MIRA INFORM REPORT

Report No. :	504903
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	GLOBAL SUPPLY A.S.
Formerly Known As :	EXTERN, A.S.
Registered Office :	Potocna 85, 909 01 Skalica
Country :	Slovakia
Financials (as on) :	31.12.2017
Date of Incorporation :	23.01.1998
Com. Reg. No.:	Sa 10473/T
Legal Form :	Company Limited By Shares
Line of Business :	Wholesale of Other Machinery and Equipment
No. of Employees :	12 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Slovakia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SLOVAKIA - ECONOMIC OVERVIEW

Slovakia’s economy suffered from a slow start in the first years after its separation from the Czech Republic in 1993, due to the country’s authoritarian leadership and high levels of corruption, but economic reforms implemented after 1998 have placed Slovakia on a path of strong growth. With a population of 5.4 million, the Slovak Republic has a small, open economy driven mainly by automobile and electronics exports, which account for more than 80% of GDP. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound and predominantly foreign owned.

Slovakia has been a regional FDI champion for several years, attractive due to a relatively low-cost yet skilled labor force, and a favorable geographic location in the heart of Central Europe. Exports and investment have been key drivers of Slovakia’s robust growth in recent years. The unemployment rate fell to historical lows in 2017, and rising wages fueled increased consumption, which played a more prominent role in 2017 GDP growth. A favorable outlook for the Eurozone suggests continued strong growth prospects for Slovakia during the next few years, although inflation is also expected to pick up.

Among the most pressing domestic issues potentially threatening the attractiveness of the Slovak market are shortages in the qualified labor force, persistent corruption issues, and an inadequate judiciary, as well as a slow transition to an innovation-based economy. The energy sector in particular is characterized by unpredictable regulatory oversight and high costs, in part driven by government interference in regulated tariffs. Moreover, the government’s attempts to maintain low household energy prices could harm the profitability of domestic energy firms while undercutting energy efficiency initiatives.

Source : CIA

Company identification
GLOBAL SUPPLY, A.S.	Phone	034/6538178
Potocna 85	Telefax	034/6538177
909 01 Skalica	E-Mail	horvath@globalsuply.com
Slovakia	Web	www.globalsuply.com

Crefo Nr.	9230062907	Registration:	Okresny´ su´d Trnava
Statistical Nr.	35739118	Registration Nr.	Sa 10473/T
Tax Nr.	SK2021401349	Status	active

Economic situation

Business connection	Credits and the establishing of the business connection are allowed.
Terms of payment	Within agreed terms

Basic information

Legal form

Company limited by shares

Founded

23/01/1998 as Company Limited by Shares

01.06.2017

Registration

23/01/1998, Okresn´y s´ud Trnava, Sa 10473/T

Statistical Nr.: 35739118

Tax Nr.: SK2021401349

Registered Names

Valid from	Former name	Valid until
23/01/1998	EXTERN, A.S.	06/09/2006
Valid from	Commercial name	Valid until
	Global Supply, A.S.

Owners and Capital

Crefo Nr.	Name / Address / Status
Shareholders
9230006264	HTC holding a.s. Statistical Nr.: 31342141 Dobroviˇcova 8, 811 09 Bratislava Slovakia Phone Nr.: 02/59334250 Fax: 02/59334259 E-mail: hirjak@htc-holding.sk WWW: www.htc-holding.sk

Registered Capital

Date	Currency	Value
23/01/1998	EUR	33193,92
01/12/2007	EUR	531102,70
06/02/2009	EUR	531200,00

Management

Crefo Nr.	Name / Address / Status		Since	Power of attorney
Management
9231767484		Member Ing. Eva Z´ıtkova´ Hlava´cˇikova´ 3163/25, 841 05 Bratislava Slovakia		sole power of attorney
9231767485		Member Ing. Igor Kova´cˇ, PhD. Zˇ ilinska´ cesta 479/86, 013 11 Lietavska´ Lu´cˇka Slovakia		authorized to collective sign
9231551010		chairman PhDr. Janka Machova´ 216, 906 07 Sˇ ajd´ıkove Humence Slovakia		sole power of attorney
Supervisory Board
9231054277		Dana Haˇlamova´ Kasˇtieˇlska 5388/1A, 821 05 Bratislava Slovakia
9231047229		Ing. Jana Ragasova´ 934, 900 55 Lozorno Slovakia
9231765251		Marta Tka´cˇova´ Veltl´ınska 12472/5, 831 02 Bratislava Slovakia

Company Addresses

Valid from	Residence address	Valid until
01/06/2017	Potocˇna´ 85, 909 01 Skalica, Slovakia Phone: 034/6538178
	Telefax: 034/6538177
	E-Mail: business@globalsupply.com
	E-Mail: zitkova@globalsupply.com
	Web: www.globalsuply.com
23/01/1998	Mlynske´ Nivy 36, 821 09 Bratislava, Slovakia	06/09/2006
07/09/2006	Dobrovicˇova 8, 811 09 Bratislava, Slovakia	30/11/2007
01/12/2007	Potocˇna´ 334, 909 01 Skalica, Slovakia E-Mail: horvath@globalsuply.com	31/05/2017

Business Activities

Main Activity	Nace
Wholesale of other machinery and equipment	46.69
Additional Activities	Nace
Manufacture of tubes, pipes, hollow profiles and related fittings, of steel	24.20
Other business support service activities n.e.c.	82.99

- a long-term trading company in the world market for the purchase \ and sale of engineering goods

Economic Data

Turnover and Employees

Date	Turnover	Employees
2006	29 709 EUR
2007	11 208 391 EUR	10
2008	10 836 055 EUR	12
2010	9 928 822 EUR
2011	14 715 819 EUR
2012	12 465 243 EUR
2013	10 594 754 EUR	10
2014	11 752 082 EUR	10
2015	11 249 586 EUR	11
2016	11 469 428 EUR	11
2017	15 244 220 EUR	12
2018		12

Supplementary data

Remarks

Certificat: ISO 9001

Banks

Code	Bank name / Address
1111	UniCredit Bank

Main indices

Payment experience and credit opinion
Terms of payment	Within agreed terms
Business connection	Credits and the establishing of the business connection are allowed.

Business development

Company development	Company development positive
Business course	good

Events

No negative events registered.

Balances

Name	31/12/2017 1000 EUR balance	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance
Total assets	6 566 020	6 368 601	4 898 212	5 013 556
Non-current assets	24 112	39 893	38 220	63 127
Intangible fixed assets		0	0	0
Development expenses		0	0	0
Software		0	0	0
Valuable rights		0	0	0
Goodwill		0	0	0
Other intangible fixed assets		0	0	0
Acquisition of intangible fixed assets		0	0	0
Advance payments for intangible fixed assets		0	0	0
Tangible fixed assets – total	24 112	39 893	38 220	63 127
Lands		0	0	0
Constructions		0	0	0
Separate movable assets and sets of movable as- sets	23 662	39 443	34 770	59 676
Perennial crops		0	0	0
Breeding and draught animals		0	0	0
Other tangible fixed assets		0	0	0
Acquisition of tangible fixed assets	450	450	3 450	3 451
Advance payments for tangible fixed assets		0	0	0
Adjustment to acquired assets		0	0	0
Long-term financial investments		0	0	0
Shares and ownership interests in affiliated ac- counting entities		0	0	0
Shares and ownership interests with participating interest, except for affiliated accounting entities		0	0	0
Other available-for-sale securities and ownership interests		0	0	0
Loans to affiliated accounting entities		0	0	0

Name	31/12/2017 1000 EUR balance	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance
Loans within participating interest, except for affil- iated accounting entities		0	0	0
Other loans		0	0	0
Debt securities and other non-current financial as- sets		0	0	0
Loans and other non-current financial assets with remaining maturity of up to one year		0	0	0
Bank accounts with notice period exceeding one year		0	0	0
Acquisition of long-term financial investments		0	0	0
Advance payments for long-term assets		0	0	0
Current assets	6 489 940	6 285 050	4 834 620	4 856 665
Inventory - total	2 151 595	1 843 612	992 498	1 507 046
Material	137	127	211	48
Work-in-progress and semi-finished goods		0	0	0
Finished products		0	0	0
Animals		0	0	0
Merchandise	2 126 575	1 823 960	973 910	1 484 874
Advance payments made for inventory	24 883	19 525	18 377	22 124
Long-term receivables – total	63 179	64 000	47 240	59 527
Trade receivables	1 917	0	0	0
Trade receivables from affiliated accounting enti- ties		0	0	0
Trade receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties		0	0	0
Other trade receivables	1 917	0	0	0
Net value of contract		0	0	0
Other receivables from affiliated accounting enti- ties		0	0	0
Other receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties		0	0	0
Receivables from participants, members and as- sociation		0	0	0
Receivables related to derivative transactions		0	0	0
Other receivables		0	0	0
Deffered tax asset	61 262	64 000	47 240	59 527
Short - term receivables – total	4 273 939	4 376 964	3 794 570	3 287 596
Trade receivables	4 273 939	4 376 994	3 788 113	3 237 709
Trade receivables from affiliated accounting enti- ties	1 436 496	1 011 455	311 327	554 601
Trade receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties		0	0	0

Name	31/12/2017 1000 EUR balance	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance
Other trade receivables	2 837 443	3 365 539	3 476 786	2 683 108
Net value of contract		0	0	0
Other receivables from affiliated accounting enti- ties		0	0	0
Other receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties		0	0	0
Receivables from participants, members and as- sociation		0	0	0
Social security		0	0	0
Taxation and subsidies		0	6 457	49 638
Receivables related to derivative transactions		0	0	0
Other receivables		-30	0	249
Short-term financial assets		0	0	0
Current financial assets in affiliated accounting entities		0	0	0
Current financial assets, not including current fi- nancial assets in affiliated accounting entities		0	0	0
Own shares and own business shares		0	0	0
Acquisition of short-term financial assets		0	0	0
Financial accounts – total	1 227	474	312	2 496
Cash	944	350	217	657
Bank accounts	283	124	95	1 839
Prepayments	51 968	43 658	25 372	93 764
Deferred expenses long term		0	0	0
Deferred expenses short term	7 517	4 693	6 261	3 730
Accrued revenues long term		0	0	0
Accrued revenues short term	44 451	38 965	19 111	90 034
Total capital and liabilities	6 566 020	6 368 601	4 898 212	5 013 556
Capital	2 713 491	2 400 746	2 078 937	1 755 083
Registered capital - total	531 200	531 200	531 200	531 200
Registered capital – total	531 200	531 200	531 200	531 200
Change in registered capital		0	0	0
Receivables for subscriptions (for own equity cap- ital)		0	0	0
Share premium		0	0	0
Other capital funds		0	0	0
Legal reserve funds	106 240	106 240	106 240	106 240
Legal reserve fund and non-distributable fund	106 240	106 240	106 240	106 240
Reserve fund for own shares and own ownership interests		0	0	0
Other funds created from profit		0	0	0
Statutory funds		0	0	0
Other funds		0	0	0

Name	31/12/2017 1000 EUR balance	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance
Differences from revaluation - total		0	0	0
Gains or losses from revaluation of assets and li- abilities		0	0	0
Gains or losses from investments		0	0	0
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger		0	0	0
Retained profit or loss from previous years	1 613 306	1 301 497	977 642	739 536
Retained earnings from previous years	1 613 306	1 301 497	977 642	739 536
Retained earnings from previous years		0	0	0
Profit or loss for the accounting period	462 745	461 809	463 855	378 107
Liabilities	3 852 529	3 967 855	2 796 813	3 258 473
Long-term liabilities - total	8 751	16 424	13 593	20 706
Long-term trade liabilities – total		0	0	0
Trade liabilities to affiliated accounting entities		0	0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities		0	0	0
Other trade liabilities		0	0	0
Net value of contract		0	0	0
Other liabilities to affiliated accounting entities		0	0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities		0	0	0
Other long-term liabilities	6 425	14 964	12 788	20 283
Long-term advances received		0	0	0
Long-term bills of exchange to a paid		0	0	0
Bonds issued		0	0	0
Liabilities from social fund	2 326	1 460	805	423
Other non-current liabilities		0	0	0
Non-current liabilities related to derivative trans- actions		0	0	0
Deffered tax liability		0	0	0
Long-term provisions	10 932	9 840	5 582	10 077
Legal provisions		0	0	0
Other provisions	10 932	9 840	5 582	10 077
Long-term bank loans		0	0	0
Short-term liabilities - total	2 595 260	2 790 202	1 631 295	2 111 481
Trade liabilities	2 351 200	2 700 412	1 594 785	2 016 016
Trade liabilities to affiliated accounting entities	4 845	108 159	40 901	19 574
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities		0	0	0
Other trade liabilities	2 346 355	2 592 253	1 553 884	1 996 442
Net values of contract		0	0	0
Other liabilities to affiliated accounting entities	73 000	0	0	0

Name	31/12/2017 1000 EUR balance	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance
Other liabilities within participating interest, except for liabilities to affiliated accounting entities		0	0	0
Liabilities to partners and participants in associa- tion		0	0	0
Liabilities to employees	21 146	18 910	18 556	21 383
Social security liabilities	14 238	15 582	11 867	15 905
Taxation and subsidies	135 676	55 298	6 087	58 177
Liabilities related to derivative transactions		0	0	0
Other liabilities		0	0	0
Short-term provisions	249 634	188 114	161 781	297 070
Legal provisions	12 809	10 299	8 919	21 070
Other provisions	236 825	177 815	152 862	276 000
Current bank loans	987 952	963 275	984 562	819 139
Short-term financial assistance		0	0	0
Prepayments - total		0	22 462	0
Accrued expenses long term		0	0	0
Accrued expenses short term		0	0	0
Deferred revenues long term		0	0	0
Deferred revenues short term		0	22 462	0

Profit and loss accounts

Name	31/12/2017 1 EUR profit/loss account	31/12/2016 1 EUR profit/loss account	31/12/2015 1 EUR profit/loss account	31/12/2014 1 EUR profit/loss account
Net turnover	15 244 220	11 469 428	11 279 278	11 773 744
Operating income - total	15 275 443	13 100 636	11 285 777	11 775 844
Revenue from the sale of merchandise	15 232 530	11 462 481	11 238 558	11 721 119
Revenue from the sale of own products		0	0	0
Revenue from the sale of services	11 690	6 947	11 028	30 963
Change in inventory		0	0	0
Own work capitalized		0	0	0
Revenue from the sale of non-current intangible assets, property, plant and equipment, and raw materials	75	4 058	0	0
Other operating revenues	31 148	1 627 150	36 191	23 762
Operating expenses - total	14 401 189	12 501 083	10 670 157	11 280 992
Cost of merchandise sold	13 243 730	9 999 734	9 925 842	10 295 649
Consumed raw materials, energy consumption, and consumption of other non-inventory supplies	27 924	20 908	14 665	26 699
Value adjustments to inventory	227 709	20 987	46 060	14 515
Services	272 085	250 934	218 033	347 265

Name	31/12/2017 1 EUR profit/loss account	31/12/2016 1 EUR profit/loss account	31/12/2015 1 EUR profit/loss account	31/12/2014 1 EUR profit/loss account
Personnel expenses - total	540 623	484 217	401 238	526 166
Wages and salaries	396 163	356 535	295 244	400 294
Remuneration of board members	3 585	3 585	3 585	3 585
Social security expenses	127 194	106 891	97 406	115 545
Social expenses	13 681	17 206	5 003	6 742
Taxes and fees	610	806	878	1 046
Depreciation expense of intangible and tangible fixed assets	20 225	22 272	24 942	22 186
Amortization of non-current intangible assets and depreciation of property, plant and equipment	20 225	19 272	24 942	22 186
Value adjustments to non-current intangible as- sets and property, plant and equipment		3 000	0	0
Net book value of fixed assets sold and material sold		0	0	0
Value adjustments to receivables	11 125	56 522	0	0
Other operating expenses	57 158	1 644 703	38 499	47 466
Profit or loss from operations	874 254	599 553	615 620	494 852
Added value	1 472 772	1 176 865	1 044 986	1 067 954
Income from financial activities - total	328 946	333 567	475 793	319 620
Revenues from sales of shares and ownership		0	0	0
Revenues from long-term financial assest		0	0	0
Income from securities and ownership interests in affiliated accounting entities		0	0	0
Income from securities and ownership interests within participating interest, except for income of affiliated accounting entities		0	0	0
Other income from securities and ownership inter- ests		0	0	0
Revenues from short-term financial assest		0	0	0
Income from current financial assets in affiliated accounting entities		0	0	0
Income from current financial assets within partic- ipating interest, except for income of affiliated ac- counting entities		0	0	0
Other income from current financial assets		0	0	0
Interest income		0	0	1
Interest income from affiliated accounting entities		0	0	0
Other interest income		0	0	1
Exchange rate gains	328 946	333 567	475 783	319 574
Revenues from revaluation of securities and rev- enues from derivative operations		0	0	0
Other financial revenues		0	10	45
Expenses related to financial activities - total	533 076	326 018	477 718	328 765
Shares and ownership interests sold		0	0	0

Name	31/12/2017 1 EUR profit/loss account	31/12/2016 1 EUR profit/loss account	31/12/2015 1 EUR profit/loss account	31/12/2014 1 EUR profit/loss account
Expenses for short-term financial assets		0	0	0
Value adjustments to financial assets		0	0	0
Interest expense	24 894	23 336	23 056	10 417
Interest expenses related to affiliated accounting entities		0	0	0
Other interest expenses	24 894	23 336	23 056	10 417
Exchanges rate losses	483 973	284 233	438 921	301 168
Expenses for revaluation of securities and ex- penses for derivative operations		0	0	0
Other financial expenses	24 209	18 449	15 741	17 180
Profit or loss from financial activities	-204 130	7 549	-1 925	-9 145
Profit or loss from ordinary activities before tax	670 124	607 102	613 695	485 707
Income tax	207 379	145 293	149 840	107 600
Income tax - current	204 641	162 053	137 554	135 270
Income tax - deferred	2 738	-16 760	12 286	-27 670
Transfer of profit or loss to partners		0	0	0
Profit or loss of the accounting period after tax	462 745	461 809	463 855	378 107
Receivables after due date	2 315 618	1 896 559	1 453 025
Liabilities after due date	123 167	136 280	360 058

Financial Ratios

Name	31/12/2017	31/12/2016	31/12/2015	31/12/2014
Return on total assets ROA (in %)	7,05	7,25	9,47	7,54
Return on equity ROE (in %)	17,05	19,24	22,31	21,54
Return on sales ROS (in %)	3,04	4,03	4,12	3,22
Turnover of receivables (in days)	102,33	139,29	122,91	100,56
Turnover of liabilities (in days)	56,30	85,94	51,74	62,61
Turnover of inventories (days)	51,52	58,67	32,20	46,81
Net working capital	2906728,00	2531573,00	2218763,00	1926045,00
Ratio of accounts payable to accounts receivable	166,56	158,23	233,56	156,98
Ratio of profit/loss to tangible assets (in%)	0,16	0,35	0,34	0,54
Current ratio	1,79	1,66	1,83	1,64
Quick ratio	1,19	1,17	1,45	1,12
Cash ratio	0,00	0,00	0,00	0,00
Debt ratio I (in %)	58,67	62,30	57,56	64,99
Debt ratio II (in %)	58,67	62,30	57,10	64,99

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.36
UK Pound	1	INR 92.50
Euro	1	INR 81.05
Euro [SKK]	1	INR 81.40

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.