MIRA INFORM REPORT

Report Date :

21.08.2014

IDENTIFICATION DETAILS

Name :	INOXA SP. Z O.O.

Formerly Known As :	DESEN - POŁUDNIE SP. Z O.O.

Registered Office :	Ul. Rozwojowa 16 43-600 Jaworzno

Country :	Poland

Financials (as on) :	31.12.2012

Date of Incorporation :	30.03.2000

Legal Form :	Limited Labiality Company

Line of Business :	· Wholesale of connecting and fastening elements made of acid-proof and stainless metals Wholesale of hardware, plumbing and heating equipment and supplies Transportation Activities

No. of Employees :	17 Employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

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

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 and Address

INOXA SP. Z O.O.

Ul. Rozwojowa 16 43-600 Jaworzno

Phone: 32 6235728

Fax: 32 6233041

E-mail: poczta@inoxa.pl

Company Summary

Legal form	Limited liability company
Stat.no.	357177934
Tax ID	PL 6281976775
Establishment	30.03.2000
Changes of names and addresses	ul. Kroczymiech 38, 32-500 Chrzanów
	30.03.2000 DESEN - Południe Przedsiębiorstwo Handlowo-Usługowe Sp. z o.o.
	28.04.2006 DESEN - POŁUDNIE Sp. z o.o.
	23.11.2006 INOXA Sp. z o.o.
	23.10.2013 ul. Wygoda 119H, 43-600 Jaworzno
	25.03.2014 ul. Rozwojowa 16, 43-600 Jaworzno

Registration:

24.07.2003, District Court Katowice, VIII Department, KRS 168596

Data concerning previous registrations:
25.04.2000, District Court Katowice, RHB 17675

Shareholders	Ryszard Paweł Dworak , personal ID no. (PESEL) 58041801193, ul. Barska 7/9, 02-315 Warszawa	PLN	114 000,00 80,00%
	KING S.P.A, via G. Ungaretti 2, 20090 Opera, Italy	PLN	28 500,00 20,00%
	list prepared on 24.08.2011

Initial Capital		PLN 142 500,00
	Initial capital divided into 1425 shares of PLN 100,00 each
	Changes of initial capital
	- since 22.09.2009 until 24.08.2011 the capital estimated	PLN 62 500,00
	- since 24.07.2003 until 22.09.2009 the capital estimated	PLN 50 000,00

Management	Ryszard Paweł Dworak , personal ID no. (PESEL) 58041801193, ul. Barska 7/9, 02-315 Warszawa - president
	Proxies: Anna Olszewska , personal ID no. (PESEL) 74052812265 - single proxy
	Representation: since 28.04.2006 Each member of the board of directors or proxy individually.

Main activity	Wholesale of connecting and fastening elements made of acid-proof and stainless metals
	Branches NACE 2007:
	Wholesale of hardware, plumbing and heating equipment and supplies	(G.46.74.Z)
	Other wholesale	(G.46.90.Z)
	Manufacture of metal structures and parts of structures	(C.25.11.Z)
	Other transportation activities	(H.49.41.Z)
	other service activity	(S.96.09.Z)

Employment

2006:              13        employees
2007:              17        employees
2008:              17        employees
2009:              17        employees
2010:               17       employees

Turnover	2008	PLN	8 605 910,10
	2009	PLN	8 639 685,30
	2010	PLN	10 978 052,08
	2011	PLN	14 436 567,86
	2012	PLN	15 974 627,60

Financial Data

Current financial data not available due to no insight into court files of the company.

