MIRA INFORM REPORT

Report No. :	487085
Report Date :	29.01.2018

IDENTIFICATION DETAILS

Name :	CERES INTERNATIONAL SP. Z O.O.
Registered Office :	Ul. Polna 29 62-310 Pyzdry
Country :	Poland
Financials (as on) :	31.12.2016
Date of Incorporation :	10.12.1997
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of organic base made of coco fiber used for growing of vegetables Sale of gardening articles Wholesale of grain, unmanufactured tobacco, seeds and animal feeds Growing of vegetables including melons, root and tubercle crops Manufacture of grain mill products, starches and starch products
No. of Employees :	20 employees (2010)

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 :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

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 and address

Date: 25.01.2018

Report on 9410071854

CERES INTERNATIONAL Sp. z o.o.

ul. Polna 29
62-310 Pyzdry

Ph./Fax:  63 276 83 10

Fax:      62 276 84 12

E-mail:   ceres@ceres.pl

Website:  www.ceres.pl

summary

Legal form	Limited liability company
Stat.no.	631084741
Tax ID	PL 9720820859

Establishment	10.12.1997
Changes of names and addresses	10.12.1997 ul. Starowiejska 1G/6, 61-664 Poznań
	25.11.2002  ul. Polna 29, 62-310 Pyzdry

Registration:

19.09.2002, District Court Poznań IX Department, KRS 131504 Data concerning previous registrations: 17.02.1998, District Court Poznań, RHB 11791

Shareholders	Maciej Juchacz , personal ID no. (PESEL) 69030909439, os. Zwycięstwa 21/24, 61-649 Poznań	PLN	137 200,00 50,78%
	Patrick Van Ooteghem , Deinze,, 9800 Spittal an der Drau, Belgium	PLN	133 000,00 49,22%
	list entered to NCR /KRS/ on  19.09.2002

Initial Capital		PLN 270 200,00
	Initial capital divided into 386 shares of PLN 700,00 each

Management	Maciej Juchacz , personal ID no. (PESEL) 69030909439, os. Zwycięstwa 21/24, 61-649 Poznań  - president Patrick Van Ooteghem , Deinze,, 9800 Spittal an der Drau, Belgium
	Representation: Each member of the board of directors individually.

Main activity	Manufacture of organic base made of coco fiber used for growing of vegetables Sale of gardening articles
	Import 2008 among others Sri Lanka, India, Belgium, Netherlands
	Export 2008 (1.00%)
	Branches NACE 2007:
	Other wholesale
	Wholesale of grain, unmanufactured tobacco, seeds and animal feeds
	Growing of vegetables including melons, root and tubercle crops
	Quarrying of peat
	Manufacture of grain mill products, starches and starch products
	Collection of waste other than dangerous

Employment

2006:              15        employees 2007:              16        employees 2008:              19        employees 2009:              20        employees 2010:              20        employees

Turnover	2012	PLN	11 707 346,44
	2013	PLN	12 683 832,65
	2014	PLN	11 848 196,09
	2015	PLN	16 162 349,07
	2016	PLN	16 131 968,67

financial

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......................	1 895 061,66	1 908 973,54	1 765 439,91	1 575 795,93
-  II.  Tangible assets...............	1 895 061,66	1 908 973,54	1 765 439,91	1 575 795,93
-    1. Fixed goods...................	1 841 972,68	1 855 884,56	1 712 350,93	1 567 906,95
-      a) land........................	272 874,00	272 874,00	272 874,00	272 874,00
-      b) buildings, premises, facilities............................	843 647,50	902 109,61	980 394,58	1 063 449,59
-      c) machinery and equipment.....	210 050,90	94 101,43	72 787,54	70 829,27
-      d) fleet of motor vehicles.....	515 400,26	586 799,50	385 869,66	121 289,96
-      e) other fixed goods...........	0,02	0,02	425,15	39 464,13
-    2. Fixed goods under construction..........................	53 088,98	53 088,98	53 088,98	7 888,98
-B. Current assets....................	6 651 486,78	5 296 271,38	4 342 624,90	4 147 910,33
-  I.   Stock.........................	3 570 741,38	2 786 797,92	2 254 649,74	2 190 576,05
-    1. Raw materials.................	882 292,75	600 337,39	637 742,33	635 686,58
-    3. Finished products.............	29 832,58	38 591,38	93 248,29	115 885,40
-    4. Goods for re-sale.............	2 166 548,55	1 929 218,80	1 412 509,85	1 339 637,80
-    5. Advance payments .............	492 067,50	218 650,35	111 149,27	99 366,27
-  II. Short-term receivables.........	1 929 385,51	2 216 142,51	1 808 822,02	1 749 556,03
-    2. Other receivables ............	1 929 385,51	2 216 142,51	1 808 822,02	1 749 556,03
-      a) Due to deliveries and services with payment period:.........	1 847 962,59	1 901 188,19	1 591 385,77	1 724 993,00
-        - up to 12 months............	1 847 962,59	1 901 188,19	1 591 385,77	1 724 993,00
-      b) Due to taxes, subsidies, insurances, duties, etc...............	8 986,41	2 058,82	39 860,81	16 544,76
-      c) Other.......................	72 436,51	312 895,50	177 575,44	8 018,27
-  III. Short term investments........	1 108 544,73	256 601,29	250 015,06	171 129,37
-    1. Short-term financial assets...	1 108 544,73	256 601,29	250 015,06	171 129,37
-      c) cash and other liquid assets................................	1 108 544,73	256 601,29	250 015,06	171 129,37
-        - cash in hand and on bank account...............................	607 718,51	225 606,40	219 020,17	140 134,48
-        - other liquid assets........	500 826,22	30 994,89	30 994,89	30 994,89
-IV. Short-term prepayments and accrued income........................	42 815,16	36 729,66	29 138,08	36 648,88
-D. Total assets......................	8 546 548,44	7 205 244,92	6 108 064,81	5 723 706,26
-A. Shareholders' equity..............	3 956 898,65	3 041 732,88	2 285 924,45	2 040 353,57
-  I.   Basic share capital...........	270 200,00	270 200,00	270 200,00	270 200,00
-  IV.  Statutory reserve capital.....	2 771 560,87	2 015 724,45	1 770 153,57	1 499 994,13
-  VII. Profit (loss) carried forward.				124 438,83
-  VIII. Net profit (loss)............	915 137,78	755 808,43	245 570,88	145 720,61
-B. Liabilities and reserves for liabilities...........................	4 589 649,79	4 163 512,04	3 822 140,36	3 683 352,69
-II.  Long-term liabilities...........	371 734,97	453 837,27	893 168,60	953 506,98
-  2. Other liabilities...............	371 734,97	453 837,27	893 168,60	953 506,98
-    a) Loans.........................	227 826,22	300 043,11	752 554,82	953 506,98
-    c) Other financial liabilities...	143 908,75	153 794,16	140 613,78
-III. Short-term liabilities..........	4 204 009,55	3 705 300,43	2 915 822,28	2 713 500,22
-  2. Other liabilities...............	4 204 009,55	3 705 300,43	2 915 822,28	2 713 500,22
-    a) Loans.........................	77 977,45	320 836,22	123 237,36	104 473,27
-    c) Other financial liabilities...	136 514,22	210 146,56	112 172,53	118 903,27
-    d)Due to deliveries and services with payment period:.........	2 411 483,81	2 291 942,21	2 305 148,09	2 322 589,89
-      - up to 12 months..............	2 411 483,81	2 291 942,21	2 305 148,09	2 322 589,89
-    e) Advances received.............	285 495,71	60 753,55	211 854,03	90 997,20
-    g) Due to taxes, subsidies, insurances, duties, etc...............	534 019,93	175 554,85	120 184,62	75 853,12
-    h) Due to salaries...............	202,86	81,55		2,86
-    i) Other.........................	758 315,57	645 985,49	43 225,65	680,61
-IV.  Accruals and deferred income....	13 905,27	4 374,34	13 149,48	16 345,49
-  2. Other accruals..................	13 905,27	4 374,34	13 149,48	16 345,49
-    - short-term.....................	13 905,27	4 374,34	13 149,48	16 345,49
-D. Total liabilities.................	8 546 548,44	7 205 244,92	6 108 064,81	5 723 706,26
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.....	16 131 968,67	16 162 349,07	13 407 130,71
-  I.   Net revenue form sale of products..............................	3 757 448,40	3 642 762,98	3 285 183,11
-  II.  Net revenue from sale of goods.................................	12 374 520,27	12 519 586,09	10 121 947,60
-B.Cost of products, goods sold.......	11 333 219,05	11 695 003,03	9 690 598,58
-  I.  Cost of production of products sold.........................	1 611 369,93	1 709 890,47	1 444 794,07
-  II.  Value of products sold........	9 721 849,12	9 985 112,56	8 245 804,51
-C. Gross profit on sale..............	4 798 749,62	4 467 346,04	3 716 532,13
-D. Costs of sale.....................	394 555,66	390 431,59	364 458,51
-E. General management costs..........	3 188 516,93	3 085 121,51	2 936 869,11
-F. Profit on sale....................	1 215 677,03	991 792,94	415 204,51
-G. Other operating incomes...........	32 400,68	95 168,54	121 565,24
-  I.   Incomes from disposal of fixed assets..........................	1 078,74	46 834,60	33 740,80
-  III. Other operating incomes.......	31 321,94	48 333,94	87 824,44
-H. Other operating costs.............	82 117,67	83 488,87	124 817,47
-  III. Other operating costs.........	82 117,67	83 488,87	124 817,47
-I. Profit on operating activities....	1 165 960,04	1 003 472,61	411 952,28
-J. Financial incomes.................	226 190,66	111 573,57	69 663,49
-  II.  Interest received.............	11 642,11	1 726,18	904,60
-  V.   Other.........................	214 548,55	109 847,39	68 758,89
-K. Financial costs...................	264 726,92	229 405,75	179 325,89
-  I.   Interest......................	41 652,84	67 677,83	82 608,82
-    - including related companies....			49 145,80
-  IV.  Other.........................	223 074,08	161 727,92	96 717,07
-L. Gross profit on economic activity.	1 127 423,78	885 640,43	302 289,88
-N. Gross profit......................	1 127 423,78	885 640,43	302 289,88
-O. Corporation tax...................	212 286,00	129 832,00	56 719,00
-R. Net profit........................	915 137,78	755 808,43	245 570,88
Source of financial data	Court
	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2013- 31.12.2013 (PLN)
-A. Income from sales and similar.....	12 683 832,65
-  I.   Net income on sales...........	2 855 669,57
-  II.  Change in value of stock ( +, -).................................	59 853,00
-  IV.  Income from sales of goods and materials.........................	9 768 310,08
-B. Operational costs.................	12 313 653,63
-  I.   Depreciation..................	211 645,47
-  II.  Materials and energy..........	1 376 179,98
-  III. Third party services..........	1 663 931,93
-  IV.  Taxes and duties..............	93 523,95
-  V.   Salaries and wages............	677 312,94
-  VI.  Social security...............	138 867,57
-  VII. Other.........................	246 326,21
-  VIII.Costs of goods and materials sold..................................	7 905 865,58
-C. Profit on sale....................	370 179,02
-D. Other operating incomes...........	90 306,84
-  III. Other operating incomes.......	90 306,84
-E. Other operating costs.............	135 697,90
-  III. Other operating costs.........	135 697,90
-F. Profit on operating activities....	324 787,96
-G. Financial incomes.................	57 537,91
-  II.  Interest received.............	3 121,46
-  V.   Other.........................	54 416,45
-H. Financial costs...................	181 918,26
-  I.   Interest......................	88 587,92
-    - related companies..............	57 749,76
-  IV.  Other.........................	93 330,34
-I. Profit on economic activity.......	200 407,61
-K. Gross profit......................	200 407,61
-L. Corporation tax...................	54 687,00
-N. Net profit........................	145 720,61

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	1,58	1,43	1,49	1,53
Quick ratio	0,72	0,67	0,71	0,71
Immediate ratio	0,26	0,07	0,09	0,06
Return on sale	5,67	4,68	1,83	1,15
Return on assets	10,71	10,49	4,02	2,55
Return on equity	23,13	24,85	10,74	7,14
Average trade debtors' days	43,77	50,05	49,24	50,35
Average stock turnover's days	81,01	62,94	61,38	63,04
average payables payment period	95,38	83,68	79,38	78,09
Total indebtedness ratio	53,70	57,78	62,58	64,35

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

Locations:

ul. Polna 29, 62-310 Pyzdry Mobile phone:            602 659 107 Ph./Fax:                 63 276 83 10 Fax:                     62 276 84 12 E-mail:                  ceres@ceres.pl Website:                 www.ceres.pl

Real Estate
	Book value of buildings as at 31.12.2016	PLN	843 647,50
	Book value of lands as at 31.12.2016	PLN	272 874,00
	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 515 400,26

Shares in other companies

As at 02.01.2018 there are no shares in other companies.

Connections:	Maciej Juchacz , personal ID no. (PESEL) 69030909439 -  MAJ KORPORACJA SPÓŁKA Z O.O. NIP 7822256396, ul. Szczepankowo 129, 61-313 Poznań   · shareholder: PLN 100 000,00 (100,00%) Patrick Van Ooteghem  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: 02.01.2018.

General information

The subject has not decided to cooperate in elaboration of the report.

Banks

Names of banks were not disclosed

Payment Manner

Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
PLN	1	INR 19.13

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	POJ

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.