MIRA INFORM REPORT

Report No. :	506277
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	DUKANE IAS, S.R.O.
Registered Office :	Bubenska 1536/43 170 00 Praha 7, HoleSovice
Country :	Czech Republic
Financials (as on) :	31.12.2016
Date of Incorporation :	11.11.2004
Com. Reg. No.:	C 102989
Legal Form :	Private limited company
Line of Business :	Non-specialised wholesale trade Manufacture and sale of devices for welding of plastics. Joining \ of plastics by ultrasound, vibration, laser, hot plate or rotation. \ Ultrasound welding of textiles.
No. of Employees :	35

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 :	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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Czech Republic	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

Company identification

Dukane IAS, s.r.o.	telephone	00420/ 220 970 509
Bubenska 1536/43	telefax	00420/ 220 970 509
170 00 Praha 7, HoleSovice	e-mail	ceuropeinfo@dukane.com
Czech Republic	Web	www.dukcorp.eu/cz/

Registration:		Mestsky soud v Praze
Statistical Nr.	27187934		Registration Nr.	C 102989
Tax Nr.	CZ27187934		Status	active

Economic situation

Business connection	Business connections appear permissible	(31)
Terms of payment	Slow but Correct	(32)

Basic information

Legal form

Private limited company

Founded

11/11/2004 as Private limited company

Registration

11/11/2004, Mestsky soud v Praze, C 102989 Statistical Nr.: 27187934 Tax Nr.: CZ27187934

Registered names

Valid from Trade name(s) Valid until

11/11/2004 Dukane IAS, s.r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9216537401	Dukane IAS, LLC 1209 Orange St., Wilmington, Delaware USA	15/04/2016	200,000 CZK
Total capital			200,000 CZK

Registered capital

Date Currency Value

11/11/2004 CZK 200,000

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9210282462	Brian Yamato (birth date 13/07/1968) confidential clerk Pozarnicka 441, 164 00 Praha 6, Nebusice Czech Republic	15/04/2016
9216538363	Michael J. Johnston (birth date 10/10/1961) Executive Manager 39W077 Cheyenne Court, IL60124 Elgin USA	18/02/2016

Company addresses

Valid from	Address	Valid until
11/11/2004	Bubenska 1536/43, 170 00 Praha 7, Holesovice, Czech Republic
Valid from	business locations	Valid until
	Ve Velazu 277, 252 62 Statenice - Cerny Vul, Czech Republic
	Ve Velazu 277, 252 62 Statenice - Cerny Vul, Czech Republic

Business activities

Main activity	Nace
Non-specialised wholesale trade	46.90
Additional activities	Nace
Manufacture and sale of of devices for welding of plastics. Joining \ of plastics by ultrasound, vibration, laser, hot plate or rotation. \ Ultrasound welding of textiles.

Economic data

Turnover and Employees

Date	Turnover	Employees
2005	actual sales 4,603,000 CZK
2006	actual sales 23,973,000 CZK	2 employees
2007	actual sales 42,833,000 CZK
2008	actual sales 51,280,000 CZK	10 employees
2009	actual sales 51,523,000 CZK	8 employees
2010	actual sales 55,397,000 CZK	8 employees
2011	actual sales 85,071,000 CZK
2012	actual sales 117,173,000 CZK
2013	actual sales 142,065,000 CZK
2014	actual sales 182,623,000 CZK
2015	actual sales 186,052,000 CZK	28 employees
2016	actual sales 207,880,000 CZK	35 employees
2017	actual sales 270,000,000 CZK
2018		35 employees

Import / Export

	Import	Export
Percentage	Unknown	Unknown
Countries	USA	European Inion

Properties

none

Supplementary data

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. The company is a holder of ISO 9001 certificate. The final accounts for the year 2017 are not available yet.

The company is ready to provide its actual financial statements just to business partner on his request. Subsidiary companies:

Dukane IAS Deutschland GmbH,

65760 Eschborn, Mergenthalerallee 73, Germany

Dukane IAS France, Organization unit, France

In the year 2017 the company Dukane IAS, s.r.o. reached profit.

Contact:

Martin Fabianek, administrative - phone: 00420/602 632 913

Banks

Code	Bank name / Address		Account Nr.
			CZ2108000000000004629172
			CZ4708000000000004629092
0800	Ceska sporitelna, a.	s.	4628962/0800
0800	Ceska sporitelna, a.	s.	4629092/0800
0800	Ceska sporitelna, a.	s.	4629172/0800

Main indices

Payment experience and credit opinion

Terms of payment	Slow but Correct	(32)
Business connection	Business connections appear permissible	(31)

Business development

Company development	Constant business development	(31)
Order situation	Good course of business	(21)

Events

No negative events registered.

Per 30/04/2018 the company was examined in a Central register of executions and no were found.

Balances

Auditor

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Auditor
9214623061	Stanner Audit, s.r.o. Statistical Nr.: 29128081 Kasparova 73, Liberec, 463 12, Czech Republic

Balance

Dec 31, 2016 The enclosed of 2016 from business register, ..

Dec 31, 2015 The enclosed of 2015 from business register, ..

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

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

		31/12/2016	31/12/2015	31/12/2014	31/12/2013
Name	Ref.	1000	1000	1000	1000
		CZK	CZK	CZK	CZK
				balance	balance
TOTAL ASSETS		129,301	113,817	103,150	89,732
Receivables for subscriptions		0	0	0	0
Fixed assets		15,937	14,733	14,781	4,733
Intangible fixed assets		423	297	304	184
Incorporation expenses			0	0	0
Research and development		0	0	0	0
Valuable rights		423
Software		423	297	304	184
Other valuable rights		0		0	0
Goodwill		0	0	0	0
Other intangible fixed assets		0	0	0
Other intangible fixed assets		0
Advance payments for intangible fixed assets and intangible fixed assets under construction		0
Advance payments for intangible fixed assets		0	0	0	0
Intangible fixed assets under construction		0	0	0	0
Tangible fixed assets		15,514	14,436	14,477	4,549
Lands and Constructions		0
Lands		0	0	0	0
Constructions		0	0	19	76
Equipment		13,654	14,436	14,458	4,473
Adjustment to acquired assets		0	0	0	0
Other tangible fixed assets		0
Perennial corps		0	0	0	0
Breeding and draught animals		0	0	0	0
Other tangible fixed assets		0	0	0	0
Advance payments for tangible fixed assets and tangible fixed assets under construction		1,860
Advance payments for tangible fixed assets		0	0	0	0
Tangible fixed assets under construction		1,860	0	0	0
Long-term financial assets		0	0	0	0
Shares - controlled organizations		0	0	0
Shares in accounting units with substantial influence		0	0	0
Other securities and shares		0	0	0
Loans - controlled and controlling organizations, substantial influence		0	0	0
Other financial investments		0	0	0
Financial investments acquired		0	0	0
Shares - controlled and controlling organizations		0
Loans - controlled and controlling organizations		0
Shares - substantial influence
Loans - substantial influence		0
Other securities and shares		0
Other loans		0
Other financial investments		0
Other financial investments		0
Advance payments for long-term financial assets		0	0	0	0
Current assets		111,343	98,912	88,230	83,894
Inventory		39,170	40,329	35,896	35,788
Materials		2,902	1,913	2,177	1,035
Work in progress and semi-products		0	0	0	0
Finished products and merchandise		36,268
Finished products		1,757	1,307	221	0
Merchandise		34,511	37,109	33,498	34,753
Animals		0	0	0	0
Advance payments for inventory		0	0	0	0
Receivables		57,391
Long-term receivables		4,089	3,395	2,373	51
Trade receivables		0	0	0	0
Receivables - controlled and controlling organizations		0	0	0	0
Receivables from accounting units with substantial influence		0	0	0	0
Deferred tax receivable		4,036	3,342	2,320	0
Other receivables		53
Receivables from partners		0		0	0
Long-term deposits given		53	53	53	51
Estimated receivable		0	0	0	0
Other receivables		0	0	0	0
Short-term receivables		53,302	32,639	30,436	38,833
Trade receivables		51,751	28,221	29,672	38,069
Receivables - controlled and controlling organizations		54	0	0	0
Receivables from accounting units with substantial influence		0	0	0	0
Other receivables		1,497
Short-term financial assets		22,549	19,525	9,222
Receivables from partners		0	0	0	0
Receivables from social security and health insurance		0	0	0	0
Due from state - tax receivable		115	1,631	42	0
Short-term deposits given		1,010	1,528	713	416
Estimated receivable		360	1,244	0	346
Other receivables		12	15	9	2
Short-term financial assets		0
Shares - controlled and controlling organizations		0
Other short-term financial assets		0
Cash and bank accounts		14,782
Cash		30	27	10	6
Bank accounts		14,752	22,522	19,515	9,216
Short-term securities and ownership interests		0	0	0
Short-term financial assets acquired		0	0	0
Accruals		2,021	172	139	1,105
Deferred expenses		1,953	115	139	1,102
Complex deferred costs		0	0	0	0
Deferred income		68	57	0	3
TOTAL LIABILITIES		129,301	113,817	103,150	89,732
Equity		19,475	12,310	15,043	12,899
Registered capital		200	200	200	200
Registered capital		200	200	200	200
Ownership interests (-)		0	0	0	0
Changes of registered capital ( +/-)		0	0	0	0
Share premium and capital funds		0	0	0	0
Share premium		0		0	0
Capital funds		0
Other capital funds		0	0	0	0
Differences from revaluation of assets and liabilities ( +/- )		0	0	0	0
Diferences from revaluation in tranformation of companies (+/-)		0	0	0	0
Diferences from tranformation of companies ( +/- )		0	0
The differences from valuation on transformation of business corporations		0	0
Funds from earnings		0	0	20	20
Other reserve funds		0	0	20	20
Statutory and other funds		0	0	0	0
Profit / loss - previous years (+/-)		12,110	14,843	12,932	3,287
Retained earnings from previous years		12,110	14,590	12,679	23,856
Accumulated losses from previous years (-)		0	0	0	-20,569
Other profit / loss - previous years (+/-)		0	253
Profit / loss - current year (+/-)		7,165	-2,733	1,891	9,392
Decided on advance for payment of a profit share (-)		0
Liabilities		109,777	101,488	87,907	76,725
Reserves		5,567	2,819	1,536	0
Reserves for pension and similar payables		0	0	0	0
Income tax reserves		1,786	0	0	0
Reserves under special statutory regulations		0	0	0	0
Other reserves		3,781	2,819	1,536	0
Payables		104,210
Long-term payables		1,600	4	1	0
Issues bonds		0	0	0	0
Exchangeable obligations		0
Other bonds		0
Liabilities to credit institutions		1,596	0	0	1,266
Long-term advances received		0	0	0	0
Trade payables		0	0	0	0
Long-term notes payables		0	0	0	0
Payables - controlled and controlling organizations		0	0	0	0
Payables to accounting units with substantial influence		0	0	0	0
Deferred tax liability		0	0	0	0
Other payables		4
Payables to partners		0	0	0	0
Estimated payables		0	0	0	0
Other payables		4	4	1	0
Short-term payables		102,610	98,665	85,999	75,459
Issues bonds		0	0	0	0
Exchangeable obligations		0
Other bonds		0
Payables to banks		0	0	371	0
Short-term deposits received		6,382	423	2,754	420
Trade payables		83,263	89,549	70,900	1,730
Short-term notes payables		0
Payables - controlled and controlling organizations		0	0	0	0
Payables to accounting units with substantial influence		0	0	0	0
Other payables		12,965
Bank loans and financial accommodations		0	371	1,266
Payables to partners		0		0	64,579
Short-term accommodations		0	0	0	0
Payroll		2,175	1,334	1,546	2,411
Payables to social securities and health insurance		3,310	2,264	2,409	1,965
Due from state - tax liabilities and subsidies		2,369	2,221	3,993	3,261
Estimated payables		5,012	2,797	4,355	1,058
Other payables		99	77	42	35
Accruals		49	19	200	108
Accrued expenses		49	19	200	108
Deferred revenues		0	0	0	0

Profit and loss accounts

Dec 31, 2016 The enclosed profit/loss account of 2016 from business register,..

Dec 31, 2015 The enclosed profit/loss account of 2015 from business register,..

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,..

Name	Ref.	31/12/2016 1000 CZK profit/loss account	31/12/2015 1000 CZK profit/loss account	31/12/2014 1000 CZK profit/loss account	31/12/2013 1000 CZK profit/loss account
Turnover		207,880	186,052	182,623	142,065
Revenues from own products and services		47,075	23,888	19,962	2,803
Revenues from sold goods		160,805	162,164	162,661	139,262
Production consumption		133,201
Expenses on sold goods		100,873	101,064	91,434	73,471
Sale margin			61,100	71,227	65,791
Production			24,974	20,183	4,349
Consumption of material and energy		12,560	9,327	7,666	7,415
Services		19,768	20,422	18,939	15,557
Added value			56,325	64,805	47,168
Change in inventory of own products (+/-)		-450	1,086	221	0
Capitalization (-)		0	0	0	1,546
Production consumption			29,749	26,605	22,972
Personnel expenses		48,498	44,519	41,933	33,528
Wages and salaries			33,518	31,413	25,292
Wages and salaries		36,401
Renumeration of board members			0	0	0
Social security, healt insurance and other expenses		12,097
Social security expenses and health insurance		11,993	10,875	10,422	8,276
Other expenses		104	126	98	-40
Value adjustments in the operational area		10,511
Value adjustments of intagible and tangible fixed assets		4,722
Value adjustments of intagible and tangible fixed assets - permanent		4,722	4,110	2,547	2,067
Value adjustments of intagible and tangible fixed assets - temporary		0
Stock value adjustments		-206
Receivable value adjustments		5,995
Revenues from disposals of fixed assets and materials			542	3	933
Other operating revenues		2,892
Other operating expenses			2,997	2,539	1,959
Revenues from disposals of fixed assets		967	542	3	933
Revenues from disposals of materials		0	0	0	0
Net book value of disposed fixed assets and materials			0	0	214
Other operating revenues		1,925
Other operating expenses		5,904
Transfer of operating revenues			0	0	0
Transfer of operating expenses	0		0	0	0

Net book value of sold fixed assets	20	0	0	214
Net book value of sold material	0	0	0	0
Taxes and fees	316	324	299	280
Change in operating reserves and adjustments and complex deferred costs ( + / -)		2,775	5,740	1,115
Reserves and complex deferred costs	962
Other operating revenues		2,530	382	1,004
Other operating expenses	4,606
Operating profit / loss	13,108	4,672	12,132	9,942
Revenues from sales of securities and ownership interests		0	0	0
Sold securities and ownership interests		0	0	0
Revenues from long-term financial assets		0	0	0
Revenues from long-term financial assets -shares	0
Revenues from shares in controlled and managed organizations and in accounting units with substantial influence		0	0	0
Revenues from shares - controlled and controlling organizations	0
Revenues from others securities and ownership interests		0	0	0
Revenues from other long-term financial assets		0	0	0
Other revenues from shares	0
Revenues from short-term financial assets		0	0	0
Expenses associated with financial assets		0	0	0
Costs spent for sold shares	0
Revenues from other long-term financial assets	0
Revenues from other long-term financial assets -controlled and controlling organizations	0
Revenues from other long-term financial assets	0
Costs related to other fixed financial assets	0
Revenues from revaluation of securities and derivatives		0	0	0
Cost of revaluation of securities and derivatives		0	0	0
Interest revenues	1
Interest revenues - controlled and controlling organizations	0
Other interest revenues	1
Value adjustments and reserves in the financial area	0	0	0	0
Interest expenses	3	5	43	84

Interest revenues		0	1	1
Interest expenses - controlled and controlling organizations	0
Other interest expenses	3
Other financial revenues		1,064	1,962	8,513
Other financial reveneus	3,571
Other financial expenses		9,473	10,620	8,101
Other financial expenses	7,260
Transfer of financial revenues		0	0	0
Transfer of financial expenses		0	0	0
Profit / loss from financial operations (transactions ) (+/-)	-3,691	-8,414	-8,700	329
Income tax on ordinary income		-1,009	1,541	879
Profit / loss before tax (+/-)	9,417	-3,742	3,432	10,271
Income tax	2,252
Due tax		13	2,351	879
Income tax - due tax	2,946
Tax deferred		-1,022	-810	0
Income tax - tax deferred (+/-)	-694
Operating profit / loss ordinary activity		-2,733	1,891	9,392
Extraordinary revenues		0	0	0
Extraordinary expenses		0	0	0
Income tax on extraordinary income		0	0	0
Due tax		0	0	0
Tax deferred		0	0	0
Operating profit / loss extraordinary activity		0	0	0
Profit/Loss after tax ( +/-)	7,165
Transfer profit (loss ) to partners (+/-)	0	0	0	0
Profit / loss of current accounting period (+/-)	7,165	-2,733	1,891	9,392
Net turnover for the accounting period	214,344
Operating cash flow		6,914	23,101
Investment cash flow		-3,522	-11,903
Financial cash flow		-368	-895
Receivables after due date total
Receivables more than 360 days after due date
Receivables more than 180 days after due date	1,922	1,417	789
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
Liabilities more than 360 days after due date
Liabilities more than 180 days after due date	61	61	61
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.	31/12/2016	31/12/2015	31/12/2014	31/12/2013
Return on total assets ROA (in %)	1	7.28	-3.29	3.33	11.45
Return on equity ROE (in %)	2	48.35	-30.40	22.81	79.63
Return on sales ROS (in %)	3	4.53	-2.01	1.88	7.23
Turnover of receivables (in days)	4	90.87	55.36	59.30	97.81
Turnover of liabilities (in days)	5	146.19	175.68	141.70	4.44
Turnover of inventories (days)	6	68.78	79.12	71.74	91.95
Net working capital (in ths. CZK)	7	8733.00	247.00	1860.00	8435.00
Ratio of accounts payable to accounts receivable (in %)	8	55.07	36.52	38.15	51.53
Ratio of profit/loss to tangible assets (in%)	9	7.67	7.92	8.09	3.33
Current ratio	10	1.09	1.00	1.02	1.11
Quick ratio	11		0.56	0.58	0.64
Cash ratio	12		0.23	0.23	0.12
Debt ratio I (in %)	13	84.94	89.18	85.42	85.62
Debt ratio II (in %)	14	84.90	89.17	85.22	85.50

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
CZK	1	INR 3.15

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TRU

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.