MIRA INFORM REPORT

 

 

Report Date :

10.05.2013

 

IDENTIFICATION DETAILS

 

Name :

ANDROPOL SA

 

 

Formerly Known as:

Andrychowskie Zakłady Przemysłu Bawełnianego ANDROPOL SA

 

 

Registered Office :

ul. Krakowska 83, 34-120 Andrychów

 

 

Country :

Poland

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishments:

1906

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture, packing, wholesale and retail sale of made-up textile articles (bedclothes and cotton fabrics); Painting and finishing of yarn

 

 

No. of Employees :

121 employees

 

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 :

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 31st 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 & address 

 

ANDROPOL SA

ul. Krakowska 83

34-120 Andrychów

Phone:              33 8756542

Fax:                  33 8756540

E-mail:              sekretariat@andropol.com.pl

Website:           www.andropol.com.pl

 

 

Company summary

 

Legal form                    Joint Stock Company

Stat.no.                        071000677

Tax ID PL                      5510007736

 

Establishment               1906 as Unknown

1945 as State-owned enterprise

21.02.1992 as Joint Stock Company

 

 

Changes of names and addresses

21.02.1992        Andrychowskie Zakłady Przemysłu Bawełnianego ANDROPOL SA

04.08.2008        ANDROPOL SA

 

Registration:

29.04.2002, District Court Kraków, XII Department, KRS 109997

 

Data concerning previous registrations:

01.04.1992, District Court Bielsko-Biała, RHB 1780

 

Shareholders

Przedsiębiorstwo Handlu Tekstyliami Sp. z

o.o., ul. Heliotropów 1, 04-796 Warszawa

 

SPÓŁDZIELNIA COTTON-TECH, ul. Heliotropów 1,

04-796 Warszawa

 

Share capital                                                                      PLN 10 323 270,00

 

Share capital divided into 5433300 shares of PLN 1,90 each

 

Changes of share capital

- since 13.04.2004 until 20.01.2006 the

capital estimated                                               PLN 25 000,00

 

- since 05.04.2004 until 13.04.2004 the

capital estimated                                               PLN 906 900,00

- since 29.04.2002 until 05.04.2004 the

capital estimated                                                           PLN 3 441 090,00

 

 

Management

Grzegorz Adam Łukawski , personal ID no. (PESEL) 70083100579, ul.

Radzikowskiego 81/39, 31-315 Kraków

- president

 

Proxies:

·         Jacek Sławomir Godzisz , personal ID no. (PESEL) 65052700773

·         Danuta Wojewodzic , personal ID no. (PESEL) 56053006487, ul. Górska 38, 32-440 Sułkowice

·         Radosław Artur Klinowski , personal ID no. (PESEL) 68091610492

·         Krzysztof Spólnicki , personal ID no. (PESEL) 55092808971

 

Representation:

To submit statements of will and sign on behalf of the company:

If one man board – President solely, sole proxy solely or two joint

proxies jointly

 

If numerous managers – Two members of the board of directors jointly

or member of the board of directors with proxy jointly or two joint

proxies jointly

 

Supervisory board

·         Maria Łuszyńska , personal ID no. (PESEL) 50011804067

·         Bożenna Wiesława Tefelska , personal ID no. (PESEL) 49120504300

·         Aneta Filak Łukawska , personal ID no. (PESEL) 68110102003

·         Jerzy Drygalski , personal ID no. (PESEL) 48091900836

 

Main activity

Manufacture, packing, wholesale and retail sale of made-up textile articles (bedclothes and cotton fabrics); Painting and finishing of yarn; Managing of the capital group;

 

Import Switzerland, Germany

Export Russian Federation, Romania, Sweden,

Bulgaria, Belarus, Finland, Canada,

Slovakia, Croatia, Italy, Greece, United

States, Czech Republic, Ireland, Denmark,

Norway, Slovenia, Latvia, Ukraine, Germany,

Hungary, Austria, Bosnia and Herzegovina,

France, Lithuania

 

Branches                      NACE 2007:

Cotton-type weaving (C.13.20.A)

Finishing of textiles (C.13.30.Z)

Wholesale of textiles (G.46.41.Z)

 

Employment                 2007: 195 employees

2008: 230 employees

2009: 195 employees

2010: 146 employees

2011: 121 employees

 

 

Turnover 2007               PLN 198 702 396,79

2008 PLN 194 250 675,53

2009 PLN 159 144 223,48

2010 PLN 141 320 163,57

2011 PLN 128 327 554,37

 

consolidated turnover   2007 PLN 164 228 635,48

2008 PLN 169 363 954,41

2009 PLN 149 372 569,35

2010 PLN 133 962 459,62

2011 PLN 121 053 398,50

 

 

Financial statements

 

Source of financial data           Monitor Polski B Monitor Polski B Monitor Polski B Monitor Polski B                annual                            annual             annual                        annual

Personal balance sheet as at    31.12.2011           31.12.2010         31.12.2009                31.12.2008

(PLN)

-A. Fixed assets...................... 18 391 372,28    18 004 592,93 24 972 757,71                  31 209 152,60

