MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	BIG BAGS Y SACOS VALENCIA SL
Registered Office :	Localization PL. Periodista Ros Belda, 3 2. - 46021 Valencia
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	01.06.2011
Legal Form :	Private Company
Line of Business :	Non-specialised wholesale trade [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees	Not Available

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 :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Spain	A2	A2

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

SPAIN ECONOMIC OVERVIEW

Spain 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

BIG BAGS Y SACOS VALENCIA SL

Cif	B98355100
Registry Data	Register VALENCIA, Section 8, Sheet 143938
Incorporation Date	01/06/2011
Last Publication in BORME	24/04/2012 (Company Domicile change)

Localization PL. PERIODISTA ROS BELDA, 3 2. - 46021   VALENCIA

Telephone

963561568

Activity

CNAE	4690  /  Non-specialised wholesale trade
CNAE activity classification (ANNUAL ACCOUNTS):	4690  /  Non-specialised wholesale trade
Size	Microenterprise
Published Trademarks	1 National
Audited / Opinion:	No
Tenders Won:	No
Subsidies Granted:	No
Quality Certificate:	No

Defaults, Legal Claims and Insolvency Proceedings

	Number	Amount	Last Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-
Defaults on debt with Financial Institutions and Large Companies	None	-
Legal and Administrative Proceedings	Unpublished	0 €	-
Notices of defaults and enforcement	Unpublished	0 €	-
Proceedings heard by the Labour Court	Unpublished	0 €	-

Key Financial Indicators in the award of credit:

Main Financial Data	2012	2011	Change 2012 - 2011
Net total sales	402.064	84.426	376,23%
Gross margin	-16,02%	-31,19%	48,64%
Gross Operating Results	-66.200	-26.333	-151,39%
Indebtedness	2,26	0,82	176,3%
Financial Year Result	-58.597	-21.868	-167,95%
Equity	106.556	195.044	-45,37%
Cash Flow	-51.338	68.893	-174,52%
Working Capital	271.203	150.530	80,17%
Financial profitability	-54,99%	-11,21%	-390,47%
Economic Rate of Return	-19,51%	-8,08%	-141,51%
Average payment term	90 days	90 days	0%
Average Payment Collection Term	120 days	180 days	-33,33%
Number of Employees	0,1	0	-

ACTIVITY

NACE:	4690  /  Non-specialised wholesale trade
Main Activity:	Non-specialised wholesale trade
CNAE Source:	ANNUAL ACCOUNTS
Company size:	Microenterprise

Staff

Financial Year	Permanent Employees	Temporary Employees
2012	0	0

Neutral	27/01/14	Revision of the scoring by expert analyst
Negative	07/11/13	Updating of financial statements.
Positive	24/01/13	Updating of financial statements.

Most relevant data

Revision of the scoring derived from analysis conducted by the Axesor's Risks Analysts.

On 27/01/2014 the scoring was updated derived from analysis conducted by the Axesor's Risks Analysts.

ESTIMATED PROBABILITY OF DEFAULT

Section showing the probability that the company queried will not be able to meet the business obligations it takes on over the next 12 months, as well as a comparison against the average probability within the sector.

The Estimated Probability of Default should be interpreted as the number of companies (with similar profiles to that of the company queried) whose loans have turned non-performing or delinquent, as a percentage of the total number of companies..

Estimated Probability of Default (next 12 months):  4.433 %

Sector in which comparison is carried out :    469 Non-specialised wholesale trade
Relative Position: Credit quality is superior to that of other companies in the same sector.

Most relevant data

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 4.433%.

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.

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 Empresas and RAI).

Summary

There are no of outstanding debts with Public Administration bodies or resulting from claims filed by individuals before Courts of the different jurisdictions.

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

Chronological Summary

Proceedings and Stages	Number of Publications	Amount	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-	-
Request/Declaration	0	-		-
Proceedings	0	-		-
Resolution	0	-		-
Defaults on debt with Financial Institutions and Large Companies	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	0
Notices of defaults and enforcement	0	0
Seizures	0	0
Auctions	0	0
Declarations of insolvency and bad debt	0	0
Proceedings heard by the Civil Court	Unpublished	0 €
Proceedings heard by the Labour Court	Unpublished	-

DETAILS.

