MIRA INFORM REPORT

Report Date :

02.01.2015

IDENTIFICATION DETAILS

Name :	IMCD POLSKA SP. Z O.O.

Registered Office :	ul. Bukowińska 22B, 02-703 Warszawa

Country :	Poland

Financials (as on) :	30.09.2014

Date of Incorporation :	17.01.2002

Com. Reg. No.:	92602

Legal Form :	Limited liability company

Line of Business :	Sale of chemical raw materials and functional additives for food

No. of Employee :	39

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

IMCD POLSKA sp. z o.o.

ul. Bukowińska 22B

02-703 Warszawa

Phone: 22 3882700

Fax: 22 3882710

E-mail: info@imcd.pl

Website: imcd.pl

Company details

Legal form	Limited liability company
Stat.no.	017485346
Tax ID	PL 5222635635

Establishment	17.01.2002
Changes of names and addresses	17.01.2002 IMCD POLSKA sp. z o.o. ul. Kochanowskiego 49p.304, 01-864 Warszawa
	27.03.2002 ul. Pilchowicka 9/11, 02-175 Warszawa
	31.08.2004 ul. Bukowińska 22B, 02-703 Warszawa
	22.12.2004 IMCD COMTECH sp. z o.o.
	29.03.2007 IMCD POLSKA sp. z o.o.

Registration:	15.02.2002, District Court Warszawa, XIII Department, KRS 92602

Shareholders

Shareholders	IMCD GROUP B.V., Wilhelminaplein 32, 3072DE Rotterdam, Netherlands	PLN	1 300 000,00 100,00%

	list prepared on 14.10.2014

Initial Capital

Initial Capital		PLN 1 300 000,00
	Initial capital divided into 2600 shares of PLN 500,00 each
	Changes of initial capital
	- since 23.10.2003 until 22.12.2004 the capital estimated	PLN 800 000,00
	- since 09.01.2003 until 23.10.2003 the capital estimated	PLN 450 000,00
	- since 15.02.2002 until 09.01.2003 the capital estimated	PLN 50 000,00

Management

Management	Hendrikus Jacobus Kooijmans - member of board of directors Pieter Cornelis van der Slikke - member of board of directors
	Proxies: Jarosław Grzegorz Jakiel , personal ID no. (PESEL) 72031103276 - independent proxy Marek Krzysztof Mikołajczak , personal ID no. (PESEL) 55072306439 - independent proxy
	Representation: since 15.02.2002 Each member of the board of directors individually

Main activity

Main activity	sale of chemical raw materials and functional additives for food
	Branches NACE 2007:
	Wholesale of chemical products	(G.46.75.Z)
	Other wholesale	(G.46.90.Z)

Employment

2009:              26        employees
2010:              27        employees
2011:              29        employees
2012:              36        employees
2013:              39        employees

Turnover

Turnover	2010	PLN	68 772 700,00
	2011	PLN	83 393 600,00
	2012	PLN	92 911 700,00
	2013	PLN	103 035 400,00
	01.01.2014 - 30.09.2014	PLN	90 981 000,00

Financial statements

Source of financial data	Court	Court	Monitor Polski B
	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)
-A. Fixed assets......................	8 032 900,00	2 306 400,00	1 777 200,00
- I. Intangible assets.............	6 147 400,00	2 700,00	41 000,00
- 2. Goodwill......................			12 400,00
- 3. Other intangible assets.......	6 147 400,00	2 700,00	28 600,00
- II. Tangible assets...............	1 135 800,00	1 628 100,00	1 327 700,00
- 1. Fixed goods...................	1 135 800,00	1 628 100,00	1 327 700,00
- b) buildings, premises, facilities............................	29 700,00	45 800,00	62 000,00
- c) machinery and equipment.....	89 300,00	122 000,00	142 900,00
- d) fleet of motor vehicles.....	962 800,00	1 423 600,00	1 099 800,00
- e) other fixed goods...........	54 000,00	36 700,00	23 000,00
- III. Long term receivables.........	212 800,00	409 600,00	190 500,00
- 2. Other receivables.............	212 800,00	409 600,00	190 500,00
-V. Long-term prepayments and accrued income........................	536 900,00	266 000,00	218 000,00
- 1. Deferred tax assets.............	536 900,00	266 000,00	218 000,00
-B. Current assets....................	41 876 600,00	36 331 300,00	31 932 000,00
- I. Stock.........................	6 012 900,00	6 496 300,00	5 452 400,00
- 4. Goods for re-sale.............	5 984 400,00	6 491 100,00	5 450 900,00
- 5. Advance payments .............	28 500,00	5 200,00	1 500,00
- II. Short-term receivables.........	12 629 200,00	12 470 100,00	10 068 100,00
- 1. Receivables from affiliated companies.............................	51 100,00	123 900,00	234 100,00
- a) Due to deliveries and services with payment period:.........	51 100,00	123 900,00	234 100,00
- 2. Other receivables ............	12 578 100,00	12 346 200,00	9 834 000,00
- a) Due to deliveries and services with payment period:.........	12 550 900,00	12 295 400,00	9 624 300,00
- b) Due to taxes, subsidies, insurances, duties, etc...............		44 700,00	166 600,00
- c) Other.......................	27 200,00	6 100,00	43 100,00
- III. Short term investments........	23 063 200,00	17 180 200,00	15 811 300,00
- 1. Short-term financial assets...	23 063 200,00	17 180 200,00	15 811 300,00
- a) in affiliated companies.....	14 927 400,00	13 212 400,00	10 219 100,00
- b) Other.......................	1 100,00	1 400,00	5 400,00
- c) cash and other liquid assets................................	8 134 700,00	3 966 400,00	5 586 800,00
-IV. Short-term prepayments and accrued income........................	171 300,00	184 700,00	600 200,00
-D. Total assets......................	49 909 500,00	38 637 700,00	33 709 200,00
-A. Shareholders' equity..............	31 020 100,00	26 672 500,00	23 280 400,00
- I. Basic share capital...........	1 300 000,00	1 300 000,00	1 300 000,00
- IV. Statutory reserve capital.....	751 600,00	751 600,00	751 600,00
- VI. Other reserve capital.........	24 620 900,00	21 228 800,00	15 751 400,00
- VIII. Net profit (loss)............	4 347 600,00	3 392 100,00	5 477 300,00
-B. Liabilities and reserves for liabilities...........................	18 889 400,00	11 965 200,00	10 428 800,00
- I. Reserves for liabilities......	14 300,00	29 600,00	137 000,00
- 1. Deferred income tax reserves..	14 300,00	29 600,00	137 000,00
-II. Long-term liabilities...........	408 500,00	822 300,00	632 900,00
- 2. Other liabilities...............	408 500,00	822 300,00	632 900,00
- c) Other financial liabilities...	408 500,00	822 300,00	632 900,00
-III. Short-term liabilities..........	17 475 300,00	10 314 000,00	8 804 900,00
- 1. Due to affiliated companies.....	9 914 200,00	3 428 100,00	2 302 800,00
- a) Due to deliveries and services with payment period:.........	2 278 400,00	3 428 100,00	2 302 800,00
- b) Other.........................	7 635 800,00
- 2. Other liabilities...............	7 561 100,00	6 885 900,00	6 502 100,00
- c) Other financial liabilities...	467 300,00	444 600,00	342 600,00
- d)Due to deliveries and services with payment period:.........	6 439 300,00	5 740 900,00	5 146 900,00
- e) Advances received.............	21 100,00	14 600,00	11 100,00
- g) Due to taxes, subsidies, insurances, duties, etc...............	608 300,00	664 700,00	969 500,00
- i) Other.........................	25 100,00	21 100,00	32 000,00
-IV. Accruals and deferred income....	991 300,00	799 300,00	854 000,00
- 2. Other accruals..................	991 300,00	799 300,00	854 000,00
- - short-term.....................	991 300,00	799 300,00	854 000,00
-D. Total liabilities.................	49 909 500,00	38 637 700,00	33 709 200,00

Source of financial data	Subject	Court	Court	Monitor Polski B
	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.....	90 981 000,00	103 035 400,00	92 911 700,00	83 393 600,00
- - including related companies......		722 400,00	754 300,00	1 002 700,00
- I. Net income on sales...........		580 600,00	772 800,00	576 700,00
- IV. Income from sales of goods and materials.........................		102 454 800,00	92 138 900,00	82 816 900,00
-B. Operational costs.................	79 652 000,00	97 804 300,00	88 532 900,00	77 383 400,00
- I. Depreciation..................		2 038 000,00	638 100,00	544 200,00
- II. Materials and energy..........		532 500,00	477 500,00	376 400,00
- III. Third party services..........		5 529 000,00	5 040 300,00	4 683 000,00
- IV. Taxes and duties..............		74 300,00	303 800,00	86 300,00
- - including excise tax...........		100,00
- V. Salaries and wages............		5 499 200,00	4 832 500,00	4 188 000,00
- VI. Social security...............		994 600,00	814 500,00	611 100,00
- VII. Other.........................		1 031 300,00	1 189 100,00	933 200,00
- VIII.Costs of goods and materials sold..................................		82 105 400,00	75 237 100,00	65 961 200,00
-C. Profit on sale....................	11 329 000,00	5 231 100,00	4 378 800,00	6 010 200,00
-D. Other operating incomes...........	136 000,00	165 500,00	293 500,00	350 300,00
- I. Incomes from disposal non-financial assets..................		26 000,00	108 700,00	125 200,00
- III. Other operating incomes.......		139 500,00	184 800,00	225 100,00
-E. Other operating costs.............	3 085 000,00	78 700,00	72 700,00	348 500,00
- II. Goodwill revaluation..........		26 600,00	47 500,00	262 700,00
- III. Other operating costs.........		52 100,00	25 200,00	85 800,00
-F. Profit on operating activities....	8 380 000,00	5 317 900,00	4 599 600,00	6 012 000,00
-G. Financial incomes.................	262 000,00	302 800,00	395 400,00	854 200,00
- II. Interest received.............	262 000,00	302 800,00	395 400,00	351 600,00
- - including related companies....		285 200,00	283 300,00	292 200,00
- V. Other.........................				502 600,00
-H. Financial costs...................	212 000,00	194 400,00	769 500,00	69 200,00
- I. Interest......................	1 000,00	125 800,00	110 300,00	69 200,00
- IV. Other.........................	211 000,00	68 600,00	659 200,00
-I. Profit on economic activity.......	8 430 000,00	5 426 300,00	4 225 500,00	6 797 000,00
-J. Exceptional items.................	-762 000,00
- II. Exceptional losses............	762 000,00
-K. Gross profit......................	7 668 000,00	5 426 300,00	4 225 500,00	6 797 000,00
-L. Corporation tax...................	1 492 000,00	1 078 700,00	833 400,00	1 319 700,00
-N. Net profit........................	6 177 000,00	4 347 600,00	3 392 100,00	5 477 300,00

AUDITOR

Balance sheet as at 31.12.2013
KPMG AUDYT Sp. z o.o. Sp. Komandytowa	No. 3546

Expert auditor Marta Kiewicz

No. 12762

Balance sheet as at 31.12.2011
KPMG AUDYT Sp. z o.o. Sp. Komandytowa	No. 3546

Expert auditor Wojciech Stopka

No. 90060

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		2,40	3,52	3,63
Quick ratio		2,04	2,87	2,94
Immediate ratio		0,47	0,38	0,63
Return on sale	6,79	4,22	3,65	6,57
Return on assets	103,55	8,71	8,78	16,25
Return on equity		14,02	12,72	23,53
Average trade debtors' days	64,64	44,74	49,12	44,07
Average stock turnover's days	23,78	21,30	25,59	23,86
average payables payment period		61,91	40,63	38,54
Total indebtedness ratio		37,85	30,97	30,94

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in

(G.46.75.Z - NACE 2007), as at :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,10	1,66	1,53	1,14	1,11
Quick ratio..............................	0,79	1,06	0,95	0,76	0,77
Immediate ratio..........................	0,06	0,14	0,10	0,09	0,08
Return on sale...........................	3,59	3,96	0,72	4,05	2,19
Return on assets.........................	3,71	8,43	1,71	8,69	4,46
Return on equity.........................	10,43	19,70	4,56	21,64	13,82
Average trade debtors' days..............	73,20	49,85	53,66	57,73	57,67
Average stock turnover's days............	30,64	35,58	36,55	34,45	33,96
average payables payment period..........	103,17	60,52	64,47	90,78	102,77
Total indebtedness ratio.................	64,44	57,20	62,54	59,82	67,75
Percent share in the examinated group of companies with net profit.............	82,50	92,60	91,50	94,40	87,30
Sales/revenue per employee in th. PLN....	1 297,25	2 317,10	2 613,50	2 400,45	2 096,10
Average sales/revenue per company in th. PLN..................................	178 546,78	276 007,57	297 644,08	258 606,56	213 369,35



according to the Central Statistical Office

Locations

Locations:	seat: ul. Bukowińska 22B, 02-703 Warszawa Phone: 22 3882700 Fax: 22 3882710 E-mail: info@imcd.pl Website: imcd.pl branch: ul. Lipowa 17, 44-207 Rybnik Phone: 32 4502081 Fax: 32 4502080

Real Estate

Real Estate	Book value of buildings as at 31.12.2013	PLN	29 700,00
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

Means of transport	As at 31.12.2013 book value of car fleet was: PLN 962 800,00

Shares in other companies

As at 09.12.2014 there are no shares in other companies.

Connections

Connections:	Jarosław Grzegorz Jakiel , personal ID no. (PESEL) 72031103276 - JAN DEKKER POLSKA sp. z o.o. w likwidacji NIP PL 7010009437, ul. Meksykańska 8/48, 03-948 Warszawa · liquidator Pieter Cornelis van der Slikke Hendrikus Jacobus Kooijmans 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: 09.12.2014.

Taking overs

Taking overs	31.01.2005 (Entry date) - merger IMCD COMTECH sp. z o.o., ul. Bukowińska 22B, 02-703 Warszawa (as taking over) COM-TECH POLAND Ltd. Sp. z o.o. KRS 62619, ,ul. Bukowińska 22 B, 02-703 Warszawa (as taken over)

Banks

Banks	THE ROYAL BANK OF SCOTLAND PLC SPÓŁKA AKCYJNA ODDZIAŁ W POLSCE ul. 1 Sierpnia 8A, 02-134 Warszawa

Payment Manner

Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Analysis Done by :	KRN

Report Prepared by :	DPT

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.