MIRA INFORM REPORT

Report Date :

01.04.2013

IDENTIFICATION DETAILS

Name :	METALWELD FIPROM POLSKA SP. Z O.O.
Formerly Known as:	PPU METALWELD Sp. z o.o.
Registered Office :	ul. Mikołajczyka 57, 41-200 Sosnowiec
Country :	Poland
Financials (as on) :	31.12.2011
Date of Incorporation :	10.09.1993
Com. Reg. No.:	04.07.2002, District Court Katowice, VIII Department, KRS 121478
Legal Form :	Limited Liability Company
Line of Business :	Manufacture and sale of welding electrodes and other welding articles
No. of Employees :	59 (2009)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Poland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Poland - ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. It is the only country in the European Union to avoid a recession through the 2008-09 economic downturn, although GDP per capita is still much below the EU average. Since 2004, EU membership and access to EU structural funds have provided a major boost to the economy. Unemployment has been 2% more than the EU average. Inflation reached a low of about 2.6% in 2010 due to the global economic slowdown, but climbed to 4.3% in 2011. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, burdensome tax system, and persistent low-level corruption keep the private sector from performing up to its full potential. Weak revenues, together with rising demands to fund healthcare, education, and the state pension system caused the public sector budget deficit to rise to 7.8% of GDP in 2010, but the PO/PSL coalition government, which came to power in November 2007, took measures to shore up public finances - including increasing contributions to the public pension scheme at the expense of private pension funds - and reduced the deficit to 2.9% of GDP in 2011. For 2012 the coalition government has proposed further deficit-reducing reforms and to fulfill its promise to enact business-friendly reforms

Source : CIA

Company name & address

Metalweld Fiprom Polska Sp. z o.o.

ul. Mikołajczyka 57
41-200 Sosnowiec

Phone:    32 2977550

Fax:      32 2977588

E-mail:   poczta@metalweld.pl

Website:  www.metalweld.pl

Company summary

Legal form Limited liability company

Stat.no. 271898531

Tax ID PL 6460014260

Establishment 10.09.1993

Changes of names and addresses

PPU METALWELD Sp. z o.o.

ul. Przemysłowa 52, 43-110 Tychy

13.09.1995 Metalweld Fiprom Polska Sp. z o.o.

 ul. Fabryczna 5, 43-110 Tychy

14.01.2000  ul. Mikołajczyka 57, 41-200 Sosnowiec

Registration:

04.07.2002, District Court Katowice, VIII Department, KRS 121478

Data concerning previous registrations:

27.09.1993, District Court Katowice, RHB 10017

Shareholders	Małgorzata Maria Massalska , personal ID no. (PESEL) 57082304982, ul. Owocowa 5, 41-260 Sławków	PLN	431 800,00 23,10%
	Stanisław Wiesław Jaworski , personal ID no. (PESEL) 43111803559, ul. Grzyśki 11/4, 40-560 Katowice	PLN	431 800,00 23,10%
	Kazimierz Michał Wolski , personal ID no. (PESEL) 36032503459, ul. Mikołaja Reja 12, 05-075 Warszawa	PLN	430 500,00 23,03%
	Jernej Markez , Jesenice Cesta  Ivana Cankarija 4D, Slovenia	PLN	282 900,00 15,13%
	Janez Beges , Lesce  Na Trati 59, Slovenia	PLN	189 400,00 10,13%
	Marija Gabrijela Vidali , Jesenice Cesta  C Titsa 114, Slovenia	PLN	103 200,00 5,52%
	list prepared on  31.12.2009

Initial Capital		PLN 1 869 600,00
	Initial capital divided into 18696 shares of PLN 100,00 each
	Changes of initial capital
	-  until 29.09.2008  the capital estimated	PLN 152 000,00
	An in-kind contribution has been made and valued at	PLN  69 000,00

Management	Stanisław Wiesław Jaworski , personal ID no. (PESEL) 43111803559, ul. Grzyśki 11/4, 40-560 Katowice  - president Małgorzata Maria Massalska , personal ID no. (PESEL) 57082304982, ul. Owocowa 5, 41-260 Sławków  - vice president Jernej Markez , Jesenice Cesta  Ivana Cankarija 4D, Slovenia  - member of board of directors
	Proxies: Justyna Magdalena Massalska , personal ID no. (PESEL) 83062609480  - joint proxy with a board member
	Representation: since 23.10.2012  To sign and file statements and incur obligations on behalf of the company: - up to the amount PLN 100.000 - each member of the board of directors individually - above the amount PLN 100.000 - two members of the board of directors jointly or member of the board of directors and proxy jointly

Main activity	Manufacture and sale of welding electrodes and other welding articles
	Branches NACE 2007:
	Manufacture of wire products, chain and springs
	Manufacture of rubber and plastic products
	Other transportation activities
	Technical testing and analysis
	Other education

Employment

2005:              57        employees 2006:              64        employees 2007:              70        employees 2008:              64        employees 2009:              59        employees

Turnover	2007	PLN	24 145 632,03
	2008	PLN	22 985 762,23
	2009	PLN	18 297 577,65
	2010	PLN	20 217 743,82
	2011	PLN	22 080 992,60

Financial statements

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)	31.12.2008 (PLN)
-A. Fixed assets......................	2 343 126,76	1 753 482,21	1 498 667,60	1 939 673,76
-  I.   Intangible assets.............			3 037,50	7 087,50
-    3. Other intangible assets.......			3 037,50	7 087,50
-  II.  Tangible assets...............	2 092 776,76	1 633 967,21	1 409 612,10	1 864 368,26
-    1. Fixed goods...................	1 546 427,13	1 202 189,22	1 364 208,01	1 855 683,37
-      a) land........................	105 632,91	79 017,90	83 869,14	88 720,38
-      b) buildings, premises, facilities............................	1 008 238,46	462 520,04	570 439,66	789 531,83
-      c) machinery and equipment.....	228 333,50	317 005,76	460 833,95	647 441,11
-      d) fleet of motor vehicles.....	134 559,88	190 171,47	218 065,14	282 942,57
-      e) other fixed goods...........	69 662,38	153 474,05	31 000,12	47 047,48
-    2. Fixed goods under construction..........................	529 849,63	431 777,99	45 404,09	8 684,89
-    3. Prepayments for fixed goods under construction....................	16 500,00
-  III. Long term receivables.........	250 350,00
-    1. From affiliated companies.....	250 350,00
-V. Long-term prepayments and accrued income........................		119 515,00	86 018,00	68 218,00
-  1. Deferred tax assets.............		119 515,00	86 018,00	68 218,00
-B. Current assets....................	8 782 305,13	7 855 402,56	6 995 017,02	7 127 720,66
-  I.   Stock.........................	3 134 153,55	2 932 719,66	2 197 285,46	2 679 480,67
-    1. Raw materials.................	1 290 386,60	1 441 394,65	877 796,54	1 105 689,72
-    2. Semi-finished products and work-in-progress......................	217 121,24	192 718,46	239 063,38	220 204,16
-    3. Finished products.............	1 106 088,35	980 515,67	760 891,51	901 835,28
-    4. Goods for re-sale.............	520 557,36	318 090,88	319 534,03	429 621,29
-    5. Advance payments .............				22 130,22
-  II. Short-term receivables.........	2 181 349,31	2 120 155,53	1 978 608,53	2 302 943,11
-    2. Other receivables ............	2 181 349,31	2 120 155,53	1 978 608,53	2 302 943,11
-      a) Due to deliveries and services with payment period:.........	2 022 847,82	1 929 346,38	1 888 901,26	2 213 524,31
-        - up to 12 months............		1 929 346,38	1 888 901,26	2 213 524,31
-      b) Due to taxes, subsidies, insurances, duties, etc...............	62 879,86	44 457,86	28 792,40	34 801,06
-      c) Other.......................	95 621,63	146 351,29	60 914,87	54 617,74
-  III. Short term investments........	3 409 643,62	2 753 251,06	2 781 152,71	2 108 241,33
-    1. Short-term financial assets...	3 409 643,62	2 753 251,06	2 781 152,71	2 108 241,33
-      c) cash and other liquid assets................................	3 409 643,62	2 753 251,06	2 781 152,71	2 108 241,33
-        - cash in hand and on bank account...............................	1 249 542,68	453 256,93	497 843,51	351 965,54
-        - other liquid assets........	2 160 100,94	2 299 994,13	2 283 309,20	1 756 275,79
-IV. Short-term prepayments and accrued income........................	57 158,65	49 276,31	37 970,32	37 055,55
-D. Total assets......................	11 125 431,89	9 608 884,77	8 493 684,62	9 067 394,42
-A. Shareholders' equity..............	5 468 024,19	6 455 807,19	6 167 364,36	6 703 276,43
-  I.   Basic share capital...........	1 869 600,00	1 869 600,00	1 869 600,00	1 869 600,00
-  IV.  Statutory reserve capital.....	2 004 157,97	2 846 262,26	2 914 774,33	3 242 683,89
-  V. Revaluation reserve.............	11 910,10	11 910,10	11 910,10	11 910,10
-  VIII. Net profit (loss)............	2 330 216,12	1 728 034,83	1 371 079,93	1 579 082,44
-  IX.  Deductions from profit during the accounting year (-.........	-747 860,00
-B. Liabilities and reserves for liabilities...........................	5 657 407,70	3 153 077,58	2 326 320,26	2 364 117,99
-  I.   Reserves for liabilities......	1 321 244,39	630 349,99	452 717,42	369 580,30
-    1. Deferred income tax reserves..	19 981,00	6 816,00	2 756,00	10 537,00
-    2. Reserves for pensions and similar social payments...............	95 463,39	39 783,67	138 364,66	170 073,70
-      - long-term....................			45 890,44
-      - short-term...................	95 463,39	39 783,67	92 474,22	170 073,70
-    3. Other reserves................	1 205 800,00	583 750,32	311 596,76	188 969,60
-      - short-term...................	1 205 800,00	583 750,32	311 596,76	188 969,60
-II.  Long-term liabilities...........			25 449,60	152 522,04
-  2. Other liabilities...............			25 449,60	152 522,04
-    a) Loans.........................			25 449,60	127 137,60
-    c) Other financial liabilities...				25 384,44
-III. Short-term liabilities..........	4 336 163,31	2 522 727,59	1 847 364,92	1 842 015,65
-  2. Other liabilities...............	4 281 985,84	2 483 779,55	1 814 434,45	1 813 482,01
-    a) Loans.........................	432 461,66	290 687,83	228 885,29	101 688,00
-    c) Other financial liabilities...	361,19		23 489,23	61 100,09
-    d)Due to deliveries and services with payment period:.........	1 462 992,72	1 533 623,30	1 026 001,52	1 229 650,84
-      - up to 12 months..............	1 462 992,72	1 533 623,30	1 026 001,52	1 229 650,84
-    e) Advances received.............	11 111,80		8 275,09	125 046,83
-    f) Bill of exchange liabilities..	1 537 396,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	631 682,08	386 453,96	256 495,36	250 103,57
-    h) Due to salaries...............	140 303,72	157 018,15	147 854,32	0,20
-    i) Other.........................	65 676,67	115 996,31	123 433,64	45 892,48
-  3. Special funds...................	54 177,47	38 948,04	32 930,47	28 533,64
-IV.  Accruals and deferred income....			788,32
-  2. Other accruals..................			788,32
-    - short-term.....................			788,32
-D. Total liabilities.................	11 125 431,89	9 608 884,77	8 493 684,62	9 067 394,42
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)	01.01.2008- 31.12.2008 (PLN)
-A. Income from sales and similar.....	22 080 992,60	20 217 743,82	18 297 577,65	22 985 762,23
-  I.   Net income on sales...........	18 921 434,28	16 761 455,67	15 352 041,91	17 211 174,53
-  II.  Change in value of stock ( +, -).................................	157 857,80	335 334,97	-100 818,02	234 667,29
-  IV.  Income from sales of goods and materials.........................	3 001 700,52	3 120 953,18	3 046 353,76	5 539 920,41
-B. Operational costs.................	18 638 453,02	17 898 920,71	16 351 936,12	20 812 296,72
-  I.   Depreciation..................	453 878,78	548 228,38	632 679,89	577 456,88
-  II.  Materials and energy..........	10 010 937,41	9 262 665,25	8 270 274,75	10 195 949,96
-  III. Third party services..........	1 723 032,96	2 026 394,47	1 440 921,17	1 569 802,21
-  IV.  Taxes and duties..............	161 078,01	138 938,64	178 056,51	178 175,79
-  V.   Salaries and wages............	3 509 772,01	3 269 706,19	3 117 504,88	3 385 630,48
-  VI.  Social security...............	636 399,64	525 734,88	456 961,71	504 315,70
-  VII. Other.........................	32 991,30	42 268,36	76 162,75	109 850,59
-  VIII.Costs of goods and materials sold..................................	2 110 362,91	2 084 984,54	2 179 374,46	4 291 115,11
-C. Profit on sale....................	3 442 539,58	2 318 823,11	1 945 641,53	2 173 465,51
-D. Other operating incomes...........	244 675,77	411 618,36	150 263,82	106 965,87
-  I.   Incomes from disposal non-financial assets..................		3 819,67		44 035,06
-  II.  Subsidies.....................	123 533,99	357 487,20
-  III. Other operating incomes.......	121 141,78	50 311,49	150 263,82	62 930,81
-E. Other operating costs.............	909 256,48	725 229,95	440 891,92	355 195,31
-  I.   Loss on disposal of non-finacial assets...................	801 263,39	623 533,99
-  II.  Goodwill revaluation..........	23 421,37	30 422,98
-  III. Other operating costs.........	84 571,72	71 272,98	440 891,92	355 195,31
-F. Profit on operating activities....	2 777 958,87	2 005 211,52	1 655 013,43	1 925 236,07
-G. Financial incomes.................	144 407,21	337 770,57	102 421,82	187 899,94
-  II.  Interest received.............	137 371,32	141 285,76	102 421,82	101 864,15
-  III. Profit from assets sold.......				83 282,43
-  V.   Other.........................	7 035,89	196 484,81		2 753,36
-H. Financial costs...................	12 440,96	215 792,26	63 665,32	181 186,57
-  I.   Interest......................	10 275,80	23 682,86	30 216,62	65 170,07
-  IV.  Other.........................	2 165,16	192 109,40	33 448,70	116 016,50
-I. Profit on economic activity.......	2 909 925,12	2 127 189,83	1 693 769,93	1 931 949,44
-K. Gross profit......................	2 909 925,12	2 127 189,83	1 693 769,93	1 931 949,44
-L. Corporation tax...................	579 709,00	399 155,00	322 690,00	352 867,00
-N. Net profit........................	2 330 216,12	1 728 034,83	1 371 079,93	1 579 082,44

