MIRA INFORM REPORT

Report No. :	351155
Report Date :	21.11.2015

IDENTIFICATION DETAILS

Name :	VALJI D.O.O.
Registered Office :	Železarska cesta 3, 3220 Štore
Country :	Slovenia
Financials (as on) :	31.12.2014
Date of Incorporation :	07.01.1991
Com. Reg. No.:	10235600
Legal Form :	Limited liability company
Line of Business :	Manufacture of other fabricated metal products.
No. of Employee :	164

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 :	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 and address

VALJI D.O.O.

Železarska cesta 3,

3220 Štore

Phone: 03 780 54 01

Telefax: 03 780 55 00

E-Mail: info@valji.si

Web: www.valji.si

Company summary

Legal form	Ltd - Limited liability company
Established on		07/01/1991 - Ltd - Limited liability company
		last entry on 14.04.2015 on 23.07.2001 change of companys name from SLOVENSKE ŽELEZARNE - VALJI d.o.o., Štore into VALJI d.o.o. Štore on the share of the shareholder Valji Group d.o.o. is pawn right registered
Registered on		07/01/1991, Celje, Registration number: 10235600 Tax number: SI94916934 Company number: 5441528
Registered capital		07/01/1991			EUR		2.406.724,64
		22/06/2010			EUR		3.666.724,64
		on 12.07.2010 increase of capital for EUR 1.260.000,--
Owner		VALJI GROUP d.o.o. (Statistical number: 1469452) Železarska cesta 3, 3220 Štore			EUR		1.925.379,71
		ŠTORE STEEL d.o.o. (Statistical number: 1197967) Železarska cesta 3, 3220 Štore			EUR		895.910,40
		ŽELEZAR ŠTORE D.P. d.d. (Statistical number: 1318152) Železarska cesta 3, 3220 Štore			EUR		785.434,53
		STORKOM ŠTORE, D.O.O. (Statistical number: 1511386) Železarska cesta 1, 3220 Štore			EUR		60.000,00
Manager		Ivan Štrlekar Kompole 63, 3220 Štore Director
Supervisory Board		Anton Franulič Cesta Kozjanskega odreda 6, 3220 Štore member of the supervisory board
		Gorazd Korošec Resnik 91, 3214 Zreče member of the supervisory board
		Jure Štrlekar Krog, Trubarjeva ulica 28, 9000 Murska Sobota member of the supervisory board
		Mirko Žerak Vegova ulica 15, 3250 Rogaška Slatina chairman of the supervisory board
General data		company activity is production of high quality steel and castings, production of rolls for ferrous metallurgy, rolls for rubber and plastic industry, rolls for food industry, rolls for paper industry, castings and machines headquarters and business-production premises are located on the address above
		Main activity: Manufacture of other fabricated metal products n.e.c. (NACE 2)
		Export: Russia Turkey India Italy Indonesia
		Import: Austria France South-Africa
		Residence address: Železarska cesta 3, 3220 Štore Phone: 03 780 54 01 Telefax: 03 780 55 00 E-Mail: info@valji.si Web: www.valji.si
Other activities
Employees		2010	197 employees
		2011	194 employees
		2012	189 employees
		2013	164 employees
		2014	159 employees
		2015	164 employees
Annual turnover		2010		Enterprise turnover		EUR		26.857.756,-
		2011		Enterprise turnover		EUR		25.787.791,-
		2012		Enterprise turnover		EUR		22.759.137,-
		2013		Enterprise turnover		EUR		19.119.050,-
		2014		Enterprise turnover		EUR		17.323.263,-
Property		Company's property: Land and buildings per 31.12.2014 SI-Štore Book value: 7.821.082,- EUR (Official source)
