MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	CURTIS DEVELOPMENT SP. Z O.O.
Formerly Known As :	CURTIS COMPANIES SP. Z O.O.
Registered Office :	ul. Wołoska 18 02-675 Warszawa
Country :	Poland
Financials (as on) :	31.12.2012
Date of Incorporation :	19.10.1989
Legal Form :	Limited liability company
Line of Business :	· Construction services · Real estate renting · Manufacture of plastic housings for TV sets and other plastic elements
No. of Employees :	250 to 999

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 – 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

CURTIS DEVELOPMENT SP. Z O.O.

ul. Wołoska 18
02-675 Warszawa

Phone:    22 6402706-07

22 8486508

Fax:      22 6402719

E-mail:   office@curtis.com.pl

zofia. wyborska@curtis.com.pl

Company summary

Legal form	Limited liability company
Stat.no.	001399168
Tax ID	PL 5210082662

Establishment	19.10.1989
Changes of names and addresses	CURTIS COMPANIES Sp. z o.o.
	16.06.2000 CURTIS DEVELOPMENT Sp. z o.o.

Registration:

29.06.2001, District Court Warszawa, XIII Department, KRS 22681 Data concerning previous registrations: 26.10.1989, District Court Warszawa, RHB 19750

Shareholders

MOUNTPLACE TRADING AND INVESTMENTS LIMITED, Nikozja  Thasos Street 3, Cyprus

PLN

11 512 875,78 100,00%

list entered to NCR /KRS/ on  17.11.2009

Initial Capital		PLN 11 512 875,78
	Initial capital divided into 639 shares of PLN 18 017,02 each
	An in-kind contribution has been made and valued at	PLN  7 344 548,22

Management

Zbigniew Niemczycki , personal ID no. (PESEL) 47012301891, ul. Kosynierów 40, 04-641 Warszawa  - president Katarzyna Frank Niemczycka , personal ID no. (PESEL) 51010602526, ul. Kosynierów 40, 04-641 Warszawa  - vice president Alicja Nowak , personal ID no. (PESEL) 56100502823  - vice president

Proxies:
Zofia Regina Wyborska , personal ID no. (PESEL) 51050506060

Representation:
since 15.04.2004 
Each member of the board of directors individually.

activity

Main activity	Construction services Real estate renting Manufacture of plastic housings for TV sets and other plastic elements
	Branches NACE 2007:
	Manufacture of other plastic products	(C.22.29.Z)

Employee

Employment

2005:             200      employees 2006:             495      employees 2008:             362     employees 2009:             293      employees 2010:            250 do 999 employees

Turnover	2008	PLN	162 120 268,69
	2009	PLN	108 731 397,34
	2010	PLN	53 474 272,30
	2011	PLN	56 506 098,67
	2012	PLN	64 508 356,47

