MIRA INFORM REPORT

Report No. :	491706
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	TATRA EXPORT S.R.O
Formerly Known As :	SULCATA S.R.O.
Registered Office :	Areal Tatry 1450/, Areal Tatry 1450/ 742 21 Koprivnice
Country :	Czech Republic
Financials (as on) :	31.12.2016
Date of Incorporation :	27.12.2005
Com. Reg. No.:	C 29456
Legal Form :	Private limited company
Line of Business :	· Sale of other motor vehicles · Foreign trade with military motor vehicles and spare parts.
No. of Employees :	1

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 :	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 (30.06.2017)	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

TATRA EXPORT s.r.o.	telephone	00420/ 556 493 916
Areal Tatry 1450/1	telefax	00420/ 556 494 304
742 21 Koprivnice	e-mail	tatra@tatra.cz
Czech Republic	Web	www.tatra.cz

Crefo Nr.	9210688617	Registration:	Krajsky soud v Ostrave
Statistical Nr.	27388816	Registration Nr.	C 29456
Tax Nr.	CZ27388816	Status	activ

Economic situation

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

Basic information

Legal form

Private limited company

Founded

27/10/2005 as Private limited company 27/10/2005 as Private limited company

Registration

27/10/2005, Mestsky soud v Praze, C 115768

13/09/2006, Krajsky soud v Ostrave, C 29456 Statistical Nr.: 27388816

Tax Nr.: CZ27388816

Registered names

Valid from	Former name(s)	Valid until
27/10/2005	Sulcata s.r.o.	27/10/2006
Valid from	Trade name(s)	Valid until
27/10/2006	TATRA EXPORT s.r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9214848244	TATRA TRUCKS a.s. Statistical Nr.: 01482840 Areal Tatry 1450/1, 742 21 Koprivnice Czech Republic Phone Nr.: 00420/ 556 491 111 Fax: 00420/ 556 492 050 E-mail: tatra@tatra.cz WWW: www.tatra.cz	03/08/2013	120,200,000 CZK
Total capital			120,200,000 CZK

Registered capital

Currency	Currency	Value
27/10/2005	CZK	200,000
13/05/2015		120,200,000

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9210079838	Ing. Radim Volny (birth date 01/03/1968)	24/05/2017
	Executive Manager
	Pod Bilou horou 1369/20, 742 21 Koprivnice
	Czech Republic

Company addresses

Valid from	Address	Valid until
13/05/2015	Areal Tatry 1450/1, 742 21 Koprivnice, Czech Republic
27/10/2005	Klimentska 1216/46, 110 02 Praha 1, Czech Republic	23/08/2006
23/08/2006	Areal Tatry 1450/1, 742 21 Koprivnice, Czech Republic	13/05/2015

Subsidiaries

Crefo Nr.	Name / Address / Status	Valid from	Share
Shareholders
9210132675	TATRA DEFENCE INDUSTRIAL s.r.o. Statistical Nr.: 60108053 Prazakova 752/50d, 619 00 Brno Czech Republic	03/12/2014	15,000 CZK

Business activities

Main activity	Nace
Sale of other motor vehicles	45.19
Additional activities	Nace
Foreign trade with military motor vehicles and spare parts. Export: worldwide (92\/)

Economic data

Turnover and Employees

Date	Turnover	Employees
2007	actual sales 1,109,917,000 CZK
2008	actual sales 573,044,000 CZK
2011	actual sales 367,145,000 CZK
2012	actual sales 321,958,000 CZK	0 employees
2013	actual sales 511,719,000 CZK	0 employees
2014	actual sales 2,160,607,000 CZK	0 employees
2015	actual sales 1,705,468,000 CZK	2 employees
2016	actual sales 2,823,519,000 CZK	2 employees
2017		1 employees

Properties

Name	Detail	Currency	Value
	Property of the shareholder Areal Tatry 1450/1, Koprivnice 742 21, Czech Republic TATRA TRUCKS a.s. verified in the real estate registry		Unknown

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. Subsidiary companies:

TATRA DEFENCE INDUSTRIAL s.r.o., ICC 60108053, share 20%

TATRA EURASIA, Kazakhstan, share 36%

On 15.3.2013 - judicial sale of the original mother company TATRA a. s.

Declarer became the company TRUCK DEVELOPMENT a. s., which took over the company TATRA a. s. on 18.3.2013. By resolution of the sole shareholder and its Genral meeting of TRUCK DEVELOPMENT a. s., the company name was changed to TATRA TRUCKS a. s.

