MIRA INFORM REPORT

Report No. :	333398
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	ALL TASTE SP. Z O.O.

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

Country :	Poland

Financials (as on) :	31.12.2012

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 :	1 to 9 Employees (2010)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

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


Turnover	04.11.2009 - 31.12.2010	PLN	1 767 202,97
	2011	PLN	2 127 678,15
	2012	PLN	1 154 473,39

Financial statements

Current financial data not available due to no insight into court files of the company.

Source of financial data	Court	Court	Court
	annual	annual	periodic
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	84 768,39
- I. Intangible assets.............	77 172,69
- 3. Other intangible assets.......	77 172,69
- II. Tangible assets...............	7 595,70
- 1. Fixed goods...................	7 595,70
- c) machinery and equipment.....	7 595,70
-B. Current assets....................	384 793,11	265 938,08	377 934,78
- I. Stock.........................	49 773,19	72 241,97	221 215,23
- 2. Semi-finished products and work-in-progress......................	34 917,02	31 578,64	41 974,29
- 3. Finished products.............	14 856,17	40 663,33	179 240,94
- II. Short-term receivables.........	327 418,74	182 259,85	150 651,00
- 2. Other receivables ............	327 418,74	182 259,85	150 651,00
- a) Due to deliveries and services with payment period:.........	322 658,98	168 992,18	144 625,83
- b) Due to taxes, subsidies, insurances, duties...............	478,83	10 843,67	6 025,17
- d) Received through judicial proceedings...........................	4 280,93	2 424,00
- III. Short term investments........	7 601,18	3 391,81	6 068,55
- 1. Short-term financial assets...	7 601,18	3 391,81	6 068,55
- c) cash and other liquid assets................................	7 601,18	3 391,81	6 068,55
- - cash in hand and on bank account...............................	7 601,18	3 391,81	6 068,55
-IV. Short-term prepayments and accrued income........................		8 044,45
-D. Total assets......................	469 561,50	265 938,08	377 934,78
-A. Shareholders' equity..............	-127 457,92	-234 780,61	-27 895,28
- I. Basic share capital...........	5 000,00	5 000,00	5 000,00
- VII. Profit (loss) carried forward.	-239 780,61
- VIII. Net profit (loss)............	107 322,69	-32 895,28	-32 895,28
- IX. Deductions from profit during the accounting year (-.........		-206 885,33
-B. Liabilities and reserves for liabilities...........................	597 019,42	500 718,69	405 830,06
-III. Short-term liabilities..........	596 753,58	500 718,69	405 596,72
- 2. Other liabilities...............	596 753,58	500 718,69	405 596,72
- d)Due to deliveries and services with payment period:.........	526 845,81	467 648,78	378 350,24
- - up to 12 months..............	526 845,81	467 648,78	378 350,24
- g) Due to taxes, subsidies, insurances, duties...............	45 525,25	24 452,20	18 011,10
- h) Due to salaries...............	24 382,52	8 617,71	9 235,38
-IV. Accruals and deferred income....	265,84		233,34
- 2. Other accruals..................	265,84		233,34
- - short-term.....................	265,84		233,34
-D. Total liabilities.................	469 561,50	265 938,08	377 934,78

Source of financial data	Court	Court	Court
	annual	annual	periodic
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	- 04.11.2009- 31.12.2010 (PLN)
-A. Income from sales and similar.....	1 154 473,39	2 127 678,15	1 767 202,97
- I. Net income on sales...........	1 154 473,39	2 127 678,15	1 767 202,97
-B. Operational costs.................	1 041 193,73	2 249 048,65	1 774 773,55
- I. Depreciation..................	6 804,19	3 465,69	2 294,26
- II. Materials and energy..........	67 010,85	60 857,47	27 883,48
- III. Third party services..........	277 256,21	553 463,85	351 143,70
- IV. Taxes and duties..............	534,00	4 017,00	1 792,79
- V. Salaries and wages............	139 603,32	162 273,50	86 966,29
- VI. Social security...............	36 311,75	18 889,23	9 327,57
- VII. Other.........................	1 116,71	288,20	63,46
- VIII.Costs of goods and materials sold..................................	512 556,70	1 445 793,71	1 295 302,00
-C. Profit on sale....................	113 279,66
-C. Loss on sale......................		121 370,50	7 570,58
-D. Other operating incomes...........	4 305,52	122 035,95	2,21
- III. Other operating incomes.......	4 305,52	122 035,95	2,21
-E. Other operating costs.............	15 543,42	166 730,00	19 689,89
- III. Other operating costs.........	15 543,42	166 730,00	19 689,89
-F. Profit on operating activities....	102 041,76
-F. Loss on operating activities......		166 064,55	27 258,26
-G. Financial incomes.................	25 896,88	12 433,01	16 301,46
- V. Other.........................	12 791,64	12 433,01	16 301,46
-H. Financial costs...................	17 567,95	53 253,79	21 938,48
- I. Interest......................	1 728,60	172,13
- IV. Other.........................	15 839,35	53 081,66	21 938,48
-I. Profit on economic activity.......	110 370,69
-I. Loss on economic activity.........		206 885,33	32 895,28
-K. Gross profit......................	110 370,69
-K. Gross loss........................		206 885,33	32 895,28
-L. Corporation tax...................	3 048,00
-N. Net profit........................	107 322,69
-N. Net loss..........................		206 885,33	32 895,28

Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	04.11.2009- 31.12.2010
Current ratio	0,64	0,53	0,93
Quick ratio	0,56	0,37	0,39
Immediate ratio	0,01	0,01	0,01
Return on sale	9,30	-9,72	-1,86
Return on assets	22,86	-77,79	-8,70
Average trade debtors' days	103,80	31,27	36,06
Average stock turnover's days	15,78	12,39	52,95
average payables payment period	189,19	85,90	97,08
Total indebtedness ratio	127,14	188,28	107,38

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.


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. Court files of the said company at Register Court are temporarily unavailable. Should we receive further information, we will send it to you immediately.


Banks	Names of banks were not disclosed


Payment Manner	In available sources, payment delays have not been noted	(34)
Credit capability	Business connections should not be refused, credits require security	(41)
	The commercial credit cannot be determined due to the lack of insight into the complete and current financial situation of the subject company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.01
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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.

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