MIRA INFORM REPORT

Report No. :	350120
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	ASKO-TECH SP. Z O.O.
Registered Office :	ul. Szczawiowa 57A 70-010 Szczecin
Country :	Poland
Financials (as on) :	30.09.2015
Date of Incorporation :	06.01.1992
Legal Form :	Limited liability company
Line of Business :	Wholesale of metals and metal ores; Transport services.
No. of Employee :	22

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. The unemployment rate is now below 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 2013 and picked back up in 2014. 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, especially for entrepreneurs. Poland’s long-term challenges include diversifying Poland’s energy mix and sources of supply, as well as stemming the outflow of educated young Poles to other EU Member States, especially in light of a coming demographic contraction as the Solidarity-era baby boom generation ages.

Source : CIA

Company name and address

ASKO-TECH Sp. z o.o.

ul. Szczawiowa 57A
70-010 Szczecin

Phone:    91 4851050

91 4851060

Fax:      91 4823282

E-mail:   szczecin@askotech.com.pl

Summary

Legal form	Limited liability company	(5)
Stat.no.	810037507
Tax ID	PL 8510208318

Establishment	06.01.1992	(5)
Changes of names and addresses	06.01.1992 PPHU ASKO-TECH Sp. z o.o. ul. Ofiar Oświęcimia 2/24, 71-503 Szczecin
	12.12.1997 ASKO-TECH Sp. z o.o.  ul. 5 Lipca 32A/4, 70-376 Szczecin
	30.08.2002  ul. Szczawiowa 57A, 70-010 Szczecin

Registration:

30.08.2001, District Court Szczecin, XIII Department, KRS 38870 Data concerning previous registrations: 06.01.1992, District Court Szczecin, RHB 2324

Shareholders	Tadeusz Kozak , personal ID no. (PESEL) 56121902099, ul. 5 Lipca 32A/4, 70-376 Szczecin	PLN	26 000,00 50,00%
	Jarosław Jerzy Baran , personal ID no. (PESEL) 65081802332, ul. Falskiego 29/2, 70-733 Szczecin	PLN	13 000,00 25,00%
	other shareholders	PLN	13 000,00 25,00%
	list entered to NCR /KRS/ on  06.10.2015

Initial Capital		PLN 52 000,00
	Initial capital divided into 52 shares of PLN 1 000,00 each
	Changes of initial capital
	- since 06.01.1992  until 06.07.2004  the capital estimated	PLN 20 000,00

Management	Alicja Kozak , personal ID no. (PESEL) 59022007883, ul. 5-go Lipca 32A/4, 70-376 Szczecin  - president
	Proxies: Jarosław Jerzy Baran , personal ID no. (PESEL) 65081802332, ul. Falskiego 29/2, 70-733 Szczecin  - independent proxy Tadeusz Kozak , personal ID no. (PESEL) 56121902099, ul. 5 Lipca 32A/4, 70-376 Szczecin  - independent proxy
	Representation: since 12.03.2004  Two members of the board of directors jointly or member of the board of directors and proxy jointly

Main activity	Wholesale of metals and metal ores; Transport services
	Branches NACE 2007:
	Other wholesale	(G.46.72.Z)
	Other transportation activities	(H.49.41.Z)

Employment

2010:              17        employees 2011:              20        employees 2012:              22        employees 2014:              22        employees 2015:              22        employees

Turnover	2012	PLN	23 936 514,07
	2013	PLN	22 754 822,21
	01.01.2014 - 30.09.2014	PLN	18 344 000,00
	2014	PLN	24 317 745,32
	01.01.2015 - 30.09.2015	PLN	18 394 174,58

Financial statements

Source of financial data	Subject	Court	Court	Court
	periodic	annual	annual	annual
Personal balance sheet as at	30.09.2015 (PLN)	31.12.2014 (PLN)	31.12.2013 (PLN)	31.12.2012 (PLN)
-A. Fixed assets......................	4 513 445,17	4 719 804,14	5 234 004,07	5 360 595,41
-  II.  Tangible assets...............	4 418 269,44	4 634 402,79	5 178 513,07	5 348 335,41
-    1. Fixed goods...................	4 220 248,02	4 599 313,19	5 178 513,07	5 348 335,41
-      a) land........................	208 622,34	208 622,34	212 739,66	216 856,98
-      b) buildings, premises, facilities............................	3 430 913,93	3 476 685,89	3 584 715,53	3 692 745,17
-      c) machinery and equipment.....			797 835,44	963 105,44
-      d) fleet of motor vehicles.....	123 154,76	300 786,41	583 222,44	475 627,82
-      e) other fixed goods...........	457 556,99	613 218,55
-    2. Fixed goods under construction..........................	198 021,42	35 089,60
-  III. Long term receivables.........	95 175,73	74 585,35
-    2. Other receivables.............	95 175,73	74 585,35
-V. Long-term prepayments and accrued income........................		10 816,00	55 491,00	12 260,00
-  1. Deferred tax assets.............		10 816,00	55 491,00	12 260,00
-B. Current assets....................	9 135 797,71	9 538 034,95	8 600 271,16	8 794 989,72
-  I.   Stock.........................	6 856 504,56	7 245 955,17	5 968 288,39	6 744 298,30
-    1. Raw materials.................	34 039,52
-    2. Semi-finished products and work-in-progress......................		5 778,32
-    4. Goods for re-sale.............	6 822 465,04	7 240 176,85	5 968 288,39	6 744 298,30
-  II. Short-term receivables.........	2 038 574,53	2 102 983,86	2 066 845,33	1 789 505,54
-    2. Other receivables ............	2 038 574,53	2 102 983,86	2 066 845,33	1 789 505,54
-      a) Due to deliveries and services with payment period:.........	1 930 861,66	1 925 958,33	1 969 028,24	1 735 744,87
-        - up to 12 months............	1 930 861,66	1 925 958,33	1 969 028,24	1 735 744,87
-      b) Due to taxes, subsidies, insurances, duties, etc...............	107 171,23	169 468,28	14 171,48	12 556,49
-      c) Other.......................	541,64	7 557,25	83 645,61	41 204,18
-  III. Short term investments........	171 989,30	149 529,96	536 562,70	232 853,37
-    1. Short-term financial assets...	171 989,30	149 529,96	536 562,70	232 853,37
-      a) in affiliated companies.....	100 000,00	100 000,00	100 000,00	100 000,00
-        - granted loans..............	100 000,00	100 000,00	100 000,00	100 000,00
-      c) cash and other liquid assets................................	71 989,30	49 529,96	436 562,70	132 853,37
-        - cash in hand and on bank account...............................	71 989,30	49 529,96	436 562,70	132 853,37
-IV. Short-term prepayments and accrued income........................	68 729,32	39 565,96	28 574,74	28 332,51
-D. Total assets......................	13 649 242,88	14 257 839,09	13 834 275,23	14 155 585,13
-A. Shareholders' equity..............	9 607 758,36	8 572 088,23	7 981 278,72	8 992 189,94
-  I.   Basic share capital...........	52 000,00	52 000,00	52 000,00	52 000,00
-  III. Share premium capital.........			-600 000,00
-  IV.  Statutory reserve capital.....	6 974 527,65	6 383 718,14	6 983 718,14	6 967 245,88
-  VII. Profit (loss) carried forward.	1 545 560,58	1 545 560,58	1 448 933,68	1 448 599,68
-  VIII. Net profit (loss)............	1 035 670,13	590 809,51	96 626,90	524 344,38
-B. Liabilities and reserves for liabilities...........................	4 041 484,52	5 685 750,86	5 852 996,51	5 163 395,19
-  I.   Reserves for liabilities......		260,00
-    1. Deferred income tax reserves..		260,00
-II.  Long-term liabilities...........	59 467,74	59 906,23	611 761,38	761 815,44
-  2. Other liabilities...............	59 467,74	59 906,23	611 761,38	761 815,44
-    a) Loans.........................			152 022,34	401 841,30
-    c) Other financial liabilities...	59 467,74	59 906,23
-    d) Other.........................			459 739,04	359 974,14
-III. Short-term liabilities..........	3 935 698,69	5 611 055,39	5 220 298,82	4 397 808,57
-  2. Other liabilities...............	3 935 698,69	5 611 055,39	5 220 298,82	4 397 808,57
-    a) Loans.........................	2 161 915,87	2 691 660,67	2 218 161,98	2 614 810,74
-    c) Other financial liabilities...	194 505,00	166 672,06	600 000,00
-    d)Due to deliveries and services with payment period:.........	1 419 681,68	2 604 343,63	2 116 376,48	1 516 644,26
-      - up to 12 months..............	1 419 681,68	2 604 343,63	2 116 376,48	1 516 644,26
-    g) Due to taxes, subsidies, insurances, duties, etc...............	156 162,57	145 066,04	280 939,18	262 250,44
-    h) Due to salaries...............	3 433,57		3 342,36	1 554,57
-    i) Other.........................		3 312,99	1 478,82	2 548,56
-IV.  Accruals and deferred income....	46 318,09	14 529,24	20 936,31	3 771,18
-  2. Other accruals..................	46 318,09	14 529,24	20 936,31	3 771,18
-    - short-term.....................	46 318,09	14 529,24	20 936,31	3 771,18
-D. Total liabilities.................	13 649 242,88	14 257 839,09	13 834 275,23	14 155 585,13
Source of financial data	Subject	Court	Court	Court
	periodic	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	- 01.01.2015- 30.09.2015 (PLN)	01.01.2014- 31.12.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)
-A. Income from sales and similar.....	18 394 174,58	24 317 745,32	22 754 822,21	23 936 514,07
-  I.   Net income on sales...........	1 106 816,32	1 664 598,30	1 685 829,82	1 885 907,58
-  IV.  Income from sales of goods and materials.........................	17 287 358,26	22 653 147,02	21 068 992,39	22 050 606,49
-B. Operational costs.................	17 196 349,34	23 298 120,31	22 173 812,46	23 063 280,72
-  I.   Depreciation..................	440 152,58	613 929,65	536 042,46	482 192,40
-  II.  Materials and energy..........	365 957,74	592 494,13	542 727,65	576 296,43
-  III. Third party services..........	1 983 749,03	2 676 311,61	2 635 459,46	2 644 472,33
-  IV.  Taxes and duties..............	74 287,37	97 909,13	101 495,05	95 593,65
-  V.   Salaries and wages............	770 162,99	1 086 145,81	1 036 243,02	1 149 289,95
-  VI.  Social security...............	145 063,26	209 415,65	225 889,98	237 440,04
-  VII. Other.........................	230 924,00	375 400,76	275 036,85	305 233,35
-  VIII.Costs of goods and materials sold..................................	13 186 052,37	17 646 513,57	16 820 917,99	17 572 762,57
-C. Profit on sale....................	1 197 825,24	1 019 625,01	581 009,75	873 233,35
-D. Other operating incomes...........	36 302,22	401 927,84	103 723,21	225 158,01
-  I.   Incomes from disposal non-financial assets..................				3 172,44
-  III. Other operating incomes.......	36 302,22	401 927,84	103 723,21	221 985,57
-E. Other operating costs.............	24 230,43	449 696,28	144 406,50	463 224,03
-  I.   Loss on disposal of non-finacial assets...................		1 564,99
-  II.  Goodwill revaluation..........	3 743,24	151 654,11	82 789,09
-  III. Other operating costs.........	20 487,19	296 477,18	61 617,41	463 224,03
-F. Profit on operating activities....	1 209 897,03	971 856,57	540 326,46	635 167,33
-G. Financial incomes.................	1 358,31	37 418,91	58 062,98	353 198,31
-  II.  Interest received.............	1 358,31	37 203,79	7 428,61	14 266,14
-  V.   Other.........................		215,12	50 634,37	338 932,17
-H. Financial costs...................	103 235,21	258 400,97	462 596,54	321 903,26
-  I.   Interest......................	48 155,69	116 201,07	132 431,66	222 861,99
-  IV.  Other.........................	55 079,52	142 199,90	330 164,88	99 041,27
-I. Profit on economic activity.......	1 108 020,13	750 874,51	135 792,90	666 462,38
-K. Gross profit......................	1 108 020,13	750 874,51	135 792,90	666 462,38
-L. Corporation tax...................	61 794,00	115 130,00	82 397,00	75 722,00
-M. Other statutory charges...........	10 556,00	44 935,00	-43 231,00	66 396,00
-N. Net profit........................	1 035 670,13	590 809,51	96 626,90	524 344,38

AUDITOR

Balance sheet as at 31.12.2013
Paweł Niebieszczański Kancelaria Biegłego Rewidenta, ul. Księcia Bogusława X 6/3, 70-440 Szczecin	No. 2674

Ratios	01.01.2015- 30.09.2015	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012
Current ratio	2,32	1,70	1,65	2,00
Quick ratio	0,56	0,40	0,50	0,46
Immediate ratio	0,02	0,01	0,08	0,03
Return on sale	5,63	2,43	0,42	2,19
Return on assets	7,59	4,14	0,70	3,70
Return on equity	10,78	6,89	1,21	5,83
Average trade debtors' days	30,26	31,56	33,15	27,36
Average stock turnover's days	101,76	108,76	95,73	103,12
average payables payment period	58,41	84,22	83,74	67,24
Total indebtedness ratio	29,61	39,88	42,31	36,48

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 :	31.03.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Current ratio............................	1,51	1,53	1,15	1,37	1,34
Quick ratio..............................	0,75	0,71	0,58	0,71	0,77
Immediate ratio..........................	0,04	0,06	0,03	0,04	0,04
Return on sale...........................	0,96	2,83	0,81	-0,18	0,99
Return on assets.........................	0,51	6,09	1,60	-0,36	2,22
Return on equity.........................	1,56	18,53	4,48	-1,25	6,30
Average trade debtors' days..............	47,74	42,77	49,15	50,75	56,32
Average stock turnover's days............	51,89	56,17	56,58	53,29	45,82
average payables payment period..........	73,80	72,56	99,07	81,11	81,10
Total indebtedness ratio.................	67,41	67,16	64,30	70,88	64,74
Percent share in the examinated group of companies with net profit.............	70,50	80,50	71,40	57,40	82,20
Sales/revenue per employee in th. PLN....	497,63	2 127,06	1 780,62	1 643,88	1 927,15
Average sales/revenue per company in th. PLN..................................	60 461,73	258 048,27	219 863,81	183 450,40	218 153,02
according to the Central Statistical Office

Locations:

seat: ul. Szczawiowa 57A, 70-010 Szczecin Phone:                   91 4851050                          91 4851060 Mobile phone:            539 935611 Fax:                     91 4823282 E-mail:                  szczecin@askotech.com.pl Website:                 www.askotech.com.pl branches: ul. Szczawiowa 57A, 70-010 Szczecin Phone:                   91 4851050                          91 4851060 Mobile phone:            539 935611 Fax:                     91 4823282 E-mail:                  szczecin@askotech.com.pl Website:                 www.askotech.com.pl ul. Tarnowska 23, 61-323 Poznań ul. Mieszczańska 9/11/15, 50-201 Wrocław

Real Estate	ul. Szczawiowa 57A, 70-010 Szczecin built-up land of area 11 994 sq.m.  buildings of area 1 207 sq m,
	Book value of buildings as at 30.09.2015	PLN	3 430 913,93
	Book value of lands as at 30.09.2015	PLN	208 622,34
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

Car fleet - status as at 01.12.2009 : 2 - Trucks  As at 30.09.2015  book value of car fleet was: PLN 123 154,76

Shares in other companies

As at 26.10.2015 there are no shares in other companies.

Connections:

As at 26.10.2015 there are no relations.

Certificates:

Authorised Economic Operator Date of publishing 22.09.2010  ISO 9001

Banks

Bank Millennium SA Millennium - Centrum Rozliczeniowe  (11602202) ul. Wały Jagiellońskie 10/16, 80-887 Gdańsk Acc.no. 30116022020000000061735720

Payment Manner	Nothing detrimental noted.
Credit capability	Business connections appear permissible

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ANK

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.