MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	ADEEPI GRUPO 2002 SL

Registered Office :	C/ Topacio, 26 . P.i. San Cristoba. - Valladolid - 47012 - Valladolid

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	15.05.2003

Legal Form :	Private Company

Line of Business :	Wholesale of other machinery, equipment and supplies

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

Name:

ADEEPI GRUPO 2002 SL

NIF / Fiscal code:

B47517503

Trade Name

ADEEPI

Status:

ACTIVE

Incorporation Date:

15/05/2003

Register Data

Last Publication in BORME:

17/07/2013 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

72.120

Localization:

C/ TOPACIO, 26 . P.I. SAN CRISTOBA. - VALLADOLID - 47012 - VALLADOLID

Telephone - Fax - Email - Website:

Ph.:. 983 219 355

Email. adeepi@adeepi.com

Website. www.adeepi.com

Activity:

NACE:

466 - Wholesale of other machinery, equipment and supplies

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)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

ECHEBARRIA SUMINISTROS SL

10 %

INVESTIGATION SUMMARY

The company is engaged in the distribution of personal protective equipment (PPE) and workwear. Its sales have been increased by 5,22% in 2013 compared to 2012.

Identification

Social Denomination:

ADEEPI GRUPO 2002 SL

Trade Name:

ADEEPI

NIF / Fiscal code:

B47517503

Corporate Status:

ACTIVE

Start of activity:

2003

Registered Office:

C/ TOPACIO, 26 . P.I. SAN CRISTOBA.

Locality:

VALLADOLID

Province:

VALLADOLID

Postal Code:

47012

Telephone:

983 219 355

Website:

www.adeepi.com

Email:

adeepi@adeepi.com

Activity

NACE:

466

Additional Information:

It is engaged in the distribution of personal protective equipment (PPE) and workwear. TRADEMARKS: -ADEEPI Vestuario laboral -SKARPPA Calzado de seguridad -ADEEPI GLOVES Guantes de seguridad -OLYMPO Mascarillas de seguridad -ANKAT Equipos anticaídas DISTRIBUTORS: Montemar Pertesa Doncel Waterfire Echebarria MCaetano Dalys Joysa Proa Prosetra Sehila Juper

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Chronological Summary

Year

Act

2003

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

2004

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

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2007, 2008, 2010)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)

2014

Accounts deposit (ejer. 2013)

Breakdown of Owners' Equity

Registered Capital:

72.120

Paid up capital:

72.120

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

19/06/2003

Company Formation

54.090

27/07/2004

Increase of Capital

6.010

60.100

28/05/2012

Increase of Capital

6.010

66.110

19/02/2013

Increase of Capital

6.010

72.120

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

PEREZ AYERBE SERGIO JUAN

10/07/2013

MEMBER OF THE BOARD

ALCAIDE SANCHEZ JUAN ANTONIO

10/07/2013

PEREZ AYERBE SERGIO JUAN

10/07/2013

GOMEZ CARBONELL ELEUTERIO

28/05/2012

CABEZAS RUIZ JOSE ANTONIO

28/05/2012

EXPOSITO MUÑOZ JUAN JOSE

28/05/2012

ECHEBARRIA BERGABO JOSE MIGUEL

28/05/2012

RODRIGUEZ LOPEZ LAUREANO ANGEL

28/05/2012

JOINT CHIEF EXECUTIVE OFFICER

PEREZ AYERBE SERGIO JUAN

10/07/2013

ALCAIDE SANCHEZ JUAN ANTONIO

10/07/2013

SECRETARY

ALCAIDE SANCHEZ JUAN ANTONIO

10/07/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CABEZAS RUIZ JOSE ANTONIO

