MIRA INFORM REPORT

Report No. :	307466
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	STAPPERT POLSKA SP. Z O.O.
Formerly Known As :	IMS STALSERWIS SP. Z O.O.
Registered Office :	Ul. Antoniego Gaudiego 18, 44-109 Gliwice
Country :	Poland
Financials (as on) :	31.12.2012
Date of Incorporation :	15.11.1996
Legal Form :	Limited liability company
Line of Business :	Subject is engaged in Sale of steel.
No. of Employee :	84 (2011)

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Poland	A2	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

STAPPERT POLSKA SP. Z O.O.

ul. Antoniego Gaudiego 18
44-109 Gliwice

Phone:    32 3447300

32 3447313

Fax:      32 3447319

32 3447375

E-mail:   gliwice@ims-group.com

polska@stappert.biz

Website:  http://www.stappert.biz

Legal form	Limited liability company
Stat.no.	091435460
Tax ID	PL 9531740071

Establishment	15.11.1996
Changes of names and addresses	15.11.1996 IMS STALSERWIS Sp. z o.o. ul. Glinki 144, 85-861 Bydgoszcz
	05.01.2004  ul. Przemysłowa 34, 85-758 Bydgoszcz
	02.03.2009  ul. Antoniego Gaudiego 18, 44-109 Gliwice
	25.10.2012 STAPPERT POLSKA sp. z o.o.

Registration

25.09.2002, District Court Gliwice, X Department, KRS 132532

Data concerning previous registrations:
28.11.1996, District Court Bydgoszcz, RHB 3937

Shareholders

STAPPERT DEUTSCHLAND GMBH, Duseldorf,, 40549 Duesseldorf, Germany

 list entered to NCR /KRS/ on  15.09.2009

Initial Capital

Initial capital divided into 19034 shares of PLN 1 000,00 each

Changes of initial capital

-  until 15.09.2009  the capital estimated

An in-kind contribution has been made and valued at

Management

Andrzej Korzeniowski , personal ID no. (PESEL) 74030400699
 - president

Andrzej Kazimierz Sztwiertnia , personal ID no. (PESEL) 71091300252
 - member of board of directors

Proxies:
Krzysztof Ratka , personal ID no. (PESEL) 70012511599
 - joint proxy

Representation:
since 17.12.2014 
Two members of the board of directors jointly or member of the board of directors and proxy jointly.

Main activity

Sale of steel

Import-export

Branches NACE 2007

Other wholesale

Agents involved in the sale of furniture, household goods, hardware and ironmongery

O

ther financial services

Building erection related general building activity

Buying and selling of own real estate

Other reloading

Employment

2007:              80        employees

2008:              88        employees

2009:              83        em

ployees

2010:              82        employees

2011:              84        employees

Turnover

2008

PLN

119 561 700,85

2009

PLN

76 083 570,78

2010

PLN

107 192 645,74

2011

PLN

133 245 979,10

2012PLN

106 335 729,65

Financial statements

Current financial data not available due to no insight into court files of the company.
Source of financial data	Court	Monitor Polski B	Monitor Polski B	Monitor Polski B
	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......................	19 931 228,34	21 245 709,22	23 476 710,01	24 116 972,67
-  I.   Intangible assets.............	22 073,45	28 811,75	36 365,44	6 420,42
-    3. Other intangible assets.......	22 073,45	28 811,75	36 365,44	6 420,42
-  II.  Tangible assets...............	19 244 428,04	20 439 866,10	22 754 460,78	24 110 552,25
-    1. Fixed goods...................	19 244 428,04	20 439 866,10	22 754 460,78	24 110 552,25
-      a) land........................	2 845 370,87	2 845 370,87	2 845 370,87	2 845 370,87
-      b) buildings, premises, facilities............................	10 765 445,27	11 106 288,66	11 410 483,66	11 762 562,82
-      c) machinery and equipment.....	5 210 977,55	5 975 406,45	7 803 249,15	8 569 584,17
-      d) fleet of motor vehicles.....	312 008,41	388 536,15	498 747,74	657 136,75
-      e) other fixed goods...........	110 625,94	124 263,97	196 609,36	275 897,64
-V. Long-term prepayments and accrued income........................	664 726,85	777 031,37	685 883,79
-  1. Deferred tax assets.............	664 726,85	777 031,37	685 883,79
-B. Current assets....................	37 946 630,67	43 800 176,19	49 525 975,39	34 369 004,36
-  I.   Stock.........................	21 027 656,19	20 925 458,17	27 280 539,46	20 708 714,46
-    4. Goods for re-sale.............	21 027 656,19	20 925 458,17	27 280 539,46	19 750 437,45
-    5. Advance payments .............				958 277,01
-  II. Short-term receivables.........	14 780 627,84	20 464 367,80	13 995 451,89	11 413 283,18
-    1. Receivables from affiliated companies.............................	478 101,30	6 382 891,60	211 005,05	77 537,56
-      a) Due to deliveries and services with payment period:.........	478 101,30	6 382 891,60	211 005,05	77 537,56
-        - up to 12 months............	478 101,30	6 382 891,60	211 005,05	77 537,56
-    2. Other receivables ............	14 302 526,54	14 081 476,20	13 784 446,84	11 335 745,62
-      a) Due to deliveries and services with payment period:.........	14 290 400,33	14 077 437,02	13 750 341,12	11 298 245,39
-        - up to 12 months............	14 290 400,33	14 077 437,02	13 750 341,12	11 298 245,39
-      b) Due to taxes, subsidies, insurances, duties, etc...............	11 561,20	3 309,87	11 482,73	16 500,23
-      c) Other.......................	565,01	729,31	22 622,99	21 000,00
-  III. Short term investments........	2 061 405,79	2 332 392,51	8 116 873,95	2 109 024,68
-    1. Short-term financial assets...	2 061 405,79	2 332 392,51	8 116 873,95	2 109 024,68
-      b) Other.......................	15 245,94	18 379,56	26 533,44
-        - granted loans..............	15 245,94	18 379,56	26 533,44
-      c) cash and other liquid assets................................	2 046 159,85	2 314 012,95	8 090 340,51	2 109 024,68
-        - cash in hand and on bank account...............................	2 046 159,85	2 314 012,95	8 090 340,51	2 109 024,68
-IV. Short-term prepayments and accrued income........................	76 940,85	77 957,71	133 110,09	137 982,04
-D. Total assets......................	57 877 859,01	65 045 885,41	73 002 685,40	58 485 977,03
-A. Shareholders' equity..............	31 900 761,50	31 256 337,69	34 379 298,15	31 418 780,25
-  I.   Basic share capital...........	19 034 000,00	19 034 000,00	19 034 000,00	19 034 000,00
-  II.  Unpaid share capital (negative balance)....................				-139,73
-  IV.  Statutory reserve capital.....	21 510 442,29	21 510 442,29	21 510 442,29	21 510 442,29
-  VI.  Other reserve capital.........	19 219 331,00	19 219 331,00	19 219 331,00	19 219 331,00
-  VII. Profit (loss) carried forward.	-28 507 435,60	-25 384 475,14	-28 344 853,31	-13 501 221,34
-  VIII. Net profit (loss)............	644 423,81	-3 122 960,46	2 960 378,17	-14 843 631,97
-B. Liabilities and reserves for liabilities...........................	25 977 097,51	33 789 547,72	38 623 387,25	27 067 196,78
-  I.   Reserves for liabilities......	202 500,00	198 077,15	199 276,71	21 327,00
-    1. Deferred income tax reserves..		117 233,15	84 622,71
-    2. Reserves for pensions and similar social payments...............	172 500,00	80 044,00	113 854,00	21 327,00
-      - long-term....................	172 500,00	80 044,00	113 854,00	21 327,00
-    3. Other reserves................	30 000,00	800,00	800,00
-      - short-term...................	30 000,00	800,00	800,00
-III. Short-term liabilities..........	25 227 755,55	32 904 862,87	37 563 988,86	25 985 030,84
-  1. Due to affiliated companies.....	6 940 611,80	15 973 502,75	19 943 791,82	18 992 272,74
-    a) Due to deliveries and services with payment period:.........	2 443 591,80	2 281 422,75	5 646 631,84	5 371 354,41
-      - up to 12 months..............	2 443 591,80	2 281 422,75	5 646 631,84	5 371 354,41
-    b) Other.........................	4 497 020,00	13 692 080,00	14 297 159,98	13 620 918,33
-  2. Other liabilities...............	18 253 056,63	16 897 144,71	17 596 639,18	6 992 710,42
-    a) Loans.........................	1 057 799,57	581 565,34
-    c) Other financial liabilities...	29 112,92	113 470,12
-    d)Due to deliveries and services with payment period:.........	16 543 473,07	14 006 023,22	15 253 934,61	5 423 906,90
-      - up to 12 months..............	16 543 473,07	14 006 023,22	15 253 934,61	5 423 906,90
-    e) Advances received.............	17 993,96	5 135,31	13 097,00	21 841,89
-    g) Due to taxes, subsidies, insurances, duties, etc...............	604 061,59	2 105 603,21	2 319 865,17	1 514 506,12
-    h) Due to salaries...............	399,30			12 616,29
-    i) Other.........................	216,22	85 347,51	9 742,40	19 839,22
-  3. Special funds...................	34 087,12	34 215,41	23 557,86	47,68
-IV.  Accruals and deferred income....	546 841,96	686 607,70	860 121,68	1 060 838,94
-  2. Other accruals..................	546 841,96	686 607,70	860 121,68	1 060 838,94
-    - short-term.....................	546 841,96	686 607,70	860 121,68	1 060 838,94
-D. Total liabilities.................	57 877 859,01	65 045 885,41	73 002 685,40	58 485 977,03
Source of financial data	Court	Monitor Polski B	Monitor Polski B	Monitor Polski B
	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.....	106 335 729,65	133 245 979,10	107 192 645,74	76 083 570,78
-  - including related companies......	1 749 120,08	7 816 940,93	1 078 140,47	641 396,84
-  I.   Net income on sales...........	1 069 953,11	299 444,06	537 735,87
-  IV.  Income from sales of goods and materials.........................	105 265 776,54	132 946 535,04	106 654 909,87	76 083 570,78
-B. Operational costs.................	107 063 040,62	131 715 357,79	104 819 024,85	85 072 778,67
-  I.   Depreciation..................	1 231 883,04	1 413 219,25	1 437 318,33	2 005 685,08
-  II.  Materials and energy..........	947 513,01	1 045 620,20	1 026 375,59	860 995,02
-  III. Third party services..........	7 147 323,92	8 066 804,09	6 398 417,06	6 012 363,34
-  IV.  Taxes and duties..............	379 852,58	411 143,37	786 142,48	453 923,71
-  V.   Salaries and wages............	4 229 712,00	5 355 186,74	5 650 733,72	4 919 167,00
-  VI.  Social security...............	936 950,78	1 121 385,97	1 009 604,65	967 201,98
-  VII. Other.........................	290 770,97	280 066,79	273 674,52	464 578,86
-  VIII.Costs of goods and materials sold..................................	91 899 034,32	114 021 931,38	88 236 758,50	69 388 863,68
-C. Profit on sale....................		1 530 621,31	2 373 620,89
-C. Loss on sale......................	727 310,97			8 989 207,89
-D. Other operating incomes...........	1 373 958,04	1 523 341,18	3 416 777,21	1 354 176,48
-  I.   Incomes from disposal non-financial assets..................	16 201,15	78 488,29	25 214,73	228 272,64
-  II.  Subsidies.....................	645 184,62	369 931,85	2 242 279,95
-  III. Other operating incomes.......	712 572,27	1 074 921,04	1 149 282,53	1 125 903,84
-E. Other operating costs.............	490 122,05	2 230 452,16	2 834 754,64	1 291 762,53
-  II.  Goodwill revaluation..........		677 174,00		458 647,09
-  III. Other operating costs.........	490 122,05	1 553 278,16	2 834 754,64	833 115,44
-F. Profit on operating activities....	156 525,02	823 510,33	2 955 643,46
-F. Loss on operating activities......				8 926 793,94
-G. Financial incomes.................	1 116 407,44	149 194,52	170 280,40	723 899,75
-  II.  Interest received.............	224 850,36	81 931,60
-  III. Profit from assets sold.......	17 000,00
-  V.   Other.........................	874 557,08	67 262,92	170 280,40	723 899,75
-H. Financial costs...................	633 437,28	4 154 202,45	758 198,77	4 438 442,78
-  I.   Interest......................	490 029,55	694 050,42	758 198,77	2 200 932,48
-    - related companies..............	268 701,01			1 980 158,28
-  II.  Loss from financial assets sold..................................	99 179,69
-  III. Financial assets revaluation..	29 112,92	113 470,12		2 229 826,36
-  IV.  Other.........................	15 115,12	3 346 681,91		7 683,94
-I. Profit on economic activity.......	639 495,18		2 367 725,09
-I. Loss on economic activity.........		3 181 497,60		12 641 336,97
-K. Gross profit......................	639 495,18		2 367 725,09
-K. Gross loss........................		3 181 497,60		12 641 336,97
-L. Corporation tax...................	-4 928,63	-58 537,14	-592 653,08	2 202 295,00
-N. Net profit........................	644 423,81		2 960 378,17
-N. Net loss..........................		3 122 960,46		14 843 631,97

AUDITOR

Balance sheet as at 31.12.2011
ERNST & YOUNG AUDYT POLSKA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Sp. k., ul. Rondo ONZ 1, 00-124 Warszawa	No. 130

Expert auditor Robert Klimacki

No. 90055

Balance sheet as at 31.12.2010
ERNST & YOUNG AUDYT POLSKA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Sp. k., ul. Rondo ONZ 1, 00-124 Warszawa	No. 130

Expert auditor Robert Klimacki

No. 90055

Balance sheet as at 31.12.2009
ERNST & YOUNG AUDYT POLSKA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ Sp. k., ul. Rondo ONZ 1, 00-124 Warszawa	No. 130

Expert auditor Robert Klimacki

No. 90055

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

1,50

1,33

1,32

1,32

Quick ratio

0,67

0,69

0,59

0,52

Immediate ratio

0,08

0,07

0,22

0,08

Return on sale

0,61

-2,34

2,76

-19,51

Return on assets

1,11

-4,80

4,06

-25,38

Return on equity

2,02

-9,99

8,61

-47,24

Average trade debtors' days

50,87

56,06

47,66

54,75

Average stock turnover's days

72,38

57,32

92,89

99,35

average payables payment period

86,83

90,14

127,91

124,66

Total indebtedness ratio

44,88

51,95

52,91

46,28

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 :	30.09.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,44	1,15	1,37	1,34	1,23
Quick ratio..............................	0,78	0,58	0,71	0,77	0,73
Immediate ratio..........................	0,04	0,03	0,04	0,04	0,04
Return on sale...........................	1,72	0,81	-0,18	0,99	1,87
Return on assets.........................	2,75	1,60	-0,36	2,22	2,89
Return on equity.........................	8,03	4,48	-1,25	6,30	6,99
Average trade debtors' days..............	52,70	49,15	50,75	56,32	72,05
Average stock turnover's days............	50,59	56,58	53,29	45,82	54,39
average payables payment period..........	78,01	99,07	81,11	81,10	109,55
Total indebtedness ratio.................	65,77	64,30	70,88	64,74	58,63
Percent share in the examinated group of companies with net profit.............	75,60	71,40	57,40	82,20	76,10
Sales/revenue per employee in th. PLN....	1 544,44	1 780,62	1 643,88	1 927,15	1 301,41
Average sales/revenue per company in th. PLN..................................	190 343,27	219 863,81	183 450,40	218 153,02	175 040,02
according to the Central Statistical Office

Locations

seat:
ul. Antoniego Gaudiego 18, 44-109 Gliwice
Phone:                   32 3447300
32 3447313
Mobile phone:           502 436904
Fax:                     32 3447319
32 3447375
E-mail:                  a.grabarczyk@stappert.biz
gliwice@ims-group.com
polska@stappert.biz
Website:                http://www.stappert.biz

branches:
ul. Przemysłowa 34, 85-758 Bydgoszcz
Phone:                   52 3208900
52 3208950
Fax:                     52 3208919
52 3208959
ul. Palisadowa 20/22, 01-940 Warszawa
Phone:                22 5690000

Real Estate

Book value of buildings as at 31.12.2012	PLN	10 765 445,27
Book value of lands as at 31.12.2012	PLN	2 845 370,87
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 22.01.2015 there are no shares in other companies.

Connections

As at 22.01.2015 there are no relations.

General information

Membership:
Polska Unia Dystrybutrów Stali

Court files of the said company at Register Court are at the moment unavailable. 
The company refused to co-operate in elaboration of this report without knowing the name of the contractor.
Should we receive further information, we will send it to you immediately.

Banks

ING Bank Śląski SA O. w Katowicach ul.Mickiewicza 3  (10501214)
ul. Mickiewicza 3, 40-092 Katowice
Acc.no. 03105012141000002357314133

Payment Manner

In available sources, payment delays have not been noted

Credt capability

Business connections should not be refused, credits require security

Due to no insight into financial situation of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.71.00

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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.