MIRA INFORM REPORT

Report No. :	302197
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	INSPEKTOR BHP SP. Z.O.O.
Registered Office :	Ul. Legionów 222 B, 87-100 Toruń
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	28.01.2004
Legal Form :	Limited Liability Company
Line of Business :	· Sale of work protective clothing and footwear and other work safety articles · Manufacture of other textiles · Agriculture, Hunting And Related Service Activities · Mining of coal and lignite · Building erection related general building activity · Wholesale, retail trade and repair of motor vehicles
No. of Employee :	1 to 9 [2009]

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

 INSPEKTOR BHP SP. Z O.O.

Ul. Legionów 222 B
87-100 Toruń

 Phone:    56 6643680

E-mail:   inspektor@inspektorbhp.pl

Website:  www.inspektorbhp.pl

Company summary

Legal form	Limited liability company
Stat.no.	871706091
Tax ID	PL 9562123304

Establishment	28.01.2004
Changes of names and addresses	28.04.2004 ul. Płaska 23, 87-100 Toruń
	12.07.2004  ul. Legionów 222, 87-100 Toruń
	30.08.2005  ul. Legionów 222 B, 87-100 Toruń

Registration:

28.04.2004, District Court Toruń, VII Department, KRS 205606

Shareholders	Maciej Kazimierz Gralak , personal ID no. (PESEL) 77113002852	PLN	70 029,00 50,00%
	Dariusz Szymański , personal ID no. (PESEL) 70122505976	PLN	70 029,00 50,00%
	list entered to NCR /KRS/ on  14.01.2013

Initial Capital		PLN 140 058,00
	Initial capital divided into 186 shares of PLN 753,00 each
	Changes of initial capital
	- since 28.04.2004  until 14.01.2013  the capital estimated	PLN 140 000,00

Management	Maciej Kazimierz Gralak , personal ID no. (PESEL) 77113002852  - president Dariusz Szymański , personal ID no. (PESEL) 70122505976  - member of board of directors
	Representation: since 28.04.2004  Two members of the board of directors jointly or member of the board of directors and proxy jointly.

Main activity	Sale of work protective clothing and footwear and other work safety articles
	Branches NACE 2007:
	Other retail
	Manufacture of other textiles n.e.c.
	Agriculture, Hunting And Related Service Activities
	Mining of coal and lignite
	Building erection related general building activity
	Wholesale, retail trade and repair of motor vehicles

Employment

2004:              3         employees 2006:              6         employees 2008:              1 to 9    employees  2009:              1 to 9    employees

Turnover	2009	PLN	8 110 015,33
	2010	PLN	8 481 865,65
	2011	PLN	8 137 644,17
	2012	PLN	7 808 802,94
	2013	PLN	8 232 364,76

Financial statements

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	151 346,48	182 244,53	249 427,08	288 376,26
-  II.  Tangible assets...............	151 346,48	182 244,53	249 427,08	288 376,26
-    1. Fixed goods...................	139 346,40	182 244,53	249 427,08	288 376,26
-      a) land........................	66 937,47	66 937,47	66 937,47	66 937,47
-      b) buildings, premises, facilities............................	61 193,95	90 289,75	119 385,55	148 481,35
-      d) fleet of motor vehicles.....	11 214,98	24 449,66	59 579,73	65 462,24
-      e) other fixed goods...........		567,65	3 524,33	7 495,20
-    3. Prepayments for fixed goods under construction....................	12 000,08
-B. Current assets....................	4 327 171,71	3 718 151,69	4 385 697,84	4 167 416,84
-  I.   Stock.........................	1 495 441,26	1 395 824,83	1 607 520,57	1 631 936,42
-    4. Goods for re-sale.............	1 495 441,26	1 395 824,83	1 607 520,57	1 631 936,42
-  II. Short-term receivables.........	2 747 621,47	2 230 933,22	2 701 048,52	2 472 167,75
-    1. Receivables from affiliated companies.............................	755 856,46	556 453,78	570 627,04	353 977,53
-      a) Due to deliveries and services with payment period:.........	755 856,46	556 453,78	570 627,04	353 977,53
-        - up to 12 months............	755 856,46	556 453,78	570 627,04	353 977,53
-    2. Other receivables ............	1 991 765,01	1 674 479,44	2 130 421,48	2 118 190,22
-      a) Due to deliveries and services with payment period:.........	1 887 692,56	1 526 954,63	1 889 764,43	2 089 700,88
-        - up to 12 months............	1 887 692,56	1 526 954,63	1 889 764,43	2 089 700,88
-      b) Due to taxes, subsidies, insurances, duties, etc...............	14 074,00	14 780,13	31 551,00	14 050,00
-      c) Other.......................	89 998,45	132 744,68	209 106,05	14 439,34
-  III. Short term investments........	78 157,98	82 622,67	58 526,99	50 266,91
-    1. Short-term financial assets...	78 157,98	82 622,67	58 526,99	50 266,91
-      c) cash and other liquid assets................................	78 157,98	82 622,67	58 526,99	50 266,91
-        - cash in hand and on bank account...............................	55 813,96	71 815,25	19 757,83	50 266,91
-        - other liquid assets........	22 344,02	10 807,42	38 769,16
-IV. Short-term prepayments and accrued income........................	5 951,00	8 770,97	18 601,76	13 045,76
-D. Total assets......................	4 478 518,19	3 900 396,22	4 635 124,92	4 455 793,10
-A. Shareholders' equity..............	1 547 271,83	1 240 864,06	1 455 654,96	1 316 472,90
-  I.   Basic share capital...........	140 058,00	140 058,00	140 000,00	140 000,00
-  VI.  Other reserve capital.........	1 151 783,73	1 151 783,73	1 336 675,67	1 375 722,57
-  VII. Profit (loss) carried forward.	-50 977,67	-86 128,77	-86 128,77	164 656,10
-  VIII. Net profit (loss)............	306 407,77	35 151,10	65 108,06	-86 128,77
-  IX.  Deductions from profit during the accounting year (-.........				-277 777,00
-B. Liabilities and reserves for liabilities...........................	2 931 246,36	2 659 532,16	3 179 469,96	3 139 320,20
-II.  Long-term liabilities...........	43 236,00	58 044,00	72 852,00	87 660,00
-  2. Other liabilities...............	43 236,00	58 044,00	72 852,00	87 660,00
-    a) Loans.........................	43 236,00	58 044,00	72 852,00	87 660,00
-III. Short-term liabilities..........	2 865 924,93	2 596 802,14	3 103 434,77	3 023 674,58
-  1. Due to affiliated companies.....		2 193,09
-    a) Due to deliveries and services with payment period:.........		2 193,09
-      - up to 12 months..............		2 193,09
-  2. Other liabilities...............	2 865 924,93	2 594 609,05	3 103 434,77	3 023 674,58
-    a) Loans.........................	913 208,31	860 534,33	698 420,00	699 784,88
-    d)Due to deliveries and services with payment period:.........	1 591 981,36	1 438 986,38	2 262 914,09	2 102 007,19
-      - up to 12 months..............	1 591 981,36	1 438 986,38	2 262 914,09	2 102 007,19
-    g) Due to taxes, subsidies, insurances, duties, etc...............	360 004,55	156 742,39	141 645,59	221 850,51
-    h) Due to salaries...............	174,26
-    i) Other.........................	556,45	138 345,95	455,09	32,00
-IV.  Accruals and deferred income....	22 085,43	4 686,02	3 183,19	27 985,62
-  2. Other accruals..................	22 085,43	4 686,02	3 183,19	27 985,62
-    - long-term......................			1 307,46	1 307,46
-    - short-term.....................	22 085,43	4 686,02	1 875,73	26 678,16
-D. Total liabilities.................	4 478 518,19	3 900 396,22	4 635 124,92	4 455 793,10
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Income from sales and similar.....	8 232 364,76	7 808 802,94	8 137 644,17	8 481 865,65
-  I.   Net income on sales...........	40 643,07	41 795,58
-  IV.  Income from sales of goods and materials.........................	8 191 721,69	7 767 007,36	8 137 644,17	8 481 865,65
-B. Operational costs.................	7 625 168,49	7 734 491,10	8 013 685,75	8 173 966,02
-  I.   Depreciation..................	46 317,43	58 903,41	78 050,44	81 969,89
-  II.  Materials and energy..........	211 676,69	244 628,83	189 003,35	203 520,69
-  III. Third party services..........	467 940,69	351 574,78	601 856,83	819 080,19
-  IV.  Taxes and duties..............	6 210,60	6 513,60	6 254,37	8 640,13
-  V.   Salaries and wages............	439 609,85	575 089,92	571 943,98	487 713,63
-  VI.  Social security...............	58 587,84	63 372,17	65 838,42	52 856,26
-  VII. Other.........................	69 831,94	135 765,10	91 616,01	70 971,04
-  VIII.Costs of goods and materials sold..................................	6 324 993,45	6 298 643,29	6 409 122,35	6 449 214,19
-C. Profit on sale....................	607 196,27	74 311,84	123 958,42	307 899,63
-D. Other operating incomes...........	22 253,74	28 909,16	227 738,84	26 992,19
-  I.   Incomes from disposal non-financial assets..................	5 284,56	12 983,74	52 350,00	3 400,00
-  III. Other operating incomes.......	16 969,18	15 925,42	175 388,84	23 592,19
-E. Other operating costs.............	99 977,98	25 622,92	116 992,34	95 638,61
-  I.   Loss on disposal of non-finacial assets...................	5 121,95	11 298,61		870,40
-  III. Other operating costs.........	94 856,03	14 324,31	116 992,34	94 768,21
-F. Profit on operating activities....	529 472,03	77 598,08	234 704,92	239 253,21
-G. Financial incomes.................	148,97	21 186,48	29,30	37 211,10
-  II.  Interest received.............	148,97	1 693,21	29,30	31,61
-  V.   Other.........................		19 493,27		37 179,49
-H. Financial costs...................	121 173,52	77 834,59	128 194,16	69 015,32
-  I.   Interest......................	74 090,74	77 834,59	49 797,21	54 341,64
-  IV.  Other.........................	47 082,78		78 396,95	14 673,68
-I. Profit on economic activity.......	408 447,48	20 949,97	106 540,06	207 448,99
-J. Exceptional items.................	1 159,29	36 025,13		-237 941,76
-  I.   Exceptional gains.............	1 159,29	36 025,13		685,00
-  II.  Exceptional losses............				238 626,76
-K. Gross profit......................	409 606,77	56 975,10	106 540,06
-K. Gross loss........................				30 492,77
-L. Corporation tax...................	103 199,00	21 824,00	41 432,00	55 636,00
-N. Net profit........................	306 407,77	35 151,10	65 108,06
-N. Net loss..........................				86 128,77

Ratios	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	1,51	1,43	1,41	1,38
Quick ratio	0,99	0,89	0,89	0,83
Immediate ratio	0,03	0,03	0,02	0,02
Return on sale	3,72	0,45	0,80	-1,02
Return on assets	6,84	0,90	1,40	-1,93
Return on equity	19,80	2,83	4,47	-6,54
Average trade debtors' days	121,82	104,56	121,15	106,38
Average stock turnover's days	66,30	65,42	72,10	70,23
average payables payment period	127,07	121,71	139,20	130,12
Total indebtedness ratio	65,45	68,19	68,60	70,45

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.47.99.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,59	1,71	2,30	1,61	1,76
Quick ratio..............................	0,94	1,22	1,99	1,09	1,21
Immediate ratio..........................	0,19	0,23	0,20	0,40	0,30
Return on sale...........................	2,93	-0,17	1,27	1,76	3,87
Return on assets.........................	2,62	-0,35	1,30	2,60	5,39
Return on equity.........................	5,95	-0,89	6,07	6,82	10,62
Average trade debtors' days..............	52,69	71,35	225,33	55,39	70,45
Average stock turnover's days............	49,41	34,43	37,87	43,33	44,21
average payables payment period..........	79,72	74,86	126,55	87,81	84,09
Total indebtedness ratio.................	56,02	60,28	78,54	61,95	49,23
Percent share in the examinated group of companies with net profit.............	93,80	83,30	64,70	46,70	73,10
Sales/revenue per employee in th. PLN....	295,43	685,84	267,75	680,32	578,46
Average sales/revenue per company in th. PLN..................................	40 381,94	89 616,72	90 230,47	88 713,53	54 553,50
according to the Central Statistical Office

Locations:

seat: ul. Legionów 222 B, 87-100 Toruń Phone:                   56 6643680 E-mail:                  inspektor@inspektorbhp.pl Website:                 www.inspektorbhp.pl

Real Estate	Book value of buildings as at 31.12.2013	PLN	61 193,95
	Book value of lands as at 31.12.2013	PLN	66 937,47
	No data Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

As at 31.12.2013  book value of car fleet was: PLN 11 214,98

Shares in other companies

As at 19.12.2014 there are no shares in other companies.

Connections:

Maciej Kazimierz Gralak , personal ID no. (PESEL) 77113002852 -  PARTNER IGSO MACIEJ GRALAK, MARCIN IWASIÓW, DARIUSZ SZYMAŃSKI sp. j., ul. Legionów 222B, 87-100 Toruń   · shareholder   · member of representation unit -  PARTNER BHP M. GRALAK, D. SZYMAŃSKI, A. TOMCZYK SPÓŁKA JAWNA NIP 9462609473, ul. Inżynierska 3, 20-484 Lublin   · shareholder   · member of representation unit -  INSPEKTOR BHP M. GRALAK, D. SZYMAŃSKI SPÓŁKA JAWNA NIP 9562194936, ul. Legionów 222B, 87-100 Toruń   · shareholder   · member of representation unit Dariusz Szymański , personal ID no. (PESEL) 70122505976 -  PARTNER BHP M. GRALAK, D. SZYMAŃSKI, A. TOMCZYK SPÓŁKA JAWNA NIP 9462609473, ul. Inżynierska 3, 20-484 Lublin   · shareholder   · member of representation unit -  INSPEKTOR BHP M. GRALAK, D. SZYMAŃSKI SPÓŁKA JAWNA NIP 9562194936, ul. Legionów 222B, 87-100 Toruń   · shareholder   · member of representation unit -  PARTNER IGSO MACIEJ GRALAK, MARCIN IWASIÓW, DARIUSZ SZYMAŃSKI sp. j., ul. Legionów 222B, 87-100 Toruń   · shareholder   · member of representation unit

Data concerning connections are valid as at: 19.12.2014.

General information

The subject refused to cooperate in elaboration of the report.

Banks

Names of banks were not disclosed

Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections appear permissible
	We would like to draw your attention to: - long period of liabilities repayment

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.15
UK Pound	1	Rs.94.24
Euro	1	Rs.73.30

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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.