MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	NUBILTEX SL

Registered Office :	PDA. San Antonio De La Florida, 164 - Crevillent - 03330 - Alicante

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	30.04.2001

Legal Form :	Private Company

Line of Business :	Manufacture of Carpets and Rugs.

No. of Employees :	1

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

EXECUTIVE SUMMARY

Name:

NUBILTEX SL

NIF / Fiscal code:

B53560512

Status:

ACTIVE

Incorporation Date:

30/04/2001

Register Data

Last Publication in BORME:

26/08/2011 [Annual accounts' deposit]

Last Published Account Deposit:

2013

Share Capital:

3.006

Localization:

PDA. SAN ANTONIO DE LA FLORIDA, 164 - CREVILLENT - 03330 - ALICANTE

Telephone - Fax - Email - Website:

Ph.:. 966 681 503

Activity:

NACE:

1393 - Manufacture of carpets and rugs

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

551,3

---

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:

Identification

Social Denomination:

NUBILTEX SL

NIF / Fiscal code:

B53560512

Corporate Status:

ACTIVE

Start of activity:

2001

Registered Office:

PDA. SAN ANTONIO DE LA FLORIDA, 164

Locality:

CREVILLENT

Province:

ALICANTE

Postal Code:

03330

Telephone:

966 681 503

Activity

NACE:

1393

Additional Information:

It is engaged in the fabrication of threads to manufacture rugs.

Import / export:

IMPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

2001

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

2005

Accounts deposit (ejer. 2001, 2002, 2003, 2004) Appointments/ Re-elections (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)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011)

2013

Accounts deposit (ejer. 2012)

2014

Accounts deposit (ejer. 2013)

Breakdown of Owners' Equity

Registered Capital:

3.006

Paid up capital:

3.006

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

28/05/2001

Company Formation

3.006

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

BAÑULS GUILABERT MARIA CARMEN

28/05/2001

PROXY

BAÑULS OLIVER JOAQUIN

08/06/2005

Executive board

Post

NIF

Name

ADMINISTRATOR

MARIA CARMEN BAÑULS GUILABERT

DIRECTOR/GENERAL MANAGER

MARIA CARMEN BAÑULS GUILABERT

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 ).

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

10/05/2011

17/12/2014

Status: Friendly

551.30

10/05/2011

22/02/2012

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

---

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 .

Its show a contract default in amicable debt collection status; the creditor entity has not initiated legal action for recovery.

Highlight that the Company has payment defaults older than twelve months.

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

OTRAS

Otros

---

Amistoso

---

551.30

10/05/11

22/02/12

551,3

Basis for scoring

Positive Factors

Adverse Factors

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

Adequate level of financial autonomy. The financial autonomy of the entity represents the 22.26 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

It has financial profitability.. NUBILTEX SLobtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

It presents a efficient productivity. Gross margin shows adequate efficiency of the company in the variable costs associated with production.

Sales profitability. The volume of business generated during the financial year was adjusted to cover the expenses before considering the tax effect.

It has been found to have irregular payment performance at the credit bureaus and has not paid all of its debts in a timely manner.

The current debt represents a 77.74% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

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, NUBILTEX 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.

> Estimated Probability of Default for the next 12 months: 2.773 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

139 Manufacture of other textiles

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 2.773%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Turnover

Total Sales 2013

531.374,48

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

September 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

November 2010

2008

Normales

December 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

May 2005

2002

Normales

May 2005

2001

Normales

April 2005

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 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 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, To view details on the methodology

