MIRA INFORM REPORT

Report No. :	490207
Report Date :	06.02.2018

IDENTIFICATION DETAILS

Name :	KOUTNY SPOL. S R.O.
Registered Office :	OkruZm 4200/4a, 796 01 Prostejov
Country :	Czech Republic
Financials (as on) :	31.12.2016
Date of Incorporation :	24.04.1995
Com. Reg. No.:	C 19161
Legal Form :	Private limited company
Line of Business :	· Manufacture of other outerwear · Manufacture of carpets and rugs · Wholesale of clothing and footwear · Retail sale of clothes · Manufacture of clothing for gentlemen and working clothing - \ confection production. Retail sale of production.
No. of Employees :	90 [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+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
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 (30.06.2017)	Current Rating (30.09.2017)
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

Koutny spol. s r.o.	telephone	00420/ 582 302 711
OkruZm 4200/4a	telefax	00420/ 582 302 710
796 01 Prostejov	e-mail	koutny@koutny.cz
Czech Republic	Web	www.koutny.cz

Statistical Nr.	60750197
Tax Nr.	CZ60750197
Registration:	Krajsky soud v Brne
Registration Nr.	C 19161
Status	activ

Economic situation

Business connection	Business connections are permissible	(21)
Terms of payment	Regular	(29)

Basic information

Legal form

Private limited company

Founded

24/04/1995 as Private limited company

Registration

24/04/1995, Krajsky soud v Brne, C 19161 Statistical Nr.: 60750197 Tax Nr.: CZ60750197

Registered names

Valid from Trade name(s) Valid until

24/04/1995 Koutny spol. s r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9210025564	Ing. Pavel Koutny (birth date 03/10/1950) Pod Kostelem 583, 798 03 Plumlov Czech Republic	21/09/2016	1,122,000 CZK
9214164386	Marcela Koutna (birth date 07/04/1955) Pod Kostelem 583, 798 03 Plumlov Czech Republic	21/09/2016	1,078,000 CZK
Total capital			2,200,000 CZK

Registered capital

Date	Currency	Value
24/04/1995	CZK	100,000
27/11/1995	CZK	2,200,000

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9216129541	Ing. Pavel Koutny (birth date 08/03/1975) Executive Manager Tyrsova 4484/15, 796 01 Prostejov Czech Republic	04/02/2015
9210025564	Ing. Pavel Koutny (birth date 03/10/1950) Executive Manager Pod Kostelem 583, 798 03 Plumlov Czech Republic	24/04/1995
9216591457	Ing. Petra Koutna (birth date 09/05/1977) Executive Manager Pod kostelem 590, 798 03 Plumlov Czech Republic	04/02/2015

Company addresses

Valid from	Address	Valid until
19/01/2017	OkruZm 4200/4a, 796 01 Prostejov, Czech Republic
	OkruZnl c.p. 4200, Prostejov, Czech Republic
24/04/1995	Brnenska 47, 796 01 Prostejov, Czech Republic	06/11/1996
06/11/1996	Okruzm c.p. 4200, Prostejov, Czech Republic	14/09/2006
14/09/2006	Okruzm c.p. 4200, 796 01 Prostejov, Czech Republic	21/09/2016
21/09/2016	Okruzm 4200, 796 01 Prostejov, Czech Republic	19/01/2017
Valid from	Branches of the business	Valid until
	Piaristicka 22/8, 370 01 Ceske Budejovice 1, Czech Republic
	Masarykovo n^meesti 3/3, 702 00 Ostrava, Moravska Ostrava, Czech Republic
	Nam. Republiky 8, 110 00 Praha 1 - Stare Mesto (OD KOTVA), Czech Republic
	Kapitana Jarose 375/31, 360 06 Karlovy Vary, Czech Republic

Business activities

Main activity	Nace
Manufacture of other outerwear	14.13
Additional activities	Nace
Manufacture of carpets and rugs	13.93
Wholesale of clothing and footwear	46.42
Retail sale of clothes	47.71
Manufacture of clothing for gentlemen and working clothing - \ confection production. Retail sale of production.

Economic data

Turnover and Employees

Date	Turnover	Employees
2004	actual sales 169,427,000 CZK
2005	actual sales 175,547,000 CZK	87 employees
2006	actual sales 152,506,000 CZK
2007	actual sales 149,757,000 CZK	85 employees
2008	actual sales 155,968,000 CZK	95 employees
2009	actual sales 139,505,000 CZK	93 employees
2010	actual sales 172,755,000 CZK	82 employees
2011	actual sales 156,049,000 CZK	79 employees
2012	actual sales 139,767,000 CZK	79 employees
2013	actual sales 212,784,000 CZK	75 employees
2014	actual sales 235,725,000 CZK	80 employees
2015	actual sales 297,706,000 CZK	82 employees
2016	actual sales 319,706,000 CZK	87 employees
2017		90 employees
2018		90 employees

Import / Export

	Import	Export
Percentage	Unknown	13%
Countries	France, Germany, Italy, Spain, Turkey	Germany, Netherlands, Slovakia

Properties

Name	Detail	Currency	Value
total value of lands	Property of the company	CZK	252,000
total value of buildings	Property of the company	CZK	6,593,000
Business premises	Property of the company Okruzm 4200, Prostejov 796 01, Czech Republic verified in the real estate registry		Unknown

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. At present, the company is sewing uniforms for Custom administration, Castle guard and the Army.

Contact:

Marcela Koutna - economist, phone: 00420/ 582 302 713, mobile phone: 00420/731 156 003, E-Mail: koutnam@koutny.cz

Banks

Code	Bank name / Address	Account Nr.
0800	Ceska sporitelna, a. s.	5194852/0800
0300	Ceskoslovenska obchodni banka, a. s.	377961573/0300
0100	Komercm banka, a.s.	86-7243990207/0100
0600	MONETA Money Bank, a.s.	104203494/0600
0600	MONETA Money Bank, a.s.	121900494/0600
0600	MONETA Money Bank, a.s.	199272475/0600
2700	UniCredit Bank Czech Republic and Slovakia, a.s.	2107797610/2700

Main indices

Payment experience and credit opinion

Terms of payment	Regular	(29)
Business connection	Business connections are permissible	(21)

Business development

Company development	Positive business development	(21)
Order situation	Good course of business	(21)

Events

No negative events registered.

Per 05/02/2018 the company was examined in a Central register of executions and no records were found

Balances Auditor

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Auditor
9210460672	JAROSLAV DANHA ING. AUDITOR A DANOVY PORADCE Statistical Nr.: 13387405 Jasanova 9 , Prostejov, 798 01, Czech Republic telephone: 00420/582 362 466 telefax: 00420/582 362 466 e-mail: jaroslav.danha@tiscali.cz Web: www.edb.cz/danhaaudit

Financials

Balance

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

Dec 31, 2015 The enclosed balance of 2015 from business register, it is authenticated by the auditor.

Dec 31, 2014 The enclosed balance of 2014 company's own data, it is authenticated by the auditor.

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

Name	Ref.	31/12/2016 1000 CZK	31/12/2015 1000 CZK balance	31/12/2014 1000 CZK balance	31/12/2013 1000 CZK balance
TOTAL ASSETS		270,074	212,670	189,156	179,454
Receivables for subscriptions		0	0	0	0
Fixed assets		12,276	9,861	12,893	10,617
Intangible fixed assets		0	0	0	0
Incorporation expenses					0
Research and development		0			0
Valuable rights		0
Software		0			0
Other valuable rights		0			0
Goodwill		0			0
Other intangible fixed assets					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
Intangible fixed assets under construction		0			0
Tangible fixed assets		12,276	9,861	12,893	10,617
Lands and Constructions		6,845
Lands		252	252	252	252
Constructions		6,593	7,100	7,626	7,733
Equipment		4,765	2,464	5,015	2,632
Adjustment to acquired assets		0			0
Other tangible fixed assets		0
Perennial corps		0			0
Breeding and draught animals		0			0
Other tangible fixed assets		0			0
Advance payments for tangible fixed assets and tangible fixed assets under construction		666
Advance payments for tangible fixed assets		0			0
Tangible fixed assets under construction		666	45		0
Long-term financial assets		0	0	0	0
Shares - controlled organizations				0
Shares in accounting units with substantial influence				0
Other securities and shares				0
Loans - controlled and controlling organizations, substantial influence				0
Other financial investments				0
Financial investments acquired				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
Current assets		257,549	202,620	176,210	168,781
Inventory		96,685	64,256	68,535	74,657
Materials		39,633	23,609	27,404	29,772
Work in progress and semi-products		23,970	3,979	2,553	3,617
Finished products and merchandise		33,082
Finished products		30,261	34,499	35,767	39,008
Merchandise		2,821	2,169	2,811	2,260
Animals		0			0
Advance payments for inventory		0			0
Receivables		34,077
Long-term receivables		0	0	0	0
Trade receivables		0			0
Receivables - controlled and controlling organizations		0			0
Receivables from accounting units with substantial influence		0			0
Deferred tax receivable		0			0
Other receivables		0
Long-term deposits given		0			0
Estimated receivable		0			0
Other receivables		0			0
Short-term receivables		34,077	26,813	37,628	48,833
Trade receivables		27,447	16,709	33,952	45,384
Receivables - controlled and controlling organizations		0			0
Receivables from accounting units with substantial influence		0			0
Other receivables		6,630
Short-term financial assets		111,551	70,047	45,291
Receivables from partners		0			0
Receivables from social security and health insurance		0			0
Due from state - tax receivable		0			0
Short-term deposits given		6,473	9,916	3,676	3,449
Estimated receivable		0			0
Other receivables		157	188		0
Short-term financial assets		0
Shares - controlled and controlling organizations		0
Other short-term financial assets		0
Cash and bank accounts		126,787
Cash		209	134	169	264
Bank accounts		126,578	111,417	69,878	45,027
Short-term securities and ownership interests				0
Short-term financial assets acquired				0
Accruals		249	189	53	56
Deferred expenses		249	189	53	56
Complex deferred costs		0			0
Deferred income		0			0
TOTAL LIABILITIES		270,074	212,670	189,156	179,454
Equity		238,559	195,445	171,728	161,810
Registered capital		2,200	2,200	2,200	2,200
Registered capital		2,200	2,200	2,200	2,200
Ownership interests (-)		0			0
Changes of registered capital ( +/-)		0			0
Share premium and capital funds		0		0	0
Share premium		0			0
Capital funds		0
Other capital funds		0			0
Differences from revaluation of assets and liabili-		0			0
Diferences from revaluation in tranformation of companies (+/-)		0			0
Diferences from tranformation of companies ( +/- )		0
The differences from valuation on transformation of business corporations		0
Funds from earnings		407	417	413	406
Other reserve funds		220	220	220	220
Statutory and other funds		187	197	193	186
Profit / loss - previous years (+/-)		179,227	165,515	156,104	140,420
Retained earnings from previous years		179,227	165,515	156,104	140,420
Accumulated losses from previous years (-)		0			0
Other profit / loss - previous years (+/-)		0
Profit / loss - current year (+/-)		56,725	27,313	13,011	18,784
Decided on advance for payment of a profit share (-)		0
Liabilities		31,515	17,225	17,428	17,644
Reserves		0	0	0	0
Reserves for pension and similar payables		0			0
Income tax reserves		0			0
Reserves under special statutory regulations		0			0
Other reserves		0			0
Payables		31,515
Long-term payables		0	0	0	0
Issues bonds		0			0
Exchangeable obligations		0
Other bonds		0
Liabilities to credit institutions		0	0	0	0
Long-term advances received		0			0
Trade payables		0			0
Long-term notes payables		0			0
Payables - controlled and controlling organizations		0			0
Payables to accounting units with substantial influence		0			0
Deferred tax liability		0
Other payables		0
Payables to partners		0			0
Estimated payables		0			0
Other payables		0			0
Short-term payables		31,515	17,225	17,428	17,644
Issues bonds		0			0
Exchangeable obligations		0
Other bonds		0
Payables to banks		39	0	0	0
Short-term deposits received		316	840	538	33
Trade payables		12,367	4,116	6,064	3,471
Short-term notes payables		0
Payables - controlled and controlling organizations		0			0
Payables to accounting units with substantial influence		0			0
Other payables		18,793
Bank loans and financial accommodations		0	0	0
Payables to partners		12	403	323	508
Short-term accommodations		0	0	0	0
Payroll		2,120	1,738	2,490	1,403
Payables to social securities and health insurance		1,203	1,681	1,675	1,603
Due from state - tax liabilities and subsidies		13,837	8,084	4,952	5,955
Estimated payables		1,621	363	1,386	4,671
Other payables		0		0
Accruals		0	0	0	0
Accrued expenses		0			0
Deferred revenues		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, it is authenticated by the auditor. Dec 31, 2014 The enclosed profit/loss account of 2014 company's own data, it is authenticated by the auditor. 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		319,706	297,706	235,725	212,784
Revenues from own products and services		270,682	271,734	208,612	190,762
Revenues from sold goods		49,024	25,972	27,113	22,022
Production consumption		223,226
Expenses on sold goods		24,545	16,950	17,999	14,156
Sale margin			9,022	9,114	7,866
Production			271,904	204,369	186,775
Consumption of material and energy		124,008	117,118	94,057	78,959
Services		74,673	79,608	66,796	58,953
Added value			84,200	52,630	56,729
Change in inventory of own products (+/-)		-15,754	170	-4,243	-3,987
Capitalization (-)		0			0
Production consumption			196,726	160,853	137,912
Personnel expenses		39,234	34,993	33,640	31,939
Wages and salaries		25,761	23,581	22,812
Wages and salaries		29,115
Renumeration of board members		102	59	24
Social security, healt insurance and other expenses		10,119
Social security expenses and health insurance		10,119	9,130	10,000	9,103
Other expenses		0			0
Value adjustments in the operational area		3,146
Value adjustments of intagible and tangible fixed assets		2,802
Value adjustments of intagible and tangible fixed assets - permanent		2,802	2,460	2,812	2,308
Value adjustments of intagible and tangible fixed assets - temporary		0
Stock value adjustments		0
Receivable value adjustments		344
Revenues from disposals of fixed assets and materials		2,188	835	4,291
Other operating revenues		2,576
Other operating expenses		11,670	573	465
Revenues from disposals of fixed assets		250	83	3	25
Revenues from disposals of materials		1,487	2,105	832	4,266
Net book value of disposed fixed assets and materials		1,766	632	3,508
Other operating revenues		839
Other operating expenses		1,823
Transfer of operating revenues				0
Transfer of operating expenses				0
Net book value of sold fixed assets		0			0
Net book value of sold material		1,039	1,766	632	3,508
Taxes and fees		111	95	64	84
Change in operating reserves and adjustments and complex deferred costs ( + / -)				0
Reserves and complex deferred costs		0
Other operating revenues		1,105	509	178
Other operating expenses		673
Operating profit / loss		70,607	36,509	16,253	22,894
Revenues from sales of securities and ownership interests				0
Sold securities and ownership interests				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
Revenues from shares - controlled and controlling organizations		0
Revenues from others securities and ownership interests				0
Revenues from other long-term financial assets				0
Other revenues from shares		0
Revenues from short-term financial assets				0
Expenses associated with financial assets				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
Cost of revaluation of securities and derivatives				0
Interest revenues		74
Interest revenues - controlled and controlling organizations		0
Other interest revenues		74
Value adjustments and reserves in the financial area		0			0
Interest expenses		0	3	0	0
Interest revenues		75	114	137
Interest expenses - controlled and controlling organizations		0
Other interest expenses		0
Other financial revenues		627	1,070	1,655
Other financial reveneus		193
Other financial expenses		2,150	773	1,402
Other financial expenses		789
Transfer of financial revenues				0
Transfer of financial expenses				0
Profit / loss from financial operations (transactions ) (+/-)		-522	-1,451	411	390
Income tax on ordinary income			7,922	3,217	4,466
Profit / loss before tax (+/-)		70,085	35,277	16,124	23,242
Income tax		13,360
Due tax			7,922	3,217	4,466
Income tax - due tax		13,360
Tax deferred					0
Income tax - tax deferred (+/-)		0
Operating profit / loss ordinary activity			27,136	13,447	18,818
Extraordinary revenues			280	18	8
Extraordinary expenses			61	558	50
Income tax on extraordinary income			42	-104	-8
Due tax			42	-104	-8
Tax deferred					0
Operating profit / loss extraordinary activity			177	-436	-34
Profit/Loss after tax ( +/- )		56,725
Transfer profit ( loss ) to partners (+/-)		0			0
Profit / loss of current accounting period (+/-)		56,725	27,313	13,011	18,784
Net turnover for the accounting period		322,549
Operating cash flow		33,814	44,445	32,934	10,015
Investment cash flow		-4,967	655	-5,085	-2,279
Financial cash flow		-13,611	-3,596	-3,093	-2,107
Receivables more than 180 days after due date		826	963	169	266
Liabilities more than 180 days after due date		0	0	0	0

Financial Ratios

Name	Ref.	31/12/2016	31/12/2015	31/12/2014	31/12/2013
Return on total assets ROA (in %)	1	25.95	16.59	8.52	12.95
Return on equity ROE (in %)	2	29.38	18.05	9.39	14.36
Return on sales ROS (in %)	3	21.92	11.85	6.84	10.92
Turnover of receivables (in days)	4	31.34	20.49	52.57	77.85
Turnover of liabilities (in days)	5	14.12	5.05	9.39	5.95
Turnover of inventories (days)	6	110.38	78.78	106.12	128.06
Net working capital (in ths. CZK)	7	225995.00	185395.00	158782.00	151137.00
Ratio of accounts payable to accounts receivable (in %)	8	108.13	155.66	215.91	276.77
Ratio of profit/loss to tangible assets (in%)	9	3.84	3.31	5.47	4.99
Current ratio	10	8.16	11.76	10.11	9.57
Quick ratio	11		8.03	6.18	5.33
Cash ratio	12		6.48	4.02	2.57
Debt ratio I (in %)	13	11.67	8.10	9.21	9.83
Debt ratio II (in %)	14	11.67	8.10	9.21	9.83

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.03
UK Pound	1	INR 90.40
Euro	1	INR 79.73
CZK	1	INR 3.15

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

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.