MIRA INFORM REPORT

Report Date :

21.11.2012

IDENTIFICATION DETAILS

Correct Name :	NIKOLE SA
Registered Office :	Avenida Deputacion (Pg Ind Sabon Edf Inditex), S/N, 15142 Arteixo  La Coruña
Country :	Spain
Financials (as on) :	31.01.2011
Date of Incorporation :	02.04.1982
Legal Form :	Sole Corporation
Line of Business :	Textile industry
No. of Employees :	16 (2012)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Spain	A2	A2

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

spain - ECONOMIC OVERVIEW

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Source : CIA

Company name

NIKOLE SA

CIF/NIF: A15049299

Company situation: Active

Answer to the data in your request

The data of your request have been confirmed and are correct.

In spite of investigations using every source available (public and private), no additional details than those contained in this report are available.

Information associated to the latest filed accounts

A provisional report is sent while we wait to receive the Accounts from the Trade Register.

EXECUTIVE SUMMARY

Identification

Current Business Name: NIKOLE SA

Commercial name: LEFTIES

Other names:  YES

Current Address:  AVENIDA DEPUTACION (PG IND SABON EDF INDITEX), S/N

15142 ARTEIXO LA CORUÑA 

Branches:  1

Telephone number: 981185400 Fax: 981185494

Corporate e-mail:  comunicacion@inditex.com

Trade Risk

Incidents:  NO

R.A.I.:  NO

Financial Information

Balance sheet latest sales (2011):  100.904.600,00 € (Mercantile Register)

Result: 4.647.616 €

Total Assets: 47.553.409 €

Share capital:  144.243,00 €

Employees:  16

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  02/04/1982

Activity:  Textile industry

NACE 2009 CODE: 1320

International Operations:  Imports

Corporate Structure

President: 

RENON TUNEZ, RAMON

Parent Company: 

INDUSTRIA DE DISEÑO TEXTIL SA

Participations:  2

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2011

Latest act published in BORME:  16/11/2012 Appointments

Latest press article:  02/12/2009 LA VOZ DE GALICIA (LEGAL ANNOUNCEMENTS)

Bank Entities: There are not

The date when this report was last updated is 16/11/2012.

The information contained in this report has been investigated and contrasted on 16/10/2012

Financial situation

Exercise:2011		Evolution
Treasury	Good
Indebtedness	Important
Profitability	Average
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Excellent

Rating Explanation

Financial situation

• The company’s financial situation is normal.

• The company’s financial situation evolution has been positive.

• The sales evolution and results has been positive.

• The auditor’s opinion about the latest accounts has been favourable.

Company Structure

• The company’s capitalization degree determines that its structure is normal.

• The company’s size is  big depending on its sales volume.

• The employees evolution has been negative.

Performance and Incidences

• The available information indicates that the company does not have payment incidences.

• He have detected no recent legal actions or claims from the Administration against this company.

Accounts Filing

• The company files regularly its accounts.

Reasons of the last outstanding calculation in the note

DATE	CHANGE	RESULTING NOTE	EVENT
07/01/2012	Equal	15	• There has been a variation in the risk associated to the activity sector of the company.
05/01/2012	Increase	15	• New financial statements have been uploaded.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

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

12/11/2012 13:11:51

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

Balance-sheet analysis

Figures given in €

	31/01/2011 (12) BALANCE SHEET	% ASSETS	31/01/2010 (12) BALANCE SHEET	% ASSETS	31/01/2009 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	610.945,00	1,28	25.822,00	0,10	46.380,00	0,32
B) CURRENT ASSETS	46.942.464,00	98,72	26.572.465,00	99,90	14.448.622,00	99,68
LIABILITIES
A) NET WORTH	7.237.104,00	15,22	3.408.001,00	12,81	3.302.632,00	22,78
B) NON CURRENT LIABILITIES	283.620,00	0,60	132.241,00	0,50	144.004,00	0,99
C) CURRENT LIABILITIES	40.032.685,00	84,18	23.058.045,00	86,69	11.048.366,00	76,22

