MIRA INFORM REPORT

Report Date :

04.10.2012

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) :	31.12.2010
Date of Incorporation :	20.10.2004
Legal Form :	Limited Liability Company
Line of Business :	Mfg. of paints, varnishes & similar coatings
No. of Employees :	21

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

Identification

Current Business Name: QMC TECNOLOGIA QUIMICA SL

Commercial name: QMC

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: 48.000,00 €

Incidents:  NO

R.A.I.:  NO

Financial Information

Latest sales known (2011):  300.000,00  €  (Estimated)

Balance sheet latest sales (2010):  2.799.062,17 € (Mercantile Register)

Result: 15.764,49 €

Total Assets: 4.851.316,83 €

Share capital:  1.066.010,00 €

Employees:  21

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:  Imports and Exports

Corporate Structure

Sole Administrator:

CORTES FIBLA, RAUL

Parent Company:

COMERCIAL DE PRODUCTOS QUIMICOS SA

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2010

Latest act published in BORME:  12/09/2011 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 

The information contained in this report has been investigated and contrasted on 

Rating Informa 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.

Company Structure

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

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

• The employees evolution has been positive.

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.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

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

27/09/2012 12:09:34

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 €

	31/12/2010 (12) BALANCE SHEET	% ASSETS	31/12/2009 (12) BALANCE SHEET	% ASSETS	31/12/2008 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	2.824.797,97	58,23	2.722.882,82	60,12	2.790.566,55	61,18
B) CURRENT ASSETS	2.026.518,86	41,77	1.806.513,13	39,88	1.770.519,26	38,82
LIABILITIES
A) NET WORTH	805.323,93	16,60	789.559,45	17,43	867.148,50	19,01
B) NON CURRENT LIABILITIES	2.234.738,50	46,06	2.676.892,97	59,10	2.326.544,85	51,01
C) CURRENT LIABILITIES	1.811.254,40	37,34	1.062.943,53	23,47	1.367.392,46	29,98

Profit and loss account analysis

Figures given in €

	2011 ESTIMATED	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER	31/12/2009 (12) BALANCE SHEET	% NET TURNOVER
SALES	300.000,00	2.799.062,17		2.376.198,29
GROSS MARGIN		1.107.361,28	39,56	914.673,29	38,49
EBITDA		216.917,96	7,75	108.482,84	4,57
EBIT		137.971,69	4,93	32.640,74	1,37
NET RESULT		15.764,49	0,56	-75.904,07	-3,19
EFFECTIVE TAX RATE (%)		-253,63	-0,01	-31,25	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	58,23	37,02	21,21
A) CURRENT ASSETS	41,77	62,98	-21,21
LIABILITIES
A) NET WORTH	16,60	49,50	-32,90
B) NON CURRENT LIABILITIES	46,06	13,91	32,15
C) CURRENT LIABILITIES	37,34	36,59	0,74
	COMPANY (2010)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	92,94	98,88	-5,94
GROSS MARGIN	36,77	44,70	-7,93
EBITDA	7,20	6,43	0,77
EBIT	4,58	3,00	1,58
NET RESULT	0,52	1,57	-1,05

Sector Composition

Compared sector (NACE 2009): 203

Number of companies: 54

Size (sales figure): 2,800,000.00 - 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	15.764,51	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	0,00
Total of Amounts to be distributed	15.764,51	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	15.764,51
		Application total	15.764,51

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 : 5 (latest change: 07/05/2012)

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
Exports Director	CORTES FIBLA, FRNCISCO
Imports Director	CORTES FIBLA, RAUL

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
COMERCIAL DE PRODUCTOS QUIMICOS SA	A46003851	85,00	OWN SOURCES	02/10/2012
CORTES FIBLA ENRIQUE		Indef.	OWN SOURCES	07/05/2012