DEFAULTS WITH FINANCIAL INSTITUTIONS AND LARGE COMPANIES Bank and Commercial Delinquency

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

Product	Number of Defaults
MORTGAGE LOAN, PERSONAL LOAN	-
OVERDRAFT IN CURRENT ACCOUNT, CREDIT CARD, PRIVATE LABEL CARD OR DEBIT CARD	-
CREDIT POLICY, BUSINESS DISCOUNT	-
INSURANCE, RENTAL	-
LEASING, FACTORING, RENTING, CONFIRMING	-
TELECOMMUNICATIONS	-
AUTOMOBILE FINANCING, CAPITAL EQUIPMENT OR CONSUMER GOODS	-
COLLATERAL and GUARANTEES	-
Miscellaneous	-

Legal Notice:

This data has been obtained from consultation of the ASNEF Empresas 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 .

ACCOUNTS AND BALANCE SHEET RESULTS

Financial Years Presented

Financial Year	Type of Annual Accounts
2012	Normal	August  2013
2011	Normal	August  2012

La información del último Depósito de Cuentas contenida en el informe procede del REGISTRO MERCANTIL correspondiente al domicilio de la sociedad obtenida a fecha 31/12/2012

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

Information corresponding to the fiscal year 2012  2011  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012  2011  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.

Assets	Code	2012	2011
A) NON-CURRENT ASSETS	11000	35.353	44.514
I. Intangible fixed assets	11100	0	0
II. Tangible fixed assets	11200	8.631	10.307
III. Real estate investment	11300	0	0
IV. Long-term investments in Group companies and associates	11400	0	0
V. Long-term financial investments	11500	0	26.918
VI. Assets for deferred tax	11600	26.722	7.289
VII. Non-current trade debtors	11700	0	0
B) CURRENT ASSETS	12000	312.518	310.398
I. Stocks	12200	171.879	193.460
II. Trade debtors and others receivable accounts	12300	123.084	48.045
1. Trade debtors / accounts receivable	12380	109.423	7.784
a) Long-term receivables from sales and services supplied	12381	0	0
b) Customers for sales and provisions of services	12382	109.423	7.784
2. Called up share capital	12370	0	0
3. Other accounts receivable	12390	13.661	40.261
III. Short-term investment in Group companies and associates	12400	0	0
IV. Short-term financial investments	12500	0	0
V. Short-term accruals	12600	0	0
VI. Cash and other equivalent liquid assets	12700	17.555	68.893
TOTAL ASSETS (A + B)	10000	347.871	354.913

Liabilities and Net Worth	Code	2012	2011
A) NET WORTH	20000	106.556	195.044
A-1) Shareholders' equity	21000	106.556	195.044
I. Capital	21100	60.000	60.000
1. Registered capital	21110	60.000	60.000
2. (Uncalled capital)	21120	0	0
II. Share premium	21200	0	0
III. Reserves	21300	0	0
IV. (Common stock equity)	21400	0	0
V. Profit or loss brought forward	21500	-21.868	0
VI. Other shareholders' contributions	21600	127.021	156.913
VII. Result of the period	21700	-58.597	-21.868
VIII. (Interim dividend)	21800	0	0
A-2) Changes in net worth	22000	0	0
A-3) Received subsidies, donations and legacies	23000	0	0
B) NON-CURRENT LIABILITIES	31000	200.000	0
I. Long-term provisions	31100	0	0
II. Long-term creditors	31200	200.000	0
1. Amounts owed to credit institutions	31220	0	0
2. Creditors from financial leasing	31230	0	0
3. Other long-term creditors	31290	200.000	0
III. Long-term debts with Group companies and associates	31300	0	0
IV. Liabilities for deferred tax	31400	0	0
V. Long-term accruals	31500	0	0
VI. Non-current trade creditors	31600	0	0
VII. Special long-term debts	31700	0	0
C) CURRENT LIABILITIES	32000	41.315	159.868
I. Short-term provisions	32200	0	0
II. Short-term creditors	32300	23.826	145.745
1. Amounts owed to credit institutions	32320	0	0
2. Creditors from financial leasing	32330	0	0
3. Other short-term creditors	32390	23.826	145.745
III. Short-term amounts owed to group and associated companies	32400	0	0
IV. Trade creditors and other accounts payable	32500	17.489	14.123
1. Suppliers	32580	11.519	11.354
a) Long-term debts	32581	0	0
b) Short-term debts	32582	11.519	11.354
2. Other creditors	32590	5.970	2.769
V. Short-term accruals	32600	0	0
VI. Special short-term debts	32700	0	0
TOTAL NET WORTH AND LIABILITIES (A + B + C)	30000	347.871	354.913

