MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	_{AKES KANIGOWSKI I SEMENIUK S.J.}

Registered Office :	Wiejska 7, Baboszewo, Mazowieckie-13009

Country :	Poland

Financials (as on) :	2011

Date of Incorporation :	01.01.1991

Com. Reg. No.:	77894

Legal Form :	Private Limited

Line of Business :	Manufacture of wire products, chain and springs

No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

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

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

_{AKES KANIGOWSKI I SEMENIUK
S.J.}

Company Summary

Company Name Akes Kanigowski I Semeniuk S.J.

Company Registration 77894

Country PL

Activity Code 2593Z

Activity Description Manufacture of wire products, chain and springs

Company Status Active

Latest Turnover 7,848,000.00 (PLN)

Latest Shareholders Equity 6,283,000.00 (PLN)

Company Identification

Activities

Activity Code 2593Z

Activity Description Manufacture of wire products, chain and springs

Basic Information

Company Name Akes Kanigowski I Semeniuk S.J.

Registered Company Name „ AKES” KANIGOWSKI I SEMENIUK SPÓŁKA JAWNA

Company Registration Number 77894

Country PL

VAT Registration Number 5670003931

Date of Company Registration 01/01/1991

Date of Starting Operations 01/01/1991

Company Status Active

Principal Activity Code 2874

Principal Activity Description Manufacture of fasteners, screw machine products, chains and springs

Contact Address Wiejska

7,Baboszewo, Mazowieckie - 13009

Contact Telephone Number 4823 6611083

Main Address

Address Wiejska 7, Baboszewo, Mazowieckie-13009

Telephone 4823 6611083

Email Addresses

akes@akes.pl

Web Addresses

www.akes.pl

Current Directors Managers

Name Zygmunt Kanigowski

Position Director

Share Capital Structure

Issued Share capital 1,086,000.00 (PLN)

Name ZBIGNIEW STANISŁAW SEMENIUK

Name ZYGMUNT KANIGOWSKI

Employee Information

Year 2009

Number of Employees 20

Year 2007

Number of Employees 22

Financial Statements

PROFIT & LOSS

Financial Year 2011 2010

Number of Weeks 52 52

Currency PLN PLN

BALANCE SHEET

Financial Year 2011 2010

Number of Weeks 52 52

Currency PLN PLN

Land & Buildings 274,000.00 285,000.00

Plant & Machinery 617,000.00 20,000.00

Other Tangible Assets 41,000.00 75,000.00

Total Tangible Assets 932,000.00 380,000.00

Other Intangible Assets 0.00 0.00

Total Intangible Assets 0.00 0.00

Miscellaneous Fixed Assets 0.00 0.00

Total Other Fixed Assets 0.00 0.00

Total Fixed Assets 932,000.00 380,000.00

Other Inventories 3,630,000.00 3,005,000.00

Total Inventories 3,630,000.00 3,005,000.00

Trade Receivables 2,298,000.00 1,995,000.00

Total Receivables 2,298,000.00 1,995,000.00

Cash 501,000.00 466,000.00

Other Current Assets 5,000.00 8,000.00

Total Current Assets 6,434,000.00 5,474,000.00

Total Assets 7,366,000.00 5,854,000.00

Trade Payables 1,010,000.00 207,000.00

Bank Liabilities 0.00 0.00

Miscellaneous Liabilities 74,000.00 88,000.00

Total Current Liabilities 1,084,000.00 296,000.00

Other Loans/Finance 0.00 0.00

due after 1 year

Miscellaneous Liabilities 0.00 0.00

due after 1 year

Total Long Term Liabilities 0.00 0.00

Total Liabilities 1,084,000.00 296,000.00

Called Up Share Capital 1,086,000.00 1,086,000.00

Revenue Reserves 5,196,000.00 4,471,000.00

Total Shareholders Equity 6,283,000.00 5,558,000.00

OTHER FINANCIALS

Working Capital 5,350,000.00 5,178,000.00

Net Worth 6,283,000.00 5,558,000.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

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.