MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	M & R PRINTING EQUIPMENT POLAND SPOLKA Z O.O.
Registered Office :	Wolicka 11, 32-830, Wojnicz
Country :	Poland
Financials (as on) :	31.12.2010
Date of Incorporation :	August, 2004
Com. Reg. No.:	852744212
Legal Form :	Limited Liability Company
line of business :	Manufacture of other special purpose machinery n.e.c.
No. of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Poland	A2	A2

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

SUMMARY

COMPANY INDEX

COMPANY INDEX:

6.30

NAME AND ADDRESS

NAME:

M & R PRINTING EQUIPMENT POLAND SPÓŁKA Z O.O.

STREET:

WOLICKA 11

ZIP CODE:

32-830

TOWN:

WOJNICZ

CONTACT DETAILS

TELEPHONE:

14/6787400

FAX:

14/6787404

WEBSITE:

www.mrprint.com.pl

EMAIL:

info@mrprint.com.pl

OTHER INFORMATION

REGON/Statistical No.

852744212

V.A.T.:

873-30-11-587

FOUNDED:

2004/08/

Legal form

LIMITED LIABILITY COMPANY

NACE codes:

29.56

Manufacture of other special purpose machinery n.e.c.

22.22

Printing n.e.c.

28.51

Treatment and coating of metals

28.52

General mechanical engineering

EMPLOYMENT (for last available 3 years)

FROM DATE	TO DATE	TOTAL (MIN-MAX)	PRODUCTIVE (MIN-MAX)	UNPRODUCTIVE (MIN-MAX)
2010/01/01	2010/12/31	100 - 100	-	-

TURNOVER and NET SALES (for last available 3 years)

FROM DATE	TO DATE	TURNOVER	NET SALES	EXPORT	IMPORT
2010/01/01	2010/12/31	20.088.823,58	19.923.486,24
2009/01/01	2009/12/31	12.096.456,52	11.973.404,97
2007/01/01	2007/12/31	25.673.288,14	25.558.829,94

TOTAL ASSETS (for last available 3 years)

	YEAR 1	YEAR 2	YEAR 3
DATE:	31/12/2010	31/12/2009	31/12/2007
TOTAL ASSETS	16.304.771,86	15.263.445,73	17.098.963,00

NET PROFIT/LOSS (for last available 3 years)

	YEAR 1	YEAR 2	YEAR 3
DATE:	31/12/2010	31/12/2009	31/12/2007
Net profit (loss) for the year:	1.036.249,35	-885.284,43	-553.063,43

NAME AND ADDRESS DATA

ID_firmy (OSIG no.):

CEN0204930CK

NAME:

M & R PRINTING EQUIPMENT POLAND SPÓŁKA Z O.O.

SHORT NAME:

M&R PRINTING EQUIPMENT POLAND SP

STREET:

WOLICKA 11

ZIP CODE:

32-830

TOWN:

WOJNICZ

TELEPHONE:

14/6787400

FAX:

14/6787404

WEBSITE:

www.mrprint.com.pl

EMAIL:

info@mrprint.com.pl

BASIC DATA

REGON/Statistical No.

852744212

V.A.T.:

873-30-11-587

Nationwide Court Register

KRS 0000214605

Legal form

LIMITED LIABILITY COMPANY

Status

ACTIVE

Start of Activity

2004/08/

Registering agency

COURT OF COMMERCE

Register type

NATIONAL COURT REGISTER

Date of registration

10/08/2004

NACE codes:	29.56	Manufacture of other special purpose machinery n.e.c.
	22.22	Printing n.e.c.
	28.51	Treatment and coating of metals
	28.52	General mechanical engineering

ORGANISATIONAL AND LEGAL DATA

REGISTER CAPITAL:

VALUE:

11.000.000,00 PLN

NUMBER OF SHARES:

11000

SHAREHOLDERS

NAME:

ELIZABETH

SURNAME:

HOFFMAN

VALUE:

5.500.000,00 PLN

NUMBER OF SHARES:

5500

OTHER DIRECTORSHIPS:

SHAREHOLDER: HOFF PRODUCTS SP. Z O.O.

PRESIDENT OF THE BOARD: HOFF PRODUCTS SP. Z O.O.

NAME:

RICHARD

SURNAME:

HOFFMAN

VALUE:

5.500.000,00 PLN

NUMBER OF SHARES:

5500

MANAGERS

TYPE:

PRESIDENT OF THE BOARD

REPRESENTATION:

SOLE SIGNATURE

NAME:

JANUSZ

SECOND NAME:

TADEUSZ

SURNAME:

CIEŚLA

PESEL:

58070501479

CITIZENSHIP:

Poland

COUNTRY:

Poland

OTHER DIRECTORSHIPS:

SHAREHOLDER: KEVIS SPÓŁKA Z O.O.

SHAREHOLDER: EKOSYSTEM SPÓŁKA Z O.O.

PROXY: HOFF PRODUCTS 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
100 - 100	-	-	2010/01/01	2010/12/31

REAL ESTATE

OWNED

KIND OF REAL ESTATE	AREA FROM	AREA TO	VALUE:	CURRENCY	MORTGAGEE REGISTER NUMBER
BUILDINGS AND CONSTRUCTIONS			323.650,25	PLN

SALES

FROM DATE	TO DATE	TURNOVER	NET SALES	EXPORT	IMPORT
2010/01/01	2010/12/31	20.088.823,58	19.923.486,24
2009/01/01	2009/12/31	12.096.456,52	11.973.404,97
2007/01/01	2007/12/31	25.673.288,14	25.558.829,94
2006/01/01	2006/12/31	22.000.568,06	20.606.540,06
2005/01/01	2005/12/31	5.190.029,95	5.182.654,08

