MIRA INFORM REPORT

Report Date :

29.11.2011

IDENTIFICATION DETAILS

Name :	QMC TECNOLOGIA QUIMICA SL
Registered Office :	Poligono Industrial La Pobla Eliana (Cl Ausias March), 13, 46185 La Pobla De Vallbona  Valencia
Country :	Spain
Financials (as on) :	31.12.2009
Date of Incorporation :	20.10.2004
Legal Form :	Limited Liability Company
Line of Business :	Manufacturer of paints, varnishes & similar coatings.
No. of Employees :	15 Persons

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

Maximum Credit Limit :	40.311,00 €
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Spain	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

Bottom of Form

QMC TECNOLOGIA QUIMICA SL

TAX NUMBER: B97514350

Company situation: Active

EXECUTIVE SUMMARY

Identification

Current Business Name: QMC TECNOLOGIA QUIMICA SL

Other names:  YES

Current Address:  POLIGONO INDUSTRIAL LA POBLA ELIANA (CL AUSIAS MARCH), 13

46185 LA POBLA DE VALLBONA VALENCIA 

Telephone number: 962725676 Fax: 962740906

URL:  www.qmc.es 

Corporate e-mail:  info@qmc.es

Trade Risk

Credit Appraisal: 40.311,00 €

Incidents:  NO

R.A.I.:  NO

Bank and business defaults of payment - ASNEF EMPRESAS:  NO

Financial Information

Latest sales known (2011):  3.300.000,00  €  (Forecast)

Balance sheet latest sales (2009):  2.376.198,29 € (Trade Register)

Result:  -75.904,07 €

Total Assets: 4.529.395,95 €

Social Capital:  1.066.010,00 €

Employees:  15

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  20/10/2004

Activity:  Mfg. of paints, varnishes & similar coatings.

NACE 2009 CODE: 2030

International Operations:  Exports

Corporate Structure

Sole Administrator: 

CORTES FIBLA, RAUL

Parent Company: 

COMERCIAL DE PRODUCTOS QUIMICOS SA

Other Complementary Information

Latest filed accounts published in the Mercantile Register: 2009

Type of Accounts available at the Mercantile Register: Individuals

Latest act published in BORME:  08/10/2010 Annual Filed Accounts

Latest press article: No press articles registered for this company

Bank Entities:  There are

The date when this report was last updated is 13/07/2011.

The information contained in this report has been investigated and contrasted on 13/07/2011

Credit Appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 40.311,00 €

Financial Situation

Exercise:2009

Treasury	Excellent
Indebtedness	Important
Profitability	Unfavourable
Balance	Very good

Performance

Incidents	None or Negligible
Business Trajectory	Superior

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF EMPRESAS

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

07/07/2011 11:07:00

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

Balance-sheet analysis

Figures given in €

	31/12/2009 (12) BALANCE SHEET	% ASSETS	31/12/2008 (12) BALANCE SHEET	% ASSETS	31/12/2007 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	2.722.882,82	60,12	2.790.566,55	61,18	2.699.094,88	57,63
B) CURRENT ASSETS	1.806.513,13	39,88	1.770.519,26	38,82	1.984.082,71	42,37
LIABILITIES
A) NET WORTH	789.559,45	17,43	867.148,50	19,01	889.019,26	18,98
B) NON CURRENT LIABILITIES	2.676.892,97	59,10	2.326.544,85	51,01	2.129.769,11	45,48
C) CURRENT LIABILITIES	1.062.943,53	23,47	1.367.392,46	29,98	1.664.389,22	35,54

Profit and Loss Account Analysis

Figures given in €

	2011 FORECAST	2010 ESTIMATED	31/12/2009 (12) BALANCE SHEET	% NET TURNOVER	31/12/2008 (12) BALANCE SHEET	% NET TURNOVER
SALES	3.300.000,00	2.800.000,00	2.376.198,29		4.057.074,67
GROSS MARGIN			914.673,29	38,49	1.242.766,40	30,63
EBITDA			108.482,84	4,57	213.839,25	5,27
EBIT			32.640,74	1,37	143.517,59	3,54
NET RESULT			-75.904,07	-3,19	-21.708,44	-0,54
EFFECTIVE TAX RATE (%)			-31,25	0,00	-30,00	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2009)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	60,12	29,23	30,88
A) CURRENT ASSETS	39,88	70,77	-30,88
LIABILITIES
A) NET WORTH	17,43	39,77	-22,34
B) NON CURRENT LIABILITIES	59,10	13,23	45,87
C) CURRENT LIABILITIES	23,47	47,00	-23,53
	COMPANY (2009)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	98,03	99,00	-0,97
GROSS MARGIN	37,73	41,47	-3,74
EBITDA	4,48	8,06	-3,59
EBIT	1,35	5,00	-3,65
NET RESULT	-3,13	2,88	-6,01

