MIRA INFORM REPORT

Report No. :	492928
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	ATT SP. Z O.O.
Registered Office :	Ul. Albatrosów 16 C 30-716 Kraków
Country :	Poland
Financials (as on) :	31.12.2016
Date of Incorporation :	24.09.2004
Legal Form :	Limited Liability Company
Line of Business :	· Production and sale of stainless steel elements (linear drains, inspection hatches, gratings, doors, gates, cooling doors, grilles, acid-proof elements and stainless steel installations) · Metalworking services
No. of Employees :	74 [2012]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Poland	A2	A2

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 the sixth-largest economy in the EU and has long had a reputation as a business-friendly country with largely sound macroeconomic policies. Since 1990, Poland has pursued a policy of economic liberalization. During the 2008-09 economic slowdown Poland was the only EU country to avoid a recession, in part because of the government’s loose fiscal policy combined with a commitment to rein in spending in the medium-term Poland is the largest recipient of EU development funds and their cyclical allocation can significantly impact the rate of economic growth.

The Polish economy performed well during the 2014-17 period, with the real GDP growth rate generally exceeding 3%, in part because of increases in government social spending that have helped to accelerate consumer-driven growth. However, since 2015, Poland has implemented new business restrictions and taxes on foreign-dominated economic sectors, including banking and insurance, energy, and healthcare, that have dampened investor sentiment and has increased the government’s ownership of some firms. The government reduced the retirement age in 2016 and has had mixed success in introducing new taxes and boosting tax compliance to offset the increased costs of social spending programs and relieve upward pressure on the budget deficit. Some credit ratings agencies estimate that Poland during the next few years is at risk of exceeding the EU’s 3%-of-GDP limit on budget deficits, possibly impacting its access to future EU funds. Poland’s economy is projected to perform well in the next few years in part because of an anticipated cyclical increase in the use of its EU development funds and continued, robust household spending.

Poland faces several systemic challenges, which include addressing 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. Additional long-term challenges include diversifying Poland’s energy mix, strengthening investments in innovation, research, and development, as well as stemming the outflow of educated young Poles to other EU member states, especially in light of a coming demographic contraction due to emigration, persistently low fertility rates, and the aging of the Solidarity-era baby boom generation.

Source : CIA

Company name & address

ATT SP. Z O.O.

Ul. Albatrosów 16 C 30-716 Kraków

Phone:    12 2902930

Fax:      12 2902931

E-mail:   att@att.eu

Website:  www.att.eu

Company summary

Legal form	Limited Liability Company	(5)
Stat.no.	356872187
Tax ID	PL 6792822085

Establishment	24.09.2004	(5)
Changes of names and addresses	24.09.2004 ul. Christo Botewa 1E, 30-798 Kraków
	21.06.2013  ul. Albatrosów 16 C, 30-716 Kraków

Registration:

01.10.2004, District Court Kraków, XI Department, KRS 218527

Shareholders	Artur Bogdan Tomczykiewicz , personal ID no. (PESEL) 69062300118, ul. Łepkowskiego 6/21, 31-423 Kraków	PLN	50 000,00 50,00%
	Tomasz Druzgała , personal ID no. (PESEL) 70012300737, os. Oświecenia 46/27, 31-636 Kraków	PLN	50 000,00 50,00%
	list entered to NCR /KRS/ on  09.10.2015

Initial Capital		PLN 100 000,00
	Initial capital divided into 200 shares of PLN 500,00 each
	Changes of initial capital
	- since 02.08.2010  until 09.10.2015  the capital estimated	PLN 50 000,00

Management	Tomasz Druzgała , personal ID no. (PESEL) 70012300737, os. Oświecenia 46/27, 31-636 Kraków  - president Artur Bogdan Tomczykiewicz , personal ID no. (PESEL) 69062300118, ul. Łepkowskiego 6/21, 31-423 Kraków  - vice president
	Representation: since 01.06.2017  To sign and file statements and incur obligations on behalf of the company: - up to the amount of PLN 250.000 - each member of the board of directors individually - above the amount of PLN 250.000 - two members of the board of directors jointly or member of the board of directors and proxy jointly.

Main activity	Production and sale of stainless steel elements (linear drains, inspection hatches, gratings, doors, gates, cooling doors, grilles, acid-proof elements and stainless steel installations) Metalworking services
	Branches NACE 2007:
	Manufacture of metal structures and parts of structures	(C.25.11.Z)
	Manufacture of builders' carpentry and joinery of metal	(C.25.12.Z)
	Manufacture of other fabricated metal products n.e.c.	(C.25.99.Z)
	Part. specialized building activities	(F.43.22.Z)
	Other wholesale	(G.46.90.Z)
	Other transportation activities	(H.49.41.Z)
	Other renting	(N.77.3)

Employment

2008:              85        employees 2009:              79        employees 2010:              85        employees 2011:              105       employees 2012:              74        employees

Turnover	2012	PLN	28 344 729,69
	2013	PLN	26 813 292,63
	2014	PLN	25 067 421,26
	2015	PLN	27 256 105,92
	2016	PLN	34 563 690,61

Financial statements

Source of financial data	Court	Court	Court	other
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2016 (PLN)	31.12.2015 (PLN)	31.12.2014 (PLN)	31.12.2013 (PLN)
-A. Fixed assets......................	11 429 264,72	9 354 448,06	8 408 865,12	8 561 144,49
-  I.   Intangible assets.............	161 408,13	55 835,06	51 106,31	25 888,79
-    3. Other intangible assets.......	116 033,91	10 460,84	5 732,09	6 739,60
-    4. Prepayments for intangible assets................................	45 374,22	45 374,22	45 374,22	19 149,19
-  II.  Tangible assets...............	10 844 818,46	9 169 549,73	8 270 344,83	8 437 764,08
-    1. Fixed goods...................	10 575 770,96	8 224 089,45	8 248 017,33	8 420 886,58
-      a) land........................	435 844,80	472 521,71	470 069,70	504 362,76
-      b) buildings, premises, facilities............................	6 884 734,53	6 207 255,41	6 425 477,25	6 643 699,09
-      c) machinery and equipment.....	2 679 286,63	881 456,49	544 096,42	605 467,31
-      d) fleet of motor vehicles.....	472 034,37	605 207,00	725 977,60	563 350,64
-      e) other fixed goods...........	103 870,63	57 648,84	82 396,36	104 006,78
-    2. Fixed goods under construction..........................	175 557,56	945 460,28	22 327,50	16 877,50
-    3. Prepayments for fixed goods under construction....................	93 489,94
-  III. Long term receivables.........	249 500,00
-    2. Other receivables.............	249 500,00
-V. Long-term prepayments and accrued income........................	173 538,13	129 063,27	87 413,98	97 491,62
-  1. Deferred tax assets.............	173 538,13	129 063,27	87 413,98	97 491,62
-B. Current assets....................	11 974 735,53	9 778 822,39	7 676 442,30	7 001 134,75
-  I.   Stock.........................	3 297 148,50	3 741 482,75	2 834 542,25	2 414 922,12
-    1. Raw materials.................	1 391 704,20	1 199 214,98	886 387,86	742 457,61
-    2. Semi-finished products and work-in-progress......................	967 382,62	872 250,79	741 331,12	959 744,41
-    3. Finished products.............	590 288,01	1 352 847,03	861 654,88	665 597,03
-    4. Goods for re-sale.............	301 202,65	198 708,92	316 738,18	37 728,67
-    5. Advance payments .............	46 571,02	118 461,03	28 430,21	9 394,40
-  II. Short-term receivables.........	6 811 944,75	4 302 803,76	3 696 427,16	4 077 843,32
-    2. Other receivables ............	6 811 944,75	4 302 803,76	3 696 427,16	4 077 843,32
-      a) Due to deliveries and services with payment period:.........	5 895 929,25	3 794 696,13	3 191 785,06	3 658 461,07
-        - up to 12 months............	5 833 766,68	3 530 971,36	2 883 657,29	3 111 915,78
-        - above 12 months............	62 162,57	263 724,77	308 127,77	546 545,29
-      b) Due to taxes, subsidies, insurances, duties, etc...............	889 099,82	455 910,30	435 654,12	365 371,66
-      c) Other.......................	26 915,68	52 197,33	68 987,98	54 010,59
-  III. Short term investments........	1 438 583,30	1 474 588,42	1 047 877,80	414 774,51
-    1. Short-term financial assets...	1 438 583,30	1 474 588,42	1 047 877,80	414 774,51
-      b) Other.......................			146 874,00
-        - other short-term financial assets......................			146 874,00
-      c) cash and other liquid assets................................	1 438 583,30	1 474 588,42	901 003,80	414 774,51
-        - cash in hand and on bank account...............................	1 438 583,30	1 474 588,42	901 003,80	414 774,51
-IV. Short-term prepayments and accrued income........................	427 058,98	259 947,46	97 595,09	93 594,80
-D. Total assets......................	23 404 000,25	19 133 270,45	16 085 307,42	15 562 279,24
-A. Shareholders' equity..............	10 380 208,92	8 634 390,59	7 879 705,42	6 799 674,59
-  I.   Basic share capital...........	100 000,00	100 000,00	50 000,00	50 000,00
-  IV.  Statutory reserve capital.....	8 534 390,59	7 779 705,42	6 749 674,59	5 754 598,63
-  VIII. Net profit (loss)............	1 745 818,33	754 685,17	1 080 030,83	995 075,96
-B. Liabilities and reserves for liabilities...........................	13 023 791,33	10 498 879,86	8 205 602,00	8 762 604,65
-  I.   Reserves for liabilities......	339 928,58	220 199,26	185 883,73	187 641,52
-    1. Deferred income tax reserves..	296 534,17	199 798,03	165 482,50	167 240,29
-    2. Reserves for pensions and similar social payments...............	43 394,41	20 401,23	20 401,23	20 401,23
-      - long-term....................	43 394,41	20 401,23	20 401,23	20 401,23
-II.  Long-term liabilities...........	3 894 409,38	3 611 158,20	3 221 889,16	3 506 033,67
-  2. Other liabilities...............	3 894 409,38	3 611 158,20	3 221 889,16	3 506 033,67
-    a) Loans.........................	3 486 958,69	3 338 219,87	3 006 100,00	3 448 275,80
-    c) Other financial liabilities...	407 450,69	272 938,33	215 789,16	57 757,87
-III. Short-term liabilities..........	8 789 453,37	6 667 522,40	4 797 829,11	5 068 929,46
-  2. Other liabilities...............	8 789 453,37	6 667 522,40	4 797 829,11	5 068 929,46
-    a) Loans.........................	3 099 029,76	1 453 954,14	644 974,40	687 883,10
-    c) Other financial liabilities...	422 186,30	258 303,60	123 597,66	143 144,14
-    d)Due to deliveries and services with payment period:.........	4 347 838,10	3 866 434,91	3 154 899,61	3 423 063,84
-      - up to 12 months..............	4 347 838,10	3 847 377,41	3 103 860,11	3 372 024,34
-      - above 12 months..............		19 057,50	51 039,50	51 039,50
-    e) Advances received.............	180 974,65	299 327,37	177 706,77	55 448,41
-    f) Bill of exchange liabilities..				289 642,26
-    g) Due to taxes, subsidies, insurances, duties, etc...............	377 632,44	361 530,10	398 578,27	228 548,70
-    h) Due to salaries...............	325 883,70	262 506,64	237 884,90	222 751,57
-    i) Other.........................	35 908,42	165 465,64	60 187,50	18 447,44
-D. Total liabilities.................	23 404 000,25	19 133 270,45	16 085 307,42	15 562 279,24
Source of financial data	Court	Court	Court	other
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2016- 31.12.2016 (PLN)	01.01.2015- 31.12.2015 (PLN)	01.01.2014- 31.12.2014 (PLN)	01.01.2013- 31.12.2013 (PLN)
-A. Income from sales and similar.....	34 563 690,61	27 256 105,92	25 067 421,26	26 813 292,63
-  I.   Net revenue form sale of products..............................	30 302 088,22	24 567 211,78	21 889 429,12	20 417 101,82
-  II.  Net revenue from sale of goods.................................	4 261 602,39	2 688 894,14	3 177 992,14	6 396 190,81
-B.Cost of products, goods sold.......	24 607 221,78	19 348 209,74	17 971 349,45	19 511 457,51
-  I.  Cost of production of products sold.........................	21 061 750,67	16 902 393,11	15 026 972,73	13 557 876,24
-  II.  Value of products sold........	3 545 471,11	2 445 816,63	2 944 376,72	5 953 581,27
-C. Gross profit on sale..............	9 956 468,83	7 907 896,18	7 096 071,81	7 301 835,12
-D. Costs of sale.....................	5 092 485,99	4 551 526,94	3 680 764,71	3 042 010,96
-E. General management costs..........	3 023 791,40	2 547 211,35	2 436 593,46	2 587 763,69
-F. Profit on sale....................	1 840 191,44	809 157,89	978 713,64	1 672 060,47
-G. Other operating incomes...........	1 104 214,09	1 148 154,27	834 641,92	1 063 732,86
-  I.   Incomes from disposal of fixed assets..........................	108 764,76	20 445,08	11 756,10	15 060,99
-  III. Other operating incomes.......	995 449,33	1 127 709,19	822 885,82	1 048 671,87
-H. Other operating costs.............	472 023,76	559 169,06	437 810,17	877 135,95
-  III. Other operating costs.........	472 023,76	559 169,06	437 810,17	877 135,95
-I. Profit on operating activities....	2 472 381,77	1 398 143,10	1 375 545,39	1 858 657,38
-J. Financial incomes.................	179,35	108,52	213 359,01	44 967,96
-  II.  Interest received.............	80,22	108,52	3 223,52	8 773,06
-  V.   Other.........................	99,13		210 135,49	36 194,90
-K. Financial costs...................	306 139,51	377 203,21	221 023,72	636 259,37
-  I.   Interest......................	174 504,04	136 930,97	195 213,99	324 853,44
-  IV.  Other.........................	131 635,47	240 272,24	25 809,73	311 405,93
-L. Gross profit on economic activity.	2 166 421,61	1 021 048,41	1 367 880,68	1 267 365,97
-N. Gross profit......................	2 166 421,61	1 021 048,41	1 367 880,68	1 267 365,97
-O. Corporation tax...................	420 603,28	266 363,24	287 849,85	272 290,01
-R. Net profit........................	1 745 818,33	754 685,17	1 080 030,83	995 075,96

Ratios	01.01.2016- 31.12.2016	01.01.2015- 31.12.2015	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013
Current ratio	1,36	1,47	1,60	1,38
Quick ratio	0,94	0,87	0,99	0,89
Immediate ratio	0,16	0,22	0,19	0,08
Return on sale	5,05	2,77	4,31	3,71
Return on assets	7,46	3,94	6,71	6,39
Return on equity	16,82	8,74	13,71	14,63
Average trade debtors' days	72,13	57,62	53,82	55,51
Average stock turnover's days	34,91	50,10	41,27	32,87
average payables payment period	93,07	89,29	69,86	69,00
Total indebtedness ratio	55,65	54,87	51,01	56,31

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.25.11.Z - NACE 2007), as at :	30.09.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013
Current ratio............................	1,50	1,50	1,52	1,43	1,35
Quick ratio..............................	0,92	0,97	1,02	0,92	0,89
Immediate ratio..........................	0,18	0,22	0,22	0,22	0,20
Return on sale...........................	1,19	4,03	4,56	3,59	3,97
Return on assets.........................	1,14	5,04	5,89	4,90	5,15
Return on equity.........................	2,64	10,69	11,90	10,70	11,38
Average trade debtors' days..............	72,08	69,73	76,36	68,90	73,07
Average stock turnover's days............	52,95	47,75	45,59	48,21	48,05
average payables payment period..........	99,09	97,97	98,47	101,77	111,65
Total indebtedness ratio.................	56,84	52,84	50,49	54,20	54,74
Percent share in the examinated group of companies with net profit.............	250,00	79,90	80,90	81,10	80,70
Sales/revenue per employee in th. PLN....	263,37	339,13	321,86	324,40	318,47
Average sales/revenue per company in th. PLN..................................	42 714,90	54 928,55	51 333,62	52 081,92	48 243,14
(C.25.12.Z - NACE 2007), as at :	30.09.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013
Current ratio............................	1,78	2,38	2,16	2,05	1,87
Quick ratio..............................	1,01	1,36	1,32	1,13	1,12
Immediate ratio..........................	0,22	0,45	0,47	0,31	0,27
Return on sale...........................	9,79	10,36	9,05	8,42	6,29
Return on assets.........................	9,99	14,94	12,84	11,85	8,46
Return on equity.........................	17,04	21,84	19,66	17,94	13,93
Average trade debtors' days..............	67,85	53,16	56,77	56,65	67,51
Average stock turnover's days............	66,40	59,96	57,13	65,10	60,60
average payables payment period..........	88,09	59,93	68,78	71,45	82,33
Total indebtedness ratio.................	41,40	31,61	34,71	33,95	39,31
Percent share in the examinated group of companies with net profit.............	39,00	86,70	82,20	87,50	82,00
Sales/revenue per employee in th. PLN....	301,28	407,46	405,67	375,47	375,02
Average sales/revenue per company in th. PLN..................................	60 845,67	79 571,69	72 759,20	61 208,96	55 510,00
according to the Central Statistical Office

Locations:

seat: ul. Albatrosów 16 C, 30-716 Kraków Phone:                   12 2902930 Fax:                     12 2902931 E-mail:                  att@att.eu Website:                 www.att.eu

Real Estate	Kraków perpetual usufruct, lands no. 297/12, of area 6 666 sq.m. (Land and Mortgage Register KR1P/00405241/5) buildings
	Book value of buildings as at 31.12.2016	PLN	6 884 734,53
	Book value of lands as at 31.12.2016	PLN	435 844,80
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

As at 31.12.2016  book value of car fleet was: PLN 472 034,37

Shares in other companies

As at 31.01.2018 there are no shares in other companies.

Connections:

As at 31.01.2018 there are no relations.

General information	Trade name of the subject: ATT INOX DRAIN
	The subject has not decided to cooperate in elaboration of the report.

Banks

Names of banks were not disclosed

Payment Manner	Nothing detrimental noted.	(27)
Credit capability	Business connections appear permissible	(32)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
PLN	1	INR 19.09

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.