MIRA INFORM REPORT

Report Date :

24.12.2013

IDENTIFICATION DETAILS

Name :	HILDING ANDERS POLSKA SP. Z O.O.

Registered Office :	ul. Polna 17 62-095 Murowana Goślina

Country :	Poland

Financials (as on) :	31.12.2012

Date of Incorporation :	04.02.2000

Legal Form :	Limited liability company

Line of Business :	Manufacture of mattresses and bed frames

No. of Employees :	578

RATING & COMMENTS

MIRA’s Rating :

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Poland

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 Poland's economy was the only one in the European Union to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances without stifling economic growth and adopted controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012, in part due to the ongoing economic difficulties in the euro zone. The key policy challenge is to provide support to the economy through monetary easing, while maintaining the pace of structural fiscal consolidation. 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, red tape, and a burdensome tax system keep the private sector from realizing its full potential.

Source : CIA

company name and address

HILDING ANDERS POLSKA SP. Z O.O.

ul. Polna 17
62-095 Murowana Goślina

Phone: 61 6421400

Fax: 61 6421410

E-mail: info@hilding.pl

Website: www.hilding.pl

Financial statements

Source of financial data	Court	Monitor Polski B	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)
-A. Fixed assets......................	95 877 655,10	100 384 351,11	95 875 065,28	88 911 419,64
- I. Intangible assets.............	1 251 091,53	1 329 857,39	851 755,66	899 822,84
- 3. Other intangible assets.......	1 251 091,53	1 329 857,39	851 755,66	899 822,84
- II. Tangible assets...............	92 880 070,28	97 996 304,95	94 256 506,04	86 722 815,02
- 1. Fixed goods...................	91 391 624,83	92 212 010,06	93 642 070,77	85 625 025,21
- a) land........................	2 337 978,47	2 337 978,47	2 337 978,47	2 337 978,47
- b) buildings, premises, facilities............................	57 640 249,97	59 151 827,30	60 513 711,13	53 700 368,15
- c) machinery and equipment.....	27 059 401,84	24 817 922,63	25 972 649,99	27 022 830,97
- d) fleet of motor vehicles.....	1 936 067,65	2 742 857,88	2 070 636,16	1 352 278,04
- e) other fixed goods...........	2 417 926,90	3 161 423,78	2 747 095,02	1 211 569,58
- 2. Fixed goods under construction..........................	1 488 445,45	5 784 294,89	614 435,27	1 097 789,81
-V. Long-term prepayments and accrued income........................	1 746 493,29	1 058 188,77	766 803,58	1 288 781,78
- 1. Deferred tax assets.............	1 746 493,29	1 058 188,77	766 803,58	1 288 781,78
-B. Current assets....................	61 615 151,28	66 630 059,32	76 759 675,74	86 109 006,65
- I. Stock.........................	15 651 784,74	16 912 168,18	18 614 722,16	16 909 564,93
- 1. Raw materials.................	13 250 706,63	13 974 393,30	15 893 611,28	15 106 338,12
- 2. Semi-finished products and work-in-progress......................	411 225,43	266 173,67	787 998,86	668 311,33
- 3. Finished products.............	1 626 297,96	2 258 213,15	1 441 582,01	767 334,09
- 4. Goods for re-sale.............	363 554,72	413 388,06	491 530,01	367 581,39
- II. Short-term receivables.........	25 046 087,00	27 454 240,97	33 612 392,06	40 877 053,15
- 1. Receivables from affiliated companies.............................	909 063,04	302 642,11	214 629,10	104 358,61
- a) Due to deliveries and services with payment period:.........	909 063,04	302 642,11	214 629,10	104 358,61
- - up to 12 months............	909 063,04	302 642,11	214 629,10	104 358,61
- 2. Other receivables ............	24 137 023,96	27 151 598,86	33 397 762,96	40 772 694,54
- a) Due to deliveries and services with payment period:.........	24 101 586,90	24 041 821,67	24 954 337,77	29 820 031,26
- - up to 12 months............	24 101 586,90	24 041 821,67	24 954 337,77	29 820 031,26
- b) Due to taxes, subsidies, insurances, duties, etc...............		3 037 098,14	8 300 627,76	10 819 871,55
- c) Other.......................	13 892,28	10 123,26	14 425,33	8 290,09
- d) Received through judicial proceedings...........................	21 544,78	62 555,79	128 372,10	124 501,64
- III. Short term investments........	20 741 510,78	21 958 307,30	24 262 179,25	27 869 659,60
- 1. Short-term financial assets...	20 741 510,78	21 958 307,30	24 262 179,25	27 869 659,60
- c) cash and other liquid assets................................	20 741 510,78	21 958 307,30	24 262 179,25	27 869 659,60
- - cash in hand and on bank account...............................	20 741 510,78	21 958 307,30	24 262 179,25	27 869 659,60
-IV. Short-term prepayments and accrued income........................	175 768,76	305 342,87	270 382,27	452 728,97
-D. Total assets......................	157 492 806,38	167 014 410,43	172 634 741,02	175 020 426,29
-A. Shareholders' equity..............	63 814 976,53	83 782 307,95	105 799 106,47	94 746 136,16
- I. Basic share capital...........	500 000,00	500 000,00	500 000,00	500 000,00
- IV. Statutory reserve capital.....	26 901 582,63		26 901 582,63	26 901 582,63
- V. Revaluation reserve.............		26 901 582,63
- VII. Profit (loss) carried forward.	26 380 725,32	43 397 523,84	67 344 553,53	60 272 290,95
- VIII. Net profit (loss)............	10 032 668,58	12 983 201,48	11 052 970,31	7 072 262,58
-B. Liabilities and reserves for liabilities...........................	93 677 829,85	83 232 102,48	66 835 634,55	80 274 290,13
- I. Reserves for liabilities......	7 817 251,91	5 414 179,85	3 912 143,30	2 473 795,21
- 1. Deferred income tax reserves..	1 826 210,33	1 346 830,44	1 186 905,69	1 068 832,88
- 3. Other reserves................	5 991 041,58	4 067 349,41	2 725 237,61	1 404 962,33
- - short-term...................	5 991 041,58		2 725 237,61	1 404 962,33
-II. Long-term liabilities...........	28 000 000,00	26 000 000,00		28 418 500,00
- 1. Due affiliated companies........	28 000 000,00	26 000 000,00		28 418 500,00
-III. Short-term liabilities..........	57 561 935,47	51 443 092,51	62 353 590,18	48 758 234,96
- 1. Due to affiliated companies.....	7 923 307,49	6 604 165,83	9 930 615,46	4 530 776,81
- a) Due to deliveries and services with payment period:.........	7 923 307,49	6 604 165,83	9 930 615,46	4 530 776,81
- - up to 12 months..............	7 923 307,49	6 604 165,83	9 930 615,46	4 530 776,81
- 2. Other liabilities...............	49 409 697,51	44 548 705,50	52 085 880,57	43 923 322,78
- c) Other financial liabilities...	434 276,75		111 584,64	805 802,59
- d)Due to deliveries and services with payment period:.........	44 317 813,30	38 804 524,12	48 062 114,77	39 683 521,74
- - up to 12 months..............	44 317 813,30	38 804 524,12	48 062 114,77	39 683 521,74
- g) Due to taxes, subsidies, insurances, duties, etc...............	2 389 107,41	3 383 462,08	1 022 969,37	932 410,19
- h) Due to salaries...............	2 268 500,05	2 347 262,94	2 875 788,70	2 486 913,71
- i) Other.........................		13 456,36	13 423,09	14 674,55
- 3. Special funds...................	228 930,47	290 221,18	337 094,15	304 135,37
-IV. Accruals and deferred income....	298 642,47	374 830,12	569 901,07	623 759,96
- 2. Other accruals..................	298 642,47	374 830,12	569 901,07	623 759,96
- - long-term......................	144 191,88	264 294,74	365 516,54
- - short-term.....................	154 450,59	110 535,38	204 384,53
-D. Total liabilities.................	157 492 806,38	167 014 410,43	172 634 741,02	175 020 426,29