Sector Composition

Compared sector (NACE 2009): 203

Number of companies: 197

Size (Sales Figure): 0 - 2,800,000.00 Euros

company ADDRESSES

Business address

Current Legal Seat Address: 

POLIGONO INDUSTRIAL LA POBLA ELIANA (CL AUSIAS MARCH), 13

46185 LA POBLA DE VALLBONA  VALENCIA

Previous Seat Address: 

POLIGONO INDUSTRIAL LA POBLA ELIANA 13

46185 LA POBLA DE VALLBONA  VALENCIA

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

Governing body : 1 member (latest change: 03/03/2008)

Other Positions : 2 (latest change: 09/06/2008)

Operative Board Members : 3 (latest change: 06/07/2010)

Non-current positions : 2 (latest change: 03/03/2008)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
SOLE ADMINISTRATOR	CORTES FIBLA, RAUL	03/03/2008

There are 3 board members, directors and auditors registered

Functional Managers

POSITION	NAME AND SURNAME
General Manager	CORTES FIBLA, RAUL
Financial Manager	CORTES FIBLA, RAUL
Commercial Director	GARCIA PICO, ANTONIO

FINANCIAL LINKS

Direct Shareholders

	BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
	COMERCIAL DE PRODUCTOS QUIMICOS SA	A46003851	85,00	OWN SOURCES	13/07/2011
	CORTES FIBLA ENRIQUE		Indef.	OWN SOURCES	17/06/2011

There are 2 direct financial links through shareholders registered

Company with rating inferior to 7

Indirect Shareholders

Majority shareholder of COMERCIAL DE PRODUCTOS QUIMICOS SA

BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
FIBLA AVILA MARIA DEL CARMEN		99,00	TRADE REG.	31/12/2009

POTENTIAL LINKS

Name Search in the Internet

Search Criterion: ”QMC TECNOLOGIA QUIMICA SL”

URL: www.quimica.es

QMC Tecnología Química S.L,, Pobla Vallbona, Valencia, España  QMC Tecnología Química, es una empresa con más de 22 años de experiencia en el sector, líder en la fabricación de una amplia gama de productos dirigidos a ...

URL: www.hotfrog.es

Qmc Tecnologia Quimica,s.l.  Qmc Tecnologia Quimica,s.l. , perfil corporativo y artículos de productos.

URL: www.marmomacc.com

QMC TECNOLOGIA QUIMICA S.L. - Company news - AreaStampa  QMC TECNOLOGIA QUIMICA S.L.. “QMC has recently developed new divisions, QMC Ceramic & Natural Stone Division is the consolidated one which has grown with ...

BUSINESS INFORMATION

Constitution

Incorporation date: 20/10/2004

Origin / Foundation

Establishment date: 01/01/2004

Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO

Activity

Activity: Mfg. of paints, varnishes & similar coatings.

NACE 2009 CODE: 2030

NACE 2009 Activity: Manufacture of paints, varnishes and similar coatings, printing ink and mastics

Business: LA PRODUCCION, TRANSFORMACION, INVESTIGACION, DESARROLLO, COMERCIALIZACIONY TRANSPORTE DE RESINAS TERMOESTABLES, RESINAS SINTETICAS, EPOXIDICAS Y POLIURETANOS. ASIMISMO SE DEDICARA A LA EXPLOTACION, FABRICACION, GENERACI

Employees

Latest employees figure: 15 (2011)

% of fixed employees: 94,12%

% of temporary employees: 5,88%

Employees evolution

COMMERCIAL OPERATIONS

SALES

Exports to: BRASIL,GRECIA, MEXICO, PAISES ARABES

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
QUIMIDROGA	NO
HASSAN	NO

There are 2 Suppliers

CLIENTS

BUSINESS NAME	INTERNATIONAL
LOPEZ CURESES	NO
QUIMICAS NOVELDA	NO

There are 2 Clients

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.			VALENCIA
BANCO DE VALENCIA, S.A.			VALENCIA

There are 2 bank entities registered

Summary of bank operations

Discount facilities: 1

Credit policy: 1

Mortgage loan: 2

Loans with no real security: 1

Bank operations

Debt type: Credit policy	Granted limit:525.000,00 € Used limit:498.325,32 € Available limit:26.674,68 € Source: Filed Accounts (2009)
Debt type: Discount facilities	Granted limit:775.000,00 € Used limit:499.377,01 € Available limit:275.622,99 € Source: Filed Accounts (2009)
Entity:BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Debt type: Loans with no real security	Granted amount:376.485,30 € Source: Filed Accounts (2009)
Entity:BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Debt type: Mortgage loan	Granted amount:1.075.463,77 € Source: Filed Accounts (2009)
Entity:BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Debt type: Mortgage loan	Granted amount:341.750,11 € Source: Filed Accounts (2009)

There are 5 bank operations registered

Brands

Brand name: ACRITEC (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 05/06/2008

Brand name: AQUALITE (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 05/06/2008

Brand name: CLEANKER (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 05/06/2008

Brand name: EPOLIT (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 29/11/2007

Brand name: KLEBESTONE (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 29/11/2007

There are 7 brands, signs and commercial names

LEGAL STRUCTURE

Constitution Data

Register Date: 20/10/2004

Register town: Valencia

Announcement number: 527140

Register data: 

Volume 7957, Book 5252, Folio 142, Section 8, Sheet 100261,

Inscription I/A 1 (2004-12-01)

Social Capital: 3.010 €

Current structure data

Legal form: Limited Liability Company

Social Capital: 1.066.010,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2009)

B.O.R.M.E.

(OFFICIAL COMPANIES REGISTRY GAZETTE)

Summary

  Acts on activity: 0

  Acts on administrators: 7 (Last: 09/06/2008, first: 17/12/2004)

  Acts on capital: 1 (Last: 12/04/2007)

  Acts on creation: 1 (Last: 17/12/2004)

  Acts on filed accounts: 6 (Last: 08/10/2010, first: 28/09/2005)

  Acts on identification: 1 (Last: 28/03/2005)

  Acts on Information: 0

Latest acts in B.O.R.M.E.

Other acts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Appointments	09/06/2008	287444	Valencia
Appointments	03/03/2008	120391	Valencia
Resignations	03/03/2008	120391	Valencia
Capital enlargement	12/04/2007	210225	Valencia
Appointments	17/05/2005	220757	Valencia
Change of registered address	28/03/2005	138674	Valencia
Appointments	15/02/2005	68956	Valencia
Resignations	15/02/2005	68956	Valencia

Latest filed accounts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Annual Filed Accounts (2009)	08/10/2010	787519	Valencia
Annual Filed Accounts (2008)	22/09/2010	651369	Valencia
Annual Filed Accounts (2007)	08/10/2008	810852	Valencia

There are 16 acts registered

Press articles

No press articles registered for this company

Complementary Information

Financial Information

El balance cerrado a 31/12/2009 (Deposito 2009) esta disponible en INFORMA, pero existen datos en los nuevos estados contables incorrectamente presentados.

El balance cerrado a 31/12/2004 (Depósito 2005) está disponible en INFORMA, pero no ha sido cargado por tener una duración inferior a tres meses.

FINANCIAL INFORMATION

The information on the last account contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 26/11/2010.

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

This theoretical conversion exercise has been carried out from the financial statements contained in the accounting information presented on the Trade Register, and elaborated under the accounting norms and principles collected in PGC90 derived from RD 1643/1990, not taking into account any other type of information; for this reason the conversion exercise could include certain inaccuracies.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS	31/12/2007 (12)	% ASSETS
A) NON CURRENT ASSETS	2.722.882,82	60,12	2.790.566,55	61,18	2.699.094,88	57,63
I. Intangible assets	1.611,00	0,04	1.611,00	0,04	351.340,50	7,50
II. Tangible fixed assets	2.632.060,90	58,11	2.703.136,00	59,27	2.347.754,38	50,13
III. Real-estate investments
IV. Long term investments in associated and affiliated companies
V. Long Term Financial Investments
VI. Assets by deferred taxes	89.210,92	1,97	85.819,55	1,88
VII. Non current commercial debts
B) CURRENT ASSETS	1.806.513,13	39,88	1.770.519,26	38,82	1.984.082,71	42,37
I. Non-current assets maintained for sale
II. Stocks	348.855,62	7,70	356.050,32	7,81	547.278,34	11,69
III. Trade Debtors and other receivable accounts	1.352.096,55	29,85	1.375.298,00	30,15	1.226.297,19	26,19
1. Clients	1.266.604,13	27,96	1.363.537,10	29,90
b) Clients for sales and short term services rendering	1.266.604,13	27,96	1.363.537,10	29,90
3. Other debtors	85.492,42	1,89	11.760,90	0,26
IV. Short term investments in associated and affiliated companies	27.329,05	0,60			13.747,68	0,29
V. Short term financial investments	16.491,23	0,36	16.491,23	0,36
VI. Short term periodifications	6.887,67	0,15
VII. Cash and equivalents	54.853,01	1,21	22.679,71	0,50	196.759,50	4,20
TOTAL ASSETS (A + B)	4.529.395,95	100,00	4.561.085,81	100,00	4.683.177,59	100,00

Alerts associated to the conversion to PGC2007

 In the conversion process of financial statements of the accounts formulation exercise to PGC2007 there could not be identified and, this way reclassify “Assets by deferred taxes” within the Non current assets that under PGC90 were, generally, classified in the short term, in accordance with its reversion foreseen date, and it is collected in the item 11600 “Assets by deferred taxes”.

 In the conversion process it has not been possible to identify the existence of Goodwill nor of goods obtained through leasing; for this reason the result of the conversion of the financial statements of the accounts formulation exercise to PGC2007 could include notable inaccuracies.

Net Worth and Liabilities

Figures given in €

	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS	31/12/2007 (12)	% ASSETS
A) NET WORTH	789.559,45	17,43	867.148,50	19,01	889.019,26	18,98
A-1) Equity	789.559,45	17,43	867.148,50	19,01	889.019,26	18,98
I. Capital	1.066.010,00	23,54	1.066.010,00	23,37	1.066.010,00	22,76
1. Authorized capital	1.066.010,00	23,54	1.066.010,00	23,37	1.066.010,00	22,76
II. Issue premium
III. Reserves	8,00	0,00	1.692,99	0,04	1.855,31	0,04
IV. (Net worth own shares and participations)
V. Results from previous years	-200.554,48	-4,43	-178.846,05	-3,92	-177.148,73	-3,78
VI. Other loans from partners
VII. Exercise Result	-75.904,07	-1,68	-21.708,44	-0,48	-1.697,32	-0,04
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES	2.676.892,97	59,10	2.326.544,85	51,01	2.129.769,11	45,48
I. Long term provisions
II. Long term debts	2.240.060,70	49,46	1.888.301,18	41,40
1. Debts with bank entities	1.969.978,23	43,49	1.888.301,18	41,40
3. Other long term debts	270.082,47	5,96
III. Long term debts with associated and affiliated companies	436.832,27	9,64	436.832,27	9,58
IV. Liabilities by deferred taxes			1.411,40	0,03
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	1.062.943,53	23,47	1.367.392,46	29,98	1.664.389,22	35,54
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	308.471,11	6,81	720.309,37	15,79
1. Debts with bank entities	283.691,59	6,26	446.212,34	9,78
3. Other short term debts	24.779,52	0,55	274.097,03	6,01
IV. Short term debts with associated and affiliated companies
V. Trade creditors and other payable accounts	754.472,42	16,66	647.083,09	14,19
1. Suppliers	654.199,60	14,44	537.793,21	11,79
b) Short term suppliers	654.199,60	14,44	537.793,21	11,79
2. Other creditors	100.272,82	2,21	109.289,88	2,40
VI. Short term periodifications
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	4.529.395,95	100,00	4.561.085,81	100,00	4.683.177,59	100,00

Alerts associated to the conversion to PGC2007

 The Valuation norms applicable to “Long Term Creditors” have changed substantially and, for this reason, the conversion of financial statements of the formulation exercise of the accounts to PGC2007 could include notable inaccuracies.

 The Valuation norms applicable to “Short Term Creditors” have changed and, for this reason, the conversion of financial statements of the formulation exercise of the accounts to PGC2007 could include notable inaccuracies.

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2009 (12)	%OPERATING INCOME	31/12/2008 (12)	%OPERATING INCOME	31/12/2007 (12)	%OPERATING INCOME
1. Net Turnover	2.376.198,29	98,03	4.057.074,67	98,95	4.062.189,86	98,89
2. Variation in stocks of finished goods and work in progress	6.666,71	0,28	57.310,34	1,40
3. Works for its own assets
4. Supplies	-1.515.946,13	-62,54	-2.914.767,01	-71,09	-3.057.362,32	-74,43
5. Other operating income	47.754,42	1,97	43.148,40	1,05	45.743,45	1,11
6. Labour cost	-427.346,23	-17,63	-562.402,87	-13,72	-426.472,73	-10,38
7. Other operating costs	-390.843,10	-16,12	-471.375,85	-11,50	-426.702,75	-10,39
8. Amortization of fixed assets	-75.842,10	-3,13	-70.321,66	-1,72	-60.886,43	-1,48
9. Allocation of subventions on non financial investments and other
10. Provisions excess
11. Deterioration and result for fixed assets disposal
12. Negative difference of business combinations
13. Other results	11.998,88	0,50	4.851,57	0,12
A) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	32.640,74	1,35	143.517,59	3,50	136.509,08	3,32
14. Financial income	1.851,20	0,08	6.333,12	0,15	2.255,68	0,05
b) Other financial income	1.851,20	0,08	6.333,12	0,15	2.255,68	0,05
15. Financial expenses	-144.612,98	-5,97	-180.862,76	-4,41	-130.893,85	-3,19
16. Reasonable value variation on financial instruments	-284,39	-0,01
17. Exchange differences
18. Deterioration and result for disposal of financial instruments
19. Other financial income and expenses
B) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-143.046,17	-5,90	-174.529,64	-4,26	-128.638,17	-3,13
C) RESULT BEFORE TAXES (A + B)	-110.405,43	-4,55	-31.012,05	-0,76	7.870,91	0,19
20. Taxes on profits	34.501,36	1,42	9.303,61	0,23	-9.568,23	-0,23
D) EXERCISE RESULT (C + 20)	-75.904,07	-3,13	-21.708,44	-0,53	-1.697,32	-0,04

Alerts associated to the conversion to PGC2007

 In the financial statements conversion process of the accounts formulation exercise to PGC2007 it could not be identified the amount of discounts on sales for prompt payment that under PGC2007 are registered reducing sales and not as a financial expense.

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/3)	31/12/2009 (12)	31/12/2008 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	-75.904,07	-21.708,44
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments
II. Cash flow coverage
III. Received legacies, grants and subventions
IV. For actuarial profits and losses and other adjustments
V. Non-current assets and related liabilities, maintained for sale
VI. Conversion differences
VII. Tax effect
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage
X. Received legacies, grants and subventions
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	-75.904,07	-21.708,44

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /3)	AUTHORIZED CAPITAL	RESERVES	RESULTS FROM PREVIOUS EXERCISES	EXERCISE RESULT
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	1.066.010,00	9.296,31	-177.148,73	-1.697,32
I. Adjustments by change of criteria in the exercise (2007)		-7.603,32
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	1.066.010,00	1.692,99	-177.148,73	-1.697,32
I. Total recognized income and expenses				-21.708,44
II. Operations with partners or owners
III. Other net worth variations			-1.697,32	1.697,32
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	1.066.010,00	1.692,99	-178.846,05	-21.708,44
FINAL ACCOUNT BALANCE OF EXERCISE (2008)
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)
I. Total recognized income and expenses				-75.904,07
II. Operations with partners or owners
III. Other net worth variations		-1.684,99	-21.708,43	23.393,42
FINAL ACCOUNT BALANCE OF EXERCISE (2009)		-1.684,99	-21.708,43	-52.510,65
NET WORTH CHANGES ( 3 /3)	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	896.460,26
I. Adjustments by change of criteria in the exercise (2007)	-7.603,32
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	888.856,94
I. Total recognized income and expenses	-21.708,44
II. Operations with partners or owners
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	867.148,50
FINAL ACCOUNT BALANCE OF EXERCISE (2008)
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)
I. Total recognized income and expenses	-75.904,07
II. Operations with partners or owners
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	-75.904,07

RATIOS

	31/12/2009 (12)	CHANGE %	31/12/2008 (12)	CHANGE %	31/12/2007 (12)
BALANCE RATIOS
Working Capital (€)	743.569,60	84,45	403.126,80	26,10	319.693,49
Working capital ratio	0,16	77,78	0,09	28,57	0,07
Soundness Ratio	0,29	-6,45	0,31	-6,06	0,33
Average Collection Period (days)	205	67,85	122	12,25	109
Average Payment Period (days)	143	107,33	69
LIQUIDITY RATIOS
Current Ratio (%)	169,95	31,26	129,48	8,62	119,21
Quick Ratio (%)	6,71	133,80	2,86	-75,72	11,82
DEBT RATIOS
Borrowing percentage (%)	65,91	-1,29	66,77
External Financing Average Cost	0,05	-16,67	0,06
Debt Service Coverage	-48.174,34	-76.994,40	62,65
Interest Coverage	0,23	-70,89	0,79	-24,04	1,04
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	0,00	-100,00	1,20	-17,81	1,46
Auto financing generated by Assets (%)	0,00	-100,00	1,07	-15,08	1,26
Breakdown Point	1,01	-2,88	1,04	0,97	1,04
Average Sales Volume per Employee	139.776,37	-31,09	202.853,73	-0,13	203.109,49
Average Cost per Employee	25.138,01	-10,60	28.120,14	31,87	21.323,64
Assets Turnover	0,52	-40,45	0,89	2,30	0,87
Inventory Turnover (days)	83	88,52	44	-31,84	64
RESULTS RATIOS
Return on Assets (ROA) (%)	0,72	-77,14	3,15	7,88	2,92
Operating Profitability (%)	2,40	-48,83	4,69	11,14	4,22
Return on Equity (ROE) (%)	-13,98	-290,50	-3,58	-502,25	0,88

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2009)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	60,12	29,23	30,88
A) CURRENT ASSETS	39,88	70,77	-30,88
LIABILITIES
A) NET WORTH	17,43	39,77	-22,34
B) NON CURRENT LIABILITIES	59,10	13,23	45,87
C) CURRENT LIABILITIES	23,47	47,00	-23,53

Analytical Account of Results

Figures given in  %

	COMPANY (2009)	SECTOR	DIFFERENCE
Net Turnover	98,03	99,00	-0,97
Other operating income	1,97	1,00	0,97
OPERATING INCOME	100,00	100,00	0,00
Supplies	-62,54	-58,53	-4,01
Variation in stocks of finished goods and work in progress	0,28	0,00	0,28
GROSS MARGIN	37,73	41,47	-3,74
Other operating costs	-16,12	-14,56	-1,56
Labour cost	-17,63	-19,93	2,30
GROSS OPERATING RESULT	3,98	6,98	-3,00
Amortization of fixed assets	-3,13	-2,54	-0,59
Deterioration and result for fixed assets disposal		0,56
Other expenses / income	0,50
NET OPERATING RESULT	1,35	5,00	-3,64
Financial result	-5,90	-1,14	-4,76
RESULT BEFORE TAX	-4,55	3,86	-8,41
Taxes on profits	1,42	-0,98	2,40
RESULT COMING FROM CONTINUED OPERATIONS	-3,13
NET RESULT	-3,13	2,88	-6,00

Main Ratios

	COMPANY (2009)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	743.569,60	15.191,89	130.249,31	315.628,86
Working capital ratio	0,16	0,04	0,24	0,39
Soundness Ratio	0,29	0,74	1,64	3,24
Average Collection Period (days)	205	51	85	118
Average Payment Period (days)	143	0	0	0
LIQUIDITY RATIOS
Current Ratio (%)	169,95	1,07	1,46	2,10
Quick Ratio (%)	6,71	0,03	0,12	0,44
DEBT RATIOS
Borrowing percentage (%)	65,91	0,00	0,00	0,00
External Financing Average Cost	0,05
Debt Service Coverage	-48.174,34	0,00	0,00	0,00
Interest Coverage	0,23	1,09	2,42	8,12
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	0,00	2,70	4,78	6,81
Auto financing generated by Assets (%)	0,00	3,33	6,35	10,25
Breakdown Point	1,01	1,02	1,04	1,07
Average Sales Volume per Employee	139.776,37	92.530,56	124.058,00	163.292,56
Average Cost per Employee	25.138,01	19.181,82	24.131,63	29.439,97
Assets Turnover	0,52	1,00	1,36	1,82
Inventory Turnover (days)	83	46	105	190
RESULTS RATIOS
Return on Assets (ROA) (%)	0,72	1,83	4,99	8,90
Operating Profitability (%)	2,40	5,22	8,92	13,98
Return on Equity (ROE) (%)	-13,98	3,25	9,76	18,53

ADDITIONAL INFORMATION

Consulted Sources

Tax Administration / VIES Consultation

Tax Administration / Consultation by NIF

INTERNET

Telephone directory: PÁGINAS AMARILLAS

Telephone directory: PÁGINAS BLANCAS

La empresa

This company has been consulted was last displayed on 05/07/2011, 13 times in the last quarter and 422 total times.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.98
UK Pound	1	Rs.80.59
Euro	1	Rs.69.12

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%)

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