MIRA INFORM REPORT

Report No. :	335658
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	MARBLE AND QUARTZITE POLASKA SP. Z. O. O.
Registered Office :	Jaroszów 129B, 58-120 Jaroszów
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	22.09.2000
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in sale of natural stone articles and elements
No. of Employee :	35

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 :	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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. The unemployment rate is now below 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 picked back up in 2014. 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, especially for entrepreneurs. Poland’s long-term challenges include diversifying Poland’s energy mix and sources of supply, as well as stemming the outflow of educated young Poles to other EU Member States, especially in light of a coming demographic contraction as the Solidarity-era baby boom generation ages.

Source : CIA

Company name and address

MARBLE AND QUARTZITE POLASKA SP. Z. O. O.

Jaroszów 129B

58-120 Jaroszów

Phone:    74 8558600

Fax:      74 8558490

E-mail:   office@mqpolska.pl

Website:  www.mqpolska.pl

Registration Details

Legal form	Limited liability company
Stat.no.	812053597
Tax ID	PL 8512694843
Establishment	22.09.2000
Changes of names and addresses	ul. Grodzka 18/5, 70-560 Szczecin
	27.11.2000  os. Na Murawie 8/3, 61-655 Poznań
	28.03.2014  Jaroszów 129B, 58-120 Jaroszów
Registration:	11.02.2002, District Court Wrocław, IX Department, KRS 85365 Data concerning previous registrations: 05.10.2000, District Court Szczecin, RHB 7254

Shareholders

M + Q GRANIT AG, Staldenbachstrasse 30, 8808 Pfäffikon SZ, Switzerland	PLN	5 000 000,00 100,00%
list entered to NCR /KRS/ on  30.01.2013

Initial Capital		PLN 5 000 000,00
Initial capital divided into 100000 shares of PLN 50,00 each
Changes of initial capital
- since 11.02.2002  until 30.11.2010  the capital estimated	PLN 200 000,00

Management

Michał Nowak , personal ID no. (PESEL) 73040113834, Roszków 28, 63-200 Jarocin
 - member of board of directors

Mario Marcenaro , Johannesburg 47 Oxford Ave, 2196 Sandhurst , South Africa
 - member of board of directors

Representation:

since 28.02.2008 
To sign and file statements and incur obligations on behalf of the company:
- up to the amount PLN 50.000 - each member of the board of directors individually
- above the amount PLN 50.000 - two members of the board of directors jointly

Main activity Sale of natural stone articles and elements Stone processing
Branches NACE 2007:
Other wholesale	(G.46.73.Z)
Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate	(B.08.11.Z)
Manufacture of other non-metallic mineral products	(C.23)
Sewage and refuse disposal, sanitation and similar activities	(E.39.00.Z)
Building erection related general building activity	(F.41.10.Z)
Agents involved in the sale of machinery, industrial equipment, ships and aircraft	(G.46.14.Z)
Employment

2007:              15        employees
2009:              10 to 49  employees 
2010:              10 to 49  employees 
2012:              38        employees
2013:              35        employees

Turnover

2009	PLN		58 920 671,36
2010	PLN		28 933 733,19
2011	PLN		32 664 964,20
2012	PLN		44 359 573,45
	2013	PLN	40 888 019,95

Financial statements

Current financial data not available due to no insight into court files of the company.

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......................	3 061 358,27	2 484 384,64	3 144 040,59	6 926 250,05
-  I.   Intangible assets.............	2 738,60	8 579,24	4 289,78	719,43
-    2. Goodwill......................	2 738,60
-    3. Other intangible assets.......		8 579,24	4 289,78	719,43
-  II.  Tangible assets...............	1 681 006,08	1 765 512,40	2 593 667,81	5 761 091,62
-    1. Fixed goods...................	1 437 748,96	1 578 295,63	2 408 774,68	5 621 213,85
-      a) land........................	385 979,53	390 353,29	1 009 039,83	5 150 618,51
-      b) buildings, premises, facilities............................	682 862,89	736 623,85	790 384,81	269 201,76
-      c) machinery and equipment.....	60 960,75	112 783,42	161 488,78	34 469,32
-      d) fleet of motor vehicles.....	109 214,32	95 374,05	144 800,73	81 977,05
-      e) other fixed goods...........	198 731,47	243 161,02	303 060,53	84 947,21
-    2. Fixed goods under construction..........................	243 257,12	187 216,77	184 893,13	44 877,77
-    3. Prepayments for fixed goods under construction....................				95 000,00
-  III. Long term receivables.........	207 685,59
-    2. Other receivables.............	207 685,59
-  IV.  Long term investments.........				808 748,00
-    3. Long term financial assets....				808 748,00
-      a) in affiliated companies.....				808 748,00
-        - participations or shares...				808 748,00
-V. Long-term prepayments and accrued income........................	1 169 928,00	710 293,00	546 083,00	355 691,00
-  1. Deferred tax assets.............	1 169 928,00	710 293,00	546 083,00	355 691,00
-B. Current assets....................	31 801 715,14	30 756 038,79	24 140 645,02	17 279 874,31
-  I.   Stock.........................	21 485 094,02	17 831 635,21	15 986 637,38	8 769 518,07
-    2. Semi-finished products and work-in-progress......................	30 830,22
-    4. Goods for re-sale.............	21 454 263,80	17 821 635,21	15 976 637,38	8 769 518,07
-    5. Advance payments .............		10 000,00	10 000,00
-  II. Short-term receivables.........	3 163 745,19	6 562 835,90	2 747 190,89	8 299 367,48
-    1. Receivables from affiliated companies.............................	7 449,00	43 463,95	9 132,62	6 623 590,81
-      a) Due to deliveries and services with payment period:.........	7 449,00	43 463,95	9 132,62	6 623 590,81
-        - up to 12 months............	7 449,00	43 463,95	9 132,62	6 623 590,81
-    2. Other receivables ............	3 156 296,19	6 519 371,95	2 738 058,27	1 675 776,67
-      a) Due to deliveries and services with payment period:.........	2 953 075,77	6 310 530,81	2 210 170,38	1 161 388,09
-        - up to 12 months............	2 953 075,77	6 310 530,81	2 210 170,38	1 161 388,09
-      b) Due to taxes, subsidies, insurances, duties, etc...............	144 320,02	143 911,88	202 045,89	251 564,02
-      c) Other.......................	58 900,40	64 929,26	325 842,00	262 824,56
-  III. Short term investments........	7 118 534,72	6 329 625,25	5 300 607,11	24 574,42
-    1. Short-term financial assets...	487 534,72	5 625,25	285 607,11	24 574,42
-      c) cash and other liquid assets................................	487 534,72	5 625,25	285 607,11	24 574,42
-        - cash in hand and on bank account...............................	487 534,72	5 625,25	285 435,43	24 574,42
-        - other liquid assets........			171,68
-      2. Other short-term investments...........................	6 631 000,00	6 324 000,00	5 015 000,00
-IV. Short-term prepayments and accrued income........................	34 341,21	31 942,43	106 209,64	186 414,34
-D. Total assets......................	34 863 073,41	33 240 423,43	27 284 685,61	24 206 124,36
-A. Shareholders' equity..............	5 402 447,48	5 322 271,21	5 270 851,02	8 479 151,77
-  I.   Basic share capital...........	5 000 000,00	5 000 000,00	5 000 000,00	5 000 000,00
-  IV.  Statutory reserve capital.....	14 954,24	14 954,24	14 954,24	14 954,24
-  VI.  Other reserve capital.........	1 381 726,97	1 381 726,97	2 637 521,33	4 996 335,42
-  VII. Profit (loss) carried forward.	-1 074 410,00	-1 125 830,19	-1 125 830,19
-  VIII. Net profit (loss)............	80 176,27	51 420,19	-1 255 794,36	-1 532 137,89
-B. Liabilities and reserves for liabilities...........................	29 460 625,93	27 918 152,22	22 013 834,59	15 726 972,59
-  I.   Reserves for liabilities......	463 197,34	688 874,12	124 069,92	140 101,45
-    1. Deferred income tax reserves..	203 793,00	503 391,00	13 627,00	40 436,00
-    2. Reserves for pensions and similar social payments...............	259 404,34	185 483,12	110 442,92	99 665,45
-      - long-term....................	259 404,34	185 483,12		99 665,45
-      - short-term...................			110 442,92
-II.  Long-term liabilities...........				2 447 011,01
-  2. Other liabilities...............				2 447 011,01
-    a) Loans.........................				2 438 310,00
-    c) Other financial liabilities...				8 701,01
-III. Short-term liabilities..........	28 957 678,59	27 187 778,10	21 864 764,67	13 116 860,13
-  1. Due to affiliated companies.....	22 744 749,00	23 066 049,82	15 862 060,74	9 062 300,51
-    a) Due to deliveries and services with payment period:.........	22 744 749,00	23 066 049,82	15 862 060,74	9 062 300,51
-      - up to 12 months..............	18 965 288,75	23 066 049,82	15 862 060,74	9 062 300,51
-      - above 12 months..............	3 779 460,25
-  2. Other liabilities...............	6 212 929,59	4 121 728,28	6 002 703,93	4 054 559,62
-    a) Loans.........................		961 074,85	3 729 700,80	3 373 268,75
-    c) Other financial liabilities...			8 701,01	31 376,93
-    d)Due to deliveries and services with payment period:.........	4 550 143,98	2 662 836,52	1 342 967,26	391 096,32
-      - up to 12 months..............	4 550 143,98	2 662 836,52	1 342 967,26	391 096,32
-    e) Advances received.............	952 635,91	149 104,14	292 135,66	149 551,66
-    g) Due to taxes, subsidies, insurances, duties, etc...............	570 263,78	193 933,18	584 285,44	103 236,56
-    h) Due to salaries...............	133 360,93	145 454,46	41 115,86
-    i) Other.........................	6 524,99	9 325,13	3 797,90	6 029,40
-IV.  Accruals and deferred income....	39 750,00	41 500,00	25 000,00	23 000,00
-  2. Other accruals..................	39 750,00	41 500,00	25 000,00	23 000,00
-    - short-term.....................	39 750,00	41 500,00	25 000,00	23 000,00
-D. Total liabilities.................	34 863 073,41	33 240 423,43	27 284 685,61	24 206 124,36
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.....	40 888 019,95	44 359 573,45	32 664 964,20	28 933 733,19
-  - including related companies......				3 860 000,61
-  I.   Net income on sales...........	200 130,56	102 672,77	187 788,79	555 852,60
-  II.  Change in value of stock ( +, -).................................	-38 942,22	-165 807,41	-70 769,66	-1 580 242,85
-  IV.  Income from sales of goods and materials.........................	40 726 831,61	44 422 708,09	32 547 945,07	29 958 123,44
-B. Operational costs.................	42 311 152,46	45 940 020,30	34 513 979,94	30 598 675,64
-  I.   Depreciation..................	221 756,83	269 761,86	254 945,07	111 741,28
-  II.  Materials and energy..........	564 108,49	522 021,38	349 315,08	140 791,53
-  III. Third party services..........	3 951 005,12	3 539 740,68	3 363 895,25	2 692 134,22
-  IV.  Taxes and duties..............	250 047,57	246 328,15	163 046,98	133 317,60
-  V.   Salaries and wages............	2 573 416,83	2 468 817,60	2 538 922,49	1 275 691,25
-  VI.  Social security...............	510 488,26	477 779,86	490 960,54	236 597,64
-  VII. Other.........................	412 149,25	458 854,33	550 259,53	494 661,70
-  VIII.Costs of goods and materials sold..................................	33 828 180,11	37 956 716,44	26 802 635,00	25 513 740,42
-C. Loss on sale......................	1 423 132,51	1 580 446,85	1 849 015,74	1 664 942,45
-D. Other operating incomes...........	1 459 550,35	1 799 989,73	2 654 075,17	1 509 464,77
-  I.   Incomes from disposal non-financial assets..................	8 882,60	8 386,42	23 798,99
-  III. Other operating incomes.......	1 450 667,75	1 791 603,31	2 630 276,18	1 509 464,77
-E. Other operating costs.............	732 804,61	1 119 173,59	232 243,00	1 428 313,14
-  I.   Loss on disposal of non-finacial assets...................				69 704,80
-  II.  Goodwill revaluation..........	531 133,31	987 815,84
-  III. Other operating costs.........	201 671,30	131 357,75	232 243,00	1 358 608,34
-F. Profit on operating activities....			572 816,43
-F. Loss on operating activities......	696 386,77	899 630,71		1 583 790,82
-G. Financial incomes.................	126 942,17	1 486 314,19	888 844,35	269 318,35
-  II.  Interest received.............	46 871,60	15 319,46	4 551,69	77 464,89
-  IV.  Financial assets revaluation..			884 261,52
-  V.   Other.........................	80 070,57	1 470 994,73	31,14	191 853,46
-H. Financial costs...................	27 049,13	209 709,29	2 621 806,14	150 225,42
-  I.   Interest......................	27 049,13	206 775,96	373 399,28	140 314,87
-  IV.  Other.........................		2 933,33	2 248 406,86	9 910,55
-I. Profit on economic activity.......		376 974,19
-I. Loss on economic activity.........	596 493,73		1 160 145,36	1 464 697,89
-K. Gross profit......................		376 974,19
-K. Gross loss........................	596 493,73		1 160 145,36	1 464 697,89
-L. Corporation tax...................	-676 670,00	325 554,00	95 649,00	67 440,00
-  a) current part....................	82 563,00
-  b) deferred part...................	-759 233,00
-N. Net profit........................	80 176,27	51 420,19
-N. Net loss..........................			1 255 794,36	1 532 137,89

AUDITOR

Balance sheet as at 31.12.2013
KAMIŃSKI I WS ÓLNICY - BIEGLI REWIDENCI I KONSULTANCI PODATKOWI Sp. z o.o., ul. Plater 53, 00-113 Warszawa	No. 661

Balance sheet as at 31.12.2011
KAMIŃSKI I WSPÓLNICY - BIEGLI REWIDENCI I KONSULTANCI PODATKOWI Sp. z o.o., ul. Plater 53, 00-113 Wa szawa	No. 661

Expert auditor Roman Kamiński

Balance sheet as at 31.12.2010
KAMIŃSKI I WSPÓLNICY - BIEGLI REWIDENCI I KONSULTANCI PODATKOWI Sp. z o.o., ul. Plater 53, 00-113 Warszawa	No. 661

Expert auditor Roman Kamiński

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	1,10	1,13	1,10	1,32
Quick ratio	0,36	0,47	0,37	0,63
Immediate ratio	0,02		0,01
Return on sale	0,20	0,12	-3,84	-5,02
Return on assets	0,23	0,15	-4,60	-6,33
Return on equity	1,48	0,97	-23,83	-18,07
Average trade debtors' days	28,22	53,95	30,63	99,27
Average stock turnover's days	191,61	146,58	178,25	104,90
average payables payment period	258,25	223,48	243,79	156,90
Total indebtedness ratio	84,50	83,99	80,68	64,97

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.73.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,48	1,48	1,39	1,32	1,36
Quick ratio..............................	0,88	0,87	0,84	0,77	0,82
Immediate ratio..........................	0,12	0,14	0,13	0,10	0,10
Return on sale...........................	0,44	1,68	1,11	1,19	1,62
Return on assets.........................	0,19	3,41	2,31	2,56	3,51
Return on equity.........................	0,41	7,32	5,19	6,05	8,35
Average trade debtors' days..............	66,70	54,85	56,59	55,62	58,73
Average stock turnover's days............	53,13	45,71	43,53	45,71	43,58
average payables payment period..........	91,30	76,73	81,26	85,10	82,80
Total indebtedness ratio.................	53,27	53,39	55,41	57,70	57,91
Percent share in the examinated group of companies with net profit.............	50,00	84,60	81,00	75,10	81,40
Sales/revenue per employee in th. PLN....	196,22	867,97	811,58	808,72	818,58
Average sales/revenue per company in th. PLN..................................	25 612,75	112 206,50	102 474,79	99 986,58	106 329,08
according to the Central Statistical Office

Locations:

seat: Jaroszów 129B, 58-120 Jaroszów Phone:                   74 8558600 Fax:                     74 8558490 E-mail:                  anna@mqpolska.pl                          anna@mqpolska.pl                          office@mqpolska.pl Website:                 www.mqpolska.pl

Real Estate	Book value of buildings as at 31.12.2013	PLN	682 862,89
	Book value of lands as at 31.12.2013	PLN	385 979,53
	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 109 214,32

Shares in other companies

As at 17.07.2015 there are no shares in other companies.

Connections:	Mario Marcenaro  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: 17.07.2015.

Taking overs

03.01.2011 (Entry date) - merger MARBLE & QUARTZITE Polska Sp. z o.o., Jaroszów 129B, 58-120 Jaroszów (as taking over)  STONE CONNECTION POLSKA SPÓŁKA Z O.O. KRS 204020, Jaroszów 129B, 58-120 Jaroszów (as taken over)

General information

Despite our hard efforts, we could not achieve more information from available sources. The subject has not decided to cooperate in elaboration of this report yet. Court files of the said company at Register Court are temporarily unavailable. Should we receive further information, we will send it to you immediately.

Banks

Names of banks were not disclosed

Payment Manner	Payment delays cannot be excluded.	(37)
Credit capability	Business connections appear permissible, credits should not be refused. Maximum credit PLN  400 000,00	(31)
	We would like to draw your attention to: - Unsettled losses from previous years - long period of liabilities repayment - high level of the debt ratio Observation of further development of the company is recommended.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.98.76
Euro	1	Rs.69.88

INFORMATION DETAILS

Analysis Done by :	DIV
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.