MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	ORELLANA UNO SL

Registered Office :	C/ Orellana, 1 4º Derecha. - Madrid - 28004 - Madrid

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	21.12.1994

Legal Form :	Private Company

Line of Business :	Subject is engaged in design, elaboration and retail sale of clothes, mainly for women.

No. of Employees	85

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Irregular
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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Spain

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

SPAIN ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013

Source : CIA

Company name and address

Name:

ORELLANA UNO SL

NIF / Fiscal code:

B81055410

Trade Name

BDBA

Status:

ACTIVE

Incorporation Date:

21/12/1994

Register Data

Last Publication in BORME:

24/12/2012 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

1.219.444

Localization:

C/ ORELLANA, 1 4º DERECHA. - MADRID - 28004 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 912192173 Email. orellana@bdba.com Website. www.bdba.com

Activity:

NACE:

4751 - Retail sale of textiles in specialised stores

Registered Trademarks:

Audited / Opinion:

Si /

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

4.629,77

---

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

RAUL PEREZ HERREROS

50 %

SONIA RODRIGUEZ RUIZ

50 %

INVESTIGATION SUMMARY

The mercantile entity ORELLANA UNO SL with VAT number B81055410 was founded in Madrid by an undefined period of time in December, 1994 and it is engaged in design, elaboration and retail sale of clothes. It recently showed some instability. We advise to control its commercial evolution.

Identification

Social Denomination:

ORELLANA UNO SL

Trade Name:

BDBA

NIF / Fiscal code:

B81055410

Corporate Status:

ACTIVE

Start of activity:

1995

Registered Office:

C/ ORELLANA, 1 4º DERECHA.

Locality:

MADRID

Province:

MADRID

Postal Code:

28004

Telephone:

912192173

Fax:

913082406

Website:

www.bdba.com

Email:

orellana@bdba.com

Activity

NACE:

4751

CNAE Obtaining Source:

4751

Additional Information:

The trade name of the subject is BDBA and it is engaged in design, elaboration and retail sale of clothes, mainly for women.

Additional Address:

Its registered office is located in calle Orellana nº 1, 4D, 28004 inMadrid.

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Face recession

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1995

Accounts deposit (ejer. 1994) Appointments/ Re-elections (1) Company Formation (1)

1996

Increase of Capital (1)

1997

Accounts deposit (ejer. 1995)

1998

Accounts deposit (ejer. 1996, 1997) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2002

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2003

Accounts deposit (ejer. 2001) Change of Social address (1) Increase of Capital (1) Statutory Modifications (1)

2004

Accounts deposit (ejer. 2002, 2003) Increase of Capital (1)

2005

Accounts deposit (ejer. 2004) Increase of Capital (1) Statutory Modifications (1)

2006

Accounts deposit (ejer. 2005)

2007

Accounts deposit (ejer. 2006)

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008)

2010

Accounts deposit (ejer. 2009)

2012

Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (1) Errata (1) Increase of Capital (2) Other Concepts/ Events (2)

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

1.219.444

Paid up capital:

1.219.444

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1125

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

23/01/1995

Company Formation

3.005

17/05/1996

Increase of Capital

30.051

33.056

26/03/2003

Increase of Capital

168.959

202.015

10/12/2004

Increase of Capital

195.525

397.540

27/07/2005

Increase of Capital

199.999

597.539

29/03/2012

Increase of Capital

472.205

1.069.744

30/10/2012

Increase of Capital

149.700

1.219.444

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

PEREZ HERREROS RAUL

17/10/2002

RODRIGUEZ RUIZ SONIA

17/10/2002

JOINT ATTORNEY

RODRIGUEZ RUIZ SONIA

17/03/1998

PEREZ HERREROS RAUL

17/03/1998

ACCOUNTS' AUDITOR / HOLDER

SALAS Y MARAVER SOCIEDAD ESPAÑOLA DE AUDITORIA SL

13/12/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CORDERO BARRAGAN FRANCISCO JAVIER

JOINT MANAGER

11/03/1998

GOMEZ MELENDEZ ANTONIO

SINGLE ADMINISTRATOR

17/10/2002

RODRIGUEZ RUIZ SONIA

JOINT MANAGER

11/03/1998

Executive board

Post

NIF

Name

ADMINISTRATOR

RAUL PEREZ HERREROS

ADMINISTRATOR

SONIA RODRIGUEZ RUIZ

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

15/12/2013

08/04/2014

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

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

List of current instances of default for each of the transactions in progress

Type of creditor

Product

Value of transactions (_)

Status

No. of defaults

Default balance (_)

Date of first default

Date of last default

SOCIEDADES DE SEGUROS CREDITICIOS

Seguros, alquiler

100000.00

Otros

4629.77

15/12/13

4.629,77

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

> 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.

