MIRA INFORM REPORT

Report Date :

29.03.2013

IDENTIFICATION DETAILS

Name :	FLEXIDER POLAND SP. Z O.O.
Registered Office :	ul. Turyńska 100, 43-100 Tychy
Country :	Poland
Financials (as on) :	30.04.2012
Date of Incorporation :	18.03.1999
Com. Reg. No.:	11.06.2001, District Court Katowice, VIII Department, KRS 18366
Legal Form :	Limited Liability Company
Line of Business :	production of parts and accessories for motor vehicles (exhaust steel pipes); general metal processing
No. of Employees :	87

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

FLEXIDER POLAND Sp. z o.o.

Company Address

ul. Turyńska 100
43-100 Tychy

Phone:    32 2179644

Fax:      32 2179628

E-mail:   infosek@flexider.it.pl

Website:  www.flexider.com

company summary

Legal form Limited liability company

Stat.no. 014940732

Tax ID PL 5212999175

Establishment 18.03.1999

Changes addresses ul. Sobieskiego 110/16/17, 00-764 Warszawa

13.07.2001  ul. Turyńska 100, 43-100 Tychy

Registration: 11.06.2001, District Court Katowice, VIII Department, KRS 18366

Data concerning previous registrations: 22.04.1999, District Court Warszawa, RHB 56442

Shareholders NIEUWBURGH B.V., Amsterdam, Netherlands PLN 9 069 500,00 more than 99,99%

other shareholders PLN 100,00 less than 0,01%

list entered to NCR /KRS/ on  15.02.2007

Initial Capital  PLN 9 069 600,00

Initial capital divided into 90696 shares of PLN 100,00 each

Management Wojciech Liana , personal ID no. (PESEL) 55111804270, ul. Brzozowa 8/1, 43-365 Wilkowice
 - president

Roger Yamamoto 
 - member of board of directors

Mario Santarelli 
 - member of board of directors

Representation:
since 12.11.2003 
Two members of the board of directors jointly

Main activity production of parts and accessories for motor vehicles (exhaust steel pipes); general metal

processing

Branches NACE 2007:

Manufacture of parts and accessories for motor vehicles and their engines, excluding

Motorcycles (C.29.32.Z)

Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Research and experimental development on natural sciences and engineering Maintenance and repair of motor vehicles, excluding motorcycles

Employment

2007:              100       employees
2008:              100       employees
2009:              50 to 249 employees 
2010:              50 to 249 employees 
2012:              87        employees

