MIRA INFORM REPORT

Report Date :

05.06.2014

IDENTIFICATION DETAILS

Name :	ANDROPOL SA
Formerly Known As :	ANDRYCHOWSKIE ZAKŁADY PRZEMYSŁU BAWEŁNIANEGO ANDROPOL SA
Registered Office :	ul. Krakowska 83, 34-120 Andrychów
Country :	Poland
Financials (as on) :	31.12.2012
Date of Incorporation :	21.02.1992
Legal Form :	Joint Stock Company
Line of Business :	· Production of cotton and polyester-cotton fabrics · Packing, wholesale and retail sale of fabrics · Services for the dyeing of yarns, textile finishing
No. of Employees :	76

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Poland	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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

ANDROPOL SA

ul. Krakowska 83

34-120 Andrychów

Phone: 33 8756542

Fax: 33 8756540

E-mail: sekretariat@andropol.com.pl

Website: www.andropol.com.pl

Company summary

Legal form	Joint Stock Company
Stat.no.	071000677
Tax ID	PL 5510007736

Establishment	1906 as Unknown
	1945 as State-owned enterprise
	21.02.1992 as Joint Stock Company
Changes of names and addresses	21.02.1992 Andrychowskie Zakłady Przemysłu Bawełnianego ANDROPOL SA
	04.08.2008 ANDROPOL SA

Registration:

29.04.2002, District Court Kraków, XII Department, KRS 109997 Data concerning previous registrations: 01.04.1992, District Court Bielsko-Biała, RHB 1780

Shareholders	SPÓŁDZIELNIA COTTON-TECH, ul. Heliotropów 1, 04-796 Warszawa
	Percent of owned shares	91.33%
	Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o., ul. Heliotropów 1, 04-796 Warszawa
	Percent of owned shares	4.03%
	ANDROPOL SA, ul. Krakowska 83, 34-120 Andrychów
	Percent of owned shares	1.10%
	shareholders' list as at 31.12.2012

Share capital		PLN 10 323 270,00
	Share capital divided into 5433300 shares of PLN 1,90 each
	Changes of share capital
	- since 13.04.2004  until 20.01.2006  the capital estimated	PLN 25 000,00
	- since 05.04.2004  until 13.04.2004  the capital estimated	PLN 906 900,00
	- since 29.04.2002  until 05.04.2004  the capital estimated	PLN 3 441 090,00

Management	Grzegorz Adam Łukawski , personal ID no. (PESEL) 70083100579, ul. Radzikowskiego 81/39, 31-315 Kraków  - president
	Proxies: Krzysztof Michał Spólnicki , personal ID no. (PESEL) 55092808971  - joint proxy Radosław Artur Klinowski , personal ID no. (PESEL) 68091610492  - joint proxy Danuta Wojewodzic , personal ID no. (PESEL) 56053006487, ul. Górska 38, 32-440 Sułkowice  - joint proxy Jacek Sławomir Godzisz , personal ID no. (PESEL) 65052700773  - joint proxy
	Representation: To submit statements of will and sign on behalf of the company: If one man board – President solely, sole proxy solely or two joint proxies jointly If numerous managers – Two members of the board of directors jointly or member of the board of directors with proxy jointly or two joint proxies jointly

Supervisory board

Maria Łuszyńska , personal ID no. (PESEL) 50011804067 Maria Hajduczenia , personal ID no. (PESEL) 55111906460 Bożenna Wiesława Tefelska , personal ID no. (PESEL) 49120504300 Jerzy Drygalski , personal ID no. (PESEL) 48091900836 Aneta Filak Łukawska , personal ID no. (PESEL) 68110102003

Main activity	Production of cotton and polyester-cotton fabrics Packing, wholesale and retail sale of fabrics Services for the dyeing of yarns, textile finishing Management activities of group companies
	Import Switzerland, Germany
	Export Russian Federation, Romania, Sweden, Bulgaria, Finland, Belarus, Canada, Croatia, Slovakia, Greece, Italy, United States, Czech Republic, Ireland, Denmark, Norway, Latvia, Slovenia, Ukraine, Germany, Hungary, Austria, France, Bosnia and Herzegovina, Lithuania
	Branches NACE 2007:
	Cotton-type weaving
	Finishing of textiles
	Wholesale of textiles

Employment

2008:              230       employees 2009:              195       employees 2010:              146       employees December 2011:     121       employees December 2012:     76        employees

Turnover	2008	PLN	194 250 675,53
	2009	PLN	159 144 223,48
	2010	PLN	141 320 163,57
	2011	PLN	128 327 554,37
	2012	PLN	143 341 199,00
consolidated turnover	2007	PLN	164 228 635,48
	2008	PLN	169 363 954,41
	2009	PLN	149 372 569,35
	2010	PLN	133 962 459,62
	2011	PLN	121 053 398,50

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......................	19 910 690,07	18 391 372,28	18 004 592,93	24 972 757,71
-  I.   Intangible assets.............	8 646,00	761,49	20 494,65	41 134,68
-    3. Other intangible assets.......	8 646,00	761,49	20 494,65	41 134,68
-  II.  Tangible assets...............	11 023 151,36	9 475 898,68	10 019 820,08	9 808 861,35
-    1. Fixed goods...................	10 807 684,23	8 543 343,36	9 157 293,79	8 761 193,46
-      a) land........................	696 858,36	785 915,64	874 972,92	304 575,29
-      b) buildings, premises, facilities............................	4 507 845,05	4 772 441,30	4 360 564,77	4 300 496,07
-      c) machinery and equipment.....	5 070 144,31	2 366 988,91	3 074 187,58	3 669 550,39
-      d) fleet of motor vehicles.....	423 567,90	429 494,94	518 170,48	224 776,54
-      e) other fixed goods...........	109 268,61	188 502,57	329 398,04	261 795,17
-    2. Fixed goods under construction..........................	215 467,13	932 555,32	862 526,29	1 039 773,30
-    3. Prepayments for fixed goods under construction....................				7 894,59
-  IV.  Long term investments.........	6 362 114,95	6 362 114,95	6 346 705,80	13 828 872,48
-    3. Long term financial assets....	6 362 114,95	6 362 114,95	6 346 705,80	13 828 872,48
-      a) in affiliated companies.....	6 336 205,80	6 336 205,80	6 336 205,80	13 818 372,48
-        - participations or shares...	6 336 205,80	6 336 205,80	6 336 205,80	13 818 372,48
-      b) Other.......................	25 909,15	25 909,15	10 500,00	10 500,00
-        - participations or shares...	25 909,15	25 909,15	10 500,00	10 500,00
-V. Long-term prepayments and accrued income........................	2 516 777,76	2 552 597,16	1 617 572,40	1 293 889,20
-  1. Deferred tax assets.............	2 268 637,00	2 104 124,00	1 609 561,00	1 288 303,00
-  2. Other prepayments...............	248 140,76	448 473,16	8 011,40	5 586,20
-B. Current assets....................	66 934 591,93	66 836 385,96	61 124 441,95	52 899 204,33
-  I.   Stock.........................	40 919 964,90	43 569 397,71	38 213 079,46	33 639 622,62
-    1. Raw materials.................	8 552 009,22	7 602 962,20	8 976 556,54	7 921 229,52
-    2. Semi-finished products and work-in-progress......................	8 951 517,25	10 524 326,73	8 248 615,84	6 285 629,86
-    3. Finished products.............	12 374 795,92	12 101 771,92	11 231 115,91	12 017 892,66
-    4. Goods for re-sale.............	10 822 689,76	13 207 389,37	9 262 213,19	6 947 300,28
-    5. Advance payments .............	218 952,75	132 947,49	494 577,98	467 570,30
-  II. Short-term receivables.........	18 640 972,09	21 399 728,51	17 189 110,87	16 173 700,09
-    1. Receivables from affiliated companies.............................	4 229 704,76	6 839 662,55	4 829 256,63	5 281 662,53
-      a) Due to deliveries and services with payment period:.........	4 229 704,76	6 839 662,55	4 829 256,63	3 522 664,59
-        - up to 12 months............	4 229 704,76	6 839 662,55	4 829 256,63	3 522 664,59
-      b) Other.......................				1 758 997,94
-    2. Other receivables ............	14 411 267,33	14 560 065,96	12 359 854,24	10 892 037,56
-      a) Due to deliveries and services with payment period:.........	14 168 045,65	13 580 832,36	11 996 816,00	10 722 291,07
-        - up to 12 months............	14 168 045,65	13 580 832,36	11 996 816,00	10 722 291,07
-      b) Due to taxes, subsidies, insurances, duties, etc...............	215 136,68	945 244,41	329 783,35	139 536,74
-      c) Other.......................	28 085,00	33 989,19	33 254,89	30 209,75
-  III. Short term investments........	7 024 752,80	1 532 326,50	5 683 440,06	2 455 523,10
-    1. Short-term financial assets...	5 710 396,50	739 952,58	5 136 699,06	2 455 523,10
-      c) cash and other liquid assets................................	5 710 396,50	739 952,58	5 136 699,06	2 455 523,10
-        - cash in hand and on bank account...............................	4 221 677,52	739 952,58	965 807,11	2 455 523,10
-        - other liquid assets........	1 488 718,98		4 170 891,95
-      2. Other short-term investments...........................	1 314 356,30	792 373,92	546 741,00
-IV. Short-term prepayments and accrued income........................	348 902,14	334 933,24	38 811,56	630 358,52
-D. Total assets......................	86 845 282,00	85 227 758,24	79 129 034,88	77 871 962,04
-A. Shareholders' equity..............	61 722 045,38	58 996 904,92	56 415 212,73	57 533 387,48
-  I.   Basic share capital...........	10 323 270,00	10 323 270,00	10 323 270,00	10 323 270,00
-  III. Share premium capital.........	-132 861,10	-112 429,10
-  IV.  Statutory reserve capital.....	39 234 547,26	36 741 832,86	35 377 643,37	32 939 711,04
-  V. Revaluation reserve.............	7 682 188,76	7 698 113,87	7 761 788,13	11 838 325,47
-  VI.  Other reserve capital.........	1 000 000,00	1 000 000,00
-  VIII. Net profit (loss)............	3 614 900,46	3 346 117,29	2 952 511,23	2 432 080,97
-B. Liabilities and reserves for liabilities...........................	25 123 236,62	26 230 853,32	22 713 822,15	20 338 574,56
-  I.   Reserves for liabilities......	5 243 020,62	2 902 395,84	763 224,71	686 446,33
-    1. Deferred income tax reserves..	29 442,00	11 544,00	13 307,00	13 427,00
-    2. Reserves for pensions and similar social payments...............	1 345 257,25	840 977,83	749 917,71	673 019,33
-      - long-term....................	162 903,15	186 832,09	235 897,31	306 854,61
-      - short-term...................	1 182 354,10	654 145,74	514 020,40	366 164,72
-    3. Other reserves................	3 868 321,37	2 049 874,01
-      - long-term....................	243 307,32	443 673,16
-      - short-term...................	3 625 014,05	1 606 200,85
-II.  Long-term liabilities...........	8 092 768,79	5 651 212,52	6 176 385,82	248 324,37
-  1. Due affiliated companies........	5 600 000,00	5 600 000,00	6 100 000,00
-  2. Other liabilities...............	2 492 768,79	51 212,52	76 385,82	248 324,37
-    c) Other financial liabilities...	2 492 768,79	51 212,52
-    d) Other.........................			76 385,82	248 324,37
-III. Short-term liabilities..........	11 560 287,19	17 425 077,30	15 497 036,32	18 864 785,17
-  1. Due to affiliated companies.....	1 037 006,13	1 151 514,36	2 680 669,25	7 329 970,36
-    a) Due to deliveries and services with payment period:.........	951 301,70	969 711,90	2 131 429,83	7 329 970,36
-      - up to 12 months..............	951 301,70	969 711,90	2 131 429,83	7 329 970,36
-    b) Other.........................	85 704,43	181 802,46	549 239,42
-  2. Other liabilities...............	10 520 198,67	16 270 541,59	12 812 619,34	11 534 743,56
-    a) Loans.........................		3 393 977,59	118 874,44	30,04
-    b) Issued securities.............			25 663,67
-    c) Other financial liabilities...	665 667,98	84 818,77
-    d)Due to deliveries and services with payment period:.........	8 380 879,60	10 896 134,03	10 973 147,43	8 845 782,28
-      - up to 12 months..............	8 380 879,60	10 896 134,03	10 973 147,43	8 845 782,28
-    e) Advances received.............	76 193,26	173 617,79	312 430,34	778 864,85
-    g) Due to taxes, subsidies, insurances, duties, etc...............	1 040 986,27	1 250 753,29	455 013,49	776 464,45
-    h) Due to salaries...............	235 539,96	303 363,07	330 975,32	392 146,08
-    i) Other.........................	120 931,60	167 877,05	596 514,65	741 455,86
-  3. Special funds...................	3 082,39	3 021,35	3 747,73	71,25
-IV.  Accruals and deferred income....	227 160,02	252 167,66	277 175,30	539 018,69
-  2. Other accruals..................	227 160,02	252 167,66	277 175,30	539 018,69
-    - long-term......................	227 160,02	252 167,66	277 175,30	539 018,69
-D. Total liabilities.................	86 845 282,00	85 227 758,24	79 129 034,88	77 871 962,04
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.....	143 341 199,00	128 327 554,37	141 320 163,57	159 144 223,48
-  - including related companies......	10 437 891,16	9 536 011,83	12 879 101,10	18 533 926,67
-  I.   Net income on sales...........	100 728 756,94	78 247 635,21	94 899 096,61	107 745 848,58
-  II.  Change in value of stock ( +, -).................................	-1 299 785,48	3 146 366,90	1 176 209,23	-2 651 532,64
-  III. Sales of goods for own use....	4 440 162,84	3 491 017,79	3 282 557,16	3 076 175,22
-  IV.  Income from sales of goods and materials.........................	39 472 064,70	43 442 534,47	41 962 300,57	50 973 732,32
-B. Operational costs.................	128 966 306,73	117 556 898,71	132 242 717,31	149 229 935,66
-  I.   Depreciation..................	1 781 575,43	1 587 734,50	1 861 111,93	4 917 576,27
-  II.  Materials and energy..........	39 674 937,26	33 566 383,69	36 001 827,98	37 177 935,48
-  III. Third party services..........	46 857 648,75	38 007 419,97	48 730 540,96	52 221 279,19
-  IV.  Taxes and duties..............	890 319,27	939 971,64	937 991,08	903 278,41
-  V.   Salaries and wages............	4 575 018,35	5 856 236,51	6 899 653,27	7 250 520,07
-  VI.  Social security...............	789 470,36	1 046 517,73	1 223 459,64	1 211 910,55
-  VII. Other.........................	591 809,22	544 918,80	684 280,95	891 231,90
-  VIII.Costs of goods and materials sold..................................	33 805 528,09	36 007 715,87	35 903 851,50	44 656 203,79
-C. Profit on sale....................	14 374 892,27	10 770 655,66	9 077 446,26	9 914 287,82
-D. Other operating incomes...........	2 046 152,58	1 166 531,63	945 809,64	1 561 763,38
-  I.   Incomes from disposal non-financial assets..................	53 861,53	83 557,16	90 480,29
-  III. Other operating incomes.......	1 992 291,05	1 082 974,47	855 329,35	1 561 763,38
-E. Other operating costs.............	10 437 088,46	7 892 551,18	6 406 522,92	5 431 660,90
-  I.   Loss on disposal of non-finacial assets...................				917 703,83
-  II.  Goodwill revaluation..........	6 594 322,08	4 645 158,73	5 035 066,11	3 733 383,99
-  III. Other operating costs.........	3 842 766,38	3 247 392,45	1 371 456,81	780 573,08
-F. Profit on operating activities....	5 983 956,39	4 044 636,11	3 616 732,98	6 044 390,30
-G. Financial incomes.................	303 423,81	1 462 611,51	9 174 286,66	286 248,58
-  I.   Dividends received............	128 677,98	687 236,39	229 943,83
-    - including dividends to group and associated compan.................	128 537,98	687 151,39	229 893,83
-  II.  Interest received.............	50 920,20	24 132,69	152 596,49	245 387,90
-  III. Profit from assets sold.......		148 426,20	8 781 804,06
-  V.   Other.........................	123 825,63	602 816,23	9 942,28	40 860,68
-H. Financial costs...................	986 858,74	2 670 895,41	7 969 444,41	3 031 071,67
-  I.   Interest......................	770 195,27	595 276,57	395 399,89	748 950,18
-    - related companies..............	410 530,02	401 177,35
-  III. Financial assets revaluation..	193 859,62	535 149,28	5 202 895,00	1 702 925,00
-  IV.  Other.........................	22 803,85	1 540 469,56	2 371 149,52	579 196,49
-I. Profit on economic activity.......	5 300 521,46	2 836 352,21	4 821 575,23	3 299 567,21
-J. Exceptional items.................		20 082,08		891,76
-  I.   Exceptional gains.............		21 714,26		891,76
-  II.  Exceptional losses............		1 632,18
-K. Gross profit......................	5 300 521,46	2 856 434,29	4 821 575,23	3 300 458,97
-L. Corporation tax...................	1 685 621,00	6 643,00	2 190 442,00	1 020 140,00
-  a) current part....................	1 832 236,00
-  b) deferred part...................	-146 615,00
-M. Other statutory charges...........		-496 326,00	-321 378,00	-151 762,00
-N. Net profit........................	3 614 900,46	3 346 117,29	2 952 511,23	2 432 080,97

