MIRA INFORM REPORT

Report Date :

14.10.2013

IDENTIFICATION DETAILS

Name :	TEXTILMENDO SL
Registered Office :	Calle Paraiso, S/N, 15680 Ordes La Coruña
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	31.12.1998
Legal Form :	Limited Liability Company
Line of Business :	design, distribution, marketing, retail and wholesale of apparel and clothing items, and all types of clothing for men, lady and child
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
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	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

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

Company name  

TEXTILMENDO SL

CIF/NIF: B15676034

Company situation: Active

INFORMATION OF THE REQUEST

Data of your request

Registered Name TEXTILE MENDO SL Complete Address Paraiso 15680 Request reason MAX CREDIT

Year of the accounts to be delivered 2011 Language Inglés Delivery Method E-mail Delivery Format RTF Delivery time 4 days Report Reference Number 238852

Answer to the data in your request

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

The NIF provided is registered as IVA (VAT) operator.

Registered name

The correct registered name is the one indicated in this report and not the one mentioned in your request.

Information associated to the latest filed accounts

In answer to your request Financial report , we do inform you that we cannot provide you the requested Report as the accounts obtained from the Commercial Registry could not be loaded in the database. Nevertheless find attached the filed annual financial statement.

EXECUTIVE SUMMARY

Identification

Current Business Name: TEXTILMENDO SL

Commercial name: TMX

Other names:  YES

Current Address:  CALLE PARAISO, S/N

15680 ORDES LA CORUÑA 

Branches:  2

Telephone number: 981680666 Fax: 981680664

URL:  www.tmx.es 

Corporate e-mail:  info@tmx.es

Trade Risk

Incidents:  NO

R.A.I.:  NO

Financial Information

Latest sales known (2013):  2.287.524,24  €  (Forecast)

Balance sheet latest sales (2010):  4.535.446,65 € (Mercantile Register)

Result: 82.998,23 €

Total Assets: 1.582.853,63 €

Share capital:  480.809,68 €

Employees:  10

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  31/12/1998

Activity:  Mfg. of outerwear

NACE 2009 CODE: 1413

International Operations:  Imports and Exports

Corporate Structure

Sole Administrator: 

TRASORDES S L

Participations:  2

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2011

Latest act published in BORME:  25/04/2012 Resignations

Latest press article:  04/03/2012 LA VOZ DE GALICIA (GENERAL INFORMATION)

Bank Entities:  There are

The date when this report was last updated is 10/10/2013.

The information contained in this report has been investigated and contrasted on 10/10/2013

Financial situation

Exercise:2010
Immediate liquidity	Acceptable
Indebtedness	Slight
Profitability	Unfavourable
Soundness	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Superior

Rating Explanation

Financial situation

• The company’s financial situation is normal.

• The sales evolution and results has been negative.

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 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
05/04/2013	Reduction	10	• New information has been loaded on our systems.
30/11/2012	Reduction	11	• There has been a change in the formula version.
05/10/2012	Reduction	13	• New information has been loaded on our systems.
19/11/2011	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

09/10/2013 08:10:45

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	125.018,08	7,90	96.061,66	6,41	353.303,03	13,14
B) CURRENT ASSETS	1.457.835,55	92,10	1.401.541,64	93,59	2.335.525,94	86,86
LIABILITIES
A) NET WORTH	1.058.654,36	66,88	1.097.060,45	73,25	1.261.459,38	46,91
B) NON CURRENT LIABILITIES
C) CURRENT LIABILITIES	524.199,27	33,12	400.542,85	26,75	1.427.369,59	53,09

Profit and loss account analysis

Figures given in €

	2013 FORECAST	2012 ESTIMATED	2011 OWN SOURCES	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER
SALES	2.287.524,24	2.407.920,26	3.704.492,72	4.535.446,65
GROSS MARGIN				1.506.736,69	33,22
EBITDA				400.230,32	8,82
EBIT				377.508,47	8,32
NET RESULT			-350.392,86	82.998,23	1,83
EFFECTIVE TAX RATE (%)				12,50	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	7,90	34,70	-26,80
A) CURRENT ASSETS	92,10	65,30	26,80
LIABILITIES
A) NET WORTH	66,88	42,88	24,00
B) NON CURRENT LIABILITIES		17,43
C) CURRENT LIABILITIES	33,12	39,69	-6,57
	COMPANY (2010)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	98,37	98,61	-0,24
GROSS MARGIN	32,68	40,01	-7,33
EBITDA	8,68	6,38	2,30
EBIT	8,19	4,92	3,27
NET RESULT	1,80	3,20	-1,40