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......................	254 544,21	202 155,04	203 913,42	221 649,72
- I. Intangible assets.............	29 934,60	13 791,33	13 490,43	15 733,86
- 3. Other intangible assets.......	29 934,60	13 791,33	13 490,43	15 733,86
- II. Tangible assets...............	224 609,61	188 363,71	190 422,99	205 915,86
- 1. Fixed goods...................	134 434,43	140 505,13	160 938,39	176 431,26
- b) buildings, premises, facilities............................	5 791,14	7 301,82	8 812,50	10 323,18
- c) machinery and equipment.....	17 103,37	3 629,70	7 470,88	12 703,04
- d) fleet of motor vehicles.....	102 441,82	123 093,61	144 655,01	153 405,04
- e) other fixed goods...........	9 098,10	6 480,00
- 2. Fixed goods under construction..........................	90 175,18	47 858,58	29 484,60	29 484,60
-B. Current assets....................	6 134 181,36	5 337 098,49	4 635 024,79	3 809 356,65
- I. Stock.........................	3 602 530,43	2 842 573,12	2 104 317,89	1 778 560,81
- 4. Goods for re-sale.............	3 598 432,60	2 842 573,12	2 104 317,89	1 778 560,81
- 5. Advance payments .............	4 097,83
- II. Short-term receivables.........	2 399 992,91	2 420 523,94	2 189 635,22	1 860 446,54
- 2. Other receivables ............	2 399 992,91	2 420 523,94	2 189 635,22	1 860 446,54
- a) Due to deliveries and services with payment period:.........	2 375 911,52	2 408 826,30	2 167 232,58	1 776 005,48
- - up to 12 months............	2 375 911,52	2 408 826,30	2 167 232,58	1 776 005,48
- b) Due to taxes, subsidies, insurances, duties, etc...............	14 081,39	11 697,64	22 402,64	78 982,12
- c) Other.......................	10 000,00			5 458,94
- III. Short term investments........	104 063,05	46 673,05	305 513,70	160 627,16
- 1. Short-term financial assets...	104 063,05	46 673,05	305 513,70	160 627,16
- c) cash and other liquid assets................................	104 063,05	46 673,05	305 513,70	160 627,16
- - cash in hand and on bank account...............................	104 063,05	46 673,05	305 513,70	91 720,69
- - other liquid assets........				68 906,47
-IV. Short-term prepayments and accrued income........................	27 594,97	27 328,38	35 557,98	9 722,14
-D. Total assets......................	6 388 725,57	5 539 253,53	4 838 938,21	4 031 006,37
-A. Shareholders' equity..............	2 693 276,86	1 873 357,53	1 626 324,45	1 233 196,49
- I. Basic share capital...........	142 500,00	142 500,00	62 500,00	62 500,00
- IV. Statutory reserve capital.....	1 730 857,53	1 483 824,45	1 090 696,49	901 055,44
- VI. Other reserve capital.........			80 000,00	80 000,00
- VIII. Net profit (loss)............	819 919,33	247 033,08	393 127,96	189 641,05
-B. Liabilities and reserves for liabilities...........................	3 695 448,71	3 665 896,00	3 212 613,76	2 797 809,88
-III. Short-term liabilities..........	3 695 448,71	3 665 896,00	3 212 613,76	2 797 809,88
- 1. Due to affiliated companies.....	1 566 148,74	1 516 468,04	1 413 020,39	1 812 388,01
- a) Due to deliveries and services with payment period:.........	1 566 148,74	1 516 468,04	1 413 020,39	1 812 388,01
- - up to 12 months..............	1 566 148,74	1 516 468,04	1 413 020,39	1 812 388,01
- 2. Other liabilities...............	2 129 299,97	2 149 427,96	1 799 593,37	985 421,87
- a) Loans.........................	404 761,00	230 588,38	169 192,83	25 467,74
- d)Due to deliveries and services with payment period:.........	1 281 230,56	1 430 992,55	1 310 926,30	780 562,84
- - up to 12 months..............	1 281 230,56	1 430 992,55	1 310 926,30	780 562,84
- g) Due to taxes, subsidies, insurances, duties, etc...............	382 339,50	441 149,20	276 915,17	135 850,12
- h) Due to salaries...............	60 420,01	45 674,05	42 010,17	41 776,07
- i) Other.........................	548,90	1 023,78	548,90	1 765,10
-D. Total liabilities.................	6 388 725,57	5 539 253,53	4 838 938,21	4 031 006,37

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.....	15 974 627,60	14 436 567,86	10 978 052,08	8 639 685,30
- I. Net income on sales...........	116 697,21	83 872,54	62 956,33	53 725,64
- IV. Income from sales of goods and materials.........................	15 857 930,39	14 352 695,32	10 915 095,75	8 585 959,66
-B. Operational costs.................	15 084 761,12	13 678 842,18	10 443 668,83	8 550 031,80
- I. Depreciation..................	75 218,13	78 203,84	55 076,68	89 374,99
- II. Materials and energy..........	179 281,69	185 396,15	148 665,58	127 427,48
- III. Third party services..........	911 510,21	963 862,61	711 471,41	638 725,84
- IV. Taxes and duties..............	32 335,10	34 085,20	40 484,24	36 329,74
- V. Salaries and wages............	932 948,84	816 794,65	721 906,65	693 871,40
- VI. Social security...............	179 972,89	139 070,79	128 103,86	112 766,94
- VII. Other.........................	80 719,63	84 420,91	67 089,71	36 316,53
- VIII.Costs of goods and materials sold..................................	12 692 774,63	11 377 008,03	8 570 870,70	6 815 218,88
-C. Profit on sale....................	889 866,48	757 725,68	534 383,25	89 653,50
-D. Other operating incomes...........	302 076,27	55 753,22	114 998,22	69 693,41
- I. Incomes from disposal non-financial assets..................	15 230,67		21 104,66	27 152,66
- III. Other operating incomes.......	286 845,60	55 753,22	93 893,56	42 540,75
-E. Other operating costs.............	301 413,95	31 218,80	166 052,75	82 511,13
- III. Other operating costs.........	301 413,95	31 218,80	166 052,75	82 511,13
-F. Profit on operating activities....	890 528,80	782 260,10	483 328,72	76 835,78
-G. Financial incomes.................	150 778,25	1 792,56	52 283,99	139 751,27
- II. Interest received.............	4 878,23	1 792,56	2 738,57	1 142,24
- - including related companies....				1 142,24
- V. Other.........................	145 900,02		49 545,42	138 609,03
-H. Financial costs...................	31 213,72	477 057,58	26 046,75	26 946,00
- I. Interest......................	26 483,72	21 513,69	18 866,00	26 906,00
- IV. Other.........................	4 730,00	455 543,89	7 180,75	40,00
-I. Profit on economic activity.......	1 010 093,33	306 995,08	509 565,96	189 641,05
-K. Gross profit......................	1 010 093,33	306 995,08	509 565,96	189 641,05
-L. Corporation tax...................	190 174,00	59 962,00	116 438,00
-N. Net profit........................	819 919,33	247 033,08	393 127,96	189 641,05

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	1,66	1,46	1,44	1,36
Quick ratio	0,68	0,67	0,78	0,72
Immediate ratio	0,03	0,01	0,10	0,06
Return on sale	5,13	1,71	3,58	2,20
Return on assets	12,83	4,46	8,12	4,70
Return on equity	30,44	13,19	24,17	15,38
Average trade debtors' days	54,99	61,20	72,80	78,60
Average stock turnover's days	82,54	71,87	69,96	75,14
average payables payment period	84,67	92,68	106,81	118,20
Total indebtedness ratio	57,84	66,18	66,39	69,41

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(G.46.74.Z - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,43	1,42	1,18	1,24	1,32
Quick ratio..............................	0,82	0,84	0,72	0,74	0,82
Immediate ratio..........................	0,08	0,07	0,06	0,07	0,08
Return on sale...........................	2,87	1,35	3,94	2,22	2,45
Return on assets.........................	4,80	2,36	6,07	3,38	3,87
Return on equity.........................	11,42	5,69	14,44	7,66	8,33
Average trade debtors' days..............	71,13	75,61	77,69	78,47	75,19
Average stock turnover's days............	61,55	58,48	55,93	57,28	51,23
average payables payment period..........	101,99	100,82	122,38	117,33	103,09
Total indebtedness ratio.................	57,98	58,41	57,97	55,86	53,54
Percent share in the examinated group of companies with net profit.............	81,70	80,60	88,50	91,10	81,80
Sales/revenue per employee in th. PLN....	943,01	958,43	982,51	894,94	834,70
Average sales/revenue per company in th. PLN..................................	96 328,02	100 233,00	116 499,66	116 710,41	121 319,58

according to the Central Statistical Office

Locations:	seat: ul. Rozwojowa 16, 43-600 Jaworzno Phone: 32 6235728 Fax: 32 6233041 E-mail: poczta@inoxa.pl Website: www.inoxa.pl

Real Estate

No data
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 23.07.2014 there are no shares in other companies.

Connections:	Ryszard Paweł Dworak , personal ID no. (PESEL) 58041801193 - DESEN Sp. z o.o. NIP PL 5220100290, ul. Instalatorów 7B, 02-237 Warszawa · shareholder: PLN 41 500,00 (33,33%)
	Data concerning connections are valid as at: 23.07.2014.

Certificates:

ISO 9001
ISO 14001

General information

The subject refused to cooperate in elaboration of the report.
Court files of the said company at Register Court are temporarily unavailable.
Should we receive further information, we will send it to you immediately.

Banks

ING Bank Śląski SA O. w Krakowie ul.Al.Pokoju 78 (10501445)
al. Pokoju 78, 31-564 Kraków
Acc.no. 50105014451000002290037031

Powszechna Kasa Oszczędności Bank Polski SA Oddział 1 w Krakowie (10202892)
ul. Wielopole 19/21, 30-942 Kraków
Acc.no. 40102028920000550299999991

Payment Manner	In available sources, payment delays have not been noted	(34)
Credit capability	Business connections should not be refused, credits require security	(41)
	Due to no insight into financial situation of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.67
UK Pound	1	Rs.100.81
Euro	1	Rs.80.73

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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.

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