MIRA INFORM REPORT

Report Date :

20.05.2011

IDENTIFICATION DETAILS

Name :	BIURO HANDLOWE GRENO BLATSIOS IOANNIS
Registered Office :	Pietrzykowice,Fabryczna22, Zip Code: 55-080, Kąty Wrocławskie
Country :	Poland
Financials (as on) :	31.12.2008
Date of Incorporation :	15.03.1993
Com. Reg. No.:	930142869
Legal Form :	Proprietorship
Line of Business :	Wholesale of Textiles

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st, 2010

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

NAME AND ADDRESS

NAME:

BIURO HANDLOWE GRENO BLATSIOS IOANNIS

STREET:

PIETRZYKOWICE,FABRYCZNA22

ZIP CODE:

55-080

TOWN:

KĄTY WROCŁAWSKIE

CONTACT DETAILS

TELEPHONE:

071/3605656

FAX:

071/3605657

WEBSITE:

www.greno.pl

EMAIL:

greno@greno.pl

OTHER INFORMATION

REGON/Statistical No.

930142869

V.A.T.:

899-020-59-51

FOUNDED:

1993/03/

Legal form

PROPRIETORSHIP

NACE codes:

51.41

Wholesale of textiles

51.19

Agents involved in the sale of a variety of goods

51.70

Other wholesale

HSCN codes:

6304----

Articles for interior furnishing, of all types of textile materials (excl.

EMPLOYMENT (for last available 3 years)

FROM DATE	TO DATE	TOTAL (MIN-MAX)	PRODUCTIVE (MIN-MAX)	UNPRODUCTIVE (MIN-MAX)
2009/01/01	2009/05/14	70 - 70	-	-
2008/01/01	2008/12/31	57 - 57	-	-
2007/01/01	2007/12/31	42 - 42	-	-

TURNOVER and NET SALES (for last available 3 years)

FROM DATE	TO DATE	TURNOVER	NET SALES	EXPORT	IMPORT
2008/01/01	2008/12/31	41.365.044,32	40.890.239,14	1.465.000,00	19.239.000,00
2007/01/01	2007/12/31	37.423.398,30	37.040.251,89	1.284.200,00	16.320.200,00
2006/01/01	2006/12/31	31.103.991,66	30.563.802,84	97.200,00	19.313.600,00

TOTAL ASSETS (for last available 3 years)

	YEAR 1	YEAR 2	YEAR 3
DATE:	31/12/2008	31/12/2007	31/12/2006
TOTAL ASSETS	27.098.238,76	19.432.246,49	14.778.016,93

NET PROFIT/LOSS (for last available 3 years)

	YEAR 1	YEAR 2	YEAR 3
DATE:	31/12/2008	31/12/2007	31/12/2006
Net profit (loss) for the year:	8.468.339,65	8.925.254,96	7.390.823,52

NAME AND ADDRESS DATA

NAME:

BIURO HANDLOWE GRENO BLATSIOS IOANNIS

SHORT NAME:

GRENO, BLATSIOS IOANNIS, KĄTY WR

STREET:

PIETRZYKOWICE,FABRYCZNA22

ZIP CODE:

55-080

TOWN:

KĄTY WROCŁAWSKIE

TELEPHONE:

071/3605656

FAX:

071/3605657

WEBSITE:

www.greno.pl

EMAIL:

greno@greno.pl

BASIC DATA

REGON/Statistical No.

930142869

V.A.T.:

899-020-59-51

Nationwide Court Register

NR 2705/2002

Legal form

PROPRIETORSHIP

Status

ACTIVE

Start of Activity

1993/03/

Registering agency

LOCAL ADMINISTRATION OF KATY WROCŁAWSKIE

Register type

DIRECTORY OF BUSINESS ACTIVITY

Date of registration

15/03/1993

NACE codes:	51.41	Wholesale of textiles
	51.19	Agents involved in the sale of a variety of goods
	51.70	Other wholesale
HSCN codes:	6304----	Articles for interior furnishing, of all types of textile materials (excl.