For securing of business activity and financing the company closely cooperates with the mother company TATRA TRUCKS a.s.

The company TATRA EXPORTS s. r. o. is a holder of permission for foreign trade with military material.

Contact:

Lucie Petrova - accountant, phone: 00420/ 556 494 430, e-mail: lucie.petrova@tatra.cz

Banks

Code	Bank name / Address	Account Nr.
0800	Ceska sporitelna, a. s.	000000-0005683162/0800
0800	Ceska sporitelna, a. s.	000000-0005683242/0800
0800	Ceska sporitelna, a. s.	5683082/0800
0300	Ceskoslovenska obchodni banka, a. s.	171280-1017096373/0300
0300	Ceskoslovenska obchodni banka, a. s.	176030-1017096453/0300
0300	(Ceskoslovenska obchodni banka, a. s.	198605485/0300
2600	Citibank Europe plc, organizacni slozka	000000-2066210309/2600
2600	Citibank Europe plc, organizacni slozka	000000-2066210405/2600
2600	Citibank Europe plc, organizacni slozka	2066210202/2600
8040	Oberbank AG pobocka Ceska republika	000000-2131120191/8040
6800	Sberbank CZ, a.s.	000000-1200399858/6800
6800	Sberbank CZ, a.s.	000000-1200399866/6800
6800	Sberbank CZ, a.s.	4211162809/6800
2700	UniCredit Bank Czech Republic and Slovakia, a.s.	2109373280/2700

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 company development	(30)
Order situation	Satisfactory order situation	(30)

Events

No negative events registered.

Per 14/02/2018 the company was examined in a Central register of executions and no records were found

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, ..

