MIRA INFORM REPORT

Report No. :	487825
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	SKYDENT A.S.
Registered Office :	Hlavna 21, 951 85 Skycov
Country :	Slovakia
Financials (as on) :	31.12.2016
Date of Incorporation :	07.02.2006
Com. Reg. No.:	Sa 10318/N
Legal Form :	Company limited by shares
Line of Business :	· Manufacture of other chemical products n.e.c. · Production of intraoral dental radiological film and its sale
No. of Employees :	32 [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 :	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)
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

SKYDENT a.s.	Phone	0915/942754
Hlavna 21	E-Mail	skydent@skydent.sk
951 85 Skycov	Web	www.skydent.sk
Slovakia

Statistical Nr.	35978244
Tax Nr.	SK2022126854
Registration:	Okresny sUd Nitra
Registration Nr.	Sa 10318/N
Status	active

Economic situation

Business connection	Credits and the establishing of the business connection are allowed.	(21)
Terms of payment	Regular	(19)

Basic information

Legal form

Company limited by shares

Founded

07/02/2006 as Company limited by shares

Registration

07/02/2006, Okresny sud Nitra, Sa 10318/N Statistical Nr.: 35978244 Tax Nr.: SK2022126854

Registered capital
	Date		Currency	Value
	07/02/2006		EUR	33 592,25
	29/01/2009		EUR	33 688,00
	30/10/2010		EUR	67 376,00
Management
	Crefo Nr.	Name / Address / Status	Since	Power of attorney
	Management
	9231306686	chairman Ing. Josef Veverka Visnova 487/16, 500 06 Hradec Kralove, Plotiste nad Labem Czech Republic		authorized to sign alone
	Manager
	9231284681	confidential clerk Ing. Maria Lukacova DruZstevna 316, 951 85 Skycov Slovakia		sole power of attorney
	Supervisory Board
	9231283205	Ing. Miroslav Mares Pod Zameckem 385/118, 500 06 Hradec Kralove Czech Republic
	9231283206	JUDr. Alena Brychtova Havlfckova 404, 500 02 Hradec Kralove Czech Republic
	9231283207	Jan Tonkovic Chyzerovecka 209, 953 01 Zlate Moravce Slovakia
Company addresses
	Valid from	Residence address		Valid until
		Hlavna 21, 951 85 Skycov, Slovakia Phone: 0915/942754 Phone: 037/6346106 E-Mail: skydent@skydent.sk Web: www.skydent.sk

Business activities

Main activity	Nace
Manufacture of other chemical products n.e.c.	20.59
Additional activities	Nace
- Production of intraoral dental radiological film and its sale

Economic data

Turnover and Employees

Date	Turnover	Employees
2008	1 390 731 EUR
2009	1 562 012 EUR
2010	1 305 831 EUR
2011	2 378 454 EUR
2012	3 028 488 EUR
2013	2 404 923 EUR	30
2014	1 769 138 EUR	28
2015	2 610 686 EUR	32
2016	2 020 506 EUR	32
2017		32

Supplementary data

Remarks

Certificat: ISO 13485.

Banks

Code Bank name / Address Account Nr.

300 CSOB a.s

Main indices

Payment experience and credit opinion

Terms of payment Business connection	Regular Credits and the establishing of the business connection are allowed.	(19) (21) EUR
Business development
Company development	Company development positive	(20)
Business course	Satisfactory	(30)

Events

No negative events registered.

