MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	FIRMA HANDLOWA ACOR WOJCIECH FURMANN
Registered Office :	Rawicka 43, Zip Code 63-700, Krotoszyn Town
Country :	Poland
Date of Incorporation :	18.02.1994
Com. Reg. No.:	250430994
Legal Form :	Proprietorship Concern
Line of Business :	Wholesaler of coffee, tea, cocoa and spices
No. of Employees :	10-20 employees

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 :	Moderate
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Poland	A2	A2

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

POLAND - ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. It is the only country in the European Union to avoid a recession through the 2008-09 economic downturn, although GDP per capita is still much below the EU average. Since 2004, EU membership and access to EU structural funds have provided a major boost to the economy. Unemployment has been 2% more than the EU average. Inflation reached a low of about 2.6% in 2010 due to the global economic slowdown, but climbed to 4.3% in 2011. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, burdensome tax system, and persistent low-level corruption keep the private sector from performing up to its full potential. Weak revenues, together with rising demands to fund healthcare, education, and the state pension system caused the public sector budget deficit to rise to 7.8% of GDP in 2010, but the PO/PSL coalition government, which came to power in November 2007, took measures to shore up public finances - including increasing contributions to the public pension scheme at the expense of private pension funds - and reduced the deficit to 2.9% of GDP in 2011. For 2012 the coalition government has proposed further deficit-reducing reforms and to fulfill its promise to enact business-friendly reforms.

Source : CIA

company SUMMARY

COMPANY INDEX

NAME AND ADDRESS

NAME:

FIRMA HANDLOWA ACOR WOJCIECH FURMANN

STREET:

RAWICKA 43

ZIP CODE:

63-700

TOWN:

KROTOSZYN

CONTACT DETAILS

TELEPHONE:

62/7255770

FAX:

62/7255777

WEBSITE:

www.acor.info

EMAIL:

biuro@acor.info

OTHER INFORMATION

REGON/Statistical No.

250430994

V.A.T.:

621-003-23-63

FOUNDED:

1994/02/18

Legal form

PROPRIETORSHIP

NACE codes:

51.37

Wholesale of coffee, tea, cocoa and spices

51.18

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

60.25

Freight transport by road

EMPLOYMENT (for last available 3 years)

FROM DATE	TO DATE	TOTAL (MIN-MAX)	PRODUCTIVE (MIN-MAX)	UNPRODUCTIVE (MIN-MAX)
2009/01/01	2009/12/31	10 - 20	-	-
2006/01/01	2006/12/31	18 - 18	-	-
2005/01/01	2005/12/31	20 - 20	-	-

TURNOVER and NET SALES (for last available 3 years)

FROM DATE	TO DATE	TURNOVER	NET SALES	EXPORT	IMPORT
2004/01/01	2004/12/31	18.011.600,00
2003/01/01	2003/12/31	18.011.600,00

company NAME AND ADDRESS DATA

NAME:	FIRMA HANDLOWA ACOR WOJCIECH FURMANN
SHORT NAME:	ACOR,FURMANN, KROTOSZYN
STREET:	RAWICKA 43
ZIP CODE:	63-700
TOWN:	KROTOSZYN
TELEPHONE:	62/7255770
FAX:	62/7255777
WEBSITE:	www.acor.info
EMAIL:	biuro@acor.info

BASIC DATA

REGON/Statistical No.

250430994

V.A.T.:

621-003-23-63

Nationwide Court Register

17572

Legal form

PROPRIETORSHIP

Status

ACTIVE

Start of Activity

1994/02/18

Registering agency

LOCAL ADMINISTRATION OF

Register type

DIRECTORY OF BUSINESS ACTIVITY

Date of registration

18/02/1994

Date of the statute

/ /

NACE codes:	51.37	Wholesale of coffee, tea, cocoa and spices
	51.18	Agents specializing in the sale of particular products or ranges of products ...
	60.25	Freight transport by road

