MIRA INFORM REPORT

Report No. :	490871
Report Date :	19.02.2018

IDENTIFICATION DETAILS

Name :	NORTHFINDER A.S.
Formerly Known As :	NF SPORTSBRAND, A.S.
Registered Office :	Novoz´Amock´a 104, 949 05 Nitra
Country :	Slovakia
Financials (as on) :	31.12.2016
Date of Incorporation :	29.04.2005
Com. Reg. No.:	SA 10297/N
Legal Form :	Company Limited By Shares
Line of Business :	Agents Involved in the Sale of Textiles, Clothing, Fur, Footwear and Leather Goods
No. of Employees :	11 [2017]

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

NORTHFINDER A.S. Phone 037/6558121

Novoz´amock´a 104 E-Mail infoeu@northfinder.com

949 05 Nitra Web www.northfinder.com

Slovakia

Crefo Nr. 9230076268 Registration: Okresn´y s´ud Nitra

Statistical Nr. 35933011 Registration Nr. Sa 10297/N

Tax Nr. SK2021994359 Status active

Economic situation

Business connection	Credits and the establishing of the business connection are allowed.
Terms of payment	No complaints

Basic information

Legal form

Company limited by shares

Founded

29/04/2005 as Company Limited by Shares

Registration

29/04/2005, Okresn´y s´ud Nitra, Sa 10297/N

Statistical Nr.: 35933011

Tax Nr.: SK2021994359

Registered Names

Valid from	Commercial name	Valid until
13/09/2006	NORTHFINDER A.S.
Valid from	Former name	Valid until
29/04/2005	NF SPORTSBRAND, A.S.	12/09/2006

Registered Capital
Date	Currency	Value
29/04/2005	EUR	165 969,59
25/07/2009	EUR	166 000,00

Management

Crefo Nr.	Name / Address / Status	Power of attorney
Management
9231274150	vice-chairman Anton Sakma´r Fa´bryho 138/3, 951 01 Sˇ tita´re Slovakia	authorized to sign alone
9231831096	chairman Ing. Lam Duc Hai Ruzˇova´ dolina 16008/25, 821 09 Bratislava - mestska´ cˇasˇt Ruzˇinov Slovakia	authorized to sign alone

Supervisory Board
9231274308	Member Jozef Trabalik Spojovacia 5, 949 01 Nitra Slovakia
9231274309	Member Mgr. Zuzana Ambrova´ Mura´niho 6, 949 01 Nitra Slovakia
9231830691	Member Mgr.Art. Da´vid Sˇ vorc Winterova 4, 921 01 Piesˇˇtany Slovakia

Company Addresses

Valid From	Residence Address	Valid Until
01/01/2018	Novoza´mocka´ 104, 949 05 Nitra, Slovakia Phone: 037/6558121
	E-Mail: infoeu@northfinder.com
	Web: www.northfinder.com
29/04/2005	Levicka´ 3, 949 01 Nitra, Slovakia	12/09/2006
13/09/2006	Rastislavova 109, 951 41 Luzˇianky, Slovakia	31/12/2017
Valid from	Branch establishment	Valid until
	Galvaniho 7/D, 821 04 Bratislava, Slovakia Phone: 02/55565357

Business Activities

Main Activity	Nace
Agents involved in the sale of textiles, clothing, fur, footwear and leather goods	46.16
Additional Activities	Nace
Agents involved in the sale of a variety of goods	46.19
Wholesale of textiles	46.41

Sale of sports clothing for nature and clothing for various types of \ sports.

Economic Data

Turnover and Employees
Date	Turnover	Employees
2007	1 735 046 EUR
2009	1 807 900 EUR
2010	2 108 588 EUR
2011	3 054 165 EUR
2012	3 877 413 EUR
2013	4 186 278 EUR	35
2014	3 875 818 EUR	29
2015	4 773 966 EUR	19
2016	5 607 747 EUR	14
2017		11

Supplementary Data

Remarks

Other informations are not available.

We have not reached anybody on stated telephone numbers. We sent the question-form by post. Additionally after obtaining new data it will be forwarded to you.

Banks

Code	Bank name / Address
300	Cˇ SOB a.s.
3100	Sberbank Slovensko, a.s.
200	VU´ B a.s.

Main Indices

Payment Experience and Credit Opinion

Business connection	Credits and the establishing of the business connection are allowed.
Terms of payment	No complaints

Business Development

Company development	Company development positive
Business course	Satisfactory

Events

No negative events registered.