Balances

Balance

Name	Ref.	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	01	877 949	805 878	584 610	673 199
Non-current assets	02	377 683	225 937	184 944	231 995
Intangible fixed assets	03	0	0	0	0
Development expenses	04	0	0	0	0
Software	05	0	0	0	0
Valuable rights	06	0	0	0	0
Goodwill	07	0	0	0	0
Other intangible fixed assets	08	0	0	0	0
Acquisition of intangible fixed assets	09	0	0	0	0
Advance payments for intangible fixed assets	10	0	0	0	0
Tangible fixed assets - total	11	377 683	225 937	184 944	231 570
Lands	12	4 608	4 608	4 608	4 608
Constructions	13	93 198	101 556	109 914	118 272
Separate movable assets and sets of movable assets	14	233 726	77 159	54 347	91 275
Perennial crops	15	0	0	0	0
Breeding and draught animals	16	0	0	0	0
Other tangible fixed assets	17	46 151	26 958	16 075	17415
Acquisition of tangible fixed assets	18	0	15 656	0	0
Advance payments for tangible fixed assets	19	0	0	0	0
Adjustment to acquired assets	20	0	0	0	0
Long-term financial investments	21	0	0	0	425
Shares and ownership interests in affiliated accounting entities	22	0	0	0	0
Shares and ownership interests with participating interest, except for affiliated accounting entities	23	0	0	0	0
Other available-for-sale securities and ownership interests	24	0	0	0	0
Loans to affiliated accounting entities	25	0	0	0	0
Loans within participating interest, except for affiliated accounting entities	26	0	0	0	0
Other loans	27	0	0	0	425
Debt securities and other non-current financial assets	28	0	0	0	0
Loans and other non-current financial assets with remaining maturity of up to one year	29	0	0	0	0
Bank accounts with notice period exceeding one year	30	0	0	0	0
Acquisition of long-term financial investments	31	0	0	0	0
Advance payments for long-term assets	32	0	0	0	0
Current assets	33	492 169	564 919	376 126	430 517
Inventory - total	34	245 522	363 329	215 802	253 287
Material	35	205 360	216 329	192 508	180 276
Work-in-progress and semi-finished goods	36	0	0	0	0
Finished products	37	35 469	142 232	17 798	67 138
Animals	38	0	0	0	0
Merchandise	39	4 693	4 768	5 496	5 873
Advance payments made for inventory	40	0	0	0	0
Long-term receivables - total	41	0	0	114	0
Trade receivables	42	0	0	0	0
Trade receivables from affiliated accounting entities	43	0	0	0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities	44	0	0	0	0
Other trade receivables	45	0	0	0	0
Net value of contract	46	0	0	0	0
Other receivables from affiliated accounting entities	47	0	0	0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities	48	0	0	0	0
Receivables from participants, members and association	49	0	0	0	0
Receivables related to derivative transactions	50	0	0	0	0
Other receivables	51	0	0	114	0
Deffered tax asset	52	0	0	0	0
Short - term receivables - total	53	231 835	149 930	149 911	127 497
Trade receivables	54	198 309	73 408	123 044	116 009
Trade receivables from affiliated accounting entities	55	0	0	0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities	56	0	0	0	0
Other trade receivables	57	198 309	73 408	123 044	116 009
Net value of contract	58	0	0	0	0
Other receivables from affiliated accounting entities	59	0	0	0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities	60	0	0	0	0
Receivables from participants, members and association	61	0	0	0	0
Social security	62	0	0	0	0
Taxation and subsidies	63	33 526	76 522	26 867	11 363
Receivables related to derivative transactions	64	0	0	0	0
Other receivables	65	0	0	0	125
Short-term financial assets	66	0	0	0	0
Current financial assets in affiliated accounting entities	67	0	0	0	0
Current financial assets, not including current financial assets in affiliated accounting entities	68	0	0	0	0
Own shares and own business shares	69	0	0	0	0
Acquisition of short-term financial assets	70	0	0	0	0
