MIRA INFORM REPORT

Report No. :	306053
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	LIUGONG DRESSTA MACHINERY SP. Z O.O.
Formerly Known as :	Liugong Machinery (Poland) Sp. z o.o.
Registered Office :	Ul. Kwiatkowskiego 1, 37-450 Stalowa Wola
Country :	Poland
Financials (as on) :	30.06.2013
Date of Incorporation :	03.02.2011
Com. Reg. No.:	KRS 380594
Legal Form :	Limited Liability Company
Line of Business :	· Engaged in Producing Loaders, Excavators, Cranes, Dumpers, Rollers, Graders, Forklifts, Backhoe Loaders, Asphalt Pavers, Milling, Drilling, Concrete Mixer Trucks, Concrete Pumps and Power Units, Engines as well as Hydraulic Components. Engaged in manufacturing of Construction Machines Engaged in manufacturing of Machines Fore Mining, Quarrying and Building Engaged in manufacturing of Metal Structures and Parts of Structures Engaged as Sewage and Refuse Disposal, Sanitation and Similar Activities Engaged in Buying and Selling of Own Real Estate
No of Employees :	1294 (February 2014)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

LIUGONG DRESSTA MACHINERY sp. z o.o.

Ul. Kwiatkowskiego 1
37-450 Stalowa Wola

Phone:    15 8136940

Fax:      15 8136942

E-mail:   sprzedaz@liugongpl.com

Website:  www.liugongpl.com

Company summary

Legal form	Limited liability company
Stat.no.	180675155
Tax ID	PL 8652546835

Establishment	03.02.2011
Changes of names and addresses	11.03.2011 Liugong Machinery (Poland) Sp. z o.o.
	01.04.2014 LIUGONG DRESSTA MACHINERY sp. z o.o.
Registration:	11.03.2011, District Court Rzeszów, XII Department, KRS 380594
Shareholders	LIUGONG EUROPE COÖPERATIEF U.A., Amsterdam, Netherlands	PLN	100 500 000,00 100,00%
	list entered to NCR /KRS/ on  08.09.2014

Initial Capital		PLN 100 500 000,00
	Initial capital divided into 2010000 shares of PLN 50,00 each
	Changes of initial capital
	- since 17.04.2012  until 11.02.2014  the capital estimated	PLN 100 000 000,00
	- since 28.03.2012  until 17.04.2012  the capital estimated	PLN 1 080 000,00
	- since 11.03.2011  until 28.03.2012  the capital estimated	PLN 80 000,00

Management	Yindeng Wu   - president Min Huang   - member of board of directors Tiezhu Huang   - member of board of directors Mirosław Sroka , personal ID no. (PESEL) 52011004959  - member of board of directors Guobing Luo , Van Leijenberghlaan 272, 1082 Amsterdam, Netherlands  - member of board of directors Guangan Zeng   - member of board of directors David Walton Beatenbough   - member of board of directors
	Representation: since 11.03.2011  Each member of the board of directors individually.
Main activity	· Engaged in Producing Loaders, Excavators, Cranes, Dumpers, Rollers, Graders, Forklifts, Backhoe Loaders, Asphalt Pavers, Milling, Drilling, Concrete Mixer Trucks, Concrete Pumps and Power Units, Engines as well as Hydraulic Components Manufacture of construction machines
	Branches NACE 2007:
	Manufacture of machines fore mining, quarrying and building	(C.28.92.Z)
	Manufacture of metal structures and parts of structures	(C.25.11.Z)
	Manufacture of metal structures and parts of structures	(C.25.11.Z)
	Sewage and refuse disposal, sanitation and similar activities	(E.39.00.Z)
	Other wholesale of machines	(G.46.63.Z)
	Other financial services	(K.64.92.Z)
	Buying and selling of own real estate	(L.68.10.Z)

Employment		2011:               0         employees 2012:               1177      employees 2013:               1322      employees February 2014:     1294      employees
Turnover	03.02.2011 - 31.12.2011		PLN	0,00
	2012		PLN	219 647 646,19
	2013		PLN	241 040 000,00
	2014 - approximate value		PLN	419 900 000,00

Financial statements

Source of financial data	Subject	Subject	Court
	F01	annual	periodic
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets.........................	256 772 000,00	173 727 679,82	0,00
-  I.   Intangible assets................		38 898 295,46
-    3. Other intangible assets..........		38 898 295,46
-  II.  Tangible assets..................		93 064 985,26
-    1. Fixed goods......................		92 735 895,26
-      a) land...........................		10 063 714,73
-      b) buildings, premises, facilities...............................		59 902 260,81
-      c) machinery and equipment........		20 297 595,73
-      d) fleet of motor vehicles........		1 073 118,84
-      e) other fixed goods..............		1 399 205,15
-    2. Fixed goods under construction...		329 090,00
-  IV.  Long term investments............	28 835 000,00	23 759 000,00
-    3. Long term financial assets.......		23 759 000,00
-      a) in affiliated companies........		23 759 000,00
-        - participations or shares......		23 759 000,00
-V. Long-term prepayments and accrued income...................................		18 005 399,10
-  2. Other prepayments..................		18 005 399,10
-B. Current assets.......................	296 972 000,00	356 847 901,85	82 402,02
-  I.   Stock............................	158 361 000,00	150 525 132,91
-    1. Raw materials....................	28 029 000,00	20 061 952,40
-    2. Semi-finished products and work-in-progress.........................	31 137 000,00	36 641 594,51
-    3. Finished products................	89 449 000,00	76 903 969,54
-    4. Goods for re-sale................	9 199 000,00	16 771 589,77
-    5. Advance payments ................		146 026,69
-  II. Short-term receivables............	93 535 000,00	172 161 407,29	13 870,47
-    1. Receivables from affiliated companies................................	82 636 000,00	151 999 791,68
-      a) Due to deliveries and services with payment period:............		151 971 076,78
-        - up to 12 months...............		151 971 076,78
-      b) Other..........................		28 714,90
-    2. Other receivables ...............	10 899 000,00	20 161 615,61	13 870,47
-      a) Due to deliveries and services with payment period:............	10 367 000,00	17 520 469,52	13 870,47
-        - up to 12 months...............		17 520 469,52
-      b) Due to taxes, subsidies, insurances, duties, etc..................	420 000,00	2 531 375,42
-      c) Other..........................		109 770,67
-  III. Short term investments...........	42 284 000,00	32 225 490,21	39 923,55
-    1. Short-term financial assets......	42 284 000,00	32 225 490,21	39 923,55
-      c) cash and other liquid assets...	42 284 000,00	32 225 490,21	39 923,55
-        - cash in hand and on bank account..................................		32 225 490,21
-IV. Short-term prepayments and accrued income...................................	2 792 000,00	1 935 871,44	28 608,00
-D. Total assets.........................	553 744 000,00	530 575 581,67	82 402,02
-A. Shareholders' equity.................	208 343 000,00	182 531 665,89	43 381,42
-  I.   Basic share capital..............		100 000 000,00	80 000,00
-  IV.  Statutory reserve capital........		104 421 000,00
-  VII. Profit (loss) carried forward....		-36 618,58
-  VIII. Net profit (loss)...............	-37 640 000,00	-21 852 715,53	-36 618,58
-B. Liabilities and reserves for liabilities..............................	345 401 000,00	348 043 915,78	39 020,60
-  I.   Reserves for liabilities.........	26 393 000,00	25 364 836,29
-    1. Deferred income tax reserves.....		6 042 370,27
-    2. Reserves for pensions and similar social payments..................		16 736 476,02
-      - long-term.......................		14 254 801,87
-      - short-term......................		2 481 674,15
-    3. Other reserves...................		2 585 990,00
-      - short-term......................		2 585 990,00
-II.  Long-term liabilities..............	73 295 000,00	85 786 996,59
-  2. Other liabilities..................	73 295 000,00	85 786 996,59
-    c) Other financial liabilities......		139 721,59
-    d) Other............................		85 647 275,00
-III. Short-term liabilities.............	186 902 000,00	198 824 395,98	39 020,60
-  1. Due to affiliated companies........	1 711 000,00	4 315 644,99
-    a) Due to deliveries and services with payment period:.....................	1 711 000,00	4 038 444,99
-      - up to 12 months.................		4 038 444,99
-    b) Other............................		277 200,00
-  2. Other liabilities..................	185 191 000,00	194 486 947,94	39 020,60
-    a) Loans............................	135 732 000,00	124 168 742,33
-    c) Other financial liabilities......		156 122,61
-    d)Due to deliveries and services with payment period:.....................	25 509 000,00	47 883 021,65	39 020,60
-      - up to 12 months.................		47 883 021,65
-    g) Due to taxes, subsidies, insurances, duties, etc..................	8 009 000,00	5 137 562,38
-    h) Due to salaries..................	2 845 000,00	3 268 995,70
-    i) Other............................		13 872 503,27
-  3. Special funds......................		21 803,05
-IV.  Accruals and deferred income.......	58 811 000,00	38 067 686,92
-  1. Negative company's worth...........		26 649 786,62
-  2. Other accruals.....................		11 417 900,30
-    - short-term........................		11 417 900,30
-D. Total liabilities....................	553 744 000,00	530 575 581,67	82 402,02
Source of financial data	Subject
	F01
individual PROFIT AND LOSS ACCOUNT	- 01.01.2013- 31.12.2013 (PLN)
-A. Income from sales and similar........	241 040 000,00
-  I.   Net income on sales..............	202 250 000,00
-  II.  Change in value of stock ( +, -).	2 508 000,00
-  III. Sales of goods for own use.......	22 553 000,00
-  IV.  Income from sales of goods and materials................................	13 729 000,00
-B. Operational costs....................	270 302 000,00
-  I.   Depreciation.....................	10 082 000,00
-  II.  Materials and energy.............	145 362 000,00
-  III. Third party services.............	23 987 000,00
-  IV.  Taxes and duties.................	3 909 000,00
-  V.   Salaries and wages...............	59 632 000,00
-  VI.  Social security..................	13 823 000,00
-  VII. Other............................	1 686 000,00
-  VIII.Costs of goods and materials sold.....................................	11 821 000,00
-C. Loss on sale.........................	29 262 000,00
-D. Other operating incomes..............	1 779 000,00
-  I.   Incomes from disposal non-financial assets.....................	24 000,00
-  II.  Subsidies........................	88 000,00
-  III. Other operating incomes..........	1 667 000,00
-E. Other operating costs................	10 290 000,00
-  II.  Goodwill revaluation.............	1 796 000,00
-  III. Other operating costs............	8 494 000,00
-F. Loss on operating activities.........	37 773 000,00
-G. Financial incomes....................	3 551 000,00
-  II.  Interest received................	1 218 000,00
-    - including related companies.......	364 000,00
-  V.   Other............................	2 333 000,00
-H. Financial costs......................	7 088 000,00
-  I.   Interest.........................	7 015 000,00
-    - related companies.................	356 000,00
-  IV.  Other............................	73 000,00
-I. Loss on economic activity............	41 310 000,00
-K. Gross loss...........................	41 310 000,00
-L. Corporation tax......................	-3 670 000,00
-  b) deferred part......................	-3 670 000,00
-N. Net loss.............................	37 640 000,00
Source of financial data	Subject	Court
	annual	periodic
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)	- 03.02.2011- 31.12.2011 (PLN)
-A. Income from sales and similar........	219 647 646,19	0,00
-  - including related companies.........	138 186 277,33
-  I.   Net revenue form sale of products.................................	176 121 807,42
-  II.  Net revenue from sale of goods...	43 525 838,77
-B.Cost of products, goods sold..........	219 012 506,95	0,00
-  - including related companies.........	132 001 676,25
-  I.  Cost of production of products sold.....................................	178 998 732,16
-  II.  Value of products sold...........	40 013 774,79
-C. Gross profit on sale.................	635 139,24	0,00
-D. Costs of sale........................	1 098 907,25
-E. General management costs.............	16 628 319,25	36 552,05
-F. Loss on sale.........................	17 092 087,26	36 552,05
-G. Other operating incomes..............	2 441 779,76	0,46
-  I.   Incomes from disposal of fixed assets...................................	19 559,41
-  III. Other operating incomes..........	2 422 220,35	0,46
-H. Other operating costs................	9 859 137,24	0,01
-  II.  Goodwill revaluation.............	2 860 371,03
-  III. Other operating costs............	6 998 766,21	0,01
-I. Loss on operating activities.........	24 509 444,74	36 551,60
-J. Financial incomes....................	5 172 974,54	3,81
-  II.  Interest received................	679 455,14	3,81
-    - including related companies.......	359 065,64
-  V.   Other............................	4 493 519,40
-K. Financial costs......................	6 326 374,92	70,79
-  I.   Interest.........................	6 326 126,15	19,63
-  IV.  Other............................	248,77	51,16
-L. Gross on economic activity...........	25 662 845,12	36 618,58
-N. Gross loss...........................	25 662 845,12	36 618,58
-P. Other statutory charges..............	-3 810 129,59
-R. Net loss.............................	21 852 715,53	36 618,58

Ratios	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	03.02.2011- 31.12.2011
Current ratio	1,59	1,79	2,11
Quick ratio	0,73	1,03	1,38
Immediate ratio	0,23	0,16	1,02
Return on sale	-17,43	-9,95
Return on assets	-6,80	-4,12	-44,44
Return on equity	-18,07	-11,97	-84,41
Average trade debtors' days	158,07	286,87
Average stock turnover's days	267,63	250,82
average payables payment period	315,86	331,30
Total indebtedness ratio	62,38	65,60	47,35

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.25.11.Z - NACE 2007), as at :	30.09.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,46	1,35	1,36	1,34	1,33
Quick ratio..............................	0,91	0,89	0,86	0,88	0,84
Immediate ratio..........................	0,19	0,20	0,17	0,19	0,19
Return on sale...........................	4,39	3,97	2,64	3,26	2,45
Return on assets.........................	4,37	5,15	3,46	4,12	2,89
Return on equity.........................	9,37	11,38	7,84	10,28	6,68
Average trade debtors' days..............	70,71	73,07	71,34	78,22	75,96
Average stock turnover's days............	51,50	48,05	48,77	44,62	52,47
average payables payment period..........	102,46	111,65	107,88	119,94	124,17
Total indebtedness ratio.................	53,40	54,74	55,83	59,91	56,69
Percent share in the examinated group of companies with net profit.............	78,80	80,70	78,60	78,60	67,80
Sales/revenue per employee in th. PLN....	234,44	318,47	312,83	303,29	257,12
Average sales/revenue per company in th. PLN..................................	38 059,57	48 243,14	48 877,16	48 072,87	38 255,94
(C.28.92.Z - NACE 2007), as at :	30.09.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,49	1,30	1,69	1,53	1,52
Quick ratio..............................	0,97	0,91	1,10	0,98	0,99
Immediate ratio..........................	0,12	0,11	0,23	0,09	0,15
Return on sale...........................	5,76	6,38	7,43	7,75	5,21
Return on assets.........................	2,97	5,40	7,16	6,14	4,50
Return on equity.........................	4,82	9,59	12,90	10,96	7,91
Average trade debtors' days..............	107,59	108,37	92,58	122,29	106,06
Average stock turnover's days............	74,06	48,61	57,18	73,84	60,90
average payables payment period..........	151,54	149,14	113,91	151,42	137,14
Total indebtedness ratio.................	38,40	43,68	44,48	43,93	43,09
Percent share in the examinated group of companies with net profit.............	66,70	74,60	82,00	83,60	82,40
Sales/revenue per employee in th. PLN....	231,83	362,73	368,76	303,21	262,08
Average sales/revenue per company in th. PLN..................................	49 029,00	81 004,66	90 975,02	70 715,03	58 143,04

according to the Central Statistical Office

Financial statement of the taken over companies

 DRESSTA Sp. z.o.o. KRS 149166

Source of financial data	Subject		Subject
	F01		annual
Personal balance sheet as at	30.06.2013 (PLN)		31.12.2012 (PLN)
-A. Fixed assets.........................	21 489 000,00		17 274 800,00
-  I.   Intangible assets................			1 610 100,00
-    1. Costs of finished development works....................................			1 602 900,00
-    3. Other intangible assets..........			3 700,00
-    4. Prepayments for intangible assets...................................			3 500,00
-  II.  Tangible assets..................			4 603 900,00
-    1. Fixed goods......................			4 498 900,00
-      a) land...........................			570 400,00
-      b) buildings, premises, facilities...............................			2 938 300,00
-      c) machinery and equipment........			170 400,00
-      d) fleet of motor vehicles........			524 400,00
-      e) other fixed goods..............			295 400,00
-    2. Fixed goods under construction...			105 000,00
-  IV.  Long term investments............			7 335 300,00
-    3. Long term financial assets.......			7 335 300,00
-      a) in affiliated companies........			7 335 300,00
-V. Long-term prepayments and accrued income...................................			3 725 500,00
-  1. Deferred tax assets................			3 667 400,00
-  2. Other prepayments..................			58 100,00
-B. Current assets.......................	146 044 000,00		151 090 900,00
-  I.   Stock............................	51 848 000,00		55 560 500,00
-    4. Goods for re-sale................			53 135 700,00
-    5. Advance payments ................			2 424 800,00
-  II. Short-term receivables............	89 008 000,00		91 063 500,00
-    1. Receivables from affiliated companies................................			39 795 900,00
-      a) Due to deliveries and services with payment period:............			39 518 700,00
-      b) Other..........................			277 200,00
-    2. Other receivables ...............	89 008 000,00		51 267 600,00
-      a) Due to deliveries and services with payment period:............	81 814 000,00		41 034 000,00
-      b) Due to taxes, subsidies, insurances, duties, etc..................	6 342 000,00		9 792 800,00
-      c) Other..........................			440 800,00
-  III. Short term investments...........	4 980 000,00		4 186 200,00
-    1. Short-term financial assets......	4 980 000,00		4 186 200,00
-      c) cash and other liquid assets...	4 980 000,00		4 186 200,00
-IV. Short-term prepayments and accrued income...................................	208 000,00		280 700,00
-D. Total assets.........................	167 533 000,00		168 365 700,00
-A. Shareholders' equity.................	20 925 000,00		16 618 100,00
-  I.   Basic share capital..............			13 286 100,00
-  VI.  Other reserve capital............			47 379 100,00
-  VIII. Net profit (loss)...............	-904 000,00		-44 047 100,00
-B. Liabilities and reserves for liabilities..............................	146 608 000,00		151 747 600,00
-  I.   Reserves for liabilities.........	6 652 000,00		6 429 900,00
-    1. Deferred income tax reserves.....			22 300,00
-    2. Reserves for pensions and similar social payments..................			1 971 300,00
-      - long-term.......................			1 533 300,00
-      - short-term......................			438 000,00
-    3. Other reserves...................			4 436 300,00
-      - short-term......................			4 436 300,00
-II.  Long-term liabilities..............	57 000,00		54 700,00
-  2. Other liabilities..................			54 700,00
-    c) Other financial liabilities......			54 700,00
-III. Short-term liabilities.............	139 899 000,00		145 263 000,00
-  1. Due to affiliated companies........			123 967 300,00
-    a) Due to deliveries and services with payment period:.....................			123 967 300,00
-      - up to 12 months.................			123 967 300,00
-  2. Other liabilities..................	139 899 000,00		21 215 400,00
-    a) Loans............................	4 057 000,00		4 920 700,00
-    c) Other financial liabilities......			124 000,00
-    d)Due to deliveries and services with payment period:.....................	132 197 000,00		10 051 400,00
-    e) Advances received................	1 894 000,00		5 597 200,00
-    g) Due to taxes, subsidies, insurances, duties, etc..................	367 000,00		473 000,00
-    i) Other............................			49 100,00
-  3. Special funds......................			80 300,00
-D. Total liabilities....................	167 533 000,00		168 365 700,00
Source of financial data	Subject
	F01
individual PROFIT AND LOSS ACCOUNT	- 01.01.2013- 30.06.2013 (PLN)
-A. Income from sales and similar........	118 618 000,00
-  IV.  Income from sales of goods and materials................................	118 618 000,00
-B. Operational costs....................	119 290 000,00
-  I.   Depreciation.....................	960 000,00
-  II.  Materials and energy.............	379 000,00
-  III. Third party services.............	1 167 000,00
-  IV.  Taxes and duties.................	155 000,00
-  V.   Salaries and wages...............	4 888 000,00
-  VI.  Social security..................	1 163 000,00
-  VII. Other............................	2 291 000,00
-  VIII.Costs of goods and materials sold.....................................	108 287 000,00
-C. Loss on sale.........................	672 000,00
-D. Other operating incomes..............	966 000,00
-  III. Other operating incomes..........	966 000,00
-E. Other operating costs................	860 000,00
-  III. Other operating costs............	860 000,00
-F. Loss on operating activities.........	566 000,00
-G. Financial incomes....................	1 000,00
-  II.  Interest received................	1 000,00
-    - including related companies.......	1 000,00
-H. Financial costs......................	335 000,00
-  I.   Interest.........................	157 000,00
-    - related companies.................	153 000,00
-  IV.  Other............................	178 000,00
-I. Loss on economic activity............	900 000,00
-K. Gross loss...........................	900 000,00
-L. Corporation tax......................	4 000,00
-  a) current part.......................	4 000,00
-N. Net loss.............................	904 000,00
Source of financial data	Subject
	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)
-A. Income from sales and similar........	288 243 300,00
-  - including related companies.........	111 701 700,00
-  I.   Net revenue form sale of products.................................	965 700,00
-  II.  Net revenue from sale of goods...	287 277 600,00
-B.Cost of products, goods sold..........	242 360 000,00
-  - including related companies.........	100 797 500,00
-  II.  Value of products sold...........	242 360 000,00
-C. Gross profit on sale.................	45 883 300,00
-D. Costs of sale........................	18 746 100,00
-E. General management costs.............	20 044 900,00
-F. Profit on sale.......................	7 092 300,00
-G. Other operating incomes..............	939 700,00
-  I.   Incomes from disposal of fixed assets...................................	3 900,00
-  III. Other operating incomes..........	935 800,00
-H. Other operating costs................	8 135 500,00
-  II.  Goodwill revaluation.............	7 132 700,00
-  III. Other operating costs............	1 002 800,00
-I. Loss on operating activities.........	103 500,00
-J. Financial incomes....................	39 100,00
-  II.  Interest received................	39 100,00
-K. Financial costs......................	46 255 200,00
-  I.   Interest.........................	1 148 400,00
-    - including related companies.......	772 900,00
-  III. Financial assets revaluation.....	36 935 300,00
-  IV.  Other............................	8 171 500,00
-L. Gross on economic activity...........	46 319 600,00
-N. Gross loss...........................	46 319 600,00
-O. Corporation tax......................	-2 272 500,00
-R. Net loss.............................	44 047 100,00
Ratios	01.01.2013- 30.06.2013	01.01.2012- 31.12.2012
Current ratio	1,04	1,04
Quick ratio	0,67	0,66
Immediate ratio	0,04	0,03
Return on sale	-0,76	-15,28
Return on assets	-0,54	-26,16
Return on equity	-4,32	-265,06
Average trade debtors' days	135,82	115,63
Average stock turnover's days	79,12	70,55
average payables payment period	213,47	184,45
Total indebtedness ratio	87,51	90,13

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.63.Z - NACE 2007), as at :	30.09.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,47	1,31	1,17	1,34	1,35
Quick ratio..............................	0,89	0,88	0,86	0,96	1,01
Immediate ratio..........................	0,20	0,19	0,09	0,16	0,23
Return on sale...........................	8,62	4,01	1,62	3,59	1,89
Return on assets.........................	4,47	2,91	1,18	3,02	1,73
Return on equity.........................	6,66	4,51	1,98	4,74	2,58
Average trade debtors' days..............	71,72	69,57	98,15	87,66	63,16
Average stock turnover's days............	71,51	54,36	50,33	47,41	36,58
average payables payment period..........	127,24	133,82	166,85	128,33	108,77
Total indebtedness ratio.................	32,87	35,36	40,19	36,36	32,73
Percent share in the examinated group of companies with net profit.............	85,70	62,50	66,70	91,70	69,20
Sales/revenue per employee in th. PLN....	925,45	1 266,04	1 611,35	1 720,77	1 725,68
Average sales/revenue per company in th. PLN..................................	107 087,50	129 215,13	171 206,25	195 880,42	178 276,08

according to the Central Statistical Office

Locations:

seat: ul. Kwiatkowskiego 1, 37-450 Stalowa Wola Phone:                   15 8135006                          15 8136940 Fax:                     15 8136942 E-mail:                  a.loin@liugongpl.com                          d.dziedzic@liugongpl.com                          dressta@dressta.com.pl                          office@liugongpl.com                          sprzedaz@liugongpl.com Website:                 www.liugongpl.com

Real Estate	perpetual usufruct, lands of area 301 519 sq.m.
	Book value of buildings as at 31.12.2012				PLN	59 902 260,81
	Book value of lands as at 31.12.2012				PLN	10 063 714,73
	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 13.01.2015 there are no shares in other companies.
Connections:		Mirosław Sroka , personal ID no. (PESEL) 52011004959 -  HSW-Trading Sp. z o.o. NIP PL 8652216032, ul. Kwiatkowskiego 1, 37-450 Stalowa Wola   · member of board of directors Tiezhu Huang  Guobing Luo  Min Huang  Guangan Zeng  David Walton Beatenbough  Yindeng Wu  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: 13.01.2015.
Taking overs		28.11.2014 (Entry date) - merger LIUGONG DRESSTA MACHINERY sp. z o.o., ul. Kwiatkowskiego 1, 37-450 Stalowa Wola (as taking over)  DRESSTA Sp. z.o.o. KRS 149166, ul. Kwiatkowskiego 1, 37-450 Stalowa Wola (as taken over) (Resolution date 10.11.2014 )
Certificates:			ISO 9001:2008
General information		In 2012 LIUGONG MACHINERY POLAND purchased from the company Huta „Stalowa Wola” S.A. the production plant. Since 01.02.2012 the first branch office of Huta „Stalowa Wola” S.A. operates under Liugong Machinery Poland. The Chinese concern Guangxi LiuGong Machinery paid ca. PLN 300 mln for the mentioned production plant. Guangxi LiuGong Machinery plans to invest ca. 1 billion PLN within 5 years.  The shares of the shareholder of the subject are quouted on Shenzen Stock Exchange in China.
		The subject refused to cooperate in elaboration of the report. Court files of the said company at Register Court are at the moment unavailable.  Should we receive further information, we will send it to you immediately.
Banks		Bank Polska Kasa Opieki SA I O. w Stalowej Woli  (12402799) ul. Wolności 17, 37-450 Stalowa Wola Acc.no. 74124027991111000038457210
Payment Manner		Mostly within agreed terms, occasional delays might occur.
Credit capability		Business connections should not be refused, credits require security
		Due to: - Losses - long period of liabilities repayment - Liabilities and reserves for liabilities exceeding current assets

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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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