MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	BORYSZEW SA
Registered Office :	Ul. Łucka 7/9 00-842 Warszawa
Country :	Poland
Financials (as on) :	30.09.2014
Year of Establishment :	1910
Legal Form :	Joint Stock Company
Line of Business :	· Production of air-conditioning, brake and power steering hoses for cars  Production of polymers   Production of aluminum rods, wires and cables
No. of Employees :	2548 [2013]

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Poland	A2	A2

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 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 and address

BORYSZEW SA

Ul. Łucka 7/9
00-842 Warszawa

Phone:    22 6586568

Fax:      22 6597527

E-mail:   info@boryszew.com.pl

Website:  www.boryszew.com.pl

Company Summary

Legal form	Joint Stock Company
Stat.No.	016598077
Tax ID	PL 8370000634

Establishment	1910 as other legal form
	24.10.1947  as State-owned enterprise
	11.12.1991  as Joint Stock Company
Changes of names and addresses	ul. 15-go Sierpnia 106, 96-500 Sochaczew
	11.12.1991 Zakłady Chemiczne i Tworzyw Sztucznych BORYSZEW SA
	25.03.2005 BORYSZEW SA
	26.02.2014  ul. Łucka 7/9, 00-842 Warszawa

Registration:

23.11.2001, District Court Warszawa, XII Department, KRS 63824 Data concerning previous registrations: 18.12.1991, District Court Skierniewice, RHB 631

Shareholders	Roman Karkosik , personal ID no. (PESEL) 51050901650, ul. Henryka Sienkiewicza 17, 87-620 Kikół
	Percent of owned shares	60.24%
	share in total amount of votes	60.24%
	shareholders' list as at 17.11.2014

Share capital		PLN 240 000 000,00
	Share capital divided into 240000000 shares of PLN 1,00 each
	Series of shares 20000000 type Not preference shares AKCJE ZWYKŁE NA OKAZICIELA SERII „B”
	Changes of share capital
	- since 26.02.2014  until 27.10.2014  the capital estimated	PLN 220 000 000,00
	- since 10.08.2011  until 10.07.2013  the capital estimated	PLN 225 671 569,20
	- since 29.12.2010  until 10.08.2011  the capital estimated	PLN 112 835 784,60
	- since 10.05.2010  until 29.12.2010  the capital estimated	PLN 37 611 928,20
	- since 27.02.2006  until 10.05.2010  the capital estimated	PLN 6 268 654,70
	- since 27.01.2006  until 27.02.2006  the capital estimated	PLN 7 012 277,80
	- since 25.03.2005  until 27.01.2006  the capital estimated	PLN 9 116 050,00
	- since 25.02.2004  until 25.03.2005  the capital estimated	PLN 11 921 250,00
	- since 23.11.2001  until 25.02.2004  the capital estimated	PLN 11 221 250,00

Management	Piotr Tadeusz Szeliga , personal ID no. (PESEL) 73121405650  - president Miłosz Wiśniewski , personal ID no. (PESEL) 64050612790  - vice president Paweł Henryk Surówka , ul. Czerwiakowskiego 6, 30-695 Kraków  - member of board of directors Mikołaj Edward Budzanowski , personal ID no. (PESEL) 71111100772  - member of board of directors
	Proxies: Jerzy Stanisław Koźlicki , personal ID no. (PESEL) 50012705978  - independent proxy Marlena Ewa Krohn , personal ID no. (PESEL) 76122609108  - independent proxy Piotr Wiśniewski , personal ID no. (PESEL) 77072908893  - independent proxy Paweł Tokłowicz , personal ID no. (PESEL) 71040302595  - joint proxy Sambor Józef Waszkiewicz , personal ID no. (PESEL) 60050502853  - independent proxy Kamil Dobies , personal ID no. (PESEL) 77082309350  - branch proxy Agnieszka Weronika Urbaniak , personal ID no. (PESEL) 74030612681  - branch proxy Anna Krystyna Gawrych , personal ID no. (PESEL) 68060702229  - branch proxy Alicja Kawczyńska , personal ID no. (PESEL) 79101617581  - joint proxy Zbigniew Krzysztof Wojciechowski , personal ID no. (PESEL) 66061204870  - joint proxy Jolanta Zofia Jakubowska , personal ID no. (PESEL) 65092803449  - joint proxy
	Representation: since 05.10.2010  President individually, two members of the board of directors jointly or member of the board of directors and proxy jointly.

Supervisory board

Janusz Siemieniec , personal ID no. (PESEL) 55052004137  - chairman Zygmunt Urbaniak , personal ID no. (PESEL) 45101800214  - deputy-chairman Jan Bogolubow , personal ID no. (PESEL) 61043003258  - member Tadeusz Pietka , personal ID no. (PESEL) 67053002199  - member Arkadiusz Krężel , personal ID no. (PESEL) 53060704593  - member Mirosław Kutnik , personal ID no. (PESEL) 63062304950  - secretary

Main activity	Managerial and supervisory functions in relation to the Boryszew Group companies 1) production of air-conditioning, brake and power steering hoses for cars  2) production of polymers   3)activities of the holding companies 4) pressure die casting  5) production of aluminum rods, wires and cables
	Export 2014 (66.97%)
	Branches NACE 2007:
	Manufacture of parts and accessories for motor vehicles and their engines, excluding motorcycles
	Manufacture of other chemical products n.e.c.
	Other financial services
	Casting of light metals
	Holdings activity
	Other financial services
	Agents involved in the sale of furniture, household goods, hardware and ironmongery
	Other education

Employment

31.12.2009:        366       employees 31.12.2010:        1930      employees 31.12.2011:        1918      employees 31.12.2012:        2626      employees 31.12.2013:        2548      employees Employment in the capital group: 2009:              3820      employees 2010:              5657      employees 2011:              7822      employees 31.12.2012:        8276      employees 31.12.2013:        8012      employees

Turnover	2010	PLN	252 905 000,00
	2011	PLN	528 691 000,00
	2012	PLN	793 493 000,00
	2013	PLN	945 728 000,00
	01.01.2014 - 30.09.2014	PLN	764 074 000,00
consolidated turnover	2010	PLN	3 134 792 000,00
	2011	PLN	4 332 124 000,00
	2012	PLN	4 881 187 000,00
	2013	PLN	4 836 269 000,00
	01.01.2014 - 30.09.2014	PLN	3 829 608 000,00