Financial accounts - total	71	14 812	51 660	10 299	49 733
Cash	72	845	597	608	687
Bank accounts	73	13 967	51 063	9 691	49 046
Prepayments	74	8 097	15 022	23 540	10 687
Deferred expenses long term	75	0	15 022	23 540	10 687
Deferred expenses short term	76	8 097	0	0	0
Accrued revenues long term	77	0	0	0	0
Accrued revenues short term	78	0	0	0	0
Total capital and liabilities	79	877 949	805 878	584 610	673 199
Capital	80	480 692	531 621	397 020	490 044
Registered capital - total	81	67 376	67 376	67 376	67 376
Registered capital - total	82	67 376	67 376	67 376	67 376
Change in registered capital	83	0	0	0	0
Receivables for subscriptions (for own equity capital)	84	0	0	0	0
Share premium	85	0	0	0	0
Other capital funds	86	0	0	0	0
Legal reserve funds	87	13 475	13 475	13 475	13 475
Legal reserve fund and non-distributable fund	88	13 475	13 475	13 475	13 475
Reserve fund for own shares and own ownership interests	89	0	0	0	0
Other funds created from profit	90	0	0	0	0
Statutory funds	91	0	0	0	0
Other funds	92	0	0	0	0
Differences from revaluation - total	93	0	0	0	0
Gains or losses from revaluation of assets and liabilities	94	0	0	0	0
Gains or losses from investments	95	0	0	0	0
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger	96	0	0	0	0
Retained profit or loss from previous years	97	257 205	246 746	269 734	207 252
Retained earnings from previous years	98	257 205	246 746	269 734	207 252
Retained earnings from previous years	99	0	0	0	0
Profit or loss for the accounting period	100	142 636	204 024	46 435	201 941
Liabilities	101	397 257	274 257	187 590	183 155
Long-term liabilities - total	102	108 018	217	4 204	4 203
Long-term trade liabilities - total	103	107 710	0	0	0
Trade liabilities to affiliated accounting entities	104	0	0	0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities	105	0	0	0	0
Other trade liabilities	106	107 710	0	0	0
Net value of contract	107	0	0	0	0
Other liabilities to affiliated accounting entities	108	0	0	0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities	109	0	0	0	0
Other long-term liabilities	110	0	0	0	0
Long-term advances received	111	0	0	0	0
Long-term bills of exchange to a paid	112	0	0	0	0
Bonds issued	113	0	0	0	0
Liabilities from social fund	114	308	217	171	170
Other non-current liabilities	115	0	0	0	0
Non-current liabilities related to derivative transactions	116	0	0	0	0
Deffered tax liability	117	0	0	4 033	4 033
Long-term provisions	118	0	0	0	0
Legal provisions	119	0	0	0	0
Other provisions	120	0	0	0	0
Long-term bank loans	121	0	0	0	0
Short-term liabilities - total	122	253 341	267 477	177 997	174 952
Trade liabilities	123	112 182	173 473	3 916	8511
Trade liabilities to affiliated accounting entities	124	0	0	860	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities	125	0	0	0	0
Other trade liabilities	126	112 182	173 473	3 056	8 511
Net values of contract	127	0	0	0	0
Other liabilities to affiliated accounting entities	128	0	0	0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities	129	0	0	0	0
Liabilities to partners and participants in association	130	92 572	1 615	136 205	136 206
Liabilities to employees	131	24 955	25 418	19 667	17 042
Social security liabilities	132	18 740	18 431	14 935	13 187
Taxation and subsidies	133	4 230	48 540	3 274	0
Liabilities related to derivative transactions	134	0	0	0	0
Other liabilities	135	662	0	0	6
Short-term provisions	136	10 044	6 563	5 389	4 000
Legal provisions	137	9 044	6 563	5 389	4 000
Other provisions	138	1 000	0	0	0
Current bank loans	139	25 854	0	0	0
Short-term financial assistance	140	0	0	0	0
Prepayments - total	141	0	0	0	0
Accrued expenses long term	142	0	0	0	0
Accrued expenses short term	143	0	0	0	0
Deferred revenues long term	144	0	0	0	0
Deferred revenues short term	145	0	0	0	0

