MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	PRZEDSIĘBIORSTWO PRZEMYSŁU SPOŻYWCZEGO PEPEES SA
Registered Office :	ul. Poznańska 121 18-402 Łomża
Country :	Poland
Financials (as on) :	31.03.2013
Date of Incorporation :	15.11.1964
Legal Form :	Joint Stock Company
Line of Business :	Purchase and Processing of potatoes, production and sale of potato starch, starch, glucose, maltodextrins
No. of Employees :	244       employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Poland	B1	B1

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 European Union 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 while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances without stifling economic growth and adopted 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 2012, in part due to the ongoing economic difficulties in the euro zone. The key policy challenge is to provide support to the economy through monetary easing, while maintaining the pace of structural fiscal consolidation. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, red tape, and a burdensome tax system keep the private sector from realizing its full potential.

Source : CIA

Company name and address

PRZEDSIĘBIORSTWO PRZEMYSŁU SPOŻYWCZEGO PEPEES SA

ul. Poznańska 121
18-402 Łomża

Phone:    86 2155800

Fax:      86 2183242

E-mail:   pepees@pepees.pl

Website:  www.pepees.pl

Company Information

Legal form	Joint Stock Company
Stat.no.	450096365
Tax ID	PL 7181005512

Establishment	15.11.1964 as State-owned enterprise
	21.06.1994  as Joint Stock Company
Changes of names and addresses	Zakłady Przemysłu Ziemniaczanego Łomża
	03.12.1978 Companies Food Industry Lomza
	21.06.1994 The company PEPEES SA Food Industry

Registration:

28.08.2001, District Court Białystok, XII Department, KRS 38455 Data concerning previous registrations: 29.09.1994, District Court Łomża, RHB 83

Shareholders	TRADO SA, ul. Nowogrodzka 50/54/450, 00-695 Warszawa
	Percent of owned shares	10.36%
	Richie Holding Ltd., Cyprus
	Percent of owned shares	7.39%
	MAZOWIECKA KORPORACJA FINANSOWA SPÓŁKA Z O.O., ul. Sienkiewicza /70/71, 09-100 Płońsk
	Percent of owned shares	6.50%
	Krzysztof Jerzy Borkowski , personal ID no. (PESEL) 50061004257
	Percent of owned shares	3.05%
	(indirectly by the associated entities)
	shareholders' list as at 15.05.2013

Share capital		PLN 4 980 000,00
	Share capital divided into 83000000 shares of PLN 0,06 each
	Series of shares 83000000 A
	Changes of share capital
	-  until 09.05.2008  the capital estimated	PLN 7 020 000,00

Management	Wojciech Faszczewski , personal ID no. (PESEL) 67060607855, ul. Armii Krajowej 23/11, 15-661 Białystok  - president Krzysztof Homenda , personal ID no. (PESEL) 63081207270, ul. Jacyny-Onyszkiewicza 66, 20-783 Lublin  - member of board of directors
	Representation: If one man board – president of the board of directors individually If numerous managers – Two members of the board of directors jointly or member of the board of directors and proxy jointly

Supervisory board

Krzysztof Jerzy Borkowski , personal ID no. (PESEL) 50061004257  - chairman Piotr Marian Taracha , personal ID no. (PESEL) 67110201736, ul. Turkusowa 11/42, 20-572 Lublin  - deputy-chairman Krzysztof Stankowski , personal ID no. (PESEL) 65012803175  - member Robert Czapla , personal ID no. (PESEL) 70011305078  - member Dawid Sukacz , personal ID no. (PESEL) 72093008193, ul. Biedronki 127, 02-959 Warszawa  - member Tomasz Łuczyński , personal ID no. (PESEL) 73032009479  - secretary

Main activity	purchase and processing of potatoes, production and sale of potato starch, starch, glucose, maltodextrins
	Export 2012 (22.00%)
	Branches NACE 2007:
	Manufacture of starches and starch products
	Processing and preserving of potatoes

Employment

2008:              246       employees 2009:              231       employees 2010:              213       employees 2011:              225       employees 2012:              244       employees Employment in the capital group: 2008:              319       employees 2009:              296       employees 2010:              286       employees 2011:              350       employees 2012:              355       employees

Turnover	2009	PLN	71 134 000,00
	2010	PLN	77 319 000,00
	2011	PLN	81 426 700,00
	2012	PLN	102 737 000,00
	01.01.2013 - 31.03.2013	PLN	20 935 000,00
consolidated turnover	2009	PLN	88 287 000,00
	2010	PLN	93 910 000,00
	2011	PLN	101 517 000,00
	2012	PLN	128 112 000,00
	01.01.2013 - 31.03.2013	PLN	26 722 000,00

Financial statements

Source of financial data	other	other	Monitor Polski B	Monitor Polski B
	periodic	annual	annual	annual
Personal balance sheet as at	31.03.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	71 359 000,00	73 099 000,00	75 974 000,00	73 742 000,00
-  I. Tangible assets.................	66 546 000,00	68 039 000,00	71 575 000,00	71 380 000,00
-      b) lands (including perpetual usufruct right).......................		101 000,00	101 000,00	101 000,00
-      c) buildings and other civil and water engineering objects.........		47 973 000,00	51 081 000,00	49 672 000,00
-      d) technical appliances and machinery.............................		17 559 000,00	18 122 000,00	19 474 000,00
-      e) means of transport..........		850 000,00	757 000,00	585 000,00
-      f) other fixed goods...........		226 000,00	212 000,00	235 000,00
-    2. Fixed goods under construction..........................		1 330 000,00	1 302 000,00	1 313 000,00
-  II. Intangible assets..............	347 000,00	514 000,00	594 000,00	209 000,00
-  VI. Long term financial assets.....	3 797 000,00	3 797 000,00	3 136 000,00	1 645 000,00
-    1. in subsidiaries...............	3 047 000,00	3 047 000,00	3 017 000,00	1 551 000,00
-    3. In associated companies.......	637 000,00	637 000,00
-    5. In other companies............	113 000,00	113 000,00	119 000,00	94 000,00
-XIII. Assets due to deferred income tax...................................	669 000,00	749 000,00	669 000,00	508 000,00
-B. Current Assets....................	61 601 000,00	71 921 000,00	68 045 000,00	42 864 000,00
-  I. Stocks..........................	25 400 000,00	33 135 000,00	36 089 000,00	15 316 000,00
-  III. Receivables due to income tax/ current..........................		0,00
-  IV. Trade receivables and other receivables/ supply and services receivables and other receivables.....	13 914 000,00	15 015 000,00	12 838 000,00	8 819 000,00
-    4. Other receivables and prepayments...........................	389 000,00	2 217 000,00	4 669 000,00	1 390 000,00
-  VI. Other financial assets.........	9 320 000,00	9 305 000,00	8 020 000,00
-  VIII. Cash and cash equivalents....	10 642 000,00	12 147 000,00	6 361 000,00	17 293 000,00
-  XII. Miscellaneous items...........	1 936 000,00	102 000,00	68 000,00	46 000,00
-Total assets.........................	132 960 000,00	145 020 000,00	144 019 000,00	116 606 000,00
-A. Equity............................	92 756 000,00	92 430 000,00	89 673 000,00	81 101 000,00
-  I. Initial capital.................	4 980 000,00	4 980 000,00	4 980 000,00	4 980 000,00
-  IV. Uncalled capital...............	84 693 000,00	84 693 000,00	76 121 000,00	74 348 000,00
-  XII. Profit (loss) from previous years.................................	2 757 000,00
-  XIII. Net profit (loss)............	326 000,00
-  XV. Proft (loss) from previous years and for the current year........		2 757 000,00	8 572 000,00	1 773 000,00
-B. Long term liabilities.............	14 254 000,00	14 679 000,00	16 073 000,00	15 079 000,00
-  I. Credits, loans/ Liabilities due to credits, loand and other debt instruments...........................	2 928 000,00	3 112 000,00	3 739 000,00	3 329 000,00
-  IV.  Liabilities due to financial leasing...............................	266 000,00	310 000,00	427 000,00
-  V. Reserves for employees' benefits and other long term reserves.	1 536 000,00	1 536 000,00	1 144 000,00	997 000,00
-  VII. Reserve due to deferred income tax/ Liabilities due to deferred income tax...................	5 923 000,00	6 007 000,00	6 573 000,00	6 367 000,00
-  X. Miscellaneous items.............	3 601 000,00	3 714 000,00	4 190 000,00	4 386 000,00
-C. Short term liabilities............	25 950 000,00	37 911 000,00	38 273 000,00	20 426 000,00
-  I. Credits and loans/ Current account credits.......................	17 325 000,00	27 778 000,00	30 389 000,00	13 571 000,00
-  II. Long-term credits and loans with settlement term..................	663 000,00	598 000,00	692 000,00	1 600 000,00
-  V. Short-term liabilities due to financial leasing.....................	220 000,00	230 000,00	165 000,00
-  VIII. Liabilities due to income tax/ current..........................	1 127 000,00	1 110 000,00	442 000,00	247 000,00
-  IX. Trade and other liabilities....	4 034 000,00	5 447 000,00	3 962 000,00	2 725 000,00
-  XI. Reserves/ other short term reserves..............................		726 000,00	1 108 000,00	960 000,00
-  XIII. Miscellaneous items..........	693 000,00
-  XVII. Other liabilities............	1 686 000,00	1 820 000,00	1 339 000,00	1 155 000,00
-  Liabilities for employee benefits..	202 000,00	202 000,00	176 000,00	168 000,00
-Total liabilities....................	132 960 000,00	145 020 000,00	144 019 000,00	116 606 000,00
Source of financial data	other	other	Monitor Polski B	Monitor Polski B
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2013- 31.03.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Income from sales and similar.....	20 935 000,00	102 737 000,00	81 427 000,00	77 319 000,00
-  I.   Net revenue form sale of products..............................	19 342 000,00	92 721 000,00	67 169 000,00
-  II.  Net revenue from sale of goods.................................	1 593 000,00	10 016 000,00	14 258 000,00
-B.Cost of products, goods sold.......	16 688 000,00	81 115 000,00	57 378 000,00	57 850 000,00
-  I.  Cost of production of products sold.........................	15 439 000,00	72 026 000,00	43 800 000,00
-  II.  Value of products sold........	1 249 000,00	9 089 000,00	13 578 000,00
-C. Gross profit on sale..............	4 247 000,00	21 622 000,00	24 049 000,00	19 469 000,00
-D. Costs of sale.....................	952 000,00	4 450 000,00	2 434 000,00	3 230 000,00
-E. General management costs..........	2 982 000,00	14 556 000,00	13 590 000,00	13 702 000,00
-F. Profit on sale....................	313 000,00	2 616 000,00	8 025 000,00	2 537 000,00
-G. Other operating incomes...........	149 000,00	2 039 000,00	3 724 000,00	967 000,00
-H. Other operating costs.............	19 000,00	322 000,00	882 000,00	826 000,00
-I. Profit on operating activities....	443 000,00	4 333 000,00	10 867 000,00	2 678 000,00
-J. Financial incomes.................	372 000,00	870 000,00	595 000,00	561 000,00
-K. Financial costs...................	406 000,00	1 757 000,00	1 099 000,00	1 445 000,00
-L. Gross profit on economic activity.	409 000,00	3 446 000,00	10 363 000,00	1 794 000,00
-N. Gross profit......................	409 000,00	3 446 000,00	10 363 000,00	1 794 000,00
-O. Corporation tax...................	83 000,00	689 000,00	1 791 000,00	21 000,00
-R. Net profit........................	326 000,00	2 757 000,00	8 572 000,00	1 773 000,00

AUDITOR

Balance sheet as at 31.12.2012
4AUDYT Sp. z o.o., ul. Kościelna 18/4, 60-538 Poznań	No. 3363

Expert auditor Grzegorz Skałecki

No. 12430

Balance sheet as at 31.12.2011
4AUDYT Sp. z o.o., ul. Kościelna 18/4, 60-538 Poznań	No. 3363

Expert auditor Michał Czerniak , personal ID no. (PESEL) 73041000915

No. 10170

Balance sheet as at 31.12.2010
STRATEGIA AUDIT Sp. z o.o., ul. Wiejska 12A, 00-490 Warszawa	No. 3246

Expert auditor Zofia Winiarczyk

No. 4361

Ratios	01.01.2013- 31.03.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12 2011	01.01.2010- 31.12.2010
Current ratio	2,37	1,90	1,78	2,10
Quick ratio	1,31	0,96	0,71	1,28
Immediate ratio	0,41	0,32	0,17	0,85
Return on sale	1,56	2,68	10,53	2,29
Return on assets	0,25	1,90	5,95	1,52
Return on equity	0,35	2,98	9,56	2,19
Average trade debtors' days	59,82	53,49	57,55	41,63
Average stock turnover's days	109,20	118,04	161,77	72,30
average payables payment period	111,56	135,06	171,56	96,43
Total indebtedness ratio	30,24	36,26	37,74	30,45

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.10.62.Z - NACE 2007), as at :	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	2,38	3,16	2,61
Quick ratio..............................	1,07	1,34	1,50
Immediate ratio..........................	0,32	0,33	0,61
Return on sale...........................	10,85	17,94	7,51
Return on assets.........................	9,49	13,87	7,18
Return on equity.........................	13,88	18,97	9,56
Average trade debtors' days..............	61,13	69,79	57,56
Average stock turnover's days............	120,22	141,16	71,21
average payables payment period..........	92,62	77,86	64,69
Total indebtedness ratio.................	31,65	26,86	24,97
Percent share in the examinated group of companies with net profit.............	87,50	85,70	88,90
Sales/revenue per employee in th. PLN....	367,20	338,27	357,60
Average sales/revenue per company in th. PLN..................................	50 490,38	47 696,57	44 740,33
according to the Central Statistical Office

Source of financial data	other	other	Monitor Polski B
	periodic	annual	annual
Consolidated balance sheet as at	31.03.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-Fixed assets.........................	80 525 000,00	82 298 000,00	84 222 000,00
-Tangible assets......................	77 312 000,00	78 802 000,00	81 175 000,00
-Goodwill.............................	486 000,00	486 000,00	595 000,00
-Other intangible assets..............	354 000,00	516 000,00	595 000,00
-Long term financial assets...........	620 000,00
-Assets due to deferred income tax....	1 753 000,00	1 850 000,00	1 843 000,00
-Current assets.......................	62 848 000,00	76 743 000,00	72 385 000,00
-Stocks...............................	32 463 000,00	44 706 000,00	45 974 000,00
-Short term receivables and miscellaneous items...................	14 710 000,00	15 233 000,00	144 000,00
-Cash and equivalents.................	12 356 000,00	12 895 000,00	6 701 000,00
-Total assets.........................	143 373 000,00	159 438 000,00	156 607 000,00
-Equity...............................	93 739 000,00	93 450 000,00	91 424 000,00
-Initial capital......................	4 980 000,00	4 980 000,00	4 980 000,00
-Reserve and uncalled capital.........	85 710 000,00		76 803 000,00
-Undivided financial result...........	1 653 000,00
-Profit (loss) from previous years and in current year...................		-242 000,00
-Financial result for current year....	283 000,00
-Retained earnings....................			-15 000,00
-Net profit (loss)....................		1 895 000,00	8 594 000,00
-Minority Shares......................		1 107 000,00	1 062 000,00
-Long term liabilities................	15 362 000,00	15 883 000,00	17 322 000,00
-Reserves.............................	2 217 000,00		8 674 000,00
-Reserve due to deferred income tax...	6 108 000,00	6 236 000,00
-Long term bank credits and loans.....	2 928 000,00	3 112 000,00	3 739 000,00
-Other long term financial liabilities...........................	307 000,00	389 000,00	593 000,00
-Long term liabilities and miscellaneous items...................	3 802 000,00		4 316 000,00
-Short term liabilities...............	34 272 000,00	50 105 000,00	47 861 000,00
-Reserves.............................	748 000,00	847 000,00	4 333 000,00
-Short term bank credits and loans....	23 508 000,00	598 000,00	35 641 000,00
-Short term part of long term bank credits and loans.....................	663 000,00
-Other short term financial liabilities...........................	258 000,00	268 000,00
-Liabilities due to income tax........	1 127 000,00	1 314 000,00	442 000,00
-Total liabilities....................		159 438 000,00	156 607 000,00
Source of financial data	other	other	Monitor Polski B
	periodic	annual	annual
CONSOLIDATED Consolidated P/L	- 01.01.2013- 31.03.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)
-A. Net income form sale of goods, products and materials................	26 722 000,00	128 112 000,00	101 517 000,00
-  I. Net income form sale of products..............................	26 267 000,00	121 192 000,00
-  II. Net income form sale of goods and materials.........................	455 000,00	6 920 000,00
-B. Costs of sale of goods, products and materials.........................	20 717 000,00	100 014 000,00	71 450 000,00
-  I. Costs of manufacture of sold products..............................		94 436 000,00
-  II. Value of sold goods and materials.............................		5 578 000,00
-C. Gross profit from sale (A-B)......	6 005 000,00	28 098 000,00	30 067 000,00
-D. Costs of sale.....................	1 107 000,00	5 274 000,00	3 232 000,00
-E. Cost of management................	4 371 000,00	19 128 000,00	17 504 000,00
-F. Profit from sale (C-D-E)..........	527 000,00	3 696 000,00	9 331 000,00
-G. Other operating income............	163 000,00	2 142 000,00	3 557 000,00
-H. Other operating costs.............	50 000,00	954 000,00	1 055 000,00
-I. Profit from ordinary activity (F+G+H)...............................	640 000,00	4 884 000,00	11 833 000,00
-J. Financial income..................	224 000,00	365 000,00
-K. Financial costs...................	495 000,00	2 261 000,00	849 000,00
-L. Profit on sale of total or part of shares of subsidiaries.............	24 000,00	106 000,00
-M. Profit from business activity (I+J-K+-L)............................	345 000,00	2 882 000,00	10 984 000,00
-Q. Gross profit (M+/-N-O+P)..........	345 000,00	2 882 000,00	10 984 000,00
-R. Income tax........................	56 000,00	856 000,00	1 962 000,00
-W. Net profit (Q-R-S+-T+/-U).........	289 000,00	2 026 000,00	9 022 000,00

AUDITOR

Consolidated balance sheet as at 31.12.2012
4AUDYT Sp. z o.o., ul. ościelna 18/4, 60-538 Poznań	No. 3363

Expert auditor Grzegorz Skałecki

No. 12430

Consolidated balance sheet as at 31.12.2011
4AUDYT Sp. z o.o., ul. Kościelna 18/4, 60-538 Poznań	No. 3363

Expert auditor Michał Czerniak , personal ID no. (PESEL) 73041000915

No. 10170

Locations:

ul. Poznańska 121, 18-402 Łomża Phone:                   86 2155800 Fax:                     86 2183242 E-mail:                  pepees@pepees.pl Website:                 www.pepees.pl

Real Estate	Bo k value of buildings as at 31.12.2012	PLN	47 973 000,00
	Book value of lands as at 31.12.2012	PLN	101 000,00
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

Przedsiębiorstwo Przemysłu Ziemniaczanego BRONISŁAW Sp. z o.o. NIP 5571595182, Bronisław,, 88-320 Strzelno PLN 408 500,00 (51,06%)   Zakład Przemysłu Ziemniaczanego Lublin Sp. z o.o. NIP PL 9461580419, ul. Betonowa 9, 20-402 Lublin PLN 2 274 800,00 (82,38%)   OZENERGY sp. z o.o., ul. Poznańska 121, 18-402 Łomża PLN 80 000,00 (100,00%)   CHP ENERGIA sp. z o.o., Wojny Wawrzyńce 14, 18-210 Szepietowo PLN 398 000,00 (24,91%)

Data concerning shares in other companies are valid as at: 10.05.2013.

Connections:

Robert Czapla , personal ID no. (PESEL) 70011305078 -  Zarząd Transportu Miejskiego NIP 5260251641, ul. Senatorska 37, 00-099 Warszawa   · director Tomasz Łuczyński , personal ID no. (PESEL) 73032009479 -  ŁUCZYŃSKI I WSPÓLNICY SPÓŁKA KOMANDYTOWA NIP 7010044913, ul. Piękna 24/26, 00-549 Warszawa   · general partner   · member of representation unit -  Call Center Poland SA NIP PL 6771995188, ul. Marynarska 11, 02-674 Warszawa   · member of supervisory board -  RUBICON PARTNERS SA NIP 5251347519, ul. Emilii Plater 53, 00-113 Warszawa   · member of supervisory board -  RUBICON PARTNERS CORPORATE FINANCE SA NIP 7010121631, ul. Emilii Plater 53, 00-113 Warszawa   · member of supervisory board -  SPARTAN CAPITAL SPÓŁKA AKCYJNA NIP 5272645328, al. Jana Pawła II 61/211, 01-031 Warszawa   · member of supervisory board  TRADO SA -  JASTARNIA HOME SPÓŁKA Z O.O. NIP 9570959951, ul. Batorego 16/1A, 80-251 Gdańsk   · shareholder: PLN 51 000,00 (100,00%) -  K2 Sp. z o.o. NIP 9570959514, ul. Batorego 16/1A, 80-251 Gdańsk   · shareholder: PLN 49 500,00 (99,00%) -  OLIVIA BUSINESS CENTRE Sp. z o.o., ul. Batorego 16/1A, 80-251 Gdańsk   · shareholder: PLN 49 500,00 (99,00%) -  "WMP" sp. z o.o. SPÓŁKA KOMANDYTOWA, ul. Batorego 16/10A, 80-251 Gdańsk   · Limited partners, Comandite sum: PLN 50 000,00 -  OP1 Sp. z o.o. NIP 9570991989, ul. Batorego 16/1A, 80-251 Gdańsk   · shareholder: PLN 49 500,00 (99,00%) -  BUSINESS ANGEL SEEDFUND sp. z o.o. NIP 5862191667, ul. Trzy Lipy 3, 80-172 Gdańsk   · shareholder: PLN 11 000,00 (18,33%) -  OP3 Sp. z o.o. NIP 9570995591, ul. Batorego 16/1A, 80-251 Gdańsk   · shareholder: PLN 49 500,00 (99,00%)  MAZOWIECKA KORPORACJA FINANSOWA SPÓŁKA Z O.O. -  Lubelska Korporacja Finansowa Sp. z o.o. NIP 9462267015, ul. Sudecka 92, 20-867 Lublin   · shareholder: PLN 5 690 000,00 (more than 99,9%)  -  ŁUKBUT sp. z o.o. NIP 8251880876, Warszawa  ul. Wielicka 40/U2   · shareholder: PLN 250 000,00 (21,91%) Krzysztof Jerzy Borkowski , personal ID no. (PESEL) 50061004257 -  Lubelska Korporacja Finansowa Sp. z o.o. NIP 9462267015, ul. Sudecka 92, 20-867 Lublin   · member of board of directors -  MAZOWIECKA KORPORACJA FINANSOWA SPÓŁKA Z O.O. NIP 5252043968, ul. Sienkiewicza /70/71, 09-100 Płońsk   · shareholder: PLN 1 901 000,00 (91,39%)   · president -  ŁUKBUT sp. z o.o. NIP 8251880876, Warszawa  ul. Wielicka 40/U2   · shareholder: PLN 530 000,00 (46,45%)   · president Krzysztof Homenda , personal ID no. (PESEL) 63081207270 -  CLEANBACTER SPÓŁKA Z O.O. NIP 7123199617, ul. Bieszczadzka 16, 20-722 Lublin   · proxy -  Zakład Przemysłu Ziemniaczanego Lublin Sp. z o.o. NIP PL 9461580419, ul. Betonowa 9, 20-402 Lublin   · president -  CHP ENERGIA sp. z o.o., Wojny Wawrzyńce 14, 18-210 Szepietowo   · member of supervisory board Dawid Sukacz , personal ID no. (PESEL) 72093008193 -  CRACOVIA INVEST Sp. z o.o. Spółka Komandytowa, al. Marszałka Ferdinanda Focha 32/6, 31-119 Kraków   · Limited partners, Comandite sum: PLN 20 300,00 -  CORPORATEBONDS.PL sp. z o.o. NIP 5252507652, ul. Rajców 4, 00-220 Warszawa   · member of supervisory board -  21 CONCORDIA sp. z o.o. NIP 7010283977, Aleje Jerozolimskie 65/79, 00-697 Warszawa   · shareholder: PLN 12 500,00 (25,00%)   · member of board of directors -  „ELEMENTAL HOLDING SPÓŁKA AKCYJNA” NIP PL 5291756419, ul. Traugutta 42, 05-825 Grodzisk Mazowiecki   · member of supervisory board -  MEZZO CAPITAL Sp. z o.o. NIP 7831525186, Warszawa  ul. Rakowiecka 36/217   · proxy -  ONLINE INVESTMENTS SA, ul. Rajców 4, 00-220 Warszawa   · member of supervisory board Piotr Marian Taracha , personal ID no. (PESEL) 67110201736 -  Przedsiębiorstwo Przemysłu Ziemniaczanego BRONISŁAW Sp. z o.o. NIP 5571595182, Bronisław,, 88-320 Strzelno   · member of supervisory board -  AUTO-EURO SA NIP PL 7121397862, ul. Nałkowskich 5, 20-470 Lublin   · Shareholder: 6,68 %   · member of supervisory board -  INTROGRAF-LUBLIN SA NIP PL 7122321973, ul. Rapackiego 12, 20-150 Lublin   · president -  Zakład Przemysłu Ziemniaczanego Lublin Sp. z o.o. NIP PL 9461580419, ul. Betonowa 9, 20-402 Lublin   · member of supervisory board Wojciech Faszczewski , personal ID no. (PESEL) 67060607855 -  MASTERPRESS SA NIP PL 7391801250, ul. Lubelska 46, 10-406 Olsztyn   · Shareholder: 5 %   · chairman -  Zakład Przemysłu Ziemniaczanego Lublin Sp. z o.o. NIP PL 9461580419, ul. Betonowa 9, 20-402 Lublin   · member of supervisory board -  CHP ENERGIA sp. z o.o., Wojny Wawrzyńce 14, 18-210 Szepietowo   · member of supervisory board -  Przedsiębiorstwo Przemysłu Ziemniaczanego BRONISŁAW Sp. z o.o. NIP 5571595182, Bronisław,, 88-320 Strzelno   · member of supervisory board

Data concerning connections are valid as at: 10.05.2013.

General information	Since 22.05.1997 Shares of the said company are quoted on the Warsaw Stock Exchange.
	As of 31.03.2013, there are following unresolved issues in dispute: 1 Action of MIDSTON DEVELOPMENTS LIMITED, based in Nicosia / Cyprus  2 Action of PERŁA - BROWARY LUBELSKIE SA  29.03.2013 The Ministry of Treasury closed the privatization process of the company PPZ "Trzemeszno" Sp. z o.o. unresolved.

Banks

Bank Zachodni WBK SA ul. Rynek 9/11, 50-950 Wrocław  Bank Ochrony Środowiska SA O. w Białymstoku  (15401216) ul. Piękna 1, 15-282 Białystok  Bank Polska Kasa Opieki SA I O. w Łomży  (12401532) al. Legionów 5, 18-400 Łomża Acc.no. 83124015321111000020550541

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.49
UK Pound	1	Rs.86.81
Euro	1	Rs.73.68

INFORMATION DETAILS

Report Prepared by :

SDA

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.