- I. Intangible assets.............     761,49             20 494,65          41134,68                      33 643,70

- 3. Other intangible assets.......             761,49              20 494,65          41134,68                       33 643,70

- II. Tangible assets...............    9 475 898,68     10 019 820,08    9 808 861,35                 16 059 246,19

- 1. Fixed goods...................    8 543 343,36     9 157 293,79     8 761 193,46                14 721 238,91

- a) land........................                        785 915,64        874 972,92        304 575,29                    331 084,32

- b) buildings, premises,

facilities............................        4 772 441,30     4 360 564,77     4 300 496,07                3 935 893,27

- c) machinery and equipment..... 2 366 988,91    3 074 187,58     3 669 550,39                 9 864 538,50

- d) fleet of motor vehicles.....    429 494,94        518 170,48       224 776,54                    484 785,55

- e) other fixed goods...........     188 502,57        329 398,04        261 795,17                   104 937,27

- 2. Fixed goods under

construction..........................    932 555,32        862 526,29        1 039 773,30                 1 272 511,86

- 3. Prepayments for fixed goods

under construction....................                                                 7 894,59                        65 495,42

- IV. Long term investments........ 6 362 114,95    6 346 705,80     13 828 872,48                13 925 111,48

- 3. Long term financial assets.... 6 362 114,95    6 346 705,80     13 828 872,48               13 925 111,48

- a) in affiliated companies.....    6 336 205,80     6 336 205,80     13 818 372,48               13 914 611,48

- - participations or shares...      6 336 205,80     6 336 205,80     13 818 372,48               13 914 611,48

- b) Other.......................           25 909,15          10 500,00          10 500,00                      10 500,00

- - participations or shares...      25 909,15          10 500,00          10 500,00                      10 500,00

-V. Long-term prepayments and

accrued income......................   2 552 597,16    1 617 572,40     1 293 889,20                1191 151,23

- 1. Deferred tax assets............. 2 104 124,00    1 609 561,00     1 288 303,00                1 170 127,00

Contd.

Source of financial data           Monitor Polski B Monitor Polski B Monitor Polski B Monitor Polski B                annual                          annual                annual                       annual

Personal balance sheet as at    31.12.2011           31.12.2010         31.12.2009                31.12.2008

(PLN)

 

- 2. Other prepayments............... 448 473,16      8 011,40            5 586,20                        21 024,23

-B. Current assets.................... 66 836 385,96   61 124 441,95    52 899 204,33                56 501 095,91

- I. Stock.........................          43 569 397,71    38 213 079,46    33 639 622,62               39 196 212,52

- 1. Raw materials................      7 602 962,20     8 976 556,54     7 921 229,52                 11 497 418,84

- 2. Semi-finished products and

work-in-progress......................  10 524 326,73    8 248 615,84     6 285 629,86                 7 232 703,33

- 3. Finished products.............   12 101 771,92    11 231 115,91    12 017 892,66                13 722 351,83

- 4. Goods for re-sale.............   13 207 389,37    9 262 213,19     6 947 300,28                 6 312 405,37

- 5. Advance payments ............. 132 947,49       494 577,98        467 570,30                    431 333,15

- II. Short-term receivables......... 21 399 728,51   17 189 110,87    16 173 700,09                14 960 001,36

- 1. Receivables from affiliated

companies.............................   6 839 662,55     4 829 256,63     5 281 662,53                 26,77

- a) Due to deliveries and

services with payment period:.......6 839 662,55 4 829 256,63     3 522 664,59                 26,77

- - up to 12 months............        6 839 662,55     4 829 256,63     3 522 664,59                 26,77

- b) Other.......................                                                           1 758 997,94

- 2. Other receivables ............    14 560 065,96    12 359 854,24    10 892 037,56                14 959 974,59

- a) Due to deliveries and

services with payment period:.....13 580 832,36 11 996 816,00    10 722 291,07                14 633 091,57

- - up to 12 months............        13 580 832,36    11 996 816,00    10 722 291,07                14 633 091,57

- b) Due to taxes, subsidies,

insurances, duties, etc...............945 244,41        329 783,35        139 536,74                    292 505,04

- c) Other.......................           33 989,19          33 254,89 30     209,75 34                      377,98

- III. Short term investments...... 1 532 326,50      5 683 440,06     2 455 523,10                 1 591 211,65

- 1. Short-term financial assets.. 739 952,58        5 136 699,06     2 455 523,10                 1 591 211,65

- b) Other.......................                                                                                               1 043,61

- - granted loans..............                                                                                              1 043,61

- c) cash and other liquid assets 739952,58         5136699,06       2455523,10                   1590168,04

- - cash in hand and on bank

account......................              739 952,58       965 807,11        2 455 523,10                 1 590 168,04

- - other liquid assets........                                 4 170 891,95

- 2. Other short-term

investments...........................   792 373,92        546 741,00

-IV. Short-term prepayments and

accrued income........................334 933,24         38 811,56          630 358,52                    753 670,38

-D. Total assets...................... 85 227 758,24     79 129 034,88    77 871 962,04                87 710 248,51

