MIRA INFORM REPORT

Report No. :	347382
Report Date :	03.11.2015

IDENTIFICATION DETAILS

Name :	APART SP. Z O.O.
Registered Office :	Ul. Stara Droga 3, 62-002 Suchy Las
Country :	Poland
Financials (as on) :	31.12.2014
Date of Incorporation :	24.11.1987
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of jewellery and related articles Wholesale of watches, clocks and jewelry
No. of Employee :	1888 (2012)

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. The unemployment rate is now below 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 picked back up in 2014. 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, especially for entrepreneurs. Poland’s long-term challenges include diversifying Poland’s energy mix and sources of supply, as well as stemming the outflow of educated young Poles to other EU Member States, especially in light of a coming demographic contraction as the Solidarity-era baby boom generation ages.

Source : CIA

Company name and address

APART SP. Z O.O.

Ul. Stara Droga 3, 62-002 Suchy Las

Phone:    61 8927278

Fax:      61 8955679

E-mail:   info@apart.pl

Website:  www.apart.pl

REGISTRETION DETAILS

Legal form	Limited liability company
Stat.no.	634247310
Tax ID	PL 7772611871
Establishment	24.11.1987 as Partnership
	22.06.2001  as General partnership
	31.07.2001  as Limited liability company
Changes of names and addresses	22.06.2001 Wytwórnia Biżuterii Artystycznej Adama Rączyńskiego i Piotra Rączyńskiego Spółka jawna
	31.07.2001 APART Sp. z o.o.
	30.10.2001 ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
	18.11.2005  ul. Stara Droga 3, 62-002 Suchy Las
Registration:	30.10.2001, District Court Poznań VIII Department, KRS 56437 Data concerning previous registrations: 20.10.1989, Communal Office Suchy Las, No. 242/89 22.06.2001, District Court Poznań, XXI Department, KRS 20769

Shareholders

POLISH LUXURY GROUP sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las	PLN	20 040 000,00 100,00%
list prepared on  30.01.2015

Initial Capital

	PLN 20 040 000,00
Initial capital divided into 1002 shares of PLN 20 000,00 each
Changes of initial capital
- since 15.02.2002  until 06.11.2012  the capital estimated	PLN 20 000 000,00
-  until 15.02.2002  the capital estimated	PLN 2 786 000,00

Management

Piotr Rączyński , personal ID no. (PESEL) 52061403951, ul. Powstańców Wielkopolskich 15, 62-002 Suchy Las
 - president

Adam Tomasz Rączyński , personal ID no. (PESEL) 53122003514, ul. Powstańców Wielkopolskich 100, 62-002 Suchy Las
 - vice president

Representation:

In case of numerous board of dircetors - cooperation of two members of the board of directors jointly or one member with proxy jointly is required to submit statements of will and to sign on behalf of the company. President and vice president of the board may represent the company individually.

Supervisory board

Bogumiła Zofia Rączyńska , personal ID no. (PESEL) 26041201923

Marian Rączyński , personal ID no. (PESEL) 20070205479

Monika Rączyńska , personal ID no. (PESEL) 76052205069

Aleksandra Rączyńska , personal ID no. (PESEL) 51121203362

Main activity

Manufacture, retail sale and wholesale of Jewellery

Sale of watches

Branches NACE 2007:

Other retail

Manufacture of jewellery and related articles

Wholesale of watches, clocks and jewelry

Employment

2007:              1279      employees
2008:              1376      employees
2009:              1603      employees
2011:              1822      employees
2012:              1888      employees

Turnover

Turnover	2010	PLN	444 340 110,29
	2011	PLN	470 667 455,63
	2012	PLN	472 783 526,40
	2013	PLN	492 483 319,39
	2014	PLN	516 957 696,21
consolidated turnover	2012	PLN	489 658 157,35
	2013	PLN	497 506 242,08
	2014	PLN	519 180 062,93

Financial statements

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	79 206 190,15	80 658 985,19	80 263 980,86	80 421 840,56
-  I.   Intangible assets.............	249 636,38	222 470,02	792 229,07	863 338,42
-    3. Other intangible assets.......	249 636,38	222 470,02	792 229,07	863 338,42
-  II.  Tangible assets...............	34 167 576,96	35 969 053,86	59 383 283,11	58 829 219,69
-    1. Fixed goods...................	33 480 070,00	34 685 412,07	58 325 726,86	56 271 510,41
-      a) land........................	599 834,84	599 834,84	2 689 345,80	2 210 584,96
-      b) buildings, premises, facilities............................	19 150 577,66	19 266 739,22	40 276 203,53	38 601 504,54
-      c) machinery and equipment.....	9 718 177,35	10 651 083,57	10 854 808,17	11 173 073,62
-      d) fleet of motor vehicles.....	1 547 673,13	1 583 285,11	1 942 493,99	2 016 182,57
-      e) other fixed goods...........	2 463 807,02	2 584 469,33	2 562 875,37	2 270 164,72
-    2. Fixed goods under construction..........................	687 506,96	1 283 641,79	1 057 556,25	2 557 709,28
-  IV.  Long term investments.........	43 546 224,02	43 546 224,02	19 239 080,59	19 239 080,59
-    3. Long term financial assets....	43 546 224,02	43 546 224,02	19 239 080,59	19 239 080,59
-      a) in affiliated companies.....	43 546 224,02	43 546 224,02	19 239 080,59	19 239 080,59
-        - participations or shares...	43 546 224,02	43 546 224,02	19 239 080,59	19 239 080,59
-V. Long-term prepayments and accrued income........................	1 242 752,79	921 237,29	849 388,09	1 490 201,86
-  1. Deferred tax assets.............	1 215 886,32	910 754,45	814 686,77	1 442 471,23
-  2. Other prepayments...............	26 866,47	10 482,84	34 701,32	47 730,63
-B. Current assets....................	581 719 092,11	490 092 459,07	409 959 094,65	434 015 350,97
-  I.   Stock.........................	355 549 267,71	361 486 755,21	363 573 343,47	344 324 455,59
-    1. Raw materials.................	1 839 270,67	1 563 022,19	1 158 870,59	784 796,40
-    3. Finished products.............	2 357 969,97	4 075 140,17	1 121 836,59	12 571 857,53
-    4. Goods for re-sale.............	348 360 057,61	352 779 355,74	356 871 042,12	327 145 626,12
-    5. Advance payments .............	2 991 969,46	3 069 237,11	4 421 594,17	3 822 175,54
-  II. Short-term receivables.........	11 567 295,89	3 770 627,25	4 547 663,64	5 407 342,54
-    1. Receivables from affiliated companies.............................	8 008,62	37 783,17	4 057,08
-      a) Due to deliveries and services with payment period:.........	8 008,62	37 783,17	4 057,08
-        - up to 12 months............	8 008,62	37 783,17	4 057,08
-    2. Other receivables ............	11 559 287,27	3 732 844,08	4 543 606,56	5 407 342,54
-      a) Due to deliveries and services with payment period:.........	2 020 812,49	2 438 210,45	2 639 453,13	1 625 734,28
-        - up to 12 months............	2 020 812,49	2 438 210,45	2 639 453,13	1 625 734,28
-      b) Due to taxes, subsidies, insurances, duties, etc...............	856 769,16	568 933,11	678 305,21	3 006 989,15
-      c) Other.......................	8 681 261,40	725 256,30	1 225 404,00	774 619,11
-      d) Received through judicial proceedings...........................	444,22	444,22	444,22
-  III. Short term investments........	211 470 052,69	122 291 995,41	39 426 734,07	81 907 454,48
-    1. Short-term financial assets...	211 470 052,69	122 291 995,41	39 426 734,07	81 907 454,48
-      a) in affiliated companies.....	2 700 110,42	3 422 721,13
-        - granted loans..............	2 700 110,42	1 000 000,00
-        - other short-term financial assets......................		2 422 721,13
-      c) cash and other liquid assets................................	208 769 942,27	118 869 274,28	39 426 734,07	81 907 454,48
-        - cash in hand and on bank account...............................	203 257 952,78	113 274 725,63	32 649 619,99	75 399 303,12
-        - other liquid assets........	5 511 989,49	5 594 548,65	6 777 114,08	6 508 151,36
-IV. Short-term prepayments and accrued income........................	3 132 475,82	2 543 081,20	2 411 353,47	2 376 098,36
-D. Total assets......................	660 925 282,26	570 751 444,26	490 223 075,51	514 437 191,53
-A. Shareholders' equity..............	522 766 389,72	453 677 396,71	386 438 888,89	333 154 830,36
-  I.   Basic share capital...........	20 040 000,00	20 040 000,00	20 040 000,00	20 000 000,00
-  IV.  Statutory reserve capital.....	431 503 750,52	366 398 888,89	314 417 928,16	287 133 306,56
-  V. Revaluation reserve.............	2 133 646,19	2 133 646,19
-  VII. Profit (loss) carried forward.		6 126 033,19
-  VIII. Net profit (loss)............	69 088 993,01	58 978 828,44	51 980 960,73	26 021 523,80
-B. Liabilities and reserves for liabilities...........................	138 158 892,54	117 074 047,55	103 784 186,62	181 282 361,17
-  I.   Reserves for liabilities......	474 043,30	351 418,91	325 804,01	524 947,01
-    1. Deferred income tax reserves..	25 580,26	146 637,03	89 426,36	258 561,20
-    2. Reserves for pensions and similar social payments...............	448 463,04	204 781,88	236 377,65	266 385,81
-      - long-term....................	448 463,04	204 781,88	236 377,65	266 385,81
-II.  Long-term liabilities...........	21 989 604,88	17 771,31	17 365 613,86	344 187,15
-  2. Other liabilities...............	21 989 604,88	17 771,31	17 365 613,86	344 187,15
-    a) Loans.........................	21 989 604,88		17 038 292,00
-    c) Other financial liabilities...		17 771,31	327 321,86	344 187,15
-III. Short-term liabilities..........	114 570 618,35	115 545 585,08	85 155 322,11	179 356 002,72
-  1. Due to affiliated companies.....	9 094 350,99	9 314 004,29	13 221 210,45	21 648 317,30
-    a) Due to deliveries and services with payment period:.........	9 094 350,99	9 314 004,29	871 210,45	15 548 317,30
-      - up to 12 months..............	9 094 350,99	9 314 004,29	871 210,45	15 548 317,30
-    b) Other.........................			12 350 000,00	6 100 000,00
-  2. Other liabilities...............	104 411 646,74	105 170 959,17	70 867 072,04	156 566 167,80
-    a) Loans.........................	24 298 148,95	34 852 050,33	3 695 446,94	82 050 438,26
-    d)Due to deliveries and services with payment period:.........	20 471 482,12	14 854 258,77	19 640 860,91	29 217 515,77
-      - up to 12 months..............	20 471 482,12	14 854 258,77	19 640 860,91	29 217 515,77
-    e) Advances received.............	7 631 852,08	5 535 800,46	4 394 326,83
-    g) Due to taxes, subsidies, insurances, duties, etc...............	41 831 420,32	39 857 081,37	33 738 086,42	32 725 324,03
-    h) Due to salaries...............	10 175 129,24	9 913 365,51	9 340 347,99	9 555 960,16
-    i) Other.........................	3 614,03	158 402,73	58 002,95	3 016 929,58
-  3. Special funds...................	1 064 620,62	1 060 621,62	1 067 039,62	1 141 517,62
-IV.  Accruals and deferred income....	1 124 626,01	1 159 272,25	937 446,64	1 057 224,29
-  2. Other accruals..................	1 124 626,01	1 159 272,25	937 446,64	1 057 224,29
-    - short-term.....................	1 124 626,01	1 159 272,25	937 446,64	1 057 224,29
-D. Total liabilities.................	660 925 282,26	570 751 444,26	490 223 075,51	514 437 191,53
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2014- 31.12.2014 (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.....	516 957 696,21	492 483 319,39	472 783 526,40	470 667 455,63
-  - including related companies......				5 427 644,17
-  I.   Net income on sales...........	2 018 448,19	3 394 129,93	2 284 141,82	10 283 350,80
-  II.  Change in value of stock ( +, -).................................	-1 111 391,95	-3 065 220,36	-11 427 795,14	-2 795 222,11
-  III. Sales of goods for own use....	266 891,59	1 437 361,88	8 800 587,56	-5 670 337,18
-  IV.  Income from sales of goods and materials.........................	515 783 748,38	490 717 047,94	473 126 592,16	468 849 664,12
-B. Operational costs.................	453 624 429,27	447 577 345,90	440 135 807,10	428 406 961,00
-  I.   Depreciation..................	7 174 858,75	7 861 493,88	7 970 930,32	7 189 333,19
-  II.  Materials and energy..........	19 235 010,53	19 560 131,05	21 550 130,27	19 430 502,97
-  III. Third party services..........	64 844 469,84	65 904 103,94	61 786 215,46	54 887 941,51
-  IV.  Taxes and duties..............	167 073,30	1 844 202,59	2 144 171,42	1 990 201,68
-  V.   Salaries and wages............	86 424 666,95	83 171 146,49	83 546 876,86	81 061 589,36
-  VI.  Social security...............	16 391 355,94	15 897 913,68	15 657 883,95	13 840 370,32
-  VII. Other.........................	47 269 862,76	39 798 270,50	42 235 592,56	46 536 993,32
-  VIII.Costs of goods and materials sold..................................	212 117 131,20	213 540 083,77	205 244 006,26	203 470 028,65
-C. Profit on sale....................	63 333 266,94	44 905 973,49	32 647 719,30	42 260 494,63
-D. Other operating incomes...........	444 387,60	2 890 348,74	830 809,18	920 012,91
-  I.   Incomes from disposal non-financial assets..................	45 939,00	2 229 665,69	98 441,28	693 802,53
-  III. Other operating incomes.......	398 448,60	660 683,05	732 367,90	226 210,38
-E. Other operating costs.............	1 837 372,79	3 742 634,97	1 145 365,01	744 654,32
-  III. Other operating costs.........	1 837 372,79	3 742 634,97	1 145 365,01	744 654,32
-F. Profit on operating activities....	61 940 281,75	44 053 687,26	32 333 163,47	42 435 853,22
-G. Financial incomes.................	21 590 050,02	27 045 948,98	29 620 406,65	187 667,47
-  I.   Dividends received............	19 912 152,26
-    - including dividends to group and associated compan.................	19 912 152,26
-  II.  Interest received.............	1 598 961,91	47 473,26	531 710,46	93 090,79
-    - including related companies....	19 105,76
-  V.   Other.........................	78 935,85	26 998 475,72	29 088 696,19	94 576,68
-H. Financial costs...................	2 519 218,40	1 937 870,81	2 473 615,77	9 898 347,61
-  I.   Interest......................	173 933,81	1 237 435,79	2 473 615,77	4 099 523,26
-    - related companies..............				501 875,07
-  III. Financial assets revaluation..		700 435,02
-  IV.  Other.........................	2 345 284,59			5 798 824,35
-I. Profit on economic activity.......	81 011 113,37	69 161 765,43	59 479 954,35	32 725 173,08
-K. Gross profit......................	81 011 113,37	69 161 765,43	59 479 954,35	32 725 173,08
-L. Corporation tax...................	11 922 120,36	10 182 936,99	7 498 993,62	6 703 649,28
-N. Net profit........................	69 088 993,01	58 978 828,44	51 980 960,73	26 021 523,80

AUDITOR

Balance sheet as at 31.12.2012
EUREKA-AUDITING Sp. z o.o., al. Marcinkowskiego 22, 61-827 Poznań	No. 137

Expert auditor  Andrzej Furmanowski

No. 8669/4315

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

Ratios

01.01.2014-
31.12.2014

01.01.2013-
31.12.2013

01.01.2012-
31.12.2012

01.01.2011-
31.12.2011

Current ratio

5,08

4,24

4,81

2,42

Quick ratio

1,95

1,09

0,52

0,49

Immediate ratio

1,82

1,03

0,46

0,46

Return on sale

13,36

11,98

10,93

5,43

Return on assets

10,45

10,33

10,60

5,06

Return on equity

13,22

13,00

13,45

7,81

Average trade debtors' days

8,17

2,79

3,50

4,12

Average stock turnover's days

251,04

267,91

279,90

262,30

average payables payment period

80,89

85,64

65,56

136,63

Total indebtedness ratio

20,90

20,51

21,17

35,24

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.47.77.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	2,76	2,59	2,67	2,99	2,84
Quick ratio..............................	1,24	1,29	0,97	0,82	0,89
Immediate ratio..........................	0,75	0,75	0,58	0,32	0,42
Return on sale...........................	4,02	7,23	10,88	6,54	5,97
Return on assets.........................	0,85	8,58	9,88	5,46	6,09
Return on equity.........................	1,30	14,00	15,81	9,33	10,50
Average trade debtors' days..............	60,26	54,45	37,78	38,11	39,60
Average stock turnover's days............	196,37	131,96	166,56	194,37	205,90
average payables payment period..........	130,40	102,75	98,30	90,45	105,96
Total indebtedness ratio.................	35,11	38,76	37,47	41,51	42,04
Percent share in the examinated group of companies with net profit.............	55,60	80,00	70,00	77,80	90,00
Sales/revenue per employee in th. PLN....	67,94	449,29	336,50	297,11	325,23
Average sales/revenue per company in th. PLN..................................	23 641,44	142 154,50	148 161,20	136 308,44	87 128,80
according to the Central Statistical Office

Source of financial data	Court	Court	Court
	annual	annual	annual
Consolidated balance sheet as at	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	77 864 129,08	77 537 850,78	66 805 625,52
-  Intangible assets..................	573 815,94	542 562,90	1 064 311,44
-    3. Other intangible assets.......	500 896,17	537 210,90	995 443,28
-    4. Prepayments for intangible assets................................	72 919,77	5 352,00	68 868,16
-  III. Tangible assets...............	72 715 531,88	73 900 474,06	62 173 809,02
-    1. Fixed assets..................	66 842 290,37	68 880 808,47	61 035 590,15
-      a) land (including perpetual usufruct right).......................	8 080 353,32	8 080 353,32	3 125 170,20
-      b) buildings...................	43 287 531,30	44 736 289,41	41 120 350,71
-      c) technical appliances and machniery.............................	10 736 791,62	11 778 188,50	12 079 041,46
-      d) fleet of motor vehicles.....	2 263 186,49	1 702 590,38	2 152 921,71
-      e) other fixed assets..........	2 474 427,64	2 583 386,86	2 558 106,07
-    2. Construction in progress......	5 873 241,51	5 019 581,25	1 138 218,87
-    3. Prepayments on construction in progress...........................		84,34
-VI. Long term prepayments............	4 574 781,26	3 094 813,82	3 567 505,06
-  1. Defferred tax assets............	4 547 351,87	3 072 324,04	3 526 115,47
-  2. Other prepayments...............	27 429,39	22 489,78	41 389,59
-B. Current assets....................	657 054 034,03	540 195 969,36	451 719 611,67
-  I. Stocks..........................	398 501 035,97	384 265 317,55	380 394 420,61
-    1. Materials.....................	1 839 270,67	1 563 022,19	1 158 870,59
-    2. Goods and semi goods in production............................	26 099 274,89	23 934 073,53	23 254 857,22
-    3. Finished goods................	56 464 842,00	59 310 112,23	48 569 922,84
-    4. Wares.........................	305 384 601,24	294 514 450,05	302 966 664,30
-    5. Prepayments for supplies......	8 713 047,17	4 943 659,55	4 444 105,66
-  II. Short term receivables.........	14 300 052,82	7 387 073,18	7 333 545,04
-    1. Receivables from related companies.............................	720,19	349,32
-      a) due to deliveries with payment period........................	370,87
-        - to 12 months...............	370,87
-      b) inne........................	349,32	349,32
-    2. Receivables from other units..	14 299 332,63	7 386 723,86	7 333 545,04
-      a) due to deliveries with payment period........................	3 472 337,47	3 421 770,62	3 761 118,58
-        - to 12 months...............	3 472 337,47	3 421 770,62	3 761 118,58
-      b) due to taxes, donations, insurances, duties, etc...............	2 067 536,56	3 167 144,65	2 303 489,86
-      c) other.......................	8 759 014,38	797 364,37	1 268 492,38
-      d) received thought judical proceedings...........................	444,22	444,22	444,22
-III. Short term investments..........	240 916 759,60	145 532 251,67	61 221 294,11
-  1. Short term financial assets.....	240 916 759,60	145 532 251,67	61 221 294,11
-    a) in related companies *........	4 716 503,97	4 838 779,37	1 372 246,69
-    d) cash and other liquid means...	236 200 255,63	140 693 472,30	59 849 047,42
-      - cash in hand and on bank account...............................	230 688 266,14	135 098 923,65	53 071 933,34
-      - cash in hand *...............	5 511 989,49	5 594 548,65
-      - other liquid means...........			6 777 114,08
-IV. Short term prepayments...........	3 336 185,64	3 011 326,96	2 770 351,91
-Total assets.........................	734 918 163,11	617 733 820,14	518 525 237,19
-A. Shareholders' Equity..............	559 026 272,28	486 717 842,47	416 917 633,71
-  I. Initial Capital.................		20 040 000,00	20 040 000,00
-  II. Unpaid share capital (negative balance)....................	20 040 000,00
-  IV. Statutory reserve capital......	464 400 388,06	395 536 320,01	337 727 358,24
-  V. Fixed assets revaluation reserve capital.......................	2 133 646,19	2 133 646,19
-  VI. Other reserve capital..........	30 764,96	30 764,96
-  VIII. Profit (loss) from previous years.................................		6 126 033,19
-  IX. Net profit (loss)..............	72 421 473,07	62 851 078,12	59 150 275,47
-B. Minority capital..................	13 828 432,95	13 317 462,26	1 415 066,88
-D.  Liabilities and reserves for liabilities...........................	162 063 457,88	117 698 515,41	100 192 536,60
-  I. Reserves for liabilities........	633 863,83	437 988,71	529 295,35
-    1. Deffered tax reserve..........	75 945,80	151 288,69	211 599,96
-    2. Reserves for pensions and connected social payments.............	557 918,03	286 700,02	317 695,39
-      - long term....................	557 918,03	286 700,02	317 695,39
-II. Long term liabilities............	36 463 876,42	76 770,08	17 453 259,39
-  2. due to other units..............	36 463 876,42	76 770,08	17 453 259,39
-    a) credits and loans.............	36 330 298,26		17 038 292,00
-    c) other financial liabilities...	133 578,16	76 770,08	414 967,39
-III. Short term liabilities..........	123 841 091,62	116 024 484,37	81 272 535,22
-  1. Due to related companies........	8 346 371,20	344 502,12	2 350 000,00
-    a) due to delivered goods with payment period:.......................	4 773,53	2 904,45
-      - to 12 months.................	4 773,53	2 904,45
-    b) other.........................	8 341 597,67	341 597,67	2 350 000,00
-  2. Due to other companies..........	114 320 267,11	114 503 429,94	77 738 048,91
-    a) credits and loans.............	24 298 148,95	34 852 050,33	3 695 446,94
-    c) other financial assets........	102 005,04
-    d) due to delivered goods with payment period........................	27 927 209,54	21 310 353,07	25 682 676,18
-      - to 12 months.................	27 927 209,54	21 310 353,07	25 682 676,18
-    e) prepayments for deliveries....	7 635 051,47	5 851 918,60	4 395 223,36
-    f) due to purchase of fixed assets in construction................		41 698 441,08	34 301 453,03
-    g) due to taxes, donations, insurances, duties, etc...............	43 438 070,49
-    h) due to salaries...............	10 472 467,59	10 189 434,13	9 605 246,45
-    i) other.........................	447 314,03	601 232,73	58 002,95
-  3. Special funds...................	1 174 453,31	1 176 552,31	1 184 486,31
-IV. Accurals and deferred income.....	1 124 626,01	1 159 272,25	937 446,64
-  2. Other...........................	1 124 626,01	1 159 272,25	937 446,64
-    - short term.....................	1 124 626,01	1 159 272,25	937 446,64
-Total liabilities....................	734 918 163,11	617 733 820,14	518 525 237,19
Source of financial data	Court	Court	Court
	annual	annual	annual
Consolidated P/L Account	01.01.2014- 31.12.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Income from sales and similar.....	519 180 062,93	497 506 242,08	489 658 157,35
-  I. Sales of products...............	130 950 839,93	124 568 809,33	107 232 337,31
-  II. Sale of goods and materials....	-533 662,80	366 729 569,60	372 241 413,88
-  III.Change in stocks (+/-).........	266 891,59	4 769 846,67	1 373 777,12
-  IV. Cost of production of goods for own purposes......................	388 495 994,21	1 438 016,48	8 810 629,04
-B. Operational costs.................	433 643 657,60	423 455 016,48	425 953 290,65
-  1. Depreciation....................	9 273 565,85	9 758 939,45	8 850 390,71
-  II. Materials and energy...........	64 993 588,70	60 235 569,21	66 623 836,22
-  III. Third party services..........	67 296 659,23	68 146 295,45	65 289 998,53
-  IV. Taxes and duties...............	500 423,91	2 090 950,69	2 199 031,82
-  V. Salaries and wages..............	99 914 195,60	93 365 189,09	89 279 702,69
-  VI. Social securities and similar..	17 449 496,08	16 930 196,01	16 717 997,41
-  VII. Other.........................	27 398 066,95	21 247 561,92	26 508 885,72
-  VIII. Costs of goods and materials sold........................	146 817 661,28	151 680 314,66	150 483 447,55
-C.Profit on sale (A-B)...............	85 536 405,33	74 051 225,60	63 704 866,70
-D. Other ordinary income.............	586 349,36	2 896 971,32	839 024,16
-  I. Profit on sale of non-financial fixed assets............	45 939,00	2 222 336,23	99 493,60
-  III. Other ordinary income.........	540 410,36	674 635,09	739 530,56
-E. Other ordinary costs..............	1 227 450,33	3 773 807,56	1 902 893,21
-  III. Other operating costs.........	1 227 450,33	3 773 807,56	1 902 893,21
-F. Profit on ordinary activities (C+D+E)...............................	84 895 304,36	73 174 389,36	62 640 997,65
-G. Financial income..................	2 066 300,83	2 688 319,05	7 303 209,42
-  II. Interests received:............	1 987 364,98	558 861,78	1 019 183,03
-    - including related companies....	67 701,65
-  V. Other...........................	78 935,85	2 129 457,27	6 284 026,39
-H. Financial costs...................	3 036 376,67	1 760 571,92	2 315 644,11
-  I. Interests.......................	233 638,77	1 055 380,68	2 312 240,03
-    - including related companies....	11 356,29
-  III. Revaluation of investments....		700 435,02
-  IV. Other..........................	2 802 737,90	4 756,22	3 404,08
-J. Profit on economic activity (F+G-H+/-I)...........................	83 925 228,52	74 102 136,49	67 628 562,96
-N. Gross profit (J+/-K-L+M)..........	83 925 228,52	74 102 136,49	67 628 562,96
-O. Income tax........................	11 017 980,28	10 489 128,03	8 364 742,56
-  ...................................	-241 061,67	381 844,34	-542 217,61
-P. Other obligatory decreases of profit................................	485 775,17	761 930,34	113 544,93
-S. Net profit (N-O-P+/-Q+/-R)).......	72 421 473,07	62 851 078,12	59 150 275,47

Locations

seat:
ul. Stara Droga 3, 62-002 Suchy Las
Phone:                   61 8927278
Fax:                     61 8955679
E-mail:                  ewa.slebioda@apart.pl
info@apart.pl
Website:                www.apart.pl

Real Estate

ul. Stara Droga 3, 62-002 Suchy Las ownership,  building of area 5 500 sq m,  ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las ownership, built-up land of area 600 sq.m.  buildings of area 380 sq m,
Book value of buildings as at 31.12.2014	PLN	19 150 577,66
Book value of lands as at 31.12.2014	PLN	599 834,84
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 31.12.2014  book value of car fleet was: PLN 1 547 673,13

Shares in other companies

INWEST AP sp. z o.o. NIP PL 7772669089, ul. Powstańców Wlkp. 91, 62-002 Suchy Las
PLN 272 000 000,00 (99,56%)

Data concerning shares in other companies are valid as at: 08.10.2015.

Connections

Adam Tomasz Rączyński , personal ID no. (PESEL) 53122003514
-  R2 TRADE sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · president
-  POLISH LUXURY GROUP sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 449 104 250,00 (50,00%)
  · president
-  INWEST AP sp. z o.o. NIP PL 7772669089, ul. Powstańców Wlkp. 91, 62-002 Suchy Las
  · president
-  E-SKLEP R2 sp. z o.o., ul. Stara Droga 3, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · president
-  E-R2 sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · president
-  R2 E-COMMERCE sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · vice president
-  R2 INVESTMENT sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · member of board of directors
-  MATI INVESTMENT RĄCZYŃSKA SPÓŁKA JAWNA NIP 7773176897, ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder
  · member of representation unit
-  POLISH LUXURY GROUP INVESTMENT sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · president
-  R2 NIERUCHOMOŚCI sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · vice president
-  GOSPODARSTWO ROLNE MATI sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · president


Aleksandra Rączyńska , personal ID no. (PESEL) 51121203362
-  ALEX INVESTMENT RĄCZYŃSKA SPÓŁKA JAWNA, ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder
  · member of representation unit


 POLISH LUXURY GROUP sp. z o.o.
-  R2 NIERUCHOMOŚCI sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 5 000,00 (100,00%)


Monika Rączyńska , personal ID no. (PESEL) 76052205069
-  MATI INVESTMENT RĄCZYŃSKA SPÓŁKA JAWNA NIP 7773176897, ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder
  · member of representation unit
-  GOSPODARSTWO ROLNE MATI sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · vice president


Piotr Rączyński , personal ID no. (PESEL) 52061403951
-  E-R2 sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · vice president
-  R2 E-COMMERCE sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · president
-  R2 NIERUCHOMOŚCI sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · president
-  POLISH LUXURY GROUP INVESTMENT sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · vice president
-  E-SKLEP R2 sp. z o.o., ul. Stara Droga 3, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · vice president
-  ALEX INVESTMENT RĄCZYŃSKA SPÓŁKA JAWNA, ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder
  · member of representation unit
-  INWEST AP sp. z o.o. NIP PL 7772669089, ul. Powstańców Wlkp. 91, 62-002 Suchy Las
  · vice president
-  R2 INVESTMENT sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · member of board of directors
-  R2 TRADE sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 2 500,00 (50,00%)
  · vice president
-  POLISH LUXURY GROUP sp. z o.o., ul. Powstańców Wielkopolskich 91, 62-002 Suchy Las
  · shareholder: PLN 449 104 250,00 (50,00%)
  · vice president

General information

In accordance with the established corporate policy the company refused to give any information.

Banks

Bank Handlowy w Warszawie SA
ul. Senatorska 16, 00-923 Warszawa

Payment Manner

Within agreed terms.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.48
UK Pound	1	Rs.101.06
Euro	1	Rs.72.22

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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.