Turnover 01.05.2007 - 30.04.2008 PLN 64 039 355,42

01.05.2008 - 30.04.2009 PLN 47 310 799,27

01.05.2009 - 30.04.2010 PLN 60 506 843,51

01.05.2010 - 30.04.2011 PLN 61 679 740,16

01.05.2011 - 30.04.2012 PLN 67 682 819,60

Financial statements

Source of financial data	Monitor Polski B	Court	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	30.04.2012 (PLN)	30.04.2011 (PLN)	30.04.2010 (PLN)	30.04.2009 (PLN)
-A. Fixed assets......................	12 643 769,47	15 289 294,06	7 591 864,95	9 095 359,14
-  I.   Intangible assets.............	6 131 891,48	7 922 926,95	8 089,57	5 377,34
-    3. Other intangible assets.......	6 131 891,48	7 922 926,95	8 089,57	5 377,34
-  II.  Tangible assets...............	6 475 304,99	7 273 631,11	7 285 247,38	8 816 480,80
-    1. Fixed goods...................	6 345 408,54	7 273 631,11	6 526 762,14	8 447 892,91
-      b) buildings, premises, facilities............................	364 436,16	505 758,96	644 388,68	906 988,32
-      c) machinery and equipment.....	5 953 974,64	6 730 769,45	5 868 978,52	7 517 590,28
-      e) other fixed goods...........	26 997,74	37 102,70	13 394,94	23 314,31
-    2. Fixed goods under construction..........................	129 896,45		758 485,24	368 587,89
-V. Long-term prepayments and accrued income........................	36 573,00	92 736,00	298 528,00	273 501,00
-  1. Deferred tax assets.............	36 573,00	92 736,00	298 528,00	273 501,00
-B. Current assets....................	18 790 093,94	20 073 058,18	26 771 483,67	23 451 686,87
-  I.   Stock.........................	6 953 862,85	7 291 854,77	7 059 620,86	8 067 123,65
-    1. Raw materials.................	3 685 685,00	3 793 738,64	3 662 618,17	4 259 747,92
-    2. Semi-finished products and work-in-progress......................	1 341 868,00	1 469 842,23	1 519 657,93	1 733 633,80
-    3. Finished products.............	1 926 309,85	2 028 273,90	1 877 344,76	2 073 741,93
-  II. Short-term receivables.........	8 030 151,03	8 179 879,17	14 677 305,50	14 563 019,69
-    1. Receivables from affiliated companies.............................	4 726,15	16 864,74	5 109 902,92	8 941 580,30
-      a) Due to deliveries and services with payment period:.........	4 726,15	16 864,74	5 109 902,92	8 941 580,30
-        - up to 12 months............	4 726,15	16 864,74	5 109 902,92	8 941 580,30
-    2. Other receivables ............	8 025 424,88	8 163 014,43	9 567 402,58	5 621 439,39
-      a) Due to deliveries and services with payment period:.........	7 804 946,43	8 038 199,07	8 973 848,71	5 437 976,14
-        - up to 12 months............	7 804 946,43	8 038 199,07	8 973 848,71	5 437 976,14
-      b) Due to taxes, subsidies, insurances, duties, etc...............	210 844,68	109 407,90	592 839,67	177 407,93
-      c) Other.......................	9 633,77	15 407,46	714,20	6 055,32
-  III. Short term investments........	3 600 416,34	4 418 189,67	4 895 209,25	719 495,80
-    1. Short-term financial assets...	3 600 416,34	4 418 189,67	4 895 209,25	719 495,80
-      c) cash and other liquid assets................................	3 600 416,34	4 418 189,67	4 895 209,25	719 495,80
-        - cash in hand and on bank account...............................	3 600 416,34	4 418 189,67	4 661 026,82	719 495,80
-        - other liquid assets........			234 182,43
-IV. Short-term prepayments and accrued income........................	205 663,72	183 134,57	139 348,06	102 047,73
-D. Total assets......................	31 433 863,41	35 362 352,24	34 363 348,62	32 547 046,01
-A. Shareholders' equity..............	19 400 642,98	17 000 435,18	21 949 869,59	24 791 620,28
-  I.   Basic share capital...........	9 069 600,00	9 069 600,00	9 069 600,00	9 069 600,00
-  VI.  Other reserve capital.........			5 322 020,28	10 237 934,75
-  VIII. Net profit (loss)............	10 331 042,98	7 930 835,18	8 058 249,31	5 484 085,53
-  IX.  Deductions from profit during the accounting year (-.........			-500 000,00
-B. Liabilities and reserves for liabilities...........................	12 033 220,43	18 361 917,06	12 413 479,03	7 755 425,73
-  I.   Reserves for liabilities......	245 087,34	271 186,40	1 437 957,39	508 709,25
-    1. Deferred income tax reserves..	29 668,00	37 460,00	42 899,00	362 870,00
-    2. Reserves for pensions and similar social payments...............	154 962,12	185 288,72	151 345,18	91 113,49
-      - long-term....................				91 113,49
-      - short-term...................	154 962,12	185 288,72	151 345,18
-    3. Other reserves................	60 457,22	48 437,68	1 243 713,21	54 725,76
-      - short-term...................	60 457,22	48 437,68	1 243 713,21	54 725,76
