MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	JYSK SP. Z O.O.
Registered Office :	ul. Meteorytowa 13, 80-299 Gdańsk
Country :	Poland
Financials (as on) :	31.08.2013 (Annual)
Date of Incorporation :	09.09.1999
Com. Reg. No.:	KRS 36908
Legal Form :	Limited Liability Company
Line of Business :	Engaged in wholesale and retail sale of furniture, mattresses, bedclothes and other interior household articles
No of Employees :	1317 (2013)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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 & address

JYSK Sp. z o.o.

ul. Meteorytowa 13
80-299 Gdańsk

Phone:    58 5243333

Fax:      58 5243334

E-mail:   biuro@jysk.com

Website:  www.jysk.pl

Company summary

Legal form	Limited Liability Company
Stat.no.	191873139
Tax ID	PL 5862016763

Establishment	09.09.1999
Changes of names and addresses	09.09.1999 ul. Świętojańska 126/10, 81-404 Gdynia
	26.09.2000  ul. Grunwaldzka 211, 80-266 Gdańsk
	27.06.2012  ul. Meteorytowa 13, 80-299 Gdańsk

Registration:

20.08.2001, District Court Gdańsk, VII Department, KRS 36908 Data concerning previous registrations: 01.10.1999, District Court Gdańsk, RHB 13941

Shareholders	JYSK HOLDING A/S, Sodalsparken 18, 8220 Brabrand, Denmark	PLN	85 003 428,60 100,00%
	list entered to NCR /KRS/ on  06.03.2007

Initial Capital		PLN 85 003 428,60
	Initial capital divided into 36429 shares of PLN 2 333,40 each
	Changes of initial capital
	- since 29.04.2004  until 06.03.2007  the capital estimated	PLN 70 020 000,00
	- since 11.04.2003  until 29.04.2004  the capital estimated	PLN 30 000 000,00
	- since 20.08.2001  until 11.04.2003  the capital estimated	PLN 15 000 000,00

Management	Jan Bogh , Aabenraavej 59, 8320 Maarslet, Denmark  - president Jacob Brunsborg , Sejs Sovaengef 29, K8600 Silkeborg, Denmark  - vice president Henrik Naundrup , Lindevej 3, 8450 Hammel, Denmark  - vice president Mikael Nielsen , DK 8930 Randers Tolbodgadr 231  - member of board of directors
	Representation: since 13.01.2014  If one man board – Member of the board of directors individually If numerous managers – President with vice-president jointly, two vice-presidents or member of the board of directors and president with vice-president or two vice-president jointly

Main activity	Wholesale and retail sale of furniture, mattresses, bedclothes and other interior household articles
	Export Bulgaria, Hungary, Czech Republic, Romania, Bosnia and Herzegovina, Slovakia, Croatia, Slovenia, Ukraine
	Branches NACE 2007:
	Other retail of machines and equipment
	Other wholesale
	Manufacture of furniture

Employment		2009:              1329      employees 2010:              1494      employees 2011:              1515      employees 2012:              1398      employees 2013:              1317      employees
Turnover	01.09.2008 - 31.08.2009		PLN	849 425 932,02
	01.09.2009 - 31.08.2010		PLN	968 785 511,24
	01.09.2010 - 31.08.2011		PLN	1 039 336 301,12
	01.09.2011 - 31.08.2012		PLN	1 140 468 668,28
	01.09.2012 - 31.08.2013		PLN	1 230 839 814,88

