MIRA INFORM REPORT

Report No. :	349970
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	KONIMPEX SP. Z O.O.
Registered Office :	ul. Mickiewicza 24 62-500 Konin
Country :	Poland
Financials (as on) :	30.09.2015
Date of Incorporation :	25.09.1989
Legal Form :	Limited liability company
Line of Business :	Sale, export and import of chemical raw materials for rubber and tyre industry; Sale, export and import of cellulose, plastics and other raw materials Wholesale of chemical products Cargo handling and storage Real estate renting
No. of Employee :	124

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

KONIMPEX SP. Z O.O.

ul. Mickiewicza 24
62-500 Konin

Phone: 63 2497715, 2497792, 2497793

Fax: 63 2497794, 63 2497728

E-mail: konimpex@konimpex.com.pl

Website: www.konimpex.pl

Summary

Legal form	Limited liability company	(5)
Stat.no.	008273909
Tax ID	PL 6650001148

Establishment	25.09.1989	(5)
Changes of names and addresses	25.09.1989 Przedsiębiorstwo Produkcyjno-Handlowe KONIMPEX Sp. z o.o. ul. Spółdzielców 3, 62-510 Konin
	17.09.2001 KONIMPEX Sp. z o.o.
	01.10.2005 ul. Mickiewicza 24, 62-500 Konin

Registration:

17.09.2001, District Court Poznań IX Department, KRS 43189 Data concerning previous registrations: 11.10.1989, District Court Konin, RHB 218

Shareholders	Wiesław Wojciech Pluta Plutowski , personal ID no. (PESEL) 47092901297, Kolno 4A, 62-590 Golina	PLN	358 000,00 100,00%
	list entered to NCR /KRS/ on 13.02.2015

Initial Capital		PLN 358 000,00
	Initial capital divided into 179 shares of PLN 2 000,00 each
	Changes of initial capital
	- since 08.08.2013 until 13.02.2015 the capital estimated	PLN 357 000,00
	- since 25.02.2010 until 08.08.2013 the capital estimated	PLN 330 480,00
	- since 09.07.2007 until 25.02.2010 the capital estimated	PLN 324 000,00
	- since 02.02.2005 until 09.07.2007 the capital estimated	PLN 162 000,00
	- since 27.02.2003 until 02.02.2005 the capital estimated	PLN 108 000,00
	- since 17.09.2001 until 27.02.2003 the capital estimated	PLN 10 000,00

Management

Wiesław Wojciech Pluta Plutowski , personal ID no. (PESEL) 47092901297, Kolno 4A, 62-590 Golina - president Krzysztof Płoszek , personal ID no. (PESEL) 71041105555, ul. Admiralska 8, 62-510 Konin - vice president Monika Szymczukiewicz , personal ID no. (PESEL) 81031203862, ul. Kruczkowskiego 3, 62-530 Kazimierz Biskupi - member of board of directors Marcin Jakub Kłosiński , personal ID no. (PESEL) 72070303336, Jankowo Gdańskie ul. Jantarowa 23 - member of board of directors

Representation: since 02.02.2006 Each member of the board of directors individually

Main activity	Sale, export and import of chemical raw materials for rubber and tyre industry; Sale, export and import of cellulose, plastics and other raw materials
	Branches NACE 2007:
	Wholesale of chemical products	(G.46.75.Z)
	Other wholesale	(G.46.73.Z)
	Cargo handling and storage	(H.52.10)
	Information technology and software activity	(J.62.0)
	Real estate renting	(L.68.20.Z)
	Management consultancy	(M.70.2)

Employment

2011: 136 employees 2012: 141 employees 2013: 134 employees 2014: 130 employees 2015: 124 employees

Turnover	2011	PLN	978 133 810,19
	2012	PLN	1 296 398 465,99
	2013	PLN	889 742 488,42
	2014	PLN	781 207 170,16
	01.01.2015 - 30.09.2015	PLN	561 255 000,00
consolidated turnover	2009	PLN	529 463 900,17
	2010	PLN	743 215 152,97
	2011	PLN	1 000 517 977,07
	2013	PLN	955 434 221,59
	2014	PLN	867 645 230,95

Financial statements

Source of financial data	Subject	Court	Court	Court
	F01	annual	annual	annual
Personal balance sheet as at	30.09.2015 (PLN)	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	70 782 000,00	71 494 626,28	60 280 020,21	59 174 163,83
-  I.   Intangible assets.............		1 586 117,12	1 713 661,20	1 380 045,74
-    3. Other intangible assets.......		1 586 117,12	1 713 661,20	1 380 045,74
-  II.  Tangible assets...............		10 479 436,31	11 588 608,44	11 892 827,16
-    1. Fixed goods...................		10 416 544,10	11 450 251,40	11 577 730,53
-      a) land........................		503 922,76	511 758,16	519 593,56
-      b) buildings, premises, facilities............................		8 219 974,75	8 600 940,12	8 979 731,62
-      c) machinery and equipment.....		682 024,81	885 582,19	1 041 724,42
-      d) fleet of motor vehicles.....		641 439,73	1 031 301,25	861 461,43
-      e) other fixed goods...........		369 182,05	420 669,68	175 219,50
-    2. Fixed goods under construction..........................		62 892,21	138 357,04	179 584,44
-    3. Prepayments for fixed goods under construction....................				135 512,19
-  IV.  Long term investments.........	58 296 000,00	58 296 243,52	45 325 719,57	44 599 906,93
-    1. Real estate...................		22 506 884,20	29 620 333,52	29 620 333,52
-    3. Long term financial assets....		35 789 359,32	15 705 386,05	14 979 573,41
-      a) in affiliated companies.....		35 789 209,32	15 705 236,05	14 979 573,41
-        - participations or shares...		31 563 459,10	15 705 236,05	14 979 573,41
-        - granted loans..............		4 225 750,22
-      b) Other.......................		150,00	150,00
-        - participations or shares...		150,00	150,00
-V. Long-term prepayments and accrued income........................		1 132 829,33	1 652 031,00	1 301 384,00
-  1. Deferred tax assets.............		1 013 896,00	1 494 651,00	1 104 659,00
-  2. Other prepayments...............		118 933,33	157 380,00	196 725,00
-B. Current assets....................	175 019 000,00	205 633 972,53	206 184 633,93	265 350 145,52
-  I.   Stock.........................	82 009 000,00	80 170 703,94	70 760 499,23	93 016 128,11
-    1. Raw materials.................	44 000,00	175 372,15	130 478,85	160 565,13
-    4. Goods for re-sale.............	69 532 000,00	77 077 469,73	69 124 473,86	92 022 329,52
-    5. Advance payments .............		2 917 862,06	1 505 546,52	833 233,46
-  II. Short-term receivables.........	70 834 000,00	103 422 064,31	120 727 649,16	155 469 130,19
-    1. Receivables from affiliated companies.............................		3 514 916,76	4 369 494,27	2 265 606,95
-      a) Due to deliveries and services with payment period:.........		184 974,83	1 133 896,77	2 137 956,95
-        - up to 12 months............		184 974,83	1 133 896,77	2 137 956,95
-      b) Other.......................		3 329 941,93	3 235 597,50	127 650,00
-    2. Other receivables ............	70 834 000,00	99 907 147,55	116 358 154,89	153 203 523,24
-      a) Due to deliveries and services with payment period:.........	61 263 000,00	97 392 401,03	114 821 138,93	148 708 238,32
-        - up to 12 months............		97 392 401,03	114 821 138,93	148 708 238,32
-      b) Due to taxes, subsidies, insurances, duties, etc...............	3 742 000,00	1 932 540,75	1 196 101,53	3 010 623,63
-      c) Other.......................		582 205,77	340 914,43	1 484 661,29
-  III. Short term investments........	21 359 000,00	20 861 106,11	13 458 152,67	15 943 463,82
-    1. Short-term financial assets...	21 359 000,00	20 861 106,11	13 458 152,67	15 943 463,82
-      a) in affiliated companies.....		6 978 408,45	1 505 828,81	1 005 512,11
-        - granted loans..............		6 978 408,45	1 505 828,81	1 005 512,11
-      b) Other.......................			4 654 323,20	4 357 301,54
-        - granted loans..............			4 654 323,20	4 357 301,54
-      c) cash and other liquid assets................................	16 661 000,00	13 882 697,66	7 298 000,66	10 580 650,17
-        - cash in hand and on bank account...............................		10 375 497,66	7 298 000,66	10 580 650,17
-        - other liquid assets........		3 507 200,00
-IV. Short-term prepayments and accrued income........................	817 000,00	1 180 098,17	1 238 332,87	921 423,40
-D. Total assets......................	245 801 000,00	277 128 598,81	266 464 654,14	324 524 309,35
-A. Shareholders' equity..............	86 859 000,00	71 197 347,12	91 720 030,39	72 941 753,97
-  I.   Basic share capital...........		357 000,00	357 000,00	330 480,00
-  IV.  Statutory reserve capital.....		53 955 624,39	72 611 273,97	58 245 635,06
-  VI.  Other reserve capital.........		1 000,00
-  VIII. Net profit (loss)............	15 249 000,00	16 883 722,73	18 751 756,42	14 365 638,91
-B. Liabilities and reserves for liabilities...........................	158 942 000,00	205 931 251,69	174 744 623,75	251 582 555,38
-  I.   Reserves for liabilities......	18 531 000,00	1 269 868,09	1 757 458,75	1 080 574,00
-    1. Deferred income tax reserves..		943 966,00	1 037 712,00	771 564,00
-    2. Reserves for pensions and similar social payments...............		277 402,09	259 581,00	257 010,00
-      - short-term...................		277 402,09	259 581,00	257 010,00
-    3. Other reserves................		48 500,00	460 165,75	52 000,00
-      - short-term...................		48 500,00	460 165,75	52 000,00
-II.  Long-term liabilities...........	20 182 000,00	27 605 482,48	7 606 596,21	18 852 028,40
-  1. Due affiliated companies........		7 510 494,42
-  2. Other liabilities...............	20 182 000,00	20 094 988,06	7 606 596,21	18 852 028,40
-    a) Loans.........................	9 972 000,00	9 971 532,06		1 306 887,41
-    c) Other financial liabilities...		10 123 456,00	7 606 596,21	17 545 140,99
-III. Short-term liabilities..........	120 054 000,00	177 039 404,13	165 356 236,40	231 617 785,25
-  1. Due to affiliated companies.....		162 830,43	722 669,86	736 580,90
-    a) Due to deliveries and services with payment period:.........		161 895,39	558 122,85	736 580,90
-      - up to 12 months..............		161 895,39	558 122,85	736 580,90
-    b) Other.........................		935,04	164 547,01
-  2. Other liabilities...............		176 489 283,98	164 192 918,88	230 480 456,20
-    a) Loans.........................	36 248 000,00	75 309 203,50	41 617 882,59	87 909 645,82
-    c) Other financial liabilities...		5 067 977,23	10 144 509,21	13 821 735,35
-    d)Due to deliveries and services with payment period:.........		91 335 077,39	107 292 472,40	125 795 667,55
-      - up to 12 months..............		91 335 077,39	107 292 472,40
-    e) Advances received.............	3 486 000,00	1 503 961,19	1 079 732,32	944 317,93
-    g) Due to taxes, subsidies, insurances, duties, etc...............	6 169 000,00	2 110 642,39	2 622 290,51	862 085,96
-    h) Due to salaries...............	443 000,00	421 182,92	445 861,20	566 736,22
-    i) Other.........................		741 239,36	990 170,65	580 267,37
-  3. Special funds...................		387 289,72	440 647,66	400 748,15
-IV.  Accruals and deferred income....	175 000,00	16 496,99	24 332,39	32 167,73
-  2. Other accruals..................		16 496,99	24 332,39	32 167,73
-    - long-term......................		8 661,59	16 496,99	24 332,39
-    - short-term.....................		7 835,40	7 835,40	7 835,34
-D. Total liabilities.................	245 801 000,00	277 128 598,81	266 464 654,14	324 524 309,35
Source of financial data	Subject
	F01
individual PROFIT AND LOSS ACCOUNT	- 01.01.2015- 30.09.2015 (PLN)
-A. Income from sales and similar.....	561 255 000,00
-  I.   Net income on sales...........	963 000,00
-  IV.  Income from sales of goods and materials.........................	560 292 000,00
-B. Operational costs.................	541 936 000,00
-  I.   Depreciation..................	986 000,00
-  II.  Materials and energy..........	765 000,00
-  III. Third party services..........	49 297 000,00
-  IV.  Taxes and duties..............	339 000,00
-  V.   Salaries and wages............	7 324 000,00
-  VI.  Social security...............	1 510 000,00
-  VII. Other.........................	2 322 000,00
-  VIII.Costs of goods and materials sold..................................	479 393 000,00
-C. Profit on sale....................	19 319 000,00
-D. Other operating incomes...........	1 197 000,00
-  I.   Incomes from disposal non-financial assets..................	352 000,00
-  II.  Subsidies.....................	61 000,00
-  III. Other operating incomes.......	784 000,00
-E. Other operating costs.............	732 000,00
-  III. Other operating costs.........	732 000,00
-F. Profit on operating activities....	19 784 000,00
-G. Financial incomes.................	1 171 000,00
-  II.  Interest received.............	432 000,00
-  V.   Other.........................	739 000,00
-H. Financial costs...................	1 948 000,00
-  I.   Interest......................	1 904 000,00
-  IV.  Other.........................	44 000,00
-I. Profit on economic activity.......	19 007 000,00
-K. Gross profit......................	19 007 000,00
-L. Corporation tax...................	3 758 000,00
-  a) current part....................	3 758 000,00
-N. Net profit........................	15 249 000,00
Source of financial data	Court	Court	Court
	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)
-A. Income from sales and similar.....	781 207 170,16	889 742 488,42	1 296 398 465,99
-  - including related companies......	26 992 660,08	41 107 855,54	28 566 931,79
-  I.   Net revenue form sale of products..............................	1 477 799,79	1 228 503,04	1 085 128,44
-  II.  Net revenue from sale of goods.................................	779 729 370,37	888 513 985,38	1 295 313 337,55
-B.Cost of products, goods sold.......	676 471 834,92	775 429 777,48	1 145 337 583,74
-  - including related companies......	25 931 296,26	39 239 577,59	25 165 815,72
-  I.  Cost of production of products sold.........................	1 129 197,79	773 758,61	282 098,21
-  II.  Value of products sold........	675 342 637,13	774 656 018,87	1 145 055 485,53
-C. Gross profit on sale..............	104 735 335,24	114 312 710,94	151 060 882,25
-D. Costs of sale.....................	71 306 077,18	72 311 874,92	112 803 885,49
-E. General management costs..........	13 907 235,81	15 501 709,65	15 098 322,46
-F. Profit on sale....................	19 522 022,25	26 499 126,37	23 158 674,30
-G. Other operating incomes...........	2 453 218,25	928 714,81	1 070 951,68
-  I.   Incomes from disposal of fixed assets..........................	788 497,86	237 604,33	58 028,84
-  II.  Subsidies.....................	109 212,49	108 618,18	107 239,03
-  III. Other operating incomes.......	1 555 507,90	582 492,30	905 683,81
-H. Other operating costs.............	3 729 683,10	2 252 733,22	6 189 589,85
-  II.  Goodwill revaluation..........	2 246 185,05	1 477 208,96	4 737 813,48
-  III. Other operating costs.........	1 483 498,05	775 524,26	1 451 776,37
-I. Profit on operating activities....	18 245 557,40	25 175 107,96	18 040 036,13
-J. Financial incomes.................	7 773 341,54	1 415 969,43	5 977 209,61
-  I.   Dividends received............	4 300 000,00
-  II.  Interest received.............	700 096,75	964 351,52	926 410,13
-    - including related companies....			31 018,69
-  III. Profit from assets sold.......	932,80
-  IV.  Financial assets revaluation..			392 814,00
-  V.   Other.........................	2 772 311,99	451 617,91	4 657 985,48
-K. Financial costs...................	6 046 247,21	3 014 237,41	5 210 764,83
-  I.   Interest......................	2 285 504,30	2 564 534,05	4 604 435,38
-    - including related companies....	10 494,42
-  II.  Loss from assets sold.........		25 918,00	353 138,00
-  III. Financial assets revaluation..	1 660 127,33	285 089,36
-  IV.  Other.........................	2 100 615,58	138 696,00	253 191,45
-L. Gross profit on economic activity.	19 972 651,73	23 576 839,98	18 806 480,91
-  I.   Exceptional gains.............		49 049,45
-  II.  Exceptional losses............		49 049,45
-N. Gross profit......................	19 972 651,73	23 576 839,98	18 806 480,91
-O. Corporation tax...................	3 088 929,00	4 825 083,56	4 440 842,00
-R. Net profit........................	16 883 722,73	18 751 756,42	14 365 638,91

AUDITOR

Balance sheet as at 31.12.2013
GRANT THORNTON FRĄCKOWIAK SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ sp. k., ul. ABPA ANTONIEGO BARANIAKA 88 E, 61-131 Poznań	No. 3654

Expert auditor Jan  Letkiewicz

No. 9530

Balance sheet as at 31.12.2012
GRANT THORNTON FRĄCKOWIAK SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ sp. k., ul. ABPA ANTONIEGO BARANIAKA 88 E, 61-131 Poznań	No. 3654

Expert auditor Jan  Letkiewicz

No. 9530

Ratios	01.01.2015- 30.09.2015	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012
Current ratio	1,46	1,16	1,25	1,15
Quick ratio	0,77	0,70	0,81	0,74
Immediate ratio	0,14	0,08	0,04	0,05
Return on sale	2,72	2,16	2,11	1,11
Return on assets	6,20	6,09	7,04	4,43
Return on equity	17,56	23,71	20,44	19,69
Average trade debtors' days	34,45	48,32	49,53	43,89
Average stock turnover's days	39,89	37,46	29,03	26,26
average payables payment period	58,40	82,72	67,83	65,39
Total indebtedness ratio	64,66	74,31	65,58	77,52

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.75.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,35	1,51	1,66	1,53	1,14
Quick ratio..............................	0,88	0,94	1,06	0,95	0,76
Immediate ratio..........................	0,06	0,13	0,14	0,10	0,09
Return on sale...........................	4,79	3,11	3,96	0,72	4,05
Return on assets.........................	2,44	6,49	8,43	1,71	8,69
Return on equity.........................	7,20	16,14	19,70	4,56	21,64
Average trade debtors' days..............	65,04	49,12	49,85	53,66	57,73
Average stock turnover's days............	39,30	36,70	35,58	36,55	34,45
average payables payment period..........	85,65	65,92	60,52	64,47	90,78
Total indebtedness ratio.................	66,05	59,81	57,20	62,54	59,82
Percent share in the examinated group of companies with net profit.............	75,00	93,80	92,60	91,50	94,40
Sales/revenue per employee in th. PLN....	677,87	2 297,05	2 317,10	2 613,50	2 400,45
Average sales/revenue per company in th. PLN..................................	93 187,01	314 695,47	276 007,57	297 644,08	258 606,56
according to the Central Statistical Office

Source of financial data	Court	Court	Monitor Polski B
	annual	annual	annual
Consolidated balance sheet as at	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	53 527 975,04	51 299 306,75	50 552 327,84
-  Intangible assets..................	1 665 642,60	1 755 954,99	13 500,00
-    3. Other intangible assets.......	1 665 642,60	1 755 954,99	13 500,00
-  II. Goodwill of subordinated companies.............................		0,00
-  III. Tangible assets...............	14 657 100,30	12 173 322,09	13 000 399,52
-    1. Fixed assets..................	14 262 482,31	12 034 965,05	11 822 436,19
-      a) land (including perpetual usufruct right).......................	758 477,42	511 758,16	527 428,90
-      b) buildings...................	9 888 177,64	8 649 581,92	9 373 478,47
-      c) technical appliances and machniery.............................	2 090 856,79	928 003,55	805 897,10
-      d) fleet of motor vehicles.....	1 076 243,21	1 481 174,63	905 898,69
-      e) other fixed assets..........	448 727,25	464 446,79	209 733,03
-    2. Construction in progress......	289 934,14	138 357,04	1 177 963,33
-    3. Prepayments on construction in progress...........................	104 683,85
-  IV. Long term receivables..........	34 096,64	27 304,11
-    2. From other companies..........	34 096,64	27 304,11
-  V. Long term investments...........	34 442 038,46	34 671 896,68	35 336 227,52
-    1. Real estate...................	32 623 048,90	32 431 057,52	32 431 057,52
-    3. Long term financial assets....	1 818 989,56	2 240 839,16	2 905 170,00
-      a) in related companies *......	1 682,00	506 272,00	473 314,41
-      b) in other companies..........	1 817 157,56	1 734 417,16	2 431 705,59
-      c) in other companies..........	150,00	150,00	150,00
-        - shares or stocks...........	150,00	150,00	150,00
-VI. Long term prepayments............	2 729 097,04	2 670 828,88	2 202 200,80
-  1. Defferred tax assets............	2 510 163,71	2 462 819,50	1 966 130,80
-  2. Other prepayments...............	218 933,33	208 009,38	236 070,00
-B. Current assets....................	322 229 856,23	278 560 216,03	320 722 187,65
-  I. Stocks..........................	162 849 372,51	106 420 386,08	145 187 715,20
-    1. Materials.....................	1 278 228,93	130 478,85	186 212,61
-    2. Goods and semi goods in production............................	23 931 289,19	11 381 641,99	8 804 759,07
-    3. Finished goods................	16 607 564,94	5 708 775,11	11 930 060,82
-    4. Wares.........................	119 917 639,12	86 456 332,23	122 186 435,71
-    5. Prepayments for supplies......	1 114 650,33	2 743 157,90	2 080 246,99
-  II. Short term receivables.........	123 157 439,61	132 548 367,35	146 757 716,19
-    1. Receivables from related companies.............................	3 378 596,83	3 237 840,49	5 325 130,17
-      a) due to deliveries with payment period........................	51 614,91	2 242,99	5 230 980,17
-        - to 12 months...............	51 614,91	2 242,99	5 230 980,17
-      b) inne........................	3 326 981,92	3 235 597,50	94 150,00
-    2. Receivables from other units..	119 778 842,78	129 310 526,86	141 432 586,02
-      a) due to deliveries with payment period........................	116 261 317,45	125 424 070,64	137 074 148,23
-        - to 12 months...............	116 261 317,45	125 424 070,64	137 074 148,23
-      b) due to taxes, donations, insurances, duties, etc...............	2 870 868,35	3 515 150,31	2 852 272,41
-      c) other.......................	646 656,98	371 305,91	1 506 165,38
-III. Short term investments..........	34 684 633,51	38 222 039,46	27 673 549,26
-  1. Short term financial assets.....	34 684 633,51	38 222 039,46	27 673 549,26
-    c) in other companies............		4 654 323,20	4 676 978,54
-      - granted loans................		4 654 323,20
-    d) cash and other liquid means...	34 684 633,51	33 567 716,26	22 996 570,72
-      - cash in hand and on bank account...............................	20 118 330,35	28 696 073,92
-      - cash in hand *...............	4 890 883,29	227 299,82
-      - cash on bank account *.......	9 675 419,87	4 644 342,52
-IV. Short term prepayments...........	1 538 410,60	1 369 423,14	1 103 207,00
-Total assets.........................	375 757 831,27	329 859 522,78	371 274 515,49
-A. Shareholders' Equity..............	84 374 084,12	114 923 189,80	107 817 425,27
-  I. Initial Capital.................	357 000,00	357 000,00	330 480,00
-  IV. Statutory reserve capital......	79 523 614,81	93 889 000,28	76 219 190,66
-  VI. Other reserve capital..........	347 895,00	346 885,18	346 885,18
-  VII. Exchange difference from subsidiairies counting................	-2 203 220,98	-2 717 257,19
-  IX. Net profit (loss)..............	6 348 795,29	23 047 561,53	33 420 869,43
-  X. Deductions from profit during the accounting year...................			2 500 000,00
-B. Minority capital..................	320 574,89	341 168,98	4 375 837,10
-C. Negative equity of subsidiaires...	1 740 621,97
-  1. negative equity - subsidiaires..	1 740 621,97
-D.  Liabilities and reserves for liabilities...........................	289 322 550,29	214 595 164,00	259 081 253,12
-  I. Reserves for liabilities........	1 773 773,64	2 075 609,96	862 524,00
-    1. Deffered tax reserve..........	1 065 674,00	1 040 425,00	737 524,00
-    2. Reserves for pensions and connected social payments.............	292 242,78	259 581,00
-      - short term...................	292 242,78	259 581,00
-    3. Other reserves................	415 856,86	775 603,96	125 000,00
-      - long term....................	11 400,00
-      - short term...................	404 456,86	775 603,96	125 000,00
-II. Long term liabilities............	52 772 984,19	21 025 634,81	8 010 180,55
-  2. due to other units..............	52 772 984,19	21 025 634,81	8 010 180,55
-    a) credits and loans.............	41 628 841,42	13 000 000,00	4 097 491,87
-    c) other financial liabilities...	10 198 464,30	7 692 053,29	3 912 688,68
-    d) other.........................	945 678,47	333 581,52
-III. Short term liabilities..........	226 794 343,93	190 710 725,71	243 035 151,34
-  1. Due to related companies........	116 857,69	576 967,08	406 454,39
-    a) due to delivered goods with payment period:.......................	114 040,86	418 248,88	205 171,99
-      - to 12 months.................	114 040,86	418 248,88	205 171,99
-    b) other.........................	2 816,83	158 718,20	201 282,40
-  2. Due to other companies..........	226 280 364,44	189 686 019,99	242 261 800,43
-    a) credits and loans.............	109 754 035,67	53 026 528,02	99 407 909,63
-    c) other financial assets........	5 177 026,88	10 211 247,27	4 870 342,97
-    d) due to delivered goods with payment period........................	104 088 132,45	118 194 434,06	127 612 114,80
-      - to 12 months.................	104 088 132,45	118 194 434,06	127 612 114,80
-    e) prepayments for deliveries....	2 494 128,26	1 560 986,84	808 898,34
-    g) due to taxes, donations, insurances, duties, etc...............	3 076 599,32	4 903 071,49	8 677 926,57
-    h) due to salaries...............	605 812,04	527 596,52	649,00
-    i) other.........................	1 084 629,82	1 262 155,79	883 959,12
-  3. Special funds...................	397 121,80	447 738,64	366 896,52
-IV. Accurals and deferred income.....	7 981 448,53	783 193,52	7 173 397,23
-  2. Other...........................	7 981 448,53	783 193,52	7 173 397,23
-    - long term......................	8 661,59	16 496,99	32 167,73
-    - short term.....................	7 972 786,94	766 696,53	7 141 229,50
-Total liabilities....................	375 757 831,27	329 859 522,78	371 274 515,49
Source of financial data	Court	Court	Monitor Polski B
	annual	annual	annual
Consolidated P/L	01.01.2014- 31.12.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Net income form sale of goods, products and materials................	867 645 230,95	955 434 221,59	1 000 517 977,07
-  from related companies.............	561 991,98	2 071 630,18	40 730 809,92
-  I. Net income form sale of products..............................	12 675 660,10	24 196 532,76	23 267 812,04
-  II. Net income form sale of goods and materials.........................	854 969 570,85	931 237 688,83	977 250 165,03
-B. Costs of sale of goods, products and materials.........................	749 359 530,16	830 777 841,75	834 593 948,05
-  to related companies...............	26 073 254,25	4 103 739,16	32 811 850,40
-  I. Costs of manufacture of sold products..............................	9 301 334,09	20 377 233,14	12 216 565,33
-  II. Value of sold goods and materials.............................	740 058 196,07	810 400 608,61	822 377 382,72
-C. Gross profit from sale (A-B)......	118 285 700,79	124 656 379,84	165 924 029,02
-D. Costs of sale.....................	73 909 446,04	69 641 664,91	86 908 885,31
-E. Cost of management................	22 873 005,57	23 182 041,41	15 487 406,96
-F. Profit from sale (C-D-E)..........	21 503 249,18	31 832 673,52	63 527 736,75
-G. Other operating income............	1 367 868,27	2 568 738,99	2 460 596,72
-  I. Profit from sale of non-financial fixed assets............	60 098,56	296 630,06	332 440,83
-  II. Subsidies......................	132 669,73	108 618,18	120 663,56
-  III. Other operating income........	1 175 099,98	2 163 490,75	2 007 492,33
-H. Other operating costs.............	5 287 231,16	2 823 218,19	4 058 271,69
-  II. Update of value of non-financial assets..................	2 263 173,35	1 508 198,77	1 988 523,23
-  III. Other operating costs.........	3 024 057,81	1 315 019,42	2 069 748,46
-I. Profit from ordinary activity (F+G+H)...............................	17 583 886,29	31 578 194,32	61 930 061,78
-J. Financial income..................	598 752,05	1 553 069,86	2 332 954,24
-  II. Interests, including:..........	523 255,09	1 187 189,03	1 823 728,49
-    - from related companies.........		119,87
-  III. Profit from sale of investments...........................	932,80
-  IV. Update of the investment value.			444 191,47
-  V. Other...........................	74 564,16	365 880,83	65 034,28
-K. Financial costs...................	9 402 127,44	4 515 860,05	19 226 581,77
-  I. Interests, including:...........	4 560 935,24	3 878 207,38	3 596 107,29
-  III. Update of investments value...	868 053,06	285 089,36	5 437 867,88
-  IV. Other..........................	3 973 139,14	352 563,31	10 192 606,60
-M. Profit from business activity (I+J-K+-L)............................	8 780 510,90	28 615 404,13	45 036 434,25
-  I. Extraordinary income............		49 049,45
-  II. Extraordinary loss.............		49 049,45
-P. Write off of negative goodwill value *...............................	60 021,45
-P. Write off of negative goodwill value - subordinated companies........			-2 055 614,62
-Q. Gross profit (M+/-N-O+P)..........	9 311 252,25	29 217 838,69	47 092 048,87
-R. Income tax........................	3 019 432,08	5 700 954,28	9 335 342,34
-S. Other obligatory loss increases...			4 335 837,10
-U. Minority losses...................	-56 975,12	469 322,88
-W. Net profit (Q-R-S+-T+/-U).........	6 348 795,29	23 047 561,53	33 420 869,43

AUDITOR

Consolidated balance sheet as at 31.12.2011
ERNST & YOUNG AUDYT POLSKA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Sp. k., ul. Rondo ONZ 1, 00-124 Warszawa	No. 130

Expert auditor Andrzej Kowal

Locations:

seat: ul. Mickiewicza 24, 62-500 Konin Phone: 63 2497715, 2497792, 2497793 Fax: 63 2497794, 63 2497728 E-mail: konimpex@konimpex.com.pl marketing@konimpex.com.pl pawel.posacki@konimpex.com.pl Website: www.konimpex.pl

Real Estate	ul. Mickiewicza 24, 62-500 Konin
	Book value of buildings as at 31.12.2014	PLN	8 219 974,75
	Book value of lands as at 31.12.2014	PLN	503 922,76
	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 641 439,73

Shares in other companies	FERMINTRADE Sp. z o.o. NIP PL 6652721473, ul. Kilińskiego 1, 62-500 Konin PLN 790 000,00 (100,00%) KONIMPEX - INVEST Sp. z o.o., ul. Kilińskiego 1, 62-500 Konin PLN 29 182 000,00 (100,00%) SINE Sp. z o.o., ul. Mickiewicza 24, 62-500 Konin PLN 1 000 000,00 (100,00%) KONIMPEX CHEMICALS Sp. z o.o. NIP PL 6652991824, ul. Mickiewicza 24, 62-500 Konin PLN 1 500 000,00 (100,00%)
	Data concerning shares in other companies are valid as at: 23.10.2015.

Connections:

Wiesław Wojciech Pluta Plutowski , personal ID no. (PESEL) 47092901297 - KONIMPEX-INVEST SA NIP 6652389889, ul. Mickiewicza 24, 62-500 Konin · member of supervisory board - Fundacja na Rzecz Rozwoju Dzieci i Młodzieży "OTWARCIE", ul. Mickiewicza 24, 62-500 Konin · member of supervisory board - "FERMINTRADE SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ SPÓŁKA KOMANDYTOWA" NIP 12800.00 PLN, ul. Kilińskiego 1, 62-500 Konin · Limited partners, Comandite sum: PLN 12 800,00 - WYDAWNICTWO - PRZEGLĄD KONIŃSKI Sp. z o.o. NIP 6652366747, ul. Przemysłowa 9, 62-510 Konin · shareholder: PLN 60 000,00 (80,00%) - PRZEDSIĘBIORSTWO PRODUKCYJNO HANDLOWE „KONIMPEX-PLUS” sp. z o.o. w likwidacji NIP PL 9410194925, ul. Jana Kilińskiego 1, 62-500 Konin (! the company was put into liquidation) · shareholder: PLN 600 000,00 (100,00%) · member of supervisory board - KONIMPEX - INVEST Sp. z o.o., ul. Kilińskiego 1, 62-500 Konin · member of supervisory board - „AVENTURA” sp. z o.o. w likwidacji NIP 6652773636, ul. Kilińskiego Jana 1, 62-500 Konin (! the company was put into liquidation) · shareholder: PLN 50 000,00 (100,00%) · member of supervisory board - VILLA PARK KONIN sp. z o.o., ul. Kilińskiego 1, 62-500 Konin · shareholder: PLN 376 550,00 (10,00%) Monika Szymczukiewicz , personal ID no. (PESEL) 81031203862 - SINE Sp. z o.o., ul. Mickiewicza 24, 62-500 Konin · member of supervisory board Marcin Jakub Kłosiński , personal ID no. (PESEL) 72070303336 - FERMINTRADE Sp. z o.o. NIP PL 6652721473, ul. Kilińskiego 1, 62-500 Konin · president - KONIMPEX CHEMICALS Sp. z o.o. NIP PL 9410531432, ul. Mickiewicza 24, 62-500 Konin · member of supervisory board Krzysztof Płoszek , personal ID no. (PESEL) 71041105555 - KONIMPEX - INVEST Sp. z o.o., ul. Kilińskiego 1, 62-500 Konin · member of supervisory board - KONIMPEX-INVEST SA NIP 6652389889, ul. Mickiewicza 24, 62-500 Konin · member of supervisory board - ADKON sp. z o.o. NIP 6652924265, ul. Mickiewicza 24, 62-500 Konin · proxy - FERMINTRADE Sp. z o.o. NIP PL 9410294838, ul. Kilińskiego 1, 62-500 Konin · proxy

Data concerning connections are valid as at: 23.10.2015.

General information

The company Konimpex creates a group of dealing with trade in raw materials and industrial chemicals and transport services. In December of 2013. Konimpex company has been honored with the title "Export Eagles" as one of the companies which the most rapidly expanding exports. Anna and Wojciech Pluta-Plutowscy are placed annually by Forbes ranking of "100 richest Poles" (edition 2013 and 2014). The value of the assets is estimated at PLN 250 million.

Banks

Names of banks were not disclosed

Payment Manner	Nothing detrimental noted.	(27)
Credit capability	Business connections appear permissible	(32)
	We would like to draw your attention to: - Fall in sales Due to the size of the subject company the higher amount of credit cannot be estimated.

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 :	TRI
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%)

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.