-II.  Long-term liabilities...........	1 605 107,83	6 713 173,14	482 024,95	550 468,72
-  1. Due affiliated companies........		5 378 482,90
-  2. Other liabilities...............	1 605 107,83	1 334 690,24	482 024,95	550 468,72
-    c) Other financial liabilities...	1 605 107,83	1 334 690,24	482 024,95	550 468,72
-III. Short-term liabilities..........	10 183 025,26	11 377 557,52	10 493 496,69	6 696 247,76
-  1. Due to affiliated companies.....	149 582,81	106 848,40	697 386,61	2 958 865,97
-    a) Due to deliveries and services with payment period:.........	149 582,81	106 848,40	697 386,61	2 958 865,97
-      - up to 12 months..............	149 582,81	106 848,40	697 386,61	2 958 865,97
-  2. Other liabilities...............	9 918 538,66	11 163 749,36	9 700 235,04	3 659 451,57
-    c) Other financial liabilities...	469 361,59	328 583,11	102 653,50	93 036,96
-    d)Due to deliveries and services with payment period:.........	8 059 267,87	8 954 695,57	8 594 930,63	2 887 252,35
-      - up to 12 months..............	8 059 267,87	8 954 695,57	8 594 930,63	2 887 252,35
-    g) Due to taxes, subsidies, insurances, duties, etc...............	1 389 909,20	1 880 470,68	1 002 650,91	679 162,26
-  3. Special funds...................	114 903,79	106 959,76	95 875,04	77 930,22
-D. Total liabilities.................	31 433 863,41	35 362 352,24	34 363 348,62	32 547 046,01
Source of financial data	Monitor Polski B	Court	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.05.2011- 30.04.2012 (PLN)	01.05.2010- 30.04.2011 (PLN)	01.05.2009- 30.04.2010 (PLN)	01.05.2008- 30.04.2009 (PLN)
-A. Income from sales and similar.....	67 682 819,60	61 679 740,16	60 506 843,51	47 310 799,27
-  - including related companies......	133 363,00	238 158,21	421 803,89	884 404,73
-  I.   Net income on sales...........	66 133 737,83	59 028 002,78	58 264 978,54	47 633 867,44
-  II.  Change in value of stock ( +, -).................................	-206 900,47	71 595,60	-413 390,63	-323 068,17
-  IV.  Income from sales of goods and materials.........................	1 755 982,24	2 580 141,78	2 655 255,60
-B. Operational costs.................	55 338 074,68	52 650 851,81	50 194 098,90	43 015 954,45
-  I.   Depreciation..................	3 807 237,21	2 792 693,35	2 237 117,60	2 493 530,44
-  II.  Materials and energy..........	32 131 957,17	31 698 079,50	29 580 812,93	26 418 071,67
-  III. Third party services..........	11 515 012,43	10 129 173,34	10 591 957,62	8 855 644,88
-  IV.  Taxes and duties..............	101 109,92	93 892,21	88 461,86	110 411,37
-  V.   Salaries and wages............	4 539 139,61	4 208 868,72	3 924 962,85	3 829 587,46
-  VI.  Social security...............	1 244 485,34	1 150 688,36	1 092 163,16	1 130 649,48
-  VII. Other.........................	139 037,01	172 319,29	192 285,08	178 059,15
-  VIII.Costs of goods and materials sold..................................	1 860 095,99	2 405 137,04	2 486 337,80
-C. Profit on sale....................	12 344 744,92	9 028 888,35	10 312 744,61	4 294 844,82
-D. Other operating incomes...........	752 723,02	1 167 696,78	1 121 033,43	1 009 511,01
-  I.   Incomes from disposal non-financial assets..................		7 875,60
-  III. Other operating incomes.......	752 723,02	1 159 821,18	1 121 033,43	1 009 511,01
-E. Other operating costs.............	121 869,42	150 247,59	599 758,71	397 456,85
-  I.   Loss on disposal of non-finacial assets...................			416 412,14	29 499,50
-  II.  Goodwill revaluation..........	21 128,08		145 508,14	10 089,79
-  III. Other operating costs.........	100 741,34	150 247,59	37 838,43	357 867,56
-F. Profit on operating activities....	12 975 598,52	10 046 337,54	10 834 019,33	4 906 898,98
-G. Financial incomes.................	3 931,69	109 056,39	2 195,02	1 912 802,65
-  II.  Interest received.............	3 931,69	3 814,81	2 195,02	2 639,06
-  V.   Other.........................		105 241,58		1 910 163,59
-H. Financial costs...................	176 331,23	70 037,75	1 130 661,04	11 499,10
-  I.   Interest......................	79 551,65	70 037,75	19 114,80	11 499,10
-    - related companies..............	9 062,58	32 581,07		1 046,82
-  IV.  Other.........................	96 779,58		1 111 546,24
-I. Profit on economic activity.......	12 803 198,98	10 085 356,18	9 705 553,31	6 808 202,53
-K. Gross profit......................	12 803 198,98	10 085 356,18	9 705 553,31	6 808 202,53
-L. Corporation tax...................	2 472 156,00	2 154 521,00	1 647 304,00	1 324 117,00
-N. Net profit........................	10 331 042,98	7 930 835,18	8 058 249,31	5 484 085,53

