MIRA INFORM REPORT

Report Date :

22.07.2014

IDENTIFICATION DETAILS

Name :	GREEK TRADE SP. Z O.O.
Registered Office :	Ul. Tadeusza Śliwiaka 14 30-797 Kraków
Country :	Poland
Financials (as on) :	31.03.2014
Date of Incorporation :	03.02.2003
Com. Reg. No.:	KRS 149645
Legal Form :	Limited liability company
Line of Business :	· Wholesale and retail sale of food articles and fresh fruit · Export-import of fruit and vegetable preserves, jams and other processed food articles Packing services · Wholesale of fruit and vegetables
No. of Employees	144

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Poland	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 and address

GREEK TRADE SP. Z O.O.

ul. Tadeusza Śliwiaka 14
30-797 Kraków

Phone:    12 3505350

Fax: 12 3505360

E-mail:   biuro@greektrade.com.pl

krakow@greektrade.com.pl

Website:  www.greektrade.com.pl

Company summary

Legal form	Limited liability company
Stat.no.	350551849
Tax ID	PL 6790005092

Establishment	22.04.1992
Changes of names and addresses	22.04.1992 ul. Półłanki 80, 30-740 Kraków
	03.03.2003  ul. Botewa Christo 32, 30-798 Kraków
	23.02.2011  ul. Tadeusza Śliwiaka 14, 30-797 Kraków

Registration:

03.02.2003, District Court Kraków, XI Department, KRS 149645 Data concerning previous registrations: 04.05.1992, District Court Kraków, RHB 4108

Shareholders	Theodoros Siakas , personal ID no. (PESEL) 62110213750, Ateny  Goudi,Ganogianni 103, Greece	PLN	211 000,00 100,00%
	list entered to NCR /KRS/ on  19.10.2004

Initial Capital		PLN 211 000,00
	Initial capital divided into 422 shares of PLN 500,00 each
	Changes of initial capital
	-  until 19.10.2004  the capital estimated	PLN 61 000,00

Management	Theodoros Siakas , personal ID no. (PESEL) 62110213750, Ateny  Goudi,Ganogianni 103, Greece  - president
	Proxies: Krystyna Mariola Fidelus-Gąsiorek , personal ID no. (PESEL) 69090709400  - joint proxy Stanisława Józefa Palka , personal ID no. (PESEL) 72082800283  - joint proxy
	Representation: since 23.02.2011  Sole director ot two board members jointly or one board member and a proxy jointly are entitled to act on behalf of the company.

Supervisory board

Ewa Barbara Zielińska Siakas , personal ID no. (PESEL) 67121708608, Porszewice, 95-200 Pabianice Ksenia Lamprini Siakas , personal ID no. (PESEL) 93081309566 Anna Magdalena Kuczara , personal ID no. (PESEL) 81060504189

Main activity	Wholesale and retail sale of food articles and fresh fruit Export-import of fruit and vegetable preserves, jams and other processed food articles Packing services
	Branches NACE 2007:
	Wholesale of fruit and vegetables	(G.46.31.Z)
	Processing and preserving of fruit and vegetables	(C.10.3)

Employment

2010:              121       employees 2011:              134       employees 2012:              136       employees 2013:              141       employees 2014:              144       employees

Turnover	2010	PLN	116 491 132,08
	2011	PLN	139 780 172,77
	2012	PLN	153 704 722,06
	2013	PLN	173 689 357,21
	01.01.2014 - 31.03.2014	PLN	48 889 000,00