Ratios	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009	01.01.2008- 31.12.2008
Current ratio	2,03	3,11	3,79	3,87
Quick ratio	1,29	1,93	2,58	2,39
Immediate ratio	0,79	1,09	1,51	1,14
Return on sale	10,63	8,69	7,45	6,94
Return on assets	20,94	17,98	16,14	17,42
Return on equity	42,62	26,77	22,23	23,56
Average trade debtors' days	36,32	38,92	39,25	37,05
Average stock turnover's days	52,18	53,84	43,59	43,11
average payables payment period	72,19	46,31	36,65	29,63
Total indebtedness ratio	50,85	32,81	27,39	26,07

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.25.93.Z - NACE 2007), as at :	30.09.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,60	1,37	1,58	1,61	1,47
Quick ratio..............................	0,96	0,80	0,96	0,94	0,78
Immediate ratio..........................	0,22	0,15	0,21	0,20	0,16
Return on sale...........................	5,29	1,92	3,57	0,97	0,93
Return on assets.........................	5,93	2,70	5,26	1,07	1,54
Return on equity.........................	13,82	6,99	11,82	2,66	3,49
Average trade debtors' days..............	60,25	66,51	65,45	60,56	51,30
Average stock turnover's days............	54,22	61,83	58,15	57,07	57,62
average payables payment period..........	86,48	111,32	94,74	86,85	86,40
Total indebtedness ratio.................	57,08	61,33	55,48	59,72	55,90
Percent share in the examinated group of companies with net profit.............	84,10	80,40	77,80	65,30	68,10
Sales/revenue per employee in th. PLN....	246,82	371,93	302,83	295,14	317,76
Average sales/revenue per company in th. PLN..................................	34 346,61	51 042,76	41 225,51	36 253,53	42 079,53
according to the Central Statistical Office

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)	31.12.2008 (PLN)
-A. Fixed assets......................	2 343 126,76	1 753 482,21	1 498 667,60	1 939 673,76
-  I.   Intangible assets.............			3 037,50	7 087,50
-    3. Other intangible assets.......			3 037,50	7 087,50
-  II.  Tangible assets...............	2 092 776,76	1 633 967,21	1 409 612,10	1 864 368,26
-    1. Fixed goods...................	1 546 427,13	1 202 189,22	1 364 208,01	1 855 683,37
-      a) land........................	105 632,91	79 017,90	83 869,14	88 720,38
-      b) buildings, premises, facilities............................	1 008 238,46	462 520,04	570 439,66	789 531,83
-      c) machinery and equipment.....	228 333,50	317 005,76	460 833,95	647 441,11
-      d) fleet of motor vehicles.....	134 559,88	190 171,47	218 065,14	282 942,57
-      e) other fixed goods...........	69 662,38	153 474,05	31 000,12	47 047,48
-    2. Fixed goods under construction..........................	529 849,63	431 777,99	45 404,09	8 684,89
-    3. Prepayments for fixed goods under construction....................	16 500,00
-  III. Long term receivables.........	250 350,00
-    1. From affiliated companies.....	250 350,00
-V. Long-term prepayments and accrued income........................		119 515,00	86 018,00	68 218,00
-  1. Deferred tax assets.............		119 515,00	86 018,00	68 218,00
-B. Current assets....................	8 782 305,13	7 855 402,56	6 995 017,02	7 127 720,66
-  I.   Stock.........................	3 134 153,55	2 932 719,66	2 197 285,46	2 679 480,67
-    1. Raw materials.................	1 290 386,60	1 441 394,65	877 796,54	1 105 689,72
-    2. Semi-finished products and work-in-progress......................	217 121,24	192 718,46	239 063,38	220 204,16
-    3. Finished products.............	1 106 088,35	980 515,67	760 891,51	901 835,28
-    4. Goods for re-sale.............	520 557,36	318 090,88	319 534,03	429 621,29
-    5. Advance payments .............				22 130,22
-  II. Short-term receivables.........	2 181 349,31	2 120 155,53	1 978 608,53	2 302 943,11
-    2. Other receivables ............	2 181 349,31	2 120 155,53	1 978 608,53	2 302 943,11
-      a) Due to deliveries and services with payment period:.........	2 022 847,82	1 929 346,38	1 888 901,26	2 213 524,31
-        - up to 12 months............		1 929 346,38	1 888 901,26	2 213 524,31
-      b) Due to taxes, subsidies, insurances, duties, etc...............	62 879,86	44 457,86	28 792,40	34 801,06
-      c) Other.......................	95 621,63	146 351,29	60 914,87	54 617,74
-  III. Short term investments........	3 409 643,62	2 753 251,06	2 781 152,71	2 108 241,33
-    1. Short-term financial assets...	3 409 643,62	2 753 251,06	2 781 152,71	2 108 241,33
-      c) cash and other liquid assets................................	3 409 643,62	2 753 251,06	2 781 152,71	2 108 241,33
-        - cash in hand and on bank account...............................	1 249 542,68	453 256,93	497 843,51	351 965,54
-        - other liquid assets........	2 160 100,94	2 299 994,13	2 283 309,20	1 756 275,79
-IV. Short-term prepayments and accrued income........................	57 158,65	49 276,31	37 970,32	37 055,55
-D. Total assets......................	11 125 431,89	9 608 884,77	8 493 684,62	9 067 394,42
-A. Shareholders' equity..............	5 468 024,19	6 455 807,19	6 167 364,36	6 703 276,43
-  I.   Basic share capital...........	1 869 600,00	1 869 600,00	1 869 600,00	1 869 600,00
-  IV.  Statutory reserve capital.....	2 004 157,97	2 846 262,26	2 914 774,33	3 242 683,89
-  V. Revaluation reserve.............	11 910,10	11 910,10	11 910,10	11 910,10
-  VIII. Net profit (loss)............	2 330 216,12	1 728 034,83	1 371 079,93	1 579 082,44
-  IX.  Deductions from profit during the accounting year (-.........	-747 860,00
-B. Liabilities and reserves for liabilities...........................	5 657 407,70	3 153 077,58	2 326 320,26	2 364 117,99
-  I.   Reserves for liabilities......	1 321 244,39	630 349,99	452 717,42	369 580,30
-    1. Deferred income tax reserves..	19 981,00	6 816,00	2 756,00	10 537,00
-    2. Reserves for pensions and similar social payments...............	95 463,39	39 783,67	138 364,66	170 073,70
-      - long-term....................			45 890,44
-      - short-term...................	95 463,39	39 783,67	92 474,22	170 073,70
-    3. Other reserves................	1 205 800,00	583 750,32	311 596,76	188 969,60
-      - short-term...................	1 205 800,00	583 750,32	311 596,76	188 969,60
-II.  Long-term liabilities...........			25 449,60	152 522,04
-  2. Other liabilities...............			25 449,60	152 522,04
-    a) Loans.........................			25 449,60	127 137,60
-    c) Other financial liabilities...				25 384,44
-III. Short-term liabilities..........	4 336 163,31	2 522 727,59	1 847 364,92	1 842 015,65
-  2. Other liabilities...............	4 281 985,84	2 483 779,55	1 814 434,45	1 813 482,01
-    a) Loans.........................	432 461,66	290 687,83	228 885,29	101 688,00
-    c) Other financial liabilities...	361,19		23 489,23	61 100,09
-    d)Due to deliveries and services with payment period:.........	1 462 992,72	1 533 623,30	1 026 001,52	1 229 650,84
-      - up to 12 months..............	1 462 992,72	1 533 623,30	1 026 001,52	1 229 650,84
-    e) Advances received.............	11 111,80		8 275,09	125 046,83
-    f) Bill of exchange liabilities..	1 537 396,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	631 682,08	386 453,96	256 495,36	250 103,57
-    h) Due to salaries...............	140 303,72	157 018,15	147 854,32	0,20
-    i) Other.........................	65 676,67	115 996,31	123 433,64	45 892,48
-  3. Special funds...................	54 177,47	38 948,04	32 930,47	28 533,64
-IV.  Accruals and deferred income....			788,32
-  2. Other accruals..................			788,32
-    - short-term.....................			788,32
-D. Total liabilities.................	11 125 431,89	9 608 884,77	8 493 684,62	9 067 394,42
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)	01.01.2008- 31.12.2008 (PLN)
-A. Income from sales and similar.....	22 080 992,60	20 217 743,82	18 297 577,65	22 985 762,23
-  I.   Net income on sales...........	18 921 434,28	16 761 455,67	15 352 041,91	17 211 174,53
-  II.  Change in value of stock ( +, -).................................	157 857,80	335 334,97	-100 818,02	234 667,29
-  IV.  Income from sales of goods and materials.........................	3 001 700,52	3 120 953,18	3 046 353,76	5 539 920,41
-B. Operational costs.................	18 638 453,02	17 898 920,71	16 351 936,12	20 812 296,72
-  I.   Depreciation..................	453 878,78	548 228,38	632 679,89	577 456,88
-  II.  Materials and energy..........	10 010 937,41	9 262 665,25	8 270 274,75	10 195 949,96
-  III. Third party services..........	1 723 032,96	2 026 394,47	1 440 921,17	1 569 802,21
-  IV.  Taxes and duties..............	161 078,01	138 938,64	178 056,51	178 175,79
-  V.   Salaries and wages............	3 509 772,01	3 269 706,19	3 117 504,88	3 385 630,48
-  VI.  Social security...............	636 399,64	525 734,88	456 961,71	504 315,70
-  VII. Other.........................	32 991,30	42 268,36	76 162,75	109 850,59
-  VIII.Costs of goods and materials sold..................................	2 110 362,91	2 084 984,54	2 179 374,46	4 291 115,11
-C. Profit on sale....................	3 442 539,58	2 318 823,11	1 945 641,53	2 173 465,51
-D. Other operating incomes...........	244 675,77	411 618,36	150 263,82	106 965,87
-  I.   Incomes from disposal non-financial assets..................		3 819,67		44 035,06
-  II.  Subsidies.....................	123 533,99	357 487,20
-  III. Other operating incomes.......	121 141,78	50 311,49	150 263,82	62 930,81
-E. Other operating costs.............	909 256,48	725 229,95	440 891,92	355 195,31
-  I.   Loss on disposal of non-finacial assets...................	801 263,39	623 533,99
-  II.  Goodwill revaluation..........	23 421,37	30 422,98
-  III. Other operating costs.........	84 571,72	71 272,98	440 891,92	355 195,31
-F. Profit on operating activities....	2 777 958,87	2 005 211,52	1 655 013,43	1 925 236,07
-G. Financial incomes.................	144 407,21	337 770,57	102 421,82	187 899,94
-  II.  Interest received.............	137 371,32	141 285,76	102 421,82	101 864,15
-  III. Profit from assets sold.......				83 282,43
-  V.   Other.........................	7 035,89	196 484,81		2 753,36
-H. Financial costs...................	12 440,96	215 792,26	63 665,32	181 186,57
-  I.   Interest......................	10 275,80	23 682,86	30 216,62	65 170,07
-  IV.  Other.........................	2 165,16	192 109,40	33 448,70	116 016,50
-I. Profit on economic activity.......	2 909 925,12	2 127 189,83	1 693 769,93	1 931 949,44
-K. Gross profit......................	2 909 925,12	2 127 189,83	1 693 769,93	1 931 949,44
-L. Corporation tax...................	579 709,00	399 155,00	322 690,00	352 867,00
-N. Net profit........................	2 330 216,12	1 728 034,83	1 371 079,93	1 579 082,44

Ratios	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009	01.01.2008- 31.12.2008
Current ratio	2,03	3,11	3,79	3,87
Quick ratio	1,29	1,93	2,58	2,39
Immediate ratio	0,79	1,09	1,51	1,14
Return on sale	10,63	8,69	7,45	6,94
Return on assets	20,94	17,98	16,14	17,42
Return on equity	42,62	26,77	22,23	23,56
Average trade debtors' days	36,32	38,92	39,25	37,05
Average stock turnover's days	52,18	53,84	43,59	43,11
average payables payment period	72,19	46,31	36,65	29,63
Total indebtedness ratio	50,85	32,81	27,39	26,07

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.25.93.Z - NACE 2007), as at :	30.09.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,60	1,37	1,58	1,61	1,47
Quick ratio..............................	0,96	0,80	0,96	0,94	0,78
Immediate ratio..........................	0,22	0,15	0,21	0,20	0,16
Return on sale...........................	5,29	1,92	3,57	0,97	0,93
Return on assets.........................	5,93	2,70	5,26	1,07	1,54
Return on equity.........................	13,82	6,99	11,82	2,66	3,49
Average trade debtors' days..............	60,25	66,51	65,45	60,56	51,30
Average stock turnover's days............	54,22	61,83	58,15	57,07	57,62
average payables payment period..........	86,48	111,32	94,74	86,85	86,40
Total indebtedness ratio.................	57,08	61,33	55,48	59,72	55,90
Percent share in the examinated group of companies with net profit.............	84,10	80,40	77,80	65,30	68,10
Sales/revenue per employee in th. PLN....	246,82	371,93	302,83	295,14	317,76
Average sales/revenue per company in th. PLN..................................	34 346,61	51 042,76	41 225,51	36 253,53	42 079,53

according to the Central Statistical Office

Locations:

seat: ul. Mikołajczyka 57, 41-200 Sosnowiec Phone:                   32 2977550                          32 2977551 Fax:                     32 2977588 E-mail:                  poczta@metalweld.pl Website:                 www.metalweld.pl branches: ul. Mikołajczyka 57, 41-200 Sosnowiec Phone:                   32 2977550                          32 2977551 Fax:                     32 2977588 E-mail:                  poczta@metalweld.pl Website:                 www.metalweld.pl Kiełpin, ul. Kolejowa 163/4, 05-092 Łomianki

Real Estate	ul. Mikołajczyka 57, 41-200 Sosnowiec plot no. 21/1, 21/12, 21/9,
	Book value of buildings as at 31.12.2011	PLN	1 008 238,46
	Book value of lands as at 31.12.2011	PLN	105 632,91
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

As at 06.03.2013 there are no shares in other companies.

Connections:

Kazimierz Michał Wolski , personal ID no. (PESEL) 36032503459 -  WOLCO Sp. z o.o. NIP PL 7120155766, ul. Związkowa 23, 20-148 Lublin   · shareholder: PLN 425 000,00 (50,00%)   · president -  FUNDACJA NA RZECZ SPACYFIKOWANEJ PRZEZ HITLEROWCÓW WSI JAMY NIP 7141473394, Jamy 44, 21-110 Ostrów Lubelski   · member of supervisory board -  Przedsiębiorstwo Wielobranżowe WOLEX Sp. z o.o. NIP 7120154100, ul. Związkowa 23, 20-148 Lublin   · president Jernej Markez  Janez Beges  Marija Gabrijela Vidali  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: 06.03.2013.

Certificates:

PN-EN ISO 9001:2009 PN-EN ISO 14001:2005

General information

The subject has not decided to cooperate in elaboration of this report yet. If we obtain any further information, we will send it in the.

Banks

ING Bank Śląski SA ul. Sokolska 34, 40-086 Katowice  Bank Ochrony Środowiska SA al. Jana Pawła II 12, 00-950 Warszawa  GETIN BANK SA ul. Pszczyńska 10, 40-479 Katowice  BRE Bank SA ul. Senatorska 18, 00-950 Warszawa

Payment Manner

Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.