488				17.963
Depreciation			31.247		29.475				19.488				17.963
Revaluation operating expenses for non-tangible assets and tangible fixed assets			0		0				0				0
Revaluation operating expenses for current assets			16.327		0				0				0
Other operating expenses			6.572		7.771				354				73
OPERATING REVENUES			2.333.326		1.845.069				704.847				400.000
OPERATING EXPENSES			2.605.298		1.801.922				672.391				633.266
OPERATING RESULT			-271.972		43.147				32.456				-233.266
EBIT			34.378		62.938				8.684				-171.373
Financial income from investments in other enterprises			0		0				0				0
Financial income from loans			0		76				0				59
Financial income from operating receivables			692		705				2.575				1.570
Financial expenses from depreciation and write-offs of financial investments			0		0				0				0
Financial expenses from financial liabilities			0		0				0				11.375
Financial expenses from operating liabilities			10.918		12.427				8.372				558
Financial income			692		781				2.575				1.629
Financial expenses			10.918		12.427				8.372				11.933
Other revenues			26.494		828				1.010				0
Other expenses			0		0				0				2
Total revenues			2.666.862		1.866.469				684.660				463.522
Total costs			2.616.216		1.814.349				680.763				645.201
Total business result			50.646		52.120				3.897				-181.679
Tax on profit			0		0				0				0
Deferred taxs			0		0				0				0
Net business result for the accounting period			50.646		52.120				3.897				-181.679
RATIOS						2011		2012			2013			2014
		Equity ratio				0,14		0,01			0,01			0,01
		Cleared equity ratio				0,14		0,01			0,01			0,01
		Current liquidity				3,61		1,65			1,78			1,37
		Quick liquidity				2,5		0,95			1,29			0,61
		Working capital				202822,00		217899,00			261153,00			311071,00
		Gearing				7,06		92,24			94,81			170
		Cleared gearing				8,82		46,5			46,54			40,72
		Profitability				-39,2		0,57			2,79			1,9
		Operating profitability				-39,2		0,57			2,79			1,9
		Stock days				67,92		125			31,85			87,79
		Debtor days				116		153			78,97			56,54
		Supplier days				61,23		178			57			115

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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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