MIRA INFORM REPORT

Report No. :	338162
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	BN INTERNATIONAL, S.R.O.
Registered Office :	Křenkova 283, 52 03 Česká Skalice
Country :	Czech Republic
Financials (as on) :	31.12.2014
Date of Incorporation :	09.04.1992
Com. Reg. No.:	C 1844
Legal Form :	Private Limited Company
Line of Business :	Subject is manufacture of other technical and industrial textiles.
No. of Employee :	172 (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 :	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 name and address

BN INTERNATIONAL, S.R.O. 

Křenkova 283, 52 03 Česká Skalice 

telephone: 00420/ 491 401 501
telefax: 00420/ 491 452 005
e-mail: info@bnint.cz
Web: www.platex.cz

Identification Details

Company development

Positive business development

Order situation	Satisfactory course of business
Terms of payment	usually within agreed terms

Business connection

Business connections appear permissible

Legal form

Private limited company

Foundation	09/04/1992 - Private limited company
Comp. Register	09/04/1992, Krajský soud Hradec Králové,  RegNr.: C 1844 Statistical number: 45539421 Tax number: CZ45539421

Share Capital

09/04/1992	CZK	100 000,-
20/12/1994	CZK	2 100 000,-

22/08/1995	CZK	28 460 000,-
15/04/1996	CZK	78 100 000,-

26/02/2002	CZK	115 000 000,-
16/08/2008	CZK	128 000 000,-

10/10/2008

CZK

140 000 000,-

Shareholders

BN International B.V. Rokerijweg 5, 1271 AH Huizen, Netherlands

CZK

140 000 000,-

Management

Ing. Tomáš Velechovský (17.09.1977)
Družební 920, 549 01 Nové Město nad Metují

General Data

Textile production - bookbinding cloth, canvas backings for grit,
layered paper-based acrylates, materials for passports,
production of technical fabrics, business activities, development activities,
operation of the laboratory. Refinement of materials.

Main activity:

Manufacture of other technical and industrial textiles

Former name(s)

AKORD Nové Město nad Metují, spol. s r. o. 
Beginning of validity: 09.04.1992
End of validity: 18.05.1993

AKORD Česká Skalice, spol. s r. o. 
Beginning of validity: 18.05.1993
End of validity: 21.05.1993

Platex spol. s r.o. 
Beginning of validity: 21.05.1993
End of validity: 26.02.2002

Platex, s.r.o. 
Beginning of validity: 26.02.2002
End of validity: 03.06.2015

Trade name(s)
BN International, s.r.o. 
Beginning of validity: 03.06.2015

Export: Australia European Union Russia USA	96%
Import: Austria Germany Netherlands Switzerland USA

General contacts:
telephone:
00420/ 491 401 501
telefax:
00420/ 491 452 005
e-mail:
info@bnint.cz
Web:
www.platex.cz

Address:
Křenkova 283, 552 03 Česká Skalice 
Beginning of validity: 18.05.1993

Okrajová 1361, Nové Město nad Metují 
Beginning of validity: 09.04.1992
End of validity: 18.05.1993

Staff

2006	173 employees

2008	178 employees
2009	169 employees

2010	174 employees
2011	167 employees

2012	169 employees
2013	170 employees

2014	171 employees
2015	172 employees

Annual Sales

2006	actual sales	CZK	293 532 000,-
2007	actual sales	CZK	326 406 000,-

2008	actual sales	CZK	286 907 000,-
2009	actual sales	CZK	327 190 000,-

2010	actual sales	CZK	290 741 000,-
2011	actual sales	CZK	337 922 000,-

2012	actual sales	CZK	387 926 000,-
2013	actual sales	CZK	371 575 000,-

2014	actual sales	CZK	432 756 000,-
The company is not registered in the Central register of executions.

Property

Property of the company: Business premises 
(verified in the real estate registry)
552 03 Česká Skalice, Křenkova 283

Right of lien

Balance sheets

The enclosed balance of 2014 company's own data, it is authenticated by the auditor. (31.12.2014 - 1 CZK)
The enclosed balance of 2013 from business register, -. (31.12.2013 - 1 CZK)
The enclosed balance of 2012 company's own data, it is authenticated by the auditor. (31.12.2012 - 1 CZK)

The enclosed profit/loss account of 2014 company's own data, it is authenticated by the auditor. (31.12.2014 - 1 CZK)
The enclosed profit/loss account of 2013 from business register, -. (31.12.2013 - 1 CZK)
The enclosed profit/loss account of 2012 company's own data, it is authenticated by the auditor. (31.12.2012 - 1 CZK)

Auditor

KPMG Česká republika Audit, s.r.o. (Statistical number: 49619187)
Pobřežní 648/1a, 186 00 Praha 8

Remarks

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

Business management:
Ing. Tomáš Velechovský – company director 
Ing. Miroslav Gramel - head of economic department, tel. 00420/491 401 535
phone: 00420/733 644 310, e-mail: miroslav.gramel@platex.cz

The original firm was established in 1892; since the year 1957, it was a part of the
company Tepna Náchod n.p..
In the 1990, the state enterprise Platex was established; in 1995, the company has 
become subsidiary of BN International B.V. 

Bankers

ING Bank N.V.  Account number: 1000025704/3500 Account number: 1220025706/3500 Account number: 1330025707/3500 Československá obchodní banka, a. s.  Account number: 14602483/0300

(3500) (0300)

Financials

	balance	31.12.2011 (CZK)	31.12.2012 (CZK)	31.12.2013 (CZK)	31.12.2014 (CZK)
r1	TOTAL ASSETS	208 026 000	223 816 000	247 237 000	244 338 000
r2	Receivables for subscriptions		0	0	0
r3	Fixed assets	96 579 000	94 041 000	89 167 000	83 822 000
r4	Intangible fixed assets	270 000	612 000	2 152 000	2 436 000
r5	Incorporation expenses			0
r6	Research and development			0
r7	Software	270 000	264 000	2 152 000	2 436 000
r8	Valuable rights			0
r9	Goodwill			0
r10	Other intangible fixed assets			0
r11	Intangible fixed assets under construction		348 000	0
r12	Advance payments for intangible fixed assets			0
r13	Tangible fixed assets	96 309 000	93 429 000	87 015 000	81 386 000
r14	Lands	1 838 000	1 838 000	1 858 000	1 858 000
r15	Constructions	34 795 000	34 313 000	33 126 000	33 688 000
r16	Equipment	48 388 000	46 713 000	41 914 000	36 589 000
r17	Perennial corps			0
r18	Breeding and draught animals			0
r19	Other tangible fixed assets	1 686 000	1 598 000	778 000	432 000
r20	Tangible fixed assets under construction	9 602 000	8 888 000	8 669 000	8 376 000
r21	Advance payments for tangible fixed assets		79 000	670 000	443 000
r22	Adjustment to acquired assets			0
r23	Long-term financial assets	0	0	0	0
r24	Shares in controlled and managed organizations			0
r25	Shares in accounting units with substantial influence			0
r26	Other securities and shares			0
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence			0
r28	Other financial investments			0
r29	Financial investments acquired			0
r30	Advance payments for long-term financial assets			0
r31	Current assets	110 426 000	127 997 000	156 975 000	159 193 000
r32	Inventory	78 130 000	99 746 000	82 387 000	89 325 000
r33	Materials	47 380 000	58 267 000	34 019 000	47 876 000
r34	Work in progress and semi-products	8 501 000	12 991 000	18 330 000	11 865 000
r35	Finished products	20 989 000	27 066 000	28 891 000	28 637 000
r36	Animals			0
r37	Merchandise	1 260 000	1 422 000	1 147 000	947 000
r38	Advance payments for inventory			0
r39	Long-term receivables	0	0	0	0
r40	Trade receivables			0
r41	Receivables from controlled and managed organizations			0
r42	Receivables from accounting units with substantial influence			0
r43	Receivables from partners, cooperative members and association members			0
r44	Long-term deposits given			0
r45	Estimated receivable			0
r46	Other receivables			0
r47	Deferred tax receivable			0
r48	Short-term receivables	27 684 000	27 802 000	71 217 000	68 268 000
r49	Trade receivables	23 206 000	24 064 000	66 579 000	64 365 000
r50	Receivables from controlled and managed organizations	132 000	128 000	112 000	86 000
r51	Receivables from accounting units with substantial influence			0
r52	Receivables from partners, cooperative members and association members			0
r53	Receivables from social security and health insurance			0
r54	Due from state - tax receivable	4 219 000	3 414 000	4 263 000	3 596 000
r55	Short-term deposits given	127 000	196 000	241 000	213 000
r56	Estimated receivable			0
r57	Other receivables			22 000	8 000
r58	Short-term financial assets	4 612 000	449 000	3 371 000	1 600 000
r59	Cash	91 000	35 000	150 000	128 000
r60	Bank accounts	4 521 000	414 000	3 221 000	1 472 000
r61	Short-term securities and ownership interests			0
r62	Short-term financial assets acquired			0
r63	Accruals	1 021 000	1 778 000	1 095 000	1 323 000
r64	Deferred expenses	960 000	1 046 000	1 058 000	1 072 000
r65	Complex deferred costs			0
r66	Deferred income	61 000	732 000	37 000	251 000
r67	TOTAL LIABILITIES	208 026 000	223 816 000	247 237 000	244 338 000
r68	Equity	140 375 000	153 306 000	174 446 000	178 697 000
r69	Registered capital	140 000 000	140 000 000	140 000 000	140 000 000
r70	Registered capital	140 000 000	140 000 000	140 000 000	140 000 000
r71	Company’s own shares and ownership interests (-)			0
r72	Changes of registered capital ( +/- )			0
r73	Capital funds	0	0	0	0
r74	Share premium			0
r75	Other capital funds			0
r76	Differences from revaluation of assets and liabilities ( +/- )			0
r77	Differences from revaluation in transformation ( +/- )			0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	3 160 000	3 160 000	3 160 000	4 220 000
r79	Legal reserve fund / indivisible fund	3 160 000	3 160 000	3 160 000	4 220 000
r80	Statutory and other funds			0
r81	Profit / loss - previous years	-9 036 000	-2 785 000	10 146 000	26 000
r82	Retained earnings from previous years			10 146 000	26 000
r83	Accumulated losses from previous years	-9 036 000	-2 785 000	0
r84	Profit / loss - current year (+/-)	6 251 000	12 931 000	21 140 000	34 451 000
r85	Liabilities	65 812 000	69 679 000	72 061 000	65 244 000
r86	Reserves	2 162 000	4 154 000	8 933 000	8 716 000
r87	Reserves under special statutory regulations			0
r88	Reserves for pension and similar payables			0
r89	Income tax reserves			3 110 000	4 336 000
r90	Other reserves	2 162 000	4 154 000	5 823 000	4 380 000
r91	Long-term payables	0	0	588 000	2 935 000
r92	Trade payables			0
r93	Payables to controlled and managed organizations			0
r94	Payables to accounting units with substantial influence			0
r95	Payables from partners, cooperative members and association members			0
r96	Long-term advances received			0
r97	Issues bonds			0
r98	Long-term notes payables			0
r99	Estimated payables			0
r100	Other payables			0
r101	Deferred tax liability			588 000	2 935 000
r102	Short-term payables	40 650 000	47 696 000	32 540 000	28 856 000
r103	Trade payables	17 960 000	24 713 000	25 622 000	22 953 000
r104	Payables to controlled and managed organizations	17 123 000	12 391 000	0
r105	Payables to accounting units with substantial influence			0
r106	Payables from partners, cooperative members and association members			0
r107	Payroll	2 816 000	3 109 000	3 308 000	3 324 000
r108	Payables to social securities and health insurance	1 550 000	1 591 000	1 680 000	1 735 000
r109	Due from state - tax liabilities and subsidies	396 000	307 000	334 000	347 000
r110	Short-term deposits received			0
r111	Issues bonds			0
r112	Estimated payables	795 000	5 573 000	1 584 000
r113	Other payables	10 000	12 000	12 000	497 000
r114	Bank loans and financial accommodations	23 000 000	17 829 000	30 000 000	24 737 000
r115	Long-term bank loans		0	0	0
r116	Short-term bank loans	23 000 000	17 829 000	30 000 000	24 737 000
r117	Short-term accommodations		0	0	0
r118	Accruals	1 839 000	831 000	730 000	397 000
r119	Accrued expenses	1 839 000	831 000	730 000	397 000
r120	Deferred revenues			0

	profit/loss account	31.12.2011 (CZK)	31.12.2012 (CZK)	31.12.2013 (CZK)	31.12.2014 (CZK)
a1	Turnover	337 922 000	387 926 000	371 575 000	432 756 000
a2	Revenues from sold goods	2 586 000	3 277 000	2 769 000	3 001 000
a3	Expenses on sold goods	2 287 000	2 776 000	2 356 000	2 360 000
a4	Sale margin	299 000	501 000	413 000	641 000
a5	Production	338 233 000	396 482 000	375 870 000	422 353 000
a6	Revenues from own products and services	335 336 000	384 649 000	368 806 000	429 755 000
a7	Change in inventory of own products	2 897 000	11 833 000	7 064 000	-7 402 000
a8	Capitalization			0
a9	Production consumption	251 283 000	294 253 000	269 303 000	289 320 000
a10	Consumption of material and energy	230 194 000	268 866 000	238 606 000	257 431 000
a11	Services	21 089 000	25 387 000	30 697 000	31 889 000
a12	Added value	87 249 000	102 730 000	106 980 000	133 674 000
a13	Personnel expenses	59 775 000	66 491 000	65 654 000	71 498 000
a14	Wages and salaries	44 207 000	49 848 000	49 115 000	53 178 000
a15	Renumeration of board members			0
a16	Social security expenses and health insurance	14 896 000	15 918 000	15 844 000	17 493 000
a17	Other social expenses	672 000	725 000	695 000	827 000
a18	Taxes and fees	164 000	167 000	230 000	175 000
a19	Depreciations of intangible and tangible assets	14 606 000	14 053 000	13 274 000	13 970 000
a20	Revenues from disposals of fixed assets and materials	56 000	1 503 000	1 345 000	1 426 000
a21	Revenues from disposals of fixed assets		417 000	86 000	21 000
a22	Revenues from disposals of materials	56 000	1 086 000	1 259 000	1 405 000
a23	Net book value of disposed fixed assets and materials	60 000	1 716 000	1 763 000	3 549 000
a24	Net book value of sold fixed assets			0
a25	Net book value of sold material	60 000	1 716 000	1 763 000	3 549 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )	2 727 000	3 529 000	2 393 000	-3 369 000
a27	Other operating revenues	443 000	17 000	254 000	386 000
a28	Other operating expenses	1 690 000	2 269 000	2 375 000	2 021 000
a29	Transfer of operating revenues			0
a30	Transfer of operating expenses			0
a31	Operating profit / loss	8 726 000	16 025 000	22 890 000	47 642 000
a32	Revenues from sales of securities and ownership interests			0
a33	Sold securities and ownership interests			0
a34	Revenues from long-term financial assets	0		0
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence			0
a36	Revenues from others securities and ownership interests			0
a37	Revenues from other long-term financial assets			0
a38	Revenues from short-term financial assets			0
a39	Expenses associated with financial assets			0
a40	Revenues from revaluation of securities and derivatives			0
a41	Cost of revaluation of securities and derivatives			0	488 000
a42	Change in financial reserves and adjustments ( + / - )			0
a43	Interest revenues	3 000	3 000	0	0
a44	Interest expenses	1 233 000	1 015 000	632 000	413 000
a45	Other financial revenues	5 003 000	4 227 000	6 315 000	1 880 000
a46	Other financial expenses	6 248 000	6 309 000	3 733 000	5 924 000
a47	Transfer of financial revenues			0
a48	Transfer of financial expenses			0
a49	Profit / loss from financial operations ( transactions )	-2 475 000	-3 094 000	1 950 000	-4 945 000
a50	Income tax on ordinary income	0	0	3 700 000	8 246 000
a51	Due tax			3 112 000	5 900 000
a52	Tax deferred			588 000	2 346 000
a53	Operating profit / loss ordinary activity	6 251 000	12 931 000	21 140 000	34 451 000
a54	Extraordinary revenues			0
a55	Extraordinary expenses			0
a56	Income tax on extraordinary income	0		0
a57	Due tax			0
a58	Tax deferred			0
a59	Operating profit / loss extraordinary activity	0	0	0	0
a60	Transfer profit ( loss ) to partners (+/-)			0
a61	Profit / loss of current accounting period (+/-)	6 251 000	12 931 000	21 140 000	34 451 000
a62	Profit / loss before tax (+/-)	6 251 000	12 931 000	24 840 000	42 697 000
	Receivables after due date total	4 884 000	9 542 000	36 608 000	33 973 000
	Liabilities after due date total	1 183 000	906 000	2 561 000	0

Balance indices		31.12.2011	31.12.2012	31.12.2013	31.12.2014
Return on total assets ROA (in %)	a62/r1 * 100	3,00	5,78	10,05	17,47
Return on equity ROE (in %)	a62/r68 * 100	4,45	8,43	14,24	23,89
Return on sales ROS (in %)	a62/a1 * 100	1,85	3,33	6,69	9,87
Turnover of receivables (in days)	r49/a1 * 365	25,07	22,64	65,40	54,29
Turnover of liabilities (in days)	r103/a1 * 365	19,40	23,25	25,17	19,36
Turnover of inventories (days)	r32/a1 * 365	84,39	93,85	80,93	75,34
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	46 776,00	62 472,00	94 435,00	105 600,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	68,10	58,29	214,98	214,74
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	28,58	24,24	24,00	19,37
Current ratio	r31 / (r102+r116+r117)	1,73	1,95	2,51	2,97
Quick ratio	(r58+r48) / (r102+r116+r117)	0,51	0,43	1,19	1,30
Cash ratio	r58 / (r102+r116+r117)	0,07	0,01	0,05	0,03
Debt ratio I (in %)	(1-r68/r67) * 100	32,52	31,50	29,44	26,86
Debt ratio II (in %)	r85/r67 * 100	31,64	31,13	29,15	26,70

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

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%)

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.