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

	31/12/2016	31/12/2015	31/12/2014	31/12/2013
	1000	1000	1000	1000
Name
	CZK	CZK	CZK	CZK
		balance	balance	balance
TOTAL ASSETS	928,366	1,109,712	803,114	215,400
Receivables for subscriptions		0		0
Fixed assets	0	0	172	0
Intangible fixed assets		0	0	0
Incorporation expenses				0
Research and development				0
Valuable rights
Software				0
Other valuable rights				0
Goodwill				0
Other intangible fixed assets				0
Other intangible fixed assets
Advance payments for intangible fixed assets and
intangible fixed assets under construction
Advance payments for intangible fixed assets				0
Intangible fixed assets under construction				0
Tangible fixed assets		0	0	0
Lands and Constructions
Lands				0
Constructions				0
Equipment				0
Adjustment to acquired assets				0
Other tangible fixed assets
Perennial corps				0
Breeding and draught animals				0
Other tangible fixed assets				0
Advance payments for tangible fixed assets and
tangible fixed assets under construction
Advance payments for tangible fixed assets				0
Tangible fixed assets under construction				0
Long-term financial assets	0	0	172	0
Shares - controlled organizations				0
Shares in accounting units with substantial influ-			172	0
ence
Other securities and shares				0
Loans - controlled and controlling organizations,				0
substantial influence
Other financial investments				0
Financial investments acquired				0
Advance payments for long-term financial assets				0
Current assets	924,391	1,105,361	800,599	215,400
Inventory	151,102	15,209	35,399	35,197
Materials				0
Work in progress and semi-products				0
Finished products and merchandise	64,249
Finished products				0
Merchandise	64,249			0
Animals				0
Advance payments for inventory	86,853	15,209	35,399	35,197
Receivables	629,923
Long-term receivables		0	0	0
Trade receivables				0
Receivables - controlled and controlling organiza- tions				0
Receivables from accounting units with substan-				0
tial influence				0
Deferred tax receivable				0
Other receivables				0
Receivables from partners				0
Long-term deposits given				0
Estimated receivable				0
Other receivables				0
Short-term receivables	629,923	702,167	641,523	115,078
Trade receivables	549,633	598,702	551,339	94,231
Receivables - controlled and controlling organiza-			24,654	2
tions
Receivables from accounting units with substan-				0
tial influence
Other receivables	80,290
Short-term financial assets		387,985	123,677	65,125
Receivables from partners				0
Receivables from social security and health insur-				0
ance
Due from state - tax receivable	80,290	99,342	65,530	20,845
Short-term deposits given	0	4,123		0
Estimated receivable				0
Other receivables				0
Short-term financial assets
Shares - controlled and controlling organizations
Other short-term financial assets
Cash and bank accounts	143,366
Cash				0
Bank accounts	143,366	387,985	123,677	65,125
Short-term securities and ownership interests				0
Short-term financial assets acquired				0
Accruals	3,975	4,351	2,343	0
Deferred expenses	3,975	4,351	2,343	0
Complex deferred costs				0
Deferred income				0
TOTAL LIABILITIES	928,366	1,109,712	803,114	215,400
Equity	130,050	121,941	-22,202	-52,007
Registered capital	120,200	120,200	200	200
Registered capital	120,200	120,200	200	200
Ownership interests (-)				0
Changes of registered capital ( +/- )				0
Share premium and capital funds	255	274	-24	0
Share premium	320	320		0
Capital funds	-65
Other capital funds				0
Differences from revaluation of assets and liabili- ties ( +/-)	-65	-46	-24	0
Diferences from revaluation in tranformation of companies (+/-)				0
Diferences from tranformation of companies ( +/-)
The differences from valuation on transformation
of business corporations
Funds from earnings	162	162	162	162
Other reserve funds	162	162	162	162
Statutory and other funds				0
Profit / loss - previous years (+/-)	1,305	-22,541	-52,368	-49,362
Retained earnings from previous years	1,305			0
Accumulated losses from previous years (-)	0	-22,541	-52,368	-49,362
Other profit / loss - previous years (+/-)
Profit / loss - current year (+/-)	8,128	23,846	29,828	-3,007
Decided on advance for payment of a profit share (-)			0
Liabilities	798,316	987,771	825,316	267,407
Reserves	0	5,179	0	0
Reserves for pension and similar payables				0
Income tax reserves	0	5,179		0
Reserves under special statutory regulations				0
Other reserves				0
Payables	798,316
Long-term payables		0	0	0
Issues bonds				0
Exchangeable obligations
Other bonds
Liabilities to credit institutions		0	0	0
Long-term advances received				0
Trade payables				0
Long-term notes payables				0
Payables - controlled and controlling organizations				0
Payables to accounting units with substantial in-				0
fluence
Deferred tax liability				0
Other payables
Payables to partners				0
Estimated payables				0
Other payables				0
Short-term payables	798,316	982,592	825,316	267,407
Issues bonds				0
Exchangeable obligations
Other bonds
Payables to banks		0	0	0
Short-term deposits received	4,457	340,229	15,173	41,462
Trade payables	747,611	640,954	68,138	10,849
Short-term notes payables
Payables - controlled and controlling organizations			740,034	207,673
Payables to accounting units with substantial in-			196	0
fluence
Other payables	46,248
Bank loans and financial accommodations		0	0	0
Payables to partners	256	256		0
Short-term accommodations		0	0	0
Payroll	573	894		0
Payables to social securities and health insurance				0
Due from state - tax liabilities and subsidies			252	0
Estimated payables	45,419	7	1,523	7,423
Other payables	0	252		0
Accruals		0	0	0
Accrued expenses				0
Deferred revenues				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, it is authenticated by the auditor.

Dec 31, 2014 The enclosed profit/loss account of 2014 company’s own data, ..

Dec 31, 2013 The enclosed profit/loss account of 2013 from business register, ..

