MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	ETOS SA
Formerly Known As :	ETOS S.C. W.Rejnsz J.Sieńczak
Registered Office :	Ul. Bysewska 23 80-298 Gdańsk
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	03.04.1992
Legal Form :	Joint Stock Company
Line of Business :	Sole Production And Distribution Of Clothing Of Trademark Diverse Jeanswear.
No. of Employee :	437

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

ETOS SA

ul. Bysewska 23
80-298 Gdańsk

Phone:    58 5000829

Fax:      58 3404820

E-mail:   etos@etos.pl

Website:  www.diversesystem.com

Legal form	Joint Stock Company
Stat.no.	192975787
Tax ID	PL 5840303202

Establishment	03.04.1992 as Partnership
	21.03.2001  as General partnership
	17.10.2003  as Joint Stock Company
Changes of names and addresses	ETOS S.C. W.Rejnsz J.Sieńczak ul. Bażyńskiego 32, 80-309 Gdańsk
	21.03.2001 ETOS W.Rejnsz J.Sieńczak - Spółka Jawna
	17.10.2003 ETOS SA
	30.04.2008  ul. Bysewska 23, 80-298 Gdańsk
	19.11.2014 DIVERSE SA
	10.12.2014 ETOS SA

Registration

03.11.2003, District Court Gdańsk, VII Department, KRS 178415

Data concerning previous registrations:

03.04.1992, Municipal Office Gdańsk, No. 36500

03.04.2001, District Court Gdańsk, VII Department, KRS 5813

Shareholders

Milano Holding S.a.r.l., L-1882 Guillaume Kroll 5, Luxembourg
Percent of owned shares	100.00%
list entered to NCR /KRS/ on 29.04.2010

Share capital

	PLN 54 055 102,00
Share capital divided into 54055102 shares of PLN 1,00 each
Series of shares 4500000 type Not preference shares E 17625000 type Not preference shares D 13419576 type Not preference shares C 8310526 type Not preference shares A 9000000 type Not preference shares F 1200000 type Not preference shares G
Changes of share capital
- since 10.12.2012  until 09.06.2014  the capital estimated	PLN 52 855 102,00
- since 29.04.2011  until 10.12.2012  the capital estimated	PLN 43 855 102,00
- since 09.09.2009  until 29.04.2011  the capital estimated	PLN 21 730 102,00
- since 03.11.2003  until 09.09.2009  the capital estimated	PLN 8 310 526,00
An in-kind contribution has been made and valued at	PLN  8 310 526,00

Management

Marcin Piotr Bielski, personal ID no. (PESEL) 76091201015, ul. Ceglana 25, 05-806 Komorów - president

Katarzyna Haska , personal ID no. (PESEL) 76121402160, ul. Lukrecjowa 53d/6, 81-589 Gdynia  - vice president

Ireneusz Żeromski , personal ID no. (PESEL) 71101606130, ul. Wawelska 25/18, 80-034 Gdańsk
 - vice president

Robert Sławomir Śniegowski , personal ID no. (PESEL) 70010106618, ul. Suchanka 3/8, 80-772 Gdańsk  - vice president

Representation:
since 30.12.2010 

If one man board – President individually

If numerous managers – Each member of the board of directors individually

Supervisory board

Milorad Andelić , personal ID no. (PESEL) 76111517096

Janusz Sieńczak , personal ID no. (PESEL) 60111513190, ul. Jana Pawła II 23A/34, 80-462 Gdańsk

Paweł Wojciech Gieryński , personal ID no. (PESEL) 69061100351

Przemysław Szczepański , personal ID no. (PESEL) 74040300174

Main activity

Sole production and distribution of clothing of trademark DIVERSE JEANSWEAR.
Import Spain, Canada, Denmark, France, Belgium, Turkey, Italy, Germany
Branches NACE 2007:
Manufacture of other outerwear	(C.14.13.Z)
Other retail	(G.47.71.Z)