FINANCIAL DATA

FINANCIAL STATEMENT

	YEAR 1	YEAR 2	YEAR 3
DATE:	31/12/2010	31/12/2009	31/12/2007
ASSETS
A. Total non-current assets	3.126.470,35	3.607.197,45	2.252.933,29
I.Intangible assets:	40.787,27	65.625,24	175.986,88
1.Costs of development activities:	0,00	0,00	0,00
2.Goodwill:	0,00	0,00	0,00
3.0ther intangible fixed assets:	40.787,27	65.625,24	175.986,88
4.Prepayments for intangible assets:	0,00	0,00	0,00
II.Fixed assets:	2.993.012,08	3.436.410,55	1.870.778,41
l.tangible fixed assets:	2.993.012,08	3.347.386,04	1.849.058,45
a)land:	0,00	0,00	0,00
b)buildings:	323.650,25	347.029,39	178.328,09
c)machinery and equipment:	2.376.576,51	2.589.298,31	1.391.360,84
d)vehicles:	145.864,02	250.416,53	150.486,26
e)other tangible fixed assets:	146.921,30	160.641,81	128.883,26
2.Investments in progress:	0,00	89.024,51	21.719,96
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:	92.671,00	105.161,66	206.168,00
1.Assets from deffered income tax:	92.671,00	92.860,00	206.168,00
2.0thers:	0,00	12.301,66	0,00
B. Current assets:	13.178.301,51	11.656.248,28	14.846.029,71
I. Inventory	8.147.398,28	7.428.853,69	7.665.261,51
1.Materials:	4.678.477,19	4.706.924,09	4.965.094,49
2.Semi-products and work in progress:	44.673,82	14.973,08	820.806,08
3.Finished goods:	3.396.058,89	2.658.747,11	1.823.283,19
4.Products:	27.002,74	48.209,41	56.077,75
5.Advance payment for delivery:	1.185,64	0,00	0,00
II.Accounts receivable:	2.974.359,06	2.651.623,84	6.298.821,30
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:	2.974.359,06	2.651.623,84	6.298.821,30
a)trade receivables:	2.526.878,11	2.335.853,97	4.899.539,40
- within 12 months:	2.526.878,11	2.335.853,97	4.899.539,40
- more than 12 months:	0,00	0,00	0,00
b)tax and social receivables:	439.097,81	295.891,63	1.346.378,69
c)other receivables:	8.383,14	19.878,24	52.903,21
d)accounts receiv. result. from disputable claims:	0,00	0,00	0,00
III.Short-term investments:	1.992.270,72	1.518.723,74	715.899,06
1.Short-term financial assets:	1.992.270,72	1.518.723,74	715.899,06
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:	1.992.270,72	1.518.723,74	715.899,06
- cash in hand and at bank:	1.992.270,72	1.518.723,74	715.899,06
- 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:	64.273,45	57.047,01	166.047,84
Total assets (A+B):	16.304.771,86	15.263.445,73	17.098.963,00
LIABILITIES
A. Net worth:	12.833.084,59	11.807.965,90	13.250.154,72
I.Issued capital:	11.000.000,00	11.000.000,00	11.000.000,00
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:	5.225.000,00	5.225.000,00	5.225.000,00
VII.Profit/loss brutto forward:	-4.428.164,76	-3.531.749,67	-2.421.781,85
VIII.Net financial result for the year:	1.036.249,35	-885.284,43	-553.063,43
IX.Write-offs from net profit:	0,00	0,00	0,00
B.Liabilities & reserves:	3.471.687,27	3.455.479,83	3.848.808,28
I.Reserve for liabilities:	372.442,27	387.439,12	339.753,19
1.Reserves for deffered income tax:	82.504,00	77.841,00	4.829,00
2.Reserves for retirement and similar:	36.239,94	0,00	0,00
- long-term:	33.576,61	0,00	0,00
- short-term:	2.663,33	0,00	0,00
3.0ther reserves:	253.698,33	309.598,12	334.924,19
- long-term:	141.776,05	79.987,98	295.087,05
- short-term:	111.922,28	229.610,14	39.837,14
II.Long-term liabilities:	655.993,92	839.949,49	0,00
1.To related companies:	0,00	0,00	0,00
2.To other companies:	655.993,92	839.949,49	0,00
a)credits and loans:	0,00	0,00	0,00
b)commercial papers:	0,00	0,00	0,00
c)other financial liabilities:	655.993,92	839.949,49	0,00
d)other long-term liabilities:	0,00	0,00	0,00
III.Short-term liabilities:	2.417.794,38	2.189.682,94	3.509.055,09
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:	2.402.714,31	2.165.478,70	3.457.911,64
a)bank loans:	0,00	0,00	0,00
b)commercial papers:	0,00	0,00	0,00
c)other financial liabilities:	217.491,08	209.140,99	0,00
d)trade payables:	1.265.551,88	1.124.877,39	2.363.011,84
- within 12 months:	1.265.551,88	1.124.877,39	2.363.011,84
- more than 12 months:	0,00	0,00	0,00
e)supplies paid on account:	346.923,14	286.477,38	448.250,15
f)notes payable:	0,00	0,00	0,00
g)tax & social securities:	301.188,65	281.336,95	409.903,68
h)payroll payable:	256.516,44	221.310,56	223.234,47
i)other short-term liabilities:	15.043,12	42.335,43	13.511,50
3. Special funds:	15.080,07	24.204,24	51.143,45
IV. Accrued liabilities:	25.456,70	38.408,28	0,00
1. Negative goodwill	0,00	0,00	0,00
2. Other	25.456,70	38.408,28	0,00
- long-term:	20.584,34	25.456,70	0,00
- short-term:	4.872,36	12.951,58	0,00
Total liabilities (A+B):	16.304.771,86	15.263.445,73	17.098.963,00

Profit and Loss account (comp)

