MIRA INFORM REPORT

Report No. :	301878
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	BIURO HANDLOWE GRENO IOANNIS BLATSIOS
Registered Office :	Pietrzykowice ul. Fabryczna 22 55-080 Kąty Wrocławskie
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	04.03.1993
Legal Form :	Natural persons conducting business activity
Line of Business :	Wholesale and retail trade in textile products Running a hotel Agents involved in the sale of furniture, household goods, hardware and ironmongery Other transportation activities
No. of Employees :	92

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 and address

BIURO HANDLOWE GRENO IOANNIS BLATSIOS

Pietrzykowice
 ul. Fabryczna 22
55-080 Kąty Wrocławskie

Phone:    71 3605656

Fax:     71 3605657

E-mail:   anna.drogi@greno.pl

greno@greno.pl

Website:  www.greno.pl

Company summary

Legal form	Natural persons conducting business activity
Stat.no.	930142869
Tax ID	PL 8990205951

Establishment	04.03.1993
Changes of names and addresses

Registration:

29.10.2011, Central Business Activity Registration and Information Office, Date of beginning of the activity 04.03.1993,  Data concerning previous registrations: 04.03.1993, Municipal Office Wrocław, No. 59997 09.09.2002, Municipal Office and Communal Office Kąty Wrocławskie, No. 2705/2002

Owner

Ioannis Blatsios , personal ID no. (PESEL) 61062106596, ul. Jagodzińska 10, 52-129 Wrocław

Representation Authority

Joanna Kałkowska   - plenipotentiary Activities covered by the plenipotentiary in scope of Business Activity Register: Change of entry Entry on suspension of business activity  Entry on renewal of business activity  Application for entry removal Conducting cases through the contact point

Main activity	Wholesale and retail trade in textile products (towels, sheets, tablecloths, bedspreads, etc.) Running a hotel
	Branches NACE 2007:
	Wholesale of textiles
	Hotels
	Manufacture of made-up textile articles
	Building erection related general building activity
	Agents involved in the sale of furniture, household goods, hardware and ironmongery
	Other transportation activities

Employment

2010:              88        employees 2011:              88        employees 2012:              83        employees 2013:              92        employees 2014:              92        employees

Turnover	2010	PLN	46 132 157,41
	2011	PLN	39 086 853,82
	2012	PLN	41 725 033,60
	2013	PLN	43 241 000,00
	2014	PLN	43 637 231,00

Financial statements

Source of financial data	Subject	Subject	Subject	Subject
	F01	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2009 (PLN)
-A. Fixed assets......................	23 851 000,00	12 446 829,75	11 339 058,06	5 394 142,32
-  I.   Intangible assets.............		66 951,11	128 067,01	216 624,72
-    3. Other intangible assets.......		66 951,11	128 067,01	216 624,72
-  II.  Tangible assets...............		12 379 878,64	11 210 991,05	5 177 517,60
-    1. Fixed goods...................		12 252 638,86	6 157 686,00	4 782 955,14
-      a) land........................		813 689,17	808 411,17	661 180,73
-      b) buildings, premises, facilities............................		10 484 057,03	4 350 595,60	3 465 497,08
-      c) machinery and equipment.....		134 666,46	22 752,16	28 099,72
-      d) fleet of motor vehicles.....		494 329,68	567 906,89	582 607,49
-      e) other fixed goods...........		325 896,52	408 020,18	45 570,12
-    2. Fixed goods under construction..........................		127 239,78	5 053 305,05	394 562,46
-B. Current assets....................	27 641 000,00	27 908 149,35	24 696 349,83	24 983 139,16
-  I.   Stock.........................	13 555 000,00	12 180 103,45	11 995 561,95	10 012 525,60
-    3. Finished products.............				127,80
-    4. Goods for re-sale.............	13 555 000,00	12 180 103,45	11 995 561,95	10 012 397,80
-  II. Short-term receivables.........	11 007 000,00	11 026 117,57	11 449 554,51	9 253 942,89
-    2. Other receivables ............	11 007 000,00	11 026 117,57	11 449 554,51	9 253 942,89
-      a) Due to deliveries and services with payment period:.........	11 007 000,00	11 026 112,59	11 447 351,09	9 214 621,89
-        - up to 12 months............		11 026 112,59	11 447 351,09	9 214 621,89
-      b) Due to taxes, subsidies, insurances, duties, etc...............				39 321,00
-      c) Other.......................		4,98	2 203,42
-  III. Short term investments........	2 960 000,00	4 615 207,16	1 166 835,82	5 621 879,73
-    1. Short-term financial assets...	2 960 000,00	4 615 207,16	1 166 835,82	5 621 879,73
-      c) cash and other liquid assets................................	2 960 000,00	4 615 207,16	1 166 835,82	5 621 879,73
-        - cash in hand and on bank account...............................		4 615 207,16	1 166 835,82	5 621 879,73
-IV. Short-term prepayments and accrued income........................	119 000,00	86 721,17	84 397,55	94 790,94
-D. Total assets......................	51 492 000,00	40 354 979,10	36 035 407,89	30 377 281,48
-A. Shareholders' equity..............	46 327 000,00	35 007 071,28	27 780 675,77	26 627 127,79
-  I.   Basic share capital...........		32 142 664,22	22 684 987,25	18 868 637,41
-  VIII. Net profit (loss)............	15 117 000,00	2 864 407,06	5 095 688,52	7 758 490,38
-B. Liabilities and reserves for liabilities...........................	5 165 000,00	5 347 907,82	8 254 732,12	3 750 153,69
-II.  Long-term liabilities...........		397 976,59	628 510,00	220 951,43
-  2. Other liabilities...............		397 976,59	628 510,00	220 951,43
-    d) Other.........................		397 976,59	628 510,00
-III. Short-term liabilities..........	3 543 000,00	2 222 057,80	5 542 673,45	3 529 202,26
-  2. Other liabilities...............		2 221 943,96	5 542 559,61	3 529 088,42
-    a) Loans.........................	23 000,00			471 352,69
-    d)Due to deliveries and services with payment period:.........		1 484 455,66	5 240 360,85	2 561 686,79
-      - up to 12 months..............		1 484 455,66	5 240 360,85	2 561 686,79
-    e) Advances received.............	116 000,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	788 000,00	736 718,82	302 178,70	495 544,32
-    h) Due to salaries...............		13,24	20,06	377,80
-    i) Other.........................		756,24		126,82
-  3. Special funds...................		113,84	113,84	113,84
-IV.  Accruals and deferred income....	1 622 000,00	2 727 873,43	2 083 548,67
-  2. Other accruals..................		2 727 873,43	2 083 548,67
-    - short-term.....................		2 727 873,43	2 083 548,67
-D. Total liabilities.................	51 492 000,00	40 354 979,10	36 035 407,89	30 377 281,48
Source of financial data	Subject	Subject	Subject	Subject
	F01	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2009- 31.12.2009 (PLN)
-A. Income from sales and similar.....	43 241 000,00	41 725 033,60	39 086 853,82	46 132 157,41
-  I.   Net income on sales...........	4 876 000,00	1 016 282,55	197 424,19	172 022,62
-  II.  Change in value of stock ( +, -).................................	36 000,00	24 352,08	27 250,92	39 847,25
-  IV.  Income from sales of goods and materials.........................	38 329 000,00	40 684 398,97	38 862 178,71	45 920 287,54
-B. Operational costs.................	40 801 000,00	39 741 615,80	34 165 564,15	38 355 179,74
-  I.   Depreciation..................	3 952 000,00	2 772 335,55	805 846,92	1 213 621,85
-  II.  Materials and energy..........	1 009 000,00	1 263 620,40	772 423,09	965 576,91
-  III. Third party services..........	3 908 000,00	3 374 841,15	2 988 361,63	3 333 605,61
-  IV.  Taxes and duties..............	137 000,00	85 224,85	66 362,38	55 163,78
-  V.   Salaries and wages............	3 998 000,00	3 764 302,70	3 691 429,71	3 639 357,98
-  VI.  Social security...............	744 000,00	711 846,90	643 972,91	675 572,42
-  VII. Other.........................	541 000,00	423 621,53	380 879,15	444 086,17
-  VIII.Costs of goods and materials sold..................................	26 512 000,00	27 345 822,72	24 816 288,36	28 028 195,02
-C. Profit on sale....................	2 440 000,00	1 983 417,80	4 921 289,67	7 776 977,67
-D. Other operating incomes...........	15 902 000,00	823 231,52	354 709,07	327 384,86
-  I.   Incomes from disposal non-financial assets..................	105 000,00	45 120,32	137 254,47	9,84
-  III. Other operating incomes.......	15 797 000,00	778 111,20	217 454,60	327 375,02
-E. Other operating costs.............	2 835 000,00	219 461,83	382 741,63	269 370,74
-  II.  Goodwill revaluation..........			103 275,37
-  III. Other operating costs.........	2 835 000,00	219 461,83	279 466,26	269 370,74
-F. Profit on operating activities....	15 507 000,00	2 587 187,49	4 893 257,11	7 834 991,79
-G. Financial incomes.................	206 000,00	415 205,72	267 587,07	205 238,57
-  II.  Interest received.............	87 000,00	51 564,42	59 347,77	199 109,40
-  V.   Other.........................	119 000,00	363 641,30	208 239,30	6 129,17
-H. Financial costs...................	90 000,00	137 986,15	65 155,66	281 739,98
-  I.   Interest......................	52 000,00	69 850,11	65 155,66	49 967,18
-  IV.  Other.........................	38 000,00	68 136,04		231 772,80
-I. Profit on economic activity.......	15 623 000,00	2 864 407,06	5 095 688,52	7 758 490,38
-K. Gross profit......................	15 623 000,00	2 864 407,06	5 095 688,52	7 758 490,38
-L. Corporation tax...................	506 000,00
-  a) current part....................	506 000,00
-N. Net profit........................	15 117 000,00	2 864 407,06	5 095 688,52	7 758 490,38

Ratios
Ratios	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2009- 31.12.2009
Current ratio	7,80	12,56	4,46	7,08
Quick ratio	3,94	7,04	2,28	4,22
Immediate ratio	0,84	2,08	0,21	1,59
Return on sale	34,99	6,87	13,05	16,83
Return on assets	29,36	7,10	14,14	25,54
Return on equity	32,63	8,18	18,34	29,14
Average trade debtors' days	92,99	96,77	106,99	73,28
Average stock turnover's days	114,51	106,90	112,09	79,29
average payables payment period	29,93	19,50	51,79	27,95
Total indebtedness ratio	10,03	13,25	22,91	12,35

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.41.Z - NACE 2007), as at :	31.12.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	2,51	2,12	2,05	2,02	2,39
Quick ratio..............................	1,08	0,84	0,88	1,41	1,82
Immediate ratio..........................	0,10	0,08	0,09	0,09	0,17
Return on sale...........................	4,59	2,30	5,07	4,61	5,32
Return on assets.........................	7,31	3,50	8,07	6,64	7,25
Return on equity.........................	12,73	6,25	15,89	9,35	10,28
Average trade debtors' days..............	63,99	62,20	63,97	78,96	112,90
Average stock turnover's days............	100,14	106,68	98,46	36,45	37,54
average payables payment period..........	70,74	84,92	84,68	62,12	69,94
Total indebtedness ratio.................	42,58	43,93	49,23	28,99	29,51
Percent share in the examinated group of companies with net profit.............	71,40	70,60	66,70	66,70	72,20
Sales/revenue per employee in th. PLN....	318,37	458,95	358,27	816,10	918,30
Average sales/revenue per company in th. PLN..................................	50 734,00	66 764,12	46 634,50	114 915,24	121 623,61
according to the Central Statistical Office

Locations:

seat: Pietrzykowice, ul. Fabryczna 22, 55-080 Kąty Wrocławskie Phone:                   71 3605656 Fax:                     71 3605657 E-mail:                  anna.drogi@greno.pl                          greno@greno.pl Website:                 www.greno.pl place of running the activity: ul. Noworudzka 2, 57-300 Kłodzko ul. Gen. Jana Henryka Dąbrowskiego 6, 87-100 Toruń pl. Czerwca 1976 roku 16, 02-495 Warszawa ul. Grodzka 3, 58-100 Świdnica ul. Dworcowa 9, 72-100 Goleniów ul. Celna 7/3, 48-300 Nysa ul. Kościelna 30, 27-400 Ostrowiec Świętokrzyski ul. Śródmiejska 22, 62-800 Kalisz Pl. Plac Czerwca 1976 Roku 6, 02-495 Warszawa, C.H. Factory Outlet Ursus, Polska ul. Górecka 30, 60-201 Poznań ul. Szczytna 9, 87-100 Toruń ul. Legnicka 58, 54-204 Wrocław ul. 1 Maja 64, 58-300 Wałbrzych ul. Świętokrzyska 20, 25-406 Kielce ul. Graniczna 2, 54-610 Wrocław ul. Wojska Polskiego 16, 88-100 Inowrocław ul. Weigla 10, 53-114 Wrocław ul. Puławska 42E, 05-500 Piaseczno ul. Kilińskiego 3, 87-800 Włocławek al. Józefa Piłsudskiego 36, 26-110 Skarżysko-Kamienna ul. Wyszogrodzka 144, 09-410 Płock ul. Orląt Lwowskich 138, 41-208 Sosnowiec ul. Sienkiewicza 1/2A, 39-400 Tarnobrzeg ul. Dąbrówki 26, 62-200 Gniezno ul. Świdnicka 40, 50-950 Wrocław ul. Przywidzka 8, 80-174 Gdańsk ul. Olimpijska 2, 58-540 Karpacz E-mail:                  hotel@greno.pl Website:                 www.hotelgreno.pl pl. Kościuszki 1, 41-902 Bytom

Real Estate	Pietrzykowice, ul. Fabryczna 22, 55-080 Kąty Wrocławskie ul. Weigla 10, 53-114 Wrocław ul. Olimpijska 2, 58-540 Karpacz hotel
	Book value of buildings as at 31.12.2012	PLN	10 484 057,03
	Book value of lands as at 31.12.2012	PLN	813 689,17
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Connections:

Ioannis Blatsios , personal ID no. (PESEL) 61062106596 -  BLATSIOS GRENO sp. j. NIP 8961381177, Pietrzykowice, ul. Fabryczna 22, 55-080 Kąty Wrocławskie   · shareholder   · member of representation unit -  GRENO INWESTYCJE sp. z o.o., Pietrzykowice, ul. Fabryczna 22, 55-080 Kąty Wrocławskie   · shareholder: PLN 49 500,00 (99,00%)   · president Joanna Kałkowska  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: 08.01.2015.

Certificates:

Licence to sell alcoholic beverages over 18% of alcohol content for the consumption at the point of sale –  Greno w Karpaczu przy ul. Olimpijskiej 2 valid since 20.06.2012 until 30.06.2020 Licence to sell alcoholic beverages between 4,5% and 18% of alcohol content for the consumption at the point of sale – Greno w Karpaczu przy ul. Olimpijskiej 2 valid since 20.06.2012 until 30.06.2020

Banks

DEUTSCHE BANK POLSKA SA Centrum Operacji Bankowych  (19101064) al. Armii Ludowej 26, 00-609 Warszawa Acc.no. 09191010640005123341210001

Payment Manner

Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.97
UK Pound	1	Rs.94.97
Euro	1	Rs.74.43

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.