-A. Shareholders' equity......... 58 996 904,92    56 415 212,73    57 533 387,48                55 101 306,51

- I. Basic share capital...........    10 323 270,00    10 323 270,00    10 323 270,00                10 323 270,00

- III. Share premium capital......... -112 429,10

- IV. Statutory reserve capital..... 36 741 832,86   35 377 643,37 32 939 711,04                27 740 325,25

- V. Revaluation reserve.............7 698 113,87     7 761 788,13     11 838 325,47                11 922 190,86

- VI. Other reserve capital......... 1 000 000,00

- VIII. Net profit (loss)............    3 346 117,29     2 952 511,23 2   432 080,97                    5 115 520,40

-B. Liabilities and reserves for

liabilities...........................       230 853,32       22 713 822,15    20 338 574,56                32 608 942,00

- I. Reserves for liabilities......     2 902 395,84     763 224,71        686 446,33                    918 195,42

- 1. Deferred income tax reserves..         11 544,00          13 307,00          13 427,00                      47 013,00

- 2. Reserves for pensions and

similar social payments...............          840 977,83        749 917,71        673 019,33                    857 532,42

- - long-term....................                      186 832,09        235 897,31        306 854,61                    301 825,89

- - short-term...................                      654 145,74        514 020,40        366 164,72                    555 706,53

- 3. Other reserves................                 2 049 874,01                                                                 13 650,00

- - long-term....................                      443 673,16

- - short-term...................                      1 606 200,85                                                                 13 650,00

-II. Long-term liabilities...........                5 651 212,52     6 176 385,82     248 324,37                    822 933,37

- 1. Due affiliated companies........         5 600 000,00     6 100 000,00

- 2. Other liabilities...............                  51 212,52          76 385,82          248 324,37                    822 933,37

- c) Other financial liabilities...                51 212,52

- d) Other.........................                     76 385,82          248 324,37        822 933,37

-III. Short-term liabilities..........                17 425 077,30    15 497 036,32    18 864 785,17               30 302 285,49

- 1. Due to affiliated companies.....        1 151 514,36     2 680 669,25     7 329 970,36                 9 493 488,02

- a) Due to deliveries and

services with payment period:.........       969 711,90        2 131 429,83     7 329 970,36                 9 490 426,06

- - up to 12 months..............                  969 711,90        2 131 429,83     7 329 970,36                 9 490 426,06

- b) Other.........................                     181 802,46        549 239,42        3 061,96

- 2. Other liabilities...............                  16 270 541,59    12 812 619,34    11 534 743,56                20 798 878,70

- a) Loans.........................                    3 393 977,59     118 874,44                    30,04                2 378 174,49

- b) Issued securities.............                                        25 663,67

- c) Other financial liabilities...                84 818,77

- d)Due to deliveries and

services with payment period:.....           10 896 134,03   10 973 147,43    8 845 782,28                 14 219 685,36

- - up to 12 months..............                  10 896 134,03    10 973 147,43    8 845 782,28                 14 219 685,36

- e) Advances received.............             173 617,79        312 430,34        778 864,85                    600 319,81

- g) Due to taxes, subsidies,

insurances, duties, etc...............            1 250 753,29     455 013,49        776 464,45                    726 282,40

- h) Due to salaries...............                 303 363,07        330 975,32        392 146,08                    573 653,50

- i) Other.........................                      167 877,05        596 514,65        741 455,86                    2 300 763,14

- 3. Special funds...................               3 021,35            3 747,73                71,25                        9 918,77

-IV. Accruals and deferred income....      252 167,66        277 175,30        539 018,69                    565 527,72

- 2. Other accruals..................               252 167,66        277 175,30        539 018,69                    565 527,72

- - long-term......................                    252 167,66        277 175,30        539 018,69                    565 527,72

-D. Total liabilities.................               85 227 758,24    79 129 034,88    77 871 962,04                87 710 248,51

 

 

Source of financial data           Monitor Polski B Monitor Polski B Monitor Polski B Monitor Polski B

annual                 annual                  annual                   annual

 

individual

PROFIT AND LOSS A/C            01.01.2011-       01.01.2010-       01.01.2009-                   01.01.2008-

31.12.2011        31.12.2010        31.12.2009                    31.12.2008

Currency (PLN)

-A. Income from sales

and similar.                              128 327 554,37 141 320 163,57 159 144 223,48   194 250 675,53

- - including related companies...... 9 536 011,83 12 879 101,10   18 533 926,67                31 692 995,58

- I. Net income on sales...........    78 247 635,21 94 899 096,61   107 745 848,58 130 213 117,17

- II. Change in value of stock (+, -).3 146 366,90 1 176 209,23     -2 651 532,64                4 319 097,16

- III. Sales of goods for own use.... 3 491 017,79            3 282 557,16     3 076 175,22                 3 550 358,89

- IV. Income from sales of goods

and materials.........................               43 442 534,47    41 962 300,57    50 973 732,32                56 168 102,31

-B. Operational costs.................           117 556 898,71 132 242 717,31 149 229 935,66   179 370 858,84