	YEAR 1	YEAR 2	YEAR 3
FROM DATE:	01/01/2010	01/01/2009	01/01/2007
TO DATE:	31/12/2010	31/12/2009	31/12/2007
A. Net sales of goods and products:	19.923.486,24	11.973.404,97	25.558.829,94
- including to related companies	0,00	0,00	0,00
I. Net sales of products	15.103.055,41	9.255.896,95	23.235.274,71
II. Change of products	807.389,81	-140.653,90	-2.029.228,48
III.Costs of production	2.444.614,73	1.818.078,90	3.115.857,84
IV.Net sale of goods and materials	1.568.426,29	1.040.083,02	1.236.925,87
B. Operation expenses:	18.678.248,97	12.469.501,46	24.613.961,02
I. Depreciation:	450.585,59	629.968,49	469.827,13
II. Costs of materials and energy	9.835.144,40	5.018.081,11	15.962.410,98
III. Outside services	2.145.294,57	1.726.032,66	2.399.739,73
IV.Taxes :	142.125,42	83.260,54	191.041,82
- including excise taxes:	0,00	0,00	0,00
V. Salaries	3.977.817,28	3.433.624,83	3.444.879,39
VI. Social taxes & related	761.078,11	639.047,64	895.931,39
VII. Other	272.338,18	228.178,06	425.645,29
VIII. Goods and materials sold	1.093.865,42	711.308,13	824.485,29
C. Profit (loss) on sale (A-B)	1.245.237,27	-496.096,49	944.868,92
D. Other operation incomes	144.832,20	107.957,47	24.831,46
I. Profit from sale of tangible assets	0,00	0,00	0,00
II. Grants & subsidies	0,00	0,00	0,00
III. Other	144.832,20	107.957,47	24.831,46
E. Other operating costs	116.878,99	120.410,94	92.085,78
I. Loss from sale of tangible assets	3.733,67	0,00	0,00
II. Revaluation of non-financial assets	60.682,79	58.381,26	21.621,60
III. Other operating costs	52.462,53	62.029,68	70.464,18
F. Profit (loss) from operating activity (C+D-E)	1.273.190,48	-508.549,96	877.614,60
G. Financial income	20.505,14	15.094,08	89.626,74
I. Dividends	0,00	0,00	0,00
- from subsidiaries and affiliates	0,00	0,00	0,00
II. Interest receivable	20.505,14	15.094,08	89.626,74
- 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	0,00	0,00	0,00
H. Financial costs	247.693,27	320.360,55	1.625.044,77
I. Interest payable including:	22.805,98	22.879,16	504.653,44
- 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	224.887,29	297.481,39	1.120.391,33
I. Profit (loss) from economic activity (F+G-H)	1.046.002,35	-813.816,43	-657.803,43
J. Extraordinary items (J.I - J.II)	0,00	0,00	0,00
I. Extraordinary incomes	0,00	0,00	0,00
II.Extraordinary losses	0,00	0,00	0,00
K. Brutto profit (loss) for the year (I+/-J):	1.046.002,35	-813.816,43	-657.803,43
L. Corporate income tax	9.753,00	71.468,00	-104.740,00
M. Other obligatory charges	0,00	0,00	0,00
N. Net profit (loss) for the year (K-L-M):	1.036.249,35	-885.284,43	-553.063,43

CASH FLOW

	YEAR 1	YEAR 2	YEAR 3
FROM DATE:	01/01/2010	01/01/2009
TO DATE:	31/12/2010	31/12/2009
A. Operating cash flow	696.635,87	-123.475,90
I. Net profit	1.036.249,35	-885.284,43
II. Adjustments	-339.613,48	761.808,53
1. Depreciation	450.585,59	629.968,49
2. Loss an exchange rates difference	39.097,43	21.888,77
3. Interests/dividends receivable/payable	22.303,16	22.770,27
4. Loss on investment activities	3.733,67	0,00
5. Change of reserves	-14.996,85	-94.251,00
6. Change in inventories	-718.544,59	-120.404,26
7. Change in accaunts receivable	-322.735,22	1.134.973,65
8. Change in short-term liabilities	219.761,35	-955.471,41
9. Change in prepaid items	-7.687,36	169.095,76
10. Other items	-11.130,66	-46.761,74
III.Net operating cash flow (I +/- II)	696.635,87	-123.475,90
B. Investment cash flow	13.917,18	-360.815,90
I. Cash inflows from investment activities	109.742,49	0,00
1. Sale of intangible assets	109.742,49	0,00
2. Sale of real-estate property and intang. assets	0,00	0,00
3. Sale of financial assets	0,00	0,00
a) in related companies:	0,00	0,00
- financial ASSETS transferred	0,00	0,00
- dividends and share in profits	0,00	0,00
- repayments of long-term loans granted	0,00	0,00
- interests	0,00	0,00
- other inflows	0,00	0,00
b) in other companies:	0,00	0,00
- financial ASSETS transferred	0,00	0,00
- dividends and share in profits	0,00	0,00
- repayments of long-term loans granted	0,00	0,00
- interests	0,00	0,00
- other inflows	0,00	0,00
4. Other investment inflows	0,00	0,00
II. Cash outflows from investment activities	95.825,31	360.815,90
1. Acquired intangible and tangible fixed assets	95.825,31	360.815,90
2. Investments in real-estate and intangible assets	0,00	0,00
3. On financial assets	0,00	0,00
a) assets in related companies	0,00	0,00
b) assets in other companies	0,00	0,00
- financial ASSETS acquired	0,00	0,00
- long-term loans granted	0,00	0,00
4. Other investment outflows	0,00	0,00
III. Net cash from investment activities	13.917,18	-360.815,90
C. Financial cash flow	-261.291,68	-358.068,37
I. Inflows from financial activity	0,00	0,00
1. Net inflows from issuing shares, capital instr.	0,00	0,00
2. Bank credits and loans	0,00	0,00
3. Issue of debt securities	0,00	0,00
4. Other financial inflows	0,00	0,00
II. Cash outflows from financial activity	261.291,68	358.068,37
1. Own shares acquired	0,00	0,00
2. Dividends and other payables to owner	0,00	0,00
3. payments, other than dividends,to shareholders/owners	0,00	0,00
4. Bank credits and loan repaids	0,00	0,00
5. Debt securities and loans repaid	0,00	0,00
6. Resulted from financial leasing	0,00	0,00
7. Interests payable	238.988,52	335.298,10
8. Interests	22.303,16	22.770,27
9. Other financial outflows	0,00	0,00
III. Net financial cash flow	-261.291,68	-358.068,37
D. Total net cash flow (A.III +/- B.III +/- C.III)	449.261,37	-842.360,17
E. Change in cash. positions in balance	473.546,98	-787.312,20
- including due to the foreign exchanges difference	24.285,61	55.047,97
F. Cash at the beginning of the year	1.518.723,74	2.306.035,94
G. Cash at the end of the year (F +/- D)	1.967.985,11	1.463.675,77
- including restricted cash	5.488,46	4.771,00

INDEX ANALYSIS

INDEX	31/12/2010	31/12/2009	31/12/2007
CURRENT RATIO (CR) Current assets/Current liabilities	5,45	5,32	4,23
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	2,08	1,93	2,05
CASH RATIO (SQR) Cash/Current liabilities	0,82	0,69	0,20
STOCK TURNOVER/DAY'S SUPPLY IN INVENTORY Inventory/Turnover x 365 days	149,26	226,46	109,47
CREDITORS DAYS/DAY'S SALES IN RECEIVABLES Current receivables/Turnover x 365 days	54,49	80,83	89,95
DEBTORS DAYS/DAY'S PURCHASE IN PAYABLES Current liabilities/Turnover x 365 days	44,29	66,75	50,11
TOTAL INDEBTNESS/DEBT RATIO Outside capital/Equity capital x 100%	21,29	22,64	22,51
LONG TERM INDEBTNESS I/LONG TERM DEBT RATIO I Longterm liabilities/Equity capital	0,05	0,07	0,00
LONG TERM INDEBTNESS II/LONG TERM DEBT RATIO II Longterm liab./Equity cap.+Longterm liab. x 100%	4,86	6,64	0,00
RETURN ON SALES (ROS) Net profit/Turnover x 100%	5,20	-7,39	-2,16
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	6,36	-5,80	-3,23
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	8,07	-7,50	-4,17
LONG TERM LIABILITIES IN OUTSIDE CAPITAL Longterm liabilities/Outside capital x 100%	0,21	0,28	0,00
WORKING CAPITAL Current assets-Current liabilities	10.760.507,13	9.466.565,34	11.336.974,62
WORKING CAPITAL RATIO Current assets-Current liabilities/Turnover x 100%	54,01	79,06	44,36

SECTOR AVERAGE VALUES (for last available 3 years)

NACE:22.22 (Printing n.e.c.)
INDEX ANALYSIS	31/12/2011	31/12/2010	31/12/2009
CURRENT RATIO (CR) Current assets/Current liabilities	0,27	2,57	2,14
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	0,17	1,39	1,33
RETURN ON SALES (ROS) Net profit/Turnover x 100%	-8,55	2,64	1,74
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	-3,52	4,40	2,68
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	-987,82	30,75	-18,65
EMPLOYMENT
Employment TOTAL	63.32	63.32	63.35
Employment PRODUCTIVE	50.67	50.67	50.33
Employment UNPRODUCTIVE	13.33	13.33	13.67
TURNOVER / NET SALES
TURNOVER	22.994.031,10	146.790.769,20	100.120.178,60
NET SALES	22.562.753,65	57.056.421,11	37.140.593,63
TOTAL ASSETS
TOTAL ASSETS	54.881.362,25	81.567.109,64	54.455.790,72

NACE:28.51 (Treatment and coating of metals)
INDEX ANALYSIS	31/12/2011	31/12/2010	31/12/2009
CURRENT RATIO (CR) Current assets/Current liabilities	1,16	2,25	2,07
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	1,05	1,15	1,13
RETURN ON SALES (ROS) Net profit/Turnover x 100%	2,85	5,96	12,13
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	7,81	7,97	6,00
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	39,42	22,72	18,58
EMPLOYMENT
Employment TOTAL	125.39	126.03	126.23
Employment PRODUCTIVE	499.50	499.50	499.50
Employment UNPRODUCTIVE	57.00	57.00	57.00
TURNOVER / NET SALES
TURNOVER	1.895.802.692,99	551.973.931,14	434.685.294,76
NET SALES	821.154.509,44	172.880.996,18	231.693.835,01
TOTAL ASSETS
TOTAL ASSETS	1.811.158.881,85	423.595.877,64	452.426.067,28

HISTORICAL DATA

Nominal Capital (History)

Validity period:

2004/08/10 - 2007/06/29

Shares amount

200.000,00

Currency code

PLN

Number of Shares

200

Shares (History)

Validity period:

2004/08/10 - 2007/06/29

Number of Shares

100

Shares amount

100.000,00

Currency code

PLN

NAME:

RICHARD

SURNAME:

HOFFMAN

Validity period:

2004/08/10 - 2007/06/29

Number of Shares

100

Shares amount

100.000,00

Currency code

PLN

NAME:

ELIZABETH

SURNAME:

HOFFMAN

Managers (History)

Validity period:

2004/08/10 - 2006/08/29

TYPE:

PRESIDENT OF THE BOARD

NAME:

JANUSZ

SECOND NAME:

TADEUSZ

SURNAME:

CIEŚLA

PESEL:

58070501479

CITIZENSHIP:

Poland

COUNTRY:

Poland

Proxy/Plenipotentiary (History)

Validity period:

2006/08/29 - 2007/06/29

TYPE:

PROXY

NAME:

JANUSZ

SECOND NAME:

TADEUSZ

SURNAME:

CIEŚLA

PESEL:

58070501479

CITIZENSHIP:

Poland

COUNTRY:

Poland

PAYMENTS

Overdue payments

There aren't negative on the company payment behavior by available

sources of KRD (National Debt Register Economic Information Bureau)

at 2012.08.13

TRADE PARTNERS

Officially not available

RELATED FIRMS

COMPANY NAME:

KEVIS SPÓŁKA Z O.O.

V.A.T.:

993-024-89-11

STREET:

RYGLICE

ZIP CODE:

33-160

TOWN:

RYGLICE

COMPANY NAME:

EKOSYSTEM SPÓŁKA Z O.O.

V.A.T.:

873-00-05-735

STREET:

TUCHOWSKA 25A

ZIP CODE:

33-100

TOWN:

TARNÓW

COMPANY NAME:

HOFF PRODUCTS SP. Z O.O.

V.A.T.:

993-027-77-75

STREET:

WOLICKA 11

ZIP CODE:

32-830

TOWN:

WOJNICZ

PROCEDURES

Officially not available

ADDITIONAL INFORMATION

Officially not available

BANKS

Officially not available

CUSTOMERS / SUPPLIERS

Officially not available

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.99
UK Pound	1	Rs.87.55
Euro	1	Rs.68.69

INFORMATION DETAILS

Report Prepared by :

SDA

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.