Profit and loss account analysis

Figures given in €

	31/01/2011 (12) BALANCE SHEET	% NET TURNOVER	31/01/2010 (12) BALANCE SHEET	% NET TURNOVER	31/01/2009 (12) BALANCE SHEET	% NET TURNOVER
SALES	100.904.600,00		9.126.331,00		38.563.835,00
GROSS MARGIN	18.744.289,00	18,58	1.659.750,00	18,19	2.191.519,00	5,68
EBITDA	6.269.996,00	6,21	15.515,00	0,17	673.175,00	1,75
EBIT	6.251.887,00	6,20	8.053,00	0,09	641.271,00	1,66
NET RESULT	4.647.616,00	4,61	105.369,00	1,15	328.989,00	0,85
EFFECTIVE TAX RATE (%)			-30,05	0,00	20,46	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2011)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	1,28	50,84	-49,55
A) CURRENT ASSETS	98,72	49,16	49,55
LIABILITIES
A) NET WORTH	15,22	55,14	-39,93
B) NON CURRENT LIABILITIES	0,60	16,58	-15,98
C) CURRENT LIABILITIES	84,18	28,28	55,91
	COMPANY (2011)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	99,96	97,48	2,49
GROSS MARGIN	18,57	40,19	-21,62
EBITDA	6,21	4,07	2,15
EBIT	6,19	-1,05	7,24
NET RESULT	4,60	-2,19	6,79

Sector Composition

Compared sector (NACE 2009): 132

Number of companies: 29

Size (sales figure): > 7,000,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2010

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	4.647.616,12	Legal Reserve	0,00
Carry over	0,00	Goodwill reserve	0,00
Voluntary reserves	0,00	Special reserves	0,00
Other reserves disposable at will	0,00	Voluntary reserves	4.647.616,12
Total of Amounts to be distributed	4.647.616,12	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	0,00
		Application total	4.647.616,12

Auditing

Source: filing of annual financial statement 2011

Auditors’ opinion: FAVOURABLE

Auditor: KPMG AUDITORES S.L.

Auditing fees: 28.896,00 €

Facts subsequent to the closing

Source: Annual financial report 2010

After the closure no relevant facts requiring their inclusion in the annual accounts have taken place.

company ADDRESSES

 Business address

Current Legal Seat Address: 

AVENIDA DEPUTACION (PG IND SABON EDF INDITEX), S/N

15142 ARTEIXO  LA CORUÑA

Characteristics of the current address

Type of establishment: office

Local Situation: secondary

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
AVENIDA DE TORDERA (CTRA LOCAL TORDERA PALAFOLLS), - KM 0.6	08490	TORDERA	Barcelona

There are 1 branches registered

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 4 members (latest change: 01/09/2010) Other Positions : 40 (latest change: 30/01/2012) Auditor : 2 (latest change: 06/11/2012) Operative Board Members : 1 (latest change: 03/01/2012) Non-current positions : 43 (latest change: 17/04/2012)		Men (100%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
PRESIDENT	RENON TUNEZ, RAMON	19/11/2008
MEMBER OF THE BOARD	FERNANDEZ FERNANDEZ, IGNACIO	22/06/2009
MEMBER OF THE BOARD	ALDAO CANOSA, GERVASIO	01/09/2010

Auditor

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
AUDITOR	KPMG AUDITORES SL	24/01/2011
AUDITOR	DELOITTE SL	06/11/2012

There are 46 board members, directors and auditors registered

Board members remuneration

       Source: Annual financial report 2010

       Board members remuneration: 0,00 €

Functional Managers

POSITION	NAME AND SURNAME
Manager	RENON TUNEZ, RAMON

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
INDUSTRIA DE DISEÑO TEXTIL SA	A15075062	100,00	OWN SOURCES	16/10/2012

There are 1 direct financial links through shareholders registered

Indirect Shareholders

Majority shareholder of INDUSTRIA DE DISEÑO TEXTIL SA

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
GARTLER SL	B70080601	50,01	MERCANTILE REGISTER	31/01/2012

Direct Participations

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
NIKOLE DISEÑO SL.	B70320213	100,00	B.O.R.M.E.	08/02/2012
LEFTIES LOGISTICA SA	A08478448	100,00	B.O.R.M.E.	14/07/2011

There are 2 direct financial links through participations registered

BUSINESS INFORMATION

Constitution

Incorporation date: 02/04/1982

Activity

Activity: Textile industry

NACE 2009 CODE: 1320

NACE 2009 Activity: Weaving of textiles

Business: -LA FABRICACION, COMERCIALIZACION EN CUALQUIERA DE SUS FASES, IMPORTACION, EXPORTACION Y VENTA AL MAYOR Y AL DETALLE DE TODA CLASE DE MATERIAS PRIMAS TEXTILES, HILADOS, TEJIDOS, TELAS Y PRODUCTOS ACABADOS DE VESTIR Y DEL

Employees

Latest employees figure: 16 (2012)

% of fixed employees: 100,00%

% of men: 37,29%

% of women: 62,71%

Employees evolution

Employees distribution

Source: Annual financial report 2010

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Distribution by sexes		22	37

COMMERCIAL OPERATIONS

SALES

National Distribution: 43%

Banks

No bank branches registered

Brands

Brand name: NIKOLE (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 01/04/2009

Brand name: NIKOLE, S.A. (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 16/04/2005

Brand name: NIK OLE (Valid)

Type: JOINT    Scope: NATIONAL    Date: 01/11/1989

Brand name: YOUTH SCENE (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 01/12/1988

Brand name: RISOTTO (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 16/10/1985

There are 7 brands, signs and commercial names

LEGAL STRUCTURE

Constitution Data

Register Date: 02/04/1982

Current structure data

Legal form: Sole Corporation

Share capital: 144.243,00 €

Paid-up capital: 144.243,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

B.O.R.M.E.

(OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

Summary

l   Acts on activity: 1 (Last: 14/01/2010)

l   Acts on administrators: 87 (Last: 16/11/2012, first: 04/10/1990)

l   Acts on capital: 0

l   Acts on creation: 0

l   Acts on filed accounts: 23 (Last: 13/12/2011, first: 11/10/1990)

l   Acts on identification: 1 (Last: 27/12/2000)

l Acts on Information: 5 (Last: 14/01/2010, first: 15/04/1992)

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

Most relevant acts of the last twelve months

	ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Annual Filed Accounts (2010)		13/12/2011	977673	La Coruña
	Filed Accounts date: November from 2011 Exercise to which the accounts belong: 2010 Filed Accounts type: Individual Filed accounts available online: DOWNLOAD (+1.0 unit)  PDFThis product is out of the fee for OPEN contracts65093582010TIFFThis product is out of the fee for OPEN contracts65093582010 Publication Data:  Register La Coruña, Gazette 234, Page  69706, Announcement 977673 (13/12/2011)

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Appointments	16/11/2012	469402	La Coruña
Resignations	26/04/2012	183718	La Coruña
Resignations	24/02/2012	91036	La Coruña
Appointments	10/02/2012	68533	La Coruña
Appointments	26/01/2012	38947	La Coruña
Re-elections	23/01/2012	30559	La Coruña
Appointments	20/01/2012	27930	La Coruña
Resignations	04/11/2011	437923	La Coruña
Appointments	18/07/2011	300046	La Coruña

There are 117 acts registered

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 1 (Last: 02/12/2009)

Structural Data: 0

Informative data: 0

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 1 (Last: 02/10/2000)

Latest press article published

02/12/2009 LA VOZ DE GALICIA - LEGAL ANNOUNCEMENTS

LA JUNTA GRAL. DE ESTA SDAD. CELEBRADA EL 23/11/09, ACORDO MODIFICAR EL OBJETO SOCIAL, QUE EN ADELANTE SERA: LA FABRICACION, COMERCIALIZACION, IMPORTACION, EXPORTACION Y VENTA AL MAYOR Y AL DETALLE DE TODA CLASE DE MATERIAS PRIMAS TEXTILES, HILADOS, TEJIDOS, TELAS; ELEMENTOS Y MATERIALES DE OBRA Y DECORACION; ALMACENAMIENTO, TRANSPORTE Y DISTRIBUCION DE TODA CLASE DE MATERIAS PRIMAS O ELABORADAS, PRODUCTOS, BIENES Y OBJETOS; PRESTACION DE TODO TIPO DE SERVICIOS LOGISTICOS, GESTION DE ALMACENES, REALIZACION DE INVENTARIOS; PRESTACION DE SERVICIOS DE COMERCIO EXTERIOR; SERVICIOS CORPORATIVOS; REDACCION Y EJECUCION DE ESTUDIOS Y PROYECTOS, ENTRE OTRAS ACTIVIDADES. 

02/10/2000 LA VOZ DE GALICIA - LEGAL ANNOUNCEMENTS

LA JUNTA GENERAL EXTRAORDINARIA DEL DIA 20-9-00 ACORDO TRASLADAR EL DOMICILIO SOCIAL A LA AVENIDA DE LA DIPUTACION, EDIFICIO INDITEX, ARTEIXO, A CORUÑA. 

There are 2 press articles registered for this company

Complementary Information

Financial Information

Por causas ajenas a nuestra voluntad el Depósito de cuentas del Registro Mercantil del ejercicio 2011, se ha recibido erróneamente

El balance cerrado a 31/01/2010 (Deposito 2009) esta disponible en INFORMA, pero existen datos en los nuevos estados contables incorrectamente presentados.

El balance cerrado a 31/01/2010 (Deposito 2011) esta disponible en INFORMA, pero existen datos en los nuevos estados contables incorrectamente presentados.

Por causas ajenas a nuestra voluntad el Depósito de cuentas del ejercicio 2009 , se ha recibido erróneamente.

Por causas ajenas a nuestra voluntad el Depósito de cuentas del ejercicio 2007 se ha recibido erróneamente.

FINANCIAL INFORMATION

The information on the last Individual Filed Accounts contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 30/12/2011.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/01/2011 (12)	% ASSETS	31/01/2010 (12)	% ASSETS	31/01/2009 (12)	% ASSETS
A) NON CURRENT ASSETS	610.945,00	1,28	25.822,00	0,10	46.380,00	0,32
I. Intangible assets	630,00	0,00
3. Patents, licences , trademarks and similars	630,00	0,00
II. Tangible fixed assets	154.025,00	0,32	25.463,00	0,10	40.792,00	0,28
2. Technical fittings and other tangible assets	130.882,00	0,28	25.463,00	0,10	40.792,00	0,28
3. Fixed assets in progress and advances	23.143,00	0,05
III. Real-estate investments
IV. Long term investments in associated and affiliated companies	97.292,00	0,20			5.588,00	0,04
1. Net worth instruments	97.292,00	0,20
5. Other financial assets					5.588,00	0,04
V. Long Term Financial Investments	8.207,00	0,02	359,00	0,00
5. Other financial assets	8.207,00	0,02	359,00	0,00
VI. Assets by deferred taxes	350.791,00	0,74
VII. Non current commercial debts
B) CURRENT ASSETS	46.942.464,00	98,72	26.572.465,00	99,90	14.448.622,00	99,68
I. Non-current assets maintained for sale
II. Stocks	16.852.637,00	35,44	12.528.889,00	47,10	2.009.687,00	13,86
1. Goods available for sale	16.852.637,00	35,44	12.528.889,00	47,10
2. Raw material inventory					423.066,00	2,92
3. Work in Progress					1.449.460,00	10,00
b) Short production cycle					1.449.460,00	10,00
4. Finished goods					137.161,00	0,95
b) Short production cycle					137.161,00	0,95
III. Trade Debtors and other receivable accounts	30.041.503,00	63,17	11.688.104,00	43,94	12.433.584,00	85,78
1. Clients	71.733,00	0,15			100,00	0,00
b) Clients for sales and short term services rendering	71.733,00	0,15			100,00	0,00
2. Clients group and associated companies	27.039.405,00	56,86	10.450.388,00	39,29	10.305.312,00	71,10
3. Other debts	831.300,00	1,75	216,00	0,00
4. Staff	3.638,00	0,01			1.400,00	0,01
6. Other credits with the Public Administrations	2.095.427,00	4,41	1.237.500,00	4,65	2.126.772,00	14,67
IV. Short term investments in associated and affiliated companies	1.197,00	0,00	2.350.876,00	8,84
2. Credits to companies	1.197,00	0,00	2.350.876,00	8,84
V. Short term financial investments
VI. Short term periodifications
VII. Cash and equivalents	47.127,00	0,10	4.596,00	0,02	5.351,00	0,04
1. Treasury	47.127,00	0,10	4.596,00	0,02	5.351,00	0,04
TOTAL ASSETS (A + B)	47.553.409,00	100,00	26.598.287,00	100,00	14.495.002,00	100,00

Net Worth and Liabilities

Figures given in €

	31/01/2011 (12)	% ASSETS	31/01/2010 (12)	% ASSETS	31/01/2009 (12)	% ASSETS
A) NET WORTH	7.237.104,00	15,22	3.408.001,00	12,81	3.302.632,00	22,78
A-1) Equity	8.055.617,00	16,94	3.408.001,00	12,81	3.302.632,00	22,78
I. Capital	144.243,00	0,30	144.243,00	0,54	144.243,00	1,00
1. Authorized capital	144.243,00	0,30	144.243,00	0,54	144.243,00	1,00
II. Issue premium
III. Reserves	3.074.250,00	6,46	2.968.881,00	11,16	2.639.892,00	18,21
1. Legal and statutory	28.848,00	0,06	28.848,00	0,11	28.848,00	0,20
2. Other funds	3.045.402,00	6,40	2.940.033,00	11,05	2.611.044,00	18,01
IV. (Net worth own shares and participations)
V. Results from previous years					189.508,00	1,31
1. Carry over					189.508,00	1,31
VI. Other loans from partners	189.508,00	0,40	189.508,00	0,71
VII. Exercise Result	4.647.616,00	9,77	105.369,00	0,40	328.989,00	2,27
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments	-818.513,00	-1,72
I. Financial assets available for sale
II. Coverage operations	-818.513,00	-1,72
III. Non-current assets and related liabilities, maintained for sale
IV. Conversion differences
V. Other
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES	283.620,00	0,60	132.241,00	0,50	144.004,00	0,99
I. Long term provisions	163.141,00	0,34
4. Other provisions	163.141,00	0,34
II. Long term debts
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes	120.479,00	0,25	132.241,00	0,50	144.004,00	0,99
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	40.032.685,00	84,18	23.058.045,00	86,69	11.048.366,00	76,22
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	7.135,00	0,02	38.223,00	0,14	200,00	0,00
2. Debts with bank entities	7.135,00	0,02
5. Other financial liabilities			38.223,00	0,14	200,00	0,00
IV. Short term debts with associated and affiliated companies	11.493.533,00	24,17	97.752,00	0,37	3.663.953,00	25,28
V. Trade creditors and other payable accounts	28.532.017,00	60,00	22.922.070,00	86,18	7.384.213,00	50,94
1. Suppliers	6.125.034,00	12,88	5.487.388,00	20,63	228.151,00	1,57
b) Short term suppliers	6.125.034,00	12,88	5.487.388,00	20,63	228.151,00	1,57
2. Suppliers group and associated companies	18.555.693,00	39,02	15.343.715,00	57,69	6.347.807,00	43,79
3. Different creditors	1.386.302,00	2,92	725.596,00	2,73	426.614,00	2,94
4. Staff (pending remunerations)	111.574,00	0,23	255.183,00	0,96	104.256,00	0,72
6. Other debts with Public Administrations	2.184.827,00	4,59	1.110.188,00	4,17	277.385,00	1,91
7. Clients pre-payments	168.587,00	0,35
VI. Short term periodifications
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	47.553.409,00	100,00	26.598.287,00	100,00	14.495.002,00	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/01/2011 (12)	%OPERATING INCOME	31/01/2010 (12)	%OPERATING INCOME	31/01/2009 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	100.904.600,00	99,96	9.126.331,00	99,91	38.563.835,00	99,96
A) Sales	100.904.600,00	99,96	9.126.331,00	99,91	38.563.835,00	99,96
2. Variation in stocks of finished goods and work in progress					181.552,00	0,47
3. Works for its own assets
4. Supplies	-82.196.465,00	-81,43	-7.475.091,00	-81,83	-36.567.948,00	-94,79
a) Material consumed	-81.675.309,00	-80,91	-6.600.749,00	-72,26
b) Raw materials consumed	-28.249,00	-0,03	3.237,00	0,04	-22.914.442,00	-59,40
c) Works carried out for other companies	-492.907,00	-0,49	-877.579,00	-9,61	-13.653.506,00	-35,39
5. Other operating income	36.154,00	0,04	8.510,00	0,09	14.080,00	0,04
a) Other incomes	34.151,00	0,03	8.510,00	0,09	13.763,00	0,04
b) Operating grants included in the exercise result	2.003,00	0,00			317,00	0,00
6. Labour cost	-3.631.716,00	-3,60	-674.910,00	-7,39	-1.292.403,00	-3,35
a) Wages and similar expenses	-3.057.124,00	-3,03	-606.483,00	-6,64	-1.043.862,00	-2,71
b) Social costs	-574.592,00	-0,57	-68.427,00	-0,75	-248.541,00	-0,64
7. Other operating costs	-8.837.577,00	-8,76	-969.325,00	-10,61	-246.369,00	-0,64
a) External services	-8.820.475,00	-8,74	-955.011,00	-10,45	-235.207,00	-0,61
b) Taxes	-16.874,00	-0,02	-11.212,00	-0,12	-11.162,00	-0,03
d) Other day to day expenses	-228,00	0,00	-3.102,00	-0,03
8. Amortization of fixed assets	-18.109,00	-0,02	-7.462,00	-0,08	-31.904,00	-0,08
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	-5.000,00	0,00			20.428,00	0,05
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	6.251.887,00	6,19	8.053,00	0,09	641.271,00	1,66
14. Financial income			5.371,00	0,06
b) From negotiable values and other financial instruments			5.371,00	0,06
b 1) From group and associated companies			5.371,00	0,06
15. Financial expenses	-70.075,00	-0,07	-2.761,00	-0,03	-227.640,00	-0,59
a) For debts with associated and affiliated companies	-68.744,00	-0,07	-2.761,00	-0,03	-227.640,00	-0,59
b) For debts with third parties	-1.331,00	0,00
16. Reasonable value variation on financial instruments
17. Exchange differences	461.758,00	0,46	-317.812,00	-3,48
18. Deterioration and result for disposal of financial instruments
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	391.683,00	0,39	-315.202,00	-3,45	-227.640,00	-0,59
A.3) RESULT BEFORE TAXES (A.1 + A.2)	6.643.570,00	6,58	-307.149,00	-3,36	413.631,00	1,07
20. Taxes on profits			92.313,00	1,01	-84.642,00	-0,22
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	6.643.570,00	6,58	-214.836,00	-2,35	328.989,00	0,85
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations	-1.995.954,00	-1,98	320.205,00	3,51
A.5) EXERCISE RESULT (A.4 + 21)	4.647.616,00	4,60	105.369,00	1,15	328.989,00	0,85

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/3)	31/01/2011 (12)	31/01/2010 (12)	31/01/2009 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	4.647.616,00	105.369,00	328.989,00
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments
II. Cash flow coverage	-1.169.304,00
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	350.791,00
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)	-818.513,00
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)	3.829.103,00	105.369,00	328.989,00

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /3)	AUTHORIZED CAPITAL	RESERVES	RESULTS FROM PREVIOUS YEARS	OTHER LOANS FROM PARTNERS
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	144.243,00	2.380.585,00
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)	144.243,00	2.380.585,00
I. Total recognized income and expenses
II. Operations with partners or owners			189.508,00
5. Operations with own participations or shares (net)			189.508,00
III. Other net worth variations		259.307,00
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	144.243,00	2.639.892,00		189.508,00
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	144.243,00	2.639.892,00		189.508,00
I. Total recognized income and expenses
II. Operations with partners or owners		328.989,00	-328.989,00
7. Other operations with partners or owners		328.989,00	-328.989,00
III. Other net worth variations			328.989,00
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	144.243,00	2.968.881,00		189.508,00
I. Adjustments by change of criteria in the exercise (2010)
II. Adjustments by errors in the exercise (2010)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)	144.243,00	2.968.881,00		189.508,00
I. Total recognized income and expenses
II. Operations with partners or owners
III. Other net worth variations		105.369,00
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	144.243,00	3.074.250,00		189.508,00
NET WORTH CHANGES ( 3 /3)	EXERCISE RESULT	VALUE CHANGES ADJUSTMENT	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	259.307,00		2.784.135,00
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)	259.307,00		2.784.135,00
I. Total recognized income and expenses	328.989,00		328.989,00
II. Operations with partners or owners			189.508,00
5. Operations with own participations or shares (net)			189.508,00
III. Other net worth variations	-259.307,00
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	328.989,00		3.302.632,00
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	328.989,00		3.302.632,00
I. Total recognized income and expenses	105.369,00		105.369,00
II. Operations with partners or owners
7. Other operations with partners or owners
III. Other net worth variations	-328.989,00
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	105.369,00		3.408.001,00
I. Adjustments by change of criteria in the exercise (2010)
II. Adjustments by errors in the exercise (2010)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)	105.369,00		3.408.001,00
I. Total recognized income and expenses	4.647.616,00	-818.513,00	3.829.103,00
II. Operations with partners or owners
III. Other net worth variations	-105.369,00
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	4.647.616,00	-818.513,00	7.237.104,00

CASH FLOW STATUS

Figures given in €

	31/01/2011 (12)	31/01/2010 (12)	31/01/2009 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	6.643.570,00	150.623,00	413.631,00
2. Results adjustments	1.093.911,00	366.502,00	317.566,00
a) Amortization of fixed assets (+)	18.109,00	15.318,00	31.904,00
c) Change of Provisions (+/-)	161.810,00
e) Results for decline and disposal of fixed assets (+/-)		20.828,00
g) Financial income (-)		-5.371,00
f) Financial expenses (+)	70.075,00	40.135,00	227.644,00
i) Change difference (+/-)	843.917,00	295.592,00
k) Other income and expenses (-/+)			58.018,00
3. Changes in current capital	-19.088.269,00	5.485.598,00	-47.271,00
a) Stocks (+/-)	-4.323.748,00	-10.519.202,00	-89.609,00
b) Debtors and other receivable accounts (+/-)	-18.353.399,00	745.480,00	2.410.705,00
c) Other current assets (+/-)			197,00
d) Creditors and other payable accounts (+/-)	3.596.726,00	15.242.265,00	-2.368.564,00
e) Other current liabilities (+/-)		11.826,00
f) Other non-current assets and liabilities (+/-)	-7.848,00	5.229,00
4. Other cash flow coming from operating activities	-57.017,00	-324.045,00	-297.919,00
a) Interests payments (-)		-227.640,00	-99.439,00
d) Collections (payments) for profit tax (+/-)	-57.017,00	-96.405,00	-198.480,00
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	-11.407.805,00	5.678.678,00	386.007,00
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-274.684,00	-2.345.505,00
a) Group and associated companies	-97.292,00	-2.345.505,00
b) Intangible assets	-700,00
c) Tangible assets	-176.692,00
7. Disinvestment collections (+)	2.349.679,00	5.380,00
a) Group and associated companies	2.349.679,00
c) Tangible assets		5.380,00
8. Cash Flow in investment activities (6 + 7)	2.074.995,00	-2.340.125,00
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments
10. Financial liabilities instruments collections and payments	9.375.341,00	-3.339.308,00	-386.007,00
a) Issue	9.376.338,00		100,00
1. Debentures and other negotiable values (+)	9.376.338,00
5. Other debts (+)			100,00
b) Return and amortization of	-997,00	-3.339.308,00	-386.107,00
2. Debts with bank entities (-)	-997,00
3. Debts with group and associated companies (-)		-3.339.308,00	-386.107,00
11. Payments for dividends and remunerations of other net worth instruments
12. Cash Flow in financing activities (9 + 10 + 11)	9.375.341,00	-3.339.308,00	-386.007,00
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	42.531,00	-755,00
Cash or equivalents at the beginning of the exercise	4.596,00	5.351,00	5.351,00
Cash or equivalents at the end of the exercise	47.127,00	4.596,00	5.351,00

RATIOS

	31/01/2011 (12)	CHANGE %	31/01/2010 (12)	CHANGE %	31/01/2009 (12)
BALANCE RATIOS
Working Capital (€)	6.909.779,00	96,61	3.514.420,00	3,36	3.400.256,00
Working capital ratio	0,14	7,69	0,13	-45,83	0,24
Soundness Ratio	13,19	-90,01	131,98	85,34	71,21
Average Collection Period (days)	107	-76,74	461	297,83	116
Average Payment Period (days)	158	-83,86	981	808,67	108
LIQUIDITY RATIOS
Current Ratio (%)	117,26	1,75	115,24	-11,88	130,78
Quick Ratio (%)	0,12	500,00	0,02	-60,00	0,05
DEBT RATIOS
Borrowing percentage (%)	24,18	4.643,14	0,51	-97,98	25,28
External Financing Average Cost	0,01	-50,00	0,02	-66,67	0,06
Debt Service Coverage	-1,01	-5.150,00	0,02	-99,79	9,49
Interest Coverage	89,22	2.955,48	2,92	3,55	2,82
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-11,31	-118,18	62,22	6.122,00	1,00
Auto financing generated by Assets (%)	-23,99	-212,37	21,35	702,63	2,66
Breakdown Point	1,07	7,00	1,00	-1,96	1,02
Average Sales Volume per Employee	2.242.324,44	293,12	570.395,69
Average Cost per Employee	80.704,80	91,33	42.181,88
Assets Turnover	2,12	523,53	0,34	-87,22	2,66
Inventory Turnover (days)	74	-87,77	603	2.947,27	20
RESULTS RATIOS
Return on Assets (ROA) (%)	13,15	43.733,33	0,03	-99,32	4,42
Operating Profitability (%)	13,18	21.883,33	0,06	-98,71	4,64
Return on Equity (ROE) (%)	82,47	1.015,32	-9,01	-171,96	12,52

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2011)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	1,28	50,84	-49,55
A) CURRENT ASSETS	98,72	49,16	49,55
LIABILITIES
A) NET WORTH	15,22	55,14	-39,93
B) NON CURRENT LIABILITIES	0,60	16,58	-15,98
C) CURRENT LIABILITIES	84,18	28,28	55,91

Results Analytical Account

Figures given in  %

	COMPANY (2011)	SECTOR	DIFFERENCE
Net Turnover	99,96	97,48	2,48
Other operating income	0,04	2,52	-2,48
OPERATING INCOME	100,00	100,00	0,00
Supplies	-81,43	-58,67	-22,76
Variation in stocks of finished goods and work in progress		-1,14
GROSS MARGIN	18,57	40,19	-21,62
Other operating costs	-8,76	-19,36	10,60
Labour cost	-3,60	-17,12	13,52
GROSS OPERATING RESULT	6,22	3,71	2,51
Amortization of fixed assets	-0,02	-4,75	4,73
Deterioration and result for fixed assets disposal		-0,06
Other expenses / income		0,04
NET OPERATING RESULT	6,19	-1,05	7,24
Financial result	0,39	-1,91	2,30
RESULT BEFORE TAX	6,58	-2,96	9,54
Taxes on profits		0,77
RESULT COMING FROM CONTINUED OPERATIONS	6,58	-2,19	8,77
Exercise result coming from discontinued operations net of taxes	-1,98	0,00	-1,98
NET RESULT	4,60	-2,19	6,79
Amortization of fixed assets	-0,02	-4,75	4,73
Deterioration and provisions variation	-0,02	-0,37	0,35
	4,64	2,93	1,71

Main Ratios

Figures given in €

	COMPANY (2011)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	6.909.779,00	2.467.681,46	4.459.030,13	6.925.376,17
Working capital ratio	0,14	0,18	0,28	0,46
Soundness Ratio	13,19	0,94	1,72	3,38
Average Collection Period (days)	107	90	117	128
Average Payment Period (days)	158	79	111	133
LIQUIDITY RATIOS
Current Ratio (%)	117,26	152,63	170,59	221,25
Quick Ratio (%)	0,12	6,88	13,00	35,17
DEBT RATIOS
Borrowing percentage (%)	24,18	10,72	25,76	37,68
External Financing Average Cost	0,01	0,04	0,05	0,08
Debt Service Coverage	-1,01	1,00	3,34	8,32
Interest Coverage	89,22	0,60	1,07	2,59
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-11,31	1,08	3,35	7,72
Auto financing generated by Assets (%)	-23,99	1,06	3,87	7,08
Breakdown Point	1,07	1,00	1,02	1,04
Average Sales Volume per Employee	2.242.324,44	131.392,39	174.804,22	260.694,71
Average Cost per Employee	80.704,80	26.603,60	28.720,19	31.923,81
Assets Turnover	2,12	0,68	0,93	1,22
Inventory Turnover (days)	74	91	144	256
RESULTS RATIOS
Return on Assets (ROA) (%)	13,15	0,54	1,55	3,82
Operating Profitability (%)	13,18	2,07	5,95	8,70
Return on Equity (ROE) (%)	82,47	-0,82	1,61	4,86

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.91
UK Pound	1	Rs.87.38
Euro	1	Rs.70.24

INFORMATION DETAILS

Report Prepared by :

MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.