ORGANISATIONAL AND LEGAL DATA

SHAREHOLDERS

ID_osoby:

CEN0046985CL

NAME:

IOANNIS

SURNAME:

BLATSIOS

PESEL:

61062106596

CITIZENSHIP:

Poland

COUNTRY:

Poland

OTHER DIRECTORSHIPS:

PARTNER: GRENOBBEL I. BLATSIOS, L. BIEGAŃSKI, G. ODOJ SPÓŁKA JAWNA

PRESIDENT OF THE BOARD: GRENO SP. Z O.O.

MANAGERS

ID_osoby:

CEN0046985CL

TYPE:

PROPRIETOR

REPRESENTATION:

SOLE SIGNATURE

NAME:

IOANNIS

SURNAME:

BLATSIOS

PESEL:

61062106596

CITIZENSHIP:

Poland

COUNTRY:

Poland

OTHER DIRECTORSHIPS:

PARTNER: GRENOBBEL I. BLATSIOS, L. BIEGAŃSKI, G. ODOJ SPÓŁKA JAWNA

PRESIDENT OF THE BOARD: GRENO SP. Z O.O.

SHARES IN OTHER COMPANIES

Officially not available

EMPLOYMENT

TOTAL (MIN-MAX)	PRODUCTIVE (MIN-MAX)	UNPRODUCTIVE (MIN-MAX)	FROM DATE	TO DATE
70 - 70	-	-	2009/01/01	2009/05/14
57 - 57	-	-	2008/01/01	2008/12/31
42 - 42	-	-	2007/01/01	2007/12/31
34 - 34	-	-	2006/01/01	2006/12/31

REAL ESTATE

OWNED

KIND OF REAL ESTATE	AREA FROM	AREA TO	VALUE:	CURRENCY	MORTGAGEE REGISTER NUMBER
BUILDINGS AND CONSTRUCTIONS	1900	1900	3.209.652,90	PLN
GROUNDS	3870	3870	649.051,76	PLN

SALES

FROM DATE	TO DATE	TURNOVER	NET SALES	EXPORT	IMPORT
2008/01/01	2008/12/31	41.365.044,32	40.890.239,14	1.465.000,00	19.239.000,00
2007/01/01	2007/12/31	37.423.398,30	37.040.251,89	1.284.200,00	16.320.200,00
2006/01/01	2006/12/31	31.103.991,66	30.563.802,84	97.200,00	19.313.600,00

