MIRA INFORM REPORT

Report No. :	512207
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	ABRAMCZYK SP. Z O.O.
Registered Office :	Ul. Witebska 63, 85-771 Bydgoszcz
Country :	Poland
Financials (as on) :	31.12.2016
Date of Incorporation :	18.04.1994
Legal Form :	Limited liability company
Line of Business :	· Import, processing and sale of fish raw material and finished fish products · Wholesale of other food, including fish, crustaceans and molluscs · Processing and prserving of fish, crustaceans and molluscs · Retail sale of fish, crustaceans and molluscs in specialized stores · Cargo handling and storage of other products · Restaurants · Technical testing and analysis of food quality
No. of Employees :	155 [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 (30.09.2017)	Current Rating (31.12.2017)
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

ABRAMCZYK SP. Z O.O.

ul. Witebska 63
85-771 Bydgoszcz

Phone:    52 344 56 77

Fax:      52 344 56 77

E-mail:   sekretariat@abramczyk.pl

Website:  www.abramczyk.pl

Company summary

Legal form	Limited liability company	(5)
Stat.no.	090489270
Tax ID	PL 5540240905

Establishment

18.04.1994

(5)

Registration:

29.05.2002, District Court Bydgoszcz, XIII Department, KRS 115359 Data concerning previous registrations: 28.04.1994, District Court Bydgoszcz, RHB 3228

Shareholders	Marek Piotr Abramczyk , personal ID no. (PESEL) 71040204330, ul. Wybudowanie 14, 85-793 Bydgoszcz		PLN	25 000,00 25,00%
	Michał Adam Abramczyk , personal ID no. (PESEL) 75041802016, Strzyżawa 33, 86-072 Ostromecko		PLN	16 500,00 16,50%
	Czesław Andrzej Abramczyk , personal ID no. (PESEL) 53112900070, ul. Wrzosowa 15, 86-031 Osielsko		PLN	13 000,00 13,00%
	Stanisław Paweł Abramczyk , personal ID no. (PESEL) 56040800137, Strzyżawa 47, 86-070 Dąbrowa Chełmińska		PLN	13 000,00 13,00%
	Aleksandra Kowalska , personal ID no. (PESEL) 79072503603		PLN	12 000,00 12,00%
	Urszula Maria Po iwka , personal ID no. (PESEL) 80020203629		PLN	11 500,00 11,50%
	other shareholders		PLN	9 000,00 9,00%
	list entered to NCR /KRS/ on  20.12.2017
Initial Capital		PLN 100 000,00
	Initial capital divided into 200 shares of PLN 500,00 each
	Changes of initial capital
	- since 01.12.2009  until 21.01.2011  the capital estimated	PLN 72 000,00
	- since 19.11.2007  until 01.12.2009  the capital estimated	PLN 71 000,00
	- since 29.05.2002  until 19.11.2007  the capital estimated	PLN 70 000,00
	An in-kind contribution has been made and valued at	PLN  1 000,00

Management	Czesław Andrzej Abramczyk , personal ID no. (PESEL) 53112900070, ul. Wrzosowa 15, 86-031 Osielsko  - president Michał Adam Abramczyk , personal ID no. (PESEL) 75041802016, Strzyżawa 33, 86-072 Ostromecko  - vice president Stanisław Paweł Abramczyk , personal ID no. (PESEL) 56040800137, Strzyżawa 47, 86-070 Dąbrowa Chełmińska  - vice president Marek Piotr Abramczyk , personal ID no. (PESEL) 71040204330, ul. Wybudowanie 14, 85-793 Bydgoszcz  - vice president
	Proxies: Aleksandra Kowalska , personal ID no. (PESEL) 79072503603 Urszula Maria Poliwka , personal ID no. (PESEL) 80020203629
	Representation: If numerous managers – Two embers of the board of directors jointly or member of the board of directors and proxy jointly.
Main activity	Import, processing and sale of fish raw material and finished fish products
	Export 2008 (10.00%)
	Branches NACE 2007:
	Wholesale of other food, including fish, crustaceans and molluscs	(G.46.38.Z)
	Processing and prserving of fish, crustaceans and molluscs	(C.10.20.Z)
	Retail sale of fish, crustaceans and molluscs in specialized stores	(G.47.23.Z)
	Cargo handling and storage of other products	(H.52.10.B)
	Restaurants	(I.56.10.A)
	Technical testing and analysis of food quality	(M.71.20.A)

Employment

2006:              119       employees 2007:              113       employees 2008:              101       employees 2009:              114       employees 2010:              155       employees

Turnover	2012	PLN	198 285 363,86
	2013	PLN	195 210 630,53
	2014	PLN	216 761 874,13
	2015	PLN	274 277 655,65
	2016	PLN	320 126 901,64

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......................	38 520 000,46	36 561 505,73	37 048 983,36		19 586 701,09
-  I.   Intangible assets.............	22 464,12	8 264,30	3 699,19
-    3. Other intangible assets.......	22 464,12		3 699,19
-    4. Prepayments for intangible assets................................		8 264,30
-  II.  Tangible assets...............	37 686 392,34	36 371 854,43	36 909 271,98		19 488 485,41
-    1. Fixed goods...................	37 293 226,19	36 241 962,57	36 822 909,46		19 160 525,08
-      a) land........................	3 114 915,87	2 634 775,87	2 634 775,87		2 634 775,87
-      b) buildings, premises, facilities............................	23 143 787,47	23 694 383,16	24 143 141,21		9 923 723,09
-      c) machinery and equipment.....	8 992 031,67	7 999 977,80	8 083 090,67		4 982 033,82
-      d) fleet of motor vehicles.....	1 323 739,34	1 200 779,62	1 213 458,27		1 205 625,57
-      e) other fixed goods...........	718 751,84	712 046,12	748 443,44		414 366,73
-    2. Fixed goods under construction..........................	330 565,15	129 891,86	86 362,52		327 960,33
-    3. Prepayments for fixed goods under construction....................	62 601,00
-V. Long-term prepayments and accrued income........................	811 144,00	181 387,00	136 012,19		98 215,68
-  1. Deferred tax assets.............	811 144,00	181 387,00			98 215,68
-B. Current assets....................	130 822 847,96	124 707 958,00	103 421 191,28		101 881 860,56
-  I.   Stock.........................	56 163 151,60	55 247 301,87	53 244 036,27		54 412 545,94
-    1. Raw materials.................	29 590 502,74	28 180 245,53	24 027 228,16		21 866 648,89
-    2. Semi-finished products and work-in-progress......................		313 123,59
-    3. Finished products.............	7 228 615,94	5 021 971,73	3 507 801,84		2 883 230,83
-    4. Goods for re-sale.............	15 963 402,69	21 731 961,02	25 709 006,27		29 662 666,22
-    5. Advance payments .............	3 380 630,23
-  II. Short-term receivables.........	74 079 107,92	68 873 351,92	49 978 802,80		47 121 785,60
-    2. Other receivables ............	74 079 107,92	68 873 351,92	49 978 802,80		47 121 785,60
-      a) Due to deliveries and services with payment period:.........	73 495 045,95	68 448 370,16	49 083 079,08		46 679 768,75
-        - up to 12 months............	73 495 045,95	68 448 370,16	49 083 079,08		46 679 768,75
-      b) Due to taxes, subsidies, insurances, duties, etc...............	564 368,44	414 185,65	789 421,08		440 966,85
-      c) Other.......................	19 693,53	10 796,11	106 302,64		1 050,00
-  III. Short term investments........	438 224,81	436 642,13	84 309,41		218 441,00
-    1. Short-term financial assets...	438 224,81	436 642,13	84 309,41		218 441,00
-      b) Other.......................		80 000,00
-        - granted loans..............		80 000,00
-      c) cash and other liquid assets................................	438 224,81	356 642,13	84 309,41		218 441,00
-        - cash in hand and on bank account...............................	438 224,81	356 642,13	84 309,41		218 441,00
-IV. Short-term prepayments and accrued income........................	142 363,63	150 662,08	114 042,80		129 088,02
-D. Total assets......................	169 342 848,42	161 269 463,73	140 470 174,64		121 468 561,65
-A. Shareholders' equity..............	60 547 922,74	47 608 476,50	41 442 458,34		38 562 312,33
-  I.   Basic share capital...........	100 000,00	100 000,00	100 000,00		100 000,00
-  IV.  Statutory reserve capital.....	44 440 289,20	39 017 271,04	35 317 125,03		29 609 460,47
-  V. Revaluation reserve.............	745 187,30	745 187,30	745 187,30		745 187,30
-  VIII. Net profit (loss)............	15 471 816,24	7 746 018,16	5 280 146,01		8 107 664,56
-  IX.  Deductions from profit during the accounting year (-.........	-209 370,00
-B. Liabilities and reserves for liabilities...........................	108 794 925,68	113 660 987,23	99 027 716,30		82 906 249,32
-  I.   Reserves for liabilities......	3 322 574,80	513 035,86	500 512,37		328 579,70
-    1. Deferred income tax reserves..	61 020,00	73 910,00	118 182,42		99 546,73
-    2. Reserves for pensions and similar social payments...............	1 451 983,90	17 445,00	17 445,00		17 445,00
-      - long-term....................	94 428,21	14 312,00	14 312,00		14 312,00
-      - short-term...................	1 357 555,69	3 133,00	3 133,00		3 133,00
-    3. Other reserves................	1 809 570,90	421 680,86	364 884,95		211 587,97
-      - short-term...................	1 809 570,90	421 680,86	364 884,95		211 587,97
-II.  Long-term liabilities...........	37 499 196,07	10 525 735,36	20 932 620,57		20 423 607,53
-  2. Other liabilities...............	37 499 196,07	10 525 735,36	20 932 620,57		20 423 607,53
-    a) Loans.........................	37 039 835,21	10 000 000,00	20 300 000,00		20 000 000,00
-    c) Other financial liabilities...	238 731,36	289 346,61	381 972,57		35 700,28
-    d) Other.........................	220 629,50	236 388,75	250 648,00		387 907,25
-III. Short-term liabilities..........	54 274 605,07	87 902 483,52	61 796 765,67		55 546 584,12
-  2. Other liabilities...............	54 256 407,87	87 870 297,97	61 785 191,32		55 545 905,02
-    a) Loans.........................	24 518 445,25	48 387 713,59	27 527 115,30		18 174 088,93
-    c) Other financial liabilities...	245 574,43	400 619,86	109 714,08		103 519,19
-    d)Due to deliveries and services with payment period:.........	26 198 225,12	34 447 898,55	31 457 548,52		33 900 052,87
-      - up to 12 months..............	26 198 225,12	34 447 898,55	31 457 548,52		33 900 052,87
-    g) Due to taxes, subsidies, insurances, duties, etc...............	2 671 815,12	2 910 383,76	2 261 623,48		2 290 159,92
-    h) Due to salaries...............	584 523,38	497 414,70	405 039,38		339 880,75
-    i) Other.........................	37 824,57	1 226 267,51	24 150,56		738 203,36
-  3. Special funds...................	18 197,20	32 185,55	11 574,35		679,10
-IV.  Accruals and deferred income....	13 698 549,74	14 719 732,49	15 797 817,69		6 607 477,97
-  2. Other accruals..................	13 698 549,74	14 719 732,49	15 797 817,69		6 607 477,97
-    - long-term......................	12 696 351,12	13 890 115,73	14 878 350,05		5 926 147,35
-    - short-term.....................	1 002 198,62	829 616,76	919 467,64		681 330,62
-D. Total liabilities.................	169 342 848,42	161 269 463,73	140 470 174,64		121 468 561,65
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.....	320 126 901,64	274 277 655,65	216 761 874,13		195 210 630,53
-  I.   Net revenue form sale of products..............................	206 859 007,11	154 125 489,37	106 888 288,89		85 067 019,63
-  II.  Net revenue from sale of goods.................................	113 267 894,53	120 152 166,28	109 873 585,24		110 143 610,90
-B.Cost of products, goods sold.......	277 920 788,42	243 030 341,15	191 638 665,28		168 652 700,77
-  I.  Cost of production of products sold.........................	176 930 715,63	135 556 425,05	89 987 150,68		69 123 017,97
-  II.  Value of products sold........	100 990 072,79	107 473 916,10	101 651 514,60		99 529 682,80
-C. Gross profit on sale..............	42 206 113,22	31 247 314,50	25 123 208,85		26 557 929,76
-D. Costs of sale.....................	15 868 130,75	13 618 520,71	12 899 341,26		12 262 852,20
-E. General management costs..........	3 785 536,45	3 260 555,41	3 381 173,67		3 353 156,27
-F. Profit on sale....................	22 552 446,02	14 368 238,38	8 842 693,92		10 941 921,29
-G. Other operating incomes...........	2 601 388,14	1 702 435,74	1 194 735,95		1 158 769,08
-  I.   Incomes from disposal of fixed assets..........................	48 569,44	49 799,28			50 447,40
-  II.  Subsidies.....................	1 021 182,75	1 078 810,87	809 660,28		733 944,56
-  III. Other operating incomes.......	1 531 635,95	573 825,59	385 075,67		374 377,12
-H. Other operating costs.............	4 100 050,19	1 356 177,24	1 095 719,86		1 617 692,08
-  II.  Goodwill revaluation..........	657 649,54
-  III. Other operating costs.........	3 442 400,65	1 356 177,24	1 095 719,86		1 617 692,08
-I. Profit on operating activities....	21 053 783,97	14 714 496,88	8 941 710,01		10 482 998,29
-J. Financial incomes.................	817 279,35	371 031,69	734 033,98		1 294 192,70
-  II.  Interest received.............	512 995,99	369 921,25	530 467,78		509 811,99
-  IV.  Financial assets revaluation..	298 470,77		170 315,03		39 904,00
-  V.   Other.........................	5 812,59	1 110,44	33 251,17		744 476,71
-K. Financial costs...................	2 445 762,08	5 316 665,64	3 095 965,80		1 483 021,57
-  I.   Interest......................	1 637 287,60	1 463 460,11	1 459 948,69		1 379 638,52
-  III. Financial assets revaluation..	7 621,08	392 005,99			93 282,11
-  IV.  Other.........................	800 853,40	3 461 199,54	1 636 017,11		10 100,94
-L. Gross profit on economic activity.	19 425 301,24	9 768 862,93	6 579 778,19		10 294 169,42
-N. Gross profit......................	19 425 301,24	9 768 862,93	6 579 778,19		10 294 169,42
-O. Corporation tax...................	3 953 485,00	2 022 844,77	1 299 632,18		2 186 504,86
-R. Net profit........................	15 471 816,24	7 746 018,16	5 280 146,01		8 107 664,56
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	2,41	1,42	1,67	1,83
Quick ratio	1,37	0,79	0,81	0,85
Immediate ratio	0,01
Return on sale	4,83	2,82	2,44	4,15
Return on assets	9,14	4,80	3,76	6,67
Return on equity	25,55	16,27	12,74	21,02
Average trade debtors' days	84,69	91,65	84,16	88,11
Average stock turnover's days	64,21	73,52	89,66	101,74
average payables payment period	62,05	116,98	104,06	103,86
Total indebtedness ratio	64,25	70,48	70,50	68,25

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.38.Z - NACE 2007), as at :	31.12.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013
Current ratio............................	1,02	1,09	1,14	1,26	1,12
Quick ratio..............................	0,76	0,79	0,94	0,96	0,89
Immediate ratio..........................	0,05	0,06	0,16	0,11	0,04
Return on sale...........................	3,72	3,23	2,89	4,07	3,43
Return on assets.........................	13,61	11,38	6,05	13,42	11,47
Return on equity.........................	56,07	38,89	11,03	41,94	39,45
Average trade debtors' days..............	33,97	29,60	39,46	41,82	44,47
Average stock turnover's days............	15,02	16,40	12,69	16,56	13,49
average payables payment period..........	58,82	55,91	63,64	57,61	59,36
Total indebtedness ratio.................	75,72	70,75	45,12	67,99	70,93
Percent share in the examinated group of companies with net profit.............	71,90	68,80	81,20	68,60	66,70
Sales/revenue per employee in th. PLN....	1 425,84	1 565,01	1 656,99	1 222,36	1 322,88
Average sales/revenue per company in th. PLN..................................	225 728,03	226 877,81	247 357,66	180 839,91	195 545,09
according to the Central Statistical Office

Other general information

Locations:

seat: ul. Witebska 63, 85-771 Bydgoszcz Phone:                   52 344 56 77 Fax:                     52 344 56 77 E-mail:                  a.kowalska@abramczyk.com.pl                          finanse@abramczyk.pl                          sekretariat@abramczyk.pl Website:                 www.abramczyk.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 1 323 739,34

Shares in other companies

As at 07.05.2018 there are no shares in other companies.

Connections:	Czesław Andrzej Abramczyk , personal ID no. (PESEL) 53112900070 -  POLSKIE STOWARZYSZENIE PRZETWÓRCÓW RYB NIP 6692197535, ul. Słowiańska 5/Pokój 111, 75-846 Koszalin   · treasurer Urszula Maria Poliwka , personal ID no. (PESEL) 80020203629 -  SOLIDOR CONSULTING sp. z o.o. NIP 5542917677, ul. Generała Józefa Hallera 2E, 85-795 Bydgoszcz   · shar holder: PLN 2 500,00 (50,00%)
	Data concerning connections are valid as at: 07.05.2018.

Acquisitions	01.12.2009 (Entry date) - merger ABRAMCZYK Sp. z o.o., ul. Witebska 63, 85-771 Bydgoszcz (as taking over)  PPH ŁAWICA Marek Abramczyk Michał Abramczyk Spółka Jawna KRS 108719, ul. Witebska 63, 85-778 Bydgoszcz (as taken over)
Banks	Names of banks were not disclosed

Payment Manner	No complaints	(27)
Credit capability	Business connections appear permissible	(32)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79
PLN	1	INR 18.15

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

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)

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