MIRA INFORM REPORT

Report No. :	507877
Report Date :	05.05.2018

IDENTIFICATION DETAILS

Name :	NOVA TRADING SA
Registered Office :	Ul. Starotoruńska 5, 87-100 Toruń
Country :	Poland
Financials (as on) :	30.09.2017
Date of Incorporation :	18.06.1990
Legal Form :	Joint Stock Company
Line of Business :	· Distribution and sale of stainless and acid- proof steel articles and aluminum articles (sheets, pipes, sections etc.) · Cutting, polishing and processing of metal elements (sheets, pipes, sections, rods, etc.) · Wholesale of hardware, plumbing and heating equipment and supplies · General mechanical engineering · Wholesale of other intermediate products · Recovering of raw materials from segregated materials · Other transportation activities
No. of Employees :	316

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 :	Regular
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. However, since 2015 Warsaw’s prioritization of spending on social welfare programs has prompted investors to decrease Poland’s economic growth projections for the next few years.

The Polish economy performed well during the 2014-16 period, with the real GDP growth rate exceeding 3%, in part because of the government’s fiscal prudence. Poland’s economic growth in 2017 is projected by some credit rating agencies to slow, however, because of Poland’s government’s increase in social spending since 2015, including the provision of cash transfers for low income families, families with more than one child, and the reduction of the retirement age which will take effect in October 2017. The government has tried to introduce new taxes and boost tax compliance to offset the costs of the social spending programs and relieve upward pressure on the budget deficit. Some credit ratings agencies estimate that Poland will exceed the EU’s 3%-of-GDP limit on budget deficits, possibly impacting its access to future EU funds.

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

NOVA TRADING SA

Ul. Starotoruńska 5

87-100 Toruń

Phone: 56 6108833

56 6108888

Fax: 56 6108899

E-mail: nova@ntsa.pl Website: ntsa.pl

Company summery

Legal form Joint Stock Company (6)

Stat.no. 005723594

Tax ID PL 8790177836

Establishment 18.06.1990 as Partnership (2)

10.10.2001 as General partnership (3)

31.08.2004 as Joint Stock Company (6)

Changes of names a

nd addresses 18.06.1990 NOVA TRADING S.C.

27.03.2001 NOVA TRADING NICROMETAL S.C

19.12.2001 NOVA TRADING P. Orłowski, T.Pająk sp. j.

31.08.2004 NOVA TRADING SA

Registration:	01.10.2004, District Court Toruń, VII Department, KRS 218559 Data concerning previous registrations:
	25.06.1990, Municipal Office Toruń, No. 5573
	19.12.2001, District Court Toruń, VII Department, KRS 74281
Shareholders	Tadeusz Czesław Pająk , personal ID no. (PESEL) 62050306673, ul. Relaksowa 27, 87-100 Toruń
	Percent of owned shares Piotr Paweł Orłowski , personal ID no. (PESEL) 62051603878, ul. Relaksowa 18/20, 87-100 Toruń	50.00%
	Percent of owned shares	50.00%
Share capital	Share capital divided into 25088460 shares of PLN 1,00 each Series of shares 18748460 type Bearer shares 634000 type Bearer shares Changes of share capital	PLN 25 088 460,00
	- since 01.10.2004 until 18.07.2005 the capital estimated	PLN 18 748 460,00
	An in-kind contribution has been made and valued at	PLN 18 748 460,00
Management
	Piotr Paweł Orłowski , personal ID no. (PESEL) 62051603878, ul. Relaksowa 18/20, 87-100 Toruń member of board of directors
	Tadeusz Czesław Pająk , personal ID no. (PESEL) 62050306673, ul. Relaksowa 27, 87-100 Toruń member of board of directors
	Representation: since 01.10.2004 If numerous managers – Two members of the board of directors jointly
Supervisory board
	Adam Znyk , personal ID no. (PESEL) 68032502398
	Lech Lep , personal ID no. (PESEL) 51030902178
	Czesław Kustra , personal ID no. (PESEL) 58071810457
	Tomasz Marek Nowacki , personal ID no. (PESEL) 72032810212
	Jerzy Durbacz , personal ID no. (PESEL) 67080400139
Main activity	Distribution and sale of stainless and acid- proof steel articles and aluminum articles (sheets, pipes, sections etc.) Cutting, polishing and processing of metal elements (sheets, pipes, sections, rods, etc.) Import 2013 among others Finland, France, Germany, Spain Export 2013 (28.00%) Lithuania, Ukraine, Belarus, Latvia, Russian Federation
	Branches NACE 2007: Wholesale of hardware, plumbing and heating equipment and supplies	(G.46.74.Z)
	General mechanical engineering	(C.25.62.Z)
	Wholesale of other intermediate products	(G.46.76.Z)
	Recovering of raw materials from segregated materials	(E.38.32.Z)
	Other transportation activities	(H.49.41.Z)
Employment	2013: 254employees
	2014: 286employees
	2015: 291employees
	2016: 296employees
	2017: 316employees
Turnover	2014 PLN	751 151 169,02
	2015 PLN	744 910 153,68
	2016 PLN	897 742 116,82
	01.01.2017 - 30.09.2017	769 316 000,00
2017 - expected value	PLN	1 010 000 000,00

Financial

	Source of financial data	Subject	Subject	Subject	Court
		F01	annual	annual	annual
	Personal balance sheet as at	30.09.2017	31.12.2016	31.12.2015	31.12.2014
		(PLN)	(PLN)	(PLN)	(PLN)
	-A. Fixed assets...	67 142 000,00	68 578 240,51	72 223 834,49	72 516 009,25
	- I. Intangible assets...		170 806,27	184 478,88	252 702,32
-	3. Other intangible assets...		170 806,27	184 478,88	252 702,32
	- II. Tangible assets...		66 853 198,83	71 044 181,22	71 045 302,78
-	1. Fixed goods...		66 685 304,73	71 031 122,95	50 562 147,39
-	a) land...		1 693 332,88	1 702 486,72	1 658 243,36
-	b) buildings, premises,		43 075 626,25	44 422 710,25	26 939 146,01
	facilities...
-	c) machinery and equipment...		17 886 762,85	20 075 158,29	18 889 208,54
-	d) fleet of motor vehicles...		2 801 629,11	3 466 937,49	2 357 750,87
-	e) other fixed goods...		1 227 953,64	1 363 830,20	717 798,61
-	2. Fixed goods under construction...		130 755,89	13 058,27	20 140 914,21
-	3. Prepayments for fixed goods under construction...		37 138,21		342 241,18
	- IV. Long term investments...	649 000,00	610 042,21	664 946,31	635 254,13
-	1. Real estate...		499 733,58	499 733,58	499 733,58
-	3. Long term financial assets...		110 308,63	165 212,73	135 520,55
-	a) in affiliated companies...		110 308,63	165 212,73	135 520,55
-	- participations or shares...		110 308,63	165 212,73	135 520,55
	-V. Long-term prepayments and accrued income...		944 193,20	330 228,08	582 750,02
-	1. Deferred tax assets...		944 193,20	330 228,08	582 750,02
-	B. Current assets...	382 668 000,00	392 111 329,83	274 886 334,70	279 822 737,52
-	I. Stock...	197 298 000,00	225 930 807,75	172 022 701,99	180 211 805,58
-	1. Raw materials...	536 000,00	878 088,50	581 681,57	721 078,15
-	4. Goods for re-sale...	196 750 000,00	225 015 919,65	171 331 291,30	179 478 919,13
-	5. Advance payments ...	12 000,00	36 799,60	109 729,12	11 808,30
	- II. Short-term receivables...	181 602 000,00	161 282 260,50	101 054 123,86	97 892 773,96
-	1. Receivables from affiliated companies...		1 057,51		648 286,49
-	a) Due to deliveries and		1 057,51		648 286,49
	services with payment period:...
-	- up to 12 months...		1 057,51		648 286,49
-	2. Other receivables ...	181 602 000,00	161 281 202,99	101 054 123,86	97 244 487,47
-	a) Due to deliveries and	181 014 000,00	161 082 667,27	100 821 916,28	96 872 645,58
	services with payment period:...
-	- up to 12 months...		161 082 667,27	100 821 916,28
-	b) Due to taxes, subsidies,	572 000,00	192 669,20	228 446,98	185 886,31
	insurances, duties, etc...
-	c) Other...		5 866,52	3 760,60	185 955,58
	- III. Short term investments...	3 166 000,00	4 534 510,99	1 649 722,49	1 566 120,49
-	1. Short-term financial assets...	3 166 000,00	4 534 510,99	1 649 722,49	1 566 120,49
-	a) in affiliated companies...				800 183,87
-	- granted loans...				800 183,87
-	b) Other...		1 635 441,36
-	- other short-term		1 635 441,36
	financial assets...
-	c) cash and other liquid assets...	3 166 000,00	2 899 069,63	1 649 722,49	765 936,62
-	- cash in hand and on bank account...		1 171 925,99	1 649 722,49	765 936,62
-	- other liquid assets...		1 727 143,64
	-IV. Short-term prepayments and accrued income...	602 000,00	363 750,59	159 786,36	152 037,49
	-D. Total assets...	449 810 000,00	460 689 570,34	347 110 169,19	352 338 746,77
-	A. Shareholders' equity...	153 613 000,00	136 074 178,59	96 658 089,37	100 387 730,53
	- I. Basic share capital...		25 088 460,00	25 088 460,00	25 088 460,00
	- IV. Statutory reserve capital...		71 571 981,75	65 307 477,72	56 337 979,17
	- V. Revaluation reserve...		260,68	-40,12	-355,05
	- VIII. Net profit (loss)...	32 533 000,00	39 413 476,16	6 262 191,77	18 961 646,41
	-B. Liabilities and reserves for liabilities...	296 197 000,00	324 615 391,75	250 452 079,82	251 951 016,24
	- I. Reserves for liabilities...	3 745 000,00	5 009 763,49	2 268 865,65	882 881,65
-	1. Deferred income tax reserves..	3 745 000,00	3 745 012,05	2 108 089,01	738 589,87
-	2. Reserves for pensions and		296 171,64	160 776,64	144 291,78
	similar social payments...
-	- long-term...		292 445,27	159 534,04	137 255,20
-	- short-term...		3 726,37	1 242,60	7 036,58
-	3. Other reserves...		968 579,80
-	- short-term...		968 579,80
	-II. Long-term liabilities...	12 717 000,00	9 265 635,42	64 939 799,43	52 920 621,22
-	2. Other liabilities...	12 717 000,00	9 265 635,42	64 939 799,43	52 920 621,22
-	a) Loans...	6 871 000,00	5 860 750,00	52 531 818,89	41 525 986,60
-	c) Other financial liabilities...			12 407 980,54	11 394 634,62
-	d) Other...		3 404 885,42
	-III. Short-term liabilities...	278 470 000,00	310 189 577,91	183 103 636,61	197 970 211,50
-	2. Other liabilities...	278 470 000,00	310 162 376,01	183 099 782,88	197 948 961,53
-	a) Loans...	96 086 000,00	79 525 573,39	46 970 016,33	72 978 209,40
-	c) Other financial liabilities...		35 873 464,68	232 192,86
-	d)Due to deliveries and		185 992 710,69	129 658 433,08	119 203 822,47
	services with payment period:...
-	- up to 12 months...		185 992 710,69	129 658 433,08	119 203 822,47
-	e) Advances received...	82 000,00	230 206,64	287 472,73	272 524,68
-	g) Due to taxes, subsidies,	11 059 000,00	8 418 479,13	5 932 180,96	5 289 161,67
	insurances, duties, etc...
-	h) Due to salaries...		858,25		0,53
-	i) Other...		121 083,23	19 486,92	205 242,78
-	3. Special funds...		27 201,90	3 853,73	21 249,97
	-IV. Accruals and deferred income...	1 265 000,00	150 414,93	139 778,13	177 301,87
-	2. Other accruals...		150 414,93	139 778,13	177 301,87
-	- short-term...		150 414,93	139 778,13	177 301,87
	-D. Total liabilities...	449 810 000,00	460 689 570,34	347 110 169,19	352 338 746,77
	Source of financial data	Subject	Subject	Subject	Court
		F01	annual	annual	annual
	individual PROFIT AND LOSS ACCOUNT	-	01.01.2016-	01.01.2015-	01.01.2014-
		01.01.2017-	31.12.2016	31.12.2015	31.12.2014
		30.09.2017	(PLN)	(PLN)	(PLN)
		(PLN)
	-A. Income from sales and similar...	769 316 000,00	897 742 116,82	744 910 153,68	751 151 169,02
-	- including related companies...			690 750,19	1 849 069,95
	- IV. Income from sales of goods	769 316 000,00	897 742 116,82	744 910 153,68	751 151 169,02
	and materials...
	-B. Operational costs...	731 158 000,00	843 186 899,15	726 937 272,75	720 200 772,16
	- I. Depreciation...	3 405 000,00	5 676 274,54	6 302 753,88	5 447 992,61
	- II. Materials and energy...	10 979 000,00	13 861 014,52	13 717 718,30	13 081 209,33
	- III. Third party services...	33 122 000,00	40 251 348,23	31 122 986,80	32 555 127,00
	- IV. Taxes and duties...	1 070 000,00	1 538 007,69	1 204 625,49	1 180 947,26
	- V. Salaries and wages...	15 968 000,00	20 218 261,83	16 973 682,68	16 073 539,51
	- VI. Social security...	3 883 000,00	4 591 775,99	4 194 896,28	3 897 339,86
	- VII. Other...	2 684 000,00	3 370 548,73	5 368 073,14	5 530 749,81
	- VIII.Costs of goods and materials sold...	660 047 000,00	753 679 667,62	648 052 536,18	642 433 866,78
	-C. Profit on sale...	38 158 000,00	54 555 217,67	17 972 880,93	30 950 396,86
	-D. Other operating incomes...	2 639 000,00	2 650 956,15	2 610 063,52	5 133 009,18
	- I. Incomes from disposal	71 000,00	57 013,90	115 761,65	88 839,12
	non-financial assets...
	- III. Other operating incomes...	2 568 000,00	2 593 942,25	2 494 301,87	5 044 170,06
	-E. Other operating costs...	1 857 000,00	3 328 232,63	2 712 090,02	2 928 784,43
	- II. Goodwill revaluation...	392 000,00	1 197 623,04	927 578,28	772 823,58
	- III. Other operating costs...	1 465 000,00	2 130 609,59	1 784 511,74	2 155 960,85
	-F. Profit on operating activities...	38 940 000,00	53 877 941,19	17 870 854,43	33 154 621,61
-	G. Financial incomes...	7 890 000,00	2 230 476,83	458 780,80	1 140 395,42
	- II. Interest received...	21 000,00	74 624,61	182 711,92	335 405,45
-	- including related companies...			84 115,32	79 400,76
	- V. Other...	7 869 000,00	2 155 852,22	276 068,88	804 989,97
	-H. Financial costs...	5 084 000,00	6 878 349,70	9 545 846,07	11 234 589,68
	- I. Interest...	2 224 000,00	3 043 073,39	3 342 474,11	3 371 167,56
	- III. Financial assets revaluation..			939 390,99
	- IV. Other...	2 860 000,00	3 835 276,31	5 263 980,97	7 863 422,12
	-I. Profit on economic activity...	41 746 000,00	49 230 068,32	8 783 789,16	23 060 427,35
	-K. Gross profit...	41 746 000,00	49 230 068,32	8 783 789,16	23 060 427,35
	-L. Corporation tax...	9 213 000,00	9 816 592,16	2 521 597,39	4 098 780,94
	- a) current part...	9 213 000,00
	-N. Net profit...	32 533 000,00	39 413 476,16	6 262 191,77	18 961 646,41

	01.01.2017	01.01.2016	01.01.2015	01.01.2014
Ratios	30.09.2017	31.12.2016	31.12.2015	31.12.2014
Current ratio	1,37	1,26	1,50	1,41
Quick ratio	0,66	0,53	0,56	0,50
Immediate ratio	0,01	0,01	0,01
Return on sale	4,23	4,39	0,84	2,52
Return on assets	7,23	8,56	1,80	5,38
Return on equity	21,18	28,96	6,48	18,89
Average trade debtors' days	64,44	65,75	49,52	47,57
Average stock turnover's days	70,01	92,11	84,29	87,57
average payables payment period	98,82	126,46	89,72	96,20
Total indebtedness ratio	65,85	70,46	72,15	71,51

	While rating the company, it is advisable
	to take into consideration information about the branch, the company is acting in
(G.46.74.Z - NACE 2007), as at :	30.06.2017	31.12.2016	31.12.2013	31.12.2012	31.12.2011
Current ratio...	1,46	1,42	1,43	1,42	1,18
Quick ratio...	0,81	0,78	0,82	0,84	0,72
Immediate ratio...	0,14	0,16	0,08	0,07	0,06
Return on sale...	3,72	3,91	2,87	1,35	3,94
Return on assets...	3,01	6,49	4,80	2,36	6,07
Return on equity...	7,21	15,76	11,42	5,69	14,44
Average trade debtors' days...	71,64	66,96	71,13	75,61	77,69
Average stock turnover's days...	71,36	69,41	61,55	58,48	55,93
average payables payment period...	111,43	110,11	101,99	100,82	122,38
Total indebtedness ratio...	58,21	58,85	57,98	58,41	57,97
Percent share in the examinated group
of companies with net profit...	76,50	86,20	81,70	80,60	88,50
Sales/revenue per employee in th. PLN...	505,09	962,05	943,01	958,43	982,51
Average sales/revenue per company in
th. PLN...	70 252,69	132 703,80	96 328,02	100 233,00	116 499,66

Other general information

Locations: seat:

ul. Starotorunska 5, 87-100 Torun

Phone: 56 6108833

56 6108888

Fax: 56 6108899

E-mail: b.cybulska@nova-trading.com

nova@ntsa.pl

Website: ntsa.pl

branches:

ul. Rozwojowa 11, 43-608 Jaworzno

Oberebnestr. 67, 5620 Bremgarten, Switzerland

ul. Chmielna 26, 80-748 Gdansk

ul. Niwecka 1, 41-200 Sosnowiec

ul. Jagiellonska 82, 03-301 Warszawa

Real Estate 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 2 801 629,11

Shares in other NOVA TRADING RUSSIA, Tambowskaja 12, 192007 Sankt

companies Petersburg, Russian Federation

• shareholder

Data concerning shares in other companies are valid as at:

16.10.2017.

Connections: Adam Znyk , personal ID no. (PESEL) 68032502398

- ZNYK, JAWORSKI, PIETRZYK sp. k. NIP 8792637561, ul. Stefana Batorego 5, 87-100 Torun

• general partner

• member of representation unit

- ZJPL ZNYK, JAWORSKI, PIETRZYK, LEWANDOWSKI sp. p., ul.

Koszykowa 69/3, 00-667 Warszawa

• partner

• member of representation unit

- NICROMETAL SA NIP PL 9410313094, ul. Starotorunska 5, 87-100 Torun

• member of supervisory board

- PRIVATE CARE 24 PROFESSIONAL SA NIP 5252549478, ul.

Adama Branickiego 17, 02-972 Warszawa

• member of supervisory board

Piotr Pawel Orlowski , personal ID no. (PESEL) 62051603878

- FUNDACJA „PRO FUTURO THEOLOGIAE" NIP 9562309411, ul.

Gagarina 37, 87-100 Torun

• member of supervisory board

- NICROMETAL SA NIP PL 9410001157, ul. Starotorunska 5, 87-100 Torun

• member of supervisory board

- NOVA TRADING sp. z o.o., ul. Starotorunska 5, 87-100

Torun

• shareholder: PLN 250 000,00 (50,00%)

• member of board of directors

Tadeusz Czeslaw Pajak , personal ID no. (PESEL) 62050306673

- NOVA TRADING sp. z o.o., ul. Starotorunska 5, 87-100

Torun

• shareholder: PLN 250 000,00 (50,00%)

• member of board of directors

Data concerning connections are valid as at: 16.10.2017.

Banks Bank Handlowy w Warszawie SA Oddzial w Bydgoszczy (10301090)

ul. Jagiellonska 21, 85-950 Bydgoszcz

Acc.no. 13103010900000000001650501

Payment Manner Regular

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.76
UK Pound	1	INR 90.58
Euro	1	INR 79.97
PLN	1	INR 18.78

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

INFORMATION DETAILS

Analysis Done by :	VIV
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.