MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	REDAN SA
Registered Office :	Ul. Żniwna 10/14 94-250 Łódź
Country :	Poland
Financials (as on) :	30.09.2014
Date of Incorporation :	31.07.1995
Com. Reg. No.:	5591
Legal Form :	Joint Stock Company
Line of Business :	Wholesale and retails of clothing
No. of Employee :	145

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

REDAN SA

ul. Żniwna 10/14
94-250 Łódź

Phone:    42 6177100

Fax:      42 6171722

E-mail:   redan@redan.com.pl

Website:  www.redan.com.pl

Company details

Legal form	Joint Stock Company
Stat.no.	471127885
Tax ID	PL 7251017332

Establishment

31.07.1995

Registration:

28.08.2001, District Court Łódź, XX Department, KRS 39036 Data concerning previous registrations: 22.08.1995, District Court Łódź, RHB 5591

Shareholders

Shareholders	Radosław Wiśniewski , personal ID no. (PESEL) 71040902436, ul. Wierzbowa 24/26m20, 90-245 Łódź
	Percent of owned shares	40.30%
	share in total amount of votes	47.00%
	Piengjai Wiśniewska , personal ID no. (PESEL) 59100815869
	Percent of owned shares	21.00%
	share in total amount of votes	18.00%
	shareholders' list as at 13.11.2014

Share capital

Share capital		PLN 34 666 200,00
	Share capital divided into 34666200 shares of PLN 1,00 each
	Changes of share capital
	- since 14.08.2009  until 14.08.2014  the capital estimated	PLN 26 938 020,00
	- since 26.10.2006  until 14.08.2009  the capital estimated	PLN 20 938 020,00
	- since 31.03.2006  until 26.10.2006  the capital estimated	PLN 20 923 520,00
	- since 20.09.2005  until 31.03.2006  the capital estimated	PLN 20 907 770,00
	- since 06.05.2005  until 20.09.2005  the capital estimated	PLN 20 894 570,00
	- since 08.12.2003  until 06.05.2005  the capital estimated	PLN 20 880 000,00
	- since 26.11.2001  until 08.12.2003  the capital estimated	PLN 8 508 000,00
	- since 28.08.2001  until 26.11.2001  the capital estimated	PLN 6 550 000,00
	An in-kind contribution has been made and valued at	PLN  9 140 726,00

Management

Management	Radosław Wiśniewski , personal ID no. (PESEL) 71040902436, ul. Wierzbowa 24/26m20, 90-245 Łódź  - president Bogusz Stanisław Kruszyński , personal ID no. (PESEL) 72111303431, ul. Krzywickiego 47/1, 90-149 Łódź  - vice president
	Representation: since 10.12.2009  If two-man board - each of the members of the management board individually If a collective board - two members of the management board jointly or one member of the management board and a proxy jointly
	On 18.07.2014 Radosław Wiśniewski resigned from the position of the president, however as at 30.12.2014 this change has not been listed in the National Court Register.

Supervisory board

Supervisory board

Jacek Ratajczyk , personal ID no. (PESEL) 50032703855 Piengjai Wiśniewska , personal ID no. (PESEL) 59100815869 Jacek  Lechosław Jaśkiewicz , personal ID no. (PESEL) 60062202394 Leszek Adam Kapusta , personal ID no. (PESEL) 67100606776, ul. Gabriela Narutowicza 24/26 m. 20, 90-135 Łódź Sławomir Mieczysław Lachowski , personal ID no. (PESEL) 58010119032

Main activity

Main activity	Wholesale and retail sale of clothing
	Import Bangladesh, India, European Union, China, Turkey, Korea, Republic of
	Export Czech Republic, Slovakia, Lithuania, Ukraine
	Branches NACE 2007:
	Wholesale of clothing and footwear	(G.46.42.Z)
	Other retail	(G.47.71.Z)

Employment

Employment

2010:              80        employees 2011:              104       employees 2012:              123       employees 2013:              131       employees January 2014:      145       employees Employment in the capital group: 2010:              1655      employees 2011:              2020      employees 2012:              2169      employees 2013:              1767      employees January 2014:      1518      employees

Turnover

Turnover	2010	PLN	90 941 000,00
	2011	PLN	110 639 000,00
	2012	PLN	143 586 000,00
	2013	PLN	156 987 000,00
	01.01.2014 - 30.09.2014	PLN	120 417 000,00
consolidated turnover	2010	PLN	323 941 000,00
	2011	PLN	380 376 000,00
	2012	PLN	440 124 000,00
	2013	PLN	468 315 000,00
	01.01.2014 - 30.09.2014	PLN	352 369 000,00

Financial statements

As at 30.09.2014 the consolidation included the following companies: REDAN SA jako jednostka dominująca, jednostki zależne: Adesso SA, Top Secret sp. o.o., Troll Market sp. z o.o., Top sp. z o.o., Adesso sp. z o.o., Krux sp. z o.o., Kadmus sp. z o.o., T.O.W. Beta Reda Ukraina, O.O.O. Redan Moskwa, O.O.O. Top Secret RS, Loger Sp. z o.o., Lunar sp. z o.o., Elviro sp. z o.o., Just Jeans sp. z o.o., Postiro sp. z o.o., R-Moda Sp. z o.o., R-Style Sp. z o.o., R-Shop Sp. z o.o. oraz R-Trendy sp. z o.o.

