MIRA INFORM REPORT

Report No. :	494856
Report Date :	06.03.2018

IDENTIFICATION DETAILS

Name :	ASKO-TECH SP. Z O.O.
Formerly Known As :	PPHU ASKO-TECH SP. Z O.O.
Registered Office :	ul. Szczawiowa 57A 70-010 Szczecin
Country :	Poland
Financials (as on) :	31.12.2016
Date of Incorporation :	06.01.1992
Legal Form :	Limited liability company
Line of Business :	Wholesale of metals and metal ores; Transport services
No. of Employees :	23 (2016)

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+	Low Risk	Business dealings permissible with low 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 and address

ASKO-TECH sp. z o.o.

ul. Szczawiowa 57A
70-010 Szczecin

Phone:    91 4851050

91 4851055

Fax:      91 4823282

E-mail:   edyta.cioch@askotech.com.pl

miroslawa.rosochacka@askotech.com.pl

szczecin@askotech.com.pl

Company summery

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

Establishment	06.01.1992	(5)
Changes of names and addresses	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: Tadeusz Kozak , personal ID no. (PESEL) 56121902099, ul. 5 Lipca 32A/4, 70-376 Szczecin - independent proxy Jarosław Jerzy Baran , personal ID no. (PESEL) 65081802332, ul. Falskiego 29/2, 70-733 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

2012:              22        employees 2013:              22        employees 2014:              22        employees 2015:              22        employees 2016:              23        employees

Turnover	2012	PLN	23 936 514,07
	2013	PLN	22 754 822,21
	2014	PLN	24 317 745,32
	2015	PLN	23 346 559,15
	2016	PLN	22 110 648,92

Financial statements

Source of financial data	Court	Subject	Court	Court
	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......................	4 345 765,88	4 843 877,32	4 719 804,14	5 234 004,07
-  I.   Intangible assets.............	139 560,00	139 560,00
-    3. Other intangible assets.......	139 560,00	139 560,00
-  II.  Tangible assets...............	4 140 643,49	4 607 679,45	4 634 402,79	5 178 513,07
-    1. Fixed goods...................	4 140 643,49	4 607 679,45	4 599 313,19	5 178 513,07
-      a) land........................	200 387,70	204 505,02	208 622,34	212 739,66
-      b) buildings, premises, facilities............................	3 296 639,43	3 403 499,27	3 476 685,89	3 584 715,53
-      c) machinery and equipment.....	37 097,57	24 313,91		797 835,44
-      d) fleet of motor vehicles.....	370 001,66	564 643,79	300 786,41	583 222,44
-      e) other fixed goods...........	236 517,13	410 717,46	613 218,55
-    2. Fixed goods under construction..........................			35 089,60
-  III. Long term receivables.........	65 562,39	95 275,87	74 585,35
-    2. Other receivables.............	65 562,39	95 275,87	74 585,35
-V. Long-term prepayments and accrued income........................		1 362,00	10 816,00	55 491,00
-  1. Deferred tax assets.............		1 362,00	10 816,00	55 491,00
-B. Current assets....................	9 814 370,34	10 262 956,12	9 538 034,95	8 600 271,16
-  I.   Stock.........................	7 758 981,06	8 641 462,65	7 245 955,17	5 968 288,39
-    1. Raw materials.................	33 341,81	47 275,88
-    2. Semi-finished products and work-in-progress......................	13 256,34	17 386,39	5 778,32
-    3. Finished products.............		21 581,92
-    4. Goods for re-sale.............	7 682 940,87	8 535 712,96	7 240 176,85	5 968 288,39
-    5. Advance payments .............	29 442,04	19 505,50
-  II. Short-term receivables.........	1 770 271,17	1 436 138,75	2 102 983,86	2 066 845,33
-    2. Other receivables ............	1 770 271,17	1 436 138,75	2 102 983,86	2 066 845,33
-      a) Due to deliveries and services with payment period:.........	1 696 380,35	1 296 586,35	1 925 958,33	1 969 028,24
-        - up to 12 months............	1 696 380,35	1 296 586,35	1 925 958,33	1 969 028,24
-      b) Due to taxes, subsidies, insurances, duties, etc...............	47 217,86	139 552,40	169 468,28	14 171,48
-      c) Other.......................	26 672,96		7 557,25	83 645,61
-  III. Short term investments........	231 289,95	145 419,27	149 529,96	536 562,70
-    1. Short-term financial assets...	231 289,95	145 419,27	149 529,96	536 562,70
-      a) in affiliated companies.....			100 000,00	100 000,00
-        - granted loans..............			100 000,00	100 000,00
-      b) Other.......................	100 000,00	100 000,00
-        - granted loans..............	100 000,00	100 000,00
-      c) cash and other liquid assets................................	131 289,95	45 419,27	49 529,96	436 562,70
-        - cash in hand and on bank account...............................	131 289,95	45 419,27	49 529,96	436 562,70
-IV. Short-term prepayments and accrued income........................	53 828,16	39 935,45	39 565,96	28 574,74
-D. Total assets......................	14 160 136,22	15 106 833,44	14 257 839,09	13 834 275,23
-A. Shareholders' equity..............	9 968 104,87	9 494 715,11	8 572 088,23	7 981 278,72
-  I.   Basic share capital...........	52 000,00	52 000,00	52 000,00	52 000,00
-  II.  Unpaid share capital (negative balance)....................		6 974 527,65
-  III. Share premium capital.........				-600 000,00
-  IV.  Statutory reserve capital.....	7 897 154,53		6 383 718,14	6 983 718,14
-  VII. Profit (loss) carried forward.	1 545 560,58	1 545 560,58	1 545 560,58	1 448 933,68
-  VIII. Net profit (loss)............	473 389,76	922 626,88	590 809,51	96 626,90
-B. Liabilities and reserves for liabilities...........................	4 192 031,35	5 612 118,33	5 685 750,86	5 852 996,51
-  I.   Reserves for liabilities......		1 955,00	260,00
-    1. Deferred income tax reserves..		1 955,00	260,00
-II.  Long-term liabilities...........	169 637,25	283 098,25	59 906,23	611 761,38
-  2. Other liabilities...............	169 637,25	283 098,25	59 906,23	611 761,38
-    a) Loans.........................				152 022,34
-    c) Other financial liabilities...	169 637,25	283 098,25	59 906,23
-    d) Other.........................				459 739,04
-III. Short-term liabilities..........	4 002 278,85	5 226 340,64	5 611 055,39	5 220 298,82
-  2. Other liabilities...............	4 002 278,85	5 226 340,64	5 611 055,39	5 220 298,82
-    a) Loans.........................	1 245 634,66	2 827 202,07	2 691 660,67	2 218 161,98
-    c) Other financial liabilities...	113 461,00	177 711,13	166 672,06	600 000,00
-    d)Due to deliveries and services with payment period:.........	2 271 681,01	1 943 649,62	2 604 343,63	2 116 376,48
-      - up to 12 months..............	2 271 681,01	1 943 649,62	2 604 343,63	2 116 376,48
-    e) Advances received.............	10 391,53
-    g) Due to taxes, subsidies, insurances, duties, etc...............	358 600,65	274 599,01	145 066,04	280 939,18
-    h) Due to salaries...............	2 510,00			3 342,36
-    i) Other.........................		3 178,81	3 312,99	1 478,82
-IV.  Accruals and deferred income....	20 115,25	100 724,44	14 529,24	20 936,31
-  2. Other accruals..................	20 115,25	100 724,44	14 529,24	20 936,31
-    - short-term.....................	20 115,25	100 724,44	14 529,24	20 936,31
-D. Total liabilities.................	14 160 136,22	15 106 833,44	14 257 839,09	13 834 275,23
Source of financial data	Court	Subject	Court	Court
	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.....	22 110 648,92	23 346 559,15	24 317 745,32	22 754 822,21
-  I.   Net income on sales...........	1 856 641,79	1 453 482,99	1 664 598,30	1 685 829,82
-  IV.  Income from sales of goods and materials.........................	20 254 007,13	21 893 076,16	22 653 147,02	21 068 992,39
-B. Operational costs.................	21 071 583,41	21 995 773,98	23 298 120,31	22 173 812,46
-  I.   Depreciation..................	530 825,37	573 857,42	613 929,65	536 042,46
-  II.  Materials and energy..........	637 348,19	467 642,96	592 494,13	542 727,65
-  III. Third party services..........	2 775 386,91	2 638 375,27	2 676 311,61	2 635 459,46
-  IV.  Taxes and duties..............	152 539,75	115 318,02	97 909,13	101 495,05
-  V.   Salaries and wages............	1 109 585,37	1 058 185,80	1 086 145,81	1 036 243,02
-  VI.  Social security...............	267 115,01	213 213,16	209 415,65	225 889,98
-  VII. Other.........................	107 551,25	264 215,26	375 400,76	275 036,85
-  VIII.Costs of goods and materials sold..................................	15 491 231,56	16 664 966,09	17 646 513,57	16 820 917,99
-C. Profit on sale....................	1 039 065,51	1 350 785,17	1 019 625,01	581 009,75
-D. Other operating incomes...........	55 752,87	140 875,88	401 927,84	103 723,21
-  I.   Incomes from disposal non-financial assets..................		61 896,95
-  II.  Subsidies.....................	8 840,00
-  III. Other operating incomes.......	46 912,87	71 210,04	401 927,84	103 723,21
-E. Other operating costs.............	239 322,23	236 151,84	449 696,28	144 406,50
-  I.   Loss on disposal of non-finacial assets...................			1 564,99
-  II.  Goodwill revaluation..........	15 460,32	10 274,77	151 654,11	82 789,09
-  III. Other operating costs.........	223 861,91	225 877,07	296 477,18	61 617,41
-F. Profit on operating activities....	855 496,15	1 255 509,21	971 856,57	540 326,46
-G. Financial incomes.................	950,94	2 439,49	37 418,91	58 062,98
-  II.  Interest received.............	950,94	2 294,56	37 203,79	7 428,61
-  V.   Other.........................		144,93	215,12	50 634,37
-H. Financial costs...................	233 457,33	137 566,82	258 400,97	462 596,54
-  I.   Interest......................	69 309,21	61 930,84	116 201,07	132 431,66
-  IV.  Other.........................	164 148,12	75 635,98	142 199,90	330 164,88
-I. Profit on economic activity.......	622 989,76	1 120 381,88	750 874,51	135 792,90
-K. Gross profit......................	622 989,76	1 120 381,88	750 874,51	135 792,90
-L. Corporation tax...................	150 193,00	186 606,00	115 130,00	82 397,00
-M. Other statutory charges...........	-593,00	11 149,00	44 935,00	-43 231,00
-N. Net profit........................	473 389,76	922 626,88	590 809,51	96 626,90

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	01.01.2016- 31.12.2016	01.01.2015- 31.12.2015	01.01.2014- 31.12.2014	01.01.2013- 31.12.2013
Current ratio	2,45	1,96	1,70	1,65
Quick ratio	0,50	0,30	0,40	0,50
Immediate ratio	0,03	0,01	0,01	0,08
Return on sale	2,14	3,95	2,43	0,42
Return on assets	3,34	6,11	4,14	0,70
Return on equity	4,75	9,72	6,89	1,21
Average trade debtors' days	29,30	22,45	31,56	33,15
Average stock turnover's days	128,44	135,10	108,76	95,73
average payables payment period	66,25	81,71	84,22	83,74
Total indebtedness ratio	29,60	37,15	39,88	42,31

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 :	30.09.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013
Current ratio............................	1,54	1,51	1,54	1,53	1,15
Quick ratio..............................	0,80	0,70	0,73	0,71	0,58
Immediate ratio..........................	0,04	0,06	0,07	0,06	0,03
Return on sale...........................	2,09	7,10	0,58	2,83	0,81
Return on assets.........................	3,39	16,42	1,29	6,09	1,60
Return on equity.........................	9,42	44,23	3,65	18,53	4,48
Average trade debtors' days..............	51,81	43,75	38,40	42,77	49,15
Average stock turnover's days............	55,37	56,04	53,76	56,17	56,58
average payables payment period..........	76,10	69,39	66,80	72,56	99,07
Total indebtedness ratio.................	63,97	62,87	64,66	67,16	64,30
Percent share in the examinated group of companies with net profit.............	42,00	90,50	75,00	80,50	71,40
Sales/revenue per employee in th. PLN....	1 820,38	2 186,32	1 963,61	2 127,06	1 780,62
Average sales/revenue per company in th. PLN..................................	206 771,28	257 048,62	240 408,43	258 048,27	219 863,81
according to the Central Statistical Office

Locations:

seat: ul. Szczawiowa 57A, 70-010 Szczecin Phone:                 91 4851050 91 4851055 91 4851060 Mobile phone:     539 935611 Fax:                     91 4823282 E-mail:                 edyta.cioch@askotech.com.pl miroslawa.rosochacka@askotech.com.pl szczecin@askotech.com.pl Website:              www.askotech.com.pl branches: ul. Szczawiowa 57A, 70-010 Szczecin Phone:               91 4851050 91 4851055 91 4851060 Mobile phone:    539 935611 Fax:                    91 4823282 E-mail:                edyta.cioch@askotech.com.pl miroslawa.rosochacka@askotech.com.pl szczecin@askotech.com.pl Website:             www.askotech.com.pl

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 31.12.2016	PLN	3 296 639,43
	Book value of lands as at 31.12.2016	PLN	200 387,70
	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 370 001,66

Shares in other companies

As at 12.02.2018 there are no shares in other companies.

Connections:

As at 12.02.2018 there are no relations.

Certificates and Licenses

Authorised Economic Operator Date of publishing 22.09.2010

General information

The subject has not decided to cooperate in elaboration of the report. If we obtain any further information, we will send it in the.

Banks

Bank Ochrony Środowiska SA 1 Oddział w Szczecinie  (15401085) ul. Monte Cassino 16, 70-466 Szczecin Acc.no. 85154010852098915532780001  Bank Millennium SA Millennium - Centrum Rozliczeniowe  (11602202) ul. Wały Jagiellońskie 10/16, 80-887 Gdańsk Acc.no. 13116022020000000061735735

Payment Manner	No Complaints	(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 89.70
Euro	1	INR 80.03
Pln	1	INR 19.15

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TRU

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.