MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	HAPAM POLAND SP. Z O.O.
Registered Office :	Ul. Księdza Biskupa Wincentego Tymienieckiego 22/24 90-349 Łódź
Country :	Poland
Financials (as on) :	31.12.2011
Date of Incorporation :	12.12.2002
Legal Form :	Limited Liability Company
Line of Business :	· Subject is engaged in Design, manufacture, sale and maintenance of electricity distribution and control apparatus · Manufacture of electricity distribution and control apparatus
No. of Employees :	66

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 :	Slow but 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 – 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 and address

HAPAM POLAND SP. Z O.O.

Ul. Księdza Biskupa Wincentego Tymienieckiego 22/24 90-349 Łódź

Phone:    42 6635450

Fax:      42 6635497

E-mail:   hapam@hapam.pl

Website:  hapam.pl

Company summary

Legal form	Limited liability company
Stat.no.	473093914
Tax ID	PL 9471891316

Establishment	12.12.2002
Changes of names and addresses	ul. Aleksandrowska 67/93, 91-205 Łódź
	12.12.2005  ul. Księdza Biskupa Wincentego Tymienieckiego 22/24, 90-349 Łódź

Registration:

13.01.2003, District Court Łódź, XX Department, KRS 146492

Shareholders	VAN HALTEREN GROEP B.V., Bunschoten Spakenburg, Marconiweg 2, 3752 Osterode am Harz, Netherlands	PLN	200 000,00 100,00%
	list entered to NCR /KRS/ on  13.01.2003

Initial Capital		PLN 200 000,00
	Initial capital divided into 400 shares of PLN 500,00 each

Management	Robert Herman Koopman   - member of board of directors Aart Veerman   - member of board of directors
	Representation: Each member of the board of directors or proxy (if appointed) individually.

Main activity	Design, manufacture, sale and maintenance of electricity distribution and control apparatus
	Branches NACE 2007:
	Manufacture of electricity distribution and control apparatus	(C.27.12.Z)

Employment

2007:              64        employees 2008:              66        employees 2009:              64        employees 2010:              65        employees 2011:              66        employees

Turnover	2007	PLN	32 251 872,51
	2008	PLN	32 759 487,87
	2009	PLN	40 588 059,59
	2010	PLN	38 785 267,50
	2011	PLN	39 847 102,54

Financial statements

In the court files, no financial report for the last financial period. According to paragraph 53 point 1 of Ustawa o Rachunkowości (resolution about accountancy) year financial report of the company should be approved by approval body no longer than 6 months after the balance day. Within 15 days from approval, financial report should be submitted to the register court.