MEMBER OF THE BOARD

12/06/2007

MEMBER OF THE BOARD

28/05/2012

ECHEBARRIA BERGABO JOSE MIGUEL

JOINT CHIEF EXECUTIVE OFFICER

19/02/2013

PRESIDENT

19/02/2013

ECHEBARRIA FERRETERIA INDUSTRIAL GASTEIZ SL

MEMBER OF THE BOARD

10/07/2013

JOINT CHIEF EXECUTIVE OFFICER

10/07/2013

PRESIDENT

10/07/2013

ECHEVARRIA BERGABO JOSE MIGUEL

MEMBER OF THE BOARD

28/05/2012

JOINT CHIEF EXECUTIVE OFFICER

28/05/2012

PRESIDENT

28/05/2012

EXPOSITO MUÑOZ JUAN JOSE

MEMBER OF THE BOARD

12/06/2007

JOINT CHIEF EXECUTIVE OFFICER

12/06/2007

SECRETARY

12/06/2007

IRANZO DOMINGO ALFONSO

MEMBER OF THE BOARD

12/06/2007

MEMBER OF THE BOARD

28/05/2012

PERFECCIONAMIENTOS TECNICOS SALAMANCA SL

MEMBER OF THE BOARD

10/07/2013

JOINT CHIEF EXECUTIVE OFFICER

10/07/2013

SECRETARY

10/07/2013

RODRIGUEZ LOPEZ LAUREANO ANGEL

MEMBER OF THE BOARD

12/06/2007

JOINT CHIEF EXECUTIVE OFFICER

12/06/2007

PRESIDENT

12/06/2007

SILVA HERREROS JOSE MATEO

MEMBER OF THE BOARD

28/05/2012

JOINT CHIEF EXECUTIVE OFFICER

28/05/2012

SECRETARY

28/05/2012

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

MIGUEL ECHEBERRIA

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

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

---

> 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.

No irregular payment performance has been detected based on information obtained from credit bureaus.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

It presents a limited operating margins. Net margin shows positive, although adjusted, company costs management as income exceed operating expenses.

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

ADEEPI GRUPO 2002 SL it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 91.71% 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.

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.

Probability of default

> Estimated Probability of Default for the next 12 months: 1.526 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

466 Wholesale of other machinery, equipment and supplies

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 80.00% of the companies of the sector ADEEPI GRUPO 2002 SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 1.526%.

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

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ECHEBARRIA SUMINISTROS SL

ALAVA

Turnover

Total Sales 2013

3.874.887,12

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

December 2014

2012

Normales

October 2013

2011

Normales

November 2012

2010

Normales

October 2011

2009

Normales

October 2010

2008

Normales

March 2011

2007

Normales

February 2011

2006

Normales

September 2007

2005

Normales

November 2006

2004

Normales

November 2005

2003

Normales

September 2004

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 Abreviado de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 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

2010

2009

A) NON-CURRENT ASSETS: 11000

30.389,00

15.616,00

6.014,00

5.437,00

I. Intangible fixed assets : 11100

30.350,00

15.578,00

5.826,00

5.248,00

II. Tangible fixed assets : 11200

38,00

188,00

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

1.213.511,00

1.320.248,00

1.469.343,00

554.767,00

2.183.303,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.970,00

6.782,00

124.486,00

0,00

III. Trade debtors and others receivable accounts: 12300

1.089.380,00

1.236.574,00

1.285.162,00

463.839,00

1.762.453,00

1.- Customers for sales and provisions of services : 12380

1.030.009,00

1.196.028,00

1.274.408,00

454.016,00

1.708.777,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.030.009,00

1.196.028,00

1.274.408,00

454.016,00

1.708.777,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

59.370,00

40.546,00

10.754,00

9.823,00

53.676,00

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

0,00

V. Short-term financial investments : 12500

0,00

VI. Short-term accruals: 12600

438,00

0,00

VII. Cash and other equivalent liquid assets : 12700

121.723,00

76.892,00

59.695,00

90.929,00

420.850,00

TOTAL ASSETS (A + B) : 10000

1.243.900,00

1.335.864,00

1.475.357,00

560.782,00

2.188.740,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

103.083,00

94.451,00

74.801,00

72.719,00

78.416,00

A1) Shareholders' equity : 21000

103.083,00

94.451,00

74.801,00

72.719,00

78.416,00

I. Capital: 21100

72.120,00

60.100,00

1.- Registered capital: 21110

72.120,00

60.100,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

22.331,00

20.711,00

18.385,00

17.194,00

IV. (Common stock equity): 21400

0,00

-6.010,00

0,00

V. Profit or loss brought forward: 21500

0,00

244,00

0,00

1.052,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

8.632,00

1.621,00

2.081,00

244,00

70,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

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

1.140.817,00

1.241.413,00

1.400.557,00

488.062,00

2.110.324,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

786.432,00

822.978,00

1.052.742,00

286.498,00

875.077,00

1.- Amounts owed to credit institutions: 32320

786.449,00

822.978,00

1.052.821,00

286.498,00

853.138,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

-17,00

0,00

-79,00

0,00

21.940,00

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

0,00

V. Trade creditors and other accounts payable: 32500

354.385,00

418.435,00

347.815,00

201.564,00

1.235.247,00

1.- Suppliers: 32580

319.414,00

349.191,00

321.400,00

151.817,00

1.018.199,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

319.414,00

349.191,00

321.400,00

151.817,00

1.018.199,00

2.- Other creditors : 32590

34.971,00

69.245,00

26.415,00

49.747,00

217.048,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

1.243.900,00

1.335.864,00

1.475.357,00

560.782,00

2.188.740,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

3.874.887,00

3.682.653,00

3.958.329,00

2.421.651,00

2.418.219,00

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

-3.777.570,00

-3.587.719,00

-3.882.023,00

-2.350.339,00

-2.321.399,00

5. Other operating income: 40500

0,00

155,00

0,00

6. Personnel costs: 40600

0,00

7. Other operating costs: 40700

-85.853,00

-92.541,00

-73.161,00

-71.251,00

-97.143,00

8. Amortisation of fixed assets: 40800

-2.088,00

-367,00

-525,00

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. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

913,00

0,00

393,00

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

10.290,00

2.026,00

2.775,00

61,00

70,00

14. Financial income : 41400

500,00

0,00

265,00

0,00

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

0,00

b) Other financial income: 41490

500,00

0,00

265,00

0,00

15. Financial expenditure: 41500

0,00

1,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

0,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

500,00

0,00

1,00

265,00

0,00

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

10.790,00

2.026,00

2.775,00

325,00

70,00

20. Income taxes: 41900

-2.158,00

-405,00

-694,00

-81,00

0,00

D) RESULT OF THE PERIOD (C + 20) : 49500

8.632,00

1.621,00

2.081,00

244,00

70,00

> 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 2010 2009 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 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

30.389,00

15.616,00

12.024,00

5.437,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

30.350,00

15.578,00

5.826,00

5.248,00

III. Tangible fixed assets:

38,00

188,00

IV. Financial investments:

0,00

V. Own shares:

0,00

6.010,00

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.213.511,00

1.320.248,00

1.469.343,00

554.767,00

2.183.303,00

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

0,00

II. Stocks:

1.970,00

6.782,00

124.486,00

0,00

III. Debtors:

1.089.380,00

1.236.574,00

1.285.162,00

463.839,00

1.762.453,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

121.723,00

76.892,00

59.695,00

90.929,00

420.850,00

VII. Prepayments and accrued income:

438,00

0,00

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

1.243.900,00

1.335.864,00

1.481.367,00

566.792,00

2.188.740,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

103.083,00

94.451,00

80.811,00

78.729,00

78.416,00

I. Subscribed capital:

72.120,00

60.100,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

22.331,00

20.711,00

18.385,00

17.194,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

22.331,00

20.711,00

18.385,00

17.194,00

V. Profit or loss brought forward:

0,00

244,00

0,00

1.052,00

VI. Profit or loss for the financial year:

8.632,00

1.621,00

2.081,00

244,00

70,00

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:

1.140.817,00

1.241.413,00

1.400.557,00

488.062,00

2.110.324,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.243.900,00

1.335.864,00

1.481.367,00

566.792,00

2.188.740,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

3.867.668,00

3.681.032,00

3.956.403,00

2.421.672,00

2.418.542,00

A.1. Operating consumption:

3.777.570,00

3.587.719,00

3.882.023,00

2.350.339,00

2.321.399,00

A.2. Staff Costs:

0,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

0,00

A.3. Depreciation expense:

2.088,00

367,00

525,00

0,00

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

0,00

A.5. Other operating charges:

85.853,00

92.541,00

73.161,00

71.251,00

97.143,00

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

9.377,00

2.026,00

2.775,00

61,00

0,00

A.6. Financial and similar charges:

