MIRA INFORM REPORT

Report No. :	349737
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	JYSK SP. Z O.O.
Registered Office :	ul. Meteorytowa 13 80-299 Gdańsk
Country :	Poland
Financials (as on) :	31.08.2014
Date of Incorporation :	09.09.1999
Legal Form :	Limited liability company
Line of Business :	Wholesale and retail sale of furniture, mattresses, bedclothes and other interior household articles
No. of Employees :	1592 (2014)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – 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

JYSK Sp. z o.o.

ul. Meteorytowa 13
80-299 Gdańsk

Phone:    22 2885900

58 5243333

Fax:      58 5243334

E-mail:   biuro@jysk.com

Website:  www.jysk.pl

Company summery

Legal form	Limited liability company
Stat.no.	191873139
Tax ID	PL 5862016763
Establishment	09.09.1999
Changes of names and addresses	09.09.1999 ul. Świętojańska 126/10, 81-404 Gdynia
	26.09.2000  ul. Grunwaldzka 211, 80-266 Gdańsk
	27.06.2012  ul. Meteorytowa 13, 80-299 Gdańsk

Registration

20.08.2001, District Court Gdańsk, VII Department, KRS 36908

Data concerning previous registrations:
01.10.1999, District Court Gdańsk, RHB 13941

Shareholders
JYSK HOLDING A/S, Sodalsparken 18, 8220 Brabrand, Denmark	PLN	85 003 428,60 100,00%
list entered to NCR /KRS/ on  06.03.2007

Initial Capital
Initial capital divided into 36429 shares of PLN 2 333,40 each	PLN 85 003 428,60
Changes of initial capital
- since 29.04.2004  until 06.03.2007  the capital estimated	PLN 70 020 000,00
- since 11.04.2003  until 29.04.2004  the capital estimated	PLN 30 000 000,00
- since 20.08.2001  until 11.04.2003  the capital estimated	PLN 15 000 000,00

Management

Jan Bogh , Aabenraavej 59, 8320 Maarslet, Denmark
 - president

Jacob Brunsborg , Sejs Sovaengef 29, K8600 Silkeborg, Denmark
 - vice president

Henrik Naundrup , Lindevej 3, 8450 Hammel, Denmark
 - vice president

Mikael Nielsen , DK 8930 Randers Tolbodgadr 231
 - member of board of directors

Representation:
since 13.01.2014 
If one man board – Member of the board of directors individually
If numerous managers – President with vice-president jointly, two vice-presidents or member of the board of directors and president with vice-president or two vice-president jointly

Main activity

Wholesale and retail sale of furniture, mattresses, bedclothes and other interior household articles
Export Bulgaria, Czech Republic, Hungary, Romania, Bosnia and Herzegovina, Croatia, Slovakia, Slovenia, Ukraine
Branches NACE 2007:
Other retail of machines and equipment	(G.47.59.Z)
Other wholesale	(G.46.7)
Manufacture of furniture	(C.31.0)
Employment

2010:              1494      employees
2011:              1515      employees
2012:              1398      employees
2013:              1454      employees
2014:              1592      employees

Turnover

01.09.2009 - 31.08.2010	PLN	968 785 511,24
01.09.2010 - 31.08.2011	PLN	1 039 336 301,12
01.09.2011 - 31.08.2012	PLN	1 140 468 668,28
01.09.2012 - 31.08.2013	PLN	1 230 839 814,88
01.09.2013 - 31.08.2014	PLN	1 454 519 688,87

Financial statements

As at the day the report was prepared, there is no information in the register that the company filed to court the financial statement for the most recent accounting period.

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.08.2014 (PLN)	31.08.2013 (PLN)	31.08.2012 (PLN)	31.08.2011 (PLN)
-A. Fixed assets......................	428 689 764,43	440 262 396,95	452 985 305,89	467 722 118,70
-  I.   Intangible assets.............	14 798,26	38 281,65	2 415 180,78	5 715 499,11
-    3. Other intangible assets.......	14 798,26	38 281,65	2 415 180,78	5 641 237,71
-    4. Prepayments for intangible assets................................				74 261,40
-  II.  Tangible assets...............	411 661 812,11	407 706 336,51	428 917 501,38	442 287 072,31
-    1. Fixed goods...................	409 192 266,38	406 712 928,92	428 489 527,51	437 390 791,80
-      a) land........................	8 165 803,61	8 215 664,44	8 265 525,27	5 256 363,37
-      b) buildings, premises, facilities............................	284 540 623,43	290 860 171,83	299 115 923,08	299 687 101,55
-      c) machinery and equipment.....	85 760 732,02	96 425 518,41	108 999 369,66	118 891 016,81
-      d) fleet of motor vehicles.....	7 022 315,90	6 877 725,98	7 325 920,94	8 033 237,80
-      e) other fixed goods...........	23 702 791,42	4 333 848,26	4 782 788,56	5 523 072,27
-    2. Fixed goods under construction..........................	2 412 015,42	993 407,59	427 973,87	4 896 280,51
-    3. Prepayments for fixed goods under construction....................	57 530,31
-V. Long-term prepayments and accrued income........................	17 013 154,06	32 517 778,79	21 652 623,73	19 719 547,28
-  1. Deferred tax assets.............	17 013 154,06	18 955 731,77	8 376 615,56	4 608 373,35
-  2. Other prepayments...............		13 562 047,02	13 276 008,17	15 111 173,93
-B. Current assets....................	689 293 421,59	567 520 299,49	558 593 729,81	530 557 700,94
-  I.   Stock.........................	519 601 789,99	355 591 996,33	374 647 033,37	353 398 694,02
-    1. Raw materials.................	1 079 017,15	1 212 757,93	1 419 759,85	1 403 364,29
-    2. Semi-finished products and work-in-progress......................				322 614 248,62
-    3. Finished products.............				29 381 081,11
-    4. Goods for re-sale.............	512 193 392,84	339 123 419,94	355 094 333,49
-    5. Advance payments .............	6 329 380,00	15 255 818,46	18 132 940,03
-  II. Short-term receivables.........	106 868 934,37	110 981 119,86	102 972 014,39	118 624 390,95
-    1. Receivables from affiliated companies.............................	96 183 332,03	100 746 269,43	97 084 628,12	114 567 450,90
-      a) Due to deliveries and services with payment period:.........	96 183 332,03	100 746 269,43	97 084 628,12	114 567 450,90
-        - up to 12 months............	96 183 332,03	100 746 269,43		114 567 450,90
-    2. Other receivables ............	10 685 602,34	10 234 850,43	5 887 386,27	4 056 940,05
-      a) Due to deliveries and services with payment period:.........	8 593 394,84	5 240 412,59	2 590 131,23	2 137 723,96
-        - up to 12 months............	8 593 394,84	5 240 412,59	2 590 131,23	2 137 723,96
-      b) Due to taxes, subsidies, insurances, duties...............	1 793 392,00	2 273 041,00	1 937 554,00	573 318,00
-      c) Other.......................	292 822,92	2 721 396,84	1 359 701,04	1 345 898,09
-      d) Received through judicial proceedings...........................	5 992,58
-  III. Short term investments........	53 471 873,33	89 689 521,35	67 773 808,76	45 029 008,55
-    1. Short-term financial assets...	53 471 873,33	89 689 521,35	67 773 808,76	45 029 008,55
-      c) cash and other liquid assets................................	53 471 873,33	89 689 521,35	67 773 808,76	45 029 008,55
-        - cash in hand and on bank account...............................	45 800 393,33	84 095 201,36	46 944 325,18	39 376 586,28
-        - other liquid assets........	7 671 480,00	5 594 319,99	20 829 483,58	5 652 422,27
-IV. Short-term prepayments and accrued income........................	9 350 823,90	11 257 661,95	13 200 873,29	13 505 607,42
-D. Total assets......................	1 117 983 186,02	1 007 782 696,44	1 011 579 035,70	998 279 819,64
-A. Shareholders' equity..............	217 194 153,25	199 184 728,16	236 777 658,67	226 361 633,50
-  I.   Basic share capital...........	85 003 428,60	85 003 428,60	85 003 428,60	85 003 428,60
-  IV.  Statutory reserve capital.....	157 789 465,58	151 774 230,07	141 358 205,74	114 765 102,22
-  VII. Profit (loss) carried forward.	-43 608 166,02	-43 608 166,02
-  VIII. Net profit (loss)............	18 009 425,09	6 015 235,51	10 416 024,33	26 593 102,68
-B. Liabilities and reserves for liabilities...........................	900 789 032,77	808 597 968,28	774 801 377,03	771 918 186,14
-  I.   Reserves for liabilities......	8 213 594,09	8 435 254,28	7 371 487,87	7 838 681,90
-    1. Deferred income tax reserves..	4 209 824,79	5 975 064,84	5 819 638,86	6 452 298,54
-    2. Reserves for pensions and similar social payments...............	4 003 769,30	2 460 189,44	1 551 849,01	1 386 383,36
-      - long-term....................	640 240,91	173 196,77	133 631,48	118 320,26
-      - short-term...................	3 363 528,39	2 286 992,67	1 418 217,53	1 268 063,10
-II.  Long-term liabilities...........	250 000 000,00	130 435 019,18	201 021 046,57	130 361 281,02
-  1. Due affiliated companies........	250 000 000,00	130 435 019,18	201 021 046,57	130 361 281,02
-III. Short-term liabilities..........	575 000 176,38	595 935 553,52	486 393 574,28	547 225 749,31
-  1. Due to affiliated companies.....	71 170 640,45	150 635 835,36	6 347 985,11	75 791 842,29
-    a) Due to deliveries and services with payment period:.........	70 518 366,48	80 403 972,35	6 347 985,11	5 544 963,41
-      - up to 12 months..............	70 518 366,48	80 403 972,35	6 347 985,11	5 544 963,41
-    b) Other.........................	652 273,97			70 246 878,88
-  2. Other liabilities...............	502 676 195,05	444 175 063,32	479 058 189,97	470 594 359,27
-    a) Loans.........................	367 520 253,02	329 094 396,32	380 489 941,13	340 344 330,81
-    c) Other financial liabilities...				479 169,56
-    d)Due to deliveries and services with payment period:.........	117 448 730,87	100 081 968,76	84 441 473,80	115 039 670,62
-      - up to 12 months..............	117 448 730,87	100 081 968,76	84 441 473,80	115 039 670,62
-    e) Advances received.............	521 011,00			11 233 059,18
-    f) Bill of exchange liabilities..				3 352 470,95
-    g) Due to taxes, subsidies, insurances, duties...............	11 853 232,88	10 996 780,20	10 947 659,02	145 658,15
-    h) Due to salaries...............	5 072 214,86	3 836 331,16	3 028 147,36
-    i) Other.........................	260 752,42	165 586,88	150 968,66
-  3. Special funds...................	1 153 340,88	1 124 654,84	987 399,20	839 547,75
-IV.  Accruals and deferred income....	67 575 262,30	73 792 141,30	80 015 268,31	86 492 473,91
-  2. Other accruals..................			80 015 268,31	86 492 473,91
-    - short-term.....................			80 015 268,31	86 492 473,91
-D. Total liabilities.................	1 117 983 186,02	1 007 782 696,44	1 011 579 035,70	998 279 819,64
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.09.2013- 31.08.2014 (PLN)	01.09.2012- 31.08.2013 (PLN)	01.09.2011- 31.08.2012 (PLN)	01.09.2010- 31.08.2011 (PLN)
-A. Income from sales and similar.....	1 454 519 688,87	1 230 839 814,88	1 140 468 668,28	1 039 336 301,12
-  - including related companies......	748 536 668,91	598 332 102,26	526 948 140,25	423 219 258,47
-  I.   Net income on sales...........	9 217 850,30		7 176 859,65	5 303 334,10
-  IV.  Income from sales of goods and materials.........................	1 445 301 838,57	1 224 238 545,46	1 133 291 808,63	1 034 032 967,02
-B. Operational costs.................	1 405 228 969,19	1 199 052 776,67	1 092 711 535,90	985 683 388,17
-  I.   Depreciation..................	36 681 395,32	32 014 640,95	32 490 433,90	22 117 642,09
-  II.  Materials and energy..........	29 395 521,22	32 659 602,50	31 160 961,86	29 820 764,78
-  III. Third party services..........	199 566 869,70	177 546 090,55	147 752 169,24	150 412 401,51
-  IV.  Taxes and duties..............	51 007,31	44 562,91	43 467,60	105 363,13
-  V.   Salaries and wages............	61 990 649,09	56 067 022,43	50 300 684,74	55 426 332,33
-  VI.  Social security...............	18 608 481,80	16 289 943,03	14 135 663,37	15 328 689,08
-  VII. Other.........................	3 744 356,16	2 595 015,06	2 373 367,42	2 104 600,70
-  VIII.Costs of goods and materials sold..................................	1 055 190 688,59	881 835 899,24	814 454 787,77	710 367 594,55
-C. Profit on sale....................	49 290 719,68	31 787 038,21	47 757 132,38	53 652 912,95
-D. Other operating incomes...........	9 180 634,51	10 554 342,35	8 391 732,22	5 217 164,02
-  I.   Incomes from disposal non-financial assets..................	63 149,70
-  III. Other operating incomes.......	9 117 484,81	10 554 342,35	8 391 732,22	5 217 164,02
-E. Other operating costs.............	11 426 823,13	8 443 842,02	8 004 413,03	8 763 315,09
-  I.   Loss on disposal of non-finacial assets...................		384 107,37	195 900,91	229 542,86
-  II.  Goodwill revaluation..........	1 720 658,79		1 499 974,60	2 181 270,70
-  III. Other operating costs.........	9 706 164,34	8 059 734,65	6 308 537,52	6 352 501,53
-F. Profit on operating activities....	47 044 531,06	33 897 538,54	48 144 451,57	50 106 761,88
-G. Financial incomes.................	1 536 282,39	3 768 365,78	5 323 929,95	5 479 034,53
-  II.  Interest received.............	1 424 127,40	3 692 171,13	4 776 937,18	4 470 512,92
-    - including related companies....	868 294,28	2 504 955,14
-  V.   Other.........................	112 154,99	76 194,65	546 992,77	1 008 521,61
-H. Financial costs...................	26 199 428,71	31 845 283,05	40 783 533,08	22 191 240,22
-  I.   Interest......................	15 821 671,72	21 726 564,37	26 253 579,33	19 706 176,72
-    - related companies..............	7 026 933,79	10 032 894,95
-  IV.  Other.........................		10 118 718,68	14 529 953,75	2 485 063,50
-I. Profit on economic activity.......	22 381 384,74	5 820 621,27	12 684 848,44	33 394 556,19
-K. Gross profit......................	22 381 384,74	5 820 621,27	12 684 848,44	33 394 556,19
-L. Corporation tax...................	4 371 959,65	-194 614,24	2 268 824,11	6 800 266,51
-M. Other statutory charges...........				1 187,00
-N. Net profit........................	18 009 425,09	6 015 235,51	10 416 024,33	26 593 102,68

AUDITOR

Balance sheet as at 31.08.2014
PRICEWATERHOUSECOOPERS Sp. z o.o., al. Armii Ludowej 14, 00-638 Warszawa	No. 144

Expert auditor Michał Mieczysław Potrykus , personal ID no. (PESEL) 72101003279

Balance sheet as at 31.08.2013
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Kamil  Czerwiński

Balance sheet as at 31.08.2012
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Kamil  Czerwiński

Balance sheet as at 31.08.2011
DELOITTE POLSKA Sp. z o.o. sp. k., ul. Jana Pawła II 19, 00-854 Warszawa	No. 73

Expert auditor Robert  Wolszon

Ratios	01.09.2013- 31.08.2014	01.09.2012- 31.08.2013	01.09.2011- 31.08.2012	01.09.2010- 31.08.2011
Current ratio	1,20	0,95	1,15	0,97
Quick ratio	0,28	0,34	0,35	0,30
Immediate ratio	0,09	0,15	0,14	0,08
Return on sale	1,24	0,49	0,91	2,56
Return on assets	1,61	0,60	1,03	2,66
Return on equity	8,29	3,02	4,40	11,75
Average trade debtors' days	26,82	33,09	33,05	41,66
Average stock turnover's days	130,39	106,02	120,23	124,11
average payables payment period	144,29	177,67	156,09	192,18
Total indebtedness ratio	80,57	80,24	76,59	77,32

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.47.59.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,17	1,18	0,93	1,23	1,18
Quick ratio..............................	0,41	0,41	0,41	0,44	0,47
Immediate ratio..........................	0,07	0,09	0,11	0,12	0,13
Return on sale...........................	0,50	2,26	1,08	1,06	-1,23
Return on assets.........................	0,20	3,82	1,68	1,76	-1,65
Return on equity.........................	0,82	15,31	5,85	13,18	-9,58
Average trade debtors' days..............	10,55	9,57	13,66	13,77	27,11
Average stock turnover's days............	70,80	67,06	62,49	65,39	67,58
average payables payment period..........	95,11	89,53	123,61	84,74	98,42
Total indebtedness ratio.................	75,14	75,06	71,26	86,67	82,77
Percent share in the examinated group of companies with net profit.............	47,80	69,60	62,10	55,60	54,10
Sales/revenue per employee in th. PLN....	144,87	618,33	578,04	536,71	561,88
Average sales/revenue per company in th. PLN..................................	104 978,39	435 570,30	323 066,83	250 076,89	154 791,51

according to the Central Statistical Office

Locations:

seat: ul. Meteorytowa 13, 80-299 Gdańsk Phone:                   22 2885900 58 5243333 Fax:                     58 5243334 E-mail:                  biuro@jysk.com Website:               www.jysk.pl Logistik- Center: ul. Duńska 22, 97-500 Radomsko

Real Estate
	Book value of buildings as at 31.08.2014	PLN	284 540 623,43
	Book value of lands as at 31.08.2014	PLN	8 165 803,61
	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 31.08.2014  book value of car fleet was: PLN 7 022 315,90

Shares in other companies

As at 22.10.2015 there are no shares in other companies.

Connections:	Henrik Naundrup  Jan Bogh  Jacob Brunsborg  Mikael Nielsen  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: 22.10.2015.

General information

The subject refused to cooperate in elaboration of the report.

Banks

Names of banks were not disclosed

Payment Manner

Payment delays cannot be excluded.

(37)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.101.03
Euro	1	Rs.70.71

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	TRU

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.