{POSITIVO}Adequate level of financial autonomy. The financial autonomy of the entity represents the 33.60 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.{/POSITIVO}

The current debt represents a 39.93of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It has financial profitability.. ORELLANA UNO SL obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic 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.

It has been found to have irregular payment performance and has not paid all of its debts timely.

No Company's subsidiaries or branches are known.

Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.

Among the companies with similar characteristics, ORELLANA UNO SL is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 5.005 %

> Latest Rating Changes :

Sector in which comparison is carried out :

475 Retail sale of other household equipment in specialised stores

wordml://2245

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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 5.00%.

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

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

Clients

Name

NIF

Telephone

EL CORTE INGLES SA

A28017895

901122122

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

RAUL PEREZ HERREROS

SONIA RODRIGUEZ RUIZ

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

ALTAIR SEVEN SL

MADRID

Turnover

Total Sales 2012

7.242.679,49

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

May 2013

2011

Normales

July 2012

2010

Normales

January 2012

2009

Normales

October 2010

2008

Normales

September 2009

2007

Normales

September 2008

2006

Normales

August 2007

2005

Normales

September 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

July 2004

2001

Normales

February 2003

2000

Normales

October 2002

1999

Normales

September 2000

1998

Normales

October 1999

1997

Normales

October 1998

1996

Normales

February 1998

1995

Normales

February 1997

1994

Normales

October 1995

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 Normal 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, axesor 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

