MIRA INFORM REPORT

Report No. :	333398.2
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	ALL TASTE SP. Z O.O.

Registered Office :	UL. Turystyczna 144, 43-384 Jaworze

Country :	Poland

Financials (as on) :	31.12.2014

Date of Incorporation :	04.11.2009

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of condiments and seasonings Wholesale of other food, including fish, crustaceans and molluscs Other consultancy related to business and management Catering Readymade dishes production

No. of Employees :	3

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 :	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, 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

ALL TASTE SP. Z O.O.

ul. Turystyczna 144
43-384 Jaworze

Phone: 33 8173876

Fax: 33 8173514

E-mail: biuro.polska@all-taste.pl

Company summary

Legal form	Limited liability company	(5)
Stat.no.	241429498
Tax ID	PL 9372611756


Establishment	04.11.2009	(5)


Registration:	17.12.2009, District Court Bielsko-Biała, VIII Department, KRS 344708

Shareholders	DTS-VERWALTUNGS OHG	PLN	5 000,00 100,00%

	list entered to NCR /KRS/ on 17.12.2009


Initial Capital		PLN 5 000,00
	Initial capital divided into 50 shares of PLN 100,00 each


Management	Daniel Alexander Thiele - president
	Proxies: Magdalena Dominika Mikler , personal ID no. (PESEL) 87060707164 - independent proxy
	Representation: since 17.12.2009 Each member of the board of directors individually.

Main activity	Sale of spices
	Branches NACE 2007:
	Manufacture of condiments and seasonings	(C.10.84.Z)
	Wholesale of other food, including fish, crustaceans and molluscs	(G.46.38.Z)
	Other consultancy related to business and management	(M.70.22.Z)
	Catering	(I.56.21.Z)
	Ready-made dishes production	(C.10.85.Z)

Employment

2009: 1 to 9 employees

2010: 1 to 9 employees

2013: 3 employees

2014: 3 employees

2015: 3 employees

Turnover	2012	PLN	1 154 473,39
	2013	PLN	6 142 640,37
	2014	PLN	4 749 427,55
	01.01.2015 - 30.06.2015	PLN	1 668 530,57
	2015 - expected value	PLN	4 500 000,00

Financial statements

Source of financial data	Court	Court	Court
	annual	annual	annual
Personal balance sheet as at	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	546 747,85	192 200,40	84 768,39
- I. Intangible assets.............	456 444,76	150 987,70	77 172,69
- 3. Other intangible assets.......	456 444,76	150 987,70	77 172,69
- II. Tangible assets...............	90 303,09	41 212,70	7 595,70
- 1. Fixed goods...................	90 303,09	41 212,70	7 595,70
- c) machinery and equipment.....	50 767,89	18 935,90	7 595,70
- d) fleet of motor vehicles.....	39 535,20	22 276,80
-B. Current assets....................	1 002 831,64	587 872,01	384 793,11
- I. Stock.........................	126 971,68	111 981,22	49 773,19
- 2. Semi-finished products and work-in-progress......................	60 789,61	60 363,67	34 917,02
- 3. Finished products.............	66 182,07	51 617,55	14 856,17
- II. Short-term receivables.........	829 108,69	442 257,62	327 418,74
- 2. Other receivables ............	829 108,69	442 257,62	327 418,74
- a) Due to deliveries and services with payment period:.........	783 803,19	422 156,45	322 658,98
- b) Due to taxes, subsidies, insurances, duties............	31 632,17	7 916,24	478,83
- c) Other.......................	11 816,40	7 904,00
- d) Received through judicial proceedings...........................	1 856,93	4 280,93	4 280,93
- III. Short term investments........	38 138,73	32 376,45	7 601,18
- 1. Short-term financial assets...	38 138,73	32 376,45	7 601,18
- c) cash and other liquid assets................................	38 138,73	32 376,45	7 601,18
- - cash in hand and on bank account...............................	38 138,73	32 376,45	7 601,18
-IV. Short-term prepayments and accrued income........................	8 612,54	1 256,72
-D. Total assets......................	1 549 579,49	780 072,41	469 561,50
-A. Shareholders' equity..............	1 167 960,40	614 505,77	-127 457,92
- I. Basic share capital...........	5 000,00	5 000,00	5 000,00
- IV. Statutory reserve capital.....	609 505,77
- VII. Profit (loss) carried forward.			-239 780,61
- VIII. Net profit (loss)............	553 454,63	-132 457,92	107 322,69
- IX. Deductions from profit during the accounting year (-.........		741 963,69
-B. Liabilities and reserves for liabilities...........................	381 619,09	165 566,64	597 019,42
-III. Short-term liabilities..........	379 671,62	165 566,64	596 753,58
- 2. Other liabilities...............	379 671,62	165 566,64	596 753,58
- a) Loans.........................	50 164,00
- d)Due to deliveries and services with payment period:.........	141 115,01	62 654,91	526 845,81
- - up to 12 months..............	141 115,01	62 654,91	526 845,81
- g) Due to taxes, subsidies, insurances, duties...............	173 678,42	84 755,83	45 525,25
- h) Due to salaries...............	14 700,00	18 155,90	24 382,52
- i) Other.........................	14,19
-IV. Accruals and deferred income....	1 947,47		265,84
- 2. Other accruals..................	1 947,47		265,84
- - short-term.....................	1 947,47		265,84
-D. Total liabilities.................	1 549 579,49	780 072,41	469 561,50

Source of financial data	Subject	Court	Court
	periodic	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)
-A. Income from sales and similar.....	1 668 530,57	4 749 427,55	6 142 640,37
- I. Net income on sales...........		4 749 427,55	6 142 640,37
-B. Operational costs.................	1 705 414,13	4 017 048,45	5 181 640,43
- I. Depreciation..................	164 377,32	244 915,76	125 040,21
- II. Materials and energy..........	83 272,10	186 228,36	108 067,22
- III. Third party services..........	268 008,59	255 822,13	306 867,84
- IV. Taxes and duties..............	157,00	240,32	290,00
- V. Salaries and wages............	152 542,82	293 381,59	178 806,81
- VI. Social security...............	21 259,59	26 564,64	23 331,31
- VII. Other.........................	13 767,10	117 835,70	6 747,71
- VIII.Costs of goods and materials sold..................................	1 002 029,61	2 892 059,95	4 432 489,33
-C. Profit on sale....................		732 379,10	960 999,94
-C. Loss on sale......................	36 883,56
-D. Other operating incomes...........	61 690,78	214,98	5 295,01
- III. Other operating incomes.......	61 690,78	214,98	5 295,01
-E. Other operating costs.............	10 982,54	33 698,08	24 269,76
- III. Other operating costs.........	10 982,54	33 698,08	24 269,76
-F. Profit on operating activities....	13 824,68	698 896,00	942 025,19
-G. Financial incomes.................	22 338,38	48 753,95	35 442,72
- V. Other.........................	22 338,38	48 753,95	35 442,72
-H. Financial costs...................	28 539,62	37 846,32	72 836,22
- I. Interest......................	51,96	670,04	1 202,04
- IV. Other.........................	28 487,66	37 176,28	71 634,18
-I. Profit on economic activity.......	7 623,44	709 803,63	904 631,69
-K. Gross profit......................	7 623,44	709 803,63	904 631,69
-L. Corporation tax...................	17 483,00	156 349,00	162 668,00
-N. Net profit........................		553 454,63	741 963,69
-N. Net loss..........................	9 859,56

Ratios	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012
Current ratio	2,64	3,55	0,64
Quick ratio	2,28	2,87	0,56
Immediate ratio	0,10	0,20	0,01
Return on sale	11,65	12,08	9,30
Return on assets	35,72	95,11	22,86
Return on equity	47,39	120,74
Average trade debtors' days	63,72	26,28	103,80
Average stock turnover's days	9,76	6,65	15,78
average payables payment period	29,18	9,84	189,19
Total indebtedness ratio	24,63	21,22	127,14

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.10.84.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,90	1,41	1,49	1,46	1,51
Quick ratio..............................	1,27	0,97	1,00	0,96	0,98
Immediate ratio..........................	0,13	0,11	0,12	0,09	0,10
Return on sale...........................	6,28	5,97	6,16	4,87	5,36
Return on assets.........................	2,47	9,27	10,62	8,62	8,99
Return on equity.........................	5,47	19,97	23,56	20,00	18,25
Average trade debtors' days..............	68,25	70,34	66,05	69,58	70,11
Average stock turnover's days............	35,96	36,05	35,23	38,16	41,57
average payables payment period..........	62,69	84,69	75,77	80,24	80,69
Total indebtedness ratio.................	54,78	53,56	54,91	56,89	50,73
Percent share in the examinated group of companies with net profit.............	85,00	85,70	90,00	83,30	100,00
Sales/revenue per employee in th. PLN....	168,18	670,27	685,41	675,71	635,11
Average sales/revenue per company in th. PLN..................................	70 264,15	254 031,10	267 242,10	281 471,33	242 296,22

according to the Central Statistical Office

Locations:

seat:
ul. Turystyczna   144, 43-384 Jaworze
Phone:                   33 8173876
                              33 8228853
Fax:                       33 8173514
E-mail:                   biuro.polska@all-taste.pl

Real Estate	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 31.12.2014 book value of car fleet was: PLN 39 535,20

Shares in other companies	As at 03.07.2015 there are no shares in other companies.
Connections:	Magdalena Dominika Mikler , personal ID no. (PESEL) 87060707164 - PRIMA VERA Sp. z o.o. NIP PL 9413419039, ul. Turystyczna 144, 43-384 Jaworze · proxy Daniel Alexander Thiele Connections have not been determined due to no possibility of identification of the persons or subjects which appear in the company.
	Data concerning connections are valid as at: 03.07.2015.

General information	Despite our hard efforts, we could not achieve more information from available sources. The subject has not decided to cooperate in elaboration of this report yet.

Banks

Alior Bank SA Centrala (24900005)

ul. Łopuszańska 38D, 02-232 Warszawa

Acc.no. 87249000050000452078153875

(PLN)
Alior Bank SA Centrala (24900005)

ul. Łopuszańska 38D, 02-232 Warszawa

Acc.no. 46249000050000460016072983

(USD)


Payment Manner	Slow but correct	(34)
Credit capability	Business connections are permissible.	(21)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.80

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TRU

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.

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