Source of financial data	other	other
	periodic	annual
Personal balance sheet as at	30.09.2014 (PLN)	31.12.2013 (PLN)
-A. Fixed assets......................	59 735 000,00	66 847 000,00
-  I. Tangible assets.................	3 766 000,00	3 074 000,00
-  II. Intangible assets..............	3 445 000,00	8 785 000,00
-  VI. Long term financial assets.....		1 051 000,00
-XIII. Assets due to deferred income tax...................................	4 438 000,00	5 798 000,00
-XV. Other fixed assets/ Other long-term assets......................	6 000,00	69 000,00
-B. Current Assets....................	103 778 000,00	85 428 000,00
-  I. Stocks..........................	61 002 000,00	47 744 000,00
-  III. Receivables due to income tax/ current..........................	1 926 000,00	864 000,00
-  IV. Trade receivables and other receivables/ supply and services receivables and other receivables.....	36 843 000,00	33 439 000,00
-  VI. Other financial assets.........	2 173 000,00	880 000,00
-  VIII. Cash and cash equivalents....	871 000,00	2 197 000,00
-  XIII. Other current assets/ Other assets................................	963 000,00	304 000,00
-Total assets.........................	163 513 000,00	152 275 000,00
-A. Equity............................	107 893 000,00	93 518 000,00
-  I. Initial capital.................	34 666 000,00	26 938 000,00
-  VII. Other reserve capital.........	26 575 000,00	26 575 000,00
-  XI. Retained earnings..............	11 834 000,00	5 851 000,00
-B. Long term liabilities.............	13 758 000,00	24 595 000,00
-  I. Credits, loans/ Liabilities due to credits, loand and other debt instruments...........................	4 495 000,00	12 591 000,00
-  IV.  Liabilities due to financial leasing...............................		11 476 000,00
-  VI. Reserves.......................	14 000,00	14 000,00
-  VII. Reserve due to deferred income tax/ Liabilities due to deferred income tax...................	302 000,00	514 000,00
-  VIII. Other long term liabilities..	59 000,00
-C. Short term liabilities............	41 862 000,00	34 162 000,00
-  I. Credits and loans/ Current account credits.......................	11 398 000,00	5 038 000,00
-  VII. Other financial liabilities...	4 820 000,00	3 068 000,00
-  VIII. Liabilities due to income tax/ current..........................	1 965 000,00	912 000,00
-  IX. Trade and other liabilities....	22 109 000,00	22 393 000,00
-  XI. Reserves/ other short term reserves..............................	884 000,00	1 251 000,00
-  XII. Future income.................	369 000,00	154 000,00
-  XVII. Other liabilities............	317 000,00	1 346 000,00
-Total liabilities....................	163 513 000,00	152 275 000,00
Source of financial data	other	other
	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	37 486 000,00	63 471 000,00
-  I.   Intangible assets.............	6 678 000,00	5 402 000,00
-  II.  Tangible assets...............	3 560 000,00	3 339 000,00
-  III. Long term receivables.........	975 000,00	952 000,00
-    1. From affiliated companies.....	974 000,00	949 000,00
-    2. Other receivables.............	1 000,00	3 000,00
-  IV.  Long term investments.........	19 737 000,00	46 436 000,00
-    3. Long term financial assets....	19 737 000,00	46 436 000,00
-      a) in affiliated companies.....	19 737 000,00	46 436 000,00
-        - other securities...........	19 737 000,00
-V. Long-term prepayments and accrued income........................	6 536 000,00	7 342 000,00
-  1. Deferred tax assets.............	5 894 000,00	6 673 000,00
-  2. Other prepayments...............	642 000,00	669 000,00
-B. Current assets....................	71 291 000,00	59 795 000,00
-  I.   Stock.........................	46 924 000,00	39 827 000,00
-  II. Short-term receivables.........	20 563 000,00	17 641 000,00
-    1. Receivables from affiliated companies.............................	14 191 000,00	13 210 000,00
-      a) Due to deliveries and services with payment period:.........	14 191 000,00	13 210 000,00
-    2. Other receivables ............	6 372 000,00	4 431 000,00
-      a) Due to deliveries and services with payment period:.........	3 981 000,00	2 308 000,00
-      b) Due to taxes, subsidies, insurances, duties, etc...............	1 872 000,00	2 118 000,00
-      c) Other.......................	519 000,00	5 000,00
-  III. Short term investments........	3 655 000,00	2 129 000,00
-    1. Short-term financial assets...	3 655 000,00	2 129 000,00
-      a) in affiliated companies.....	2 421 000,00
-      c) cash and other liquid assets................................	1 234 000,00	2 129 000,00
-IV. Short-term prepayments and accrued income........................	149 000,00	198 000,00
-D. Total assets......................	108 777 000,00	123 266 000,00
-A. Shareholders' equity..............	57 661 000,00	87 554 000,00
-  I.   Basic share capital...........	29 638 000,00	26 938 000,00
-  IV.  Statutory reserve capital.....	34 154 000,00	54 120 000,00
-  V. Revaluation reserve.............	25 000 000,00
-  VII. Profit (loss) carried forward.	1 403 000,00	1 462 000,00
-  VIII. Net profit (loss)............	-29 834 000,00	5 034 000,00
-B. Liabilities and reserves for liabilities...........................	51 116 000,00	35 712 000,00
-  I.   Reserves for liabilities......	3 165 000,00	636 000,00
-    1. Deferred income tax reserves..	268 000,00	570 000,00
-    2. Reserves for pensions and similar social payments...............	77 000,00	66 000,00
-      - long-term....................	11 000,00	11 000,00
-      - short-term...................	66 000,00	55 000,00
-    3. Other reserves................	2 820 000,00
-      - short-term...................	2 820 000,00
-II.  Long-term liabilities...........	22 063 000,00	14 885 000,00
-  2. Other liabilities...............	22 063 000,00	14 885 000,00
-    a) Loans.........................		14 242 000,00
-    c) Other financial liabilities...		643 000,00
-III. Short-term liabilities..........	25 888 000,00	20 178 000,00
-  1. Due to affiliated companies.....	2 582 000,00	3 104 000,00
-    a) Due to deliveries and services with payment period:.........	2 582 000,00	3 104 000,00
-      - up to 12 months..............	2 582 000,00
-  2. Other liabilities...............	23 291 000,00	17 074 000,00
-    a) Loans.........................		7 275 000,00
-    d)Due to deliveries and services with payment period:.........		6 303 000,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............		2 056 000,00
-    i) Other.........................		1 440 000,00
-  3. Special funds...................	16 000,00
-IV.  Accruals and deferred income....		13 000,00
-  2. Other accruals..................		13 000,00
-D. Total liabilities.................	108 777 000,00	123 266 000,00
Source of financial data	other	other	other	other
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2014- 30.09.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar.....	120 417 000,00	156 987 000,00	143 586 000,00	110 639 000,00
-  - including related companies......			127 747 000,00	105 273 000,00
-  I.   Net income on sales...........			11 635 000,00	7 913 000,00
-  IV.  Income from sales of goods and materials.........................			131 951 000,00	102 726 000,00
-B. Operational costs.................	114 575 000,00	148 376 000,00	136 033 000,00	108 126 000,00
-  I.   Depreciation..................	939 000,00	1 141 000,00	1 224 000,00	2 054 000,00
-  II.  Materials and energy..........	596 000,00	914 000,00	962 000,00	738 000,00
-  III. Third party services..........	4 724 000,00	6 104 000,00	7 154 000,00	5 568 000,00
-  IV.  Taxes and duties..............	145 000,00	151 000,00	128 000,00	190 000,00
-  V.   Salaries and wages............			5 631 000,00	5 370 000,00
-  VI.  Social security...............	5 325 000,00	6 251 000,00	906 000,00	708 000,00
-  VII. Other.........................	371 000,00	569 000,00	563 000,00	399 000,00
-  VIII.Costs of goods and materials sold..................................	102 475 000,00	133 246 000,00	119 464 000,00	93 099 000,00
-C. Profit on sale....................	5 842 000,00	8 611 000,00	7 553 000,00	2 513 000,00
-D. Other operating incomes...........	633 000,00	4 003 000,00	848 000,00	5 197 000,00
-  III. Other operating incomes.......			848 000,00	5 197 000,00
-E. Other operating costs.............	387 000,00	3 271 000,00	9 230 000,00	4 051 000,00
-  I.   Loss on disposal of non-finacial assets...................			7 000,00	14 000,00
-  II.  Goodwill revaluation..........			5 890 000,00	1 345 000,00
-  III. Other operating costs.........			3 333 000,00	2 692 000,00
-F. Profit on operating activities....	6 088 000,00	9 343 000,00		3 659 000,00
-F. Loss on operating activities......			829 000,00
-G. Financial incomes.................	6 015 000,00	30 804 000,00	898 000,00	4 405 000,00
-  I.   Dividends received............				2 980 000,00
-    - including dividends to group and associated compan.................				2 980 000,00
-  II.  Interest received.............			590 000,00	154 000,00
-    - including related companies....				130 000,00
-  IV.  Financial assets revaluation..			201 000,00	1 000,00
-  V.   Other.........................			107 000,00	1 270 000,00
-H. Financial costs...................	4 884 000,00	4 950 000,00	33 425 000,00	1 347 000,00
-  I.   Interest......................			2 791 000,00	1 185 000,00
-  III. Financial assets revaluation..			28 431 000,00
-  IV.  Other.........................			2 203 000,00	162 000,00
-I. Profit on economic activity.......	7 219 000,00	35 197 000,00		6 717 000,00
-I. Loss on economic activity.........			33 356 000,00
-K. Gross profit......................	7 219 000,00	35 197 000,00		6 717 000,00
-K. Gross loss........................			33 356 000,00
-L. Corporation tax...................	1 236 000,00	343 000,00	-3 522 000,00	1 683 000,00
-  a) current part....................			135 000,00	1 728 000,00
-  b) deferred part...................			-3 657 000,00	-45 000,00
-N. Net profit........................	5 983 000,00	34 854 000,00		5 034 000,00
-N. Net loss..........................			29 834 000,00

AUDITOR

Balance sheet as at 31.12.2013
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor  Malwina Choińska

No. 10038

Balance sheet as at 31.12.2012
ECA SEREDYŃSKI I WSPÓLNICY sp. k., ul. Moniuszki 50, 31-523 Kraków	No. 3115

Expert auditor Michał  Kołosowski

No. 11117

Ratios	01.01.2014- 30.09.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	2,48	2,50	2,75	2,96
Quick ratio	0,95	1,07	0,94	0,98
Immediate ratio	0,02	0,06	0,05	0,11
Return on sale	4,97	22,20	-20,78	4,55
Return on assets	3,66	22,89	-27,43	4,08
Return on equity	5,55	37,27	-51,74	5,75
Average trade debtors' days	83,53	77,75	52,41	58,20
Average stock turnover's days	138,30	111,01	119,61	131,39
average payables payment period	94,91	79,43	65,99	66,57
Total indebtedness ratio	34,02	38,59	46,99	28,97

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.42.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,56	1,78	1,65	1,64	1,62
Quick ratio..............................	0,84	0,95	0,96	0,91	0,95
Immediate ratio..........................	0,13	0,20	0,11	0,14	0,18
Return on sale...........................	3,40	3,12	1,01	2,40	6,78
Return on assets.........................	2,54	4,89	1,34	3,22	9,00
Return on equity.........................	6,37	10,65	3,01	7,58	20,30
Average trade debtors' days..............	85,02	71,78	103,25	97,70	90,59
Average stock turnover's days............	85,27	79,51	84,16	90,96	77,80
average payables payment period..........	120,88	96,66	122,78	127,24	119,49
Total indebtedness ratio.................	60,18	54,11	55,28	57,55	55,67
Percent share in the examinated group of companies with net profit.............	72,70	68,60	73,20	78,60	80,40
Sales/revenue per employee in th. PLN....	285,36	536,33	571,71	471,23	385,61
Average sales/revenue per company in th. PLN..................................	36 093,24	66 550,51	62 246,98	54 292,93	47 414,80
according to the Central Statistical Office

Source of financial data	other	other
	annual	annual
Consolidated balance sheet as at	30.09.2014 (PLN)	31.12.2013 (PLN)
-Fixed assets.........................	52 558 000,00	39 242 000,00
-  Tangible assets....................	31 048 000,00	20 660 000,00
-  Goodwill...........................	790 000,00	68 000,00
-  Other intangible assets............	6 396 000,00	5 788 000,00
-  Long term financial assets.........		3 312 000,00
-  Assets due to deferred income tax..	8 583 000,00	9 263 000,00
-Current assets.......................	180 228 000,00	164 050 000,00
-  Stocks.............................	135 743 000,00	116 520 000,00
-  Short term receivables and miscellaneous items...................	24 690 000,00
-  Receivables due to income tax......	7 363 000,00
-  Cash and equivalents...............	10 321 000,00	20 333 000,00
-Total assets.........................	232 786 000,00	203 292 000,00
-Equity...............................	54 431 000,00	52 038 000,00
-  Initial capital....................	34 666 000,00	26 938 000,00
-  Surplus from sale of shares over nominal value.........................	132 687 000,00
-  Reserve and uncalled capital.......		26 575 000,00
-  Retained earnings..................	-112 921 000,00	-97 711 000,00
-  Minority Shares....................	-1 000,00
-Long term liabilities................	21 207 000,00	26 875 000,00
-  Reserve due to deferred income tax.	1 278 000,00	760 000,00
-  Long term bank credits and loans...	4 495 000,00	12 591 000,00
-  Other long term financial liabilities...........................	15 325 000,00	12 322 000,00
-Short term liabilities...............	157 148 000,00	124 379 000,00
-  Reserves...........................	2 538 000,00	3 820 000,00
-  Short term bank credits and loans..	29 462 000,00	16 442 000,00
-  Other short term financial liabilities...........................	6 921 000,00	4 250 000,00
-  Short term liabilities and miscellaneous items...................	104 283 000,00
-  Liabilities due to income tax......	8 501 000,00	11 279 000,00
-Total liabilities....................	232 786 000,00	203 292 000,00
Source of financial data	other
	annual
Consolidated balance sheet as at	31.12.2012 (PLN)
-A. Fixed assets......................	40 633 000,00
-  Intangible assets..................	5 304 000,00
-  II. Goodwill of subordinated companies.............................	68 000,00
-  III. Tangible assets...............	24 603 000,00
-  IV. Long term receivables..........	2 716 000,00
-    1. From related companies........	974 000,00
-    2. From other companies..........	1 742 000,00
-  V. Long term investments...........	0,00
-VI. Long term prepayments............	7 942 000,00
-  1. Defferred tax assets............	6 682 000,00
-  2. Other prepayments...............	1 260 000,00
-B. Current assets....................	162 070 000,00
-  I. Stocks..........................	120 360 000,00
-  II. Short term receivables.........	27 582 000,00
-    1. Receivables from related companies.............................	111 000,00
-    2. Receivables from other units..	27 471 000,00
-III. Short term investments..........	13 494 000,00
-  1. Short term financial assets.....	13 494 000,00
-    d) cash and other liquid means...	13 494 000,00
-IV. Short term prepayments...........	634 000,00
-Total assets.........................	202 703 000,00
-A. Shareholders' Equity..............	48 044 000,00
-  I. Initial Capital.................	26 938 000,00
-  IV. Statutory reserve capital......	95 556 000,00
-  VI. Other reserve capital..........	25 000 000,00
-  VIII. Profit (loss) from previous years.................................	-70 188 000,00
-  IX. Net profit (loss)..............	-29 262 000,00
-D.  Liabilities and reserves for liabilities...........................	154 659 000,00
-  I. Reserves for liabilities........	6 315 000,00
-    1. Deffered tax reserve..........	312 000,00
-    2. Reserves for pensions and connected social payments.............	1 597 000,00
-      - long term....................	46 000,00
-      - short term...................	1 551 000,00
-    3. Other reserves................	4 406 000,00
-      - short term...................	4 406 000,00
-II. Long term liabilities............	25 033 000,00
-  2. due to other units..............	25 033 000,00
-    a) credits and loans.............	8 501 000,00
-    b) issued securities.............	2 877 000,00
-    c) other financial liabilities...	12 244 000,00
-    d) other.........................	1 411 000,00
-III. Short term liabilities..........	123 311 000,00
-  1. Due to related companies........	703 000,00
-  2. Due to other companies..........	122 371 000,00
-  3. Special funds...................	237 000,00
-Total liabilities....................	202 703 000,00
Source of financial data	other	other	other
	annual	annual	annual
CONSOLIDATED Consolidated P/L Account	01.01.2014- 30.09.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Income from sales and similar.....	352 369 000,00	468 315 000,00	440 124 000,00
-  - including subsidiaries...........			748 000,00
-  I. Sales of products...............		468 315 000,00	2 571 000,00
-  IV. Cost of production of goods for own purposes......................			437 553 000,00
-B. Operational costs.................	343 903 000,00	459 134 000,00	444 719 000,00
-  1. Depreciation....................	5 592 000,00	8 088 000,00	9 212 000,00
-  II. Materials and energy...........	8 056 000,00	10 619 000,00	12 265 000,00
-  III. Third party services..........	89 221 000,00	110 097 000,00	104 871 000,00
-  IV. Taxes and duties...............	389 000,00	1 165 000,00	1 670 000,00
-  V. Salaries and wages..............			54 644 000,00
-  VI. Social securities and similar..	34 863 000,00	55 097 000,00	10 370 000,00
-  VII. Other.........................	1 432 000,00	2 694 000,00	2 800 000,00
-  VIII. Costs of goods and materials sold........................	204 350 000,00	271 374 000,00	248 887 000,00
-C.Profit on sale (A-B)...............	8 466 000,00	9 181 000,00
-C. Loss on sale (A-B)................			4 595 000,00
-D. Other ordinary income.............	3 025 000,00	8 575 000,00	5 046 000,00
-  II. Donations......................			84 000,00
-  III. Other ordinary income.........			4 962 000,00
-E. Other ordinary costs..............	4 735 000,00	12 910 000,00	28 652 000,00
-  I. Loss on sale of non financial fixed assets..........................			1 443 000,00
-  II. Goodwill revaluation...........			17 330 000,00
-  III. Other operating costs.........			9 879 000,00
-F. Profit on ordinary activities (C+D+E)...............................	6 756 000,00	4 847 000,00
-F. Loss on ordinary activities (C+D+E)...............................			28 201 000,00
-G. Financial income..................	3 371 000,00	2 364 000,00	3 389 000,00
-  II. Interests received:............			456 000,00
-  IV. Investments revaluation........			55 000,00
-  V. Other...........................			2 878 000,00
-H. Financial costs...................	9 291 000,00	7 868 000,00	4 763 000,00
-  I. Interests.......................			3 638 000,00
-  III. Revaluation of investments....			905 000,00
-  IV. Other..........................			2 220 000,00
-J. Profit on economic activity (F+G-H+/-I)...........................	837 000,00
-J. Loss on economic activity (F+G-H+/-I)...........................			29 575 000,00
-K. Result on extraordinary activity..			2 402 000,00
-N. Gross profit (J+/-K-L+M)..........	837 000,00	3 542 000,00
-N. Gross loss (J+/-K-L+M)............			27 173 000,00
-O. Income tax........................	2 963 000,00	185 000,00	-1 423 000,00
-R. Minority losses...................			1 233 000,00
-S. Net profit (N-O-P+/-Q+/-R)).......		3 357 000,00
-S. Net loss (N-O-P+/-Q+/-R)..........	2 126 000,00		26 983 000,00

AUDITOR

Consolidated balance sheet as at 31.12.2013
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor  Malwina Choińska

No. 10038

Consolidated balance sheet as at 31.12.2012
ECA SEREDYŃSKI I WSPÓLNICY sp. k., ul. Moniuszki 50, 31-523 Kraków	No. 3115

Expert auditor Michał  Kołosowski

No. 11117

Locations

Locations:

seat: ul. Żniwna 10/14, 94-250 Łódź Phone:                   42 6177100 Fax:                     42 6171722                          42 6171770 E-mail:                  redan@redan.com.pl Website:                 www.redan.com.pl

Real Estate

No data

Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

Shares in other companies

TOP MARK Sp. z o.o. w upadłości likwidacyjnej NIP PL 7272497024, ul. Aleksandra 24/26/26 G, 93-418 Łódź PLN 375 000,00 (33,24%)   ELVIRO SPÓŁKA Z O.O. NIP 9471915809, ul. Promienna 31, 91-603 Łódź PLN 1 463 000,00 (100,00%)   TROLL MARKET Sp. z o.o. NIP PL 7272611017, ul. Krakowska 140A, 34-120 Andrychów PLN 270 000,00 (100,00%)   TOP SECRET Sp. z o.o. NIP PL 7272570554, ul. Żniwna 10/14, 94-250 Łódź PLN 42 306 000,00 (54,72%)   ADESSO Sp. z o.o. NIP 7272624988, ul. Krakowska 140a, 34-120 Andrychów PLN 719 000,00 (100,00%)   TOP SPÓŁKA Z O.O. NIP 7272626390, ul. Żniwna 10/14, 94-250 Łódź PLN 1 788 500,00 (100,00%)   TOP CENTER sp. z o.o. w upadłości likwidacyjnej NIP 9471910462, ul. Żniwna 10/14, 94-250 Łódź PLN 1 728 500,00 (100,00%)   „JUST JEANS” sp. z o.o. NIP 9471965196, ul. Krakowska 140a, 34-120 Andrychów PLN 165 000,00 (100,00%)   LUNAR SPÓŁKA Z O.O. NIP 9471913874, ul. Promienna 31, 91-603 Łódź PLN 1 302 000,00 (100,00%)   KADMUS SPÓŁKA Z O.O. NIP 9471913354, ul. Traktorowa 126/501, 91-204 Łódź PLN 2 835 000,00 (100,00%)   KRUX SPÓŁKA Z O.O. NIP 9471913331, ul. Żniwna 10/14, 94-250 Łódź PLN 2 470 500,00 (100,00%)   POSTIRO SPÓŁKA Z O.O. NIP 7272686848, ul. Żniwna 10/14, 94-250 Łódź PLN 178 000,00 (100,00%)   „R-STYLE” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź PLN 5 000,00 (100,00%)   „R-SHOP” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź PLN 5 000,00 (100,00%)   „R-MODA” sp. z o.o. NIP 7272788709, ul. Żniwna 10/14, 94-250 Łódź PLN 5 000,00 (100,00%)   R-TRENDY sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź PLN 5 000,00 (100,00%)   Beta-Reda T.O.W., Ukraine  - 100 %  Redan Moscow OOO, Russian Federation   · Shareholder

Data concerning shares in other companies are valid as at: 08.12.2014.

Connections

Connections:

Jacek Ratajczyk , personal ID no. (PESEL) 50032703855 -  Firma Budowlana PERFECT DOM Jacek Ratajczyk NIP 9471110767, ul. Warszawska 35/37, 95-070 Aleksandrów Łódzki   · owner Piengjai Wiśniewska , personal ID no. (PESEL) 59100815869 -  EURO-CENTER SPÓŁKA Z O.O. NIP 7321826813, ul. Żniwna 10/14, 94-250 Łódź   · shareholder: PLN 42 500,00 (85,00%)   · president -  AGENDA SPÓŁKA Z O.O. NIP 7262396362, ul. Żniwna 10/14, 94-250 Łódź   · president -  ORES SPÓŁKA Z O.O. NIP 7272570525, ul. Żniwna 10/14, 94-250 Łódź   · shareholder: PLN 301 500,00 (99,18%)   · president -  TOP MARK Sp. z o.o. w upadłości likwidacyjnej NIP PL 7272497024, ul. Aleksandra 24/26/26 G, 93-418 Łódź   · member of supervisory board -  FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź   · member of supervisory board -  HOTELE ADC SPÓŁKA Z O.O. NIP 9451979723, ul. Żabiniec 46, 31-215 Kraków   · shareholder: PLN 350 000,00 (25,00%) -  LOGER SPÓŁKA Z O.O. NIP 9471915815, ul. Żniwna 10/14, 94-250 Łódź   · shareholder: PLN 36 500,00 (73,00%)   · president -  ADESSO SA NIP PL 6760077170, ul. Krakowska 140A, 34-120 Andrychów   · member of supervisory board -  REAL OFFICE Sp. z o.o. NIP 9471948045, ul. Traktorowa 126/501, 91-204 Łódź   · shareholder: PLN 25 000,00 (50,00%) Sławomir Mieczysław Lachowski  is related to many subjects. Radosław Wiśniewski , personal ID no. (PESEL) 71040902436 -  ORES SPÓŁKA Z O.O. NIP 7272570525, ul. Żniwna 10/14, 94-250 Łódź   · member of supervisory board -  "WIŚNIEWSKI I ŚWIEBODA" SPÓŁKA JAWNA, ul. Gliniana 29/31, 91-336 Łódź   · shareholder   · member of representation unit -  „R-STYLE” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · president -  RD5 Sp. z o.o. NIP 7262600934, ul. Traktorowa 126/501, 91-204 Łódź   · president -  HOTELE ADC SPÓŁKA Z O.O. NIP 9451979723, ul. Żabiniec 46, 31-215 Kraków   · member of supervisory board -  RD3 Sp. z o.o. NIP 7262586275, ul. Traktorowa 126/501, 91-204 Łódź   · president -  TOP MARK Sp. z o.o. w upadłości likwidacyjnej NIP PL 7272497024, ul. Aleksandra 24/26/26 G, 93-418 Łódź   · member of supervisory board -  RD4 Sp. z o.o. NIP 7262592353, ul. Traktorowa 126/501, 91-204 Łódź   · president -  REAL DEVELOPMENT GROUP Sp. z o.o. NIP 9471979749, ul. Traktorowa 126/501, 91-204 Łódź   · shareholder: PLN 2 500,00 (50,00%)   · vice president -  DENEGA Sp. z o.o. NIP 7262554513, ul. Gliniana 29/31, 91-336 Łódź   · shareholder: PLN 55 500,00 (18,50%) -  „R-SHOP” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · president -  VITAL sp. z o.o. w likwidacji NIP 9471923789, ul. Aleksandrowska 67/93, 91-205 Łódź   · shareholder: PLN 12 500,00 (25,00%) -  NAPRZÓD SA, ul. Żabiniec 46, 31-215 Kraków   · member of supervisory board -  „R-MODA” sp. z o.o. NIP 7272788709, ul. Żniwna 10/14, 94-250 Łódź   · president -  FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź   · member of supervisory board -  R-TRENDY sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · president -  VN NIERUCHOMOŚCI sp. z o.o., ul. Żabiniec 46, 31-215 Kraków   · shareholder: PLN 1 250,00 (25,00%) -  Spółdzielnia Inwalidów NAPRZÓD w Krakowie NIP 6750005068, ul. Żabiniec 46, 31-215 Kraków   · member of supervisory board -  „HOME AND KIDS” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · member of supervisory board -  JANUSZ ANTAS sp. k., ul. Omłotowa 12/14, 90-062 Łódź   · Limited partners, Comandite sum: PLN 4 000,00 Bogusz Stanisław Kruszyński , personal ID no. (PESEL) 72111303431 -  REDAN CENTRUM FINANSOWE SPÓŁKA Z O.O. NIP 9471910479, ul. Żniwna 10/14, 94-250 Łódź   · president -  FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź   · member of supervisory board -  ADESSO Sp. z o.o. NIP 7272624988, ul. Krakowska 140a, 34-120 Andrychów   · vice president -  TUBAR SPÓŁKA Z O.O. NIP 9471915821, ul. Żniwna 10/14, 94-250 Łódź   · president -  KADMUS SPÓŁKA Z O.O. NIP 9471913354, ul. Traktorowa 126/501, 91-204 Łódź   · vice president -  TROLL MARKET Sp. z o.o. NIP PL 7272611017, ul. Krakowska 140A, 34-120 Andrychów   · vice president -  „R-STYLE” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · vice president -  BALENO sp. z o.o. w likwidacji NIP 9471910456, ul. Żniwna 10/14, 94-250 Łódź   · liquidator -  GETAR SPÓŁKA Z O.O. NIP 9471913868, ul. Żniwna 10/14, 94-250 Łódź   · president -  ROKAPPA SPÓŁKA Z O.O. NIP 9471913325, ul. Żniwna 10/14, 94-250 Łódź   · president -  „JUST JEANS” sp. z o.o. NIP 9471965196, ul. Krakowska 140a, 34-120 Andrychów   · president -  ADESSO SA NIP PL 6760077170, ul. Krakowska 140A, 34-120 Andrychów   · member of supervisory board -  TOP SPÓŁKA Z O.O. NIP 7272626390, ul. Żniwna 10/14, 94-250 Łódź   · president -  „R-MODA” sp. z o.o. NIP 7272788709, ul. Żniwna 10/14, 94-250 Łódź   · vice president -  „HOME AND KIDS” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · member of supervisory board -  TOP CENTER sp. z o.o. w upadłości likwidacyjnej NIP 9471910462, ul. Żniwna 10/14, 94-250 Łódź   · president -  TOP SECRET Sp. z o.o. NIP PL 7272570554, ul. Żniwna 10/14, 94-250 Łódź   · vice president -  „R-SHOP” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · vice president -  DOTAR Sp. z o.o. NIP PL 9471915790, ul. Powstańców Śląskich 103/1, 01-355 Warszawa   · president -  KRUX SPÓŁKA Z O.O. NIP 9471913331, ul. Żniwna 10/14, 94-250 Łódź   · vice president -  ELVIRO SPÓŁKA Z O.O. NIP 9471915809, ul. Promienna 31, 91-603 Łódź   · vice president -  LUNAR SPÓŁKA Z O.O. NIP 9471913874, ul. Promienna 31, 91-603 Łódź   · vice president -  Top Speed Sp. z o.o. NIP 9471913348, ul. Powstańców Śląskich 103/1, 01-355 Warszawa   · president -  EURODOM sp. z o.o., ul. Wólczańska 158/160, 90-530 Łódź   · member of supervisory board -  R-TRENDY sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · vice president -  POSTIRO SPÓŁKA Z O.O. NIP 7272686848, ul. Żniwna 10/14, 94-250 Łódź   · president Leszek Adam Kapusta , personal ID no. (PESEL) 67100606776 -  ORES SPÓŁKA Z O.O. NIP 7272570525, ul. Żniwna 10/14, 94-250 Łódź   · proxy -  ADESSO SA NIP PL 6760077170, ul. Krakowska 140A, 34-120 Andrychów   · member of supervisory board -  TOP SECRET Sp. z o.o. NIP PL 7272570554, ul. Żniwna 10/14, 94-250 Łódź   · proxy -  „HOME AND KIDS” sp. z o.o., ul. Żniwna 10/14, 94-250 Łódź   · member of supervisory board -  R-FASHION SPÓŁKA Z O.O. NIP 7272731046, ul. Żniwna 10/14, 94-250 Łódź   · president -  FUNDACJA "HAPPY KIDS" NIP 7272572926, ul. Żniwna 10/14, 94-250 Łódź   · vice president -  LOGER SPÓŁKA Z O.O. NIP 9471915815, ul. Żniwna 10/14, 94-250 Łódź   · proxy -  TARGET SPÓŁKA Z O.O. NIP 7272614754, ul. Żniwna 10/14, 94-250 Łódź   · president -  „ARETO” sp. z o.o., ul. Omłotowa 12/16, 94-251 Łódź   · president

Data concerning connections are valid as at: 08.12.2014.

General information

General information

Since 09.12.2003 noDescription noDescription

The activity of Redan Capital Group consists of two pillars: the fashion market (Top Secret and Troll) and discount (Textilmarket). In September 2014 the Textilmarket chain consisted of 300 shops of total area 64,4 thousand m2. As of September 2014 the total area of shops from the chains Top Secret, Troll and DryWas was 39,6 thousand m2. In connection with the overlapping of the repayment terms of liabilities in the first quarter of 2013, resulting from the Series A bonds and credit and guarantee limits and accredited in banks, the subject company proposed banks and financial investors an "Agreement on the principles of financial debt repayments." The subject of this agreement is a suspension until February 28, 2013, the repayment of capital falling in this period and an establishment of a new repayment schedule. The Company has proposed the financial institutions holding bonds, series A, maturing January 12, 2013,  to assume the newly issued bonds for a period of 3 months. On 21 December 2012, the following companies belonging to the Redan Group: Redan SA, Top Secret Sp. z o.o. and Adesso SKA concluded with financial institutions financing the activity of Redan Group (banks, leasing company and the bondholders) an agreement on the principles of financial debt repayments. A party of this agreement is also Loger Sp. z o.o. and Radosław Wiśniewski - the main shareholder of Redan SA. The aim of the agreement was to systematize the process of developing a target debt repayment schedule of Redan Group towards subjects financing its activities. The agreement was signed until March, 31 2013. In this period, the Redan Group presented a business plan and a financial plan, which was the basis for the  repayment schedule. These documents will be subject to an independent financial adviser. At that time, there were also  included a target agreement on rules of the financial debt repayment of the companies from the Redan Group. During the period of the contract, the Redan Group companies continued to pay the interest towards financial institutions, commissions and fees from the existing financial debt.

Banks

Banks

Bank Millennium SA Millennium - Centrum Rozliczeniowe  (11602202) ul. Stanisława Żaryna 2A, 02-593 Warszawa Acc.no. 03116022020000000073160672  Bank Millennium SA Millennium - Centrum Rozliczeniowe  (11602202) ul. Stanisława Żaryna 2A, 02-593 Warszawa Acc.no. 24116022020000000032994728

Payment Manner

In the past, payment delays occurred, currently nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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.