2.032.609,00

820.919,00

327.277,00

222.351,00

270.968,00

I. Intangible fixed assets : 11100

560.565,00

242.468,00

8.319,00

11.064,00

13.980,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

3. Patents, licencing, trade marks and similar: 11130

7.994,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

166.237,00

0,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

386.333,00

0,00

II. Tangible fixed assets : 11200

1.053.022,00

447.553,00

266.276,00

163.943,00

209.644,00

1. Land and buildings: 11210

70.451,00

0,00

2. Technical installations and other tangible fixed assets: 11220

982.571,00

0,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

419.023,00

130.899,00

52.681,00

47.344,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

419.023,00

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

3.880.030,00

3.000.575,00

2.758.796,00

2.386.169,00

2.071.027,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.984.153,00

2.704.488,00

2.273.175,00

1.757.799,00

1.659.893,00

1. Commercial: 12210

2.480.373,00

0,00

2. Primary material and other supplies: 12220

55.414,00

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

5. By-products, residues and recycled materials: 12250

0,00

6. Advances to suppliers: 12260

448.365,00

0,00

III. Trade debtors and others receivable accounts: 12300

251.218,00

159.710,00

206.251,00

475.703,00

147.902,00

1. Trade debtors / accounts receivable: 12310

248.138,00

159.710,00

206.208,00

475.660,00

147.902,00

a) Long-term receivables from sales and services supplied : 12311

0,00

b) Customers for sales and provisions of services : 12312

248.138,00

159.710,00

206.208,00

475.660,00

147.902,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

2.800,00

0,00

43,00

0,00

4. Personnel: 12340

280,00

0,00

5. Assets for deferred tax: 12350

0,00

6. Other debtors, including tax and social security: 12360

0,00

7. Called up share capital: 12370

0,00

IV. Short-term investments in Group companies and associates: 12400

0,00

49.488,00

52.335,00

53.010,00

57.661,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

214.415,00

0,00

38.412,00

0,00

59.277,00

VII. Cash and other equivalent liquid assets : 12700

430.244,00

86.889,00

188.623,00

99.657,00

146.295,00

1. Treasury: 12710

430.244,00

0,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

5.912.639,00

3.821.494,00

3.086.073,00

2.608.520,00

2.341.996,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

1.986.571,00

1.325.568,00

1.060.053,00

1.011.520,00

950.737,00

A-1) Shareholders' equity: 21000

1.986.571,00

1.325.568,00

1.060.053,00

1.011.520,00

950.737,00

I. Capital: 21100

1.219.444,00

597.539,00

1. Registered capital : 21110

1.219.444,00

597.539,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

197.001,00

140.938,00

139.895,00

125.646,00

114.322,00

1. Legal y estatutarias: 21310

68.635,00

0,00

2. Other reserves: 21320

128.367,00

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

539.324,00

309.659,00

274.086,00

227.552,00

207.330,00

1. Brought forward: 21510

539.324,00

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

30.802,00

277.431,00

48.534,00

60.782,00

31.547,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

1.564.871,00

172.627,00

100.000,00

0,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

1.564.871,00

172.627,00

100.000,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.558.703,00

172.627,00

100.000,00

0,00

3. Creditors from financial leasing: 31230

6.168,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

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

2.361.197,00

2.323.300,00

1.926.019,00

1.597.000,00

1.391.258,00

I. Liabilities linked to non-current assets held for sale: 32100

0,00

II. Short-term provisions: 32200

0,00

17.950,00

0,00

III. Short-term creditors : 32300

1.602.769,00

1.774.007,00

1.156.787,00

690.711,00

350.196,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.291.353,00

1.504.252,00

958.055,00

485.979,00

127.770,00

3. Creditors from financial leasing: 32330

4.857,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

306.559,00

0,00

IV. Short-term debts with Group companies and associates: 32400

0,00

389.605,00

399.128,00

508.565,00

V. Trade creditors and other accounts payable: 32500

758.428,00

141.737,00

370.104,00

397.725,00

532.498,00

1. Suppliers: 32510

116.036,00

-660.328,00

3.270,00

56.539,00

47.893,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

116.036,00

-660.328,00

3.270,00

56.539,00

47.893,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

453.181,00

0,00

4. Personnel (remuneration due): 32540

7.058,00

0,00

5. Liabilities for current tax: 32550

401,00

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

95.445,00

0,00

7. Advances from clients: 32570

86.307,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

5.912.639,00

3.821.494,00

3.086.073,00

2.608.520,00

2.341.996,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

7.242.679,00

6.061.052,00

4.968.853,00

4.449.088,00

4.100.035,00

a) Sales: 40110

7.242.679,00

0,00

b) Rendering of services: 40120

0,00

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

0,00

50.355,00

0,00

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

0,00

4. Supplies : 40400

-2.892.274,00

-2.754.819,00

-2.883.037,00

-2.688.089,00

-2.404.822,00

a) Stock consumption: 40410

-2.844.482,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

-47.792,00

0,00

c) Works carried out by other companies: 40430

0,00

d) Impairment of stock, primary material and other supplies: 40440

0,00

5. Other operating income: 40500

15.536,00

19.316,00

1.004,00

5.060,00

27.565,00

a) Auxiliary income and other from current management: 40510

15.536,00

0,00

b) Operation subsidies included in the Period's result: 40520

0,00

6. Personnel costs: 40600

-1.780.873,00

-1.247.916,00

-983.169,00

-742.850,00

-702.891,00

a) Wages, salaries et al.: 40610

-1.331.365,00

0,00

b) Social security costs: 40620

-449.508,00

0,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.228.072,00

-1.574.804,00

-970.481,00

-931.610,00

-913.397,00

a) External services: 40710

-2.196.996,00

0,00

b) Taxes: 40720

-56.404,00

0,00

c) Losses, impairments and variation in provisions from trade operations : 40730

25.514,00

0,00

d) Other current management expenditure : 40740

-185,00

0,00

8. Amortisation of fixed assets: 40800

-176.192,00

-89.346,00

-63.789,00

-59.309,00

-65.995,00

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

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

55.528,00

11.534,00

7.509,00

0,00

A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100

236.333,00

425.017,00

76.890,00

82.645,00

40.495,00

14. Financial income : 41400

1.050,00

1.624,00

2.353,00

3.634,00

5.032,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

1.050,00

0,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

1.050,00

0,00

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

0,00

15. Financial expenditure: 41500

-176.253,00

-38.280,00

-15.195,00

-4.708,00

-6.187,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-176.253,00

0,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-437,00

0,00

-33,00

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-15.836,00

-6.218,00

-2.037,00

-3.219,00

0,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. 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

