MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	ALEJO MICO FERRI SL

Registered Office :	Pol Ind Llano San Vicente, C/ Vicente Fita Y Lozano, 2 Y 4 Ontinyent Valencia 46870

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	01.01.1991

Legal Form :	Private Company

Line of Business :	Subject is engaged in the manufacturing and distribution of Se dedica al corte, preparación, distribución detextile raw materials and natural acrylic, acrylic fibers, natural raw materials, yarn and product application.

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

EXECUTIVE SUMMARY

Name:

ALEJO MICO FERRI SL

NIF / Fiscal code:

B46830030

Status:

ACTIVE

Incorporation Date:

01/01/1991

Register Data

Last Publication in BORME:

11/01/2011 [Annual accounts' deposit]

Last Published Account Deposit:

2013

Share Capital:

30.050,61

Localization:

POL IND LLANO SAN VICENTE, C/ VICENTE FITA Y LOZANO, 2 Y 4 - ONTINYENT - 46870 - VALENCIA

Telephone - Fax - Email - Website:

Ph.:. 962 381 765 Website. www.alejomicoferri.com

Activity:

NACE:

1320 - Weaving of textiles

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ALEJO MICO FERRI SL

Identification

Social Denomination:

ALEJO MICO FERRI SL

NIF / Fiscal code:

B46830030

Corporate Status:

ACTIVE

Start of activity:

1991

Registered Office:

POL IND LLANO SAN VICENTE, C/ VICENTE FITA Y LOZANO, 2 Y 4

Locality:

ONTINYENT

Province:

VALENCIA

Postal Code:

46870

Telephone:

962 381 765

Website:

www.alejomicoferri.com

Activity

NACE:

1320

Additional Information:

The company is engaged in the manufacturing and distribution of Se dedica al corte, preparación, distribución detextile raw materials and natural acrylic, acrylic fibers, natural raw materials, yarn and product application.

Import / export:

EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1991

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

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

1997

Accounts deposit (ejer. 1996)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000)

2002

Accounts deposit (ejer. 2001)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2007

Accounts deposit (ejer. 2005)

2008

Accounts deposit (ejer. 2006, 2007)

2009

Accounts deposit (ejer. 2008)

2011

Accounts deposit (ejer. 2009)

2013

Accounts deposit (ejer. 2012)

2014

Accounts deposit (ejer. 2013)

Breakdown of Owners' Equity

Registered Capital:

30.050,61

Paid up capital:

30.050,61

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

16/01/1991

Company Formation

30.051

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

MICO FERRI ALEJO

13/08/1996

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

MICO FERRI ALEJO

ADMINISTRATOR

13/08/1996

Executive board

Post

NIF

Name

ADMINISTRATOR

ALEJO MICO FERRI

DIRECTOR/GENERAL MANAGER

ALEJO MICO FERRI

FINANCIAL DIRECTOR

ELENA MICO ORDOÑEZ

MANAGING DIRECTOR

ALEJO MICO FERRI

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

---

07/05/2009

31/10/2011

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

---

> Basis for scoring

Positive Factors

Adverse Factors

The current debt represents a 56.64% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

No Company's subsidiaries or branches are known.

Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Among the companies with similar characteristics, ALEJO MICO FERRI 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

> Estimated Probability of Default for the next 12 months: 9.559 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

132 Weaving of textiles

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 12.00% of the companies of the sector ALEJO MICO FERRI SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 9.559%.

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.

Recommended commercial credit

Favourable until 39.000 € (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

2 Legal Claims for a total cost of 0,00 E

Incidences with the Social Security

2 Legal Claims for a total cost of 0,00 E

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

Incidences Detailed

Incidences with the Tax Agency

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 31/10/2011

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

1199140077281

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

TABLON DE EDICTOS Y ANUNCIOS DE LA AGENCIA TRIBUTA Nº31, 2011 PAGINA 1

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 03/08/2009

Last Published Stage:

SEIZURE

Record Number:

0999092516711

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº193, 2009 PAGINA 96826

Incidences with the Social Security

BY THE SOCIAL SECURITY DE VALENCIA - Date 09/08/2010

Last Published Stage:

SEIZURE

Record Number:

46090800411539

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CN CNO. VIEJO ONTENIENTE S/N 0; ONTINYENT C.P.:46870 (VALENCIA)

Source:

