MIRA INFORM REPORT

Report No. :	307466.2
Report Date :	27.02.2015

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) :	31.12.2013
Date of Incorporation :	15.11.1996
Legal Form :	Limited liability company
Line of Business :	Subject is engaged in Sale of Steel.
No. of Employees :	65 [2013]

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 & 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

Company summary

Legal form	Limited liability company	(5)
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

Other financial services

Building erection related general building activity

Buying and selling of own real estate

Other reloading

Employment

2009:              83        employees
2010:              82        employees
2011:              84        employees
2012:              65        employees
2013:              65        employees

Turnover	2009	PLN	76 083 570,78
	2010	PLN	107 192 645,74
	2011	PLN	133 245 979,10
	2012	PLN	106 335 729,65
	2013	PLN	110 694 962,79

Financial statements

Source of financial data	Court	Court	Monitor Polski B	Monitor Polski B
	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......................	7 592 604,91	19 931 228,34	21 245 709,22	23 476 710,01
-  I.   Intangible assets.............	8 610,38	22 073,45	28 811,75	36 365,44
-    3. Other intangible assets.......	8 610,38	22 073,45	28 811,75	36 365,44
-  II.  Tangible assets...............	4 888 656,43	19 244 428,04	20 439 866,10	22 754 460,78
-    1. Fixed goods...................	4 888 656,43	19 244 428,04	20 439 866,10	22 754 460,78
-      a) land........................		2 845 370,87	2 845 370,87	2 845 370,87
-      b) buildings, premises, facilities............................	48 469,14	10 765 445,27	11 106 288,66	11 410 483,66
-      c) machinery and equipment.....	4 493 987,92	5 210 977,55	5 975 406,45	7 803 249,15
-      d) fleet of motor vehicles.....	263 592,82	312 008,41	388 536,15	498 747,74
-      e) other fixed goods...........	82 606,55	110 625,94	124 263,97	196 609,36
-V. Long-term prepayments and accrued income........................	2 695 338,10	664 726,85	777 031,37	685 883,79
-  1. Deferred tax assets.............	2 695 338,10	664 726,85	777 031,37	685 883,79
-B. Current assets....................	66 928 546,40	37 946 630,67	43 800 176,19	49 525 975,39
-  I.   Stock.........................	23 996 905,55	21 027 656,19	20 925 458,17	27 280 539,46
-    4. Goods for re-sale.............	23 996 905,55	21 027 656,19	20 925 458,17	27 280 539,46
-  II. Short-term receivables.........	39 936 561,45	14 780 627,84	20 464 367,80	13 995 451,89
-    1. Receivables from affiliated companies.............................	24 396 481,39	478 101,30	6 382 891,60	211 005,05
-      a) Due to deliveries and services with payment period:.........	166 698,03	478 101,30	6 382 891,60	211 005,05
-        - up to 12 months............	166 698,03	478 101,30	6 382 891,60	211 005,05
-      b) Other.......................	24 229 783,36
-    2. Other receivables ............	15 540 080,06	14 302 526,54	14 081 476,20	13 784 446,84
-      a) Due to deliveries and services with payment period:.........	15 532 597,82	14 290 400,33	14 077 437,02	13 750 341,12
-        - up to 12 months............	15 532 597,82	14 290 400,33	14 077 437,02	13 750 341,12
-      b) Due to taxes, subsidies, insurances, duties, etc...............	17,00	11 561,20	3 309,87	11 482,73
-      c) Other.......................	7 465,24	565,01	729,31	22 622,99
-  III. Short term investments........	2 896 683,65	2 061 405,79	2 332 392,51	8 116 873,95
-    1. Short-term financial assets...	2 896 683,65	2 061 405,79	2 332 392,51	8 116 873,95
-      b) Other.......................	17 332,70	15 245,94	18 379,56	26 533,44
-        - granted loans..............	17 332,70	15 245,94	18 379,56	26 533,44
-      c) cash and other liquid assets................................	2 879 350,95	2 046 159,85	2 314 012,95	8 090 340,51
-        - cash in hand and on bank account...............................	2 879 350,95	2 046 159,85	2 314 012,95	8 090 340,51
-IV. Short-term prepayments and accrued income........................	98 395,75	76 940,85	77 957,71	133 110,09
-D. Total assets......................	74 521 151,31	57 877 859,01	65 045 885,41	73 002 685,40
-A. Shareholders' equity..............	41 447 544,57	31 900 761,50	31 256 337,69	34 379 298,15
-  I.   Basic share capital...........	19 034 000,00	19 034 000,00	19 034 000,00	19 034 000,00
-  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.	-27 863 011,79	-28 507 435,60	-25 384 475,14	-28 344 853,31
-  VIII. Net profit (loss)............	9 546 783,07	644 423,81	-3 122 960,46	2 960 378,17
-B. Liabilities and reserves for liabilities...........................	33 073 606,74	25 977 097,51	33 789 547,72	38 623 387,25
-  I.   Reserves for liabilities......	196 487,10	202 500,00	198 077,15	199 276,71
-    1. Deferred income tax reserves..			117 233,15	84 622,71
-    2. Reserves for pensions and similar social payments...............	178 487,10	172 500,00	80 044,00	113 854,00
-      - long-term....................	178 487,10	172 500,00	80 044,00	113 854,00
-    3. Other reserves................	18 000,00	30 000,00	800,00	800,00
-      - short-term...................	18 000,00	30 000,00	800,00	800,00
-II.  Long-term liabilities...........	0,00
-III. Short-term liabilities..........	32 036 736,05	25 227 755,55	32 904 862,87	37 563 988,86
-  1. Due to affiliated companies.....	3 455 988,31	6 940 611,80	15 973 502,75	19 943 791,82
-    a) Due to deliveries and services with payment period:.........	2 211 828,31	2 443 591,80	2 281 422,75	5 646 631,84
-      - up to 12 months..............	2 211 828,31	2 443 591,80	2 281 422,75	5 646 631,84
-    b) Other.........................	1 244 160,00	4 497 020,00	13 692 080,00	14 297 159,98
-  2. Other liabilities...............	28 547 339,43	18 253 056,63	16 897 144,71	17 596 639,18
-    a) Loans.........................	6 200 946,77	1 057 799,57	581 565,34
-    c) Other financial liabilities...	107 974,82	29 112,92	113 470,12
-    d)Due to deliveries and services with payment period:.........	17 192 402,87	16 543 473,07	14 006 023,22	15 253 934,61
-      - up to 12 months..............	17 192 402,87	16 543 473,07	14 006 023,22	15 253 934,61
-    e) Advances received.............	2 684,25	17 993,96	5 135,31	13 097,00
-    g) Due to taxes, subsidies, insurances, duties, etc...............	5 039 190,40	604 061,59	2 105 603,21	2 319 865,17
-    h) Due to salaries...............	968,18	399,30
-    i) Other.........................	3 172,14	216,22	85 347,51	9 742,40
-  3. Special funds...................	33 408,31	34 087,12	34 215,41	23 557,86
-IV.  Accruals and deferred income....	840 383,59	546 841,96	686 607,70	860 121,68
-  2. Other accruals..................	840 383,59	546 841,96	686 607,70	860 121,68
-    - short-term.....................	840 383,59	546 841,96	686 607,70	860 121,68
-D. Total liabilities.................	74 521 151,31	57 877 859,01	65 045 885,41	73 002 685,40
Source of financial data	Court	Court	Monitor Polski B	Monitor Polski B
	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.....	110 694 962,79	106 335 729,65	133 245 979,10	107 192 645,74
-  - including related companies......	1 471 014,92	1 749 120,08	7 816 940,93	1 078 140,47
-  I.   Net income on sales...........	1 432 176,18	1 069 953,11	299 444,06	537 735,87
-  IV.  Income from sales of goods and materials.........................	109 262 786,61	105 265 776,54	132 946 535,04	106 654 909,87
-B. Operational costs.................	109 755 648,59	107 063 040,62	131 715 357,79	104 819 024,85
-  I.   Depreciation..................	1 203 932,68	1 231 883,04	1 413 219,25	1 437 318,33
-  II.  Materials and energy..........	863 002,12	947 513,01	1 045 620,20	1 026 375,59
-  III. Third party services..........	7 902 003,79	7 147 323,92	8 066 804,09	6 398 417,06
-  IV.  Taxes and duties..............	415 211,39	379 852,58	411 143,37	786 142,48
-  V.   Salaries and wages............	4 585 016,76	4 229 712,00	5 355 186,74	5 650 733,72
-  VI.  Social security...............	986 593,97	936 950,78	1 121 385,97	1 009 604,65
-  VII. Other.........................	285 957,88	290 770,97	280 066,79	273 674,52
-  VIII.Costs of goods and materials sold..................................	93 513 930,00	91 899 034,32	114 021 931,38	88 236 758,50
-C. Profit on sale....................	939 314,20		1 530 621,31	2 373 620,89
-C. Loss on sale......................		727 310,97
-D. Other operating incomes...........	6 283 706,43	1 373 958,04	1 523 341,18	3 416 777,21
-  I.   Incomes from disposal non-financial assets..................	5 427 883,37	16 201,15	78 488,29	25 214,73
-  II.  Subsidies.....................	266 263,44	645 184,62	369 931,85	2 242 279,95
-  III. Other operating incomes.......	589 559,62	712 572,27	1 074 921,04	1 149 282,53
-E. Other operating costs.............	658 684,22	490 122,05	2 230 452,16	2 834 754,64
-  II.  Goodwill revaluation..........	95 708,00		677 174,00
-  III. Other operating costs.........	562 976,22	490 122,05	1 553 278,16	2 834 754,64
-F. Profit on operating activities....	6 564 336,41	156 525,02	823 510,33	2 955 643,46
-G. Financial incomes.................	1 642 133,88	1 116 407,44	149 194,52	170 280,40
-  II.  Interest received.............	1 641 781,88	224 850,36	81 931,60
-  III. Profit from assets sold.......		17 000,00
-  V.   Other.........................	352,00	874 557,08	67 262,92	170 280,40
-H. Financial costs...................	690 298,47	633 437,28	4 154 202,45	758 198,77
-  I.   Interest......................	263 600,12	490 029,55	694 050,42	758 198,77
-    - related companies..............		268 701,01
-  II.  Loss from financial assets sold..................................	107 974,82	99 179,69
-  III. Financial assets revaluation..	299 923,53	29 112,92	113 470,12
-  IV.  Other.........................	18 800,00	15 115,12	3 346 681,91
-I. Profit on economic activity.......	7 516 171,82	639 495,18		2 367 725,09
-I. Loss on economic activity.........			3 181 497,60
-K. Gross profit......................	7 516 171,82	639 495,18		2 367 725,09
-K. Gross loss........................			3 181 497,60
-L. Corporation tax...................	-2 030 611,25	-4 928,63	-58 537,14	-592 653,08
-N. Net profit........................	9 546 783,07	644 423,81		2 960 378,17
-N. Net loss..........................			3 122 960,46

AUDITOR

Balance sheet as at 31.12.2013
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 31.12.2011
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

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	2,09	1,50	1,33	1,32
Quick ratio	1,34	0,67	0,69	0,59
Immediate ratio	0,09	0,08	0,07	0,22
Return on sale	8,62	0,61	-2,34	2,76
Return on assets	12,81	1,11	-4,80	4,06
Return on equity	23,03	2,02	-9,99	8,61
Average trade debtors' days	131,68	50,87	56,06	47,66
Average stock turnover's days	79,13	72,38	57,32	92,89
average payables payment period	105,64	86,83	90,14	127,91
Total indebtedness ratio	44,38	44,88	51,95	52,91

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

General information

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.

Payment Manner	Nothing detrimental noted.
Credit capability	Business connections appear permissible
	We would like to draw your attention to: - long period of liabilities repayment - Unsettled losses from previous years

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.96.24
Euro	1	Rs.70.38

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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.