Profit and Loss	Code	2012	2011
1. Net turnover	40100	402.064	84.426
2. Changes in stocks of finished goods and work in progress	40200	0	0
3. Works carried out by the company for its assets	40300	0	0
4. Supplies	40400	-342.458	-95.731
5. Other operating income	40500	0	0
6. Personnel costs	40600	-1.796	0
7. Other operating costs	40700	-124.010	-15.029
8. Amortisation of fixed assets	40800	-1.676	-165
9. Allocation of subsidies of non-financial fixed assets and other	40900	0	0
10. Excess provisions	41000	0	0
11. Impairment and result of transfers of fixed assets	41100	0	0
12. Other results	41300	883	0
A) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12)	49100	-66.993	-26.499
13. Financial income	41400	231	0
a) Allocation of financial subsidies, donations and legacies	41430	0	0
b) Other financial income	41490	231	0
14. Financial expenditure	41500	-11.267	-2.852
15. Changes in fair value of financial instruments	41600	0	0
16. Exchange rate differences	41700	0	0
17. Impairment and result for transfers of financial instruments	41800	0	193
18. Other financial income and expenditure	42100	0	0
a) Incorporation of financial expenditure to assets	42110	0	0
b) Financial income from arrangement with creditors	42120	0	0
c) Other income and expenditure	42130	0	0
B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 )	49200	-11.036	-2.659
C) NET RESULT BEFORE TAXES ( A + B )	49300	-78.029	-29.158
19. Income taxes	41900	19.432	7.289
D) RESULT OF THE PERIOD ( C + 19 )	49500	-58.597	-21.868

DIAGNOSTICO ECONOMICO-FINANCIERO

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		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Cash Flow over Sales	-0,13 %	0,00 %	0,82 %	0,00 %	-115,65 %
EBITDA over Sales	-16,47 %	2,50 %	-31,19 %	2,89 %	47,21 %	-13,39 %
Cash Flow Yield	-0,15 %	0,00 %	0,19 %	0,00 %	-176,03 %

Profitability	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Operating economic profitability	-19,51 %	1,69 %	-8,08 %	2,19 %	-141,51 %	-22,95 %
Total economic profitability	-19,19 %	2,16 %	-7,41 %	2,46 %	-158,93 %	-11,93 %
Financial profitability	-54,99 %	0,95 %	-11,21 %	1,46 %	-390,47 %	-34,71 %
Margin	-16,88 %	1,30 %	-31,39 %	1,58 %	46,21 %	-17,65 %
Mark-up	-19,63 %	0,37 %	-34,54 %	0,66 %	43,17 %	-43,12 %

Solvency	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Liquidity	0,42	0,19	0,43	0,19	-1,40 %	1,32 %
Acid Test	3,40	1,00	0,73	0,97	365,38 %	3,36 %
Working Capital / Investment	0,78	0,26	0,42	0,24	83,81 %	7,16 %
Solvency	8,21	1,60	1,99	1,54	313,20 %	4,15 %

Indebtedness	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Indebtedness level	2,26	1,55	0,82	1,70	176,30 %	-8,70 %
Borrowing Composition	4,84	0,34	0,00	0,34		1,23 %
Repayment Ability	-4,70	294,21	2,32	-3.147,57	-302,56 %	109,35 %
Warranty	1,44	1,65	2,22	1,59	-35,07 %	3,58 %
Generated resources / Total creditors	-0,24	0,03	-0,14	0,04	-72,23 %	-9,61 %

Efficiency	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Productivity	-35,85	1,18		1,22		-3,25 %
Turnover of Collection Rights	3,27	3,82	1,76	3,92	85,89 %	-2,67 %
Turnover of Payment Entitlements	26,67	3,04	7,84	3,21	240,09 %	-5,21 %
Stock rotation	2,73	4,32	0,57	4,74	376,85 %	-8,89 %
Assets turnover	1,16	1,30	0,26	1,38	349,02 %	-6,44 %
Borrowing Cost	4,67	2,16	1,78	2,17	161,76 %	-0,50 %

Trend of indicators under the General Accounting Plan of 2007 (2012, 2011)

Cash Flow	2012	2011
Cash Flow over Sales	-0,13 %	0,82 %
EBITDA over Sales	-16,47 %	-31,19 %
Cash Flow Yield	-0,15 %	0,19 %

Profitability	2012	2011
Operating economic profitability	-19,51 %	-8,08 %
Total economic profitability	-19,19 %	-7,41 %
Financial profitability	-54,99 %	-11,21 %
Margin	-16,88 %	-31,39 %
Mark-up	-19,63 %	-34,54 %

Solvency	2012	2011
Liquidity	0,42	0,43
Acid Test	3,40	0,73
Working Capital / Investment	0,78	0,42
Solvency	8,21	1,99

Indebtedness	2012	2011
Indebtedness level	2,26	0,82
Borrowing Composition	4,84	0,00
Repayment Ability	-4,70	2,32
Warranty	1,44	2,22
Generated resources / Total creditors	-0,24	-0,14

Efficiency	2012	2011
Productivity	-35,85
Turnover of Collection Rights	3,27	1,76
Turnover of Payment Entitlements	26,67	7,84
Stock rotation	2,73	0,57
Assets turnover	1,16	0,26
Borrowing Cost	4,67	1,78

SECTOR-BASED BALANCE COMPARISON

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

	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
ASSETS	347.871	1.007.384	354.913	959.386	-1,98 %	5,00 %
NON-CURRENT ASSETS	35.353	285.575	44.514	272.041	-20,58 %	4,97 %
TANGIBLE FIXED ASSETS	8.631	217.351	10.307	207.142	-16,26 %	4,93 %
Inmovilizado Intangible	0	6.303	0	6.277		0,42 %
Other Non-current Asset	26.722	61.921	34.207	58.478	-21,88 %	5,89 %
CURRENT ASSETS	312.518	721.809	310.398	687.346	0,68 %	5,01 %
Stock	171.879	262.891	193.460	247.395	-11,16 %	6,26 %
Debtors	123.084	301.032	48.045	303.891	156,18 %	-0,94 %
Cash flow	17.555	88.926	68.893	86.847	-74,52 %	2,39 %
Another Current Asset	0	68.886	0	48.830		41,07 %

	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
NET ASSETS AND LIABILITIES	347.871	1.007.205	354.913	959.386	-1,98 %	4,98 %
Net Worth	106.556	392.493	195.044	352.000	-45,37 %	11,50 %
Capital and Share Premiums	60.000	88.495	60.000	81.153	0,00 %	9,05 %
Reserves	0	316.137	0	278.735		13,42 %
Other Net Assets	105.153	-15.863	156.913	-13.000	-32,99 %	-22,02 %
Financial Year Result	-58.597	3.724	-21.868	5.111	-167,95 %	-27,14 %
NON-CURRENT LIABILITIES	200.000	156.433	0	154.263		1,41 %
Long-term debts incurred with companies of the group and affiliates	0	14.426	0	9.972		44,67 %
Other Long-term Debts	200.000	141.976	0	144.140		-1,50 %
CURRENT LIABILITIES	41.315	458.273	159.868	453.129	-74,16 %	1,14 %
Trade Creditors	17.489	320.031	14.123	316.291	23,83 %	1,18 %
Short-term debts incurred with companies of the group and affiliates	0	6.647	0	6.282		5,82 %
Deudas a Corto Plazo	23.826	131.550	145.745	130.454	-83,65 %	0,84 %

	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Net total sales	402.064	1.129.935	84.426	1.176.174	376,23 %	-3,93 %
+ Other Operating Income	0	19.273	0	15.792		22,04 %
= OPERATING INCOMES	402.064	1.149.208	84.426	1.191.966	376,23 %	-3,59 %
- Miscellaneous operating expenses	-124.010	-157.421	-15.029	-159.882	-725,16 %	1,54 %
- Operating consumption	-342.458	-805.990	-95.731	-842.995	-257,73 %	4,39 %
= COMPANY ADDED VALUE	-64.404	185.796	-26.333	189.089	-144,57 %	-1,74 %
- Staff costs	-1.796	-157.531	0	-155.117		-1,56 %
= GROSS OPERATING RESULT	-66.200	28.266	-26.333	33.972	-151,39 %	-16,80 %
-Amortizaciones de Inmovilizado	-1.676	-15.489	-165	-15.750	-913,87 %	1,66 %
- Turnover provisions variation	0	791	0	171		361,57 %
+ Obsolescence and Results from Disposal of Fixed Assets and Others	0	1.453	0	430		237,90 %
+ Other Results	883	4.281	0	2.632		62,65 %
= OPERATING RESULT	-66.993	19.255	-26.499	21.491	-152,82 %	-10,40 %
+ Financial income	231	2.947	0	3.600		-18,14 %
- Financial expenditure	-11.267	-13.209	-2.852	-13.115	-295,12 %	-0,71 %
- Obsolescence and Variation of Financial Instruments	0	-419	193	-1.515	-100,00 %	72,35 %
= RESULT BEFORE TAXES	-78.029	8.575	-29.158	10.461	-167,61 %	-18,03 %
- Corporation tax	19.432	-4.846	7.289	-5.345	166,58 %	9,34 %
+Resultado del ejercicio procedente de operaciones interrumpidas neto de impuestos	0	0	0	0
= FINANCIAL YEAR RESULT	-58.597	3.724	-21.868	5.115	-167,95 %	-27,21 %

STATEMENT OF CHANGES IN NET WORTH

Trend of Net Worth

Total statement of changes in equity	2011	2012
Authorized	60.000	60.000
Previous Fiscal Years' Results	0	-21.868
Other shareholders' contributions	156.913	127.021
Financial Year Result	-21.868	-58.597
Total	195.044	106.556

Statement of Changes in Net Worth

Source of data

  Data is taken from the annual Profit and Loss Statement submitted by the company in its Annual Accounts for the fiscal year [ejercicio del balances].

Statement of Changes in Net Worth		Total	Total	Total	Total	Total
A) BALANCE, AS OF END OF FISCAL YEAR 2010	511	0	0	0	0	0
I. Adjustments due to criteria changes in fiscal year 2010 and previous ones	512	0	0	0	0	0
II. Adjustments due to errors in fiscal year 2010 and previous ones	513	0	0	0	0	0
B) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2011	514	0	0	0	0	0
I. Result in profit and loss account	528	0	0	0	-21.868	-21.868
II. Income and expense acknowledged under net assets	530	0	0	0	0	0
1. Tax income deferred	527	0	0	0	0	0
2. Other income and expense acknowledged under net assets	529	0	0	0	0	0
III. Transactions with partners or owners	516	60.000	0	156.913	0	216.913
1.- Capital increases	517	0	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0	0
3.- Other transactions with partners or owners	526	60.000	0	156.913	0	216.913
IV. Other net assets variations	524	0	0	0	0	0
C) BALANCE, AS OF END OF FISCAL YEAR 2011	511	60.000	0	156.913	-21.868	195.044
I. Adjustments due to criteria changes in fiscal year 2011	512	0	0	0	0	0
II. Adjustments due to errors in fiscal year 2011	513	0	0	0	0	0
D) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2012	514	60.000	0	156.913	-21.868	195.044
I. Result in profit and loss account	528	0	0	0	-58.597	-58.597
II. Income and expense acknowledged under net assets	530	0	0	0	0	0
1. Tax income deferred	527	0	0	0	0	0
2. Other income and expense acknowledged under net assets	529	0	0	0	0	0
III. Transactions with partners or owners	516	0	0	-29.891	0	-29.891
1.- Capital increases	517	0	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0	0
3.- Other transactions with partners or owners	526	0	0	-29.891	0	-29.891
IV. Other net assets variations	524	0	-21.868	0	21.868	0
E) BALANCE, AS OF END OF FISCAL YEAR 2012	525	60.000	-21.868	127.021	-58.597	106.556

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.

	Code	2012	2011
1. Fiscal year result before taxes.	61100	-78.029	-29.158
2. Results adjustments.	61200	12.711	3.017
a) Fixed Assets Amortization (+).	61201	1.676	165
g) Financial income (-).	61207	-231	0
h) Financial Expenses (+).	61208	11.267	2.852
3. Changes in current capital equity.	61300	-30.660	-220.093
a) Stock (+/-).	61301	21.581	-193.460
d) Debtors and other accounts receivable (+/-).	61302	-75.039	-48.045
d) Creditors and other accounts payable (+/-).	61304	22.799	21.413
4. Other cash flows for operating activities.	61400	-11.036	-2.852
a) Interest payments (-).	61401	-11.267	-2.852
c) Interest collection (+).	61403	231	0
5. Operating activity cash flows (1 + 2 + 3 + 4)	61500	-107.013	-249.085
6. Payments for investment (-).	62100	-19.432	-44.514
c) Fixed assets.	62103	0	-10.307
e) Other financial assets.	62105	0	-26.918
h) Other assets.	62108	-19.432	-7.289
7. Divestment payment collection (+).	62200	28.594	0
c) Fixed assets.	62203	1.676	0
e) Other financial assets.	62205	26.918	0
8. Investment activity cash flows (6 + 7) minus Amortization	62300	7.486	-44.679
9. Payment collection and payments for equity instruments.	63100	-29.891	216.913
a) Issuance of equity instruments (+).	63101	0	216.913
b) Amortization of assets instruments (-).	63102	-29.891	0
10. Payment collection and payments for financial liabilities instruments.	63200	78.081	145.745
a) Issuance	63201	200.000	145.745
5. Other debts (+).	63206	200.000	145.745
b) Repayment and amortization of	63207	-121.919	0
5. Other debts (-).	63212	-121.919	0
11. Payments from dividends and remunerations from other assets instruments.	63300	0	0
12. Cash flows for financing activities (9+10+11).	63400	48.189	362.658
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO	64000	0	0
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D)	65000	-51.338	68.893
Cash or equivalent assets as of beginning of the fiscal year.	65100	68.893	0
Cash or equivalent assets as of end of the fiscal year.	65200	17.555	68.893

REGISTRY DATA

Mercantile Registry:	VALENCIA
Register Data:	8 Hoja Registral: 143938
Date of formation:	01/06/2011
Corporate Purpose published in the Borme:	LA COMPRAVENTA, DISEÑO, FABRICACIÓN, DISTRIBUCIÓN, IMPORTACIÓN Y EXPORTACIÓN DE TODO TIPO DE EMBALAJES, ASÍ COMO LA INTERMEDIACIÓN EN DICHAS OPERACIONES . FECHA DE PUBLICACION 08/06/2011
Registered Office:	PL. PERIODISTA ROS BELDA, 3 2.  -VALENCIA-

CHRONOLOGICAL SUMMARY

Note:    Important       Very Important

2011	Appointments/ Re-elections (1) Company Formation (1) Declaration of Sole Propietorship (1)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Loss of the sole propietorship condition (1)
2013	Accounts deposit (ejer. 2012)

BREAKDOWN OF OWNERS EQUITY

Current Notarised Capital:	60.000   EUROS
Current Paid-up Capital:	60.000   EUROS

UPDATED EVOLUTION OF THE SUBSCRIBED AND PAID-IN CAPITAL

Inscription date	Type of Registration	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
08/06/2011	Company Formation	60.000€	60.000€	60.000€	60.000€

ACTIVE SOCIAL BODIES

Órganos Sociales Activos - Total: 1

Cargo publicado	Nombre Órgano Social	Fecha Nombramiento	Otros Cargos en esta Sociedad
SINGLE ADMINISTRATOR	JUAN IGNACIO DOMINGUEZ	13/04/2012	1

HISTORICAL SOCIAL BODIES

Formerly Active Governing Bodies - Total: 1

Social Body's Name	Post published	End Date	Other Positions in this Company
CRISTINA OROZCO GUERRAS	SINGLE ADMINISTRATOR	13/04/2012	2
	SINGLE PARTNER	13/04/2012

TRADEMARKS

Summary of Published Trademarks

Spanish Trademarks:

Status	Trademarks
DENIED	1

Trademark Overview

Trademark	Dossier	Status		Type	Class
VALSAC	M3031511 /5	DENIED	15/11/2012	Spanish	39

REMUNERATION

  WAGES AND SALARIES EARNED BY MEMBERS OF THE BOARD OF DIRECTORS DURING THE FISCAL YEAR 2011 AMOUNT TO 0,00 EUROS OF REMUNERATION IN THE FORM OF WAGES AND PROFESSIONAL FEES.

INFORMACION MEDIOAMBIENTAL

In the Memory of this company corresponding to the year 2011 there are no of investments intended for the protection of the Environment during such fiscal year

SECTORS OF INTEREST THAT HAVE CONSULTED THIS ENTERPRISE

Sector	2012 (9)		2013 (21)	2014 (8)
INSURANCE AND FINANCIAL SERVICES			10
TEXTILE, TAILORING, FURRIERY AND FOOTWARE	2		4	3
AUDITORS, ECONOMISTS AND CONSULTANTS			4	4
TELECOMMUNICATION			3
AGENCIES AND CONSULTANCIES	2
LAWYERS		2
TRANSPORT AND GOODS		2
MISCELLANEOUS SECTORS		1			1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.86
UK Pound	1	Rs.102.67
Euro	1	Rs.81.69

INFORMATION DETAILS

Analysis Done by :	RAS
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.