MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	TOP SECRET SP. Z O.O.

Registered Office :	Ul. Żniwna 10/14, 94-250 Łódź

Country :	Poland

Financials (as on) :	30.11.2012

Date of Incorporation :	16.07.2002

Legal Form :	Limited Liability Company

Line of Business :	Retail Sales of Clothing

No. of Employees :	572 [2010]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Poland

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

TOP SECRET SP. Z O.O.

Ul. Żniwna 10/14
94-250 Łódź

Phone: 42 6177100

Fax: 42 6177122

E-mail: redan@redan.com.pl / sekretariat@redan.com.pl

Website: topsecret.com.pl

Company summary

Legal form	Limited liability company
Stat.no.	473073389
Tax ID	PL 7272570554
Establishment	16.07.2002
Registration:	09.09.2002, District Court Łódź, XX Department, KRS 129475

Shareholders	REDAN SA, ul. Żniwna 10/14, 94-250 Łódź	PLN	18 507 500,00 100,00%
	list entered to NCR /KRS/ on 26.10.2007

Initial Capital		PLN 18 507 500,00
	Initial capital divided into 3365 shares of PLN 5 500,00 each
	Changes of initial capital
	- since 28.02.2006 until 26.10.2007 the capital estimated	PLN 11 000 000,00
	- since 07.06.2005 until 28.02.2006 the capital estimated	PLN 3 000 000,00
	- since 07.01.2004 until 07.06.2005 the capital estimated	PLN 1 000 000,00
	- since 09.09.2002 until 07.01.2004 the capital estimated	PLN 50 000,00

Management	Radosław Wiśniewski , personal ID no. (PESEL) 71040902436, ul. Wierzbowa 24/26m20, 90-245 Łódź - president Grzegorz Tadeusz Lipnicki , personal ID no. (PESEL) 69102511779, ul. Por. Sypniewskiego 9, 62-010 Pobiedziska - vice president Bogusz Stanisław Kruszyński , personal ID no. (PESEL) 72111303431, ul. Krzywickiego 47/1, 90-149 Łódź - vice president
	Proxies: Leszek Adam Kapusta , personal ID no. (PESEL) 67100606776, ul. Gabriela Narutowicza 24/26 m. 20, 90-135 Łódź - independent proxy
	Representation: since 12.12.2011 Two board members jointly or one board member and proxy jointly.

Supervisory board

Janusz Antas , personal ID no. (PESEL) 63020201651, ul. Piękna 9, 43-340 Kozy

Tomasz Tadeusz Świeboda , personal ID no. (PESEL) 69040605558, ul. Baczyńskiego 33, 91-170 Łódź

Sławomir Mieczysław Lachowski , personal ID no. (PESEL) 58010119032

Monika Miłkowska Bruczko , personal ID no. (PESEL) 76062012806

Piengjai Wiśniewska , personal ID no. (PESEL) 59100815869

Main activity	Retail sale of clothing;
	Branches NACE 2007:
	Other retail	(G.47.71.Z)
	Finishing of textiles	(C.13.30.Z)
	Wholesale and retail of personal cars and vans	(G.45.11.Z)
	Other transportation activities	(H.49.41.Z)
	Hotels	(I.55.10.Z)
	Publishing of books	(J.58.11.Z)

Employment

2005:              355       employees
2007:              301       employees
2008:              330       employees
2009:              449       employees
2010:              572       employees

Turnover	2006	PLN	70 911 000,00
	2007	PLN	82 738 000,00
	2009	PLN	143 022 000,00
	2010	PLN	218 288 000,00
	01.01.2011 - 30.11.2012	PLN	475 035 000,00

Financial statements

As at the day the report was prepared, there is no information in the register that the company filed to court the financial statements for the consecutive accounting periods.

The company is obliged to submit financial statement to court within 15 days from the date of its approval which in turn should occur not later than 6 months form the balance date.

Source of financial data	Court	Court	Court	Court
	periodic	annual	annual	annual
Personal balance sheet as at	30.11.2012 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)	31.12.2008 (PLN)
-A. Fixed assets......................	6 391 000,00	6 298 000,00	6 929 000,00	2 495 000,00
- I. Intangible assets.............	137 000,00	1 286 000,00	2 882 000,00	153 000,00
- 2. Goodwill......................			2 882 000,00	153 000,00
- II. Tangible assets...............	2 340 000,00	1 784 000,00	1 154 000,00	1 455 000,00
- III. Long term receivables.........	60 000,00	578 000,00	634 000,00	515 000,00
- 2. Other receivables.............	60 000,00	578 000,00	634 000,00	515 000,00
-V. Long-term prepayments and accrued income........................	3 854 000,00	2 650 000,00	2 259 000,00	372 000,00
- 1. Deferred tax assets.............	3 720 000,00	2 632 000,00	2 256 000,00	372 000,00
- 2. Other prepayments...............	134 000,00	18 000,00	3 000,00
-B. Current assets....................	24 381 000,00	31 858 000,00	26 516 000,00	20 849 000,00
- I. Stock.........................	11 315 000,00	16 936 000,00	9 786 000,00	1 085 000,00
- II. Short-term receivables.........	12 454 000,00	7 472 000,00	7 505 000,00	16 687 000,00
- 1. Receivables from affiliated companies.............................	3 830 000,00	1 440 000,00	921 000,00	11 507 000,00
- a) Due to deliveries and services with payment period:.........	3 822 000,00	1 440 000,00	897 000,00	11 492 000,00
- - up to 12 months............	3 822 000,00		897 000,00
- b) Other.......................	8 000,00		24 000,00	15 000,00
- 2. Other receivables ............	8 624 000,00	6 032 000,00	6 584 000,00	5 180 000,00
- a) Due to deliveries and services with payment period:.........	4 240 000,00	3 961 000,00	5 033 000,00	3 506 000,00
- b) Due to taxes, subsidies, insurances, duties, etc...............	4 354 000,00	2 042 000,00	1 526 000,00	1 629 000,00
- c) Other.......................	30 000,00	29 000,00	25 000,00	45 000,00
- III. Short term investments........	409 000,00	7 327 000,00	9 133 000,00	2 751 000,00
- 1. Short-term financial assets...	409 000,00	7 327 000,00	9 133 000,00	2 751 000,00
- a) in affiliated companies.....			38 000,00	110 000,00
- b) Other.......................			9 095 000,00	20 000,00
- c) cash and other liquid assets................................	409 000,00	7 327 000,00		2 621 000,00
-IV. Short-term prepayments and accrued income........................	203 000,00	123 000,00	92 000,00	315 000,00
-D. Total assets......................	30 772 000,00	38 156 000,00	33 445 000,00	23 344 000,00
-A. Shareholders' equity..............	-18 802 000,00	-27 000,00	4 400 000,00	13 796 000,00
- I. Basic share capital...........	18 508 000,00	18 508 000,00	18 508 000,00	18 508 000,00
- VII. Profit (loss) carried forward.	-18 534 000,00	-14 109 000,00	-5 300 000,00	-8 947 000,00
- VIII. Net profit (loss)............	-18 776 000,00	-4 426 000,00	-8 808 000,00	4 235 000,00
-B. Liabilities and reserves for liabilities...........................	49 574 000,00	38 183 000,00	29 045 000,00	9 548 000,00
- I. Reserves for liabilities......	494 000,00	1 077 000,00	408 000,00	336 000,00
- 1. Deferred income tax reserves..	121 000,00	17 000,00	23 000,00	39 000,00
- 2. Reserves for pensions and similar social payments...............	365 000,00	362 000,00	303 000,00	250 000,00
- - long-term....................	5 000,00
- - short-term...................	360 000,00	362 000,00	303 000,00	250 000,00
- 3. Other reserves................	8 000,00	698 000,00	82 000,00	47 000,00
- - short-term...................	8 000,00	698 000,00	82 000,00	47 000,00
-II. Long-term liabilities...........	896 000,00	254 000,00	107 000,00	170 000,00
- 2. Other liabilities...............	896 000,00	254 000,00	107 000,00	170 000,00
- c) Other financial liabilities...	896 000,00		107 000,00
- d) Other.........................				170 000,00
-III. Short-term liabilities..........	48 184 000,00	36 852 000,00	28 530 000,00	9 042 000,00
- 1. Due to affiliated companies.....	2 882 000,00	14 738 000,00	13 066 000,00	1 989 000,00
- a) Due to deliveries and services with payment period:.........	2 848 000,00	14 738 000,00	13 022 000,00	1 989 000,00
- - up to 12 months..............	2 848 000,00		13 022 000,00
- b) Other.........................	34 000,00		44 000,00
- 2. Other liabilities...............	45 302 000,00	22 093 000,00	15 462 000,00	7 050 000,00
- a) Loans.........................	15 942 000,00		12 212 000,00	5 130 000,00
- d)Due to deliveries and services with payment period:.........	24 051 000,00	18 344 000,00
- g) Due to taxes, subsidies, insurances, duties, etc...............	4 106 000,00	3 447 000,00	2 912 000,00	1 642 000,00
- i) Other.........................	1 203 000,00	302 000,00	338 000,00	278 000,00
- 3. Special funds...................		2 000,00	2 000,00	3 000,00
-IV. Accruals and deferred income....		19 000,00
- 2. Other accruals..................		19 000,00
-D. Total liabilities.................	30 772 000,00	38 156 000,00	33 445 000,00	23 344 000,00