AUDITOR

Balance sheet as at 31.12.2012
FIRMA AUDYTORSKA INTERFIN SPÓŁKA Z O.O., ul. Mała 1-3, 31-103 Kraków	No. 529

Expert auditor Marian Palka

No. 2971

Balance sheet as at 31.12.2011
FIRMA AUDYTORSKA INTERFIN SPÓŁKA Z O.O., ul. Mała 1-3, 31-103 Kraków	No. 529

Expert auditor Marian Palka

No. 2971

Balance sheet as at 31.12.2010
POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza Ignacego 1, 31-429 Kraków	No. 1806

Expert auditor Lucyna Zych

No. 10113

Balance sheet as at 31.12.2009
POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza Ignacego 1, 31-429 Kraków	No. 1806

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	5,79	3,84	3,94	2,80
Quick ratio	2,22	1,32	1,48	0,99
Immediate ratio	0,49	0,04	0,33	0,13
Return on sale	2,58	2,75	2,16	1,53
Return on assets	4,16	3,93	3,73	3,12
Return on equity	5,86	5,67	5,23	4,23
Average trade debtors' days	48,66	64,19	45,84	37,19
Average stock turnover's days	106,82	130,68	101,91	77,36
average payables payment period	30,18	52,27	41,33	43,38
Total indebtedness ratio	28,93	30,78	28,70	26,12

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.13.20.A - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,88	2,17	1,83	1,26	1,07
Quick ratio..............................	0,89	1,02	0,80	0,65	0,60
Immediate ratio..........................	0,15	0,18	0,07	0,08	0,08
Return on sale...........................	3,16	3,86	3,66	-1,92	-4,42
Return on assets.........................	4,42	5,17	3,96	-1,57	-3,98
Return on equity.........................	7,77	8,51	6,17	-2,63	-8,67
Average trade debtors' days..............	62,70	62,60	73,57	81,76	94,92
Average stock turnover's days............	86,86	88,19	105,30	90,86	89,39
average payables payment period..........	88,74	77,65	103,02	151,02	193,61
Total indebtedness ratio.................	43,15	39,31	35,77	40,16	54,13
Percent share in the examinated group of companies with net profit.............	65,00	77,30	65,40	65,50	37,80
Sales/revenue per employee in th. PLN....	269,27	256,09	220,40	167,20	145,97
Average sales/revenue per company in th. PLN..................................	36 983,75	32 383,23	28 999,46	25 356,07	21 028,11

according to the Central Statistical Office

Source of financial data	Monitor Polski B	Monitor Polski B	Monitor Polski B
	annual	annual	annual
Consolidated balance sheet as at	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)
-A. Fixed assets......................	17 931 477,41	17 521 166,61	25 624 223,18
-  Intangible assets..................	1 536 370,31	1 204 585,01	1 547 844,24
-    3. Other intangible assets.......	1 536 370,31	1 204 585,01	1 547 844,24
-  III. Tangible assets...............	13 647 254,47	14 401 987,20	22 333 851,78
-    1. Fixed assets..................	12 118 203,87	13 496 666,55	20 384 941,19
-      a) land (including perpetual usufruct right).......................	956 476,00	1 054 790,44	389 028,13
-      b) buildings...................	5 962 675,31	5 595 727,51	9 292 120,02
-      c) technical appliances and machniery.............................	4 568 653,63	5 969 985,27	10 184 955,47
-      d) fleet of motor vehicles.....	440 989,33	543 498,72	252 297,86
-      e) other fixed assets..........	189 409,60	332 664,61	266 539,71
-    2. Construction in progress......	1 529 050,60	905 320,65	1 895 076,00
-    3. Prepayments on construction in progress...........................			53 834,59
-  V. Long term investments...........	65 909,15	50 500,00	50 500,00
-    3. Long term financial assets....	65 909,15	50 500,00	50 500,00
-      c) in other companies..........		50 500,00	50 500,00
-        - shares or stocks...........		50 500,00	50 500,00
-VI. Long term prepayments............	2 681 943,48	1 864 094,40	1 692 027,16
-  1. Defferred tax assets............	2 233 470,32	1 856 083,00	1 621 178,29
-  2. Other prepayments...............	448 473,16	8 011,40	70 848,87
-B. Current assets....................	63 657 079,90	58 960 045,40	55 600 229,46
-  I. Stocks..........................	45 403 437,39	39 605 157,42	37 154 276,97
-    1. Materials.....................	9 276 801,66	10 233 727,98	10 610 191,49
-    2. Goods and semi goods in production............................	10 681 579,58	8 383 522,36	6 424 217,34
-    3. Finished goods................	12 101 771,92	11 231 115,91	12 017 892,66
-    4. Wares.........................	13 207 389,37	9 262 213,19	7 595 195,92
-    5. Prepayments for supplies......	135 894,86	494 577,98	506 779,56
-  II. Short term receivables.........	15 016 054,44	13 022 416,42	12 508 178,76
-    1. Receivables from related companies.............................	7,18		50 988,59
-      a) due to deliveries with payment period........................	7,18		50 988,59
-        - to 12 months...............	7,18		50 988,59
-    2. Receivables from other units..	15 016 047,26	13 022 416,42	12 457 190,17
-      a) due to deliveries with payment period........................	13 750 949,16	12 267 777,74	11 769 295,86
-        - to 12 months...............	13 750 949,16	12 267 777,74	11 769 295,86
-      b) due to taxes, donations, insurances, duties, etc...............	1 229 523,28	720 383,79	653 877,72
-      c) other.......................	35 574,82	34 254,89	34 016,59
-III. Short term investments..........	2 898 694,03	6 289 772,14	5 233 149,85
-  1. Short term financial assets.....	2 898 694,03	6 289 772,14	5 233 149,85
-    a) in related companies *........	500 000,00
-    c) in other companies............			1 080,00
-      - granted loans................			1 080,00
-    d) cash and other liquid means...	2 398 694,03	6 289 772,14	5 232 069,85
-      - cash in hand and on bank account...............................	849 682,76	6 289 772,14	2 713 831,72
-      - cash in hand *...............	1 549 011,27		2 518 238,13
-IV. Short term prepayments...........	338 894,04	42 699,42	704 623,88
-Total assets.........................	81 588 557,31	76 481 212,01	81 224 452,64
-A. Shareholders' Equity..............	53 929 349,39	54 594 792,88	54 223 044,99
-  I. Initial Capital.................	10 323 270,00	10 323 270,00	10 323 270,00
-  III.Share premium capital (-)......	112 429,10
-  IV. Statutory reserve capital......	45 093 679,79	44 436 357,97	40 840 211,17
-  V. Fixed assets revaluation reserve capital.......................	5 627 681,82	5 757 723,04	5 834 739,35
-  VI. Other reserve capital..........	1 000 000,00
-  VIII. Profit (loss) from previous years.................................	-8 101 834,73	-6 294 306,02	-3 195 311,18
-  IX. Net profit (loss)..............	98 981,61	371 747,89	420 135,65
-B. Minority capital..................			3 342 692,11
-D.  Liabilities and reserves for liabilities...........................	27 659 207,92	21 886 419,13	23 658 715,54
-  I. Reserves for liabilities........	4 493 138,51	1 987 811,23	2 214 519,03
-    1. Deffered tax reserve..........	13 180,72	14 696,14	16 389,15
-    2. Reserves for pensions and connected social payments.............	1 525 301,76	1 852 681,38	1 747 269,86
-      - long term....................	713 626,82	721 774,01	1 142 524,28
-      - short term...................	811 674,94	1 130 907,37	604 745,58
-    3. Other reserves................	2 954 656,03	120 433,71	450 860,02
-      - long term....................	443 673,16
-      - short term...................	2 510 982,87	120 433,71	450 860,02
-II. Long term liabilities............	51 212,52	76 385,82	817 824,37
-  2. due to other units..............	51 212,52	76 385,82	817 824,37
-    a) credits and loans.............			569 500,00
-    c) other financial liabilities...	51 212,52
-    d) other.........................		76 385,82	248 324,37
-III. Short term liabilities..........	21 098 694,73	18 857 294,57	17 581 438,80
-  1. Due to related companies........	738 331,10	593 204,44	1 698 398,26
-    a) due to delivered goods with payment period:.......................	738 331,10	478 293,94	1 698 398,26
-      - to 12 months.................	738 331,10		1 698 398,26
-    b) other.........................		114 910,50
-  2. Due to other companies..........	20 350 464,72	18 253 859,69	15 874 131,66
-    a) credits and loans.............	3 393 977,59	118 874,44	81 230,04
-    c) other financial assets........	84 818,77
-    d) due to delivered goods with payment period........................	13 191 002,25	14 153 928,05	10 611 523,34
-      - to 12 months.................	13 191 002,25	14 153 928,05	10 611 523,34
-    e) prepayments for deliveries....	173 617,79	312 430,34	778 864,85
-    f) due to purchase of fixed assets in construction................		1 989 554,72
-    g) due to taxes, donations, insurances, duties, etc...............	2 233 284,66		2 396 162,86
-    h) due to salaries...............	850 593,87	987 526,82	1 081 086,07
-    i) other.........................	423 169,79	691 545,32	925 264,50
-  3. Special funds...................	9 898,91	10 230,44	8 908,88
-IV. Accurals and deferred income.....	2 016 162,16	964 927,51	3 044 933,34
-  2. Other...........................	2 016 162,16	964 927,51	3 044 933,34
-    - long term......................	252 167,66	277 175,30	2 400 291,73
-    - short term.....................	1 763 994,50	687 752,21	644 641,61
-Total liabilities....................	81 588 557,31	76 481 212,01	81 224 452,64
Source of financial data	Monitor Polski B	Monitor Polski B	Monitor Polski B
	annual	annual	annual
CONSOLIDATED Consolidated P/L Account	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.....	121 053 398,50	133 962 459,62	149 372 569,35
-  - including subsidiaries...........	77 350,00	134 961,47	363 435,03
-  I. Sales of products...............	77 179 635,30	93 456 929,18	105 033 766,11
-  II. Sale of goods and materials....	3 168 713,23	34 941 689,12	-3 079 900,14
-  III.Change in stocks (+/-).........	4 329 496,90	1 172 528,27	4 193 290,77
-  IV. Cost of production of goods for own purposes......................	36 375 553,07	4 391 313,05	43 225 412,61
-B. Operational costs.................	112 427 414,18	125 452 675,33	145 106 866,95
-  1. Depreciation....................	2 613 054,15	3 492 559,98	7 715 813,54
-  II. Materials and energy...........	50 213 598,79	56 768 404,54	60 786 751,50
-  III. Third party services..........	8 767 789,31	11 051 466,09	14 382 626,54
-  IV. Taxes and duties...............	1 434 231,69	2 161 361,85	2 375 096,95
-    - excise tax.....................	88 756,00	181 214,00	240 470,00
-  V. Salaries and wages..............	16 353 644,65	19 142 146,63	19 903 231,02
-  VI. Social securities and similar..	3 232 827,08	3 715 519,91	3 498 126,64
-  VII. Other.........................	606 685,98	758 879,75	981 384,47
-  VIII. Costs of goods and materials sold........................	29 205 582,53	28 362 336,58	35 463 836,29
-C.Profit on sale (A-B)...............	8 625 984,32	8 509 784,29	4 265 702,40
-D. Other ordinary income.............	2 436 703,19	2 145 417,66	4 925 662,28
-  I. Profit on sale of non-financial fixed assets............	289 534,06	732 247,06	1 403 715,56
-  III. Other ordinary income.........	2 147 169,13	1 413 170,60	3 521 946,72
-E. Other ordinary costs..............	9 628 910,69	8 489 501,60	5 984 660,57
-  II. Goodwill revaluation...........	4 652 542,55	5 063 302,80	3 734 534,58
-  III. Other operating costs.........	4 976 368,14	3 426 198,80	2 250 125,99
-F. Profit on ordinary activities (C+D+E)...............................	1 433 776,82	2 165 700,35	3 206 704,11
-G. Financial income..................	834 358,94	2 890 438,78	424 509,92
-  I. Dividends received..............	85,00	50,00
-  II. Interests received:............	127 839,00	254 651,29	368 830,70
-  III. Profit from investments  sold.		2 570 658,42
-  V. Other...........................	706 434,94	65 079,07	55 679,22
-H. Financial costs...................	2 317 982,15	2 588 890,96	1 581 264,20
-  I. Interests.......................	240 656,50	173 198,53	831 362,59
-  III. Revaluation of investments....	535 149,28
-  IV. Other..........................	1 542 176,37	2 415 692,43	749 901,61
-J. Profit on economic activity (F+G-H+/-I)...........................		2 467 248,17	2 049 949,83
-J. Loss on economic activity (F+G-H+/-I)...........................	49 846,39
-K. Result on extraordinary activity..	21 714,26		891,76
-  I. Extraordinary profits...........			891,76
-N. Gross profit (J+/-K-L+M)..........		2 467 248,17	2 050 841,59
-N. Gross loss (J+/-K-L+M)............	28 132,13
-O. Income tax........................	-127 113,74	2 095 500,28	1 286 306,84
-R. Minority profits..................			-344 399,10
-S. Net loss (N-O-P+/-Q+/-R)).........	98 981,61	371 747,89	420 135,65

AUDITOR

Consolidated balance sheet as at 31.12.2011
FIRMA AUDYTORSKA INTERFIN SPÓŁKA Z O.O., ul. Mała 1-3, 31-103 Kraków	No. 529

Expert auditor Marian Palka

No. 2971

Consolidated balance sheet as at 31.12.2010
POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza Ignacego 1, 31-429 Kraków	No. 1806

Expert auditor Janina Niedośpiał

No. 2729

Consolidated balance sheet as at 31.12.2009
POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza Ignacego 1, 31-429 Kraków	No. 1806

Expert auditor Janina Niedośpiał

No. 2729

Locations:

seat: ul. Krakowska 83, 34-120 Andrychów Phone:                   33 8756542 Fax:                     33 8756540 E-mail:                  sekretariat@andropol.com.pl Website:                 www.andropol.com.pl

Real Estate	perpetual usufruct, lands of area 205 712 sq.m.
	Book value of buildings as at 31.12.2012	PLN	4 507 845,05
	Book value of lands as at 31.12.2012	PLN	696 858,36
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies	ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów  - 100 %  BIAŁOSTOCKA WYKOŃCZALNIA TKANIN SPÓŁKA Z O.O. NIP 5512434939, ul. Krakowska 83, 34-120 Andrychów PLN 3 600 000,00 (100,00%)  POLTEXTIL sp. z o.o. NIP 7010318351, al. Jerozolimskie 65/79, 00-697 Warszawa PLN 17 000,00 (16,04%)
	Data concerning shares in other companies are valid as at: 09.05.2014.

Connections:

The companies in which the said company was consolidated in the consolidated financial statement:  SPÓŁDZIELNIA COTTON-TECH, ul. Heliotropów 1, 04-796 Warszawa annual 01.01.2008 - 31.12.2008 Krzysztof Michał Spólnicki , personal ID no. (PESEL) 55092808971 -  BIAŁOSTOCKA WYKOŃCZALNIA TKANIN SPÓŁKA Z O.O. NIP 5512434939, ul. Krakowska 83, 34-120 Andrychów   · president -  SPÓŁDZIELNIA COTTON-TECH NIP 5651422130, ul. Heliotropów 1, 04-796 Warszawa   · member of supervisory board -  ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów   · proxy Aneta Filak Łukawska , personal ID no. (PESEL) 68110102003 -  SIGNUM SPÓŁKA Z O.O. NIP 8992109938, ul. Krakowska 83, 34-120 Andrychów   · shareholder: PLN 2 198 500,00 (100,00%) -  ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów   · member of supervisory board Radosław Artur Klinowski , personal ID no. (PESEL) 68091610492 -  ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów   · member of supervisory board Maria Hajduczenia , personal ID no. (PESEL) 55111906460 -  Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o. NIP PL 9661412365, ul. Heliotropów 1, 04-796 Warszawa   · president -  SPÓŁDZIELNIA COTTON-TECH NIP 5651422130, ul. Heliotropów 1, 04-796 Warszawa   · proxy Maria Łuszyńska , personal ID no. (PESEL) 50011804067 -  Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o. NIP PL 9661412365, ul. Heliotropów 1, 04-796 Warszawa   · proxy -  SPÓŁDZIELNIA COTTON-TECH NIP 5651422130, ul. Heliotropów 1, 04-796 Warszawa   · president Jacek Sławomir Godzisz , personal ID no. (PESEL) 65052700773 -  ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów   · proxy -  BIURO BROKERÓW UBEZPIECZENIOWYCH GF BROKER SPÓŁKA Z O.O. NIP 7251797471, ul. Księdza Biskupa Tymienieckiego Wincentego 16F/12, 90-365 Łódź   · shareholder: PLN 25,00 (0,05%)   · vice president -  BIAŁOSTOCKA WYKOŃCZALNIA TKANIN SPÓŁKA Z O.O. NIP 5512434939, ul. Krakowska 83, 34-120 Andrychów   · vice president Bożenna Wiesława Tefelska , personal ID no. (PESEL) 49120504300 -  ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów   · member of supervisory board  Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o. -  UFT GROUP sp. z o.o. NIP 5211132563, ul. Pytlasińskiego 11, 00-777 Warszawa   · shareholder: PLN 50 000,00 (100,00%)  SPÓŁDZIELNIA COTTON-TECH -  Przedsiębiorstwo Handlu Tekstyliami Sp. z o.o. NIP PL 9661412365, ul. Heliotropów 1, 04-796 Warszawa   · shareholder: PLN 12 000 000,00 (100,00%) -  ZAKŁADY PRZETWÓRSTWA BAWEŁNY FASTY SPÓŁKA Z O.O. NIP 9661553315, ul. Przędzalniana 8, 15-688 Białystok   · shareholder: PLN 6 736 000,00 (39,38%)  ANDROPOL SA -  POLTEXTIL sp. z o.o. NIP 7010318351, al. Jerozolimskie 65/79, 00-697 Warszawa   · shareholder: PLN 17 000,00 (16,04%) -  BIAŁOSTOCKA WYKOŃCZALNIA TKANIN SPÓŁKA Z O.O. NIP 5512434939, ul. Krakowska 83, 34-120 Andrychów   · shareholder: PLN 3 600 000,00 (100,00%) -  ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów   · Shareholder: 100 % Grzegorz Adam Łukawski , personal ID no. (PESEL) 70083100579 -  SPÓŁDZIELNIA COTTON-TECH NIP 5651422130, ul. Heliotropów 1, 04-796 Warszawa   · member of supervisory board -  ANDROPOL - TRADING SA NIP PL 5510020174, ul. Krakowska 83, 34-120 Andrychów   · president -  POLTEXTIL sp. z o.o. NIP 7010318351, al. Jerozolimskie 65/79, 00-697 Warszawa   · member of supervisory board -  SIGNUM SPÓŁKA Z O.O. NIP 8992109938, ul. Krakowska 83, 34-120 Andrychów   · president Jerzy Drygalski , personal ID no. (PESEL) 48091900836 -  POLMOZBYT D-U-AUTO Sp. z o.o. NIP 9561923072, ul. Przędzalniana 8, 15-688 Białystok   · president -  GRUPA FASTY SPÓŁKA Z O.O. NIP 9661610734, ul. Przędzalniana 8, 15-688 Białystok   · proxy

Data concerning connections are valid as at: 09.05.2014.

Certificates:

ISO 14001:2004 AQAP 2110:2009 ISO 9001:2008

General information

The subject has not decided to cooperate in elaboration of the report. Financial data of the company are not being disclosed to the third parties

Banks

Bank Zachodni WBK SA ul. Rynek 9/11, 50-950 Wrocław  Bank Gospodarki Żywnościowej SA ul. Marcina Kasprzaka 10/16, 01-211 Warszawa  Bank Millennium SA ul. Żaryna 2A, 02-593 Warszawa

Payment Manner

Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.34
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NNA

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.