CREDIT REPORT

© Coface Intercredit Poland Sp.z.o.o.
email: customerservice@cofaceintercredit.pl
05.09.2003
Order details:Customer: COFACE SCRL
Order number: 476088
Language: English
Given company name: Temat Sp.z o.o.
Your reference: 23097635
Your question: TEMAT SP.Z O.O. WARSZAWA, KRANCOWA 39
Delivery speed: Normal
Company reported: TEMAT Sp.z o.o.
Principal Address:
ul. Krańcowa 37
02-493 Warszawa
Poland
Tel: +48-22-8633480
Fax: +48-22-8633480 w. 102
Internet: www.tematsa.pl

Branch:
ul.Modelarska 12
40-600 Katowice
Poland

Warehouse:
ul. Ciemne 36
05-250 Radzymin
Poland

Sales office:
Al.Wojska Polskiego 42B
Pruszków
Poland
Tel: +48-22-7581447, +48-22-7586902

The seat is located in own premises
Former address till 15.01.2002: 00-337 Warszawa, ul. Bartoszewicza 1c/3

National ID: 5141
VAT number: 526-021-38-24
Statistic number: 008421385
Information valid on:05.09.2003
Established:1988
Registration:No. KRS 0000037656
23.08.2001
Sąd Rejonowy Warszawa, Poland
Legal form:limited liability company
Capital:PLN 480.500,00

Former capital till 15.01.2002: PLN 30.000
Shareholders:Grzegorz Michalak
Partner
Equity: PLN 475.500,00

Katarzyna Radsted
Partner
Equity: PLN 5.000,00
Management:Grzegorz Michalak - Chairman of the executive board
Authority:Each of the managing directors represents the firm by him/herself
Subject of operation:NACE
  5154 Wholesale of hardware, plumbing and heating equipment and supplies
  4533 Plumbing
  7420 Architectural and engineering activities and related technical consultancy

Design, trade and installation heating systems, air condition system
Real estate:built upon
 Address: ul. Krańcowa 37, 02-493 Warszawa, Poland
 Size: 100 m2

There’s no insight in real estate register in the frames of standard report.
Imports:
United Kingdom


20%
Exports:
Jordan
Turnover:
2003 2002 2001 2000
PLN 6.100.000,00 PLN 15.842.336,76 PLN 19.427.013,07 PLN 17.490.088,53
Comment to turnover:Turnover and net profit 2003: I-VII
Financials:

Amounts shown in Polish Zloti (PLN)  2003 2002 2001 2000

Balance sheet
Assets
A. FIXED ASSETS  709.732,76618.505,76137.500,52
II. TANGIBLE FIXED ASSETS  663.904,23618.505,76137.500,52
1. Tangible fixed assets (proper)  663.904,23604.356,71123.351,47
a) land (including rights to perpetual usufruct of land)  446.786,32482.833,852.200,00
b) buildings, offices, apartments, civil and marine engineering objects  31.970,9318.209,036.189,86
c) plant and machinery  84.969,72103.013,8378.022,90
d) motor vehicles  100.177,26300,0036.938,71
2. Tangible fixed assets in the course of construction   14.149,0514.149,05
III. LONG-TERM (NON-CURRENT) RECEIVABLES  45.828,53  
B. CURRENT ASSETS  4.706.825,014.079.012,995.080.250,99
I. INVENTORIES  409.046,05456.771,32902.325,72
4. Goods for resale  409.046,05456.771,32902.325,72
II. CURRENT RECEIVABLES  3.659.082,522.595.661,624.019.277,40
a) trade receivables  3.570.485,482.541.183,743.932.360,90
b) receivables in respect of taxation, state subsidies, customs duty, social security, medical care, and other benefits  3.967,3512.032,0186.916,50
c) other  84.629,6942.445,87 
c) cash, cash equivalents and other monetary assets  498.455,501.012.285,49141.379,59
- cash in hand and at bank  498.455,501.012.285,49141.379,59
IV. CURRENT PREPAYMENTS AND DEFERRED COSTS  140.240,9414.294,5617.268,28
TOTAL ASSETS  5.416.557,774.697.518,755.217.751,51

Liabilities
A. EQUITY (CAPITAL AND RESERVES)  571.326,86649.975,95568.017,51
I. SHARE CAPITAL  480.500,0030.000,0030.000,00
IV. SUPPLEMENTARY CAPITAL  12.644,73530.719,73356.381,27
V. REVALUATION RESERVE  7.297,787.297,787.297,78
VIII. NET PROFIT/(LOSS)  70.884,3581.958,44174.338,46
Net profit 19.400,0070.884,3581.958,44174.338,46
B. LIABILITIES AND PROVISIONS FOR LIABILITIES  4.845.230,914.047.542,804.649.734,00
I. PROVISIONS FOR LIABILITIES  9.043,88  
1. Deferred tax provision  9.043,88  
II. LONG-TERM (NON-CURRENT) LIABILITIES  174.142,86552.077,14388.337,04
a) bank loans and overdrafts  174.142,86197.239,44 
d) other   354.837,70388.337,04
III. CURRENT LIABILITIES  4.662.044,173.461.984,964.253.946,50
a) bank loans and overdrafts  429,90  
d) trade payables  4.463.929,393.424.552,174.224.768,87
g) liabilities in respect of taxation, customs duty, social security (medical care) and other benefits  115.726,4437.432,7929.177,63
i) other  81.958,44  
2. Other accruals and deferred income   33.480,707.450,46
TOTAL LIABILITIES AND EQUITY  5.416.557,774.697.518,755.217.751,51

Profit and loss (comparative variant)
A. NET SALES AND SALES EQUIVALENTS  15.842.336,7619.427.013,0717.490.088,53
I. Net sales of finished products  10.992.069,3616.908.526,2810.669.464,93
II. Change in inventories of finished products and work in progress (increase - a positive amount; decrease - a negative amount)  177.025,59  
IV. Net sales of goods for resale and materials  4.673.241,812.518.486,796.820.623,60
B. OPERATING EXPENSES  15.828.733,2619.348.416,1317.318.519,84
I. Amortisation and depreciation  75.341,5345.149,8762.028,02
II. Materials and energy used  284.231,90297.590,01549.734,11
III. External services  7.101.172,5111.168.317,187.997.242,65
IV. Taxes and fees  46.343,4828.858,0516.142,79
V. Salaries  687.351,95937.924,85693.391,69
VI. Social security and other benefits  91.682,34160.212,82128.609,88
VII. Other expenses by nature  264.870,65216.806,95160.939,08
VIII. Cost of sales of goods for resale and materials  7.277.738,906.493.556,407.710.431,62
C. PROFIT/(LOSS) ON SALES (A-B)  13.603,5078.596,94171.568,69
D. OTHER OPERATING INCOME  258.932,9673.341,0997.994,12
I. Gains on disposal of non-financial fixed (non-current) assets  94.000,0036.996,0721.000,00
III. Other  164.932,9636.345,0276.994,12
E. OTHER OPERATING EXPENSES  162.789,2752.889,7050.699,19
II. Revaluation (remeasurement) of non-financial assets   27.477,0935.833,35
III. Other  162.789,2725.412,6114.865,84
F. OPERATING PROFIT/(LOSS) (C+D-E)  109.747,1999.048,33218.863,62
G. FINANCIAL INCOME  80.602,7548.179,2837.437,96
II. Interest income  16.631,2644.264,03 
V. Other  63.971,493.915,2537.437,96
H. FINANCIAL COSTS  76.565,5925.356,177.275,39
I. Interest expense  33.543,74 1.150,95
IV.Other  43.021,8525.356,176.124,44
I. PROFIT/(LOSS) ON ORDINARY ACTIVITIES (F+G-H)  113.784,35121.871,44249.026,19
J. NET EXTRAORDINARY GAINS/(LOSSES) (J.I. - J.II.)    -305,73
I. Extraordinary gains    1.125,61
II. Extraordinary losses    -1.431,34
K. PROFIT/(LOSS) BEFORE TAX (I+/-J)  113.784,35121.871,44248.720,46
L. TAX  42.900,0039.913,0074.382,00
N. NET PROFIT/(LOSS) (K-L-M)  70.884,3581.958,44174.338,46

NOTE: All financial statements in the report are presented according to new Polish accounting standards.

Approximate exchange rates:2003: 4,16 PLN = 1 EUR
2002: 3,86 PLN = 1 EUR
2001: 3,67 PLN = 1 EUR
2000: 4,01 PLN = 1 EUR
2003: 3,86 PLN = 1 USD
2002: 4,08 PLN = 1 USD
2001: 4,09 PLN = 1 USD
2000: 4,35 PLN = 1 USD
Workforce:
  2003 2002 2001 2000
Total workforce 16 20 20 12
Debt Collection:There is no record of any debt collection action by Coface Intercredit against this company exceeding a single case volume of EUR 500.
Payment morale:321: Payments mainly according to conditions occasionally delays occur and reminders are necessary.
Credit rating:350: Financial situation is average, increased use of external capital.
Bankers:Bank Ochrony Środowiska SA - Account no. 15401102-23461-27001-00/01
I O/Warszawa

History:The subject was established in 1988 as a limited liability
company.
Former register number: RHB 15190
Major Suppliers: Partners: OVENTROP, VIESSMANN, BIMS PLUS
Contact with company: Urszula Masna - accountant
Information given in report has been confirmed.
Maximum credit:EUR 75.000,00
Maximum Credit is to be understood as the highest possible engagement for a supplier delivering goods or rendering services on open terms with an average respite of 60 days. (It is assumed that, on the average, the company in question has 5 suppliers, who deliver goods or render services at the same time.)
Ratios:
 2003200220012000
Quick ratio ( QR )
( Current investments + Current receivables ) / Current liabilities		        N/A         N/A         N/A         N/A 
Current ratio ( CR )
Current assets / Current liabilities		        N/A 1,011,181,19
Return on sales ( ROS )
Net profit / Turnover		        N/A 000,01
Return on assets ( ROA )
Net profit / Total assets		        N/A 0,010,020,03
Return on equity ( ROE )
Net profit / Shareholder equity		        N/A 0,120,130,31
Cash ratio
Cash / Current liabilities		        N/A 0,110,290,03
Day's supply in inventory
( Inventory / Turnover ) x 360 days		        N/A 9,38,4618,57
Day's sales in receivables
( Current receivables / Turnover ) x 360 days		        N/A 83,1548,182,73
Day's purchase in payables
( Current Liabilities / Turnover ) x 360 days		        N/A 105,9464,1587,56
Debt ratio
Outside capital / Equity capital		        N/A         N/A         N/A         N/A 
General debt ratio
(( Long-term liabilities + Current liabilities ) / Total assets ) x 100		        N/A 89,2985,4588,97
I. Long term debt ratio
( Long-term liabilities / Equity capital ) x 100		        N/A 30,4884,9468,37
II. Long term debt ratio
(( Long-term liabilities / (Equity capital + Long-term liabilities )) x 100		        N/A 23,3645,9340,61
Long term liabilities in outside capital
( Long-term liabilities / Outside capital ) x 100		        N/A         N/A         N/A         N/A 
Approximate exchange rates:2003: 4,16 PLN = 1 EUR
2002: 3,86 PLN = 1 EUR
2001: 3,67 PLN = 1 EUR
2000: 4,01 PLN = 1 EUR
2003: 3,86 PLN = 1 USD
2002: 4,08 PLN = 1 USD
2001: 4,09 PLN = 1 USD
2000: 4,35 PLN = 1 USD
Payment moraleCredit rating
100-149Payments are made very correctly.Financial situation is excellent.
150-199Payments are made correctly.Financial situation is very good.
200-249Payments are sometimes made using cash discounts or according to conditions.Financial situation is good.
250-299Payments are made within net agreements.Financial situation is satisfactory.
300-349As a rule payments are made on time according to conditions, in some cases there have been delays and reminders.Financial situation is average.
350-399Payments are made irregularly, sometimes according to agreements. In several cases reminders have been necessary.Financial situation is average, increased use of external capital.
400-449Payments are made very slowly.Overall financial situation is still average.
450-499Payments are made very slowly. Collection procedures cannot be ruled out.Financial situation is temporarily critical.
500-549Payments are made very slowly, reminders are often necessary. There have also been collection procedures.Financial situation is critical.
550-599Payments are made very slowly. There have been frequent collection procedures.Financial situation is very critical.
600-699Payments are made extremely slowly. There have been frequent collection procedures.High risk of bankruptcy.
In case of any additional questions please contact our Customer Service
Department:
Coface Intercredit Poland Sp.z o.o. ul.Mokotowska 49
PL 00-542 Warszawa
Tel.: +48 22 4650150
Fax : +48 22 4650055
E-mail:customerservice@cofaceintercredit.pl

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