FINANCIAL DATA

FINANCIAL STATEMENT

	YEAR 1	YEAR 2	YEAR 3
DATE:	31/12/2008	31/12/2007	31/12/2006
ASSETS
A. Total non-current assets	5.165.375,07	2.414.245,21	2.114.720,59
I.Intangible assets:	282.625,15	0,00	0,00
1.Costs of development activities:	0,00	0,00	0,00
2.Goodwill:	0,00	0,00	0,00
3.0ther intangible fixed assets:	282.625,15	0,00	0,00
4.Prepayments for intangible assets:	0,00	0,00	0,00
II.Fixed assets:	4.882.749,92	2.414.245,21	2.114.720,59
l.tangible fixed assets:	4.652.093,86	2.371.150,52	2.059.195,90
a)land:	649.051,76	265.482,68	257.762,05
b)buildings:	3.209.652,90	1.536.439,82	1.544.236,49
c)machinery and equipment:	20.988,00	1.568,03	9.175,20
d)vehicles:	705.809,04	530.458,19	195.201,04
e)other tangible fixed assets:	66.592,16	37.201,80	52.821,12
2.Investments in progress:	230.656,06	43.094,69	55.524,69
3.Investments in progress paid on accounts:	0,00	0,00	0,00
III.Long-term receivables:	0,00	0,00	0,00
I.From related companies:	0,00	0,00	0,00
2.From other companies:	0,00	0,00	0,00
IV.Long-term investments:	0,00	0,00	0,00
I.Real-estate property:	0,00	0,00	0,00
2.Intangible assets:	0,00	0,00	0,00
3.Long-term financial assets:	0,00	0,00	0,00
a) in related companies:	0,00	0,00	0,00
- shares:	0,00	0,00	0,00
- other commercial papers:	0,00	0,00	0,00
- provided loans:	0,00	0,00	0,00
- other long-term financial assets:	0,00	0,00	0,00
b) in other companies:	0,00	0,00	0,00
- shares:	0,00	0,00	0,00
- other commercial papers:	0,00	0,00	0,00
- provided loans:	0,00	0,00	0,00
- other long-term financial assets:	0,00	0,00	0,00
4.0ther long-term investments:	0,00	0,00	0,00
V.Long-term interperiod settlements:	0,00	0,00	0,00
1.Assets from deffered income tax:	0,00	0,00	0,00
2.0thers:	0,00	0,00	0,00
B. Current assets:	21.932.863,69	17.018.001,28	12.663.296,34
I. Inventory	7.975.295,13	7.802.304,02	7.243.610,34
1.Materials:	0,00	0,00	0,00
2.Semi-products and work in progress:	0,00	0,00	0,00
3.Finished goods:	383,39	3.322,72	4.749,05
4.Products:	7.974.911,74	7.798.981,30	7.238.861,29
5.Advance payment for delivery:	0,00	0,00	0,00
II.Accounts receivable:	7.414.787,41	6.637.081,05	4.815.109,82
1.From related companies:	0,00	0,00	0,00
a)trade receivables:	0,00	0,00	0,00
- within 12 months:	0,00	0,00	0,00
- more than 12 months:	0,00	0,00	0,00
b)others:	0,00	0,00	0,00
2.From other companies:	7.414.787,41	6.637.081,05	4.815.109,82
a)trade receivables:	7.414.787,41	6.636.863,01	4.795.032,75
- within 12 months:	7.414.787,41	6.636.863,01	4.795.032,75
- more than 12 months:	0,00	0,00	0,00
b)tax and social receivables:	0,00	0,00	12.059,00
c)other receivables:	0,00	0,00	6.331,70
d)accounts receiv. result. from disputable claims:	0,00	218,04	1.686,37
III.Short-term investments:	6.483.557,92	2.551.854,68	583.044,33
1.Short-term financial assets:	6.483.557,92	2.551.854,68	583.044,33
a) in related companies:	0,00	0,00	0,00
- shares:	0,00	0,00	0,00
- other commercial papers:	0,00	0,00	0,00
