MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	CARRY SP. Z O.O.

Registered Office :	ul. Małe Garbary 9, 61-756 Poznań

Country :	Poland

Financials (as on) :	31.12.2013

Date of Incorporation :	03.11.1999

Legal Form :	Limited Liability Company

Line of Business :	Design, manufacture and sale of clothing Manufacture of other wearing apparel and accessories Cargo handling and storage Cotton-type weaving

No of Employees :	938

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 :	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 – 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 & address

CARRY SP. Z O.O.

ul. Małe Garbary 9
61-756 Poznań

Phone: 61 8276800

Fax: 61 8276801

E-mail: biuro@carry.pl

Website: www.carry.pl

Company summary

Legal form	Limited liability company
Stat.no.	639673856
Tax ID	PL 7811651255

Establishment	03.11.1999
Changes of names and addresses	ul. Karpia 6, 61-619 Poznań
	18.11.2008 ul. Małe Garbary 9, 61-756 Poznań

Registration:

18.04.2002, District Court Poznań VIII Department, KRS 106796

Data concerning previous registrations:

15.03.2000, District Court Poznań, RHB 13276

Shareholders	Wiesław Sobota , personal ID no. (PESEL) 62041604014, ul. Bułgarska 86/1, 60-379 Poznań	PLN	25 000,00 50,00%

	Bogusław Sobota , personal ID no. (PESEL) 65082503898, ul. Międzyborska 21, 60-162 Poznań	PLN	25 000,00 50,00%

	list entered to NCR /KRS/ on 18.04.2002

Establishment	03.11.1999
Changes of names and addresses	ul. Karpia 6, 61-619 Poznań
	18.11.2008 ul. Małe Garbary 9, 61-756 Poznań

Initial Capital		PLN 50 000,00
	Initial capital divided into 100 shares of PLN 500,00 each

Management

Bogusław Sobota , personal ID no. (PESEL) 65082503898, ul. Międzyborska 21, 60-162 Poznań
- president

Proxies:
Wiesław Sobota , personal ID no. (PESEL) 62041604014, ul. Bułgarska 86/1, 60-379 Poznań
- independent proxy

Joanna Monika Kulczyk Sobota , personal ID no. (PESEL) 75071602725, ul. Homera 227, 60-461 Poznań
- independent proxy

Representation:
If numerous managers – Two members of the board of directors jointly or member of the board of directors and proxy jointly

Main activity	Design, manufacture and sale of clothing
	Branches NACE 2007:
	Other retail	(G.47.71.Z)
	Manufacture of other wearing apparel and accessories	(C.14.19.Z)
	Cargo handling and storage	(H.52.10)
	Cotton-type weaving	(C.13.20.A)

Employment

2008: 484 employees

2009: 962 employees

2010: 961 employees

2012: 878 employees

2013: 938 employees

Turnover	2009	PLN	160 570 479,71
	2010	PLN	153 358 629,28
	2011	PLN	151 469 219,48
	2012	PLN	168 952 189,66
	2013	PLN	178 619 650,77

