MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	METERTEST SP. Z O.O.
Registered Office :	Ul. Łukasińskiego 26/21, 58-100 Świdnica
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	25.07.2005
Legal Form :	Limited Liability Company
Line of Business :	· Manufacture of professional measurement instruments for the electricity sector · Manufacture of testers for checking the electricity meters
No. of Employees :	21

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 :	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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Poland	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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

METERTEST SP. Z O.O.

ul. Łukasińskiego 26/21

58-100 Świdnica

Phone:    74 8566392

Fax:      74 8566392

E-mail:   biuro@metertest.eu

Website:  www.metertest.eu

Company summary

Legal form	Limited liability company
Stat.no.	020111439
Tax ID	PL 8842552359

Establishment	25.07.2005
Changes of names and addresses	09.08.2005 ul. Armii Krajowej 7, 58-100 Świdnica
	04.10.2011  ul. Łukasińskiego 26/21, 58-100 Świdnica

Registration:

09.08.2005, District Court Wrocław, IX Department, KRS 239292

Shareholders	Zbigniew Bukszyński , personal ID no. (PESEL) 65120905590, ul. Ignacego Prądzyńskiego 121/3, 58-100 Świdnica
	Piotr Rawicki , personal ID no. (PESEL) 71020102070, ul. Bema 28/10, 58-100 Świdnica
	Arkadiusz Bernat , personal ID no. (PESEL) 71103001018, ul. Romualda Traugutta 17/1, 58-100 Świdnica
	list entered to NCR /KRS/ on  09.08.2005

Initial Capital
	Initial capital divided into 150 shares of PLN 500,00 each

Management	Zbigniew Bukszyński , personal ID no. (PESEL) 65120905590, ul. Ignacego Prądzyńskiego 121/3, 58-100 Świdnica  - president Arkadiusz Bernat , personal ID no. (PESEL) 71103001018, ul. Romualda Traugutta 17/1, 58-100 Świdnica  - vice president Piotr Rawicki , personal ID no. (PESEL) 71020102070, ul. Bema 28/10, 58-100 Świdnica  - vice president
	Representation: since 09.08.2005  President individually, two members of the board of directors jointly or member of the board of directors and proxy jointly.

Main activity

Manufacture of professional measurement instruments for the electricity sector

Manufacture of testers for checking the electricity meters

Branches NACE 2007:

Manufacture of electricity distribution and control apparatus

Manufacture of electronic elements

Wholesale on a fee or contract basic

Other IT activity

Other equipment repair and maintenance

Research and experimental development on natural sciences and engineering

Employment

2006:              5         employees
2008:              10 to 49  employees 
2009:              10 to 49  employees 
December 2012:     21        employees

Turnover

2009	PLN	1 964 574,18
2010	PLN	3 684 678,76
2011	PLN	4 785 808,40
2012	PLN	6 575 157,55
2013	PLN	5 320 443,32

Financial statements

Source of financial data	Subject	Court	Court	Court
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	1 298 072,82	684 036,69	593 421,58	544 483,27
-  I.   Intangible assets.............	316 759,02	59 058,98	4 710,77
-    3. Other intangible assets.......	316 759,02	59 058,98	4 710,77
-  II.  Tangible assets...............	866 962,47	624 977,71	588 710,81	544 483,27
-    1. Fixed goods...................	858 132,39	617 147,63	560 464,75	14 312,22
-      a) land........................	130 752,00	130 752,00	130 752,00
-      b) buildings, premises, facilities............................	310 591,78	353 964,44	396 837,10
-      c) machinery and equipment.....	391 791,44	124 852,02	24 446,48	14 312,22
-      e) other fixed goods...........	24 997,17	7 579,17	8 429,17
-    2. Fixed goods under construction..........................	8 830,08	7 830,08	28 246,06	530 171,05
-V. Long-term prepayments and accrued income........................	114 351,33
-  2. Other prepayments...............	114 351,33
-B. Current assets....................	4 075 829,54	4 514 943,29	3 630 761,65	3 145 370,71
-  I.   Stock.........................	1 371 521,90	1 301 510,84	876 220,06	462 656,20
-    1. Raw materials.................	1 087 552,45	888 196,03	541 941,33	261 270,48
-    2. Semi-finished products and work-in-progress......................	272 500,41	366 198,29	212 867,75	186 434,64
-    3. Finished products.............	11 469,04	44 922,51	103 081,11	3 688,34
-    5. Advance payments .............		2 194,01	18 329,87	11 262,74
-  II. Short-term receivables.........	1 036 929,65	1 260 136,74	1 008 172,36	1 622 093,28
-    2. Other receivables ............	1 036 929,65	1 260 136,74	1 008 172,36	1 622 093,28
-      a) Due to deliveries and services with payment period:.........	921 206,57	1 166 086,63	970 398,58	1 566 694,88
-        - up to 12 months............	921 206,57	1 166 086,63	970 398,58	1 566 694,88
-      b) Due to taxes, subsidies, insurances, duties, etc...............	105 778,27	14 796,92	23 673,18	3 707,37
-      c) Other.......................	9 944,81	79 253,19	14 100,60	51 691,03
-  III. Short term investments........	1 663 614,29	1 950 306,69	1 737 198,95	1 055 890,45
-    1. Short-term financial assets...	1 663 614,29	1 950 306,69	1 737 198,95	1 055 890,45
-      b) Other.......................				6 916,70
-        - granted loans..............				6 916,70
-      c) cash and other liquid assets................................	1 663 614,29	1 950 306,69	1 737 198,95	1 048 973,75
-        - cash in hand and on bank account...............................	1 663 614,29	1 950 306,69	1 737 198,95	1 048 973,75
-IV. Short-term prepayments and accrued income........................	3 763,70	2 989,02	9 170,28	4 730,78
-D. Total assets......................	5 373 902,36	5 198 979,98	4 224 183,23	3 689 853,98
-A. Shareholders' equity..............	4 707 331,03	4 443 389,99	3 517 984,50	2 492 276,11
-  I.   Basic share capital...........	75 000,00	75 000,00	75 000,00	75 000,00
-  IV.  Statutory reserve capital.....	4 368 389,99	3 442 984,50	2 417 276,11	1 292 419,82
-  VIII. Net profit (loss)............	263 941,04	925 405,49	1 025 708,39	1 124 856,29
-B. Liabilities and reserves for liabilities...........................	666 571,33	755 589,99	706 198,73	1 197 577,87
-II.  Long-term liabilities...........	131 113,10	208 236,92	277 644,88	330 823,54
-  2. Other liabilities...............	131 113,10	208 236,92	277 644,88	330 823,54
-    a) Loans.........................	131 113,10	208 236,92	277 644,88	330 823,54
-III. Short-term liabilities..........	535 458,23	547 353,07	332 685,83	646 284,25
-  2. Other liabilities...............	535 458,23	547 353,07	332 685,83	646 284,25
-    a) Loans.........................		53 555,60
-    d)Due to deliveries and services with payment period:.........	329 096,36	336 044,63	179 177,12	244 115,92
-      - up to 12 months..............	329 096,36	336 044,63	179 177,12	244 115,92
-    g) Due to taxes, subsidies, insurances, duties, etc...............	148 029,46	106 503,25	111 526,87	367 384,27
-    h) Due to salaries...............	55 520,78	51 143,56	41 584,07	34 340,92
-    i) Other.........................	2 811,63	106,03	397,77	443,14
-IV.  Accruals and deferred income....			95 868,02	220 470,08
-  2. Other accruals..................			95 868,02	220 470,08
-    - long-term......................				250,10
-    - short-term.....................			95 868,02	220 219,98
-D. Total liabilities.................	5 373 902,36	5 198 979,98	4 224 183,23	3 689 853,98
Source of financial data	Subject	Court	Court	Court
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2013- 31.12.2013 (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.....	5 320 443,32	6 575 157,55	4 785 808,40	3 684 678,76
-  I.   Net income on sales...........	5 245 515,51	6 480 166,09	3 995 543,12	3 525 809,34
-  II.  Change in value of stock ( +, -).................................	-118 460,34	93 721,46	132 207,49	45 543,39
-  IV.  Income from sales of goods and materials.........................	193 388,15	1 270,00	658 057,79	113 326,03
-B. Operational costs.................	5 009 933,69	5 169 049,07	3 621 561,01	2 308 759,02
-  I.   Depreciation..................	270 706,26	124 815,43	66 969,38	5 804,91
-  II.  Materials and energy..........	1 536 410,86	2 447 987,41	1 527 993,92	1 152 825,43
-  III. Third party services..........	1 406 554,02	1 133 495,65	595 245,51	304 981,88
-  IV.  Taxes and duties..............	47 389,20	55 272,89	47 425,88	14 234,61
-  V.   Salaries and wages............	1 165 008,17	1 058 914,43	713 257,85	577 743,34
-  VI.  Social security...............	178 063,95	144 410,74	81 044,95	64 425,85
-  VII. Other.........................	235 291,45	203 967,72	144 612,90	102 692,13
-  VIII.Costs of goods and materials sold..................................	170 509,78	184,80	445 010,62	86 050,87
-C. Profit on sale....................	310 509,63	1 406 108,48	1 164 247,39	1 375 919,74
-D. Other operating incomes...........	37 361,09	5 968,64
-  I.   Incomes from disposal non-financial assets..................	249,00
-  III. Other operating incomes.......	37 112,09	5 968,64
-E. Other operating costs.............	20 996,72	80 845,50	2 952,42	613,90
-  III. Other operating costs.........	20 996,72	80 845,50	2 952,42	613,90
-F. Profit on operating activities....	326 874,00	1 331 231,62	1 161 294,97	1 375 305,84
-G. Financial incomes.................	23 805,95	63 754,05	143 450,08	25 676,38
-  II.  Interest received.............	138,72	419,52	23 834,42	8 441,67
-  V.   Other.........................	23 667,23	63 334,53	119 615,66	17 234,71
-H. Financial costs...................	13 395,91	215 630,18	52 380,66	12 154,93
-  I.   Interest......................	13 395,91	22 674,43	20 647,87	906,13
-  IV.  Other.........................		192 955,75	31 732,79	11 248,80
-I. Profit on economic activity.......	337 284,04	1 179 355,49	1 252 364,39	1 388 827,29
-K. Gross profit......................	337 284,04	1 179 355,49	1 252 364,39	1 388 827,29
-L. Corporation tax...................	73 343,00	253 950,00	226 656,00	263 971,00
-N. Net profit........................	263 941,04	925 405,49	1 025 708,39	1 124 856,29

Ratios	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	7,61	8,25	10,91	4,87
Quick ratio	5,04	5,87	8,25	4,14
Immediate ratio	3,11	3,56	5,22	1,62
Return on sale	4,85	14,28	22,04	30,91
Return on assets	4,91	17,80	24,28	30,49
Return on equity	5,61	20,83	29,16	45,13
Average trade debtors' days	69,59	71,16	79,07	162,69
Average stock turnover's days	92,04	73,49	68,73	46,40
average payables payment period	35,93	30,91	26,09	64,82
Total indebtedness ratio	12,40	14,53	16,72	32,46

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.27.12.Z - NACE 2007), as at :	31.12.2013	31.12.2012	31.12.2011	31.12.2010	31.12.2009
Current ratio............................	1,96	1,86	1,74	1,66	1,38
Quick ratio..............................	1,40	1,31	1,25	1,20	1,02
Immediate ratio..........................	0,36	0,33	0,32	0,29	0,22
Return on sale...........................	7,41	6,98	4,41	4,65	4,35
Return on assets.........................	9,37	8,82	6,21	6,03	5,50
Return on equity.........................	14,63	14,27	12,37	11,69	11,46
Average trade debtors' days..............	75,49	75,34	81,56	85,96	82,47
Average stock turnover's days............	42,08	42,64	40,60	46,68	42,37
average payables payment period..........	78,73	82,47	88,94	105,38	122,12
Total indebtedness ratio.................	35,91	38,20	49,76	48,42	51,97
Percent share in the examinated group of companies with net profit.............	83,10	83,60	75,90	80,60	72,70
Sales/revenue per employee in th. PLN....	346,86	338,46	356,09	260,05	229,86
Average sales/revenue per company in th. PLN..................................	71 751,57	69 641,63	75 890,07	52 891,94	47 890,74
according to the Central Statistical Office

Locations

seat:
ul. Łukasińskiego 26/21, 58-100 Świdnica
Phone:                   74 8566392
Mobile phone:            600 740 988 - Barbara Kapelańczyk
Fax:                     74 8566392
E-mail:                  barbara.kapelanczyk@metertest.pl
                         biuro@metertest.eu
                         office@metertest.eu
Website:                 www.metertest.eu

Real Estate	Book value of buildings as at 31.12.2013
	Book value of lands as at 31.12.2013
	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 22.05.2014 there are no shares in other companies.

Connections:

As at 22.05.2014 there are no relations.

Banks

Names of banks were not disclosed

Payment Manner

Nothing detrimental noted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NNA

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.