MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	FALCON SP Z O. O.

Registered Office :	Rembielińskiego 1/7, 93-575 Łódź

Country :	Poland

Financials (as on) :	31.12.2012

Date of Incorporation :	24.06.1999

Legal Form :	Limited liability company

Line of Business :	Wholesale of pharmaceutical goods and Manufacture of radiation devices, electromedical and electrotherapeutical equipment

No. of Employees	17

RATING & COMMENTS

MIRA’s Rating :

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

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

FALCON SP Z O. O.

Rembielińskiego 1/7
93-575 Łódź

Phone: 42 6309972

Fax: 42 6309973

E-mail: biuro@falconpolska.com

Legal form	Limited liability company
Stat.no.	472316619
Tax ID	PL 7282324443

Establishment	24.06.1999
Changes of names and addresses	,ul. Piotrkowska 82, 90-102 Łódź
	30.06.2004 Rembielińskiego 1/7, 93-575 Łódź

Registration

23.08.2001, District Court Łódź, XX Department, KRS 36918

Data concerning previous registrations:
District Court Łódź, RHB 7376

Shareholders

	Zeeshan Umer , personal ID no. (PESEL) 80111217238, Łódź al. Piłsudskiego 7/20

	Adnan Khizer Hayat , Łódź al. Piłsudskiego 7/20

Initial Capital

Initial capital divided into 7500 shares of PLN 500,00 each

Changes of initial capital

- since 16.01.2006 until 30.04.2014 the capital estimated

- since 30.06.2004 until 16.01.2006 the capital estimated

- until 30.06.2004 the capital estimated

An in-kind contribution has been made and valued at

Management

	Zeeshan Umer , personal ID no. (PESEL) 80111217238, Łódź al. Piłsudskiego 7/20 - president Salman Hayat , House No 67/7, Aibak Road, Sialkotcantt, Pakistan - member of board of directors Adnan Khizer Hayat , Łódź al. Piłsudskiego 7/20 - member of board of directors
	Representation: Each member of the board of directors individually.

Main activity

	Sale of medical and dental equipment
	Branches NACE 2007:
	Wholesale of pharmaceutical goods
	Manufacture of radiation devices, electromedical and electrotherapeutical equipment
	Other wholesale
	Real estate renting

Employment

	2006: 12 employees 2008: 18 employees 2010: 18 employees 2011: 18 employees 2012: 17 employees

