MIRA INFORM REPORT

Report No. :	507320
Report Date :	11.05.2018

IDENTIFICATION DETAILS

Name :	E PLUS M SP Z O.O.
Registered Office :	Ioziska ul. Fabryczna 5 05-500 Piaseczno
Country :	Poland
Financials (as on) :	31.12.2016
Date of Incorporation :	15.05.1995
Com. Reg. No.:	KRS\ 23394
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in Manufacture and sale of clothing.
No. of Employees :	24

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Poland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

POLAND - ECONOMIC OVERVIEW

Poland has the sixth-largest economy in the EU and has long had a reputation as a business-friendly country with largely sound macroeconomic policies. Since 1990, Poland has pursued a policy of economic liberalization. During the 2008-09 economic slowdown Poland was the only EU country to avoid a recession, in part because of the government’s loose fiscal policy combined with a commitment to rein in spending in the medium-term Poland is the largest recipient of EU development funds and their cyclical allocation can significantly impact the rate of economic growth.

The Polish economy performed well during the 2014-17 period, with the real GDP growth rate generally exceeding 3%, in part because of increases in government social spending that have helped to accelerate consumer-driven growth. However, since 2015, Poland has implemented new business restrictions and taxes on foreign-dominated economic sectors, including banking and insurance, energy, and healthcare, that have dampened investor sentiment and has increased the government’s ownership of some firms. The government reduced the retirement age in 2016 and has had mixed success in introducing new taxes and boosting tax compliance to offset the increased costs of social spending programs and relieve upward pressure on the budget deficit. Some credit ratings agencies estimate that Poland during the next few years is at risk of exceeding the EU’s 3%-of-GDP limit on budget deficits, possibly impacting its access to future EU funds. Poland’s economy is projected to perform well in the next few years in part because of an anticipated cyclical increase in the use of its EU development funds and continued, robust household spending.

Poland faces several systemic challenges, which include addressing 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. Additional long-term challenges include diversifying Poland’s energy mix, strengthening investments in innovation, research, and development, as well as stemming the outflow of educated young Poles to other EU member states, especially in light of a coming demographic contraction due to emigration, persistently low fertility rates, and the aging of the Solidarity-era baby boom generation.

Source : CIA

Company name and address

E PLUS M Sp z o.o.

Ioziska ul. Fabryczna 5 05-500 Piaseczno

Phone: 22 737 24 54

Mobile phone: 660 733 961

E-mail: sklep@eplusm.pl

Website: www.eplusm.pl

Company summery

Legal form	Limited liability company	(5)
Stat.no.	010982739
Tax ID	PL 5261024522
Establishment	15.05.1995
Changes of names and addresses	15.05.1995 ul. Julianowska 37, 05-500 Piaseczno 13.12.2001 ul. Nowa 25, 05-500 Piaseczno 15.01.2003 Stara Iwiczna, ul. Kolejowa 19, 05-500 Piaseczno 30.01.2017 ioziska, ul. Fabryczna 5, 05-500 Piaseczno	(5)
Registration	27.06.2001, District Court Warszawa, XIV Department, KRS\ 23394 Data concerning previous registrations: 1995, District Court Warszawa, RHB 43839
Shareholders	Elzbieta Pytka Malinowska , personal ID no. PLN (PESEL) 70121001268	100000,00 96,15%
	other shareholders PLN	4 000,00 3,85%
	list entered to NCR /KRS/ on 15.07.2003
Initial Capital	Initial capital divided into 208 shares of PLN 500,00 each Changes of initial capital - until 13.12.2001 the capital estimated	PLN 104 000,00 PLN 4 000,00
Management	Marek Wlodzimierz Malinowski , personal ID no. (PESEL) 53101520092 - member of board of directors
	Representation: Each board member individually
Main activity	Manufacture and sale of clothing
	Branches NACE 2007:
	Wholesale of clothing and footwear	(G.4 6.42.Z)
	Other retail	(G.47.71.Z)
	Manufacture of textile products	(C.13)
	Real estate, renting and business activities	(L.68)
	Renting	(N.77)

Employment

2011:	15	employees
2012:	17	employees
2014:	22	employees
2015:	23	employees
2016:	24	employees

Turnover

01.01.2013- 31.03.2013	PLN	17	819	017,94
2013	PLN	78	456	071,47
2014	PLN	107	008	731,50
2015	PLN	87	609	338,66
2016	PLN	102	784	050,76

Financial statements

Source of financial data		Court annual			Court annual			Court annual			Court annual
Personal balance sheet as at		31.12.2016 (PLN)			31.12.2015 (PLN)			31.12.2014 (PLN)			31.12.2013 (PLN)
-A. Fixed assets......................	17	290 403,44		15	905 457,45		7	387 203,39		6	081 142,44
- I. Intangible assets.............		66 009,52			21 653,86			32 404,44			34 273,69
- 3. Other intangible assets.......		66 009,52			21 653,86			32 404,44			34 273,69
- II. Tangible assets...............	15	320 819,34		14	154 751,83		5	058 701,40		1	849 096,37
- 1. Fixed goods...................	15	320 819,34		4	508 594,79		4	915 164,24		1	849 096,37
- a) land........................	3	298 431,39		3	298 431,39		3	298 431,39			167 000,00
- b) buildings, premises,	10	766 047,95			920 663,18			952 755,00			932 470,54
facilities............................
- c) machinery and equipment.....		95	734,36		109	237,69		99	014,74		105	286,03
- d) fleet of motor vehicles.....		570	764,42		113	969,52		472	776,92		607	504,10
- e) other fixed goods...........		589	841,22		66	293,01		92	186,19		36	835,70
- 2. Fixed goods under construction..........................				9	646	157,04		143	537,16
- IV. Long term investments.........										3	132	242,41
- 1. Real estate...................										3	132	242,41
-V. Long-term prepayments and accrued income........................	1	903	574,58	1	729	051,76	2	296	097,55	1	065	529,97
- 1. Deferred tax assets.............	1	191	017,88	1	135	120,88	1	110	312,88		446	408,92
- 2. Other prepayments...............		712	556,70		593	930,88	1	185	784,67		619	121,05
-B. Current assets....................	49	920	549,65	37	980	921,78	48	244	926,11	43	050	444,73
- I. Stock.........................	19	262	235,38	18	126	330,40	20	919	656,15	23	174	176,46
- 1. Raw materials.................								899	045,86	1	076	284,64
- 4. Goods for re-sale.............	19	262	235,38	17	700	180,40	19	147	552,28	21	607	859,52
- 5. Advance payments .............					426	150,00		873	058,01		490	032,30
- II. Short-term receivables.........	18	035	478,46	15	038	523,26	22	366	928,62	17	353	140,87
- 2. Other receivables ............	18	035	478,46	15	038	523,26	22	366	928,62	17	353	140,87
- a) Due to deliveries and	16	720	884,20	14	452	676,18	22	241	270,63
services with payment period:.........
- - up to 12 months............	16	720	884,20	14	452	676,18	22	241	270,63
- b) Due to taxes, subsidies,		796	621,76		488	643,98
insurances, duties, etc...............
- c) Other.......................		517	972,50		97	203,10
- III. Short term investments........	10	991	331,45	2	407	257,87
- 1. Short-term financial assets...	10	991	331,45	2	407	257,87
- c) cash and other liquid	10	991	331,45	2	407	257,87
assets................................
- - cash in hand and on bank	10	746	311,73	2	407	257,87
account...............................
- - other liquid assets........		245	019,72
-IV. Short-term prepayments and accrued income........................	1	631	504,36	2	408	810,25
-D. Total assets......................	67	210	953,09	53	886	379,23	55	632	129,50	49	131	587,17
-A. Shareholders' equity..............	33	249	012,43	26	763	193,72	21	470	710,55	14	611	886,03
- I. Basic share capital...........		104	000,00		104	000,00		104	000,00		104	000,00
- IV. Statutory reserve capital.....	26	659	193,72	21	366	710,55	14	507	886,03	7	970	566,61
- VIII. Net profit (loss)............	6	485	818,71	5	292	483,17	6	858	824,52	6	537	319,42
-B. Liabilities and reserves for liabilities...........................	33	961	940,66	27	123	185,51	34	161	418,95	34	519	701,14
- I. Reserves for liabilities......		20	210,00		72	118,00		15	817,21		75	456,45
- 1. Deferred income tax reserves..		20	210,00		72	118,00		15	817,21		75	456,45
-II. Long-term liabilities...........	5	505	942,45	7	805	727,89		352	282,57		185	274,35
- 2. Other liabilities...............	5	505	942,45	7	805	727,89		352	282,57		185	274,35
- a) Loans.........................	5	234	060,94	7	805	727,89
- c) Other financial liabilities...		271	881,51								185	274,35
- d) Other.........................								352	282,57
-III. Short-term liabilities..........	28	435	788,21	19	245	339,62	33	793	319,17	34	258	970,34
- 2. Other liabilities...............	28	415	215,33	19	224	766,74	33	772	746,29	34	258	970,34

- a) Loans.........................	4 183 522,58	3 624	937,83	6 620	677,54	6 234 752,29
- c) Other financial liabilities...	8 954 710,51	5 980	219,69	16 009	319,45	12 986 350,91
- d)Due to deliveries and	14 320 220,97	9 088	614,56	7 884	855,16	11 401 385,03
services with payment period:.........
- - up to 12 months..............	14 320 220,97	8 940	034,51	7 884	855,16	11 401 385,03
- - above 12 months..............		148	580,05
- g) Due to taxes, subsidies,	888 096,42	497	187,50	3 240	864,36	3 407 970,81
insurances, duties, etc...............
- h) Due to salaries...............	0,01				559,45	99 301,81
- i) Other.........................	68 664,84	33	807,16	16	470,33	129 209,49
- 3. Special funds...................	20 572,88	20	572,88	20	572,88
-D. Total liabilities.................	67 210 953,09	53 886	379,23	55 632	129,50	49 131 587,17

Source of financial data		Court			Court			Court			Court
		annual			annual			annual			annual
individual PROFIT AND LOSS ACCOUNT		01.01.2016-			01.01.2015-			01.01.2014-			01.01.2013-
		31.12.2016 (PLN)			31.12.2015 (PLN)			31.12.2014 (PLN)			31.12.2013 (PLN)
-A. Income from sales and similar.....	102	784 050,76		87	609 338,66		107	008 731,50		78	456 071,47
- IV. Income from sales of goods and materials.........................	102	784 050,76		87	609 338,66		107	008 731,50		78	456 071,47
-B. Operational costs.................	95	359 215,34		79	780 964,89		93	072 388,21		69	150 710,72
- I. Depreciation..................		430 960,91			285 835,52			321 953,89			276 575,75
- II. Materials and energy..........		479 927,07			454 898,99			894 590,38			651 334,25
- III. Third party services..........	7	927 843,65		6	250 259,69		7	323 190,94		6	196 215,93
- IV. Taxes and duties..............		83 203,71			69 301,45			66 370,17			32 405,28
- V. Salaries and wages............	2	621 101,61		3	261 815,06		5	300 412,02		3	148 414,23
- VI. Social security...............		358 624,57			321 955,03			388 213,00			307 125,70
- VII. Other.........................	15	673 838,22		10	258 266,29		11	861 268,12		8	544 760,18
- VIII.Costs of goods and materials sold..................................	67	783 715,60		58	878 632,86		66	916 389,69		49	993 879,40
-C. Profit on sale....................	7	424 835,42		7	828 373,77		13	936 343,29		9	305 360,75
-D. Other operating incomes...........		595 141,02			176 387,36			21 928,08			59 216,09
- III. Other operating incomes.......		28 310,88			176 387,36			21 928,08			59 216,09
- ...................................		566 830,14
-E. Other operating costs.............		266 551,43			879 894,60		5	003 022,85		1	239 560,59
- II. Goodwill revaluation..........					165 882,70		4	702 352,59		1	123 186,60
- III. Other operating costs.........		266 551,43			714 011,90			300 670,26			116 373,99
-F. Profit on operating activities....	7	753 425,01		7	124 866,53		8	955 248,52		8	125 016,25
-G. Financial incomes.................		779 874,51			432 289,59		1	401 173,58		1	105 912,74
- II. Interest received.............		210 410,88			431 576,59		1	257 644,19			693 637,71
- IV. Financial assets revaluation..								143 529,39
- V. Other.........................		569 463,63			713,00						412 275,03
-H. Financial costs...................		528 856,81			868 494,16		1	942 435,19		1	112 045,53
- I. Interest......................		262 321,42			539 629,97		1	053 773,89			871 965,41
- II. Loss from financial assets											143 529,39
sold..................................
- III. Financial assets revaluation..											96	550,73
- IV. Other.........................		266	535,39		328	864,19		888	661,30
-I. Profit on economic activity.......	8	004	442,71	6	688	661,96	8	413	986,91	8	118	883,46
-J. Exceptional items.................								3	776,41			282,49
- I. Exceptional gains.............								9	384,68			382,49
- II. Exceptional losses............								5	608,27			100,00
-K. Gross profit......................	8	004	442,71	6	688	661,96	8	417	763,32	8	119	165,95
-L. Corporation tax...................	1	518	624,00	1	396	178,79	1	558	938,80	1	581	846,53
- a) current part....................				1	364	686,00	2	282	482,00	1	817	154,00
- b) deferred part...................					31	492,79	-723		543,20	-235		307,47
-N. Net profit........................	6	485	818,71	5	292	483,17	6 858		824,52	6 537		319,42

Ratios	01.01.2016 31.12.2016	01.01.2015 31.12.2015	01.01.2014 31.12.2014	01.01.2013 31.12.2013
Current ratio	1,76	1,97	1,43	1,26
Quick ratio	1,02	0,91	0,66	0,51
Immediate ratio	0,39	0,13
Return on sale	6,31	6,04	6,41	8,33
Return on assets	9,65	9,82	12,33	13,31
Return on equity	19,51	19,78	31,95	44,74
Average trade debtors' days	64,22	62,65	76,29	80,73
Average stock turnover's days	68,59	75,52	71,36	107,81
average payables payment period	101,26	80,18	115,27	159,38
Total indebtedness ratio	50,53	50,33	61,41	70,26

While rating the company, it is advisable

to take into consideration information about the branch, the company is acting in

(G.46.42.Z - NACE 2007), as at :	31.12.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013
Current ratio............................	1,72	1,51	1,33	1,65	1,78
Quick ratio..............................	0,79	0,82	0,75	0,79	0,95
Immediate ratio..........................	0,15	0,09	0,04	0,11	0,20
Return on sale...........................	0,67	0,60	-3,95	10,24	3,12
Return on assets.........................	0,85	0,65	-3,54	14,34	4,89
Return on equity.........................	1,47	1,11	-5,91	28,87	10,65
Average trade debtors' days..............	61,26	84,33	82,75	73,52	71,78
Average stock turnover's days............	79,30	74,86	81,26	90,83	79,51
average payables payment period..........	95,85	114,92	140,15	107,58	96,66
Total indebtedness ratio.................	41,93	40,82	40,16	50,34	54,11
Percent share in the examinated group of companies with net profit.............	75,00	81,80	72,70	77,10	68,60
Sales/revenue per employee in th. PLN....	1 591,89	1 300,16	902,89	525,33	536,33
Average sales/revenue per company in th. PLN..................................	176 650,41	140 378,00	124 845,30	69 973,63	66 550,51

General information

according to the Central Statistical Office

Locations: seat:

ioziska, ul. Fabryczna 5, 05-500 Piaseczno

Phone: 22 737 24 54

Mobile phone: 660 733 961

E-mail: ksiegowosc@eplusm.pl

sklep@eplusm.pl

Website: www.eplusm.pl

Real Estate
	Book value of buildings as at 31.12.2016	PLN	10	766	047,95
	Book value of lands as at 31.12.2016	PLN	3	298	431,39
	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 31.12.2016 book value of car fleet was: PLN 570 764,42
Shares in other companies	As at 18.04.2018 there are no shares in other companies.
Connections:	As at 18.04.2018 there are no relations.
Acquisitions	30.10.2001 (Entry date) - merger E PLUS M Sp. z o.o., ioziska, ul. Fabryczna 5, 05-500 Piaseczno (as taking over) WYSZKOWSKA TELEWIZJA KABLOWA sp. z o.o. KRS 33421, ul. 11 Listopada 42, 07-200 Wyszkow (as taken over) 14.12.2001 (Entry date) - merger E PLUS M Sp. z o.o., ioziska, ul. Fabryczna 5, 05-500 Piaseczno (as taking over) WYSZKOWSKA TELEWIZJA KABLOWA sp. z o.o. KRS 33421, ul. 11 Listopada 42, 07-200 Wyszkow (as taken over)
General information	The subject refused to cooperate in elaboration of the report.
Banks	Names of banks were not disclosed
Payment Manner	Regular

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.37
UK Pound	1	INR 91.38
Euro	1	INR 79.89
PLN	1	INR 18.82

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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