Source of financial data	Court	Monitor Polski B	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)
-A. Income from sales and similar.....	292 459 772,82	316 619 176,73	311 976 760,99	320 012 806,77
- - including related companies......	252 965 742,74	276 956 589,45	284 539 499,29	297 483 444,03
- I. Net income on sales...........	288 583 640,80	314 065 865,22	309 207 061,02	319 034 708,39
- II. Change in value of stock ( +, -).................................	-486 863,43	294 805,95	793 935,45	-286 214,16
- IV. Income from sales of goods and materials.........................	4 362 995,45	2 258 505,56	1 975 764,52	1 264 312,54
-B. Operational costs.................	276 941 154,81	299 237 959,13	293 415 963,60	313 684 129,66
- I. Depreciation..................	9 076 407,98	7 878 626,11	7 222 402,77	6 813 036,49
- II. Materials and energy..........	215 274 599,08	238 375 318,70	231 076 458,17	251 626 946,54
- III. Third party services..........	16 358 640,57	16 833 861,48	16 701 977,48	17 549 659,80
- IV. Taxes and duties..............	1 451 108,31	1 253 028,52	1 183 729,01	1 473 015,29
- V. Salaries and wages............	24 603 725,66	25 784 683,49	28 220 872,51	27 489 652,76
- VI. Social security...............	6 154 696,26	6 364 997,16	6 532 066,18	6 872 025,81
- VII. Other.........................	1 007 713,89	927 518,47	849 802,64	788 495,18
- VIII.Costs of goods and materials sold..................................	3 014 263,06	1 819 925,20	1 628 654,84	1 071 297,79
-C. Profit on sale....................	15 518 618,01	17 381 217,60	18 560 797,39	6 328 677,11
-D. Other operating incomes...........	281 084,72	313 574,26	558 811,35	966 371,06
- II. Subsidies.....................	110 405,01	101 221,80	101 221,80	110 986,70
- III. Other operating incomes.......	170 679,71	212 352,46	457 589,55	855 384,36
-E. Other operating costs.............	955 363,07	256 355,54	806 528,26	603 733,92
- I. Loss on disposal of non-finacial assets...................	2 350,19	18 705,14	336 684,82	7 977,29
- III. Other operating costs.........	953 012,88	237 650,40	469 843,44	595 756,63
-F. Profit on operating activities....	14 844 339,66	17 438 436,32	18 313 080,48	6 691 314,25
-G. Financial incomes.................	240 275,82	136 024,76	720 999,98	20 497 842,93
- II. Interest received.............	19 681,13	24 104,28	26 387,83	27 223,99
- IV. Financial assets revaluation..		111 584,64	694 217,95
- V. Other.........................	220 594,69	335,84	394,20	20 470 618,94
-H. Financial costs...................	2 196 139,53	1 230 325,04	5 169 099,14	19 822 175,82
- I. Interest......................	1 761 295,36	704 369,06	2 152 019,23	2 183 400,47
- - related companies..............	1 690 151,11		2 024 983,19	2 183 400,47
- III. Financial assets revaluation..	434 276,75	525 955,98		17 620 344,14
- IV. Other.........................	567,42		3 017 079,91	18 431,21
-I. Profit on economic activity.......	12 888 475,95	16 344 136,04	13 864 981,32	7 366 981,36
-K. Gross profit......................	12 888 475,95	16 344 136,04	13 864 981,32	7 366 981,36
-L. Corporation tax...................	2 855 807,37	3 360 934,56	2 812 011,01	294 718,78
-N. Net profit........................	10 032 668,58	12 983 201,48	11 052 970,31	7 072 262,58

AUDITOR

Balance sheet as at 31.12.2012
PRICEWATERHOUSECOOPERS Sp. z o.o., al. Armii Ludowej 14, 00-638 Warszawa	No. 144

Expert auditor Piotr Bejger

No. 10950

Balance sheet as at 31.12.2011
PRICEWATERHOUSECOOPERS Sp. z o.o., al. Armii Ludowej 14, 00-638 Warszawa	No. 144

Expert auditor Halina Koniecka-Maliszewska

No. 8208

Balance sheet as at 31.12.2010
PRICEWATERHOUSECOOPERS Sp. z o.o., al. Armii Ludowej 14, 00-638 Warszawa	No. 144

Balance sheet as at 31.12.2009
PRICEWATERHOUSECOOPERS Sp. z o.o., al. Armii Ludowej 14, 00-638 Warszawa	No. 144

Expert auditor Halina Koniecka-Maliszewska

No. 8208

Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009
Current ratio	1,07	1,30	1,23	1,77
Quick ratio	0,80	0,96	0,93	1,41
Immediate ratio	0,36	0,43	0,39	0,57
Return on sale	3,42	4,10	3,55	2,21
Return on assets	6,37	7,77	6,40	4,04
Return on equity	15,72	15,50	10,45	7,46
Average trade debtors' days	31,29	31,68	39,43	46,58
Average stock turnover's days	19,55	19,51	21,83	19,27
average payables payment period	71,92	59,36	73,14	55,56
Total indebtedness ratio	59,48	49,84	38,72	45,87

