MIRA INFORM REPORT

Report Date :

02.01.2014

IDENTIFICATION DETAILS

Name :	ROLMEX IMPORT-EXPORT S.C.
Registered Office :	Al. Wojska polskiego 13 62-800 Kalisz
Country :	Poland
Financials (as on) :	31.12.2012
Date of Incorporation :	31.12.1992
Legal Form :	General partnership
Line of Business :	Wholesale of foodstuffs, textiles, clothing, footwear and chemical products
No. of Employees :	33

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 :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 and address

ROLMEX IMPORT-EXPORT S.C.

Al. Wojska polskiego 13
62-800 Kalisz

Phone:    62 7649615

Fax:      62 7649580

Website:  www.rolmex.kalisz.pl

COMPANY SUMMARY

Legal form	General partnership
Stat.no.	250058247
Tax ID	PL 6180044030

Establishment	31.12.1992 as Partnership
	20.12.2001  as General partnership
Changes of names and addresses	ROLMEX IMPORT-EXPORT S.C.
	20.12.2001 ROLMEX K. Rogala, R. Rogala, A. Witoński Spółka Jawna

Registration:

15.02.2002, District Court Poznań IX Department, KRS 91360 Data concerning previous registrations: 31.12.1992, Municipal Office Kalisz, No. 9993/92 No. 13714/95, 24840/01, 24839/01

Shareholders

Ryszard Rogala , personal ID no. (PESEL) 47031908091, Kokamin 19, 62-817 Żelazków Andrzej Witoński , personal ID no. (PESEL) 52120106670, ul. Taczanowskiego 4, 62-800 Kalisz Krystyna Rogala , personal ID no. (PESEL) 59060713245, Kokamin 19, 62-817 Żelazków

Representation Authority	Ryszard Rogala , personal ID no. (PESEL) 47031908091, Kokamin 19, 62-817 Żelazków Krystyna Rogala , personal ID no. (PESEL) 59060713245, Kokamin 19, 62-817 Żelazków Andrzej Witoński , personal ID no. (PESEL) 52120106670, ul. Taczanowskiego 4, 62-800 Kalisz
	Representation: Each partner individually.

Main activity	Wholesale of foodstuffs, textiles, clothing, footwear and chemical products
	Branches NACE 2007:
	Wholesale of coffee, tea, cocoa and spices

Employment

2007:             32       employees 2008:             30       employees 2009:             27       employees 2010:             29       employees 2012:           33        employees

Turnover	2008	PLN	29 276 104,99
	2009	PLN	32 201 316,83
	2010	PLN	39 931 174,41
	2011	PLN	38 154 158,30
	2012	PLN	39 385 976,51

