MIRA INFORM REPORT

Report No. :	347042
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	KM OBALY S.R.O.
Registered Office :	Za Horizontem 495 267 01 Kral´uv˚ Dvur˚
Country :	Czech Republic
Financials (as on) :	31.12.2014
Date of Incorporation :	28.12.2006
Legal Form :	Private limited company
Line of Business :	Other specialized wholesale · Sale of great-volume sacks, of polypropylene packages, cartoons, inerlayers made of corrugated cardboard and paper sacks.
No. of Employees :	2

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)
Czech Republic	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

CZECH REPUBLIC - ECONOMIC OVERVIEW

The Czech Republic is a stable and prosperous market economy closely integrated with the EU, especially since the country's EU accession in 2004. The auto industry is the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell sharply in 2009. The economy slowly recovered in the second half of 2009 and registered weak growth in the next two years. In 2012 and 2013, however, the economy fell into a recession again, due both to a slump in external demand in the EU and to the government’s austerity measures, returning to weak growth in 2014. Foreign and domestic businesses alike voice concerns about corruption, especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Source : CIA

Company identification

KM OBALY s.r.o.		Telephone	00420/ 603 157 463
Za Horizontem 495		telefax	00420/ 312 690 056
267 01 Kral´uv˚ Dvur˚		e-mail	kouba@kmobaly.cz
Czech Republic		Web	www.kmobaly.cz
Crefo Nr.	9212489449	Registration:	Mestskˇy´ soud v Praze
Statistical Nr.	27635058	Registration Nr.	C 120439
Tax Nr.	CZ27635058	Status	activ

Economic situation

Business connection	Business connections are permissible	(21)
Terms of payment	usually within agreed terms	(29)

Basic information

Legal form

Private limited company

Founded

28/12/2006 as Private limited company

Registration

28/12/2006, Mestskˇy´ soud v Praze, C 120439 Statistical Nr.: 27635058

Registered names

Valid from	Trade name(s)	Valid until
28/12/2006	KM OBALY s.r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9210110745	Ing. Petr Kouba (birth date 26/07/1964)		134,000	CZK
	Za Horizontem 495, 267 01 Kral´uv˚ Dvur˚ u Berouna
	Czech Republic
9212667354	Lucie Koubova´ (birth date 11/03/1989)	16/04/2007	66,000	CZK
	Za Horizontem 495, 267 01 Kral´uv˚ Dvur˚ u Berouna
	Czech Republic
Total capital			200,000 CZK

Registered capital

Date	Currency	Value
28/12/2006	CZK	200,000

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9210110745	Executive Manager	28/12/2006
	Ing. Petr Kouba(birth date 26/07/1964)
	Za Horizontem 495, 267 01 Kral´uv˚ Dvur˚ u Berouna
	Czech Republic

Company addresses

Valid from	Address	Valid until
19/03/2010	Za Horizontem 495, 267 01 Kral´uv˚ Dvur,˚ Czech Republic
28/12/2006	Na Spravedlnosti 983, 271 01 Nove´ Strasecˇ´ı, Czech Republic	16/04/2007
16/04/2007	K B´ıle´ skale´ 152, 273 51 Kysice,ˇ Czech Republic	19/03/2010
Valid from	Branches of the business	Valid until
	SkladU Spejcharu 409, 252 67 Tuchomerice, Czech Republic

Business activities

Main activity	Nace
Other specialized wholesale	46.70
Additional activities	Nace
Sale of great-volume sacks, of polypropylene packages cartoons, inerlayers made of corrugated cardboard and paper sacks.

Economic data

Turnover and Employees

Date	Turnover	Employees
2009	18,601,000 CZK
2010	18,947,000 CZK	2
2011	25,000,000 CZK	2
2012	25,000,000 CZK	2
2013	27,083,000 CZK	2
2014	30,630,000 CZK
2015		2

Import / Export

	Import	Export
Percentage	Unknown	Unknown
Countries	India, Turkey	Sweden, Slovakia

Properties

Name	Detail	Currency	Value
family house	Property of the manager		Unknown
	Za Horizontem 495, Kral´uv˚ Dvur˚ u Berouna 267 01, Czech Republic Ing. Petr kouba // Zastavn´´ı pravo´ smluvn´ı verified in the real estate registry

Supplementary data

Remarks

All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance insti-tutions, commercial bulletin, collection database of Creditreform and others) are currently monitored.