Financial statements


Source of financial data	Court	Court	Court	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	31 764 252,03	29 950 896,63	35 553 024,46	43 329 662,44
- I. Intangible assets.............	1 242,43	6 212,47	21 663,53	52 095,85
- 3. Other intangible assets.......	1 242,43	6 212,47	21 663,53	52 095,85
- II. Tangible assets...............	29 262 670,60	29 639 796,11	34 942 229,93	42 312 802,59
- 1. Fixed goods...................	21 723 752,80	22 393 550,53	27 661 812,19	33 607 219,40
- b) buildings, premises, facilities............................	16 486 711,95	18 749 698,57	22 604 431,60	26 275 797,23
- c) machinery and equipment.....	805 781,79	726 718,49	781 065,99	948 533,78
- d) fleet of motor vehicles.....	236 811,21	370 725,09	574 231,39	801 111,07
- e) other fixed goods...........	4 194 447,85	2 546 408,38	3 702 083,21	5 581 777,32
- 2. Fixed goods under construction..........................	7 517 223,30	7 207 001,08	7 241 173,24	8 666 338,69
- 3. Prepayments for fixed goods under construction....................	21 694,50	39 244,50	39 244,50	39 244,50
- IV. Long term investments.........				277 221,00
- 3. Long term financial assets....				277 221,00
- a) in affiliated companies.....				277 221,00
- - other long-term financial assets................................				277 221,00
-V. Long-term prepayments and accrued income........................	2 500 339,00	304 888,05	589 131,00	687 543,00
- 1. Deferred tax assets.............	2 500 339,00	297 894,00	582 363,00	675 699,00
- 2. Other prepayments...............		6 994,05	6 768,00	11 844,00
-B. Current assets....................	68 712 581,37	53 748 735,35	51 799 619,97	56 828 177,38
- I. Stock.........................	46 705 409,39	43 036 249,49	37 190 814,17	21 489 369,16
- 4. Goods for re-sale.............	45 728 183,73	42 220 462,68	33 871 548,04	20 095 508,39
- 5. Advance payments .............	977 225,66	815 786,81	3 319 266,13	1 393 860,77
- II. Short-term receivables.........	12 904 570,01	7 744 565,27	497 040,64	1 059 736,70
- 1. Receivables from affiliated companies.............................				390 907,49
- a) Due to deliveries and services with payment period:.........				390 907,49
- - up to 12 months............				390 907,49
- 2. Other receivables ............	12 904 570,01	7 744 565,27	497 040,64	668 829,21
- a) Due to deliveries and services with payment period:.........	2 932 580,88	1 291 950,42	14 550,25	359 979,96
- - up to 12 months............	2 932 580,88	1 291 950,42	14 550,25	359 979,96
- b) Due to taxes, subsidies, insurances, duties, etc...............	670 013,01	373 389,31	434 844,93	274 807,14
- c) Other.......................	9 301 976,12	6 079 225,54	47 645,46	34 042,11
- III. Short term investments........	7 481 276,11	1 716 305,15	12 822 861,07	33 555 436,04
- 1. Short-term financial assets...	7 481 276,11	1 716 305,15	12 822 861,07	33 555 436,04
- c) cash and other liquid assets................................	7 481 276,11	1 716 305,15	12 822 861,07	33 555 436,04
- - cash in hand and on bank account...............................	5 878 054,82	525 182,86	10 717 826,51	32 820 271,95
- - other liquid assets........	1 603 221,29	1 191 122,29	2 105 034,56	735 164,09
-IV. Short-term prepayments and accrued income........................	1 621 325,86	1 251 615,44	1 288 904,09	723 635,48
-D. Total assets......................	100 476 833,40	83 699 631,98	87 352 644,43	100 157 839,82
-A. Shareholders' equity..............	63 832 841,95	54 615 990,38	51 830 786,03	70 036 663,12
- I. Basic share capital...........	50 000,00	50 000,00	50 000,00	50 000,00
- IV. Statutory reserve capital.....	66 183 400,44	66 183 400,44	56 183 400,44	56 183 400,44
- VI. Other reserve capital.........	14 457 904,01	14 457 904,01	14 457 904,01	14 457 904,01
- VII. Profit (loss) carried forward.	-26 259 999,55	-18 860 518,42	-654 641,33	1 338 267,67
- VIII. Net profit (loss)............	9 401 537,05	-7 214 795,65	-18 205 877,09	-1 992 909,00
-B. Liabilities and reserves for liabilities...........................	36 643 991,45	29 083 641,60	35 521 858,40	30 121 176,70
- I. Reserves for liabilities......	477 030,77	712 422,43	892 573,48	548 410,00
- 1. Deferred income tax reserves..	51 603,00	297 894,00	582 363,00	548 410,00
- 2. Reserves for pensions and similar social payments...............	408 427,77	396 528,43	292 210,48
- - short-term...................	408 427,77	396 528,43	292 210,48
- 3. Other reserves................	17 000,00	18 000,00	18 000,00
- - short-term...................	17 000,00	18 000,00	18 000,00
-II. Long-term liabilities...........		0,00	362 703,59	1 309 476,62
- 2. Other liabilities...............			362 703,59	1 309 476,62
- c) Other financial liabilities...			362 703,59	1 309 476,62
-III. Short-term liabilities..........	35 549 359,45	28 371 219,17	34 266 581,33	27 966 239,77
- 2. Other liabilities...............	35 542 099,85	28 363 959,57	34 259 321,73	27 960 580,17
- a) Loans.........................	20 084 323,49	15 580 049,56	25 127 151,16	18 638 701,88
- c) Other financial liabilities...		362 703,59	1 027 100,71	1 610 863,71
- d)Due to deliveries and services with payment period:.........	6 372 270,11	4 697 028,38	3 252 295,59	1 999 290,86
- - up to 12 months..............	6 372 270,11	4 697 028,38	3 252 295,59	1 999 290,86
- g) Due to taxes, subsidies, insurances, duties, etc...............	7 507 569,95	6 214 109,43	3 389 970,58	4 171 705,97
- h) Due to salaries...............	1 567 148,22	1 503 631,56	1 457 687,15	1 535 615,24
- i) Other.........................	10 788,08	6 437,05	5 116,54	4 402,51
- 3. Special funds...................	7 259,60	7 259,60	7 259,60	5 659,60
-IV. Accruals and deferred income....	617 601,23			297 050,31
- 2. Other accruals..................	617 601,23			297 050,31
- - short-term.....................	617 601,23			297 050,31
-D. Total liabilities.................	100 476 833,40	83 699 631,98	87 352 644,43	100 157 839,82

