MIRA INFORM REPORT

Report No. :	335678
Report Date :	12.08.2015

IDENTIFICATION DETAILS

Name :	SEALAND LOGISTICS SP. Z O.O.

Registered Office :	ul. Waszyngtona 9 81-342 Gdynia

Country :	Poland

Financials (as on) :	30.06.2015

Date of Incorporation :	16.11.2009

Legal Form :	Limited liability company

Line of Business :	Freight forwarding services

No. of Employee :	50

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Poland

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. The unemployment rate is now below 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 2013 and picked back up in 2014. 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, especially for entrepreneurs. Poland’s long-term challenges include diversifying Poland’s energy mix and sources of supply, as well as stemming the outflow of educated young Poles to other EU Member States, especially in light of a coming demographic contraction as the Solidarity-era baby boom generation ages.

Source : CIA

Company name and address

SEALAND LOGISTICS SP. Z O.O.

ul. Waszyngtona 9
81-342 Gdynia

Phone: 58 6209490

Fax: 58 3554089

E-mail: M.Czerwinski@sealand.com.pl

info@sealand.com.pl

Website: http://sealand.com.pl

Company summary


Legal form		Limited liability company
Stat.no.		220912989
Tax ID		PL 9581624349

Establishment		16.11.2009
Changes of names and addresses		03.12.2009 ul. Janka Wiśniewskiego 20, 81-969 Gdynia
		30.09.2011 ul. Partyzantów 24, 81-422 Gdynia
		10.09.2013 ul. Waszyngtona 9, 81-342 Gdynia

Registration:		03.12.2009, District Court Gdańsk, VIII Department, KRS 343159
Shareholders	Przemysław Mirosław Stawski , personal ID no. (PESEL) 77062806114, ul. Narutowicza 105/28, 90-145 Łódź			PLN			18 000,00 30,00%

	Michał Pietrasiak , personal ID no. (PESEL) 75011804558, ul. Benisławskiego 21I/7, 81-173 Gdynia			PLN			18 000,00 30,00%

	Grzegorz Hinc , personal ID no. (PESEL) 79012405893, ul. Szafranowa 21/1, 81-198 Kosakowo			PLN			18 000,00 30,00%

	Tomasz Janusz Pawłowski , personal ID no. (PESEL) 83070302478			PLN			6 000,00 10,00%

	list entered to NCR /KRS/ on 25.10.2012

Initial Capital						PLN 60 000,00
	Initial capital divided into 60 shares of PLN 1 000,00 each

Management	Grzegorz Hinc , personal ID no. (PESEL) 79012405893, ul. Szafranowa 21/1, 81-198 Kosakowo - president
	Proxies: Przemysław Mirosław Stawski , personal ID no. (PESEL) 77062806114, ul. Narutowicza 105/28, 90-145 Łódź - independent proxy
	Representation: since 03.12.2009 Each member of the board of directors individually.

Main activity	Freight forwarding services
	Branches NACE 2007:
	Other transport activity
	Building erection related general building activity
	Storage and service activity supporting transport
	Wholesale, retail trade and repair of motor vehicles
	Renting

Employment	2010: 6 employees 2011: 16 employees 2013: 29 employees 31.12.2014: 37 employees 2015: 50 employees

Turnover	2012		PLN		51 425 010,66
	2013		PLN		51 351 781,46
	2014		PLN		78 685 465,13
	01.01.2015 - 30.06.2015		PLN		48 023 603,73
	2015 - expected value		PLN		100 000 000,00

Financial statements

Source of financial data	Subject	Court	Court	Court
	periodic	annual	annual	annual
Personal balance sheet as at	30.06.2015 (PLN)	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	2 484 097,59	2 061 874,63	330 097,06	77 761,47
- I. Intangible assets.............	122 706,66	101 230,00	73 120,00	23 638,11
- 3. Other intangible assets.......	26 226,66	4 750,00		638,11
- 4. Prepayments for intangible assets................................	96 480,00	96 480,00		23 000,00
- .................................			73 120,00
- II. Tangible assets...............	2 025 210,37	1 625 094,38	187 905,92	30 331,53
- 1. Fixed goods...................	2 025 210,37	475 777,69	187 905,92	30 331,53
- b) buildings, premises, facilities............................	1 262 653,10
- c) machinery and equipment.....	134 159,46	120 669,85	144 525,92	17 909,83
- d) fleet of motor vehicles.....	598 356,15	322 128,94	4 526,62
- e) other fixed goods...........	30 041,66	32 978,90	38 853,38	12 421,70
- 2. Fixed goods under construction..........................		1 149 316,69
- IV. Long term investments.........	67 549,04	66 549,04	62 949,04
- 3. Long term financial assets....	67 549,04	66 549,04	62 949,04
- b) Other.......................	67 549,04	66 549,04	62 949,04
- - participations or shares...	1 000,00
- - granted loans..............	66 549,04	66 549,04	62 949,04
-V. Long-term prepayments and accrued income........................	268 631,52	269 001,21	6 122,10	23 791,83
- 1. Deferred tax assets.............	266 830,30	266 830,30
- 2. Other prepayments...............	1 801,22	2 170,91	6 122,10	23 791,83
-B. Current assets....................	18 949 882,86	15 687 396,65	13 829 767,83	10 059 413,58
- I. Stock.........................	188 956,17
- 4. Goods for re-sale.............	188 956,17
- II. Short-term receivables.........	15 342 881,18	12 033 543,63	9 718 961,42	6 199 273,54
- 2. Other receivables ............	15 342 881,18	12 033 543,63	9 718 961,42	6 199 273,54
- a) Due to deliveries and services with payment period:.........	13 568 781,22	10 690 523,44	8 626 030,15	5 606 205,72
- - up to 12 months............	13 568 781,22	10 690 523,44	8 626 030,15	5 606 205,72
- b) Due to taxes, subsidies, insurances, duties, etc...............	1 359 534,77	968 155,34	509 416,68	289 669,00
- c) Other.......................	414 565,19	374 864,85	583 514,59	303 398,82
- III. Short term investments........	2 927 487,51	3 087 388,89	2 721 374,13	3 496 770,42
- 1. Short-term financial assets...	2 927 487,51	3 087 388,89	2 721 374,13	3 496 770,42
- b) Other.......................	443 698,63	587 041,10	1 100 487,02	121 966,03
- - granted loans..............	443 698,63	587 041,10	1 100 487,02	121 966,03
- c) cash and other liquid assets................................	2 483 788,88	2 500 347,79	1 620 887,11	3 374 804,39
- - cash in hand and on bank account...............................	2 475 908,57	2 497 947,36	1 619 271,85	3 374 804,39
- - other liquid assets........	7 880,31	2 400,43	1 615,26
-IV. Short-term prepayments and accrued income........................	490 558,00	566 464,13	1 389 432,28	363 369,62
-D. Total assets......................	21 433 980,45	17 749 271,28	14 159 864,89	10 137 175,05
-A. Shareholders' equity..............	14 352 388,59	10 170 431,10	7 434 151,17	5 140 104,84
- I. Basic share capital...........	60 000,00	60 000,00	60 000,00	60 000,00
- IV. Statutory reserve capital.....	10 110 431,10	7 374 151,17	5 080 104,84	2 092 659,08
- VIII. Net profit (loss)............	4 181 957,49	2 736 279,93	2 294 046,33	2 987 445,76
-B. Liabilities and reserves for liabilities...........................	7 081 591,86	7 578 840,18	6 725 713,72	4 997 070,21
- I. Reserves for liabilities......	67 698,65	67 698,65	125 753,85	64 108,92
- 1. Deferred income tax reserves..	67 698,65	67 698,65
- 3. Other reserves................			125 753,85	64 108,92
- - short-term...................			125 753,85	64 108,92
-II. Long-term liabilities...........	402 430,65	228 125,90	63 340,49
- 2. Other liabilities...............	402 430,65	228 125,90	63 340,49
- c) Other financial liabilities...	402 430,65	228 125,90	63 340,49
-III. Short-term liabilities..........	6 611 462,56	7 283 015,63	6 536 619,38	4 932 961,29
- 2. Other liabilities...............	6 611 462,56	7 283 015,63	6 536 619,38	4 932 961,29
- c) Other financial liabilities...	175 993,73	115 716,53	28 374,99
- d)Due to deliveries and services with payment period:.........	5 751 320,09	6 589 063,43	5 815 323,27	4 819 091,02
- - up to 12 months..............	5 751 320,09	6 589 063,43	5 815 323,27	4 819 091,02
- g) Due to taxes, subsidies, insurances, duties, etc...............	368 429,09	159 285,03	110 973,94	52 193,37
- h) Due to salaries...............	4 151,63	73,63	1 803,35	895,73
- i) Other.........................	311 568,02	418 877,01	580 143,83	60 781,17
-D. Total liabilities.................	21 433 980,45	17 749 271,28	14 159 864,89	10 137 175,05

Source of financial data	Subject	Court	Court	Court
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2015- 30.06.2015 (PLN)	01.01.2014- 31.12.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Income from sales and similar.....	48 023 603,73	78 685 465,13	51 351 781,46	51 425 010,66
- I. Net income on sales...........	48 023 603,73	78 685 465,13	51 351 781,46	51 425 010,66
-B. Operational costs.................	42 938 260,51	73 448 595,52	48 214 731,91	47 670 806,58
- I. Depreciation..................	111 554,83	108 926,58	19 897,03	9 137,05
- II. Materials and energy..........	338 662,65	297 670,40	183 011,10	174 281,90
- III. Third party services..........	40 468 732,81	69 255 748,94	45 476 086,87	45 103 754,60
- IV. Taxes and duties..............	8 541,85	13 891,49	10 668,72	10 476,72
- V. Salaries and wages............	1 484 523,84	2 750 240,58	1 828 272,76	1 656 652,32
- VI. Social security...............	262 452,67	566 736,24	347 009,47	305 813,35
- VII. Other.........................	263 791,86	455 381,29	349 785,96	410 690,64
-C. Profit on sale....................	5 085 343,22	5 236 869,61	3 137 049,55	3 754 204,08
-D. Other operating incomes...........	153 397,20	93 000,22	174 171,24	307 219,51
- I. Incomes from disposal non-financial assets..................	1 877,14
- III. Other operating incomes.......	151 520,06	93 000,22	174 171,24	307 219,51
-E. Other operating costs.............	104 349,09	2 144 135,32	356 884,05	228 869,57
- II. Goodwill revaluation..........		2 039 593,74
- III. Other operating costs.........	104 349,09	104 541,58	356 884,05	228 869,57
-F. Profit on operating activities....	5 134 391,33	3 185 734,51	2 954 336,74	3 832 554,02
-G. Financial incomes.................	123 684,78	443 724,03	91 628,50	30 946,63
- II. Interest received.............	8 246,73	106 929,77	91 628,50	30 946,63
- V. Other.........................	115 438,05	336 794,26
-H. Financial costs...................	32 489,62	21 773,26	71 472,91	124 192,89
- I. Interest......................	32 489,62	14 773,26	2 061,62	2 237,46
- IV. Other.........................		7 000,00	69 411,29	121 955,43
-I. Profit on economic activity.......	5 225 586,49	3 607 685,28	2 974 492,33	3 739 307,76
-K. Gross profit......................	5 225 586,49	3 607 685,28	2 974 492,33	3 739 307,76
-L. Corporation tax...................	1 043 629,00	871 405,35	680 446,00	751 862,00
-N. Net profit........................	4 181 957,49	2 736 279,93	2 294 046,33	2 987 445,76

Ratios	01.01.2015- 30.06.2015		01.01.2014- 31.12.2014		01.01.2013- 31.12.2013		01.01.2012- 31.12.2012
Current ratio	2,87		2,15		2,12		2,04
Quick ratio	2,76		2,08		1,90		1,97
Immediate ratio	0,38		0,34		0,25		0,68
Return on sale	8,71		3,48		4,47		5,81
Return on assets	19,51		15,42		16,20		29,47
Return on equity	29,14		26,90		30,86		58,12
Average trade debtors' days	57,83		55,82		69,08		44,12
Average stock turnover's days	0,71
average payables payment period	24,92		33,78		46,46		35,11
Total indebtedness ratio	33,04		42,70		47,50		49,29



While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(H.52.29.A - NACE 2007), as at :	31.03.2015	31.12.2014		31.12.2013		31.12.2012		31.12.2011
Current ratio............................	1,55	1,50		1,43		1,50		1,38
Quick ratio..............................	1,49	1,45		1,38		1,44		1,29
Immediate ratio..........................	0,33	0,32		0,31		0,28		0,30
Return on sale...........................	2,89	2,27		3,45		3,17		3,86
Return on assets.........................	1,91	6,28		9,60		7,95		9,86
Return on equity.........................	4,48	15,18		22,51		15,88		25,46
Average trade debtors' days..............	64,08	62,01		60,45		62,60		61,03
Average stock turnover's days............	0,80	0,90		0,89		1,80		4,14
average payables payment period..........	58,38	57,10		58,34		56,02		63,99
Total indebtedness ratio.................	57,48	58,62		57,36		49,95		61,28
Percent share in the examinated group of companies with net profit.............	84,70	86,60		83,80		74,00		83,60
Sales/revenue per employee in th. PLN....	181,02	706,58		720,11		766,00		683,91
Average sales/revenue per company in th. PLN..................................	40 879,68	148 571,38		147 972,78		152 727,56		177 010,58

according to the Central Statistical Office
Locations:	seat: ul. Waszyngtona 9, 81-342 Gdynia Phone: 58 3554040 Mobile phone: 601 535 900 Fax: 58 3554089 E-mail: M.Czerwinski@sealand.com.pl info@sealand.com.pl Website: http://sealand.com.pl

Real Estate	Book value of buildings as at 30.06.2015	PLN	1 262 653,10
	No data 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 30.06.2015 book value of car fleet was: PLN 598 356,15

Shares in other companies	SEALAND LIQUIDS sp. z o.o., ul. Świętojańska 55/10, 81-391 Gdynia PLN 1 000,00 (10,00%)
	Data concerning shares in other companies are valid as at: 17.07.2015.

Connections:	Tomasz Janusz Pawłowski , personal ID no. (PESEL) 83070302478 - SEALAND LIQUIDS sp. z o.o., ul. Świętojańska 55/10, 81-391 Gdynia · shareholder: PLN 2 000,00 (20,00%) Grzegorz Hinc , personal ID no. (PESEL) 79012405893 - YACHT CLUB REWA, Rewa, ul. Morska 56, 81-198 Kosakowo · deputy commander - SEALAND LIQUIDS sp. z o.o., ul. Świętojańska 55/10, 81-391 Gdynia · shareholder: PLN 2 000,00 (20,00%) · proxy - MAGATH SPÓŁKA Z O.O. NIP 8942848533, ul. Na Ostatnim Groszu 2/1, 54-207 Wrocław · shareholder: PLN 10 000,00 (20,00%) Michał Pietrasiak , personal ID no. (PESEL) 75011804558 - SEALAND LIQUIDS sp. z o.o., ul. Świętojańska 55/10, 81-391 Gdynia · shareholder: PLN 2 000,00 (20,00%) Przemysław Mirosław Stawski , personal ID no. (PESEL) 77062806114 - SEALAND LIQUIDS sp. z o.o., ul. Świętojańska 55/10, 81-391 Gdynia · shareholder: PLN 2 000,00 (20,00%)
	Data concerning connections are valid as at: 17.07.2015.

Banks	Alior Bank SA Centrala (24900005) ul. Łopuszańska 38D, 02-232 Warszawa Acc.no. 32249000050000460031058862 (EUR) Alior Bank SA Centrala (24900005) ul. Łopuszańska 38D, 02-232 Warszawa Acc.no. 08249000050000452048263001 (PLN) Bank Millennium SA Millennium - Centrum Rozliczeniowe (11602202) ul. Wały Jagiellońskie 10/16, 80-887 Gdańsk Acc.no. 05116022020000000240035362 (PLN) BANK BGŻ BNP PARIBAS SA Centrum Rozliczeniowe Nr 1 w Krakowie (16001462) ul. Armii Krajowej 28, 30-150 Kraków Acc.no. 88160014621848515660000001 (PLN)
Payment Manner	Nothing detrimental noted.
Credit capability	Business connections are permissible.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.17
UK Pound	1	Rs.99.85
Euro	1	Rs.70.36

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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.

MIRA INFORM REPORT

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