MIRA INFORM REPORT

Report Date :

06.06.2014

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) :	30.09.2013
Date of Incorporation :	19.10.2000
Com. Reg. No.:	KRS 88508
Legal Form :	Limited Liability Company
Line of Business :	· Engaged in purchasing and processing of waste and scrap; sale of metal articles; freight transport by road · Wholesaler of waste and scrap
No. of Employees	354     (29.01.2014)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but 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 – March 31^st, 2014

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 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

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	19.10.2000 TOMMET Sp. z o.o. 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%
	other shareholders	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: Grzegorz Nowak , personal ID no. (PESEL) 61101601594, ul. Graniczna 49, 62-030 Luboń  - independent proxy 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	Engaged in purchasing and processing of waste and scrap; Sale of metal articles; Freight transport by road
	Export 2013 (64.00%)
	Branches NACE 2007:
	Wholesale of waste and scrap	(G.46.77.Z)
	Other transportation activities	(H.49.41.Z)
	Other wholesale	(G.46.72.Z)

Employment

2010:              172       employees 2011:              224       employees 2012:              299       employees 2013:              354       employees 29.01.2014:        354       employees

Turnover	2010	PLN	319 466 166,63
	2011	PLN	481 039 917,53
	2012	PLN	588 473 774,42
	2013 - approximate value	PLN	654 000 000,00
	2014 - expected value	PLN	700 000 000,00

Financial statements

Source of financial data	Subject	Subject	Court	Subject
	F01	annual	annual	annual
Personal balance sheet as at	30.09.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	91 339 000,00	70 981 996,81	55 484 225,88	37 163 102,29
-  I.   Intangible assets.............		69 058,43	133 751,34	198 944,22
-    3. Other intangible assets.......		69 058,43	133 751,34	198 944,22
-  II.  Tangible assets...............		66 514 913,17	51 388 893,45	32 694 770,44
-    1. Fixed goods...................		62 717 283,20	42 520 822,20	31 341 484,21
-      a) land........................		8 416 136,89	7 206 582,98	6 185 868,87
-      b) buildings, premises, facilities............................		8 488 644,91	6 741 088,17	6 102 374,16
-      c) machinery and equipment.....		33 825 629,06	18 959 131,57	13 511 691,21
-      d) fleet of motor vehicles.....		11 824 400,79	9 550 287,71	5 464 331,16
-      e) other fixed goods...........		162 471,55	63 731,77	77 218,81
-    2. Fixed goods under construction..........................		3 789 499,89	8 787 838,98	1 336 892,79
-    3. Prepayments for fixed goods under construction....................		8 130,08	80 232,27	16 393,44
-  III. Long term receivables.........		388 731,21
-    2. Other receivables.............		388 731,21
-  IV.  Long term investments.........	16 017 000,00	3 591 664,00	3 591 664,00	4 081 664,00
-    3. Long term financial assets....		3 591 664,00	3 591 664,00	4 081 664,00
-      a) in affiliated companies.....		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........................		417 630,00	369 917,09	187 723,63
-  1. Deferred tax assets.............		417 630,00	361 833,00	147 575,00
-  2. Other prepayments...............			8 084,09	40 148,63
-B. Current assets....................	159 939 000,00	176 169 914,52	117 376 230,45	101 946 299,54
-  I.   Stock.........................	57 553 000,00	63 734 041,48	39 820 986,02	35 063 238,11
-    1. Raw materials.................	198 000,00	386 987,66	337 622,05	175 407,15
-    2. Semi-finished products and work-in-progress......................	497 000,00
-    4. Goods for re-sale.............	56 858 000,00	58 490 709,72	38 773 989,91	34 131 362,49
-    5. Advance payments .............		4 856 344,10	709 374,06	756 468,47
-  II. Short-term receivables.........	96 743 000,00	107 824 981,75	65 333 606,09	58 237 634,63
-    1. Receivables from affiliated companies.............................		18 209,02	160 408,69	164 917,81
-      a) Due to deliveries and services with payment period:.........			160 408,69	164 917,81
-        - up to 12 months............			160 408,69	164 917,81
-    2. Other receivables ............		107 806 772,73	65 173 197,40	58 072 716,82
-      a) Due to deliveries and services with payment period:.........	91 170 000,00	103 461 729,28	62 039 232,88	49 003 860,85
-        - up to 12 months............		103 461 729,28	62 039 232,88	49 003 860,85
-      b) Due to taxes, subsidies, insurances, duties, etc...............	2 650 000,00	3 756 326,30	728 590,00	8 474 642,91
-      c) Other.......................		588 717,15	2 405 374,52	594 213,06
-  III. Short term investments........	4 932 000,00	3 469 161,81	10 792 750,05	7 534 292,07
-    1. Short-term financial assets...	3 689 000,00	3 469 161,81	10 792 750,05	7 534 292,07
-      a) in affiliated companies.....		1 242 976,42	1 190 776,42	1 133 676,42
-        - granted loans..............		1 242 976,42	1 190 776,42	1 133 676,42
-      b) Other.......................			135 076,71	128 076,71
-        - granted loans..............			135 076,71	128 076,71
-      c) cash and other liquid assets................................	94 000,00	2 226 185,39	9 466 896,92	6 272 538,94
-        - cash in hand and on bank account...............................		1 181 885,39	9 351 896,92	6 177 538,94
-        - other liquid assets........		1 044 300,00	115 000,00	95 000,00
-IV. Short-term prepayments and accrued income........................	711 000,00	1 141 729,48	1 428 888,29	1 111 134,73
-D. Total assets......................	251 278 000,00	247 151 911,33	172 860 456,33	139 109 401,83
-A. Shareholders' equity..............	63 860 000,00	65 631 749,52	60 274 235,29	43 243 292,30
-  I.   Basic share capital...........		3 800 000,00	3 800 000,00	3 800 000,00
-  IV.  Statutory reserve capital.....		56 474 235,29	39 443 292,30	29 230 658,57
-  VIII. Net profit (loss)............	-1 770 000,00	5 357 514,23	17 030 942,99	10 212 633,73
-B. Liabilities and reserves for liabilities...........................	187 418 000,00	181 520 161,81	112 586 221,04	95 866 109,53
-  I.   Reserves for liabilities......	811 000,00	811 998,00	879 404,00	69 871,00
-    1. Deferred income tax reserves..		291 998,00	359 404,00	69 871,00
-    3. Other reserves................		520 000,00	520 000,00
-      - short-term...................		520 000,00	520 000,00
-II.  Long-term liabilities...........	48 626 000,00	48 553 447,24	12 007 956,63	5 093 495,35
-  2. Other liabilities...............		48 553 447,24	12 007 956,63	5 093 495,35
-    a) Loans.........................		40 685 424,14	3 111 602,37
-    d) Other.........................		7 868 023,10	8 896 354,26	5 093 495,35
-III. Short-term liabilities..........	131 711 000,00	125 578 428,54	99 698 860,41	90 702 743,18
-  1. Due to affiliated companies.....		679 898,54	1 761 222,37	2 126 224,45
-    a) Due to deliveries and services with payment period:.........			424 784,93	882 787,01
-      - up to 12 months..............			424 784,93	882 787,01
-    b) Other.........................			1 336 437,44	1 243 437,44
-  2. Other liabilities...............		124 898 530,00	97 937 638,04	88 576 518,73
-    a) Loans.........................	55 422 000,00	46 676 360,18	55 204 604,04	48 519 952,01
-    c) Other financial liabilities...		18 447 544,96	7 481 860,59	5 503 290,01
-    d)Due to deliveries and services with payment period:.........	52 533 000,00	55 470 843,86	30 851 682,81	30 212 098,82
-      - up to 12 months..............		55 470 843,86	30 851 682,81	30 212 098,82
-    e) Advances received.............	352 000,00	451 050,93	39 454,63	409 836,47
-    g) Due to taxes, subsidies, insurances, duties, etc...............	970 000,00	2 936 808,02	3 228 993,51	2 989 086,29
-    h) Due to salaries...............	916 000,00	811 678,29	649 216,23	423 624,77
-    i) Other.........................		104 243,76	481 826,23	518 630,36
-IV.  Accruals and deferred income....	6 270 000,00	6 576 288,03
-  2. Other accruals..................		6 576 288,03
-    - long-term......................		5 960 521,03
-    - short-term.....................		615 767,00
-D. Total liabilities.................	251 278 000,00	247 151 911,33	172 860 456,33	139 109 401,83
Source of financial data	Subject	Subject	Court	Subject
	F01	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2013- 30.09.2013 (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.....	497 283 000,00	588 473 774,42	481 039 917,53	319 466 166,63
-  - including related companies......				1 055 751,36
-  I.   Net income on sales...........	1 659 000,00	811 545,88	1 598 019,89	1 570 244,37
-  IV.  Income from sales of goods and materials.........................	495 624 000,00	587 662 228,54	479 441 897,64	317 895 922,26
-B. Operational costs.................	498 178 000,00	573 972 314,59	454 296 848,20	296 602 513,84
-  I.   Depreciation..................	11 078 000,00	11 650 156,09	8 412 901,84	5 256 870,06
-  II.  Materials and energy..........	14 728 000,00	18 846 302,24	14 211 344,01	9 553 338,79
-  III. Third party services..........	31 758 000,00	46 101 423,78	34 272 615,85	23 531 307,94
-  IV.  Taxes and duties..............	1 584 000,00	745 523,52	654 416,41	447 227,50
-  V.   Salaries and wages............	11 639 000,00	11 882 936,31	9 910 856,46	7 005 483,98
-  VI.  Social security...............	2 542 000,00	2 626 360,18	1 950 746,49	1 476 642,51
-  VII. Other.........................	3 281 000,00	3 052 685,15	2 185 009,18	2 252 811,71
-  VIII.Costs of goods and materials sold..................................	421 568 000,00	479 066 927,32	382 698 957,96	247 078 831,35
-C. Profit on sale....................		14 501 459,83	26 743 069,33	22 863 652,79
-C. Loss on sale......................	895 000,00
-D. Other operating incomes...........	1 428 000,00	1 502 916,24	877 375,29	823 032,51
-  I.   Incomes from disposal non-financial assets..................	25 000,00	90 560,69	296 294,54	135 361,13
-  II.  Subsidies.....................		381 393,00
-  III. Other operating incomes.......	1 403 000,00	1 030 962,55	581 080,75	687 671,38
-E. Other operating costs.............	694 000,00	1 016 323,93	2 510 143,13	8 349 188,29
-  II.  Goodwill revaluation..........		293 581,31	1 242 547,54	7 794 699,23
-  III. Other operating costs.........	694 000,00	722 742,62	1 267 595,59	554 489,06
-F. Profit on operating activities....		14 988 052,14	25 110 301,49	15 337 497,01
-F. Loss on operating activities......	161 000,00
-G. Financial incomes.................	4 289 000,00	2 420 877,51	6 319 655,57	1 696 056,88
-  II.  Interest received.............	885 000,00	169 160,43	305 501,50	209 901,47
-  III. Profit from assets sold.......				181 200,00
-  V.   Other.........................	3 404 000,00	2 251 717,08	6 014 154,07	1 304 955,41
-H. Financial costs...................	5 898 000,00	10 342 512,42	9 491 243,07	3 768 769,16
-  I.   Interest......................	3 904 000,00	7 586 629,18	5 586 351,52	3 364 071,76
-    - related companies..............			39 000,00
-  III. Financial assets revaluation..			490 000,00
-  IV.  Other.........................	1 994 000,00	2 755 883,24	3 414 891,55	404 697,40
-I. Profit on economic activity.......		7 066 417,23	21 938 713,99	13 264 784,73
-I. Loss on economic activity.........	1 770 000,00
-K. Gross profit......................		7 066 417,23	21 938 713,99	13 264 784,73
-K. Gross loss........................	1 770 000,00
-L. Corporation tax...................		1 708 903,00	4 907 771,00	3 052 151,00
-N. Net profit........................		5 357 514,23	17 030 942,99	10 212 633,73
-N. Net loss..........................	1 770 000,00

AUDITOR

Balance sheet as at 31.12.2012
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

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- 30.09.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	1,21	1,40	1,18	1,12
Quick ratio	0,77	0,89	0,76	0,73
Immediate ratio		0,02	0,09	0,07
Return on sale	-0,36	0,91	3,54	3,20
Return on assets	-0,70	2,17	9,85	7,34
Return on equity	-2,77	8,16	28,26	23,62
Average trade debtors' days	53,11	67,06	49,57	66,54
Average stock turnover's days	31,60	39,64	30,22	40,06
average payables payment period	72,31	78,10	75,65	103,63
Total indebtedness ratio	74,59	73,44	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 :	30.09.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,36	1,50	1,38	1,23	1,20
Quick ratio..............................	0,94	0,97	0,98	0,90	0,84
Immediate ratio..........................	0,07	0,08	0,10	0,09	0,05
Return on sale...........................	0,26	0,42	2,00	1,86	-1,30
Return on assets.........................	0,80	1,96	8,44	6,68	-3,52
Return on equity.........................	2,03	4,70	20,90	20,10	-9,38
Average trade debtors' days..............	35,12	30,46	35,68	43,66	53,78
Average stock turnover's days............	17,49	18,60	16,93	18,16	25,06
average payables payment period..........	42,00	35,03	42,24	55,75	72,73
Total indebtedness ratio.................	60,31	58,19	59,61	66,76	62,52
Percent share in the examinated group of companies with net profit.............	59,50	71,80	89,50	94,90	68,30
Sales/revenue per employee in th. PLN....	1 706,69	2 461,58	2 497,77	2 157,64	1 357,06
Average sales/revenue per company in th. PLN..................................	192 210,43	276 581,05	239 522,95	217 313,33	133 819,05
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 Company buys scrap metal in more than 30 facilities throughout the country.

Real Estate	Book value of buildings as at 31.12.2012	PLN	8 488 644,91
	Book value of lands as at 31.12.2012	PLN	8 416 136,89
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

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: 07.01.2014.
Connections:	Piotr Rusiecki , personal ID no. (PESEL) 75011204952 -  TOP STAL KUJAWY Sp. z o.o. NIP PL 5542781580, ul. Bydgoska 13, 86-061 Brzoza   · president -  UNIA LESZNO SPORTOWA SA NIP 6972169103, ul. Strzelecka 7, 64-100 Leszno   · member of supervisory board -  RUSIECCY SPÓŁKA JAWNA PIOTR RUSIECKI, KAZIMIERZ RUSIECKI NIP 6970019368, ul. Poznańska 39, 64-100 Leszno   · shareholder   · member of representation unit Ewa Rusiecka , personal ID no. (PESEL) 48102102163 -  WYNAJEM NIERUCHOMOŚCI Ewa Rusiecka NIP 6971030314, ul. Poznańska 39, 64-100 Leszno   · owner
	Data concerning connections are valid as at: 07.01.2014.
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 (among others)
General information	On 08.10.2013 one of the creditors of the company filed to court (District Court Poznań) an insolvency application against the subject company. On 08.11.2013 the application was rejected by the court.
Debt collection	Since 30.08.2013 until 03.10.2013 debt collection proceedings was in progress Case no. 410688 Proceedings' types: - WPS value of main amount due PLN 12 827,00 with paid off value PLN 12 827,00 Result: successful
Banks	Bank Zachodni WBK SA 1 O. w Kościanie  (10901274) al. Kościuszki 2, 64-000 Kościan Acc.no. 50109012740000000118869508  RAIFFEISEN BANK POLSKA SA O. w Poznaniu ul.Marcelińska 90  (17501019) ul. Marcelińska 90, 60-324 Poznań Acc.no. 64175010190000000012323999  Powszechna Kasa Oszczędności Bank Polski SA Oddział 1 w Poznaniu  (10204027) pl. Wolności 3, 60-914 Poznań Acc.no. 66102040270000160208600035  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)  DNB BANK 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	Mostly within agreed terms, partly with delays.
Credit capability	Business connections appear permissible, credits should not be refused.
	We would like to draw your attention to: - Losses - existing payment objections Observation of further development of the company is recommended.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.7

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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