Employment

2009:              619       employees
2010:              535       employees
2011:              478       employees
2012:              431       employees
2013:        437       employees

Turnover

2009	PLN	130 935 663,04
2010	PLN	135 382 393,78
2011	PLN	170 055 335,88
2012	PLN	172 566 227,51
2013	PLN	199 040 986,83

Financial statements

Source of financial data	Court	Court	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	44 313 130,74	59 101 696,09	59 006 747,23	61 151 134,63
-  I.   Intangible assets.............	846 624,08	860 768,20	1 597 905,88	2 044 365,86
-    2. Goodwill......................	44 306,70	129 672,89
-    3. Other intangible assets.......	802 317,38	731 095,31	1 597 905,88	2 044 365,86
-  II.  Tangible assets...............	23 205 900,32	20 327 966,26	18 713 056,10	20 795 518,01
-    1. Fixed goods...................	22 434 641,25	20 113 177,82	18 397 258,55	20 752 239,61
-      a) land........................	44 270,00	117 679,41	120 024,36	122 369,31
-      b) buildings, premises, facilities............................	16 211 121,68	14 404 120,08	11 861 053,78	12 769 324,02
-      c) machinery and equipment.....	1 925 610,88	1 120 684,41	773 959,16	593 101,51
-      d) fleet of motor vehicles.....	923 320,41	701 102,27	732 789,13	1 314 407,68
-      e) other fixed goods...........	3 330 318,28	3 769 591,65	4 909 432,12	5 953 037,09
-    2. Fixed goods under construction..........................	653 876,57	214 788,44	315 797,55	43 278,40
-    3. Prepayments for fixed goods under construction....................	117 382,50
-  III. Long term receivables.........	10 645 977,22	10 692 136,58	5 702 246,94	9 134 964,96
-    1. From affiliated companies.....	1 875 102,61	1 875 102,61	1 875 102,61	6 875 102,61
-    2. Other receivables.............	8 770 874,61	8 817 033,97	3 827 144,33	2 259 862,35
-  IV.  Long term investments.........			50 000,00	50 000,00
-    3. Long term financial assets....			50 000,00	50 000,00
-      a) in affiliated companies.....			50 000,00	50 000,00
-        - participations or shares...			50 000,00	50 000,00
-V. Long-term prepayments and accrued income........................	9 614 629,12	27 220 825,05	32 943 538,31	29 126 285,80
-  1. Deferred tax assets.............	9 598 913,03	27 215 452,09	32 593 448,49	28 675 760,00
-  2. Other prepayments...............	15 716,09	5 372,96	350 089,82	450 525,80
-B. Current assets....................	59 291 885,68	53 865 373,21	51 646 456,12	38 853 083,35
-  I.   Stock.........................	45 665 260,91	27 496 975,95	31 178 681,74	33 553 431,60
-    1. Raw materials.................	601 895,08	327 531,52	354 481,32	352 935,62
-    2. Semi-finished products and work-in-progress......................	168 940,17			751 834,27
-    3. Finished products.............		64 518,15	86 577,17
-    4. Goods for re-sale.............	34 707 887,19	19 066 208,45	14 736 876,94	16 078 287,50
-    5. Advance payments .............	10 186 538,47	8 038 717,83	16 000 746,31	16 370 374,21
-  II. Short-term receivables.........	3 887 412,53	898 387,66	3 456 467,85	2 893 215,67
-    1. Receivables from affiliated companies.............................			1 076 334,14	1 076 334,14
-    2. Other receivables ............	3 887 412,53	898 387,66	2 380 133,71	1 816 881,53
-      a) Due to deliveries and services with payment period:.........	2 857 303,40	759 638,70	1 918 163,62	1 538 336,97
-      b) Due to taxes, subsidies, insurances, duties, etc...............	1 030 109,13			262 643,38
-      c) Other.......................		138 084,96	460 466,40	15 901,18
-      d) Received through judicial proceedings...........................		664,00	1 503,69
-  III. Short term investments........	9 110 435,34	25 151 368,01	15 939 793,44	1 676 144,65