Balances

Name	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance	31/12/2013 1 EUR balance
Total assets	3 588 154	3 497 334	2 798 845	3 037 727
Non-current assets	22 626	60 235	124 722	138 386
Intangible fixed assets	5 181	3 460	3 460	0

Name	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance	31/12/2013 1 EUR balance
Development expenses	0	0	0	0
Software	5 181	0	0	0
Valuable rights	0	0	0	0
Goodwill	0	0	0	0
Other intangible fixed assets	0	0	0	0
Acquisition of intangible fixed assets	0	3 460	3 460	0
Advance payments for intangible fixed assets	0	0	0	0
Tangible fixed assets – total	17 445	56 775	121 262	138 386
Lands	0	0	0	0
Constructions	0	14 599	67 481	72 992
Separate movable assets and sets of movable as- sets	17 445	42 176	53 781	65 394
Perennial crops	0	0	0	0
Breeding and draught animals	0	0	0	0
Other tangible fixed assets	0	0	0	0
Acquisition of tangible fixed assets	0	0	0	0
Advance payments for tangible fixed assets	0	0	0	0
Adjustment to acquired assets	0	0	0	0
Long-term financial investments	0	0	0	0
Shares and ownership interests in affiliated ac- counting entities	0	0	0	0
Shares and ownership interests with participating interest, except for affiliated accounting entities	0	0	0	0
Other available-for-sale securities and ownership interests	0	0	0	0
Loans to affiliated accounting entities	0	0	0	0
Loans within participating interest, except for affil- iated accounting entities	0	0	0	0
Other loans	0	0	0	0
Debt securities and other non-current financial as- sets	0	0	0	0
Loans and other non-current financial assets with remaining maturity of up to one year	0	0	0	0
Bank accounts with notice period exceeding one year	0	0	0	0
Acquisition of long-term financial investments	0	0	0	0
Advance payments for long-term assets	0	0	0	0
Current assets	3 482 583	3 358 918	2 639 700	2 852 667
Inventory - total	1 068 735	1 148 137	922 010	870 780
Material	0	0	0	0
Work-in-progress and semi-finished goods	0	0	0	0
Finished products	0	0	0	0
Animals	0	0	0	0
Merchandise	1 068 735	1 148 137	922 010	870 780

Name	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance	31/12/2013 1 EUR balance
Advance payments made for inventory	0	0	0	0
Long-term receivables – total	1 234	1 094	1 500	1 790
Trade receivables	0	0	0	0
Trade receivables from affiliated accounting enti- ties	0	0	0	0
Trade receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties	0	0	0	0
Other trade receivables	0	0	0	0
Net value of contract	0	0	0	0
Other receivables from affiliated accounting enti- ties	0	0	0	0
Other receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties	0	0	0	0
Receivables from participants, members and as- sociation	0	0	0	0
Receivables related to derivative transactions	0	0	0	0
Other receivables	0	0	0	0
Deffered tax asset	1 234	1 094	1 500	1 790
Short - term receivables – total	2 285 282	1 917 494	1 551 529	1 795 378
Trade receivables	2 224 539	1 888 148	1 533 556	1 703 043
Trade receivables from affiliated accounting enti- ties	0	0	0	0
Trade receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties	0	0	0	0
Other trade receivables	2 224 539	1 888 148	1 533 556	1 703 043
Net value of contract	0	0	0	0
Other receivables from affiliated accounting enti- ties	0	0	0	0
Other receivables within participating interest, ex- cept for receivables from affiliated accounting enti- ties	0	0	0	0
Receivables from participants, members and as- sociation	0	0	0	0
Social security	0	0	0	0
Taxation and subsidies	46 133	28 466	17 973	92 028
Receivables related to derivative transactions	0	0	0	0
Other receivables	14 610	880	0	307
Short-term financial assets	0	0	0	0
Current financial assets in affiliated accounting entities	0	0	0	0
Current financial assets, not including current fi- nancial assets in affiliated accounting entities	0	0	0	0
Own shares and own business shares	0	0	0	0

Name	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance	31/12/2013 1 EUR balance
Acquisition of short-term financial assets	0	0	0	0
Financial accounts – total	127 332	292 193	164 661	184 719
Cash	44 508	61 920	69 268	68 058
Bank accounts	82 824	230 273	95 393	116 661
Prepayments	82 945	78 181	34 423	46 674
Deferred expenses long term	0	0	0	0
Deferred expenses short term	82 945	78 181	34 423	46 674
Accrued revenues long term	0	0	0	0
Accrued revenues short term	0	0	0	0
Total capital and liabilities	3 588 154	3 497 334	2 798 845	3 037 727
Capital	905 380	757 195	751 640	738 636
Registered capital - total	166 000	166 000	166 000	166 000
Registered capital – total	166 000	166 000	166 000	166 000
Change in registered capital	0	0	0	0
Receivables for subscriptions (for own equity cap- ital)	0	0	0	0
Share premium	0	0	0	0
Other capital funds	0	0	0	0
Legal reserve funds	33 200	33 200	33 200	33 200
Legal reserve fund and non-distributable fund	0	33 200	33 200	33 200
Reserve fund for own shares and own ownership interests	33 200	0	0	0
Other funds created from profit	0	0	0	0
Statutory funds	0	0	0	0
Other funds	0	0	0	0
Differences from revaluation - total	0	0	0	0
Gains or losses from revaluation of assets and li- abilities	0	0	0	0
Gains or losses from investments	0	0	0	0
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger	0	0	0	0
Retained profit or loss from previous years	557 995	552 440	539 435	436 577
Retained earnings from previous years	557 995	552 440	539 435	436 577
Retained earnings from previous years	0	0	0	0
Profit or loss for the accounting period	148 185	5 555	13 005	102 859
Liabilities	2 629 211	2 740 139	2 047 205	2 298 782
Long-term liabilities - total	10 051	15 894	17 758	24 674
Long-term trade liabilities – total	0	0	0	0
Trade liabilities to affiliated accounting entities	0	0	0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities	0	0	0	0
Other trade liabilities	0	0	0	0

Name	31/12/2016 1 EUR balance	31/12/2015 1 EUR balance	31/12/2014 1 EUR balance	31/12/2013 1 EUR balance
Net value of contract	0	0	0	0
Other liabilities to affiliated accounting entities	0	0	0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities	0	0	0	0
Other long-term liabilities	0	0	0	0
Long-term advances received	0	0	0	0
Long-term bills of exchange to a paid	0	0	0	0
Bonds issued	0	0	0	0
Liabilities from social fund	1 848	1 244	876	459
Other non-current liabilities	8 203	14 650	15 965	24 215
Non-current liabilities related to derivative trans- actions	0	0	0	0
Deffered tax liability	0	0	917	0
Long-term provisions	0	0	0	0
Legal provisions	0	0	0	0
Other provisions	0	0	0	0
Long-term bank loans	0	0	0	0
Short-term liabilities - total	1 895 530	2 105 454	1 576 039	1 856 516
Trade liabilities	1 663 893	1 899 077	1 374 385	1 631 805
Trade liabilities to affiliated accounting entities	1 498 894	0	0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities	0	0	0	0
Other trade liabilities	164 999	1 899 077	1 374 385	1 631 805
Net values of contract	0	0	0	0
Other liabilities to affiliated accounting entities	0	0	0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities	0	0	0	0
Liabilities to partners and participants in associa- tion	168 000	168 000	168 000	175 000
Liabilities to employees	10 575	21 147	16 240	28 755
Social security liabilities	6 989	13 324	10 841	15 635
Taxation and subsidies	46 073	3 906	6 573	5 321
Liabilities related to derivative transactions	0	0	0	0
Other liabilities	0	0	0	0
Short-term provisions	16 629	19 075	17 049	21 435
Legal provisions	16 629	19 075	17 049	21 435
Other provisions	0	0	0	0
Current bank loans	707 001	599 716	436 359	396 157
Short-term financial assistance	0	0	0	0
Prepayments - total	53 563	0	0	309
Accrued expenses long term	0	0	0	0
Accrued expenses short term	0	0	0	309
Deferred revenues long term	0	0	0	0
Deferred revenues short term	53 563	0	0	0

Profit and loss accounts

Name	31/12/2016 1 EUR profit/loss account	31/12/2015 1 EUR profit/loss account	31/12/2014 1 EUR profit/loss account	31/12/2013 1 EUR profit/loss account
Net turnover	5 607 747	4 773 966	3 875 818	4 186 278
Operating income - total	5 633 797	4 891 318	3 885 213	4 193 066
Revenue from the sale of merchandise	5 596 323	4 773 767	3 875 818	4 186 278
Revenue from the sale of own products	0	0	0	0
Revenue from the sale of services	11 424	199	0	0
Change in inventory	0	0	0	0
Own work capitalized	0	0	0	0
Revenue from the sale of non-current intangible assets, property, plant and equipment, and raw materials	300	105 148	2 700	0
Other operating revenues	25 750	12 204	6 695	6 788
Operating expenses - total	5 329 451	4 819 388	3 797 836	3 951 037
Cost of merchandise sold	3 655 569	3 198 171	2 299 919	2 464 424
Consumed raw materials, energy consumption, and consumption of other non-inventory supplies	65 841	54 159	87 164	107 206
Value adjustments to inventory	85	-4 741	-5 693	-26 854
Services	1 204 478	1 009 268	832 785	860 819
Personnel expenses - total	281 995	368 750	467 110	479 668
Wages and salaries	203 530	265 472	334 069	346 913
Remuneration of board members	0	0	0	0
Social security expenses	71 304	92 277	118 859	117 598
Social expenses	7 161	11 001	14 182	15 157
Taxes and fees	4 444	4 200	3 300	4 768
Depreciation expense of intangible and tangible fixed assets	19 073	30 437	40 215	49 662
Amortization of non-current intangible assets and depreciation of property, plant and equipment	19 073	30 437	40 215	49 662
Value adjustments to non-current intangible as- sets and property, plant and equipment	0	0	0	0
Net book value of fixed assets sold and material sold	21 997	148 048	0	0
Value adjustments to receivables	68 763	6 569	60 515	8 691
Other operating expenses	7 206	4 527	12 521	2 653
Profit or loss from operations	304 346	71 930	87 377	242 029
Added value	681 774	517 109	661 643	780 683
Income from financial activities - total	6 734	37 361	3 359	10 719

