MIRA INFORM REPORT

Report Date :

26.02.2014

IDENTIFICATION DETAILS

Name :	KONTRAST KRZYSZTOF KOC
Registered Office :	ul. Przędzalniana 8, 15-688 Białystok
Country :	Poland
Financials (as on) :	30.06.2007
Date of Incorporation :	15.12.1995
Legal Form :	Natural persons conducting business activity
Line of Business :	Engaged in manufacturer of carpets and mats; wholesale and retail sale of furniture, lighting equipment and other household goods
No. of Employees	50 (2011)

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Poland	B1	B1

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

Poland ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the European Union to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances without stifling economic growth and adopted controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012, in part due to the ongoing economic difficulties in the euro zone. The key policy challenge is to provide support to the economy through monetary easing, while maintaining the pace of structural fiscal consolidation. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, red tape, and a burdensome tax system keep the private sector from realizing its full potential.

Source : CIA

Company name & address

"KONTRAST" Krzysztof Koc

ul. Przędzalniana 8
15-688 Białystok

Phone:    85 6644880

Fax:      85 6644888

E-mail:   biuro@kontrast.net.pl

Website:  www.kontrast.net.pl

Company summary

Legal form`	Natural persons conducting business activity
Stat.no.	050378165
Tax ID	PL 5420100449
Establishment	15.12.1995

Registration:	2011, Central Business Activity Registration and Information Office,  Data concerning previous registrations: 15.12.1995, Municipal Office Białystok, No. 35872 Date of beginning of the activity 01.01.1996,
Owner	Krzysztof Koc , personal ID no. (PESEL) 69111106232, ul. Sokola 20, 15-537 Białystok
Main activity	Manufacture of carpets and mats; Wholesale and retail sale of furniture, lighting equipment and other household goods
	Branches NACE 2007:
	Manufacture of carpets and rugs	(C.13.93.Z)
	Wholesale of household goods	(G.46.4)
	Real estate renting	(L.68.20.Z)
	Other transportation activities	(H.49.41.Z)
	Other financial services	(K.64.99.Z)
	Part. specialized building activities	(F.43.33.Z)

Employment		2007:              40        employees 2008:              42        employees 2009:              40        employees 2010:              45        employees 2011:              50        employees
Turnover	2003		PLN	11 592 942,13
	2004		PLN	8 769 041,47
	2005		PLN	5 578 270,20
	2006		PLN	6 090 353,20
	01.01.2007 - 30.06.2007		PLN	3 536 000,00

Financial statements

current financial data not available due to the lack of obligation to publish the balance sheet data

Source of financial data	Subject		Subject
	periodic		annual
Personal balance sheet as at	30.06.2007 (PLN)		31.12.2006 (PLN)
-A. Fixed assets.........................	421 000,00		490 966,48
-  I.   Intangible assets................			4 946,25
-    3. Other intangible assets..........			4 946,25
-  II.  Tangible assets..................			486 020,23
-    1. Fixed goods......................			486 020,23
-      b) buildings, premises, facilities...............................			55 658,59
-      c) machinery and equipment........			209 964,58
-      d) fleet of motor vehicles........			212 704,27
-      e) other fixed goods..............			7 692,79
-B. Current assets.......................	4 204 000,00		3 203 731,12
-  I.   Stock............................	2 561 000,00		2 015 706,98
-    1. Raw materials....................	637 000,00		502 762,32
-    3. Finished products................	572 000,00		643 488,67
-    4. Goods for re-sale................	1 352 000,00		869 455,99
-  II. Short-term receivables............	1 573 000,00		1 170 492,72
-    2. Other receivables ...............	1 573 000,00		1 170 492,72
-      a) Due to deliveries and services with payment period:............	1 539 000,00		1 117 448,05
-        - up to 12 months...............			1 117 448,05
-      b) Due to taxes, subsidies, insurances, duties, etc..................	34 000,00		53 044,67
-  III. Short term investments...........	57 000,00		7 101,35
-    1. Short-term financial assets......	57 000,00		7 101,35
-      c) cash and other liquid assets...	57 000,00		7 101,35
-        - cash in hand and on bank account..................................			7 101,35
-IV. Short-term prepayments and accrued income...................................	13 000,00		10 430,07
-D. Total assets.........................	4 625 000,00		3 694 697,60
-A. Shareholders' equity.................	2 265 000,00		1 996 794,92
-  I.   Basic share capital..............			955 608,00
-  IV.  Statutory reserve capital........			5 991,71
-  VIII. Net profit (loss)...............	402 000,00		1 035 195,21
-B. Liabilities and reserves for liabilities..............................	2 360 000,00		1 697 902,68
-II.  Long-term liabilities..............	48 000,00		156 703,63
-  2. Other liabilities..................	48 000,00		156 703,63
-    a) Loans............................	48 000,00		72 643,63
-    d) Other............................			84 060,00
-III. Short-term liabilities.............	2 302 000,00		1 541 199,05
-  2. Other liabilities..................	2 302 000,00		1 541 199,05
-    a) Loans............................	1 035 000,00		798 054,12
-    d)Due to deliveries and services with payment period:.....................			548 628,57
-      - up to 12 months.................			548 628,57
-    g) Due to taxes, subsidies, insurances, duties, etc..................	115 000,00		154 915,39
-    h) Due to salaries..................			38 997,25
-    i) Other............................			603,72
-IV.  Accruals and deferred income.......	10 000,00
-D. Total liabilities....................	4 625 000,00		3 694 697,60
Source of financial data	Subject		Subject
	periodic		annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2007- 30.06.2007 (PLN)		01.01.2006- 31.12.2006 (PLN)
-A. Income from sales and similar........	3 536 000,00		6 090 353,20
-  I.   Net income on sales..............	1 563 000,00		3 724 190,70
-  II.  Change in value of stock ( +, -).	-72 000,00		157 607,66
-  IV.  Income from sales of goods and materials................................	2 045 000,00		2 208 554,84
-B. Operational costs....................	3 072 000,00		5 671 830,83
-  I.   Depreciation.....................	78 000,00		184 816,54
-  II.  Materials and energy.............	991 000,00		2 360 501,44
-  III. Third party services.............	503 000,00		981 344,50
-  IV.  Taxes and duties.................	3 000,00		17 058,06
-  V.   Salaries and wages...............	336 000,00		717 258,14
-  VI.  Social security..................	67 000,00		132 948,87
-  VII. Other............................	46 000,00		145 980,17
-  VIII.Costs of goods and materials sold.....................................	1 048 000,00		1 131 923,11
-C. Profit on sale.......................	464 000,00		418 522,37
-D. Other operating incomes..............	21 000,00		858 077,21
-  I.   Incomes from disposal non-financial assets.....................			759 189,21
-  III. Other operating incomes..........	21 000,00		98 888,00
-E. Other operating costs................	35 000,00		154 227,10
-  I.   Loss on disposal of non-finacial assets......................	1 000,00
-  III. Other operating costs............	34 000,00		154 227,10
-F. Profit on operating activities.......	450 000,00		1 122 372,48
-G. Financial incomes....................			29 177,77
-  II.  Interest received................			2 679,05
-  V.   Other............................			26 498,72
-H. Financial costs......................	48 000,00		116 355,04
-  I.   Interest.........................	35 000,00		55 644,91
-  IV.  Other............................	13 000,00		60 710,13
-I. Profit on economic activity..........	402 000,00		1 035 195,21
-K. Gross profit.........................	402 000,00		1 035 195,21
-N. Net profit...........................	402 000,00		1 035 195,21
Ratios	01.01.2007- 30.06.2007	01.01.2006- 31.12.2006
Current ratio	1,83	2,08
Quick ratio	0,71	0,76
Immediate ratio	0,02
Return on sale	11,14	17,45
Return on assets	8,69	28,02
Return on equity	17,75	51,84
Average trade debtors' days	78,91	72,01
Average stock turnover's days	128,48	124,01
average payables payment period	115,48	94,82
Total indebtedness ratio	51,03	45,96

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.13.93.Z - NACE 2007), as at :	30.09.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,85	2,04	1,48	1,62	1,31
Quick ratio..............................	0,86	1,18	0,82	0,77	0,66
Immediate ratio..........................	0,04	0,10	0,11	0,09	0,06
Return on sale...........................	3,13	3,60	0,55	21,65	-3,76
Return on assets.........................	2,33	3,71	0,52	11,84	-2,27
Return on equity.........................	4,45	7,31	1,12	16,71	-3,75
Average trade debtors' days..............	61,53	49,51	74,11	64,39	63,59
Average stock turnover's days............	72,96	66,67	72,61	84,11	68,13
average payables payment period..........	74,96	78,92	110,49	99,61	108,83
Total indebtedness ratio.................	47,66	49,29	53,59	29,16	39,55
Percent share in the examinated group of companies with net profit.............	100,00	80,00	50,00	25,00	33,30
Sales/revenue per employee in th. PLN....	204,31	280,13	251,39	140,14	161,33
Average sales/revenue per company in th. PLN..................................	49 892,40	69 023,20	53 253,33	25 960,50	22 640,17
according to the Central Statistical Office

Locations:

seat: ul. Przędzalniana 8, 15-688 Białystok Phone:                   85 6644880 Fax:                     85 6644888 E-mail:                  biuro@kontrast.net.pl ksiegowosc2@kontrast.net.pl Website:                 kontrast.net.pl place of running the activity: ul. Ppłk. Stanisława Nilskiego-Łapińskiego 29, 18-100 Łapy

Real Estate	ul. Przędzalniana 8, 15-688 Białystok ownership, lands of area 7 800 sq.m.  buildings of area 1 500 sq m,
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.
Connections:	As at 29.01.2014 there are no relations.
General information		Despite our hard efforts, we could not achieve more information from available sources. The subject refused to cooperate in elaboration of the report.

Banks	Bank Handlowy w Warszawie SA O. w Białymstoku  (10301074) ul. Józefa Marjańskiego 3, 15-402 Białystok Acc.no. 91103010740000000056600201
Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections should not be refused, credits require security
	Due to no insight into financial situation of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.98
UK Pound	1	Rs.103.31
Euro	1	Rs.85.14

INFORMATION DETAILS

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.