- provided loans:	0,00	0,00	0,00
- other short-term financial assets:	0,00	0,00	0,00
b) in other companies:	0,00	0,00	0,00
- shares:	0,00	0,00	0,00
- other commercial papers:	0,00	0,00	0,00
- provided loans:	0,00	0,00	0,00
- other short-term financial assets:	0,00	0,00	0,00
c)cash and other cash assets:	6.483.557,92	2.551.854,68	583.044,33
- cash in hand and at bank:	6.483.557,92	2.551.854,68	583.044,33
- other cash means:	0,00	0,00	0,00
- other cash assets:	0,00	0,00	0,00
2.0ther short-term investments:	0,00	0,00	0,00
IV.Short-term interperiod settlements:	59.223,23	2.676.153,00	2.153.185,00
Total assets (A+B):	27.098.238,76	19.432.246,49	14.778.016,93
LIABILITIES
A. Net worth:	22.370.658,03	16.687.631,93	12.772.940,79
I.Issued capital:	13.902.318,38	7.762.376,97	5.382.117,27
II.Outstanding but unpaid contribution	0,00	0,00	0,00
III.Entity's own capital (negative):	0,00	0,00	0,00
IV.Reserve capital:	0,00	0,00	0,00
V.Revaluation reserve:	0,00	0,00	0,00
VI.Other reserve capitals:	0,00	0,00	0,00
VII.Profit/loss brutto forward:	0,00	0,00	0,00
VIII.Net financial result for the year:	8.468.339,65	8.925.254,96	7.390.823,52
IX.Write-offs from net profit:	0,00	0,00	0,00
B.Liabilities & reserves:	4.727.580,73	2.744.614,56	2.005.076,14
I.Reserve for liabilities:	0,00	0,00	0,00
1.Reserves for deffered income tax:	0,00	0,00	0,00
2.Reserves for retirement and similar:	0,00	0,00	0,00
- long-term:	0,00	0,00	0,00
- short-term:	0,00	0,00	0,00
3.0ther reserves:	0,00	0,00	0,00
- long-term:	0,00	0,00	0,00
- short-term:	0,00	0,00	0,00
II.Long-term liabilities:	312.567,00	302.971,00	84.315,00
1.To related companies:	0,00	0,00	0,00
2.To other companies:	312.567,00	302.971,00	84.315,00
a)credits and loans:	0,00	0,00	0,00
b)commercial papers:	0,00	0,00	0,00
c)other financial liabilities:	0,00	0,00	0,00
d)other long-term liabilities:	312.567,00	302.971,00	84.315,00
III.Short-term liabilities:	4.414.249,84	2.441.643,56	1.920.761,14
1.To related companies:	0,00	0,00	0,00
a)trade payable:	0,00	0,00	0,00
- within 12 months:	0,00	0,00	0,00
- more than 12 months:	0,00	0,00	0,00
b)other:	0,00	0,00	0,00
2.To other companies:	4.414.136,00	2.441.529,72	1.920.647,30
a)bank loans:	0,00	0,00	306.883,96
b)commercial papers:	0,00	0,00	0,00
c)other financial liabilities:	0,00	0,00	0,00
d)trade payables:	4.068.338,02	2.148.255,40	1.219.831,02
- within 12 months:	4.068.338,02	2.148.255,40	1.219.831,02
- more than 12 months:	0,00	0,00	0,00
e)supplies paid on account:	4.010,66	12.664,50	0,00
f)notes payable:	0,00	0,00	0,00
g)tax & social securities:	341.787,32	280.609,82	379.444,35
h)payroll payable:	0,00	0,00	0,00
i)other short-term liabilities:	0,00	0,00	14.487,97
3. Special funds:	113,84	113,84	113,84
IV. Accrued liabilities:	763,89	0,00	0,00
1. Negative goodwill	0,00	0,00	0,00
2. Other	763,89	0,00	0,00
- long-term:	0,00	0,00	0,00
- short-term:	763,89	0,00	0,00
Total liabilities (A+B):	27.098.238,76	19.432.246,49	14.778.016,93

