MIRA INFORM REPORT

Report Date :

05.06.2014

IDENTIFICATION DETAILS

Name :	WOJAS SA
Registered Office :	ul. Ludźmierska 29 34-400 Nowy Targ
Country :	Poland
Financials (as on) :	31.03.2014
Date of Incorporation :	14.02.2007
Legal Form :	Joint Stock Company
Line of Business :	manufacture and sale of shoes
No. of Employees	476 employees

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^st, 2014

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 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

WOJAS SA

ul. Ludźmierska 29 34-400 Nowy Targ

Phone:    18 2649210

Fax:      18 2649211

E-mail:   wojas@wojas.pl

Website:  wojas.pl

Company Identification

Legal form	Joint Stock Company
Stat.no.	120415969
Tax ID	PL 7352691202

Establishment

14.02.2007

Registration:

02.04.2007, District Court Kraków, XII Department, KRS 276622

Shareholders	Wiesław Tadeusz Wojas , personal ID no. (PESEL) 55092005835, ul. Ludźmierska 29, 34-400 Nowy Targ
	Percent of owned shares	83.85%
	other stockholders
	Percent of owned shares	16.15%
	shareholders' list as at 15.05.2014

Share capital		PLN 12 676 658,00
	Share capital divided into 12676658 shares of PLN 1,00 each
	Series of shares 10000000 type Ordinary shares A 2676658 type Ordinary shares B
	Changes of share capital
	- since 02.04.2007  until 30.04.2008  the capital estimated	PLN 10 000 000,00
	An in-kind contribution has been made and valued at In form of organised part of enterprise Zakłady Produkcyjno-Handlowe WOJAS Wiesław Wojas, ul. Ludźmierska 29, 34-400 Nowy Targ registered on 31.12.1991 in Municipal Office in Nowy Targ under no. 2806/91).	PLN  10 000 000,00

Management	Wiesław Tadeusz Wojas , personal ID no. (PESEL) 55092005835, ul. Ludźmierska 29, 34-400 Nowy Targ  - president Kazimierz Adam Ostatek , personal ID no. (PESEL) 50010605935, ul. Wojska Polskiego 20/59, 34-400 Nowy Targ  - vice president
	Proxies: Józef Topór , personal ID no. (PESEL) 54101506594 a proxy and a president deputy jointly Agnieszka Sylwia Wojas , personal ID no. (PESEL) 72022608106  - independent proxy Sławomir Andrzej Strycharz , personal ID no. (PESEL) 77120804250  - joint proxy with the president deputy of the management board
	Representation: President solely, two vice presidents or vice president with proxy jointly.

Supervisory board

Jan Jerzy Rybicki , personal ID no. (PESEL) 50081101499  - chairman Jacek Piotr Konieczny , personal ID no. (PESEL) 69041003478, ul. Sąsiedzka 13C, 03-168 Warszawa  - member Kazimierz Stanisław Nowakowski , personal ID no. (PESEL) 50010208510  - member Barbara Mazur , personal ID no. (PESEL) 47092507707  - secretary Barbara Kubacka , personal ID no. (PESEL) 72112013807

Main activity	manufacture and sale of shoes
	Export (20.00%) Russian Federation, Ireland, France, United States, Germany
	Branches NACE 2007:
	Manufacture of footwear
	Other retail
	Other consultancy related to business and management
	Labour recruitment and provision of personnel
	Other IT activity

Employment

2009:              498       employees 2010:              515       employees 2011:              524       employees 2012:              496       employees 2013:              476       employees Employment in the capital group: 2010:              1061      employees 2011:              1117      employees 2012:              1193      employees 2013:              1277      employees 31.03.2014:    1363      employees

Turnover	2010	PLN	87 478 000,00
	2011	PLN	105 202 000,00
	2012	PLN	106 934 000,00
	2013	PLN	129 962 000,00
	01.01.2014 - 31.03.2014	PLN	37 895 000,00
consolidated turnover	2010	PLN	129 050 000,00
	2011	PLN	145 181 000,00
	2012	PLN	167 347 000,00
	2013	PLN	187 805 000,00
	01.01.2014 - 31.03.2014	PLN	44 489 000,00

Financial statements

Source of financial data	other
	periodic
Personal balance sheet as at	31.03.2014 (PLN)
-A. Fixed assets......................	51 510 000,00
-  I. Tangible assets.................	36 190 000,00
-    I. Fixed goods...................	32 114 000,00
-    2. Fixed goods under construction..........................	4 076 000,00
-  VI. Long term financial assets.....	13 639 000,00
-IX. Long term receivables............	0,00
-XIII. Assets due to deferred income tax...................................	1 458 000,00
-B. Current Assets....................	75 970 000,00
-  I. Stocks..........................	14 586 000,00
-    1. Materials.....................	5 491 000,00
-    2. Semi-products.................	1 569 000,00
-    3. Finished goods................	5 993 000,00
-    4. Goods.........................	1 533 000,00
-  VI. Other financial assets.........	1 360 000,00
-  VIII. Cash and cash equivalents....	2 050 000,00
-  XII. Miscellaneous items...........	81 000,00
-Total assets.........................	127 480 000,00
-A. Equity............................	55 598 000,00
-  I. Initial capital.................	12 677 000,00
-  IV. Uncalled capital...............	26 819 000,00
-  VI. Share premium account..........	5 451 000,00
-  XII. Profit (loss) from previous years.................................	9 729 000,00
-  XIII. Net profit (loss)............	922 000,00
-B. Long term liabilities.............	28 088 000,00
-  I. Credits, loans/ Liabilities due to credits, loand and other debt instruments...........................	16 826 000,00
-  V. Reserves for employees' benefits and other long term reserves.	391 000,00
-  VII. Reserve due to deferred income tax/ Liabilities due to deferred income tax...................	3 042 000,00
-  X. Miscellaneous items.............	7 829 000,00
-C. Short term liabilities............	43 794 000,00
-  I. Credits and loans/ Current account credits.......................	16 516 000,00
-  VII. Other financial liabilities...	54 000,00
-  VIII. Liabilities due to income tax/ current..........................	2 438 000,00
-  IX. Trade and other liabilities....	22 777 000,00
-  X. Reserve for employees' benefits.	1 088 000,00
-  XIII. Miscellaneous items..........	765 000,00
-  XVII. Other liabilities............	156 000,00
-Total liabilities....................	127 480 000,00
Source of financial data	other	other	other
	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	51 849 000,00	54 321 000,00	51 044 000,00
-  I.   Intangible assets.............	297 000,00	603 000,00	798 000,00
-    1. Costs of finished development works.....................	118 000,00	344 000,00	569 000,00
-    3. Other intangible assets.......	179 000,00	259 000,00	229 000,00
-  II.  Tangible assets...............	36 217 000,00	35 609 000,00	33 190 000,00
-    1. Fixed goods...................	32 587 000,00	34 569 000,00	33 096 000,00
-      a) land........................	2 625 000,00	2 625 000,00	1 947 000,00
-      b) buildings, premises, facilities............................	14 650 000,00	15 094 000,00	12 950 000,00
-      c) machinery and equipment.....	13 556 000,00	14 695 000,00	15 669 000,00
-      d) fleet of motor vehicles.....	832 000,00	966 000,00	1 168 000,00
-      e) other fixed goods...........	924 000,00	1 189 000,00	1 362 000,00
-    2. Fixed goods under construction..........................	3 630 000,00	1 040 000,00	94 000,00
-  IV.  Long term investments.........	13 439 000,00	14 455 000,00	14 426 000,00
-    3. Long term financial assets....	13 439 000,00	14 455 000,00	14 426 000,00
-      a) in affiliated companies.....	13 439 000,00	11 724 000,00	11 724 000,00
-        - participations or shares...	13 439 000,00		11 724 000,00
-        - granted loans..............		11 724 000,00
-      b) Other.......................		2 731 000,00	2 702 000,00
-        - participations or shares...		2 731 000,00	2 702 000,00
-V. Long-term prepayments and accrued income........................	1 896 000,00	3 654 000,00	2 630 000,00
-  1. Deferred tax assets.............	1 896 000,00	3 654 000,00	2 630 000,00
-B. Current assets....................	64 353 000,00	69 140 000,00	72 954 000,00
-  I.   Stock.........................	15 951 000,00	14 455 000,00	14 297 000,00
-    1. Raw materials.................	7 445 000,00	5 887 000,00	4 648 000,00
-    2. Semi-finished products and work-in-progress......................	2 097 000,00	1 576 000,00	1 605 000,00
-    3. Finished products.............	5 797 000,00	6 382 000,00	6 964 000,00
-    4. Goods for re-sale.............	612 000,00	610 000,00	1 080 000,00
-  II. Short-term receivables.........	28 981 000,00	47 062 000,00	42 126 000,00
-    1. Receivables from affiliated companies.............................	21 981 000,00	36 560 000,00	36 118 000,00
-      a) Due to deliveries and services with payment period:.........	21 981 000,00	36 560 000,00	36 118 000,00
-        - up to 12 months............	21 981 000,00	36 560 000,00	36 118 000,00
-    2. Other receivables ............	7 000 000,00	10 502 000,00	6 008 000,00
-      a) Due to deliveries and services with payment period:.........	6 884 000,00	9 902 000,00	5 214 000,00
-        - up to 12 months............	6 884 000,00	9 902 000,00	5 214 000,00
-      b) Due to taxes, subsidies, insurances, duties, etc...............	55 000,00	595 000,00	219 000,00
-      c) Other.......................	61 000,00		575 000,00
-      d) Received through judicial proceedings...........................		5 000,00
-  III. Short term investments........	19 327 000,00	7 523 000,00	16 426 000,00
-    1. Short-term financial assets...	19 327 000,00	7 523 000,00	16 426 000,00
-      b) Other.......................	979 000,00	45 000,00
-        - participations of shares...	708 000,00
-        - other securities...........		45 000,00
-        - other short-term financial assets......................	271 000,00
-      c) cash and other liquid assets................................	18 348 000,00	7 478 000,00	16 426 000,00
-        - cash in hand and on bank account...............................	817 000,00	299 000,00	306 000,00
-        - other liquid assets........	15 618 000,00	7 179 000,00	16 120 000,00
-        - other liquid assets (i.e. interests from depos..................	1 913 000,00
-IV. Short-term prepayments and accrued income........................	94 000,00	100 000,00	105 000,00
-D. Total assets......................	116 202 000,00	123 461 000,00	123 998 000,00
-A. Shareholders' equity..............	54 671 000,00	40 097 000,00	40 481 000,00
-  I.   Basic share capital...........	12 677 000,00	12 677 000,00	12 677 000,00
-  IV.  Statutory reserve capital.....	26 819 000,00	26 412 000,00	25 983 000,00
-  V. Revaluation reserve.............	5 474 000,00	580 000,00	1 383 000,00
-  VII. Profit (loss) carried forward.	57 000,00	10 000,00	10 000,00
-  VIII. Net profit (loss)............	9 644 000,00	418 000,00	428 000,00
-B. Liabilities and reserves for liabilities...........................	61 531 000,00	83 364 000,00	83 517 000,00
-  I.   Reserves for liabilities......	3 859 000,00	2 954 000,00	2 249 000,00
-    1. Deferred income tax reserves..	3 317 000,00	2 548 000,00	2 021 000,00
-    2. Reserves for pensions and similar social payments...............	542 000,00	406 000,00	228 000,00
-      - long-term....................	391 000,00	340 000,00	176 000,00
-      - short-term...................	151 000,00	66 000,00	52 000,00
-II.  Long-term liabilities...........	17 399 000,00	26 869 000,00	14 108 000,00
-  2. Other liabilities...............	17 399 000,00	26 869 000,00	14 108 000,00
-    a) Loans.........................	17 399 000,00	26 806 000,00	4 778 000,00
-    d) Other.........................		63 000,00	9 330 000,00
-III. Short-term liabilities..........	31 492 000,00	44 012 000,00	56 890 000,00
-  1. Due to affiliated companies.....	2 548 000,00		169 000,00
-    a) Due to deliveries and services with payment period:.........	542 000,00		169 000,00
-      - up to 12 months..............	542 000,00		169 000,00
-    b) Other.........................	2 006 000,00
-  2. Other liabilities...............	28 944 000,00	44 012 000,00	56 721 000,00
-    a) Loans.........................	12 890 000,00	20 850 000,00	34 002 000,00
-    c) Other financial liabilities...	64 000,00	232 000,00	964 000,00
-    d)Due to deliveries and services with payment period:.........	12 021 000,00	19 955 000,00	18 478 000,00
-      - up to 12 months..............	12 021 000,00	19 955 000,00	18 478 000,00
-    f) Bill of exchange liabilities..	936 000,00	281 000,00	450 000,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	2 009 000,00	1 798 000,00	1 804 000,00
-    h) Due to salaries...............	877 000,00	751 000,00	846 000,00
-    i) Other.........................	147 000,00	145 000,00	177 000,00
-IV.  Accruals and deferred income....	8 781 000,00	9 529 000,00	10 270 000,00
-  2. Other accruals..................	8 781 000,00	9 529 000,00	10 270 000,00
-    - long-term......................	8 016 000,00	8 764 000,00	9 519 000,00
-    - short-term.....................	765 000,00	765 000,00	751 000,00
-D. Total liabilities.................	116 202 000,00	123 461 000,00	123 998 000,00
Source of financial data	other	other	other	other
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2014- 31.03.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar.....	37 895 000,00	129 962 000,00	106 934 000,00	105 202 000,00
-  - including related companies......	30 775 000,00	86 288 000,00	77 204 000,00	69 054 000,00
-  I.   Net revenue form sale of products..............................	16 922 000,00	70 798 000,00	54 622 000,00	57 177 000,00
-  II.  Net revenue from sale of goods.................................	20 973 000,00	59 164 000,00	52 312 000,00	48 025 000,00
-B.Cost of products, goods sold.......	34 836 000,00	116 601 000,00	99 437 000,00	93 923 000,00
-  - including related companies......	28 373 000,00	78 248 000,00	72 501 000,00	63 209 000,00
-  I.  Cost of production of products sold.........................	15 070 000,00	60 920 000,00	50 117 000,00	48 459 000,00
-  II.  Value of products sold........	19 766 000,00	55 681 000,00	49 320 000,00	45 464 000,00
-C. Gross profit on sale..............	3 059 000,00	13 361 000,00	7 497 000,00	11 279 000,00
-D. Costs of sale.....................	497 000,00	2 331 000,00	2 348 000,00	3 220 000,00
-E. General management costs..........	1 325 000,00	4 439 000,00	3 924 000,00	4 541 000,00
-F. Profit on sale....................	1 237 000,00	6 591 000,00	1 225 000,00	3 518 000,00
-G. Other operating incomes...........	1 572 000,00	3 998 000,00	3 457 000,00	2 085 000,00
-  I.   Incomes from disposal of fixed assets..........................			52 000,00
-  II.  Subsidies.....................	187 000,00	748 000,00	1 325 000,00	816 000,00
-  III. Other operating incomes.......	1 385 000,00	3 250 000,00	2 080 000,00	1 269 000,00
-H. Other operating costs.............	895 000,00	2 913 000,00	2 234 000,00	864 000,00
-  I.   Loss on dsiposal of non--financial fixed assets...........	6 000,00	5 000,00		111 000,00
-  II.  Goodwill revaluation..........		1 251 000,00	794 000,00	365 000,00
-  III. Other operating costs.........	889 000,00	1 657 000,00	1 440 000,00	388 000,00
-I. Profit on operating activities....	1 914 000,00	7 676 000,00	2 448 000,00	4 739 000,00
-J. Financial incomes.................	55 000,00	8 157 000,00	7 614 000,00	807 000,00
-  I.   Dividends received............		2 200 000,00	2 500 000,00
-    - including dividends to group and associated compan.................		2 200 000,00
-  II.  Interest received.............	55 000,00	126 000,00	1 747 000,00	562 000,00
-  V.   Other.........................		5 831 000,00	3 367 000,00	245 000,00
-K. Financial costs...................	878 000,00	4 285 000,00	9 952 000,00	5 300 000,00
-  I.   Interest......................	282 000,00	1 562 000,00	3 065 000,00	2 365 000,00
-    - including related companies....		6 000,00
-  II.  Loss from assets sold.........	26 000,00	1 536 000,00	6 539 000,00
-  III. Financial assets revaluation..	1 000,00	20 000,00		2 590 000,00
-  IV.  Other.........................	569 000,00	1 167 000,00	348 000,00	345 000,00
-L. Gross profit on economic activity.	1 091 000,00	11 548 000,00	110 000,00	246 000,00
-N. Gross profit......................	1 091 000,00	11 548 000,00	110 000,00	246 000,00
-O. Corporation tax...................	169 000,00	1 904 000,00	-308 000,00	-182 000,00
-  a) current part....................		526 000,00		232 000,00
-  b) deferred part...................		1 378 000,00		-414 000,00
-R. Net profit........................	922 000,00	9 644 000,00	418 000,00	428 000,00

Ratios	01.01.2014- 31.03.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	1,73	2,04	1,57	1,28
Quick ratio	0,08	1,53	1,24	1,03
Immediate ratio	0,05	0,58	0,17	0,29
Return on sale	2,43	7,42	0,39	0,41
Return on assets	0,72	8,30	0,34	0,35
Return on equity	1,66	17,64	1,04	1,06
Average trade debtors' days		81,39	161,08	146,16
Average stock turnover's days	34,64	44,80	49,47	49,60
average payables payment period	104,01	88,45	150,64	197,38
Total indebtedness ratio	56,39	52,95	67,52	67,35

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.15.20.Z - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	2,89	2,61	2,75	2,43	2,43
Quick ratio..............................	1,65	1,53	1,79	1,61	1,56
Immediate ratio..........................	0,50	0,42	0,57	0,49	0,53
Return on sale...........................	9,87	7,38	7,55	7,07	5,76
Return on assets.........................	10,34	7,79	8,40	7,81	6,27
Return on equity.........................	14,48	11,35	12,13	11,39	9,10
Average trade debtors' days..............	76,42	86,12	90,89	83,86	81,56
Average stock turnover's days............	82,61	82,68	71,15	64,10	69,58
average payables payment period..........	68,29	77,46	75,00	78,90	81,52
Total indebtedness ratio.................	28,57	31,40	30,72	31,49	31,04
Percent share in the examinated group of companies with net profit.............	84,80	75,40	77,50	73,20	68,90
Sales/revenue per employee in th. PLN....	194,23	161,10	152,01	138,53	124,73
Average sales/revenue per company in th. PLN..................................	28 036,53	22 894,23	21 058,25	19 124,41	17 291,57

Financial statements

Source of financial data	other
	periodic
Personal balance sheet as at	31.03.2014 (PLN)
-A. Fixed assets......................	51 510 000,00
- I. Tangible assets.................	36 190 000,00
- I. Fixed goods...................	32 114 000,00
- 2. Fixed goods under construction..........................	4 076 000,00
- VI. Long term financial assets.....	13 639 000,00
-IX. Long term receivables............	0,00
-XIII. Assets due to deferred income tax...................................	1 458 000,00
-B. Current Assets....................	75 970 000,00
- I. Stocks..........................	14 586 000,00
- 1. Materials.....................	5 491 000,00
- 2. Semi-products.................	1 569 000,00
- 3. Finished goods................	5 993 000,00
- 4. Goods.........................	1 533 000,00
- VI. Other financial assets.........	1 360 000,00
- VIII. Cash and cash equivalents....	2 050 000,00
- XII. Miscellaneous items...........	81 000,00
-Total assets.........................	127 480 000,00
-A. Equity............................	55 598 000,00
- I. Initial capital.................	12 677 000,00
- IV. Uncalled capital...............	26 819 000,00
- VI. Share premium account..........	5 451 000,00
- XII. Profit (loss) from previous years.................................	9 729 000,00
- XIII. Net profit (loss)............	922 000,00
-B. Long term liabilities.............	28 088 000,00
- I. Credits, loans/ Liabilities due to credits, loand and other debt instruments...........................	16 826 000,00
- V. Reserves for employees' benefits and other long term reserves.	391 000,00
- VII. Reserve due to deferred income tax/ Liabilities due to deferred income tax...................	3 042 000,00
- X. Miscellaneous items.............	7 829 000,00
-C. Short term liabilities............	43 794 000,00
- I. Credits and loans/ Current account credits.......................	16 516 000,00
- VII. Other financial liabilities...	54 000,00
- VIII. Liabilities due to income tax/ current..........................	2 438 000,00
- IX. Trade and other liabilities....	22 777 000,00
- X. Reserve for employees' benefits.	1 088 000,00
- XIII. Miscellaneous items..........	765 000,00
- XVII. Other liabilities............	156 000,00
-Total liabilities....................	127 480 000,00
Source of financial data	other	other	other
	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	51 849 000,00	54 321 000,00	51 044 000,00
- I. Intangible assets.............	297 000,00	603 000,00	798 000,00
- 1. Costs of finished development works.....................	118 000,00	344 000,00	569 000,00
- 3. Other intangible assets.......	179 000,00	259 000,00	229 000,00
- II. Tangible assets...............	36 217 000,00	35 609 000,00	33 190 000,00
- 1. Fixed goods...................	32 587 000,00	34 569 000,00	33 096 000,00
- a) land........................	2 625 000,00	2 625 000,00	1 947 000,00
- b) buildings, premises, facilities............................	14 650 000,00	15 094 000,00	12 950 000,00
- c) machinery and equipment.....	13 556 000,00	14 695 000,00	15 669 000,00
- d) fleet of motor vehicles.....	832 000,00	966 000,00	1 168 000,00
- e) other fixed goods...........	924 000,00	1 189 000,00	1 362 000,00
- 2. Fixed goods under construction..........................	3 630 000,00	1 040 000,00	94 000,00
- IV. Long term investments.........	13 439 000,00	14 455 000,00	14 426 000,00
- 3. Long term financial assets....	13 439 000,00	14 455 000,00	14 426 000,00
- a) in affiliated companies.....	13 439 000,00	11 724 000,00	11 724 000,00
- - participations or shares...	13 439 000,00		11 724 000,00
- - granted loans..............		11 724 000,00
- b) Other.......................		2 731 000,00	2 702 000,00
- - participations or shares...		2 731 000,00	2 702 000,00
-V. Long-term prepayments and accrued income........................	1 896 000,00	3 654 000,00	2 630 000,00
- 1. Deferred tax assets.............	1 896 000,00	3 654 000,00	2 630 000,00
-B. Current assets....................	64 353 000,00	69 140 000,00	72 954 000,00
- I. Stock.........................	15 951 000,00	14 455 000,00	14 297 000,00
- 1. Raw materials.................	7 445 000,00	5 887 000,00	4 648 000,00
- 2. Semi-finished products and work-in-progress......................	2 097 000,00	1 576 000,00	1 605 000,00
- 3. Finished products.............	5 797 000,00	6 382 000,00	6 964 000,00
- 4. Goods for re-sale.............	612 000,00	610 000,00	1 080 000,00
- II. Short-term receivables.........	28 981 000,00	47 062 000,00	42 126 000,00
- 1. Receivables from affiliated companies.............................	21 981 000,00	36 560 000,00	36 118 000,00
- a) Due to deliveries and services with payment period:.........	21 981 000,00	36 560 000,00	36 118 000,00
- - up to 12 months............	21 981 000,00	36 560 000,00	36 118 000,00
- 2. Other receivables ............	7 000 000,00	10 502 000,00	6 008 000,00
- a) Due to deliveries and services with payment period:.........	6 884 000,00	9 902 000,00	5 214 000,00
- - up to 12 months............	6 884 000,00	9 902 000,00	5 214 000,00
- b) Due to taxes, subsidies, insurances, duties, etc...............	55 000,00	595 000,00	219 000,00
- c) Other.......................	61 000,00		575 000,00
- d) Received through judicial proceedings...........................		5 000,00
- III. Short term investments........	19 327 000,00	7 523 000,00	16 426 000,00
- 1. Short-term financial assets...	19 327 000,00	7 523 000,00	16 426 000,00
- b) Other.......................	979 000,00	45 000,00
- - participations of shares...	708 000,00
- - other securities...........		45 000,00
- - other short-term financial assets......................	271 000,00
- c) cash and other liquid assets................................	18 348 000,00	7 478 000,00	16 426 000,00
- - cash in hand and on bank account...............................	817 000,00	299 000,00	306 000,00
- - other liquid assets........	15 618 000,00	7 179 000,00	16 120 000,00
- - other liquid assets (i.e. interests from depos..................	1 913 000,00
-IV. Short-term prepayments and accrued income........................	94 000,00	100 000,00	105 000,00
-D. Total assets......................	116 202 000,00	123 461 000,00	123 998 000,00
-A. Shareholders' equity..............	54 671 000,00	40 097 000,00	40 481 000,00
- I. Basic share capital...........	12 677 000,00	12 677 000,00	12 677 000,00
- IV. Statutory reserve capital.....	26 819 000,00	26 412 000,00	25 983 000,00
- V. Revaluation reserve.............	5 474 000,00	580 000,00	1 383 000,00
- VII. Profit (loss) carried forward.	57 000,00	10 000,00	10 000,00
- VIII. Net profit (loss)............	9 644 000,00	418 000,00	428 000,00
-B. Liabilities and reserves for liabilities...........................	61 531 000,00	83 364 000,00	83 517 000,00
- I. Reserves for liabilities......	3 859 000,00	2 954 000,00	2 249 000,00
- 1. Deferred income tax reserves..	3 317 000,00	2 548 000,00	2 021 000,00
- 2. Reserves for pensions and similar social payments...............	542 000,00	406 000,00	228 000,00
- - long-term....................	391 000,00	340 000,00	176 000,00
- - short-term...................	151 000,00	66 000,00	52 000,00
-II. Long-term liabilities...........	17 399 000,00	26 869 000,00	14 108 000,00
- 2. Other liabilities...............	17 399 000,00	26 869 000,00	14 108 000,00
- a) Loans.........................	17 399 000,00	26 806 000,00	4 778 000,00
- d) Other.........................		63 000,00	9 330 000,00
-III. Short-term liabilities..........	31 492 000,00	44 012 000,00	56 890 000,00
- 1. Due to affiliated companies.....	2 548 000,00		169 000,00
- a) Due to deliveries and services with payment period:.........	542 000,00		169 000,00
- - up to 12 months..............	542 000,00		169 000,00
- b) Other.........................	2 006 000,00
- 2. Other liabilities...............	28 944 000,00	44 012 000,00	56 721 000,00
- a) Loans.........................	12 890 000,00	20 850 000,00	34 002 000,00
- c) Other financial liabilities...	64 000,00	232 000,00	964 000,00
- d)Due to deliveries and services with payment period:.........	12 021 000,00	19 955 000,00	18 478 000,00
- - up to 12 months..............	12 021 000,00	19 955 000,00	18 478 000,00
- f) Bill of exchange liabilities..	936 000,00	281 000,00	450 000,00
- g) Due to taxes, subsidies, insurances, duties, etc...............	2 009 000,00	1 798 000,00	1 804 000,00
- h) Due to salaries...............	877 000,00	751 000,00	846 000,00
- i) Other.........................	147 000,00	145 000,00	177 000,00
-IV. Accruals and deferred income....	8 781 000,00	9 529 000,00	10 270 000,00
- 2. Other accruals..................	8 781 000,00	9 529 000,00	10 270 000,00
- - long-term......................	8 016 000,00	8 764 000,00	9 519 000,00
- - short-term.....................	765 000,00	765 000,00	751 000,00
-D. Total liabilities.................	116 202 000,00	123 461 000,00	123 998 000,00
Source of financial data	other	other	other	other
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2014- 31.03.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar.....	37 895 000,00	129 962 000,00	106 934 000,00	105 202 000,00
- - including related companies......	30 775 000,00	86 288 000,00	77 204 000,00	69 054 000,00
- I. Net revenue form sale of products..............................	16 922 000,00	70 798 000,00	54 622 000,00	57 177 000,00
- II. Net revenue from sale of goods.................................	20 973 000,00	59 164 000,00	52 312 000,00	48 025 000,00
-B.Cost of products, goods sold.......	34 836 000,00	116 601 000,00	99 437 000,00	93 923 000,00
- - including related companies......	28 373 000,00	78 248 000,00	72 501 000,00	63 209 000,00
- I. Cost of production of products sold.........................	15 070 000,00	60 920 000,00	50 117 000,00	48 459 000,00
- II. Value of products sold........	19 766 000,00	55 681 000,00	49 320 000,00	45 464 000,00
-C. Gross profit on sale..............	3 059 000,00	13 361 000,00	7 497 000,00	11 279 000,00
-D. Costs of sale.....................	497 000,00	2 331 000,00	2 348 000,00	3 220 000,00
-E. General management costs..........	1 325 000,00	4 439 000,00	3 924 000,00	4 541 000,00
-F. Profit on sale....................	1 237 000,00	6 591 000,00	1 225 000,00	3 518 000,00
-G. Other operating incomes...........	1 572 000,00	3 998 000,00	3 457 000,00	2 085 000,00
- I. Incomes from disposal of fixed assets..........................			52 000,00
- II. Subsidies.....................	187 000,00	748 000,00	1 325 000,00	816 000,00
- III. Other operating incomes.......	1 385 000,00	3 250 000,00	2 080 000,00	1 269 000,00
-H. Other operating costs.............	895 000,00	2 913 000,00	2 234 000,00	864 000,00
- I. Loss on dsiposal of non--financial fixed assets...........	6 000,00	5 000,00		111 000,00
- II. Goodwill revaluation..........		1 251 000,00	794 000,00	365 000,00
- III. Other operating costs.........	889 000,00	1 657 000,00	1 440 000,00	388 000,00
-I. Profit on operating activities....	1 914 000,00	7 676 000,00	2 448 000,00	4 739 000,00
-J. Financial incomes.................	55 000,00	8 157 000,00	7 614 000,00	807 000,00
- I. Dividends received............		2 200 000,00	2 500 000,00
- - including dividends to group and associated compan.................		2 200 000,00
- II. Interest received.............	55 000,00	126 000,00	1 747 000,00	562 000,00
- V. Other.........................		5 831 000,00	3 367 000,00	245 000,00
-K. Financial costs...................	878 000,00	4 285 000,00	9 952 000,00	5 300 000,00
- I. Interest......................	282 000,00	1 562 000,00	3 065 000,00	2 365 000,00
- - including related companies....		6 000,00
- II. Loss from assets sold.........	26 000,00	1 536 000,00	6 539 000,00
- III. Financial assets revaluation..	1 000,00	20 000,00		2 590 000,00
- IV. Other.........................	569 000,00	1 167 000,00	348 000,00	345 000,00
-L. Gross profit on economic activity.	1 091 000,00	11 548 000,00	110 000,00	246 000,00
-N. Gross profit......................	1 091 000,00	11 548 000,00	110 000,00	246 000,00
-O. Corporation tax...................	169 000,00	1 904 000,00	-308 000,00	-182 000,00
- a) current part....................		526 000,00		232 000,00
- b) deferred part...................		1 378 000,00		-414 000,00
-R. Net profit........................	922 000,00	9 644 000,00	418 000,00	428 000,00

Ratios	01.01.2014- 31.03.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	1,73	2,04	1,57	1,28
Quick ratio	0,08	1,53	1,24	1,03
Immediate ratio	0,05	0,58	0,17	0,29
Return on sale	2,43	7,42	0,39	0,41
Return on assets	0,72	8,30	0,34	0,35
Return on equity	1,66	17,64	1,04	1,06
Average trade debtors' days		81,39	161,08	146,16
Average stock turnover's days	34,64	44,80	49,47	49,60
average payables payment period	104,01	88,45	150,64	197,38
Total indebtedness ratio	56,39	52,95	67,52	67,35

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.15.20.Z - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	2,89	2,61	2,75	2,43	2,43
Quick ratio..............................	1,65	1,53	1,79	1,61	1,56
Immediate ratio..........................	0,50	0,42	0,57	0,49	0,53
Return on sale...........................	9,87	7,38	7,55	7,07	5,76
Return on assets.........................	10,34	7,79	8,40	7,81	6,27
Return on equity.........................	14,48	11,35	12,13	11,39	9,10
Average trade debtors' days..............	76,42	86,12	90,89	83,86	81,56
Average stock turnover's days............	82,61	82,68	71,15	64,10	69,58
average payables payment period..........	68,29	77,46	75,00	78,90	81,52
Total indebtedness ratio.................	28,57	31,40	30,72	31,49	31,04
Percent share in the examinated group of companies with net profit.............	84,80	75,40	77,50	73,20	68,90
Sales/revenue per employee in th. PLN....	194,23	161,10	152,01	138,53	124,73
Average sales/revenue per company in th. PLN..................................	28 036,53	22 894,23	21 058,25	19 124,41	17 291,57

according to the Central Statistical Office

Source of financial data	other
	periodic
Consolidated balance sheet as at	31.03.2014 (PLN)
-Fixed assets.........................	51 765 000,00
-  Tangible assets....................	47 312 000,00
-  Goodwill...........................	414 000,00
-  Assets due to deferred income tax..	4 039 000,00
-Current assets.......................	93 325 000,00
-  Stocks.............................	74 468 000,00
-  Cash and equivalents...............	4 292 000,00
-Total assets.........................	145 090 000,00
-Equity...............................	63 053 000,00
-  Initial capital....................	12 677 000,00
-  Profit (loss) from previous years..	10 695 000,00
-  Net profit (loss)..................	322 000,00
-Long term liabilities................	28 327 000,00
-  Reserves...........................	528 000,00
-  Reserve due to deferred income tax.	3 120 000,00
-  Long term bank credits and loans...	16 826 000,00
-Short term liabilities...............	53 710 000,00
-  Reserves...........................	2 601 000,00
-  Short term bank credits and loans..	18 488 000,00
-  Other short term financial liabilities...........................	307 000,00
-  Liabilities due to income tax......	3 988 000,00
-Total liabilities....................	145 090 000,00
Source of financial data	other	other
	annual	annual
Consolidated balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	51 873 000,00	55 128 000,00
-  Intangible assets..................	315 000,00	613 000,00
-    1. Cost of finished development works.................................	118 000,00	344 000,00
-    2. Goodwill......................	5 000,00	5 000,00
-    3. Other intangible assets.......	192 000,00	264 000,00
-  III. Tangible assets...............	46 893 000,00	46 036 000,00
-    1. Fixed assets..................	43 162 000,00	44 897 000,00
-      a) land (including perpetual usufruct right).......................	2 625 000,00	2 625 000,00
-      b) buildings...................	21 447 000,00	22 503 000,00
-      c) technical appliances and machniery.............................	14 291 000,00	15 318 000,00
-      d) fleet of motor vehicles.....	1 524 000,00	1 216 000,00
-      e) other fixed assets..........	3 275 000,00	3 235 000,00
-    2. Construction in progress......	3 731 000,00	1 139 000,00
-  V. Long term investments...........		2 731 000,00
-    3. Long term financial assets....		2 731 000,00
-      c) in other companies..........		2 731 000,00
-        - shares or stocks...........		2 731 000,00
-VI. Long term prepayments............	4 665 000,00	5 748 000,00
-  1. Defferred tax assets............	4 665 000,00	5 748 000,00
-B. Current assets....................	82 634 000,00	87 819 000,00
-  I. Stocks..........................	67 366 000,00	65 517 000,00
-    1. Materials.....................	7 440 000,00	5 887 000,00
-    2. Goods and semi goods in production............................	2 097 000,00	1 576 000,00
-    3. Finished goods................	30 881 000,00	31 711 000,00
-    4. Wares.........................	26 948 000,00	26 343 000,00
-  II. Short term receivables.........	8 805 000,00	12 633 000,00
-    2. Receivables from other units..	8 805 000,00	12 633 000,00
-      a) due to deliveries with payment period........................	7 490 000,00	10 822 000,00
-        - to 12 months...............	7 490 000,00	10 822 000,00
-      b) due to taxes, donations, insurances, duties, etc...............	356 000,00	973 000,00
-      c) other.......................	959 000,00
-      d) received thought judical proceedings...........................		838 000,00
-III. Short term investments..........	5 067 000,00	8 556 000,00
-  1. Short term financial assets.....	5 067 000,00	8 556 000,00
-    c) in other companies............	979 000,00	45 000,00
-      - shares or stocks.............	708 000,00
-      - granted loans................		45 000,00
-      - other short term financial assets................................	271 000,00
-    d) cash and other liquid means...	4 088 000,00	8 511 000,00
-      - cash in hand and on bank account...............................	1 471 000,00	599 000,00
-      - cash in hand *...............	1 940 000,00	7 912 000,00
-      - cash on bank account *.......	677 000,00
-IV. Short term prepayments...........	1 396 000,00	1 113 000,00
-Total assets.........................	134 507 000,00	142 947 000,00
-A. Shareholders' Equity..............	62 714 000,00	47 893 000,00
-  I. Initial Capital.................	12 677 000,00	12 677 000,00
-  IV. Statutory reserve capital......	33 394 000,00	30 019 000,00
-  V. Fixed assets revaluation reserve capital.......................	5 474 000,00	580 000,00
-  VI. Other reserve capital..........	594 000,00	-6 000,00
-  VII. Exchange difference from subsidiairies counting................	-92 000,00	594 000,00
-  VIII. Profit (loss) from previous years.................................	688 000,00	1 141 000,00
-  IX. Net profit (loss)..............	9 979 000,00	2 888 000,00
-D.  Liabilities and reserves for liabilities...........................	71 793 000,00	95 054 000,00
-  I. Reserves for liabilities........	4 228 000,00	3 184 000,00
-    1. Deffered tax reserve..........	3 394 000,00	2 551 000,00
-    2. Reserves for pensions and connected social payments.............	834 000,00	633 000,00
-      - long term....................	528 000,00	420 000,00
-      - short term...................	306 000,00	213 000,00
-II. Long term liabilities............	17 548 000,00	26 887 000,00
-  2. due to other units..............	17 548 000,00	26 887 000,00
-    a) credits and loans.............	17 399 000,00	26 806 000,00
-    c) other financial liabilities...	125 000,00	63 000,00
-    d) other.........................	24 000,00	18 000,00
-III. Short term liabilities..........	41 236 000,00	55 454 000,00
-  2. Due to other companies..........	41 236 000,00	55 454 000,00
-    a) credits and loans.............	16 536 000,00	23 708 000,00
-    c) other financial assets........	235 000,00	232 000,00
-    d) due to delivered goods with payment period........................	15 709 000,00	24 459 000,00
-      - to 12 months.................	15 709 000,00	24 459 000,00
-    f) bill of echange liabilities...	1 148 000,00	281 000,00
-    f) due to purchase of fixed assets in construction................	5 232 000,00	4 578 000,00
-    h) due to salaries...............	2 118 000,00	1 972 000,00
-    i) other.........................	258 000,00	224 000,00
-IV. Accurals and deferred income.....	8 781 000,00	9 529 000,00
-  2. Other...........................	8 781 000,00	9 529 000,00
-    - long term......................	8 016 000,00
-    - short term.....................	765 000,00	9 529 000,00
-Total liabilities....................	134 507 000,00	142 947 000,00
Source of financial data	other	other	other
	periodic	annual	annual
CONSOLIDATED Consolidated P/L	- 01.01.2014- 31.03.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Net income form sale of goods, products and materials................	44 489 000,00	187 805 000,00	167 347 000,00
-  I. Net income form sale of products..............................	20 185 000,00	98 201 000,00	80 730 000,00
-  II. Net income form sale of goods and materials.........................	24 304 000,00	89 604 000,00	86 617 000,00
-B. Costs of sale of goods, products and materials.........................	23 898 000,00	106 703 000,00	93 999 000,00
-  I. Costs of manufacture of sold products..............................	10 475 000,00	58 179 000,00	48 208 000,00
-  II. Value of sold goods and materials.............................	13 423 000,00	48 524 000,00	45 791 000,00
-C. Gross profit from sale (A-B)......	20 591 000,00	81 102 000,00	73 348 000,00
-D. Costs of sale.....................	17 191 000,00	62 797 000,00	56 786 000,00
-E. Cost of management................	2 192 000,00	8 203 000,00	7 131 000,00
-F. Profit from sale (C-D-E)..........	1 208 000,00	10 102 000,00	9 431 000,00
-G. Other operating income............	857 000,00	3 304 000,00	2 743 000,00
-  II. Subsidies......................	187 000,00	748 000,00	1 325 000,00
-  III. Other operating income........	670 000,00	2 556 000,00	1 418 000,00
-H. Other operating costs.............	513 000,00	3 451 000,00	2 702 000,00
-  I. Loss form sale of non-financial fixed assets............	179 000,00	30 000,00	16 000,00
-  II. Update of value of non-financial assets..................		1 319 000,00	794 000,00
-  III. Other operating costs.........	334 000,00	2 102 000,00	1 892 000,00
-I. Profit from ordinary activity (F+G+H)...............................	1 552 000,00	9 955 000,00	9 472 000,00
-J. Financial income..................	58 000,00	5 864 000,00	4 180 000,00
-  II. Interests, including:..........	58 000,00	130 000,00	805 000,00
-  V. Other...........................		5 734 000,00	3 375 000,00
-K. Financial costs...................	931 000,00	3 730 000,00	10 194 000,00
-  I. Interests, including:...........	326 000,00	1 759 000,00	3 224 000,00
-  II. Loss from sale of the investment............................	26 000,00	1 536 000,00	6 539 000,00
-  III. Update of investments value...	1 000,00	20 000,00
-  IV. Other..........................	578 000,00	415 000,00	431 000,00
-M. Profit from business activity (I+J-K+-L)............................	679 000,00	12 089 000,00	3 458 000,00
-Q. Gross profit (M+/-N-O+P)..........	679 000,00	12 089 000,00	3 458 000,00
-R. Income tax........................	357 000,00	2 110 000,00	570 000,00
-  I. Current income tax..............		1 332 000,00	996 000,00
-  II. Defered income tax.............		778 000,00	-426 000,00
-W. Net profit (Q-R-S+-T+/-U).........	322 000,00	9 979 000,00	2 888 000,00

companies consolidated in financial statement as at

31.12.2012 -  „WOJAS MARKETING” sp. z o.o., ul. Ludźmierska 29, 34-400 Nowy Targ
           -  WOJAS TRADE Sp. z o.o., ul. Ludźmierska 29, 34-400 Nowy Targ
           -  WOJAS SLOVAKIA s.r.o., Garbiarska 695, 031-01 Liptovský Mikuláš, Slovakia

Locations:

seat: ul. Ludźmierska 29, 34-400 Nowy Targ Phone:                   18 2649210 Fax:                     18 2649211 E-mail:                  wojas@wojas.pl Website:                 wojas.pl

Real Estate	ownership, built-up land (Land and Mortgage Register NS1T/00077944/3)
	Book value of buildings as at 31.12.2013	PLN	14 650 000,00
	Book value of lands as at 31.12.2013	PLN	2 625 000,00
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies	WOJAS TRADE Sp. z o.o. NIP PL 7351010772, ul. Ludźmierska 29, 34-400 Nowy Targ PLN 3 300 000,00 (100,00%)   WOJAS SLOVAKIA s.r.o., Garbiarska 695, 031-01 Liptovský Mikuláš, Slovakia SKK 3 000 000,00  „WOJAS MARKETING” sp. z o.o., ul. Ludźmierska 29, 34-400 Nowy Targ PLN 27 405 000,00 (100,00%)
	Data concerning shares in other companies are valid as at: 09.05.2014.

Connections:

Wiesław Tadeusz Wojas , personal ID no. (PESEL) 55092005835 -  KLUB HOKEJOWY PODHALE SPORTOWA SPÓŁKA AKCYJNA W LIKWIDACJI NIP PL 7352453810, ul. Ludźmierska 29, 34-400 Nowy Targ   · liquidator -  Hotele i Pensjonaty WO-MA SA w likwidacji NIP 7361463021, ul. Pardałówka 3B, 34-500 Zakopane   · member of supervisory board -  Zakłady Produkcyjno-Handlowe WOJAS Wiesław Wojas NIP PL 7350003149, ul. Ludźmierska 29, 34-400 Nowy Targ   · owner -  DECOLTE Sp. z o.o. NIP 7352637987, ul. Ludźmierska 29, 34-400 Nowy Targ   · shareholder: PLN 50 000,00 (33,33%)   · proxy -  „WOJAS MARKETING” sp. z o.o., ul. Ludźmierska 29, 34-400 Nowy Targ   · president -  WOJAS TRADE Sp. z o.o. NIP PL 7351010772, ul. Ludźmierska 29, 34-400 Nowy Targ   · president -  WO-MA Sp. z o.o. NIP PL 7352529967, ul. Ludźmierska 29, 34-400 Nowy Targ   · shareholder: PLN 1 000 000,00 (50,00%)   · proxy -  WIKA Sp. z o.o. NIP 6772186976, ul. Kazimierza Wielkiego 82, 30-074 Kraków   · shareholder: PLN 500 000,00 (50,00%)   · member of supervisory board Kazimierz Adam Ostatek , personal ID no. (PESEL) 50010605935 -  WOJAS TRADE Sp. z o.o. NIP PL 7351010772, ul. Ludźmierska 29, 34-400 Nowy Targ   · proxy Jacek Piotr Konieczny , personal ID no. (PESEL) 69041003478 -  MOSKWA Mariusz Kostrzewa Jacek Konieczny Spółka Jawna NIP PL 5361746321, Łajski, ul. Sikorskiego 5, 05-119 Legionowo   · shareholder   · member of representation unit -  MOSKWA Sp. z o.o. NIP PL 5731011340, ul. Sikorskiego 5, 05-119 Legionowo   · shareholder: PLN 40 000,00 (50,00%)   · president -  HAPPY END M. KOSTRZEWA I WSPÓLNICY SPÓŁKA JAWNA NIP 5361695428, ul. Sikorskiego 5, 05-119 Legionowo   · shareholder   · member of representation unit -  VESS ARED POLSKA sp. z o.o. SPÓŁKA KOMANDYTOWA, ul. Sikorskiego 5, 05-119 Legionowo   · Limited partners, Comandite sum: PLN 5 000,00 -  ARED POLSKA sp. z o.o., ul. Sikorskiego 5, 05-119 Legionowo   · shareholder: PLN 20 000,00 (33,33%)   · member of board of directors -  TERSO JACEK KONIECZNY NIP 5730250315, ul. Sąsiedzka 13 C, 03-168 Warszawa   · owner -  FIDEUS SPÓŁKA Z O.O. NIP 5361704618, ul. Generała Sikorskiego Władysława 5/5, 05-119 Legionowo   · shareholder: PLN 28 000,00 (21,54%)   · president -  POLSKIE STOWARZYSZENIE CZTEROKOŁOWCÓW - ATV POLSKA NIP 6762219562, pl. Szczepański 8, 31-011 Kraków   · member of supervisory board Agnieszka Sylwia Wojas , personal ID no. (PESEL) 72022608106 -  Hotele i Pensjonaty WO-MA SA w likwidacji NIP 7361463021, ul. Pardałówka 3B, 34-500 Zakopane   · liquidator -  WOJAS TRADE Sp. z o.o. NIP PL 7351010772, ul. Ludźmierska 29, 34-400 Nowy Targ   · vice president -  WO-MA Sp. z o.o. NIP PL 7352529967, ul. Ludźmierska 29, 34-400 Nowy Targ   · shareholder: PLN 1 000 000,00 (50,00%)   · president Jan Jerzy Rybicki , personal ID no. (PESEL) 50081101499 -  MAXMIL SPÓŁKA Z O.O. NIP 7350008945, ul. Składowa 7A, 34-400 Nowy Targ   · member of supervisory board -  KLUB HOKEJOWY PODHALE SPORTOWA SPÓŁKA AKCYJNA W LIKWIDACJI NIP PL 7352453810, ul. Ludźmierska 29, 34-400 Nowy Targ   · member of supervisory board -  MISTRAL INTERNATIONAL SPÓŁKA Z O.O. W NOWYM TARGU NIP 7350009614, ul. Nadwodnia 1, 34-400 Nowy Targ   · shareholder: PLN 48 300,00 (48,30%)

Data concerning connections are valid as at: 09.05.2014.

Taking overs

02.04.2007 (Entry date) noDescription  Zakłady Produkcyjno-Handlowe WOJAS Wiesław Wojas, ul. Ludźmierska 29, 34-400 Nowy Targ

General information

Since 02.04.2008 noDescription noDescription

WOJAS group is one of the biggest Polish footwear manufacturers, it owns the chain of 120 brand shops.  In October 2010 the company WOJAS SA (as a consortium leader) concluded a contract with Agencja Mienia Wojskowego for the delivery of footwear. The contract value was PLN 4.949.570,50 (gross). In November 2009 the company concluded the similar contract with Agencja Mienia Wojskowego for the delivery of footwear. The contract value was PLN 8.945.788,50 (gross).  The company Wojas obtained funds from European means of value 12.024.000 PLN for an investment project "Innovative technology of shoes production with antisliding multifunctional 3-layer sole " due to Operative Program Innovative Economy, Action 4.4 On 28 October 2011 Extraordinary General Meeting of WOJAS SA agreed to bring an organized part of Wojas SA as contribution to the company WOJAS Marketing sp. z o.o. As a result of bringing an organized part of WOJAS SA associated with the activities of marketing and advertising to the subsidiary WOJAS Marketing sp. z o.o. with seat in Nowy Targ, the company Wojas SA acquired 548 000 shares in the subsidiary a total of value 27.4 million PLN (this way the company WOJAS SA became the 100% shareholder of the company WOJAS Marketing sp. z o.o.).

Banks

Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections appear permissible Maximum credit PLN  1 500 000,00
	We would like to draw your attention to: - Liabilities and reserves for liabilities exceeding current assets

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 :	SUB
Report Prepared by :	SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.