MIRA INFORM REPORT

Report No. :	341483
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	ROGER SP. Z O.O.

Registered Office :	Ul. Pogonowskiego 5/7 90-745 Łódź

Country :	Poland

Financials (as on) :	31.12.2014

Date of Incorporation :	24.07.2003

Legal Form :	Limited Liability Company

Line of Business :	Manufacture and sale of tea brand "SIR ROGER" Sale of food articles Processing of tea and of coffee Wholesale of coffee, tea, cocoa and spices Production of mineral waters and soft drinks Hotels Other equipment repair and maintenance Other financial service activity

No. of Employees :	10 to 49 Employees

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.

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 summary

ROGER SP. Z O.O.

ul. Pogonowskiego 5/7
90-745 Łódź

Phone: 25 7406997

Mobile phone: 508 091471

Fax: 25 7406998

E-mail: biuro@sirroger.pl

Website: www.sirroger.pl

Legal form	Limited liability company
Stat.no.	473180518
Tax ID	PL 9471898991

Establishment	24.07.2003	(5)
Changes of names and addresses	ul. Duńska 3/5, 91-204 Łódź
	29.02.2008 ul. Pogonowskiego 5/7, 90-745 Łódź


Registration:	26.08.2003, District Court Łódź, XX Department, KRS 170926


Shareholders	Piotr Klepczarek , personal ID no. (PESEL) 48060204198, al. Wyszyńskiego 53/18, 94-047 Łódź	PLN	27 200,00 25,00%

	Zbigniew Olczyk , personal ID no. (PESEL) 57021101775, ul. Umińskiego 5/1, 93-259 Łódź	PLN	27 200,00 25,00%

	Marek Walesiak , personal ID no. (PESEL) 59010115493, ul. Mieszka I 11, 05-300 Mińsk Mazowiecki	PLN	27 200,00 25,00%

	Mariusz Józef Bolek , personal ID no. (PESEL) 68042012250	PLN	13 600,00 12,50%

	Jarosław Marian Bolek , personal ID no. (PESEL) 66031409777	PLN	13 600,00 12,50%

	list entered to NCR /KRS/ on 19.01.2009


Initial Capital		PLN 108 800,00
	Initial capital divided into 136 shares of PLN 800,00 each
	Changes of initial capital
	- until 04.12.2008 the capital estimated	PLN 100 000,00


Management	Zbigniew Olczyk , personal ID no. (PESEL) 57021101775, ul. Umińskiego 5/1, 93-259 Łódź - member of board of directors Jarosław Marian Bolek , personal ID no. (PESEL) 66031409777 - member of board of directors Marek Walesiak , personal ID no. (PESEL) 59010115493, ul. Mieszka I 11, 05-300 Mińsk Mazowiecki - member of board of directors
	Representation: Each member of the board of directors individually.


Main activity	Manufacture and sale of tea brand "SIR ROGER" Sale of food articles
	Branches NACE 2007:
	Processing of tea and of coffee	(C.10.83.Z)
	Wholesale of coffee, tea, cocoa and spices	(G.46.37.Z)
	Production of mineral waters and soft drinks	(C.11.07.Z)
	Hotels	(I.55.10.Z)
	Other equipment repair and maintenance	(S.95.22.Z)
	Other financial service activity	(K.66.29.Z)


Employment	2005: 3 employees 2006: 2 employees 2014: 10 to 49 employees 2015: 10 to 49 employees

Turnover	2010	PLN	11 850 515,84
	2011	PLN	12 712 521,32
	2012	PLN	12 640 923,04
	2013	PLN	13 705 484,74
	2014	PLN	15 194 125,76

Financial statements


Source of financial data	Court	Court	Court	Court
	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......................	883 667,76	1 006 876,09	901 591,00	1 039 286,39
- I. Intangible assets.............				1 405,89
- 3. Other intangible assets.......				1 405,89
- II. Tangible assets...............	883 667,76	1 006 876,09	901 591,00	1 037 880,50
- 1. Fixed goods...................	779 616,27	1 006 876,09	901 591,00	1 037 880,50
- b) buildings, premises, facilities............................	62 886,58	71 270,38	75 456,58	83 837,98
- c) machinery and equipment.....	621 660,88	799 366,07	672 131,75	815 346,39
- d) fleet of motor vehicles.....	25 329,97	33 666,64	37 795,55	45 913,91
- e) other fixed goods...........	69 738,84	102 573,00	116 207,12	92 782,22
- 2. Fixed goods under construction..........................	935,89
- 3. Prepayments for fixed goods under construction....................	103 115,60
-B. Current assets....................	5 882 351,91	6 165 345,53	5 598 996,15	5 774 779,32
- I. Stock.........................	3 111 647,92	2 693 967,13	3 042 307,66	2 609 336,03
- 1. Raw materials.................	2 181 485,32	1 988 520,18	1 970 304,22	1 373 476,95
- 2. Semi-finished products and work-in-progress......................	930 162,60
- 3. Finished products.............		705 446,95	1 072 003,44	596 992,91
- 4. Goods for re-sale.............				638 866,17
- II. Short-term receivables.........	2 543 645,19	3 372 517,97	2 437 815,72	3 003 611,64
- 1. Receivables from affiliated companies.............................	2 543 287,19
- a) Due to deliveries and services with payment period:.........	2 543 287,19
- - up to 12 months............	2 543 287,19
- 2. Other receivables ............	358,00	3 372 517,97	2 437 815,72	3 003 611,64
- a) Due to deliveries and services with payment period:.........		3 274 415,97	2 398 332,69	2 983 610,45
- - up to 12 months............		3 274 415,97	2 398 332,69	2 983 610,45
- b) Due to taxes, subsidies, insurances, duties,...............		96 744,00	31 773,00
- c) Other.......................	358,00	1 358,00	7 710,03	20 001,19
- III. Short term investments........	47 003,44	8 057,67	27 096,93	17 707,55
- 1. Short-term financial assets...	47 003,44	8 057,67	27 096,93	17 707,55
- c) cash and other liquid assets................................	47 003,44	8 057,67	27 096,93	17 707,55
- - cash in hand and on bank account...............................	47 003,44	8 057,67	27 096,93	17 707,55
-IV. Short-term prepayments and accrued income........................	180 055,36	90 802,76	91 775,84	144 124,10
-D. Total assets......................	6 766 019,67	7 172 221,62	6 500 587,15	6 814 065,71
-A. Shareholders' equity..............	2 595 675,16	2 659 587,01	2 581 385,73	2 424 303,51
- I. Basic share capital...........	108 800,00	108 800,00	108 800,00	108 800,00
- VI. Other reserve capital.........	2 300 787,01	2 433 800,77	2 311 413,01	1 804 236,95
- VII. Profit (loss) carried forward.		4 090,50	4 090,50	4 090,50
- VIII. Net profit (loss)............	186 088,15	112 895,74	157 082,22	507 176,06
-B. Liabilities and reserves for liabilities...........................	4 170 344,51	4 512 634,61	3 919 201,42	4 389 762,20
-II. Long-term liabilities...........	5 138,00	66 854,00	60 597,00	165 599,33
- 2. Other liabilities...............	5 138,00	66 854,00	60 597,00	165 599,33
- a) Loans.........................	5 138,00	66 854,00	60 597,00	165 599,33
-III. Short-term liabilities..........	4 074 515,14	4 421 780,45	3 830 604,30	4 192 162,79
- 2. Other liabilities...............	4 074 515,14	4 421 780,45	3 830 604,30	4 192 162,79
- a) Loans.........................	1 396 208,83	2 011 644,21	1 485 786,17	1 191 461,10
- c) Other financial liabilities...	431 309,35	118 141,27
- d)Due to deliveries and services with payment period:.........	2 089 975,16	2 106 393,22	2 193 038,78	2 743 653,11
- - up to 12 months..............		2 106 393,22	2 193 038,78	2 743 653,11
- g) Due to taxes, subsidies, insurances, duties ...............	108 170,02	137 645,67	103 364,86	218 580,28
- h) Due to salaries...............	47 925,38	46 820,34	47 277,80	34 765,80
- i) Other.........................	926,40	1 135,74	1 136,69	3 702,50
-IV. Accruals and deferred income....	90 691,37	24 000,16	28 000,12	32 000,08
- 2. Other accruals..................	90 691,37	24 000,16	28 000,12	32 000,08
- - long-term......................	84 000,24	20 000,20	24 000,16	28 000,12
- - short-term.....................	6 691,13	3 999,96	3 999,96	3 999,96
-D. Total liabilities.................	6 766 019,67	7 172 221,62	6 500 587,15	6 814 065,71

Source of financial data	Court
	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2014- 31.12.2014 (PLN)
-A. Income from sales and similar.....	15 194 125,76
- I. Net revenue form sale of products..............................	11 774 332,73
- II. Net revenue from sale of goods.................................	3 419 793,03
-B.Cost of products, goods sold.......	10 551 378,92
- I. Cost of production of products sold.........................	7 891 246,28
- II. Value of products sold........	2 660 132,64
-C. Gross profit on sale..............	4 642 746,84
-D. Costs of sale.....................	3 342 659,40
-E. General management costs..........	723 140,81
-F. Profit on sale....................	576 946,63
-G. Other operating incomes...........	26 515,42
- I. Incomes from disposal of fixed assets..........................	14 590,81
- III. Other operating incomes.......	11 924,61
-H. Other operating costs.............	135 179,76
- II. Goodwill revaluation..........	28 618,14
- III. Other operating costs.........	106 561,62
-I. Profit on operating activities....	468 282,29
-J. Financial incomes.................	41 914,69
- II. Interest received.............	41 914,69
-K. Financial costs...................	244 509,83
- I. Interest......................	63 319,67
- IV. Other.........................	181 190,16
-L. Gross profit on economic activity.	265 687,15
-N. Gross profit......................	265 687,15
-O. Corporation tax...................	79 599,00
-R. Net profit........................	186 088,15
Source of financial data	Court	Court	Court
	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	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.....	13 705 484,74	12 640 923,04	12 712 521,32
- I. Net income on sales...........	11 991 032,21	11 001 737,26	11 055 401,77
- II. Change in value of stock ( +, -).................................			-2 154,04
- IV. Income from sales of goods and materials.........................	1 714 452,53	1 639 185,78	1 659 273,59
-B. Operational costs.................	13 409 816,10	12 344 552,07	12 013 036,27
- I. Depreciation..................	266 371,16	232 996,56	172 075,55
- II. Materials and energy..........	6 352 334,69	5 668 543,58	4 867 372,67
- III. Third party services..........	4 455 910,42	4 651 812,20	4 928 269,65
- IV. Taxes and duties..............	26 275,37	28 982,16	26 103,77
- V. Salaries and wages............	800 442,14	697 743,55	689 392,02
- VI. Social security...............	158 886,12	140 546,07	125 898,31
- VII. Other.........................	35 753,04	30 208,60	23 183,71
- VIII.Costs of goods and materials sold..................................	1 313 843,16	893 719,35	1 180 740,59
-C. Profit on sale....................	295 668,64	296 370,97	699 485,05
-D. Other operating incomes...........	35 550,69	37 050,37	355 912,56
- I. Incomes from disposal non-financial assets..................	4 981,50
- III. Other operating incomes.......	30 569,19	37 050,37	355 912,56
-E. Other operating costs.............	141 887,85	95 348,72	233 086,99
- I. Loss on disposal of non-finacial assets...................			153 004,27
- III. Other operating costs.........	141 887,85	95 348,72	80 082,72
-F. Profit on operating activities....	189 331,48	238 072,62	822 310,62
-G. Financial incomes.................	38 190,43	55 547,48	32 892,50
- II. Interest received.............	15 060,03	122,40	32 892,50
- V. Other.........................	23 130,40	55 425,08
-H. Financial costs...................	89 534,17	104 028,88	215 118,06
- I. Interest......................	85 471,09	104 028,88	79 045,71
- IV. Other.........................	4 063,08		136 072,35
-I. Profit on economic activity.......	137 987,74	189 591,22	640 085,06
-K. Gross profit......................	137 987,74	189 591,22	640 085,06
-L. Corporation tax...................	25 092,00	32 509,00	132 909,00
-N. Net profit........................	112 895,74	157 082,22	507 176,06


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	1,44	1,39	1,46	1,38
Quick ratio	0,64	0,76	0,64	0,72
Immediate ratio	0,01		0,01
Return on sale	1,22	0,82	1,24	3,99
Return on assets	2,75	1,57	2,42	7,44
Return on equity	7,17	4,24	6,09	20,92
Average trade debtors' days	61,10	89,82	70,58	86,24
Average stock turnover's days	74,75	71,74	88,09	74,92
average payables payment period	97,88	117,76	110,91	120,36
Total indebtedness ratio	61,64	62,92	60,29	64,42

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.10.83.Z - NACE 2007), as at :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	2,23	2,29	2,21	2,04	1,09
Quick ratio..............................	1,50	1,61	1,51	1,32	0,76
Immediate ratio..........................	0,43	0,65	0,56	0,37	0,19
Return on sale...........................	11,67	7,29	9,92	6,59	4,32
Return on assets.........................	3,69	8,77	14,01	9,21	4,35
Return on equity.........................	5,63	13,40	21,36	14,80	8,19
Average trade debtors' days..............	69,55	68,57	57,76	62,72	71,95
Average stock turnover's days............	46,09	46,08	41,37	47,21	41,24
average payables payment period..........	65,46	71,12	60,86	66,21	127,94
Total indebtedness ratio.................	34,37	34,50	34,42	37,79	46,94
Percent share in the examinated group of companies with net profit.............	86,70	87,50	80,00	94,40	80,00
Sales/revenue per employee in th. PLN....	192,61	750,06	764,57	740,78	484,17
Average sales/revenue per company in th. PLN..................................	42 452,27	161 496,44	139 839,15	147 908,56	141 789,10

according to the Central Statistical Office

Locations:

legal office:
ul. Pogonowskiego 5/7, 90-745 Łódź
Phone:                   42 6342244
Fax:                     42 6342263
E-mail:                  biuro@sirroger.pl
Website:                 www.sirroger.pl

production works:
Brzóze, ul. Graniczna 23, 05-300 Mińsk Mazowiecki
Phone:                   25 7406997
Mobile phone:            508 091471
Fax:                     25 7406998
E-mail:                  biuro@sirroger.pl
Website:                 www.sirroger.pl

management office:
Brzóze, ul. Graniczna 23, 05-300 Mińsk Mazowiecki
Phone:                   25 7406997
Mobile phone:            508 091471
Fax:                     25 7406998
E-mail:                  biuro@sirroger.pl
Website:                 www.sirroger.pl

Real Estate	Book value of buildings as at 31.12.2014	PLN	62 886,58
	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 31.12.2013 book value of car fleet was: PLN 33 666,64


Shares in other companies	As at 27.08.2015 there are no shares in other companies.

Connections:

Marek Walesiak , personal ID no. (PESEL) 59010115493
- PW INWEST SPÓŁKA Z O.O. NIP 8222218873, ul. Kościuszki 25A/26, 05-300 Mińsk Mazowiecki
· shareholder: PLN 25 000,00 (50,00%)
· member of board of directors
- `WaMa` NIP 8221363188, Mieszka I 11, 05-300 Mińsk Mazowiecki
· owner

Zbigniew Olczyk , personal ID no. (PESEL) 57021101775
- Zbigniew Olczyk i Piotr Klepczarek Sp.Jawna NIP PL 7270127872, ul. Pogonowskiego 5/7, 90-745 Łódź
· shareholder
- PARTNER Sp. z o.o. NIP PL 9410031077, Dąbrówka Wielka, ul. Kościelna 10, 95-100 Zgierz
· proxy
- PARTNER SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ SPÓŁKA KOMANDYTOWA NIP PL 9410031077, Dąbrówka Wielka, ul. Kościelna 10, 95-100 Zgierz
· proxy
- „PARTNER PLUS DYSTRYBUCJA” sp. z o.o. NIP 7272786544, Dąbrówka Wielka, ul. Kościelna 10, 95-100 Zgierz
· shareholder: PLN 75 000,00 (50,00%)
- „HEYDAY GROUP” sp. z o.o. NIP 7272715076, ul. Pogonowskiego 5/7, 90-745 Łódź
· shareholder: PLN 5 000,00 (10,00%)
· proxy

Piotr Klepczarek , personal ID no. (PESEL) 48060204198
- Zbigniew Olczyk i Piotr Klepczarek Sp.Jawna NIP PL 7270127872, ul. Pogonowskiego 5/7, 90-745 Łódź
· shareholder

Data concerning connections are valid as at: 27.08.2015.


General information	Despite our hard efforts, we could not achieve more information from available sources. The company refused to co-operate in elaboration of this report without knowing the name of the contractor.


Banks	RAIFFEISEN BANK POLSKA SA O. w Łodzi ul.Żeligowskiego 32/34 (17501093) ul. Żeligowskiego 32/34, 90-643 Łódź Acc.no. 54175010930000000003081699


Payment Manner	Nothing detrimental noted.	(27)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.38

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.

MIRA INFORM REPORT

Company summary

Financial statements

Unit