Turnover	2007	PLN
	2008	PLN
	2010	PLN
	2011	PLN
	2012	PLN

Financial statements


Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2008 (PLN)
-A. Fixed assets......................	1 866 034,54	978 303,83	996 838,64	976 952,25
- I. Intangible assets.............		2 375,00	7 125,00
- 3. Other intangible assets.......		2 375,00	7 125,00
- II. Tangible assets...............	1 866 034,54	975 928,83	989 713,64	976 952,25
- 1. Fixed goods...................		975 928,83	694 809,14	976 952,25
- b) buildings, premises, facilities............................		840 595,00	625 711,03	877 790,99
- c) machinery and equipment.....		38 621,51	63 236,61	89 879,76
- d) fleet of motor vehicles.....		63 651,50	5 861,50	9 281,50
- e) other fixed goods...........		33 060,82
- 2. Fixed goods under construction..........................			294 904,50
-B. Current assets....................	9 804 122,05	10 481 205,03	9 670 776,06	7 086 747,69
- I. Stock.........................	5 693 368,33	5 728 625,15	5 900 255,33	4 822 244,03
- 4. Goods for re-sale.............		5 685 961,71	5 876 859,96	4 816 820,22
- 5. Advance payments .............		42 663,44	23 395,37	5 423,81
- II. Short-term receivables.........	3 733 993,95	4 585 466,15	3 422 744,48	2 127 265,16
- 2. Other receivables ............		4 585 466,15	3 422 744,48	2 127 265,16
- a) Due to deliveries and services with payment period:.........		4 528 756,72	3 244 543,49	2 060 219,13
- - up to 12 months............		4 528 756,72	3 244 543,49	2 060 219,13
- b) Due to taxes, subsidies, insurances, duties, etc...............		34 153,14	164 360,20	47 279,63
- c) Other.......................		9 881,18	1 165,68	404,72
- d) Received through judicial proceedings...........................		12 675,11	12 675,11	19 361,68
- III. Short term investments........	368 856,45	155 939,84	344 354,00	130 449,40
- 1. Short-term financial assets...		155 939,84	344 354,00	130 449,40
- b) Other.......................			600,00
- - granted loans..............			600,00
- c) cash and other liquid assets................................		155 939,84	343 754,00	130 449,40
- - cash in hand and on bank account...............................		155 939,84	343 754,00	130 449,40
-IV. Short-term prepayments and accrued income........................	7 903,32	11 173,89	3 422,25	6 789,10
-D. Total assets......................	11 670 156,59	11 459 508,86	10 667 614,70	8 063 699,94
-A. Shareholders' equity..............	7 173 178,09	6 005 940,35	4 734 770,08	3 314 822,63
- I. Basic share capital...........	1 321 500,00	1 321 500,00	1 321 500,00	1 321 500,00
- VI. Other reserve capital.........	4 657 622,73	1 674 048,24	1 674 048,24	1 674 048,24
- VII. Profit (loss) carried forward.		1 739 221,84	823 075,73
- VIII. Net profit (loss)............	1 194 055,36	1 271 170,27	916 146,11	319 274,39
-B. Liabilities and reserves for liabilities...........................	4 496 978,50	5 453 568,51	5 932 844,62	4 748 877,31
- I. Reserves for liabilities......	12 675,11	12 675,11	12 675,11	19 361,68
- 3. Other reserves................		12 675,11	12 675,11	19 361,68
- - long-term....................		12 675,11	12 675,11	19 361,68
-II. Long-term liabilities...........	890 154,00	209 235,14	209 235,14	231 550,81
- 2. Other liabilities...............		209 235,14	209 235,14	231 550,81
- a) Loans.........................		209 235,14	209 235,14	231 550,81
-III. Short-term liabilities..........	3 594 149,39	5 231 658,26	5 710 934,37	4 497 104,82
- 2. Other liabilities...............		5 231 658,26	5 710 934,37	4 497 104,82
- a) Loans.........................		17 399,52
- d)Due to deliveries and services with payment period:.........		4 998 171,25	5 544 269,53	4 470 146,53
- - up to 12 months..............		4 998 171,25	5 544 269,53	4 470 146,53
- g) Due to taxes, subsidies, insurances, duties, etc...............		216 087,49	166 664,84	26 933,59
- i) Other.........................				24,70
-IV. Accruals and deferred income....				860,00
- 2. Other accruals..................				860,00
- - short-term.....................				860,00
-D. Total liabilities.................	11 670 156,59	11 459 508,86	10 667 614,70	8 063 699,94

Source of financial data	Court	Court	Court	Court
	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)	01.01.2008- 31.12.2008 (PLN)
-A. Income from sales and similar.....	9 719 648,01	9 079 148,34	8 575 802,11	5 731 694,96
- I. Net income on sales...........	25 860,35	21 797,80	23 052,18	18 047,76
- IV. Income from sales of goods and materials.........................	9 693 787,66	9 057 350,54	8 552 749,93	5 713 647,20
-B. Operational costs.................	8 150 281,16	7 428 897,78	7 221 299,61	5 275 067,43
- I. Depreciation..................	228 609,00	207 166,76	173 808,10	192 149,39
- II. Materials and energy..........	246 022,39	232 647,51	349 947,96	278 634,10
- III. Third party services..........	815 819,93	813 811,32	882 086,95	747 016,07
- IV. Taxes and duties..............	124 301,29	51 124,14	47 955,30	52 520,29
- V. Salaries and wages............	828 568,09	771 344,63	728 063,89	587 295,19
- VI. Social security...............	159 415,40	135 608,73	128 441,09	102 978,26
- VII. Other.........................	151 049,75	132 617,77	116 472,65	58 268,23
- VIII.Costs of goods and materials sold..................................	5 596 495,31	5 084 576,92	4 794 523,67	3 256 205,90
-C. Profit on sale....................	1 569 366,85	1 650 250,56	1 354 502,50	456 627,53
-D. Other operating incomes...........	71 434,85	16 326,42	2 393,55	5 843,94
- I. Incomes from disposal non-financial assets..................	11 867,64
- III. Other operating incomes.......	59 567,21	16 326,42	2 393,55	5 843,94
-E. Other operating costs.............	70 363,44	48 775,16	7 846,74	14 872,87
- III. Other operating costs.........	70 363,44	48 775,16	7 846,74	14 872,87
-F. Profit on operating activities....	1 570 438,26	1 617 801,82	1 349 049,31	447 598,60
-G. Financial incomes.................	190,78	304 200,94	315 404,23	438,55
- II. Interest received.............	190,78	216,12	120,87	423,55
- V. Other.........................		303 984,82	315 283,36	15,00
-H. Financial costs...................	82 670,68	341 229,49	531 111,43	49 342,48
- I. Interest......................	4 199,14	14 070,66	1 124,23	6 079,26
- IV. Other.........................	78 471,54	327 158,83	529 987,20	43 263,22
-I. Profit on economic activity.......	1 487 958,36	1 580 773,27	1 133 342,11	398 694,67
-J. Exceptional items.................				-310,28
- II. Exceptional losses............				310,28
-K. Gross profit......................	1 487 958,36	1 580 773,27	1 133 342,11	398 384,39
-L. Corporation tax...................	293 903,00	309 603,00	217 196,00	79 110,00
-N. Net profit........................	1 194 055,36	1 271 170,27	916 146,11	319 274,39


Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	2,73	2,00	1,69
Quick ratio	1,14	0,91	0,66
Immediate ratio		0,03	0,06
Return on sale	12,29	14,00	10,68
Return on assets	10,23	11,09	8,59
Return on equity	16,65	21,17	19,35
Average trade debtors' days	140,61	184,34	145,68
Average stock turnover's days	214,39	230,30	251,12
average payables payment period	135,34	210,32	243,07
Total indebtedness ratio	38,53	47,59	55,62

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.46.Z - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,37	1,36	1,41	1,29	1,23
Quick ratio..............................	0,77	0,86	0,89	0,77	0,74
Immediate ratio..........................	0,09	0,09	0,07	0,05	0,06
Return on sale...........................	2,39	1,72	1,47	1,46	1,47
Return on assets.........................	4,10	3,83	3,38	3,71	3,89
Return on equity.........................	9,24	12,02	8,76	11,78	12,36
Average trade debtors' days..............	63,49	61,00	64,51	56,73	55,07
Average stock turnover's days............	60,38	43,30	41,48	44,07	41,79
average payables payment period..........	102,02	87,78	81,58	85,86	85,65
Total indebtedness ratio.................	55,58	68,16	61,40	68,51	68,55
Percent share in the examinated group of companies with net profit.............	84,30	80,00	80,20	87,20	82,20
Sales/revenue per employee in th. PLN....	2 569,44	2 556,90	2 452,88	2 285,18	2 178,93
Average sales/revenue per company in th. PLN..................................	477 454,44	468 652,09	491 950,11	433 163,45	424 044,31



according to the Central Statistical Office

Locations:	seat: Rembielińskiego 1/7, 93-575 Łódź Phone: 42 6309972 Fax: 42 6309973 E-mail: biuro@falconpolska.com Website: www.falconpolska.com

Real Estate	Book value of buildings as at 31.12.2011
	No data Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

As at 23.04.2014 there are no shares in other companies.

Connections:	Salman Hayat Adnan Khizer Hayat Connections have not been determined due to no possibility of identification of the persons or subjects which appear in the company.
	Data concerning connections are valid as at: 23.04.2014.

General information

The company categorically refused to provide any information on the audited entity.

Banks

Powszechna Kasa Oszczędności Bank Polski SA Oddział 1 w Łodzi (10203352)
al. Kościuszki 15, 90-959 Łódź
Acc.no. 43102033520000150201854579

Payment Manner	In available sources, payment delays have not been noted
	We would like to draw your attention to: - long period of liabilities repayment - No insight into financial situation of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.71

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PDT

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.