Contact :

Ing. Petr Kouba - executive, phone: 00420 / 603 157 463

Banks

Code		Bank name / Address	Account Nr.
0100	Komercnˇ´ı banka, a.s.		35-7818090227/0100

Main indices

Payment experience and credit opinion

	Terms of payment	usually within agreed terms	(29)
	Business connection	Business connections are permissible	(21)
Business development
	Company development	Positive company development	(20)
	Order situation	Good course of business	(21)

Events

No negative events registered.

Per 27/10/2015 the company was examined in a Central register of executions and no were found.

Balances

Balance

Dec 31, 2014 The enclosed balance of 2014 from business register, -.

Dec 31, 2013 The enclosed balance of 2013 from business register, -.

Dec 31, 2010 The enclosed balance of 2010 company’s own data, -.

Dec 31, 2009 The enclosed balance of 2009 company’s own data, -.

		31/12/2014	31/12/2013	31/12/2010	31/12/2009
Name	Ref.	1000	1000	1000	1000
		CZK	CZK	CZK	CZK
		balance	balance	balance	balance
TOTAL ASSETS	r1	12,996	9,757	8,460	8,587
Receivables for subscriptions	r2	0	0	0	0
Fixed assets	r3	795	281	105	118
Intangible fixed assets	r4	0	0	0	0
Incorporation expenses	r5	0	0
Research and development	r6	0	0
Software	r7	0	0
Valuable rights	r8	0	0
Goodwill	r9	0	0
Other intangible fixed assets	r10	0	0
Intangible fixed assets under construction	r11	0	0
Advance payments for intangible fixed assets	r12	0	0
Tangible fixed assets	r13	795	281	105	118
Lands	r14	0	0	0	0
Constructions	r15	0	0	0	0
Equipment	r16	735	220	36	47
Perennial corps	r17	0	0
Breeding and draught animals	r18	0	0
Other tangible fixed assets	r19	60	61	69	71
Tangible fixed assets under construction	r20	0	0
Advance payments for tangible fixed assets	r21	0	0
Adjustment to acquired assets	r22	0	0
Long-term financial assets	r23	0	0	0	0
Shares in controlled and managed organizations	r24	0	0
Shares in accounting units with substantial influ-	r25	0	0
ence
Other securities and shares	r26	0	0
Loans to controlled and managed organizations	r27	0	0
and to accounting unit with substantial influence
Other financial investments	r28	0	0
Financial investments acquired	r29	0	0
Advance payments for long-term financial assets	r30	0	0
Current assets	r31	12,106	9,439	8,336	8,445
Inventory	r32	4,206	4,497	2,163	2,773
Materials	r33	0	0
Work in progress and semi-products	r34	0	0
Finished products	r35	0	0
Animals	r36	0	0
Merchandise	r37	4,206	4,497	2,163	2,773
Advance payments for inventory	r38	0	0
Trade receivables
Long-term receivables	r39	0	0	0	0
Trade receivables	r40	0	0
Receivables from controlled and managed orga-	r41	0	0
nizations
Receivables from accounting units with substan-	r42	0	0
tial influence
Receivables from partners, cooperative members	r43	0	0
and association members
Long-term deposits given	r44	0	0
Estimated receivable	r45	0	0
Other receivables	r46	0	0
Deferred tax receivable	r47	0	0
Short-term receivables	r48	5,392	2,334	5,643	4,471
Trade receivables	r49	4,272	2,334	4,626	3,496
Receivables from controlled and managed orga-	r50	0	0
nizations
Receivables from accounting units with substan-	r51	0	0
tial influence
Receivables from partners, cooperative members	r52	0	0
and association members
Receivables from social security and health insur-	r53	0	0
ance
Due from state - tax receivable	r54	0	0
Short-term deposits given	r55	1,120	0	938	305
Estimated receivable	r56	0	0
Other receivables	r57	0	0	79	670
Short-term financial assets	r58	2,508	2,608	530	1,201
Cash	r59	31	70	150	75
Bank accounts	r60	2,477	2,538	380	1,126
Short-term securities and ownership interests	r61	0	0
Short-term financial assets acquired	r62	0	0
Accruals	r63	95	37	19	24
Deferred expenses	r64	95	37	19	24
Complex deferred costs	r65	0	0
Deferred income	r66	0	0
TOTAL LIABILITIES	r67	12,996	9,757	8,460	8,587
Equity	r68	11,587	8,684	5,512	3,780
Registered capital	r69	200	200	200	200
Registered capital	r70	200	200	200	200
Company’s own shares and ownership interests	r71	0	0
(-)
Changes of registered capital ( +/- )	r72	0	0
Capital funds	r73	0	0	0	0
Share premium	r74	0	0
Other capital funds	r75	0	0
Differences from revaluation of assets and liabili-	r76	0	0
ties ( +/- )
Differences from revaluation in transformation ( +/-	r77	0	0
)
Diferences from tranformation of companies ( +/-
)
The differences from valuation on transformation
of business corporations
Reserve funds, statutory reserve account for	r78	20	20	20	20
cooperatives, and other retained earnings
Legal reserve fund / indivisible fund	r79	20	20	20	20
Statutory and other funds	r80	0	0
Profit / loss - previous years	r81	8,464	6,198	3,560	2,329
Retained earnings from previous years	r82	8,464	6,198	3,560	2,329
Accumulated losses from previous years	r83	0	0
Other profit / loss - previous years
Profit / loss - current year (+/-)	r84	2,883	2,266	1,732	1,231
Decided on advance for payment of a profit
share
Liabilities	r85	1,325	1,064	2,901	4,541
Reserves	r86	0	0	0	0
Reserves under special statutory regulations	r87	0	0
Reserves for pension and similar payables	r88	0	0
Income tax reserves	r89	0	0
Other reserves	r90	0	0
Long-term payables	r91	39	14	0	0
Trade payables	r92	39	14
Payables to controlled and managed organiza-	r93	0	0
tions
Payables to accounting units with substantial in-	r94	0	0
fluence
Payables from partners, cooperative members	r95	0	0
and association members
Long-term advances received	r96	0	0
Issues bonds	r97	0	0
Long-term notes payables	r98	0	0
Estimated payables	r99	0	0
Other payables	r100	0	0
Deferred tax liability	r101	0	0
Short-term payables	r102	1,286	1,050	2,701	4,541
Trade payables	r103	208	269	2,569	4,035
Payables to controlled and managed organiza-	r104	0	0
tions
Payables to accounting units with substantial in-	r105	0	0
fluence
Payables from partners, cooperative members	r106	109	9		6
and association members
Payroll	r107	36	36	30	25
Payables to social securities and health insurance	r108	14	14	14	15
Due from state - tax liabilities and subsidies	r109	488	639	87	448
Short-term deposits received	r110	0	0
Issues bonds	r111	0	0
Estimated payables	r112	0	0
Other payables	r113	431	83	1	12
Bank loans and financial accommodations	r114	0	0	200	0
Long-term bank loans	r115	0	0	0	0
Short-term bank loans	r116	0	0	200	0
Short-term accommodations	r117	0	0	0	0
Accruals	r118	74	9	47	266
Accrued expenses	r119	74	9	47	266
Deferred revenues	r120	0	0