There are 2 direct financial links through shareholders registered

Indirect Shareholders

Majority shareholder of COMERCIAL DE PRODUCTOS QUIMICOS SA

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
FIBLA AVILA MARIA DEL CARMEN		99,00	MERCANTILE REGISTER	31/12/2010

POTENTIAL LINKS

Search for Link by Administrator

Search Criterion: ”RAUL CORTES FIBLA”

COMPANY	POSITION	PROVINCE
QMC TECNOLOGIA QUIMICA SL	Administrador Único	VALENCIA

In case you need more information you can request:Board Members Monitoring

Name Search in the Internet

Search Criterion: ”QMC TECNOLOGIA QUIMICA SL”

URL: www.aidico.es

QMC TECNOLOGIA QUIMICA S.L. - AIDICO - Instituto Tecnológico ...  Nombre: QMC TECNOLOGIA QUIMICA S.L.; CIF / NIF: B97514350; Dirección: POL. IND.LA POBLA-LA ELIANA C/ AUSIAS MARCH, PARCELA 13A APDO.228 ...

URL: www.revistapiedranatural.com

Empresas españolas participantes en Marmomacc 2011 •PIEDRA NATURAL RUBIO, S.L.. •PIEDRA PALOMA, S.L.. •PINACAS, S.L.. •QMC TECNOLOGÍA QUÍMICA, S.L.. •RAMILO. •SOCIEDAD ADMINISTRADORA DE ...

URL: www.linkedin.com

Toño Garcia profiles | LinkedIn  Tono García Picó - QMC. Title: Director Comercial en QMC Tecnología Química, S.L.; Demographic info: Valencia Area, Spain | Chemicals. Current: Director ...

BUSINESS INFORMATION

Constitution

Incorporation date: 20/10/2004

Origin / Establishment

Establishment date: 01/01/2004

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

Activity

Informa Code: 1253300

Informa 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: 21 (2012)

% of fixed employees: 94,12%

% of temporary employees: 5,88%

COMMERCIAL OPERATIONS

PURCHASES

Imports from: UE

SALES

Exports to: BRASIL,GRECIA, MEXICO, PAISES ARABES, INDIA, OMAR

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
COMERCIAL DE PRODUCTOS QUIMICOS	NO
QUIMIDROGA	NO
HASSAN	NO

There are 3 Suppliers

CLIENTS

BUSINESS NAME	INTERNATIONAL
COSENTINO	NO
QUIMICAS NOVELDA	NO

There are 2 Clients

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.	0500	PL. AYUNTAMIENTO, 9	VALENCIA	Valencia
BANCO DE VALENCIA, S.A.	0376	POETA LLORENTE, 12 IZQ. A	LA POBLA DE VALLBONA	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 (2010)
Debt type: Discount facilities	Granted limit:775.000,00 € Used limit:499.377,01 € Available limit:275.622,99 € Source: Filed Accounts (2010)
Entity:BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Debt type: Loans with no real security	Granted amount:376.485,30 € Source: Filed Accounts (2010)
Entity:BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Debt type: Mortgage loan	Granted amount:1.075.463,77 € Source: Filed Accounts (2010)
Entity:BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Debt type: Mortgage loan	Granted amount:341.750,11 € Source: Filed Accounts (2010)

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 8 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)

Share capital: 3.010 €

Current structure data

Legal form: Limited Liability Company

Share capital: 1.066.010,00 €

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

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: 7 (Last: 12/09/2011, 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.	MERCANTILE REGISTER
Annual Filed Accounts (2010)	12/09/2011	496493	Valencia
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
Appointments	09/06/2008	287444	Valencia
Appointments	03/03/2008	120391	Valencia
Resignations	03/03/2008	120391	Valencia
Annual Filed Accounts (2006)	09/10/2007	785878	Valencia
Capital enlargement (IA)	12/04/2007	210225	Valencia
Annual Filed Accounts (2005)	24/11/2006	934406	Valencia

There are 17 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 Individual Filed Accounts contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 22/09/2011.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS
A) NON CURRENT ASSETS	2.824.797,97	58,23	2.722.882,82	60,12	2.790.566,55	61,18
I. Intangible assets	182.148,00	3,75	1.611,00	0,04	1.611,00	0,04
II. Tangible fixed assets	2.555.545,70	52,68	2.632.060,90	58,11	2.703.136,00	59,27
III. Real-estate investments
IV. Long term investments in associated and affiliated companies
V. Long Term Financial Investments
VI. Assets by deferred taxes	87.104,27	1,80	89.210,92	1,97	85.819,55	1,88
VII. Non current commercial debts
B) CURRENT ASSETS	2.026.518,86	41,77	1.806.513,13	39,88	1.770.519,26	38,82
I. Non-current assets maintained for sale
II. Stocks	377.495,69	7,78	348.855,62	7,70	356.050,32	7,81
III. Trade Debtors and other receivable accounts	1.570.042,35	32,36	1.352.096,55	29,85	1.375.298,00	30,15
1. Clients	1.569.426,80	32,35	1.266.604,13	27,96	1.363.537,10	29,90
b) Clients for sales and short term services rendering	1.569.426,80	32,35	1.266.604,13	27,96	1.363.537,10	29,90
3. Other debtors	615,55	0,01	85.492,42	1,89	11.760,90	0,26
IV. Short term investments in associated and affiliated companies	27.329,04	0,56	27.329,05	0,60
V. Short term financial investments	30.241,23	0,62	16.491,23	0,36	16.491,23	0,36
VI. Short term periodifications	7.524,68	0,16	6.887,67	0,15
VII. Cash and equivalents	13.885,87	0,29	54.853,01	1,21	22.679,71	0,50
TOTAL ASSETS (A + B)	4.851.316,83	100,00	4.529.395,95	100,00	4.561.085,81	100,00

Net Worth and Liabilities

Figures given in €

	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS
A) NET WORTH	805.323,93	16,60	789.559,45	17,43	867.148,50	19,01
A-1) Equity	805.323,93	16,60	789.559,45	17,43	867.148,50	19,01
I. Capital	1.066.010,00	21,97	1.066.010,00	23,54	1.066.010,00	23,37
1. Authorized capital	1.066.010,00	21,97	1.066.010,00	23,54	1.066.010,00	23,37
II. Issue premium
III. Reserves	8,00	0,00	8,00	0,00	1.692,99	0,04
IV. (Net worth own shares and participations)
V. Results from previous years	-276.458,56	-5,70	-200.554,48	-4,43	-178.846,05	-3,92
VI. Other loans from partners
VII. Exercise Result	15.764,49	0,32	-75.904,07	-1,68	-21.708,44	-0,48
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES	2.234.738,50	46,06	2.676.892,97	59,10	2.326.544,85	51,01
I. Long term provisions
II. Long term debts	1.797.906,23	37,06	2.240.060,70	49,46	1.888.301,18	41,40
1. Debts with bank entities	1.703.721,98	35,12	1.969.978,23	43,49	1.888.301,18	41,40
3. Other long term debts	94.184,25	1,94	270.082,47	5,96
III. Long term debts with associated and affiliated companies	436.832,27	9,00	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	1.811.254,40	37,34	1.062.943,53	23,47	1.367.392,46	29,98
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	810.627,19	16,71	308.471,11	6,81	720.309,37	15,79
1. Debts with bank entities	810.627,19	16,71	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	1.000.627,21	20,63	754.472,42	16,66	647.083,09	14,19
1. Suppliers	834.966,85	17,21	654.199,60	14,44	537.793,21	11,79
b) Short term suppliers	834.966,85	17,21	654.199,60	14,44	537.793,21	11,79
2. Other creditors	165.660,36	3,41	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)	4.851.316,83	100,00	4.529.395,95	100,00	4.561.085,81	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2010 (12)	%OPERATING INCOME	31/12/2009 (12)	%OPERATING INCOME	31/12/2008 (12)	%OPERATING INCOME
1. Net Turnover	2.799.062,17	92,94	2.376.198,29	98,03	4.057.074,67	98,95
2. Variation in stocks of finished goods and work in progress	-1.958,26	-0,07	6.666,71	0,28	57.310,34	1,40
3. Works for its own assets	180.537,00	5,99
4. Supplies	-1.902.339,23	-63,17	-1.515.946,13	-62,54	-2.914.767,01	-71,09
5. Other operating income	32.059,60	1,06	47.754,42	1,97	43.148,40	1,05
6. Labour cost	-471.813,46	-15,67	-427.346,23	-17,63	-562.402,87	-13,72
7. Other operating costs	-446.082,58	-14,81	-390.843,10	-16,12	-471.375,85	-11,50
8. Amortization of fixed assets	-78.946,27	-2,62	-75.842,10	-3,13	-70.321,66	-1,72
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	27.452,72	0,91	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)	137.971,69	4,58	32.640,74	1,35	143.517,59	3,50
14. Financial income	817,59	0,03	1.851,20	0,08	6.333,12	0,15
b) Other financial income	817,59	0,03	1.851,20	0,08	6.333,12	0,15
15. Financial expenses	-134.340,07	-4,46	-144.612,98	-5,97	-180.862,76	-4,41
16. Reasonable value variation on financial instruments	8,69	0,00	-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)	-133.513,79	-4,43	-143.046,17	-5,90	-174.529,64	-4,26
C) RESULT BEFORE TAXES (A + B)	4.457,90	0,15	-110.405,43	-4,55	-31.012,05	-0,76
20. Taxes on profits	11.306,59	0,38	34.501,36	1,42	9.303,61	0,23
D) EXERCISE RESULT (C + 20)	15.764,49	0,52	-75.904,07	-3,13	-21.708,44	-0,53

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/3)	31/12/2010 (12)	31/12/2009 (12)	31/12/2008 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	15.764,49	-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)	15.764,49	-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)
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)	1.066.010,00	8,00	-200.554,49	-75.904,07
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)	1.066.010,00	8,00	-200.554,49	-75.904,07
I. Total recognized income and expenses				15.764,49
II. Operations with partners or owners
III. Other net worth variations			-75.904,07	75.904,07
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	1.066.010,00	8,00	-276.458,56	15.764,49
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)
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)	789.559,44
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)	789.559,44
I. Total recognized income and expenses	15.764,49
II. Operations with partners or owners
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	805.323,93

RATIOS

	31/12/2010 (12)	CHANGE %	31/12/2009 (12)	CHANGE %	31/12/2008 (12)
BALANCE RATIOS
Working Capital (€)	215.264,46	-71,05	743.569,60	84,45	403.126,80
Working capital ratio	0,04	-75,00	0,16	77,78	0,09
Soundness Ratio	0,28	-3,45	0,29	-6,45	0,31
Average Collection Period (days)	202	-1,41	205	67,85	122
Average Payment Period (days)	153	7,58	143	107,33	69
LIQUIDITY RATIOS
Current Ratio (%)	111,88	-34,16	169,95	31,26	129,48
Quick Ratio (%)	2,44	-63,64	6,71	133,80	2,86
DEBT RATIOS
Borrowing percentage (%)	62,77	-4,76	65,91	-1,29	66,77
External Financing Average Cost	0,04	-20,00	0,05	-16,67	0,06
Debt Service Coverage	32,15	100,07	-48.174,34	-76.994,40	62,65
Interest Coverage	1,03	347,83	0,23	-70,89	0,79
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	3,38		0,00	-100,00	1,20
Auto financing generated by Assets (%)	1,95		0,00	-100,00	1,07
Breakdown Point	1,05	3,96	1,01	-2,88	1,04
Average Sales Volume per Employee	164.650,72	17,80	139.776,37	-31,09	202.853,73
Average Cost per Employee	27.753,73	10,41	25.138,01	-10,60	28.120,14
Assets Turnover	0,58	9,43	0,52	-40,45	0,89
Inventory Turnover (days)	71	-13,91	83	88,52	44
RESULTS RATIOS
Return on Assets (ROA) (%)	2,84	294,44	0,72	-77,14	3,15
Operating Profitability (%)	4,47	86,25	2,40	-48,83	4,69
Return on Equity (ROE) (%)	0,55	103,93	-13,98	-290,50	-3,58

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	58,23	37,02	21,21
A) CURRENT ASSETS	41,77	62,98	-21,21
LIABILITIES
A) NET WORTH	16,60	49,50	-32,90
B) NON CURRENT LIABILITIES	46,06	13,91	32,15
C) CURRENT LIABILITIES	37,34	36,59	0,74

Results Analytical Account

Figures given in  %

	COMPANY (2010)	SECTOR	DIFFERENCE
Net Turnover	92,94	98,88	-5,94
Other operating income	7,06	1,12	5,94
OPERATING INCOME	100,00	100,00	0,00
Supplies	-63,17	-55,06	-8,12
Variation in stocks of finished goods and work in progress	-0,07	-0,25	0,18
GROSS MARGIN	36,77	44,70	-7,93
Other operating costs	-14,81	-16,96	2,15
Labour cost	-15,67	-21,95	6,28
GROSS OPERATING RESULT	6,29	5,79	0,50
Amortization of fixed assets	-2,62	-3,37	0,75
Deterioration and result for fixed assets disposal		0,33
Other expenses / income		0,25
NET OPERATING RESULT	4,58	3,00	1,58
Financial result	-4,43	-1,11	-3,32
RESULT BEFORE TAX	0,15	1,89	-1,74
Taxes on profits	0,38	-0,32	0,70
RESULT COMING FROM CONTINUED OPERATIONS	0,52	1,57	-1,05
Exercise result coming from discontinued operations net of taxes		0,00
NET RESULT	0,52	1,57	-1,05
Amortization of fixed assets	-2,62	-3,37	0,75
Deterioration and provisions variation	-2,62	-0,06	-2,56
	5,77	5,00	0,77

Main Ratios

Figures given in €

	COMPANY (2010)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	215.264,46	410.441,52	811.606,60	1.529.721,95
Working capital ratio	0,04	0,10	0,27	0,45
Soundness Ratio	0,28	0,82	1,45	3,19
Average Collection Period (days)	202	85	110	143
Average Payment Period (days)	153	95	114	136
LIQUIDITY RATIOS
Current Ratio (%)	111,88	125,64	172,44	255,71
Quick Ratio (%)	2,44	6,46	16,80	42,34
DEBT RATIOS
Borrowing percentage (%)	62,77	10,13	23,16	36,64
External Financing Average Cost	0,04	0,05	0,06	0,09
Debt Service Coverage	32,15	1,42	4,40	8,32
Interest Coverage	1,03	1,02	1,50	4,60
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	3,38	2,51	4,47	7,06
Auto financing generated by Assets (%)	1,95	3,24	5,06	7,22
Breakdown Point	1,05	1,01	1,03	1,06
Average Sales Volume per Employee	164.650,72	123.943,20	156.365,48	208.962,96
Average Cost per Employee	27.753,73	28.644,78	35.576,28	39.359,27
Assets Turnover	0,58	0,88	1,15	1,53
Inventory Turnover (days)	71	59	109	164
RESULTS RATIOS
Return on Assets (ROA) (%)	2,84	1,21	3,77	6,60
Operating Profitability (%)	4,47	4,67	7,40	10,90
Return on Equity (ROE) (%)	0,55	0,61	3,93	11,53

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.44

INFORMATION DETAILS

Report Prepared by :

PDT

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.