Financial statements

Source of financial data	other	other	other	Monitor Polski B
	periodic	annual	annual	annual
Personal balance sheet as at	30.09.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	882 682 000,00	782 248 000,00	809 730 000,00	620 606 000,00
-  I. Tangible assets.................	216 387 000,00	204 551 000,00	147 012 000,00	85 924 000,00
-      b) lands (including perpetual usufruct right).......................			9 250 000,00	9 250 000,00
-      c) buildings and other civil and water engineering objects.........			25 239 000,00	18 867 000,00
-      d) technical appliances and machinery.............................			107 111 000,00	55 072 000,00
-      e) means of transport..........			335 000,00
-      f) other fixed goods...........			3 554 000,00	823 000,00
-    3. Prepayments for fixed goods under construction....................			1 523 000,00
-  II. Intangible assets..............	7 121 000,00	4 893 000,00	5 930 000,00	399 000,00
-  V. Investment real estate..........	82 846 000,00	83 167 000,00	86 585 000,00	90 548 000,00
-  VI. Long term financial assets.....	342 753 000,00	326 016 000,00	323 173 000,00	357 363 000,00
-    1. in subsidiaries...............	342 753 000,00	326 016 000,00	323 173 000,00	357 363 000,00
-      a) shares and quotas...........			323 173 000,00	357 363 000,00
-IX. Long term receivables............	225 848 000,00	163 607 000,00	240 117 000,00	70 596 000,00
-XI. Financial assets available for sale..................................	267 000,00	14 000,00	14 000,00	14 000,00
-XIII. Assets due to deferred income tax...................................			6 899 000,00	15 762 000,00
-B. Current Assets....................	520 633 000,00	401 981 000,00	228 967 000,00	288 759 000,00
-  I. Stocks..........................	148 612 000,00	92 540 000,00	83 474 000,00	47 088 000,00
-    1. Materials.....................			28 625 000,00	24 636 000,00
-    2. Semi-products.................			5 240 000,00	2 893 000,00
-    3. Finished goods................			18 549 000,00	13 703 000,00
-    4. Goods.........................			2 864 000,00	4 963 000,00
-    5. Prepayments for deliveries....			28 196 000,00	893 000,00
-  II. Other short term investments...		25 498 000,00
-  III. Receivables due to income tax/ current..........................		1 790 000,00	2 376 000,00
-  IV. Trade receivables and other receivables/ supply and services receivables and other receivables.....	308 399 000,00	248 357 000,00	129 350 000,00	232 843 000,00
-  VI. Other financial assets.........	25 068 000,00
-  VIII. Cash and cash equivalents....	29 206 000,00	28 835 000,00	9 607 000,00	6 387 000,00
-  IX. Financial assets available for sale..............................		234 000,00	694 000,00	423 000,00
-  XI. Derivate financial instruments.	1 742 000,00		824 000,00
-  XIII. Other current assets/ Other assets................................	7 606 000,00	4 727 000,00	2 301 000,00	1 607 000,00
-  XIV. Fixed assets for sale.........			341 000,00	411 000,00
-Total assets.........................	1 403 549 000,00	1 184 229 000,00	1 038 697 000,00	909 365 000,00
-A. Equity............................	607 524 000,00	467 547 000,00	456 092 000,00	469 984 000,00
-  I. Initial capital.................	248 906 000,00	228 906 000,00	234 807 000,00	234 807 000,00
-  II. Own shares.....................	-30 322 000,00	-30 322 000,00	-70 054 000,00	-38 927 000,00
-  III. Issued capital over nominal value of shares.......................	112 346 000,00	22 346 000,00	22 346 000,00	22 346 000,00
-  VI. Share premium account..........	472 000,00	618 000,00	829 000,00	610 000,00
-  X. Capital due to using accountancy of security...............	1 614 000,00		110 000,00
-  XI. Retained earnings..............	274 238 000,00		245 721 000,00	212 904 000,00
-  XII. Profit (loss) from previous years.................................		247 175 000,00
-  XIII. Net profit (loss)............		-1 200 000,00	22 333 000,00	38 244 000,00
-B. Long term liabilities.............	116 440 000,00	105 345 000,00	166 749 000,00	69 409 000,00
-  I. Credits, loans/ Liabilities due to credits, loand and other debt instruments...........................	56 889 000,00	87 126 000,00	159 481 000,00	67 958 000,00
-  V. Reserves for employees' benefits and other long term reserves.	1 862 000,00	1 922 000,00	1 605 000,00	992 000,00
-  VI. Reserves.......................	5 411 000,00	5 381 000,00	5 663 000,00	459 000,00
-  VII. Reserve due to deferred income tax/ Liabilities due to deferred income tax...................	14 034 000,00	6 800 000,00
-  VIII. Other long term liabilities..	33 778 000,00	4 116 000,00
-C. Short term liabilities............	679 585 000,00	611 337 000,00	415 856 000,00	369 972 000,00
-  I. Credits and loans/ Current account credits.......................	431 033 000,00	465 783 000,00	323 315 000,00	287 982 000,00
-  IV. Derivate instruments...........		293 000,00	644 000,00
-  IX. Trade and other liabilities....	241 287 000,00	136 882 000,00	83 293 000,00	76 502 000,00
-  X. Reserve for employees' benefits.	4 738 000,00	4 260 000,00	2 350 000,00	2 426 000,00
-  XI. Reserves/ other short term reserves..............................	2 468 000,00	4 098 000,00	4 651 000,00	3 046 000,00
-  XII. Future income.................	59 000,00	21 000,00	1 603 000,00	16 000,00
-Total liabilities....................	1 403 549 000,00	1 184 229 000,00	1 038 697 000,00	909 365 000,00
Source of financial data	other	other	other	Monitor Polski B
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2014- 30.09.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar.....	764 074 000,00	945 728 000,00	793 493 000,00	528 691 000,00
-  I.   Net revenue form sale of products..............................	684 171 000,00	834 014 000,00	754 799 000,00	508 807 000,00
-  II.  Net revenue from sale of goods.................................	79 903 000,00	111 714 000,00	38 694 000,00	19 884 000,00
-B.Cost of products, goods sold.......	651 904 000,00	810 124 000,00	690 468 000,00	450 562 000,00
-  I.  Cost of production of products sold.........................	584 634 000,00	712 828 000,00	658 614 000,00	433 679 000,00
-  II.  Value of products sold........	67 270 000,00	97 296 000,00	31 854 000,00	16 883 000,00
-C. Gross profit on sale..............	112 170 000,00	135 604 000,00	103 025 000,00	78 129 000,00
-D. Costs of sale.....................	20 018 000,00	24 257 000,00	20 374 000,00	13 905 000,00
-E. General management costs..........	44 977 000,00	59 584 000,00	39 974 000,00	36 780 000,00
-F. Profit on sale....................	47 175 000,00	51 763 000,00	42 677 000,00	27 444 000,00
-G. Other operating incomes...........	21 689 000,00	30 149 000,00	31 035 000,00	82 681 000,00
-H. Other operating costs.............	25 281 000,00	20 504 000,00	27 907 000,00	21 674 000,00
-I. Profit on operating activities....	43 583 000,00	61 408 000,00	45 805 000,00	88 451 000,00
-J. Financial incomes.................	13 890 000,00	21 856 000,00	39 963 000,00	30 383 000,00
-K. Financial costs...................	21 820 000,00	77 804 000,00	55 878 000,00	75 633 000,00
-L. Gross profit on economic activity.	35 653 000,00	5 460 000,00	29 890 000,00	43 201 000,00
-N. Gross profit......................	35 653 000,00	5 460 000,00	29 890 000,00	43 201 000,00
-O. Corporation tax...................	7 286 000,00	6 428 000,00	7 557 000,00	4 957 000,00
-R. Net profit........................	28 367 000,00		22 333 000,00	38 244 000,00
-R. Net loss..........................		968 000,00

AUDITOR

Balance sheet as at 31.12.2013
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Piotr Niedziela

No. 12523

Balance sheet as at 31.12.2012
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Piotr Niedziela

No. 12523

Balance sheet as at 31.12.2011
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor  Jacek Mateja

