MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	INTER FREIGHT SP. Z O.O.
Registered Office :	Pl. Kaszubski 8/511 81-350 Gdynia
Country :	Poland
Financials (as on) :	31.12.2011
Date of Incorporation :	26.03.2002
Legal Form :	Limited Liability Company
Line of Business :	Sea Shipping Agency
No. of Employees :	18 employees including ( 4- contract of mandate, 14 - employment contract)

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Poland	B1	B1

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

INTER FREIGHT SP. Z O.O.

pl. Kaszubski 8/511
81-350 Gdynia

Phone:    58 6690800

58 6690805

Fax:      58 6201683

E-mail:   office@interfreight.com.pl

Website:  www.interfreight.com.pl

Legal form	Limited liability company
Stat.no.	192666833
Tax ID	PL 9581402301

Establishment	26.03.2002
Changes of names and addresses	16.04.2002 ul. Wolności 18, 81-327 Gdynia
	14.05.2007  pl. Kaszubski 8/511, 81-350 Gdynia

Registration:

16.04.2002, District Court Gdańsk, VII Department, KRS 105966

Shareholders	INTER MARINE sp.z o.o., ul. Wolności 18, 81-327 Gdynia	PLN	50 000,00 100,00%
	list entered to NCR /KRS/ on  18.10.2012

Initial Capital		PLN 50 000,00
	Initial capital divided into 100 shares of PLN 500,00 each

Management	Stanisław Grzegorz Wojda , personal ID no. (PESEL) 70112003053, ul. Żwirki i Wigury 5C/15, 80-463 Gdańsk  - president
	Proxies: Mateusz Lewandowicz , personal ID no. (PESEL) 75053003232, ul. Tatrzańska 11B/23, 80-331 Gdańsk  - independent proxy
	Representation: Each member of the board of directors individually.

Supervisory board

Sławomir Tadeusz Kalicki , personal ID no. (PESEL) 61112406557, ul. Błogosławionej Królowej Jadwigi 45, 81-586 Gdynia Tadeusz Maria Kotarski , personal ID no. (PESEL) 48052602733, Sopot, ul. Lipowa 7/2, 71-702 Szczecin Robert Bil , personal ID no. (PESEL) 75073000118, ul. Młynarz 6, 81-173 Gdynia

Main activity	sea shipping agency
	Branches NACE 2007:
	Other transport activity	(H.52.29.A)
	Repair and maintenance of machines	(C.33.12.Z)
	Collection and treatment of sewage	(E.37.00.Z)
	Wholesale, retail trade and repair of motor vehicles	(G.45)
	Land transport; transport via pipelines	(H.49)
	PUBLISHING	(J.58)
	Branches NACE 2004:
	Sea transport agencies activity	(I.63.40.A)

Employment

2005:              12        employees 2006:              12        employees 2008:              10 to 49  employees  2009:              10 to 49  employees  2011:              18        employees including  4         - contract of mandate  14        - employment contract

Turnover	2007	PLN	2 297 298,14
	2008	PLN	1 805 084,77
	2009	PLN	4 188 005,16
	2010	PLN	10 797 479,97
	2011	PLN	5 992 923,36

