MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	INVESTA SP. Z O.O.
Registered Office :	ul. Zastawna 27, 83-000 Pruszcz Gdański
Country :	Poland
Financials (as on) :	31.12.2012
Date of Incorporation :	30.06.1987
Legal Form :	Limited liability company
Line of Business :	Subject is engaged in storage and sale of steel products, alloy steel, stainless and acid resistant and heat resistant steel; services in scope of laminating metal sheets, laser cutting and transport;
No of Employees :	330

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

Maximum Credit Limit :	PLN  3 000 000,00
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Poland	B1	A2

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

POLAND ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU 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 and adopting 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 and 2013, in part due to the ongoing economic difficulties in the euro zone. Short-term, the key policy challenge will be to consolidate debt and spending without stifling economic growth. Over the longer term, Poland's economic performance could improve if the country addresses 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

Source : CIA

COMPANY NAME & ADDRESS

INVESTA sp. z o.o.

ul. Zastawna 27

83-000 Pruszcz Gdański

Phone:    58 7739701

58 7739725

Fax:      58 7739700

E-mail:   investa@investa.pl

Website:  www.investa.pl

Company details

Legal form	Limited liability company
Stat.no.	008008662
Tax ID	PL 5840253645

Establishment	30.06.1987 as Joint Stock Company
	30.12.2004  as Limited liability company
Changes of names and addresses	ul. Załogowa 6, 80-557 Gdańsk
	30.06.1987 KANTOR SA
	05.01.1993 INVESTA SA
	01.10.2001  ul. Zastawna 27, 83-000 Pruszcz Gdański
	30.12.2004 INVESTA sp. z o.o.

Registration

12.01.2005, District Court Gdańsk, VII Department, KRS 226221

Data concerning previous registrations:

05.08.1987, District Court Gdańsk, RHB 586

18.06.2001, District Court Gdańsk, KRS 20235

Shareholders

AMARI METALS EUROPE LTD.	PLN	12 050 000,00 100,00%
list entered to NCR /KRS/ on  27.04.2012

Initial Capital

	PLN 12 050 000,00
Initial capital divided into 241000 shares of PLN 50,00 each
Changes of initial capital
- since 31.05.2011  until 04.11.2011  the capital estimated	PLN 12 162 500,00
- since 31.03.2011  until 31.05.2011  the capital estimated	PLN 162 500,00
- since 12.01.2005  until 31.03.2011  the capital estimated	PLN 112 500,00

Management

Dariusz Maciej Czapiewski , personal ID no. (PESEL) 58101801932, ul. Nadmorska 13, 80-341 Gdańsk
 - president

David Sims , Heathfield 1, KT 112 QY Cobham Surrey, United Kingdom
 - member of board of directors

Proxies:
Barbara Kaszubska , personal ID no. (PESEL) 64031611383, ul. Serdeczna 10, 80-176 Gdańsk
 - joint proxy


Maciej Radosław Suska , personal ID no. (PESEL) 73010402517, ul. Gryfa Pomorskiego 3C, 80-299 Gdańsk
 - joint proxy

Representation:
In the case of a collective board, the president of the company individually or two members of the management board jointly, or one board member together with a proxy are authorized to file statements on behalf of the company. In the case of a one-man board, the president of the board is autorized to file statements on behalf of the company.

Main activity

storage and sale of steel products, alloy steel, stainless and acid resistant and heat resistant steel; services in scope of laminating metal sheets, laser cutting and transport;

Import Finland, Norway, France, Italy, Germany

Export Lithuania, Latvia

Branches NACE 2007:

Other wholesale

General mechanical engineering

Employment

2009:              204       employees

2010:              215       employees

2011:              240       employees

2012:              297       employees

2013:              330       employees

Turnover

2008	PLN	196 541 281,00
2009	PLN	155 558 485,00
2010	PLN	263 597 750,00
2011	PLN	338 790 032,00
2012	PLN	370 671 121,00

Financial statements

Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)
-A. Fixed assets......................	18 290 053,00	17 395 072,00	7 092 634,00	5 365 454,00
-  I.   Intangible assets.............	280 878,00	78 196,00	138 164,00	201 772,00
-    3. Other intangible assets.......			138 164,00
-  II.  Tangible assets...............	16 427 582,00	15 368 540,00	6 122 767,00	3 990 764,00
-    1. Fixed goods...................	16 248 597,00	15 058 718,00	6 024 020,00	3 990 764,00
-      a) land........................		1 623 407,00	1 605 410,00
-      b) buildings, premises, facilities............................	364 979,00	395 519,00	312 377,00	258 735,00
-      c) machinery and equipment.....	12 946 608,00	11 224 579,00	2 725 053,00	2 752 735,00
-      d) fleet of motor vehicles.....	1 864 011,00	895 730,00	824 385,00	598 904,00
-      e) other fixed goods...........	1 072 999,00	919 483,00	556 795,00	380 390,00
-    3. Prepayments for fixed goods under construction....................	178 985,00	309 822,00	98 747,00
-V. Long-term prepayments and accrued income........................	1 581 593,00	1 948 336,00	831 703,00	1 172 918,00
-  1. Deferred tax assets.............	1 581 593,00	1 948 336,00	831 703,00	1 172 918,00
-B. Current assets....................	132 226 755,00	107 263 553,00	86 611 092,00	75 045 961,00
-  I.   Stock.........................	67 871 492,00	47 600 403,00	41 933 819,00	26 979 286,00
-    1. Raw materials.................	217 309,00	353 252,00
-    4. Goods for re-sale.............	67 640 659,00	47 223 887,00	41 933 819,00	26 978 286,00
-    5. Advance payments .............	13 524,00	23 264,00		1 000,00
-  II. Short-term receivables.........	48 230 969,00	46 461 120,00	41 013 485,00	26 044 106,00
-    1. Receivables from affiliated companies.............................	924 516,00
-      a) Due to deliveries and services with payment period:.........	924 516,00
-        - up to 12 months............	924 516,00
-    2. Other receivables ............	47 306 453,00	46 461 120,00	41 013 485,00	26 044 106,00
-      a) Due to deliveries and services with payment period:.........	46 580 144,00	45 155 833,00	40 482 168,00	25 657 413,00
-        - up to 12 months............	46 580 144,00	45 155 833,00	40 482 168,00	25 657 413,00
-      b) Due to taxes, subsidies, insurances, duties, etc...............	334 503,00	1 095 645,00	439 990,00	81 555,00
-      c) Other.......................	391 806,00	209 642,00	91 327,00	305 138,00
-  III. Short term investments........	15 527 261,00	12 612 683,00	3 264 119,00	21 764 647,00
-    1. Short-term financial assets...	15 527 261,00	12 612 683,00	3 264 119,00	21 764 647,00
-      b) Other.......................			18 373,00
-        - participations of shares...			18 373,00
-      c) cash and other liquid assets................................	15 527 261,00	12 612 683,00	3 245 746,00	21 764 647,00
-        - cash in hand and on bank account...............................	15 527 261,00	12 612 683,00	3 245 746,00	21 764 647,00
-IV. Short-term prepayments and accrued income........................	597 033,00	589 347,00	399 669,00	257 922,00
-D. Total assets......................	150 516 808,00	124 658 625,00	93 703 726,00	80 411 415,00
-A. Shareholders' equity..............	22 670 672,00	13 139 704,00	34 170 084,00	42 526 652,00
-  I.   Basic share capital...........	12 050 000,00	12 050 000,00	112 500,00	112 500,00
-  IV.  Statutory reserve capital.....	6 057 680,00	201 718,00	33 803 165,00	45 803 165,00
-  VI.  Other reserve capital.........	201 718,00		229 957,00	229 957,00
-  VII. Profit (loss) carried forward.	-5 169 694,00	-5 169 694,00	-3 618 970,00	-908 845,00
-  VIII. Net profit (loss)............	9 530 967,00	6 057 680,00	3 643 432,00	-2 710 125,00
-B. Liabilities and reserves for liabilities...........................	127 846 136,00	111 518 921,00	59 533 642,00	37 884 763,00
-  I.   Reserves for liabilities......	5 689 963,00	2 069 813,00	400 953,00	156 493,00
-    1. Deferred income tax reserves..	329 482,00	211 520,00	129 583,00	156 493,00
-    3. Other reserves................	5 360 481,00	1 858 293,00	271 370,00
-      - long-term....................			271 370,00
-      - short-term...................	5 360 481,00	1 858 293,00
-II.  Long-term liabilities...........	34 702 386,00	38 606 962,00	1 601 398,00	876 760,00
-  2. Other liabilities...............	34 702 386,00	38 606 962,00	1 601 398,00	876 760,00
-    a) Loans.........................	25 000 000,00	29 545 037,00		876 760,00
-    c) Other financial liabilities...	9 702 386,00	9 061 925,00	1 601 398,00
-III. Short-term liabilities..........	87 396 653,00	70 809 946,00	57 309 452,00	36 632 417,00
-  1. Due to affiliated companies.....	260 704,00		1 952 000,00
-    a) Due to deliveries and services with payment period:.........			1 952 000,00
-      - up to 12 months..............			1 952 000,00
-  2. Other liabilities...............	87 020 001,00	70 690 098,00	55 271 646,00	36 584 629,00
-    a) Loans.........................			264 669,00
-    b) Issued securities.............		3 015 373,00
-    c) Other financial liabilities...	3 928 626,00		530 462,00	262 596,00
-    d)Due to deliveries and services with payment period:.........	81 975 308,00	63 623 890,00	50 525 934,00	33 045 195,00
-      - up to 12 months..............	81 975 308,00	63 623 890,00	50 525 934,00	33 045 195,00
-    e) Advances received.............	19 339,00	45 168,00	2 511,00	69 553,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	1 075 535,00	3 990 630,00	3 936 791,00	3 196 744,00
-    h) Due to salaries...............	21 193,00	863,00	1 689,00
-    i) Other.........................		14 174,00	9 590,00	10 541,00
-  3. Special funds...................	115 948,00	119 848,00	85 806,00	47 788,00
-IV.  Accruals and deferred income....	57 134,00	32 200,00	221 839,00	219 093,00
-  1. Negative company's worth........				219 093,00
-  2. Other accruals..................	57 134,00	32 200,00	221 839,00
-    - short-term.....................	57 134,00	32 200,00	221 839,00
-D. Total liabilities.................	150 516 808,00	124 658 625,00	93 703 726,00	80 411 415,00
Source of financial data	Court	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)	01.01.2009- 31.12.2009 (PLN)
-A. Income from sales and similar.....	370 671 121,00	338 790 032,00	263 597 750,00	155 558 485,00
-  - including related companies......	2 193 442,00
-  I.   Net revenue form sale of products..............................	66 854 374,00	39 783 707,00	20 681 963,00	3 659 834,00
-  II.  Net revenue from sale of goods.................................	303 816 747,00	299 006 325,00	242 915 787,00	151 898 651,00
-B.Cost of products, goods sold.......	314 870 886,00	290 957 299,00	226 171 389,00	132 405 762,00
-  - including related companies......	2 108 174,00
-  I.  Cost of production of products sold.........................	53 525 603,00	33 080 534,00	8 095 185,00	6 428 280,00
-  II.  Value of products sold........	261 345 283,00	257 876 765,00	218 076 203,00	125 977 482,00
-C. Gross profit on sale..............	55 800 235,00	47 832 733,00	37 426 361,00	23 152 723,00
-D. Costs of sale.....................	34 231 549,00	31 667 508,00	27 806 729,00	23 893 671,00
-E. General management costs..........	4 316 471,00	3 845 866,00	3 315 280,00	3 208 820,00
-F. Profit on sale....................	17 252 215,00	12 319 359,00	6 304 351,00
-F. Loss on sale......................				3 949 768,00
-G. Other operating incomes...........	1 899 345,00	3 333 425,00	1 378 377,00	1 077 718,00
-  I.   Incomes from disposal of fixed assets..........................	356 917,00	616 416,00	34 550,00
-  III. Other operating incomes.......	1 542 428,00	2 717 009,00	1 343 827,00	1 077 718,00
-H. Other operating costs.............	6 297 594,00	3 081 871,00	1 792 958,00	885 432,00
-  I.   Loss on dsiposal of non--financial fixed assets...........				3 553,00
-  III. Other operating costs.........	6 297 594,00	3 081 871,00	1 792 958,00	881 879,00
-I. Profit on operating activities....	12 853 966,00	12 570 913,00	5 889 770,00
-I. Loss on operating activities......				3 757 482,00
-J. Financial incomes.................	2 370 084,00	2 483 896,00	823 218,00	1 939 766,00
-  II.  Interest received.............	130 421,00	91 901,00	208 805,00	746 796,00
-    - including related companies....	9 616,00
-  V.   Other.........................	2 239 663,00	2 391 995,00	614 412,00	1 192 970,00
-K. Financial costs...................	3 170 066,00	10 031 825,00	2 014 143,00	1 371 202,00
-  I.   Interest......................	1 733 598,00	1 514 213,00	251 327,00	80 825,00
-  IV.  Other.........................	1 436 468,00	8 517 612,00	1 762 816,00	1 290 377,00
-L. Gross profit on economic activity.	12 053 984,00	5 022 984,00	4 698 845,00
-L. Gross on economic activity........				3 188 918,00
-N. Gross profit......................	12 053 984,00	5 022 984,00	4 698 845,00
-N. Gross loss........................				3 188 918,00
-O. Corporation tax...................	2 523 017,00	-1 034 696,00	1 055 413,00	-478 793,00
-  a) current part....................	2 038 313,00		741 107,00
-  b) deferred part...................	484 704,00		314 306,00
-R. Net profit........................	9 530 967,00	6 057 680,00	3 643 432,00
-R. Net loss..........................				2 710 125,00

AUDITOR

Balance sheet as at 31.12.2012
MOORE STEPHENS TRZEMŻALSKI, KRYNICKI I PARTNERZY KANCELARIA BIEGŁYCH REWIDENTÓW Sp. z o.o., ul. Franciszka Rogaczewskiego 9/19, 80-804 Gdańsk	No. 372

Expert auditor Maciej Trzemżalski

No. 11023

Balance sheet as at 31.12.2010
MOORE STEPHENS TRZEMŻALSKI, KRYNICKI I PARTNERZY KANCELARIA BIEGŁYCH REWIDENTÓW Sp. z o.o., ul. Franciszka Rogaczewskiego 9/19, 80-804 Gdańsk	No. 372

Expert auditor   Maciej Trzemżalski

No. 11023/7941

Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009
Current ratio	1,51	1,51	1,51	2,05
Quick ratio	0,73	0,83	0,77	1,31
Immediate ratio	0,18	0,18	0,06	0,59
Return on sale	2,57	1,79	1,38	-1,74
Return on assets	6,33	4,86	3,89	-3,37
Return on equity	42,04	46,10	10,66	-6,37
Average trade debtors' days	47,62	50,06	56,79	61,11
Average stock turnover's days	67,02	51,28	58,07	63,30
average payables payment period	86,30	76,29	79,36	85,95
Total indebtedness ratio	84,94	89,46	63,53	47,11

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.72.Z - NACE 2007), as at :	31.03.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,21	1,15	1,37	1,34	1,23
Quick ratio..............................	0,61	0,58	0,71	0,77	0,73
Immediate ratio..........................	0,03	0,03	0,04	0,04	0,04
Return on sale...........................	1,18	0,81	-0,18	0,99	1,87
Return on assets.........................	0,61	1,60	-0,36	2,22	2,89
Return on equity.........................	1,78	4,48	-1,25	6,30	6,99
Average trade debtors' days..............	51,46	49,15	50,75	56,32	72,05
Average stock turnover's days............	56,08	56,58	53,29	45,82	54,39
average payables payment period..........	94,24	99,07	81,11	81,10	109,55
Total indebtedness ratio.................	65,96	64,30	70,88	64,74	58,63
Percent share in the examinated group of companies with net profit.............	80,00	71,40	57,40	82,20	76,10
Sales/revenue per employee in th. PLN....	511,82	1 780,62	1 643,88	1 927,15	1 301,41
Average sales/revenue per company in th. PLN..................................	61 764,40	219 863,81	183 450,40	218 153,02	175 040,02
according to the Central Statistical Office

Locations

at:
ul. Zastawna 27, 83-000 Pruszcz Gdański

Phone:                   58 7739701

58 7739725

58 7739777

Fax:                     58 7739700

E-mail:                  investa@investa.pl

Website:                 www.investa.pl

place of running the activity:

ul. Plonów 21, 41-200 Sosnowiec

ul. 3 Maja 8 (budynek B9), 05-800 Pruszków

ul. Giełdowa 12M, 52-438 Wrocław

ul. Lubelska 44e, 10-409 Olsztyn

Phone:                   89 7674513

ul. Magazynowa 10, 62-030 Luboń

Real Estate

ul. Zastawna 27, 83-000 Pruszcz Gdański ownership, plot of area 20 000 sq.m.  buildings of area 2 990 sq m,
Book value of buildings as at 31.12.2012	PLN
Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

20 - Passenger cars (ownership) 

As at 31.12.2012 noDescription: PLN 1 864 011,00

Shares in other companies

As at 11.07.2014 there are no shares in other companies.

Connections

Dariusz Maciej Czapiewski , personal ID no. (PESEL) 58101801932
-  STOWARZYSZENIE STAL NIERDZEWNA NIP 9542738184, ul. Ligocka 103/-, 40-568 Katowice
  · member of supervisory board
-  Z 27 Sp. z o.o. NIP 6040012739, ul. Zastawna 27, 83-000 Pruszcz Gdański
  · president
-  DARCZA Sp. z o.o. NIP 5932269996, ul. Zastawna 27, 83-000 Pruszcz Gdański
  · shareholder: PLN 40 260 000,00 (99,99%)
  · president
-  INVESTA METALE POLSKA sp. z o.o. w likwidacji NIP 5252528921, ul. Zastawna 27, 83-000 Pruszcz Gdański
  · liquidator


David Sims 
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: 11.07.2014.

Taking overs

31.03.2011 (Entry date) – merger

INVESTA sp. z o.o., ul. Zastawna 27, 83-000 Pruszcz Gdański

(as taking over)

INVESTA METALE Sp. z o.o. KRS 217902, al. Jana Pawła II 29, 00-867 Warszawa

(as taken over) (Resolution date 28.02.2011 )

Certificates

ISO 9001:2008

valid until 31.08.2015

General information

The company has approximately 2,000 customers. Suppliers are mainly steel mills from Germany, Norway, Finland, Italy and France.

The company is an authorized distributor of products in Poland of the following companies: ALFA LAVAL, DEFINOX (Group Defontaine) and Dockweiler.

Banks

Societe Generale SA Oddział w Polsce Oddział w Polsce  (18400007)

Marszałkowska 111, 00-102 Warszawa

Acc.no. 15184000072911606008101519

MBANK SA O. Korporacyjny Gdańsk  (11401065)

ul. Wały Jagiellońskie 8, 80-900 Gdańsk

Acc.no. 62114010650000400284001001

Bank Millennium SA Millennium - Centrum Rozliczeniowe  (11602202)

ul. Stanisława Żaryna 2A, 02-593 Warszawa

Acc.no. 65116022020000000061893297

Payment Manner

In available sources, payment delays have not been noted

Credit capability

Business connections appear permissible
Maximum credit PLN  3 000 000,00

We would like to draw your attention to:
- No insight into financial situation of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.86
UK Pound	1	Rs. 102.67
Euro	1	Rs. 81.69

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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.