Sector Composition

Compared sector (NACE 2009): 1413

Number of companies: 55

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 2011

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	-350.392,86	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	-350.392,86	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	-350.392,86
		Application total	-350.392,86

company ADDRESSES

Business address

Current Legal Seat Address: 

CALLE PARAISO, S/N

15680 ORDES  LA CORUÑA

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE FERROL, 14	15004	A CORUÑA	La Coruña
CALLE JUAN FLOREZ, 43	15004	A CORUÑA	La Coruña

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

Governing body : 1 member (latest change: 04/05/2006)

Other Positions : 3 (latest change: 20/01/2011)

Operative Board Members : 4 (latest change: 03/04/2013)

Non-current positions : 12 (latest change: 26/03/2012)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
SOLE ADMINISTRATOR	TRASORDES S L	04/05/2006

There are 4 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
General Manager	TOME DIAZ, PEDRO
Financial Manager	LAMAS PISONERO, MARIA VICTORIA
Human Resources Director	DURO LISTE, ANABEL
Commercial Director	RAMOS FRAGA, REGINA

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
TOME DIAZ PEDRO		Indef.	OWN SOURCES	10/10/2013
LAMAS PISONERO MARIA VICTORIA		Indef.	OWN SOURCES	10/10/2013
TRASORDES SL	B15673387	Indef.	OWN SOURCES	10/10/2013

There are 3 direct financial links through shareholders registered

Former Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
INVERNOVA 2004 SL.	B36012912	50,00	MERCANTILE REGISTER	31/12/2001

Direct Participations

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	SERVICIOS GALLEGOS DE TEJEDURIA SL (EN LIQUIDACION)	B15821390	99,92	MERCANTILE REGISTER	31/12/2011
	CONFECCIONES DE ORDES SL (EN LIQUIDACION)	B70061221	99,87	MERCANTILE REGISTER	31/12/2011

There are 2 direct financial links through participations registered

Company with rating inferior to 7

POTENTIAL LINKS

Name Search in the Internet

Search Criterion: ”TEXTILMENDO SL”

URL: www.tmx.es

TMX: COLLECTIONS  Moda y Complementos de Mujer.

URL: www.boe.es

borme-a-2012-79-15 - BOE.es  25 Abr 2012 ... 181660 - TEXTILMENDO SL(R.M. A CORUÑA). Revocaciones. Apoderado: LOPEZ CABANA MARTA. Datos registrales. T 2678 , F 151, S 8, ...

BUSINESS INFORMATION

Constitution

Incorporation date: 31/12/1998

Origin / Establishment

Establishment date: 01/01/1998

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

Activity

Activity: Mfg. of outerwear

NACE 2009 CODE: 1413

NACE 2009 Activity: Manufacture of other outerwear

Business: EL DISENO, LA DISTRIBUCION, COMERCIALIZACION, Y VENTA AL POR MENOR Y AL POR MAYOR DE PRENDAS Y ARTICULOS DE VESTIR, ASI COMO TODO TIPO DE COMPLEMENTOS PARA CABALLERO, SENORA Y NINO.

(THE DESIGN, THE DISTRIBUTION, MARKETING, AND RETAIL AND WHOLESALE OF APPAREL AND CLOTHING ITEMS, AND ALL TYPES OF CLOTHING FOR MEN, LADY AND CHILD)

Activity description: Confeccion y comercializacion de prendas de vestir.

(Manufacture and marketing of garments.)

Employees

Latest employees figure: 10 (2013)

% of fixed employees: 92,86%

% of temporary employees: 7,14%

% of men: 30,77%

% of women: 69,23%

Employees evolution

Employees distribution

Source: Annual financial report 2010

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Other managers		1	2
Support intellectuals and scientists, technicians and professionals		1	1
Other qualified employees		2	6

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 20%

Imports from: Italia

SALES

Export Percentage: 20%

Exports to: IRLANDA, PORTUGAL, HOLANDA, BÉLGICA, RUSIA, MÉXICO Y CHINA

National Distribution: 80%

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
TRASORDES, S.L.	NO

There are 1 Suppliers

CLIENTS

BUSINESS NAME	INTERNATIONAL
TRASORDES, S.L.	NO

There are 1 Clients

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.	4690	AV. ALFONSO SENRA, 93	ORDES	La Coruña
BANCO POPULAR ESPAÑOL, S.A.	8943	ALFONSO SENRA 89	ORDES	La Coruña
CAIXABANK, S.A.	4201	ALFONSO SENRA, 116	ORDES	La Coruña

There are 3 bank entities registered

Grants

Body-entity: INSTITUTO GALEGO DE PROMOCIÓN ECONÓMICA Y CONSELLERÍA DE ECONOMÍA E INDUSTRIA Grant type: Other grants (grouped amounts or not classified)

Amount received in the exercise: 35.395,12 € Source: Filed Accounts (2011)

Brands

Brand name: TXM (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 14/04/1999

Brand name: TEXTILMENDO (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 14/04/1999

There are 4 brands, signs and commercial names

LEGAL STRUCTURE

Constitution Data

Register Date: 31/12/1998

Register town: La Coruña

Announcement number: 64761

Share capital: 180.303,63 €

Current structure data

Legal form: Limited Liability Company

Share capital: 480.809,68 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2011)

B.O.R.M.E.

(OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

Summary

·   Acts on activity: 1 (Last: 04/05/2006)

·   Acts on administrators: 14 (Last: 25/04/2012, first: 22/02/1999)

·   Acts on capital: 1 (Last: 19/05/1999)

·   Acts on creation: 1 (Last: 22/02/1999)

·   Acts on filed accounts: 12 (Last: 13/12/2011, first: 12/09/2000)

·   Acts on identification: 0

·   Acts on Information: 4 (Last: 04/05/2006, first: 05/05/1999)

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

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Resignations	25/04/2012	181660	La Coruña
Annual Filed Accounts (2010)	13/12/2011	978112	La Coruña
Appointments	20/01/2011	21795	La Coruña
Appointments	20/01/2011	21794	La Coruña
Resignations	03/01/2011	1174	La Coruña
Annual Filed Accounts (2009)	16/09/2010	563564	La Coruña
Annual Filed Accounts (2008)	14/09/2009	411791	La Coruña
Annual Filed Accounts (2007)	10/09/2008	452602	La Coruña
Annual Filed Accounts (2006)	11/09/2007	429814	La Coruña
Appointments	20/02/2007	100557	La Coruña

There are 33 acts registered

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 0

Informative data: 1 (Last: 04/03/2012)

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 0

Latest press article published

04/03/2012 LA VOZ DE GALICIA (Page 14) GENERAL INFORMATION

La firma TXM, cuya sede central ocupa 2.000 metros cuadrados y está ubicada en Ordes, es una de las empresa de moda que ha logrado colocarse a la vanguardia del diseño y ya exporta el 20% de su producción. Asentada en el mercado español, TXM exporta a Irlanda, Portugal, Holanda, Bélgica, Rusia, México y China, entre otros países. La facturación de TXM ya ha alcanzado los 4 millones de euros y la plantilla, al cierre de 2011, es de 30 trabajadores. 

There are 1 press articles registered for this company

Complementary Information

Financial Information

El balance del Registro Mercantil cerrado a 31/12/2011 (Depósito 2011) esta disponible en INFORMA, pero no ha sido cargado por presentar en sus cuentas la siguiente anomalía: La partida Provisiones a largo plazo esta incorrectamente presentada con importe negativo.

(The Registry balance ended 31/12/2011 (Warehouse 2011) is available at INFORMS, but has not been charged in their accounts to present the following anomaly: The Long-term provisions starting this incorrectly presented with negative amount)

Activity

Actividad: Fabricación de generos de punto y camisetas.

Commercial operations

Realiza operaciones intracomunitarias (compra-venta) con Italia (ventas) Portugal y Francia.

Employees

Cuenta con un total de 35 empleados.

 (It has a total of 35 employees.)

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 19/11/2011.

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	125.018,08	7,90	96.061,66	6,41	353.303,03	13,14
I. Intangible assets	6.700,33	0,42
II. Tangible fixed assets	52.203,02	3,30	45.334,06	3,03	24.143,10	0,90
III. Real-estate investments
IV. Long term investments in associated and affiliated companies
V. Long Term Financial Investments	66.114,73	4,18	50.727,60	3,39	329.159,93	12,24
VI. Assets by deferred taxes
VII. Non current commercial debts
B) CURRENT ASSETS	1.457.835,55	92,10	1.401.541,64	93,59	2.335.525,94	86,86
I. Non-current assets maintained for sale
II. Stocks	273.924,26	17,31	134.134,52	8,96	355.289,50	13,21
III. Trade Debtors and other receivable accounts	1.086.446,78	68,64	1.016.474,58	67,87	1.654.249,64	61,52
1. Clients	984.859,16	62,22	1.005.527,74	67,14	1.608.667,57	59,83
b) Clients for sales and short term services rendering	984.859,16	62,22	1.005.527,74	67,14	1.608.667,57	59,83
3. Other debtors	101.587,62	6,42	10.946,84	0,73	45.582,07	1,70
IV. Short term investments in associated and affiliated companies
V. Short term financial investments	14.501,23	0,92	90.531,84	6,05	139.672,01	5,19
VI. Short term periodifications	1.308,68	0,08	1.490,32	0,10	3.457,97	0,13
VII. Cash and equivalents	81.654,60	5,16	158.910,38	10,61	182.856,82	6,80
TOTAL ASSETS (A + B)	1.582.853,63	100,00	1.497.603,30	100,00	2.688.828,97	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	1.058.654,36	66,88	1.097.060,45	73,25	1.261.459,38	46,91
A-1) Equity	1.058.654,36	66,88	1.097.060,45	73,25	1.261.459,38	46,91
I. Capital	480.809,68	30,38	480.809,68	32,11	480.809,68	17,88
1. Authorized capital	480.809,68	30,38	480.809,68	32,11	480.809,68	17,88
II. Issue premium
III. Reserves	494.846,45	31,26	530.649,70	35,43	495.505,30	18,43
IV. (Net worth own shares and participations)
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	82.998,23	5,24	85.601,07	5,72	285.144,40	10,60
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES
I. Long term provisions
II. Long term debts
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	524.199,27	33,12	400.542,85	26,75	1.427.369,59	53,09
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions					20.401,03	0,76
III. Short term debts	329.485,24	20,82	150.706,91	10,06	603.906,24	22,46
1. Debts with bank entities	322.609,14	20,38	139.816,25	9,34	599.694,43	22,30
3. Other short term debts	6.876,10	0,43	10.890,66	0,73	4.211,81	0,16
IV. Short term debts with associated and affiliated companies
V. Trade creditors and other payable accounts	194.714,03	12,30	249.835,94	16,68	803.062,32	29,87
1. Suppliers	80.646,86	5,10	159.060,08	10,62	620.704,13	23,08
b) Short term suppliers	80.646,86	5,10	159.060,08	10,62	620.704,13	23,08
2. Other creditors	114.067,17	7,21	90.775,86	6,06	182.358,19	6,78
VI. Short term periodifications
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	1.582.853,63	100,00	1.497.603,30	100,00	2.688.828,97	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	4.535.446,65	98,37	4.795.456,52	98,21	5.968.323,38	99,37
2. Variation in stocks of finished goods and work in progress	154.073,70	3,34	-217.091,90	-4,45	236.612,65	3,94
3. Works for its own assets
4. Supplies	-3.257.866,27	-70,66	-3.107.677,29	-63,65	-4.716.974,96	-78,53
5. Other operating income	75.082,61	1,63	87.307,61	1,79	38.047,84	0,63
6. Labour cost	-349.069,01	-7,57	-356.634,44	-7,30	-274.383,95	-4,57
7. Other operating costs	-756.976,52	-16,42	-781.831,91	-16,01	-884.296,22	-14,72
8. Amortization of fixed assets	-22.225,35	-0,48	-18.692,52	-0,38	-10.943,12	-0,18
9. Allocation of subventions on non financial investments and other
10. Provisions excess			11.682,56	0,24	7.508,81	0,13
11. Deterioration and result for fixed assets disposal	-496,50	-0,01	-223,30	0,00	43,10	0,00
12. Negative difference of business combinations
13. Other results	-460,84	-0,01	3.298,75	0,07	-4.393,03	-0,07
A) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	377.508,47	8,19	415.594,08	8,51	359.544,50	5,99
14. Financial income	11.745,24	0,25	5.635,49	0,12	3.747,77	0,06
b) Other financial income	11.745,24	0,25	5.635,49	0,12	3.747,77	0,06
15. Financial expenses	-11.772,36	-0,26	-22.845,24	-0,47	-30.693,46	-0,51
16. Reasonable value variation on financial instruments	15.716,27	0,34	-16.910,80	-0,35
17. Exchange differences	-1.232,28	-0,03	-5.148,69	-0,11	-571,90	-0,01
18. Deterioration and result for disposal of financial instruments	-297.110,22	-6,44	-278.432,33	-5,70
19. Other financial income and expenses
B) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-282.653,35	-6,13	-317.701,57	-6,51	-27.517,59	-0,46
C) RESULT BEFORE TAXES (A + B)	94.855,12	2,06	97.892,51	2,00	332.026,91	5,53
20. Taxes on profits	-11.856,89	-0,26	-12.291,44	-0,25	-46.882,51	-0,78
D) EXERCISE RESULT (C + 20)	82.998,23	1,80	85.601,07	1,75	285.144,40	4,75

NET WORTH CHANGES STATUS

Status of recognized income and expenses

For the financial statements presented under the SME’s model (PYMES), the ‘Net Worth Changes Status’ is formed by a single table. For the rest of the cases there would be shown the two tables corresponding to the mentioned status with the exception of the company not having operations reflected in the ‘Status of recognized income and expenses’ and that, for this reason, it has no data.

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 1 /2)	AUTHORIZED CAPITAL	RESERVES	RESULTS FROM PREVIOUS EXERCISES	EXERCISE RESULT
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	480.809,68	448.735,24	171.770,06
I. Adjustments by change of criteria in the exercise (2007)
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	480.809,68	448.735,24	171.770,06
I. Total recognized income and expenses				285.144,40
II. Operations with partners or owners			-125.000,00
3. Other operations with partners or owners			-125.000,00
III. Other net worth variations		46.770,06	-46.770,06
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	480.809,68	495.505,30		285.144,40
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)	480.809,68	495.505,30		285.144,40
I. Total recognized income and expenses				85.601,07
II. Operations with partners or owners				-250.000,00
3. Other operations with partners or owners				-250.000,00
III. Other net worth variations		35.144,40		-35.144,40
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	480.809,68	530.649,70		85.601,07
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)	480.809,68	530.649,70		85.601,07
I. Total recognized income and expenses				82.998,23
II. Operations with partners or owners
III. Other net worth variations		-35.803,25		-85.601,07
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	480.809,68	494.846,45		82.998,23
NET WORTH CHANGES ( 2 /2)	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	1.101.314,98
I. Adjustments by change of criteria in the exercise (2007)
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	1.101.314,98
I. Total recognized income and expenses	285.144,40
II. Operations with partners or owners	-125.000,00
3. Other operations with partners or owners	-125.000,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	1.261.459,38
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)	1.261.459,38
I. Total recognized income and expenses	85.601,07
II. Operations with partners or owners	-250.000,00
3. Other operations with partners or owners	-250.000,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	1.097.060,45
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)	1.097.060,45
I. Total recognized income and expenses	82.998,23
II. Operations with partners or owners
III. Other net worth variations	-121.404,32
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	1.058.654,36

RATIOS

	31/12/2010 (12)	CHANGE %	31/12/2009 (12)	CHANGE %	31/12/2008 (12)
BALANCE RATIOS
Working Capital (€)	933.636,28	-6,73	1.000.998,79	10,22	908.156,35
Working capital ratio	0,59	-11,94	0,67	97,06	0,34
Soundness Ratio	8,47	-25,83	11,42	219,89	3,57
Average Collection Period (days)	86	13,21	76	-23,47	100
Average Payment Period (days)	17	-25,00	23	-55,24	51
LIQUIDITY RATIOS
Current Ratio (%)	278,11	-20,52	349,91	113,86	163,62
Quick Ratio (%)	18,34	-70,55	62,28	175,58	22,60
DEBT RATIOS
Borrowing percentage (%)	20,82	106,96	10,06	-55,21	22,46
External Financing Average Cost	0,04	-73,33	0,15	200,00	0,05
Debt Service Coverage	3,13	115,86	1,44	-28,92	2,04
Interest Coverage	32,07	76,31	18,19	55,34	11,71
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	2,32	6,91	2,18	-56,25	4,96
Auto financing generated by Assets (%)	6,65	-4,45	6,96	-36,78	11,01
Breakdown Point	1,09	-0,91	1,10	3,77	1,06
Average Sales Volume per Employee	329.850,66	-29,84	470.142,80	-19,97	587.433,40
Average Cost per Employee	25.386,84	-27,39	34.964,16	29,47	27.006,29
Assets Turnover	2,86	-10,31	3,20	44,14	2,22
Inventory Turnover (days)	30	95,35	15	-42,67	27
RESULTS RATIOS
Return on Assets (ROA) (%)	23,85	-14,05	27,75	107,55	13,37
Operating Profitability (%)	25,22	-15,26	29,76	111,66	14,06
Return on Equity (ROE) (%)	8,96	0,45	8,92	-66,11	26,32

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	7,90	34,70	-26,80
A) CURRENT ASSETS	92,10	65,30	26,80
LIABILITIES
A) NET WORTH	66,88	42,88	24,00
B) NON CURRENT LIABILITIES		17,43
C) CURRENT LIABILITIES	33,12	39,69	-6,57

Results Analytical Account

Figures given in  %

	COMPANY (2010)	SECTOR	DIFFERENCE
Net Turnover	98,37	98,61	-0,24
Other operating income	1,63	1,39	0,24
OPERATING INCOME	100,00	100,00	0,00
Supplies	-70,66	-60,40	-10,26
Variation in stocks of finished goods and work in progress	3,34	0,41	2,93
GROSS MARGIN	32,68	40,01	-7,33
Other operating costs	-16,42	-15,47	-0,95
Labour cost	-7,57	-18,41	10,84
GROSS OPERATING RESULT	8,69	6,12	2,57
Amortization of fixed assets	-0,48	-2,01	1,53
Deterioration and result for fixed assets disposal	-0,01	0,56	-0,57
Other expenses / income		0,25
NET OPERATING RESULT	8,19	4,92	3,27
Financial result	-6,13	-0,86	-5,27
RESULT BEFORE TAX	2,06	4,06	-2,00
Taxes on profits	-0,26	-0,86	0,60
RESULT COMING FROM CONTINUED OPERATIONS	1,80	3,20	-1,40
Exercise result coming from discontinued operations net of taxes		0,00
NET RESULT	1,80	3,20	-1,40
Amortization of fixed assets	-0,48	-2,01	1,53
Deterioration and provisions variation	-0,01	0,55	-0,56
	2,29	4,66	-2,37

Main Ratios

Figures given in €

	COMPANY (2010)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	933.636,28	314.594,78	798.929,94	1.582.521,90
Working capital ratio	0,59	0,07	0,23	0,52
Soundness Ratio	8,47	0,81	1,43	5,27
Average Collection Period (days)	86	45	89	115
Average Payment Period (days)	17	63	83	121
LIQUIDITY RATIOS
Current Ratio (%)	278,11	114,60	159,89	259,51
Quick Ratio (%)	18,34	3,87	25,62	57,80
DEBT RATIOS
Borrowing percentage (%)	20,82	5,84	26,25	44,63
External Financing Average Cost	0,04	0,03	0,04	0,08
Debt Service Coverage	3,13	0,62	3,60	12,19
Interest Coverage	32,07	1,55	4,08	11,70
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	2,32	1,66	4,66	8,24
Auto financing generated by Assets (%)	6,65	2,82	4,55	8,57
Breakdown Point	1,09	1,01	1,03	1,07
Average Sales Volume per Employee	329.850,66	117.147,46	153.270,89	272.067,82
Average Cost per Employee	25.386,84	19.330,75	26.049,42	34.541,10
Assets Turnover	2,86	0,90	1,23	2,01
Inventory Turnover (days)	30	28	91	178
RESULTS RATIOS
Return on Assets (ROA) (%)	23,85	1,96	4,89	8,45
Operating Profitability (%)	25,22	4,21	7,38	11,50
Return on Equity (ROE) (%)	8,96	3,10	8,50	17,74

ADDITIONAL INFORMATION

Consulted Sources

Central Mercantile Register

Mercantile Registrars

Tax Administration / VIES Consultation

Tax Administration / Consultation by NIF

Telephone directory: PÁGINAS AMARILLAS

Telephone directory: PÁGINAS BLANCAS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.16
UK Pound	1	Rs.97.77
Euro	1	Rs.82.78

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.