MIRA INFORM REPORT

Report No. :	336600
Report Date :	19.08.2015

IDENTIFICATION DETAILS

Name :	INTERNATIONAL TOBACCO MACHINERY POLAND SP. Z O.O.
Registered Office :	Ul. Warsztatowa 19A 26-600 Radom
Country :	Poland
Financials (as on) :	30.06.2015
Date of Incorporation :	17.09.1991
Legal Form :	Limited liability company
Line of Business :	Manufacture of machinery for tobbaco processing and machinery for prodcution of cigarettes, cigars and chewing gum
No. of Employees :	360

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 – 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

INTERNATIONAL TOBACCO MACHINERY POLAND Sp. z o.o.

ul. Warsztatowa 19A
26-600 Radom

Phone:    48 3686100

Fax:      48 3686101

E-mail:   itm@itmgroup.pl

recepcja@itmgroup.eu

Website:  www.itmgroup.pl

Company Summery

Legal form	Limited liability company	(5)
Stat.no.	670042991
Tax ID	PL 7960035567

Establishment	17.09.1991	(5)
Changes of names and addresses	ul. Tytoniowa 17, 26-600 Radom
	25.08.1992  ul. Warsztatowa 19A, 26-600 Radom

Registration:

27.02.2003, District Court Warszawa, XIV Department, KRS 152687 Data concerning previous registrations: 23.11.1991, District Court Radom, RHB 964

Shareholders	MACHINERY PRODUCTS AND DEVELOPMENT HOLDING B.V., 8260AC Kampen, Netherlands	PLN	5 000 000,00 100,00%
	list entered to NCR /KRS/ on  27.02.2003

Initial Capital		PLN 5 000 000,00
	Initial capital divided into 1000 shares of PLN 5 000,00 each

Management	Leszek Sikora , personal ID no. (PESEL) 66090301335  - president Anna Maria Pucuła Porochnenko , personal ID no. (PESEL) 72052600767  - vice president
	Representation: since 22.07.2013  If one man board – president individually. If numerous managers – two members of the board of directors jointly or member of the board of directors and proxy jointly.

Main activity	Manufacture of machinery for tobbaco processing and machinery for prodcution of cigarettes, cigars and chewing gum
	Branches NACE 2007:
	Manufacture of machines for food, tobacco and beverages processing	(C.28.93.Z)

Employment

2011:              305       employees 2012:              313       employees 2013:              345       employees 2014:              355       employees 2015:              360       employees

Turnover	2012	PLN	191 203 456,78
	2013	PLN	277 516 147,64
	2014	PLN	336 909 849,85
	01.01.2015 - 30.06.2015	PLN	128 360 000,00
	2015 - expected value	PLN	320 000 000,00
consolidated turnover	2008	PLN	143 759 393,79
	2009	PLN	220 590 617,17
	2010	PLN	130 900 418,34
	2011	PLN	234 214 361,58
	2012	PLN	228 349 105,83

Financial statements

Source of financial data	Subject	Subject	Court	Court
	F01	annual	annual	annual
Personal balance sheet as at	30.06.2015 (PLN)	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	68 921 000,00	67 274 538,92	53 662 694,88	48 012 901,78
-  I.   Intangible assets.............		3 011 939,21	2 791 491,25	2 821 524,72
-    3. Other intangible assets.......		1 600 032,62	1 485 129,05	1 723 731,61
-    4. Prepayments for intangible assets................................		1 411 906,59	1 306 362,20	1 097 793,11
-  II.  Tangible assets...............		46 947 555,05	43 701 931,63	40 408 695,06
-    1. Fixed goods...................		33 170 150,50	39 218 257,23	39 795 652,02
-      a) land........................		3 002 316,99	2 090 498,99	2 090 498,99
-      b) buildings, premises, facilities............................		20 066 632,90	24 691 433,14	24 221 219,61
-      c) machinery and equipment.....		8 168 788,79	10 354 416,37	11 510 840,49
-      d) fleet of motor vehicles.....		1 664 992,82	1 657 093,12	1 312 966,63
-      e) other fixed goods...........		267 419,00	424 815,61	660 126,30
-    2. Fixed goods under construction..........................		13 777 404,55	4 483 674,40	613 043,04
-  IV.  Long term investments.........	10 441 000,00	10 571 899,66	2 000 000,00	2 000 000,00
-    1. Real estate...................		8 571 899,66
-    3. Long term financial assets....		2 000 000,00	2 000 000,00	2 000 000,00
-      a) in affiliated companies.....		2 000 000,00		2 000 000,00
-        - participations or shares...				2 000 000,00
-      b) Other.......................			2 000 000,00
-        - participations or shares...			2 000 000,00
-V. Long-term prepayments and accrued income........................		6 743 145,00	5 169 272,00	2 782 682,00
-  1. Deferred tax assets.............		6 743 145,00	5 169 272,00	2 782 682,00
-B. Current assets....................	188 260 000,00	236 407 618,47	191 334 809,40	116 312 770,38
-  I.   Stock.........................	110 079 000,00	53 045 079,50	73 147 197,83	43 152 918,03
-    1. Raw materials.................	18 805 000,00	12 341 979,02	13 631 198,29	10 744 142,87
-    2. Semi-finished products and work-in-progress......................	69 071 000,00	30 296 656,89	47 850 762,37	25 132 065,78
-    5. Advance payments .............		10 406 443,59	11 665 237,17	7 276 709,38
-  II. Short-term receivables.........	37 276 000,00	61 422 347,17	41 263 236,29	37 852 139,64
-    1. Receivables from affiliated companies.............................		22 889 799,30	1 985 484,15	3 299 145,43
-      a) Due to deliveries and services with payment period:.........		22 889 799,30	1 985 484,15	3 299 145,43
-        - up to 12 months............			1 985 484,15	3 299 145,43
-    2. Other receivables ............		38 532 547,87	39 277 752,14	34 552 994,21
-      a) Due to deliveries and services with payment period:.........	27 715 000,00	33 478 847,96	32 306 371,63	28 686 844,85
-        - up to 12 months............			32 306 371,63	28 686 844,85
-      b) Due to taxes, subsidies, insurances, duties...............	9 169 000,00	4 983 363,55	6 956 657,95	5 823 976,13
-      c) Other.......................		70 336,36	14 722,56	42 173,23
-  III. Short term investments........	40 658 000,00	116 760 300,74	74 243 553,79	33 526 546,17
-    1. Short-term financial assets...	40 658 000,00	116 760 300,74	74 243 553,79	33 526 546,17
-      c) cash and other liquid assets................................	40 658 000,00	116 760 300,74	74 243 553,79	33 526 546,17
-        - cash in hand and on bank account...............................			74 243 553,79	33 074 117,34
-        - other liquid assets........				452 428,83
-IV. Short-term prepayments and accrued income........................	247 000,00	5 179 891,06	2 680 821,49	1 781 166,54
-D. Total assets......................	257 181 000,00	303 682 157,39	244 997 504,28	164 325 672,16
-A. Shareholders' equity..............	125 068 000,00	167 002 497,88	110 306 971,19	81 966 309,96
-  I.   Basic share capital...........		5 000 000,00	5 000 000,00	5 000 000,00
-  IV.  Statutory reserve capital.....		84 994 058,06	62 644 603,94	55 640 870,68
-  V. Revaluation reserve.............		312 913,13	321 706,02	321 706,02
-  VIII. Net profit (loss)............	30 066 000,00	76 695 526,69	42 340 661,23	21 003 733,26
-B. Liabilities and reserves for liabilities...........................	132 113 000,00	136 679 659,51	134 690 533,09	82 359 362,20
-  I.   Reserves for liabilities......	14 603 000,00	16 406 981,86	18 042 865,51	7 724 366,28
-    1. Deferred income tax reserves..	1 216 000,00	2 226 749,00	1 877 815,00	1 859 068,00
-    2. Reserves for pensions and similar social payments...............		4 129 590,21	9 183 985,96	5 055 298,28
-      - long-term....................		503 194,03	8 800 519,24	4 709 090,00
-      - short-term...................		3 626 396,18	383 466,72	346 208,28
-    3. Other reserves................		10 050 642,65	6 981 064,55	810 000,00
-      - short-term...................		10 050 642,65	6 981 064,55	810 000,00
-III. Short-term liabilities..........	111 051 000,00	108 837 317,67	112 387 175,52	69 757 608,64
-  1. Due to affiliated companies.....		6 908 312,68	8 280 574,64	8 970 849,19
-    a) Due to deliveries and services with payment period:.........		6 908 312,68	8 280 574,64	8 970 849,19
-      - up to 12 months..............			8 280 574,64	8 970 849,19
-  2. Other liabilities...............		101 733 074,97	103 953 160,25	60 647 375,47
-    d)Due to deliveries and services with payment period:.........	28 570 000,00	7 829 856,59	11 113 119,78	4 801 241,17
-      - up to 12 months..............			11 113 119,78	4 801 241,17
-    e) Advances received.............	67 804 000,00	72 966 350,75	87 466 708,84	50 483 221,87
-    g) Due to taxes, subsidies, insurances, duties...............	1 512 000,00	6 597 458,65	2 654 632,55	2 298 169,26
-    h) Due to salaries...............	432 000,00	2 352 004,90	2 149 936,15	1 910 699,22
-    i) Other.........................		11 987 404,08	568 762,93	1 154 043,95
-  3. Special funds...................		195 930,02	153 440,63	139 383,98
-IV.  Accruals and deferred income....	6 459 000,00	11 435 359,98	4 260 492,06	4 877 387,28
-  2. Other accruals..................		11 435 359,98	4 260 492,06	4 877 387,28
-    - long-term......................		3 625 230,06	3 910 922,83	4 233 270,95
-    - short-term.....................		7 810 129,92	349 569,23	644 116,33
-D. Total liabilities.................	257 181 000,00	303 682 157,39	244 997 504,28	164 325 672,16
Source of financial data	Subject
	F01
individual PROFIT AND LOSS ACCOUNT	- 01.01.2015- 30.06.2015 (PLN)
-A. Income from sales and similar.....	128 360 000,00
-  I.   Net income on sales...........	86 098 000,00
-  II.  Change in value of stock ( +, -).................................	33 388 000,00
-  IV.  Income from sales of goods and materials.........................	8 874 000,00
-B. Operational costs.................	112 141 000,00
-  I.   Depreciation..................	2 263 000,00
-  II.  Materials and energy..........	57 571 000,00
-  III. Third party services..........	18 529 000,00
-  IV.  Taxes and duties..............	1 563 000,00
-  V.   Salaries and wages............	17 273 000,00
-  VI.  Social security...............	3 883 000,00
-  VII. Other.........................	5 118 000,00
-  VIII.Costs of goods and materials sold..................................	5 941 000,00
-C. Profit on sale....................	16 219 000,00
-D. Other operating incomes...........	7 815 000,00
-  I.   Incomes from disposal non-financial assets..................	312 000,00
-  III. Other operating incomes.......	7 503 000,00
-E. Other operating costs.............	141 000,00
-  III. Other operating costs.........	141 000,00
-F. Profit on operating activities....	23 893 000,00
-G. Financial incomes.................	15 141 000,00
-  I.   Dividends received............	15 000 000,00
-  II.  Interest received.............	141 000,00
-H. Financial costs...................	3 949 000,00
-  IV.  Other.........................	3 949 000,00
-I. Profit on economic activity.......	35 085 000,00
-K. Gross profit......................	35 085 000,00
-L. Corporation tax...................	5 019 000,00
-  a) current part....................	3 277 000,00
-  b) deferred part...................	1 742 000,00
-N. Net profit........................	30 066 000,00
Source of financial data	Subject	Court	Court
	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2014- 31.12.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Income from sales and similar.....	336 909 849,85	277 516 147,64	191 203 456,78
-  - including related companies......	65 620 702,62	20 281 622,46	36 105 085,67
-  I.   Net revenue form sale of products..............................	319 745 902,45	277 516 147,64	191 203 456,78
-  II.  Net revenue from sale of goods.................................	17 163 947,40
-B.Cost of products, goods sold.......	204 783 340,06	165 262 585,76	117 396 008,59
-  - including related companies......	31 743 471,34	10 848 877,95	24 362 928,41
-  I.  Cost of production of products sold.........................	193 802 065,22	165 262 585,76	117 396 008,59
-  II.  Value of products sold........	10 981 274,84
-C. Gross profit on sale..............	132 126 509,79	112 253 561,88	73 807 448,19
-D. Costs of sale.....................	11 391 758,78	13 856 000,71	13 698 484,60
-E. General management costs..........	19 852 666,38	40 396 620,31	29 419 945,14
-F. Profit on sale....................	100 882 084,63	58 000 940,86	30 689 018,45
-G. Other operating incomes...........	1 618 693,20	726 788,54	4 433 088,21
-  I.   Incomes from disposal of fixed assets..........................			3 089,43
-  II.  Subsidies.....................	320 067,50	351 989,28	393 119,64
-  III. Other operating incomes.......	1 298 625,70	374 799,26	4 036 879,14
-H. Other operating costs.............	9 412 353,74	6 423 821,53	7 545 083,05
-  I.   Loss on dsiposal of non--financial fixed assets...........	246 741,24	348 568,96
-  II.  Goodwill revaluation..........	5 531 232,79	566 834,43	939 015,91
-  III. Other operating costs.........	3 634 379,71	5 508 418,14	6 606 067,14
-I. Profit on operating activities....	93 088 424,09	52 303 907,87	27 577 023,61
-J. Financial incomes.................	2 123 628,65	295 700,70	179 147,28
-  II.  Interest received.............	193 828,48	150 793,26	179 147,28
-  V.   Other.........................	1 929 800,17	144 907,44
-K. Financial costs...................	18 180,05	2 120,34	1 728 660,63
-  I.   Interest......................	18 180,05	2 120,34	146 667,13
-  IV.  Other.........................			1 581 993,50
-L. Gross profit on economic activity.	95 193 872,69	52 597 488,23	26 027 510,26
-N. Gross profit......................	95 193 872,69	52 597 488,23	26 027 510,26
-O. Corporation tax...................	18 498 346,00	10 256 827,00	5 023 777,00
-R. Net profit........................	76 695 526,69	42 340 661,23	21 003 733,26

Ratios	01.01.2015- 30.06.2015	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012
Current ratio	1,70	2,17	1,70	1,67
Quick ratio	0,70	1,64	1,03	1,02
Immediate ratio	0,37	1,07	0,66	0,48
Return on sale	23,42	22,76	15,26	10,99
Return on assets	11,69	25,26	17,28	12,78
Return on equity	24,04	45,92	38,38	25,62
Average trade debtors' days	52,56	66,54	54,27	72,46
Average stock turnover's days	155,22	57,47	96,21	82,60
average payables payment period	156,59	117,91	147,82	133,53
Total indebtedness ratio	51,37	45,01	54,98	50,12

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.28.93.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	2,12	2,23	1,88	1,76	1,55
Quick ratio..............................	1,29	1,46	1,15	1,00	0,83
Immediate ratio..........................	0,56	0,63	0,50	0,35	0,28
Return on sale...........................	13,95	12,29	11,03	8,17	6,81
Return on assets.........................	3,47	13,07	12,25	9,46	8,01
Return on equity.........................	7,13	24,98	25,69	22,13	20,19
Average trade debtors' days..............	71,86	73,43	65,51	65,27	66,20
Average stock turnover's days............	83,12	68,69	72,32	71,92	79,78
average payables payment period..........	108,57	95,84	107,35	109,61	128,49
Total indebtedness ratio.................	51,32	47,68	52,34	57,26	60,33
Percent share in the examinated group of companies with net profit.............	76,30	86,80	97,30	84,20	80,00
Sales/revenue per employee in th. PLN....	77,31	355,91	337,03	289,27	290,59
Average sales/revenue per company in th. PLN..................................	9 891,08	46 559,18	44 114,78	37 376,76	39 486,69

according to the Central Statistical Office

Source of financial data	Court	Monitor Polski B
	annual	annual
Consolidated balance sheet as at	31.12.2012 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	57 479 728,64	56 342 025,56
-  Intangible assets..................	2 944 436,50	2 431 211,15
-    3. Other intangible assets.......	1 846 643,39	1 071 297,84
-    4. Prepayments for intangible assets................................	1 097 793,11	1 359 913,31
-  III. Tangible assets...............	51 402 376,89	50 964 903,03
-    1. Fixed assets..................	50 133 344,95	48 660 091,35
-      a) land (including perpetual usufruct right).......................	2 090 498,99	2 040 378,39
-      b) buildings...................	24 265 367,42	25 290 508,26
-      c) technical appliances and machniery.............................	20 880 429,30	18 292 311,56
-      d) fleet of motor vehicles.....	1 773 979,17	1 460 174,80
-      e) other fixed assets..........	1 123 070,07	1 576 718,34
-    2. Construction in progress......	1 269 031,94	2 238 785,22
-    3. Prepayments on construction in progress...........................		66 026,46
-VI. Long term prepayments............	3 132 915,25	2 945 911,38
-  1. Defferred tax assets............	3 132 915,25	2 945 911,38
-B. Current assets....................	139 914 459,88	104 911 797,68
-  I. Stocks..........................	47 354 200,54	30 841 967,05
-    1. Materials.....................	11 852 994,82	8 798 310,12
-    2. Goods and semi goods in production............................	27 285 148,55	17 695 555,62
-    3. Finished goods................	600 266,01	423 413,41
-    4. Wares.........................	317 620,00	549 165,00
-    5. Prepayments for supplies......	7 298 171,16	3 375 522,90
-  II. Short term receivables.........	45 269 575,05	28 719 522,98
-    1. Receivables from related companies.............................	4 894 882,79	8 489 862,78
-      a) due to deliveries with payment period........................	4 894 882,79	8 489 862,78
-        - to 12 months...............	4 894 882,79	8 489 862,78
-    2. Receivables from other units..	40 374 692,26	20 229 660,20
-      a) due to deliveries with payment period........................	33 010 341,57	14 441 564,91
-        - to 12 months...............	33 010 341,57	14 441 564,91
-      b) due to taxes, donations, insurances, duties...............	7 302 177,46	5 753 927,43
-      c) other.......................	62 173,23	34 167,86
-III. Short term investments..........	45 432 168,28	44 141 655,10
-  1. Short term financial assets.....	45 432 168,28	44 141 655,10
-    d) cash and other liquid means...	45 432 168,28	44 141 655,10
-      - cash in hand and on bank account...............................	44 979 739,45	44 141 655,10
-      - cash in hand *...............	452 428,83
-IV. Short term prepayments...........	1 858 516,01	1 208 652,55
-Total assets.........................	197 394 188,52	161 253 823,24
-A. Shareholders' Equity..............	110 788 373,54	118 393 099,25
-  I. Initial Capital.................	5 000 000,00	5 000 000,00
-  IV. Statutory reserve capital......	79 744 880,88	100 670 637,47
-  V. Fixed assets revaluation reserve capital.......................	321 706,02	321 706,02
-  IX. Net profit (loss)..............	25 721 786,64	12 400 755,76
-D.  Liabilities and reserves for liabilities...........................	86 605 814,98	42 860 723,99
-  I. Reserves for liabilities........	8 692 965,76	7 316 402,93
-    1. Deffered tax reserve..........	1 898 047,98	1 901 338,07
-    2. Reserves for pensions and connected social payments.............	5 840 026,78	3 587 464,86
-      - long term....................	437 168,47	343 605,86
-      - short term...................	5 402 858,31	3 243 859,00
-    3. Other reserves................	954 891,00	1 827 600,00
-      - short term...................	954 891,00	1 827 600,00
-III. Short term liabilities..........	73 034 471,94	31 593 726,94
-  1. Due to related companies........	8 294 414,35	8 775 842,18
-    a) due to delivered goods with payment period:.......................	8 294 414,35	8 249 122,28
-      - to 12 months.................	8 294 414,35	8 249 122,28
-    b) other.........................		526 719,90
-  2. Due to other companies..........	64 479 295,78	22 729 317,84
-    d) due to delivered goods with payment period........................	7 029 187,40	5 057 312,43
-      - to 12 months.................	7 029 187,40	5 057 312,43
-    e) prepayments for deliveries....	50 483 221,87	13 976 919,69
-    f) due to purchase of fixed assets in construction................	3 516 878,07
-    g) due to taxes, donations, insurances, duties...............		2 009 009,79
-    h) due to salaries...............	2 295 964,49	1 363 278,45
-    i) other.........................	1 154 043,95	322 797,48
-  3. Special funds...................	260 761,81	88 566,92
-IV. Accurals and deferred income.....	4 878 377,28	3 950 594,12
-  2. Other...........................	4 878 377,28	3 950 594,12
-    - long term......................	4 233 270,95	3 480 797,60
-    - short term.....................	645 106,33	469 796,52
-Total liabilities....................	197 394 188,52	161 253 823,24
Source of financial data	Monitor Polski B
	annual
Consolidated balance sheet as at	31.12.2011 (PLN)
-A. Fixed assets......................	55 022 684,00
-  I.   Intangible assets.............	2 918 371,76
-    1. Costs of finished development works.....................	2 162 506,42
-    4. Prepayments for intangible assets................................	755 865,34
-  II.  Tangible assets...............	48 879 085,85
-    1. Fixed goods...................	48 649 323,32
-      a) land........................	2 090 498,99
-      b) buildings, premises, facilities............................	25 098 515,95
-      c) machinery and equipment.....	18 746 372,64
-      d) fleet of motor vehicles.....	1 322 157,46
-      e) other fixed goods...........	1 391 778,28
-    2. Fixed goods under construction..........................	1 991,43
-    3. Prepayments for fixed goods under construction....................	227 771,10
-V. Long-term prepayments and accrued income........................	3 225 226,39
-  1. Deferred tax assets.............	3 225 226,39
-B. Current assets....................	150 139 823,51
-  I.   Stock.........................	43 540 620,86
-    1. Raw materials.................	14 215 488,10
-    2. Semi-finished products and work-in-progress......................	23 828 489,55
-    3. Finished products.............	762 857,91
-    4. Goods for re-sale.............	444 980,00
-    5. Advance payments .............	4 288 805,30
-  II. Short-term receivables.........	44 648 016,75
-    1. Receivables from affiliated companies.............................	7 141 793,52
-      a) Due to deliveries and services with payment period:.........	7 141 793,52
-        - up to 12 months............	7 141 793,52
-    2. Other receivables ............	37 506 223,23
-      a) Due to deliveries and services with payment period:.........	30 744 099,27
-        - up to 12 months............	30 744 099,27
-      b) Due to taxes, subsidies, insurances, duties...............	6 658 333,69
-      c) Other.......................	103 790,27
-  III. Short term investments........	59 631 628,59
-    1. Short-term financial assets...	59 631 628,59
-      c) cash and other liquid assets................................	59 631 628,59
-        - cash in hand and on bank account...............................	59 631 628,59
-IV. Short-term prepayments and accrued income........................	2 319 557,31
-D. Total assets......................	205 162 507,51
-A. Shareholders' equity..............	126 109 679,28
-  I.   Basic share capital...........	5 000 000,00
-  IV.  Statutory reserve capital.....	81 812 719,77
-  V. Revaluation reserve.............	321 706,02
-  VIII. Net profit (loss)............	38 975 253,49
-B. Liabilities and reserves for liabilities...........................	79 052 828,23
-  I.   Reserves for liabilities......	10 151 244,88
-    1. Deferred income tax reserves..	2 118 260,04
-    2. Reserves for pensions and similar social payments...............	3 952 092,84
-      - long-term....................	382 703,84
-      - short-term...................	3 569 389,00
-    3. Other reserves................	4 080 892,00
-      - long-term....................	4 080 892,00
-III. Short-term liabilities..........	63 747 735,73
-  1. Due to affiliated companies.....	18 486 978,55
-    a) Due to deliveries and services with payment period:.........	18 486 978,55
-      - up to 12 months..............	18 486 978,55
-  2. Other liabilities...............	45 085 865,25
-    d)Due to deliveries and services with payment period:.........	9 847 174,86
-      - up to 12 months..............	9 847 174,86
-    e) Advances received.............	28 981 877,71
-    g) Due to taxes, subsidies, insurances, duties...............	3 776 635,94
-    h) Due to salaries...............	2 310 313,21
-    i) Other.........................	169 863,53
-  3. Special funds...................	174 891,93
-IV.  Accruals and deferred income....	5 153 847,62
-  2. Other accruals..................	5 153 847,62
-    - long-term......................	4 627 003,70
-    - short-term.....................	526 843,92
-D. Total liabilities.................	205 162 507,51
Source of financial data	Court	Monitor Polski B
	annual	annual
Consolidated P/L	01.01.2012- 31.12.2012 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Net income form sale of goods, products and materials................	228 349 105,83	130 900 418,34
-  from related companies.............	47 350 134,30
-  I. Net income form sale of products..............................	220 756 306,70	125 400 407,24
-  II. Net income form sale of goods and materials.........................	7 592 299,13	5 500 011,10
-B. Costs of sale of goods, products and materials.........................	142 533 675,32	90 286 436,58
-  to related companies...............	30 912 338,40	33 642 776,01
-  I. Costs of manufacture of sold products..............................	137 483 650,57	86 638 804,70
-  II. Value of sold goods and materials.............................	5 050 024,75	3 647 631,88
-C. Gross profit from sale (A-B)......	85 815 430,51	40 613 981,76
-D. Costs of sale.....................	15 187 382,57	7 767 600,29
-E. Cost of management................	33 770 440,28	26 791 683,79
-F. Profit from sale (C-D-E)..........	36 857 607,66	6 054 697,68
-G. Other operating income............	4 959 244,67	11 126 613,64
-  I. Profit from sale of non-financial fixed assets............	304 879,65	1 075 819,48
-  II. Subsidies......................	393 119,64	732 608,72
-  III. Other operating income........	4 261 245,38	9 318 185,44
-H. Other operating costs.............	7 751 299,91	774 186,80
-  II. Update of value of non-financial assets..................	939 015,91	347 116,49
-  III. Other operating costs.........	6 812 284,00	427 070,31
-I. Profit from ordinary activity (F+G+H)...............................	34 065 552,42	16 407 124,52
-J. Financial income..................	306 617,02	371 906,66
-  II. Interests, including:..........	306 617,02	366 866,27
-  V. Other...........................		5 040,39
-K. Financial costs...................	2 481 381,72	1 943 168,06
-  I. Interests, including:...........	146 667,13	62 819,12
-  IV. Other..........................	2 334 714,59	1 880 348,94
-M. Profit from business activity (I+J-K+-L)............................	31 890 787,72	14 835 863,12
-Q. Gross profit (M+/-N-O+P)..........	31 890 787,72	14 835 863,12
-R. Income tax........................	6 169 001,08	2 435 107,36
-W. Net profit (Q-R-S+-T+/-U).........	25 721 786,64	12 400 755,76
Source of financial data	Monitor Polski B
	annual
PROFIT AND LOSS ACCOUNT	01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar.....	234 214 361,58
-  - including related companies......	32 040 979,50
-  I.   Net revenue form sale of products..............................	228 223 567,77
-  II.  Net revenue from sale of goods.................................	5 990 793,81
-B.Cost of products, goods sold.......	147 629 909,82
-  - including related companies......	16 336 219,57
-  I.  Cost of production of products sold.........................	143 794 645,51
-  II.  Value of products sold........	3 835 264,31
-C. Gross profit on sale..............	86 584 451,76
-D. Costs of sale.....................	12 695 149,33
-E. General management costs..........	29 968 127,39
-F. Profit on sale....................	43 921 175,04
-G. Other operating incomes...........	4 908 020,47
-  I.   Incomes from disposal of fixed assets..........................	115 186,67
-  II.  Subsidies.....................	1 428 145,45
-  III. Other operating incomes.......	3 364 688,35
-H. Other operating costs.............	3 025 477,70
-  II.  Goodwill revaluation..........	8 794,73
-  III. Other operating costs.........	3 016 682,97
-I. Profit on operating activities....	45 803 717,81
-J. Financial incomes.................	3 162 142,01
-  II.  Interest received.............	447 290,28
-  III. Profit from assets sold.......	2 714 851,73
-K. Financial costs...................	3 745,37
-  I.   Interest......................	3 745,37
-L. Gross profit on economic activity.	48 962 114,45
-N. Gross profit......................	48 962 114,45
-O. Corporation tax...................	9 986 860,96
-R. Net profit........................	38 975 253,49

AUDITOR

Consolidated balance sheet as at 31.12.2011
PRICEWATERHOUSECOOPERS Sp. z o.o., al. Armii Ludowej 14, 00-638 Warszawa	No. 144

Expert auditor Łukasz Głuch

No. 12067

Consolidated balance sheet as at 31.12.2010
PRICEWATERHOUSECOOPERS Sp. z o.o., al. Armii Ludowej 14, 00-638 Warszawa	No. 144

Expert auditor Łukasz Głuch

No. 12067

Locations:

seat: ul. Warsztatowa 19A, 26-600 Radom Phone:            48 3686100 Fax:                 48 3686101 E-mail:             itm@itmgroup.pl                         recepcja@itmgroup.eu Website:          www.itmgroup.pl main plant: ul. Warsztatowa 19A, 26-600 Radom Phone:              48 3686100 Fax:                   48 3686101 E-mail:               itm@itmgroup.pl recepcja@itmgroup.eu Website:            www.itmgroup.pl

Real Estate	business premises of area 82 000 sq m,
	Book value of buildings as at 31.12.2014	PLN	20 066 632,90
	Book value of lands as at 31.12.2014	PLN	3 002 316,99
	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 1 664 992,82

Shares in other companies	PRECISION MACHINE PARTS POLAND Sp. z o.o. NIP PL 9481983416, ul. Warsztatowa 19A, 26-612 Radom PLN 2 000 000,00 (100,00%)
	Data concerning shares in other companies are valid as at: 27.07.2015.

Connections:

As at 27.07.2015 there are no relations.

Certificates:

ISO 9001

Contractors

Main clients: ITM B.V., Kampen Holland  SCANDINAVIAN TOBACCO Polska  PM POLSKA SA  FAMOT PLESZEW SA Polska ALTADIS Polska CONTINENTAL Hungary

General information	Trade name: ITM Poland Sp. z o.o. Membership: Izba Przemysłowo-Handlowa Inwestorów Zagranicznych
	Court files of the said company at Register Court are at the moment unavailable.  If we obtain any further information, we will send it in the.

Banks

Bank Polska Kasa Opieki SA I O. w Radomiu  (12401789) ul. A.Struga 26/28, 26-600 Radom Acc.no. 68124017891111000007782772

Payment Manner	Nothing detrimental noted.	(27)
Credit capability	Business connections are permissible. Maximum credit PLN  3 000 000,00	(21)
	Explanation: Credit in amount PLN 3.000.000 can be granted. Determination of higher amount of credit is impossible due to the size of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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.