ORGANISATIONAL AND LEGAL DATA

SHAREHOLDERS
NAME:	WOJCIECH
SECOND NAME:	JAN
SURNAME:	FURMANN
COUNTRY:	Poland
STREET:	KASPROWICZA 5B
ZIP CODE:	63-400
TOWN:	OSTRÓW WIELKOPOLSK
MANAGERS
TYPE:	PROPRIETOR
NAME:	WOJCIECH
SECOND NAME:	JAN
SURNAME:	FURMANN
COUNTRY:	Poland
STREET:	KASPROWICZA 5B
ZIP CODE:	63-400
TOWN:	OSTRÓW WIELKOPOLSK

SHARES IN OTHER COMPANIES

Officially not available

EMPLOYMENT

TOTAL (MIN-MAX)	PRODUCTIVE (MIN-MAX)	UNPRODUCTIVE (MIN-MAX)	FROM DATE	TO DATE
10 - 20	-	-	2009/01/01	2009/12/31
18 - 18	-	-	2006/01/01	2006/12/31
20 - 20	-	-	2005/01/01	2005/12/31
25 - 25	-	-	2004/01/01	2004/12/31

REAL ESTATE

Officially not available

SALES

FROM DATE	TO DATE	TURNOVER	NET SALES	EXPORT	IMPORT
2004/01/01	2004/12/31	18.011.600,00
2003/01/01	2003/12/31	18.011.600,00

FINANCIAL DATA

Officially not available

INDEX ANALYSIS

Officially not available

SECTOR AVERAGE VALUES

(for last available 3 years)

NACE:51.18 (Agents specializing in the sale of particular products or ranges of products ...)
INDEX ANALYSIS	31/12/2011	31/12/2010	31/12/2009
CURRENT RATIO (CR) Current assets/Current liabilities	1,71	2,78	2,96
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities	0,89	1,88	1,96
RETURN ON SALES (ROS) Net profit/Turnover x 100%	1,31	2,92	3,64
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%	1,55	6,55	7,59
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%	4,25	-7,60	-68,32
EMPLOYMENT
Employment TOTAL	26.72	26.73	27.03
Employment PRODUCTIVE	24.38	22.38	23.80
Employment UNPRODUCTIVE	43.91	42.68	45.38
TURNOVER / NET SALES
TURNOVER	21.836.362,71	111.017.387,22	102.919.328,42
NET SALES	241.843.645,24	70.086.000,15	93.324.703,35
TOTAL ASSETS
TOTAL ASSETS	192.117.576,96	48.425.187,91	64.714.607,04

NACE:51.37 (Wholesale of coffee, tea, cocoa and spices)
INDEX ANALYSIS	31/12/2011	31/12/2010	31/12/2009
CURRENT RATIO (CR) Current assets/Current liabilities		1,04	1,69
QUICK RATIO (QR) Current Assets-Inventory/Current liabilities		0,49	0,89
RETURN ON SALES (ROS) Net profit/Turnover x 100%		1,76	0,29
RETURN ON ASSETS (ROA) Net profit/Total assets x 100%		3,57	1,25
RETURN ON EQUITY (ROE) Net profit/Equity capital x 100%		11,99	7,33
EMPLOYMENT
Employment TOTAL	36.02	36.02	36.01
Employment PRODUCTIVE
Employment UNPRODUCTIVE
TURNOVER / NET SALES
TURNOVER		52.432.440,18	31.608.787,14
NET SALES		24.139.486,72	17.255.231,40
TOTAL ASSETS
TOTAL ASSETS		16.013.291,78	11.241.700,00

HISTORICAL DATA

Officially not available

PAYMENTS

There aren't of debt collection action by available resources of KRD (National Debt Register Economic Information Bureau www.krd.pl ) against this Concern at 2012.06. 06

TRADE PARTNERS

Officially not available

RELATED FIRMS

Officially not available

PROCEDURES

Officially not available

ADDITIONAL INFORMATION

ADDITIONAL INFORMATION	Branches:
	UL. ZAMKOWY FOLWARK 11, 63-700 KROTOSZYN
	UL. RAWICKA 41, 63-700 KROTOSZYN
	UL. FABRYCZNA 4C , 63-700 KROTOSZYN
	When directly contacted representative of the concern Mr Wojciech Furmann
	Owner, refused to give data.

BANKS

Officially not available

CUSTOMERS / SUPPLIERS

Officially not available

COMPANY INDEX

All figure quoted in PLN

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.02

INFORMATION DETAILS

Report Prepared by :

PDT

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.