MIRA INFORM REPORT

Report No. :	349765
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	BRANQ” SP. Z O.O.

Formerly Known As :	„SVIP” SP. Z O.O.

Registered Office :	ul. Przemysłowa 10 76-206 Redzikowo

Country :	Poland

Financials (as on) :	31.12.2014

Date of Incorporation :	26.09.2003

Legal Form :	Limited liability company

Line of Business :	· Manufacture and sale of rubber, plastic and non-metallic products · Manufacture of other plastic products · Manufacture of rubber and plastic products · Wholesale trade a, except of motor vehicles

No. of Employee :	1 to 9 employees (2009)

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Poland

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

POLAND - ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average. 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

„BRANQ” sp. z o.o.

ul. Przemysłowa 10
76-206 Redzikowo

Phone: 59 8487110, 59 8487117

Fax: 59 8487114

E-mail: office@branq.eu

Website: www.branq.eu

Company summery

Legal form	Limited liability company	(5)
Stat.no.	192966340
Tax ID	5922039964


Establishment	26.09.2003	(5)
Changes of names and addresses	05.01.2004 „SVIP” sp. z o.o. Demlin 1, 83-209 Godziszewo
	19.03.2010 „BRANQ” sp. z o.o. ul. Tuwima Juliana 30, 76-200 Słupsk
	28.11.2014 ul. Przemysłowa 10, 76-206 Redzikowo


Registration:	05.01.2004, District Court Gdańsk, VIII Department, KRS 177642 (previously entered in the National Court Register:: District Court Gdańsk, VII Department)


Shareholders	VIRONEST DEVELOPMENTS LIMITED, Nikozja, Cypr	PLN	4 000 000,00 100,00%

	list entered to NCR /KRS/ on 22.06.2012


Initial Capital		PLN 4 000 000,00
	Initial capital divided into 8000 shares of PLN 500,00 each
	Changes of initial capital
	- since 12.05.2011 until 22.06.2012 the capital estimated	PLN 2 000 000,00
	- since 05.01.2004 until 12.05.2011 the capital estimated	PLN 100 000,00
	An in-kind contribution has been made and valued at	PLN 40 000,00


Management	Mirosław Lech Brańka , personal ID no. (PESEL) 60031802998, Wierzbięcin 17A, 76-200 Słupsk - president
	Representation: since 05.01.2004 Each member of the board of directors individually.


Main activity	Manufacture and sale of rubber, plastic and non-metallic products
	Branches NACE 2007:
	Manufacture of other plastic products	(C.22.29.Z)
	Manufacture of rubber and plastic products	(C.22)
	Wholesale trade a, except of motor vehicles	(G.46)
	Other administration and business support	(N.82.99.Z)


Employment	2008: 1 to 9 employees 2009: 1 to 9 employees


Turnover	2010	PLN	3 766 896,98
	2011	PLN	8 225 190,74
	2012	PLN	12 634 177,94
	2013	PLN	20 377 412,00
	2014	PLN	24 530 197,63

Financial statements

Source of financial data	Court	other	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......................	19 410 953,24	8 397 916,58	4 316 603,03	4 743 910,01
- I. Intangible assets.............	24 369,00	8 652,00	12 360,00	8 200,00
- 3. Other intangible assets.......	24 369,00	8 652,00	12 360,00	8 200,00
- II. Tangible assets...............	19 386 584,24	8 389 264,58	4 304 243,03	4 735 710,01
- 1. Fixed goods...................	19 224 824,62	5 182 073,02	4 161 352,74	4 575 357,40
- a) land........................	1 176 670,00	1 176 670,00
- b) buildings, premises, facilities............................	7 335 585,73
- c) machinery and equipment.....	9 786 423,02	3 735 999,58	3 858 273,00	4 156 846,99
- d) fleet of motor vehicles.....	825 812,22	269 403,44	298 284,74	418 510,41
- e) other fixed goods...........	100 333,65		4 795,00
- 2. Fixed goods under construction..........................	161 759,62	3 207 191,56	142 890,29	160 352,61
-B. Current assets....................	6 243 949,80	5 827 454,00	5 314 622,53	3 434 181,99
- I. Stock.........................	1 545 873,50	1 082 168,57	906 236,11	785 967,33
- 2. Semi-finished products and work-in-progress......................	2 722,19
- 3. Finished products.............	264 236,76
- 4. Goods for re-sale.............	1 278 914,55	1 082 168,57	906 236,11	785 967,33
- II. Short-term receivables.........	4 342 131,72	4 140 195,81	4 224 999,16	2 553 465,56
- 2. Other receivables ............	4 342 131,72	4 140 195,81	4 224 999,16	2 553 465,56
- a) Due to deliveries and services with payment period:.........	3 941 615,10	3 540 731,79	3 412 723,54	2 020 067,62
- - up to 12 months............	3 941 615,10	3 540 731,79	3 412 723,54	2 020 067,62
- b) Due to taxes, subsidies, insurances, duties, etc...............	306 123,39	527 139,48	782 502,63	532 800,97
- c) Other.......................	77 180,01	55 111,32	29 772,99	596,97
- d) Received through judicial proceedings...........................	17 213,22	17 213,22
- III. Short term investments........	32 590,82	266 344,34	111 178,59	38 581,26
- 1. Short-term financial assets...	32 590,82	266 344,34	111 178,59	38 581,26
- c) cash and other liquid assets................................	32 590,82	266 344,34	111 178,59	38 581,26
- - cash in hand and on bank account...............................	30 590,82	266 344,34	111 178,59	38 581,26
- - other liquid assets........	2 000,00
-IV. Short-term prepayments and accrued income........................	323 353,76	338 745,28	72 208,67	56 167,84
-D. Total assets......................	25 654 903,04	14 225 370,58	9 631 225,56	8 178 092,00
-A. Shareholders' equity..............	8 729 364,97	7 528 467,89	6 043 007,59	-487 520,73
- I. Basic share capital...........	4 000 000,00	4 000 000,00	4 000 000,00	2 000 000,00
- VI. Other reserve capital.........	4 000 000,00	4 000 000,00	3 855 556,25
- VII. Profit (loss) carried forward.	-797 004,11	-1 812 591,61	-2 487 563,68	-925 089,03
- VIII. Net profit (loss)............	1 526 369,08	1 341 059,50	675 015,02	-1 562 431,70
-B. Liabilities and reserves for liabilities...........................	16 925 538,07	6 696 902,69	3 588 217,97	8 665 612,73
-II. Long-term liabilities...........	6 358 620,00
- 2. Other liabilities...............	6 358 620,00
- a) Loans.........................	6 358 620,00
-III. Short-term liabilities..........	6 126 649,87	4 558 202,69	3 588 217,97	8 665 612,73
- 2. Other liabilities...............	6 126 649,87	4 558 202,69	3 588 217,97	8 665 612,73
- a) Loans.........................	931 357,18	115 082,41
- d)Due to deliveries and services with payment period:.........	4 872 147,74	4 152 953,64	3 517 826,82	8 633 905,88
- - up to 12 months..............	4 872 147,74	4 152 953,64	3 517 826,82	8 633 905,88
- g) Due to taxes, subsidies, insurances, duties, etc...............	69 480,83	33 857,25	37 399,85	31 706,85
- h) Due to salaries...............	17 165,50
- i) Other.........................	236 498,62	256 309,39	32 991,30
-IV. Accruals and deferred income....	4 440 268,20	2 138 700,00
- 2. Other accruals..................	4 440 268,20	2 138 700,00
- - long-term......................	4 440 268,20
- - short-term.....................		2 138 700,00
-D. Total liabilities.................	25 654 903,04	14 225 370,58	9 631 225,56	8 178 092,00

Source of financial data	Court	other	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.....	24 530 197,63	20 377 412,00	12 634 177,94	8 225 190,74
- I. Net income on sales...........	225 285,68			10 200,00
- II. Change in value of stock ( +, -).................................	305 924,02
- IV. Income from sales of goods and materials.........................	23 998 987,93	20 377 412,00	12 634 177,94	8 214 990,74
-B. Operational costs.................	22 807 560,60	18 759 407,78	12 413 217,05	9 052 230,09
- I. Depreciation..................	1 304 910,14	885 102,63	770 724,99	754 491,75
- II. Materials and energy..........	686 873,65	378 216,40	204 540,49	219 676,94
- III. Third party services..........	2 938 955,57	2 641 841,74	2 133 850,91	1 536 090,70
- IV. Taxes and duties..............	115 625,12	78 022,26	53 088,26	42 163,54
- V. Salaries and wages............	1 758 848,59	1 208 604,37	976 252,18	832 015,60
- VI. Social security...............	314 449,49	236 657,08	166 595,81	138 991,69
- VII. Other.........................	300 773,79	341 235,61	133 818,13	290 653,14
- VIII.Costs of goods and materials sold..................................	15 387 124,25	12 989 727,69	7 974 346,28	5 238 146,73
-C. Profit on sale....................	1 722 637,03	1 618 004,22	220 960,89
-C. Loss on sale......................				827 039,35
-D. Other operating incomes...........	108 759,30	70 265,03	105 509,25	71 326,32
- I. Incomes from disposal non-financial assets..................	101 170,73
- III. Other operating incomes.......	7 588,57	70 265,03	105 509,25	71 326,32
-E. Other operating costs.............	190 161,34	30 830,96	19 418,55	110 881,19
- III. Other operating costs.........	190 161,34	30 830,96	19 418,55	110 881,19
-F. Profit on operating activities....	1 641 234,99	1 657 438,29	307 051,59
-F. Loss on operating activities......				866 594,22
-G. Financial incomes.................	71 586,34	84 286,29	777 617,18	251 540,11
- II. Interest received.............	48,07	32 947,71	29,53	44,25
- V. Other.........................	71 538,27	51 338,58	777 587,65	251 495,86
-H. Financial costs...................	186 452,25	160 266,08	409 653,75	947 377,59
- I. Interest......................	14 148,10	34 043,32	2,30	2,50
- IV. Other.........................	172 304,15	126 222,76	409 651,45	947 375,09
-I. Profit on economic activity.......	1 526 369,08	1 581 458,50	675 015,02
-I. Loss on economic activity.........				1 562 431,70
-K. Gross profit......................	1 526 369,08	1 581 458,50	675 015,02
-K. Gross loss........................				1 562 431,70
-L. Corporation tax...................		240 399,00
-N. Net profit........................	1 526 369,08	1 341 059,50	675 015,02
-N. Net loss..........................				1 562 431,70

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	1,02	1,28	1,48	0,40
Quick ratio	0,71	0,97	1,21	0,30
Immediate ratio	0,01	0,06	0,03
Return on sale	6,22	6,58	5,34	-19,00
Return on assets	5,95	9,43	7,01	-19,11
Return on equity	17,49	17,81	11,17
Average trade debtors' days	64,61	74,16	122,39	113,31
Average stock turnover's days	23,00	19,38	26,25	34,88
average payables payment period	91,16	81,65	103,95	384,54
Total indebtedness ratio	65,97	47,08	37,26	105,96

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.22.29.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,68	1,63	1,52	1,51	1,44
Quick ratio..............................	1,16	1,13	1,08	1,05	1,01
Immediate ratio..........................	0,35	0,34	0,33	0,30	0,29
Return on sale...........................	9,14	7,43	6,58	6,11	6,00
Return on assets.........................	2,60	8,40	7,64	6,83	6,79
Return on equity.........................	4,64	15,59	14,91	13,53	13,65
Average trade debtors' days..............	69,93	69,24	76,49	77,85	79,78
Average stock turnover's days............	44,77	45,50	44,03	46,69	46,07
average payables payment period..........	92,13	95,60	104,94	106,81	112,56
Total indebtedness ratio.................	44,05	46,13	48,77	49,49	50,25
Percent share in the examinated group of companies with net profit.............	83,30	87,00	84,00	83,60	84,20
Sales/revenue per employee in th. PLN....	95,34	370,43	330,39	309,41	285,23
Average sales/revenue per company in th. PLN..................................	16 280,99	63 132,26	52 859,66	49 144,46	44 623,99



according to the Central Statistical Office

Locations:	seat: ul. Przemysłowa 10, 76-206 Redzikowo Phone: 59 8487110, 59 8487117 Fax: 59 8487114 E-mail: office@branq.eu r.wasowska@branq.eu Website: www.branq.eu


Real Estate	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.


Shares in other companies	As at 15.10.2015 there are no shares in other companies.


Connections:	VIRONEST DEVELOPMENTS LIMITED lack of possibility to present current relationships for the entity
	Data concerning connections are valid as at: 15.10.2015.


General information	The subject refused to cooperate in elaboration of the report.


Banks	Names of banks were not disclosed


Payment Manner	No compalints	(34)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.34
UK Pound	1	Rs.100.03
Euro	1	Rs.71.45
PLN		Rs.16.47

Note : Above are approximate rates obtained from sources believed to be correct

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.

MIRA INFORM REPORT

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