B.O.P. VALENCIA Nº203, 2010 PAGINA 113

Previous Published Stages:

REQU. NOTIFICATION OF GOODS :

B.O.P. VALENCIA Nº279, 2008 SUPLEMENTO 2 PAGINA 91

BY THE SOCIAL SECURITY DE VALENCIA - Date 07/05/2009

Last Published Stage:

SEIZURE

Record Number:

46090900096217

Amount of the incidence:

0,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

CN CNO. VIEJO ONTENIENTE S/N 0; ONTINYENT C.P.:46870 (VALENCIA)

Source:

B.O.P. VALENCIA Nº124, 2009 SUPLEMENTO 2 PAGINA 89

Previous Published Stages:

REQU. NOTIFICATION OF GOODS :

B.O.P. VALENCIA Nº99, 2009 SUPLEMENTO 1 PAGINA 106

Link List

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ALEJO MICO FERRI SL

VALENCIA

PARTICIPATES IN

ALEJO MICO FERRI SL

VALENCIA

Turnover

Total Sales 2013

3.429.265,77

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

September 2013

2011

Normales

No publicado en BORME

2009

Normales

December 2010

2008

Normales

November 2009

2007

Normales

November 2008

2006

Normales

February 2008

2005

Normales

February 2007

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

August 2003

2001

Normales

August 2002

2000

Normales

November 2001

1999

Normales

August 2000

1998

Normales

September 1999

1997

Normales

September 1998

1996

Normales

August 1997

1995

Normales

August 1996

1994

Normales

July 1995

1993

Normales

July 1994

1992

Normales

July 1993

1991

Normales

September 1992

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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 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