Financial statements

Source of financial data	Court	Monitor Polski B	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)
-A. Fixed assets......................	578 022,18	425 903,44	490 125,39	423 694,30
-  II.  Tangible assets...............	578 022,18	425 903,44	490 125,39	423 694,30
-    1. Fixed goods...................	578 022,18	425 903,44	490 125,39	423 694,30
-      b) buildings, premises, facilities............................	136 803,66	5 962,50	6 757,50	7 552,50
-      c) machinery and equipment.....	95 204,22	114 903,16	105 670,91	80 376,62
-      d) fleet of motor vehicles.....	315 611,18	270 974,26	371 645,07	322 464,91
-      e) other fixed goods...........	30 403,12	34 063,52	6 051,91	13 300,27
-B. Current assets....................	24 815 350,71	22 088 005,61	19 941 655,35	14 805 709,15
-  I.   Stock.........................	16 012 958,29	13 836 372,41	12 477 843,87	8 885 390,49
-    1. Raw materials.................	25 011,99	31 568,24	24 766,00	30 625,85
-    4. Goods for re-sale.............	15 232 801,27	12 328 386,79	11 790 752,48	8 093 425,54
-    5. Advance payments .............	755 145,03	1 476 417,38	662 325,39	761 339,10
-  II. Short-term receivables.........	8 374 752,61	7 632 675,85	6 844 686,37	4 925 909,27
-    2. Other receivables ............	8 374 752,61	7 632 675,85	6 844 686,37	4 925 909,27
-      a) Due to deliveries and services with payment period:.........	8 019 047,61	7 362 309,85	6 529 966,37	4 502 345,77
-        - up to 12 months............	8 019 047,61	7 362 309,85	6 529 966,37	4 502 345,77
-      b) Due to taxes, subsidies, insurances, duties, etc...............	329 905,00		297 370,00	352 271,92
-      c) Other.......................	25 800,00	250 666,00	17 350,00	17 700,00
-      d) Received through judicial proceedings...........................		19 700,00		53 591,58
-  III. Short term investments........	359 363,97	552 009,57	564 766,93	950 623,44
-    1. Short-term financial assets...	359 363,97	552 009,57	564 766,93	950 623,44
-      c) cash and other liquid assets................................	359 363,97	552 009,57	564 766,93	950 623,44
-        - cash in hand and on bank account...............................	359 363,97	552 009,57	564 766,93	950 623,44
-IV. Short-term prepayments and accrued income........................	68 275,84	66 947,78	54 358,18	43 785,95
-D. Total assets......................	25 393 372,89	22 513 909,05	20 431 780,74	15 229 403,45
-A. Shareholders' equity..............	18 126 775,19	16 693 845,86	14 350 892,33	12 219 983,60
-  I.   Basic share capital...........	8 226 000,00	8 226 000,00	8 226 000,00	8 226 000,00
-  IV.  Statutory reserve capital.....		1 133,13
-  V. Revaluation reserve.............			1 133,13	3 662,33
-  VII. Profit (loss) carried forward.	8 467 845,86	6 123 759,20	3 892 850,47	2 633 845,33
-  VIII. Net profit (loss)............	2 004 711,70	3 109 004,30	3 005 075,01	1 846 188,73
-  IX.  Deductions from profit during the accounting year (-.........	-571 782,37	-766 050,77	-774 166,28	-489 712,79
-B. Liabilities and reserves for liabilities...........................	7 266 597,70	5 820 063,19	6 080 888,41	3 009 419,85
-  I.   Reserves for liabilities......	19 951,00	19 951,00	19 951,00	13 701,00
-    2. Reserves for pensions and similar social payments...............	7 451,00	7 451,00	7 451,00	7 451,00
-      - long-term....................	7 451,00	7 451,00	7 451,00	7 451,00
-    3. Other reserves................	12 500,00	12 500,00	12 500,00	6 250,00
-      - short-term...................	12 500,00	12 500,00	12 500,00	6 250,00
-III. Short-term liabilities..........	7 246 646,70	5 800 112,19	6 060 937,41	2 995 718,85
-  2. Other liabilities...............	7 160 663,77	5 726 921,97	6 000 476,41	2 943 097,02
-    a) Loans.........................	3 578 484,66	3 529 406,24	3 867 127,13
-    d)Due to deliveries and services with payment period:.........	3 520 406,08	2 139 553,76	2 086 191,15	2 900 202,90
-      - up to 12 months..............	3 520 406,08	2 139 553,76	2 086 191,15	2 566 337,54
-      - above 12 months..............				333 865,36
-    g) Due to taxes, subsidies, insurances, duties, etc...............	61 773,03	57 961,97	47 157,33	42 794,50
-    i) Other.........................			0,80	99,62
-  3. Special funds...................	85 982,93	73 190,22	60 461,00	52 621,83
-D. Total liabilities.................	25 393 372,89	22 513 909,05	20 431 780,74	15 229 403,45
Source of financial data	Court	Monitor Polski B	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)
-A. Income from sales and similar.....	39 385 976,51	38 154 158,30	39 931 174,41	32 201 316,83
-  IV.  Income from sales of goods and materials.........................		38 154 158,30	39 931 174,41	32 201 316,83
-  V. Net income from sale of services..............................	39 385 976,51
-B. Operational costs.................	36 773 970,62	34 446 821,55	36 384 756,57	30 248 193,29
-  I.   Depreciation..................	130 756,00	130 734,61	123 750,98	95 885,59
-  II.  Materials and energy..........	769 889,47	619 451,28	624 749,41	519 270,51
-  III. Third party services..........	3 599 854,90	3 506 954,86	4 451 047,94	2 978 022,64
-  IV.  Taxes and duties..............	46 486,34	41 320,93	13 643,15	13 630,40
-  V.   Salaries and wages............	1 204 862,66	1 071 129,06	931 545,92	824 763,45
-  VI.  Social security...............	279 747,68	234 035,78	204 261,38	189 569,61
-  VII. Other.........................	199 208,61	207 338,19	178 517,70	155 584,08
-  VIII.Costs of goods and materials sold..................................	30 543 164,96	28 635 856,84	29 857 240,09	25 471 467,01
-C. Profit on sale....................	2 612 005,89	3 707 336,75	3 546 417,84	1 953 123,54
-D. Other operating incomes...........	78 755,27	86 420,75	91 043,83	32 622,71
-  I.   Incomes from disposal non-financial assets..................		1 626,00	10 050,00	10 299,99
-  III. Other operating incomes.......	78 755,27	84 794,75	80 993,83	22 322,72
-E. Other operating costs.............	186 179,28	136 648,82	208 317,04	43 547,98
-  III. Other operating costs.........	186 179,28	136 648,82	208 317,04	43 547,98
-F. Profit on operating activities....	2 504 581,88	3 657 108,68	3 429 144,63	1 942 198,27
-G. Financial incomes.................	146 585,54	29 025,71	11 092,95	39 496,06
-  II.  Interest received.............	146 585,54	29 025,71	9 458,97	39 496,06
-  V.   Other.........................			1 633,98
-H. Financial costs...................	646 455,72	577 130,09	435 162,57	135 505,60
-  I.   Interest......................	308 818,12	260 793,85	74 792,05	18 583,53
-  IV.  Other.........................	337 637,60	316 336,24	360 370,52	116 922,07
-I. Profit on economic activity.......	2 004 711,70	3 109 004,30	3 005 075,01	1 846 188,73
-K. Gross profit......................	2 004 711,70	3 109 004,30	3 005 075,01	1 846 188,73
-N. Net profit........................	2 004 711,70	3 109 004,30	3 005 075,01	1 846 188,73

AUDITOR

Balance sheet as at 31.12.2012
Teresa Werbińska Kancelaria Biegłego Rewidenta, ul. Mogileńska 4B 13, 61-052 Poznań	No. 1642

Expert auditor  Teresa Werbińska

No. 4301/1457

Balance sheet as at 31.12.2011
Teresa Werbińska Kancelaria Biegłego Rewidenta, ul. Mogileńska 4B 13, 61-052 Poznań	No. 1642

Balance sheet as at 31.12.2010
Teresa Werbińska Kancelaria Biegłego Rewidenta, ul. Mogileńska 4B 13, 61-052 Poznań	No. 1642

Expert auditor  Teresa Werbińska

No. 4301/1457

Balance sheet as at 31.12.2009
Teresa Werbińska Kancelaria Biegłego Rewidenta, ul. Mogileńska 4B 13, 61-052 Poznań	No. 1642

Expert auditor  Teresa Werbińska

No. 4301/1457

Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009
Current ratio	3,42	3,81	3,29	4,94
Quick ratio	1,21	1,41	1,22	1,96
Immediate ratio	0,05	0,10	0,09	0,32
Return on sale	5,09	8,15	7,53	5,73
Return on assets	7,89	13,81	14,71	12,12
Return on equity	11,06	18,62	20,94	15,11
Average trade debtors' days	77,82	73,02	62,57	55,83
Average stock turnover's days	148,80	132,37	114,06	100,72
average payables payment period	67,34	55,49	55,40	33,96
Total indebtedness ratio	28,62	25,85	29,76	19,76

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(G.46.37.Z - NACE 2007), as at :	30.09.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,77	1,37	1,45	1,75	1,73
Quick ratio..............................	1,53	1,19	1,13	1,48	1,46
Immediate ratio..........................	0,53	0,42	0,23	0,33	0,53
Return on sale...........................	0,02	0,77	0,18	5,64	7,47
Return on assets.........................	0,03	1,15	0,23	6,31	8,18
Return on equity.........................	0,04	1,88	0,44	10,45	12,53
Average trade debtors' days..............	54,51	51,07	63,48	45,33	44,57
Average stock turnover's days............	14,55	13,24	18,63	17,40	17,24
average payables payment period..........	63,13	78,46	83,04	70,07	67,42
Total indebtedness ratio.................	40,32	38,79	46,83	39,62	34,68
Percent share in the examinated group of companies with net profit.............	71,40	66,70	50,00	50,00	72,70
Sales/revenue per employee in th. PLN....	643,24	866,05	701,37	725,80	745,84
Average sales/revenue per company in th. PLN..................................	94 832,00	105 657,56	91 178,40	87 241,60	78 855,55

Locations:

seat: al. Wojska Polskiego 13, 62-800 Kalisz Phone:               62 7649615 Fax:                    62 7649580 E-mail:                firma@rolmex.kalisz.pl Website:              www.rolmex.kalisz.pl

Real Estate	Book value of buildings as at 31.12.2012	PLN
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

As at 09.12.2013 there are no shares in other companies.

Connections:	Andrzej Witoński, personal ID no. (PESEL) 52120106670 -  "DZIERŻAWA LOKALI UŻYTKOWYCH" Andrzej Witoński NIP 6181009952, al. Wojska Polskiego 13, 62-800 Kalisz   · owner
	Data concerning connections are valid as at: 09.12.2013.

Certificates:

ISO 9001:2008 Date of publishing 28.10.2011 valid until 27.10.2014

General information

The subject has not decided to cooperate in elaboration of the report.

Banks

Bank Zachodni WBK SA 1 O. w Kaliszu  (10901128) ul. Parczewskiego 9A, 62-800 Kalisz

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.102.39
Euro	1	Rs.85.12

INFORMATION DETAILS

Report Prepared by :

NIS

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.