Profit and Loss account (comp)

	YEAR 1	YEAR 2	YEAR 3
FROM DATE:	01/01/2008	01/01/2007	01/01/2006
TO DATE:	31/12/2008	31/12/2007	31/12/2006
A. Net sales of goods and products:	40.890.239,14	37.040.251,89	30.563.802,84
- including to related companies	0,00	0,00	0,00
I. Net sales of products	140.532,54	134.874,35	139.810,20
II. Change of products	34.996,42	5.384,15	-2.879,09
III.Costs of production	0,00	0,00	0,00
IV.Net sale of goods and materials	40.714.710,18	36.899.993,39	30.426.871,73
B. Operation expenses:	31.887.892,28	28.287.846,67	23.437.098,36
I. Depreciation:	795.360,72	255.587,67	148.662,09
II. Costs of materials and energy	1.048.390,19	690.029,85	501.530,65
III. Outside services	2.498.315,43	1.983.936,29	1.622.660,56
IV.Taxes :	58.202,18	45.314,02	45.384,58
- including excise taxes:	0,00	0,00	0,00
V. Salaries	2.971.604,56	2.287.762,92	1.693.297,19
VI. Social taxes & related	511.910,42	435.971,56	310.145,39
VII. Other	627.134,93	504.555,18	377.869,63
VIII. Goods and materials sold	23.376.973,85	22.084.689,18	18.737.548,27
C. Profit (loss) on sale (A-B)	9.002.346,86	8.752.405,22	7.126.704,48
D. Other operation incomes	323.541,22	122.985,83	353.489,46
I. Profit from sale of tangible assets	106.360,66	851,13	37.885,25
II. Grants & subsidies	0,00	0,00	0,00
III. Other	217.180,56	122.134,70	315.604,21
E. Other operating costs	385.309,67	154.784,22	134.028,82
I. Loss from sale of tangible assets	0,00	0,00	0,00
II. Revaluation of non-financial assets	0,00	0,00	0,00
III. Other operating costs	385.309,67	154.784,22	134.028,82
F. Profit (loss) from operating activity (C+D-E)	8.940.578,41	8.720.606,83	7.346.165,12
G. Financial income	151.263,96	260.160,58	186.699,36
I. Dividends	0,00	0,00	0,00
- from subsidiaries and affiliates	0,00	0,00	0,00
II. Interest receivable	145.393,09	54.522,60	84.220,15
- from subsidiaries and affiliates	0,00	0,00	0,00
III. Profits from investment transferred	0,00	0,00	0,00
IV. Revaluation of investments	0,00	0,00	0,00
V. Other	5.870,87	205.637,98	102.479,21
H. Financial costs	623.502,72	55.512,45	150.573,48
I. Interest payable including:	48.475,65	27.609,71	56.012,53
- including to related companies	0,00	0,00	0,00
II. Loss from investments transferred	0,00	0,00	0,00
III. Revaluation of investments	0,00	0,00	0,00
IV. Other	575.027,07	27.902,74	94.560,95
I. Profit (loss) from economic activity (F+G-H)	8.468.339,65	8.925.254,96	7.382.291,00
J. Extraordinary items (J.I - J.II)	0,00	0,00	8.532,52
I. Extraordinary incomes	0,00	0,00	105.681,88
II.Extraordinary losses	0,00	0,00	97.149,36
K. Brutto profit (loss) for the year (I+/-J):	8.468.339,65	8.925.254,96	7.390.823,52
L. Corporate income tax	0,00	0,00	0,00
M. Other obligatory charges	0,00	0,00	0,00
N. Net profit (loss) for the year (K-L-M):	8.468.339,65	8.925.254,96	7.390.823,52

