MIRA INFORM REPORT

Report Date :

11.12.2013

IDENTIFICATION DETAILS

Name :	VESTUARIO LABORAL RAYSER SL

Registered Office :	C/ Alpes, Los, 23 3° A., Madrid 28022

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	28.10.2002

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in distribution of labour protective clothing and accesories

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors

Source : CIA

Executive summary

Name:

VESTUARIO LABORAL RAYSER SL

NIF / Fiscal code:

B83461525

Status:

ACTIVE

Incorporation Date:

28/10/2002

Register Data

Last Publication in BORME:

07/09/2011 [Annual accounts' deposit]

Last Published Account Deposit:

2012

Share Capital:

81.000

Localization:

C/ ALPES, LOS, 23 3° A. - MADRID - 28022 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 915767472

Activity:

NACE:

4642 - Wholesale of clothing and footwear

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

Enquiry Details

Identification

Social Denomination:

VESTUARIO LABORAL RAYSER SL

NIF / Fiscal code:

B83461525

Corporate Status:

ACTIVE

Start of activity:

2002

Registered Office:

C/ ALPES, LOS, 23 3° A.

Locality:

MADRID

Province:

MADRID

Postal Code:

28022

Telephone:

915767472

Activity

NACE:

4642

Additional Information:

The subject is engaged in distribution of labour protective clothing and accesories.

Additional Address:

Registered office, offices, rented by the company, are located in C/ ALPES, LOS, 23 3° A. 28022 MADRID

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Face recession

Industry situation:

Maturity

Chronological Summary

Year

Act

2002

Appointments/ Re-elections (1) Company Formation (1)

2003

Increase of Capital (1)

2004

Accounts deposit (ejer. 2002, 2003)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005)

2007

Accounts deposit (ejer. 2006)

2008

Accounts deposit (ejer. 2007)

2010

Accounts deposit (ejer. 2008, 2009)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011)

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

81.000

Paid up capital:

81.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

CABEZAS RUIZ JOSE ANTONIO

22/11/2002

MORENO ARROYO SAGRARIO

22/11/2002

Post

NIF

Name

ADMINISTRATOR

JOSE ANTONIO CABEZAS RUIZ

ADMINISTRATOR

SAGRARIO MORENO ARROYO

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

Basis for rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Company's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

It has been found to have regular payment performance and has paid all of its debts in a timely manner.

Productivity increase. The Company has yield from its typical operating activities. Moreover, this productivity has increased with respect to the previous fiscal year, a fact that might improve its financial situation.

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

The company has a low level of indebtedness with credit institutions and, therefore, no imperative enforcement in debt repayment.

ROE lowering effect. Total Economic Rate of Return in 2012 is lower than the Borrowing Cost; therefore, the leverage is lower than the unit and has a ROE lowering effect. This indicates that the Company should not incur any further debts, as this would reduce its shareholders' profitability.

Financial Cost Increase. The company's average financial expense in 2012 with respect to its operating gross result is 12.20%. As this value is higher than that of the previous fiscal year, the financial situation may be hindered.

Lower current assets turnover ratio. A decrease in the current assets recovery rate through income from typical business activities is observed with respect to the previous fiscal year, a fact that, in principle, may deteriorate the company's financial standing.

During 2012 the company renewed its customer portfolio 0.57 times. This reflects an approximate average payment collection term of más de 180 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2 %

> Latest Rating Changes :

Sector in which comparison is carried out :

464 Wholesale of household goods

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 97.00% of the companies of the sector VESTUARIO LABORAL RAYSER SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.00%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Guarantees

References

Link List

IS RELATED WITH:

2 Entities

Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

VESTUARIO Y PROTECCION LABORAL JOYSA SL

MADRID

IS RELATED WITH

VESTUARIO Y PROTECCION LABORAL JOYSA SL

MADRID

Turnover

Total Sales 2012

733.188,60

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

August 2011

2009

Normales

September 2010

2008

Normales

December 2009

2007

Normales

October 2008

2006

Normales

October 2007

2005

Normales

September 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

June 2004

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2012

> Balance en formato Pyme de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

214.424,00

222.835,00

232.758,00

219.974,00

228.376,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

214.424,00

222.835,00

232.758,00

219.974,00

228.376,00

III. Real estate investment: 11300

0,00

IV. Long-term investments in Group companies and associates : 11400

0,00

V. Long-term financial investments: 11500

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.511.912,00

2.148.963,00

1.782.418,00

1.713.063,00

1.500.188,00

I. Stocks : 12200

169.307,00

175.757,00

190.696,00

95.328,00

126.325,00

II. Trade debtors and others receivable accounts : 12300

1.286.850,00

1.908.010,00

1.459.153,00

1.548.325,00

1.290.522,00

1. Trade debtors / accounts receivable: 12380

1.286.850,00

1.908.010,00

1.459.153,00

1.548.325,00

1.290.522,00

a) Long-term receivables from sales and services supplied : 12381

0,00

b) Customers for sales and provisions of services : 12382

1.286.850,00

1.908.010,00

1.459.153,00

1.548.325,00

1.290.522,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

0,00

III. Short-term investment in Group companies and associates: 12400

0,00

IV. Short-term financial investments : 12500

4.236,00

V. Short-term accruals : 12600

225,00

836,00

404,00

420,00

393,00

VI. Cash and other equivalent liquid assets : 12700

51.294,00

60.124,00

127.929,00

64.754,00

78.712,00

TOTAL ASSETS (A + B) : 10000

1.726.336,00

2.371.797,00

2.015.176,00

1.933.036,00

1.728.564,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

1.613.997,00

1.567.711,00

1.497.673,00

1.407.261,00

1.279.796,00

A-1) Shareholders' equity: 21000

1.613.997,00

1.567.711,00

1.497.673,00

1.407.261,00

1.279.796,00

I. Capital: 21100

81.000,00

1. Registered capital : 21110

81.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.486.711,00

1.416.673,00

1.326.261,00

1.198.796,00

1.018.502,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

46.286,00

70.039,00

90.412,00

127.465,00

180.294,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

A-3) Received subsidies, donations and legacies: 23000

0,00

B) NON-CURRENT LIABILITIES: 31000

4.357,00

12.460,00

40.034,00

46.043,00

67.262,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

4.357,00

12.345,00

39.336,00

45.601,00

66.214,00

1. Amounts owed to credit institutions: 31220

0,00

2. Creditors from financial leasing : 31230

4.357,00

12.345,00

39.336,00

45.601,00

66.214,00

3. Other long-term creditors : 31290

0,00

III. Long-term debts with Group companies and associates: 31300

0,00

IV. Liabilities for deferred tax: 31400

0,00

115,00

697,00

442,00

1.048,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

107.982,00

791.626,00

477.469,00

479.732,00

381.506,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

79.879,00

680.807,00

399.088,00

408.100,00

250.370,00

1. Amounts owed to credit institutions: 32320

0,00

2. Creditors from financial leasing : 32330

7.544,00

26.991,00

26.622,00

20.614,00

20.142,00

3. Other short-term creditors : 32390

72.335,00

653.816,00

372.466,00

387.486,00

230.228,00

III. Short-term amounts owed to group and associated companies: 32400

0,00

IV. Trade creditors and other accounts payable: 32500

28.102,00

110.819,00

78.381,00

71.632,00

131.136,00

1. Suppliers: 32580

-57,00

42.049,00

30.327,00

4.017,00

16.528,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

-57,00

42.049,00

30.327,00

4.017,00

16.528,00

2. Other creditors: 32590

28.159,00

68.770,00

48.055,00

67.615,00

114.608,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000

1.726.336,00

2.371.797,00

2.015.176,00

1.933.036,00

1.728.564,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

733.189,00

1.847.237,00

1.283.270,00

1.284.897,00

1.583.236,00

2. Changes in stocks of finished goods and work in progress: 40200

0,00

3. Works carried out by the company for its assets: 40300

0,00

4. Supplies : 40400

-427.625,00

-1.418.902,00

-844.875,00

-817.847,00

-899.637,00

5. Other operating income: 40500

0,00

6. Personnel costs: 40600

-124.689,00

-130.335,00

-119.199,00

-124.423,00

-263.135,00

7. Other operating costs: 40700

-101.350,00

-173.904,00

-178.524,00

-150.390,00

-142.803,00

8. Amortisation of fixed assets: 40800

-8.410,00

-10.389,00

-9.548,00

-8.402,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

0,00

11. Impairment and result of transfers of fixed assets: 41100

0,00

12. Other results : 41300

259,00

0,00

1.619,00

0,00

A) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12) : 49100

71.373,00

113.707,00

132.744,00

183.835,00

269.259,00

13. Financial income : 41400

0,00

2,00

15,00

a) Allocation of financial subsidies, donations and legacies: 41430

0,00

b) Other financial income: 41490

0,00

2,00

15,00

14. Financial expenditure : 41500

-9.702,00

-20.546,00

-11.066,00

-10.453,00

-20.420,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

17. Impairment and result for transfers of financial instruments : 41800

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

-9.702,00

-20.544,00

-11.065,00

-10.451,00

-20.405,00

C) NET RESULT BEFORE TAXES ( A + B ) : 49300

61.671,00

93.163,00

121.679,00

173.384,00

248.853,00

19. Income taxes : 41900

-15.385,00

-23.124,00

-31.268,00

-45.918,00

-68.559,00

D) RESULT OF THE PERIOD ( C + 19 ) : 49500

46.286,00

70.039,00

90.412,00

127.465,00

180.294,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

214.424,00

222.835,00

232.758,00

219.974,00

228.376,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

214.424,00

222.835,00

232.758,00

219.974,00

228.376,00

IV. Financial investments:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.511.912,00

2.148.963,00

1.782.418,00

1.713.063,00

1.500.188,00

I. Called-up share capital (not paid):

0,00

II. Stocks:

169.307,00

175.757,00

190.696,00

95.328,00

126.325,00

III. Debtors:

1.286.850,00

1.908.010,00

1.459.153,00

1.548.325,00

1.290.522,00

IV. Short-term investments:

4.236,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

51.294,00

60.124,00

127.929,00

64.754,00

78.712,00

VII. Prepayments and accrued income:

225,00

836,00

404,00

420,00

393,00

GENERAL TOTAL (A + B + C + D):

1.726.336,00

2.371.797,00

2.015.176,00

1.933.036,00

1.728.564,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

1.613.997,00

1.567.711,00

1.497.673,00

1.407.261,00

1.279.796,00

I. Subscribed capital:

81.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.486.711,00

1.416.673,00

1.326.261,00

1.198.796,00

1.018.502,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.486.711,00

1.416.673,00

1.326.261,00

1.198.796,00

1.018.502,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

46.286,00

70.039,00

90.412,00

127.465,00

180.294,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

4.357,00

12.460,00

40.034,00

46.043,00

67.262,00

E) SHORT TERM CREDITORS:

107.982,00

791.626,00

477.469,00

479.732,00

381.506,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

GENERAL TOTAL (A + B + C + D + E + F):

1.726.336,00

2.371.797,00

2.015.176,00

1.933.036,00

1.728.564,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

A) CHARGES (A.1 to A.15):

687.162,00

1.777.200,00

1.194.480,00

1.157.434,00

1.402.957,00

A.1. Operating consumption:

427.625,00

1.418.902,00

844.875,00

817.847,00

899.637,00

A.2. Staff Costs:

124.689,00

130.335,00

119.199,00

124.423,00

263.135,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

124.689,00

130.335,00

119.199,00

124.423,00

263.135,00

A.3. Depreciation expense:

8.410,00

10.389,00

9.548,00

8.402,00

A.4. Variation of trade provisions and losses of unrecovered receivables:

0,00

A.5. Other operating charges:

101.350,00

173.904,00

178.524,00

150.390,00

142.803,00

A.I. OPERATING BENEFITS (B.1-A.1-A.2-A.3-A.4-A.5):

71.114,00

113.707,00

131.125,00

183.835,00

269.259,00

A.6. Financial and similar charges:

9.702,00

20.546,00

11.066,00

10.453,00

20.420,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

9.702,00

20.546,00

11.066,00

10.453,00

20.420,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

A.II. POSITIVE FINANCIAL RESULTS (B.2+B.3-A.6-A.7-A.8):

0,00

A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):

61.411,00

93.163,00

120.060,00

173.384,00

248.853,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

0,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

0,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

259,00

0,00

1.619,00

0,00

A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):

61.671,00

93.163,00

121.679,00

173.384,00

248.853,00

A.14. Corporation Tax:

15.385,00

23.124,00

31.268,00

45.918,00

68.559,00

A.15. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULT (PROFIT) (A.V-A.14-A.15):

46.286,00

70.039,00

90.412,00

127.465,00

180.294,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

B) INCOME ( B.1 to B.8):

733.448,00

1.847.239,00

1.284.891,00

1.284.899,00

1.583.251,00

B.1. Operating income:

733.189,00

1.847.237,00

1.283.270,00

1.284.897,00

1.583.236,00

a) Net total sales:

733.189,00

1.847.237,00

1.283.270,00

1.284.897,00

1.583.236,00

b) Miscellaneous operating income:

0,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-B.1 ):

0,00

B.2. Financial income:

0,00

2,00

15,00

a) Companies of the group:

0,00

2,00

15,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.6+A.7+A.8-B.2-B.3):

9.702,00

20.544,00

11.065,00

10.451,00

20.405,00

B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

0,00

B.7. Extraordinary income:

259,00

0,00

1.619,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):

0,00

B.VI. FINANCIAL YEAR RESULTS (LOSSES) (B.V+A.14+A.15):

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

61.671,00

93.163,00

121.679,00

173.384,00

248.853,00

2. Results adjustments.: 61200

18.112,00

30.933,00

20.613,00

18.854,00

28.808,00

a) Fixed Assets Amortization (+).: 61201

8.410,00

10.389,00

9.548,00

8.402,00

g) Financial income (-).: 61207

0,00

-2,00

-15,00

h) Financial Expenses (+). : 61208

9.702,00

20.546,00

11.066,00

10.453,00

20.420,00

3. Changes in current capital equity.: 61300

530.119,00

-425.037,00

-30.699,00

-332.255,00

-1.358.899,00

a) Stock (+/-).: 61301

6.450,00

14.939,00

-95.368,00

30.998,00

-126.325,00

d) Debtors and other accounts receivable (+/-). : 61302

621.160,00

-448.857,00

89.172,00

-257.804,00

-1.290.522,00

c) Other current assets (+/-). : 61303

611,00

-432,00

16,00

-27,00

-4.629,00

d) Creditors and other accounts payable (+/-). : 61304

-98.101,00

9.313,00

-24.519,00

-105.422,00

62.576,00

4. Other cash flows for operating activities.: 61400

-9.702,00

-20.544,00

-11.065,00

-10.451,00

-20.405,00

a) Interest payments (-). : 61401

-9.702,00

-20.546,00

-11.066,00

-10.453,00

-20.420,00

c) Interest collection (+). : 61403

0,00

2,00

15,00

5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500

600.200,00

-321.486,00

100.529,00

-150.469,00

-1.101.643,00

6. Payments for investment (-).: 62100

0,00

-12.784,00

0,00

-228.376,00

c) Fixed assets. : 62103

0,00

-12.784,00

0,00

-228.376,00

7. Divestment payment collection (+). : 62200

8.410,00

9.923,00

0,00

8.402,00

0,00

c) Fixed assets. : 62203

8.410,00

9.923,00

0,00

8.402,00

0,00

8. Investment activity cash flows (6 + 7) minus Amortization: 62300

0,00

-465,00

-22.332,00

0,00

-236.779,00

9. Payment collection and payments for equity instruments. : 63100

0,00

1.099.502,00

a) Issuance of equity instruments (+). : 63101

0,00

1.099.502,00

b) Amortization of assets instruments (-). : 63102

0,00

10. Payment collection and payments for financial liabilities instruments.: 63200

-609.031,00

254.146,00

-15.021,00

136.511,00

317.632,00

a) Issuance : 63201

0,00

281.719,00

6.263,00

157.730,00

317.632,00

4. Special characteristic debts (+). : 63205

0,00

369,00

6.008,00

472,00

86.356,00

5. Other debts (+). : 63206

0,00

281.350,00

255,00

157.258,00

231.276,00

b) Repayment and amortization of : 63207

-609.031,00

-27.573,00

-21.284,00

-21.219,00

0,00

4. Special characteristic debts (-). : 63211

-27.435,00

-26.991,00

-6.264,00

-20.614,00

0,00

5. Other debts (-). : 63212

-581.596,00

-582,00

-15.020,00

-606,00

0,00

11. Payments from dividends and remunerations from other assets instruments. : 63300

0,00

12. Cash flows for financing activities (9+10+11).: 63400

-609.031,00

254.146,00

-15.021,00

136.511,00

1.417.134,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

0,00

E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000

-8.831,00

-67.805,00

63.175,00

-13.958,00

78.712,00

Cash or equivalent assets as of beginning of the fiscal year.: 65100

60.124,00

127.929,00

64.754,00

78.712,00

0,00

Cash or equivalent assets as of end of the fiscal year.: 65200

51.294,00

60.124,00

127.929,00

64.754,00

78.712,00

FINANCIAL DIAGNOSIS

Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,01 %

0,00 %

-0,04 %

0,01 %

67,19 %

-104,06 %

EBITDA over Sales:

10,85 %

2,62 %

6,72 %

4,34 %

61,45 %

-39,55 %

Cash Flow Yield:

-0,01 %

0,00 %

-0,03 %

0,01 %

82,11 %

-103,76 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,13 %

0,95 %

4,80 %

1,44 %

-14,02 %

-34,08 %

Total economic profitability:

4,13 %

1,35 %

4,79 %

1,81 %

-13,76 %

-25,45 %

Financial profitability:

2,87 %

-0,34 %

4,47 %

0,39 %

-35,81 %

-187,53 %

Margin:

9,70 %

1,06 %

6,16 %

1,57 %

57,57 %

-32,35 %

Mark-up:

8,38 %

-0,22 %

5,04 %

0,27 %

66,08 %

-182,85 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,48

0,23

0,08

0,22

525,44

8,31

Acid Test:

12,43

1,07

2,49

1,02

398,95

5,42

Working Capital / Investment:

0,81

0,21

0,57

0,23

42,11

-5,33

Solvency:

14,00

1,79

2,71

1,76

415,78

1,99

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,07

1,08

0,51

1,36

-86,43

-20,70

Borrowing Composition:

0,04

0,80

0,02

0,83

156,36

-3,33

Repayment Ability:

-12,72

-1.451,83

-11,86

60,69

-7,28

-2.492,18

Warranty:

15,37

1,93

2,95

1,74

420,98

11,02

Generated resources / Total creditors:

0,49

0,04

0,10

0,05

386,77

-5,81

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,64

1,11

1,95

1,19

-16,10

-7,34

Turnover of Collection Rights :

0,57

4,25

0,97

4,13

-41,15

2,81

Turnover of Payment Entitlements:

18,82

2,76

14,37

2,75

30,96

0,36

Stock rotation:

3,91

3,66

9,86

3,39

-60,35

8,05

Assets turnover:

0,43

0,90

0,78

0,92

-45,43

-2,56

Borrowing Cost:

8,64

2,43

2,56

2,40

238,01

1,14

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

-0,01 %

-0,04 %

0,05 %

-0,01 %

4,97 %

EBITDA over Sales:

10,85 %

6,72 %

10,96 %

14,96 %

17,54 %

Cash Flow Yield:

-0,01 %

-0,03 %

0,03 %

-0,01 %

4,55 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

4,13 %

4,80 %

6,52 %

9,53 %

15,62 %

Total economic profitability:

4,13 %

4,79 %

6,59 %

9,51 %

15,58 %

Financial profitability:

2,87 %

4,47 %

6,04 %

9,06 %

14,09 %

Margin:

9,70 %

6,16 %

10,22 %

14,31 %

17,01 %

Mark-up:

8,38 %

5,04 %

9,36 %

13,49 %

15,72 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,48

0,08

0,27

0,13

0,21

Acid Test:

12,43

2,49

3,33

3,37

3,60

Working Capital / Investment:

0,81

0,57

0,65

0,64

0,65

Solvency:

14,00

2,71

3,73

3,57

3,93

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,07

0,51

0,35

0,37

0,35

Borrowing Composition:

0,04

0,02

0,08

0,10

0,18

Repayment Ability:

-12,72

-11,86

8,19

-37,67

1,62

Warranty:

15,37

2,95

3,89

3,68

3,85

Generated resources / Total creditors:

0,49

0,10

0,19

0,26

0,42

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,64

1,95

2,18

2,55

2,06

Turnover of Collection Rights :

0,57

0,97

0,88

0,83

1,23

Turnover of Payment Entitlements:

18,82

14,37

13,06

13,52

7,95

Stock rotation:

3,91

9,86

6,04

11,55

10,40

Assets turnover:

0,43

0,78

0,64

0,67

0,92

Borrowing Cost:

8,64

2,56

2,14

1,99

4,55

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.20
UK Pound	1	Rs.100.64
Euro	1	Rs.84.15

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Executive summary

Enquiry Details

Chronological Summary

Unit