MIRA INFORM REPORT

Report No. :	492167
Report Date :	16.02.2018

IDENTIFICATION DETAILS

Name :	KONIMPEX SP. Z O.O.
Formerly Known As :	PRZEDSIĘBIORSTWO PRODUKCYJNO-HANDLOWE KONIMPEX SP. Z O.O.
Registered Office :	Ul. Adama Mickiewicza 24, 62-500 Konin
Country :	Poland
Financials (as on) :	30.09.2017
Date of Incorporation :	25.09.1989
Com. Reg. No.:	KRS 43189
Legal Form :	Limited Liability Company
Line of Business :	· Sale, export and import of chemical raw materials for rubber and tyre industry · Sale, export and import of cellulose, plastics and other raw materials
No. of Employees :	136 [2017]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Poland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

POLAND - ECONOMIC OVERVIEW

Poland has the sixth-largest economy in the EU and has long had a reputation as a business-friendly country with largely sound macroeconomic policies. Since 1990, Poland has pursued a policy of economic liberalization. During the 2008-09 economic slowdown Poland was the only EU country to avoid a recession, in part because of the government’s loose fiscal policy combined with a commitment to rein in spending in the medium-term Poland is the largest recipient of EU development funds and their cyclical allocation can significantly impact the rate of economic growth.

The Polish economy performed well during the 2014-17 period, with the real GDP growth rate generally exceeding 3%, in part because of increases in government social spending that have helped to accelerate consumer-driven growth. However, since 2015, Poland has implemented new business restrictions and taxes on foreign-dominated economic sectors, including banking and insurance, energy, and healthcare, that have dampened investor sentiment and has increased the government’s ownership of some firms. The government reduced the retirement age in 2016 and has had mixed success in introducing new taxes and boosting tax compliance to offset the increased costs of social spending programs and relieve upward pressure on the budget deficit. Some credit ratings agencies estimate that Poland during the next few years is at risk of exceeding the EU’s 3%-of-GDP limit on budget deficits, possibly impacting its access to future EU funds. Poland’s economy is projected to perform well in the next few years in part because of an anticipated cyclical increase in the use of its EU development funds and continued, robust household spending.

Poland faces several systemic challenges, which include addressing 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. Additional long-term challenges include diversifying Poland’s energy mix, strengthening investments in innovation, research, and development, as well as stemming the outflow of educated young Poles to other EU member states, especially in light of a coming demographic contraction due to emigration, persistently low fertility rates, and the aging of the Solidarity-era baby boom generation.

Source : CIA

Company name & address

KONIMPEX SP. Z O.O.

Ul. Adama Mickiewicza 24
62-500 Konin

Phone:    63 2497715, 2497792, 2497793

Fax:      63 2497794, 2497728

E-mail:   konimpex@konimpex.com.pl

Website:  www.konimpex.pl

Company summary

Legal form	Limited Liability Company	(5)
Stat.no.	008273909
Tax ID	PL 6650001148

Establishment	25.09.1989	(5)
Changes of names and addresses	25.09.1989 Przedsiębiorstwo Produkcyjno-Handlowe KONIMPEX sp. z o.o. ul. Spółdzielców 3, 62-510 Konin
	17.09.2001 KONIMPEX sp. z o.o.
	01.10.2005  ul. Adama Mickiewicza 24, 62-500 Konin

Registration:

17.09.2001, District Court Poznań IX Department, KRS 43189 Data concerning previous registrations: 11.10.1989, District Court Konin, RHB 218

Shareholders	Wiesław Wojciech Pluta Plutowski , personal ID no. (PESEL) 47092901297, Kolno 4A, 62-590 Golina	PLN	8 000,00 2,22%
	other shareholders	PLN	352 000,00 97,78%
	list entered to NCR /KRS/ on  07.03.2017

Initial Capital		PLN 360 000,00
	Initial capital divided into 7200 shares of PLN 50,00 each
	Changes of initial capital
	- since 13.02.2015  until 08.09.2016  the capital estimated	PLN 358 000,00
	- since 08.08.2013  until 13.02.2015  the capital estimated	PLN 357 000,00
	- since 25.02.2010  until 08.08.2013  the capital estimated	PLN 330 480,00
	- since 09.07.2007  until 25.02.2010  the capital estimated	PLN 324 000,00
	- since 02.02.2005  until 09.07.2007  the capital estimated	PLN 162 000,00
	- since 27.02.2003  until 02.02.2005  the capital estimated	PLN 108 000,00
	- since 17.09.2001  until 27.02.2003  the capital estimated	PLN 10 000,00
	An in-kind contribution has been made and valued at	PLN  2 000,00

Management

Wiesław Wojciech Pluta Plutowski , personal ID no. (PESEL) 47092901297, Kolno 4A, 62-590 Golina  - president Wojciech Kazimierz Hoch , personal ID no. (PESEL) 80102801918  - vice president Marcin Jakub Kłosiński , personal ID no. (PESEL) 72070303336, Jankowo Gdańskie  ul. Jantarowa 23  - member of board of directors Krzysztof Andrzej Płoszek , personal ID no. (PESEL) 71041105555, ul. Admiralska 8, 62-510 Konin  - member of board of directors

Representation: since 02.02.2006  Each member of the board of directors individually

Supervisory board

Paweł Władysław Płucienniczak , personal ID no. (PESEL) 58062804074 Ryszard Bednarowski , personal ID no. (PESEL) 56022201835 Maciej Jagodziński , personal ID no. (PESEL) 65091108873, ul. Karola Kurpińskiego 1/3, 62-510 Konin

Main activity	Sale, export and import of chemical raw materials for rubber and tyre industry; Sale, export and import of cellulose, plastics and other raw materials
	Export 2015 (88.27%)
	Branches NACE 2007:
	Other wholesale	(G.46.90.Z)
	Other wholesale	(G.46.73.Z)
	Cargo handling and storage	(H.52.10)
	Information technology and software activity	(J.62.0)
	Real estate renting	(L.68.20.Z)
	Management consultancy	(M.70.2)

Employment

2013:              130       employees 2014:              124       employees 2015:              134       employees 2016:              131       employees 2017:              136       employees

Turnover	2013	PLN	889 742 488,42
	2014	PLN	781 207 170,16
	2015	PLN	772 723 519,77
	2016	PLN	567 475 300,25
	01.01.2017 - 30.09.2017	PLN	439 417 000,00
consolidated turnover	2011	PLN	1 000 517 977,07
	2013	PLN	955 434 221,59
	2014	PLN	867 645 230,95
	2015	PLN	924 409 249,76
	2016	PLN	734 196 982,95

Financial statements

Source of financial data	Subject	Court	Court	Court
	F01	annual	annual	annual
Personal balance sheet as at	30.09.2017 (PLN)	31.12.2016 (PLN)	31.12.2015 (PLN)	31.12.2014 (PLN)
-A. Fixed assets......................	79 681 000,00	58 703 636,35	64 748 069,73	71 494 626,28
-  I.   Intangible assets.............		919 079,28	1 325 527,80	1 586 117,12
-    3. Other intangible assets.......		919 079,28	1 325 527,80	1 586 117,12
-  II.  Tangible assets...............		9 774 439,18	9 987 606,33	10 479 436,31
-    1. Fixed goods...................		9 634 198,00	9 805 438,92	10 416 544,10
-      a) land........................		491 285,87	496 087,36	503 922,76
-      b) buildings, premises, facilities............................		7 489 719,43	7 860 426,19	8 219 974,75
-      c) machinery and equipment.....		722 471,69	489 280,88	682 024,81
-      d) fleet of motor vehicles.....		635 887,55	609 314,54	641 439,73
-      e) other fixed goods...........		294 833,46	350 329,95	369 182,05
-    2. Fixed goods under construction..........................		140 241,18	66 567,41	62 892,21
-    3. Prepayments for fixed goods under construction....................			115 600,00
-  IV.  Long term investments.........	47 341 000,00	47 340 761,91	52 040 761,91	58 296 243,52
-    1. Real estate...................		15 277 152,81	20 477 152,81	22 506 884,20
-    3. Long term financial assets....		32 063 609,10	31 563 609,10	35 789 359,32
-      a) in affiliated companies.....		32 063 459,10	31 563 459,10	35 789 209,32
-        - participations or shares...		32 063 459,10	31 563 459,10	31 563 459,10
-        - granted loans..............				4 225 750,22
-      b) Other.......................		150,00	150,00	150,00
-        - participations or shares...		150,00	150,00	150,00
-V. Long-term prepayments and accrued income........................		669 355,98	1 394 173,69	1 132 829,33
-  1. Deferred tax assets.............		595 551,00	1 311 771,00	1 013 896,00
-  2. Other prepayments...............		73 804,98	82 402,69	118 933,33
-B. Current assets....................	138 109 000,00	153 934 968,11	175 254 737,51	205 633 972,53
-  I.   Stock.........................	47 263 000,00	48 975 769,04	59 238 017,85	80 170 703,94
-    1. Raw materials.................	33 000,00	77 736,15	138 924,27	175 372,15
-    2. Semi-finished products and work-in-progress......................	36 000,00	85 314,44	11 890,99
-    4. Goods for re-sale.............	45 446 000,00	47 510 210,38	58 286 489,11	77 077 469,73
-    5. Advance payments .............	1 748 000,00	1 302 508,07	800 713,48	2 917 862,06
-  II. Short-term receivables.........	64 157 000,00	73 741 636,52	87 986 263,19	103 422 064,31
-    1. Receivables from affiliated companies.............................		6 993 551,97	5 676 051,43	3 514 916,76
-      a) Due to deliveries and services with payment period:.........		6 966 177,49	5 671 091,60	184 974,83
-        - up to 12 months............		6 966 177,49	5 671 091,60	184 974,83
-      b) Other.......................		27 374,48	4 959,83	3 329 941,93
-    2. Other receivables ............		66 748 084,55	82 310 211,76	99 907 147,55
-      a) Due to deliveries and services with payment period:.........		65 157 326,91	78 026 104,25	97 392 401,03
-        - up to 12 months............		65 157 326,91	78 026 104,25	97 392 401,03
-      b) Due to taxes, subsidies, insurances, duties, etc...............		551 524,66	1 232 147,24	1 932 540,75
-      c) Other.......................		1 039 232,98	3 051 960,27	582 205,77
-  III. Short term investments........	26 137 000,00	29 972 113,08	27 184 538,36	20 861 106,11
-    1. Short-term financial assets...	26 137 000,00	29 972 113,08	27 184 538,36	20 861 106,11
-      a) in affiliated companies.....		4 984 354,39	9 224 276,04	6 978 408,45
-        - granted loans..............		4 984 354,39	9 224 276,04	6 978 408,45
-      b) Other.......................		6 000,00
-        - granted loans..............		6 000,00
-      c) cash and other liquid assets................................	21 558 000,00	24 981 758,69	17 960 262,32	13 882 697,66
-        - cash in hand and on bank account...............................		23 804 144,89	17 960 262,32	10 375 497,66
-        - other liquid assets........		1 177 613,80		3 507 200,00
-IV. Short-term prepayments and accrued income........................	552 000,00	1 245 449,47	845 918,11	1 180 098,17
-D. Total assets......................	217 790 000,00	212 638 604,46	240 002 807,24	277 128 598,81
-A. Shareholders' equity..............	109 971 000,00	99 717 275,69	86 411 418,16	71 197 347,12
-  I.   Basic share capital...........		360 000,00	358 000,00	357 000,00
-  IV.  Statutory reserve capital.....		86 053 418,16	70 839 347,12	53 955 624,39
-  VI.  Other reserve capital.........				1 000,00
-  VIII. Net profit (loss)............	9 929 000,00	13 303 857,53	15 214 071,04	16 883 722,73
-B. Liabilities and reserves for liabilities...........................	107 819 000,00	112 921 328,77	153 591 389,08	205 931 251,69
-  I.   Reserves for liabilities......	10 910 000,00	1 296 688,60	1 366 670,20	1 269 868,09
-    1. Deferred income tax reserves..	983 000,00	982 834,00	1 092 510,00	943 966,00
-    2. Reserves for pensions and similar social payments...............		254 354,60	224 160,20	277 402,09
-      - short-term...................		254 354,60	224 160,20	277 402,09
-    3. Other reserves................		59 500,00	50 000,00	48 500,00
-      - short-term...................		59 500,00	50 000,00	48 500,00
-II.  Long-term liabilities...........	11 513 000,00	55 416,54	5 157 619,54	27 605 482,48
-  1. Due affiliated companies........				7 510 494,42
-  2. Other liabilities...............		55 416,54	5 157 619,54	20 094 988,06
-    a) Loans.........................				9 971 532,06
-    c) Other financial liabilities...		55 416,54	5 157 619,54	10 123 456,00
-III. Short-term liabilities..........	85 019 000,00	111 177 734,92	146 728 466,15	177 039 404,13
-  1. Due to affiliated companies.....		120 710,72	313 296,64	162 830,43
-    a) Due to deliveries and services with payment period:.........		120 710,72	236 373,58	161 895,39
-      - up to 12 months..............		120 710,72	236 373,58	161 895,39
-    b) Other.........................			76 923,06	935,04
-  2. Other liabilities...............		110 752 961,07	146 058 690,54	176 489 283,98
-    a) Loans.........................		45 559 626,17	56 292 843,76	75 309 203,50
-    c) Other financial liabilities...		10 499 204,24	5 101 442,12	5 067 977,23
-    d)Due to deliveries and services with payment period:.........		49 885 898,07	80 576 858,40	91 335 077,39
-      - up to 12 months..............		49 885 898,07	80 576 858,40	91 335 077,39
-    e) Advances received.............		1 945 804,90	1 026 316,55	1 503 961,19
-    g) Due to taxes, subsidies, insurances, duties, etc...............		1 575 020,02	1 682 492,87	2 110 642,39
-    h) Due to salaries...............		522 601,94	490 104,33	421 182,92
-    i) Other.........................		764 805,73	888 632,51	741 239,36
-  3. Special funds...................		304 063,13	356 478,97	387 289,72
-IV.  Accruals and deferred income....	377 000,00	391 488,71	338 633,19	16 496,99
-  2. Other accruals..................		391 488,71	338 633,19	16 496,99
-    - long-term......................		150 000,00	90 826,19	8 661,59
-    - short-term.....................		241 488,71	247 807,00	7 835,40
-D. Total liabilities.................	217 790 000,00	212 638 604,46	240 002 807,24	277 128 598,81
Source of financial data	Subject
	F01
individual PROFIT AND LOSS ACCOUNT	- 01.01.2017- 30.09.2017 (PLN)
-A. Income from sales and similar.....	439 417 000,00
-  I.   Net income on sales...........	32 761 000,00
-  II.  Change in value of stock ( +, -).................................	-677 000,00
-  IV.  Income from sales of goods and materials.........................	407 333 000,00
-B. Operational costs.................	426 971 000,00
-  I.   Depreciation..................	1 013 000,00
-  II.  Materials and energy..........	968 000,00
-  III. Third party services..........	63 353 000,00
-  IV.  Taxes and duties..............	258 000,00
-  V.   Salaries and wages............	9 648 000,00
-  VI.  Social security...............	1 947 000,00
-  VII. Other.........................	1 400 000,00
-  VIII.Costs of goods and materials sold..................................	348 384 000,00
-C. Profit on sale....................	12 446 000,00
-D. Other operating incomes...........	538 000,00
-  I.   Incomes from disposal non-financial assets..................	43 000,00
-  II.  Subsidies.....................	76 000,00
-  III. Other operating incomes.......	184 000,00
-  ...................................	235 000,00
-E. Other operating costs.............	505 000,00
-  III. Other operating costs.........	505 000,00
-F. Profit on operating activities....	12 479 000,00
-G. Financial incomes.................	1 118 000,00
-  II.  Interest received.............	30 000,00
-  IV.  Financial assets revaluation..	8 000,00
-  V.   Other.........................	1 080 000,00
-H. Financial costs...................	1 200 000,00
-  I.   Interest......................	1 198 000,00
-  IV.  Other.........................	2 000,00
-I. Profit on economic activity.......	12 397 000,00
-K. Gross profit......................	12 397 000,00
-L. Corporation tax...................	2 468 000,00
-  a) current part....................	2 468 000,00
-N. Net profit........................	9 929 000,00
Source of financial data	Court	Court	Court
	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2016- 31.12.2016 (PLN)	01.01.2015- 31.12.2015 (PLN)	01.01.2014- 31.12.2014 (PLN)
-A. Income from sales and similar.....	567 475 300,25	772 723 519,77	781 207 170,16
-  - including related companies......	18 416 989,11	20 190 950,47	26 992 660,08
-  I.   Net revenue form sale of products..............................	33 893 872,86	1 680 384,88	1 477 799,79
-  II.  Net revenue from sale of goods.................................	533 581 427,39	771 043 134,89	779 729 370,37
-B.Cost of products, goods sold.......	473 149 884,98	662 586 878,09	676 471 834,92
-  - including related companies......	17 632 159,13	19 353 067,19	25 931 296,26
-  I.  Cost of production of products sold.........................	23 340 393,41	1 385 654,16	1 129 197,79
-  II.  Value of products sold........	449 809 491,57	661 201 223,93	675 342 637,13
-C. Gross profit on sale..............	94 325 415,27	110 136 641,68	104 735 335,24
-D. Costs of sale.....................	61 448 222,10	72 968 965,95	71 306 077,18
-E. General management costs..........	14 283 035,68	13 269 050,84	13 907 235,81
-F. Profit on sale....................	18 594 157,49	23 898 624,89	19 522 022,25
-G. Other operating incomes...........	1 296 712,54	1 361 658,89	2 453 218,25
-  I.   Incomes from disposal of fixed assets..........................		372 400,89	788 497,86
-  II.  Subsidies.....................	20 932,38	104 748,75	109 212,49
-  III. Other operating incomes.......	602 437,40	884 509,25	1 555 507,90
-H. Other operating costs.............	1 045 375,55	6 156 015,82	3 729 683,10
-  I.   Loss on dsiposal of non--financial fixed assets...........	88 677,57
-  II.  Goodwill revaluation..........	118 430,66	5 363 765,29	2 246 185,05
-  III. Other operating costs.........	838 267,32	792 250,53	1 483 498,05
-I. Profit on operating activities....	18 845 494,48	19 104 267,96	18 245 557,40
-J. Financial incomes.................	819 970,40	2 214 111,58	7 773 341,54
-  I.   Dividends received............			4 300 000,00
-  II.  Interest received.............	735 759,41	851 930,44	700 096,75
-    - including related companies....	695 609,31	815 379,78
-  III. Profit from assets sold.......			932,80
-  IV.  Financial assets revaluation..	8 068,29
-  V.   Other.........................	76 142,70	1 362 181,14	2 772 311,99
-K. Financial costs...................	3 251 072,35	2 669 149,50	6 046 247,21
-  I.   Interest......................	1 829 709,38	2 600 689,53	2 285 504,30
-    - including related companies....	401 486,11	618 092,64	10 494,42
-  III. Financial assets revaluation..			1 660 127,33
-  IV.  Other.........................	1 421 362,97	68 459,97	2 100 615,58
-L. Gross profit on economic activity.	16 414 392,53	18 649 230,04	19 972 651,73
-N. Gross profit......................	16 414 392,53	18 649 230,04	19 972 651,73
-O. Corporation tax...................	3 110 535,00	3 435 159,00	3 088 929,00
-R. Net profit........................	13 303 857,53	15 214 071,04	16 883 722,73

Ratios	01.01.2017- 30.09.2017	01.01.2016- 31.12.2016	01.01.2015- 31.12.2015	01.01.2014- 31.12.2014
Current ratio	1,62	1,38	1,19	1,16
Quick ratio	1,06	0,93	0,78	0,70
Immediate ratio	0,25	0,22	0,12	0,08
Return on sale	2,26	2,34	1,97	2,16
Return on assets	4,56	6,26	6,34	6,09
Return on equity	9,03	13,34	17,61	23,71
Average trade debtors' days	39,86	47,56	41,56	48,32
Average stock turnover's days	29,36	31,59	27,98	37,46
average payables payment period	52,82	71,71	69,31	82,72
Total indebtedness ratio	49,51	53,10	64,00	74,31

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.90.Z - NACE 2007), as at :	30.09.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013
Current ratio............................	1,52	1,56	1,51	1,41	1,27
Quick ratio..............................	1,03	1,05	1,02	0,93	0,84
Immediate ratio..........................	0,19	0,19	0,17	0,14	0,12
Return on sale...........................	2,05	2,42	2,74	2,39	2,18
Return on assets.........................	3,25	5,27	6,07	5,39	4,73
Return on equity.........................	7,29	11,44	12,87	12,28	11,24
Average trade debtors' days..............	56,61	55,02	51,33	52,34	52,56
Average stock turnover's days............	36,07	35,58	32,95	34,13	32,82
average payables payment period..........	76,17	72,15	69,40	73,12	78,91
Total indebtedness ratio.................	55,41	53,93	52,87	56,15	57,91
Percent share in the examinated group of companies with net profit.............	326,00	88,70	90,10	85,80	86,80
Sales/revenue per employee in th. PLN....	955,51	1 273,54	1 333,61	1 348,43	1 326,46
Average sales/revenue per company in th. PLN..................................	181 470,13	237 685,23	255 518,92	249 661,96	227 937,24
according to the Central Statistical Office

Source of financial data	Court	Court	Court
	annual	annual	annual
Consolidated balance sheet as at	31.12.2016 (PLN)	31.12.2015 (PLN)	31.12.2014 (PLN)
-A. Fixed assets......................	41 940 744,89	47 502 822,08	53 527 975,04
-  Intangible assets..................	936 430,89	1 363 117,91	1 665 642,60
-    3. Other intangible assets.......	936 430,89	1 363 117,91	1 665 642,60
-  III. Tangible assets...............	15 153 371,74	13 885 060,38	14 657 100,30
-    1. Fixed assets..................	13 822 073,25	13 442 971,28	14 262 482,31
-      a) land (including perpetual usufruct right).......................	1 378 098,18	1 002 205,40	758 477,42
-      b) buildings...................	9 355 375,90	9 465 630,39	9 888 177,64
-      c) technical appliances and machniery.............................	1 705 808,07	1 720 805,40	2 090 856,79
-      d) fleet of motor vehicles.....	1 040 627,96	836 046,30	1 076 243,21
-      e) other fixed assets..........	342 163,14	418 283,79	448 727,25
-    2. Construction in progress......	968 554,00	297 568,78	289 934,14
-    3. Prepayments on construction in progress...........................	362 744,49	144 520,32	104 683,85
-  IV. Long term receivables..........	37 175,66	33 007,44	34 096,64
-    2. From other companies..........	37 175,66	33 007,44	34 096,64
-  V. Long term investments...........	24 258 978,71	29 765 227,21	34 442 038,46
-    1. Real estate...................	22 582 593,51	27 782 593,51	32 623 048,90
-    3. Long term financial assets....	1 676 385,20	1 982 633,70	1 818 989,56
-      a) in related companies *......			1 682,00
-      a) in subsidiaries and dependant companies...................		1 673,10
-      a) in  subsidiaries not being trade companies.......................	1 705,90
-        - shares and stocks..........	1 705,90
-      b) in other companies..........			1 817 157,56
-      b) in subsidiaires, dependand and associated companies..............	1 674 529,30	1 980 810,60
-      c) in other companies..........	150,00	150,00	150,00
-        - shares or stocks...........	150,00	150,00	150,00
-VI. Long term prepayments............	1 554 787,89	2 456 409,14	2 729 097,04
-  1. Defferred tax assets............	1 480 982,91	2 374 006,45	2 510 163,71
-  2. Other prepayments...............	73 804,98	82 402,69	218 933,33
-B. Current assets....................	255 815 540,42	284 615 263,31	322 229 856,23
-  I. Stocks..........................	115 614 353,54	144 919 172,37	162 849 372,51
-    1. Materials.....................	2 168 826,75	1 102 951,22	1 278 228,93
-    2. Goods and semi goods in production............................	14 753 025,29	19 874 270,62	23 931 289,19
-    3. Finished goods................	11 420 742,61	26 895 075,83	16 607 564,94
-    4. Wares.........................	84 507 699,84	94 161 658,05	119 917 639,12
-    5. Prepayments for supplies......	2 764 059,05	2 885 216,65	1 114 650,33
-  II. Short term receivables.........	94 491 969,84	104 845 479,29	123 157 439,61
-    1. Receivables from related companies.............................	53 223,10	223 294,15	3 378 596,83
-      a) due to deliveries with payment period........................	51 462,23	221 898,79	51 614,91
-        - to 12 months...............	51 462,23	221 898,79	51 614,91
-      b) inne........................	1 760,87	1 395,36	3 326 981,92
-    2. Receivables from other units..	94 438 746,74	104 622 185,14	119 778 842,78
-      a) due to deliveries with payment period........................	90 272 110,52	99 103 057,19	116 261 317,45
-        - to 12 months...............	90 270 284,07	99 103 057,19	116 261 317,45
-        - above 12 months............	1 826,45
-      b) due to taxes, donations, insurances, duties, etc...............	3 080 836,71	2 458 004,43	2 870 868,35
-      c) other.......................	1 085 799,51	3 061 123,52	646 656,98
-III. Short term investments..........	43 960 812,94	33 759 874,08	34 684 633,51
-  1. Short term financial assets.....	43 960 812,94	33 759 874,08	34 684 633,51
-    a) in dependant companies........		119 690,93
-    c) in other companies............	6 000,00
-      - granted loans................	6 000,00
-    d) cash and other liquid means...	43 954 812,94	33 640 183,15	34 684 633,51
-      - cash in hand and on bank account...............................	34 235 703,86	26 179 712,76	20 118 330,35
-      - cash in hand *...............	8 081 122,50		4 890 883,29
-      - cash on bank account *.......	1 637 986,58		9 675 419,87
-      - other liquid means...........		3 495 608,39
-      - other liquid assets..........		3 964 862,00
-IV. Short term prepayments...........	1 748 404,10	1 090 737,57	1 538 410,60
-Total assets.........................	297 756 285,31	332 118 085,39	375 757 831,27
-A. Shareholders' Equity..............	121 837 813,00	101 831 715,26	84 374 084,12
-  I. Initial Capital.................	360 000,00	358 000,00	357 000,00
-  IV. Statutory reserve capital......	104 145 219,64	86 215 702,59	79 523 614,81
-  VI. Other reserve capital..........	66 115,08	3 592,74	347 895,00
-  VII. Exchange difference from subsidiairies counting................	-3 038 401,95	-2 995 212,08	-2 203 220,98
-  IX. Net profit (loss)..............	20 304 880,23	18 249 632,01	6 348 795,29
-B. Minority capital..................	365 649,80	366 354,16	320 574,89
-C. Negative equity of subsidiaires...	1 020 364,61	1 380 493,29	1 740 621,97
-  1. negative equity - subsidiaires..	1 020 364,61	1 380 493,29	1 740 621,97
-D.  Liabilities and reserves for liabilities...........................	174 532 457,90	228 539 522,68	289 322 550,29
-  I. Reserves for liabilities........	1 501 669,60	1 625 920,22	1 773 773,64
-    1. Deffered tax reserve..........	997 460,00	1 148 828,00	1 065 674,00
-    2. Reserves for pensions and connected social payments.............	263 490,60	250 053,29	292 242,78
-      - short term...................	263 490,60	250 053,29	292 242,78
-    3. Other reserves................	240 719,00	227 038,93	415 856,86
-      - long term....................			11 400,00
-      - short term...................	240 719,00	227 038,93	404 456,86
-II. Long term liabilities............	17 250 832,73	26 355 193,36	52 772 984,19
-  2. due to other units..............	17 250 832,73	26 355 193,36	52 772 984,19
-    a) credits and loans.............	17 000 000,00	20 450 000,00	41 628 841,42
-    c) other financial liabilities...	122 312,73	5 167 076,41	10 198 464,30
-    d) other.........................	128 520,00	738 116,95	945 678,47
-III. Short term liabilities..........	151 578 869,71	195 263 204,63	226 794 343,93
-  1. Due to related companies........	8 406,71	363 513,48	116 857,69
-    a) due to delivered goods with payment period:.......................	2 692,31	292 105,00	114 040,86
-      - to 12 months.................	2 692,31	292 105,00	114 040,86
-    b) other.........................	5 714,40	71 408,48	2 816,83
-  2. Due to other companies..........	151 259 990,30	194 530 893,19	226 280 364,44
-    a) credits and loans.............	62 366 883,26	87 559 002,09	109 754 035,67
-    c) other financial assets........	17 343 988,65	5 190 299,85	5 177 026,88
-    d) due to delivered goods with payment period........................	64 137 944,98	95 232 017,36	104 088 132,45
-      - to 12 months.................	64 137 944,98	95 232 017,36	104 088 132,45
-    e) prepayments for deliveries....	2 103 284,16	1 635 142,23	2 494 128,26
-    g) due to taxes, donations, insurances, duties, etc...............	2 742 398,04	2 803 535,29	3 076 599,32
-    h) due to salaries...............	749 583,96	683 826,11	605 812,04
-    i) other.........................	1 815 907,25	1 427 070,26	1 084 629,82
-  3. Special funds...................	310 472,70	368 797,96	397 121,80
-IV. Accurals and deferred income.....	4 201 085,86	5 295 204,47	7 981 448,53
-  2. Other...........................	4 201 085,86	5 295 204,47	7 981 448,53
-    - long term......................	150 000,00	90 826,19	8 661,59
-    - short term.....................	4 051 085,86	5 204 378,28	7 972 786,94
-Total liabilities....................	297 756 285,31	332 118 085,39	375 757 831,27
Source of financial data	Court	Court	Court
	annual	annual	annual
Consolidated P/L	01.01.2016- 31.12.2016 (PLN)	01.01.2015- 31.12.2015 (PLN)	01.01.2014- 31.12.2014 (PLN)
-A. Net income form sale of goods, products and materials................	734 196 982,95	924 409 249,76	867 645 230,95
-  from related companies.............	808 575,01	1 656 143,76	561 991,98
-  I. Net income form sale of products..............................	119 112 253,24	78 645 214,60	12 675 660,10
-  II. Net income form sale of goods and materials.........................	615 084 729,71	845 764 035,16	854 969 570,85
-B. Costs of sale of goods, products and materials.........................	606 491 841,75	781 575 679,10	749 359 530,16
-  to related companies...............	434 749,97	1 284 466,40	26 073 254,25
-  I. Costs of manufacture of sold products..............................	82 102 897,17	52 981 101,07	9 301 334,09
-  II. Value of sold goods and materials.............................	524 388 944,58	728 594 578,03	740 058 196,07
-C. Gross profit from sale (A-B)......	127 705 141,20	142 833 570,66	118 285 700,79
-D. Costs of sale.....................	72 299 890,23	81 485 259,54	73 909 446,04
-E. Cost of management................	24 912 996,45	24 862 617,80	22 873 005,57
-F. Profit from sale (C-D-E)..........	30 492 254,52	36 485 693,32	21 503 249,18
-G. Other operating income............	3 232 378,71	2 434 974,26	1 367 868,27
-  I. Profit from sale of non-financial fixed assets............		368 212,24	60 098,56
-  II. Subsidies......................	56 126,24	104 748,75	132 669,73
-  III. Other operating income........	2 502 909,71	1 962 013,27	1 175 099,98
-H. Other operating costs.............	2 979 708,76	10 415 404,45	5 287 231,16
-  I. Loss form sale of non-financial fixed assets............	192 804,70	1 592 670,25
-  II. Update of value of non-financial assets..................	402 624,14	5 734 813,41	2 263 173,35
-  III. Other operating costs.........	2 384 279,92	3 087 920,79	3 024 057,81
-I. Profit from ordinary activity (F+G+H)...............................	30 744 924,47	28 505 263,13	17 583 886,29
-J. Financial income..................	274 807,95	1 949 364,87	598 752,05
-  I. Dividends and shares in profits, including:...................		157 799,50
-    - from related companies.........		157 799,50
-  II. Interests, including:..........	209 708,34	468 627,30	523 255,09
-    - from related companies.........		408 810,46
-  III. Profit from sale of investments...........................	14 058,61		932,80
-  IV. Update of the investment value.	8 068,29
-  V. Other...........................	42 972,71	1 322 938,07	74 564,16
-K. Financial costs...................	6 404 552,20	7 394 920,11	9 402 127,44
-  I. Interests, including:...........	3 238 538,37	4 357 588,11	4 560 935,24
-    - from related companies.........		957 477,53
-  III. Update of investments value...			868 053,06
-  IV. Other..........................	3 166 013,83	3 037 332,00	3 973 139,14
-M. Profit from business activity (I+J-K+-L)............................	24 615 180,22	23 059 707,89	8 780 510,90
-P. Write off of negative goodwill value *...............................			60 021,45
-P. Write off of negative goodwill value - subordinated companies........	-360 128,68	-360 128,68
-  I. Write off of negative goodwill value - subsidiaries..................	-360 128,68	-360 128,68
-Q. Gross profit (M+/-N-O+P)..........	24 975 308,90	23 419 836,57	9 311 252,25
-R. Income tax........................	5 087 771,98	5 288 578,32	3 019 432,08
-T. Share in net profit of subordinate companies.................	401 638,95	163 653,04
-U. Minority profits..................	15 704,36
-U. Minority losses...................		45 279,28	-56 975,12
-W. Net profit (Q-R-S+-T+/-U).........	20 304 880,23	18 249 632,01	6 348 795,29

Locations:

seat: ul. Adama Mickiewicza 24, 62-500 Konin Phone:                   63 2497715, 2497792, 2497793 Fax:                     63 2497794, 2497728 E-mail:                  bartosz.plucienniczak@konimpex.com.pl                          konimpex@konimpex.com.pl                          marketing@konimpex.com.pl                          pawel.posacki@konimpex.com.pl Website:                 www.konimpex.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 31.12.2016  book value of car fleet was: PLN 635 887,55

Shares in other companies

FERMINTRADE Sp. z o.o. NIP PL 6652721473, ul. Kilińskiego 1, 62-500 Konin PLN 1 290 000,00 (99,88%)   KONIMPEX - INVEST Sp. z o.o. NIP PL 6652967205, ul. Kilińskiego 1, 62-500 Konin PLN 29 182 000,00 (99,95%)   SINE Sp. z o.o. NIP 6652991758, ul. Adama Mickiewicza 24, 62-500 Konin PLN 1 000 000,00 (99,90%)   KONIMPEX CHEMICALS Sp. z o.o. NIP PL 6652991824, ul. Jana Kilińskiego 1, 62-500 Konin PLN 1 500 000,00 (99,84%)

Data concerning shares in other companies are valid as at: 23.01.2018.

Connections:

Marcin Jakub Kłosiński , personal ID no. (PESEL) 72070303336 -  FERMINTRADE Sp. z o.o. NIP PL 9410531432, ul. Kilińskiego 1, 62-500 Konin   · member of supervisory board -  KONIMPEX CHEMICALS Sp. z o.o. NIP PL 9410531432, ul. Jana Kilińskiego 1, 62-500 Konin   · member of supervisory board Wiesław Wojciech Pluta Plutowski , personal ID no. (PESEL) 47092901297 -  KONIMPEX - INVEST Sp. z o.o. NIP PL 9410194925, ul. Kilińskiego 1, 62-500 Konin   · member of supervisory board -  WYDAWNICTWO - PRZEGLĄD KONIŃSKI Sp. z o.o. NIP 6652366747, ul. Przemysłowa 9, 62-510 Konin   · shareholder: PLN 15 000,00 (18,70%) -  VILLA PARK KONIN sp. z o.o. NIP 6652970897, ul. Kilińskiego 1, 62-500 Konin   · shareholder: PLN 376 550,00 (10,00%) -  "FERMINTRADE Spółka z Ograniczoną Odpowiedzialnością Spółka Komandytowa" NIP PL 1132788847, ul. Kilińskiego 1, 62-500 Konin   · Limited partners, Comandite sum: PLN 12 800,00 -  Fundacja na Rzecz Rozwoju Dzieci i Młodzieży "OTWARCIE", ul. Adama Mickiewicza 24, 62-500 Konin   · member of supervisory board Krzysztof Andrzej Płoszek , personal ID no. (PESEL) 71041105555 -  FERMINTRADE Sp. z o.o. NIP PL 6652721473, ul. Kilińskiego 1, 62-500 Konin   · proxy -  KONIMPEX - INVEST Sp. z o.o. NIP PL 9410294838, ul. Kilińskiego 1, 62-500 Konin   · member of supervisory board -  "FERMINTRADE Spółka z Ograniczoną Odpowiedzialnością Spółka Komandytowa" NIP PL 1132788847, ul. Kilińskiego 1, 62-500 Konin   · proxy Wojciech Kazimierz Hoch , personal ID no. (PESEL) 80102801918 -  SINE Sp. z o.o. NIP 6652991758, ul. Adama Mickiewicza 24, 62-500 Konin   · member of supervisory board -  FERMINTRADE Sp. z o.o. NIP PL 9413696520, ul. Kilińskiego 1, 62-500 Konin   · member of supervisory board

Data concerning connections are valid as at: 23.01.2018.

General information

If we obtain any further information, we will send it in the.

Banks

Names of banks were not disclosed

Payment Manner	Nothing detrimental noted.	(27)
Credit capability	Business connections appear permissible	(32)
	We would like to draw your attention to: - Fall in sales

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.92
UK Pound	1	INR 89.55
Euro	1	INR 79.68
PLN	1	INR 19.27

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.