Profit and loss accounts

Dec 31, 2014 The enclosed profit/loss account of 2014 from business register, -.

Dec 31, 2013 The enclosed profit/loss account of 2013 from business register, -.

Dec 31, 2010 The enclosed profit/loss account of 2010 company’s own data, -.

Dec 31, 2009 The enclosed profit/loss account of 2009 company’s own data, -.

		31/12/2014	31/12/2013	31/12/2010	31/12/2009
		1000	1000	1000	1000
Name	Ref.	CZK	CZK	CZK	CZK
		profit/loss	profit/loss	profit/loss	profit/loss
		account	account	account	account
Turnover	a1	30,630	27,083	18,947	18,601
Revenues from sold goods	a2	30,630	27,083	18,947	18,601
Expenses on sold goods	a3	24,231	21,683	13,958	14,130
Sale margin	a4	6,399	5,400	4,989	4,471
Production	a5	0	0
Revenues from own products and services	a6	0	0
Change in inventory of own products	a7	0	0
Capitalization	a8	0	0
Production consumption	a9	2,412	2,209	1,978	2,093
Consumption of material and energy	a10	203	173	156	182
Services	a11	2,209	2,036	1,822	1,911
Added value	a12	3,987	3,191	3,011	2,378
Personnel expenses	a13	731	706	610	726
Wages and salaries	a14	576	550	453	539
Renumeration of board members	a15	0	0
Social security expenses and health insurance	a16	131	131	131	168
Other social expenses	a17	24	25	26	19
Taxes and fees	a18	7	13	10	4
Depreciations of intangible and tangible assets	a19	314	228	85	60
Revenues from disposals of fixed assets and	a20	41	0	0	0
materials
Revenues from disposals of fixed assets	a21	41	0
Revenues from disposals of materials	a22	0	0
Net book value of disposed fixed assets and	a23	0	0	0	0
materials
Net book value of sold fixed assets	a24	0	0
Net book value of sold material	a25	0	0
Change in operating reserves and adjustments	a26	0	0	31	272
and complex deferred costs ( + / - )
Other operating revenues	a27	15	1	4	0
Other operating expenses	a28	203	53	123	31
Transfer of operating revenues	a29	0	0
Transfer of operating expenses	a30	0	0
Operating profit / loss	a31	2,788	2,192	2,156	1,285
Revenues from sales of securities and ownership	a32	0	0
interests
Sold securities and ownership interests	a33	0	0
Revenues from long-term financial assets	a34	0	0
Revenues from shares in controlled and managed	a35	0	0
organizations and in accounting units with sub-
stantial influence
Revenues from others securities and ownership	a36	0	0
interests
Revenues from other long-term financial assets	a37	0	0
Revenues from short-term financial assets	a38	0	0
Expenses associated with financial assets	a39	0	0
Revenues from revaluation of securities and	a40	0	0
derivatives
Cost of revaluation of securities and derivatives	a41	0	0
Change in financial reserves and adjustments ( +	a42	0	0
/ - )
Interest revenues	a43	29	17	50	30
Interest expenses	a44	4	10	18	16
Other financial revenues	a45	161	347	206	1,155
Other financial expenses	a46	91	280	230	905
Transfer of financial revenues	a47	0	0
Transfer of financial expenses	a48	0	0
Profit / loss from financial operations ( trans-	a49	95	74	8	264
actions )
Income tax on ordinary income	a50	615	491	432	318
Due tax	a51	615	491	432	318
Tax deferred	a52	0	0
Operating profit / loss ordinary activity	a53	2,268	1,775	1,732	1,231
Extraordinary revenues	a54	0	0
Extraordinary expenses	a55	0	0
Income tax on extraordinary income	a56	0	0
Due tax	a57	0	0
Tax deferred	a58	0	0
Operating profit / loss extraordinary activity	a59	0	0	0	0
Transfer profit ( loss ) to partners (+/-)	a60	0	0
Profit / loss of current accounting period (+/-)	a61	2,268	1,775	1,732	1,231
Profit / loss before tax (+/-)	a62	2,883	2,266	2,164	1,549
Operating cash flow
Investment cash flow
Financial cash flow
Receivables after due date total			448
Receivables more than 360 days after due date
Receivables more than 180 days after due date		139
Receivables more than 90 days after due date
Receivables more than 60 days after due date
Receivables more than 30 days after due date
Receivables less than 30 days after due date
Liabilities after due date total		0
Liabilities more than 360 days after due date
Liabilities more than 180 days after due date
Liabilities more than 90 days after due date
Liabilities more than 60 days after due date
Liabilities more than 30 days after due date
Liabilities less than 30 days after due date

Financial Ratios

Name	Ref.	31/12/2014	31/12/2013	31/12/2010	31/12/2009
Return on total assets ROA (in %)	1	22.18	23.22	25.58	18.04
Return on equity ROE (in %)	2	24.88	26.09	39.26	40.98
Return on sales ROS (in %)	3	9.41	8.37	11.42	8.33
Turnover of receivables (in days)	4	50.91	31.46	89.12	68.60
Turnover of liabilities (in days)	5	2.48	3.63	49.49	79.18
Turnover of inventories (days)	6	50.12	60.61	41.67	54.41
Net working capital (in ths. CZK)	7	10820.00	8389.00	5435.00	3904.00
Ratio of accounts payable to accounts receivable	8	406.94	219.36	208.92	98.46
(in %)
Ratio of profit/loss to tangible assets (in%)	9	2.60	1.04	0.55	0.63
Current ratio	10	9.41	8.99	2.87	1.86
Quick ratio	11	6.14	4.71	2.13	1.25
Cash ratio	12	1.95	2.48	0.18	0.26
Debt ratio I (in %)	13	10.84	11.00	34.85	55.98
Debt ratio II (in %)	14	10.20	10.90	34.29	52.88

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.96
UK Pound	1	Rs.99.73
Euro	1	Rs.71.84

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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.