MIRA INFORM REPORT

Report No. :	352478
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	LACTIMA SP. Z O.O.
Registered Office :	Ul. Kaszubska 6, 14-300 Morąg
Country :	Poland
Financials (as on) :	31.12.2014
Date of Incorporation :	10.10.1988
Legal Form :	Limited liability company
Line of Business :	Manufacture and sale of cheese, butter and other dairy produce
No. of Employee :	190 (2009)

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 :	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	A2	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. 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

LACTIMA SP. Z O.O.

Ul. Kaszubska 6
14-300 Morąg

Phone:    89 7574065

Fax:      89 7574224

E-mail:   handel@lactima.pl

Website:  www.lactima.pl

Registration Details

Legal form	Limited liability company
Stat.no.	001325098
Tax ID	PL 5840251089
Establishment	10.10.1988
Changes of names and addresses	VONKOPOL Sp. z o.o.
	09.05.2002 LACTIMA Sp. z o.o.
	25.06.2013 LACTIMA sp. z o.o.
Registration:	09.05.2002, District Court Olsztyn, VIII Department, KRS 111384 Data concerning previous registrations: 04.03.1996, District Court Olsztyn, RHB 1936 12.11.1988, District Court Gdańsk, RHB 1749

Shareholders

Katarzyna Jolanta Kuncewicz , personal ID no. (PESEL) 61022801244, ul. Renesansowa 16, 80-253 Gdańsk

list entered to NCR /KRS/ on  09.05.2002

Initial Capital

 PLN 50 000,00

Initial capital divided into 100 shares of PLN 500,00 each

Management

Wiesław Kuncewicz , personal ID no. (PESEL) 63022701050, ul. Renesansowa 16, 80-253 Gdańsk
 - president

Mirosława Dragun-Chmielewska , personal ID no. (PESEL) 50120201005, ul. Puszkina 24/78, 10-295 Olsztyn
 - vice president

Anna Rozalia Wiśniewska , personal ID no. (PESEL) 47090604581, ul. Kujawska 4/58, 84-230 Rumia
 - member of board of directors

Representation:
since 09.05.2002 
President with member of the board of directors or with proxy jointly

Supervisory board

Bożena Maria Ankiewicz Filipczuk , personal ID no. (PESEL) 58033000322

Grzegorz Kuncewicz , personal ID no. (PESEL) 88112305990

Stanisław Czerwiński , personal ID no. (PESEL) 33060101330

Alicja Chmielewska , personal ID no. (PESEL) 80032103881

Main activity

Manufacture and sale of cheese, butter and other dairy produce

Branches NACE 2007:

Operation of dairies and cheese making

Wholesale of dairy produce, eggs and edible oils and fats

Production of margarine and similar fats

Storage and service activity supporting transport

Services related to restaurants and food supply

Agriculture, Hunting And Related Service Activities

Employment

2005:              156       employees
2006:              167       employees
2007:              188       employees
2008:              194       employees
2009:              190       employees

Turnover

2010 PLN 81 924 771,49

 2011 PLN 95 455 879,26

 2012 PLN 106 003 860,28

 2013 PLN 123 400 739,21

 2014 PLN 103 724 341,81

Financial statements

Source of financial data	Court	Court	Court	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	26 204 475,15	28 199 524,18	28 886 718,31	28 441 596,34
-  II.  Tangible assets...............	25 997 314,44	27 987 110,95	28 674 970,34	28 092 249,44
-    1. Fixed goods...................	25 524 521,09	27 358 427,05	24 555 895,53	28 033 524,94
-      a) land........................	1 017 552,56	1 033 082,12	918 786,21	924 162,35
-      b) buildings, premises, facilities............................	16 248 786,49	16 580 187,57	12 596 875,03	12 951 728,29
-      c) machinery and equipment.....	7 634 060,57	9 019 753,37	10 524 183,08	13 690 900,81
-      d) fleet of motor vehicles.....	452 386,61	540 689,43	389 538,53	316 845,65
-      e) other fixed goods...........	171 734,86	184 714,56	126 512,68	149 887,84
-    2. Fixed goods under construction..........................	390 061,48	100 019,58	4 013 599,25	58 724,50
-    3. Prepayments for fixed goods under construction....................	82 731,87	528 664,32	105 475,56
-V. Long-term prepayments and accrued income........................	207 160,71	212 413,23	211 747,97	349 346,90
-  1. Deferred tax assets.............	168 523,00	184 945,00	199 440,00	343 436,00
-  2. Other prepayments...............	38 637,71	27 468,23	12 307,97	5 910,90
-B. Current assets....................	25 776 405,42	31 815 943,29	30 566 832,83	25 012 849,25
-  I.   Stock.........................	11 111 188,82	15 342 021,56	11 954 634,04	8 367 228,69
-    1. Raw materials.................	6 212 533,92	9 720 868,36	8 465 308,15	4 944 151,57
-    2. Semi-finished products and work-in-progress......................	29 933,53	58 733,16	38 079,48	35 602,74
-    3. Finished products.............	4 839 805,85	5 536 362,97	3 431 215,06	3 361 851,72
-    4. Goods for re-sale.............	28 915,52	26 057,07	20 031,35	25 622,66
-  II. Short-term receivables.........	14 077 656,73	15 843 134,18	17 584 840,14	16 163 999,55
-    2. Other receivables ............	14 077 656,73	15 843 134,18	17 584 840,14	16 163 999,55
-      a) Due to deliveries and services with payment period:.........	12 800 694,11	14 267 824,42	15 519 883,49	14 779 616,66
-        - up to 12 months............	12 800 694,11	14 267 824,42	15 519 883,49	14 779 616,66
-      b) Due to taxes, subsidies, insurances, duties, etc...............	1 033 062,59	1 370 061,86	1 815 305,42	1 159 234,78
-      c) Other.......................	243 900,03	205 247,90	249 651,23	225 148,11
-  III. Short term investments........	466 271,04	503 683,08	923 090,12	384 658,54
-    1. Short-term financial assets...	466 271,04	503 683,08	923 090,12	384 658,54
-      c) cash and other liquid assets................................	466 271,04	503 683,08	923 090,12	384 658,54
-        - cash in hand and on bank account...............................	466 271,04	503 683,08	923 090,12	384 658,54
-IV. Short-term prepayments and accrued income........................	121 288,83	127 104,47	104 268,53	96 962,47
-D. Total assets......................	51 980 880,57	60 015 467,47	59 453 551,14	53 454 445,59
-A. Shareholders' equity..............	19 197 613,62	15 072 114,12	16 875 487,05	13 950 734,03
-  I.   Basic share capital...........	50 000,00	50 000,00	50 000,00	50 000,00
-  IV.  Statutory reserve capital.....	2 178 554,29	2 143 617,75	2 143 617,75	2 143 617,75
-  V. Revaluation reserve.............	380 575,42	415 511,96	415 511,96	415 511,96
-  VI.  Other reserve capital.........	11 000 000,00	11 000 000,00	8 000 000,00	9 900 000,00
-  VIII. Net profit (loss)............	5 588 483,91	1 462 984,41	6 266 357,34	1 441 604,32
-B. Liabilities and reserves for liabilities...........................	32 783 266,95	44 943 353,35	42 578 064,09	39 503 711,56
-  I.   Reserves for liabilities......	402 182,00	449 493,00	529 753,00	505 851,00
-    1. Deferred income tax reserves..	30 390,00	47 152,00	56 890,00	105 679,00
-    2. Reserves for pensions and similar social payments...............	371 792,00	402 341,00	472 863,00	400 172,00
-      - long-term....................	284 046,00	276 449,00	378 639,00	333 696,00
-      - short-term...................	87 746,00	125 892,00	94 224,00	66 476,00
-II.  Long-term liabilities...........	6 456 474,78	7 685 819,60	5 982 726,20	9 106 721,41
-  2. Other liabilities...............	6 456 474,78	7 685 819,60	5 982 726,20	9 106 721,41
-    a) Loans.........................	6 330 679,83	7 529 841,42	5 868 726,22	9 051 605,77
-    c) Other financial liabilities...	125 794,95	155 978,18	113 999,98	55 115,64
-III. Short-term liabilities..........	19 619 278,73	29 787 891,81	28 749 473,18	22 821 101,70
-  2. Other liabilities...............	18 877 728,40	29 065 280,67	28 065 079,69	22 171 426,86
-    a) Loans.........................	8 121 820,81	8 325 374,93	6 153 481,63	5 111 146,34
-    c) Other financial liabilities...	170 315,97	165 895,44	136 757,76	128 167,29
-    d)Due to deliveries and services with payment period:.........	9 606 847,76	18 732 972,08	20 079 618,75	15 818 973,47
-      - up to 12 months..............	9 606 847,76	18 732 972,08	20 079 618,75	15 818 973,47
-    g) Due to taxes, subsidies, insurances, duties, etc...............	692 457,65	540 620,88	1 445 593,58	601 028,22
-    h) Due to salaries...............	273 741,52	290 756,20	240 086,24	194 941,25
-    i) Other.........................	12 544,69	1 009 661,14	9 541,73	317 170,29
-  3. Special funds...................	741 550,33	722 611,14	684 393,49	649 674,84
-IV.  Accruals and deferred income....	6 305 331,44	7 020 148,94	7 316 111,71	7 070 037,45
-  2. Other accruals..................	6 305 331,44	7 020 148,94	7 316 111,71	7 070 037,45
-    - long-term......................	5 590 825,35	6 305 331,44	6 196 440,61	5 811 565,81
-    - short-term.....................	714 506,09	714 817,50	1 119 671,10	1 258 471,64
-D. Total liabilities.................	51 980 880,57	60 015 467,47	59 453 551,14	53 454 445,59
Source of financial data	Court	Court	Court	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2014- 31.12.2014 (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.....	103 724 341,81	123 400 739,21	106 003 860,28	95 455 879,26
-  I.   Net income on sales...........	102 438 510,10	119 546 785,29	103 991 977,18	93 346 539,61
-  II.  Change in value of stock ( +, -).................................	-680 197,42	2 220 618,49	10 752,21	869 026,82
-  III. Sales of goods for own use....	997 728,82	1 523 760,81	1 046 175,18	1 109 822,51
-  IV.  Income from sales of goods and materials.........................	968 300,31	109 574,62	954 955,71	130 490,32
-B. Operational costs.................	96 804 888,14	122 750 388,38	98 747 362,17	94 342 917,20
-  I.   Depreciation..................	2 879 082,93	3 822 223,04	3 919 231,17	4 568 575,98
-  II.  Materials and energy..........	73 964 050,40	99 097 367,07	76 971 692,88	73 712 092,02
-  III. Third party services..........	7 634 067,11	7 698 436,30	6 979 136,31	6 695 164,32
-  IV.  Taxes and duties..............	551 960,72	520 687,75	495 199,51	446 802,53
-  V.   Salaries and wages............	8 565 882,55	8 797 275,74	7 568 413,13	7 010 402,00
-  VI.  Social security...............	1 833 614,91	1 879 157,70	1 600 544,91	1 374 969,63
-  VII. Other.........................	580 099,07	820 568,89	472 200,49	411 538,71
-  VIII.Costs of goods and materials sold..................................	796 130,45	114 671,89	740 943,77	123 372,01
-C. Profit on sale....................	6 919 453,67	650 350,83	7 256 498,11	1 112 962,06
-D. Other operating incomes...........	832 558,70	1 898 683,32	1 770 391,31	2 060 513,49
-  I.   Incomes from disposal non-financial assets..................	17 900,40	404 969,39	31 786,68	52 791,04
-  II.  Subsidies.....................	714 817,50	1 079 958,78	1 310 424,54	1 333 407,41
-  III. Other operating incomes.......	99 840,80	413 755,15	428 180,09	674 315,04
-E. Other operating costs.............	306 000,63	290 154,70	745 757,75	397 258,20
-  II.  Goodwill revaluation..........			32 631,62
-  III. Other operating costs.........	306 000,63	290 154,70	713 126,13	397 258,20
-F. Profit on operating activities....	7 446 011,74	2 258 879,45	8 281 131,67	2 776 217,35
-G. Financial incomes.................	177 782,56	284 550,66	412 197,66	346 289,02
-  II.  Interest received.............	164 766,54	268 491,78	229 866,38	346 289,02
-  V.   Other.........................	13 016,02	16 058,88	182 331,28
-H. Financial costs...................	664 412,39	639 062,70	676 744,99	1 283 292,05
-  I.   Interest......................	607 217,78	596 334,32	638 269,97	612 480,55
-  IV.  Other.........................	57 194,61	42 728,38	38 475,02	670 811,50
-I. Profit on economic activity.......	6 959 381,91	1 904 367,41	8 016 584,34	1 839 214,32
-K. Gross profit......................	6 959 381,91	1 904 367,41	8 016 584,34	1 839 214,32
-L. Corporation tax...................	1 370 898,00	441 383,00	1 750 227,00	397 610,00
-N. Net profit........................	5 588 483,91	1 462 984,41	6 266 357,34	1 441 604,32

AUDITOR

Balance sheet as at 31.12.2011
FINEX AUDIT Sp. z o.o., ul. Generała Tadeusza Kościuszki 23/6, 10-501 Olsztyn	No. 3293

Expert auditor  Wanda Petrykowska

No. 2045

Ratios	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011
Current ratio	1,31	1,07	1,06	1,10
Quick ratio	0,74	0,55	0,64	0,73
Immediate ratio	0,02	0,02	0,03	0,02
Return on sale	5,39	1,22	5,97	1,54
Return on assets	10,75	2,44	10,54	2,70
Return on equity	29,11	9,71	37,13	10,33
Average trade debtors' days	49,54	48,33	61,33	63,12
Average stock turnover's days	39,10	46,80	41,69	32,67
average payables payment period	69,04	90,87	100,26	89,11
Total indebtedness ratio	63,07	74,89	71,62	73,90

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.10.51.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,68	1,64	1,57	1,57	1,50
Quick ratio..............................	1,27	1,19	1,19	1,18	1,14
Immediate ratio..........................	0,31	0,30	0,32	0,26	0,25
Return on sale...........................	2,18	1,14	2,19	1,38	1,86
Return on assets.........................	1,03	2,41	4,51	2,73	3,58
Return on equity.........................	1,74	4,08	8,26	5,09	6,91
Average trade debtors' days..............	45,50	38,75	43,46	44,49	45,29
Average stock turnover's days............	18,36	18,94	18,49	18,71	18,37
average payables payment period..........	48,70	44,40	51,39	50,05	52,89
Total indebtedness ratio.................	40,86	41,01	45,42	46,34	48,23
Percent share in the examinated group of companies with net profit.............	70,00	65,40	91,80	73,70	84,70
Sales/revenue per employee in th. PLN....	213,05	924,16	902,93	785,59	762,63
Average sales/revenue per company in th. PLN..................................	50 915,74	217 275,50	211 468,54	183 695,68	171 861,92

according to the Central Statistical Office

Locations

seat:
ul. Kaszubska 6, 14-300 Morąg
Phone:                 89 7574065
Fax:                     89 7574224
E-mail:                 handel@lactima.pl
sekretariat@lactima.pl
Website:                www.lactima.pl

representatives:
ul. Zagnańska 95, 25-558 Kielce
ul. Sandomierska 4, 45-326 Opole
ul. Polna 103/105, 87-100 Toruń
ul. Struga 44, 70-784 Szczecin

Other Information

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 452 386,61

SHARES IN OTHER COMPANIES

As at 10.11.2015 there are no shares in other companies.

CONNECTIONS

Bożena Maria Ankiewicz Filipczuk , personal ID no. (PESEL) 58033000322
-  MAŁA KLINIKA SPÓŁKA Z O.O., ul. Malczewskiego Jacka 51, 80-107 Gdańsk
  · member of supervisory board
-  MISIEWICZ, MOSEK I PARTNERZY KANCELARIA RADCÓW PRAWNYCH NIP 9570715083, ul. Stągiewna 12/2, 80-750 Gdańsk
  · partner

GENERAL INFORMATION

The subject has not decided to cooperate in elaboration of the report.

BANKS

Names of banks were not disclosed

PAYMENT MANNER

Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.80
UK Pound	1	Rs. 100.49
Euro	1	Rs.72.52
PLN	1	Rs. 16.77

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ASH

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.