MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	TECHNOCRAFT TRADING SP. Z O.O.
Registered Office :	Al. Piłsudskiego 133 M 92-318 Łódź
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	14.05.1998
Legal Form :	Limited Liability Company
Line of Business :	· Wholesale of yarn · Wholesale of steel pipes and scaffolding elements · Wholesale of closures for barrels
No of Employees :	9

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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Poland	B1	A2

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

 TECHNOCRAFT TRADING SP. Z O.O.

 AL. PIŁSUDSKIEGO 133 M 92-318 ŁÓDŹ

 Phone:    42 2093801

 E-mail:   technocraft@technocraft.pl

 Website:  www.technocraft.pl

! Payment Capability Index * 313 *                                                            !

Legal form	Limited liability company
Stat.no.	471738590
Tax ID	PL 7262212853

Establishment	14.05.1998
Changes of names and addresses	UL. GÓRNICZA 18/36, 91-765 ŁÓDŹ
	14.04.2011  AL. PIŁSUDSKIEGO 133 M, 92-318 ŁÓDŹ

Registration:

11.05.2002, District Court Łódź, XX Department, KRS 111688 Data concerning previous registrations: 26.05.1998, District Court Łódź, RHB 6787

Shareholders	Technocraft Industries (INDIE) Sp. z o.o., India	PLN	2 249 500,00 99,98%
	Balraj Jadhav , ul. Inflancka 76, 91-848 Łódź	PLN	500,00 0,02%
	list prepared on  21.01.2005

Initial Capital		PLN 2 250 000,00
	Initial capital divided into 4500 shares of PLN 500,00 each

Management	Sharad Kumar Saraf , 33 Rajat Apt. Mount Pleasant Road, Malabar Hill, Mumba 400 006, India  - president Balraj Jadhav , ul. Inflancka 76, 91-848 Łódź  - vice president Ashish Kumar Saraf , 33 Rajat Apt. Mount Pleasant Road, Malabar Hill, Mumba 400 006, India  - vice president
	Proxies: Ashish Kumar Saraf , 33 Rajat Apt. Mount Pleasant Road, Malabar Hill, Mumba 400 006, India  - independent proxy Grażyna Hofmokl , personal ID no. (PESEL) 52042104767, ul. Smetany 9/38, 92-503 Łódź  - independent proxy
	Representation: If numerous managers – two members of the board of directors jointly, member of the board of directors and proxy jointly or two proxies jointly.

Main activity	Wholesale of yarn Wholesale of steel pipes and scaffolding elements Wholesale of closures for barrels
	Import Asia, Turkey
	Export Hungary, Czech Republic, Slovakia, Switzerland
	Branches NACE 2007:
	Wholesale of other intermediate products	(G.46.76.Z)
	Wholesale of textiles	(G.46.41.Z)

Employment

2005:              8         employees 2006:              7         employees 2007:              6         employees 2008:              7         employees 2013:              9         employees

Turnover	2009	PLN	28 274 602,97
	2010	PLN	24 903 177,87
	2011	PLN	24 734 089,00
	2012	PLN	23 438 742,81
	2013	PLN	17 366 295,12

Financial statements

Source of financial data	Court	Court	Monitor Polski B	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......................	1 597 453,53	1 634 148,33	1 913 324,07	1 618 726,33
-  I.   Intangible assets.............				1 159,67
-    3. Other intangible assets.......				1 159,67
-  II.  Tangible assets...............	1 416 607,98	1 492 653,30	1 579 414,52	1 433 881,12
-    1. Fixed goods...................	1 416 607,98	1 492 653,30	1 576 914,52	1 433 881,12
-      a) land........................	903 929,34	903 929,34	903 929,34	903 929,34
-      b) buildings, premises, facilities............................	475 432,12	540 043,36	612 845,50	507 561,44
-      c) machinery and equipment.....		0,00	25,00	325,00
-      d) fleet of motor vehicles.....	28 767,53	39 537,53	50 307,53	303,63
-      e) other fixed goods...........	8 478,99	9 143,07	9 807,15	21 761,71
-    2. Fixed goods under construction..........................			2 500,00
-V. Long-term prepayments and accrued income........................	180 845,55	141 495,03	333 909,55	183 685,54
-  1. Deferred tax assets.............	180 845,55	141 495,03	333 909,55	183 685,54
-B. Current assets....................	9 361 186,54	12 016 729,96	16 044 813,65	15 498 366,44
-  I.   Stock.........................	3 979 222,24	4 620 733,62	5 629 037,19	8 463 687,06
-    4. Goods for re-sale.............	3 979 222,24	4 620 733,62	5 629 037,19	8 463 687,06
-  II. Short-term receivables.........	3 185 985,16	5 391 247,32	4 414 808,81	3 843 340,26
-    1. Receivables from affiliated companies.............................	435 270,87	582 950,71	203 787,32	47 105,39
-      a) Due to deliveries and services with payment period:.........	435 270,87	582 950,71	203 787,32	47 105,39
-        - up to 12 months............	435 270,87	582 950,71	203 787,32	47 105,39
-    2. Other receivables ............	2 750 714,29	4 808 296,61	4 211 021,49	3 796 234,87
-      a) Due to deliveries and services with payment period:.........	2 234 769,99	4 412 507,69	3 760 920,57	3 323 821,95
-        - up to 12 months............	2 234 769,99	4 412 507,69	3 760 920,57	3 323 821,95
-      b) Due to taxes, subsidies, insurances, duties, etc...............	405 884,00	330 743,00	385 055,00	407 367,00
-      c) Other.......................			65 045,92
-      d) Received through judicial proceedings...........................	110 060,30	65 045,92		65 045,92
-  III. Short term investments........	2 100 948,17	1 913 210,28	5 926 555,78	3 152 693,09
-    1. Short-term financial assets...	2 100 948,17	1 913 210,28	5 926 555,78	3 152 693,09
-      c) cash and other liquid assets................................	2 100 948,17	1 913 210,28	5 926 555,78	3 152 693,09
-        - cash in hand and on bank account...............................	2 100 948,17	1 913 210,28	5 926 555,78	3 152 693,09
-IV. Short-term prepayments and accrued income........................	95 030,97	91 538,74	74 411,87	38 646,03
-D. Total assets......................	10 958 640,07	13 650 878,29	17 958 137,72	17 117 092,77
-A. Shareholders' equity..............	2 197 497,30	2 615 225,43	2 479 816,98	3 236 941,16
-  I.   Basic share capital...........	2 250 000,00	2 250 000,00	2 250 000,00	2 250 000,00
-  IV.  Statutory reserve capital.....	989 408,38	989 408,38	986 941,16	639 721,06
-  VII. Profit (loss) carried forward.	-624 182,95	-757 124,18		-1 828 194,42
-  VIII. Net profit (loss)............	-417 728,13	132 941,23	-757 124,18	2 175 414,52
-B. Liabilities and reserves for liabilities...........................	8 761 142,77	11 035 652,86	15 478 320,74	13 880 151,61
-  I.   Reserves for liabilities......				31 437,07
-    1. Deferred income tax reserves..				23 243,29
-    3. Other reserves................				8 193,78
-      - short-term...................				8 193,78
-III. Short-term liabilities..........	8 761 142,77	11 035 652,86	15 478 320,74	13 848 714,54
-  1. Due to affiliated companies.....	104 732,31	317 218,57	8 937 968,47	36 646,91
-    a) Due to deliveries and services with payment period:.........	104 732,31	317 218,57	8 937 968,47	36 646,91
-      - up to 12 months..............	68 085,40	280 571,66
-      - above 12 months..............	36 646,91	36 646,91		36 646,91
-  2. Other liabilities...............	8 656 410,46	10 718 434,29	6 540 352,27	13 812 067,63
-    a) Loans.........................	5 019 582,72	4 974 261,82	5 387 813,68	4 810 935,53
-    d)Due to deliveries and services with payment period:.........	3 579 485,07	5 702 921,11	1 119 395,77	8 958 660,43
-      - up to 12 months..............	3 579 485,07	5 702 921,11	1 119 395,77	8 958 660,43
-    e) Advances received.............	18 532,31
-    g) Due to taxes, subsidies, insurances, duties, etc...............	38 810,36	41 251,36	30 675,60	40 004,45
-    i) Other.........................			2 467,22	2 467,22
-D. Total liabilities.................	10 958 640,07	13 650 878,29	17 958 137,72	17 117 092,77
Source of financial data	Court	Court	Monitor Polski B	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.....	17 366 295,12	23 438 742,81	24 734 089,00	24 903 177,87
-  - including related companies......	534 738,58			421 983,43
-  I.   Net income on sales...........		340 956,82	203 787,32
-  IV.  Income from sales of goods and materials.........................	16 831 556,54	23 097 785,99	24 530 301,68	24 481 194,44
-B. Operational costs.................	17 454 322,28	23 432 991,05	23 951 891,48	22 238 264,37
-  I.   Depreciation..................	77 335,31	76 793,26	64 663,46	9 365,78
-  II.  Materials and energy..........	34 802,87	69 409,52	49 348,58	14 498,88
-  III. Third party services..........	571 693,11	840 959,40	1 081 487,13	964 359,84
-  IV.  Taxes and duties..............	82 125,75	78 766,91	72 303,28	9 893,78
-  V.   Salaries and wages............	791 411,17	768 962,68	617 605,81	471 245,89
-  VI.  Social security...............	152 126,76	143 006,98	104 702,36	83 674,23
-  VII. Other.........................	92 941,26	123 604,37	61 600,14	95 018,52
-  VIII.Costs of goods and materials sold..................................	15 651 886,05	21 331 487,93	21 900 180,72	20 590 207,45
-C. Profit on sale....................		5 751,76	782 197,52	2 664 913,50
-C. Loss on sale......................	88 027,16
-D. Other operating incomes...........	1 370,32	3 930,48	282 063,50	16 095,88
-  III. Other operating incomes.......	1 370,32	3 930,48	282 063,50	16 095,88
-E. Other operating costs.............	123 383,72	10 654,56	20 783,22	31 996,23
-  III. Other operating costs.........	123 383,72	10 654,56	20 783,22	31 996,23
-F. Profit on operating activities....			1 043 477,80	2 649 013,15
-F. Loss on operating activities......	210 040,56	972,32
-G. Financial incomes.................	35 503,03	436 226,79	131 940,33	172 515,41
-  II.  Interest received.............	35 503,03	52 985,50	131 940,33	85 269,65
-  V.   Other.........................		383 241,29		87 245,76
-H. Financial costs...................	282 541,12	88 019,72	2 033 394,61	139 921,20
-  I.   Interest......................	63 822,58	88 019,72	125 917,02	139 921,20
-  IV.  Other.........................	218 718,54		1 907 477,59
-I. Profit on economic activity.......		347 234,75		2 681 607,36
-I. Loss on economic activity.........	457 078,65		857 976,48
-K. Gross profit......................		347 234,75		2 681 607,36
-K. Gross loss........................	457 078,65		857 976,48
-L. Corporation tax...................		21 879,00	72 615,00	483 759,00
-M. Other statutory charges...........		192 414,52	-173 467,30
-N. Net profit........................		132 941,23		2 175 414,52
-N. Net loss..........................	417 728,13		757 124,18

AUDITOR
Balance sheet as at 31.12.2011 BIURO BIEGŁYCH REWIDENTÓW EKO-BILANS SPÓŁKA Z O.O., ul. Polskiej Organizacji Wojskowej 29/3, 90-248 Łódź
Balance sheet as at 31.12.2010 BIURO BIEGŁYCH REWIDENTÓW EKO-BILANS SPÓŁKA Z O.O., ul. Polskiej Organizacji Wojskowej 29/3, 90-248 Łódź
Expert auditor Wojciech Pisarski	No. 10103

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	1,07	1,09	1,04	1,12
Quick ratio	0,60	0,66	0,67	0,51
Immediate ratio	0,24	0,17	0,38	0,23
Return on sale	-2,48	0,57	-3,06	8,89
Return on assets	-3,81	0,97	-4,22	12,71
Return on equity	-19,01	5,08	-30,53	67,21
Average trade debtors' days	69,09	84,19	65,15	57,30
Average stock turnover's days	86,29	72,15	83,07	126,19
average payables payment period	189,99	172,32	228,41	206,48
Total indebtedness ratio	79,95	80,84	86,19	81,09

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.76.Z - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	2,03	2,64	2,15	2,72	3,09
Quick ratio..............................	1,34	1,65	1,02	1,81	2,14
Immediate ratio..........................	0,26	0,40	0,09	0,32	0,33
Return on sale...........................	4,51	2,92	7,28	1,71	4,89
Return on assets.........................	6,80	4,95	11,54	2,86	7,70
Return on equity.........................	12,03	7,64	20,86	4,55	12,66
Average trade debtors' days..............	87,37	76,82	78,39	99,46	76,67
Average stock turnover's days............	57,28	60,50	94,89	59,07	48,61
average payables payment period..........	85,48	63,12	84,75	66,70	54,41
Total indebtedness ratio.................	43,50	35,21	44,69	37,15	39,17
Percent share in the examinated group of companies with net profit.............	90,00	100,00	100,00	57,10	87,50
Sales/revenue per employee in th. PLN....	982,90	982,77	1 221,63	913,24	803,60
Average sales/revenue per company in th. PLN..................................	99 174,20	93 362,71	148 427,50	105 545,00	129 982,88
according to the Central Statistical Office

Locations:

seat: al. Piłsudskiego 133 M, 92-318 Łódź Phone:                   42 2093801 E-mail:                  technocraft@technocraft.pl Website:                 www.technocraft.pl

Real Estate	Book value of buildings as at 31.12.2013
	Book value of lands as at 31.12.2013
	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 01.09.2014 there are no shares in other companies.

Connections:	Balraj Jadhav Ashish Kumar Saraf Sharad Kumar Saraf 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: 01.09.2014.

General information

The subject refused to cooperate in elaboration of the report.

Banks

Bank Polska Kasa Opieki SA O. w Łodzi ul.Pilota Stanisława Wigury 21  (12405585) ul. Pilota Stanisława Wigury 21, 90-950 Łódź Acc.no. 42124055851111000048844668

Payment Manner	In available sources, payment delays have not been noted
	We would like to draw your attention to: - Losses - Fall in sales Observation of further development of the company is recommended.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.