Financials

Financial statements

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)	31.12.2008 (PLN)
-A. Fixed assets......................	962 326,16	998 716,51	1 020 341,55	1 070 046,85
-  I.   Intangible assets.............	3 758,33	7 858,33
-    3. Other intangible assets.......	3 758,33	7 858,33
-  II.  Tangible assets...............	958 567,83	990 858,18	1 016 683,55	1 047 616,85
-    1. Fixed goods...................	958 567,83	990 858,18	1 016 683,55	1 047 616,85
-      a) land........................	47 063,68	47 063,68	47 063,68	47 063,68
-      b) buildings, premises, facilities............................	906 693,12	932 293,87	957 894,62	983 495,37
-      c) machinery and equipment.....	4 811,03	11 500,63	11 725,25	17 057,80
-V. Long-term prepayments and accrued income........................			3 658,00	22 430,00
-  1. Deferred tax assets.............			3 658,00	22 430,00
-B. Current assets....................	1 667 008,52	3 742 094,04	5 325 034,64	2 673 651,61
-  II. Short-term receivables.........	1 207 293,50	1 784 031,83	2 256 300,78	1 285 775,77
-    1. Receivables from affiliated companies.............................		8 793,77	92 656,79	46 105,88
-      a) Due to deliveries and services with payment period:.........		8 793,77	92 656,79	46 105,88
-    2. Other receivables ............	1 207 293,50	1 775 238,06	2 163 643,99	1 239 669,89
-      a) Due to deliveries and services with payment period:.........	1 102 243,46	1 767 919,64	2 163 459,98	1 158 191,95
-        - up to 12 months............	1 102 243,46	1 767 919,64	2 163 459,98	1 158 191,95
-      b) Due to taxes, subsidies, insurances, duties, etc...............	104 696,04	6 964,42	74,01	81 367,94
-      c) Other.......................	354,00	354,00	110,00	110,00
-  III. Short term investments........	446 768,03	1 945 505,07	3 054 630,99	1 370 992,94
-    1. Short-term financial assets...	446 768,03	1 945 505,07	3 054 630,99	1 370 992,94
-      c) cash and other liquid assets................................	446 768,03	1 945 505,07	3 054 630,99	1 370 992,94
-        - cash in hand and on bank account...............................	446 768,03	545 505,07	1 454 630,99	1 370 992,94
-        - other liquid assets........		1 400 000,00	1 600 000,00
-IV. Short-term prepayments and accrued income........................	12 946,99	12 557,14	14 102,87	16 882,90
-D. Total assets......................	2 629 334,68	4 740 810,55	6 345 376,19	3 743 698,46
-A. Shareholders' equity..............	379 713,19	2 082 782,38	1 160 097,86	883 368,12
-  I.   Basic share capital...........	50 000,00	50 000,00	50 000,00	50 000,00
-  IV.  Statutory reserve capital.....	261 499,86	1 110 097,86	1 051 026,82	1 051 026,82
-  VII. Profit (loss) carried forward.			-217 658,70
-  VIII. Net profit (loss)............	68 213,33	922 684,52	276 729,74	-217 658,70
-B. Liabilities and reserves for liabilities...........................	2 249 621,49	2 658 028,17	5 185 278,33	2 860 330,34
-  I.   Reserves for liabilities......			15 627,00	12 437,00
-    1. Deferred income tax reserves..			15 627,00	12 437,00
-II.  Long-term liabilities...........	441 680,00		648 380,09	763 576,33
-  2. Other liabilities...............	441 680,00		648 380,09	763 576,33
-    a) Loans.........................	441 680,00		648 380,09	763 576,33
-III. Short-term liabilities..........	1 807 941,49	2 658 028,17	4 521 271,24	2 084 317,01
-  1. Due to affiliated companies.....	650,00	350,00	350,00	602 893,64
-    a) Due to deliveries and services with payment period:.........	650,00	350,00	350,00	602 893,64
-      - up to 12 months..............	650,00	350,00	350,00	602 893,64
-  2. Other liabilities...............	1 807 291,49	2 657 678,17	4 520 921,24	1 481 423,37
-    d)Due to deliveries and services with payment period:.........	1 759 171,81	2 642 770,40	4 481 993,98	1 467 730,98
-      - up to 12 months..............	1 759 171,81	2 642 770,40	4 481 993,98	1 467 730,98
-    g) Due to taxes, subsidies, insurances, duties, etc...............	46 204,56	14 809,52	38 927,26	13 692,39
-    i) Other.........................	1 915,12	98,25
-D. Total liabilities.................	2 629 334,68	4 740 810,55	6 345 376,19	3 743 698,46
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)	01.01.2008- 31.12.2008 (PLN)
-A. Income from sales and similar.....	5 992 923,36	10 797 479,97	4 188 005,16	1 805 084,77
-  - including related companies......	18 000,00	42 322,75	245 658,90	363 526,40
-  I.   Net revenue form sale of products..............................	5 992 923,36	10 706 679,97	4 188 005,16	1 805 084,77
-  II.  Net revenue from sale of goods.................................		90 800,00
-B.Cost of products, goods sold.......	5 488 735,18	9 672 124,93	3 559 655,09	1 383 065,86
-  - including related companies......	8 706,82	8 032,40	30 718,54	18 004,02
-  I.  Cost of production of products sold.........................	5 488 735,18	9 596 724,93	3 559 655,09	1 383 065,86
-  II.  Value of products sold........		75 400,00
-C. Gross profit on sale..............	504 188,18	1 125 355,04	628 350,07	422 018,91
-E. General management costs..........	419 062,41	487 193,71	433 553,80	424 693,73
-F. Profit on sale....................	85 125,77	638 161,33	194 796,27
-F. Loss on sale......................				2 674,82
-G. Other operating incomes...........	161,81	10 365,27	62 624,43	52 033,07
-  III. Other operating incomes.......	161,81	10 365,27	62 624,43	52 033,07
-H. Other operating costs.............	9 014,13	5 693,98	101 178,16	8 340,02
-  III. Other operating costs.........	9 014,13	5 693,98	101 178,16	8 340,02
-I. Profit on operating activities....	76 273,45	642 832,62	156 242,54	41 018,23
-J. Financial incomes.................	49 188,24	507 714,89	233 259,88	105 446,45
-  II.  Interest received.............	49 185,59	83 624,76	38 596,11	105 446,45
-  V.   Other.........................	2,65	424 090,13	194 663,77
-K. Financial costs...................	2 069,36	20 885,99	23 585,68	409 177,38
-  I.   Interest......................		20 884,26	23 585,36	32 080,64
-  IV.  Other.........................	2 069,36	1,73	0,32	377 096,74
-L. Gross profit on economic activity.	123 392,33	1 129 661,52	365 916,74
-L. Gross on economic activity........				262 712,70
-N. Gross profit......................	123 392,33	1 129 661,52	365 916,74
-N. Gross loss........................				262 712,70
-O. Corporation tax...................	55 179,00	206 977,00	89 187,00	-45 054,00
-R. Net profit........................	68 213,33	922 684,52	276 729,74
-R. Net loss..........................				217 658,70