- I. Depreciation..................                   1 587 734,50     1 861 111,93     4917 576,27                  3 517 541,84

- II. Materials and energy..........              33 566 383,69    36 001 827,98    37 177 935,48                56 093 402,94

- III. Third party services..........               38 007 419,97    48 730 540,96    52 221 279,19                58 580 224,62

- IV. Taxes and duties..............              939 971,64        937 991,08        903 278,41                    895 931,37

- V. Salaries and wages............             5 856 236,51     6 899 653,27     7 250 520,07                 7 843 855,78

- VI. Social security...............                1 046 517,73     1 223 459,64    1 211 910,55                 1 520 808,45

- VII. Other.........................                   544 918,80        684 280,95        891 231,90                    1 043159,39

- VIII.Costs of goods and materials

sold............                                          36 007 715,87    35 903 851,50    44 656 203,79               49 875 934,45

-C. Profit on sale....................              10 770 655,66    9 077 446,26     9 914 287,82                 14 879 816,69

-D. Other operating incomes...........     1 166 531,63     945 809,64        1 561 763,38                 1 142 861,08

- I. Incomes from disposal

non-financial assets..................             83 557,16          90 480,29                                              265 679,43

- II. Subsidies.....................                                                                                                       20 000,00

- III. Other operating incomes.......          1 082 974,47     855 329,35        1 561 763,38                 857 181,65

-E. Other operating costs.............        7 892 551,18     6 406 522,92     5 431 660,90                 5 194 837,04

- I. Loss on disposal of

non-finacial assets...................                                                             917 703,83

- II. Goodwill revaluation..........               4 645 158,73     5 035 066,11    3 733 383,99                 4 376 173,33

- III. Other operating costs.........             3 247 392,45     1 371 456,81     780 573,08                    818 663,71

-F. Profit on operating activities....       4 044 636,11     3 616 732,98     6 044 390,30                10 827 840,73

-G. Financial incomes.................         1 462 611,51     9 174 286,66     286 248,58                    1 066 163,37

- I. Dividends received............               687 236,39        229 943,83

- - including dividends to group

and associated company.................      687 151,39        229 893,83

- II. Interest received.............                 24 132,69          152 596,49        245 387,90                    180 367,45

- III. Profit from assets sold.......            148 426,20        8 781 804,06                                         207 707,20

- V. Other.........................                     602 816,23        9 942,28            40 860,68                      678 088,72

-H. Financial costs...................            2 670 895,41     7 969 444,41     3 031 071,67                 5 129 372,77

- I. Interest......................                       595 276,57        395 399,89        748 950,18                    1 048 082,64

- - related companies..............               401 177,35

- III. Financial assets revaluation..           535 149,28        5 202 895,00     1 702 925,00                 1 979 599,78

- IV. Other.........................                    1 540 469,56     2 371 149,52     579 196,49 2                 101 690,35

-I. Profit on economic activity.......       2 836 352,21     4 821 575,23     3 299 567,21                 6 764 631,33

-J. Exceptional items.................           20 082,08                                  891,76                          482,07

- I. Exceptional gains.............                21 714,26                                  891,76                          8 405,98

- II. Exceptional losses............              1 632,18                                                                        7 923,91

-K. Gross profit......................              2 856 434,29     4 821 575,23     3 300 458,97                 6 765 113,40

-L. Corporation tax...................            6 643,00 2         190 442,00        1 020 140,00                 1 649 593,00

- a) current part....................                                                                                                      2 123 021,00

- b) deferred part...................                                                                                                    -473 428,00

-M. Other statutory charges...........       -496 326,00       -321 378,00       -151 762,00

-N. Net profit........................                 3346117,29       2952511,23       2432080,97                   5115520,40

AUDITOR

 

Balance sheet as at 31.12.2010

POLINVEST - AUDIT SPOLKA Z O.O., ul. Lukasiewicza                                                               No. 1806

Ignacego 1,  31-429 Krakow

Expert auditor Lucyna Zych                                                                                                       No. 10113

 

Balance sheet as at 31.12.2009

POLINVEST - AUDIT SPOLKA Z O.O., ul. Lukasiewicza                                                               No. 1806

Ignacego 1,  31-429 Krakow

 

Balance sheet as at 31.12.2008

POLINVEST - AUDIT SPOLKA Z O.O., ul. Lukasiewicza   No. 1806

Ignacego 1,  31-429 Krakow

Expert auditor   Emila Kozien                                                                                                     No. 1874/2881

 

 

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

3,84

3,94

2,80

1,86

Quick ratio

1,32

1,48

0,99

0,55

Immediate ratio

0,04

0,33

0,13

0,05

Return on sale

2,75

2,16

1,53

2,74

Return on assets

3,93

3,73

3,12

5,83

Return on equity

5,67

5,23

4,23

9,28

Average trade debtors' days

64,19

45,84

37,19

29,38

Average stock turnover's days

130,68

101,91

77,36

76,97

average payables payment period

52,27

41,33

43,38

59,51

Total indebtedness ratio

30,78

28,70

26,12

37,18

 

While rating the company, it is advisable to take into consideration information about the branch , the company is acting in

 

(C.13.20.A - NACE 2007), as at :

31.12.2012

31.12.2011

31.12.2010

31.12.2009

31.12.2008

Current ratio.......

