MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	CENTROSTAL-HANDEL SP. Z O.O.
Registered Office :	Ul. Dworcowa 5 87-100 Toruń
Country :	Poland
Financials (as on) :	30.06.2014
Date of Incorporation :	28.03.2007
Legal Form :	Limited liability company
Line of Business :	· Wholesale of hardware, plumbing and heating equipment and supplies · Machining of metal parts
No. of Employees	31

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 – June 1, 2014

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

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 and address

CENTROSTAL-HANDEL Sp. z o.o.

ul. Dworcowa 5
87-100 Toruń

Phone:    56 6234871

Fax:      56 6232699

E-mail:   handel@centrostalhandel.pl

Website:  www.centrostalhandel.pl

Company summary

Legal form	Limited liability company	(5)
Stat.no.	340291882
Tax ID	PL 8792514640

Establishment

02.03.2007

(5)

Registration:

28.03.2007, District Court Toruń, VII Department, KRS 277547

Shareholders	Paweł Zamelski , personal ID no. (PESEL) 69081902955, os. Stefana Batorego 9/17, 60-687 Poznań	PLN	45 000,00 45,00%
	Joanna Zamelska , personal ID no. (PESEL) 77020803881, Bygdoszcz, ul. Cegielniana 6/15, 85-433 Bydgoszcz	PLN	45 000,00 45,00%
	Mieczysław Zamelski , personal ID no. (PESEL) 39101102070, ul. Jemiołowa 35, 86-005 Białe Błota	PLN	10 000,00 10,00%
	list entered to NCR /KRS/ on  06.03.2012

Initial Capital		PLN 100 000,00
	Initial capital divided into 200 shares of PLN 500,00 each
	Changes of initial capital
	- since 10.09.2008  until 06.03.2012  the capital estimated	PLN 50 000,00

Management	Renata Wasilewska , personal ID no. (PESEL) 68042002400, ul. Jeziorna 25, 85-436 Bydgoszcz  - president Ryszard Begiert , personal ID no. (PESEL) 49083011930  - vice president
	Proxies: Anna Tomczak , personal ID no. (PESEL) 58102214249, ul. Legionów 40A/1, 87-100 Toruń  - independent proxy
	Representation: since 27.05.2014  If one man board – president individually. If numerous managers – two members of the board of directors jointly or member of the board of directors and proxy jointly.

Supervisory board

Mieczysław Zamelski , personal ID no. (PESEL) 39101102070, ul. Jemiołowa 35, 86-005 Białe Błota Joanna Zamelska , personal ID no. (PESEL) 77020803881, Bygdoszcz, ul. Cegielniana 6/15, 85-433 Bydgoszcz Paweł Zamelski , personal ID no. (PESEL) 69081902955, os. Stefana Batorego 9/17, 60-687 Poznań

Main activity	Sale of metallurgical materials, metal products Machining of metal parts Construction of metal structures
	Branches NACE 2007:
	Other wholesale
	Wholesale of hardware, plumbing and heating equipment and supplies
	General mechanical engineering

Employment

2008:              28        employees 2009:              22        employees 2010:              21        employees 2012:              28        employees 2013:              31        employees

Turnover	2009	PLN	10 567 866,96
	2010	PLN	16 794 444,45
	2011	PLN	22 597 021,24
	2012	PLN	26 929 498,04
	2013	PLN	32 393 068,39

Financial statements

Source of financial data	Court	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......................	64 610,22	45 413,11	68 665,15	80 966,77
-  I.   Intangible assets.............	16 103,74	2 557,50	6 472,50	5 625,00
-    3. Other intangible assets.......	16 103,74	2 557,50	6 472,50	5 625,00
-  II.  Tangible assets...............	48 506,48	42 855,61	62 192,65	75 341,77
-    1. Fixed goods...................	48 506,48	25 223,61	56 900,65	75 341,77
-      c) machinery and equipment.....	29 250,71	9 294,15	19 032,52	12 417,20
-      d) fleet of motor vehicles.....			26 968,13	62 924,57
-      e) other fixed goods...........	19 255,77	15 929,46	10 900,00
-    2. Fixed goods under construction..........................		17 632,00	5 292,00
-B. Current assets....................	6 281 119,49	4 639 261,97	4 819 380,75	3 852 460,26
-  I.   Stock.........................	1 461 284,27	1 440 088,43	1 271 672,05	1 416 725,79
-    1. Raw materials.................	9 162,23	8 732,81	453,39	637,59
-    3. Finished products.............	22 287,69	104 123,30	19 407,38	9 992,73
-    4. Goods for re-sale.............	1 429 834,35	1 327 232,32	1 251 811,28	1 365 510,82
-    5. Advance payments .............				40 584,65
-  II. Short-term receivables.........	4 452 002,00	3 161 473,96	3 411 655,22	2 323 563,87
-    2. Other receivables ............	4 452 002,00	3 161 473,96	3 411 655,22	2 323 563,87
-      a) Due to deliveries and services with payment period:.........	4 288 909,88	3 141 980,96	3 407 990,82	2 316 027,87
-        - up to 12 months............	4 288 909,88	3 141 980,96	3 407 990,82	2 316 027,87
-      b) Due to taxes, subsidies, insurances, duties, etc...............	9 536,00	14 013,00		7 536,00
-      c) Other.......................	153 556,12	5 480,00	3 664,40
-  III. Short term investments........	319 421,18	7 520,04	88 323,87	76 415,10
-    1. Short-term financial assets...	319 421,18	7 520,04	88 323,87	76 415,10
-      c) cash and other liquid assets................................	319 421,18	7 520,04	88 323,87	76 415,10
-        - cash in hand and on bank account...............................	221 283,42	2 533,26	1 079,29	76 415,10
-        - other liquid assets........	98 137,76	4 986,78	87 244,58
-IV. Short-term prepayments and accrued income........................	48 412,04	30 179,54	47 729,61	35 755,50
-D. Total assets......................	6 345 729,71	4 684 675,08	4 888 045,90	3 933 427,03
-A. Shareholders' equity..............	1 671 200,93	479 101,05	122 249,60	-53 169,01
-  I.   Basic share capital...........	100 000,00	100 000,00	50 000,00	50 000,00
-  VI.  Other reserve capital.........	890 000,00	890 000,00	890 000,00	890 000,00
-  VII. Profit (loss) carried forward.	-510 898,95	-867 750,40	-993 169,01	-1 103 511,02
-  VIII. Net profit (loss)............	1 192 099,88	356 851,45	175 418,61	110 342,01
-B. Liabilities and reserves for liabilities...........................	4 674 528,78	4 205 574,03	4 765 796,30	3 986 596,04
-  I.   Reserves for liabilities......				28 604,06
-    3. Other reserves................				28 604,06
-      - short-term...................				28 604,06
-III. Short-term liabilities..........	4 674 528,78	4 205 574,03	4 765 796,30	3 957 991,98
-  2. Other liabilities...............	4 672 010,85	4 198 835,40	4 757 823,58	3 941 967,72
-    a) Loans.........................	260 408,05	52 532,87		88 180,13
-    c) Other financial liabilities...	1 177 550,78
-    d)Due to deliveries and services with payment period:.........	2 863 666,74	3 176 161,45	3 728 993,67	3 471 487,34
-      - up to 12 months..............	2 863 666,74	3 176 161,45	3 728 993,67	3 471 487,34
-    e) Advances received.............	935,03			262 639,62
-    g) Due to taxes, subsidies, insurances, duties, etc...............	242 984,06	151 210,35	134 929,25	107 193,93
-    h) Due to salaries...............	113 063,32	80 941,37	87 001,57	8 404,24
-    i) Other.........................	13 402,87	737 989,36	806 899,09	4 062,46
-  3. Special funds...................	2 517,93	6 738,63	7 972,72	16 024,26
-D. Total liabilities.................	6 345 729,71	4 684 675,08	4 888 045,90	3 933 427,03
Source of financial data	Court	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.....	32 393 068,39	26 929 498,04	22 597 021,24	16 794 444,45
-  I.   Net revenue form sale of products..............................	2 377 588,12	2 986 144,62	1 353 842,72	1 050 678,95
-  II.  Net revenue from sale of goods.................................	30 015 480,27	23 943 353,42	21 243 178,52	15 743 765,50
-B.Cost of products, goods sold.......	27 056 776,88	23 290 774,43	19 965 123,36	14 664 826,99
-  I.  Cost of production of products sold.........................	1 838 247,22	2 413 313,80	990 420,21	729 589,07
-  II.  Value of products sold........	25 218 529,66	20 877 460,63	18 974 703,15	13 935 237,92
-C. Gross profit on sale..............	5 336 291,51	3 638 723,61	2 631 897,88	2 129 617,46
-D. Costs of sale.....................	2 797 594,27	2 214 393,16	1 324 073,97	1 170 225,63
-E. General management costs..........	898 847,65	830 702,05	997 386,25	827 023,25
-F. Profit on sale....................	1 639 849,59	593 628,40	310 437,66	132 368,58
-G. Other operating incomes...........	53 177,29	9 842,28	16 897,76	9 854,85
-  I.   Incomes from disposal of fixed assets..........................			4 300,00
-  III. Other operating incomes.......	53 177,29	9 842,28	12 597,76	9 854,85
-H. Other operating costs.............	63 181,78	98 874,22	56 232,84	39 332,87
-  I.   Loss on dsiposal of non--financial fixed assets...........				206,71
-  II.  Goodwill revaluation..........	15 720,75
-  III. Other operating costs.........	47 461,03	98 874,22	56 232,84	39 126,16
-I. Profit on operating activities....	1 629 845,10	504 596,46	271 102,58	102 890,56
-J. Financial incomes.................	13 422,96	22 474,13	6 764,31	24 845,89
-  II.  Interest received.............	13 314,71	22 421,33	4 657,57	14 596,71
-  V.   Other.........................	108,25	52,80	2 106,74	10 249,18
-K. Financial costs...................	219 925,18	165 345,14	102 448,28	12 235,44
-  I.   Interest......................	98 635,09	76 877,64	53 468,74	11 979,54
-  III. Financial assets revaluation..				255,90
-  IV.  Other.........................	121 290,09	88 467,50	48 979,54
-L. Gross profit on economic activity.	1 423 342,88	361 725,45	175 418,61	115 501,01
-N. Gross profit......................	1 423 342,88	361 725,45	175 418,61	115 501,01
-O. Corporation tax...................	231 243,00	4 874,00		5 159,00
-R. Net profit........................	1 192 099,88	356 851,45	175 418,61	110 342,01

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	1,34	1,10	1,01	0,97
Quick ratio	1,02	0,75	0,73	0,61
Immediate ratio	0,07		0,02	0,02
Return on sale	3,68	1,33	0,78	0,66
Return on assets	18,79	7,62	3,59	2,81
Return on equity	71,33	74,48	143,49
Average trade debtors' days	50,16	42,97	55,11	50,50
Average stock turnover's days	16,47	19,57	20,54	30,79
average payables payment period	52,67	57,16	76,98	86,02
Total indebtedness ratio	73,66	89,77	97,50	101,35

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 :	30.06.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,41	1,15	1,37	1,34	1,23
Quick ratio..............................	0,73	0,58	0,71	0,77	0,73
Immediate ratio..........................	0,06	0,03	0,04	0,04	0,04
Return on sale...........................	2,58	0,81	-0,18	0,99	1,87
Return on assets.........................	2,65	1,60	-0,36	2,22	2,89
Return on equity.........................	7,99	4,48	-1,25	6,30	6,99
Average trade debtors' days..............	50,33	49,15	50,75	56,32	72,05
Average stock turnover's days............	55,47	56,58	53,29	45,82	54,39
average payables payment period..........	82,20	99,07	81,11	81,10	109,55
Total indebtedness ratio.................	66,82	64,30	70,88	64,74	58,63
Percent share in the examinated group of companies with net profit.............	82,90	71,40	57,40	82,20	76,10
Sales/revenue per employee in th. PLN....	1 011,22	1 780,62	1 643,88	1 927,15	1 301,41
Average sales/revenue per company in th. PLN..................................	124 626,61	219 863,81	183 450,40	218 153,02	175 040,02
according to the Central Statistical Office

Locations:

seat: ul. Dworcowa 5, 87-100 Toruń Phone:                   56 6234871 Fax:                     56 6232699 E-mail:                  handel@centrostalhandel.pl Website:                 www.centrostalhandel.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 18.08.2014 there are no shares in other companies.

Connections:

Joanna Zamelska , personal ID no. (PESEL) 77020803881 -  TOTAL PARTNER Sp. z o.o. NIP PL 5542308688, os. Rzeczypospolitej 48/14, 61-395 Poznań   · shareholder: PLN 250 000,00 (50,00%)   · vice president -  AGLOMER Sp.z.o.o. NIP 7780001130, ul. Dworcowa 5, 87-100 Toruń   · shareholder: PLN 4 299 000,00 (63,53%)   · proxy Mieczysław Zamelski , personal ID no. (PESEL) 39101102070 -  AGLOMER Sp.z.o.o. NIP 7780001130, ul. Dworcowa 5, 87-100 Toruń   · shareholder: PLN 2 468 000,00 (36,47%)   · president -  WILLA PIAST SPÓŁKA Z O.O. NIP 8911544944, ul. Widok 7, 87-720 Ciechocinek   · shareholder: PLN 130 000,00 (1,49%)   · member of supervisory board Paweł Zamelski , personal ID no. (PESEL) 69081902955 -  TOTAL PARTNER Sp. z o.o. NIP PL 5542308688, os. Rzeczypospolitej 48/14, 61-395 Poznań   · shareholder: PLN 250 000,00 (50,00%) -  WILLA PIAST SPÓŁKA Z O.O. NIP 8911544944, ul. Widok 7, 87-720 Ciechocinek   · shareholder: PLN 3 900 000,00 (44,62%)   · president

Data concerning connections are valid as at: 18.08.2014.

General information

The subject has not decided to cooperate in elaboration of this report yet. Should we receive further information, we will send it to you immediately.

Banks

Alior Bank SA Centrala  (24900005) ul. Łopuszańska 38D, 02-232 Warszawa Acc.no. 59249000050000453048703593  Bank Polska Kasa Opieki SA I O. w Toruniu  (12404009) ul. Wielkie Garbary 11, 87-100 Toruń Acc.no. 72124040091111001013502565

Payment Manner

In available sources, payment delays have not been noted

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.82
UK Pound	1	Rs.98.14
Euro	1	Rs.78.65

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.