Ratios	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009	01.01.2008- 31.12.2008
Current ratio	0,92	1,41	1,18	1,28
Quick ratio	0,91	1,40	1,17	1,27
Immediate ratio	0,25	0,73	0,68	0,66
Return on sale	1,14	8,55	6,61	-12,06
Return on assets	2,59	19,46	4,36	-5,81
Return on equity	17,96	44,30	23,85	-24,64
Average trade debtors' days	73,53	60,31	196,64	260,70
average payables payment period	110,11	89,85	394,05	422,62
Total indebtedness ratio	85,56	56,07	81,72	76,40

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(H.52.29.A - NACE 2007), as at :	31.12.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,50	1,38	1,50	1,58	1,59
Quick ratio..............................	1,44	1,29	1,40	1,47	1,50
Immediate ratio..........................	0,28	0,30	0,35	0,38	0,41
Return on sale...........................	3,17	3,86	3,80	3,90	3,79
Return on assets.........................	7,95	9,86	9,82	9,11	10,40
Return on equity.........................	15,88	25,46	22,54	18,78	21,94
Average trade debtors' days..............	62,60	61,03	60,83	64,31	54,56
Average stock turnover's days............	1,80	4,14	4,55	4,28	2,89
average payables payment period..........	56,02	63,99	59,60	59,47	50,51
Total indebtedness ratio.................	49,95	61,28	56,45	51,50	52,60
Percent share in the examinated group of companies with net profit.............	74,00	83,60	81,20	73,80	83,80
Sales/revenue per employee in th. PLN....	766,00	683,91	603,27	522,24	570,26
Average sales/revenue per company in th. PLN..................................	152 727,56	177 010,58	124 839,04	100 903,88	113 744,70
according to the Central Statistical Office

Locations:

seat: pl. Kaszubski 8/511, 81-350 Gdynia Phone:                   58 6690800                          58 6690805 Fax:                     58 6201683 E-mail:                  office@interfreight.com.pl Website:                 www.interfreight.com.pl

Real Estate	Book value of buildings as at 31.12.2011	PLN	906 693,12
	Book value of lands as at 31.12.2011	PLN	47 063,68
	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 18.03.2013 there are no shares in other companies.

Connections:

Sławomir Tadeusz Kalicki , personal ID no. (PESEL) 61112406557 -  INTER MARINE SPÓŁKA Z OGRANICZONA ODPOWIEDZIALNOŚCIĄ sp. k., ul. Wolności 18, 81-327 Gdynia   · Limited partners, Comandite sum: PLN 1 000,00 -  CASTELMAR Sp. z o.o. NIP PL 9570956881, ul. Budowlanych 46A, 80-298 Gdańsk   · shareholder: PLN 37 500,00 (75,00%)   · member of supervisory board -  INTER MARINE sp.z o.o. NIP PL 5860006677, ul. Wolności 18, 81-327 Gdynia   · shareholder: PLN 594 000,00 (54,00%)   · president  INTER MARINE sp.z o.o. -  INTER MARINE SPÓŁKA Z OGRANICZONA ODPOWIEDZIALNOŚCIĄ sp. k., ul. Wolności 18, 81-327 Gdynia   · general partner   · member of representation unit Mateusz Lewandowicz , personal ID no. (PESEL) 75053003232 -  INTER MARINE sp.z o.o. NIP PL 5860006677, ul. Wolności 18, 81-327 Gdynia   · proxy -  CASTELMAR Sp. z o.o. NIP PL 9570956881, ul. Budowlanych 46A, 80-298 Gdańsk   · member of supervisory board Tadeusz Maria Kotarski , personal ID no. (PESEL) 48052602733 -  CASTELMAR Sp. z o.o. NIP PL 9570956881, ul. Budowlanych 46A, 80-298 Gdańsk   · shareholder: PLN 5 000,00 (10,00%)   · member of supervisory board -  INTER MARINE sp.z o.o. NIP PL 5860006677, ul. Wolności 18, 81-327 Gdynia   · member of supervisory board Robert Bil , personal ID no. (PESEL) 75073000118 -  INTER MARINE sp.z o.o. NIP PL 5860006677, ul. Wolności 18, 81-327 Gdynia   · vice president

Data concerning connections are valid as at: 18.03.2013.

General information	The subject company is part of the INTER MARINE group.
	Despite our hard efforts, we could not achieve more information from available sources. The subject refused to cooperate in elaboration of the report.

Banks

RAIFFEISEN BANK POLSKA SA O. w Gdyni ul.Redłowska 52  (17501022) ul. Redłowska 52, 81-368 Gdynia Acc.no. 29175010220000000001361309

Payment Manner	Payment delays cannot be excluded.
Credit capability	Business connections appear permissible, credits should not be refused.
	We would like to draw your attention to: - high level of the debt ratio - Short term liabilities exceeding the amount of current assets - Fall in sales

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.64
UK Pound	1	Rs.90.13
Euro	1	Rs.77.98

INFORMATION DETAILS

Report Prepared by :

NLM

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.