2,17

1,83

1,26

1,07

1,12

Quick ratio.....

1,02

0,80

0,65

0,60

0,62

Immediate ratio......

0,18

0,07

0,08

0,08

0,05

Return on sale.....

3,86

3,66

-1,92

-4,42

-3,33

Return on assets.....

5,17

3,96

-1,57

-3,98

-3,22

Return on equity......

8,51

6,17

-2,63

-8,67

-7,61

Average trade debtors' days........

62,60

73,57

81,76

94,92

98,68

Average stock turnover's days.........

88,19

105,30

90,86

89,39

88,30

average payables payment period.......

77,65

103,02

151,02

193,61

181,92

Total indebtedness ratio.........

39,31

35,77

40,16

54,13

57,66

Percent share in the examinated group of companies with net profit

77,30

65,40

65,50

37,80

46,30

Sales/revenue per employee in th. PLN.....

256,09

220,40

167,20

145,97

120,23

Average sales/revenue per company in th. PLN     

32383,23

28 999, 46

25356,07

21028,11

22849,51

 

 

according to the Central Statistical Office

Source of financial data                       Monitor Polski             B          Monitor Polski             B          Monitor Polski

annual                          annual                          annual

Consolidated balance sheet as at         31.12.2011                    31.12.2010                    31.12.2009

CURRENCY (PLN)

 

-A. Fixed assets......................              17 931 477,41                17 521 166,61                25 624 223,18

- Intangible assets..................               1 536 370,31                 1 204 585,01                 1 547 844,24

- 3. Other intangible assets.......             1 536 370,31                 1 204 585,01                 1 547 844,24

- III. Tangible assets...............                13 647 254,47                14 401 987,20                22 333 851,78

- 1. Fixed assets..................                 12 118 203,87                13 496 666,55                20 384 941,19

- a) land (including perpetualusufruct right)956 476,00                  1 054 790,44                 389 028,13

- b) buildings...................                      5 962 675,31                 5 595 727,51                 9 292 120,02

- c) technical appliances and

machniery.............................                4 568 653,63                 5 969 985,27                 10 184 955,47

- d) fleet of motor vehicles.....                440 989,33                    543 498,72                    252 297,86

- e) other fixed assets..........                  189 409,60                    332 664,61                    266 539,71

- 2. Construction in progress......            1 529 050,60                 905 320,65                    1 895 076,00

- 3. Prepayments on construction

in progress...........................                                                                                        53 834,59

- V. Long term investments...........         65 909,15                      50 500,00                      50 500,00

- 3. Long term financial assets....           65 909,15                      50 500,00                      50 500,00

- c) in other companies..........                                                    50 500,00                      50 500,00

- - shares or stocks...........                                                         50 500,00                      50 500,00

-VI. Long term prepayments............       2 681 943,48                 1 864 094,40                 1 692 027,16

- 1. Defferred tax assets............            2 233 470,32                1 856 083,00                 1 621 178,29

- 2. Other prepayments...............           448 473,16                    8 011,40                        70 848,87

-B. Current assets....................             63 657 079,90                58 960 045,40                55 600 229,46

- I. Stocks..........................                   45 403 437,39                39 605 157,42                37 154 276,97

- 1. Materials.....................                    9 276 801,66                 10 233 727,98                10 610 191,49

- 2. Goods and semi goods in

production............................                10 681 579,58                8 383 522,36                 6 424 217,34

- 3. Finished goods................               12 101 771,92                11 231 115,91                12 017 892,66

- 4. Wares.........................                    13 207 389,37                9 262 213,19                 7 595 195,92

- 5. Prepayments for supplies......          135 894,86                    494 577,98                    506 779,56

- II. Short term receivables.........            15 016 054,44                13 022 416,42                12 508 178,76

- 1. Receivables from related

companies.............................               7,18                                                                  50 988,59

- a) due to deliveries with

payment period........................             7,18                                                                  50 988,59

- - to 12 months...............                      7,18                                                                  50 988,59

- 2. Receivables from other units..          15 016 047,26                13 022 416,42                12 457 190,17

- a) due to deliveries with

payment period........................             13 750 949,16                12 267 777,74                11 769 295,86

- - to 12 months...............                      13 750 949,16               12 267 777,74                11 769 295,86

- b) due to taxes, donations,

insurances, duties, etc...............            1 229 523,28                 720 383,79                    653 877,72

- c) other.......................                        35 574,82                      34 254,89                      34 016,59

-III. Short term investments..........           2 898 694,03                 6 289 772,14                5 233 149,85

- 1. Short term financial assets.....          2 898 694,03                 6 289 772,14                 5 233 149,85

- a) in related companies *........             500 000,00

- c) in other companies............                                                                                      1 080,00

- - granted loans................                                                                                            1 080,00

- d) cash and other liquid means...         2 398 694,03                 6 289 772,14                 5 232 069,85

- - cash in hand and on bank

account...............................                 849 682,76                    6 289 772,14                 2 713 831,72

- - cash in hand *...............                    1 549 011,27                                                     2 518 238,13

-IV. Short term prepayments..........        338 894,04 42               699,42                          704 623,88

-Total assets.........................                81 588 557,31                76 481 212,01                81 224 452,64

 

-A. Shareholders' Equity..............        53 929 349,39                54 594 792,88                54 223 044,99

- I. Initial Capital.................                    10 323 270,00                10 323 270,00                10 323 270,00

- III.Share premium capital (-)......            112 429,10

- IV. Statutory reserve capital......           45 093 679,79                44 436 357,97                40 840 211,17

- V. Fixed assets revaluation

reserve capital.......................                5 627 681,82                 5 757 723,04                 5 834 739,35

- VI. Other reserve capital..........             1 000 000,00

- VIII. Profit (loss) from previous

years.................................                   -8 101 834,73                -6 294 306,02                -3 195 311,18

- IX. Net profit (loss)..............                98 981,61                      371 747,89                    420 135,65

-B. Minority capital..................                                                                                     3 342 692,11

-D. Liabilities and reserves for

liabilities...........................                   27 659 207,92                21 886 419,13                23 658 715,54

- I. Reserves for liabilities........               4 493 138,51                 1 987 811,23                 2 214 519,03

- 1. Deffered tax reserve..........              13 180,72                      14 696,14                      16 389,15

- 2. Reserves for pensions and

connected social payments............       1 525 301,76                 1 852 681,38                 1 747 269,86

- - long term....................                      713 626,82                    721 774,01                    1 142 524,28

- - short term...................                      811 674,94                    1 130 907,37                 604 745,58

- 3. Other reserves................                 2 954 656,03                 120 433,71                    450 860,02

- - long term....................                      443 673,16

- - short term...................                      2 510 982,87                 120 433,71                    450 860,02

-II. Long term liabilities............               51 212,52 76                 385,82 817                    824,37

- 2. due to other units..............              51 212,52 76                 385,82 817                    824,37

- a) credits and loans.............                569 500,00

- c) other financial liabilities...                 51 212,52

- d) other.........................                                                          76 385,82                      248 324,37

-III. Short term liabilities..........                21 098 694,73                18 857 294,57                17 581 438,80

- 1. Due to related companies........        738 331,10                    593 204,44                    1 698 398,26

- a) due to delivered goods with

payment period:.......................             738 331,10                    478 293,94                    1 698 398,26

- - to 12 months.................                    738 331,10                                                        1 698 398,26

- b) other.........................                                                          114 910,50

- 2. Due to other companies..........         120 350 464,72             18 253 859,69                15 874 131,66

- a) credits and loans.............                3 393 977,59                 118 874,44                    81 230,04

- c) other financial assets........               84 818,77

- d) due to delivered goods with

payment period........................             13 191 002,25                14 153 928,05                10 611 523,34

- - to 12 months.................                    13 191 002,25                14 153 928,05                10 611 523,34

- e) prepayments for deliveries....           173 617,79                    312 430,34                    778 864,85

- f) due to purchase of fixed

assets in construction...............                                                 1 989 554,72

- g) due to taxes, donations,

insurances, duties, etc...........                2 233 284,66                                                     2 396 162,86

- h) due to salaries...............                  850 593,87                    987 526,82                    1 081 086,07

- i) other.........................                       23 169,79                      691 545,32                    925 264,50

- 3. Special funds...................               9 898,91 10                   230,44 8                        908,88

-IV. Accurals and deferred income.....     2 016 162,16                 964 927,51                    3 044 933,34

- 2. Other...........................                   2 016 162,16                 964 927,51                    3 044 933,34

- - long term......................                    252 167,66                    277 175,30                    2 400 291,73

- - short term.....................                    1 763 994,50                 687 752,21                    644 641,61

-Total liabilities....................                81 588 557,31                76 481 212,01                81 224 452,64

 

 

Source of financial data                                   Monitor Polski B          Monitor Polski B     Monitor Polski B

annual                          annual                          annual

 

CONSOLIDATED P/L Account                          01.01.2011-                   01.01.2010-                   01.01.2009-

31.12.2011                    31.12.2010                    31.12.2009

Currency (PLN)

 

-A. Income from sales and similar.....               121 053 398,50             133 962 459,62             149 372 569,35

- - including subsidiaries...........                         77 350,00                      134 961,47                    363 435,03

- I. Sales of products...............                          77 179 635,30                93 456 929,18                105 033 766,11

- II. Sale of goods and materials....                    3 168 713,23                 34 941 689,12               -3 079 900,14

- III.Change in stocks (+/-).........                         4 329 496,90                 1 172 528,27                 4 193 290,77

- IV. Cost of production of goods         

for own purposes......................                        36 375 553,07                4 391 313,05 43             225 412,61

-B. Operational costs.................                       112 427 414,18             125 452 675,33             145 106 866,95

- 1. Depreciation....................                            2 613 054,15                 3 492 559,98                7 715 813,54

- II. Materials and energy...........                         50 213 598,79                56 768 404,54                60 786 751,50