Remarks		long name of the company: VALJI, proizvodnja valjev in ulitkov d.o.o. NLB: account block since 17.11.2015 - on , 23.9.2015-30.9.2015, 3.7.2015-13.7.2015 12.5.2015-26.5.2015, 9.4.2015-20.4.2015, 4.3.2015-11.3.2015 banka Celje: account block since 17.11.2015 - on , 23.9.2015-28.9.2015, 3.7.2015-14.7.2015, 12.5.2015-26.5.2015, 28.4.2015-6.5.2015, 9.4.2015-22.4.2015 , 2.3.2015-11.3.2015, 28.1.2015-2.2.2015 , 16.1.2015-21.1.2015, 9.1.2015-14.1.2015 , 17.12.2014-31.12.2014 Sberbank: account block since 17.11.2015 - on , 1.10.2015-9.10.2015, 3.7.2015-13.7.2015, 28.4.2015-29.5.2015, 3.4.2015-17.4.2015, 2.3.2015-11.3.2015 , 28.1.2015-2.2.2015, 17.12.2014-30.12.2014, 1.12.2014-8.12.2014 PBS: account block since 17.11.2015 - on , 27.10.2015-4.11.2015, 4.5.2015-26.5.2015, 9.4.2015-20.4.2015, 27.3.2015-1.4.2015, 4.3.2015-11.3.2015 , 28.1.2015-3.2.2015, 16.1.2015-21.1.2015, 17.12.2014-31.12.2014
Interests		Anton Franulič:
		PREHRANA TULI d.o.o. (Statistical number: 1965280)			Manager
		ŽELEZAR ŠTORE D.P. d.d. (Statistical number: 1318152)			Board of Directors
		Gorazd Korošec:
		ŽELEZAR ŠTORE D.P. d.d. (Statistical number: 1318152)			Supervisory Board
		ŽELEZAR ŠTORE D.P. d.d. (Statistical number: 1318152)			Head shareholders				4,95%
		Ivan Štrlekar:
		ADUT, d.o.o. (Statistical number: 5404371)			Owner
		ADUT, d.o.o. (Statistical number: 5404371)			Manager
		GLOBAL NET d.o.o. (Statistical number: 2065509)			Owner
		LŠ PROJEKT d.o.o. (Statistical number: 2196123)			Owner
		LŠ PROJEKT d.o.o. (Statistical number: 2196123)			Manager
		OPTUMUM PRIMUS d.o.o. (Statistical number: 2367173)			Owner
		OPTUMUM PRIMUS d.o.o. (Statistical number: 2367173)			Manager
		PREHRANA TULI d.o.o. (Statistical number: 1965280)			Manager
		RITS d.o.o. Celje (Statistical number: 1846841)			Supervisory Board
		STIROTECH d.o.o. (Statistical number: 1934074)			Owner
		VALJI GROUP d.o.o. (Statistical number: 1469452)			Owner
		VALJI GROUP d.o.o. (Statistical number: 1469452)			Manager
		ŽELEZAR ŠTORE D.P. d.d. (Statistical number: 1318152)			Supervisory Board
		Jure Štrlekar:
		LŠ PROJEKT d.o.o. (Statistical number: 2196123)			Owner
		OPTUMUM PRIMUS d.o.o. (Statistical number: 2367173)			Owner
		OPTUMUM PRIMUS d.o.o. (Statistical number: 2367173)			Manager
		ŠTORE STEEL d.o.o. (Statistical number: 1197967):
		PREHRANA TULI d.o.o. (Statistical number: 1965280)			Owner
		ŠTORE STEEL d.o.o. (Statistical number: 1197967)			Owner
		UNIOR d.d. (Statistical number: 5042437)			Head shareholders				12,2%
		STORKOM ŠTORE, D.O.O. (Statistical number: 1511386):
		PREHRANA TULI d.o.o. (Statistical number: 1965280)			Owner
		ŽELEZAR ŠTORE D.P. d.d. (Statistical number: 1318152)			Head shareholders				20,88%
		VALJI GROUP d.o.o. (Statistical number: 1469452):
		PREHRANA TULI d.o.o. (Statistical number: 1965280)			Owner
		RRA - CELJE, d.o.o. (Statistical number: 5949823)			Owner
		STIROTECH d.o.o. (Statistical number: 1934074)			Owner
		ŽELEZAR ŠTORE D.P. d.d. (Statistical number: 1318152):
		ITRO d.o.o. (Statistical number: 5441501)			Owner
		PETROL ENERGETIKA d.o.o. (Statistical number: 5705754)			Owner
		ŠTORE STEEL d.o.o. (Statistical number: 1197967)			Owner
Bank relations		NOVA LJUBLJANSKA BANKA d.d., LJUBLJANA: Central address: SI Trg republike 2, 1520 Ljubljana Account number: 02234-0012595692 SBERBANK d.d.: Central address: SI Dunajska cesta 128a, 1000 Ljubljana Account number: 30000-0080002144 POŠTNA BANKA SLOVENIJE, d.d.: Central address: SI Ulica Vita Kraigherja 5, 2000 Maribor Account number: SI56 906720000878493 ABANKA VIPA d.d.: Central address: SI Slovenska cesta 58, 1517 Ljubljana Account number: SI56 0600 0007 7420 073
Company development		Stagnat
Terms of payment		Slow and beyond terms, repeated reminders
Business connection		Business connection are denied
Credit limit		EUR 0,-
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)

