MIRA INFORM REPORT

Report No. :	320112
Report Date :	06.05.2015

IDENTIFICATION DETAILS

Name :	WIX-FILTRON SP. Z O.O.
Registered Office :	ul. Wrocławska 145 63-800 Gostyń
Country :	Poland
Financials (as on) :	31.03.2015
Date of Incorporation :	01.03.1997
Legal Form :	Limited Liability Company
Line of Business :	Manufacture and distribution oil, air, fuel, dust and other types of filters for used in motor vehicles and machines Manufacture of parts and accessories for motor vehicles and their engines
No. of Employee :	1413

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 :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Poland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

POLAND ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances and adopting controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2013 and 2014, 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

WIX-FILTRON SP. Z O.O.

ul. Wrocławska 145 63-800 Gostyń

Phone:    65 5728900

Fax:      65 5728922

E-mail:   marketing@filtron.pl

renata.korbik@affiniagroup.com

Website:  wixfiltron.com.pl

Company summary

Legal form	Limited liability company
Stat.no.	410348770
Tax ID	PL 6961413485

Establishment

01.03.1997

Registration:

08.10.2001, District Court Poznań IX Department, KRS 49910 Data concerning previous registrations: 04.03.1997, District Court Leszno, RHB 1055

Shareholders	AFFINIA NETHERLANDS HOLDINGS B.V., Strawinskylaan 1999, 1077XX Amsterdam, Netherlands	PLN	204 240 000,00 97,75%
	other shareholders	PLN	4 700 000,00 2,25%
	list entered to NCR /KRS/ on  04.07.2014

Initial Capital		PLN 208 940 000,00
	Initial capital divided into 417880 shares of PLN 500,00 each
	Changes of initial capital
	- since 26.07.2011  until 04.07.2014  the capital estimated	PLN 202 480 500,00
	- since 20.07.2010  until 26.07.2011  the capital estimated	PLN 18 800 000,00
	An in-kind contribution has been made and valued at	PLN  188 380 400,00
	was depreciated 9400 shares

Management	Tomasz Grabias , personal ID no. (PESEL) 71020100375  - vice president Krzysztof Piotr Olejniczak , personal ID no. (PESEL) 53050506279  - member of board of directors Przemysław Tomasz Woźniak , personal ID no. (PESEL) 81040201459  - member of board of directors
	Proxies: Andrzej Kukuła , personal ID no. (PESEL) 72111107974  - joint proxy
	Representation: President individually, two members of the board of directors jointly or member of the board of directors and proxy jointly.

Supervisory board

Timothy Michael Ciurlik  Keith Wilson  Steven Paul Klueg

Main activity	Manufacture and distribution oil, air, fuel, dust and other types of filters for used in motor vehicles and machines
	Import 2010 Italy, Germany
	Export 2010 (50.00%) Czech Republic, Russian Federation, Ireland, Sweden, Ukraine, Switzerland, Germany, Bulgaria, Hungary, France, Italy, United Kingdom, Africa
	Branches NACE 2007:
	Manufacture of parts and accessories for motor vehicles and their engines,
	Manufacture of parts and accessories for motor vehicles and their engines, excluding motorcycles
	Wholesale and retail of motor vehicle parts and accessories, excluding motorcycles

Employment

2011:              1138      employees 2012:              1265      employees 2013:              1348      employees 2014:              1362      employees 31.03.2015:        1413      employees

Turnover	2011	PLN	516 824 236,80
	2012	PLN	582 524 369,78
	2013	PLN	647 273 040,41
	2014	PLN	681 285 000,00
	01.01.2015 - 31.03.2015	PLN	166 938 000,00
consolidated turnover	2010	PLN	482 393 001,35
	2011	PLN	516 824 236,80
	2012	PLN	582 524 369,78
	2013	PLN	647 273 040,41

Financial statements

Source of financial data	Subject	Subject	Subject	Subject
	F01	F01	annual	annual
Personal balance sheet as at	31.03.2015 (PLN)	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	588 531 000,00	618 767 000,00	615 311 619,35	513 907 863,31
-  I.   Intangible assets.............			493 950,52	730 904,42
-    3. Other intangible assets.......			493 950,52	730 904,42
-  II.  Tangible assets...............			88 879 066,06	87 946 968,81
-    1. Fixed goods...................			81 817 013,60	82 296 495,65
-      a) land........................			1 957 199,36	1 957 199,36
-      b) buildings, premises, facilities............................			31 929 487,70	33 208 323,12
-      c) machinery and equipment.....			36 924 309,12	38 326 557,08
-      d) fleet of motor vehicles.....			1 780 981,53	2 003 345,33
-      e) other fixed goods...........			9 225 035,89	6 801 070,76
-    2. Fixed goods under construction..........................			7 062 052,46	5 650 473,16
-  IV.  Long term investments.........	487 002 000,00	518 612 000,00	522 578 574,43	420 690 157,33
-    3. Long term financial assets....			522 578 574,43	420 690 157,33
-      a) in affiliated companies.....			522 578 574,43	420 690 157,33
-        - participations or shares...			504 008 913,91	401 237 757,33
-        - granted loans..............			18 569 660,52	19 452 400,00
-V. Long-term prepayments and accrued income........................			3 360 028,34	4 539 832,75
-  1. Deferred tax assets.............			3 358 656,32	4 537 688,26
-  2. Other prepayments...............			1 372,02	2 144,49
-B. Current assets....................	366 343 000,00	269 886 000,00	299 129 554,30	266 396 525,51
-  I.   Stock.........................	85 154 000,00	67 123 000,00	78 361 262,90	60 880 802,40
-    1. Raw materials.................	2 071 000,00	18 261 000,00	18 248 641,62	17 475 630,24
-    2. Semi-finished products and work-in-progress......................	2 228 000,00	616 000,00	2 477 411,50	2 296 167,55
-    3. Finished products.............	40 601 000,00	27 589 000,00	34 186 878,01	18 462 501,94
-    4. Goods for re-sale.............	22 254 000,00	20 536 000,00	22 784 331,54	22 044 331,91
-    5. Advance payments .............			664 000,23	602 170,76
-  II. Short-term receivables.........	162 040 000,00	163 595 000,00	133 535 195,63	119 973 568,51
-    1. Receivables from affiliated companies.............................			37 444 812,85	17 803 110,66
-      a) Due to deliveries and services with payment period:.........			37 444 812,85	17 803 110,66
-        - up to 12 months............			37 444 812,85	17 803 110,66
-    2. Other receivables ............	162 040 000,00		96 090 382,78	102 170 457,85
-      a) Due to deliveries and services with payment period:.........	139 144 000,00	118 647 000,00	87 072 417,89	94 643 198,56
-        - up to 12 months............			87 072 417,89	94 643 198,56
-      b) Due to taxes, subsidies, insurances, duties, etc...............	22 896 000,00	34 525 000,00	8 818 641,48	4 671 774,38
-      c) Other.......................			199 323,41	2 855 484,91
-  III. Short term investments........	115 307 000,00	37 432 000,00	85 893 067,78	83 663 115,18
-    1. Short-term financial assets...	115 307 000,00	19 902 000,00	85 893 067,78	83 663 115,18
-      a) in affiliated companies.....			62 451 150,32	64 515 696,96
-        - granted loans..............			61 694 640,96	64 259 404,76
-        - other short-term financial assets......................			756 509,36	256 292,20
-      c) cash and other liquid assets................................	22 219 000,00	19 902 000,00	23 441 917,46	19 147 418,22
-        - cash in hand and on bank account...............................			23 441 917,46	19 147 418,22
-IV. Short-term prepayments and accrued income........................	3 842 000,00	1 736 000,00	1 340 027,99	1 879 039,42
-D. Total assets......................	954 874 000,00	888 653 000,00	914 441 173,65	780 304 388,82
-A. Shareholders' equity..............	821 181 000,00	783 393 000,00	782 856 714,69	655 441 108,05
-  I.   Basic share capital...........			202 480 500,00	202 480 500,00
-  IV.  Statutory reserve capital.....			448 075 684,94	332 586 699,59
-  VIII. Net profit (loss)............	34 892 000,00	-5 923 000,00	132 300 529,75	120 373 908,46
-B. Liabilities and reserves for liabilities...........................	133 693 000,00	105 260 000,00	131 584 458,96	124 863 280,77
-  I.   Reserves for liabilities......	12 651 000,00	4 533 000,00	4 814 143,19	4 783 779,44
-    1. Deferred income tax reserves..	554 000,00	682 000,00	1 211 644,43	2 267 829,00
-    2. Reserves for pensions and similar social payments...............			2 645 796,71	2 442 879,00
-      - long-term....................			1 611 066,00	1 292 879,00
-      - short-term...................			1 034 730,71	1 150 000,00
-    3. Other reserves................			956 702,05	73 071,44
-      - short-term...................			956 702,05	73 071,44
-III. Short-term liabilities..........	113 805 000,00	97 213 000,00	122 227 203,90	115 157 266,67
-  1. Due to affiliated companies.....			3 646 400,24	11 771 740,60
-    a) Due to deliveries and services with payment period:.........			3 646 400,24	11 771 740,60
-      - up to 12 months..............			3 646 400,24	11 771 740,60
-  2. Other liabilities...............			116 874 567,30	102 196 831,10
-    a) Loans.........................	61 000 000,00	40 332 000,00	60 240 000,00	61 992 000,00
-    d)Due to deliveries and services with payment period:.........		31 450 000,00	36 836 815,48	22 604 683,32
-      - up to 12 months..............			36 836 815,48	22 604 683,32
-    e) Advances received.............	1 261 000,00		735 845,39	362 650,30
-    g) Due to taxes, subsidies, insurances, duties, etc...............		5 738 000,00	14 383 102,50	13 584 432,04
-    h) Due to salaries...............	4 353 000,00	4 454 000,00	4 583 006,88	3 577 517,30
-    i) Other.........................			95 797,05	75 548,14
-  3. Special funds...................			1 706 236,36	1 188 694,97
-IV.  Accruals and deferred income....	7 237 000,00	3 514 000,00	4 543 111,87	4 922 234,66
-  2. Other accruals..................			4 543 111,87	4 922 234,66
-    - long-term......................				3 573 296,56
-    - short-term.....................			4 543 111,87	1 348 938,10
-D. Total liabilities.................	954 874 000,00	888 653 000,00	914 441 173,65	780 304 388,82
Source of financial data	Subject	Subject
	F01	F01
individual PROFIT AND LOSS ACCOUNT	- 01.01.2015- 31.03.2015 (PLN)	- 01.01.2014- 31.12.2014 (PLN)
-A. Income from sales and similar.....	166 938 000,00	681 285 000,00
-  I.   Net income on sales...........	139 350 000,00	630 578 000,00
-  II.  Change in value of stock ( +, -).................................	17 730 000,00	9 777 000,00
-  IV.  Income from sales of goods and materials.........................	9 858 000,00	40 930 000,00
-B. Operational costs.................	122 409 000,00	494 614 000,00
-  I.   Depreciation..................	3 860 000,00	14 431 000,00
-  II.  Materials and energy..........	80 591 000,00	315 580 000,00
-  III. Third party services..........	11 797 000,00	56 267 000,00
-  IV.  Taxes and duties..............	589 000,00	2 368 000,00
-  V.   Salaries and wages............	14 838 000,00	60 872 000,00
-  VI.  Social security...............	3 661 000,00	13 988 000,00
-  VII. Other.........................	436 000,00	1 951 000,00
-  VIII.Costs of goods and materials sold..................................	6 637 000,00	29 157 000,00
-C. Profit on sale....................	44 529 000,00	186 671 000,00
-D. Other operating incomes...........	768 000,00	1 236 000,00
-  I.   Incomes from disposal non-financial assets..................		188 000,00
-  II.  Subsidies.....................	199 000,00	590 000,00
-  III. Other operating incomes.......	569 000,00	458 000,00
-E. Other operating costs.............	2 000 000,00	9 005 000,00
-  I.   Loss on disposal of non-finacial assets...................	28 000,00
-  II.  Goodwill revaluation..........	1 150 000,00	187 000,00
-  III. Other operating costs.........	822 000,00	8 818 000,00
-F. Profit on operating activities....	43 297 000,00	178 902 000,00
-G. Financial incomes.................	4 136 000,00	8 535 000,00
-  I.   Dividends received............		101 000,00
-  II.  Interest received.............	501 000,00	1 940 000,00
-  V.   Other.........................	3 635 000,00	6 494 000,00
-H. Financial costs...................	4 038 000,00	194 301 000,00
-  I.   Interest......................	109 000,00	436 000,00
-  II.  Loss from financial assets sold..................................		183 522 000,00
-  III. Financial assets revaluation..		645 000,00
-  IV.  Other.........................	3 929 000,00	9 698 000,00
-I. Profit on economic activity.......	43 395 000,00
-I. Loss on economic activity.........		6 864 000,00
-K. Gross profit......................	43 395 000,00
-K. Gross loss........................		6 864 000,00
-L. Corporation tax...................	8 503 000,00	-941 000,00
-  a) current part....................	11 133 000,00	1 174 000,00
-  b) deferred part...................	-2 630 000,00	-2 115 000,00
-N. Net profit........................	34 892 000,00
-N. Net loss..........................		5 923 000,00
Source of financial data	Subject	Subject
	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Income from sales and similar.....	647 273 040,41	582 524 369,78
-  - including related companies......		109 403 529,68
-  I.   Net revenue form sale of products..............................	601 779 261,50	458 424 879,88
-  II.  Net revenue from sale of goods.................................	45 493 778,91	124 099 489,90
-B.Cost of products, goods sold.......	392 302 315,59	356 146 047,24
-  - including related companies......		71 116 007,21
-  I.  Cost of production of products sold.........................	362 682 115,68	261 722 346,16
-  II.  Value of products sold........	29 620 199,91	94 423 701,08
-C. Gross profit on sale..............	254 970 724,82	226 378 322,54
-D. Costs of sale.....................	35 930 452,30	31 823 429,78
-E. General management costs..........	48 901 193,00	42 545 513,20
-F. Profit on sale....................	170 139 079,52	152 009 379,56
-G. Other operating incomes...........	3 597 711,03	5 743 009,99
-  I.   Incomes from disposal of fixed assets..........................	204 216,38	198 074,18
-  II.  Subsidies.....................	840 058,16	829 085,90
-  III. Other operating incomes.......	2 553 436,49	4 715 849,91
-H. Other operating costs.............	8 160 877,30	9 826 890,17
-  II.  Goodwill revaluation..........	342 551,95
-  III. Other operating costs.........	7 818 325,35	9 826 890,17
-I. Profit on operating activities....	165 575 913,25	147 925 499,38
-J. Financial incomes.................	9 461 329,42	22 547 520,62
-  II.  Interest received.............	2 331 337,79	2 549 528,92
-    - including related companies....		2 247 046,05
-  IV.  Financial assets revaluation..		648 991,29
-  V.   Other.........................	7 129 991,63	19 349 000,41
-K. Financial costs...................	11 203 134,44	21 560 499,54
-  I.   Interest......................	759 335,43	698 466,84
-  IV.  Other.........................	10 443 799,01	20 862 032,70
-L. Gross profit on economic activity.	163 834 108,23	148 912 520,46
-N. Gross profit......................	163 834 108,23	148 912 520,46
-O. Corporation tax...................	31 533 578,48	28 538 612,00
-R. Net profit........................	132 300 529,75	120 373 908,46

Ratios	01.01.2015- 31.03.2015	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012
Current ratio	3,22	2,78	2,45	2,31
Quick ratio	2,44	2,07	1,80	1,77
Immediate ratio	0,20	0,20	0,19	0,17
Return on sale	20,90	-0,87	20,44	20,66
Return on assets	3,65	-0,67	14,47	15,43
Return on equity	4,25	-0,76	16,90	18,37
Average trade debtors' days	87,36	87,65	75,30	75,38
Average stock turnover's days	45,91	35,96	44,19	38,25
average payables payment period	61,35	52,08	68,92	72,35
Total indebtedness ratio	14,00	11,84	14,39	16,00

Source of financial data	Court	Court	Monitor Polski B
	annual	annual	annual
Consolidated balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	689 718 676,33	602 455 472,43	481 355 835,15
-  Intangible assets..................	493 950,52	730 904,42	652 474,97
-    3. Other intangible assets.......	493 950,52	730 904,42	652 474,97
-  III. Tangible assets...............	88 879 066,06	87 946 968,81	89 295 800,02
-    1. Fixed assets..................	81 817 013,60	82 296 495,65	70 643 997,29
-      a) land (including perpetual usufruct right).......................	1 957 199,36	1 957 199,36	1 957 199,36
-      b) buildings...................	31 929 487,70	33 208 323,12	34 105 851,78
-      c) technical appliances and machniery.............................	36 924 309,12	38 326 557,08	28 105 791,96
-      d) fleet of motor vehicles.....	1 780 981,53	2 003 345,33	2 030 196,47
-      e) other fixed assets..........	9 225 035,89	6 801 070,76	4 444 957,72
-    2. Construction in progress......	7 062 052,46	5 650 473,16	18 212 691,61
-    3. Prepayments on construction in progress...........................			439 111,12
-  V. Long term investments...........	596 985 631,41	509 237 766,45	389 105 426,17
-    3. Long term financial assets....	596 985 631,41	509 237 766,45	389 105 426,17
-      c) in other companies..........	596 985 631,41	509 237 766,45	389 105 426,17
-        - shares or stocks...........	301 695,28	301 695,28	8 405 455,28
-        - granted loans..............	596 683 936,13	508 936 071,17	380 699 970,89
-VI. Long term prepayments............	3 360 028,34	4 539 832,75	2 302 133,99
-  1. Defferred tax assets............	3 358 656,32	4 537 688,26	2 299 762,00
-  2. Other prepayments...............	1 372,02	2 144,49	2 371,99
-B. Current assets....................	239 923 692,14	203 487 439,75	219 954 934,05
-  I. Stocks..........................	78 361 262,90	60 880 802,40	59 904 128,09
-    1. Materials.....................	18 248 641,62	17 475 630,24	13 785 684,75
-    2. Goods and semi goods in production............................	2 477 411,50	2 296 167,55	2 687 972,69
-    3. Finished goods................	34 186 878,01	18 462 501,94	20 035 526,23
-    4. Wares.........................	22 784 331,54	22 044 331,91	22 625 828,77
-    5. Prepayments for supplies......	664 000,23	602 170,76	769 115,65
-  II. Short term receivables.........	133 535 195,63	120 164 564,96	115 706 569,81
-    1. Receivables from related companies.............................	37 444 812,85	17 803 110,66	17 946 897,56
-      a) due to deliveries with payment period........................	37 444 812,85	17 803 110,66	17 946 897,56
-        - to 12 months...............	37 444 812,85	17 803 110,66	17 946 897,56
-    2. Receivables from other units..	96 090 382,78	102 361 454,30	97 759 672,25
-      a) due to deliveries with payment period........................	87 072 417,89	94 643 198,56	93 732 179,18
-        - to 12 months...............	87 072 417,89	94 643 198,56	93 732 179,18
-      b) due to taxes, donations, insurances, duties, etc...............	8 818 641,48	4 862 770,83	3 823 336,31
-      c) other.......................	199 323,41	2 855 484,91	204 156,76
-III. Short term investments..........	26 687 205,62	20 563 032,97	42 779 841,39
-  1. Short term financial assets.....	26 687 205,62	20 563 032,97	42 779 841,39
-    c) in other companies............	3 243 864,99	1 386 041,47	26 692 252,34
-      - granted loans................	2 487 355,63	1 129 749,27	23 801 565,34
-      - other short term financial assets................................	756 509,36	256 292,20	2 890 687,00
-    d) cash and other liquid means...	23 443 340,63	19 176 991,50	16 087 589,05
-      - cash in hand and on bank account...............................	23 443 340,63	19 176 991,50	16 087 589,05
-IV. Short term prepayments...........	1 340 027,99	1 879 039,42	1 564 394,76
-Total assets.........................	929 642 368,50	805 942 912,20	701 310 769,20
-A. Shareholders' Equity..............	797 887 098,99	681 079 631,42	585 927 467,28
-  I. Initial Capital.................	202 480 500,00	202 480 500,00	202 480 500,00
-  IV. Statutory reserve capital......	448 075 684,94	332 586 699,59	226 880 816,94
-  VII. Exchange difference from subsidiairies counting................	3 896 881,38	19 573 147,66	49 094 876,96
-  VIII. Profit (loss) from previous years.................................	6 065 375,71	1 765 390,73
-  IX. Net profit (loss)..............	137 368 656,96	124 673 893,44	107 471 273,38
-D.  Liabilities and reserves for liabilities...........................	131 755 269,49	124 863 280,77	115 383 301,92
-  I. Reserves for liabilities........	5 280 376,56	4 783 779,44	5 135 978,00
-    1. Deffered tax reserve..........	1 211 644,43	2 267 829,00	2 755 032,00
-    2. Reserves for pensions and connected social payments.............	2 645 796,71	2 442 879,00	2 349 686,00
-      - long term....................	1 611 066,00	1 292 879,00	1 188 411,00
-      - short term...................	1 034 730,71	1 150 000,00	1 161 275,00
-    3. Other reserves................	1 422 935,42	73 071,44	31 260,00
-      - short term...................	1 422 935,42	73 071,44	31 260,00
-II. Long term liabilities............	0,00	0,00
-III. Short term liabilities..........	122 398 014,43	115 157 266,67	104 768 353,98
-  1. Due to related companies........	3 646 400,25	11 771 740,60	2 841 193,94
-    a) due to delivered goods with payment period:.......................	3 646 400,25	11 771 740,60	2 841 193,94
-      - to 12 months.................	3 646 400,25	11 771 740,60	2 841 193,94
-  2. Due to other companies..........	117 045 377,82	102 196 831,10	101 732 842,12
-    a) credits and loans.............	60 240 000,00	61 992 000,00	68 348 000,00
-    d) due to delivered goods with payment period........................	36 836 815,48	22 604 683,32	17 607 460,93
-      - to 12 months.................	36 836 815,48	22 604 683,32	17 607 460,93
-    e) prepayments for deliveries....	735 845,39	362 650,30	329 052,62
-    f) due to purchase of fixed assets in construction................	14 553 913,02	13 584 432,04	9 600 852,44
-    h) due to salaries...............	4 583 006,88	3 577 517,30	3 384 836,48
-    i) other.........................	95 797,05	75 548,14	2 462 639,65
-  3. Special funds...................	1 706 236,36	1 188 694,97	194 317,92
-IV. Accurals and deferred income.....	4 076 878,50	4 922 234,66	5 478 969,94
-  2. Other...........................	4 076 878,50	4 922 234,66	5 478 969,94
-    - long term......................	3 178 539,88	3 573 296,56	4 837 599,89
-    - short term.....................	898 338,62	1 348 938,10	641 370,05
-Total liabilities....................	929 642 368,50	805 942 912,20	701 310 769,20
Source of financial data	Court	Court	Monitor Polski B
	annual	annual	annual
Consolidated P/L	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Net income form sale of goods, products and materials................	647 273 040,41	582 524 369,78	516 824 236,80
-  from related companies.............			83 428 616,25
-  I. Net income form sale of products..............................	607 106 661,30	458 424 879,88	404 193 686,11
-  II. Net income form sale of goods and materials.........................	40 166 379,11	124 099 489,90	112 630 550,69
-B. Costs of sale of goods, products and materials.........................	392 302 315,59	356 146 047,24	318 526 627,64
-  to related companies...............	96 812 867,95	71 116 007,21	13 113 740,96
-  I. Costs of manufacture of sold products..............................	362 682 115,68	261 722 346,16	237 214 432,27
-  II. Value of sold goods and materials.............................	29 620 199,91	94 423 701,08	81 312 195,37
-C. Gross profit from sale (A-B)......	254 970 724,82	226 378 322,54	198 297 609,16
-D. Costs of sale.....................	40 781 646,41	31 823 429,78	36 319 909,15
-E. Cost of management................	44 433 811,09	43 202 469,71	37 070 479,21
-F. Profit from sale (C-D-E)..........	169 755 267,32	151 352 423,05	124 907 220,80
-G. Other operating income............	3 597 711,03	5 743 009,99	4 882 305,42
-  I. Profit from sale of non-financial fixed assets............	204 216,38	198 074,18	141 795,19
-  II. Subsidies......................	840 058,16	829 085,90	1 207 851,75
-  III. Other operating income........	2 553 436,49	4 715 849,91	3 532 658,48
-H. Other operating costs.............	8 160 877,30	9 826 890,17	4 971 185,00
-  II. Update of value of non-financial assets..................	342 551,95	9 826 890,17	1 322 191,95
-  III. Other operating costs.........	7 818 325,35		3 648 993,05
-I. Profit from ordinary activity (F+G+H)...............................	165 192 101,05	147 268 542,87	124 818 341,22
-J. Financial income..................	15 298 052,95	27 422 246,82	26 939 916,13
-  II. Interests, including:..........	8 168 061,32	7 424 035,40	3 485 058,38
-    - from related companies.........		4 874 506,48	3 250 672,75
-  III. Profit from sale of investments...........................		648 991,29
-  V. Other...........................	7 129 991,63	19 349 220,13	23 454 857,75
-K. Financial costs...................	11 203 149,22	21 560 499,54	19 484 737,84
-  I. Interests, including:...........	759 335,43	698 466,84	267 538,29
-  IV. Other..........................	10 443 813,79	20 862 032,70	19 217 199,55
-M. Profit from business activity (I+J-K+-L)............................	169 287 004,78	153 130 290,15	132 273 519,51
-P. Write off of negative goodwill value - subordinated companies........			-249 652,90
-Q. Gross profit (M+/-N-O+P)..........	169 287 004,78	153 130 290,15	132 523 172,41
-R. Income tax........................	31 918 347,82	28 456 396,71	25 051 899,03
-W. Net profit (Q-R-S+-T+/-U).........	137 368 656,96	124 673 893,44	107 471 273,38

AUDITOR

Consolidated balance sheet as at 31.12.2011
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor  Jacek Mateja

No. 9736

Locations:

seat: ul. Wrocławska 145, 63-800 Gostyń Phone:                   65 5728900 Fax:                     65 5728922 E-mail:                  marketing@filtron.pl renata.korbik@affiniagroup.com Website:                 wixfiltron.com.pl

Real Estate	ownership, land of area 6 044 sq.m. (Land and Mortgage Register KW PO1Y/00024104/3,  Sąd Rejonowy Gostyń) production hall
	Book value of buildings as at 31.12.2013	PLN	31 929 487,70
	Book value of lands as at 31.12.2013	PLN	1 957 199,36
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

As at 08.04.2015 there are no shares in other companies.

Connections:	Keith Wilson  Steven Paul Klueg  Timothy Michael Ciurlik  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: 08.04.2015.

Taking overs

22.12.2005 (Entry date) - merger WIX-FILTRON Sp. z o.o., ul. Wrocławska 145, 63-800 Gostyń (as taking over)  AFFINIA POLAND Sp. z o.o.  , al. Jerozolimskie 92, 00-023 Warszawa (as taken over)

Certificates:

ISO 14001 ISO 9001

General information

The company is a leader on the Polish market in the production and distribution of filters for the automotive industry. The company has 42% share in the filter market (2010). The recipients are mainly car manufacturers like Ford, VW, Seat, GM, Fiat, Land Rover, MG Rover. In 2010, the company gained financial support from the European Union project  "Diversification of production through the implementation of innovative production technology panel air filters".  Investment was to be implemented by 2011 and the total project cost was estimated at 8.68 million PLN, of which 3,466,350 PLN was from EU funds.

Banks

Bank Zachodni WBK SA 1 O. w Gostyniu  (10901258) ul. Bojanowskiego 22, 63-800 Gostyń Acc.no. 96109012580000000025021105  (USD)  Bank Zachodni WBK SA 1 O. w Gostyniu  (10901258) ul. Bojanowskiego 22, 63-800 Gostyń Acc.no. 57109012580000000025046833  (EUR)  Deutsche Bank Polska SA Centrala  (18800009) al. Armii Ludowej 26, 00-609 Warszawa Acc.no. 34188000090000001101431007  Bank Zachodni WBK SA 1 O. w Gostyniu  (10901258) ul. Bojanowskiego 22, 63-800 Gostyń Acc.no. 26109012580000000025021104  (PLN)

Payment Manner	According to available sources, pays to terms
Credit capability	Business connections are permissible. Maximum credit PLN  3 000 000,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.52
UK Pound	1	Rs.95.96
Euro	1	Rs.70.54

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.