MIRA INFORM REPORT

Report Date :

04.12.2014

IDENTIFICATION DETAILS

Name :	ROS-SWEET SP. Z O.O.
Registered Office :	ul. Podzwierzyniec 27A, 37-100 Łańcut
Country :	Poland
Financials (as on) :	30.09.2014
Date of Incorporation :	24.01.2006
Com. Reg. No.:	KRS 252710
Legal Form :	Limited Liability Company
Line of Business :	· Wholesaler of walnuts, hazelnuts and dried fruit Wholesaler of fruit and vegetables Wholesaler of grain, unmanufactured tobacco, seeds and animal feeds
No of Employees :	52 (2014)

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 :	Satisfactory
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Poland	B1	A2

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 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 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 2012 and 2013, in part due to the ongoing economic difficulties in the euro zone. 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.

Source : CIA

Company name & address

ROS-SWEET Sp. z o.o.

ul. Podzwierzyniec 27A
37-100 Łańcut

Phone:   17 2250360

17 2258015

Fax:      17 2255916

E-mail:   office@ros-sweet.pl

Website: www.ros-sweet.com.pl

Company summary

Legal form	Limited liability company
Stat.no.	180112363
Tax ID	PL 8151702738

Establishment	24.01.2006
Changes of names and addresses	24.01.2006 ul. Piekarska 1, 37-100 Łańcut
	then ul. Podzwierzyniec Nr Lokalu 27 A, 37-100 Łańcut
	17.01.2011  ul. Podzwierzyniec 27A, 37-100 Łańcut

Registration:

10.03.2006, District Court Rzeszów, XII Department, KRS 252710

Shareholders	Sławomir Ogryzek , personal ID no. (PESEL) 77041817414, os. Sikorskiego 1/10, 37-100 Łańcut	PLN	300 000,00 50,00%
	Renata Ogryzek , personal ID no. (PESEL) 76100208062, os. Sikorskiego 1/10, 37-100 Łańcut	PLN	300 000,00 50,00%
	list entered to NCR /KRS/ on  10.03.2006

Initial Capital		PLN 600 000,00
	Initial capital divided into 600 shares of PLN 1 000,00 each

Management	Sławomir Ogryzek , personal ID no. (PESEL) 77041817414, os. Sikorskiego 1/10, 37-100 Łańcut  - member of board of directors
	Proxies: Renata Ogryzek , personal ID no. (PESEL) 76100208062, os. Sikorskiego 1/10, 37-100 Łańcut  - independent proxy
	Representation: If one man board – President individually If numerous managers – Two members of the board of directors jointly or member of the board of directors and proxy jointly
Main activity	Wholesale of walnuts, hazelnuts and dried fruit
	Branches NACE 2007:
	Wholesale of fruit and vegetables		(G.46.31.Z)
	Wholesale of grain, unmanufactured tobacco, seeds and animal feeds		(G.46.21.Z)
	Other transportation activities		(H.49.41.Z)
Employment	2010:              23        employees 2011:              24        employees 2012:              37        employees 2013:              47        employees 2014:              52        employees
Turnover	2010	PLN	21 283 518,92
	2011	PLN	24 691 562,81
	2012	PLN	43 090 448,96
	2013	PLN	59 165 369,02
	01.01.2014 - 30.09.2014	PLN	47 804 522,56

Financial statements

Source of financial data	Subject	Subject	Subject		Court
	periodic	annual	annual		annual
Personal balance sheet as at	30.09.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)		31.12.2011 (PLN)
-A. Fixed assets......................	10 689 695,30	10 215 958,21	5 555 847,18		5 344 897,15
-  I.   Intangible assets.............	1 813,27	2 773,30
-    3. Other intangible assets.......	1 813,27	2 773,30
-  II.  Tangible assets...............	10 561 248,83	10 061 319,75	5 555 847,18		5 344 897,15
-    1. Fixed goods...................	10 104 594,41	9 034 626,26	5 555 847,18		5 344 897,15
-      a) land........................	868 729,59	873 978,48	901 972,56		901 972,56
-      b) buildings, premises, facilities............................	2 965 407,23	2 890 221,65	2 852 230,70		2 647 496,48
-      c) machinery and equipment.....	3 632 006,80	1 835 544,74	1 523 174,44		1 422 087,14
-      d) fleet of motor vehicles.....	2 601 125,82	3 405 818,34	248 759,68		195 983,83
-      e) other fixed goods...........	37 324,97	29 063,05	29 709,80		177 357,14
-    2. Fixed goods under construction..........................	149 322,94	1 022 693,49
-    3. Prepayments for fixed goods under construction....................	307 331,48	4 000,00
-V. Long-term prepayments and accrued income........................	126 633,20	151 865,16
-  1. Deferred tax assets.............	50 170,00	50 170,00
-  2. Other prepayments...............	76 463,20	101 695,16
-B. Current assets....................	14 532 359,26	13 613 744,38	6 952 158,89		3 077 389,60
-  I.   Stock.........................	7 072 726,45	6 546 547,16	3 135 192,72		1 354 745,55
-    1. Raw materials.................	990 679,32
-    3. Finished products.............	410 074,47
-    4. Goods for re-sale.............	4 545 676,61	6 011 053,05	2 727 181,98		1 354 745,55
-    5. Advance payments .............	1 126 296,05	535 494,11	408 010,74
-  II. Short-term receivables.........	6 732 042,69	5 987 645,62	3 319 477,99		1 444 133,03
-    2. Other receivables ............	6 732 042,69	5 987 645,62	3 319 477,99		1 444 133,03
-      a) Due to deliveries and services with payment period:.........	5 827 572,56	5 466 250,88	3 023 550,98		1 437 907,03
-        - up to 12 months............	5 827 572,56	5 466 250,88	3 023 550,98		1 437 907,03
-      b) Due to taxes, subsidies, insurances, duties, etc...............	379 869,05	20 302,43	283 885,48
-      c) Other.......................	524 601,08	501 092,31	7 568,53		6 226,00
-      d) Received through judicial proceedings...........................			4 473,00
-  III. Short term investments........	232 090,96	781 289,38	303 072,74		56 565,13
-    1. Short-term financial assets...	232 090,96	781 289,38	303 072,74		56 565,13
-      b) Other.......................					960,00
-        - other short-term financial assets......................					960,00
-      c) cash and other liquid assets................................	232 090,96	781 289,38	303 072,74		55 605,13
-        - cash in hand and on bank account...............................	232 090,96	781 289,38	303 072,74		55 605,13
-IV. Short-term prepayments and accrued income........................	495 499,16	298 262,22	194 415,44		221 945,89
-D. Total assets......................	25 222 054,56	23 829 702,59	12 508 006,07		8 422 286,75
-A. Shareholders' equity..............	6 723 517,47	7 438 623,44	3 905 524,54		1 834 856,83
-  I.   Basic share capital...........	600 000,00	600 000,00	600 000,00		600 000,00
-  IV.  Statutory reserve capital.....	6 638 623,44	3 200 961,01	1 165 893,30		1 025 632,94
-  VII. Profit (loss) carried forward.		1 370 662,83	44 563,53		44 563,53
-  VIII. Net profit (loss)............	-515 105,97	2 266 999,60	2 095 067,71		164 660,36
-B. Liabilities and reserves for liabilities...........................	18 498 537,09	16 391 079,15	8 602 481,53		6 587 429,92
-  I.   Reserves for liabilities......	132 414,00	132 414,00
-    1. Deferred income tax reserves..	132 414,00	132 414,00
-II.  Long-term liabilities...........	4 477 468,46	6 951 807,96	2 775 356,18		3 505 313,02
-  2. Other liabilities...............	4 477 468,46	6 951 807,96	2 775 356,18		3 505 313,02
-    a) Loans.........................	2 452 212,00	4 794 646,59	2 775 356,18		3 505 313,02
-    c) Other financial liabilities...	2 025 256,46	2 157 161,37
-III. Short-term liabilities..........	13 808 619,59	9 218 609,11	5 827 125,35		3 070 847,22
-  2. Other liabilities...............	13 808 619,59	9 218 609,11	5 827 125,35		3 070 847,22
-    a) Loans.........................	9 346 432,33	4 888 716,24	1 017 447,34		1 102 108,88
-    c) Other financial liabilities...	839 769,13	779 720,42
-    d)Due to deliveries and services with payment period:.........	2 531 095,85	1 878 147,11	4 198 231,28		1 770 808,20
-      - up to 12 months..............	2 531 095,85	1 878 147,11	4 198 231,28		1 770 808,20
-    e) Advances received.............		28 800,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	706 507,25	1 196 786,93	471 868,99		140 572,81
-    h) Due to salaries...............	121 896,00	112 108,87	69 949,20		57 307,33
-    i) Other.........................	262 919,03	334 329,54	69 628,54		50,00
-IV.  Accruals and deferred income....	80 035,04	88 248,08			11 269,68
-  2. Other accruals..................	80 035,04	88 248,08			11 269,68
-    - long-term......................	69 084,32	77 297,36
-    - short-term.....................	10 950,72	10 950,72			11 269,68
-D. Total liabilities.................	25 222 054,56	23 829 702,59	12 508 006,07		8 422 286,75
Source of financial data	Subject	Subject	Subject		Court
	periodic	annual	annual		annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2014- 30.09.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)		01.01.2011- 31.12.2011 (PLN)
-A. Income from sales and similar.....	47 804 522,56	59 165 369,02	43 090 448,96		24 691 562,81
-  I.   Net income on sales...........	19 262 274,98	3 106 176,36	2 401 430,06		3 378 393,96
-  II.  Change in value of stock ( +, -).................................	413 190,97
-  IV.  Income from sales of goods and materials.........................	28 129 056,61	56 059 192,66	40 689 018,90		21 313 168,85
-B. Operational costs.................	47 580 246,27	54 914 871,50	39 849 654,06		24 311 544,10
-  I.   Depreciation..................	1 003 677,09	1 074 783,13	399 481,93		228 412,27
-  II.  Materials and energy..........	17 068 506,24	2 906 080,31	3 586 764,29		113 304,00
-  III. Third party services..........	1 029 985,18	1 302 830,03	3 030 490,82		2 459 911,87
-  IV.  Taxes and duties..............	173 055,33	857 123,68	654 641,60		243 873,81
-  V.   Salaries and wages............	1 448 086,92	1 558 791,45	1 027 711,44		751 291,15
-  VI.  Social security...............	303 559,53	341 716,71	183 931,87		353 944,61
-  VII. Other.........................	1 382 769,13	1 222 595,09	677 116,71		3 083 122,19
-  VIII.Costs of goods and materials sold..................................	25 170 606,85	45 650 951,10	30 289 515,40		17 077 684,20
-C. Profit on sale....................	224 276,29	4 250 497,52	3 240 794,90		380 018,71
-D. Other operating incomes...........	708 135,76	356 727,44	291 197,20		610 974,44
-  I.   Incomes from disposal non-financial assets..................	114 634,28	3 474,78	42 312,20
-  II.  Subsidies.....................	31 960,98	36 921,92
-  III. Other operating incomes.......	561 540,50	316 330,74	248 885,00		610 974,44
-E. Other operating costs.............	655 600,48	1 048 062,08	434 362,62		456 223,19
-  II.  Goodwill revaluation..........		445 987,99
-  III. Other operating costs.........	655 600,48	602 074,09	434 362,62		456 223,19
-F. Profit on operating activities....	276 811,57	3 559 162,88	3 097 629,48		534 769,96
-G. Financial incomes.................	19 570,28	214 697,07	4 576,86		71 265,99
-  II.  Interest received.............	6,75	133 361,49	374,57
-  IV.  Financial assets revaluation..	16 653,53
-  V.   Other.........................	2 910,00	81 335,58	4 202,29		71 265,99
-H. Financial costs...................	811 487,82	579 271,35	481 853,63		375 941,59
-  I.   Interest......................	680 686,75	556 467,82	383 715,67
-  III. Financial assets revaluation..		16 653,53
-  IV.  Other.........................	130 801,07	6 150,00	98 137,96		375 941,59
-I. Profit on economic activity.......		3 194 588,60	2 620 352,71		230 094,36
-I. Loss on economic activity.........	515 105,97
-K. Gross profit......................		3 194 588,60	2 620 352,71		230 094,36
-K. Gross loss........................	515 105,97
-L. Corporation tax...................		927 589,00	525 285,00		65 434,00
-N. Net profit........................		2 266 999,60	2 095 067,71		164 660,36
-N. Net loss..........................	515 105,97
Ratios	01.01.2014- 30.09.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	1,05	1,48	1,19	1,00
Quick ratio	0,50	0,73	0,62	0,49
Immediate ratio	0,02	0,08	0,05	0,02
Return on sale	-1,08	3,83	4,86	0,67
Return on assets	-2,04	9,51	16,75	1,96
Return on equity	-7,66	30,48	53,64	8,97
Average trade debtors' days	38,45	36,94	28,19	21,35
Average stock turnover's days	40,39	40,39	26,63	20,03
average payables payment period	78,86	56,87	49,49	45,39
Total indebtedness ratio	73,34	68,78	68,78	78,21

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.31.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,09	1,07	1,07	1,01	1,07
Quick ratio..............................	0,77	0,78	0,87	0,82	0,85
Immediate ratio..........................	0,08	0,07	0,09	0,09	0,09
Return on sale...........................	1,68	2,04	2,67	2,33	2,82
Return on assets.........................	1,92	4,69	5,61	5,30	7,57
Return on equity.........................	6,56	14,45	15,99	15,45	20,15
Average trade debtors' days..............	42,80	51,15	62,80	55,10	52,02
Average stock turnover's days............	19,77	20,15	15,29	14,70	14,86
average payables payment period..........	64,94	74,69	83,32	77,80	70,17
Total indebtedness ratio.................	70,76	67,55	64,93	65,71	62,44
Percent share in the examinated group of companies with net profit.............	69,00	83,30	83,90	88,20	93,30
Sales/revenue per employee in th. PLN....	741,02	1 327,06	1 151,37	981,45	1 080,25
Average sales/revenue per company in th. PLN..................................	93 189,93	161 414,73	138 127,61	117 398,26	121 779,77
according to the Central Statistical Office

Locations:

seat: ul. Podzwierzyniec 27A, 37-100 Łańcut Phone:                   17 2250360                          17 2258015                          17 2258016 Mobile phone:            609 828322 Fax:                     17 2255916 E-mail:                  office@ros-sweet.pl                          ro@ros-sweet.pl Website:                 ros-sweet.com.pl

Real Estate	Book value of buildings as at 30.09.2014	PLN	2 965 407,23
	Book value of lands as at 30.09.2014	PLN	868 729,59
	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 30.09.2014  book value of car fleet was: PLN 2 601 125,82
Shares in other companies	As at 06.11.2014 there are no shares in other companies.
Connections:	As at 06.11.2014 there are no relations.
General information	The subject company continues the activity of the company ROS SWEET Renata Ogryzek, which has been active since 1998.

Banks	Powszechna Kasa Oszczędności Bank Polski SA Oddział 1 w Rzeszowie  (10204391) ul. 3 Maja 23, 35-959 Rzeszów Acc.no. 26102043910000680200631630  RAIFFEISEN BANK POLSKA SA O. w Rzeszowie al.Tadeusza Rejtana 23  (17501224) al. Tadeusza Rejtana 23, 35-326 Rzeszów Acc.no. 38175012240000000007364563
Payment Manner	Mostly within agreed terms, partly with delays.
Credit capability	Business connections appear permissible

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.96.83
Euro	1	Rs.76.57

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.