-    1. Short-term financial assets...	9 110 435,34	25 101 368,01	15 939 793,44	1 676 144,65
-      c) cash and other liquid assets................................	9 110 435,34	25 101 368,01	15 939 793,44	1 676 144,65
-        - cash in hand and on bank account...............................			15 939 793,44	1 676 144,65
-IV. Short-term prepayments and accrued income........................	628 776,90	318 641,59	1 071 513,09	730 291,43
-D. Total assets......................	103 605 016,42	112 967 069,30	110 653 203,35	100 004 217,98
-A. Shareholders' equity..............	67 228 593,38	69 780 421,12	-7 493 593,34	-62 962 785,07
-  I.   Basic share capital...........	52 855 102,00	52 855 102,00	43 855 102,00	21 730 102,00
-  IV.  Statutory reserve capital.....	186 652 823,72	186 652 823,72	104 033 972,13	39 064 874,02
-  V. Revaluation reserve.............	664,00	664,00	664,00	664,00
-  VI.  Other reserve capital.........	1 537 402,31	1 537 402,31	1 537 402,31	1 537 402,31
-  VII. Profit (loss) carried forward.	-185 874 076,11	-156 920 733,78	-125 295 827,40	-87 810 413,45
-  VIII. Net profit (loss)............	12 056 677,46	-14 344 837,13	-31 624 906,38	-37 485 413,95
-B. Liabilities and reserves for liabilities...........................	36 376 423,04	43 186 648,18	118 146 796,69	162 967 003,05
-  I.   Reserves for liabilities......	2 683 984,59	2 112 935,65	3 872 714,34	3 436 910,44
-    1. Deferred income tax reserves..	229 777,95	222 134,95	486 145,39	298 871,49
-    3. Other reserves................	2 454 206,64	1 890 800,70	3 386 568,95	3 138 038,95
-      - short-term...................	2 454 206,64	1 890 800,70	3 386 568,95	3 138 038,95
-II.  Long-term liabilities...........	149 926,00	2 613 834,47	39 473 963,92	123 768 728,89
-  1. Due affiliated companies........	149 926,00	137 465,20	30 174 226,74	106 907 753,61
-  2. Other liabilities...............		2 476 369,27	9 299 737,18	16 860 975,28
-    a) Loans.........................		2 476 369,27	8 954 676,18	15 637 081,85
-    c) Other financial liabilities...			345 061,00	1 210 161,44
-    d) Other.........................				13 731,99
-III. Short-term liabilities..........	33 538 162,45	38 457 499,76	74 796 143,51	35 758 985,42
-  1. Due to affiliated companies.....	13 136 423,80	10 609 180,56	39 925 391,22	11 696 543,38
-    a) Due to deliveries and services with payment period:.........	386 038,49	137 063,91	765 861,95	588 555,44
-    b) Other.........................			39 159 529,27	11 107 987,94
-  2. Other liabilities...............	20 401 737,89	27 848 318,44	34 870 751,53	24 062 441,28
-    a) Loans.........................		6 006 704,66	146 090,49	4 972 350,36
-    b) Issued securities.............		5 006 849,32	12 527 672,11
-    c) Other financial liabilities...		348 820,81	870 775,50	1 005 326,43
-    d)Due to deliveries and services with payment period:.........	11 797 375,27	9 096 354,89	14 598 331,44	14 891 980,08
-    e) Advances received.............			17 439,39	20 423,96
-    g) Due to taxes, subsidies, insurances, duties, etc...............	4 532 123,31	4 648 055,54	2 638 555,39	1 283 892,40
-    h) Due to salaries...............	1 568 868,88	1 463 856,99	2 010 574,27	1 641 569,02
-    i) Other.........................	2 503 370,43	1 277 676,23	2 061 312,94	246 899,03
-  3. Special funds...................	0,76	0,76	0,76	0,76
-IV.  Accruals and deferred income....	4 350,00	2 378,30	3 974,92	2 378,30
-  2. Other accruals..................	4 350,00	2 378,30	3 974,92	2 378,30
-    - short-term.....................	4 350,00	2 378,30	3 974,92	2 378,30
-D. Total liabilities.................	103 605 016,42	112 967 069,30	110 653 203,35	100 004 217,98
Source of financial data	Court	Court	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
INDIVIDUAL PROFIT AND LOSS ACCOUNT	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Income from sales and similar.....	199 040 986,83	172 566 227,51	170 055 335,88	135 382 393,78
-  - including related companies......		3 538,25	5 902,86
-  I.   Net income on sales...........	3 842 830,01	1 868 590,27	2 676 347,89	5 273 661,19
-  II.  Change in value of stock ( +, -).................................	104 422,02	2 124 992,49	-241 649,96	-1 864 805,61
-  III. Sales of goods for own use....	-10 888,92
-  IV.  Income from sales of goods and materials.........................	195 104 623,72	168 572 644,75	167 620 637,95	131 973 538,20
-B. Operational costs.................	185 345 585,30	178 364 255,04	189 627 100,27	159 877 645,43
-  I.   Depreciation..................	6 314 151,34	6 054 779,36	5 661 058,12	6 159 955,61
-  II.  Materials and energy..........	6 358 037,43	5 562 240,50	5 126 573,43	5 422 009,91
-  III. Third party services..........	64 559 238,58	55 341 917,58	55 192 262,83	53 003 538,82
-  IV.  Taxes and duties..............	654 693,08	601 573,22	711 235,19	801 886,71
-  V.   Salaries and wages............	22 205 748,17	22 471 023,85	27 154 628,89	27 196 078,58
-  VI.  Social security...............	3 175 645,41	3 122 343,85	3 583 998,95	3 705 570,54
-  VII. Other.........................	4 347 545,60	4 221 626,06	4 742 336,13	2 154 997,25
-  VIII.Costs of goods and materials sold..................................	77 730 525,69	80 988 750,62	87 455 006,73	61 433 608,01
-C. Profit on sale....................	13 695 401,53
-C. Loss on sale......................		5 798 027,53	19 571 764,39	24 495 251,65
-D. Other operating incomes...........	7 631 663,34	7 103 893,79	7 983 887,79	6 128 563,04
-  I.   Incomes from disposal non-financial assets..................	643 569,17		121 604,63
-  III. Other operating incomes.......	6 988 094,17	7 103 893,79	7 862 283,16	6 128 563,04
-E. Other operating costs.............	3 367 762,21	9 978 416,27	13 976 339,21	12 039 870,81
-  I.   Loss on disposal of non-finacial assets...................		1 570 022,52		17 502,15
-  II.  Goodwill revaluation..........	317 582,98	5 896 116,97	6 711 490,19
-  III. Other operating costs.........	3 050 179,23	2 512 276,78	7 264 849,02	12 022 368,66
-F. Profit on operating activities....	17 959 302,66
-F. Loss on operating activities......		8 672 550,01	25 564 215,81	30 406 559,42
-G. Financial incomes.................	221 914,57	9 446 008,26	6 693 361,16	2 765 512,63
-  II.  Interest received.............	221 914,57	7 329 516,67	6 274 491,86	475 496,75
-    - including related companies....		7 024 589,91	6 141 946,41	153 658,00
-  V.   Other.........................		2 116 491,59	418 869,30	2 290 015,88
-H. Financial costs...................	3 108 862,91	10 004 309,42	16 341 821,32	19 089 457,55
-  I.   Interest......................	1 933 714,94	9 184 660,91	10 874 264,93	16 654 653,34
-    - related companies..............		7 894 593,00	8 300 070,80	14 584 357,54
-  II.  Loss from financial assets sold..................................	45 000,00
-  IV.  Other.........................	1 130 147,97	819 648,51	5 467 556,39	2 434 804,21
-I. Profit on economic activity.......	15 072 354,32
-I. Loss on economic activity.........		9 230 851,17	35 212 675,97	46 730 504,34
-K. Gross profit......................	15 072 354,32
-K. Gross loss........................		9 230 851,17	35 212 675,97	46 730 504,34
-L. Corporation tax...................	3 015 676,86	-5 113 985,96	-3 587 769,59	-9 245 090,39
-N. Net profit........................	12 056 677,46
-N. Net loss..........................		14 344 837,13	31 624 906,38	37 485 413,95