Financial statement

BALANCE			A 31.12.2014		B 31.12.2013		C 31.12.2012		D 31.12.2011
ASSETS (AKTIVA)			30.460.618		30.393.485		33.003.088		34.772.220
LONG-TERM ASSETS			20.629.307		19.949.392		21.535.839		23.409.244
Intangible assets and long-term deferred costs and accrued revenues			695.105		746.260		538.264		320.903
Intangible assets			695.105		746.260		0		320.903
Long-term deferred costs and accrued revenues			0		0		538.264		0
Tangible fixed assets			19.789.217		19.058.147		20.851.631		22.932.664
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			0		0		0		0
Deferred receivables for taxes			144.985		144.985		145.944		155.677
SHORT-TERM ASSETS			9.402.910		10.444.093		11.467.249		11.362.976
Assets (group for estrange) for sell			0		0		0		0
Inventories			3.590.823		3.856.656		4.254.516		4.871.650
Short-term financial investments			1.983.345		1.985.625		1.983.345		1.983.345
Short-term operating receivables			3.808.158		4.598.877		5.177.122		4.436.709
Cash assets			20.584		2.935		52.266		71.272
Short-term deferred costs and accrued revenues			428.401		0		0		0
Off-balance sheet items			0		0		18.836.328		0
LIABILITIES			30.460.618		30.393.485		33.003.088		34.772.220
CAPITAL			6.115.623		7.294.076		7.269.120		7.204.760
Called-up capital			3.666.725		3.666.725		3.666.725		3.666.725
Basic (subscribed) capital			3.666.725		3.666.725		3.666.725		3.666.725
Non called-up capital (deductive item)			0		0		0		0
Capital reserves			3.343.074		3.343.075		3.343.073		3.343.074
Reserves from profit			0		0		0		0
Surplus from revaluation			0		0		0		0
Retained net			-223.875		259.322		194.961		141.369
Net business result for the business year			-670.301		24.954		64.361		53.592
PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES			654.376		700.856		738.916		793.206
FINANCIAL AND BUSINESS LIABILITIES			23.631.723		22.322.468		24.913.414		26.676.852
LONG-TERM LIABILITIES			13.382.273		9.463.430		11.311.934		13.540.520
Long-term financial liabilities			6.151.087		9.463.430		11.311.934		8.866.382
Long-term operating liabilities			7.231.186		0		0		4.674.138
Deferred liabilities for taxes			0		0		0		0
SHORT-TERM LIABILITIES			10.249.450		12.859.038		13.601.480		13.136.332
Liabilities, included in groups for estrange			0		0		0		0
Short-term financial liabilities			4.808.790		7.727.011		8.311.620		5.749.222
Short-term operating liabilities			5.440.660		5.132.027		5.289.860		7.387.110
SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES			58.896		76.085		81.638		97.402
Off-balance sheet items			0		0		18.836.328		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			16.118.970		18.744.228		22.625.844		25.130.052
Changes in the value of inventories of products and work-in-process			174.545		-152.732		-156.102		-4.849
Capitalised own products and own services			98.951		78.316		101.754		220.320
Other operating revenues (with subventions, grants,...)			751.570		252.143		87.665		213.461