Name	31/12/2016 1 EUR profit/loss account	31/12/2015 1 EUR profit/loss account	31/12/2014 1 EUR profit/loss account	31/12/2013 1 EUR profit/loss account
Revenues from sales of shares and ownership	0	0	0	0
Revenues from long-term financial assest	0	0	0	0
Income from securities and ownership interests in affiliated accounting entities	0	0	0	0
Income from securities and ownership interests within participating interest, except for income of affiliated accounting entities	0	0	0	0
Other income from securities and ownership inter- ests	0	0	0	0
Revenues from short-term financial assest	0	0	0	0
Income from current financial assets in affiliated accounting entities	0	0	0	0
Income from current financial assets within partic- ipating interest, except for income of affiliated ac- counting entities	0	0	0	0
Other income from current financial assets	0	0	0	0
Interest income	11	5	18	34
Interest income from affiliated accounting entities	0	0	0	0
Other interest income	11	5	18	34
Exchange rate gains	6 723	37 356	3 341	10 685
Revenues from revaluation of securities and rev- enues from derivative operations	0	0	0	0
Other financial revenues	0	0	0	0
Expenses related to financial activities - total	108 474	94 139	65 712	113 908
Shares and ownership interests sold	0	0	0	0
Expenses for short-term financial assets	0	0	0	0
Value adjustments to financial assets	0	0	0	0
Interest expense	19 729	18 032	14 644	11 415
Interest expenses related to affiliated accounting entities	0	0	0	0
Other interest expenses	19 729	18 032	14 644	11 415
Exchanges rate losses	30 767	27 017	15 577	73 643
Expenses for revaluation of securities and ex- penses for derivative operations	0	0	0	0
Other financial expenses	57 978	49 090	35 491	28 850
Profit or loss from financial activities	-101 740	-56 778	-62 353	-103 189
Profit or loss from ordinary activities before tax	202 606	15 152	25 024	138 840
Income tax	54 421	9 597	12 019	35 981
Income tax - current	54 561	10 108	10 811	30 098
Income tax - deferred	-140	-511	1 208	5 883
Transfer of profit or loss to partners	0	0	0	0
Profit or loss of the accounting period after tax	148 185	5 555	13 005	102 859
Receivables after due date	621 225	572 506	941 485	1 155 122

Financial ratios

Name	31/12/2016	31/12/2015	31/12/2014	31/12/2013
Return on total assets ROA (in %)	4,13	0,16	0,46	3,39
Return on equity ROE (in %)	16,37	0,73	1,73	13,93
Return on sales ROS (in %)	2,64	0,12	0,34	2,46
Turnover of receivables (in days)	144,79	144,36	144,42	148,49
Turnover of liabilities (in days)	108,30	145,20	129,43	142,28
Turnover of inventories (days)	69,56	87,78	86,83	75,92
Net working capital	880052,00	653748,00	627302,00	599994,00
Ratio of accounts payable to accounts receivable	119,99	90,44	97,44	95,53
Ratio of profit/loss to tangible assets (in%)	0,40	1,26	3,22	3,31
Current ratio	1,34	1,24	1,31	1,27
Quick ratio	0,93	0,82	0,85	0,88
Cash ratio	0,05	0,11	0,08	0,08
Debt ratio I (in %)	74,77	78,35	73,14	75,68
Debt ratio II (in %)	73,27	78,35	73,14	75,67

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.90
UK Pound	1	INR 90.31
Euro	1	INR 80.17
SKK [Euro]	1	INR 79.66

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

INFORMATION DETAILS

Analysis Done by :	DIV
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.