No. 9736

Ratios	01.01.2014- 30.09.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	0,77	0,66	0,55	0,78
Quick ratio	0,54	0,50	0,34	0,65
Immediate ratio	0,04	0,05	0,02	0,02
Return on sale	3,71	-0,10	2,81	7,23
Return on assets	2,02	-0,08	2,15	4,21
Return on equity	4,67	-0,21	4,90	8,14
Average trade debtors' days	110,19	95,85	59,66	160,75
Average stock turnover's days	53,10	35,72	38,50	32,51
average payables payment period	242,81	235,94	191,81	255,42
Total indebtedness ratio	56,72	60,52	56,09	48,32

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.20.59.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	0,99	1,09	0,88	1,13	1,56
Quick ratio..............................	0,75	0,79	0,56	0,74	1,03
Immediate ratio..........................	0,10	0,11	0,13	0,13	0,27
Return on sale...........................	3,67	2,49	3,41	5,75	4,07
Return on assets.........................	2,38	3,12	5,09	5,66	5,20
Return on equity.........................	6,01	6,66	13,27	10,65	9,46
Average trade debtors' days..............	81,40	72,83	44,29	60,24	58,81
Average stock turnover's days............	30,99	33,40	32,98	51,82	40,88
average payables payment period..........	131,70	115,61	105,04	136,48	80,81
Total indebtedness ratio.................	60,49	53,20	61,66	46,84	45,05
Percent share in the examinated group of companies with net profit.............	90,00	81,80	78,30	76,20	94,70
Sales/revenue per employee in th. PLN....	403,54	662,20	732,58	506,25	468,47
Average sales/revenue per company in th. PLN..................................	96 486,60	144 118,73	141 483,78	112 000,76	71 084,63
(C.29.32.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,39	1,32	1,26	1,32	1,31
Quick ratio..............................	1,09	1,02	0,99	1,05	1,03
Immediate ratio..........................	0,18	0,18	0,23	0,28	0,30
Return on sale...........................	6,61	6,18	5,97	5,82	5,56
Return on assets.........................	4,46	8,08	7,57	8,53	8,48
Return on equity.........................	9,86	17,75	18,32	19,95	20,42
Average trade debtors' days..............	72,32	68,98	63,30	65,67	66,20
Average stock turnover's days............	24,25	25,68	24,81	25,83	24,79
average payables payment period..........	91,48	94,61	99,32	100,67	95,09
Total indebtedness ratio.................	54,80	54,46	58,66	57,26	58,46
Percent share in the examinated group of companies with net profit.............	82,20	80,60	80,30	76,50	80,10
Sales/revenue per employee in th. PLN....	304,64	578,29	554,08	562,95	513,46
Average sales/revenue per company in th. PLN..................................	151 867,53	267 386,62	246 380,94	238 242,31	209 141,47
(K.64.20.Z - NACE 2007), as at :	31.12.2008	31.12.2007
Current ratio............................	2,13	2,68
Quick ratio..............................	2,07	2,67
Immediate ratio..........................	0,94	1,55
Return on sale...........................	0,49	1,52
Return on assets.........................	0,33	0,70
Return on equity.........................	0,34	0,77
Average trade debtors' days..............	1,87	19,82
Average stock turnover's days............	0,36	0,34
average payables payment period..........	7,94	22,51
Total indebtedness ratio.................	2,47	9,01
Percent share in the examinated group of companies with net profit.............	66,70	100,00
Sales/revenue per employee in th. PLN....	10 105,55	18 141,94
Average sales/revenue per company in th. PLN..................................	1 209 297,33	1 536 018,00

according to the Central Statistical Office

Source of financial data	other	other	other
	periodic	annual	annual
Consolidated balance sheet as at	30.09.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-Fixed assets.........................	1 577 858 000,00	1 396 052 000,00	1 273 688 000,00
-  Tangible assets....................	1 091 880 000,00	1 038 738 000,00	978 619 000,00
-  Goodwill...........................	78 959 000,00	78 959 000,00	78 959 000,00
-  Other intangible assets............	18 863 000,00	17 564 000,00	19 867 000,00
-  ...................................	116 812 000,00	117 035 000,00
-  Investment available for sale......		60 736 000,00
-  Long term financial assets.........	189 963 000,00	26 348 000,00	9 027 000,00
-  Assets due to deferred income tax..	36 696 000,00	38 151 000,00	27 975 000,00
-  Long term receivables and miscellaneous items...................	968 000,00	18 521 000,00
-Current assets.......................	1 810 540 000,00	1 491 739 000,00	1 454 668 000,00
-  Stocks.............................	794 673 000,00	673 401 000,00	654 812 000,00
-  Short term receivables and miscellaneous items...................	857 138 000,00	655 323 000,00	690 124 000,00
-  Receivables due to income tax......	1 991 000,00	5 951 000,00
-  Cash and equivalents...............	60 609 000,00	92 977 000,00	78 165 000,00
-Total assets.........................	3 419 939 000,00	2 921 196 000,00	2 749 068 000,00
-Equity...............................	1 434 024 000,00	1 209 459 000,00	1 181 464 000,00
-  Initial capital....................	248 906 000,00	228 906 000,00	234 807 000,00
-  Surplus from sale of shares over nominal value.........................	114 435 000,00	24 435 000,00	24 435 000,00
-  Retained earnings..................	533 625 000,00	457 120 000,00	480 936 000,00
-  Net profit (loss)..................		10 130 000,00
-  Minority Shares....................	613 002 000,00	581 430 000,00	533 834 000,00
-Long term liabilities................	393 866 000,00	306 948 000,00	274 609 000,00
-  Reserves...........................	31 410 000,00	22 645 000,00	25 161 000,00
-  Reserve due to deferred income tax.	93 187 000,00	88 537 000,00	76 898 000,00
-  Long term bank credits and loans...	188 123 000,00	184 657 000,00	162 797 000,00
-  Other long term financial liabilities...........................	33 778 000,00	11 109 000,00
-Short term liabilities...............	1 531 634 000,00	1 340 821 000,00	1 227 932 000,00
-  Reserves...........................	59 125 000,00	59 791 000,00	45 710 000,00
-  Short term bank credits and loans..	769 655 000,00	765 245 000,00
-  Short term part of long term bank credits and loans.....................			640 545 000,00
-  Short term liabilities and miscellaneous items...................	692 131 000,00	506 592 000,00	532 322 000,00
-  Liabilities due to income tax......	7 753 000,00	1 548 000,00
-Total liabilities....................	3 419 939 000,00	2 921 196 000,00	2 749 068 000,00
Source of financial data	other	other	other
	periodic	annual	annual
CONSOLIDATED Consolidated P/L	- 01.01.2014- 30.09.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Net income form sale of goods, products and materials................	3 829 608 000,00	4 836 269 000,00	4 881 187 000,00
-  I. Net income form sale of products..............................	3 184 696 000,00	4 129 534 000,00	4 338 181 000,00
-  II. Net income form sale of goods and materials.........................	644 912 000,00	706 735 000,00	543 006 000,00
-B. Costs of sale of goods, products and materials.........................	3 478 094 000,00	4 421 065 000,00	4 450 883 000,00
-  I. Costs of manufacture of sold products..............................	2 847 662 000,00	3 797 017 000,00	3 927 892 000,00
-  II. Value of sold goods and materials.............................	630 432 000,00	624 048 000,00	522 991 000,00
-C. Gross profit from sale (A-B)......	351 514 000,00	415 204 000,00	430 304 000,00
-D. Costs of sale.....................	82 103 000,00	121 226 000,00	109 838 000,00
-E. Cost of management................	161 436 000,00	199 077 000,00	203 254 000,00
-F. Profit from sale (C-D-E)..........	107 975 000,00	94 901 000,00	117 212 000,00
-G. Other operating income............	64 302 000,00	36 128 000,00	46 015 000,00
-H. Other operating costs.............	15 505 000,00	42 735 000,00	28 935 000,00
-I. Profit from ordinary activity (F+G+H)...............................	156 772 000,00	88 294 000,00	134 292 000,00
-J. Financial income..................	12 081 000,00	26 933 000,00	38 817 000,00
-K. Financial costs...................	53 652 000,00	75 119 000,00	74 032 000,00
-M. Profit from business activity (I+J-K+-L)............................	115 201 000,00	40 108 000,00	99 077 000,00
-Q. Gross profit (M+/-N-O+P)..........	115 201 000,00	40 108 000,00	99 077 000,00
-R. Income tax........................	10 018 000,00	5 855 000,00	15 215 000,00
-W. Net profit (Q-R-S+-T+/-U).........	105 183 000,00	34 253 000,00	83 862 000,00

AUDITOR

Balance sheet as at 31.12.2013
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Consolidated balance sheet as at 31.12.2012
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Piotr Niedziela

No. 12523

Financial statement of the taken over companies

Nylonbor Sp z o.o. KRS 53494

Source of financial data	Court	Court
	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets.........................	563 511,72	520 159,57
-  I.   Intangible assets................	2 559,39	4 810,68
-    3. Other intangible assets..........	2 559,39	4 810,68
-  II.  Tangible assets..................	494 925,33	441 119,89
-    1. Fixed goods......................	494 925,33	441 119,89
-      b) buildings, premises, facilities...............................	30 849,67	21 289,46
-      c) machinery and equipment........	392 921,13	378 454,86
-      d) fleet of motor vehicles........	71 154,53	41 375,57
-V. Long-term prepayments and accrued income...................................	66 027,00	74 229,00
-  1. Deferred tax assets................	66 027,00	74 229,00
-B. Current assets.......................	3 902 608,66	2 444 356,85
-  I.   Stock............................	2 906 336,02	1 598 820,42
-    1. Raw materials....................	729 333,00	640 443,28
-    2. Semi-finished products and work-in-progress.........................	511 373,57	98 253,91
-    3. Finished products................	563 336,13	504 098,49
-    4. Goods for re-sale................	429 768,82	356 024,74
-    5. Advance payments ................	672 524,50
-  II. Short-term receivables............	379 595,66	624 385,80
-    1. Receivables from affiliated companies................................	7 953,66
-      a) Due to deliveries and services with payment period:............	7 953,66
-        - up to 12 months...............	7 953,66
-    2. Other receivables ...............	371 642,00	624 385,80
-      a) Due to deliveries and services with payment period:............	271 698,93	612 794,98
-        - up to 12 months...............	271 698,93	612 794,98
-      b) Due to taxes, subsidies, insurances, duties, etc..................	98 073,07	10 249,81
-      c) Other..........................	1 870,00	1 341,01
-  III. Short term investments...........	609 145,51	217 128,69
-    1. Short-term financial assets......	609 145,51	217 128,69
-      c) cash and other liquid assets...	609 145,51	217 128,69
-        - cash in hand and on bank account..................................	609 145,51	217 128,69
-IV. Short-term prepayments and accrued income...................................	7 531,47	4 021,94
-D. Total assets.........................	4 466 120,38	2 964 516,42
-A. Shareholders' equity.................	3 536 336,72	2 629 644,11
-  I.   Basic share capital..............	4 500 000,00	4 500 000,00
-  VII. Profit (loss) carried forward....	-1 870 355,89	-2 021 671,57
-  VIII. Net profit (loss)...............	906 692,61	151 315,68
-B. Liabilities and reserves for liabilities..............................	929 783,66	334 872,31
-  I.   Reserves for liabilities.........	167 306,21	45 235,63
-    1. Deferred income tax reserves.....		11 343,00
-    2. Reserves for pensions and similar social payments..................	67 685,62	26 892,63
-      - long-term.......................	30 677,05	19 640,49
-      - short-term......................	37 008,57	7 252,14
-    3. Other reserves...................	99 620,59	7 000,00
-III. Short-term liabilities.............	762 477,45	289 636,68
-  1. Due to affiliated companies........	76 259,28	50 571,16
-    a) Due to deliveries and services with payment period:.....................	76 259,28	50 571,16
-      - up to 12 months.................	76 259,28	50 571,16
-  2. Other liabilities..................	686 218,17	239 065,52
-    d)Due to deliveries and services with payment period:.....................	578 718,20	141 408,94
-      - up to 12 months.................	578 718,20	141 408,94
-    g) Due to taxes, subsidies, insurances, duties, etc..................	102 786,39	93 270,37
-    i) Other............................	4 713,58	4 386,21
-D. Total liabilities....................	4 466 120,38	2 964 516,42
Source of financial data	Court	Court
	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........	7 044 846,46	4 793 264,98
-  I.   Net revenue form sale of products.................................	5 214 265,82	3 082 236,20
-  II.  Net revenue from sale of goods...	1 830 580,64	1 711 028,78
-B.Cost of products, goods sold..........	4 165 776,52	3 401 539,98
-  I.  Cost of production of products sold.....................................	2 868 472,97	2 179 051,84
-  II.  Value of products sold...........	1 297 303,55	1 222 488,14
-C. Gross profit on sale.................	2 879 069,94	1 391 725,00
-D. Costs of sale........................	869 202,66	681 299,73
-E. General management costs.............	885 290,65	612 785,48
-F. Profit on sale.......................	1 124 576,63	97 639,79
-G. Other operating incomes..............	144 652,93	242 775,77
-  II.  Subsidies........................		117 977,62
-  III. Other operating incomes..........	144 652,93	124 798,15
-H. Other operating costs................	188 843,45	147 466,28
-  I.   Loss on dsiposal of non--financial fixed assets..............	1 044,33
-  II.  Goodwill revaluation.............	69 913,56	46 358,09
-  III. Other operating costs............	117 885,56	101 108,19
-I. Profit on operating activities.......	1 080 386,11	192 949,28
-J. Financial incomes....................	16,85	21,42
-  II.  Interest received................	16,85	21,42
-K. Financial costs......................	24 961,35	29 417,02
-  I.   Interest.........................	5 531,32	97,20
-    - including related companies.......		27,16
-  IV.  Other............................	19 430,03	29 319,82
-L. Gross profit on economic activity....	1 055 441,61	163 553,68
-N. Gross profit.........................	1 055 441,61	163 553,68
-O. Corporation tax......................	148 749,00	12 238,00
-  b) deferred part......................		12 238,00
-R. Net profit...........................	906 692,61	151 315,68

Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	5,12	8,44
Quick ratio	1,30	2,91
Immediate ratio	0,80	0,75
Return on sale	12,87	3,16
Return on assets	20,30	5,10
Return on equity	25,64	5,75
Average trade debtors' days	19,72	47,55
Average stock turnover's days	150,99	121,75
average payables payment period	39,61	22,06
Total indebtedness ratio	20,82	11,30

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.20.16.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,77	2,19	1,83	1,67	1,47
Quick ratio..............................	1,24	1,70	1,41	1,27	1,08
Immediate ratio..........................	0,25	0,27	0,21	0,18	0,17
Return on sale...........................	1,20	5,32	-1,27	1,70	4,11
Return on assets.........................	0,97	7,99	-1,83	2,21	4,30
Return on equity.........................	1,85	13,43	-3,41	4,17	7,94
Average trade debtors' days..............	61,71	52,56	62,38	60,23	70,73
Average stock turnover's days............	34,81	31,49	32,60	31,78	34,94
average payables payment period..........	69,18	65,53	80,16	80,90	91,88
Total indebtedness ratio.................	47,56	40,50	46,37	47,13	45,83
Percent share in the examinated group of companies with net profit.............	72,70	76,00	78,30	70,80	72,00
Sales/revenue per employee in th. PLN....	836,45	1 832,68	1 642,74	1 767,64	1 211,68
Average sales/revenue per company in th. PLN..................................	201 394,77	375 918,36	374 686,91	360 524,17	308 589,84

BORYSZEW ERG SA KRS 288711

Source of financial data	Monitor Polski B
	annual
Personal balance sheet as at	31.12.2011 (PLN)
-A. Fixed assets.........................	160 359 280,82
- I. Tangible assets....................	41 210 834,41
- I. Fixed goods......................	41 210 834,41
- a) lands and buildings............	53 554,64
- c) buildings and other civil and water engineering objects................	28 394 262,16
- d) technical appliances and machinery................................	11 057 673,77
- e) means of transport.............	226 815,40
- f) other fixed goods..............	1 478 528,44
- II. Intangible assets.................	108 177 450,21
- 2. Goodwill.........................	67 864 395,22
- 3. Patents and licences.............	143 262,22
- 4. Other intangible goods...........	40 169 792,77
- VI. Long term financial assets........	10 970 996,20
- 1. in subsidiaries..................	10 970 996,20
- a) shares and quotas..............	1 600 010,20
- e) other long term financial assets...................................	9 370 986,00
-B. Current Assets.......................	86 960 029,81
- I. Stocks.............................	33 683 332,18
- 1. Materials........................	16 493 458,59
- 2. Semi-products....................	953 123,97
- 3. Finished goods...................	12 427 372,15
- 4. Goods............................	3 704 698,66
- 5. Prepayments for deliveries.......	104 678,81
- IV. Trade receivables and other receivables/ supply and services receivables and other receivables........	44 578 502,29
- 1. Trade receivables from related companies................................	1 124 670,16
- a) due to delivery and other services, with term of settlement........	748 435,73
- b) other..........................	376 234,43
- 3. Trade receivables from other companies................................	43 453 832,13
- a) due to delivery and other services, with term of settlement........	41 705 382,45
- b) due to taxes, grants, customs, social securities and other services.................................	1 685 619,76
- c) other..........................	62 829,92
- VIII. Cash and cash equivalents.......	6 833 132,03
- XII. Miscellaneous items..............	473 092,84
- XIV. Fixed assets for sale............	1 391 970,47
-Total assets............................	247 319 310,63
-A. Equity...............................	181 299 158,37
- I. Initial capital....................	165 601 485,00
- IV. Uncalled capital..................	11 460 324,04
- XIII. Net profit (loss)...............	4 237 349,33
-B. Long term liabilities................	9 622 986,81
- V. Reserves for employees' benefits and other long term reserves.............	334 107,63
- VII. Reserve due to deferred income tax/ Liabilities due to deferred income tax......................................	6 612 037,00
- VIII. Other long term liabilities.....	6 209,94
- XI. Government grants.................	2 670 632,24
-C. Short term liabilities...............	56 397 165,45
- IX. Trade and other liabilities.......	53 942 832,68
- 1. Trade liabilities................	25 312 721,62
- 3. Other liabilities................	28 630 111,06
- X. Reserve for employees' benefits....	667 290,89
- XI. Reserves/ other short term reserves.................................	1 782 072,87
- XIV. Liabilities concerning fixed assets for sale..........................	4 969,01
-Total liabilities.......................	247 319 310,63
Source of financial data	Monitor Polski B
	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar........	190 889 572,46
- - including related companies.........	4 525 218,31
- I. Net revenue form sale of products.................................	166 754 118,54
- II. Net revenue from sale of goods...	24 135 453,92
-B.Cost of products, goods sold..........	157 817 573,73
- I. Cost of production of products sold.....................................	135 315 190,73
- II. Value of products sold...........	22 502 383,00
-C. Gross profit on sale.................	33 071 998,73
-D. Costs of sale........................	5 990 551,42
-E. General management costs.............	25 191 333,93
-F. Profit on sale.......................	1 890 113,38
-G. Other operating incomes..............	4 534 115,56
- I. Incomes from disposal of fixed assets...................................	45 242,51
- II. Subsidies........................	3 953 421,46
- III. Other operating incomes..........	535 451,59
-H. Other operating costs................	1 600 835,61
- II. Goodwill revaluation.............	1 247 425,77
- III. Other operating costs............	353 409,84
-I. Profit on operating activities.......	4 823 393,33
-J. Financial incomes....................	2 953 732,39
- I. Dividends received...............	60 116,00
- - including dividends to group and associated compan........................	60 116,00
- II. Interest received................	630 245,58
- - including related companies.......	371 013,16
- III. Profit from assets sold..........	1 851 302,76
- V. Other............................	412 068,05
-K. Financial costs......................	1 701 049,04
- I. Interest.........................	1 607 734,85
- - including related companies.......	6 768,26
- IV. Other............................	93 314,19
-L. Gross profit on economic activity....	6 076 076,68
-N. Gross profit.........................	6 076 076,68
-O. Corporation tax......................	1 481 875,00
- b) deferred part......................	1 481 875,00
-P. Other statutory charges..............	356 852,35
-R. Net profit...........................	4 237 349,33

AUDITOR
Balance sheet as at 31.12.2011
CHE CONSULTING Sp. z o.o., ul. Handlowa 6, 15-399 Białystok	No. 3630

Ratios	01.01.2011- 31.12.2011
Current ratio	1,54
Quick ratio	0,91
Immediate ratio	0,12
Return on sale	2,22
Return on assets	1,71
Return on equity	2,34
Average trade debtors' days	85,24
Average stock turnover's days	64,41
average payables payment period	107,84
Total indebtedness ratio	26,69

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.20.59.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	0,99	1,09	0,88	1,13	1,56
Quick ratio..............................	0,75	0,79	0,56	0,74	1,03
Immediate ratio..........................	0,10	0,11	0,13	0,13	0,27
Return on sale...........................	3,67	2,49	3,41	5,75	4,07
Return on assets.........................	2,38	3,12	5,09	5,66	5,20
Return on equity.........................	6,01	6,66	13,27	10,65	9,46
Average trade debtors' days..............	81,40	72,83	44,29	60,24	58,81
Average stock turnover's days............	30,99	33,40	32,98	51,82	40,88
average payables payment period..........	131,70	115,61	105,04	136,48	80,81
Total indebtedness ratio.................	60,49	53,20	61,66	46,84	45,05
Percent share in the examinated group of companies with net profit.............	90,00	81,80	78,30	76,20	94,70
Sales/revenue per employee in th. PLN....	403,54	662,20	732,58	506,25	468,47
Average sales/revenue per company in th. PLN..................................	96 486,60	144 118,73	141 483,78	112 000,76	71 084,63
according to the Central Statistical Office

Source of financial data	Monitor Polski B
	annual
Consolidated balance sheet as at	31.12.2011 (PLN)
-Fixed assets............................	159 298 000,00
- Tangible assets.......................	41 745 000,00
- Goodwill..............................	67 864 000,00
- Other intangible assets...............	40 318 000,00
- Long term financial assets............	9 371 000,00
-Current assets..........................	88 931 000,00
- Stocks................................	35 471 000,00
- Cash and equivalents..................	7 657 000,00
-Total assets............................	249 621 000,00
-Equity..................................	183 218 000,00
- Initial capital.......................	165 601 000,00
- Retained earnings.....................	12 892 000,00
- Net profit (loss).....................	4 302 000,00
- Minority Shares.......................	423 000,00
-Long term liabilities...................	9 580 000,00
- Reserve due to deferred income tax....	6 528 000,00
- Other long term financial liabilities.	2 671 000,00
-Short term liabilities..................	56 818 000,00
- Reserves..............................	5 000,00
- Short term bank credits and loans.....	25 290 000,00
-Total liabilities.......................	249 621 000,00
Source of financial data	Monitor Polski B
	annual
CONSOLIDATED Consolidated P/L	01.01.2011- 31.12.2011 (PLN)
-A. Net income form sale of goods, products and materials...................	195 883 000,00
- I. Net income form sale of products...	170 004 000,00
- II. Net income form sale of goods and materials............................	25 879 000,00
-B. Costs of sale of goods, products and materials............................	162 041 000,00
- I. Costs of manufacture of sold products.................................	138 322 000,00
- II. Value of sold goods and materials.	23 719 000,00
-C. Gross profit from sale (A-B).........	33 842 000,00
-D. Costs of sale........................	6 672 000,00
-E. Cost of management...................	25 606 000,00
-F. Profit from sale (C-D-E).............	1 564 000,00
-G. Other operating income...............	4 696 000,00
-H. Other operating costs................	1 311 000,00
-I. Profit from ordinary activity (F+G+H)..................................	4 949 000,00
-J. Financial income.....................	2 884 000,00
-K. Financial costs......................	1 703 000,00
-M. Profit from business activity (I+J-K+-L)...............................	6 130 000,00
-Q. Gross profit (M+/-N-O+P).............	6 130 000,00
-R. Income tax...........................	1 495 000,00
-W. Net profit (Q-R-S+-T+/-U)............	4 635 000,00

AUDITOR

Balance Sheet as at 31.12.2011

CHE Consulting Sp. Z.o. o., ul. Handlowa 6, 15-399 Bialystok

Locations:

seat: ul. Łucka 7/9, 00-842 Warszawa Phone:                   22 6586568 Fax:                     22 6597527 E-mail:                  info@boryszew.com.pl Website:                 http://www.boryszew.com.pl branches: ul. M.Skłodowskiej-Curie 73, 87-100 Toruń Oddział ELANA NIERUCHOMOSCI w Toruniu Phone:                   56 6562405 ul. Piłsudskiego 23, 32-050 Skawina Nowoczesne produkty aluminiowe Skawina Phone:                   12 2760888 ul. 15 Sierpnia 106, 96-500 Sochaczew Phone:                   46 8630659 Oddział BORYSZEW ERG w Sochaczewie, oddział NYLONBOR w Sochaczewie ul. Serdeczna 42, 43-100 Tychy Maflow w Tychach Phone:                   32 7890350 Fax:                     32 7890202

Real Estate	ul. Serdeczna 42, 43-100 Tychy lands of area 49 209 sq.m. (Land and Mortgage Register KA1T/00033310/6)
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

IMPEXMETAL SA NIP PL 5250003551, ul. Łucka 7/9, 00-842 Warszawa  - 50,72 % Maflow France Automotive s.a.s, France  - 100 %  ELANA-PET Sp. z o.o. NIP PL 8791755732, ul. Skłodowskiej-Curie 73, 87-100 Toruń PLN 9 682 000,00 (100,00%)   ELIMER Sp.z o.o. NIP PL 8371505023, ul. 15 Sierpnia 106, 96-500 Sochaczew PLN 41 132,00 (52,44%)   ELANA-ENERGETYKA Sp. z o.o. NIP PL 8792104155, ul. M. Skłodowskiej-Curie 73, 87-100 Toruń PLN 1 500 000,00 (100,00%)  Boryszew Tensho Poland Sp. z o.o. NIP PL 9562188686, Ostaszewo 57F, 87-148 Łysomice PLN 68 000 000,00 (80,00%)   BORYSZEW AUTOMOTIVE PLASTICS Sp. z o.o. NIP PL 9710545618, ul. Wapienna 6/8, 87-100 Toruń PLN 1 307 000,00 (100,00%)  Torlen Sp. z o.o. NIP PL 8792585278, ul. Skłodowskiej-Curie 73, 87-100 Toruń PLN 15 808 500,00 (100,00%)  Maflow BRS S.r.l., Mediolan, Via Senato 8, 20121 Malmö, Italy   · shareholder Maflow Spain Automotive S.L.U., Spain   · shareholder  BORYSZEW ENERGY sp. z o.o. NIP 1070018767, ul. Łucka 7/9, 00-842 Warszawa PLN 5 000,00 (100,00%)  Maflow India Private Limited, Pune Maharashtra, India   · shareholder  MAFLOW POLSKA sp. z o.o., ul. Łucka 7/9, 00-842 Warszawa PLN 5 000,00 (100,00%)   BORYSZEW HR SERVICE sp. z o.o. NIP 5272700866, ul. Łucka 7/9, 00-842 Warszawa PLN 5 000,00 (100,00%)   BORYSZEW COMPONENTS POLAND sp. z o.o. NIP 5272700955, ul. M. Skłodowskiej-Curie 73, 87-100 Toruń PLN 5 000,00 (100,00%)   SPV BORYSZEW 3 sp. z o.o., ul. Łucka 7/9, 00-842 Warszawa PLN 41 105 000,00 (100,00%)   BORYSZEW COMMODITIES sp. z o.o., ul. Łucka 7/9, 00-842 Warszawa PLN 5 000,00 (100,00%)  Boryszew Oberflächentechnik Deutschland GmbH   · shareholder  SPV BORYSZEW 5 sp. z o.o., ul. Łucka 7/9, 00-842 Warszawa PLN 5 000,00 (100,00%) and foreign companies Data concerning shares in other companies are valid as at: 11.11.2014.

Connections:

Paweł Tokłowicz , personal ID no. (PESEL) 71040302595 -  ZAKŁAD UTYLIZACJI ODPADÓW SPÓŁKA Z O.O. NIP 6652223120, ul. Sulańska 11, 62-510 Konin   · member of supervisory board -  PRZEDSIĘBIORSTWO USŁUGOWO-HANDLOWE „HUTNIK” sp. z o.o. w likwidacji NIP PL 6651009241, al. 1 Maja 13, 62-510 Konin   · member of supervisory board -  SPV BORYSZEW 5 sp. z o.o., ul. Łucka 7/9, 00-842 Warszawa   · president -  IMPEXMETAL SA NIP PL 5250003551, ul. Łucka 7/9, 00-842 Warszawa   · proxy Zygmunt Urbaniak , personal ID no. (PESEL) 45101800214 -  SPV LAKME INVESTMENT sp. z o.o. NIP 7010158077, ul. Łucka 7/9, 00-842 Warszawa   · member of supervisory board -  ELANA-ENERGETYKA Sp. z o.o. NIP PL 8792104155, ul. M. Skłodowskiej-Curie 73, 87-100 Toruń   · member of supervisory board -  HUTMEN SA NIP PL 8960000196, ul. Łucka 7/9, 00-842 Warszawa   · chairman -  IMPEXMETAL SA NIP PL 5250003551, ul. Łucka 7/9, 00-842 Warszawa   · deputy-chairman Mikołaj Edward Budzanowski , personal ID no. (PESEL) 71111100772 -  BORYSZEW ENERGY sp. z o.o. NIP 1070018767, ul. Łucka 7/9, 00-842 Warszawa   · president Agnieszka Weronika Urbaniak , personal ID no. (PESEL) 74030612681 -  Torlen Sp. z o.o. NIP PL 8792585278, ul. Skłodowskiej-Curie 73, 87-100 Toruń   · member of supervisory board Arkadiusz Krężel , personal ID no. (PESEL) 53060704593 -  SPV LAKME INVESTMENT sp. z o.o. NIP 7010158077, ul. Łucka 7/9, 00-842 Warszawa   · member of supervisory board -  PRZEDSIĘBIORSTWO BADAŃ GEOFIZYCZNYCH sp. z o.o., ul. Jagiellońska 76, 03-301 Warszawa   · member of supervisory board -  EKO-PARK SA NIP 5211950882, ul. Chodkiewicza 11, 05-525 Warszawa   · member of supervisory board -  FUNDACJA AGENCJA ROZWOJU REGIONALNEGO W KOSZALINIE NIP 6690503229, ul. Jana z Kolna 38B/5, 75-204 Koszalin   · member of supervisory board -  SPECJALNA STREFA EKONOMICZNA „STARACHOWICE” SA NIP 6641778096, ul. Radomska 29, 27-200 Starachowice   · member of supervisory board -  Zakłady Tytoniowe w Lublinie SA NIP PL 7120150958, ul. Wrotkowska 2, 20-469 Lublin   · member of supervisory board -  STOWARZYSZENIE „INICJATYWA DLA INFRASTRUKTURY”, pl. Bankowy 2, 00-095 Warszawa   · member of supervisory board -  IMPEXMETAL SA NIP PL 5250003551, ul. Łucka 7/9, 00-842 Warszawa   · chairman -  PKP POLSKIE LINIE KOLEJOWE SA NIP PL 1132316427, ul. Targowa 74, 03-734 Warszawa   · chairman -  ZM SILESIA SA NIP PL 6340135498, ul. Konduktorska 8, 40-155 Katowice   · chairman Roman Karkosik  is related to many subjects. Piotr Wiśniewski , personal ID no. (PESEL) 77072908893 -  MAFLOW POLSKA sp. z o.o., ul. Łucka 7/9, 00-842 Warszawa   · president -  ZŁOTY STOK GRUPA SA NIP PL 8871553172, Bydgoszcz, ul. Kossaka 72/129, 85-307 Bydgoszcz 41   · member of supervisory board -  FŁT POLSKA Sp. z o.o. NIP PL 5272176253, ul. Łucka 7/9, 00-842 Warszawa   · member of supervisory board Janusz Siemieniec , personal ID no. (PESEL) 55052004137 -  NORDENERGY sp. z o.o., ul. Jutrzenki 47, 52-311 Wrocław   · shareholder: PLN 20 000,00 (40,00%)   · member of board of directors -  SOLARY KOMORÓW sp. z o.o., ul. Karola Borchardta 79, 76-200 Słupsk   · shareholder: PLN 3 300,00 (33,00%)   · member of board of directors -  SŁONECZNY KOMORÓW sp. z o.o., ul. Karola Borchardta 79, 76-200 Słupsk   · shareholder: PLN 3 300,00 (33,00%)   · member of board of directors -  GÓRNICZA FUNDACJA SPORTU, KULTURY FIZYCZNEJ I WYPOCZYNKU W WAŁBRZYCHU NIP 8862530303, ul. Ratuszowa 6B, 58-304 Wałbrzych   · member of supervisory board -  HUTA BANKOWA Sp. z o.o. NIP PL 6291328871, ul. Jana III Sobieskiego 24, 41-300 Dąbrowa Górnicza   · president -  PV KOMORÓW I sp. z o.o., ul. Borchardta 79, 76-200 Słupsk   · shareholder: PLN 2 500,00 (50,00%)   · president -  RADAN NORDWIND Sp. z o.o. NIP 8992628472, ul. Bojkowska 59C, 44-100 Gliwice   · shareholder: PLN 6 000,00 (12,00%) -  SOLARFARM KOMORÓW sp. z o.o., ul. Jutrzenki 47, 52-311 Wrocław   · shareholder: PLN 4 100,00 (82,00%)   · president Miłosz Wiśniewski , personal ID no. (PESEL) 64050612790 -  BORYSZEW AUTOMOTIVE PLASTICS Sp. z o.o. NIP PL 9710545618, ul. Wapienna 6/8, 87-100 Toruń   · president -  SPV IMPEXMETAL sp. z o.o. NIP 5272703267, ul. Łucka 7/9, 00-842 Warszawa   · vice president -  Huta Metali Nieżelaznych SZOPIENICE SA w likwidacji NIP PL 6340197364, ul. Ks. Karola Woźniaka 12C, 40-389 Katowice   · member of supervisory board -  NOWOCZESNE PRODUKTY ALUMINIOWE SKAWINA SA NIP PL 6652520964, ul. Piłsudskiego 23, 32-050 Skawina   · member of supervisory board Jan Bogolubow , personal ID no. (PESEL) 61043003258 -  STOWARZYSZENIE BALTIC BUSINESS FORUM, ul. Szpitalna 1/22, 00-028 Warszawa   · member of supervisory board -  Zespół Ciepłowni Przemysłowych CARBO-ENERGIA Sp. z o.o. NIP 6411006444, ul. Szyb Walenty 32, 41-700 Ruda Śląska   · member of supervisory board -  ZARZĄDCA ROZLICZEŃ SPÓŁKA AKCYJNA NIP 7010095709, ul. Wilcza 50/52, 00-679 Warszawa   · president Kamil Dobies , personal ID no. (PESEL) 77082309350 -  BORYSZEW COMPONENTS POLAND sp. z o.o. NIP 5272700955, ul. M. Skłodowskiej-Curie 73, 87-100 Toruń   · president -  HUTMEN SA NIP PL 8960000196, ul. Łucka 7/9, 00-842 Warszawa   · member -  SPV LAKME INVESTMENT sp. z o.o. NIP 7010158077, ul. Łucka 7/9, 00-842 Warszawa   · president -  ELANA-PET Sp. z o.o. NIP PL 8791755732, ul. Skłodowskiej-Curie 73, 87-100 Toruń   · member of supervisory board -  MAKADO sp. z o.o., ul. Turystyczna 71, 87-100 Toruń   · shareholder: PLN 2 500,00 (50,00%) Anna Krystyna Gawrych , personal ID no. (PESEL) 68060702229 -  BORYSZEW HR SERVICE sp. z o.o. NIP 5272700866, ul. Łucka 7/9, 00-842 Warszawa   · president Piotr Tadeusz Szeliga , personal ID no. (PESEL) 73121405650 -  Huta Metali Nieżelaznych SZOPIENICE SA w likwidacji NIP PL 6340197364, ul. Ks. Karola Woźniaka 12C, 40-389 Katowice   · member of supervisory board -  FŁT POLSKA Sp. z o.o. NIP PL 5272176253, ul. Łucka 7/9, 00-842 Warszawa   · member of supervisory board -  HUTMEN SA NIP PL 8960000196, ul. Łucka 7/9, 00-842 Warszawa   · deputy-chairman -  BATERPOL SA NIP PL 6271267706, ul. Obrońców Westerplatte 108, 40-335 Katowice   · member of supervisory board -  SPV BORYSZEW 3 sp. z o.o., ul. Łucka 7/9, 00-842 Warszawa   · president -  ZM SILESIA SA NIP PL 6340135498, ul. Konduktorska 8, 40-155 Katowice   · deputy-chairman -  EASTSIDE CAPITAL INVESTMENTS sp. z o.o. NIP 5272643944, ul. Łucka 7/9, 00-842 Warszawa   · president -  POLSKI CYNK SPÓŁKA Z O.O. NIP 9121840399, ul. Gen. Władysława Sikorskiego 2, 55-200 Oława   · member of supervisory board -  IMPEXMETAL SA NIP PL 5250003551, ul. Łucka 7/9, 00-842 Warszawa   · member Tadeusz Pietka , personal ID no. (PESEL) 67053002199 -  EUFORTES SA, al. Jana Pawła II 27, 00-867 Warszawa   · member of supervisory board -  MAGNA POLONIA SA NIP 1180087290, ul. Grzybowska 4/96, 00-131 Warszawa   · member of supervisory board -  TDS INTERNATIONAL SA, ul. Sarmacka 13/92, 00-580 Warszawa   · president -  W INVESTMENTS SA NIP PL 7960069626, ul. Prosta 32, 00-838 Warszawa   · member of supervisory board -  Techmex SA w upadłości likwidacyjnej NIP PL 5470085953, ul. Partyzantów 71, 43-300 Bielsko-Biała   · member of supervisory board -  AUTO MONEY SA NIP 5213657548, ul. Domaniewska 37/2.43, 02-672 Warszawa   · member of supervisory board -  COLONADE INTERNATIONAL SPÓŁKA Z O.O. NIP 9512284519, ul. Indiri Gandhi 35/34, 02-776 Warszawa   · president -  KERDOS GROUP SA NIP PL 5220100924, ul. Emilii Plater 53, 00-113 Warszawa   · deputy-chairman Mirosław Kutnik , personal ID no. (PESEL) 63062304950 -  KANCELARIA RADCÓW PRAWNYCH KUTNIK, KALINOWSKI I PARTNERZY NIP 8792458781, ,ul. Batorego 5, 87-100 Toruń   · partner   · member of representation unit -  ALCHEMIA SA NIP PL 7470006096, ul. Łucka 7/9, 00-842 Warszawa   · secretary -  MASTERPRESS SA NIP PL 7391801250, ul. Lubelska 46, 10-406 Olsztyn   · deputy-chairman Zbigniew Krzysztof Wojciechowski , personal ID no. (PESEL) 66061204870 -  ELANA-ENERGETYKA Sp. z o.o. NIP PL 8792104155, ul. M. Skłodowskiej-Curie 73, 87-100 Toruń   · member of supervisory board Paweł Henryk Surówka 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: 11.11.2014.

Taking overs

14.12.2013 (Entry date) - merger BORYSZEW SA, ul. Łucka 7/9, 00-842 Warszawa (as taking over) Nylonbor Sp z o.o. KRS 53494, ul. 15 Sierpnia 106, 96-500 Sochaczew (as taken over) (Resolution date 25.11.2013 )  14.12.2013 (Entry date) - merger BORYSZEW SA, ul. Łucka 7/9, 00-842 Warszawa (as taking over)  BORYSZEW ERG SA KRS 288711, ul. 15 Sierpnia 106, 96-500 Sochaczew (as taken over) (Resolution date 25.11.2013 )  19.12.2012 (Entry date) - merger BORYSZEW SA, ul. Łucka 7/9, 00-842 Warszawa (as taking over)  NOWOCZESNE PRODUKTY ALUMINIOWE SKAWINA SA KRS 376170, ul. Piłsudskiego 23, 32-050 Skawina (as taken over)  02.06.2005 (Entry date) - merger BORYSZEW SA, ul. Łucka 7/9, 00-842 Warszawa (as taking over) Huta OŁAWA SA KRS 47946, ul. Sikorskiego 7, 55-200 Oława (as taken over)  28.01.2005 (Entry date) - merger Zakłady Chemiczne i Tworzyw Sztucznych BORYSZEW SA, ul. Łucka 7/9, 00-842 Warszawa (as taking over)  ELANA SA KRS 3702, ul. Skłodowskiej-Curie 73, 87-100 Toruń (as taken over)

Certificates:

ISO 9001

General information

Since 20.05.1996 noDescription noDescription

Boryszew Capital Group is one of the largest industrial groups in Poland having manufacturing facilities on 3 continents, operating in the following sectors: automotive, non-ferrous metals, chemicals and trade. The group consists of the following companies: Impexmetal S.A.,Hutmen S.A.,Walcownia Metali Dziedzice S.A, ZM Silesia S.A., Baterpol S.A.,Polski Cynk Sp. z o.o.,FŁT Polska Sp. z o.o.,Boryszew Tensho Poland Sp. z o.o., SPV Lakme Investment Sp. z o.o., Elana Energetyka Sp. z o.o. Boryszew SA is the parent company Boryszew Capital Group and manages other companies in the group. The core business of the head office in Warsaw is the management of the Group. Boryszew SA operates on the basis of the following branch offices: - Oddział Maflow w Tychach - manufacturer of cables for the automotive industry - Oddział Elana w Toruniu - manufacturer staple fibers and filaments (until February 2009), PET pellets and technical fibers.  - Oddział Nowoczesne Produkty Aluminiowe Skawina – engaged in the production of aluminum rods, wires and cables  - Oddział Boryszew ERG w Sochaczewie – has a diversified portfolio of products in the chemical industry. The flagship product of the company is antifreeze "Borygo" engine coolant.  - Oddział Nylonbor w Sochaczewie – specializes in the manufacture of modern design polyamides

Banks

Bank Polska Kasa Opieki SA I O. w Sochaczewie  (12401822) ul. 1 Maja 19, 96-500 Sochaczew Alior Bank SA ul. Łopuszańska 38D, 02-232 Warszawa

Payment Manner	Analysis of the balance sheet indicates limited liquidity.
Credit capability	Business connections should not be refused, credits require security
	Due to: - Liabilities and reserves for liabilities exceeding current assets - long period of liabilities repayment Observation of further development of the company is recommended.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

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.