Financial statements

Source of financial data	Subject	Subject	Court	Monitor Polski B
	F01	annual	annual	annual
Personal balance sheet as at	31.03.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	16 767 000,00	16 626 530,59	13 297 981,34	10 656 274,00
-  I.   Intangible assets.............		12 728,65	23 638,05	22 150,00
-    3. Other intangible assets.......		12 728,65	23 638,05	19 450,00
-    4. Prepayments for intangible assets................................				2 700,00
-  II.  Tangible assets...............		16 544 678,94	13 187 913,29	10 394 026,91
-    1. Fixed goods...................		14 667 532,17	10 111 311,23	9 885 905,52
-      a) land........................		1 810 972,77	1 647 367,50	1 647 367,50
-      b) buildings, premises, facilities............................		9 644 101,69	6 729 046,19	6 120 664,18
-      c) machinery and equipment.....		2 618 221,02	1 308 247,96	1 315 654,46
-      d) fleet of motor vehicles.....		257 904,60	218 448,85	54 361,06
-      e) other fixed goods...........		336 332,09	208 200,73	747 858,32
-    2. Fixed goods under construction..........................		1 872 145,14	2 988 707,48	315 052,29
-    3. Prepayments for fixed goods under construction....................		5 001,63	87 894,58	193 069,10
-  III. Long term receivables.........		1 000,00	1 000,00	39 430,09
-    2. Other receivables.............		1 000,00	1 000,00	39 430,09
-V. Long-term prepayments and accrued income........................		68 123,00	85 430,00	200 667,00
-  1. Deferred tax assets.............		68 123,00	85 430,00	200 667,00
-B. Current assets....................	56 256 000,00	65 919 428,30	58 851 251,56	49 769 366,52
-  I.   Stock.........................	25 724 000,00	35 563 777,04	29 292 478,83	26 921 877,83
-    1. Raw materials.................	2 028 000,00	1 871 347,32	1 326 324,31	1 399 240,81
-    4. Goods for re-sale.............	23 696 000,00	33 692 429,72	27 966 154,52	25 522 637,02
-  II. Short-term receivables.........	29 759 000,00	29 735 131,56	28 374 797,61	21 708 929,99
-    1. Receivables from affiliated companies.............................		99 200,67	113 667,32
-      a) Due to deliveries and services with payment period:.........		99 200,67	113 667,32
-        - up to 12 months............		99 200,67	113 667,32
-    2. Other receivables ............	29 759 000,00	29 635 930,89	28 261 130,29	21 708 929,99
-      a) Due to deliveries and services with payment period:.........	29 340 000,00	29 229 913,59	27 708 827,92	20 490 808,15
-        - up to 12 months............		29 229 913,59	27 708 827,92	20 490 808,15
-      b) Due to taxes, subsidies, insurances, duties, etc...............	112 000,00	166 184,86	241 357,29	1 072 882,93
-      c) Other.......................		239 832,44	264 635,99	87 586,33
-      d) Received through judicial proceedings...........................			46 309,09	57 652,58
-  III. Short term investments........	503 000,00	493 344,38	958 599,18	920 766,27
-    1. Short-term financial assets...	503 000,00	493 344,38	958 599,18	920 766,27
-      c) cash and other liquid assets................................	503 000,00	493 344,38	958 599,18	920 766,27
-        - cash in hand and on bank account...............................		307 044,38	734 599,18	910 766,27
-        - other liquid assets........		186 300,00	224 000,00	10 000,00
-IV. Short-term prepayments and accrued income........................	270 000,00	127 175,32	225 375,94	217 792,43
-D. Total assets......................	73 023 000,00	82 545 958,89	72 149 232,90	60 425 640,52
-A. Shareholders' equity..............	21 533 000,00	20 476 080,89	16 667 674,33	13 698 658,54
-  I.   Basic share capital...........		211 000,00	211 000,00	211 000,00
-  VI.  Other reserve capital.........		15 816 100,98	13 254 100,98	12 319 100,98
-  VIII. Net profit (loss)............	1 057 000,00	4 448 979,91	3 202 573,35	1 168 557,56
-B. Liabilities and reserves for liabilities...........................	51 490 000,00	62 069 878,00	55 481 558,57	46 726 981,98
-  I.   Reserves for liabilities......	115 000,00	115 874,04	98 979,21	45 467,02
-    1. Deferred income tax reserves..		83 963,00	76 632,00	26 653,00
-    2. Reserves for pensions and similar social payments...............		31 911,04	22 347,21	18 814,02
-      - long-term....................		31 911,04		18 814,02
-      - short-term...................			22 347,21
-II.  Long-term liabilities...........	6 998 000,00	7 962 961,32	2 481 643,91	2 392 367,50
-  2. Other liabilities...............	6 998 000,00	7 962 961,32	2 481 643,91	2 392 367,50
-    a) Loans.........................	6 998 000,00	6 998 680,25	2 262 343,78	1 882 585,78
-    c) Other financial liabilities...		964 281,07	219 300,13	509 781,72
-III. Short-term liabilities..........	44 314 000,00	53 842 387,63	52 745 599,34	44 131 496,93
-  2. Other liabilities...............		53 842 267,32	52 745 479,03	44 131 376,62
-    a) Loans.........................	15 956 000,00	16 759 359,91	16 979 227,97	14 662 993,30
-    c) Other financial liabilities...		338 687,34	307 889,13	329 581,29
-    d)Due to deliveries and services with payment period:.........		34 392 172,30	33 965 420,15	27 713 039,63
-      - up to 12 months..............		34 392 172,30	33 965 420,15	27 713 039,63
-    e) Advances received.............	369 000,00	147 495,37	277 803,97	421 636,62
-    g) Due to taxes, subsidies, insurances, duties, etc...............	1 293 000,00	1 216 910,99	622 183,34	585 142,83
-    h) Due to salaries...............	129 000,00	135 409,60	142 994,19	101 242,73
-    i) Other.........................		852 231,81	449 960,28	317 740,22
-  3. Special funds...................		120,31	120,31	120,31
-IV.  Accruals and deferred income....	63 000,00	148 655,01	155 336,11	157 650,53
-  2. Other accruals..................		148 655,01	155 336,11	157 650,53
-    - short-term.....................		148 655,01	155 336,11	157 650,53
-D. Total liabilities.................	73 023 000,00	82 545 958,89	72 149 232,90	60 425 640,52
Source of financial data	Subject
	F01
individual PROFIT AND LOSS ACCOUNT	- 01.01.2014- 31.03.2014 (PLN)
-A. Income from sales and similar.....	48 889 000,00
-  IV.  Income from sales of goods and materials.........................	48 889 000,00
-B. Operational costs.................	46 539 000,00
-  I.   Depreciation..................	213 000,00
-  II.  Materials and energy..........	333 000,00
-  III. Third party services..........	1 197 000,00
-  IV.  Taxes and duties..............	63 000,00
-  V.   Salaries and wages............	1 404 000,00
-  VI.  Social security...............	288 000,00
-  VII. Other.........................	99 000,00
-  VIII.Costs of goods and materials sold..................................	42 942 000,00
-C. Profit on sale....................	2 350 000,00
-D. Other operating incomes...........	388 000,00
-  I.   Incomes from disposal non-financial assets..................	6 000,00
-  II.  Subsidies.....................	2 000,00
-  III. Other operating incomes.......	380 000,00
-E. Other operating costs.............	714 000,00
-  III. Other operating costs.........	714 000,00
-F. Profit on operating activities....	2 024 000,00
-G. Financial incomes.................	2 000,00
-  II.  Interest received.............	2 000,00
-H. Financial costs...................	626 000,00
-  I.   Interest......................	311 000,00
-  IV.  Other.........................	315 000,00
-I. Profit on economic activity.......	1 400 000,00
-K. Gross profit......................	1 400 000,00
-L. Corporation tax...................	343 000,00
-  a) current part....................	343 000,00
-N. Net profit........................	1 057 000,00
Source of financial data	Subject	Court	Monitor Polski B
	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	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.....	173 689 357,21	153 704 722,06	139 780 172,77
-  - including related companies......	701 502,46	1 675 293,22
-  II.  Net revenue from sale of goods.................................	173 689 357,21	153 704 722,06	139 780 172,77
-B.Cost of products, goods sold.......	153 795 106,79	135 688 087,73	121 389 774,12
-  - including related companies......	562 819,47	1 460 249,44
-  II.  Value of products sold........	153 795 106,79	135 688 087,73	121 389 774,12
-C. Gross profit on sale..............	19 894 250,42	18 016 634,33	18 390 398,65
-D. Costs of sale.....................	11 147 017,56	11 440 741,88	11 925 677,36
-E. General management costs..........	1 860 083,11	1 784 545,14	1 590 186,15
-F. Profit on sale....................	6 887 149,75	4 791 347,31	4 874 535,14
-G. Other operating incomes...........	1 432 156,11	1 173 629,16	570 135,01
-  I.   Incomes from disposal of fixed assets..........................	406,50	28 838,62	59 729,28
-  II.  Subsidies.....................	52 108,78	20 867,73	74 052,93
-  III. Other operating incomes.......	1 379 640,83	1 123 922,81	436 352,80
-H. Other operating costs.............	1 473 478,55	1 599 678,77	1 012 391,62
-  II.  Goodwill revaluation..........	47 947,02	94 240,80	205 815,46
-  III. Other operating costs.........	1 425 531,53	1 505 437,97	806 576,16
-I. Profit on operating activities....	6 845 827,31	4 365 297,70	4 432 278,53
-J. Financial incomes.................	49 539,21	767 929,35	28 999,72
-  II.  Interest received.............	49 539,21	9 890,00	28 999,72
-  V.   Other.........................		758 039,35
-K. Financial costs...................	1 372 322,26	1 151 638,70	2 975 969,69
-  I.   Interest......................	1 108 252,83	1 107 598,08	882 656,63
-  IV.  Other.........................	264 069,43	44 040,62	2 093 313,06
-L. Gross profit on economic activity.	5 523 044,26	3 981 588,35	1 485 308,56
-M. Exceptional items.................	-23 237,35
-N. Gross profit......................	5 499 806,91	3 981 588,35	1 485 308,56
-O. Corporation tax...................	1 050 827,00	779 015,00	316 751,00
-  a) current part....................	1 026 189,00	613 799,00	457 682,00
-  b) deferred part...................	24 638,00	165 216,00	-140 931,00
-R. Net profit........................	4 448 979,91	3 202 573,35	1 168 557,56

AUDITOR

Balance sheet as at 31.12.2012
POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza Ignacego 1, 31-429 Kraków	No. 1806

Expert auditor Elżbieta Zajkowska-Żylska

No. 10986

Balance sheet as at 31.12.2011
POLINVEST - AUDIT SPÓŁKA Z O.O., ul. Łukasiewicza Ignacego 1, 31-429 Kraków	No. 1806

Expert auditor Elżbieta Zajkowska-Żylska

No. 10986

Expert auditor Janina Niedośpiał

No. 2729

Ratios	01.01.2014- 31.03.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	1,27	1,22	1,12	1,13
Quick ratio	0,68	0,56	0,56	0,51
Immediate ratio	0,01	0,01	0,02	0,02
Return on sale	2,16	2,56	2,08	0,84
Return on assets	1,45	5,39	4,44	1,93
Return on equity	4,91	21,73	19,21	8,53
Average trade debtors' days	54,78	62,49	67,57	56,69
Average stock turnover's days	47,36	74,74	69,75	70,30
average payables payment period	81,58	113,15	125,60	115,24
Total indebtedness ratio	70,51	75,19	76,90	77,33

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 :	31.03.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,07	1,07	1,07	1,01	1,07
Quick ratio..............................	0,78	0,78	0,87	0,82	0,85
Immediate ratio..........................	0,08	0,07	0,09	0,09	0,09
Return on sale...........................	2,10	2,04	2,67	2,33	2,82
Return on assets.........................	1,21	4,69	5,61	5,30	7,57
Return on equity.........................	4,10	14,45	15,99	15,45	20,15
Average trade debtors' days..............	44,10	51,15	62,80	55,10	52,02
Average stock turnover's days............	17,53	20,15	15,29	14,70	14,86
average payables payment period..........	64,74	74,69	83,32	77,80	70,17
Total indebtedness ratio.................	70,48	67,55	64,93	65,71	62,44
Percent share in the examinated group of companies with net profit.............	75,90	83,30	83,90	88,20	93,30
Sales/revenue per employee in th. PLN....	367,65	1 327,06	1 151,37	981,45	1 080,25
Average sales/revenue per company in th. PLN..................................	45 804,21	161 414,73	138 127,61	117 398,26	121 779,77
according to the Central Statistical Office

Locations:

seat: ul. Tadeusza Śliwiaka 14, 30-797 Kraków Phone:                   12 3505350 Fax:                     12 3505360 E-mail:                  biuro@greektrade.com.pl krakow@greektrade.com.pl Website:                 www.greektrade.com.pl production works: Porszewice 18S, 95-200 Pabianice Phone:                   42 2118060 Fax:                     42 2118040 E-mail:                  porszewice@greektrade.com.pl

Real Estate	ul. Botewa Christo 32, 30-798 Kraków lands of area 7 115 sq.m.  buildings of area 1 927 sq m,  Porszewice 18S, 95-200 Pabianice lands of area 10 495 sq.m.  buildings of area 2 262 sq m,
	Book value of buildings as at 31.12.2013	PLN	9 644 101,69
	Book value of lands as at 31.12.2013	PLN	1 810 972,77
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

As at 13.06.2014 there are no shares in other companies.

Connections:	Theodoros Siakas , personal ID no. (PESEL) 62110213750 -  HELBO Sp.z o.o. NIP 7311747667, ul. Półłanki 80, 30-740 Kraków   · shareholder: PLN 88 000,00 (44,00%) Ewa Barbara Zielińska Siakas , personal ID no. (PESEL) 67121708608 -  HELBO Sp.z o.o. NIP 7311747667, ul. Półłanki 80, 30-740 Kraków   · shareholder: PLN 102 000,00 (51,00%)
	Data concerning connections are valid as at: 13.06.2014.

Certificates:

ISO 9001:2008 valid until 17.01.2016

Contractors

PRODLOMOS PAVLIDES S.A., Greece Fillippos S.A., Greece Almme Growers, Greece DEJAEGHER S.A., Belgium

General information

In 2012 Greek Trade Sp. z o.o for the eighth time was awarded the Business Gazelle title, which puts it in the prestigious group of the most dynamically developing Polish companies. In a ranking conducted by Puls Biznesu, the company took 2425th place. Statement takes into account only those companies that over the last three years recorded continuous growth in revenues.

Banks

DNB BANK POLSKA SA Centrala  (21900002) ul. Postępu 15C, 02-676 Warszawa Acc.no. 95219000023000004671440101  Bank Handlowy w Warszawie SA O. w Krakowie  (10301188) ul. Kołowa 8, 30-134 Kraków Acc.no. 07103011880000000061129201

Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections appear permissible
	We would like to draw your attention to: - long period of liabilities repayment

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.102.87
Euro	1	Rs.81.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.