- III. Third party services..........                           8 767 789,31                 11 051 466,09                14 382 626,54

- IV. Taxes and duties...............                         1 434 231,69                2 161 361,85                2 375 096,95

- - excise tax.....................                                88 756,00                      181 214,00                    240 470,00

- V. Salaries and wages..............                       16 353 644,65                19 142 146,63                19 903 231,02

- VI. Social securities and similar..                      3 232 827,08                3 715 519,91                3 498 126,64

- VII. Other.........................                               606 685,98                    758 879,75                    981 384,47

- VIII. Costs of goods and

materials sold.............                                      29 205 582,53                28 362 336,58                35 463 836,29

-C.Profit on sale (A-B)...............                        8 625 984,32                8 509 784,29                4 265 702,40

-D. Other ordinary income.............                   2 436 703,19                 2 145 417,66                 4 925 662,28

- I. Profit on sale of

non-financial fixed assets                                  289 534,06                    732 247,06                    1 403 715,56

- III. Other ordinary income.........                        2 147 169,13                 1 413 170,60                 3 521 946,72

-E. Other ordinary costs..............                     9 628 910,69                 8 489 501,60                 5 984 660,57

- II. Goodwill revaluation...........                          4 652 542,55                 5 063 302,80                 3 734 534,58

- III. Other operating costs.........                         4 976 368,14                 3 426 198,80                 2 250 125,99

-F. Profit on ordinary activities

(C+D+E)............................                               1 433 776,82                2 165 700,35                 3 206 704,11

-G. Financial income..................                       834 358,94                   2 890 438,78                 424 509,92

- I. Dividends received..............                         85,00                            50,00

- II. Interests received:............                            27 839,00                      254 651,29                    368 830,70

- III. Profit from investments sold.                                                          2 570 658,42

- V. Other...........................                               706 434,94                    65 079,07                      55 679,22

-H. Financial costs...................                        2 317 982,15                 2 588 890,96                 1 581 264,20

- I. Interests.......................                                240 656,50                    173 198,53                    831 362,59

- III. Revaluation of investments....                      535 149,28

- IV. Other..........................                               1 542 176,37                 2 415 692,43                 749 901,61

-J. Profit on economic activity

(F+G-H+/-I)...........................                                                                2 467 248,17                 2 049 949,83

-J. Loss on economic activity

(F+G-H+/-I)...........................                            49 846,39

-K. Result on extraordinary activity..                 21 714,26                                                         891,76

- I. Extraordinary profits...........                                                                                                  891,76

-N. Gross profit (J+/-K-L+M)........                                                          2 467 248,17                 2 050 841,59

-N. Gross loss (J+/-K-L+M)............                   28 132,13

-O. Income tax........................                          -127 113,74                   2 095 500,28                 1 286 306,84

-R. Minority profits..................                                                                                                 -344 399,10

-S. Net loss (N-O-P+/-Q+/-R)).........                    98 981,61                      371 747,89                    420 135,65

 

 

AUDITOR

 

Consolidated balance sheet as at 31.12.2011

FIRMA AUDYTORSKA INTERFIN SPÓŁKA Z O.O., ul. Mała 1-3,

31-103 Kraków                                                                                                               No. 529

 

Expert auditor Marian Palka                                                                                           No. 2971

 

Consolidated balance sheet as at 31.12.2010

POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza

Ignacego 1, 31-429 Kraków                                                                                            No. 1806

 

Expert auditor Janina Niedośpiał                                                                                    No. 2729

 

Consolidated balance sheet as at 31.12.2009

POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza

Ignacego 1, 31-429 Kraków                                                                                            No. 1806

 

Expert auditor Janina Niedośpiał                                                                                    No. 2729

 

Locations:

seat:

ul. Krakowska 83, 34-120 Andrychów

Phone:              33 8756542

Fax:                  33 8756540

E-mail:              sekretariat@andropol.com.pl

Website:           www.andropol.com.pl

 

Real                              Estate perpetual usufruct, lands of area 205 712

sq.m.

Book value of buildings as at 31.12.2011                        PLN 4 772 441,30

Book value of lands as at 31.12.2011                             PLN 785 915,64

 

Verification of information on real estate

ownership position through the Real Estate

Register is not covered by the standard

report.

 

Shares in other companies

 

BIAŁOSTOCKA WYKOŃCZALNIA TKANIN SPÓŁKA Z O.O. NIP

5512434939, ul. Krakowska 83, 34-120 Andrychów                                   PLN 3 600 000,00 (100,00%)

 

 

POLTEXTIL sp. z o.o. NIP 7010318351, al. Jerozolimskie

65/79, 00-697 Warszawa                                                             PLN 17 000,00 (16,04%)

 

ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska

83, 34-120 Andrychów - 100 %

 

Data concerning shares in other companies are valid as at: 17.04.2013.

 

Connections:

The companies in which the said company was consolidated in the consolidated financial statement:

 

SPÓŁDZIELNIA COTTON-TECH, ul. Heliotropów 1, 04-796

Warszawa

annual 01.01.2008 - 31.12.2008

 

Bożenna Wiesława Tefelska , personal ID no. (PESEL)

49120504300

- CENTRUM EKSPORTOWE „FASTY” sp. z o.o. w likwidacji NIP

9661500632, ul. Heliotropów 1, 04-796 Warszawa

· proxy

 

Jacek Sławomir Godzisz , personal ID no. (PESEL)

65052700773

 

- BIAŁOSTOCKA WYKOŃCZALNIA TKANIN SPÓŁKA Z O.O. NIP

5512434939, ul. Krakowska 83, 34-120 Andrychów

· vice president

 

- BIURO BROKERÓW UBEZPIECZENIOWYCH GF BROKER SPÓŁKA Z

O.O. NIP 7251797471, ul. Księdza Biskupa Tymienieckiego

 

Wincentego 16F/12, 90-365 Łódź

· shareholder: PLN 25,00 (0,05%)

· vice president

- ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska

83, 34-120 Andrychów

· proxy

Krzysztof Spólnicki , personal ID no. (PESEL) 55092808971

 

- ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska

83, 34-120 Andrychów

· proxy

 

- BIAŁOSTOCKA WYKOŃCZALNIA TKANIN SPÓŁKA Z O.O. NIP

5512434939, ul. Krakowska 83, 34-120 Andrychów

· president

Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o.

 

- UFT GROUP sp. z o.o. NIP 5211132563, ul. Pytlasińskiego

11, 00-777 Warszawa

· shareholder: PLN 50 000,00 (100,00%)

 

- ENERGO - TECH sp. z o.o. w likwidacji NIP 9661761806,

ul. Przędzalniana 8, 15-688 Białystok

· shareholder: PLN 1 150 000,00 (100,00%)

Aneta Filak Łukawska , personal ID no. (PESEL) 68110102003

 

- ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska

83, 34-120 Andrychów

· member of supervisory board

 

- SIGNUM SPÓŁKA Z O.O. NIP 8992109938, ul. Krakowska 83,

34-120 Andrychów

· shareholder: PLN 2 198 500,00 (100,00%)

Radosław Artur Klinowski , personal ID no. (PESEL)

68091610492

 

- ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska

83, 34-120 Andrychów

· member of supervisory board

SPÓŁDZIELNIA COTTON-TECH

 

- ZAKŁADY PRZETWÓRSTWA BAWEŁNY FASTY SPÓŁKA Z O.O. NIP

9661553315, ul. Przędzalniana 8, 15-688 Białystok

· shareholder: PLN 6 736 000,00 (39,38%)

 

- CENTRUM EKSPORTOWE „FASTY” sp. z o.o. w likwidacji NIP

9661500632, ul. Heliotropów 1, 04-796 Warszawa

· shareholder: PLN 2 569 000,00 (100,00%)

 

- Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o. NIP PL

9661412365, ul. Heliotropów 1, 04-796 Warszawa

· shareholder: PLN 14 337 000,00 (100,00%)

Grzegorz Adam Łukawski , personal ID no. (PESEL)

70083100579

- SPÓŁDZIELNIA COTTON-TECH NIP 5651422130, ul.

Heliotropów 1, 04-796 Warszawa

· member of supervisory board

 

- POLTEXTIL sp. z o.o. NIP 7010318351, al. Jerozolimskie

65/79, 00-697 Warszawa

· member of supervisory board

 

- ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska

83, 34-120 Andrychów

· president

 

- SIGNUM SPÓŁKA Z O.O. NIP 8992109938, ul. Krakowska 83,

34-120 Andrychów

· president

Maria Łuszyńska , personal ID no. (PESEL) 50011804067

 

- CENTRUM EKSPORTOWE „FASTY” sp. z o.o. w likwidacji NIP

9661500632, ul. Heliotropów 1, 04-796 Warszawa

· liquidator

 

- Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o. NIP PL

9661412365, ul. Heliotropów 1, 04-796 Warszawa

· proxy

 

- SPÓŁDZIELNIA COTTON-TECH NIP 5651422130, ul.

Heliotropów 1, 04-796 Warszawa

· president

Jerzy Drygalski , personal ID no. (PESEL) 48091900836

 

- ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska

83, 34-120 Andrychów

· chairman

 

- GRUPA FASTY SPÓŁKA Z O.O. NIP 9661610734, ul.

Przędzalniana 8, 15-688 Białystok

· proxy

 

- POLMOZBYT D-U-AUTO Sp. z o.o. NIP 9561923072, ul.

Przędzalniana 8, 15-688 Białystok

· president

 

Data concerning connections are valid as at: 17.04.2013.

 

Certificates:     

ISO 14001:2004

AQAP 2110:2009

ISO 9001:2008

 

General information                

Despite our hard efforts, we could not achieve more information from available sources.

The subject refused to cooperate in elaboration of the report.

 

Banks

Bank BPH SA Centrum Rozliczeniowe (10600076)

al. Pokoju 1, 31-548 Kraków

Acc.no. 92106000760000320000018255

 

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.54.24

UK Pound

1

Rs.84.30

Euro

1

Rs.71.36

 

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

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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.