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......................	106 437 798,61	109 775 595,79	108 447 897,64	98 913 971,04
-  I.   Intangible assets.............				12 344,35
-    3. Other intangible assets.......				12 344,35
-  II.  Tangible assets...............	27 436 169,38	30 566 083,16	28 895 656,44	31 120 472,19
-    1. Fixed goods...................	27 430 891,61	30 560 709,05	28 895 656,44	30 846 081,25
-      a) land........................	1 957 170,18	2 169 791,50	2 382 412,82	2 595 034,14
-      b) buildings, premises, facilities............................	17 301 285,17	18 086 707,54	18 780 909,45	19 465 097,00
-      c) machinery and equipment.....	7 256 191,06	9 201 541,70	7 321 584,81	8 127 505,04
-      d) fleet of motor vehicles.....	843 466,20	1 080 404,04	393 274,81	630 434,51
-      e) other fixed goods...........	72 779,00	22 264,27	17 474,55	28 010,56
-    2. Fixed goods under construction..........................	5 277,77	5 374,11		172 508,19
-    3. Prepayments for fixed goods under construction....................				101 882,75
-  III. Long term receivables.........	28 572 993,01	37 821 925,45	32 561 935,15	22 978 261,44
-    2. Other receivables.............	28 572 993,01	37 821 925,45	32 561 935,15	22 978 261,44
-  IV.  Long term investments.........	49 724 682,68	40 488 144,52	45 515 843,32	42 958 692,63
-    1. Real estate...................	45 060 102,00	39 501 293,00	39 501 293,00	39 501 293,00
-    2. Intangible assets.............	53 272,63	53 272,63	53 272,63	53 272,63
-    3. Long term financial assets....	4 611 308,05	933 578,89	5 961 277,69	3 404 127,00
-      a) in affiliated companies.....		933 578,89	5 961 277,69
-        - participations or shares...		933 578,89	3 404 127,00
-        - granted loans..............			2 557 150,69
-      b) Other.......................	4 611 308,05
-        - participations or shares...	4 092 094,93
-        - granted loans..............	519 213,12
-V. Long-term prepayments and accrued income........................	703 953,54	899 442,66	1 474 462,73	1 844 200,43
-  1. Deferred tax assets.............	703 822,09	888 852,04	1 452 981,93	1 844 200,43
-  2. Other prepayments...............	131,45	10 590,62	21 480,80
-B. Current assets....................	18 916 923,55	20 416 435,86	15 713 852,08	35 695 882,32
-  I.   Stock.........................	4 236 012,49	5 081 471,45	2 737 161,60	1 937 340,99
-    1. Raw materials.................	1 270 607,62	1 743 668,20	992 006,08	697 707,76
-    2. Semi-finished products and work-in-progress......................	1 700 365,79	1 985 569,33	994 522,42	448 758,07
-    3. Finished products.............	1 146 264,24	950 965,10	750 408,20	518 642,32
-    5. Advance payments .............	118 774,84	401 268,82	224,90	272 232,84
-  II. Short-term receivables.........	10 760 519,65	10 918 662,31	8 999 427,96	22 369 834,77
-    2. Other receivables ............	10 760 519,65	10 918 662,31	8 999 427,96	22 369 834,77
-      a) Due to deliveries and services with payment period:.........	9 493 903,62	10 054 752,08	8 038 946,08	10 226 389,15
-        - up to 12 months............	9 493 903,62	10 054 752,08	8 038 946,08	10 226 389,15
-      b) Due to taxes, subsidies, insurances, duties, etc...............	558 427,85	595 450,28	325 255,26	889 018,81
-      c) Other.......................	708 188,18	268 459,95	635 226,62	11 254 426,81
-  III. Short term investments........	3 719 020,13	4 228 835,22	3 844 685,80	9 556 746,53
-    1. Short-term financial assets...	3 719 020,13	4 228 835,22	3 844 685,80	9 556 746,53
-      b) Other.......................	2 654 097,72	3 125 366,53	527 505,12	599 849,22
-        - granted loans..............	2 654 097,72	3 125 366,53	527 505,12	599 849,22
-      c) cash and other liquid assets................................	1 064 922,41	1 103 468,69	3 317 180,68	8 956 897,31
-        - cash in hand and on bank account...............................	44 922,41	23 468,69	252 180,68	313 163,25
-        - other liquid assets........	1 020 000,00	1 080 000,00	3 065 000,00	8 643 734,06
-IV. Short-term prepayments and accrued income........................	201 371,28	187 466,88	132 576,72	1 831 960,03
-D. Total assets......................	125 354 722,16	130 192 031,65	124 161 749,72	134 609 853,36
-A. Shareholders' equity..............	95 496 748,20	93 373 602,33	92 396 520,38	90 462 118,09
-  I.   Basic share capital...........	11 512 875,78	11 512 875,78	11 512 875,78	11 512 875,78
-  IV.  Statutory reserve capital.....	71 131 587,97	70 154 506,02	68 160 844,73	62 577 883,57
-  V. Revaluation reserve.............	10 729 138,58	10 729 138,58	10 788 397,58	10 788 397,58
-  VIII. Net profit (loss)............	2 123 145,87	977 081,95	1 934 402,29	5 582 961,16
-B. Liabilities and reserves for liabilities...........................	29 857 973,96	36 818 429,32	31 765 229,34	44 147 735,27
-  I.   Reserves for liabilities......	4 071 287,08	4 931 845,88	4 147 097,78	6 658 868,95
-    1. Deferred income tax reserves..	1 183 394,00	946 804,79	946 665,59	941 465,21
-    2. Reserves for pensions and similar social payments...............	262 984,11	223 740,09	197 299,19	292 547,74
-      - long-term....................	72 482,56	65 727,33	103 140,48	111 070,79
-      - short-term...................	190 501,55	158 012,76	94 158,71	181 476,95
-    3. Other reserves................	2 624 908,97	3 761 301,00	3 003 133,00	5 424 856,00
-      - long-term....................	1 868 464,97	1 965 412,00	2 840 721,00	3 375 807,00
-      - short-term...................	756 444,00	1 795 889,00	162 412,00	2 049 049,00
-II.  Long-term liabilities...........	7 517 915,41	9 148 254,16	8 505 683,06	14 120 335,37
-  2. Other liabilities...............	7 517 915,41	9 148 254,16	8 505 683,06	14 120 335,37
-    a) Loans.........................				4 126 000,00
-    c) Other financial liabilities...	2 983 920,46	4 017 049,47	1 383 528,15
-    d) Other.........................	4 533 994,95	5 131 204,69	7 122 154,91	9 994 335,37
-III. Short-term liabilities..........	16 335 157,24	20 553 161,07	16 586 111,33	18 683 451,84
-  2. Other liabilities...............	14 936 858,60	19 272 784,22	15 418 410,42	17 626 074,91
-    a) Loans.........................	1 841 470,84	4 912 870,89	4 126 000,00	6 231 573,49
-    c) Other financial liabilities...	1 033 129,01	1 038 058,07	894 140,48
-    d)Due to deliveries and services with payment period:.........	5 845 458,77	7 494 576,16	5 738 091,97	7 813 330,35
-      - up to 12 months..............	5 845 458,77	7 494 576,16	5 738 091,97	7 813 330,35
-    g) Due to taxes, subsidies, insurances, duties, etc...............	1 673 613,03	1 683 293,43	1 610 027,60	1 318 330,09
-    h) Due to salaries...............	832 809,75	861 464,64	810 574,82	604 590,47
-    i) Other.........................	3 710 377,20	3 282 521,03	2 239 575,55	1 658 250,51
-  3. Special funds...................	1 398 298,64	1 280 376,85	1 167 700,91	1 057 376,93
-IV.  Accruals and deferred income....	1 933 614,23	2 185 168,21	2 526 337,17	4 685 079,11
-  2. Other accruals..................	1 933 614,23	2 185 168,21	2 526 337,17	4 685 079,11
-    - long-term......................	1 718 688,86	1 931 310,18	2 143 931,50	2 356 552,74
-    - short-term.....................	214 925,37	253 858,03	382 405,67	2 328 526,37
-D. Total liabilities.................	125 354 722,16	130 192 031,65	124 161 749,72	134 609 853,36
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.....	64 508 356,47	56 506 098,67	53 474 272,30	108 731 397,34
-  I.   Net income on sales...........	63 170 943,42	54 095 087,98	51 046 487,08	108 572 794,50
-  II.  Change in value of stock ( +, -).................................	-112 836,44	1 293 193,31	820 557,10
-  III. Sales of goods for own use....				51 845,57
-  IV.  Income from sales of goods and materials.........................	1 450 249,49	1 117 817,38	1 607 228,12	106 757,27
-B. Operational costs.................	57 561 910,54	55 262 840,29	52 389 868,07	84 410 714,26
-  I.   Depreciation..................	4 034 072,88	4 667 207,58	4 819 972,68	4 974 218,27
-  II.  Materials and energy..........	31 802 923,50	27 943 595,21	25 894 266,89	21 549 928,45
-  III. Third party services..........	5 467 944,57	7 172 147,00	5 310 861,14	44 693 328,91
-  IV.  Taxes and duties..............	882 205,34	881 507,34	960 189,93	1 175 420,96
-  V.   Salaries and wages............	10 909 563,58	10 716 791,22	11 079 122,41	9 394 567,76
-  VI.  Social security...............	2 685 086,86	2 459 247,68	2 465 356,78	2 027 592,93
-  VII. Other.........................	422 713,60	402 459,49	323 305,63	512 198,43
-  VIII.Costs of goods and materials sold..................................	1 357 400,21	1 019 884,77	1 536 792,61	83 458,55
-C. Profit on sale....................	6 946 445,93	1 243 258,38	1 084 404,23	24 320 683,08
-D. Other operating incomes...........	2 946 244,89	834 788,92	4 356 378,84	11 029 884,12
-  I.   Incomes from disposal non-financial assets..................		134 917,09	64 922,89
-  III. Other operating incomes.......	2 946 244,89	699 871,83	4 291 455,95	11 029 884,12
-E. Other operating costs.............	4 422 421,60	3 591 102,91	1 883 102,96	18 666 826,83
-  I.   Loss on disposal of non-finacial assets...................	227 695,79			85 390,38
-  II.  Goodwill revaluation..........				709 109,91
-  III. Other operating costs.........	4 194 725,81	3 591 102,91	1 883 102,96	17 872 326,54
-F. Profit on operating activities....	5 470 269,22		3 557 680,11	16 683 740,37
-F. Loss on operating activities......		1 513 055,61
-G. Financial incomes.................	146 315,66	4 824 423,84	261 751,36	10 142 935,27
-  II.  Interest received.............	145 151,73	276 102,27	198 582,03	576 556,40
-  V.   Other.........................	1 163,93	4 548 321,57	63 169,33	9 566 378,87
-H. Financial costs...................	1 337 048,85	829 277,19	857 073,30	18 258 272,49
-  I.   Interest......................	739 219,03	462 462,94	356 013,22	935 452,36
-  III. Financial assets revaluation..				3 964 283,00
-  IV.  Other.........................	597 829,82	366 814,25	501 060,08	13 358 537,13
-I. Profit on economic activity.......	4 279 536,03	2 482 091,04	2 962 358,17	8 568 403,15
-K. Gross profit......................	4 279 536,03	2 482 091,04	2 962 358,17	8 568 403,15
-L. Corporation tax...................	2 156 390,16	1 505 009,09	1 027 955,88	2 985 441,99
-N. Net profit........................	2 123 145,87	977 081,95	1 934 402,29	5 582 961,16

AUDITOR

Balance sheet as at 31.12.2011
MAZARS AUDYT Sp. z o.o., ul. Piękna 18, 00-549 Warszawa	No. 186

Expert auditor  Bogusław Laskowski

No. 6115

Balance sheet as at 31.12.2010
MAZARS AUDYT Sp. z o.o., ul. Piękna 18, 00-549 Warszawa	No. 186

Expert auditor  Bogusław Laskowski

No. 6115

Balance sheet as at 31.12.2009
MAZARS AUDYT Sp. z o.o., ul. Piękna 18, 00-549 Warszawa	No. 186

Expert auditor  Bogusław Laskowski

No. 6115

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	1,16	0,99	0,95	1,91
Quick ratio	0,89	0,74	0,77	1,71
Immediate ratio	0,07	0,05	0,20	0,48
Return on sale	3,29	1,77	3,67	5,14
Return on assets	1,69	0,75	1,56	4,15
Return on equity	2,22	1,05	2,09	6,17
Average trade debtors' days	60,95	72,18	62,38	75,13
Average stock turnover's days	23,99	33,59	18,97	6,51
average payables payment period	92,52	135,87	114,98	62,75
Total indebtedness ratio	23,82	28,28	25,58	32,80

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.22.29.Z - NACE 2007), as at :	30.09.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,54	1,51	1,44	1,38	1,45
Quick ratio..............................	1,08	1,05	1,01	0,98	1,02
Immediate ratio..........................	0,30	0,30	0,29	0,28	0,26
Return on sale...........................	6,82	6,11	6,00	6,46	7,22
Return on assets.........................	5,88	6,83	6,79	7,40	8,12
Return on equity.........................	11,49	13,53	13,65	15,19	16,17
Average trade debtors' days..............	79,93	77,85	79,78	74,24	74,99
Average stock turnover's days............	45,59	46,69	46,07	41,46	42,52
average payables payment period..........	105,75	106,81	112,56	109,35	103,11
Total indebtedness ratio.................	48,85	49,49	50,25	51,27	49,78
Percent share in the examinated group of companies with net profit.............	81,50	83,60	84,20	84,30	82,20
Sales/revenue per employee in th. PLN....	247,28	309,41	285,23	253,70	242,11
Average sales/revenue per company in th. PLN..................................	39 583,38	49 144,46	44 623,99	40 289,64	34 057,79
according to the Central Statistical Office

Locations:

seat: ul. Wołoska 18, 02-675 Warszawa Phone:             22 6402706-07                          22 8486508 Fax:                  22 6402719 E-mail:             office@curtis.com.pl                          zofia.wyborska@curtis.com.pl production works: Krzywonoś,, 06-516 Szydłowo Phone:                   23 655 44 41 place of running the activity: Krzywonoś,, 06-516 Szydłowo Phone:                   23 655 44 41 ul. Domaniewska 39A, 02-672 Warszawa

Real Estate	ul. Wołoska 18, 02-675 Warszawa (Land and Mortgage Register 184681, 184682, 184683, 184687) office block  ul. Domaniewska 39A, 02-672 Warszawa (Land and Mortgage Register 139162) office block
	Book value of buildings as at 31.12.2012
	Book value of lands as at 31.12.2012
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

PLN	17 301 285,17
PLN	1 957 170,18

Shares in other companies	BRYZA sp. z o.o. NIP PL 5870201015, ul. Międzymorze 2, 84-141 Jurata PLN 837 600,00 (10,99%)   „GENERAL AVIATION SERVICES” sp. z o.o. NIP 5322028567 PLN 2 990 000,00 (91,86%)
	Data concerning shares in other companies are valid as at: 10.12.2013.

Connections:

Zbigniew Niemczycki , personal ID no. (PESEL) 47012301891 -  "LAKE VIEW" sp. z o.o., ul. Wołoska 18, 02-675 Warszawa   · shareholder: PLN 24 500,00 (49,00%)   · president -  BRYZA sp. z o.o. NIP PL 5870201015, ul. Międzymorze 2, 84-141 Jurata   · president -  FUNDACJA "POLSKIE ORŁY" NIP 5213129789, ul. Wołoska 18, 02-675 Warszawa   · president -  WHITE EAGLE AVIATION SA NIP 5320101403, ul. Wołoska 18, 02-675 Warszawa   · president -  FUNDACJA EUROPEJSKIE LETNIE IGRZYSKA OLIMIAD SPECJALNYCH 2010 NIP 7010135461, ul. Senatorska 13/15, 00-075 Warszawa   · president Katarzyna Frank Niemczycka , personal ID no. (PESEL) 51010602526 -  "LAKE VIEW" sp. z o.o., ul. Wołoska 18, 02-675 Warszawa   · shareholder: PLN 25 000,00 (50,00%)   · member of board of directors -  WHITE EAGLE AVIATION SA NIP 5320101403, ul. Wołoska 18, 02-675 Warszawa   · member of supervisory board -  FUNDACJA "POLSKIE ORŁY" NIP 5213129789, ul. Wołoska 18, 02-675 Warszawa   · member of board of directors -  BRYZA sp. z o.o. NIP PL 5870201015, ul. Międzymorze 2, 84-141 Jurata   · proxy

Data concerning connections are valid as at: 10.12.2013.

General information

Zbigniew Niemczycki is member of: - Polish Business Council - Business Center Club - Polish-American Fulbright Commission - Council For European Integration With Prime Minister Zbigniew Niemczycki was on the 12th place on list of the 100 richest Poles in 2013.

Banks

Bank Polska Kasa Opieki SA ul. Grzybowska 53/57, 00-950 Warszawa

Payment Manner

In available sources, payment delays have not been noted

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.90
UK Pound	1	Rs.102.74
Euro	1	Rs.85.16

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.