AUDITOR

Balance sheet as at 31.12.2013

KPMG AUDYT Sp. z o.o., ul. Chłodna 51/XVI P., 00-867 Warszawa

Balance sheet as at 31.12.2012

KPMG AUDYT Sp. z o.o., ul. Chłodna 51/XVI P., 00-867 Warszawa

Expert auditor Sławomir  Ekman

Balance sheet as at 31.12.2011

KPMG AUDYT Sp. z o.o., ul. Chłodna 51/XVI P., 00-867 Warszawa

Expert auditor Natalia  Markowska

Balance sheet as at 31.12.2010
KPMG AUDYT Sp. z o.o., ul. Chłodna 51/XVI P., 00-867 Warszawa	No. 458

Expert auditor Sławomir  Ekman

Ratios	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	1,77	1,40	0,69	1,09
Quick ratio	0,39	0,68	0,26	0,13
Immediate ratio	0,27	0,65	0,21	0,05
Return on sale	6,06	-8,42	-18,57	-27,31
Return on assets	11,64	-12,70	-28,58	-37,48
Return on equity	17,93	-20,56
Average trade debtors' days	7,13	1,93	7,41	7,69
Average stock turnover's days	83,74	59,05	66,83	89,23
average payables payment period	61,50	82,58	160,31	95,10
Total indebtedness ratio	35,11	38,23	106,77	162,96

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in

(C.14.13.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,93	2,24	1,93	2,14
Quick ratio..............................	1,10	1,26	1,17	1,26
Immediate ratio..........................	0,27	0,31	0,31	0,46
Return on sale...........................	3,24	5,24	4,18	3,71
Return on assets.........................	2,54	8,21	6,35	5,53
Return on equity.........................	4,61	13,74	11,10	9,25
Average trade debtors' days..............	61,68	61,62	64,02	56,83
Average stock turnover's days............	61,23	64,30	56,11	61,49
average payables payment period..........	76,81	67,14	75,95	71,93
Total indebtedness ratio.................	45,00	40,23	42,82	40,15
Percent share in the examinated group of companies with net profit.............	66,90	78,50	71,90	70,00
Sales/revenue per employee in th. PLN....	44,39	85,45	83,83	85,12
Average sales/revenue per company in th. PLN..................................	6 117,06	11 846,13	11 125,11	11 363,49

According to the Central Statistical Office

Locations:

seat: ul. Bysewska 23, 80-298 Gdańsk Phone:                   58 5000829                          58 5000880 Fax:                     58 3404820 E-mail:                  etos@etos.pl Website:                 www.diversesystem.com

Real Estate

Book value of buildings as at 31.12.2013	PLN
Book value of lands as at 31.12.2013	PLN
Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

(partly in leasing) As at 31.12.2013  book value of car fleet was: PLN 923 320,41

Shares in other companies

DIVERSE BRAND & MARKETING sp. z o.o., ul. Grzybowska 5A, 00-132 Warszawa PLN 5 000,00 (100,00%)  DIVERSE HOLDCO sp. z o.o., ul. Grzybowska 5A, 00-132 Warszawa PLN 5 000,00 (100,00%)

Data concerning shares in other companies are valid as at: 19.11.2014.

Connections

Przemysław Szczepański , personal ID no. (PESEL) 74040300174
-  BIK SERWIS sp. z o.o. NIP 5252559531, ul. Polanki 19, 80-308 Gdańsk
  · member of supervisory board

-  Energy Management And Conservation Agency SA NIP PL 5261231089, ul. Wiejska 20, 00-490 Warszawa
  · member of supervisory board

-  SYNTAXIS CAPITAL Sp. zo.o., ul. Emilii Plater 53, 00-113 Warszawa

· president

-  KISAN Sp. z o.o. w upadłości likwidacyjnej NIP PL 5252411544, ul. Piłsudskiego 21, 37-220

Kańczuga

member of supervisory board

-  BIK BROKERS sp. z o.o. NIP 5252559614, ul. Polanki 19, 80-308 Gdańsk

  · member of supervisory board

-  ESKY.PL SA NIP 9481987199, pl. Jagielloński 8, 26-600 Radom
  · member of supervisory board

Marcin Piotr Bielski , personal ID no. (PESEL) 76091201015
-  DIVERSE BRAND & MARKETING sp. z o.o., ul. Grzybowska 5A, 00-132 Warszawa

·member of board of directors

-  DIVERSE HOLDCO sp. z o.o., ul. Grzybowska 5A, 00-132 Warszawa

 ·member of board of directors

Robert Sławomir Śniegowski , personal ID no. (PESEL) 70010106618

-  DIVERSE HOLDCO sp. z o.o., ul. Grzybowska 5A, 00-132 Warszawa
  · member of board of directors
-  DIVERSE BRAND & MARKETING sp. z o.o., ul. Grzybowska 5A, 00-132 Warszawa
  · member of board of directors

Paweł Wojciech Gieryński , personal ID no. (PESEL) 69061100351
-  MASTERLEASE sp. z o.o. NIP 5842699948, ul. Polanki 4, 80-308 Gdańsk
  · member of supervisory board
-  MYKOGEN POLSKA sp. z o.o. NIP 5272682051, Karszew, ul. Karszew 42, 98-100 Łask
  · member of supervisory board
-  „ABRIS CAPITAL PARTNERS SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ” NIP PL 7262307921, ul. Grzybowska 5A, 00-132 Warszawa
  · member of supervisory board
-  STOWARZYSZENIE „POKOLENIA POKOLENIA”, ul. Sobieskiego 104/39, 00-764 Warszawa
  · member of board of directors
-  PRIME CAR MANAGEMENT SA NIP PL 9570753221, ul. Polanki 4, 80-308 Gdańsk
  · member of supervisory board
-  FM BANK PBP SA NIP PL 5261021021, ul. Domaniewska 39A, 02-672 Warszawa
  · member of supervisory board
-  Paweł Gieryński NIP 7261158264, ul. Wielicka 36/58, 02-657 Warszawa
  · owner
-  FUTURA LEASING SA NIP 5841027454, ul. Polanki 4, 80-308 Gdańsk
  · member of supervisory board

Janusz Sieńczak , personal ID no. (PESEL) 60111513190
-  PROF-DEVELOPMENT SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ sp. k., ul. Wita Stwosza 81B/1, 80-308 Gdańsk
  · Limited partners, Comandite sum: PLN 1 225,00

Data concerning connections are valid as at: 19.11.2014.

General information

The company owns the brand Diverse (brand type sports casual) and Iridium and CLTN brands.
The Company grants a franchise for the brand Diverse.

In terms of service delivery and freight forwarding air company uses the services of Ligentia Vector Poland (VGL Group). 
Agencja Celna VGL Group holds a certificate of Authorized Economic Operator (AEO).

Banks

MBANK SA O. Korporacyjny Gdańsk  (11401065)
ul. Wały Jagiellońskie 8, 80-900 Gdańsk
Acc.no. 20114010650000465593001001

 Alior Bank SA Centrala  (24900005)
ul. Łopuszańska 38D, 02-232 Warszawa
Acc.no. 87249000050000453095879718

Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections appear permissible
	We would like to draw your attention to: - Unsettled losses from previous years

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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.