MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	KCVT KHOLIN CHOJNACKI VIBRO TECHNOLOGIES - SP. Z O.O.

Registered Office :	ul. Krzywa Góra 28 87-800 Włocławek

Country :	Poland

Financials (as on) :	31.12.2012

Date of Incorporation :	22.12.1993

Legal Form :	Limited liability company

Line of Business :	Production of machines and industrial devices

No. of Employees :	2 + 5 persons with a mandate contract

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 Summary

KCVT KHOLIN CHOJNACKI VIBRO TECHNOLOGIES - SP. Z O.O.

ul. Krzywa Góra 28
87-800 Włocławek

Phone: 54 2309523

Mobile phone: 500 035 709

Fax:

54 2309524

E-mail: cheko@wp.pl

Legal form	Limited liability company
Stat.no.	910159503
Tax ID	PL 8881001646


Establishment	22.12.1993
Changes of names and addresses	PRZEDSIĘBIORSTWO PRODUKCYJNO-HANDLOWO-USŁUGOWE „TROJKA” sp. z o.o. ul. Zielna 47, 87-800 Włocławek
	11.05.2006 KCVT KHOLIN CHOJNACKI VIBRO TECHNOLOGIES - Sp. z o.o. ul. Krzywa Góra 28, 87-800 Włocławek


Registration:	30.11.2005, District Court Toruń, KRS 245710


Shareholders	Ryszard Chojnacki , personal ID no. (PESEL) 49010116235, ul. Bluszczowa 16, 87-800 Włocławek	PLN	20 000,00 43,96%

	Borys Kholin Georgijewicz	PLN	20 000,00 43,96%

	Stanisław Kmita , personal ID no. (PESEL) 49120402554, ul. Malinowa 4, 87-800 Włocławek	PLN	10 000,00 21,98%

	list entered to NCR /KRS/ on 11.05.2006


Initial Capital		PLN 45 500,00
	Initial capital divided into 910 shares of PLN 50,00 each
	An in-kind contribution has been made and valued at	PLN 50 000,00


Management	Ryszard Chojnacki , personal ID no. (PESEL) 49010116235, ul. Bluszczowa 16, 87-800 Włocławek - president Stanisław Kmita , personal ID no. (PESEL) 49120402554, ul. Malinowa 4, 87-800 Włocławek - vice president Borys Kholin Georgijewicz - vice president for science and technology
	Representation: since 11.05.2006 Each member of the management board individually


Main activity	Production of machines and industrial devices
	Branches NACE 2007:
	Manufacture of machines for rubber nd plastic processing	(C.28.96.Z)


Employment	2010: 2 employees 2011: 2 employees 2012: 2 employees 2013: 2 employees + 5 persons with a mandate contract


Turnover	2010	PLN	577 679,60
	2011	PLN	39 343,83
	2012	PLN	548 663,54
	01.01.2013 - 31.05.2013	PLN	198 677,76
	2013 - expected value	PLN	500 000,00

Financial statements


Source of financial data	Subject	Court	Court
	annual	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets.........................	0,00	0,00	22 768,45
- II. Tangible assets..................			22 768,45
- 1. Fixed goods......................			22 768,45
- b) buildings, premises, facilities...............................			21 893,15
- c) machinery and equipment........			875,30
-B. Current assets.......................	558 110,17	268 267,30	380 817,52
- I. Stock............................	26 713,41	82 492,60	82 492,60
- 2. Semi-finished products and work-in-progress.........................		82 492,60	82 492,60
- 5. Advance payments ................	26 713,41
- II. Short-term receivables............	434 139,16	154 245,51	194 922,65
- 1. Receivables from affiliated companies................................		143 889,51	187 280,54
- a) Due to deliveries and services with payment period:............		143 889,51	187 280,54
- - up to 12 months...............		143 889,51	187 280,54
- 2. Other receivables ...............	434 139,16	10 356,00	7 642,11
- a) Due to deliveries and services with payment period:............	434 139,16
- - up to 12 months...............	434 139,16
- b) Due to taxes, subsidies, insurances, duties, etc..................		10 356,00	4 955,00
- c) Other..........................			2 687,11
- III. Short term investments...........	97 257,60	31 529,19	103 402,27
- 1. Short-term financial assets......	97 257,60	31 529,19	103 402,27
- c) cash and other liquid assets...	97 257,60	31 529,19	103 402,27
- - cash in hand and on bank account..................................	97 257,60	31 529,19	103 402,27
-D. Total assets.........................	558 110,17	268 267,30	403 585,97
-A. Shareholders' equity.................	400 357,57	231 595,66	316 710,24
- I. Basic share capital..............	50 000,00	50 000,00	50 000,00
- IV. Statutory reserve capital........	181 595,66	266 710,24	250 911,02
- VIII. Net profit (loss)...............	168 761,91	-85 114,58	15 799,22
-B. Liabilities and reserves for liabilities..............................	157 752,60	36 671,64	86 875,73
-III. Short-term liabilities.............	157 752,60	36 671,64	86 875,73
- 1. Due to affiliated companies........		162,40	43 004,70
- a) Due to deliveries and services with payment period:.....................		162,40	43 004,70
- - up to 12 months.................		162,40	43 004,70
- 2. Other liabilities..................	157 752,60	36 509,24	43 871,03
- d)Due to deliveries and services with payment period:.....................	162,60
- - up to 12 months.................	162,60
- g) Due to taxes, subsidies, insurances, duties, etc..................	106 663,76	3 071,92	31 652,63
- h) Due to salaries..................	50 926,24	33 437,32	12 218,40
-D. Total liabilities....................	558 110,17	268 267,30	403 585,97

Source of financial data	Subject	Court	Court
	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)
-A. Income from sales and similar........	548 663,54	39 343,83	577 679,60
- I. Net income on sales..............	548 663,54	39 343,83	577 679,60
-B. Operational costs....................	346 961,88	115 518,62	561 134,45
- I. Depreciation.....................		1 341,72	1 341,42
- II. Materials and energy.............	99 806,34	11 885,40	160 860,13
- III. Third party services.............	27 428,38	14 828,49	27 706,68
- IV. Taxes and duties.................	540,00	290,00
- V. Salaries and wages...............	196 979,00	73 253,00	350 656,00
- VI. Social security..................	13 234,70	13 083,84	11 734,80
- VII. Other............................	8 973,46	836,17	8 835,42
-C. Profit on sale.......................	201 701,66		16 545,15
-C. Loss on sale.........................		76 174,79
-D. Other operating incomes..............		1 079,99	2 161,13
- III. Other operating incomes..........		1 079,99	2 161,13
-E. Other operating costs................		21 427,37	1 057,58
- III. Other operating costs............		21 427,37	1 057,58
-F. Profit on operating activities.......	201 701,66		17 648,70
-F. Loss on operating activities.........		96 522,17
-G. Financial incomes....................	2 851,16	13 354,28	9 678,91
- II. Interest received................	342,60	7 210,73	69,05
- V. Other............................	2 508,56	6 143,55	9 609,86
-H. Financial costs......................	3 849,91	1 946,69	5 404,39
- I. Interest.........................	268,18	122,52	1 525,06
- III. Financial assets revaluation.....			942,09
- IV. Other............................	3 581,73	1 824,17	2 937,24
-I. Profit on economic activity..........	200 702,91		21 923,22
-I. Loss on economic activity............		85 114,58
-K. Gross profit.........................	200 702,91		21 923,22
-K. Gross loss...........................		85 114,58
-L. Corporation tax......................	31 941,00		6 124,00
-N. Net profit...........................	168 761,91		15 799,22
-N. Net loss.............................		85 114,58



Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	3,54	7,32	4,38
Quick ratio	3,37	5,07	3,43
Immediate ratio	0,62	0,86	1,19
Return on sale	30,76	-216,34	2,73
Return on assets	30,24	-31,73	3,91
Return on equity	42,15	-36,75	4,99
Average trade debtors' days	289,60	1 430,96	123,16
Average stock turnover's days	17,82	765,30	52,12
average payables payment period	105,23	340,21	54,89
Total indebtedness ratio	28,27	13,67	21,53

While rating the company, it is advisable to take into consideration information about the branch , the company is acting in
(C.28.96.Z - NACE 2007), as at :	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	2,06	1,29	1,10	1,10
Quick ratio..............................	1,23	0,80	0,68	0,77
Immediate ratio..........................	0,38	0,27	0,12	0,09
Return on sale...........................	13,84	5,01	1,00	4,07
Return on assets.........................	16,20	5,09	1,27	3,66
Return on equity.........................	25,56	8,98	2,93	9,57
Average trade debtors' days..............	72,16	77,56	87,79	91,59
Average stock turnover's days............	69,47	71,77	58,71	42,67
average payables payment period..........	84,77	146,97	155,56	133,99
Total indebtedness ratio.................	36,62	43,29	56,66	61,74
Percent share in the examinated group of companies with net profit.............	83,30	80,00	80,00	83,30
Sales/revenue per employee in th. PLN....	190,85	131,77	151,54	211,62
Average sales/revenue per company in th. PLN..................................	12 595,83	8 775,60	14 427,00	20 703,17



according to the Central Statistical Office


Locations:	seat: ,ul. Zielna 47, 87-800 Włocławek ul. Krzywa Góra 28, 87-800 Włocławek Phone: 54 2309523 Mobile phone: 500 035 709 Fax: 54 2309524 E-mail: cheko@wp.pl


Real Estate	Book value of buildings as at 31.12.2010	PLN	21 893,15
	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 06.06.2013 there are no shares in other companies.


Connections:	Stanisław Kmita , personal ID no. (PESEL) 49120402554 - Zakłady Wytwórcze CHEKO Sp. z o.o. NIP PL 8880401065, ul. Krzywa Góra 28, 87-800 Włocławek · shareholder: PLN 17 000,00 (50,00%) · member of board of directors - AGRIL sp. z o.o., ul. Krzywa Góra 28, 87-800 Włocławek · shareholder: PLN 8 000,00 (50,00%) · vice president Ryszard Chojnacki , personal ID no. (PESEL) 49010116235 - AGRIL sp. z o.o., ul. Krzywa Góra 28, 87-800 Włocławek · shareholder: PLN 8 000,00 (50,00%) · proxy Borys Kholin Georgijewicz 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: 06.06.2013.


Banks	Bank Zachodni WBK SA 3 O. we Włocławku (15001780) pl. Wolności 5, 87-800 Włocławek Acc.no. 44150017801217800176890000


Payment Manner	In available sources, payment delays have not been noted

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.97

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.

Company Summary

Financial statements

Unit