While rating the company, it is advisable to take into consideration information about the branch , the company is acting in
(C.31.03.Z - NACE 2007), as at :	30.09.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	2,10	1,95	1,48	1,70	0,98
Quick ratio..............................	1,53	1,29	0,93	1,01	0,65
Immediate ratio..........................	0,60	0,40	0,14	0,20	0,15
Return on sale...........................	9,41	5,96	4,55	8,17	6,77
Return on assets.........................	13,24	11,98	7,78	13,21	9,64
Return on equity.........................	21,85	20,01	16,53	26,26	21,97
Average trade debtors' days..............	53,40	43,24	56,79	46,70	55,80
Average stock turnover's days............	32,62	33,02	41,54	40,61	43,15
average payables payment period..........	58,02	50,59	76,80	59,57	131,44
Total indebtedness ratio.................	39,37	40,13	52,92	49,72	56,11
Percent share in the examinated group of companies with net profit.............	100,00	100,00	100,00	100,00	100,00
Sales/revenue per employee in th. PLN....	413,55	574,18	554,18	459,38	286,65
Average sales/revenue per company in th. PLN..................................	123 942,30	158 990,80	177 336,75	106 701,27	45 491,40

according to the Central Statistical Office

Locations:

seat:
ul. Polna 17, 62-095 Murowana Goślina
Phone:                   61 6421400
Fax:                     61 6421410
E-mail:                  info@hilding.pl
Website:                 www.hilding.pl


Real Estate	ul. Polna 17, 62-095 Murowana Goślina lands of area 6 500 sq.m. business premises of area 30 000 sq m,
	Book value of buildings as at 31.12.2012	PLN	57 640 249,97
	Book value of lands as at 31.12.2012	PLN	2 337 978,47
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies	As at 27.11.2013 there are no shares in other companies.

Connections:	Robert Rafał Hołyński , personal ID no. (PESEL) 72012609212 - „SCANDI BED” sp. z o.o. w likwidacji NIP 7791547915, ul. Polna 17, 62-095 Murowana Goślina · liquidator HILDING ANDERS DANMARK A/S lack of possibility to present current relationships for the entity Piotr Rychlik , personal ID no. (PESEL) 70092504993 - FICO sp. z o.o. NIP 6652801568, ul. Safony 11, 60-461 Poznań · shareholder: PLN 25 000,00 (50,00%) · president - RIVERNET SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ NIP 5272615066, ul. Safony 11, 60-461 Poznań · shareholder: PLN 30 000,00 (50,00%) Björn Edwardzon Rutger Jönsson Jöns Thomas Hansson Connections have not been determined due to no possibility of identification of the persons or subjects which appear in the company.
	Data concerning connections are valid as at: 27.11.2013.

Contractors	Companies from IKEA group

General information	Despite our hard efforts, we could not achieve more information from available sources. The subject has not decided to cooperate in elaboration of the report.

Banks	Bank Polska Kasa Opieki SA ul. Grzybowska 53/57, 00-950 Warszawa

Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections appear permissible Maximum credit PLN 3 000 000,00
	Explanation: Credit in amount PLN 3.000.000 can be granted. Determination of higher amount of credit is impossible due to the size of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.99
UK Pound	1	Rs.101.37
Euro	1	Rs.84.82

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.

Legal form	Limited liability company
Stat.no.	639726920
Tax ID	PL 7781373655

Establishment	04.02.2000
Changes of names and addresses	HILDING POLSKA Sp. z o.o. ul. Krakowska 11/6, 61-889 Poznań
	05.04.2001 ul. Polna 17, 62-095 Murowana Goślina
	09.03.2009 HILDING ANDERS POLSKA Sp. z o.o.

Initial Capital		PLN 500 000,00
	Initial capital divided into 5000 shares of PLN 100,00 each

Management	Piotr Rychlik , personal ID no. (PESEL) 70092504993, ul. Akacjowa 2, 62-510 Konin - member of board of directors
	Proxies: Jimmy Magnus Persson , personal ID no. (PESEL) 74070816799 - joint proxy Robert Rafał Hołyński , personal ID no. (PESEL) 72012609212 - joint proxy
	Representation: If one man board – Member of the board of directors individually If numerous managers – Two members of the board of directors jointly

Main activity	Manufacture of mattresses and bed frames
	Branches NACE 2007:
	Manufacture of mattresses
	Manufacture of other furniture


Shareholders	HILDING ANDERS DANMARK A/S	PLN	500 000,00 100,00%

	list entered to NCR /KRS/ on 09.03.2009

Turnover	2008	PLN	363 965 033,86
	2009	PLN	320 012 806,77
	2010	PLN	311 976 760,99
	2011	PLN	316 619 176,73
	2012	PLN	292 459 772,82

MIRA INFORM REPORT

company name and address

company information

Financial statements

Unit