MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	POLCOPPER SP. Z O.O.
Formerly Known as:	TOMMET Sp. z o.o.
Registered Office :	Przysieka Polska,  ul. Przemysłowa 16 64-030 Śmigiel
Country :	Poland
Financials (as on) :	31.03.2013
Date of Incorporation :	19.10.2000
Com. Reg. No.:	05.02.2002, District Court Poznań IX Department, KRS 88508
Legal Form :	Limited Liability Company
Line of Business :	Purchase and processing of waste and scrap; Sale of smelting articles; Freight transport by road
No. of Employees :	313

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 :	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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Poland	B1	B1

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 Poland's economy was the only one in the European Union to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances without stifling economic growth and adopted controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012, in part due to the ongoing economic difficulties in the euro zone. The key policy challenge is to provide support to the economy through monetary easing, while maintaining the pace of structural fiscal consolidation. 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, red tape, and a burdensome tax system keep the private sector from realizing its full potential.

Source : CIA

Company name & address

POLCOPPER Sp. z o.o.

Przysieka Polska
 ul. Przemysłowa 16
64-030 Śmigiel

Phone:    65 5129908

Fax:      65 5129828

E-mail:   polcopper@polcopper.pl

Website:  www.polcopper.pl

Company summary

Legal form	Limited liability company
Stat.no.	639835359
Tax ID	PL 7822184969

Establishment	19.10.2000
Changes of names and addresses	19.02.2000 TOMMET Sp. z o.o.
	19.10.2000 ul. Krańcowa 6, 61-022 Poznań
	04.01.2002 POLCOPPER Sp. z o.o.   Przysieka Polska, ul. Przemysłowa 16, 64-030 Śmigiel

Registration:

05.02.2002, District Court Poznań IX Department, KRS 88508 Data concerning previous registrations: 30.10.2000, District Court Poznań, RHB 14241

Shareholders	Ewa Rusiecka , personal ID no. (PESEL) 48102102163, ul. Poznańska 39, 64-100 Leszno	PLN	2 895 000,00 76,18%
	Piotr Rusiecki , personal ID no. (PESEL) 75011204952, ul. Poznańska 39, 64-100 Leszno	PLN	5 000,00 0,13%
	redemptioned shares	PLN	900 000,00 23,68%
	list entered to NCR /KRS/ on  02.09.2010

Initial Capital		PLN 3 800 000,00
	Initial capital divided into 760 shares of PLN 5 000,00 each
	Changes of initial capital
	-  until 21.04.2010  the capital estimated	PLN 1 800 000,00
	on 02.09.2010 was depreciated 180 shares

Management	Piotr Rusiecki , personal ID no. (PESEL) 75011204952, ul. Poznańska 39, 64-100 Leszno  - president Andrzej Mikołajczak , personal ID no. (PESEL) 64041215878, ul. Słoneczna 9, 62-330 Nekla  - vice president
	Proxies: Anna Szwajkowska , personal ID no. (PESEL) 83060409440, Kowalew, ul. Kościelna 19a, 63-300 Pleszew  - independent proxy
	Representation: since 31.07.2012  Each member of the board of directors individually.

Main activity	Purchase and processing of waste and scrap; Sale of smelting articles; Freight transport by road
	Branches NACE 2007:
	Wholesale of waste and scrap
	Other transportation activities
	Other wholesale

Employment

2009:              140       employees 2010:              172       employees 2011:              224       employees 2012:              312       employees 2013:              313       employees

Turnover	2010	PLN	319 466 166,63
	2011	PLN	481 039 917,53
	2012	PLN	585 769 720,97
	01.01.2013 - 31.03.2013	PLN	184 945 202,91
	2013 - expected value	PLN	600 000 000,00

Financial statements

Source of financial data	Subject	Subject	Court	Subject
	periodic	annual	annual	annual
Personal balance sheet as at	31.03.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	85 880 678,51	73 468 894,25	55 484 225,88	37 163 102,29
-  I.   Intangible assets.............	54 260,19	68 958,44	133 751,34	198 944,22
-    3. Other intangible assets.......	54 260,19	68 958,44	133 751,34	198 944,22
-  II.  Tangible assets...............	69 661 725,79	69 660 696,81	51 388 893,45	32 694 770,44
-    1. Fixed goods...................	63 776 650,60	63 765 461,22	42 520 822,20	31 341 484,21
-      a) land........................	8 384 539,86	7 259 568,87	7 206 582,98	6 185 868,87
-      b) buildings, premises, facilities............................	8 427 002,48	7 775 654,97	6 741 088,17	6 102 374,16
-      c) machinery and equipment.....	34 143 538,14	37 649 813,62	18 959 131,57	13 511 691,21
-      d) fleet of motor vehicles.....	12 646 278,94	10 950 979,26	9 550 287,71	5 464 331,16
-      e) other fixed goods...........	175 291,18	129 444,50	63 731,77	77 218,81
-    2. Fixed goods under construction..........................	5 881 010,15	5 826 435,59	8 787 838,98	1 336 892,79
-    3. Prepayments for fixed goods under construction....................	4 065,04	68 800,00	80 232,27	16 393,44
-  IV.  Long term investments.........	16 017 117,53	3 591 664,00	3 591 664,00	4 081 664,00
-    3. Long term financial assets....	16 017 117,53	3 591 664,00	3 591 664,00	4 081 664,00
-      a) in affiliated companies.....	16 017 117,53	3 591 664,00	3 591 664,00	4 081 664,00
-        - participations or shares...		3 591 664,00	3 591 664,00	4 081 664,00
-V. Long-term prepayments and accrued income........................	147 575,00	147 575,00	369 917,09	187 723,63
-  1. Deferred tax assets.............	147 575,00	147 575,00	361 833,00	147 575,00
-  2. Other prepayments...............			8 084,09	40 148,63
-B. Current assets....................	171 646 315,43	162 455 509,82	117 376 230,45	101 946 299,54
-  I.   Stock.........................	60 126 753,94	56 809 842,35	39 820 986,02	35 063 238,11
-    1. Raw materials.................		415 268,98	337 622,05	175 407,15
-    4. Goods for re-sale.............	54 969 102,89	56 148 950,15	38 773 989,91	34 131 362,49
-    5. Advance payments .............	5 157 651,05	245 623,22	709 374,06	756 468,47
-  II. Short-term receivables.........	107 521 495,22	103 007 711,66	65 333 606,09	58 237 634,63
-    1. Receivables from affiliated companies.............................	1 510 426,24	171 652,09	160 408,69	164 917,81
-      a) Due to deliveries and services with payment period:.........	1 510 426,24	171 652,09	160 408,69	164 917,81
-        - up to 12 months............	1 510 426,24		160 408,69	164 917,81
-    2. Other receivables ............	106 011 068,98	102 836 059,57	65 173 197,40	58 072 716,82
-      a) Due to deliveries and services with payment period:.........	100 505 633,77	98 542 321,25	62 039 232,88	49 003 860,85
-        - up to 12 months............	100 505 633,77	98 542 321,25	62 039 232,88	49 003 860,85
-      b) Due to taxes, subsidies, insurances, duties, etc...............	5 351 199,00	3 948 086,00	728 590,00	8 474 642,91
-      c) Other.......................	154 236,21	345 652,32	2 405 374,52	594 213,06
-  III. Short term investments........	3 313 439,97	2 091 913,98	10 792 750,05	7 534 292,07
-    1. Short-term financial assets...	3 313 439,97	2 091 913,98	10 792 750,05	7 534 292,07
-      a) in affiliated companies.....	1 242 976,42	1 280 776,42	1 190 776,42	1 133 676,42
-        - granted loans..............	1 242 976,42	1 280 776,42	1 190 776,42	1 133 676,42
-      b) Other.......................	142 076,71	142 076,71	135 076,71	128 076,71
-        - granted loans..............	142 076,71	142 076,71	135 076,71	128 076,71
-      c) cash and other liquid assets................................	1 928 386,84	669 060,85	9 466 896,92	6 272 538,94
-        - cash in hand and on bank account...............................	1 928 386,84	669 060,85	9 351 896,92	6 177 538,94
-        - other liquid assets........			115 000,00	95 000,00
-IV. Short-term prepayments and accrued income........................	684 626,30	546 041,83	1 428 888,29	1 111 134,73
-D. Total assets......................	257 526 993,94	235 924 404,07	172 860 456,33	139 109 401,83
-A. Shareholders' equity..............	77 915 889,47	72 825 992,38	60 274 235,29	43 243 292,30
-  I.   Basic share capital...........	3 800 000,00	3 800 000,00	3 800 000,00	3 800 000,00
-  IV.  Statutory reserve capital.....	56 474 235,29	56 474 235,29	39 443 292,30	29 230 658,57
-  VII. Profit (loss) carried forward.	12 551 757,09
-  VIII. Net profit (loss)............	5 089 897,09	12 551 757,09	17 030 942,99	10 212 633,73
-B. Liabilities and reserves for liabilities...........................	179 611 104,47	163 098 411,69	112 586 221,04	95 866 109,53
-  I.   Reserves for liabilities......	359 404,00	359 404,00	879 404,00	69 871,00
-    1. Deferred income tax reserves..	359 404,00	359 404,00	359 404,00	69 871,00
-    3. Other reserves................			520 000,00
-      - short-term...................			520 000,00
-II.  Long-term liabilities...........	65 631 984,05	51 382 664,04	12 007 956,63	5 093 495,35
-  2. Other liabilities...............	65 631 984,05	51 382 664,04	12 007 956,63	5 093 495,35
-    a) Loans.........................	57 574 154,95	43 324 834,94	3 111 602,37
-    d) Other.........................	8 057 829,10	8 057 829,10	8 896 354,26	5 093 495,35
-III. Short-term liabilities..........	105 988 290,39	102 977 127,33	99 698 860,41	90 702 743,18
-  1. Due to affiliated companies.....	1 732 845,54	2 170 144,26	1 761 222,37	2 126 224,45
-    a) Due to deliveries and services with payment period:.........	303 408,10	830 706,82	424 784,93	882 787,01
-      - up to 12 months..............	303 408,10	830 706,82	424 784,93	882 787,01
-    b) Other.........................	1 429 437,44	1 339 437,44	1 336 437,44	1 243 437,44
-  2. Other liabilities...............	104 255 444,85	100 806 983,07	97 937 638,04	88 576 518,73
-    a) Loans.........................	39 695 800,74	41 608 401,54	55 204 604,04	48 519 952,01
-    c) Other financial liabilities...	18 937 405,27	14 551 670,60	7 481 860,59	5 503 290,01
-    d)Due to deliveries and services with payment period:.........	40 152 325,64	39 688 148,29	30 851 682,81	30 212 098,82
-      - up to 12 months..............	40 152 325,64	39 688 148,29	30 851 682,81	30 212 098,82
-    e) Advances received.............		256 325,21	39 454,63	409 836,47
-    g) Due to taxes, subsidies, insurances, duties, etc...............	4 500 252,41	3 754 212,36	3 228 993,51	2 989 086,29
-    h) Due to salaries...............	884 235,43	811 236,55	649 216,23	423 624,77
-    i) Other.........................	85 425,36	136 988,52	481 826,23	518 630,36
-IV.  Accruals and deferred income....	7 631 426,03	8 379 216,32
-  2. Other accruals..................	7 631 426,03	8 379 216,32
-    - long-term......................	6 576 229,03	8 379 216,32
-    - short-term.....................	1 055 197,00
-D. Total liabilities.................	257 526 993,94	235 924 404,07	172 860 456,33	139 109 401,83
Source of financial data	Subject	Subject	Court	Subject
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2013- 31.03.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Income from sales and similar.....	184 945 202,91	585 769 720,97	481 039 917,53	319 466 166,63
-  - including related companies......				1 055 751,36
-  I.   Net income on sales...........	48 977,71	811 901,26	1 598 019,89	1 570 244,37
-  IV.  Income from sales of goods and materials.........................	184 896 225,20	584 957 819,71	479 441 897,64	317 895 922,26
-B. Operational costs.................	178 027 532,22	565 655 392,05	454 296 848,20	296 602 513,84
-  I.   Depreciation..................	3 483 579,94	11 130 751,74	8 412 901,84	5 256 870,06
-  II.  Materials and energy..........	4 693 781,14	17 020 051,13	14 211 344,01	9 553 338,79
-  III. Third party services..........	11 103 317,53	44 556 092,38	34 272 615,85	23 531 307,94
-  IV.  Taxes and duties..............	240 193,57	848 528,84	654 416,41	447 227,50
-  V.   Salaries and wages............	3 723 415,46	11 845 512,47	9 910 856,46	7 005 483,98
-  VI.  Social security...............	814 961,47	2 623 302,25	1 950 746,49	1 476 642,51
-  VII. Other.........................	777 632,81	3 396 343,24	2 185 009,18	2 252 811,71
-  VIII.Costs of goods and materials sold..................................	153 190 650,30	474 234 810,00	382 698 957,96	247 078 831,35
-C. Profit on sale....................	6 917 670,69	20 114 328,92	26 743 069,33	22 863 652,79
-D. Other operating incomes...........	533 368,93	1 211 411,57	877 375,29	823 032,51
-  I.   Incomes from disposal non-financial assets..................			296 294,54	135 361,13
-  III. Other operating incomes.......	533 368,93	1 211 411,57	581 080,75	687 671,38
-E. Other operating costs.............	270 880,87	423 487,09	2 510 143,13	8 349 188,29
-  II.  Goodwill revaluation..........		129 465,39	1 242 547,54	7 794 699,23
-  III. Other operating costs.........	270 880,87	294 021,70	1 267 595,59	554 489,06
-F. Profit on operating activities....	7 180 158,75	20 902 253,40	25 110 301,49	15 337 497,01
-G. Financial incomes.................	908 636,21	1 581 735,08	6 319 655,57	1 696 056,88
-  II.  Interest received.............	660 835,13	501 480,87	305 501,50	209 901,47
-  III. Profit from assets sold.......				181 200,00
-  V.   Other.........................	247 801,08	1 080 254,21	6 014 154,07	1 304 955,41
-H. Financial costs...................	1 812 194,87	6 827 975,39	9 491 243,07	3 768 769,16
-  I.   Interest......................	1 812 194,87	6 827 975,39	5 586 351,52	3 364 071,76
-    - related companies..............			39 000,00
-  III. Financial assets revaluation..			490 000,00
-  IV.  Other.........................			3 414 891,55	404 697,40
-I. Profit on economic activity.......	6 276 600,09	15 656 013,09	21 938 713,99	13 264 784,73
-K. Gross profit......................	6 276 600,09	15 656 013,09	21 938 713,99	13 264 784,73
-L. Corporation tax...................	1 186 703,00	3 104 256,00	4 907 771,00	3 052 151,00
-N. Net profit........................	5 089 897,09	12 551 757,09	17 030 942,99	10 212 633,73

Balance sheet as at 31.12.2010
Ewa Kleszcz Firma Audytorska "Bilans" - Biegły Rewident, ul. Francuska 7, 64-100 Leszno	No. 2808

Expert auditor Ewa Kleszcz , personal ID no. (PESEL) 86101105688

No. 1660

Ratios	01.01.2013- 31.03.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	1,62	1,58	1,18	1,12
Quick ratio	1,05	1,02	0,76	0,73
Immediate ratio	0,02	0,01	0,09	0,07
Return on sale	2,75	2,14	3,54	3,20
Return on assets	1,98	5,32	9,85	7,34
Return on equity	6,53	17,24	28,26	23,62
Average trade debtors' days	52,32	64,36	49,57	66,54
Average stock turnover's days	29,26	35,50	30,22	40,06
average payables payment period	51,58	64,34	75,65	103,63
Total indebtedness ratio	69,74	69,13	65,13	68,91

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(G.46.77.Z - NACE 2007), as at :	31.12.2012	31.12.2011	31.12.2010	31.12.2009	31.12.2008
Current ratio............................	1,50	1,38	1,23	1,20	1,18
Quick ratio..............................	0,97	0,98	0,90	0,84	0,80
Immediate ratio..........................	0,08	0,10	0,09	0,05	0,15
Return on sale...........................	0,42	2,00	1,86	-1,30	-1,63
Return on assets.........................	1,96	8,44	6,68	-3,52	-5,84
Return on equity.........................	4,70	20,90	20,10	-9,38	-15,55
Average trade debtors' days..............	30,46	35,68	43,66	53,78	31,11
Average stock turnover's days............	18,60	16,93	18,16	25,06	18,09
average payables payment period..........	35,03	42,24	55,75	72,73	48,77
Total indebtedness ratio.................	58,19	59,61	66,76	62,52	62,48
Percent share in the examinated group of companies with net profit.............	71,80	89,50	94,90	68,30	67,40
Sales/revenue per employee in th. PLN....	2 461,58	2 497,77	2 157,64	1 357,06	1 339,16
Average sales/revenue per company in th. PLN..................................	276 581,05	239 522,95	217 313,33	133 819,05	151 557,63
according to the Central Statistical Office

Locations:

seat: Przysieka Polska, ul. Przemysłowa 16, 64-030 Śmigiel Phone:                   65 5129908 Fax:                     65 5129828 E-mail:                  polcopper@polcopper.pl Website:                 www.polcopper.pl

Real Estate	Book value of buildings as at 31.12.2011	PLN	6 741 088,17
	Book value of lands as at 31.12.2011	PLN	7 206 582,98
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

Means of transport: - 6 tractors, - 15 trucks, - 5 cars, - 13 semi-trailers, - 16 trailers

Shares in other companies	CONDOR Polska Sp.z o.o. NIP PL 7822275821, ul. Dworcowa 15, 62-030 Luboń PLN 1 200 000,00 (96,00%)   „KRALL POLSKA” Sp. z o.o. w likwidacji NIP PL 6721997618, Przysieka Polska, ul. Przemysłowa 16, 64-030 Śmigiel PLN 490 000,00 (70,00%)   TOP STAL KUJAWY Sp. z o.o. NIP PL 5542781580, ul. Bydgoska 13, 86-061 Brzoza PLN 1 000 000,00 (100,00%)
	Data concerning shares in other companies are valid as at: 30.05.2013.

Connections:

Piotr Rusiecki , personal ID no. (PESEL) 75011204952 -  RUSIECCY SPÓŁKA JAWNA PIOTR RUSIECKI, KAZIMIERZ RUSIECKI NIP 6970019368, ul. Poznańska 39, 64-100 Leszno   · shareholder   · member of representation unit -  UNIA LESZNO SPORTOWA SA NIP 6972169103, ul. Strzelecka 7, 64-100 Leszno   · member of supervisory board Andrzej Mikołajczak , personal ID no. (PESEL) 64041215878 -  STENA ZŁOMET Sp. z o.o. NIP 7770002317, ul. Rabowicka 2, 62-020 Swarzędz   · vice president Ewa Rusiecka , personal ID no. (PESEL) 48102102163 -  Odlewnia Metali Ewa Rusiecka NIP 6971030314, ul. 11 Listopada 18, 59-257 Gromadka   · owner

Data concerning connections are valid as at: 30.05.2013.

Certificates:

ISO 9001:2000 transport licence TU-16191 valid until 18.10.2016

Contractors	SCHOLZ AG, Am Bahnhof 1-20, 73457 Essingen, Germany
	ALUMETAL SA, ul. Kościuszki 111, 32-650 Kęty

Banks

RAIFFEISEN BANK POLSKA SA ul. Piękna 20, 00-549 Warszawa  ING Bank Śląski SA O. w Poznaniu ul.Piekary 7  (10501520) ul. Piekary 7, 61-823 Poznań Acc.no. 57105015201000002329711366  (USD)  ING Bank Śląski SA O. w Poznaniu ul.Piekary 7  (10501520) ul. Piekary 7, 61-823 Poznań Acc.no. 61105015201000002330001906  (EUR)  Bank DNB NORD Polska SA Centrala  (21900002) ul. Postępu 15C, 02-676 Warszawa Acc.no. 78219000023000004625220101  ING Bank Śląski SA O. w Poznaniu ul.Piekary 7  (10501520) ul. Piekary 7, 61-823 Poznań Acc.no. 13105015201000002329711382  (GBP)

Payment Manner	Nothing detrimental noted.
Credit capability	Business connections are permissible.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.09
UK Pound	1	Rs.91.58
Euro	1	Rs.78.08

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.