2013

2012

2011

2009

2008

A) NON-CURRENT ASSETS: 11000

5.256,00

7.200,00

8.933,00

21.114,00

27.721,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

5.256,00

7.200,00

8.933,00

21.114,00

27.721,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.908.704,00

2.193.295,00

2.078.690,00

1.627.012,00

1.708.734,00

I. Stocks : 12200

603.250,00

846.600,00

803.400,00

644.103,00

712.658,00

II. Trade debtors and others receivable accounts : 12300

1.295.546,00

1.333.955,00

1.259.240,00

976.877,00

973.006,00

1. Trade debtors / accounts receivable: 12380

1.295.546,00

1.300.297,00

1.213.435,00

964.725,00

934.197,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.295.546,00

1.300.297,00

1.213.435,00

964.725,00

934.197,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

0,00

33.658,00

45.804,00

12.152,00

38.810,00

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

0,00

IV. Short-term financial investments : 12500

0,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

9.908,00

12.739,00

16.051,00

6.032,00

23.069,00

TOTAL ASSETS (A + B) : 10000

1.913.960,00

2.200.495,00

2.087.623,00

1.648.127,00

1.736.454,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2009

2008

A) NET WORTH: 20000

766.364,00

742.511,00

727.055,00

677.203,00

652.669,00

A-1) Shareholders' equity: 21000

766.364,00

742.511,00

727.055,00

677.203,00

652.669,00

I. Capital: 21100

30.050,00

1. Registered capital : 21110

30.050,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

712.461,00

697.005,00

682.920,00

622.619,00

604.775,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

23.853,00

15.456,00

14.085,00

24.535,00

17.844,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

63.625,00

34.125,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

63.625,00

34.125,00

1. Amounts owed to credit institutions: 31220

0,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

63.625,00

34.125,00

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

1.083.972,00

1.423.859,00

1.326.444,00

936.799,00

1.049.661,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

0,00

199.141,00

0,00

1. Amounts owed to credit institutions: 32320

0,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

199.141,00

0,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

1.083.972,00

1.423.859,00

1.127.303,00

936.799,00

1.049.661,00

1. Suppliers: 32580

791.751,00

1.133.699,00

826.032,00

673.510,00

826.931,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

791.751,00

1.133.699,00

826.032,00

673.510,00

826.931,00

2. Other creditors: 32590

292.220,00

290.160,00

301.271,00

263.289,00

222.730,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

1.913.960,00

2.200.495,00

2.087.623,00

1.648.127,00

1.736.454,00

ORIGINAL

Profit and Loss

2013

2012

2011

2009

2008

1. Net turnover: 40100

3.429.266,00

2.954.694,00

4.207.736,00

2.897.408,00

3.069.631,00

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

0,00

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

0,00

4. Supplies : 40400

-2.803.916,00

-2.446.773,00

-3.671.163,00

-2.434.782,00

-2.446.796,00

5. Other operating income: 40500

0,00

420,00

600,00

1.471,00

6. Personnel costs: 40600

-133.386,00

-161.203,00

-167.977,00

-153.686,00

-171.764,00

7. Other operating costs: 40700

-394.351,00

-266.752,00

-324.983,00

-276.981,00

-375.758,00

8. Amortisation of fixed assets: 40800

-1.944,00

-1.733,00

-4.008,00

-14.107,00

-15.664,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

12. Other results : 41300

-2.886,00

761,00

-54,00

1.334,00

-7.236,00

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

92.782,00

78.995,00

39.973,00

19.786,00

53.884,00

13. Financial income : 41400

0,00

1,00

2,00

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

0,00

b) Other financial income: 41490

0,00

1,00

2,00

14. Financial expenditure : 41500

-47.958,00

-33.140,00

-34.679,00

-19.644,00

-43.850,00

15. Changes in fair value of financial instruments : 41600

0,00

-523,00

0,00

16. Exchange rate differences: 41700

-8.992,00

-25.247,00

13.485,00

33.091,00

13.756,00

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

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-56.950,00

-58.387,00

-21.193,00

12.926,00

-30.092,00

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

35.832,00

20.608,00

18.780,00

32.713,00

23.792,00

19. Income taxes : 41900

-11.979,00

-5.152,00

-4.695,00

-8.178,00

-5.948,00

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

23.853,00

15.456,00

14.085,00

24.535,00

17.844,00

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

Information corresponding to the fiscal year 2013 2012 2011 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 2013 2012 2011 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

5.256,00

7.200,00

8.933,00

21.114,00

27.721,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

5.256,00

7.200,00

8.933,00

21.114,00

27.721,00

IV. Financial investments:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.908.704,00

2.193.295,00

2.078.690,00

1.627.012,00

1.708.734,00

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

0,00

II. Stocks:

603.250,00

846.600,00

803.400,00

644.103,00

712.658,00

III. Debtors:

1.295.546,00

1.333.955,00

1.259.240,00

976.877,00

973.006,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

9.908,00

12.739,00

16.051,00

6.032,00

23.069,00

VII. Prepayments and accrued income:

0,00

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

1.913.960,00

2.200.495,00

2.087.623,00

1.648.127,00

1.736.454,00

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2009

2008

A) EQUITY:

766.364,00

742.511,00

727.055,00

677.203,00

652.669,00

I. Subscribed capital:

30.050,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

712.461,00

697.005,00

682.920,00

622.619,00

604.775,00

a) Differences for capital adjustment to euros:

0,00

1,00

b) Remaining Reserves:

712.461,00

697.005,00

682.920,00

622.618,00

604.774,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

23.853,00

15.456,00

14.085,00

24.535,00

17.844,00

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:

63.625,00

34.125,00

E) SHORT TERM CREDITORS:

1.083.972,00

1.423.859,00

1.326.444,00

936.799,00

1.049.661,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.913.960,00

2.200.495,00

2.087.623,00

1.648.127,00

1.736.454,00

EQUIVALENCIA

DEBIT

2013

2012

2011

2009

2008

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

3.405.413,00

2.940.000,00

4.207.557,00

2.907.901,00

3.067.016,00

A.1. Operating consumption:

2.803.916,00

2.446.773,00

3.671.163,00

2.434.782,00

2.446.796,00

A.2. Staff Costs:

133.386,00

161.203,00

167.977,00

153.686,00

171.764,00

a) Wages, salaries et al.:

0,00

121.740,00

136.060,00

b) Social security costs:

133.386,00

161.203,00

167.977,00

31.946,00

35.704,00

A.3. Depreciation expense:

1.944,00

1.733,00

4.008,00

14.107,00

15.664,00

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

0,00

A.5. Other operating charges:

394.351,00

266.752,00

324.983,00

276.981,00

375.758,00

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

95.668,00

78.234,00

40.026,00

18.452,00

61.120,00

A.6. Financial and similar charges:

47.958,00

33.140,00

34.679,00

19.644,00

43.850,00

a) Due to liabilities with companies of the group:

0,00

19.644,00

43.850,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

47.958,00

33.140,00

34.679,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

523,00

0,00

A.8. Exchange losses:

8.992,00

25.247,00

0,00

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

0,00

12.926,00

0,00

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

38.718,00

19.847,00

18.834,00

31.379,00

31.028,00

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:

2.886,00

0,00

54,00

0,00

7.236,00

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):

0,00

761,00

0,00

1.334,00

0,00

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

35.832,00

20.608,00

18.780,00

32.713,00

23.792,00

A.14. Corporation Tax:

11.979,00

5.152,00

4.695,00

8.178,00

5.948,00

A.15. Miscellaneous taxes:

0,00

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

23.853,00

15.456,00

14.085,00

24.535,00

17.844,00

EQUIVALENCIA

CREDIT

2013

2012

2011

2009

2008

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

3.429.266,00

2.955.456,00

4.221.642,00

2.932.435,00

3.084.860,00

B.1. Operating income:

3.429.266,00

2.954.694,00

4.208.156,00

2.898.008,00

3.071.102,00

a) Net total sales:

3.429.266,00

2.954.694,00

4.207.736,00

2.897.408,00

3.069.631,00

b) Miscellaneous operating income:

0,00

420,00

600,00

1.471,00

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

0,00

B.2. Financial income:

0,00

1,00

2,00

a) Companies of the group:

0,00

1,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

2,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

13.485,00

33.091,00

13.756,00

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

56.950,00

58.387,00

21.193,00

0,00

30.092,00

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

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

761,00

0,00

1.334,00

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):

2.886,00

0,00

54,00

0,00

7.236,00

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

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.

2013

2012

2011

2009

2008

1. Fiscal year result before taxes.: 61100

35.832,00

20.608,00

18.780,00

32.713,00

23.792,00

2. Results adjustments.: 61200

49.902,00

34.873,00

38.686,00

33.749,00

59.512,00

a) Fixed Assets Amortization (+).: 61201

1.944,00

1.733,00

4.008,00

14.107,00

15.664,00

g) Financial income (-).: 61207

0,00

-1,00

-2,00

h) Financial Expenses (+). : 61208

47.958,00

33.140,00

34.679,00

19.644,00

43.850,00

3. Changes in current capital equity.: 61300

-70.107,00

173.489,00

-940.032,00

-56.357,00

-30.480,00

a) Stock (+/-).: 61301

243.350,00

-43.200,00

-803.400,00

68.555,00

-7.178,00

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

38.410,00

-74.716,00

-1.259.240,00

-3.871,00

52.323,00

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

-351.866,00

291.404,00

1.122.608,00

-121.040,00

-75.625,00

4. Other cash flows for operating activities.: 61400

-47.958,00

-33.140,00

-34.678,00

-19.642,00

-43.848,00

a) Interest payments (-). : 61401

-47.958,00

-33.140,00

-34.679,00

-19.644,00

-43.850,00

c) Interest collection (+). : 61403

0,00

1,00

2,00

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

-32.331,00

195.830,00

-917.243,00

-9.537,00

8.976,00

6. Payments for investment (-).: 62100

0,00

-8.933,00

0,00

c) Fixed assets. : 62103

0,00

-8.933,00

0,00

7. Divestment payment collection (+). : 62200

1.944,00

1.733,00

0,00

6.607,00

15.664,00

c) Fixed assets. : 62203

1.944,00

1.733,00

0,00

6.607,00

15.664,00

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

0,00

-12.941,00

-7.500,00

0,00

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

0,00

712.970,00

0,00

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

0,00

712.970,00

0,00

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

29.500,00

-199.141,00

233.266,00

0,00

a) Issuance : 63201

29.500,00

0,00

233.266,00

0,00

5. Other debts (+). : 63206

29.500,00

0,00

233.266,00

0,00

b) Repayment and amortization of : 63207

0,00

-199.141,00

0,00

5. Other debts (-). : 63212

0,00

-199.141,00

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

29.500,00

-199.141,00

946.235,00

0,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-2.831,00

-3.311,00

16.051,00

-17.037,00

8.976,00

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

12.739,00

16.051,00

0,00

23.069,00

14.094,00

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

9.908,00

12.739,00

16.051,00

6.032,00

23.069,00

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

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,01 %

0,00 %

EBITDA over Sales:

2,85 %

4,39 %

2,71 %

2,62 %

5,17 %

67,31 %

Cash Flow Yield:

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,00 %

1,65 %

3,56 %

0,95 %

40,59 %

72,81 %

Total economic profitability:

4,38 %

1,50 %

2,44 %

1,35 %

79,23 %

10,79 %

Financial profitability:

3,11 %

0,05 %

2,08 %

-0,34 %

49,53 %

115,94 %

Margin:

2,79 %

1,71 %

2,65 %

1,06 %

5,36 %

60,84 %

Mark-up:

1,13 %

0,24 %

0,67 %

-0,22 %

68,09 %

204,93 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,26

0,01

0,23

2,17

10,76

Acid Test:

1,20

1,10

0,95

1,07

27,33

2,47

Working Capital / Investment:

0,43

0,21

0,35

0,21

23,23

-3,82

Solvency:

1,76

1,54

1,79

14,31

-2,16

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,50

1,03

1,96

1,08

-23,74

-4,41

Borrowing Composition:

0,06

0,73

0,02

0,80

144,91

-8,29

Repayment Ability:

-405,38

103,97

-440,29

-1.451,83

7,93

107,16

Warranty:

1,67

1,98

1,51

1,93

10,50

2,20

Generated resources / Total creditors:

0,02

0,06

0,01

0,04

90,67

25,42

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,73

1,20

1,50

1,11

15,76

8,39

Turnover of Collection Rights :

2,65

4,36

2,21

4,25

19,50

2,73

Turnover of Payment Entitlements:

2,95

2,92

1,91

2,76

54,82

6,00

Stock rotation:

5,53

4,21

3,40

3,66

62,64

14,90

Assets turnover:

1,79

0,96

1,34

0,90

33,44

7,44

Borrowing Cost:

4,18

2,14

2,27

2,43

83,85

-11,83

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2009, 2008)

Cash Flow

2013

2012

2011

2009

2008

Cash Flow over Sales:

0,00 %

-0,59 %

0,29 %

EBITDA over Sales:

2,85 %

2,71 %

1,05 %

1,12 %

2,50 %

Cash Flow Yield:

0,00 %

0,01 %

-1,03 %

0,52 %

Profitability

2013

2012

2011

2009

2008

Operating economic profitability:

5,00 %

3,56 %

1,92 %

1,12 %

3,52 %

Total economic profitability:

4,38 %

2,44 %

2,56 %

3,18 %

3,90 %

Financial profitability:

3,11 %

2,08 %

1,94 %

3,62 %

2,73 %

Margin:

2,79 %

2,65 %

0,95 %

0,64 %

1,99 %

Mark-up:

1,13 %

0,67 %

0,45 %

1,08 %

-0,74 %

Solvency

2013

2012

2011

2009

2008

Liquidity:

0,01

0,02

Acid Test:

1,20

0,95

0,96

1,05

0,95

Working Capital / Investment:

0,43

0,35

0,36

0,42

0,38

Solvency:

1,76

1,54

1,57

1,74

1,63

Indebtedness

2013

2012

2011

2009

2008

Indebtedness level:

1,50

1,96

1,87

1,43

1,66

Borrowing Composition:

0,06

0,02

0,03

0,04

0,03

Repayment Ability:

-405,38

-440,29

84,77

14,61

-81,07

Warranty:

1,67

1,51

1,53

1,70

1,60

Generated resources / Total creditors:

0,02

0,01

0,04

0,03

Efficiency

2013

2012

2011

2009

2008

Productivity:

1,73

1,50

1,26

1,21

1,45

Turnover of Collection Rights :

2,65

2,21

3,34

2,97

3,16

Turnover of Payment Entitlements:

2,95

1,91

3,54

2,89

2,69

Stock rotation:

5,53

3,40

5,19

4,47

4,22

Assets turnover:

1,79

1,34

2,02

1,76

1,77

Borrowing Cost:

4,18

2,27

2,55

2,02

4,05

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

The company was founded many years ago so it has enough experience in the sector. The invoicing increased 16,06 % in 2013, compared with the previous year. It has incidences with public administrations.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.06
UK Pound	1	Rs. 98.73
Euro	1	Rs. 77.45

INFORMATION DETAILS

Analysis Done by :	RSM

Report Prepared by :	DPT

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.


Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees NO


INVESTIGATION SUMMARY
The company was founded many years ago so it has enough experience in the sector. The invoicing increased 16,06 % in 2013, compared with the previous year. It has incidences with public administrations.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

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

Recommended commercial credit

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit