MIRA INFORM REPORT

Report Date :

14.05.2013

IDENTIFICATION DETAILS

Name :	E PLUS M SP. Z O.O.
Registered Office :	Stara Iwiczna, ul. Kolejowa 19, 05-500 Piaseczno
Country :	Poland
Financials (as on) :	30.09.2012
Date of Incorporation :	15.05.1995
Legal Form :	Limited Liability Company
Line of Business :	wholesale and retail sales of clothing for infants and children
No. of Employees :	17 (2012)

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 31^st 2013

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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

poland ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the European Union to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances without stifling economic growth and adopted controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012, in part due to the ongoing economic difficulties in the euro zone. The key policy challenge is to provide support to the economy through monetary easing, while maintaining the pace of structural fiscal consolidation. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, red tape, and a burdensome tax system keep the private sector from realizing its full potential.

Source : CIA

Company name & address

E PLUS M Sp. z o.o.

Stara Iwiczna
ul. Kolejowa 19
05-500 Piaseczno

Phone:    22 7372450

Fax:      22 7372451

E-mail:   ksiegowosc@eplusm.pl

Website:  www.eplusm.pl

Company summary

Legal form Limited liability company

Stat.no. 010982739

Tax ID PL 5261024522

Establishment 15.05.1995 (5)

Changes of names and addresses 15.05.1995  ul. Julianowska 37, 05-500 Piaseczno

13.12.2001 ul. Nowa 25, 05-500 Piaseczno

15.01.2003  Stara Iwiczna, ul. Kolejowa 19, 05-500 Piaseczno

Registration: 27.06.2001, District Court Warszawa, XIV Department, KRS 23394

Data concerning previous registrations:
1995, District Court Warszawa, RHB 43839

Shareholders Elżbieta Pytka Malinowska , personal ID no. (PESEL) 70121001268

PLN 100 000,00
96,15%

other shareholders PLN 4 000,00

3,85%

list entered to NCR /KRS/ on  15.07.2003

Initial Capital PLN 104 000,00

Initial capital divided into 208 shares of PLN 500,00 each

Changes of initial capital

-  until 13.12.2001  the capital estimated PLN 4 000,00

Management

Marek Włodzimierz Malinowski , personal ID no. (PESEL) 53101520092
 - member of board of directors

Representation:
Each board member individually.

Main activity wholesale and retail sales of clothing for infants and children

Branches NACE 2007:

Wholesale of clothing and footwear (G.46.42.Z)

Employment

2008:              17        employees
2009:              17        employees
2010:              18        employees
2011:              15        employees
2012:              17        employees

+ 6 people working on the basis of civil law contracts

Turnover 2008 PLN 17 541 017,54

2009 PLN 22 852 962,39

2010 PLN 21 649 109,39

2011 PLN 28 506 906,53

01.01.2012 - 30.09.2012 PLN 30 819 095,68

Financial statements

Source of financial data	Subject	Monitor Polski B	Monitor Polski B	Monitor Polski B
	periodic	annual	annual	annual
Personal balance sheet as at	30.09.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)
-A. Fixed assets......................	5 559 780,59	5 308 439,96	4 346 402,78	4 149 064,27
-  I.   Intangible assets.............	8 609,14	10 975,71	18 168,40	10 960,57
-    3. Other intangible assets.......	8 609,14	10 975,71	18 168,40	10 960,57
-  II.  Tangible assets...............	5 286 386,45	1 570 809,78	4 234 905,93	4 138 103,70
-    1. Fixed goods...................	5 273 779,56	1 570 809,78	1 190 411,27	1 205 311,77
-      a) land........................	3 298 431,39	167 000,00	167 000,00	167 000,00
-      b) buildings, premises, facilities............................	956 942,58	961 946,22	983 742,40	1 016 113,58
-      c) machinery and equipment.....	116 374,67	20 012,23	28 884,65	10 442,05
-      d) fleet of motor vehicles.....	859 118,61	418 400,00	1 603,91	2 105,08
-      e) other fixed goods...........	42 912,31	3 451,33	9 180,31	9 651,06
-    2. Fixed goods under construction..........................	12 606,89		3 044 494,66	2 932 791,93
-  IV.  Long term investments.........		3 131 431,39
-    1. Real estate...................		3 131 431,39
-V. Long-term prepayments and accrued income........................	264 785,00	595 223,08	93 328,45
-  1. Deferred tax assets.............	264 785,00	264 785,00
-  2. Other prepayments...............		330 438,08	93 328,45
-B. Current assets....................	17 924 984,90	18 630 458,70	14 408 745,74	10 707 913,68
-  I.   Stock.........................	10 432 454,92	12 949 431,74	7 394 379,26	6 495 144,64
-    1. Raw materials.................		1 611 505,62
-    4. Goods for re-sale.............	10 432 454,92	11 337 926,12	7 394 379,26	6 495 144,64
-  II. Short-term receivables.........	5 757 586,52	4 858 982,74	5 879 812,28	3 253 969,99
-    2. Other receivables ............	5 757 586,52	4 858 982,74	5 879 812,28	3 253 969,99
-      a) Due to deliveries and services with payment period:.........	5 430 638,97	4 486 424,55	5 773 357,92	3 076 363,30
-        - up to 12 months............	5 430 638,97	4 486 424,55	5 773 357,92	3 076 363,30
-      b) Due to taxes, subsidies, insurances, duties, etc...............	131 281,52	89 267,11		173 089,29
-      c) Other.......................	195 666,03	283 291,08	106 454,36	4 517,40
-  III. Short term investments........	474 656,83	34 335,42	13 406,07	33 557,92
-    1. Short-term financial assets...	474 656,83	34 335,42	13 406,07	33 557,92
-      c) cash and other liquid assets................................	474 656,83	34 335,42	13 406,07	33 557,92
-        - cash in hand and on bank account...............................	474 656,83	34 335,42	13 406,07	33 557,92
-IV. Short-term prepayments and accrued income........................	1 260 286,63	787 708,80	1 121 148,13	925 241,13
-D. Total assets......................	23 484 765,49	23 938 898,66	18 755 148,52	14 856 977,95
-A. Shareholders' equity..............	9 232 186,74	6 637 474,56	5 590 701,43	4 842 282,49
-  I.   Basic share capital...........	104 000,00	104 000,00	104 000,00	104 000,00
-  IV.  Statutory reserve capital.....	6 533 474,56	5 486 701,43	4 738 282,49	4 557 609,96
-  VIII. Net profit (loss)............	2 594 712,18	1 046 773,13	748 418,94	180 672,53
-B. Liabilities and reserves for liabilities...........................	14 252 578,75	17 301 424,10	13 164 447,09	10 014 695,46
-  I.   Reserves for liabilities......	1 217 949,23
-    3. Other reserves................	1 217 949,23
-      - short-term...................	1 217 949,23
-II.  Long-term liabilities...........	1 002 668,60	2 000 067,42	2 462 795,92	1 810 280,00
-  2. Other liabilities...............	1 002 668,60	2 000 067,42	2 462 795,92	1 810 280,00
-    a) Loans.........................	1 002 668,60	1 711 149,00	2 462 795,92	1 810 280,00
-    c) Other financial liabilities...		288 918,42
-III. Short-term liabilities..........	12 031 960,92	15 301 356,68	10 701 651,17	8 204 415,46
-  2. Other liabilities...............	12 031 960,92	15 301 356,68	10 701 651,17	8 204 415,46
-    a) Loans.........................	5 644 474,75	6 584 021,67	4 887 617,74	5 367 070,95
-    c) Other financial liabilities...	933 882,71	283 483,05	154 390,32	154 390,32
-    d)Due to deliveries and services with payment period:.........	4 603 365,37	7 238 810,04	4 945 557,40	2 511 552,49
-      - up to 12 months..............	4 603 365,37	7 238 810,04	4 945 557,40	2 511 552,49
-    g) Due to taxes, subsidies, insurances, duties, etc...............	846 700,52	985 496,61	526 391,22	96 610,46
-    h) Due to salaries...............		199 854,06	1 000,56
-    i) Other.........................	3 537,57	9 691,25	186 693,93	74 791,24
-D. Total liabilities.................	23 484 765,49	23 938 898,66	18 755 148,52	14 856 977,95
Source of financial data	Subject	Monitor Polski B	Monitor Polski B	Monitor Polski B
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2012- 30.09.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)
-A. Income from sales and similar.....	30 819 095,68	28 506 906,53	21 649 109,39	22 852 962,39
-  IV.  Income from sales of goods and materials.........................	30 819 095,68	28 506 906,53	21 649 109,39	22 852 962,39
-B. Operational costs.................	27 846 293,35	26 517 437,05	20 498 447,89	22 486 009,03
-  I.   Depreciation..................	83 823,15	100 803,97	66 849,23	68 680,20
-  II.  Materials and energy..........	279 726,92	332 739,84	300 436,08	282 347,62
-  III. Third party services..........	3 180 476,18	3 841 993,48	3 988 853,45	6 256 822,73
-  IV.  Taxes and duties..............	33 330,62	35 639,77	61 640,97	31 164,68
-  V.   Salaries and wages............	1 756 727,78	2 442 483,65	1 240 775,43	1 400 724,98
-  VI.  Social security...............	187 675,22	221 765,33	172 440,94	139 093,41
-  VII. Other.........................	3 834 171,13	3 499 800,09	2 237 592,90	1 264 795,12
-  VIII.Costs of goods and materials sold..................................	18 490 362,35	16 042 210,92	12 429 858,89	13 042 380,29
-C. Profit on sale....................	2 972 802,33	1 989 469,48	1 150 661,50	366 953,36
-D. Other operating incomes...........	124 643,36	52 979,13	58 071,76	212 603,48
-  III. Other operating incomes.......	124 643,36	52 979,13	58 071,76	212 603,48
-E. Other operating costs.............	117 954,35	301 770,29	171 700,24	42 850,49
-  III. Other operating costs.........	117 954,35	301 770,29	171 700,24	42 850,49
-F. Profit on operating activities....	2 979 491,34	1 740 678,32	1 037 033,02	536 706,35
-G. Financial incomes.................	303 032,15	0,00	318 315,74	46,78
-  II.  Interest received.............	157 267,87		35,65	46,78
-  V.   Other.........................	145 764,28		318 280,09
-H. Financial costs...................	545 212,31	620 651,19	416 818,82	345 198,05
-  I.   Interest......................	450 021,32	471 418,93	351 214,68	332 895,02
-  IV.  Other.........................	95 190,99	149 232,26	65 604,14	12 303,03
-I. Profit on economic activity.......	2 737 311,18	1 120 027,13	938 529,94	191 555,08
-J. Exceptional items.................				631,45
-  I.   Exceptional gains.............				631,45
-K. Gross profit......................	2 737 311,18	1 120 027,13	938 529,94	192 186,53
-L. Corporation tax...................	142 599,00	73 254,00	190 111,00	11 514,00
-N. Net profit........................	2 594 712,18	1 046 773,13	748 418,94	180 672,53

Ratios	01.01.2012- 30.09.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009
Current ratio	1,49	1,22	1,35	1,31
Quick ratio	0,52	0,32	0,55	0,40
Immediate ratio	0,04
Return on sale	8,42	3,67	3,46	0,79
Return on assets	11,05	4,37	3,99	1,22
Return on equity	28,11	15,77	13,39	3,73
Average trade debtors' days	51,19	62,21	99,13	51,97
Average stock turnover's days	92,75	165,80	124,67	103,74
average payables payment period	106,97	195,92	180,43	131,04
Total indebtedness ratio	60,69	72,27	70,19	67,41

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(G.46.42.Z - NACE 2007), as at :	31.12.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,65	1,64	1,62	1,43	1,80
Quick ratio..............................	0,96	0,91	0,95	0,78	1,00
Immediate ratio..........................	0,11	0,14	0,18	0,15	0,16
Return on sale...........................	1,01	2,40	6,78	-3,09	4,73
Return on assets.........................	1,34	3,22	9,00	-4,43	6,75
Return on equity.........................	3,01	7,58	20,30	-10,50	13,99
Average trade debtors' days..............	103,25	97,70	90,59	76,42	78,74
Average stock turnover's days............	84,16	90,96	77,80	78,32	77,93
average payables payment period..........	122,78	127,24	119,49	122,53	100,72
Total indebtedness ratio.................	55,28	57,55	55,67	57,83	51,76
Percent share in the examinated group of companies with net profit.............	73,20	78,60	80,40	59,30	68,00
Sales/revenue per employee in th. PLN....	571,71	471,23	385,61	355,95	344,29
Average sales/revenue per company in th. PLN..................................	62 246,98	54 292,93	47 414,80	46 906,85	54 233,16
according to the Central Statistical Office

Locations:

seat: Stara Iwiczna, ul. Kolejowa 19, 05-500 Piaseczno Phone:                   22 7372450 Fax:                     22 7372451 E-mail:                  ksiegowosc@eplusm.pl Website:                 www.eplusm.pl

Real Estate	Stara Iwiczna, ul. Kolejowa 19, 05-500 Piaseczno lands of area 1 636 sq.m.  building of area 868 sq m,
	Book value of buildings as at 31.12.2011	PLN	961 946,22
	Book value of lands as at 31.12.2011	PLN	167 000,00
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

As at 18.04.2013 there are no shares in other companies.

Connections:

As at 18.04.2013 there are no relations.

Taking overs

30.10.2001 (Entry date) - merger E PLUS M Sp. z o.o., Stara Iwiczna, ul. Kolejowa 19, 05-500 Piaseczno (as taking over)  WYSZKOWSKA TELEWIZJA KABLOWA sp. z o.o. KRS 33421, ul. 11 Listopada 42, 07-200 Wyszków (as taken over)

General information

If we obtain any further information, we will send it in the.

Banks

RAIFFEISEN BANK POLSKA SA Centrala  (17500009) ul. Piękna 20, 00-549 Warszawa Acc.no. 55175000090000000000944661  (PLN)  RAIFFEISEN BANK POLSKA SA Centrala  (17500009) ul. Piękna 20, 00-549 Warszawa Acc.no. 26175000090000000010515688  (EUR)

Payment Manner

In available sources, payment delays have not been noted

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.92
UK Pound	1	Rs.84.44
Euro	1	Rs.71.32

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.