Profit and loss accounts

		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
Name	Ref.
Net turnover	01	2 530 529	2 735 127	1 719 798	2 393 307
Operating income - total	02	2 466 238	2 747 522	1 727 621	2 402 613
Revenue from the sale of merchandise	03	111 906	98 601	112 651	135 261
Revenue from the sale of own products	04	2 359 379	2 404 593	1 550 085	2 139 262
Revenue from the sale of services	05	59 244	107 492	106 402	130 400
Change in inventory	06	-106 763	124 441	-49 340	-11 616
Own work capitalized	07	0	0	0	0
Revenue from the sale of non-current intangible assets, property, plant and equipment, and raw materials	08	16 843	12 384	7 765	8 166
Other operating revenues	09	25 629	11	58	1 140
Operating expenses - total	10	2 276 462	2 467 078	1 655 451	2131 795
Cost of merchandise sold	11	101 567	87 353	101 454	125414
Consumed raw materials, energy consumption, and consumption of other non-inventory supplies	12	1 465 107	1 712 827	1 032 438	1 433 600
Value adjustments to inventory	13	0	0	0	0
Services	14	92 997	103 852	77 397	82 766
Personnel expenses - total	15	536 197	516 869	389 687	431 570
Wages and salaries	16	384 995	370 370	280 887	310 208
Remuneration of board members	17	0	0	0	0
Social security expenses	18	133 733	128 931	97 353	107 566
Social expenses	19	17 469	17 568	11 447	13 796
Taxes and fees	20	6 476	1 642	893	922
Depreciation expense of intangible and tangible fixed assets	21	65 695	41 875	50 029	54 802
Amortization of non-current intangible assets and depreciation of property, plant and equipment	22	65 695	41 875	50 029	54 802
Value adjustments to non-current intangible assets and property, plant and equipment	23	0	0	0	0
Net book value of fixed assets sold and material sold	24	0	0	0	0
Value adjustments to receivables	25	0	0	0	0
Other operating expenses	26	8 423	2 660	3 553	2 721
Profit or loss from operations	27	189 776	280 444	72 170	270 818
Added value	28	764 095	831 095	508 509	751 527
Income from financial activities - total	29	2	19	10	26
Revenues from sales of shares and ownership	30	0	0	0	0
Revenues from long-term financial assest	31	0	0	0	0
Income from securities and ownership interests in affiliated accounting entities	32	0	0	0	0
Income from securities and ownership interests within participating interest, except for income of affiliated accounting entities	33	0	0	0	0
Other income from securities and ownership interests	34	0	0	0	0
Revenues from short-term financial assest	35	0	0	0	0
Income from current financial assets in affiliated accounting entities	36	0	0	0	0
Income from current financial assets within participating interest, except for income of affiliated accounting entities	37	0	0	0	0
Other income from current financial assets	38	0	0	0	0
Interest income	39	2	8	10	26
Interest income from affiliated accounting entities	40	0	0	0	0
Other interest income	41	2	8	10	26
Exchange rate gains	42	0	11	0	0
Revenues from revaluation of securities and revenues from derivative operations	43	0	0	0	0
Other financial revenues	44	0	0	0	0
Expenses related to financial activities - total	45	5 261	15 253	9 049	7 803
Shares and ownership interests sold	46	0	0	0	0
Expenses for short-term financial assets	47	0	0	0	0
Value adjustments to financial assets	48	0	0	0	0
Interest expense	49	335	137	285	123
Interest expenses related to affiliated accounting entities	50	0	0	0	0
Other interest expenses	51	335	137	285	123
Exchanges rate losses	52	420	303	160	279
Expenses for revaluation of securities and expenses for derivative operations	53	0	0	0	0
Other financial expenses	54	4 506	14 813	8 604	7 401
Profit or loss from financial activities	55	-5 259	-15 234	-9 039	-7 777
Profit or loss from ordinary activities before tax	56	184 517	265 210	63 131	263 041
Income tax	57	41 881	61 186	16 696	61 100
Income tax - current	58	41 881	61 186	16 696	61 100
Income tax - deferred	59	0	0	0	0
Transfer of profit or loss to partners	60	0	0	0	0
Profit or loss of the accounting period after tax	61	142 636	204 024	46 435	201 941
Receivables after due date
Liabilities 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	16,25	25,32	7,94	30,00
Return on equity ROE (in %)	2	29,67	38,38	11,70	41,21
Return on sales ROS (in %)	3	5,64	7,82	2,62	8,40
Turnover of receivables (in days)	4	28,60	10,26	25,39	17,61
Turnover of liabilities (in days)	5	16,18	24,25	0,81	1,29
Turnover of inventories (days)	6	35,41	50,80	44,52	38,44
Net working capital	7	212974,00	297442,00	198129,00	255565,00
Ratio of accounts payable to accounts receivable	8	64,16	56,01	82,34	71,17
Ratio of profit/loss to tangible assets (in%)	9	14,93	8,65	10,45	9,65
Current ratio	10	1,76	2,11	2,11	2,46
Quick ratio	11	0,88	0,75	0,90	1,01
Cash ratio	12	0,05	0,19	0,06	0,28
Debt ratio I (in %)	13	45,25	34,03	32,09	27,21
Debt ratio II (in %)	14	45,25	34,03	32,09	27,21

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.64
UK Pound	1	INR 89.32
Euro	1	INR 78.45
Euro	1	INR 79.02

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

INFORMATION DETAILS

Analysis Done by :	PRI
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.