Source of financial data	Court	Court	Court	Court
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2011- 30.11.2012 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)	01.01.2008- 31.12.2008 (PLN)
-A. Income from sales and similar.....	475 035 000,00	218 288 000,00	143 022 000,00
- - including related companies......	175 117 000,00	79 877 000,00	33 392 000,00
- I. Net income on sales...........	21 678 000,00	9 676 000,00	5 087 000,00
- IV. Income from sales of goods and materials.........................	453 357 000,00	208 612 000,00	137 935 000,00
-B. Operational costs.................	487 636 000,00	222 832 000,00	152 019 000,00
- I. Depreciation..................	2 419 000,00	1 423 000,00	1 107 000,00
- II. Materials and energy..........	3 479 000,00	1 829 000,00	1 351 000,00
- III. Third party services..........	128 016 000,00	59 507 000,00	45 352 000,00
- IV. Taxes and duties..............	9 922 000,00	4 541 000,00	4 218 000,00
- V. Salaries and wages............	30 450 000,00	14 764 000,00	9 145 000,00
- VI. Social security...............	5 439 000,00	2 595 000,00	1 581 000,00
- VII. Other.........................	1 221 000,00	832 000,00	448 000,00
- VIII.Costs of goods and materials sold..................................	306 690 000,00	137 341 000,00	88 818 000,00
-C. Loss on sale......................	12 601 000,00	4 544 000,00	8 997 000,00
-D. Other operating incomes...........	5 273 000,00	2 495 000,00	660 000,00
- I. Incomes from disposal non-financial assets..................			12 000,00
- III. Other operating incomes.......	5 273 000,00	2 495 000,00	648 000,00
-E. Other operating costs.............	9 862 000,00	3 059 000,00	2 365 000,00
- I. Loss on disposal of non-finacial assets...................	473 000,00	347 000,00
- II. Goodwill revaluation..........	4 757 000,00	424 000,00	220 000,00
- III. Other operating costs.........	4 632 000,00	2 288 000,00	2 145 000,00
-F. Loss on operating activities......	17 190 000,00	5 108 000,00	10 702 000,00
-G. Financial incomes.................	1 565 000,00	342 000,00	123 000,00
- II. Interest received.............	22 000,00	41 000,00	16 000,00
- V. Other.........................	1 543 000,00	301 000,00	107 000,00
-H. Financial costs...................	4 135 000,00	43 000,00	136 000,00
- I. Interest......................	829 000,00		26 000,00
- III. Financial assets revaluation..		17 000,00
- IV. Other.........................	3 306 000,00	26 000,00	110 000,00
-I. Loss on economic activity.........	19 760 000,00	4 809 000,00	10 715 000,00
-K. Gross loss........................	19 760 000,00	4 809 000,00	10 715 000,00
-L. Corporation tax...................	-984 000,00	-383 000,00	-1 907 000,00
- b) deferred part...................	-984 000,00		-1 907 000,00
-N. Net loss..........................	18 776 000,00	4 426 000,00	8 808 000,00

AUDITOR

Balance sheet as at 01.01.2011- 30.11.2012
ECA SEREDYŃSKI I WSPÓLNICY sp. k., ul. Moniuszki 50, 31-523 Kraków	No. 3115

Expert auditor Michał Kołosowski

No. 11117

Ratios

01.01.2011-
30.11.2012

01.01.2010-
31.12.2010

01.01.2009-
31.12.2009

01.01.2008-
31.12.2008

Current ratio

0,51

0,86

0,93

2,31

Quick ratio

0,27

0,40

0,58

2,15

Immediate ratio

0,01

0,20

0,29

Return on sale

-3,95

-2,03

-6,16

Return on assets

-61,02

-11,60

-26,34

Return on equity

-200,18

Average trade debtors' days

18,35

12,49

19,15

Average stock turnover's days

16,67

28,32

24,97

average payables payment period

71,00

61,62

72,81

Total indebtedness ratio

161,10

100,07

86,84

40,90

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.47.71.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,29	1,51	1,34	1,28	1,55
Quick ratio..............................	0,48	0,74	0,59	0,50	0,70
Immediate ratio..........................	0,18	0,25	0,25	0,21	0,31
Return on sale...........................	1,98	4,32	1,42	1,80	3,41
Return on assets.........................	1,46	7,41	2,47	2,65	5,37
Return on equity.........................	3,29	16,11	5,55	6,89	12,23
Average trade debtors' days..............	25,39	34,53	29,07	28,50	24,98
Average stock turnover's days............	76,83	61,31	63,18	76,38	65,94
average payables payment period..........	97,86	81,84	88,76	102,21	80,86
Total indebtedness ratio.................	55,80	53,99	55,46	61,51	56,07
Percent share in the examinated group of companies with net profit.............	50,00	60,20	51,00	45,60	66,30
Sales/revenue per employee in th. PLN....	213,92	506,35	458,75	408,51	411,93
Average sales/revenue per company in th. PLN..................................	62 135,20	143 836,92	120 941,45	111 671,89	110 128,77

according to the Central Statistical Office

Locations:

seat:
ul. Żniwna 10/14, 94-250 Łódź
Phone:                   42 6177100
Fax:                     42 6177122
E-mail:                  marcin.luzniak@redan.com.pl
                             marzena.szynkowska@topsecret.com.pl
                             redan@redan.com.pl
                              sekretariat@redan.com.pl
Website:                 topsecret.com.pl

Company Summary

Real Estate

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 17.10.2014 there are no shares in other companies.

Connections:

REDAN SA
- „R-STYLE” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 5 000,00 (100,00%)
- TOP MARK Sp. z o.o. w upadłości likwidacyjnej NIP PL 7272497024, ul. Aleksandra 24/26/26 G, 93-418 Łódź
· shareholder: PLN 375 000,00 (33,24%)
- „JUST JEANS” sp. z o.o. NIP 9471965196, ul. Krakowska 140a, 34-120 Andrychów
· shareholder: PLN 165 000,00 (100,00%)
- R-TRENDY sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 5 000,00 (100,00%)
- POSTIRO SPÓŁKA Z O.O. NIP 7272686848, ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 178 000,00 (100,00%)
- KADMUS SPÓŁKA Z O.O. NIP 9471913354, ul. Traktorowa 126/501, 91-204 Łódź
· shareholder: PLN 2 835 000,00 (100,00%)
- ELVIRO SPÓŁKA Z O.O. NIP 9471915809, ul. Promienna 31, 91-603 Łódź
· shareholder: PLN 1 463 000,00 (100,00%)
- ADESSO Sp. z o.o. NIP 7272624988, ul. Krakowska 140a, 34-120 Andrychów
· shareholder: PLN 719 000,00 (100,00%)
- KRUX SPÓŁKA Z O.O. NIP 9471913331, ul. Traktorowa 126/501, 91-204 Łódź
· shareholder: PLN 2 470 500,00 (100,00%)
- TROLL MARKET Sp. z o.o. NIP PL 7272611017, ul. Krakowska 140A, 34-120 Andrychów
· shareholder: PLN 270 000,00 (100,00%)
- „R-MODA” sp. z o.o. NIP 7272788709, ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 5 000,00 (100,00%)
- „R-SHOP” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 5 000,00 (100,00%)
- TOP CENTER sp. z o.o. w upadłości likwidacyjnej NIP 9471910462, ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 1 728 500,00 (100,00%)
- LUNAR SPÓŁKA Z O.O. NIP 9471913874, ul. Promienna 31, 91-603 Łódź
· shareholder: PLN 1 302 000,00 (100,00%)
- TOP SPÓŁKA Z O.O. NIP 7272626390, ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 1 788 500,00 (100,00%)

Tomasz Tadeusz Świeboda , personal ID no. (PESEL) 69040605558
- WEST BORDER INVEST sp. z o.o. w likwidacji NIP 7292481718, ul. Traktorowa 126/501, 91-204 Łódź
· shareholder: PLN 8 750,00 (35,00%)
- FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- "WIŚNIEWSKI I ŚWIEBODA" SPÓŁKA JAWNA, ul. Gliniana 29/31, 91-336 Łódź
· shareholder
· member of representation unit
- REAL DEVELOPMENT GROUP SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ sp. k., ul. Traktorowa 126/501, 91-204 Łódź
· Limited partners, Comandite sum: PLN 1 505 000,00

- CENTRUM INVEST SPÓŁKA Z O.O. NIP 7251853086, ul. Wólczańska 158/160, 90-530 Łódź
· president
- REAL INVEST - Sp. z o.o., ul. Wólczańska 158/160, 90-530 Łódź
· president
- EURODOM sp. z o.o., ul. Wólczańska 158/160, 90-530 Łódź
· president
- VITAL sp. z o.o. w likwidacji NIP 9471923789, ul. Aleksandrowska 67/93, 91-205 Łódź
· shareholder: PLN 12 500,00 (25,00%)
· liquidator
- REAL DEVELOPMENT 2 Sp. z o.o. NIP 7251837041, ul. Traktorowa 126/501, 91-204 Łódź
· shareholder: PLN 102 500,00 (44,57%)
- DENEGA Sp. z o.o. NIP 7262554513, ul. Gliniana 29/31, 91-336 Łódź
· shareholder: PLN 55 500,00 (18,50%)
· president
- "JARZĘBINA-FUNDACJA DLA DZIECI Z CHOROBAMI SERCA" NIP 7292491941, al. Politechniki 22/24, 93-590 Łódź
· vice president
- REAL DEVELOPMENT GROUP Sp. z o.o. NIP 9471979749, ul. Traktorowa 126/501, 91-204 Łódź
· shareholder: PLN 2 500,00 (50,00%)
· president

Piengjai Wiśniewska , personal ID no. (PESEL) 59100815869
- AGENDA SPÓŁKA Z O.O. NIP 7262396362, ul. Żniwna 10/14, 94-250 Łódź
· president
- EURO-CENTER SPÓŁKA Z O.O. NIP 7321826813, ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 42 500,00 (85,00%)
· president
- ORES SPÓŁKA Z O.O. NIP 7272570525, ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 301 500,00 (99,18%)
· president
- HOTELE ADC SPÓŁKA Z O.O. NIP 9451979723, ul. Żabiniec 46, 31-215 Kraków
· shareholder: PLN 350 000,00 (25,00%)
- FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- ADESSO SA NIP PL 6760077170, ul. Krakowska 140A, 34-120 Andrychów
· member of supervisory board
- REAL OFFICE Sp. z o.o. NIP 9471948045, ul. Traktorowa 126/501, 91-204 Łódź
· shareholder: PLN 25 000,00 (50,00%)
- LOGER SPÓŁKA Z O.O. NIP 9471915815, ul. Żniwna 10/14, 94-250 Łódź
· shareholder: PLN 36 500,00 (73,00%)
· president
- TOP MARK Sp. z o.o. w upadłości likwidacyjnej NIP PL 7272497024, ul. Aleksandra 24/26/26 G, 93-418 Łódź
· member of supervisory board
- REDAN SA NIP PL 7251017332, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board

Monika Miłkowska Bruczko , personal ID no. (PESEL) 76062012806
- PIAST FINANSE sp. z o.o. NIP 5213457134, ul. Przejazd 6/67, 02-654 Warszawa
· shareholder: PLN 25 000,00 (50,00%)
· member of board of directors
- „RTS WIDZEW ŁÓDŹ” SA NIP 7282653129, al. Marszałka Józefa Piłsudskiego 138, 92-230 Łódź
· member of supervisory board

Sławomir Mieczysław Lachowski is related to many subjects.

Radosław Wiśniewski , personal ID no. (PESEL) 71040902436
- RD5 Sp. z o.o. NIP 7262600934, ul. Traktorowa 126/501, 91-204 Łódź
· president
- FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- Spółdzielnia Inwalidów NAPRZÓD w Krakowie NIP 6750005068, ul. Żabiniec 46, 31-215 Kraków
· member of supervisory board
- VITAL sp. z o.o. w likwidacji NIP 9471923789, ul. Aleksandrowska 67/93, 91-205 Łódź
· shareholder: PLN 12 500,00 (25,00%)
- „R-SHOP” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· president
- „R-MODA” sp. z o.o. NIP 7272788709, ul. Żniwna 10/14, 94-250 Łódź
· president
- HOTELE ADC SPÓŁKA Z O.O. NIP 9451979723, ul. Żabiniec 46, 31-215 Kraków
· member of supervisory board
- „R-STYLE” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· president
- REDAN SA NIP PL 7251017332, ul. Żniwna 10/14, 94-250 Łódź
· president
- RD3 Sp. z o.o. NIP 7262586275, ul. Traktorowa 126/501, 91-204 Łódź
· president
- VN NIERUCHOMOŚCI sp. z o.o., ul. Żabiniec 46, 31-215 Kraków
· shareholder: PLN 1 250,00 (25,00%)
- R-TRENDY sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· president
- RD4 Sp. z o.o. NIP 7262592353, ul. Traktorowa 126/501, 91-204 Łódź
· president
- NAPRZÓD SA, ul. Żabiniec 46, 31-215 Kraków
· member of supervisory board
- REAL DEVELOPMENT GROUP Sp. z o.o. NIP 9471979749, ul. Traktorowa 126/501, 91-204 Łódź
· shareholder: PLN 2 500,00 (50,00%)
· vice president
- TOP MARK Sp. z o.o. w upadłości likwidacyjnej NIP PL 7272497024, ul. Aleksandra 24/26/26 G, 93-418 Łódź
· member of supervisory board
- „HOME AND KIDS” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- JANUSZ ANTAS sp. k., ul. Omłotowa 12/14, 90-062 Łódź
· Limited partners, Comandite sum: PLN 4 000,00

- ORES SPÓŁKA Z O.O. NIP 7272570525, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- DENEGA Sp. z o.o. NIP 7262554513, ul. Gliniana 29/31, 91-336 Łódź
· shareholder: PLN 55 500,00 (18,50%)
- "WIŚNIEWSKI I ŚWIEBODA" SPÓŁKA JAWNA, ul. Gliniana 29/31, 91-336 Łódź
· shareholder
· member of representation unit

Bogusz Stanisław Kruszyński , personal ID no. (PESEL) 72111303431
- TUBAR SPÓŁKA Z O.O. NIP 9471915821, ul. Żniwna 10/14, 94-250 Łódź
· president
- TOP SPÓŁKA Z O.O. NIP 7272626390, ul. Żniwna 10/14, 94-250 Łódź
· president
- „R-STYLE” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· vice president
- „HOME AND KIDS” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- TROLL MARKET Sp. z o.o. NIP PL 7272611017, ul. Krakowska 140A, 34-120 Andrychów
· vice president
- LUNAR SPÓŁKA Z O.O. NIP 9471913874, ul. Promienna 31, 91-603 Łódź
· vice president
- POSTIRO SPÓŁKA Z O.O. NIP 7272686848, ul. Żniwna 10/14, 94-250 Łódź
· president
- „R-SHOP” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· vice president
- R-TRENDY sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· vice president
- ADESSO SA NIP PL 6760077170, ul. Krakowska 140A, 34-120 Andrychów
· member of supervisory board
- GETAR SPÓŁKA Z O.O. NIP 9471913868, ul. Powstańców Śląskich 103/1, 01-355 Warszawa
· president
- Top Speed Sp. z o.o. NIP 9471913348, ul. Powstańców Śląskich 103/1, 01-355 Warszawa
· president
- KRUX SPÓŁKA Z O.O. NIP 9471913331, ul. Traktorowa 126/501, 91-204 Łódź
· vice president
- DOTAR Sp. z o.o. NIP PL 9471915790, ul. Powstańców Śląskich 103/1, 01-355 Warszawa
· president
- ELVIRO SPÓŁKA Z O.O. NIP 9471915809, ul. Promienna 31, 91-603 Łódź
· vice president
- KADMUS SPÓŁKA Z O.O. NIP 9471913354, ul. Traktorowa 126/501, 91-204 Łódź
· vice president
- „JUST JEANS” sp. z o.o. NIP 9471965196, ul. Krakowska 140a, 34-120 Andrychów
· president
- FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- TOP CENTER sp. z o.o. w upadłości likwidacyjnej NIP 9471910462, ul. Żniwna 10/14, 94-250 Łódź
· president
- REDAN CENTRUM FINANSOWE SPÓŁKA Z O.O. NIP 9471910479, ul. Żniwna 10/14, 94-250 Łódź
· president
- „R-MODA” sp. z o.o. NIP 7272788709, ul. Żniwna 10/14, 94-250 Łódź
· vice president
- ADESSO Sp. z o.o. NIP 7272624988, ul. Krakowska 140a, 34-120 Andrychów
· vice president
- EURODOM sp. z o.o., ul. Wólczańska 158/160, 90-530 Łódź
· member of supervisory board
- ROKAPPA SPÓŁKA Z O.O. NIP 9471913325, ul. Powstańców Śląskich 103/1, 01-355 Warszawa
· president
- BALENO sp. z o.o. w likwidacji NIP 9471910456, ul. Żniwna 10/14, 94-250 Łódź
· liquidator
- REDAN SA NIP PL 7251017332, ul. Żniwna 10/14, 94-250 Łódź
· vice president

Janusz Antas , personal ID no. (PESEL) 63020201651
- TOP MARK Sp. z o.o. w upadłości likwidacyjnej NIP PL 7272497024, ul. Aleksandra 24/26/26 G, 93-418 Łódź
· shareholder: PLN 725 000,00 (64,27%)
· president
- FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- JANUSZ ANTAS sp. k., ul. Omłotowa 12/14, 90-062 Łódź
· general partner
· member of representation unit
- ORES SPÓŁKA Z O.O. NIP 7272570525, ul. Żniwna 10/14, 94-250 Łódź
· vice president

Leszek Adam Kapusta , personal ID no. (PESEL) 67100606776
- R-FASHION SPÓŁKA Z O.O. NIP 7272731046, ul. Żniwna 10/14, 94-250 Łódź
· president
- „ARETO” sp. z o.o., ul. Omłotowa 12/16, 94-251 Łódź
· president
- „HOME AND KIDS” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- TARGET SPÓŁKA Z O.O. NIP 7272614754, ul. Żniwna 10/14, 94-250 Łódź
· president
- FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź
· vice president
- REDAN SA NIP PL 7251017332, ul. Żniwna 10/14, 94-250 Łódź
· member of supervisory board
- ADESSO SA NIP PL 6760077170, ul. Krakowska 140A, 34-120 Andrychów
· member of supervisory board
- LOGER SPÓŁKA Z O.O. NIP 9471915815, ul. Żniwna 10/14, 94-250 Łódź
· proxy
- ORES SPÓŁKA Z O.O. NIP 7272570525, ul. Żniwna 10/14, 94-250 Łódź
· proxy

Data concerning connections are valid as at: 17.10.2014.

Taking overs

10.10.2007 (Entry date) - merger
TOP SECRET Sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź
(as taking over)
PELLO Sp. z o.o. KRS 243682, ul. Żniwna 10/14, 94-250 Łódź
(as taken over)

General information

The company is part of the capital group REDAN SA which is the owner of among others such brands as Top Secret and Troll. The turnover of the company Top Secret in 2008 constituted 34% of the sales revenue of the company REDAN SA. REDAN SA is quoted on Warsaw stock Exchange.

In 2009, due to economic crisis, the company made the decision about closing its shops located in Czech Republic and Slovakia. There is also possibility of closing shops in Poland.

In May 2012 the company Baleno sp. z o.o. placed a motion to declare its bankrupcy due to a negative trand on the market and low demand for its products.

Banks

DZ POLSKA SA Centrala (17400006)
pl. Piłsudskiego 3, 00-078 Warszawa
Acc.no. 62174000060000300000404855

Bank Millennium SA Millennium - Centrum Rozliczeniowe (11602202)
ul. Stanisława Żaryna 2A, 02-593 Warszawa
Acc.no. 97116022020000000046157963

Payment Manner	Payment delays cannot be excluded.
Credit capability	Business connections should not be refused, credits are not recommended.
	Due to: failure to comply with statutory obligations: avoiding to submit the financial statements in time - No insight into financial situation of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.56
UK Pound	1	Rs.97.10
Euro	1	Rs.76.61

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

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