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)	31.12.2008 (PLN)
-A. Fixed assets......................	9 009 228,09	9 421 668,73	9 662 517,14	9 850 758,74
-  I.   Intangible assets.............	64 959,66	5 288,36	15 865,10
-    3. Other intangible assets.......	64 959,66	5 288,36	15 865,10
-  II.  Tangible assets...............	8 944 268,43	9 416 380,37	9 551 703,04	9 667 521,74
-    1. Fixed goods...................	8 944 268,43	9 416 380,37	9 542 793,93	9 633 222,15
-      a) land........................	2 270 731,03	2 270 731,03	2 270 731,03	2 270 731,03
-      b) buildings, premises, facilities............................	5 268 761,26	5 423 607,58	5 558 533,85	5 712 908,55
-      c) machinery and equipment.....	1 213 420,93	1 502 023,57	1 505 998,92	1 390 189,27
-      d) fleet of motor vehicles.....	79 796,00	112 538,97	87 807,23	141 517,57
-      e) other fixed goods...........	111 559,21	107 479,22	119 722,90	117 875,73
-    3. Prepayments for fixed goods under construction....................			8 909,11	34 299,59
-V. Long-term prepayments and accrued income........................			94 949,00	183 237,00
-  1. Deferred tax assets.............			94 949,00	183 237,00
-B. Current assets....................	21 300 754,00	18 147 690,07	18 177 300,84	14 095 088,70
-  I.   Stock.........................	5 001 533,52	5 426 575,69	6 722 634,54	3 756 545,23
-    1. Raw materials.................	2 134 967,37	2 079 684,95	2 448 705,16	2 074 642,30
-    2. Semi-finished products and work-in-progress......................	2 569 481,79	2 609 109,52	3 029 077,27	1 156 662,82
-    3. Finished products.............	279 471,19	737 091,22	1 244 207,11	487 430,53
-    5. Advance payments .............	17 613,17	690,00	645,00	37 809,58
-  II. Short-term receivables.........	12 208 709,67	7 087 640,55	6 339 263,25	8 190 308,97
-    1. Receivables from affiliated companies.............................	1 555 884,05	460 911,59	950 105,72	211 198,54
-      a) Due to deliveries and services with payment period:.........	1 555 884,05	460 911,59	950 105,72	211 198,54
-        - up to 12 months............	1 555 884,05	460 911,59	950 105,72	211 198,54
-    2. Other receivables ............	10 652 825,62	6 626 728,96	5 389 157,53	7 979 110,43
-      a) Due to deliveries and services with payment period:.........	10 000 418,05	5 739 925,35	4 529 446,92	7 224 573,44
-        - up to 12 months............	10 000 418,05	5 739 925,35	4 529 446,92	7 224 573,44
-      b) Due to taxes, subsidies, insurances, duties, etc...............	572 796,00	870 888,71	686 444,03	635 403,00
-      c) Other.......................	79 611,57	15 914,90	173 266,58	119 133,99
-  III. Short term investments........	4 037 725,90	5 594 657,05	4 997 906,90	2 083 268,77
-    1. Short-term financial assets...	4 037 725,90	5 594 657,05	4 997 906,90	2 083 268,77
-      c) cash and other liquid assets................................	4 037 725,90	5 594 657,05	4 997 906,90	2 083 268,77
-        - cash in hand and on bank account...............................	4 037 725,90	5 594 657,05	4 997 906,90	2 083 268,77
-IV. Short-term prepayments and accrued income........................	52 784,91	38 816,78	117 496,15	64 965,73
-D. Total assets......................	30 309 982,09	27 569 358,80	27 839 817,98	23 945 847,44
-A. Shareholders' equity..............	18 508 284,42	16 966 750,94	15 832 041,63	13 010 468,00
-  I.   Basic share capital...........	200 000,00	200 000,00	200 000,00	200 000,00
-  IV.  Statutory reserve capital.....	10 766 750,94	7 625 541,63	10 610 468,00	10 275 232,15
-  VIII. Net profit (loss)............	7 541 533,48	9 141 209,31	5 021 573,63	2 535 235,85
-B. Liabilities and reserves for liabilities...........................	11 801 697,67	10 602 607,86	12 007 776,35	10 935 379,44
-  I.   Reserves for liabilities......	528 076,33	539 965,00	547 680,09	438 023,43
-    2. Reserves for pensions and similar social payments...............	512 576,33	525 465,00	432 000,00	339 200,00
-      - long-term....................	33 700,00	33 700,00	33 700,00
-      - short-term...................	478 876,33	491 765,00	398 300,00	339 200,00
-    3. Other reserves................	15 500,00	14 500,00	115 680,09	98 823,43
-      - short-term...................	15 500,00	14 500,00	115 680,09	98 823,43
-II.  Long-term liabilities...........	5 145 572,00	5 275 119,60	6 158 191,80	6 986 796,61