CASH FLOW

	YEAR 1	YEAR 2	YEAR 3
FROM DATE:	01/01/2008	01/01/2007	01/01/2006
TO DATE:	31/12/2008	31/12/2007	31/12/2006
A. Operating cash flow	9.819.192,28	0,00	0,00
I. Net profit	8.468.339,65	8.925.254,96	7.390.823,52
II. Adjustments	1.350.852,63	-1.459.936,55	-6.369.907,39
1. Depreciation	795.360,72	255.587,67	148.662,09
2. Loss an exchange rates difference	798,58	2.039,04	190,11
3. Interests/dividends receivable/payable	-137.662,26	-38.263,76	46.492,87
4. Loss on investment activities	-106.360,66	-851,13	-37.885,25
5. Change of reserves	0,00	0,00	0,00
6. Change in inventories	-172.991,11	-558.693,68	-3.359.246,79
7. Change in accaunts receivable	-777.706,36	-1.821.971,23	-1.047.627,25
8. Change in short-term liabilities	1.781.111,53	707.446,22	-2.124.959,75
9. Change in prepaid items	-31.697,81	-5.229,68	4.466,58
10. Other items	0,00	0,00	0,00
III.Net operating cash flow (I +/- II)	9.819.192,28	7.465.318,41	1.020.916,13
B. Investment cash flow	-2.846.642,68	0,00	0,00
I. Cash inflows from investment activities	106.360,66	62.779,50	37.885,25
1. Sale of intangible assets	106.360,66	62.779,50	37.885,25
2. Sale of real-estate property and intang. assets	0,00	0,00	0,00
3. Sale of financial assets	0,00	0,00	0,00
a) in related companies:	0,00	0,00	0,00
- financial ASSETS transferred	0,00	0,00	0,00
- dividends and share in profits	0,00	0,00	0,00
- repayments of long-term loans granted	0,00	0,00	0,00
- interests	0,00	0,00	0,00
- other inflows	0,00	0,00	0,00
b) in other companies:	0,00	0,00	0,00
- financial ASSETS transferred	0,00	0,00	0,00
- dividends and share in profits	0,00	0,00	0,00
- repayments of long-term loans granted	0,00	0,00	0,00
- interests	0,00	0,00	0,00
- other inflows	0,00	0,00	0,00
4. Other investment inflows	0,00	0,00	0,00
II. Cash outflows from investment activities	2.953.003,34	108.551,24	67.342,34
1. Acquired intangible and tangible fixed assets	2.569.434,26	100.830,61	61.282,20
2. Investments in real-estate and intangible assets	383.569,08	7.720,63	6.060,14
3. On financial assets	0,00	0,00	0,00
a) assets in related companies	0,00	0,00	0,00
b) assets in other companies	0,00	0,00	0,00
- financial ASSETS acquired	0,00	0,00	0,00
- long-term loans granted	0,00	0,00	0,00
4. Other investment outflows	0,00	0,00	0,00
III. Net cash from investment activities	-2.846.642,68	-45.771,74	-29.457,09
C. Financial cash flow	-3.040.846,36	0,00	0,00
I. Inflows from financial activity	137.707,83	47.954,71	27.178,79
1. Net inflows from issuing shares, capital instr.	0,00	0,00	0,00
2. Bank credits and loans	0,00	0,00	0,00
3. Issue of debt securities	0,00	0,00	0,00
4. Other financial inflows	137.707,83	47.954,71	27.178,79
II. Cash outflows from financial activity	3.178.554,19	5.498.691,03	2.408.183,56
1. Own shares acquired	0,00	0,00	0,00
2. Dividends and other payables to owner	2.769.015,55	5.010.060,82	1.587.772,33
3. payments, other than dividends,to shareholders/owners	16.298,00	503,00	121,60
4. Bank credits and loan repaids	0,00	306.883,96	706.665,48
5. Debt securities and loans repaid	0,00	0,00	0,00
6. Resulted from financial leasing	0,00	0,00	0,00
7. Interests payable	339.465,23	148.058,92	33.529,44
8. Interests	52.976,83	31.145,29	79.904,60
9. Other financial outflows	798,58	2.039,04	190,11
III. Net financial cash flow	-3.040.846,36	-5.450.736,32	-2.381.004,77
D. Total net cash flow (A.III +/- B.III +/- C.III)	3.931.703,24	1.968.810,35	-1.389.545,73
E. Change in cash. positions in balance	3.931.703,24	1.968.810,35	-1.389.545,73
- including due to the foreign exchanges difference	798,58	2.039,04	190,11
F. Cash at the beginning of the year	2.551.854,68	583.044,33	1.972.590,06
G. Cash at the end of the year (F +/- D)	6.483.557,92	2.551.854,68	583.044,33
- including restricted cash	0,00	0,00	0,00

INDEX ANALYSIS

INDEX	31/12/2008	31/12/2007	31/12/2006
CURRENT RATIO (CR) Current assets/Current liabilities	4,97	6,97	6,59
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	3,16	3,77	2,82
CASH RATIO (SQR) Cash/Current liabilities	1,47	1,05	0,30
STOCK TURNOVER/DAY'S SUPPLY IN INVENTORY Inventory/Turnover x 365 days	71,19	76,89	86,50
CREDITORS DAYS/DAY'S SALES IN RECEIVABLES Current receivables/Turnover x 365 days	66,19	65,40	57,50
DEBTORS DAYS/DAY'S PURCHASE IN PAYABLES Current liabilities/Turnover x 365 days	39,40	24,06	22,94
TOTAL INDEBTNESS/DEBT RATIO Outside capital/Equity capital x 100%	17,45	14,12	13,57
LONG TERM INDEBTNESS I/LONG TERM DEBT RATIO I Longterm liabilities/Equity capital	0,01	0,02	0,01
LONG TERM INDEBTNESS II/LONG TERM DEBT RATIO II Longterm liab./Equity cap.+Longterm liab. x 100%	1,38	1,78	0,66
RETURN ON SALES (ROS) Net profit/Turnover x 100%	20,71	24,10	24,18
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	31,25	45,93	50,01
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	37,85	53,48	57,86
LONG TERM LIABILITIES IN OUTSIDE CAPITAL Longterm liabilities/Outside capital x 100%	0,07	0,11	0,04
WORKING CAPITAL Current assets-Current liabilities	17.518.613,85	14.576.357,72	10.742.535,20
WORKING CAPITAL RATIO Current assets-Current liabilities/Turnover x 100%	42,84	39,35	35,15

AVERAGE VALUES (for last available 3 years)

NACE:51.19 (Agents involved in the sale of a variety of goods)
INDEX ANALYSIS	31/12/2010	31/12/2009	31/12/2008
CURRENT RATIO (CR) Current assets/Current liabilities		2,27	24,58
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities		1,47	23,15
RETURN ON SALES (ROS) Net profit/Turnover x 100%		0,17	-85,30
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%		3,22	1,79
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%		-17,98	-12,78
EMPLOYMENT
Employment TOTAL	10.97	10.97	10.98
Employment PRODUCTIVE	107.50	107.50	121.00
Employment UNPRODUCTIVE	111.00	111.00	123.17
TURNOVER / NET SALES
TURNOVER		130.199.407,94	91.222.871,18
NET SALES		79.748.309,03	55.551.855,33
TOTAL ASSETS
TOTAL ASSETS		67.329.617,02	50.962.135,22

NACE:51.41 (Wholesale of textiles)
INDEX ANALYSIS	31/12/2010	31/12/2009	31/12/2008
CURRENT RATIO (CR) Current assets/Current liabilities	1,83	4,50	3,14
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	1,52	2,20	1,69
RETURN ON SALES (ROS) Net profit/Turnover x 100%	5,14	3,79	6,86
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	17,62	7,74	10,51
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	0,00	13,46	11,24
EMPLOYMENT
Employment TOTAL	23.99	23.97	23.99
Employment PRODUCTIVE
Employment UNPRODUCTIVE
TURNOVER / NET SALES
TURNOVER		97.776.019,87	95.653.010,55
NET SALES	69.088.795,01	53.179.574,10	66.391.896,28
TOTAL ASSETS
TOTAL ASSETS	20.151.686,23	48.911.186,44	55.265.470,38

HISTORICAL DATA

Addresses (History)

Validity period:

1993/ / - 2002/ /

NAME:

BIURO HANDLOWE GRENO BATSIOS IOANNIS

SHORT NAME:

GRENO, BLATSIOS IOANNIS, WROCŁAW

STREET:

CZERSKA 8

ZIP CODE:

53-114

TOWN:

WROCŁAW

TELEPHONE:

661111

PAYMENTS

There aren’t of debt collection action by available resources of

KRD (National Debt Register Economic Information Bureau www.krd.pl )

against this Company at 2011.05.16

TRADE PARTNERS

Officially not available

RELATED FIRMS

Officially not available

PROCEDURES

Officially not available

ADDITIONAL INFORMATION

Officially not available

BANKS

NAME:

Deutsche Bank PBC S.A.

STREET:

ul.B.Prusa 52/54

ZIP CODE:

50-318

TOWN:

Wrocław

ACCOUNT NUMBER:

09 1910 1064 0005 1233 4121 0001

CUSTOMERS / SUPPLIERS

Officially not available

COMPANY INDEX

COMPANY INDEX:

Maximum Credit: 250.000 EUR
All figure quoted in PLN

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.98
UK Pound	1	Rs.72.68
Euro	1	Rs.64.16

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%)

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