	31/12/2016	31/12/2015	31/12/2014	31/12/2013
	1000	1000	1000	1000
Name	CZK	CZK	CZK	CZK
	profit/loss	profit/loss	profit/loss	profit/loss
	account	account	account	account
Turnover	2,823,519	1,705,468	2,160,607	511,719
Revenues from own products and services	73,367	68,083	168,503	31,552
Revenues from sold goods	2,750,152	1,637,385	1,992,104	480,167
Production consumption	2,760,667
Expenses on sold goods	2,675,893	1,601,658	1,953,185	459,883
Sale margin		35,727	38,919	20,284
Production		68,083	168,503	31,552
Consumption of material and energy				0
Services	84,774	73,390	166,794	47,629
Added value		30,420	40,628	4,207
Change in inventory of own products (+/-)				0
Capitalization (-)				0
Production consumption		73,390	166,794	47,629
Personnel expenses	9,336	7,410		0
Wages and salaries		7,410		0
Wages and salaries	9,336
Renumeration of board members				0
Social security, healt insurance and other ex-
penses
Social security expenses and health insurance				0
Other expenses				0
Value adjustments in the operational area	34,266
Value adjustments of intagible and tangible fixed assets
Value adjustments of intagible and tangible fixed assets - permanent		0		0
Value adjustments of intagible and tangible fixed assets - temporary
Stock value adjustments
Receivable value adjustments	34,266
Revenues from disposals of fixed assets and		0	0	0
materials
Other operating revenues	711
Other operating expenses		10,406	2,319	15,208
Revenues from disposals of fixed assets				0
Revenues from disposals of materials				0
Net book value of disposed fixed assets and		0	0	0
materials
Other operating revenues	711
Other operating expenses	6,157
Transfer of operating revenues				0
Transfer of operating expenses				0
Net book value of sold fixed assets				0
Net book value of sold material				0
Taxes and fees	3,328	219	31	58
Change in operating reserves and adjustments		-8,444	-10,637	1,091
and complex deferred costs ( + / - )
Reserves and complex deferred costs
Other operating revenues		22,654	250	15,629
Other operating expenses	2,829
Operating profit / loss	13,804	43,483	49,165	3,479
Revenues from sales of securities and ownership				0
interests
Sold securities and ownership interests				0
Revenues from long-term financial assets			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
Revenues from shares - controlled and controlling organizations				0
Revenues from others securities and ownership interests				0
Revenues from other long-term financial as- sets				0
Other revenues from shares				0
Revenues from short-term financial assets				0
Expenses associated with financial assets				0
Revenues from revaluation of securities and				0
derivatives
Cost of revaluation of securities and derivatives				0
Interest revenues	5
Interest revenues - controlled and controlling or-	5
ganizations
Other interest revenues
Value adjustments and reserves in the finan-	-19	209		0
cial area
Interest expenses	655	0		0
Interest revenues		4	3	2
Interest expenses - controlled and controlling or-
ganizations
Other interest expenses	655
Other financial revenues		88,065	78,831	22,233
Other financial reveneus	17,986
Other financial expenses		101,803	97,343	28,721
Other financial expenses	20,569
Transfer of financial revenues				0
Transfer of financial expenses				0
Profit / loss from financial operations ( trans-	-3,214	-13,943	-18,509	-6,486
actions ) (+/-)
Income tax on ordinary income		5,694	828	0
Profit / loss before tax (+/-)	10,590	29,540	30,656	-3,007
Income tax	2,462
Due tax		5,694	828	0
Income tax - due tax	2,462
Tax deferred				0
Income tax - tax deferred (+/-)
Operating profit / loss ordinary activity		23,846	29,828	-3,007
Extraordinary revenues				0
Extraordinary expenses				0
Income tax on extraordinary income			0	0
Due tax				0
Tax deferred				0
Operating profit / loss extraordinary activity		0	0	0
Profit/Loss after tax ( +/- )	8,128
Transfer profit ( loss ) to partners (+/-)				0
Profit / loss of current accounting period (+/-)	8,128	23,846	29,828	-3,007
Net turnover for the accounting period	2,842,221
Operating cash flow	-244,619
Investment cash flow	0
Financial cash flow	0
Receivables after due date total	118,372	121,904	97,879	70,664
Liabilities after due date total	280,394	138,264	82,315	159,194
Liabilities more than 90 days after due date	9,475			6,292

Financial Ratios

Name	Ref.	31/12/2016	31/12/2015	31/12/2014	31/12/2013
Return on total assets ROA (in %)	1	1.14	2.66	3.82	-1.40
Return on equity ROE (in %)	2	8.14	24.22	-138.08	5.78
Return on sales ROS (in %)	3	0.38	1.73	1.42	-0.59
Turnover of receivables (in days)	4	71.05	128.13	93.14	67.21
Turnover of liabilities (in days)	5	96.64	137.18	11.51	7.74
Turnover of inventories (days)	6	19.53	3.26	5.98	25.11
Net working capital (in ths. CZK)	7	126075.00	122769.00	-24717.00	-52007.00
Ratio of accounts payable to accounts receivable	8		71.46	77.73	43.03
(in %)
Ratio of profit/loss to tangible assets (in%)	9	0.00	0.00	0.01	0.00
Current ratio	10		1.12	0.97	0.81
Quick ratio	11		1.11	0.93	0.67
Cash ratio	12		0.39	0.15	0.24
Debt ratio I (in %)	13	85.99	89.01	102.76	124.14
Debt ratio II (in %)	14	85.99	89.01	102.76	124.14

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
CZK	1	INR 3.15

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

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.