Source of financial data	Court	Court	Court	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Income from sales and similar.....	178 619 650,77	168 952 189,66	151 469 219,48	153 358 629,28
- IV. Income from sales of goods and materials.........................	178 619 650,77	168 952 189,66	151 469 219,48	153 358 629,28
-B. Operational costs.................	175 825 264,71	178 810 976,21	158 936 109,28	155 353 538,15
- I. Depreciation..................	5 810 519,02	6 173 175,74	6 923 258,12	7 169 099,13
- II. Materials and energy..........	4 876 127,99	5 197 762,60	4 794 993,97	4 998 320,51
- III. Third party services..........	56 328 142,22	58 757 746,01	56 276 204,83	51 321 251,52
- IV. Taxes and duties..............	873 076,81	887 561,16	849 688,35	758 704,09
- V. Salaries and wages............	22 409 785,16	22 549 576,24	22 169 094,35	22 892 525,13
- VI. Social security...............	4 439 235,06	4 435 641,34	4 000 824,21	4 133 380,93
- VII. Other.........................	3 512 372,95	3 478 567,25	3 280 576,11	2 968 998,77
- VIII.Costs of goods and materials sold..................................	77 576 005,50	77 330 945,87	60 641 469,34	61 111 258,07
-C. Profit on sale....................	2 794 386,06
-C. Loss on sale......................		9 858 786,55	7 466 889,80	1 994 908,87
-D. Other operating incomes...........	10 706 231,20	1 449 425,28	892 045,45	963 478,71
- I. Incomes from disposal non-financial assets..................		623 235,21		279,57
- III. Other operating incomes.......	10 706 231,20	826 190,07	892 045,45	963 199,14
-E. Other operating costs.............	5 223 604,89	513 272,36	5 274 735,93	87 360,89
- I. Loss on disposal of non-finacial assets...................	725 996,49		766 221,46
- II. Goodwill revaluation..........			3 285 192,59
- III. Other operating costs.........	4 497 608,40	513 272,36	1 223 321,88	87 360,89
-F. Profit on operating activities....	8 277 012,37
-F. Loss on operating activities......		8 922 633,63	11 849 580,28	1 118 791,05
-G. Financial incomes.................	569 702,78	3 275 743,82	320 392,71	999 705,17
- II. Interest received.............	164 940,66	22 532,58	320 392,71	999 528,86
- V. Other.........................	404 762,12	3 253 211,24		176,31
-H. Financial costs...................	1 795 163,10	1 567 905,84	6 549 400,52	1 873 146,12
- I. Interest......................	929 717,48	874 012,49	917 082,29	1 178 441,50
- III. Financial assets revaluation..			277 221,00
- IV. Other.........................	865 445,62	693 893,35	5 355 097,23	694 704,62
-I. Profit on economic activity.......	7 051 552,05
-I. Loss on economic activity.........		7 214 795,65	18 078 588,09	1 992 232,00
-K. Gross profit......................	7 051 552,05
-K. Gross loss........................		7 214 795,65	18 078 588,09	1 992 232,00
-L. Corporation tax...................	-2 349 985,00		127 289,00	677,00
-N. Net profit........................	9 401 537,05
-N. Net loss..........................		7 214 795,65	18 205 877,09	1 992 909,00

AUDITOR

Balance sheet as at 31.12.2013
„ADK KANCELARIA RACHUNKOWA” sp. z o.o., ul. Porzeczkowa 12, 61-306 Poznań	No. 3858

Expert auditor Czerniak Katarzyna

No. 11497

Balance sheet as at 31.12.2012
4AUDYT Sp. z o.o., ul. Kościelna 18/4, 60-538 Poznań	No. 3363

Expert auditor Katarzyna Fabiś

No. 12380

Balance sheet as at 31.12.2011
4AUDYT Sp. z o.o., ul. Kościelna 18/4, 60-538 Poznań	No. 3363

Expert auditor Michał Czerniak , personal ID no. (PESEL) 73041000915

No. 10170

Expert auditor Czerniak Katarzyna

No. 11497

Balance sheet as at 31.12.2010
4AUDYT Sp. z o.o., ul. Kościelna 18/4, 60-538 Poznań	No. 3363

Expert auditor Marcin Hauffa

No. 11266

Expert auditor Michał Czerniak , personal ID no. (PESEL) 73041000915

No. 10170

Ratios	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	1,93	1,89	1,51	2,03
Quick ratio	0,57	0,33	0,39	1,24
Immediate ratio	0,21	0,06	0,37	1,20
Return on sale	5,26	-4,27	-12,02	-1,30
Return on assets	9,36	-8,62	-20,84	-1,99
Return on equity	14,73	-13,21	-35,13	-2,85
Average trade debtors' days	26,37	16,78	1,20	2,52
Average stock turnover's days	95,44	93,23	89,62	51,15
average payables payment period	72,64	61,46	82,57	66,56
Total indebtedness ratio	36,47	34,75	40,66	30,07

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.14.19.Z - NACE 2007), as at :	31.12.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	2,43	2,26	1,65	1,94	1,79
Quick ratio..............................	1,39	1,23	1,09	1,28	1,14
Immediate ratio..........................	0,66	0,53	0,40	0,48	0,46
Return on sale...........................	7,74	8,65	4,45	8,39	9,16
Return on assets.........................	9,27	9,66	5,04	10,70	11,85
Return on equity.........................	16,10	17,81	11,44	22,57	22,52
Average trade debtors' days..............	74,49	84,84	95,91	83,02	76,32
Average stock turnover's days............	106,75	125,03	82,05	67,44	71,62
average payables payment period..........	102,61	122,19	148,73	104,17	112,51
Total indebtedness ratio.................	42,40	45,74	55,90	52,59	47,38
Percent share in the examinated group of companies with net profit.............	75,00	81,00	73,10	70,30	75,00
Sales/revenue per employee in th. PLN....	121,52	106,20	100,25	96,91	82,23
Average sales/revenue per company in th. PLN..................................	10 926,42	9 856,52	9 241,85	8 329,00	7 966,05



(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. Małe Garbary 9, 61-756 Poznań
Phone:                   61 8276800
Fax:                     61 8276801
E-mail:                  biuro@carry.pl
Website:                 www.carry.pl

Real Estate	Book value of buildings as at 31.12.2013	PLN	16 486 711,95
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

As at 31.12.2013 book value of car fleet was: PLN 236 811,21

Shares in other companies

As at 16.10.2014 there are no shares in other companies.

Connections:	Wiesław Sobota , personal ID no. (PESEL) 62041604014 - E-COMMERCE EVERYDAY sp. z o.o., ul. Małe Garbary 9, 61-756 Poznań · shareholder: PLN 2 500,00 (50,00%) · proxy Joanna Monika Kulczyk Sobota , personal ID no. (PESEL) 75071602725 - INTERGEO SPÓŁKA Z O.O. NIP 5210086625, ul. Bruzdowa 96F/11, 02-091 Warszawa · shareholder: PLN 10 000,00 (13,33%)
	Data concerning connections are valid as at: 16.10.2014.

General information

The company has shops located in the whole Poland (mainly in big shopping centers).

Banks

MBANK SA
ul. Senatorska 18, 00-950 Warszawa

Payment Manner

Slow but correct

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.68
UK Pound	1	Rs.96.94
Euro	1	Rs.77.36

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SMN

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.

MIRA INFORM REPORT

Company name & address

Company summary

Financial statements

Unit