-  2. Other liabilities...............	5 145 572,00	5 275 119,60	6 158 191,80	6 986 796,61
-    a) Loans.........................	5 145 572,00	5 275 119,60	6 158 191,80	6 951 218,40
-    d) Other.........................				35 578,21
-III. Short-term liabilities..........	6 128 049,34	4 787 523,26	5 301 904,46	3 510 559,40
-  1. Due to affiliated companies.....	117 601,72	575 094,96
-    a) Due to deliveries and services with payment period:.........	117 601,72	575 094,96
-      - up to 12 months..............	117 601,72
-  2. Other liabilities...............	5 979 679,58	4 186 015,57	5 277 842,57	3 493 290,46
-    a) Loans.........................	2 093 715,22	669 962,95	692 494,98	723 125,64
-    d)Due to deliveries and services with payment period:.........	2 940 275,11	3 066 613,71	3 200 039,32	2 575 637,36
-      - up to 12 months..............	2 940 275,11	3 066 613,71	3 200 039,32	2 575 637,36
-    e) Advances received.............	766 800,65	311 164,73	1 137 636,63	6 258,61
-    g) Due to taxes, subsidies, insurances, duties, etc...............	150 903,24	114 837,47	183 633,54	133 115,23
-    h) Due to salaries...............			1 095,42
-    i) Other.........................	27 985,36	23 436,71	62 942,68	55 153,62
-  3. Special funds...................	30 768,04	26 412,73	24 061,89	17 268,94
-D. Total liabilities.................	30 309 982,09	27 569 358,80	27 839 817,98	23 945 847,44
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)	01.01.2008- 31.12.2008 (PLN)
-A. Income from sales and similar.....	39 847 102,54	38 785 267,50	40 588 059,59	32 759 487,87
-  - including related companies......	4 895 061,96	1 851 026,80	1 772 764,07	2 385 246,24
-  I.   Net income on sales...........	40 272 946,62	39 648 367,47	38 122 201,43	35 793 172,28
-  II.  Change in value of stock ( +, -).................................	-6 476 560,58	-926 863,77	2 439 048,96	-3 072 160,62
-  IV.  Income from sales of goods and materials.........................	50 716,50	63 763,80	26 809,20	38 476,21
-B. Operational costs.................	31 192 690,63	30 281 635,28	30 588 820,87	28 526 192,45
-  I.   Depreciation..................	681 883,02	630 976,31	626 180,50	493 584,29
-  II.  Materials and energy..........	21 334 228,13	21 854 847,46	22 483 627,46	21 057 889,21
-  III. Third party services..........	3 815 600,32	2 735 662,70	2 623 865,34	2 157 617,33
-  IV.  Taxes and duties..............	175 859,32	156 796,38	158 904,69	139 146,39
-  V.   Salaries and wages............	3 536 047,72	3 230 220,55	3 122 151,27	3 060 899,00
-  VI.  Social security...............	775 301,84	721 802,35	692 061,46	677 076,06
-  VII. Other.........................	873 770,28	935 364,97	882 030,15	939 980,17
-  VIII.Costs of goods and materials sold..................................		15 964,56
-C. Profit on sale....................	8 654 411,91	8 503 632,22	9 999 238,72	4 233 295,42
-D. Other operating incomes...........	728 767,32	584 964,83	856 570,59	653 416,43
-  I.   Incomes from disposal non-financial assets..................	18,13	15 864,03	5,00	2 159,60
-  II.  Subsidies.....................			7 138,74	9 073,68
-  III. Other operating incomes.......	728 749,19	569 100,80	849 426,85	642 183,15
-E. Other operating costs.............	798 049,38	769 146,34	592 815,34	1 642 383,45
-  II.  Goodwill revaluation..........	626 309,54	681 273,75	558 925,11	815 149,20
-  III. Other operating costs.........	171 739,84	87 872,59	33 890,23	827 234,25
-F. Profit on operating activities....	8 585 129,85	8 319 450,71	10 262 993,97	3 244 328,40
-G. Financial incomes.................	118 778,14	1 023 016,19	178 966,97	519 264,36
-  II.  Interest received.............	118 778,14	97 570,67	75 653,34	14 249,43
-  V.   Other.........................		925 445,52	103 313,63	505 014,93
-H. Financial costs...................	1 153 777,51	81 536,59	5 182 378,31	939 562,91
-  I.   Interest......................	123 171,90	81 536,59	154 229,58	489 175,59
-  IV.  Other.........................	1 030 605,61		5 028 148,73	450 387,32
-I. Profit on economic activity.......	7 550 130,48	9 260 930,31	5 259 582,63	2 824 029,85
-K. Gross profit......................	7 550 130,48	9 260 930,31	5 259 582,63	2 824 029,85
-L. Corporation tax...................	8 597,00	119 721,00	238 009,00	288 794,00
-N. Net profit........................	7 541 533,48	9 141 209,31	5 021 573,63	2 535 235,85

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	3,48	3,79	3,43	4,02
Quick ratio	2,65	2,65	2,14	2,93
Immediate ratio	0,66	1,17	0,94	0,59
Return on sale	18,70	23,02	13,16	7,08
Return on assets	24,88	33,16	18,04	10,59
Return on equity	40,75	53,88	31,72	19,49
Average trade debtors' days	110,51	65,14	60,65	83,66
Average stock turnover's days	45,27	49,88	64,32	38,37
average payables payment period	55,47	44,00	50,73	35,86
Total indebtedness ratio	38,94	38,46	43,13	45,67

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.27.12.Z - NACE 2007), as at :	30.06.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,91	1,86	1,74	1,66	1,38
Quick ratio..............................	1,34	1,31	1,25	1,20	1,02
Immediate ratio..........................	0,30	0,33	0,32	0,29	0,22
Return on sale...........................	8,10	6,98	4,41	4,65	4,35
Return on assets.........................	4,81	8,82	6,21	6,03	5,50
Return on equity.........................	7,72	14,27	12,37	11,69	11,46
Average trade debtors' days..............	87,43	75,34	81,56	85,96	82,47
Average stock turnover's days............	44,89	42,64	40,60	46,68	42,37
average payables payment period..........	87,16	82,47	88,94	105,38	122,12
Total indebtedness ratio.................	37,65	38,20	49,76	48,42	51,97
Percent share in the examinated group of companies with net profit.............	68,80	83,60	75,90	80,60	72,70
Sales/revenue per employee in th. PLN....	161,25	338,46	356,09	260,05	229,86
Average sales/revenue per company in th. PLN..................................	33 455,02	69 641,63	75 890,07	52 891,94	47 890,74
according to the Central Statistical Office

Locations:

seat: ul. Księdza Biskupa Wincentego Tymienieckiego 22/24, 90-349 Łódź Phone:                   42 6635450 Fax:                     42 6635497 E-mail:                  hapam@hapam.pl tomasz.michalak@hapam.pl Website:                 hapam.pl

Real Estate	Book value of buildings as at 31.12.2011	PLN	5 268 761,26
	Book value of lands as at 31.12.2011	PLN	2 270 731,03
	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 09.10.2013 there are no shares in other companies.

Connections:	Aart Veerman  Robert Herman Koopman  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: 09.10.2013.

Certificates:

ISO 9001:2000

General information	The company started production on the basis of the branch office of the company ABB Sp. z o.o., Warszawa (the branch office was active until 19.03.2002). The company operates on the area of Łódź Special Economic Zone.
	In accordance with the established corporate policy the company refused to give any information.

Banks

BNP PARIBAS BANK POLSKA SA O. w Łodzi ul. Żeromskiego 96  (16001143) ul. Żeromskiego 96, 90-550 Łódź Acc.no. 88160011430003060195048001

Payment Manner	In available sources, payment delays have not been noted	(34)
Credit capability	Business connections should not be refused, credits require security	(41)
	Due to no insight into financial situation of the company

Note:	The payment capability indices  occurring in Creditreform's reports mean the following:
	100 - 199 = excellent payment capability
	200 - 249 = very good payment capability
	250 - 299 = good payment capability
	300 - 349 = satisfactory, average payment capability
	350 - 399 = weak payment capability
	400 - 499 = very weak payment capability
	500          = unsatisfactory payment capability
	600          = lack of payment capability and refusal on trade links Should you have any questions please contact us ph.: +48(022)4401500. The information contained in this business report is supplied in strict confidence and in accordance with terms and conditions of business of Creditreform Polska Sp. z o.o. The information must not be disclosed to any third party. Whilst every care has been taken in compiling this report we cannot accept responsibility for any inaccuracies contained therein. This report should not be used as the sole basis for a business decision.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NIS

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.