ORIGINAL

EQUIVALENCIA

Assets

2013

2012

2009

2008

2007

A) NON-CURRENT ASSETS: 11000

23.015,00

39.078,00

0,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

23.015,00

39.078,00

0,00

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

425.771,00

234.603,00

115.287,00

50.457,00

41.974,00

I. Stocks : 12200

0,00

980,00

1.060,00

II. Trade debtors and others receivable accounts : 12300

150.218,00

170.149,00

71.895,00

13.777,00

26.316,00

1. Trade debtors / accounts receivable: 12380

150.218,00

170.149,00

71.137,00

13.777,00

26.316,00

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

0,00

b) Customers for sales and provisions of services : 12382

150.218,00

170.149,00

71.137,00

13.777,00

26.316,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

0,00

758,00

0,00

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

275.553,00

64.454,00

43.392,00

35.699,00

14.598,00

TOTAL ASSETS (A + B) : 10000

448.786,00

273.680,00

154.365,00

50.457,00

41.974,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2013

2012

2009

2008

2007

A) NET WORTH: 20000

99.902,00

84.155,00

44.833,00

8.456,00

7.330,00

A-1) Shareholders' equity: 21000

99.902,00

84.155,00

44.833,00

8.456,00

7.330,00

I. Capital: 21100

3.006,00

1. Registered capital : 21110

3.006,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

81.149,00

66.555,00

4.324,00

2.884,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

36.483,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

15.748,00

14.594,00

1.020,00

1.125,00

1.441,00

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

0,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

0,00

1. Amounts owed to credit institutions: 31220

0,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

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

348.883,00

189.525,00

109.532,00

42.001,00

34.644,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

73.337,00

37.974,00

5.499,00

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

73.337,00

37.974,00

5.499,00

0,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

275.546,00

151.552,00

104.032,00

42.001,00

34.644,00

1. Suppliers: 32580

257.705,00

137.006,00

103.280,00

42.001,00

34.644,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

257.705,00

137.006,00

103.280,00

42.001,00

34.644,00

2. Other creditors: 32590

17.841,00

14.545,00

752,00

0,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

448.786,00

273.680,00

154.365,00

50.457,00

41.974,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2013

2012

2009

2008

2007

1. Net turnover: 40100

531.374,00

562.903,00

292.883,00

299.263,00

306.909,00

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

-428.025,00

-464.857,00

-224.184,00

-239.981,00

-254.268,00

5. Other operating income: 40500

0,00

6. Personnel costs: 40600

-41.896,00

-38.985,00

-32.387,00

-33.634,00

-25.614,00

7. Other operating costs: 40700

-35.172,00

-35.247,00

-30.151,00

-20.817,00

-20.829,00

8. Amortisation of fixed assets: 40800

0,00

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

0,00

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

26.281,00

23.815,00

6.161,00

4.831,00

6.198,00

13. Financial income : 41400

206,00

244,00

23,00

1.458,00

1.056,00

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

0,00

b) Other financial income: 41490

206,00

244,00

23,00

1.458,00

1.056,00

14. Financial expenditure : 41500

-5.491,00

-4.601,00

-4.824,00

-4.789,00

-5.333,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

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

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-5.284,00

-4.357,00

-4.801,00

-3.331,00

-4.277,00

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

20.997,00

19.458,00

1.360,00

1.500,00

1.921,00

19. Income taxes : 41900

-5.249,00

-4.865,00

-340,00

-375,00

-480,00

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

15.748,00

14.594,00

1.020,00

1.125,00

1.441,00

> 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 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. To view details on the methodology 2013 2012 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ORIGINAL

ASSETS

2013

2012

2009

2008

2007

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

23.015,00

39.078,00

0,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

23.015,00

39.078,00

0,00

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:

425.771,00

234.603,00

115.287,00

50.457,00

41.974,00

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

0,00

II. Stocks:

0,00

980,00

1.060,00

III. Debtors:

150.218,00

170.149,00

71.895,00

13.777,00

26.316,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

275.553,00

64.454,00

43.392,00

35.699,00

14.598,00

VII. Prepayments and accrued income:

0,00

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

448.786,00

273.680,00

154.365,00

50.457,00

41.974,00

MERCANTILE REGISTRY

EQUIVALENCIA

ORIGINAL

LIABILITIES

2013

2012

2009

2008

2007

A) EQUITY:

99.902,00

84.155,00

44.833,00

8.456,00

7.330,00

I. Subscribed capital:

3.006,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

81.149,00

66.555,00

4.324,00

2.884,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

81.149,00

66.555,00

4.324,00

2.884,00

V. Profit or loss brought forward:

0,00

36.483,00

0,00

VI. Profit or loss for the financial year:

15.748,00

14.594,00

1.020,00

1.125,00

1.441,00

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:

0,00

E) SHORT TERM CREDITORS:

348.883,00

189.525,00

109.532,00

42.001,00

34.644,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

448.786,00

273.680,00

154.365,00

50.457,00

41.974,00

MERCANTILE REGISTRY

EQUIVALENCIA

ORIGINAL

DEBIT

2013

2012

2009

2008

2007

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

515.833,00

548.554,00

291.886,00

299.596,00

306.524,00

A.1. Operating consumption:

428.025,00

464.857,00

224.184,00

239.981,00

254.268,00

A.2. Staff Costs:

41.896,00

38.985,00

32.387,00

33.634,00

25.614,00

a) Wages, salaries et al.:

0,00

26.537,00

27.559,00

20.988,00

b) Social security costs:

41.896,00

38.985,00

5.849,00

6.074,00

4.626,00

A.3. Depreciation expense:

0,00

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

0,00

A.5. Other operating charges:

35.172,00

35.247,00

30.151,00

20.817,00

20.829,00

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

26.281,00

23.815,00

6.161,00

4.831,00

6.198,00

A.6. Financial and similar charges:

5.491,00

4.601,00

4.824,00

4.789,00

5.333,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

5.491,00

4.601,00

4.824,00

4.789,00

5.333,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

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

0,00

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

20.997,00

19.458,00

1.360,00

1.500,00

1.921,00

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):

0,00

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

20.997,00

19.458,00

1.360,00

1.500,00

1.921,00

A.14. Corporation Tax:

5.249,00

4.865,00

340,00

375,00

480,00

A.15. Miscellaneous taxes:

0,00

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

15.748,00

14.594,00

1.020,00

1.125,00

1.441,00

MERCANTILE REGISTRY

EQUIVALENCIA

ORIGINAL

CREDIT

2013

2012

2009

2008

2007

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

531.581,00

563.147,00

292.906,00

300.721,00

307.964,00

B.1. Operating income:

531.374,00

562.903,00

292.883,00

299.263,00

306.909,00

a) Net total sales:

531.374,00

562.903,00

292.883,00

299.263,00

306.909,00

b) Miscellaneous operating income:

0,00

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

0,00

B.2. Financial income:

206,00

244,00

23,00

1.458,00

1.056,00

a) Companies of the group:

206,00

244,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

23,00

1.458,00

1.056,00

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):

5.284,00

4.357,00

4.801,00

3.331,00

4.277,00

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

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.

2013

2012

2009

2008

2007

1. Fiscal year result before taxes.: 61100

20.997,00

19.458,00

1.360,00

1.500,00

1.921,00

2. Results adjustments.: 61200

5.284,00

4.357,00

4.801,00

3.331,00

4.277,00

g) Financial income (-).: 61207

-206,00

-244,00

-23,00

-1.458,00

-1.056,00

h) Financial Expenses (+). : 61208

5.491,00

4.601,00

4.824,00

4.789,00

5.333,00

3. Changes in current capital equity.: 61300

138.676,00

-23.462,00

4.553,00

19.601,00

8.953,00

a) Stock (+/-).: 61301

0,00

980,00

80,00

-1.060,00

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

19.930,00

-170.149,00

-58.118,00

12.538,00

89.189,00

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

118.745,00

146.687,00

61.691,00

6.982,00

-79.175,00

4. Other cash flows for operating activities.: 61400

-5.284,00

-4.357,00

-4.801,00

-3.331,00

-4.277,00

a) Interest payments (-). : 61401

-5.491,00

-4.601,00

-4.824,00

-4.789,00

-5.333,00

c) Interest collection (+). : 61403

206,00

244,00

23,00

1.458,00

1.056,00

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

159.673,00

-4.004,00

5.913,00

21.101,00

10.874,00

6. Payments for investment (-).: 62100

0,00

-39.078,00

0,00

c) Fixed assets. : 62103

0,00

-39.078,00

0,00

7. Divestment payment collection (+). : 62200

16.063,00

0,00

c) Fixed assets. : 62203

16.063,00

0,00

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

16.063,00

-39.078,00

0,00

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

0,00

69.561,00

35.358,00

0,00

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

0,00

69.561,00

35.358,00

0,00

169,00

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

0,00

-169,00

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

35.364,00

37.974,00

5.499,00

0,00

a) Issuance : 63201

35.364,00

37.974,00

5.499,00

0,00

5. Other debts (+). : 63206

35.364,00

37.974,00

5.499,00

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

35.364,00

107.535,00

40.857,00

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

211.099,00

64.454,00

7.693,00

21.101,00

10.874,00

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

64.454,00

0,00

35.699,00

14.598,00

3.724,00

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

275.553,00

64.454,00

43.392,00

35.699,00

14.598,00

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:

0,40 %

0,01 %

0,11 %

0,00 %

246,95 %

EBITDA over Sales:

4,95 %

4,39 %

4,23 %

2,62 %

16,91 %

67,31 %

Cash Flow Yield:

0,47 %

0,00 %

0,24 %

0,00 %

99,73 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,86 %

1,65 %

8,70 %

0,95 %

-32,70 %

72,81 %

Total economic profitability:

5,90 %

1,50 %

8,79 %

1,35 %

-32,86 %

10,79 %

Financial profitability:

15,76 %

0,05 %

17,34 %

-0,34 %

-9,10 %

115,94 %

Margin:

4,95 %

1,71 %

4,23 %

1,06 %

16,91 %

60,84 %

Mark-up:

3,95 %

0,24 %

3,46 %

-0,22 %

14,31 %

204,93 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,79

0,26

0,34

0,23

132,24

10,76

Acid Test:

1,22

1,10

1,24

1,07

-1,41

2,47

Working Capital / Investment:

0,17

0,21

0,16

0,21

4,02

-3,82

Solvency:

1,22

1,76

1,24

1,79

-1,41

-2,16

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,49

1,03

2,25

1,08

55,07

-4,41

Borrowing Composition:

0,00

0,73

0,00

0,80

-8,29

Repayment Ability:

1,65

103,97

2,94

-1.451,83

-43,80

107,16

Warranty:

1,29

1,98

1,44

1,93

-10,92

2,20

Generated resources / Total creditors:

0,05

0,06

0,08

0,04

-41,38

25,42

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,63

1,20

1,61

1,11

1,02

8,39

Turnover of Collection Rights :

3,54

4,36

3,31

4,25

6,92

2,73

Turnover of Payment Entitlements:

1,68

2,92

3,30

2,76

-49,06

6,00

Stock rotation:

4,21

3,66

14,90

Assets turnover:

1,18

0,96

2,06

0,90

-42,43

7,44

Borrowing Cost:

1,57

2,14

2,43

-35,17

-11,83

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

Cash Flow

2013

2012

2009

2008

2007

Cash Flow over Sales:

0,40 %

0,11 %

2,63 %

7,05 %

0,04 %

EBITDA over Sales:

4,95 %

4,23 %

2,10 %

1,61 %

2,02 %

Cash Flow Yield:

0,47 %

0,24 %

4,98 %

41,82 %

0,26 %

Profitability

2013

2012

2009

2008

2007

Operating economic profitability:

5,86 %

8,70 %

3,99 %

9,58 %

14,77 %

Total economic profitability:

5,90 %

8,79 %

4,01 %

12,46 %

17,28 %

Financial profitability:

15,76 %

17,34 %

2,28 %

13,31 %

19,65 %

Margin:

4,95 %

4,23 %

2,10 %

1,61 %

2,02 %

Mark-up:

3,95 %

3,46 %

0,46 %

0,50 %

0,63 %

Solvency

2013

2012

2009

2008

2007

Liquidity:

0,79

0,34

0,40

0,85

0,42

Acid Test:

1,22

1,24

1,05

1,18

Working Capital / Investment:

0,17

0,16

0,04

0,17

Solvency:

1,22

1,24

1,05

1,20

1,21

Indebtedness

2013

2012

2009

2008

2007

Indebtedness level:

3,49

2,25

2,44

4,97

4,73

Borrowing Composition:

0,00

Repayment Ability:

1,65

2,94

17,78

8,69

3,19

Warranty:

1,29

1,44

1,41

1,20

1,21

Generated resources / Total creditors:

0,05

0,08

0,01

0,03

0,04

Efficiency

2013

2012

2009

2008

2007

Productivity:

1,63

1,61

1,19

1,14

1,24

Turnover of Collection Rights :

3,54

3,31

4,07

21,72

11,66

Turnover of Payment Entitlements:

1,68

3,30

2,44

6,21

7,94

Stock rotation:

300,44

283,69

Assets turnover:

1,18

2,06

1,90

5,93

7,31

Borrowing Cost:

1,57

2,43

4,40

11,40

15,39

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit