MIRA INFORM REPORT

Report No. :	490585
Report Date :	09.02.2018

IDENTIFICATION DETAILS

Name :	RQL S.R.O.
Registered Office :	U Jelena 109/7, 736 01 Havirov
Country :	Czech Republic
Financials (as on) :	31.12.2016
Date of Incorporation :	26.07.2000
Com. Reg. No.:	C 22696
Legal Form :	Private limited company
Line of Business :	· Manufacture of medical and dental instruments and supplies · Manufacture, sale and service of healthcare beds, tables, chairs and \ accessories for handicapped persons. Accomodation and catering \ services.
No. of Employees :	56 [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

RQL s.r.o.

U Jelena 109/7

736 01 Havirov

Czech Republic

telephone	00420/ 596 884 575
telefax	00420/ 596 884 575
e-mail	rql@rql.cz
Web	www.rql.cz
Statistical Nr.	25860020
Tax Nr.	CZ25860020
Registration:	Krajsky soud v Ostrave
Registration Nr.	C 22696
Status	activ

Economic situation

Business connection	Business connections are permissible	(21)
Terms of payment	Regular	(19)

Basic information

Legal form

Private limited company

Founded

26/07/2000 as Private limited company

Registration

26/07/2000, Krajsky soud v Ostrave, C 22696 Statistical Nr.: 25860020 Tax Nr.: CZ25860020

Registered names

Valid from Trade name(s) Valid until

26/07/2000 RQL s.r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9210181246	Marcela Sirinova (birth date 18/09/1967) U Jelena 1210/7a, 736 01 Havirov - Sumbark Czech Republic	12/03/2014	1,050,000 CZK
9210181245	Jaromir Sirina (birth date 08/02/1964) U Jelena 1210/7a, 736 01 Havirov - Sumbark Czech Republic	12/03/2014	1,050,000 CZK
Total capital			2,100,000 CZK

Registered capital

Date	Currency	Value
26/07/2000	CZK	100,000
09/07/2002	CZK	2,100,000

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9210181245	Jaromir Sirina (birth date 08/02/1964) Executive Manager U Jelena 1210/7a, 736 01 Havirov - Sumbark Czech Republic	26/07/2000
9216958697	Jonas Sirina (birth date 23/02/1990) Executive Manager U Vodojemu 1426/7, 735 35 Horni Sucha Czech Republic	21/03/2017
9216958750	Lukas Sirina (birth date 06/02/1987) Executive Manager Padlych hrdinu 149/51, 736 01 Havirov Czech Republic	21/03/2017
9210181246	Marcela Sirinova (birth date 18/09/1967) Executive Manager U Jelena 1210/7a, 736 01 Havirov - Sumbark Czech Republic	26/07/2000

Company addresses

Valid from	Address	Valid until
21/11/2012	U Jelena 109/7, 736 01 Havirov, Czech Republic
26/07/2000	U Jelena 7/109, Havirov - Sumbark, Czech Republic	09/07/2002
09/07/2002	U Jelena 7/109, 736 01 Havirov - Sumbark, Czech Republic	21/11/2012
Valid from	Branches of the business	Valid until
	Restaurace a penzion AmerikaPadlych hrdinu 149/51, 736 01 Havirov, Czech Republic
Valid from	Factory of the business	Valid until
	Na Frantisku 1404/7, 735 35 Horni Sucha, Czech Republic
	U Lekarny 1338/7, 735 35 Horni Sucha, Czech Republic

Business activities

Economic data

Main activity	Nace
Manufacture of medical and dental instruments and supplies	32.50
Additional activities	Nace
Manufacture, sale and service of healthcare beds, tables, chairs and \ accessories for handicapped persons . Accomodation and catering \ services.

Turnover and Employees

Date	Turnover	Employees
2003	actual sales 18,872,000 CZK
2004	actual sales 24,274,000 CZK
2005	actual sales 29,444,000 CZK	43 employees
2007	actual sales 41,608,000 CZK	45 employees
2008	actual sales 51,469,000 CZK
2009	actual sales 46,655,000 CZK
2010	actual sales 45,810,000 CZK
2011	actual sales 40,682,000 CZK
2012	actual sales 38,870,000 CZK
2013	actual sales 38,599,000 CZK
2014	actual sales 39,584,000 CZK	56 employees
2015	actual sales 44,109,000 CZK	56 employees
2016	actual sales 46,652,000 CZK	56 employees
2017	projected sales 47,000,000 CZK	56 employees
2018		56 employees

Import / Export

	Import	Export
Percentage	Unknown	51 %
Countries	Unknown	European Union, Serbia, Saudi Arabia, Israel, Russia, Thailand, Bosnia Herzegovina

Properties

Name	Detail	Currency	Value
total value of lands	Property of the company	CZK	1,897,000
total value of buildings	Property of the company	CZK	15,751,000
Business premises	Property of the company U Lekarny 1338/7, Horni Sucha 735 35, Czech Republic verified in the real estate registry		Unknown
Business premises	Property of the company Na Frantisku 1404/7, Horni Sucha 735 35, Czech Republic verified in the real estate registry		Unknown
Business premises	Property of the company U Jelena 109/7, Havirov, Sumbark 736 01, Czech Republic verified in the real estate registry		Unknown

Business premises

Property of the company Unknown

Padlych hrdinu 149/51, Havirov, Zivotice 736 01,

Czech Republic

verified in the real estate registry

the real estate: U Lekarny 1338/7, 735 35, Horni Sucha - contractual right of lien

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 and others) are currently monitored. The company is a holder of ISO 9001 certificate. Contact: Radim Cech - accountant, phone: 00420/ 596 884 575

Banks

Code	Bank name / Address	Account Nr.
5500	Raiffeisenbank, a. s.	000000-8808880887/5500
5500	Raiffeisenbank, a. s.	8808880887/5500

Main indices

Payment experience and credit opinion

Terms of payment	Regular	(19)
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 07/02/2018 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
9210636624	AUDITCOM s.r.o. Statistical Nr.: 25863746 Tesinska 1100/50a, Havirov, 736 01, Czech Republic telephone: 00420/596 410 479 telefax: 00420/596 410 479 e-mail: auditcom@auditcom.cz Web: www.auditcom.cz

Financials

Balance

Dec 31, 2016 The enclosed balance of 2016 from business register, it is authenticated by the auditor.

Dec 31, 2015 The enclosed balance 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

Name	Ref.	31/12/2016 1000 CZK balance	31/12/2015 1000 CZK balance	31/12/2014 1000 CZK balance	31/12/2013 1000 CZK balance
TOTAL ASSETS		45,588	42,285	38,157	35,203
Receivables for subscriptions		0	0	0	0
Fixed assets		20,034	20,895	22,406	20,945
Intangible fixed assets		15	31	47	0
Incorporation expenses			0	0	0
Research and development			0	0	0
Valuable rights		15
Software		15	31	47	0
Other valuable rights			0	0	0
Goodwill			0	0	0
Other intangible fixed assets			0	0	0
Other intangible fixed assets
Advance payments for intangible fixed assets and intangible fixed assets under construction

Advance payments for intangible fixed assets				0		0		0
Intangible fixed assets under construction				0		0		0
Tangible fixed assets		20,019		20,864		22,359		20,945
Lands and Constructions		17,648
Lands		1,897		1,897		1,897		1,482
Constructions		15,751		16,483		17,047		17,780
Equipment		2,348		2,484		3,357		1,543
Adjustment to acquired assets				0		0		0
Other tangible fixed assets
Perennial corps				0		0		0
Breeding and draught animals				0		0		0
Other tangible fixed assets				0		0		0
Advance payments for tangible fixed assets and tangible fixed assets under construction		23
Advance payments for tangible fixed assets				0		0		0
Tangible fixed assets under construction		23		0		58		140
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
Loans - controlled and controlling organizations
Shares - substantial influence
Loans - substantial influence
Other securities and shares
Other loans
Other financial investments
Other financial investments
Advance payments for long-term financial assets				0		0		0
Current assets		24,541		21,104		15,341		14,092
Inventory		5,214		4,982		4,647		3,987
Materials		3,347		3,911		3,160		2,646
Work in progress and semi-products		987		983		1,111		932
Finished products and merchandise		880
Finished products				0		0		0
Merchandise		880		88		376		409
Animals				0		0		0
Advance payments for inventory			0		0		0
Receivables	4,505
Long-term receivables	0		0		0		0
Trade receivables			0		0		0
Receivables - controlled and controlling organizations			0		0		0
Receivables from accounting units with substantial influence			0		0		0
Deferred tax receivable			0		0		0
Other receivables
Receivables from partners			0				0
Long-term deposits given			0		0		0
Estimated receivable			0		0		0
Other receivables			0		0		0
Short-term receivables	4,505		3,277		4,899		4,292
Trade receivables	3,908		2,759		2,483		2,606
Receivables - controlled and controlling organizations			0		0		0
Receivables from accounting units with substantial influence			0		0		0
Other receivables	597
Short-term financial assets			12,845		5,795		5,813
Receivables from partners			0		0		0
Receivables from social security and health insurance			0		0		0
Due from state - tax receivable	96		0		0		455
Short-term deposits given	498		487		475		743
Estimated receivable			31		1,941		476
Other receivables	3		0		0		12
Short-term financial assets
Shares - controlled and controlling organizations
Other short-term financial assets
Cash and bank accounts	14,822
Cash	397		227		326		476
Bank accounts	14,425		12,618		5,469		5,337
Short-term securities and ownership interests			0		0		0
Short-term financial assets acquired			0		0		0
Accruals	1,013		286		410		166
Deferred expenses	408		286		410		166
Complex deferred costs			0		0		0
Deferred income	605		0		0		0
TOTAL LIABILITIES	45,588		42,285		38,157		35,203
Equity	41,246		38,713		35,106		31,795
Registered capital	2,100		2,100		2,100		2,100
Registered capital	2,100		2,100		2,100		2,100
Ownership interests (-)	0		0		0
Changes of registered capital ( +/-)	0		0		0
Share premium and capital funds	0		0		0		0
Share premium	0				0
Capital funds
Other capital funds	0		0		0
Differences from revaluation of assets and liabilities ( +/- )	0		0		0
Diferences from revaluation in tranformation of companies (+/-)	0		0		0
Diferences from tranformation of companies ( +/- )
The differences from valuation on transformation of business corporations
Funds from earnings	210		210		210		210
Other reserve funds	210		210		210		210
Statutory and other funds	0		0		0
Profit / loss - previous years (+/-)	35,904		32,796		29,485		27,922
Retained earnings from previous years	35,904		32,796		29,485		27,922
Accumulated losses from previous years (-)	0		0		0
Other profit / loss - previous years (+/-)
Profit / loss - current year (+/-)	3,032		3,607		3,311		1,563
Decided on advance for payment of a profit share (-)
Liabilities	4,232		3,355		2,851		3,153
Reserves	0		0		0		0
Reserves for pension and similar payables	0		0		0
Income tax reserves	0		0		0
Reserves under special statutory regulations	0		0		0
Other reserves	0		0		0
Payables	4,232
Long-term payables	0		0		0		0
Issues bonds	0		0		0
Exchangeable obligations
Other bonds
Liabilities to credit institutions	0		0		0
Long-term advances received	0		0		0
Trade payables	0		0		0
Long-term notes payables	0		0		0
Payables to accounting units with substantial influence	0		0		0
Deferred tax liability	0		0		0
Other payables
Payables to partners	0		0		0
Estimated payables	0		0		0
Other payables	0		0		0
Short-term payables	4,232		3,355		2,851		3,153
Issues bonds	0		0		0
Exchangeable obligations
Other bonds
Payables to banks	0		0		0
Short-term deposits received	336		77		99		0
Trade payables	2,075		1,155		737		1,063
Short-term notes payables
Payables - controlled and controlling organizations	0		0		0
Payables to accounting units with substantial influence	0		0		0
Other payables	1,821
Bank loans and financial accommodations	0		0		0
Payables to partners	0				0
Short-term accommodations	0		0		0
Payroll	15		20		18		19
Payables to social securities and health insurance	506		504		444		457
Due from state - tax liabilities and subsidies	203		544		643		650
Estimated payables	234		219		150		197
Other payables	863		836		760		767
Accruals	110		217		200		255
Accrued expenses	110		217		200		255
Deferred revenues	0		0		0

Profit and loss accounts

Dec 31, 2016 The enclosed profit/loss account of 2016 from business register, it is authenticated by the auditor. 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		46,652	44,109	39,584	38,599
Revenues from own products and services		44,222	42,192	37,893	36,535
Revenues from sold goods		2,430	1,917	1,691	2,064
Production consumption		24,256
Expenses on sold goods		1,907	1,529	1,140	1,514
Sale margin		388	551	550
Production		42,064	38,073	36,040
Consumption of material and energy		17,659	15,332	14,463	14,776
Services		4,690	4,639	3,523	4,657
Added value		22,481	20,638	17,157
Change in inventory of own products (+/-)		-4	-128	180	-498
Capitalization (-)		0	0	3
Production consumption		19,971	17,986	19,433
Personnel expenses		17,457	16,067	15,526	15,471
Wages and salaries		11,649	11,636	11,598
Wages and salaries		13,102
Renumeration of board members		422	0	0
Social security, healt insurance and other expenses		4,355
Social security expenses and health insurance		4,355	3,996	3,890	3,873
Other expenses		0	0	0
Value adjustments in the operational area		2,049
Value adjustments of intagible and tangible fixed assets		2,049
Value adjustments of intagible and tangible fixed assets - permanent		2,049	2,260	1,979	1,685
Value adjustments of intagible and tangible fixed assets - temporary
Stock value adjustments
Receivable value adjustments
Revenues from disposals of fixed assets and materials		270	372	189
Other operating revenues		1,029
Other operating expenses		32	27	61
Revenues from disposals of fixed assets		0	174	0
Revenues from disposals of materials		194	270	198	189
Net book value of disposed fixed assets and materials		0	0	0
Other operating revenues		835
Other operating expenses		178
Transfer of operating revenues		0	0	0
Transfer of operating expenses		0	0	0
Net book value of sold fixed assets		0	0	0
Net book value of sold material		0	0	0
Taxes and fees		116	95	82	71
Change in operating reserves and adjustments and complex deferred costs ( + / -)		0	0	0
Reserves and complex deferred costs
Other operating revenues		590	791	1,436
Other operating expenses		62
Operating profit / loss		3,745	4,887	4,187	1,494
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
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
Revenues from others securities and ownership interests		0	0	0
Revenues from other long-term financial assets		0	0	0
Other revenues from shares
Revenues from short-term financial assets		0	0	0
Expenses associated with financial assets		0	0	0
Costs spent for sold shares
Revenues from other long-term financial assets
Revenues from other long-term financial assets -controlled and controlling organizations
Revenues from other long-term financial assets
Costs related to other fixed financial assets
Revenues from revaluation of securities and derivatives		0	0	0
Cost of revaluation of securities and derivatives		0	0	0
Interest revenues		4
Interest revenues - controlled and controlling organizations
Other interest revenues		4
Value adjustments and reserves in the financial area		0	0	0
Interest expenses		0	0	84
Interest revenues		6	3	1
Other interest expenses
Other financial revenues		29	59	679
Other financial reveneus		75
Other financial expenses		481	161	176
Other financial expenses		80
Transfer of financial revenues		0	0	0
Transfer of financial expenses		0	0	0
Profit / loss from financial operations (transactions ) (+/-)		-1	-446	-99	420
Income tax on ordinary income		834	777	351
Profit / loss before tax (+/-)		3,744	4,441	4,088	1,914
Income tax		712
Due tax		834	777	351
Income tax - due tax		712
Tax deferred		0	0	0
Income tax - tax deferred (+/-)
Operating profit / loss ordinary activity		3,607	3,311	1,563
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 ( +/-)		3,032
Transfer profit (loss ) to partners (+/-)		0	0	0
Profit / loss of current accounting period (+/-)		3,032	3,607	3,311	1,563
Net turnover for the accounting period		47,760
Operating cash flow		3,665
Investment cash flow		-1,189
Financial cash flow		-500
Receivables after due date total		1,059	784	638
Receivables more than 360 days after due date
Receivables more than 180 days after due date		0	0	0
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	0	0
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	8.21	10.50	10.71	5.44
Return on equity ROE (in %)	2	9.08	11.47	11.64	6.02
Return on sales ROS (in %)	3	8.03	10.07	10.33	4.96
Turnover of receivables (in days)	4	30.58	22.83	22.90	24.64
Turnover of liabilities (in days)	5	16.23	9.56	6.80	10.05
Turnover of inventories (days)	6	40.79	41.23	42.85	37.70
Net working capital (in ths. CZK)	7	20309.00	17749.00	12490.00	10939.00
Ratio of accounts payable to accounts receivable (in %)	8	106.45	97.68	171.83	136.12
Ratio of profit/loss to tangible assets (in%)	9	42.94	47.37	56.60	54.26
Current ratio	10		6.29	5.38	4.47
Quick ratio	11		4.81	3.75	3.20
Cash ratio	12		3.83	2.03	1.84
Debt ratio I (in %)	13	9.52	8.45	8.00	9.68
Debt ratio II (in %)	14	9.28	7.93	7.47	8.96

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.16
UK Pound	1	INR 89.19
Euro	1	INR 78.75
CZK	1	INR 3.12

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

INFORMATION DETAILS

Analysis Done by :	NIY
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.