CREDIT REPORT


© Coface Poland Credit Management Services Sp.z o.o.
email: customerservice@coface.pl
11.12.2005

Order details: Customer: Coface Poland Sp.z.o.o.
Order number: 421441
Language: English
Your question: Sample report of Coface Intercredit Poland
Delivery speed: Normal

COMPANY REPORTED: GRUPA POLSKIE SKLADY BUDOWLANE S.A.
International Name: GRUPA POLSKIE SKLADY BUDOWLANE S.A.

Principal Address:
Welecz 142
28-400 Busko Zdrój
POLAND
Tel: +48-41-3785200
Fax: +48-41-3785270
Email: sekretariat@grupapsb.com.pl
Internet: www.psb.com.pl

Sales office:
Wojska Polskiego 44
63-200 Jarocin
POLAND

Sales office:
Pulaskiego 81a
16-400 Suwalki
POLAND

The registration place of business is located in 28-400 Busko Zdrój, Welecz 142 in rented premises (warehouse-4.190 sqm, office-359 sqm, yard 5.440.-m2 ).
The company also has got a land of 2.81 ha with the warehouse of a total space 3.500.- m2 on it at the neighbouring plot of land , which does not have a number.

National ID: 46627
VAT number: 655-16-40-402
Statistic number: 290938715

Information valid on: 11.12.2005

ESTABLISHED: 1998

REGISTRATION: No. KRS 0000015152
29.05.2001
Sad Rejonowy Kielce, POLAND

LEGAL FORM: joint stock company

CAPITAL: PLN 12.394.000,00

Changes in capital:
1. PLN 9.500.000.- from 30.06.2000
2. PLN 11.784.000.- from 29.05.2001
3. PLN 12.394.000.- from 05.09.2002

SHAREHOLDERS: Pozostali Other-Andere
Shareholder
EQUITY: 84,41%

"GYPROC BENELUX" SA
REGISTRATION: BELGIUM
00000 Antwerp, Merksemsebaan 270
Shareholder
EQUITY: 15,59%

Comment to shareholders : 84,41% of shares are owned by 261 natural and legal persons

MANAGEMENT: Bogdan Panhirsz - Chairman of the executive board

Miroslaw Lubarski - Deputy chairman of the executive board

Edward Derela - Confidential clerk

SUPERVISORY BOARD: Jan Lachowski, Wieslaw Jachec, Robert Gazda,Bogdan Fijolek,Dariusz Zarzycki,Andrzej Tomaszek,Wojciech Jedrasek.

AUTHORITY: - two members of a management board together.

SUBJECT OF OPERATION: NACE
  45 CONSTRUCTION
  5153 Wholesale of wood, flat glass, construction materials, paints and varnishes and sanitary equipment

Wholesale trade in construction materials.

REAL ESTATE: built upon
 ADDRESS: Pulaskiego 81a, 16-400 Suwalki, POLAND

Total space
 ADDRESS: Welecz, 28-400 Busko Zdrój, POLAND
 SIZE: 28100 m2

built upon
 ADDRESS: Welecz, 28-400 Busko Zdrój, POLAND
 SIZE: 3500 m2

IMPORTS:

BELGIUM


GERMANY


FRANCE



Germany- 10% of turnover ( Gyproc, AMF Mineralplatten), France(Semin), Belgien ( Gyproc Chicago Metallic)
( 15,5 % of turnover)

EXPORTS:

GERMANY


UKRAINE



( 1.4 % of turnover)

TURNOVER:
2002 2001 2000 1999
PLN 559.414.000,00 PLN 486.208.000,00 PLN 333.473.200,00 PLN 152.518.600,00

FINANCIALS:

Amounts shown in Polish Zloti (PLN)  2002 2001 2000 1999

BALANCE SHEET
ASSETS
FIXED ASSETS   4.698.500,00 2.464.400,00 1.946.600,00
Intangible assets   409.800,00 50.200,00 23.600,00
Tangible fixed assets   4.207.400,00 2.335.300,00 1.844.100,00
Land   351.600,00 201.300,00 201.300,00
Buildings   925.300,00 513.800,00 196.200,00
Other equipment, furniture, fittings, tools, fixtures, vehicles   635.400,00 709.900,00 313.600,00
Transportation means   474.200,00 659.400,00 644.600,00
Other tangible assets   179.800,00 187.700,00 139.200,00
Tangible assets in course of construction   1.563.200,00 63.200,00 349.200,00
Advances (prepayments) for investments   77.900,00    
Financial assets   81.300,00 78.900,00 78.900,00
Shares and participations   81.300,00 78.900,00 78.900,00
CURRENT ASSETS   78.760.900,00 70.597.500,00 36.294.500,00
Inventory 6.916.000,00 5.480.500,00 6.578.500,00 6.358.100,00
Goods purchased for resale 6.916.000,00 5.307.900,00 6.072.200,00 6.211.900,00
Payments in advance for stock   172.600,00 506.300,00 146.200,00
Receivables 79.235.000,00 73.092.900,00 63.711.500,00 29.036.900,00
Trade debtors (receivables from customer) 2.210.000,00 71.535.500,00 61.390.400,00 27.290.800,00
Receivables from budgets 77.025.000,00 688.500,00 748.500,00 770.800,00
Other debtors (other receivables)   868.900,00 1.572.600,00 975.300,00
Liquid assets 71.000,00 187.500,00 307.500,00 899.500,00
Cash, cheques 71.000,00 300,00 6.200,00 10.200,00
Cash in bank   187.200,00 301.300,00 889.300,00
PREPAYMENTS AND ACCRUED INCOME 457.000,00 520.400,00 318.800,00 280.800,00
Prepaid expenses 457.000,00 520.400,00 318.800,00 280.800,00

LIABILITIES
SHAREHOLDERS EQUITY   19.910.900,00 14.642.000,00 10.132.700,00
SHARE CAPITAL 12.394.000,00 11.784.000,00 9.500.000,00 7.550.000,00
Capital reserve   3.699.900,00 2.619.200,00 330.700,00
Other reserves   2.301.000,00    
Retained profit (earnings) of the year (net profits)   2.126.000,00 2.522.800,00 2.252.000,00
Net profit 3.085.000,00 2.126.000,00 2.522.800,00 2.252.000,00
SHORT-TERM PAYABLES AND SPECIAL FUNDS 45.896.000,00 63.204.700,00 58.187.300,00 27.677.400,00
Current liabilities 45.896.000,00 63.112.000,00 58.131.800,00 27.649.400,00
Bank credits   17.290.600,00 18.734.100,00 8.337.900,00
Trade creditors (accounts payable) 44.689.000,00 43.981.000,00 35.649.500,00 18.221.100,00
Amounts owed to workers   205.000,00 206.800,00 159.200,00
Amounts owed to budget 411.000,00 682.300,00 349.500,00 341.000,00
Other short term liabilities   953.100,00 3.191.900,00 590.200,00
Special funds   92.700,00 55.500,00 28.000,00
Accruals and deferred income   864.200,00 551.400,00 711.800,00
Accrued expenses   579.900,00 387.500,00 424.300,00
Deferred income   284.300,00 163.900,00 287.500,00
BALANCE SHEET SUM   83.979.800,00 73.380.700,00 38.521.900,00

PROFIT AND LOSS (CALCULATION VARIANT)
COSTS & LOSSES
COST OF GOODS AND SOLD 555.065.000,00 461.594.800,00 328.427.400,00 147.663.700,00
Cost of sales of raw materials and goods for resale   436.347.900,00 308.236.500,00 132.752.100,00
Cost of manufacturing products sold   9.029.900,00 4.582.900,00 1.093.200,00
Costs of sales   6.410.800,00 6.976.100,00 7.638.700,00
General administrative expenses 555.065.000,00 9.806.200,00 8.631.900,00 6.179.700,00
PROFIT/LOSS ON SALE 4.349.000,00 4.629.400,00 5.045.800,00 4.854.900,00
OTHER OPERATING COSTS 8.762.000,00 7.715.300,00 2.106.100,00 557.300,00
Net book value of fixed assets sold   75.200,00 159.800,00  
Other operating costs 8.762.000,00 7.640.100,00 1.946.300,00 557.300,00
PROFIT/LOSS ON OPERATING ACTIVITY 4.053.000,00 2.701.400,00   4.352.500,00
FINANCIAL COSTS 3.870.000,00 5.825.800,00 4.736.600,00 2.833.300,00
Interest 3.592.000,00     500,00
Other 278.000,00 5.825.800,00 4.736.600,00 2.832.800,00
PROFIT/LOSS BEFORE TAX AND EXTRAORDINARY ITEMS 4.440.000,00 3.608.700,00 4.357.300,00 3.501.200,00
EXTRAORDINARY LOSSES 5.000,00 -52.600,00 29.500,00 1.800,00
PROFIT/LOSS BEFORE TAX 4.439.000,00 3.601.300,00 4.360.800,00 3.501.100,00
TAXES 1.354.000,00 1.475.300,00 1.837.900,00 1.249.100,00
Corporate income tax 1.354.000,00 1.475.300,00 1.837.900,00 1.249.100,00
NET PROFIT/LOSS 3.085.000,00 2.126.000,00 2.522.900,00 2.252.000,00

SALES & PROFITS
TURNOVER /SALES,REVENUE/ 559.414.000,00 466.224.200,00 333.473.200,00 152.518.600,00
Sale of products 559.414.000,00 10.088.900,00 4.791.800,00 2.447.000,00
Sale of raw materials and goods for resale   456.135.300,00 328.681.400,00 150.071.600,00
PROFIT/LOSS ON SALE 4.349.000,00 4.629.400,00 5.045.800,00 4.854.900,00
OTHER OPERATING INCOME 8.466.000,00 5.787.300,00 403.700,00 54.900,00
Sale of fixed assets 166.000,00 78.400,00 159.300,00  
Other 8.300.000,00 5.708.900,00 244.400,00 54.900,00
PROFIT/LOSS ON OPERATING ACTIVITY 4.053.000,00 2.701.400,00   4.352.500,00
FINANCIAL INCOME 4.257.000,00 6.733.100,00 5.750.500,00 1.982.000,00
Interest 3.654.000,00 5.372.400,00 4.332.300,00 364.100,00
Other 603.000,00 1.360.700,00 1.418.200,00 1.617.900,00
PROFIT/LOSS BEFORE TAX AND EXTRAORDINARY ITEMS 4.440.000,00 3.608.700,00 4.357.300,00 3.501.200,00
EXTRAORDINARY GAINS 4.000,00 45.200,00 33.000,00 1.700,00
PROFIT/LOSS BEFORE TAX 4.439.000,00 3.601.300,00 4.360.800,00 3.501.100,00
NET PROFIT/LOSS 3.085.000,00 2.126.000,00 2.522.900,00 2.252.000,00

Financial data 2002 as at 31.12.2002
Profit and loss account 2002 from 01.01 to 31.12.

Approximate exchange rates: 2003: 4,06 PLN = 1 EUR
2002: 3,86 PLN = 1 EUR
2001: 3,67 PLN = 1 EUR
2000: 4,01 PLN = 1 EUR
2003: 3,83 PLN = 1 USD
2002: 4,08 PLN = 1 USD
2001: 4,09 PLN = 1 USD
2000: 4,35 PLN = 1 USD

WORKFORCE:
2002 2001 2000 1999
88 77 64 47

DEBT COLLECTION: There is no record of any debt collection action by Coface Intercredit against this company

PAYMENT MORALE: 329: As we know payments are made according to terms. Serious payments delays are not known.

CREDIT RATING: 302: Introduced company, the overall financial situation appears to be in order.

BANKERS: Bank Przemyslowo-Handlowy PBK SA - Account no. 10601318-320000147232
o/Busko Zdrój, Al. Mickiewicza 12

ING BANK SLASKI S.A. - Account no. 10501429-2233360292
O/Pinczów, ul. Klasztorna 4

Societe Generale S.A. Oddzial w Polsce - Account no. 18400007-28-11360081011
O/Warszawa, ul. Marszalkowska 111

RAIFFEISEN BANK POLSKA S.A. - Account no. 17500009-10.45.0134247.000
O/Warszawa, ul. Piekna 20


HISTORY: The company was established in 1998 as a limited liability company under the name PANHIRSZ Sp. z o.o. In October 1998 the name was changed to Grupa Polskie Sklady Budowlane Sp. z z o.o.
On 30.06.2000 the company was transformed into a joint stock company under the name Grupa Polskie Sklady Budowlane SA.
In 2001 registration number was changed from RHB 3262 to KRS 0000015152


MAJOR CUSTOMERS: Filar Sp. z o.o.-Inowroclaw, Rzeszowska Centrala Materialów Budowlanych SA-Rzeszów,Building Business-Bogdan Fijolek-Mazancowice,Kenpol-Eugeniusz Krzywda-Swietochlowice, Art-Decor Dariusz Malach, Vectra PSB-Waldemar Kocielowicz-Dzierzoniów, Fimal PSB Sp. z o.o.-Koszalin

MAJOR SUPPLIERS: Atlas, Fin SA, Gulfiber Polska, Hebeli, Metpol, Interior System,Sniezka, Polskone, Optiroc, Rockwool, Lafarge Polska,Gyproc GmbH.

REGISTER OF OVERDUE PAYMENTS: There are no information about company's delayed payments in available external sources.
Information in this section are given according to data bases concerning payments delays.

CONTACT WITH COMPANY: Name and surname: Edward Derela
Function: proxy
All information given in a report has been confirmed.

MAXIMUM CREDIT: EUR 1.200.000,00

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:
  2002 2001 2000 1999
Quick ratio (QR )
(Cash + Short term securities + Short term receivables)/ Current liabilities
1,73 1,16 1,1 1,08
Current ratio ( CR )
Current assets / Current liabilities
        N/A  1,25 1,21 1,31
Return on sales ( ROS )
Net profit / Turnover
0,01 0 0,01 0,01
Return on assets ( ROA )
Net profit / Total assets
        N/A  0,03 0,03 0,06
Return on equity ( ROE )
Net profit / Shareholder equity
        N/A  0,11 0,17 0,22
Cash ratio
Cash / Current liabilities
0 0 0,01 0,03
Days supply in inventory
Inventory / Turnover * 360 days
4,45 4,06 7,1 15,01
Days sales in receivables
Receivables / Turnover * 360 days
50,99 54,12 68,78 68,54
Days purchase in payables
Current Liabilities / Turnover * 360 days
29,54 46,73 62,76 65,26
Debt ratio
(Provisions + Long-term liabilities + Short-term payables + Accruals and deferred income) / Own capital
        N/A          N/A          N/A          N/A 
General debt ratio
(Long-term liabilities + Short-term payables) / Total assets x 100
        N/A  75,26 79,3 71,85
I. Long term debt ratio
Long-term liabilities / Own capital
        N/A          N/A          N/A          N/A 
II. Long term debt ratio
(Long-term liabilities / (Own capital + Long-term liabilities)) x 100
        N/A          N/A          N/A          N/A 
Long term liabilities in outside capital
Long-term liabilities / (Provisions + Long-term liabilities + Short-term payables + Accruals and deferred income) x 100
        N/A          N/A          N/A          N/A 

Approximate exchange rates: 2003: 4,06 PLN = 1 EUR
2002: 3,86 PLN = 1 EUR
2001: 3,67 PLN = 1 EUR
2000: 4,01 PLN = 1 EUR
2003: 3,83 PLN = 1 USD
2002: 4,08 PLN = 1 USD
2001: 4,09 PLN = 1 USD
2000: 4,35 PLN = 1 USD



PAYMENT MORALE
CREDIT RATING
100-149
Payments are made very correctly.
Financial situation is excellent.
150-199
Payments are made correctly.
Financial situation is very good.
200-249
Payments are sometimes made using cash discounts or according to conditions.
Financial situation is good.
250-299
Payments are made within net agreements.
Financial situation is satisfactory.
300-349
As a rule payments are made on time according to conditions, in some cases there have been delays and reminders.
Financial situation is average.
350-399
Payments are made irregularly, sometimes according to agreements. In several cases reminders have been necessary.
Financial situation is average, increased use of external capital.
400-449
Payments are made very slowly.
Overall financial situation is still average.
450-499
Payments are made very slowly. collection procedures cannot be ruled out.
Financial situation is temporarily critical.
500-549
Payments are made very slowly, reminders are often necessary. There have also been collection procedures.
Financial situation is critical.
550-599
Payments are made very slowly. There have been frequent collection procedures.
Financial situation is very critical.
600-699
Payments 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 6600506, 507, 508
Fax : +48 22 6600233
E-mail:customerservice@cofaceintercredit.pl

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