AUDITOR

Balance sheet as at 30.04.2012
MAZARS AUDYT Sp. z o.o., ul. Foksal 16, 00-372 Warszawa	No. 186

Balance sheet as at 30.04.2010
MAZARS AUDYT Sp. z o.o., ul. Foksal 16, 00-372 Warszawa	No. 186

Expert auditor Jarosław Bochenek

No. 90086

Balance sheet as at 30.04.2009
MAZARS AUDYT Sp. z o.o., ul. Foksal 16, 00-372 Warszawa	No. 186

Expert auditor Jarosław Bochenek

No. 90086

Ratios	01.05.2011- 30.04.2012	01.05.2010- 30.04.2011	01.05.2009- 30.04.2010	01.05.2008- 30.04.2009
Current ratio	1,85	1,76	2,55	3,50
Quick ratio	1,14	1,11	1,87	2,28
Immediate ratio	0,35	0,39	0,47	0,11
Return on sale	15,22	12,87	13,23	11,51
Return on assets	32,87	22,43	23,45	16,85
Return on equity	53,25	46,65	36,71	22,12
Average trade debtors' days	43,29	48,46	87,94	111,59
Average stock turnover's days	37,49	43,20	42,30	61,82
average payables payment period	54,90	67,41	62,87	51,31
Total indebtedness ratio	38,28	51,93	36,12	23,83

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.29.32.Z - NACE 2007), as at :	30.09.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,34	1,32	1,31	1,28	1,22
Quick ratio..............................	1,04	1,05	1,03	1,03	0,90
Immediate ratio..........................	0,20	0,28	0,30	0,25	0,24
Return on sale...........................	6,27	5,82	5,56	3,58	1,56
Return on assets.........................	6,86	8,53	8,48	5,38	2,21
Return on equity.........................	15,96	19,95	20,42	12,24	5,04
Average trade debtors' days..............	69,51	65,67	66,20	68,82	62,56
Average stock turnover's days............	25,85	25,83	24,79	23,19	29,66
average payables payment period..........	94,20	100,67	95,09	94,68	102,17
Total indebtedness ratio.................	57,00	57,26	58,46	56,08	56,06
Percent share in the examinated group of companies with net profit.............	82,70	76,50	80,10	66,00	65,50
Sales/revenue per employee in th. PLN....	425,62	562,95	513,46	468,15	395,63
Average sales/revenue per company in th. PLN..................................	188 070,02	238 242,31	209 141,47	168 747,85	157 835,09

according to the Central Statistical Office

Locations: ul. Turyńska 100, 43-100 Tychy
Phone:                  32 2179644
Fax:                     32 2179628
E-mail:                 infosek@flexider.it.pl
Website:                www.flexider.com

Real Estate Book value of buildings as at 30.04.2012 PLN 364 436,16

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 05.03.2013 there are no shares in other companies.

Connections: Roger Yamamoto 
Mario Santarelli 
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: 05.03.2013.

Certificates: QS 9000
ISO/TS 16949:2002

Banks Names of banks were not disclosed

Payment Manner Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

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%)

MIRA INFORM REPORT

Prepared for :	Dena Bank - Fort – IFB
Your Ref. No.:	Venus Wire Ind Ltd

Report No. :	215658
Report Date :	29.03.2013

INQUIRY DETAILS

Given Name :	Flexider Poland SP Zoo
Given Address :	43100 Tychy UL Turynska 100, Poland

IDENTIFICATION DETAILS

Name :	FLEXIDER POLAND SP. Z O.O.
Registered Office :	ul. Turyńska 100, 43-100 Tychy
Country :	Poland
Financials (as on) :	30.04.2012
Date of Incorporation :	18.03.1999
Com. Reg. No.:	11.06.2001, District Court Katowice, VIII Department, KRS 18366
Legal Form :	Limited Liability Company
Line of Business :	production of parts and accessories for motor vehicles (exhaust steel pipes); general metal processing
No. of Employees :	87

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

FLEXIDER POLAND Sp. z o.o.

Company Address

ul. Turyńska 100
43-100 Tychy

Phone:    32 2179644

Fax:      32 2179628

E-mail:   infosek@flexider.it.pl

Website:  www.flexider.com

company summary

Legal form Limited liability company

Stat.no. 014940732

Tax ID PL 5212999175

Establishment 18.03.1999

Changes addresses ul. Sobieskiego 110/16/17, 00-764 Warszawa

13.07.2001  ul. Turyńska 100, 43-100 Tychy

Registration: 11.06.2001, District Court Katowice, VIII Department, KRS 18366

Data concerning previous registrations: 22.04.1999, District Court Warszawa, RHB 56442

Shareholders NIEUWBURGH B.V., Amsterdam, Netherlands PLN 9 069 500,00 more than 99,99%

other shareholders PLN 100,00 less than 0,01%

list entered to NCR /KRS/ on  15.02.2007

Initial Capital  PLN 9 069 600,00

Initial capital divided into 90696 shares of PLN 100,00 each

Management Wojciech Liana , personal ID no. (PESEL) 55111804270, ul. Brzozowa 8/1, 43-365 Wilkowice
 - president

Roger Yamamoto 
 - member of board of directors

Mario Santarelli 
 - member of board of directors

Representation:
since 12.11.2003 
Two members of the board of directors jointly

Main activity production of parts and accessories for motor vehicles (exhaust steel pipes); general metal

processing

Branches NACE 2007:

Manufacture of parts and accessories for motor vehicles and their engines, excluding

Motorcycles (C.29.32.Z)

Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Research and experimental development on natural sciences and engineering Maintenance and repair of motor vehicles, excluding motorcycles

Employment

2007:              100       employees
2008:              100       employees
2009:              50 to 249 employees 
2010:              50 to 249 employees 
2012:              87        employees

Turnover 01.05.2007 - 30.04.2008 PLN 64 039 355,42

01.05.2008 - 30.04.2009 PLN 47 310 799,27

01.05.2009 - 30.04.2010 PLN 60 506 843,51

01.05.2010 - 30.04.2011 PLN 61 679 740,16

01.05.2011 - 30.04.2012 PLN 67 682 819,60

Financial statements

Source of financial data	Monitor Polski B	Court	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	30.04.2012 (PLN)	30.04.2011 (PLN)	30.04.2010 (PLN)	30.04.2009 (PLN)
-A. Fixed assets......................	12 643 769,47	15 289 294,06	7 591 864,95	9 095 359,14
-  I.   Intangible assets.............	6 131 891,48	7 922 926,95	8 089,57	5 377,34
-    3. Other intangible assets.......	6 131 891,48	7 922 926,95	8 089,57	5 377,34
-  II.  Tangible assets...............	6 475 304,99	7 273 631,11	7 285 247,38	8 816 480,80
-    1. Fixed goods...................	6 345 408,54	7 273 631,11	6 526 762,14	8 447 892,91
-      b) buildings, premises, facilities............................	364 436,16	505 758,96	644 388,68	906 988,32
-      c) machinery and equipment.....	5 953 974,64	6 730 769,45	5 868 978,52	7 517 590,28
-      e) other fixed goods...........	26 997,74	37 102,70	13 394,94	23 314,31
-    2. Fixed goods under construction..........................	129 896,45		758 485,24	368 587,89
-V. Long-term prepayments and accrued income........................	36 573,00	92 736,00	298 528,00	273 501,00
-  1. Deferred tax assets.............	36 573,00	92 736,00	298 528,00	273 501,00
-B. Current assets....................	18 790 093,94	20 073 058,18	26 771 483,67	23 451 686,87
-  I.   Stock.........................	6 953 862,85	7 291 854,77	7 059 620,86	8 067 123,65
-    1. Raw materials.................	3 685 685,00	3 793 738,64	3 662 618,17	4 259 747,92
-    2. Semi-finished products and work-in-progress......................	1 341 868,00	1 469 842,23	1 519 657,93	1 733 633,80
-    3. Finished products.............	1 926 309,85	2 028 273,90	1 877 344,76	2 073 741,93
-  II. Short-term receivables.........	8 030 151,03	8 179 879,17	14 677 305,50	14 563 019,69
-    1. Receivables from affiliated companies.............................	4 726,15	16 864,74	5 109 902,92	8 941 580,30
-      a) Due to deliveries and services with payment period:.........	4 726,15	16 864,74	5 109 902,92	8 941 580,30
-        - up to 12 months............	4 726,15	16 864,74	5 109 902,92	8 941 580,30
-    2. Other receivables ............	8 025 424,88	8 163 014,43	9 567 402,58	5 621 439,39
-      a) Due to deliveries and services with payment period:.........	7 804 946,43	8 038 199,07	8 973 848,71	5 437 976,14
-        - up to 12 months............	7 804 946,43	8 038 199,07	8 973 848,71	5 437 976,14
-      b) Due to taxes, subsidies, insurances, duties, etc...............	210 844,68	109 407,90	592 839,67	177 407,93
-      c) Other.......................	9 633,77	15 407,46	714,20	6 055,32
-  III. Short term investments........	3 600 416,34	4 418 189,67	4 895 209,25	719 495,80
-    1. Short-term financial assets...	3 600 416,34	4 418 189,67	4 895 209,25	719 495,80
-      c) cash and other liquid assets................................	3 600 416,34	4 418 189,67	4 895 209,25	719 495,80
-        - cash in hand and on bank account...............................	3 600 416,34	4 418 189,67	4 661 026,82	719 495,80
-        - other liquid assets........			234 182,43
-IV. Short-term prepayments and accrued income........................	205 663,72	183 134,57	139 348,06	102 047,73
-D. Total assets......................	31 433 863,41	35 362 352,24	34 363 348,62	32 547 046,01
-A. Shareholders' equity..............	19 400 642,98	17 000 435,18	21 949 869,59	24 791 620,28
-  I.   Basic share capital...........	9 069 600,00	9 069 600,00	9 069 600,00	9 069 600,00
-  VI.  Other reserve capital.........			5 322 020,28	10 237 934,75
-  VIII. Net profit (loss)............	10 331 042,98	7 930 835,18	8 058 249,31	5 484 085,53
-  IX.  Deductions from profit during the accounting year (-.........			-500 000,00
-B. Liabilities and reserves for liabilities...........................	12 033 220,43	18 361 917,06	12 413 479,03	7 755 425,73
-  I.   Reserves for liabilities......	245 087,34	271 186,40	1 437 957,39	508 709,25
-    1. Deferred income tax reserves..	29 668,00	37 460,00	42 899,00	362 870,00
-    2. Reserves for pensions and similar social payments...............	154 962,12	185 288,72	151 345,18	91 113,49
-      - long-term....................				91 113,49
-      - short-term...................	154 962,12	185 288,72	151 345,18
-    3. Other reserves................	60 457,22	48 437,68	1 243 713,21	54 725,76
-      - short-term...................	60 457,22	48 437,68	1 243 713,21	54 725,76
-II.  Long-term liabilities...........	1 605 107,83	6 713 173,14	482 024,95	550 468,72
-  1. Due affiliated companies........		5 378 482,90
-  2. Other liabilities...............	1 605 107,83	1 334 690,24	482 024,95	550 468,72
-    c) Other financial liabilities...	1 605 107,83	1 334 690,24	482 024,95	550 468,72
-III. Short-term liabilities..........	10 183 025,26	11 377 557,52	10 493 496,69	6 696 247,76
-  1. Due to affiliated companies.....	149 582,81	106 848,40	697 386,61	2 958 865,97
-    a) Due to deliveries and services with payment period:.........	149 582,81	106 848,40	697 386,61	2 958 865,97
-      - up to 12 months..............	149 582,81	106 848,40	697 386,61	2 958 865,97
-  2. Other liabilities...............	9 918 538,66	11 163 749,36	9 700 235,04	3 659 451,57
-    c) Other financial liabilities...	469 361,59	328 583,11	102 653,50	93 036,96
-    d)Due to deliveries and services with payment period:.........	8 059 267,87	8 954 695,57	8 594 930,63	2 887 252,35
-      - up to 12 months..............	8 059 267,87	8 954 695,57	8 594 930,63	2 887 252,35
-    g) Due to taxes, subsidies, insurances, duties, etc...............	1 389 909,20	1 880 470,68	1 002 650,91	679 162,26
-  3. Special funds...................	114 903,79	106 959,76	95 875,04	77 930,22
-D. Total liabilities.................	31 433 863,41	35 362 352,24	34 363 348,62	32 547 046,01
Source of financial data	Monitor Polski B	Court	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.05.2011- 30.04.2012 (PLN)	01.05.2010- 30.04.2011 (PLN)	01.05.2009- 30.04.2010 (PLN)	01.05.2008- 30.04.2009 (PLN)
-A. Income from sales and similar.....	67 682 819,60	61 679 740,16	60 506 843,51	47 310 799,27
-  - including related companies......	133 363,00	238 158,21	421 803,89	884 404,73
-  I.   Net income on sales...........	66 133 737,83	59 028 002,78	58 264 978,54	47 633 867,44
-  II.  Change in value of stock ( +, -).................................	-206 900,47	71 595,60	-413 390,63	-323 068,17
-  IV.  Income from sales of goods and materials.........................	1 755 982,24	2 580 141,78	2 655 255,60
-B. Operational costs.................	55 338 074,68	52 650 851,81	50 194 098,90	43 015 954,45
-  I.   Depreciation..................	3 807 237,21	2 792 693,35	2 237 117,60	2 493 530,44
-  II.  Materials and energy..........	32 131 957,17	31 698 079,50	29 580 812,93	26 418 071,67
-  III. Third party services..........	11 515 012,43	10 129 173,34	10 591 957,62	8 855 644,88
-  IV.  Taxes and duties..............	101 109,92	93 892,21	88 461,86	110 411,37
-  V.   Salaries and wages............	4 539 139,61	4 208 868,72	3 924 962,85	3 829 587,46
-  VI.  Social security...............	1 244 485,34	1 150 688,36	1 092 163,16	1 130 649,48
-  VII. Other.........................	139 037,01	172 319,29	192 285,08	178 059,15
-  VIII.Costs of goods and materials sold..................................	1 860 095,99	2 405 137,04	2 486 337,80
-C. Profit on sale....................	12 344 744,92	9 028 888,35	10 312 744,61	4 294 844,82
-D. Other operating incomes...........	752 723,02	1 167 696,78	1 121 033,43	1 009 511,01
-  I.   Incomes from disposal non-financial assets..................		7 875,60
-  III. Other operating incomes.......	752 723,02	1 159 821,18	1 121 033,43	1 009 511,01
-E. Other operating costs.............	121 869,42	150 247,59	599 758,71	397 456,85
-  I.   Loss on disposal of non-finacial assets...................			416 412,14	29 499,50
-  II.  Goodwill revaluation..........	21 128,08		145 508,14	10 089,79
-  III. Other operating costs.........	100 741,34	150 247,59	37 838,43	357 867,56
-F. Profit on operating activities....	12 975 598,52	10 046 337,54	10 834 019,33	4 906 898,98
-G. Financial incomes.................	3 931,69	109 056,39	2 195,02	1 912 802,65
-  II.  Interest received.............	3 931,69	3 814,81	2 195,02	2 639,06
-  V.   Other.........................		105 241,58		1 910 163,59
-H. Financial costs...................	176 331,23	70 037,75	1 130 661,04	11 499,10
-  I.   Interest......................	79 551,65	70 037,75	19 114,80	11 499,10
-    - related companies..............	9 062,58	32 581,07		1 046,82
-  IV.  Other.........................	96 779,58		1 111 546,24
-I. Profit on economic activity.......	12 803 198,98	10 085 356,18	9 705 553,31	6 808 202,53
-K. Gross profit......................	12 803 198,98	10 085 356,18	9 705 553,31	6 808 202,53
-L. Corporation tax...................	2 472 156,00	2 154 521,00	1 647 304,00	1 324 117,00
-N. Net profit........................	10 331 042,98	7 930 835,18	8 058 249,31	5 484 085,53

AUDITOR

Balance sheet as at 30.04.2012
MAZARS AUDYT Sp. z o.o., ul. Foksal 16, 00-372 Warszawa	No. 186

Balance sheet as at 30.04.2010
MAZARS AUDYT Sp. z o.o., ul. Foksal 16, 00-372 Warszawa	No. 186

Expert auditor Jarosław Bochenek

No. 90086

Balance sheet as at 30.04.2009
MAZARS AUDYT Sp. z o.o., ul. Foksal 16, 00-372 Warszawa	No. 186

Expert auditor Jarosław Bochenek

No. 90086

Ratios	01.05.2011- 30.04.2012	01.05.2010- 30.04.2011	01.05.2009- 30.04.2010	01.05.2008- 30.04.2009
Current ratio	1,85	1,76	2,55	3,50
Quick ratio	1,14	1,11	1,87	2,28
Immediate ratio	0,35	0,39	0,47	0,11
Return on sale	15,22	12,87	13,23	11,51
Return on assets	32,87	22,43	23,45	16,85
Return on equity	53,25	46,65	36,71	22,12
Average trade debtors' days	43,29	48,46	87,94	111,59
Average stock turnover's days	37,49	43,20	42,30	61,82
average payables payment period	54,90	67,41	62,87	51,31
Total indebtedness ratio	38,28	51,93	36,12	23,83

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.29.32.Z - NACE 2007), as at :	30.09.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,34	1,32	1,31	1,28	1,22
Quick ratio..............................	1,04	1,05	1,03	1,03	0,90
Immediate ratio..........................	0,20	0,28	0,30	0,25	0,24
Return on sale...........................	6,27	5,82	5,56	3,58	1,56
Return on assets.........................	6,86	8,53	8,48	5,38	2,21
Return on equity.........................	15,96	19,95	20,42	12,24	5,04
Average trade debtors' days..............	69,51	65,67	66,20	68,82	62,56
Average stock turnover's days............	25,85	25,83	24,79	23,19	29,66
average payables payment period..........	94,20	100,67	95,09	94,68	102,17
Total indebtedness ratio.................	57,00	57,26	58,46	56,08	56,06
Percent share in the examinated group of companies with net profit.............	82,70	76,50	80,10	66,00	65,50
Sales/revenue per employee in th. PLN....	425,62	562,95	513,46	468,15	395,63
Average sales/revenue per company in th. PLN..................................	188 070,02	238 242,31	209 141,47	168 747,85	157 835,09

according to the Central Statistical Office

Locations: ul. Turyńska 100, 43-100 Tychy
Phone:                  32 2179644
Fax:                     32 2179628
E-mail:                 infosek@flexider.it.pl
Website:                www.flexider.com

Real Estate Book value of buildings as at 30.04.2012 PLN 364 436,16

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 05.03.2013 there are no shares in other companies.

Connections: Roger Yamamoto 
Mario Santarelli 
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: 05.03.2013.

Certificates: QS 9000
ISO/TS 16949:2002

Banks Names of banks were not disclosed

Payment Manner Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

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%)

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.