GROSS OPERATING YIELD			17.144.036		18.921.955		22.659.161		25.558.984
Cost of goods, material and services			10.402.504		11.335.507		14.106.176		16.933.166
Purchase value of goods and materials sold and cost of material and cost of material used			7.105.184		7.476.083		9.410.007		10.967.750
Cost of services			3.297.320		3.859.424		4.696.169		5.965.416
Labour cost			4.167.232		4.061.326		4.533.765		4.742.605
Cost of wages			3.145.985		3.052.851		3.392.131		3.530.491
Cost of pension insurance			353.849		367.961		0		444.788
Cost of other social insurance			227.907		221.481		661.906		256.221
Other labour cost			439.491		419.033		479.728		511.105
Write-offs			2.281.120		2.499.130		2.531.594		2.463.154
Depreciation			2.150.546		2.290.331		2.424.092		2.462.412
Revaluation operating expenses for non-tangible assets and tangible fixed assets			50.968		177.756		0		742
Revaluation operating expenses for current assets			79.606		31.043		107.502		0
Other operating expenses			74.122		110.287		191.014		127.619
OPERATING REVENUES			16.969.491		19.074.687		22.815.263		25.563.833
OPERATING EXPENSES			16.924.978		18.006.250		21.362.549		24.266.544
OPERATING RESULT			44.513		1.068.437		1.452.714		1.297.289
EBIT			219.058		915.705		1.296.612		1.292.440
Financial income from investments in other enterprises			8.961		0		0		0
Financial income from loans			42.653		78.670		54.515		70.333
Financial income from operating receivables			46.024		117.099		11.391		64.849
Financial expenses from depreciation and write-offs of financial investments			0		0		0		0
Financial expenses from financial liabilities			917.577		905.465		1.119.800		1.216.564
Financial expenses from operating liabilities			146.638		177.840		194.405		239.217
Financial income			97.638		195.769		65.906		135.182
Financial expenses			1.064.215		1.083.305		1.314.205		1.455.781
Other revenues			81.589		1.326		34.070		93.625
Other expenses			4.371		3.583		8.288		12.179
Total revenues			17.323.263		19.119.050		22.759.137		25.787.791
Total costs			17.993.564		19.093.138		22.685.042		25.734.504
Total business result			-670.301		25.912		74.095		53.287
Tax on profit			0		0		0		0
Deferred taxs			0		958		9.734		-305
Net business result for the accounting period			-670.301		24.954		64.361		53.592
RATIOS		2011		2012		2013		2014
	Equity ratio	0,11		0,11		0,12		0,12
	Cleared equity ratio	0,11		0,11		0,12		0,12
	Current liquidity	0,86		0,84		0,81		0,92
	Quick liquidity	0,49		0,53		0,51		0,57
	Working capital	-1773356		-2134231		-2414945		-846540
	Gearing	9,48		9		8,29		8,31
	Cleared gearing	3,99		5,35		4,69		2,99
	Profitability	0,21		0,33		0,14		-3,87
	Operating profitability	0,21		0,28		0,13		-3,87
	Stock days	68,95		68,23		73,63		75,66
	Debtor days	62,8		83,03		87,8		80,24
	Supplier days	105		84,84		97,97		115

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Analysis Done by :	HNA
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%)

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