MIRA INFORM REPORT

Report Date :

24.08.2011

IDENTIFICATION DETAILS

Correct Name :	IMPOL-EXPOL SP. Z O.O.
Registered Office :	Domaniewska 47/10, Zip Code , 02-672, Town Warszawa
Country :	Poland
Date of Incorporation :	03.03.2011
Com. Reg. No.:	142848728
Legal Form :	Limited Liability Company
Line of Business :	Agents specializing in the sale of particular products or ranges of products

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Poor
Payment Behaviour :	Unknown
Litigation :	----

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Poland	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

company SUMMARY

NAME AND ADDRESS

NAME:

IMPOL-EXPOL SP. Z O.O.

STREET:

DOMANIEWSKA 47/10

ZIP CODE:

02-672

TOWN:

WARSZAWA

CONTACT DETAILS

TELEPHONE:

22/4981842

MOBILE:

500535383

FAX:

22/4981842

EMAIL:

halina.lisowska@hotmail.com

OTHER INFORMATION

REGON/Statistical No.

142848728

V.A.T.:

521-35-97-007

FOUNDED:

2011/04/01

Legal form

LIMITED LIABILITY COMPANY

NACE codes:

51.53

Wholesale of wood, construction materials and sanitary equipment

51.18

Agents specializing in the sale of particular products or ranges of products ...

EMPLOYMENT (for last available 3 years)

FROM DATE	TO DATE	TOTAL (MIN-MAX)	PRODUCTIVE (MIN-MAX)	UNPRODUCTIVE (MIN-MAX)
2011/03/03	2011/07/	1 - 3	-	-

company NAME AND ADDRESS DATA

NAME:	IMPOL-EXPOL SP. Z O.O.
SHORT NAME:	IMPOL-EXPOL SP. Z O.O., WARSZAWA
STREET:	DOMANIEWSKA 47/10
ZIP CODE:	02-672
TOWN:	WARSZAWA
TELEPHONE:	22/4981842
MOBILE:	500535383
FAX:	22/4981842
EMAIL:	halina.lisowska@hotmail.com
CORRESPONDENCE
STREET:	TRANSPORTOWCÓW 16A
ZIP CODE:	02-858
TOWN:	WARSZAWA

BASIC DATA

REGON/Statistical No.

142848728

V.A.T.:

521-35-97-007

Nationwide Court Register

KRS 0000379944

Legal form

LIMITED LIABILITY COMPANY

Status

ACTIVE

Start of Activity

2011/04/01

Registering agency

COURT OF COMMERCE, WARSAW

Register type

NATIONAL COURT REGISTER

Date of registration

03/03/2011

Date of the statute

/ /

NACE codes:	51.18	Agents specializing in the sale of particular products or ranges of products ...
	51.53	Wholesale of wood, construction materials and sanitary equipment

ORGANISATIONAL AND LEGAL DATA

SHAREHOLDERS
NAME:	JOE
SURNAME:	CHAGOURY
VALUE:	3.400,00 PLN
NUMBER OF SHARES:	34
NAME:	HALINA
SURNAME:	CHEHAB
PESEL:	56010107002
COUNTRY:	Poland
VALUE:	1.700,00 PLN
NUMBER OF SHARES:	17
MANAGERS
TYPE:	PRESIDENT OF THE BOARD
REPRESENTATION:	SOLE SIGNATURE
NAME:	JOE
SURNAME:	CHAGOURY
TYPE:	VICE-PRESIDENT OF THE BOARD
REPRESENTATION:	SOLE SIGNATURE
NAME:	HALINA
SURNAME:	CHEHAB
PESEL:	56010107002
COUNTRY:	Poland

SHARES IN OTHER COMPANIES

Officially not available

EMPLOYMENT

TOTAL (MIN-MAX)	PRODUCTIVE (MIN-MAX)	UNPRODUCTIVE (MIN-MAX)	FROM DATE	TO DATE
1 - 3	-	-	2011/03/03	2011/07/

REAL ESTATE

Officially not available

SALES

Officially not available

FINANCIAL DATA

Officially not available

INDEX ANALYSIS

Officially not available

AVERAGE VALUES

(for last available 3 years)

NACE:51.18 (Agents specializing in the sale of particular products or ranges of products ...)
INDEX ANALYSIS	31/12/2010	31/12/2009	31/12/2008
CURRENT RATIO (CR) Current assets/Current liabilities	2,38	2,40	2,02
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	1,31	1,53	1,19
RETURN ON SALES (ROS) Net profit/Turnover x 100%	-0,72	2,91	-0,20
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	0,46	7,06	0,43
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	-21,83	-7,72	-206,75
EMPLOYMENT
Employment TOTAL	26.49	26.56	26.47
Employment PRODUCTIVE	24.11	25.50	24.06
Employment UNPRODUCTIVE	48.53	49.42	42.11
TURNOVER / NET SALES
TURNOVER	140.133.343,89	251.591.801,18	177.301.896,84
NET SALES	225.033.449,15	271.167.211,67	157.555.785,15
TOTAL ASSETS
TOTAL ASSETS	141.202.111,90	116.416.823,32	76.694.866,62

NACE:51.53 (Wholesale of wood, construction materials and sanitary equipment)
INDEX ANALYSIS	31/12/2010	31/12/2009	31/12/2008
CURRENT RATIO (CR) Current assets/Current liabilities	2,10	2,10	4,73
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	1,65	1,34	3,87
RETURN ON SALES (ROS) Net profit/Turnover x 100%	1,74	5,40	1,60
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	7,02	7,26	5,87
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	10,23	18,10	19,80
EMPLOYMENT
Employment TOTAL	71.14	71.14	71.20
Employment PRODUCTIVE	49.13	49.13	49.91
Employment UNPRODUCTIVE	55.63	55.63	64.36
TURNOVER / NET SALES
TURNOVER	119.697.000,00	165.946.107,56	151.399.601,15
NET SALES	63.133.229,20	112.994.971,25	113.738.330,50
TOTAL ASSETS
TOTAL ASSETS	227.462.841,59	84.131.168,55	79.935.126,97

HISTORICAL DATA

Officially not available

PAYMENTS

No significant trade experience has been reported thus far

TRADE PARTNERS

Officially not available

RELATED FIRMS

Officially not available

PROCEDURES

Officially not available

ADDITIONAL INFORMATION

Officially not available

BANKS

Officially not available

CUSTOMERS / SUPPLIERS

Officially not available

COMPANY INDEX

Maximum Credit :----
All figure quoted in PLN

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.69
UK Pound	1	Rs.75.29
Euro	1	Rs.65.77

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.