MIRA INFORM REPORT

Report Date :

16.04.2014

IDENTIFICATION DETAILS

Name :	VISTULA GROUP SA

Formerly Known :	VISTULA & WÓLCZANKA SA

Registered Office :	ul. Starowiślna 48 31-035 Kraków

Country :	Poland

Financials (as on) :	31.12.2013

Date of Incorporation :	10.10.1948

Legal Form :	Joint Stock Company

Line of Business :	Designing, manufacture and distribution of male clothes; Sale of clocks, watches and jewelry; Import of jewelry; Distribution of watches of brand ROLEX

No of Employees :	2301 (2011)

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 :	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 – September 30, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Poland

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

POLAND - ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU 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 and adopting 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 and 2013, in part due to the ongoing economic difficulties in the euro zone. Short-term, the key policy challenge will be to consolidate debt and spending without stifling economic growth. Over the longer term, Poland's economic performance could improve if the country addresses some of the remaining deficiencies in its road and rail infrastructure, business environment, rigid labor code, commercial court system, government red tape, and burdensome tax system.

Source : CIA

COMPANY NAME & ADDRESS

VISTULA GROUP SA

ul. Starowiślna 48

31-035 Kraków

Phone: 12 6561832

Fax: 12 6565098

E-mail: sekretariat@vistula.pl

Website: www.vistula.com.pl

Company details

Legal form	Joint Stock Company
Stat.no.	351001329
Tax ID	PL 6750000361

Establishment	10.10.1948 as State-owned enterprise
	28.03.1991 as Joint Stock Company
Changes of names and addresses	10.10.1948 Krakowskie Zakłady Przemysłu Odzieżowego
	28.03.1991 Vistula SA ul. Nadwiślańska 13, 30-527 Kraków
	22.09.2006 VISTULA & WÓLCZANKA SA
	01.12.2007 ul. Starowiślna 48, 31-035 Kraków
	31.12.2008 VISTULA GROUP SA

Registration

26.09.2001, District Court Kraków, XI Department, KRS 47082

Data concerning previous registrations:

30.04.1991, District Court Kraków, RHB 3159

Previous registration:

30.04.1991, District Court Kraków, RHB 3159

Shareholders

Otwarty Fundusz Emerytalny PZU Złota Jesień, al. Jana Pawła II 24, 00-133 Warszawa

Percent of owned shares