MIRA INFORM REPORT

Report Date :

19.04.2014

IDENTIFICATION DETAILS

Name :	JUBITOM KAZIMIERZ TOMASIEWICZ
Registered Office :	ul. Partyzantów 79, 84-230 Rumia
Country :	Poland
Financials (as on) :	31.12.2012
Year of Establishments :	1980
Com. Reg. No.:	Not Available
Legal Form :	Natural persons conducting business activity
Line of Business :	· Engaged in processing of precious stones and metals Engaged in sale of jewellery and related articles
No of Employees :	160 (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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Poland	B1	B1

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

JUBITOM Kazimierz Tomasiewicz

ul. Partyzantów 79
84-230 Rumia

Phone:    58 6719690

Mobile phone: 601 680960

Ph./Fax:  58 6701821

E-mail:   info@jubitom.com

jubitom@jubitom.com

Website:  www.jubitom.com

Company summary

Legal form	Natural persons conducting business activity
Stat.no.	191191635
Tax ID	PL 5860050419

Establishment	1980
Changes of names and addresses
Registration:	19.11.2011, Central Business Activity Registration and Information Office, Date of beginning of the activity 1980,  Data concerning previous registrations: 28.03.2001, Municipal Office Rumia, No. 7615
Owner	Kazimierz Tomasiewicz , ul. Partyzantów 79, 84-230 Rumia
Main activity	Processing of precious stones and metals Sale of jewellery and related articles
	Branches NACE 2007:
	Manufacture of jewellery and related articles	(C.32.12.Z)
	Other retail	(G.47.91.Z)
	Real estate renting	(L.68.20.Z)
	Other renting	(N.77.33.Z)

Employment	2004:              32        employees 2007:              100       employees 2008:              100       employees 2011:              130       employees 2012:              160       employees
Turnover	2011	PLN	36 622 879,50
	2012	PLN	42 371 540,80

Financial statements

Source of financial data	MSIG	MSIG
	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets.........................	4 217 350,64	3 168 341,00
-  I.   Intangible assets................	6 580,00	8 802,65
-    3. Other intangible assets..........	6 580,00	8 802,65
-  II.  Tangible assets..................	4 210 770,64	3 159 538,35
-    1. Fixed goods......................	4 107 628,01	3 159 538,35
-      a) land...........................	1 552 145,00	274 034,00
-      b) buildings, premises, facilities...............................	508 185,32	402 048,16
-      c) machinery and equipment........	72 617,56	87 478,97
-      d) fleet of motor vehicles........	173 857,61	321 609,86
-      e) other fixed goods..............	1 800 822,52	2 074 367,36
-    2. Fixed goods under construction...	103 142,63
-B. Current assets.......................	42 018 227,52	37 651 959,11
-  I.   Stock............................	35 577 267,30	32 589 857,22
-    1. Raw materials....................	513 328,29
-    3. Finished products................	10 099 911,37
-    4. Goods for re-sale................	24 929 031,52	32 139 857,22
-    5. Advance payments ................	34 996,12	450 000,00
-  II. Short-term receivables............	2 677 028,25	659 933,06
-    2. Other receivables ...............	2 677 028,25	659 933,06
-      a) Due to deliveries and services with payment period:............	1 111 604,02	599 988,12
-        - up to 12 months...............	1 111 604,02	599 988,12
-      b) Due to taxes, subsidies, insurances, duties, etc..................	155 916,84	52 468,49
-      c) Other..........................	1 409 507,39	7 476,45
-  III. Short term investments...........	3 690 940,46	4 341 143,94
-    1. Short-term financial assets......	3 690 940,46	4 341 143,94
-      c) cash and other liquid assets...	3 690 940,46	4 341 143,94
-        - cash in hand and on bank account..................................	3 690 940,46	4 341 143,94
-IV. Short-term prepayments and accrued income...................................	72 991,51	61 024,89
-D. Total assets.........................	46 235 578,16	40 820 300,11
-A. Shareholders' equity.................	40 583 557,48	24 284 466,83
-  I.   Basic share capital..............	34 284 466,83	279 787,79
-  VII. Profit (loss) carried forward....		19 350 481,30
-  VIII. Net profit (loss)...............	6 299 090,65	4 654 197,74
-B. Liabilities and reserves for liabilities..............................	5 652 020,68	16 535 833,28
-III. Short-term liabilities.............	5 652 020,68	16 535 833,28
-  2. Other liabilities..................	5 652 020,68	16 535 833,28
-    a) Loans............................	22 908,12	1 033 971,32
-    d)Due to deliveries and services with payment period:.....................	2 979 787,31	1 373 007,99
-      - up to 12 months.................	2 979 787,31	1 373 007,99
-    g) Due to taxes, subsidies, insurances, duties, etc..................	1 923 654,49	1 584 154,19
-    i) Other............................	725 670,76	12 544 699,78
-D. Total liabilities....................	46 235 578,16	40 820 300,11
Source of financial data	MSIG	MSIG
	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar........	42 371 540,80	36 622 879,50
-  I.   Net income on sales..............	5 666 943,99	284 887,78
-  IV.  Income from sales of goods and materials................................	36 704 596,81	36 337 991,72
-B. Operational costs....................	36 140 006,70	30 529 308,92
-  I.   Depreciation.....................	752 640,31	661 170,71
-  II.  Materials and energy.............	3 995 356,91	1 137 338,94
-  III. Third party services.............	6 466 985,47	1 578 518,55
-  IV.  Taxes and duties.................	159 940,41	105 467,37
-  V.   Salaries and wages...............	3 767 349,23	3 314 455,24
-  VI.  Social security..................	761 413,05	587 605,21
-  VII. Other............................	370 307,87	4 489 792,10
-  VIII.Costs of goods and materials sold.....................................	19 866 013,45	18 654 960,80
-C. Profit on sale.......................	6 231 534,10	6 093 570,58
-D. Other operating incomes..............	111 225,22	17 035,72
-  III. Other operating incomes..........	111 225,22	17 035,72
-E. Other operating costs................	105 347,97	140 232,00
-  II.  Goodwill revaluation.............	94 477,39
-  III. Other operating costs............	10 870,58	140 232,00
-F. Profit on operating activities.......	6 237 411,35	5 970 374,30
-G. Financial incomes....................	120 074,09	2 657,02
-  II.  Interest received................	84 185,02	2 657,02
-  V.   Other............................	35 889,07
-H. Financial costs......................	58 394,79	140 204,96
-  I.   Interest.........................	31 100,35
-  IV.  Other............................	27 294,44	140 204,96
-I. Profit on economic activity..........	6 299 090,65	5 832 826,36
-J. Exceptional items....................		-15 243,62
-  I.   Exceptional gains................		2 734,01
-  II.  Exceptional losses...............		17 977,63
-K. Gross profit.........................	6 299 090,65	5 817 582,74
-L. Corporation tax......................		1 163 385,00
-N. Net profit...........................	6 299 090,65	4 654 197,74

Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	7,43	2,28
Quick ratio	1,13	0,30
Immediate ratio	0,65	0,26
Return on sale	14,87	12,71
Return on assets	13,62	11,40
Return on equity	15,52	19,17
Average trade debtors' days	23,12	6,58
Average stock turnover's days	307,31	324,81
average payables payment period	48,82	164,80
Total indebtedness ratio	12,22	40,51

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.32.12.Z - NACE 2007), as at :	31.12.2007
Current ratio............................	1,87
Quick ratio..............................	0,70
Immediate ratio..........................	0,23
Return on sale...........................	4,13
Return on assets.........................	9,56
Return on equity.........................	16,42
Average trade debtors' days..............	27,07
Average stock turnover's days............	66,52
average payables payment period..........	57,38
Total indebtedness ratio.................	41,79
Percent share in the examinated group of companies with net profit.............	83,30
Sales/revenue per employee in th. PLN....	321,91
Average sales/revenue per company in th. PLN..................................	27 898,67
according to the Central Statistical Office

Locations:

seat: ul. Partyzantów 79, 84-230 Rumia Phone:                   58 6719690 Mobile phone:            601 680960 Ph./Fax:                 58 6701821 E-mail:                  info@jubitom.com jubitom@jubitom.com Website:                 www.jubitom.com The company has 22 showrooms located in shopping malls across the country. place of running the activity: ul. Zuzanny 20, 41-207 Sosnowiec ul. Świętokrzyska 20, 25-406 Kielce ul. Mostowa 5, 43-300 Bielsko-Biała al. Wojska Polskiego 207, 42-200 Częstochowa Ustowo 45, 72-001 Ustowo ul. Głogowska 432, 61-773 Poznań ul. Obrońców Wybrzeża 1, 80-398 Gdańsk ul. Brukowa 25, 05-092 Łomianki ul. Gen. Henryka Kamieńskiego 11, 30-644 Kraków ul. Gen. Władysława Sikorskiego 20, 59-300 Lubin ul. Wołoska 12, 02-672 Warszawa ul. ABPA ANTONIEGO BARANIAKA 8, 61-131 Poznań ul. Św. Antoniego 2, 62-080 Swadzim ul. Chorzowska 107, 40-101 Katowice al. Grunwaldzka 141, 80-264 Gdańsk ul. Grunwaldzka 104, 84-230 Rumia ul. Krakowska 10, 42-263 Częstochowa ul. Szczęśliwa 3, 80-176 Gdańsk ul. Stanisława Taczaka 10, 61-818 Poznań ul. Pawia 5, 31-154 Kraków ul. Chorzowska 5, 40-101 Katowice Kopisto 1, 35-315 Trzebownisko ul. Kazimierza Górskiego 2, 81-304 Gdynia al. Jana Pawła II 82, 00-175 Warszawa

Real Estate	Book value of buildings as at 31.12.2012	PLN	508 185,32
	Book value of lands as at 31.12.2012	PLN	1 552 145,00
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Connections:		Kazimierz Tomasiewicz  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: 25.03.2014.
General information	At the address ul.Partyzantów 79, 84-230 Rumia there is also registered the company JUBITOM Piotr Tomasiewicz.
	Despite our hard efforts, we could not achieve more information from available sources. The subject refused to cooperate in elaboration of the report.
Banks	Kredyt Bank SA I O. w Gdańsku  (15001025) ul. Targ Drzewny 3/7, 80-886 Gdańsk Acc.no. 94150010251210201009820000
Payment Manner		Nothing detrimental noted.
Credit capability		Business connections appear permissible

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	RAS
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.