MIRA INFORM REPORT

Report No. :	316920
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	POL-NIL SA
Registered Office :	Ul. Annopol 6A 03-236 Warszawa
Country :	Poland
Financials (as on) :	31.12.2014
Date of Incorporation :	04.04.1991
Legal Form :	Joint Stock Company
Line of Business :	Import and sale of pharmaceutical goods and cosmetics Contract manufacturing of medicinal products Wholesale of chemical products Other wholesale Manufacture of pharmaceutical preparations
No. of Employee :	31 (April 2015)

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 2013 and 2014, 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

POL-NIL SA

ul. Annopol 6A 03-236 Warszawa

Phone: 22 8142000

Fax: 22 8141600

E-mail: office@pol-nil.com.pl

Website: pol-nil.com.pl

Legal Form : Joint Stock Company

Stat.no. : 012510849

Tax ID : 5260211699

Establishment

04.04.1991 as Limited liability company

12.10.2006 as Joint Stock Company

Changes of names and addresses

POL-NIL SPOLKA Z OGRANICZONA ODPOWIEDZIALNOSCIA

12.10.2006 POL-NIL SA

Registration

31.10.2006, District Court Warszawa, XIII Department, KRS 266265

Data concerning previous registrations: 29.04.1991, District Court Warszawa, RHB 26839

27.07.2001, District Court Warszawa, KRS 31953

Shareholders

Marek Emil Rafalowski , personal ID no. (PESEL) 56011905272, ul. Hoza 1/12, 00-528 Warszawa

Percent of owned shares 50.00%

Marek Tadeusz Dyrda , personal ID no.

(PESEL) 57080100450, ul. Nowosielecka 22/4,

00-466 Warszawa

Percent of owned shares 40.00%

Krzysztof Jaroslaw Hordejuk , personal ID

no. (PESEL) 55112504438, ul. Borowa 57,

05-520 Konstancin-Jeziorna

Percent of owned shares 10.00%

shareholders' list as at 31.12.2009

Share capital

PLN 550 000,00

Share capital divided into 5500000 shares of PLN 0,10 each

Management

Marek Emil Rafalowski , personal ID no. (PESEL) 56011905272, ul. Hoza

1/12, 00-528 Warszawa

- president

Marek Tadeusz Dyrda , personal ID no. (PESEL) 57080100450, ul.

Nowosielecka 22/4, 00-466 Warszawa

- vice president

Proxies

Krzysztof Jaroslaw Hordejuk , personal ID no. (PESEL) 55112504438, ul. Borowa 57, 05-520 Konstancin-Jeziorna

- independent proxy

Representation

Each member of the board of directors individually.

Supervisory board

Benedykt Jancerowicz , personal ID no. (PESEL) 31082301057

Jan Hordejuk , personal ID no. (PESEL) 32033002010 Sylwester

Radomski , personal ID no. (PESEL) 54111109491

Main activity

Import and sale of pharmaceutical goods and cosmetics

Contract manufacturing of medicinal products

Branches NACE 2007:

Wholesale of chemical products Other wholesale

Manufacture of pharmaceutical preparations

Employees

2011 : 75 Employees

2012 : 75 Employees

2013 : 55 Employees

2014 : 31 Employees

April 2015 : 31 Employees

Turnover

2011 PLN 42079932,51

2012 PLN 38 135 962,15

2013 PLN 168 374,75

2014 PLN 36 330 569,84

2015 – expected value PLN 30 000 000,00

Financial statements

Source of financial data		Subject				Court			Court		Subject
			annual			annual			annual			annual
Personal balance sheet as at		31.12.2014 (PLN)			31.12.2013 (PLN)			31.12.2012 (PLN)			31.12.2011 (PLN)
-A. Fixed assets..............................	28	254	967,18	28	647	135,34	29	502	540,80	29	396	055,45
- I. Intangible assets.................	4	745	339,11	2	686	555,91	2	083	150,18		468	160,34
- 1. Costs of finished development works...........................	4	574	946,27	2	485	683,44	1	996	47 9, 69		227	924,99
- 3. Other intangible assets.......		170	392,84		200	872,47		86	670,49		240	235,35
- II. Tangible assets....................	22	792	123,87	21	172	161,51	21	737	316,43	22	158	277,39
- 1. Fixed goods......................	22	792	123,87	21	172	161,51	21	616	999,21	22	080	410,93
- a) land.................................	1	863	000,00
- b) buildings, premises, facilities.......................................	10	385	507,55	10	543	068,98	10	705	985,21	10	792	232,34
- c) machinery and equipment........................................................	9	931	321,76	9	883	247,32	10	130	894,88	10	379	441,35
- d) fleet of motor vehicles		76	673,58		124	067,89		20	344,21		27	497,17
- e) other fixed goods		535	620,98		621	777,32		759	774,91		881	240, 07
- 2. Fixed goods under construction..								120	317,22
- 3. Prepayments for fixed goods under construction..											77	866,46
- III. Long term receivables............		6	837,79		211	620,25		211	531,40		211	502,19
- 2. Other receivables		6	837,79		211	620,25		211	531,40		211	502,19
-V. Long-term prepayments and accrued income		710	666,41	4	576	797,67	5	470	542,79	6	558	115,53
- 1. Deferred tax assets................		557	210,53		426	430,03		725	546,29	1	187	405,19
- 2. Other prepayments		153	455,88	4	150	367,64	4	744	996,50	5	370	710,34
-B. Current assets...........................	24	955	137,67	23	633	423,40	22	082	847,65	23	159	764,15
- I. Stock........................................	14	310	319,67	14	723	215,18	13	436	800,91	12	707	771,13
- 1. Raw materials.....................					373	189,97		676	722,50		403	583,00
- 2. Semi-finished products and work-in-progress..	9	841	888,18	11	300	422,56	10	608	975,57	9	154	212,19
- 3. Finished products					160	061,78					726	551,47
- 4. Goods for re-sale..............	4	468	431,49	2	889	195,87	2	147	052,84	2	419	374,47
- 5. Advance payments .............						345,00		4	050,00		4	050,00
- II. Short-term receivables...	9	442	776,61	6	419	948,47	6	019	933,36	7	937	197,44
- 2. Other receivables .	9	442	776,61	6	419	948,47	6	019	933,36	7	937	197,44
- a) Due to deliveries and services with payment period:.......	9	435	900,76	6	396	118,91	5	997	893,38	7	205	544 , 97
- - up to 12 months	9	435	900,76	6	396	118,91	5	997	893,38	7	205	544 , 97
- b) Due to taxes, subsidies, insurances, duties, etc..		6	875,85		22	791,87		18	789,79		24	486,14
- c) Other..					1	037,69		3	250,19		707	166,33
- III. Short term investments...	1	017	827,01	1	781	640,13	1	928	612,47	1	831	385,83
- 1. Short-term financial assets...	1	017	827,01	1	781	640,13	1	928	612,47	1	831	385,83
- c) cash and other liquid assets.....	1	017	827,01	1	781	640,13	1	928	612,47	1	831	385,83
- - cash in hand and on bank account		16	015,15		176	018,64		320	300,99		331	385,83
- - other liquid assets.	1	001	811,86	1	605	621,49	1	608	311,48	1	500	000,00
-IV. Short-term prepayments and accrued income		184	214,38		708	619,62		697	500,91		683	409,75
-D. Total assets...............................	53	210	104,85	52	280	558,74	51	585	388,45	52	555	819,60
-A. Shareholders' equity..................	20	275	593,56	19	468	464,27	19	418	135,52	19	092	697,56
- I. Basic share capital..............		550	000,00		550	000,00		550	000,00		550	000,00
- IV. Statutory reserve capital...	16	911	877,27	18	868	135,52	18	542	697,56	18	251	932,74
- VII. Profit (loss) carried forward.					-59	532,15				-669		478,00
- VIII. Net profit (loss)....................		813	716,29		109	860,90		325	437,96		960	242,82
-B. Liabilities and reserves for liabilities....	32	934	511,29	32	812	094,47	32	167	252,93	33	463	122,04
- I. Reserves for liabilities....		87	223,73		128	424,05		183	495,97		275	798,21
- 1. Deferred income tax reserves..		32	233,38		15	955,86		74	283,94		37	168,81

- 2. Reserves for pensions and similar social payments..		45	540,35		49	833,70		41	917,00		158	980,00
- - long-term		45	060,67		49	340,21		41	465,00		60	361,00
- - short-term.			47 9, 68			493,49			452,00		98	619,00
- 3. Other reserves...........		9	450,00		62	634,49		67	295,03		79	649,40
- - short-term.		9	450,00		62	634,49		67	295,03		79	649,40
-II. Long-term liabilities......	13	021	882,53	22	646	604,30	23	776	088,84	24	838	824,97
- 2. Other liabilities........	13	021	882,53	22	646	604,30	23	776	088,84	24	838	824,97
- a) Loans.	10	936	000,00	10	936	000,00	10	936	000,00	10	936	000,00
- c) Other financial liabilities...		85	882,53	9	710	604,30	10	840	088,84	11	902	824,97
- d) Other..	2	000	000,00	2	000	000,00	2	000	000,00	2	000	000,00
-III. Short-term liabilities.........	14	164	000,60	9	963	940,86	8	068	793,74	8	213	933,33
- 2. Other liabilities........	14	164	000,60	9	963	940,86	8	065	499,07	8	194	734,60
- a) Loans.	2	778	660,07	1	749	563,60					640	496,80
- c) Other financial liabilities...				1	302	024,00	1	302	024,00	2	468	112,44
- d)Due to deliveries and services with payment period:............................	9	163	159,05	5	671	363,76	6	195	233,76	4	677	925,33
- - up to 12 months	9	163	159,05	5	671	363,76	6	195	233,76	4	677	925,33
- e) Advances received					647	219,40
- g) Due to taxes, subsidies, insurances, duties, etc..	2	222	181,48		593	770,10		567	914,89		403	546,02
- h) Due to salaries									326,42
- i) Other...											4	654,01
- 3. Special funds								3	294 , 67		19	198,73
-IV. Accruals and deferred income.......................................................	5	661	404,43		73	125,26		138	874,38		134	565,53
- 2. Other accruals	5	661	404,43		73	125,26		138	874,38		134	565,53
- - short-term..	5	661	404,43					138	874,38		134	565,53
-D. Total liabilities......	53	210	104,85	52	280	558,74	51	585	388,45	52	555	819,60
Source of financial data		Subject				Court			Court
			annual			annual			annual
individual PROFIT AND LOSS ACCOUNT	01.01.2014-			01.01.2013-			01.01.2012-
		31.12.2014			31.12.2013			31.12.2012
			(PLN)			(PLN)			(PLN)
-A. Income from sales and similar..	36	330	569,84	43	168	374,75	38	135	962,15
- I. Net revenue form sale of products	2	885	612,35	3	804	882,45	6	122	348,29
- II. Net revenue from sale of goods	33	444	957,49	39	363	492,30	32	013	613,86
-B.Cost of products, goods sold......	28	534	633,11	33	069	845,59	29	379	409,04
- I. Cost of production of products sold		525	008,31		993	046,56	3	048	767,68
- II. Value of products sold...	28	009	624,80	32	076	799,03	26	330	641,36
-C. Gross profit on sale...................	7	795	936,73	10	098	529,16	8	756	553,11
-D. Costs of sale.	1	222	315,21	1	269	019,92	1	035	740,38
-E. General management costs.......	4	982	975,67	6	132	295,52	6	232	783,77
-F. Profit on sale..	1	590	645,85	2	697	213,72	1	488	028,96
-G. Other operating incomes		816	108,77		149	449,48		863	026,65
- I. Incomes from disposal of fixed assets.		491	205,72		22	779,23		7	707,00
- II. Subsidies....		84	521,94		98	919,93		449	281,19
- III. Other operating incomes..		240	381,11		27	750,32		406	038,46
-H. Other operating costs................		182	037,07		462	761,42		247	356,64
- I. Loss on dsiposal of		50	054,55
non--financial fixed assets....
- III. Other operating costs...		131	982,52		462	761,42		247	356,64
-I. Profit on operating activities......	2	224	717,55	2	383	901,78	2	103	698,97
-J. Financial incomes......................	1	029	377,61		87	625,60	1	019	153,70
- II. Interest received....		41	614,87		87	625,60		156	460,42
- - including related companies.		41	614,87		87	625,60		156	460,42
- V. Other.....		987	762,74					862	693,28

AUDITOR

Balance sheet as at 31.12.2012

POL-TAX Sp. z o.o., ul. Bora-Komorowskiego 5 6C/91, No. 2 695

03-982 Warszawa Expert auditor Grazyna Cichosz No. 9878

Ratios	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio	1,76	2,37	2,74	2,82
Quick ratio	0,74	0,82	0,99	1,19
Immediate ratio	0,07	0,18	0,24	0,22
Return on sale	2,24	0,25	0,85	2,37
Return on assets	1,53	0,21	0,63	1,83
Return on equity	4,01	0,56	1,68	5,03
Average trade debtors' days	94,87	54,28	57,77	71,36
Average stock turnover's days	143,77	124,49	128,96	114,25
average payables payment period	142,30	84,25	77,44	73,85
Total indebtedness ratio	61,90	62,76	62,36	63,67

Current ratio......	1,51	1,66	1,53	1,14	1,11
Quick ratio.....	0,94	1,06	0,95	0,76	0,77
Immediate ratio.....	0,13	0,14	0,10	0,09	0,08
Return on sale.....	3,11	3,96	0,72	4,05	2,19
Return on assets.....	6,49	8,43	1,71	8,69	4,46
Return on equity.....	16,14	19,70	4,56	21,64	13,82
Average trade debtors' days.......	49,12	49,85	53,66	57,73	57,67
Average stock turnover's days........	36,70	35,58	36,55	34,45	33,96
average payables payment period......	65,92	60,52	64,47	90,78	102,77
Total indebtedness ratio........	59,81	57,20	62,54	59,82	67,75
Percent share in the examinated group of companies with net profit.........	93,80	92,60	91,50	94,40	87,30
Sales/revenue per employee in th. PLN..........	2 297,05	2 317,10	2 613,50	2 400,45	2 096,10
Average sales/revenue per company in th. PLN..	314 695,47	276 007,57	297 644,08	258 606,56	213 369,35

according to the Central Statistical Office

Locations: seat

ul. Annopol 6A, 03-236 Warszawa

Phone: 22 8142000

Fax: 22 8141600

E-mail: office@pol-nil.com.pl

Website: pol-nil.com.pl

production works:

ul. Faradaya 2, 03-233 Warszawa

Wytwornia Produktow Leczniczych

Phone: 22 8111003

warehouse:

Duchnice, ul. Ozarowska 28/30, 05-850 Ozarow Mazowiecki

Phone: 22 7210090

Real Estate

ul. Annopol 6A, 03-236 Warszawa

ul. Faradaya 2, 03-233 Warszawa perpetual usufruct, lands production plant

Book value of buildings as at 31.12.2014 PLN 10 385 507,55

Book value of lands as at 31.12.2014 PLN 1 863 000,00

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 31.12.2014 book value of car fleet was: PLN 76 673,58

Shares in other companies

As at 23.03.2015 there are no shares in other companies.

Connections

Sylwester Radomski , personal ID no. (PESEL) 54111109491

- TERRA PRO INVEST sp. z o.o., ul. Korkowa 108, 04-549 Warszawa

• shareholder: PLN 1 000,00 (20,00%)

• president

- POLSKI FUNDUSZ INWESTYCYJNY SA w likwidacji NIP

9451931716, ul. Rymkiewicza 2, 01-644 Warszawa

• member of supervisory board

- MILLENIUM-INWESTYCJE sp. z o.o. NIP 7251797554, ul.

Elektoralna 13/103, 00-137 Warszawa

• president

- "RALL LOGISTIC ENERGY" sp. z o.o. NIP 5252437934, ul. Rymkiewicza 2, 01-644 Warszawa

• shareholder: PLN 10 000,00 (20,00%)

• proxy

Marek Emil Rafalowski , personal ID no. (PESEL) 56011905272 - NIOPHARMA LABS POLSKA sp. z o.o., ul. Odrowaza 15, 03-310 Warszawa • shareholder: PLN 3 700,00 (37,00%)

Data concerning connections are valid as at: 23.03.2015.

Taking overs

29.10.2002 (Entry date) - merger

POL-NIL SPOLKA Z OGRANICZONA ODPOWIEDZIALNOSCIA, ul. Annopol 6A, 03-236 Warszawa (as taking over)

BIOVENA LABORATORIUM Sp. z o.o. KRS 9695, ul. Odrowaza Nr. Domu 13

Miejscowosc WARSZAWA, 03-310 Warszawa (as taken over)

30.05.2006 (Entry date) - merger

POL-NIL SPOLKA Z OGRANICZONA ODPOWIEDZIALNOSCIA, ul. Annopol 6A, 03-236 Warszawa (as taking over)

MARCPHARM Sp. z o.o. , ul. Annopol 6A, 03-236 Warszawa (as taken over)

04.02.2005 (Entry date) - merger

POL-NIL SPOLKA Z OGRANICZONA ODPOWIEDZIALNOSCIA, ul. Annopol 6A, 03-236 Warszawa (as taking over)

BIOVENA LABORATORIUM Sp. z o.o. KRS 9695, ul. Odrowaza Nr. Domu 13 Miejscowosc WARSZAWA, 03-310 Warszawa (as taken over)

Certificates

ISO 9001:2008

valid until 26.05.2017

Banks

RAIFFEISEN BANK POLSKA SA Centrala (17500009)

ul. Piekna 20, 00-549 Warszawa

Acc.no. 55175000090000000005304229

Payment Manner

In available sources, payment delays have not been noted

Credit capability

Business connections appear permissible

We would like to draw your attention to:

Liabilities and reserves for liabilities exceeding

- current assets

- long period of liabilities repayment

- Fall in sales

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.40
UK Pound	1	Rs.92.15
Euro	1	Rs.66.48

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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.