MIRA INFORM REPORT

Report No. :	303614
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	VISTULA GROUP SA

Formerly Known As :	VISTULA & WÓLCZANKA SA

Registered Office :	Ul. Pilotów 10 31-462 Kraków

Country :	Poland

Financials (as on) :	30.09.2014

Date of Incorporation :	10.10.1948

Legal Form :	Joint Stock Company

Line of Business :	Designing, manufacture and distribution of male clothes; Sale of clocks, watches and jewelry; Import of jewelry; Distribution of watches of brand ROLEX

No. of Employee :	1970

RATING & COMMENTS

MIRA’s Rating :

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

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

VISTULA GROUP SA

ul. Pilotów 10

31-462 Kraków

Phone: 12 6561832

Mobile phone: 669 442325

Fax: 12 6565098

E-mail: sekretariat@vistulagroup.pl

Website: www.vistula.com.pl

Summary

Legal form	Joint Stock Company
Stat.no.	351001329
Tax ID	PL 6750000361
Establishment	10.10.1948 as State-owned enterprise
	28.03.1991 as Joint Stock Company
Changes of names and addresses	ul. Nadwiślańska 13, 30-527 Kraków
	10.10.1948 Krakowskie Zakłady Przemysłu Odzieżowego
	28.03.1991 Vistula SA
	22.09.2006 VISTULA & WÓLCZANKA SA
	01.12.2007 ul. Starowiślna 48, 31-035 Kraków
	31.12.2008 VISTULA GROUP SA
	09.07.2014 ul. Pilotów 10, 31-462 Kraków
Registration:	26.09.2001, District Court Kraków, XI Department, KRS 47082 Data concerning previous registrations: 30.04.1991, District Court Kraków, RHB 3159 Previous registration: 30.04.1991, District Court Kraków, RHB 3159

Shareholders	Otwarty Fundusz Emerytalny PZU Złota Jesień, al. Jana Pawła II 24, 00-133 Warszawa
	Percent of owned shares	17.70%
	share in total amount of votes	17.70%

	IPOPEMA 2 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych
	Percent of owned shares	16.39%
	share in total amount of votes	16.39%

	ING Otwarty Fundusz Emerytalny , ul. Topiel 12, 00-342 Warszawa
	Percent of owned shares	11.35%
	share in total amount of votes	11.35%

	ALMA MARKET SA, ul. Pilotów 6, 30-964 Kraków
	Percent of owned shares	8.61%
	share in total amount of votes	8.61%

	PIONEER PEKAO INVESTMENT MANAGEMENT SA, ul. Marynarska 15, 02-674 Warszawa
	Percent of owned shares	7.00%
	share in total amount of votes	7.00%

	list prepared on 14.11.2014

Share capital		PLN 37 003 265,00
	Share capital divided into 173861625 shares of PLN 0,21 each
	Series of shares 48845300 A 22811250 type Not preference shares D 7165640 type Not preference shares F 1400000 type Not preference shares C 8021810 type Not preference shares G 15059932 type Not preference shares H 8247423 type Not preference shares I 22310270 type Not preference shares K 40000000 type Not preference shares M
	Changes of share capital
	- since 13.09.2012 until 16.09.2013 the capital estimated	PLN 29 003 265,00
	- since 17.12.2009 until 13.09.2012 the capital estimated	PLN 24 541 211,00
	- since 31.12.2008 until 17.12.2009 the capital estimated	PLN 22 891 726,40
	- since 06.10.2008 until 31.12.2008 the capital estimated	PLN 19 879 740,00
	- since 09.01.2007 until 06.10.2008 the capital estimated	PLN 18 275 378,00
	- since 30.11.2006 until 09.01.2007 the capital estimated	PLN 17 995 378,00
	- since 31.08.2006 until 30.11.2006 the capital estimated	PLN 16 562 250,00
	- until 31.08.2006 the capital estimated	PLN 12 000 000,00
	was depreciated 11154700 shares

Management	Grzegorz Karol Pilch , personal ID no. (PESEL) 67122801096 - president Radosław Jakociuk , personal ID no. (PESEL) 74041604017 - vice president Mateusz Marek Żmijewski , personal ID no. (PESEL) 76092805430 - vice president
	Proxies: Erwin Zdzisław Bakalarz , personal ID no. (PESEL) 71030506851
	Representation: Two members of the board of directors jointly or member of the board of directors with proxy jointly