Financial statements

Source of financial data	Court	Court	Court	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.08.2013 (PLN)	31.08.2012 (PLN)	31.08.2011 (PLN)	31.08.2010 (PLN)
-A. Fixed assets......................	440 262 396,95	452 985 305,89	467 722 118,70	449 971 339,77
-  I.   Intangible assets.............	38 281,65	2 415 180,78	5 715 499,11	1 866 153,90
-    3. Other intangible assets.......	38 281,65	2 415 180,78	5 641 237,71	1 764 690,90
-    4. Prepayments for intangible assets................................			74 261,40	101 463,00
-  II.  Tangible assets...............	407 706 336,51	428 917 501,38	442 287 072,31	438 450 100,77
-    1. Fixed goods...................	406 712 928,92	428 489 527,51	437 390 791,80	135 090 839,17
-      a) land........................	8 215 664,44	8 265 525,27	5 256 363,37	5 306 224,20
-      b) buildings, premises, facilities............................	290 860 171,83	299 115 923,08	299 687 101,55	101 689 580,95
-      c) machinery and equipment.....	96 425 518,41	108 999 369,66	118 891 016,81	15 489 124,35
-      d) fleet of motor vehicles.....	6 877 725,98	7 325 920,94	8 033 237,80	6 446 237,87
-      e) other fixed goods...........	4 333 848,26	4 782 788,56	5 523 072,27	6 159 671,80
-    2. Fixed goods under construction..........................	993 407,59	427 973,87	4 896 280,51	303 359 261,60
-V. Long-term prepayments and accrued income........................	32 517 778,79	21 652 623,73	19 719 547,28	9 655 085,10
-  1. Deferred tax assets.............	18 955 731,77	8 376 615,56	4 608 373,35	2 721 876,96
-  2. Other prepayments...............	13 562 047,02	13 276 008,17	15 111 173,93	6 933 208,14
-B. Current assets....................	567 520 299,49	558 593 729,81	530 557 700,94	499 530 800,95
-  I.   Stock.........................	355 591 996,33	374 647 033,37	353 398 694,02	298 861 675,19
-    1. Raw materials.................	1 212 757,93	1 419 759,85	1 403 364,29	1 250 942,37
-    2. Semi-finished products and work-in-progress......................			322 614 248,62
-    3. Finished products.............			29 381 081,11
-    4. Goods for re-sale.............	339 123 419,94	355 094 333,49		257 559 920,74
-    5. Advance payments .............	15 255 818,46	18 132 940,03		40 050 812,08
-  II. Short-term receivables.........	110 981 119,86	102 972 014,39	118 624 390,95	132 595 485,75
-    1. Receivables from affiliated companies.............................	100 746 269,43	97 084 628,12	114 567 450,90	128 067 775,03
-      a) Due to deliveries and services with payment period:.........	100 746 269,43	97 084 628,12	114 567 450,90	128 067 775,03
-        - up to 12 months............	100 746 269,43		114 567 450,90
-    2. Other receivables ............	10 234 850,43	5 887 386,27	4 056 940,05	4 527 710,72
-      a) Due to deliveries and services with payment period:.........	5 240 412,59	2 590 131,23	2 137 723,96	2 644 202,18
-        - up to 12 months............	5 240 412,59	2 590 131,23	2 137 723,96	2 644 202,18
-      b) Due to taxes, subsidies, insurances, duties, etc...............	2 273 041,00	1 937 554,00	573 318,00	769 646,00
-      c) Other.......................	2 721 396,84	1 359 701,04	1 345 898,09	1 113 862,54
-  III. Short term investments........	89 689 521,35	67 773 808,76	45 029 008,55	57 835 206,09
-    1. Short-term financial assets...	89 689 521,35	67 773 808,76	45 029 008,55	57 835 206,09
-      c) cash and other liquid assets................................	89 689 521,35	67 773 808,76	45 029 008,55	57 835 206,09
-        - cash in hand and on bank account...............................	84 095 201,36	46 944 325,18	39 376 586,28	52 003 055,04
-        - other liquid assets........	5 594 319,99	20 829 483,58	5 652 422,27	5 832 151,05
-IV. Short-term prepayments and accrued income........................	11 257 661,95	13 200 873,29	13 505 607,42	10 238 433,92
-D. Total assets......................	1 007 782 696,44	1 011 579 035,70	998 279 819,64	949 502 140,72
-A. Shareholders' equity..............	199 184 728,16	236 777 658,67	226 361 633,50	199 768 530,82
-  I.   Basic share capital...........	85 003 428,60	85 003 428,60	85 003 428,60	85 003 428,60
-  IV.  Statutory reserve capital.....	151 774 230,07	141 358 205,74	114 765 102,22	56 254 978,99
-  VII. Profit (loss) carried forward.	-43 608 166,02
-  VIII. Net profit (loss)............	6 015 235,51	10 416 024,33	26 593 102,68	58 510 123,23
-B. Liabilities and reserves for liabilities...........................	808 597 968,28	774 801 377,03	771 918 186,14	749 733 609,90
-  I.   Reserves for liabilities......	8 435 254,28	7 371 487,87	7 838 681,90	6 867 885,57
-    1. Deferred income tax reserves..	5 975 064,84	5 819 638,86	6 452 298,54	5 371 543,64
-    2. Reserves for pensions and similar social payments...............	2 460 189,44	1 551 849,01	1 386 383,36	1 496 341,93
-      - long-term....................	173 196,77	133 631,48	118 320,26	92 770,43
-      - short-term...................	2 286 992,67	1 418 217,53	1 268 063,10	1 403 571,50
-II.  Long-term liabilities...........	130 435 019,18	201 021 046,57	130 361 281,02	142 014 526,50
-  1. Due affiliated companies........	130 435 019,18	201 021 046,57	130 361 281,02
-  2. Other liabilities...............				142 014 526,50
-    a) Loans.........................				140 593 331,50
-    d) Other.........................				1 421 195,00
-III. Short-term liabilities..........	595 935 553,52	486 393 574,28	547 225 749,31	520 488 608,76
-  1. Due to affiliated companies.....	150 635 835,36	6 347 985,11	75 791 842,29	65 916 664,50
-    a) Due to deliveries and services with payment period:.........	80 403 972,35	6 347 985,11	5 544 963,41	5 662 379,57
-      - up to 12 months..............	80 403 972,35	6 347 985,11	5 544 963,41	5 662 379,57
-    b) Other.........................			70 246 878,88	60 254 284,93
-  2. Other liabilities...............	444 175 063,32	479 058 189,97	470 594 359,27	453 235 767,70
-    a) Loans.........................	329 094 396,32	380 489 941,13	340 344 330,81	345 917 768,62
-    c) Other financial liabilities...			479 169,56
-    d)Due to deliveries and services with payment period:.........	100 081 968,76	84 441 473,80	115 039 670,62	92 806 477,72
-      - up to 12 months..............	100 081 968,76	84 441 473,80	115 039 670,62	92 806 477,72
-    e) Advances received.............			11 233 059,18
-    f) Bill of exchange liabilities..			3 352 470,95
-    g) Due to taxes, subsidies, insurances, duties, etc...............	10 996 780,20	10 947 659,02	145 658,15	11 186 117,27
-    h) Due to salaries...............	3 836 331,16	3 028 147,36		3 150 739,26
-    i) Other.........................	165 586,88	150 968,66		174 664,83
-  3. Special funds...................	1 124 654,84	987 399,20	839 547,75	1 336 176,56
-IV.  Accruals and deferred income....	73 792 141,30	80 015 268,31	86 492 473,91	80 362 589,07
-  2. Other accruals..................		80 015 268,31	86 492 473,91	80 362 589,07
-    - short-term.....................		80 015 268,31	86 492 473,91	80 362 589,07
-D. Total liabilities.................	1 007 782 696,44	1 011 579 035,70	998 279 819,64	949 502 140,72
Source of financial data	Court	Court	Court	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.09.2012- 31.08.2013 (PLN)	01.09.2011- 31.08.2012 (PLN)	01.09.2010- 31.08.2011 (PLN)	01.09.2009- 31.08.2010 (PLN)
-A. Income from sales and similar.....	1 230 839 814,88	1 140 468 668,28	1 039 336 301,12	968 785 511,24
-  - including related companies......	598 332 102,26	526 948 140,25	423 219 258,47	357 029 711,85
-  I.   Net income on sales...........		7 176 859,65	5 303 334,10	3 630 272,45
-  IV.  Income from sales of goods and materials.........................	1 224 238 545,46	1 133 291 808,63	1 034 032 967,02	965 155 238,79
-B. Operational costs.................	1 199 052 776,67	1 092 711 535,90	985 683 388,17	888 642 218,09
-  I.   Depreciation..................	32 014 640,95	32 490 433,90	22 117 642,09	11 192 391,88
-  II.  Materials and energy..........	32 659 602,50	31 160 961,86	29 820 764,78	22 511 335,78
-  III. Third party services..........	177 546 090,55	147 752 169,24	150 412 401,51	145 011 882,13
-  IV.  Taxes and duties..............	44 562,91	43 467,60	105 363,13	84 129,21
-  V.   Salaries and wages............	56 067 022,43	50 300 684,74	55 426 332,33	47 057 060,70
-  VI.  Social security...............	16 289 943,03	14 135 663,37	15 328 689,08	11 443 572,54
-  VII. Other.........................	2 595 015,06	2 373 367,42	2 104 600,70	2 173 685,90
-  VIII.Costs of goods and materials sold..................................	881 835 899,24	814 454 787,77	710 367 594,55	649 168 159,95
-C. Profit on sale....................	31 787 038,21	47 757 132,38	53 652 912,95	80 143 293,15
-D. Other operating incomes...........	10 554 342,35	8 391 732,22	5 217 164,02	4 964 199,65
-  III. Other operating incomes.......	10 554 342,35	8 391 732,22	5 217 164,02	4 964 199,65
-E. Other operating costs.............	8 443 842,02	8 004 413,03	8 763 315,09	7 641 872,66
-  I.   Loss on disposal of non-finacial assets...................	384 107,37	195 900,91	229 542,86	110 628,41
-  II.  Goodwill revaluation..........		1 499 974,60	2 181 270,70
-  III. Other operating costs.........	8 059 734,65	6 308 537,52	6 352 501,53	7 531 244,25
-F. Profit on operating activities....	33 897 538,54	48 144 451,57	50 106 761,88	77 465 620,14
-G. Financial incomes.................	3 768 365,78	5 323 929,95	5 479 034,53	8 081 271,46
-  II.  Interest received.............	3 692 171,13	4 776 937,18	4 470 512,92	3 501 866,01
-    - including related companies....	2 504 955,14			2 372 965,55
-  V.   Other.........................	76 194,65	546 992,77	1 008 521,61	4 579 405,45
-H. Financial costs...................	31 845 283,05	40 783 533,08	22 191 240,22	12 480 430,12
-  I.   Interest......................	21 726 564,37	26 253 579,33	19 706 176,72	11 059 235,12
-    - related companies..............	10 032 894,95			10 602 926,31
-  IV.  Other.........................	10 118 718,68	14 529 953,75	2 485 063,50	1 421 195,00
-I. Profit on economic activity.......	5 820 621,27	12 684 848,44	33 394 556,19	73 066 461,48
-K. Gross profit......................	5 820 621,27	12 684 848,44	33 394 556,19	73 066 461,48
-L. Corporation tax...................	-194 614,24	2 268 824,11	6 800 266,51	14 547 285,25
-M. Other statutory charges...........			1 187,00	9 053,00
-N. Net profit........................	6 015 235,51	10 416 024,33	26 593 102,68	58 510 123,23

AUDITOR

Balance sheet as at 31.08.2013
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Kamil  Czerwiński

No. 11342

Balance sheet as at 31.08.2012
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Kamil  Czerwiński

No. 11342

Balance sheet as at 31.08.2011
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Robert  Wolszon

No. 10785

Balance sheet as at 31.08.2010
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Wacław  Nitka

No. 2749

Ratios	01.09.2012- 31.08.2013	01.09.2011- 31.08.2012	01.09.2010- 31.08.2011	01.09.2009- 31.08.2010
Current ratio	0,95	1,15	0,97	0,96
Quick ratio	0,34	0,35	0,30	0,37
Immediate ratio	0,15	0,14	0,08	0,11
Return on sale	0,49	0,91	2,56	6,04
Return on assets	0,60	1,03	2,66	6,16
Return on equity	3,02	4,40	11,75	29,29
Average trade debtors' days	33,09	33,05	41,66	49,96
Average stock turnover's days	106,02	120,23	124,11	112,60
average payables payment period	177,67	156,09	192,18	196,10
Total indebtedness ratio	80,24	76,59	77,32	78,96

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.47.59.Z - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	0,93	1,23	1,18	1,18	1,13
Quick ratio..............................	0,41	0,44	0,47	0,49	0,42
Immediate ratio..........................	0,11	0,12	0,13	0,19	0,20
Return on sale...........................	1,08	1,06	-1,23	2,98	1,51
Return on assets.........................	1,68	1,76	-1,65	4,88	2,81
Return on equity.........................	5,85	13,18	-9,58	21,01	8,57
Average trade debtors' days..............	13,66	13,77	27,11	22,92	18,17
Average stock turnover's days............	62,49	65,39	67,58	60,19	55,58
average payables payment period..........	123,61	84,74	98,42	90,82	81,86
Total indebtedness ratio.................	71,26	86,67	82,77	76,79	67,23
Percent share in the examinated group of companies with net profit.............	62,10	55,60	54,10	68,40	58,30
Sales/revenue per employee in th. PLN....	578,04	536,71	561,88	533,99	503,26
Average sales/revenue per company in th. PLN..................................	323 066,83	250 076,89	154 791,51	121 791,53	126 051,47
according to the Central Statistical Office

Locations:

seat: ul. Meteorytowa 13, 80-299 Gdańsk Phone:                   58 5243333 Fax:                     58 5243334 E-mail:                  biuro@jysk.com Website:                 www.jysk.pl

Real Estate	ul. Meteorytowa 13, 80-299 Gdańsk built-up land of area 11 327 sq.m.  office building, put into use in June 2012
	Book value of buildings as at 31.08.2013	PLN	290 860 171,83
	Book value of lands as at 31.08.2013	PLN	8 215 664,44
	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 22.04.2014 there are no shares in other companies.

Connections:	Henrik Naundrup  Jan Bogh  Jacob Brunsborg  Mikael Nielsen  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: 22.04.2014.

General information

As at 31.08.2012 the company had 141 shops in Poland.  In February 2012 the company was granted a subsidy from the Ministry of Economy in amount PLN 80 mln. The company spends the mentioned subsidy for modernization of its distribution center located in Radomsko. The cost of the whole investment amounts to PLN 323 mln.

Banks

Nordea Bank Polska SA III O. w Gdańsku  (14401169) ul. Heweliusza 11, 80-890 Gdańsk Acc.no. 80144011690000000001216864

Payment Manner

In available sources, payment delays have not been noted

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.72

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

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.