3decades

MIRA INFORM REPORT

Report No. :	492786
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	KOMPOL SP. Z O.O.

Registered Office :	Kozerki Ul. Jowisza 7, 05-825 Grodzisk Mazowiecki

Country :	Poland

Financials (as on) :	31.12.2016

Date of Incorporation :	26.07.1989

Legal Form :	Limited Liability Company

Line of Business :	· Advertising services · Production of disposable paper and plastic bags · Business brokerage

No. of Employees :	1 to 9 [2009]

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+

Low Risk

Business dealings permissible with low 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

(30.09.2017)

Current Rating

(31.12.2017)

Poland

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

KOMPOL SP. Z O.O.

Kozerki Ul. Jowisza 7
05-825 Grodzisk Mazowiecki

Phone: 22 755 68 68

Fax: 22 734 11 66

E-mail: kompol@kompol.pl

Website: kompol.pl

Company summary

Legal form	Limited Liability Company	(5)
Stat.no.	002162959
Tax ID	PL 5341014939

Establishment	26.07.1989	(5)
Changes of names and addresses	ul. Jowisza 7, 05-825 Grodzisk Mazowiecki
	then Kozerki, ul. Jowisza 7, 05-825 Grodzisk Mazowiecki

Registration:	06.09.2002, District Court Warszawa, XIV Department, KRS 126405 Data concerning previous registrations: 28.09.1989, RHB 19555

Shareholders	Janusz Modzelewski , personal ID no. (PESEL) 60110802914, Michałowice k.Raszyna, ul. Ludowa 3B, 05-816 Michałowice	PLN	130 000,00 86,67%

	Marek Modzelewski , personal ID no. (PESEL) 59092610475, Kozerki, ul. Jowisza 7, 05-825 Grodzisk Mazowiecki	PLN	10 000,00 6,67%

	Marzena Modzelewska	PLN	10 000,00 6,67%


Initial Capital		PLN 150 000,00
	Initial capital divided into 300 shares of PLN 500,00 each


Management	Janusz Modzelewski , personal ID no. (PESEL) 60110802914, Michałowice k.Raszyna, ul. Ludowa 3B, 05-816 Michałowice - president Marek Modzelewski , personal ID no. (PESEL) 59092610475, Kozerki, ul. Jowisza 7, 05-825 Grodzisk Mazowiecki - member of board of directors
	Representation: Each member of the board of directors individually.


Main activity	Advertising services Production of disposable paper and plastic bags Business brokerage
	Branches NACE 2007:
	Wholesale of other household goods	(G.46.49.Z)
	Manufacture of plastic packing goods	(C.22.22.Z)
	Other wholesale	(G.46.90.Z)
	Other transportation activities	(H.49.41.Z)
	Hotels	(I.55.10.Z)
	Real estate renting	(L.68.20.Z)


Employment	2003: 5 employees 2004: 10 employees 2007: 10 employees 2008: 1 to 9 employees 2009: 1 to 9 employees

Turnover	2012	PLN	44 821 470,16
	2013	PLN	53 874 726,11
	2014	PLN	73 469 973,76
	2015	PLN	86 055 243,85
	2016	PLN	95 008 041,00

Financial statements

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2016 (PLN)	31.12.2015 (PLN)	31.12.2014 (PLN)	31.12.2013 (PLN)
-A. Fixed assets......................	4 381 684,00	4 200 450,29	3 959 475,02	3 498 006,93
- I. Intangible assets.............	91 263,00	540,45	2 702,25	4 864,05
- 3. Other intangible assets.......	91 263,00	540,45	2 702,25	4 864,05
- II. Tangible assets...............	4 230 127,00	4 182 073,84	3 928 262,77	3 465 746,88
- 1. Fixed goods...................	3 925 038,00	4 122 821,12	3 928 262,77	1 299 948,88
- a) land........................	196 758,00	196 758,00	196 758,00	196 758,00
- b) buildings, premises, facilities............................	3 004 785,00	3 093 128,63	3 173 307,85	976 595,15
- c) machinery and equipment.....	86 276,00	126 133,88	121 084,13	45 369,15
- d) fleet of motor vehicles.....	452 315,00	474 614,01	217 602,32	75 482,20
- e) other fixed goods...........	184 905,00	232 186,60	219 510,47	5 744,38
- 2. Fixed goods under construction..........................		57 626,70		2 165 798,00
- 3. Prepayments for fixed goods under construction....................	305 089,00	1 626,02
- IV. Long term investments.........	5 000,00	5 000,00	5 000,00	5 000,00
- 3. Long term financial assets....	5 000,00	5 000,00	5 000,00
- a) in affiliated companies.....	5 000,00
- - granted loans..............	5 000,00
- 4. Other long-term investments.....				5 000,00
-V. Long-term prepayments and accrued income........................	55 294,00	12 836,00	23 510,00	22 396,00
- 1. Deferred tax assets.............	55 294,00	12 836,00	23 510,00	22 396,00
-B. Current assets....................	23 437 550,00	19 588 713,30	18 384 975,09	13 821 067,20
- I. Stock.........................	11 633 221,00	10 725 121,79	8 077 090,03	5 952 549,07
- 3. Finished products.............	164 642,00	77 659,01
- 4. Goods for re-sale.............	9 032 890,00	7 310 809,44	4 671 699,60	3 160 325,88
- 5. Advance payments .............	2 435 689,00	3 336 653,34	3 405 390,43	2 792 223,19
- II. Short-term receivables.........	11 600 936,00	8 552 720,32	9 944 165,12	7 545 760,31
- 1. Receivables from affiliated companies.............................	668 712,00
- a) Due to deliveries and services with payment period:.........	668 712,00
- - up to 12 months............	668 712,00
- 2. Other receivables ............	10 932 224,00	8 552 720,32	9 944 165,12	7 545 760,31
- a) Due to deliveries and services with payment period:.........	10 592 352,00	8 307 632,32	9 724 785,32	7 445 568,67
- - up to 12 months............	10 592 352,00	8 307 632,32	9 724 785,32	7 445 568,67
- b) Due to taxes, subsidies, insurances, duties, etc...............			82 372,00
- c) Other.......................	339 872,00	245 088,00	137 007,80	100 191,64
- III. Short term investments........	164 406,00	280 166,90	327 285,55	270 565,62
- 1. Short-term financial assets...	164 406,00	280 166,90	327 285,55	269 565,61
- c) cash and other liquid assets................................	164 406,00	280 166,90	327 285,55	269 565,61
- - cash in hand and on bank account...............................	164 406,00	280 166,90	327 285,55	269 565,61
- 2. Other short-term investments...........................				1 000,01
-IV. Short-term prepayments and accrued income........................	38 988,00	30 704,29	36 434,39	52 192,20
-D. Total assets......................	27 819 235,00	23 789 163,59	22 344 450,11	17 319 074,13
-A. Shareholders' equity..............	18 640 896,00	15 036 468,66	13 581 081,72	12 296 596,04
- I. Basic share capital...........	150 000,00	150 000,00	150 000,00	150 000,00
- IV. Statutory reserve capital.....	14 725 469,00	13 431 081,72	11 996 596,04	8 419 066,34
- VIII. Net profit (loss)............	3 765 427,00	1 455 386,94	1 434 485,68	3 727 529,70
-B. Liabilities and reserves for liabilities...........................	9 178 339,00	8 752 694,93	8 763 368,39	5 022 478,09
- I. Reserves for liabilities......	38 896,00	37 869,29	83 707,30	11 554,00
- 1. Deferred income tax reserves..	10 086,00	6 907,00	33 460,00	354,00
- 3. Other reserves................	28 810,00	30 962,29	50 247,30	11 200,00
- - short-term...................	28 810,00	30 962,29	50 247,30	11 200,00
-II. Long-term liabilities...........	137 819,00	151 552,00	87 001,80	159 001,80
- 2. Other liabilities...............	137 819,00	151 552,00	87 001,80	159 001,80
- a) Loans.........................			87 001,80	159 001,80
- c) Other financial liabilities...	137 819,00	151 552,00
-III. Short-term liabilities..........	8 997 574,00	8 515 409,14	8 389 298,56	4 817 688,29
- 1. Due to affiliated companies.....	227 250,00
- a) Due to deliveries and services with payment period:.........	227 250,00
- - up to 12 months..............	227 250,00
- 2. Other liabilities...............	8 770 324,00	8 515 409,14	8 389 298,56	4 817 688,29
- a) Loans.........................	1 366 082,00	1 206 172,46	621 866,87	75 000,00
- c) Other financial liabilities...	61 446,00	42 747,48
- d)Due to deliveries and services with payment period:.........	5 558 323,00	5 387 843,90	6 166 273,38	3 352 297,77
- - up to 12 months..............	5 558 323,00	5 387 843,90	6 166 273,38	3 352 297,77
- g) Due to taxes, subsidies, insurances, duties, etc...............	1 756 767,00	1 859 275,29	1 597 016,44	1 390 325,52
- i) Other.........................	27 706,00	19 370,01	4 141,87	65,00
-IV. Accruals and deferred income....	4 050,00	47 864,50	203 360,73	34 234,00
- 2. Other accruals..................	4 050,00	47 864,50	203 360,73	34 234,00
- - short-term.....................	4 050,00	47 864,50	203 360,73	34 234,00
-D. Total liabilities.................	27 819 235,00	23 789 163,59	22 344 450,11	17 319 074,13

Source of financial data	Court	Court	Court	Court
	annual	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)	01.01.2013- 31.12.2013 (PLN)
-A. Income from sales and similar.....	95 008 041,00	86 055 243,85	73 469 973,76	53 874 726,11
- I. Net income on sales...........	1 190 962,00
- II. Change in value of stock ( +, -).................................	71 290,00	77 659,01
- IV. Income from sales of goods and materials.........................	93 745 789,00	84 998 660,15	73 433 134,56	53 835 458,21
- V. Net income from sale of services..............................		978 924,69	36 839,20	39 267,90
-B. Operational costs.................	89 731 906,00	84 541 211,14	71 975 589,36	48 876 546,78
- I. Depreciation..................	374 641,00	283 277,00	182 157,10	115 698,47
- II. Materials and energy..........	1 866 062,00	1 534 385,90	479 250,82	346 443,37
- III. Third party services..........	3 674 996,00	6 138 724,88	6 893 142,64	5 216 383,17
- IV. Taxes and duties..............	94 419,00	92 477,86	45 776,75	44 632,13
- V. Salaries and wages............	1 266 874,00	847 887,47	754 064,56	725 822,05
- VI. Social security...............	232 960,00	174 486,89	159 962,87	136 370,24
- VII. Other.........................	125 764,00	76 872,26	125 220,54	89 498,80
- VIII.Costs of goods and materials sold..................................	82 096 191,00	75 393 098,88	63 336 014,08	42 201 698,55
-C. Profit on sale....................	5 276 135,00	1 514 032,71	1 494 384,40	4 998 179,33
-D. Other operating incomes...........	115 638,00	170 711,11	101 635,68	164 999,00
- I. Incomes from disposal non-financial assets..................	20 325,00	22 585,37
- III. Other operating incomes.......	95 312,00	148 125,74	101 635,68	164 999,00
-E. Other operating costs.............	347 498,00	150 563,67	100 310,46	202 397,45
- II. Goodwill revaluation..........	259 357,00	16 925,40		30 395,84
- III. Other operating costs.........	88 141,00	133 638,27	100 310,46	172 001,61
-F. Profit on operating activities....	5 044 275,00	1 534 180,15	1 495 709,62	4 960 780,88
-G. Financial incomes.................	749,00	370 312,18	371 561,70	14 382,10
- II. Interest received.............	749,00	3 454,64	29 345,91	14 382,10
- V. Other.........................		366 857,54	342 215,79
-H. Financial costs...................	407 000,00	98 158,39	104 681,64	385 846,28
- I. Interest......................	90 340,00	98 158,39	104 681,64	69 130,38
- IV. Other.........................	316 660,00			316 715,00
-I. Profit on economic activity.......	4 638 024,00	1 806 333,94	1 762 589,68	4 589 316,70
-K. Gross profit......................	4 638 024,00	1 806 333,94	1 762 589,68	4 589 316,70
-L. Corporation tax...................	872 596,00	350 947,00	328 104,00	861 787,00
-N. Net profit........................	3 765 428,00	1 455 386,94	1 434 485,68	3 727 529,70


Ratios	01.01.2016- 31.12.2016	01.01.2015- 31.12.2015	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013
Current ratio	2,60	2,30	2,19	2,87
Quick ratio	1,31	1,04	1,22	1,62
Immediate ratio	0,02	0,03	0,04	0,06
Return on sale	3,96	1,69	1,95	6,92
Return on assets	13,54	6,12	6,42	21,52
Return on equity	20,20	9,68	10,56	30,31
Average trade debtors' days	44,69	36,28	49,40	51,12
Average stock turnover's days	44,81	45,49	40,13	40,33
average payables payment period	34,66	36,12	41,68	32,64
Total indebtedness ratio	32,99	36,79	39,22	29,00

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.49.Z - NACE 2007), as at :	30.09.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013
Current ratio............................	1,41	1,64	1,56	1,56	1,47
Quick ratio..............................	0,82	0,92	0,86	0,88	0,85
Immediate ratio..........................	0,10	0,08	0,07	0,08	0,07
Return on sale...........................	4,04	3,83	3,11	2,60	3,28
Return on assets.........................	5,49	5,69	4,56	3,95	4,92
Return on equity.........................	12,27	12,90	10,58	10,04	12,61
Average trade debtors' days..............	68,80	83,32	86,62	86,34	92,09
Average stock turnover's days............	54,86	72,88	76,35	72,47	74,19
average payables payment period..........	95,12	102,19	110,90	108,70	120,40
Total indebtedness ratio.................	55,25	55,90	56,91	60,63	61,00
Percent share in the examinated group of companies with net profit.............	34,00	93,90	90,00	96,90	83,30
Sales/revenue per employee in th. PLN....	799,79	782,85	769,06	798,57	766,21
Average sales/revenue per company in th. PLN..................................	86 692,76	72 638,94	71 214,53	69 001,56	59 977,50

according to the Central Statistical Office


Locations:	seat: Kozerki, ul. Jowisza 7, 05-825 Grodzisk Mazowiecki Phone: 22 755 68 68 Fax: 22 734 11 66 E-mail: kompol@kompol.pl Website: kompol.pl branch: ul. Poznańska 36E, 18-400 Łomża


Real Estate	Book value of buildings as at 31.12.2016	PLN	3 004 785,00
	Book value of lands as at 31.12.2016	PLN	196 758,00
	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 452 315,00


Shares in other companies	KOMPOL SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ SPÓŁKA KOMANDYTOWA NIP 5291785355, Kozerki, ul. Jowisza 7, 05-825 Grodzisk Mazowiecki · general partner
	Data concerning shares in other companies are valid as at: 30.01.2018.

Connections:

Janusz Modzelewski , personal ID no. (PESEL) 60110802914
- KOMPOL SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ SPÓŁKA KOMANDYTOWA NIP 5291785355, Kozerki, ul. Jowisza 7, 05-825 Grodzisk Mazowiecki
· Limited partners, Comandite sum: PLN 5 000,00

Marzena Modzelewska
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: 30.01.2018.


General information	The subject has not decided to cooperate in elaboration of this report yet.


Banks	Names of banks were not disclosed


Payment Manner	Nothing detrimental noted.	(27)
Credit capability	Business connections appear permissible	(32)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
PLN	1	INR 19.08

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

INFORMATION DETAILS

Analysis Done by :	VAR

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.

MIRA INFORM REPORT

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