Supervisory board

Jerzy Mazgaj , personal ID no. (PESEL) 59102202517, ul. Grodzka 7/5, 31-006 Kraków
- chairman

Ilona Alicja Malik , personal ID no. (PESEL) 76051102503
- member

Michał Mierzejewski , personal ID no. (PESEL) 75050700019, ul. Wiślana 92, 05-092 Łomianki
- member

Mirosław Panek , personal ID no. (PESEL) 59032703490
- member

Artur Jędrzejewski , personal ID no. (PESEL) 70051901070

Grzegorz Wójtowicz , personal ID no. (PESEL) 79112608732

Main activity	Designing, manufacture and distribution of male clothes; Sale of clocks, watches and jewelry; Import of jewelry; Distribution of watches of brand ROLEX
	Import Germany
	Export European Union
	Branches NACE 2007:
	Manufacture of other outerwear	(C.14.13.Z)
	Wholesale of clothing and footwear	(G.46.42.Z)

Employment

2007:              571       employees
2008:              1096      employees
2009:              1264      employees
2010:              1403      employees
2011:              1450      employees

Employment in the capital group:

2008:              2743      employees
2010:              2283      employees
2011:              2047      employees
2012:              2034      employees
2013:              1970      employees

Turnover	2010	PLN	309 150 000,00
	2011	PLN	340 350 000,00
	2012	PLN	347 493 000,00
	2013	PLN	352 871 000,00
	01.01.2014 - 30.09.2014	PLN	264 741 000,00

consolidated turnover	2010	PLN	353 921 000,00
	2011	PLN	387 703 000,00
	2012	PLN	395 513 000,00
	2013	PLN	397 677 000,00
	01.01.2014 - 30.09.2014	PLN	302 768 000,00

Financial statements

Source of financial data	Subject	other	other	Monitor Polski B
	periodic	annual	annual	annual
Personal balance sheet as at	30.09.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	418 899 000,00	418 894 000,00	430 069 000,00	441 001 000,00
- I. Tangible assets.................	36 816 000,00	39 010 000,00	39 657 000,00	46 614 000,00
- a) lands and buildings.........				33 083 000,00
- f) other fixed goods...........				13 186 000,00
- 2. Fixed goods under construction..........................				345 000,00
- II. Intangible assets..............	114 863 000,00	114 966 000,00	115 558 000,00
- III. Goodwill......................	242 591 000,00	242 591 000,00	242 591 000,00	242 591 000,00
- IV. Other intangible assets........				116 376 000,00
- V. Investment real estate..........	5 320 000,00	5 069 000,00	5 168 000,00	10 057 000,00
-VII. Investments in associated and dependant companies valued with method of ownership rights/ Shares and quotas in units consolidated by method of ownership rights............		6 179 000,00		6 365 000,00
-VIII. Other long term investments....		4 000,00	4 000,00	4 000,00
-IX. Long term receivables............	5 332 000,00	913 000,00	1 259 000,00	1 770 000,00
-XIII. Assets due to deferred income tax...................................	7 629 000,00	10 098 000,00	19 653 000,00	17 224 000,00
-XV. Other fixed assets/ Other long-term assets......................	51 000,00	64 000,00
-B. Current Assets....................	198 758 000,00	186 129 000,00	188 603 000,00	181 741 000,00
- I. Stocks..........................	173 494 000,00	154 260 000,00	157 402 000,00	147 913 000,00
- IV. Trade receivables and other receivables/ supply and services receivables and other receivables.....	16 225 000,00	12 676 000,00	16 790 000,00	22 542 000,00
- VI. Other financial assets.........		1 000 000,00		1 000,00
- VIII. Cash and cash equivalents....	5 087 000,00	17 669 000,00	13 929 000,00	10 697 000,00
- XIII. Other current assets/ Other assets................................	1 437 000,00	524 000,00	482 000,00	588 000,00
-Total assets.........................	617 657 000,00	605 023 000,00	618 672 000,00	622 742 000,00
-A. Equity............................	413 769 000,00	404 406 000,00	324 728 000,00	295 899 000,00
- I. Initial capital.................	37 003 000,00	37 003 000,00	29 003 000,00	24 541 000,00
- IV. Uncalled capital...............	352 779 000,00	305 001 000,00	270 157 000,00	258 027 000,00
- VII. Other reserve capital.........				14 329 000,00
- VIII. Other capital................	14 735 000,00	14 624 000,00	14 476 000,00
- XI. Retained earnings..............		47 778 000,00	11 092 000,00
- XIII. Net profit (loss)............	9 252 000,00
- XV. Proft (loss) from previous years and for the current year........				-998 000,00
-B. Long term liabilities.............	120 038 000,00	120 111 000,00	148 623 000,00	186 430 000,00
- I. Credits, loans/ Liabilities due to credits, loand and other debt instruments...........................			148 408 000,00	169 401 000,00
- II. Long-term liabilities due to issued commercial papers..............	119 000 000,00	119 000 000,00
- IV. Liabilities due to financial leasing...............................	349 000,00	335 000,00	215 000,00	106 000,00
- VI. Reserves.......................	167 000,00	167 000,00	12 560 000,00	15 251 000,00
- VII. Reserve due to deferred income tax/ Liabilities due to deferred income tax...................	471 000,00	545 000,00	960 000,00	1 672 000,00
- VIII. Other long term liabilities..		64 000,00
-C. Short term liabilities............	83 850 000,00	80 506 000,00	125 547 000,00	140 413 000,00
- I. Credits and loans/ Current account credits.......................	12 051 000,00		7 514 000,00	2 061 000,00
- II. Long-term credits and loans with settlement term..................				7 714 000,00
- III. Short-term liabilities due to issued commercial papers...........	12 361 000,00	10 500 000,00		50 000 000,00
- V. Short-term liabilities due to financial leasing.....................	122 000,00	95 000,00		94 000,00
- IX. Trade and other liabilities....	53 331 000,00	65 600 000,00		69 202 000,00
- XI. Reserves/ other short term reserves..............................	5 985 000,00	4 311 000,00	6 254 000,00	11 342 000,00
-Total liabilities....................	617 657 000,00	605 023 000,00	618 672 000,00	622 742 000,00

Source of financial data	Subject	other	other	Monitor Polski B
	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.....	264 741 000,00	352 871 000,00	347 493 000,00	340 350 000,00
-B.Cost of products, goods sold.......	120 618 000,00	162 935 000,00	169 716 000,00	163 830 000,00
-C. Gross profit on sale..............	144 123 000,00	189 936 000,00	177 777 000,00	176 520 000,00
-D. Costs of sale.....................	100 102 000,00	126 718 000,00	124 532 000,00	119 649 000,00
-E. General management costs..........	26 158 000,00	34 880 000,00	33 678 000,00	34 520 000,00
-F. Profit on sale....................	17 863 000,00	28 338 000,00	19 567 000,00	22 351 000,00
-G. Other operating incomes...........	1 933 000,00	16 956 000,00	8 671 000,00	14 801 000,00
- I. Incomes from disposal of fixed assets..........................				4 100 000,00
- III. Other operating incomes.......				10 701 000,00
-H. Other operating costs.............	1 254 000,00	8 753 000,00	7 325 000,00	14 443 000,00
- I. Loss on dsiposal of non--financial fixed assets...........		209 000,00
- III. Other operating costs.........		8 544 000,00
-I. Profit on operating activities....	20 120 000,00	36 541 000,00	27 277 000,00	22 709 000,00
-J. Financial incomes.................	317 000,00	38 815 000,00	1 536 000,00	3 005 000,00
-K. Financial costs...................	8 790 000,00	17 552 000,00	20 862 000,00	25 671 000,00
-L. Gross profit on economic activity.	11 647 000,00	57 804 000,00	7 951 000,00	43 000,00
-N. Gross profit......................	11 647 000,00	57 804 000,00	7 951 000,00	43 000,00
-O. Corporation tax...................	2 395 000,00	10 026 000,00	-3 141 000,00	1 041 000,00
-R. Net profit........................	9 252 000,00	47 778 000,00	11 092 000,00
-R. Net loss..........................				998 000,00

AUDITOR

Balance sheet as at 31.12.2013
PRO AUDIT KANCELARIA BIEGŁYCH REWIDENTÓW Sp. z o.o., al. 3 Maja 9, 30-062 Kraków	No. 2696

Expert auditor Mirosław Kośmider

No. 9273

Expert auditor Paulina Bąk

No. 11912

Balance sheet as at 31.12.2011
PRO AUDIT KANCELARIA BIEGŁYCH REWIDENTÓW Sp. z o.o., al. 3 Maja 9, 30-062 Kraków	No. 2696

Expert auditor Mirosław Kośmider

No. 9273

Expert auditor Paulina Bąk

No. 11912

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	2,37	2,31	1,50	1,29
Quick ratio	0,25	0,39	0,24	0,24
Immediate ratio	0,06	0,22	0,11	0,08
Return on sale	3,49	13,54	3,19	-0,29
Return on assets	1,50	7,90	1,79	-0,16
Return on equity	2,24	11,81	3,42	-0,34
Average trade debtors' days	16,73	13,11	17,68	24,17
Average stock turnover's days	178,91	159,56	165,79	158,63
average payables payment period	86,47	83,27	132,23	150,58
Total indebtedness ratio	33,01	33,16	44,32	52,48

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.14.13.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,93	2,24	1,93	2,14	1,86
Quick ratio..............................	1,10	1,26	1,17	1,26	1,02
Immediate ratio..........................	0,27	0,31	0,31	0,46	0,34
Return on sale...........................	3,24	5,24	4,18	3,71	2,47
Return on assets.........................	2,54	8,21	6,35	5,53	3,49
Return on equity.........................	4,61	13,74	11,10	9,25	6,16
Average trade debtors' days..............	61,68	61,62	64,02	56,83	56,04
Average stock turnover's days............	61,23	64,30	56,11	61,49	68,63
average payables payment period..........	76,81	67,14	75,95	71,93	83,65
Total indebtedness ratio.................	45,00	40,23	42,82	40,15	43,42
Percent share in the examinated group of companies with net profit.............	66,90	78,50	71,90	70,00	60,80
Sales/revenue per employee in th. PLN....	44,39	85,45	83,83	85,12	89,32
Average sales/revenue per company in th. PLN..................................	6 117,06	11 846,13	11 125,11	11 363,49	12 073,58
according to the Central Statistical Office

Source of financial data	other	other	other
	periodic	annual	annual
Consolidated balance sheet as at	30.09.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-Fixed assets.........................	420 784 000,00	421 778 000,00	432 795 000,00
- Tangible assets....................	50 916 000,00	49 468 000,00	50 635 000,00
- Goodwill...........................	244 143 000,00	244 143 000,00	244 143 000,00
- Other intangible assets............	115 088 000,00	115 219 000,00	115 751 000,00
- ...................................	874 000,00
- Assets due to deferred income tax..	8 839 000,00	10 939 000,00	19 932 000,00
- Long term receivables and miscellaneous items...................	809 000,00
-Current assets.......................	217 350 000,00	204 154 000,00	207 740 000,00
- Stocks.............................	192 529 000,00	171 150 000,00	174 078 000,00
- Short term receivables and miscellaneous items...................		14 180 000,00	18 588 000,00
- Cash and equivalents...............	5 810 000,00	18 212 000,00	14 495 000,00
-Total assets.........................	638 134 000,00	625 932 000,00	640 535 000,00
-Equity...............................	416 414 000,00	410 191 000,00	333 230 000,00
- Initial capital....................	37 003 000,00	37 003 000,00	29 003 000,00
- Reserve and uncalled capital.......		10 478 000,00	10 330 000,00
- Retained earnings..................	362 709 000,00	317 649 000,00	281 621 000,00
- Net profit (loss)..................	6 113 000,00	45 061 000,00	12 276 000,00
-Long term liabilities................	120 352 000,00	120 428 000,00	148 768 000,00
- Reserves...........................	285 000,00	285 000,00	12 723 000,00
- Reserve due to deferred income tax.	476 000,00	552 000,00	977 000,00
- Long term bank credits and loans...		0,00	148 408 000,00
-Short term liabilities...............	101 368 000,00	95 313 000,00	138 169 000,00
- Reserves...........................	6 210 000,00	4 656 000,00	6 668 000,00
- Short term bank credits and loans..	18 570 000,00	6 813 000,00	5 724 000,00
-Total liabilities....................	638 134 000,00	625 932 000,00	640 535 000,00

Source of financial data	other	other	other
	periodic	annual	annual
CONSOLIDATED Consolidated P/L	- 01.01.2014- 30.09.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Net income form sale of goods, products and materials................	302 768 000,00	397 677 000,00	395 513 000,00
-B. Costs of sale of goods, products and materials.........................	142 412 000,00	184 733 000,00	190 621 000,00
-C. Gross profit from sale (A-B)......	160 356 000,00	212 944 000,00	204 892 000,00
-D. Costs of sale.....................	112 822 000,00	144 980 000,00	143 780 000,00
-E. Cost of management................	31 451 000,00	41 683 000,00	40 772 000,00
-F. Profit from sale (C-D-E)..........	16 083 000,00	26 281 000,00	20 340 000,00
-G. Other operating income............	2 135 000,00	17 505 000,00	9 255 000,00
-H. Other operating costs.............	1 277 000,00	9 840 000,00	7 894 000,00
-I. Profit from ordinary activity (F+G+H)...............................	16 928 000,00	33 646 000,00	28 086 000,00
-J. Financial income..................	165 000,00	38 819 000,00	1 516 000,00
-K. Financial costs...................	8 856 000,00	17 950 000,00	21 275 000,00
-M. Profit from business activity (I+J-K+-L)............................	8 237 000,00	54 515 000,00	9 286 000,00
-Q. Gross profit (M+/-N-O+P)..........	8 237 000,00	54 515 000,00	9 286 000,00
-R. Income tax........................	2 124 000,00	9 454 000,00	-2 990 000,00
-W. Net profit (Q-R-S+-T+/-U).........	6 113 000,00	45 061 000,00	12 276 000,00

Locations:

seat:
ul. Pilotów 10, 31-462 Kraków
Phone:                   12 6561832
Mobile phone:            669 442325
Fax:                     12 6565098
E-mail:                  sekretariat@vistulagroup.pl

branches:
ul. Pułaskiego 11-17, 60-607 Poznań
Phone:                   61 8589800
                         61 8589801

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	Vistula Market Sp. z o.o. NIP 6792642578 PLN 4 000,00 (100,00%) WÓLCZANKA PRODUCTION 3 sp. z o.o. NIP PL 6612201690, ul. Samsonowicza 20, 27-400 Ostrowiec Świętokrzyski PLN 100 000,00 (100,00%) ANDRE RENARD SPÓŁKA Z O.O. NIP 5272479597, ,ul. Wolska 88, 01-141 Warszawa PLN 35 000,00 (70,00%) CHARA sp. z o.o. NIP 5252377770, ul. Mokotowska 4/6/105, 00-641 Warszawa PLN 9 500,00 (19,00%) Vipo, Kalingrad, Russian Federation · shareholder VG PROPERTY sp. z o.o. NIP 9452178178, ul. Pilotów 10, 30-964 Kraków PLN 5 000,00 (100,00%) DCG SA NIP PL 1130015696, ul. Bystrzycka 81A, 04-907 Warszawa - 100 % Fleet Management GmbH, Eschenheimer Anlage 1, 60316 Frankfurt am Main, Germany - 100 % W.KRUK SA, ul. Pilotów 10, 31-462 Kraków - 100 %
	Data concerning shares in other companies are valid as at: 24.12.2014.

Connections:	ING Otwarty Fundusz Emerytalny is related to many subjects. ALMA MARKET SA - TARNÓW - AM1 Sp. z o.o. Spółka Komandytowa NIP PL 9452122019, ul. Pilotów 6, 30-964 Kraków · Limited partners - PARADISE GROUP Sp. z o.o. NIP PL 6762141050, ul. Pilotów 6, 30-964 Kraków · shareholder: PLN 5 000 000,00 (100,00%) - KRAKÓW 1 - AM 1 Sp. z o.o. Spółka Komandytowa NIP 9452121994, ul. Pilotów 6, 30-964 Kraków · Limited partners, Comandite sum: PLN 5 000,00 - KRAKOWSKI KREDENS TRADYCJA GALICYJSKA SA NIP PL 5272523789, ul. Pilotów 10, 31-462 Kraków · Shareholder: 100 % - KRAKCHEMIA SA NIP PL 9451923562, ul. Pilotów 10, 31-462 Kraków · Shareholder: 46,5 % - ALMA DEVELOPMENT Sp. z o.o. NIP 9452046548, ul. Pilotów 6, 30-964 Kraków · shareholder: PLN 8 000 000,00 (100,00%) - KRAKÓW 2- AM1 Sp. z o.o. Spółka Komandytowa NIP 9452153149, ul. Pilotów 6, 30-964 Kraków · Limited partners - FLOR sp. z o.o. w likwidacji NIP 6762418646, ul. Pilotów 6, 30-964 Kraków · shareholder: PLN 5 000,00 (100,00%) - AM2 Sp. z o.o., ul. Pilotów 6, 30-964 Kraków · shareholder: PLN 5 000,00 (100,00%) - AM1 Sp. z o.o. NIP 9452121712, ul. Pilotów 6, 30-964 Kraków · shareholder: PLN 5 000,00 (100,00%) Erwin Zdzisław Bakalarz , personal ID no. (PESEL) 71030506851 - VG PROPERTY sp. z o.o. NIP 9452178178, ul. Pilotów 10, 30-964 Kraków · president Radosław Jakociuk , personal ID no. (PESEL) 74041604017 - W.KRUK SA, ul. Pilotów 10, 31-462 Kraków · president - DCG SA NIP PL 1130015696, ul. Bystrzycka 81A, 04-907 Warszawa · member of supervisory board PIONEER PEKAO INVESTMENT MANAGEMENT SA is related to many subjects. Mirosław Panek , personal ID no. (PESEL) 59032703490 - ATM SA NIP PL 1130059989, ul. Grochowska 21A, 04-186 Warszawa · deputy-chairman - MENNICA POLSKA OD 1766 sp. z o.o. NIP 5213590057, ul. Żelazna 56, 00-852 Warszawa · member of supervisory board - Lubelskie Zakłady Przemysłu Skórzanego PROTEKTOR SA NIP PL 7120102959, ul. Kunickiego 20/24, 20-417 Lublin · member of supervisory board - MENNICA POLSKA SA NIP PL 5270023255, ul. Waliców 11, 00-851 Warszawa · member of supervisory board - MOSTOSTAL ZABRZE SA NIP PL 6480001823, ul. Wolności 191, 41-800 Zabrze · member - ATENDE SA NIP PL 9542357358, ul. Ostrobramska 86, 04-163 Warszawa · deputy-chairman Otwarty Fundusz Emerytalny PZU Złota Jesień lack of possibility to present current relationships for the entity Grzegorz Karol Pilch , personal ID no. (PESEL) 67122801096 - Instal Kraków SA NIP PL 6790085487, ul. Brandla 1, 30-732 Kraków · member - DCG SA NIP PL 1130015696, ul. Bystrzycka 81A, 04-907 Warszawa · member of supervisory board - PILCH INVESTMENT sp. k.a. NIP 6783145797, ul. Zjazdu Gnieźnieńskiego 6/4, 31-619 Kraków · Limited partners, Comandite sum: PLN 25 000,00 Mateusz Marek Żmijewski , personal ID no. (PESEL) 76092805430 - DCG SA NIP PL 1130015696, ul. Bystrzycka 81A, 04-907 Warszawa · member of supervisory board Jerzy Mazgaj , personal ID no. (PESEL) 59102202517 - AM2 Sp. z o.o., ul. Pilotów 6, 30-964 Kraków · president - KRAKOWSKI KREDENS TRADYCJA GALICYJSKA SA NIP PL 5272523789, ul. Pilotów 10, 31-462 Kraków · president - „EVERGOOD” sp. z o.o. NIP 6772366537, ul. Pilotów 6, 30-964 Kraków · shareholder: PLN 87 500,00 (87,50%) · president - IVY CAPITAL Sp. z o.o., ul. Grodzka 7, 31-006 Kraków · shareholder: PLN 50 000,00 (100,00%) · president - KRAKCHEMIA SA NIP PL 9451923562, ul. Pilotów 10, 31-462 Kraków · Shareholder: 4,96 % · chairman - PREMIUM CIGARS Sp. z o.o. NIP PL 6762304405, ul. Grodzka 7, 31-006 Kraków · shareholder: PLN 75 000,00 (75,00%) · member of supervisory board - AM1 Sp. z o.o. NIP 9452121712, ul. Pilotów 6, 30-964 Kraków · president - DCG SA NIP PL 1130015696, ul. Bystrzycka 81A, 04-907 Warszawa · member of supervisory board - ALMA DEVELOPMENT Sp. z o.o. NIP 9452046548, ul. Pilotów 6, 30-964 Kraków · president - ALMA MARKET SA NIP PL 6760016731, ul. Pilotów 6, 30-964 Kraków · president - FLOR sp. z o.o. w likwidacji NIP 6762418646, ul. Pilotów 6, 30-964 Kraków · liquidator Grzegorz Wójtowicz , personal ID no. (PESEL) 79112608732 - „PIETRZYK WÓJTOWICZ DUBICKI” sp. k.a. NIP 5252535513, ul. Flory 9/1, 00-586 Warszawa · general partner · member of representation unit - UBIRDS sp. z o.o., ul. Żurawia 6/12, 00-503 Warszawa · member of supervisory board Michał Mierzejewski , personal ID no. (PESEL) 75050700019 - FUNDACJA ŚWIAT IDEI NIP 5252547918, ul. Grzybowska 3/U6, 00-132 Warszawa · member of supervisory board - PHILIP MORRIS POLSKA SA NIP PL 6750002182, al. Jana Pawła II 196, 31-982 Kraków · member of board of directors - ZARZĄD PAŁACU KULTURY I NAUKI Sp. z o.o. NIP PL 5252102317, pl. Defilad 1 lok. 1512, 00-901 Warszawa · member of supervisory board - PHILIP MORRIS POLSKA DISTRIBUTION sp. z o.o. NIP 6751373354, al. Jana Pawła II 196, 31-982 Kraków · member of board of directors Artur Jędrzejewski , personal ID no. (PESEL) 70051901070 - IMPERA CAPITAL SA NIP 5261029979, ul. Wołoska 22A, 02-675 Warszawa · member of supervisory board - CONCEPT LIBERTY GROUP SA NIP PL 9512235691, ul. Nowogrodzka 42, 00-695 Warszawa · member of supervisory board - RUBICON PARTNERS SA NIP 5251347519, ul. Emilii Plater 28, 00-688 Warszawa · member of supervisory board - ART NEW MEDIA SA NIP 1132197112, ul. Świeradowska 47, 02-662 Warszawa · member - POLNORD SA NIP PL 5830006767, ul. Śląska 35/37, 81-310 Gdynia · member of supervisory board - VENTUS ASSET MANAGEMENT SPÓŁKA AKCYJNA NIP 5262773160, ul. Włodarzewska 69A, 02-384 Warszawa · member of supervisory board - GAUDI MANAGEMENT SA NIP 5252422312, ul. Plater Emilii 49, 00-125 Warszawa · member of supervisory board - HOTBLOK SA NIP 6342463031, ul. Emilii Plater 49, 00-125 Warszawa · member of supervisory board - SKYSTONE CAPITAL SA NIP PL 5261033372, ul. Garbary 95B/10, 61-757 Poznań · member of supervisory board - PCC INTERMODAL SA NIP PL 7491968481, ul. Hutnicza 16, 81-061 Gdynia · member
	Data concerning connections are valid as at: 24.12.2014.

Taking overs

22.09.2006 (Entry date) - merger
VISTULA & WÓLCZANKA SA, ul. Pilotów 10, 31-462 Kraków
(as taking over)
WÓLCZANKA SA KRS 62987, ul. Wólczańska 243, 93-035 Łódź
(as taken over)
31.12.2008 (Entry date) - merger
VISTULA GROUP SA, ul. Pilotów 10, 31-462 Kraków
(as taking over)
W.KRUK SA KRS 76902, ul. Pułaskiego 11 -17, 60-607 Poznań
(as taken over)

Certificates:

ISO 9001

General information	Since 30.09.1993 noDescription noDescription
	The Vistula Group SA Capital Group includes the following companies: - Vistula Group SA - Wólczanka Production Sp. z o.o. - DCG SA - VG Property Sp. z o.o. As on 31.12.2013 the total sales area of the Vistula Group retail chain was 24.100 m2.

Banks

Bank BPH SA
ul. płk Jana Pałubickiego 2, 80-175 Gdańsk

Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections appear permissible

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company name and address

Summary

Financial statements

Unit