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-191.038,00

-43.312,00

-14.880,00

-4.325,00

-1.155,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

45.294,00

381.705,00

62.011,00

78.320,00

39.340,00

20. Income taxes: 41900

-14.492,00

-104.273,00

-13.477,00

-17.537,00

-7.792,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

30.802,00

0,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

30.802,00

277.431,00

48.534,00

60.782,00

31.547,00

> 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, Axesor 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:

2.032.609,00

820.919,00

327.277,00

222.351,00

270.968,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

560.565,00

242.468,00

8.319,00

11.064,00

13.980,00

III. Tangible fixed assets:

1.053.022,00

447.553,00

266.276,00

163.943,00

209.644,00

IV. Financial investments:

419.023,00

130.899,00

52.681,00

47.344,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

3.880.030,00

3.000.575,00

2.758.796,00

2.386.169,00

2.071.027,00

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

0,00

II. Stocks:

2.984.153,00

2.704.488,00

2.273.175,00

1.757.799,00

1.659.893,00

III. Debtors:

251.218,00

159.710,00

206.251,00

475.703,00

147.902,00

IV. Short-term investments:

0,00

49.488,00

52.335,00

53.010,00

57.661,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

430.244,00

86.889,00

188.623,00

99.657,00

146.295,00

VII. Prepayments and accrued income:

214.415,00

0,00

38.412,00

0,00

59.277,00

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

5.912.639,00

3.821.494,00

3.086.073,00

2.608.520,00

2.341.996,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

1.986.571,00

1.325.568,00

1.060.053,00

1.011.520,00

950.737,00

I. Subscribed capital:

1.219.444,00

597.539,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

197.001,00

140.938,00

139.895,00

125.646,00

114.322,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

197.001,00

140.938,00

139.895,00

125.646,00

114.322,00

V. Profit or loss brought forward:

539.324,00

309.659,00

274.086,00

227.552,00

207.330,00

VI. Profit or loss for the financial year:

30.802,00

277.431,00

48.534,00

60.782,00

31.547,00

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:

1.564.871,00

172.627,00

100.000,00

0,00

E) SHORT TERM CREDITORS:

2.361.197,00

2.305.350,00

1.926.019,00

1.597.000,00

1.391.258,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

17.950,00

0,00

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

5.912.639,00

3.821.494,00

3.086.073,00

2.608.520,00

2.341.996,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

7.283.992,00

5.816.094,00

4.931.186,00

4.397.000,00

4.101.085,00

A.1. Operating consumption:

2.892.274,00

2.754.819,00

2.883.037,00

2.637.734,00

2.404.822,00

A.2. Staff Costs:

1.780.873,00

1.247.916,00

983.169,00

742.850,00

702.891,00

a) Wages, salaries et al.:

1.331.365,00

838.659,00

660.736,00

499.231,00

472.376,00

b) Social security costs:

449.508,00

409.258,00

322.433,00

243.620,00

230.515,00

A.3. Depreciation expense:

176.192,00

89.346,00

63.789,00

59.309,00

65.995,00

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

0,00

A.5. Other operating charges:

2.228.072,00

1.574.804,00

970.481,00

931.610,00

913.397,00

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

180.805,00

413.483,00

69.381,00

82.645,00

40.495,00

A.6. Financial and similar charges:

176.253,00

38.280,00

15.195,00

4.708,00

6.187,00

a) Due to liabilities with companies of the group:

0,00

37.918,00

15.052,00

4.663,00

6.129,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

176.253,00

362,00

144,00

44,00

58,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

437,00

0,00

33,00

0,00

A.8. Exchange losses:

15.836,00

6.218,00

2.037,00

3.219,00

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):

0,00

370.171,00

54.501,00

78.320,00

39.340,00

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):

55.528,00

11.534,00

7.509,00

0,00

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

45.294,00

381.705,00

62.011,00

78.320,00

39.340,00

A.14. Corporation Tax:

14.492,00

104.273,00

13.477,00

17.537,00

7.792,00

A.15. Miscellaneous taxes:

0,00

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

30.802,00

277.431,00

48.534,00

60.782,00

31.547,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

7.314.794,00

6.093.526,00

4.979.720,00

4.457.782,00

4.132.632,00

B.1. Operating income:

7.258.216,00

6.080.368,00

4.969.858,00

4.454.148,00

4.127.600,00

a) Net total sales:

7.242.679,00

6.061.052,00

4.968.853,00

4.449.088,00

4.100.035,00

b) Miscellaneous operating income:

15.536,00

19.316,00

1.004,00

5.060,00

27.565,00

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

0,00

B.2. Financial income:

1.050,00

1.624,00

2.353,00

3.634,00

5.032,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

1.050,00

1.624,00

2.353,00

3.634,00

5.032,00

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):

191.038,00

43.312,00

14.880,00

4.325,00

1.155,00

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

10.233,00

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:

55.528,00

11.534,00

7.509,00

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

45.294,00

381.705,00

62.011,00

78.320,00

39.340,00

2. Results adjustments.: 61200

332.062,00

143.953,00

76.632,00

60.383,00

67.150,00

a) Fixed Assets Amortization (+).: 61201

176.192,00

89.346,00

63.789,00

59.309,00

65.995,00

b) Obsolescence Allowances (+/-). : 61202

-25.514,00

0,00

c) Variation in Provision (+/-). : 61203

-17.950,00

17.950,00

0,00

g) Financial income (-).: 61207

-1.050,00

-1.624,00

-2.353,00

-3.634,00

-5.032,00

h) Financial Expenses (+). : 61208

176.253,00

38.280,00

15.195,00

4.708,00

6.187,00

i) Exchange differences (+/-). : 61209

15.836,00

0,00

k) Other income and expense (-/+). : 61211

8.296,00

0,00

3. Changes in current capital equity.: 61300

136.648,00

-676.154,00

-324.758,00

-514.089,00

-381.792,00

a) Stock (+/-).: 61301

-279.664,00

-431.314,00

-515.376,00

-97.905,00

-376.415,00

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

-65.993,00

46.540,00

269.452,00

-327.801,00

-62.645,00

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

-214.415,00

41.260,00

-37.737,00

63.928,00

-77.755,00

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

696.721,00

-332.640,00

-41.098,00

-152.310,00

135.022,00

4. Other cash flows for operating activities.: 61400

-285.560,00

-36.656,00

-12.842,00

-1.074,00

-1.155,00

a) Interest payments (-). : 61401

-176.253,00

-38.280,00

-15.195,00

-4.708,00

-6.187,00

c) Interest collection (+). : 61403

1.050,00

1.624,00

2.353,00

3.634,00

5.032,00

d) Income tax payment collection (payments) (+/-).: 61404

-110.358,00

0,00

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

228.444,00

-187.153,00

-198.958,00

-376.461,00

-276.457,00

6. Payments for investment (-).: 62100

-1.387.882,00

-493.642,00

-107.670,00

0,00

b) Intangible fixed assets. : 62102

-374.025,00

-234.149,00

0,00

c) Fixed assets. : 62103

-725.733,00

-181.277,00

-102.333,00

0,00

e) Other financial assets. : 62105

-288.124,00

-78.217,00

-5.337,00

0,00

7. Divestment payment collection (+). : 62200

0,00

2.745,00

48.617,00

67.819,00

b) Intangible fixed assets. : 62202

0,00

2.745,00

2.916,00

28.229,00

c) Fixed assets. : 62203

0,00

45.701,00

39.591,00

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

-1.387.882,00

-582.989,00

-168.715,00

-10.692,00

1.824,00

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

621.905,00

-11.917,00

0,00

-40.850,00

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

621.905,00

0,00

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

0,00

-11.917,00

0,00

-40.850,00

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

880.888,00

680.324,00

456.640,00

340.515,00

230.318,00

a) Issuance : 63201

5.532.454,00

689.847,00

572.075,00

358.209,00

230.318,00

2. Debts incurred with credit institutions (+). : 63203

4.517.958,00

618.824,00

572.075,00

358.209,00

34.268,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

0,00

136.396,00

5. Other debts (+). : 63206

1.014.496,00

71.023,00

0,00

59.654,00

b) Repayment and amortization of : 63207

-4.651.566,00

-9.523,00

-115.436,00

-17.694,00

0,00

2. Debts incurred with credit institutions (-).: 63209

-3.333.756,00

0,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

-9.523,00

-109.437,00

0,00

5. Other debts (-). : 63212

-1.317.810,00

0,00

-5.999,00

-17.694,00

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

1.502.794,00

668.407,00

456.640,00

340.515,00

189.468,00

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

343.355,00

-101.734,00

88.966,00

-46.638,00

-85.165,00

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

86.889,00

188.623,00

99.657,00

146.295,00

231.460,00

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

430.244,00

86.889,00

188.623,00

99.657,00

146.295,00

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:

0,05 %

0,01 %

-0,02 %

0,14 %

382,44 %

-93,61 %

EBITDA over Sales:

4,93 %

9,28 %

8,30 %

5,98 %

-40,59 %

55,25 %

Cash Flow Yield:

0,06 %

0,00 %

-0,03 %

0,03 %

318,13 %

-86,81 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,29 %

5,33 %

11,36 %

0,35 %

-71,02 %

1.429,05 %

Total economic profitability:

3,75 %

2,51 %

10,99 %

-0,19 %

-65,91 %

1.434,37 %

Financial profitability:

1,55 %

1,37 %

20,93 %

-3,85 %

-92,59 %

135,54 %

Margin:

2,49 %

4,88 %

6,80 %

0,70 %

-63,37 %

592,62 %

Mark-up:

-0,14 %

1,59 %

6,09 %

-6,92 %

-102,32 %

123,05 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,18

0,12

0,04

0,13

383,45

-10,54

Acid Test:

0,29

0,87

0,13

0,84

124,71

2,97

Working Capital / Investment:

0,26

0,03

0,18

0,11

44,94

-71,24

Solvency:

1,64

1,19

1,30

1,50

26,25

-20,43

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,98

1,63

1,87

1,32

5,72

24,08

Borrowing Composition:

0,66

1,04

0,07

1,24

785,06

-16,02

Repayment Ability:

11,43

138,26

-24,36

16,79

146,94

723,33

Warranty:

1,51

1,62

1,54

1,76

-2,35

-7,92

Generated resources / Total creditors:

0,05

0,07

0,15

0,01

-64,38

433,17

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,20

1,73

1,40

1,27

-14,43

36,04

Turnover of Collection Rights :

28,89

4,84

38,07

3,45

-24,11

40,57

Turnover of Payment Entitlements:

6,75

3,53

30,55

2,24

-77,90

57,70

Stock rotation:

2,37

6,67

2,10

1,72

13,19

287,65

Assets turnover:

1,32

1,09

1,67

0,49

-20,88

120,76

Borrowing Cost:

4,49

2,96

1,54

2,81

190,61

5,21

> 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:

0,05 %

-0,02 %

0,02 %

-0,01 %

-2,01 %

EBITDA over Sales:

4,93 %

8,30 %

2,68 %

3,19 %

2,60 %

Cash Flow Yield:

0,06 %

-0,03 %

0,03 %

-0,02 %

-3,51 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

3,29 %

11,36 %

2,33 %

3,30 %

1,81 %

Total economic profitability:

3,75 %

10,99 %

2,50 %

3,18 %

1,94 %

Financial profitability:

1,55 %

20,93 %

4,58 %

6,01 %

3,32 %

Margin:

2,49 %

6,80 %

1,40 %

1,86 %

0,98 %

Mark-up:

-0,14 %

6,09 %

1,10 %

1,76 %

-0,03 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,18

0,04

0,10

0,06

0,11

Acid Test:

0,29

0,13

0,23

0,39

0,25

Working Capital / Investment:

0,26

0,18

0,27

0,30

0,29

Solvency:

1,64

1,30

1,43

1,49

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,98

1,87

1,91

1,58

1,46

Borrowing Composition:

0,66

0,07

0,05

0,00

Repayment Ability:

11,43

-24,36

22,77

-34,24

3,66

Warranty:

1,51

1,54

1,52

1,63

1,68

Generated resources / Total creditors:

0,05

0,15

0,06

0,08

0,07

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,20

1,40

1,14

1,19

1,15

Turnover of Collection Rights :

28,89

38,07

24,10

9,36

27,91

Turnover of Payment Entitlements:

6,75

30,55

10,41

9,23

6,23

Stock rotation:

2,37

2,10

2,16

2,49

2,46

Assets turnover:

1,32

1,67

1,78

1,85

Borrowing Cost:

4,49

1,54

0,75

0,29

0,44

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Sources

Registry of Commerce''s Official Gazette. Own and external data bases Company References Investigacion

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIS

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

Company name and address

Defaults, Legal Claims and Insolvency Proceedings

Partners

INVESTIGATION SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit