MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Correct Name :	FIRMA HANDLOWA ACOR WOJCIECH FURMANN
Registered Office :	ul. Rawicka 43, 63-700 Krotoszyn
Country :	Poland
Financials (as on) :	30.06.2011
Date of Incorporation :	11.02.1992
Legal Form :	Natural persons conducting business activity
Line of Business :	Wholesale of seasonings and food additions; Transport services
No. of Employees :	49

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually 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 – 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 name and address

Firma Handlowa ACOR Wojciech Furmann

ul. Rawicka 43
63-700 Krotoszyn

Phone:    62 7255770

Fax:      62 7255777

E-mail:   biuro@acor.info

Website:  http://acor.info

Legal form	Natural persons conducting business activity
Stat.no.	250430994
Tax ID	PL 6210032363

Establishment	11.02.1992
Changes of names and addresses	Przedsiębiorstwo Handlowo-Usługowe ACOR Wojciech Furmann ul. Transportowa 5, 63-700 Krotoszyn
	07.06.2004 Firma Handlowa ACOR Wojciech Furmann  ul. Rawicka 43, 63-700 Krotoszyn

Registration:

29.12.2011, Central Business Activity Registration and Information Office, Date of beginning of the activity 11.02.1992,  Data concerning previous registrations: 11.02.1992, Municipal Office and Communal Office Krotoszyn, No. 29 H 08.06.2004, Municipal Office Ostrów Wielkopolski, No. 17572

Owner

Wojciech Jan Furmann , personal ID no. (PESEL) 73022605155, ul. Kasprowicza 5B, 63-400 Ostrów Wielkopolski

Main activity	Wholesale of seasonings and food additions; Transport services
	Branches NACE 2007:
	Wholesale of coffee, tea, cocoa and spices
	Manufacture of condiments and seasonings
	Other transportation activities

Employment

2008:              50        employees 2009:              45        employees 2010:              50        employees 2011:              48        employees 2012:              49        employees

Turnover	2006	PLN
	01.01.2007 - 30.09.2007	PLN
	2009	PLN
	2010	PLN
	01.01.2011 - 30.06.2011	PLN

Financial statements

Source of financial data	other	other	other	Subject
	periodic	annual	annual	periodic
Personal balance sheet as at	30.06.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)	30.09.2007 (PLN)
-A. Fixed assets......................	6 129 273,23	5 419 922,33	4 724 936,39	3 604 762,37
-  I.   Intangible assets.............	2 220,00			15 800,00
-    3. Other intangible assets.......	2 220,00			15 800,00
-  II.  Tangible assets...............	6 127 053,23	5 419 922,33	4 724 936,39	3 588 962,37
-    1. Fixed goods...................	6 127 053,23	5 419 922,33	4 724 936,39	3 588 962,37
-      a) land........................	13 682,81	13 902,98	14 343,36	4 536,00
-      b) buildings, premises, facilities............................	2 937 630,50	2 982 436,16	3 072 047,68	3 245 545,22
-      c) machinery and equipment.....	121 388,89	188 826,07	292 187,20	212 156,80
-      d) fleet of motor vehicles.....	3 042 599,28	2 217 323,13	1 325 487,24	119 808,65
-      e) other fixed goods...........	11 751,75	17 433,99	20 870,91	6 915,70
-B. Current assets....................	27 776 305,27	21 329 525,48	14 190 941,24	16 016 807,67
-  I.   Stock.........................	19 053 468,30	12 813 428,05	7 840 216,54	8 424 846,03
-    1. Raw materials.................	108 993,98	70 161,65	72 217,71
-    3. Finished products.............	862 270,59	521 953,09	500 946,71
-    4. Goods for re-sale.............	17 556 215,23	11 957 816,97	7 262 546,28	8 273 919,95
-    5. Advance payments .............	525 988,50	263 496,34	4 505,84	150 926,08
-  II. Short-term receivables.........	8 163 471,56	8 342 343,70	5 887 661,98	7 479 765,37
-    2. Other receivables ............	8 163 471,56	8 342 343,70	5 887 661,98	7 479 765,37
-      a) Due to deliveries and services with payment period:.........	8 130 654,26	8 302 593,63	5 705 938,41	7 479 765,37
-        - up to 12 months............	8 130 654,26	8 302 593,63	5 705 938,41	7 330 081,79
-        - above 12 months............				149 683,58
-      b) Due to taxes, subsidies, insurances, duties, etc...............		10 179,00	98 678,00
-      c) Other.......................	32 817,30	29 571,07	83 045,57
-  III. Short term investments........	382 336,93	53 314,59	384 804,12	83 084,27
-    1. Short-term financial assets...	382 336,93	53 314,59	384 804,12	83 084,27
-      c) cash and other liquid assets................................	382 336,93	53 314,59	384 804,12	83 084,27
-        - cash in hand and on bank account...............................	382 336,93	53 314,59	384 804,12	83 084,27
-IV. Short-term prepayments and accrued income........................	177 028,48	120 439,14	78 258,60	29 112,00
-D. Total assets......................	33 905 578,50	26 749 447,81	18 915 877,63	19 621 570,04
-A. Shareholders' equity..............	11 277 120,54	9 029 251,59	5 067 667,09	8 047 102,71
-  I.   Basic share capital...........	2 107 403,00	2 107 403,00	2 107 403,00	4 651 871,73
-  VII. Profit (loss) carried forward.	6 921 848,59	2 960 264,09	1 359 371,48
-  VIII. Net profit (loss)............	2 680 723,66	5 686 004,55	1 824 130,56	3 395 230,98
-  IX.  Deductions from profit during the accounting year (-.........	-432 854,71	-1 724 420,05	-223 237,95
-B. Liabilities and reserves for liabilities...........................	22 628 457,96	17 720 196,22	13 848 210,54	11 574 467,33
-II.  Long-term liabilities...........	3 468 746,05	2 463 596,44	2 064 648,67	2 073 000,00
-  2. Other liabilities...............	3 468 746,05	2 463 596,44	2 064 648,67	2 073 000,00
-    a) Loans.........................	1 674 000,00	1 267 000,00	1 453 000,00	2 073 000,00
-    c) Other financial liabilities...	1 794 746,05	1 196 596,44
-    d) Other.........................			611 648,67
-III. Short-term liabilities..........	19 159 711,91	15 254 299,78	11 776 661,87	9 501 467,33
-  2. Other liabilities...............	19 159 711,91	15 254 299,78	11 776 661,87	9 478 467,33
-    a) Loans.........................	13 662 014,75	11 376 712,84	6 966 421,01	6 614 993,11
-    c) Other financial liabilities...	1 075 912,48	914 111,54
-    d)Due to deliveries and services with payment period:.........	3 894 139,75	2 233 824,05	3 496 656,00	2 457 588,27
-      - up to 12 months..............	3 894 139,75	2 233 824,05	3 496 656,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	395 045,36	536 361,16	305 067,93	309 256,00
-    h) Due to salaries...............	120 859,68	168 969,95	114 448,01	96 629,95
-    i) Other.........................	11 739,89	24 320,24	894 068,92
-  3. Special funds...................				23 000,00
-IV.  Accruals and deferred income....		2 300,00	6 900,00
-  2. Other accruals..................		2 300,00	6 900,00
-    - long-term......................			2 300,00
-    - short-term.....................		2 300,00	4 600,00
-D. Total liabilities.................	33 905 578,50	26 749 447,81	18 915 877,63	19 621 570,04
Source of financial data	other	other	other	Subject
	periodic	annual	annual	periodic
individual PROFIT AND LOSS ACCOUNT	- 01.01.2011- 30.06.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)	- 01.01.2007- 30.09.2007 (PLN)
-A. Income from sales and similar.....	26 618 035,87	45 147 522,16	32 539 700,40	26 945 777,06
-  I.   Net income on sales...........	6 757 977,08	11 642 434,82	9 388 625,16
-  II.  Change in value of stock ( +, -).................................	412 528,73	40 191,29	-256 312,34
-  IV.  Income from sales of goods and materials.........................	19 447 530,06	33 464 896,05	23 407 387,58	26 945 777,06
-B. Operational costs.................	23 729 277,68	38 131 721,71	30 207 142,57	23 008 161,96
-  I.   Depreciation..................	695 966,91	1 226 192,72	1 208 511,55	124 187,70
-  II.  Materials and energy..........	4 435 409,33	7 492 060,51	6 370 898,01	721 628,67
-  III. Third party services..........	1 481 058,31	2 377 747,36	1 628 292,46	2 086 579,96
-  IV.  Taxes and duties..............	238 061,13	377 560,43	309 810,35	141 204,14
-  V.   Salaries and wages............	1 064 163,70	1 996 113,64	1 821 850,24	1 211 045,37
-  VI.  Social security...............	188 388,79	361 320,07	321 628,52	247 069,47
-  VII. Other.........................	317 412,09	420 626,41	440 182,36	144 013,83
-  VIII.Costs of goods and materials sold..................................	15 308 817,42	23 880 100,57	18 105 969,08	18 332 432,82
-C. Profit on sale....................	2 888 758,19	7 015 800,45	2 332 557,83	3 937 615,10
-D. Other operating incomes...........	148 667,04	282 858,62	838 948,51	69 549,13
-  I.   Incomes from disposal non-financial assets..................		20 251,63		29 000,00
-  II.  Subsidies.....................	2 300,00	4 600,00	4 600,00
-  III. Other operating incomes.......	146 367,04	258 006,99	834 348,51	40 549,13
-E. Other operating costs.............	381 663,72	510 313,07	1 152 273,61	93 561,33
-  I.   Loss on disposal of non-finacial assets...................	71,28			22 303,63
-  II.  Goodwill revaluation..........	39 833,68	89 956,68	663 577,75
-  III. Other operating costs.........	341 758,76	420 356,39	488 695,86	71 257,70
-F. Profit on operating activities....	2 655 761,51	6 788 346,00	2 019 232,73	3 913 602,90
-G. Financial incomes.................	587 334,75	26 069,72	426 565,04	725 025,74
-  II.  Interest received.............	7 331,65	20 642,93	2 997,75	7 270,85
-  V.   Other.........................	580 003,10	5 426,79	423 567,29	717 754,89
-H. Financial costs...................	562 372,60	1 128 411,17	621 667,21	449 987,66
-  I.   Interest......................	513 289,27	745 348,15	615 845,22	374 314,50
-  IV.  Other.........................	49 083,33	383 063,02	5 821,99	75 673,16
-I. Profit on economic activity.......	2 680 723,66	5 686 004,55	1 824 130,56	4 188 640,98
-K. Gross profit......................	2 680 723,66	5 686 004,55	1 824 130,56	4 188 640,98
-L. Corporation tax...................				793 410,00
-N. Net profit........................	2 680 723,66	5 686 004,55	1 824 130,56	3 395 230,98
Source of financial data	other
	annual
individual Consolidated P/L	01.01.2010- 31.12.2010 (PLN)

Ratios	01.01.2011- 30.06.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009	01.01.2007- 30.09.2007
Current ratio	1,45	1,40	1,21	1,69
Quick ratio	0,45	0,55	0,53	0,80
Immediate ratio	0,02		0,03	0,01
Return on sale	10,23		5,56	12,60
Return on assets	7,91		9,64	17,30
Return on equity	23,77		36,00	42,19
Average trade debtors' days	56,38		65,53	75,78
Average stock turnover's days	131,60		87,26	85,36
average payables payment period	132,34		131,07	96,26
Total indebtedness ratio	66,74	66,25	73,21	58,99

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(G.46.37.Z - NACE 2007), as at :	30.09.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,45	1,45	1,75	1,73	1,48
Quick ratio..............................	1,21	1,13	1,48	1,46	1,29
Immediate ratio..........................	0,28	0,23	0,33	0,53	0,38
Return on sale...........................	-0,49	0,18	5,64	7,47	5,90
Return on assets.........................	-0,52	0,23	6,31	8,18	8,48
Return on equity.........................	-0,92	0,44	10,45	12,53	18,05
Average trade debtors' days..............	52,78	63,48	45,33	44,57	51,92
Average stock turnover's days............	15,75	18,63	17,40	17,24	14,11
average payables payment period..........	71,52	83,04	70,07	67,42	80,02
Total indebtedness ratio.................	43,34	46,83	39,62	34,68	53,03
Percent share in the examinated group of companies with net profit.............	66,70	50,00	50,00	72,70	55,60
Sales/revenue per employee in th. PLN....	587,55	701,37	725,80	745,84	826,57
Average sales/revenue per company in th. PLN..................................	74 618,33	91 178,40	87 241,60	78 855,55	102 034,89
according to the Central Statistical Office

Locations:

seat: ul. Rawicka 43, 63-700 Krotoszyn Phone:                   62 7255770 Fax:                     62 7255777 E-mail:                  biuro@acor.info Website:                 http://acor.info warehouse: ul. Rawicka 41, 63-700 Krotoszyn ul. Transportowa 5, 63-700 Krotoszyn place of running the activity: Zamkowy Folwark 11, 63-700 Krotoszyn

Real Estate	ul. Rawicka 43, 63-700 Krotoszyn buildings of area 2 300 sq m,
	Book value of buildings as at 30.06.2011
	Book value of lands as at 30.06.2011
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

10 - motor vehicle of different type

Connections:	Wojciech Jan Furmann , personal ID no. (PESEL) 73022605155 -  TOWARZYSTWO ATLETYCZNE "ROZUM" W KROTOSZYNIE NIP 6211655132, Mały Rynek 13, 63-700 Krotoszyn   · member of supervisory board
	Data concerning connections are valid as at: 28.02.2013.

Certificates:

Transport licence TU-019544

Banks

BRE Bank SA O. Korporacyjny Kalisz  (11401993) ul. Fryderyka Chopina 26/28, 62-800 Kalisz Acc.no. 24114019930000255380001001  Bank Zachodni WBK SA 1 O. w Krotoszynie  (10901157) ul. Sienkiewicza 12A, 63-700 Krotoszyn Acc.no. 44109011570000000015015381

Payment Manner

In available sources, payment delays have not been noted

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.09
UK Pound	1	Rs.82.46
Euro	1	Rs.70.49

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.