0,00

-1,00

0,00

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:

0,00

-1,00

0,00

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):

500,00

0,00

1,00

265,00

0,00

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

9.877,00

2.026,00

2.775,00

325,00

0,00

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):

913,00

0,00

393,00

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

10.790,00

2.026,00

2.775,00

325,00

70,00

A.14. Corporation Tax:

2.158,00

405,00

694,00

81,00

0,00

A.15. Miscellaneous taxes:

0,00

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

8.632,00

1.621,00

2.081,00

244,00

70,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

3.876.300,00

3.682.653,00

3.958.484,00

2.421.916,00

2.418.612,00

B.1. Operating income:

3.874.887,00

3.682.653,00

3.958.484,00

2.421.651,00

2.418.219,00

a) Net total sales:

3.874.887,00

3.682.653,00

3.958.329,00

2.421.651,00

2.418.219,00

b) Miscellaneous operating income:

0,00

155,00

0,00

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

0,00

323,00

B.2. Financial income:

500,00

0,00

265,00

0,00

a) Companies of the group:

500,00

0,00

265,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

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):

0,00

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

0,00

323,00

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:

913,00

0,00

393,00

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

2011

2010

2009

1. Fiscal year result before taxes.: 61100

10.790,00

2.026,00

2.775,00

325,00

70,00

2. Results adjustments.: 61200

1.588,00

367,00

526,00

-265,00

0,00

a) Fixed Assets Amortization (+).: 61201

2.088,00

367,00

525,00

0,00

g) Financial income (-).: 61207

-500,00

0,00

-265,00

0,00

h) Financial Expenses (+). : 61208

0,00

1,00

0,00

3. Changes in current capital equity.: 61300

85.360,00

236.507,00

-800.253,00

264.850,00

0,00

a) Stock (+/-).: 61301

4.812,00

117.705,00

-124.486,00

0,00

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

147.195,00

48.587,00

-821.323,00

1.298.614,00

0,00

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

-438,00

0,00

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

-66.208,00

70.215,00

145.557,00

-1.033.764,00

0,00

4. Other cash flows for operating activities.: 61400

500,00

0,00

-1,00

265,00

0,00

a) Interest payments (-). : 61401

0,00

-1,00

0,00

c) Interest collection (+). : 61403

500,00

0,00

265,00

0,00

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

98.238,00

238.900,00

-796.952,00

265.176,00

70,00

6. Payments for investment (-).: 62100

-14.773,00

-9.752,00

0,00

-578,00

0,00

b) Intangible fixed assets. : 62102

-14.773,00

-9.752,00

0,00

-578,00

0,00

7. Divestment payment collection (+). : 62200

0,00

150,00

0,00

c) Fixed assets. : 62203

0,00

150,00

0,00

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

-16.860,00

-9.969,00

-525,00

-578,00

0,00

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

0,00

18.030,00

0,00

-5.940,00

-70,00

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

0,00

12.020,00

0,00

70,00

0,00

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

0,00

-70,00

c) Acquisition of own equity instruments (-). : 63103

0,00

-6.010,00

0,00

d) Disposal of own equity instruments (+). : 63104

0,00

6.010,00

0,00

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

-36.546,00

-229.764,00

766.244,00

-588.579,00

0,00

a) Issuance : 63201

0,00

79,00

766.323,00

0,00

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

0,00

766.323,00

0,00

5. Other debts (+). : 63206

0,00

79,00

0,00

b) Repayment and amortization of : 63207

-36.546,00

-229.843,00

-79,00

-588.579,00

0,00

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

-36.529,00

-229.843,00

0,00

-566.639,00

0,00

5. Other debts (-). : 63212

-17,00

0,00

-79,00

-21.940,00

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

-36.546,00

-211.734,00

766.244,00

-594.519,00

-70,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

44.831,00

17.197,00

-31.234,00

-329.921,00

0,00

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

76.892,00

59.695,00

90.929,00

420.850,00

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

121.723,00

76.892,00

59.695,00

90.929,00

420.850,00

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:

0,01 %

0,00 %

0,17 %

-102,38 %

EBITDA over Sales:

0,30 %

5,71 %

0,06 %

7,58 %

355,37 %

-24,62 %

Cash Flow Yield:

0,04 %

0,00 %

0,01 %

0,04 %

179,97 %

-102,85 %

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:

0,01 %

0,00 %

0,17 %

-102,38 %

EBITDA over Sales:

0,30 %

5,71 %

0,06 %

7,58 %

355,37 %

-24,62 %

Cash Flow Yield:

0,04 %

0,00 %

0,01 %

0,04 %

179,97 %

-102,85 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

0,75 %

-0,16 %

0,15 %

0,51 %

397,11 %

-130,42 %

Total economic profitability:

0,87 %

0,16 %

0,15 %

-0,03 %

471,99 %

697,14 %

Financial profitability:

8,37 %

-2,73 %

1,72 %

-3,94 %

388,01 %

30,68 %

Margin:

0,24 %

-0,28 %

0,06 %

0,94 %

339,92 %

-129,40 %

Mark-up:

0,25 %

-5,05 %

0,06 %

-6,14 %

363,37 %

17,74 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,11

0,15

0,06

0,16

72,26

-4,64

Acid Test:

1,06

0,91

1,06

0,86

0,34

5,28

Working Capital / Investment:

0,06

0,09

0,06

0,08

-0,97

7,30

Solvency:

1,06

1,40

1,06

1,43

0,02

-1,79

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

11,07

1,08

13,14

1,07

-15,80

0,70

Borrowing Composition:

0,00

0,98

0,00

1,22

-19,57

Repayment Ability:

25,45

-498,39

72,19

14,17

-64,75

-3.617,34

Warranty:

1,09

1,93

1,08

1,94

1,33

-0,29

Generated resources / Total creditors:

0,01

0,02

0,00

0,01

39,35

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,26

1,30

-3,43

Turnover of Collection Rights :

3,56

3,68

2,98

3,64

19,44

1,10

Turnover of Payment Entitlements:

10,90

2,46

8,80

2,35

23,95

4,59

Stock rotation:

1.961,82

2,56

542,71

2,20

261,49

16,30

Assets turnover:

3,12

0,57

2,76

0,55

13,00

3,48

Borrowing Cost:

0,00

2,80

0,00

2,83

-1,02

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,01 %

0,00 %

-0,01 %

-0,14 %

0,00 %

EBITDA over Sales:

0,30 %

0,06 %

0,08 %

0,00 %

-0,01 %

Cash Flow Yield:

0,04 %

0,01 %

-0,02 %

-0,59 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

0,75 %

0,15 %

0,19 %

0,01 %

-0,01 %

Total economic profitability:

0,87 %

0,15 %

0,19 %

0,06 %

0,00 %

Financial profitability:

8,37 %

1,72 %

2,78 %

0,34 %

0,09 %

Margin:

0,24 %

0,06 %

0,07 %

0,00 %

-0,01 %

Mark-up:

0,25 %

0,06 %

0,07 %

0,01 %

-0,01 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,11

0,06

0,04

0,19

0,20

Acid Test:

1,06

0,96

1,14

1,03

Working Capital / Investment:

0,06

0,05

0,12

0,03

Solvency:

1,06

1,05

1,14

1,03

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

11,07

13,14

18,72

6,71

26,91

Borrowing Composition:

0,00

Repayment Ability:

25,45

72,19

-44,84

-1,48

30.272,91

Warranty:

1,09

1,08

1,05

1,15

1,04

Generated resources / Total creditors:

0,01

0,00

Efficiency

2013

2012

2011

2010

2009

Turnover of Collection Rights :

3,56

2,98

3,08

5,22

1,37

Turnover of Payment Entitlements:

10,90

8,80

11,37

12,01

1,96

Stock rotation:

1.961,82

542,71

31,78

Assets turnover:

3,12

2,76

2,68

4,32

1,10

Borrowing Cost:

0,00

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 is engaged in the distribution of personal protective equipment (PPE) and workwear. Its sales have been increased by 5,22% in 2013 compared to 2012.

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 :	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.

MIRA INFORM REPORT

Company name and address

Defaults, Legal Claims and Insolvency Proceedings

Partners

INVESTIGATION 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

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit