MIRA INFORM REPORT

Report No. :	340791
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	DIPARO POLSKA SP. Z O.O.

Registered Office :	Lubiczów ul. Warszawska 71 05-082 Stare Babice

Country :	Poland

Financials (as on) :	31.12.2014

Date of Incorporation :	04.02.2011

Legal Form :	Limited Liability Company

Line of Business :	Import of sports articles Manufacture of sports goods

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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

DIPARO POLSKA SP. Z O.O.

Lubiczów
ul. Warszawska 71
05-082 Stare Babice

Phone: 22 6666232

Fax: 22 6778311

E-mail: biuro@diparo.com

Website: http://diparo.com

Company summary

Legal form	Limited liability company
Stat.no.	145495348
Tax ID	5272666359


Establishment	04.02.2011
Changes of names and addresses	29.08.2011 ul. Srebrna 16, 00-810 Warszawa
	28.09.2012 Lubiczów, ul. Warszawska 71, 05-082 Stare Babice


Registration:	29.08.2011, District Court Warszawa, XIV Department, KRS 394699 (previously entered in the National Court Register:: District Court Warszawa, XII Department)


Shareholders	Paromita Maulik , personal ID no. (PESEL) 73121516323	PLN	5 000,00 100,00%

	list entered to NCR /KRS/ on 29.08.2011


Initial Capital		PLN 5 000,00
	Initial capital divided into 100 shares of PLN 50,00 each

Management	Paromita Maulik , personal ID no. (PESEL) 73121516323 - president
	Representation: since 29.08.2011 If numerous managers – president individually, two members of the board of directors jointly or member of the board of directors and proxy jointly.


Main activity	Import of sports articles
	Branches NACE 2007:
	Other wholesale	(G.46.90.Z)
	Manufacture of sports goods	(C.32.30.Z)
	Agents involved in the sale of timber and building materials	(G.46.13.Z)
	Other transportation activities	(H.49.41.Z)
	Hotels	(I.55.10.Z)
	Publishing of books	(J.58.11.Z)


Employment	No data available


Turnover	2013	PLN	915 498,53

Financial statements


Source of financial data	Court	Court
	annual	annual
Personal balance sheet as at	31.12.2014 (PLN)	31.12.2013 (PLN)
-A. Fixed assets.........................	0,00	0,00
-B. Current assets.......................	1 640 012,10	1 510 030,16
- I. Stock............................	980 158,28	685 458,25
- 5. Advance payments ................	980 158,28	685 458,25
- II. Short-term receivables............	659 442,07	754 325,00
- 2. Other receivables ...............	659 442,07	754 325,00
- a) Due to deliveries and services with payment period:............	658 347,60	753 688,46
- - up to 12 months...............	658 347,60	753 688,46
- b) Due to taxes, subsidies, insurances, duties, etc..................	1 094,47	636,54
- III. Short term investments...........	411,75	69 637,15
- 1. Short-term financial assets......	411,75	69 637,15
- c) cash and other liquid assets...	411,75	69 637,15
- - cash in hand and on bank account..................................	411,75	69 637,15
-IV. Short-term prepayments and accrued income...................................		609,76
-D. Total assets.........................	1 640 012,10	1 510 030,16
-A. Shareholders' equity.................	8 750,96	-966,91
- I. Basic share capital..............	5 000,00	5 000,00
- VII. Profit (loss) carried forward....	-5 966,91	-13 982,69
- VIII. Net profit (loss)...............	9 717,87	8 015,78
-B. Liabilities and reserves for liabilities..............................	1 631 261,14	1 510 997,07
-III. Short-term liabilities.............	1 631 261,14	1 510 997,07
- 1. Due to affiliated companies........	93 941,00	162 954,94
- b) Other............................	93 941,00	162 954,94
- 2. Other liabilities..................	1 537 320,14	1 348 042,13
- a) Loans............................	74 601,31	39 509,52
- d)Due to deliveries and services with payment period:.....................	1 447 436,80	1 257 348,61
- - up to 12 months.................	1 447 436,80	1 257 348,61
- g) Due to taxes, subsidies, insurances, duties, etc..................	15 282,03	51 184,00
-D. Total liabilities....................	1 640 012,10	1 510 030,16

Source of financial data	Court	Court
	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2014- 31.12.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)
-A. Income from sales and similar........	839 152,25	915 498,53
- I. Net income on sales..............		915 498,53
- IV. Income from sales of goods and materials................................	839 152,25
-B. Operational costs....................	839 107,70	913 260,05
- II. Materials and energy.............	43 125,68	78 803,49
- III. Third party services.............	207 699,99	228 410,96
- IV. Taxes and duties.................	1 626,00	692,00
- V. Salaries and wages...............	7 850,00	600,00
- VI. Social security..................	1 628,10	122,46
- VII. Other............................	16 279,35	4 272,56
- VIII.Costs of goods and materials sold.....................................	560 898,58	600 358,58
-C. Profit on sale.......................	44,55	2 238,48
-F. Profit on operating activities.......	44,55	2 238,48
-G. Financial incomes....................	16 200,01	31 836,76
- V. Other............................	16 200,01	31 836,76
-H. Financial costs......................	4 247,69	24 179,46
- I. Interest.........................		7 047,87
- IV. Other............................	4 247,69	17 131,59
-I. Profit on economic activity..........	11 996,87	9 895,78
-K. Gross profit.........................	11 996,87	9 895,78
-L. Corporation tax......................	2 279,00	1 880,00
-N. Net profit...........................	9 717,87	8 015,78


Ratios	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013
Current ratio	1,01	1,00
Quick ratio	0,40	0,55
Immediate ratio		0,05
Return on sale	1,16	0,88
Return on assets	0,59	0,53
Return on equity	111,05
Average trade debtors' days	286,83	300,74
Average stock turnover's days	426,33	273,29
average payables payment period	709,54	602,42
Total indebtedness ratio	99,47	100,06

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.90.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,43	1,41	1,27	1,37	1,34
Quick ratio..............................	0,95	0,93	0,84	0,92	0,91
Immediate ratio..........................	0,15	0,14	0,12	0,11	0,12
Return on sale...........................	1,94	2,39	2,18	1,98	2,37
Return on assets.........................	1,01	5,39	4,73	4,39	4,83
Return on equity.........................	2,24	12,28	11,24	10,68	12,19
Average trade debtors' days..............	54,67	52,34	52,56	53,54	60,01
Average stock turnover's days............	34,96	34,13	32,82	32,07	34,73
average payables payment period..........	76,36	73,12	78,91	74,05	84,44
Total indebtedness ratio.................	54,96	56,15	57,91	58,95	60,38
Percent share in the examinated group of companies with net profit.............	73,60	85,80	86,80	84,00	85,20
Sales/revenue per employee in th. PLN....	301,68	1 348,43	1 326,46	1 251,19	1 194,06
Average sales/revenue per company in th. PLN..................................	58 341,08	249 661,96	227 937,24	212 247,13	200 401,36

according to the Central Statistical Office

Locations:

seat:
Lubiczów, ul. Warszawska 71, 05-082 Stare Babice
Phone:                   22 6666232
Fax:                     22 6778311
E-mail:                  biuro@diparo.com
Website:                 http://diparo.com


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 25.08.2015 there are no shares in other companies.


Connections:	As at 25.08.2015 there are no relations.


General information	The company refused to co-operate in elaboration of this report without knowing the name of the contractor.

Banks	Names of banks were not disclosed

Payment Manner	Slow but correct
Credit capability	Business connections appear permissible
	The credit limit cannot be determined. We suggest the use of deferred payments only to a very limited extent. The observation of the further development of the company is recommended. We would like to draw your attention to: - long period of liabilities repayment - high level of the debt ratio

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.44
UK Pound	1	Rs.102.41
Euro	1	Rs.75.05

INFORMATION DETAILS

Analysis Done by :	DIV

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.

MIRA INFORM REPORT

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