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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
VESTA-WORKS SP. Z O.O. |
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Registered Office : |
ul. Palisadowa 20/22, 01-940 Warszawa |
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Country : |
Poland |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
26.04.1989 |
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Com. Reg. No.: |
12.09.2001, District Court Warszawa, XIII Department, KRS 43468 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Manufacturer of metal processing machinery and equipment manufacturer of blades and Revacycle segments for GLEASON type cutters. |
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No. of Employees : |
10 to 49 employees (2010) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Poland |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
VESTA-WORKS sp. z o.o.
ul. Palisadowa 20/22
01-940 Warszawa
Phone: 22 8368726
Fax: 22 8368943
E-mail: office@vestaworks.com
Website: www.vestaworks.com.pl
Legal form Limited
liability company (5)
Stat.no. 008085786
Tax ID PL
5270205559
Establishment 26.04.1989
(5)
Changes of names
and addresses
VESTA-WORKS sp. z o.o.
ul. Kasprzaka 29/31, 01-234 Warszawa
11.12.2007 VESTA-WORKS sp. z o.o.
ul. Palisadowa 20/22, 01-940 Warszawa
Registration: 12.09.2001,
District Court Warszawa, XIII Department, KRS 43468
Shareholders ONTARIO
INC 1861149 PLN 409 617,00
100,00%
list entered to NCR /KRS/ on 07.12.2010
Initial Capital PLN
409 617,00
Initial capital divided into 100 shares of
PLN
4 096,17 each
Changes of initial capital
- since 27.02.2006 until 07.12.2010 the
capital estimated PLN 309 617,00
- until 27.02.2006 the capital estimated PLN 15 586,52
An in-kind
contribution has been made and valued at PLN
210 660,92
Management Eugene
Lewczuk
- president
Magdalena Anna Kotliska , personal
ID no. (PESEL) 77091501365
- vice president
Proxies:
Zbigniew Marek Ste, personal ID no. (PESEL)
53091807175
- joint proxy
Representation:
since 07.12.2010
If numerous managers – President
individually or member of the board
of directors and proxy jointly
Supervisory board Bartosz
Kuczmar
Marianna Kaliszak , personal ID no. (PESEL)
41050204389
Jacek Górecki ,
personal ID no. (PESEL) 52111902519
·
Manufacturer
of metal processing machinery and equipment
manufacturer of blades
and Revacycle segments for GLEASON type cutters.
Branches
NACE 2007:
Treatment and coating of metals (C.25.61.Z)
General mechanical engineering (C.25.62.Z)
Wholesale and retail of motor vehicles, excluding motorcycles (G.45.1)
Land transport; transport via pipelines (H.49) Acommodastion (I.55)
Software consultancy and supply (J.62.01.Z)
Employment 1999:
45 employees
2003: 50 employees
2004: 25 employees
2009: 10 to 49 employees
2010: 10 to 49 employees
Turnover 2008
PLN 4
630 850,32
2009 PLN
3 061 120,37
2010 PLN
3 365 092,75
2011 PLN
3 997 613,80
2012 PLN 5 380 197,96
Source of financial data Court
Court Court Court
Annual Annual Annual Annual
Personal balance sheet as at 31.12.2012 31.12.2011 31.12.2010 31.12.2009
(Amount in PLN)
-A. Fixed assets...................... 2 532 291,00 2 334 489,20 2 298
290,43 2 292 238,36
- I. Intangible assets............. 2 050 000,00 2 050 000,00 2 050 000,00 2 050
000,00
- 3. Other intangible assets....... 2 050 000,00 2
050 000,00 2 050 000,00 2 050 000,00
- II. Tangible assets............... 477 271,00 279 469,20 243 270,43 237
218,36
- 1. Fixed goods................... 477 271,00 279 469,20 243 270,43 237 218,36
- a) land........................ 76 900,00 76
900,00 76 900,00 76 900,00
- b) buildings, premises,
facilities............................ 70 414,56
- c) machinery and equipment..... 257 828,03 55
305,62 22 882,53 24 838,49
- d) fleet of motor vehicles..... 39 933,14 40
500,00 25 500,00 25 500,00
- e) other fixed goods........... 32 195,27 106
763,58 117 987,90 109 979,87
- IV. Long term investments......... 5 020,00 5 020,00 5
020,00 5 020,00
- 3. Long term financial assets.... 5 020,00 5
020,00 5 020,00 5 020,00
- a) in affiliated companies..... 5 020,00 5
020,00
- - participations or shares... 5 020,00 5
020,00
- b) Other....................... 5 020,00 5
020,00
- - participations or shares... 5 020,00 5
020,00
-B. Current assets.................... 1 913 606,07 2 450 521,23 2 425
857,20 2 640 381,84
- I. Stock......................... 713 156,93 1 067 460,77 1 444 670,02 1 475
827,53
- 1. Raw materials................. 27 588,56 67 262,79 111
503,94 194 167,64
- 2. Semi-finished products and
work-in-progress...................... 198 416,93 749 619,97 869
954,61
- 3. Finished products............. 479 145,52 250 578,01 356 290,75 390
808,25
- 4. Goods for re-sale............. 8 005,92 30
160,04 20 363,03
- 5. Advance payments ............. 534,00
- II. Short-term receivables......... 1 012 656,64 1 279 438,84 869 372,57 1 093 813,42
- 2. Other receivables ............ 1 012 656,64 1
279 438,84 869 372,57 1 093 813,42
- a) Due to deliveries and
services with payment period:......... 443 520,34 812 932,85 565
340,55 729 442,61
- - up to 12 months............ 443 520,34 812
932,85 565 340,55 729 442,61
- b) Due to taxes, subsidies,
insurances, duties, etc............... 73 111,00 167 473,14 136
146,55 18 644,00
- c) Other....................... 496 025,30 299
032,85 345
726,81
- d) Received through judicial
proceedings........................... 167
885,47
- III. Short term investments........ 179 766,36 93 277,61 92
368,07 61 487,86
- 1. Short-term financial assets... 179 766,36 93 277,61 92
368,07 61 487,86
- c) cash and other liquid
assets................................ 179 766,36 93 277,61 92 368,07 61 487,86
- - cash in hand and on bank
account............................... 129 766,36 93 277,61 92 368,07 61
487,86
- - other liquid assets........ 50 000,00
-IV. Short-term prepayments and
accrued income........................ 8 026,14 10 344,01 19
446,54 9 253,03
-D. Total assets...................... 4 445 897,07 4 785 010,43 4 724
147,63 4 932 620,20
-A. Shareholders' equity.............. 2 967 150,13 2 903 281,48 3 018
791,65 3 044 251,87
- I. Basic share capital........... 409 617,00 409 617,00 409 617,00 309
617,00
- IV. Statutory reserve capital..... 1 014 754,05 1 214 754,05 1 464
754,05 1 514 754,05
- V. Revaluation reserve............. 401 466,99 401 466,99 401
466,99 401 466,99
- VI. Other reserve capital......... 697 655,29 697 655,29 697
655,29 797 655,29
- VII. Profit (loss) carried forward. 179 788,15 45 298,32 2
114,54
- VIII. Net profit (loss)............ 263 868,65 134 489,83 43 183,78 20
758,54
-B. Liabilities and reserves for
liabilities........................... 1 478 746,94 1 881 728,95 1 705 355,98 1
888 368,33
-II. Long-term liabilities........... 322
296,46
- 2. Other liabilities............... 322
296,46
- a) Loans......................... 22
296,46
-III. Short-term liabilities.......... 1 478 746,94 1 881 728,95 1 705 355,98 1
566 071,87
- 2. Other liabilities............... 1 478 746,94 1 872 863,48 1 696 490,51 1
531 710,64
- a) Loans......................... 704 240,33 714 351,27 575 337,24 495
701,68
- d)Due to deliveries and
services with payment period:......... 381 162,48 818 362,24 645
974,15 570 403,16
- - up to 12 months.............. 381 162,48 818
362,24 645 974,15 570 403,16
- e) Advances received............. 195 086,04 176
825,65 218 665,53 198 779,34
- g) Due to taxes, subsidies,
insurances, duties, etc......... 114 087,30 77
110,00 162 559,84 87 130,22
- h) Due to salaries............... 84 170,79 86 214,32 93 953,75 98
072,53
- i) Other......................... 81
623,71
- 3. Special funds................... 8 865,47 8 865,47 34 361,23
-D. Total liabilities................. 4 445 897,07 4 785 010,43 4 724
147,63 4 932 620,20
Source of financial data Court
Court Court Court
Annual Annual Annual Annual
Individual PROFIT AND LOSS A/C 01.01.2012- 01.01.2011- 01-01-2010- 01-01-2009-
31.12.2012 31.12.2011 31-12-2010 31-12-2009
(Amount in PLN)
-A. Income from sales and similar..... 5 380 197,96 3 997 613,80 3 365 092,75 3
061 120,37
- I. Net revenue form sale of
products.............................. 5 380 197,96 3 997 613,80 3 259 069,00 2
996 800,86
- II. Net revenue from sale of
goods................................. 106
023,75 64 319,51
-B.Cost of products, goods sold....... 2 850 274,49 2 743 490,56 1 963 597,41 1
705 889,21
- I. Cost of production of
products sold......................... 2 850 274,49 2 743 490,56 1 920 439,68 1
679 039,48
- II. Value of products sold........ 43
157,73 26 849,73
-C. Gross profit on sale.............. 2 529 923,47 1 254 123,24 1 401
495,34 1 355 231,16
-D. Costs of sale..................... 36 066,79 81 934,74 545
754,92 192 946,39
-E. General management costs.......... 1 365 346,81 909 560,40 772
642,44 941 652,03
-F. Profit on sale.................... 1 128 509,87 262 628,10 83
097,98 220 632,74
-G. Other operating incomes........... 82 577,71 44
100,09 92 769,42 82 331,67
- I. Incomes from disposal of
fixed assets.......................... 100,00
- III. Other operating incomes....... 82 577,71 44 100,09 92
769,42 82 231,67
-H. Other operating costs............. 627 081,38 79 448,49 41
472,67 44 562,89
- III. Other operating costs......... 627 081,38 79 448,49 41
472,67 44 562,89
-I. Profit on operating activities.... 584 006,20 227
279,70 134 394,73 258 401,52
-J. Financial incomes................. 1 870,03 1 092,62 40,84
106,21
- II. Interest received............. 1 870,03 1 092,62 40,84 106,21
-K. Financial costs................... 258 878,58 93 804,93 91
251,79 220 591,19
- I. Interest...................... 15
015,78 166 024,45
- IV. Other......................... 258 878,58 93 804,93 106 267,57
54 566,74
-L. Gross profit on economic activity. 326 997,65 134 567,39 43 183,78 37
916,54
-N. Gross profit...................... 326 997,65 134 567,39 43
183,78 37 916,54
-O. Corporation tax................... 63 129,00 17
158,00
-R. Net profit........................ 263 868,65 134 567,39 43 183,78 20
758,54
Ratios
0 1.01.2012 01.01.2011 01.01.2010- 01.01.2009-
31.12.2012 31.12.2011 31.12.2010 31.12.2009
Current ratio 1,29
1,30 1,42 1,69
Quick ratio
0,81 0,73 0,56
0,74
Immediate ratio 0,12
0,05 0,05 0,04
Return on sale 4,90
3,37 1,28 0,68
Return on assets 5,94
2,81 0,91 0,42
Return on equity 8,89
4,64 1,43 0,68
Average trade debtors' days 68,89
116,82 94,30 130,42
Average stock turnover's days 48,51 97,46
156,70 175,97
average payables payment period 100,60 171,81
184,97 186,73
Total indebtedness ratio 33,26 39,33 36,10
38,28
While rating the
company, it is advisable
to take into
consideration information about the branch, the
company is acting in
(C.25.61.Z - NACE 2007), as at : 30.09.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Current
ratio.................................................. 1, 34 1,31 1,
35 1, 33 1, 08
Quick ratio.................................................... 0 , 90 0, 83 0,
91 0, 89 0, 72
Immediate ratio............................................. 0 , 22 0, 17 0,
23 0, 19 0, 15
Return on
sale... 5 ,28 5,14 4
,90 3 ,03 2 ,93
Return on
assets............................................................ 4
,95 7,41 6 ,28 3
,57 3 ,41
Return on
equity............................................................ 10,10 15,49 13,89 7 ,76 8 ,52
Average
trade debtors' days........................... 65, 41 59, 91 69, 36 77, 02 68, 99
Average
stock turnover's days......................... 40, 64 42, 65 43, 67 77, 11 42, 83
Average
payables payment period................................... 97,44 92,27 1
03,23 111,51 1 27,73
Total
indebtedness ratio................................................. 50,99 52,14 5
4,79 54,02 59,94
Percent
share in the examinated group
of
companies with net profit........................................... 76,
50 84, 90 82, 00 73,
30 66, 70
Sales/revenue
per employee in th. PLN.... 281,41 410,78 348,65 289,36 258,38
Average
sales/revenue per company in
t h. PLN.................................................................. 32
667,05 47 761,11 45 319,98 37 679,01 27 812,22
according
to the Central Statistical Office
Locations: seat:
ul. Palisadowa 20/22, 01-940
Warszawa
Phone: 22
8368726
Fax: 22
8368943
E-mail: office@vestaworks.com
Website: www.vestaworks.com.pl
Real Estate Book
value of buildings as at 31.12.2012 PLN 70
414,56
Book value of lands as at
31.12.2012 PLN
76 900,00
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: Eugene
Lewczuk
Bartosz
Kuczmar
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.
General information The
subject has not decided to cooperate in elaboration of the report.
Court files of the said company
at Register Court are at the moment
unavailable.
If we obtain any further
information, we will send it in the
.
Banks Names
of banks were not disclosed
Payment Manner In
available sources, payment delays have not been noted
Credit capability Business
connections appear permissible
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 : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.