MIRA INFORM REPORT

Report No. :	315632
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	FIRMA BURGHARDT SPOLKA JAWNA
Registered Office :	ul. Strumykowa 32 63-400 Ostrów Wielkopolski
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	27.07.2007
Legal Form :	General partnership
Line of Business :	Production and Sales of Bicycles Import of Bicycle Parts Manufacture of bicycles and invalid carriages Wholesale of electrical household appliances
No. of Employee :	50 to 249 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Poland	A2	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

FIRMA BURGHARDT SPOLKA JAWNA

ul. Strumykowa 32 63-400 Ostrów Wielkopolski

Phone: 62 7357922

Fax: 62 7375921

E-mail: mburghardt@fiha.com.pl

Website: fiha.com.pl

Company summary

Legal form General partnership

Stat.no. 300628350

Tax ID PL 6222653013

Establishment 27.07.2007

Registration: 07.08.2007, District Court Poznań IX Department, KRS 286035 (previously entered in the National Court Register::

District Court Poznań, XXII Department,

District Court Poznań IX Department)

Shareholders Małgorzata Maria Burghardt , personal ID no. (PESEL) 71122902800

Waldemar Stefan Burghardt , personal ID no.(PESEL) 51072109751

Representation Authority Małgorzata Maria Burghardt , personal ID no. (PESEL) 71122902800

Waldemar Stefan Burghardt , personal ID no. (PESEL) 51072109751

Representation: since 07.08.2007 Each partner individually.

Main activity Production and Sales of Bicycles

Import of Bicycle Parts

Branches NACE 2007:

Other wholesale

Manufacture of bicycles and invalid carriages

Wholesale of electrical household appliances

Other transportation activities

Real estate renting

Other renting

Employment 2008: 50 to 249 employees

2009: 50 to 249 employees

Turnover 2009 PLN 17 059 328,29

2010 PLN 13 306 550,14

2011 PLN 16 789 103,92

2012 PLN 20 164 251,17

2013 PLN 20 203 574,42

Financial statements

Source of financial data	Court	Court	Court	Court
	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......................	5 015 583,77	4 662 533,10	4 836 272,76	4 728 772,57
-  I.   Intangible assets.............		4 583,29	9 583,41	3 382,04
-    3. Other intangible assets.......		4 583,29	9 583,41	3 382,04
-  II.  Tangible assets...............	5 014 451,95	4 656 817,99	4 799 828,53	4 642 235,30
-    1. Fixed goods...................	5 014 451,95	4 656 817,99	4 799 828,53	4 642 235,30
-      a) land........................	299 489,57	299 489,57	206 018,18	213 741,50
-      b) buildings, premises, facilities............................	3 747 571,52	3 743 512,91	3 900 428,15	4 057 343,39
-      c) machinery and equipment.....	188 270,23	65 677,87	64 173,17	72 088,40
-      d) fleet of motor vehicles.....	420 769,50	428 315,35	473 193,87	109 285,45
-      e) other fixed goods...........	358 351,13	119 822,29	156 015,16	189 776,56
-V. Long-term prepayments and accrued income........................	1 131,82	1 131,82	26 860,82	83 155,23
-  2. Other prepayments...............	1 131,82	1 131,82	26 860,82	83 155,23
-B. Current assets....................	7 133 462,19	7 508 087,61	5 340 650,81	5 429 352,61
-  I.   Stock.........................	6 524 323,11	6 782 011,38	4 649 103,25	4 679 368,72
-    1. Raw materials.................	1 277 583,32	1 350 741,79	1 091 869,91	254 240,79
-    3. Finished products.............	2 630 379,07	2 403 793,54	1 393 381,21	1 158 717,23
-    4. Goods for re-sale.............	2 566 281,83	2 866 410,92	1 943 329,44	3 181 672,78
-    5. Advance payments .............	50 078,89	161 065,13	220 522,69	84 737,92
-  II. Short-term receivables.........	429 924,75	531 119,42	400 894,51	314 639,85
-    2. Other receivables ............	429 924,75	531 119,42	400 894,51	314 639,85
-      a) Due to deliveries and services with payment period:.........	185 124,94	197 122,62	242 858,82	276 043,85
-        - up to 12 months............	185 124,94	197 122,62	242 858,82	276 043,85
-      b) Due to taxes, subsidies, insurances, duties, etc...............	642,49	725,35	746,34	38 596,00
-      c) Other.......................	244 157,32	333 271,45	106 867,70
-      d) Received through judicial proceedings...........................			50 421,65
-  III. Short term investments........	121 510,86	126 030,20	196 440,70	249 452,48
-    1. Short-term financial assets...	121 510,86	126 030,20	196 440,70	249 452,48
-      c) cash and other liquid assets................................	121 510,86	126 030,20	196 440,70	249 452,48
-        - cash in hand and on bank account...............................	118 911,11	126 030,20	63 440,70	249 452,48
-        - other liquid assets........	2 599,75		133 000,00
-IV. Short-term prepayments and accrued income........................	57 703,47	68 926,61	94 212,35	185 891,56
-D. Total assets......................	12 149 045,96	12 170 620,71	10 176 923,57	10 158 125,18
-A. Shareholders' equity..............	2 166 155,81	1 898 739,65	1 787 491,25	1 439 526,40
-  I.   Basic share capital...........	1 762 220,00	1 762 220,00	1 762 220,00	1 762 220,00
-  IV.  Statutory reserve capital.....		152 948,70	19 060,97	19 060,97
-  V. Revaluation reserve.............	116 773,44
-  VII. Profit (loss) carried forward.			-341 754,57
-  VIII. Net profit (loss)............	784 977,10	504 846,54	788 252,23	-341 754,57
-  IX.  Deductions from profit during the accounting year (-.........	-497 814,73	-521 275,59	-440 287,38
-B. Liabilities and reserves for liabilities...........................	9 982 890,15	10 271 881,06	8 389 432,32	8 718 598,78
-II.  Long-term liabilities...........	6 161 908,70	2 320 838,43	6 630 687,93	6 598 391,93
-  2. Other liabilities...............	6 161 908,70	2 320 838,43	6 630 687,93	6 598 391,93
-    a) Loans.........................	5 629 200,00	2 106 400,00	6 327 746,73	6 549 146,73
-    c) Other financial liabilities...	532 708,70	214 438,43	302 941,20	49 245,20
-III. Short-term liabilities..........	3 812 632,44	7 938 115,45	1 746 842,81	2 113 032,14
-  2. Other liabilities...............	3 812 632,44	7 938 115,45	1 746 842,81	2 113 032,14
-    a) Loans.........................	2 357 958,21	6 484 773,68	222 692,61	936 963,59
-    c) Other financial liabilities...	10 849,75	127 627,16	108 720,33	22 728,56
-    d)Due to deliveries and services with payment period:.........	1 114 124,17	1 164 214,18	1 292 303,39	1 007 281,98
-      - up to 12 months..............	1 114 124,17	1 164 214,18	1 292 303,39	1 007 281,98
-    g) Due to taxes, subsidies, insurances, duties, etc...............	225 846,65	161 500,43	122 988,86	66 298,56
-    h) Due to salaries...............	101 147,54
-    i) Other.........................	2 706,12		137,62	79 759,45
-IV.  Accruals and deferred income....	8 349,01	12 927,18	11 901,58	7 174,71
-  2. Other accruals..................	8 349,01	12 927,18	11 901,58	7 174,71
-    - short-term.....................	8 349,01	12 927,18	11 901,58	7 174,71
-D. Total liabilities.................	12 149 045,96	12 170 620,71	10 176 923,57	10 158 125,18
Source of financial data	Court	Court	Court	Court
	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.....	20 203 574,42	20 164 251,17	16 789 103,92	13 306 550,14
-  I.   Net income on sales...........	11 943 052,41	10 160 971,01	7 990 862,23	5 696 197,84
-  II.  Change in value of stock ( +, -).................................	226 585,53	1 010 412,33	234 663,98	-357 732,03
-  IV.  Income from sales of goods and materials.........................	8 033 936,48	8 992 867,83	8 563 577,71	7 968 084,33
-B. Operational costs.................	18 517 567,62	18 912 716,68	15 276 842,56	13 086 264,57
-  I.   Depreciation..................	467 689,91		302 880,09	248 989,56
-  II.  Materials and energy..........	9 044 791,30		6 356 071,64	4 153 077,16
-  III. Third party services..........	1 198 329,42		1 383 868,52	1 578 127,34
-  IV.  Taxes and duties..............	162 020,43		143 652,58	116 052,24
-  V.   Salaries and wages............	1 965 756,26		1 295 278,27	1 347 847,01
-  VI.  Social security...............	411 589,76		260 936,59	271 399,77
-  VII. Other.........................	195 818,84		171 587,25	176 949,74
-  VIII.Costs of goods and materials sold..................................	5 071 571,70		5 362 567,62	5 193 821,75
-C. Profit on sale....................	1 686 006,80	1 251 534,49	1 512 261,36	220 285,57
-D. Other operating incomes...........	379 311,83	25 917,20	109 566,94	107 409,69
-  I.   Incomes from disposal non-financial assets..................	249 891,27		90 560,16	94 382,01
-  III. Other operating incomes.......	129 420,56	25 917,20	19 006,78	13 027,68
-E. Other operating costs.............	481 222,73	49 194,64	138 018,96	53 244,11
-  III. Other operating costs.........	481 222,73	49 194,64	138 018,96	53 244,11
-F. Profit on operating activities....	1 584 095,90	1 228 257,05	1 483 809,34	274 451,15
-G. Financial incomes.................	10 162,44	38 863,78	40 528,95	31 800,29
-  II.  Interest received.............	9 586,11	32 599,60	39 573,25	7 825,68
-  V.   Other.........................	576,33	6 264,18	955,70	23 974,61
-H. Financial costs...................	809 281,24	762 274,29	736 086,06	648 006,01
-  I.   Interest......................	604 831,67	660 235,81	549 022,48	549 349,64
-  IV.  Other.........................	204 449,57	102 038,48	187 063,58	98 656,37
-I. Profit on economic activity.......	784 977,10	504 846,54	788 252,23
-I. Loss on economic activity.........				341 754,57
-K. Gross profit......................	784 977,10	504 846,54	788 252,23
-K. Gross loss........................				341 754,57
-N. Net profit........................	784 977,10	504 846,54	788 252,23
-N. Net loss..........................				341 754,57

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	1,87	0,95	3,06	2,57
Quick ratio	0,14	0,08	0,34	0,27
Immediate ratio	0,03	0,02	0,11	0,12
Return on sale	3,93	2,64	4,76	-2,50
Return on assets	6,46	4,15	7,75	-3,36
Return on equity	36,24	26,59	44,10	-23,74
Average trade debtors' days	7,86	10,15	8,84	8,40
Average stock turnover's days	119,21	129,59	102,51	125,00
average payables payment period	69,66	151,69	38,52	56,44
Total indebtedness ratio	82,17	84,40	82,44	85,83

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.90.Z - NACE 2007), as at :	31.12.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,41	1,27	1,37	1,34	1,35
Quick ratio..............................	0,93	0,84	0,92	0,91	0,92
Immediate ratio..........................	0,14	0,12	0,11	0,12	0,13
Return on sale...........................	2,39	2,18	1,98	2,37	2,52
Return on assets.........................	5,39	4,73	4,39	4,83	5,29
Return on equity.........................	12,28	11,24	10,68	12,19	12,58
Average trade debtors' days..............	52,34	52,56	53,54	60,01	55,55
Average stock turnover's days............	34,13	32,82	32,07	34,73	33,41
average payables payment period..........	73,12	78,91	74,05	84,44	79,60
Total indebtedness ratio.................	56,15	57,91	58,95	60,38	57,95
Percent share in the examinated group of companies with net profit.............	85,80	86,80	84,00	85,20	88,30
Sales/revenue per employee in th. PLN....	1 348,43	1 326,46	1 251,19	1 194,06	1 096,92
Average sales/revenue per company in th. PLN..................................	249 661,96	227 937,24	212 247,13	200 401,36	168 306,09
according to the Central Statistical Office

Locations:

seat: ul. Strumykowa 32, 63-400 Ostrów Wielkopolski Phone:                   62 7357922 Fax:                     62 7375921 E-mail:                  mburghardt@fiha.com.pl                          wburghardt@fiha.com.pl Website:                 fiha.com.pl affiliates: ul. Nowowiejskiego 28, 83-000 Pruszcz Gdański Wasilków, ul. Przemysłowa 8, 16-020 Białystok ul. Magazynowa 8, 85-790 Bydgoszcz shops: ul. Odolanowska 61, 63-400 Ostrów Wielkopolski ul. Broniewskiego 7A, 62-700 Turek

Real Estate	Book value of buildings as at 31.12.2013	PLN	3 747 571,52
	Book value of lands as at 31.12.2013	PLN	299 489,57
	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 12.03.2015 there are no shares in other companies.

Connections:

As at 12.03.2015 there are no relations.

General information	Since 08.12.2009 the company participates in the program "Rzetelna Firma" (reliable company). As at 07.04.2015 the company had no overdue debts registered in the National Register of Debts.
	The subject has not decided to cooperate in elaboration of this report yet.

Banks

Bank Ochrony Środowiska SA O. w Ostrowie Wielkopolskim  (15401173) al. Powstańców Wielkopolskich 14, 63-400 Ostrów Wielkopolski Acc.no. 11154011732117400423300001  (PLN)

Payment Manner

In available sources, payment delays have not been noted

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.92.53
Euro	1	Rs.67.60

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.