MIRA INFORM REPORT

Report Date :

08.02.2014

IDENTIFICATION DETAILS

Name :	GRAMALLA SL
Registered Office :	10-12, 1C Edificio Prat Petit C Esteve Dolsa Pujal, Andorra la Vella AD500
Country :	Andorra
Financials (as on) :	December 2012
Date of Incorporation :	22.07.1996
Legal Form :	Sociedad Limitada
Line of Business :	Trader and Exporter of Ceramic, Dishwashers, Faucets, Paints, Porcelain, Sink, accessories, Sink bowls, Sinking machines, Sinks, Tiles, Toilet
No of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD $900,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Andorra	B2	B2

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

ANDORRA - ECONOMIC OVERVIEW

Tourism, retail sales, and finance are the mainstays of Andorra's tiny, well-to-do economy, accounting for more than three-quarters of GDP. Andorra's duty-free status for some products and its summer and winter resorts attract millions of visitors annually, although the economic downturn in neighboring countries has curtailed tourism activity. The banking sector also contributes substantially to the economy. Andorra's comparative advantage as a tax haven eroded when the borders of neighboring France and Spain opened; its bank secrecy laws have been relaxed under pressure from the EU and OECD. Agricultural production is limited - only 2% of the land is arable - and most food has to be imported, making the economy vulnerable to changes in fuel and food prices. The principal livestock activity is sheep raising. Manufacturing output and exports consist mainly of perfumes and cosmetic products, products of the printing industry, electrical machinery and equipment, clothing, tobacco products, and furniture. Andorra is a member of the EU Customs Union and is treated as an EU member for trade in manufactured goods (no tariffs) and as a non-EU member for agricultural products. Andorra uses the euro and is effectively subject to the monetary policy of the European Central Bank. Slower growth in Spain and France has dimmed Andorra's economic prospects. Since 2010, a drop in tourism contributed to a contraction in GDP and a sharp deterioration of public finances, prompting the government to begin implementing several austerity measures to reduce the budget deficit, including levying a special corporate tax. To bring in new revenue and diversify future sources of economic growth, the government approved in July 2012 a new foreign investment law opening investment to foreign capital.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	GRAMALLA SL
Address	:	10-12, 1C Edificio Prat Petit C Esteve Dolsa Pujal, Andorra la Vella AD500
Country	:	Andorra
Phone (S)	:	[+376]-822505
Facsimile	:	[+376]-822504
Email	:	smh-gramalla@andorra.ad
Website	:	http://www.gramalla-web.com
Primary Business Activity	:	Trader
Key Industry	:	Construction & Construction Materials

Key Facts

Operational Address	:	10-12, 1C Edificio Prat Petit C Esteve Dolsa Pujal, Andorra la Vella AD500
Issuing Authority	:	Registre de Societas - National
License Number	:	8223llibreS-66folis49-56
License Status	:	License exists - Normal.
Legal Form - Category	:	Registre de Societas - National
Legal Form	:	Sociedad Limitada
Legal Form - Abbreviation	:	SL
Operational Status of Business	:	Normal
Date of Registration	:	22 Jul, 1996
Employees	:	10
Capital	:	US$ 82,192

CREDIT recommendation

Current Credit Limit: USD $900,000 based on  90 days

Credit opinion

:

Credit can proceed on a favorable basis but in strict adherence to financing terms.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	President
Name	:	Mr. Emili Ucha Duro
Nationality	:	Andorran

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Sonia Merino	Andorran	Officer	-

Management Details - 1

Personal Unique Identifier	:	MI03622622
Name	:	Ms. Sonia Merino

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03622624
Name	:	Mr. Emili Ucha Duro
Nationality	:	Andorran

Based on corporate statutory laws / regulations in Andorra, there is no requirement for public disclosure of Directors. In this case, the Directors information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

CORPORATE SECRETARIES

Secretary Name

DESARROLLO FONTANA SA

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the GRAMALLA SL's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

CAPITAL (Currency: EUR - Euro)

Share Value	:	600
Authorized Capital	:	60,000
Paid-up Capital	:	60,000

Total number of shareholders	:	2
Total number of shares	:	100

No.	Shareholders	Country	Shares
			Number	Amount (EUR)	%
1	Mr. Emili Ucha Duro	Andorra	67	40,200	67.00
2	DESARROLLO FONTANA SA	Panama	33	19,800	33.00
Total			100	60,000	100.00

Based on corporate statutory laws / regulations in Andorra, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	70%
International Sales (Export)	30%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Documents against Acceptance (D/A)

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2012 Annual (*)	17,772,195	5,687,343	3,626,902

Note: (*)

Financials listed are the most recent available for this company.

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	EUR
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Total Liabilities	2,342,399
Share Capital	60,000
Non Current Assets	146,881
Current Assets	4,175,500
Total Assets	4,322,381
Non Current Liabilities	3,400
Current Liabilities	2,338,999
Non-current assets	146,881
Constructions	127,720
Installations	0
Machinery	1,346
Tools	0
Furniture	9,757
Information processing equipment	6,153
Other tangible fixed assets	1,904
Financial investments	0
Current assets	4,175,500
Stock	876,342
Customers	3,268,435
Doubtful debts	12,354
Provision insolvency	(12,354)
Sundry debtors	0
IPI-ISI supported	0
Treasury - cash banks	30,723
Accrual adjustments	0
Items pending application	0
Total assets	4,322,381
Heritage net	1,979,982
Social capital	60,000
Legal reserve	12,000
Voluntary reserves	901,536
Result current year	2,756,446
Interim dividend	(1,750,000)
Non-current liabilities	3,400
Deposits received long-term	3,400
Current liabilities	2,338,999
Checking with partners and managers	48,537
Suppliers trade accounts	2,144,876
Other payables	0
Advances from customers	0
Personal - outstanding remuneration	0
CASS - social security	509
Public-government administration	145,076
Accrual adjustments*	0
Items pending application*	0
Total liabilities	4,322,381

Income Statement

Currency	:	EUR
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Turnover	13,506,868
Profit (Loss) Before Tax	2,901,522
Profit After Tax attributable to Shareholders	2,756,446
Total sales and income	13,506,868
Sales of merchandise	13,236,322
Sales of merchandise sales of merchandise or services	10,315,066
Sales of goods (sales cuba)	2,921,256
Other revenue management	270,546
Income leases	32,750
Parking revenue	1,120
Commission income	184,224
Income from various services	52,452
Benefits of fixed assets	0
Benefits of tangible fixed assets	0
Total purchases and expenses	10,605,346
Purchasing	10,566,719
Work performed by companies externans	7,934,213
Purchases of merchandise (Suppliers Cuba)	2,247,574
Direct costs (external services and financial expenses Cuba)	384,932
Outside services	13,284
Leases and ordnance	0
Independent professional services	3,400
Banking and similar services	1,556
Commercial, advertising, and public relations	5,092
Provisions	3,235
Other services	0
Taxes	1,022
Other taxes	1,022
Financial charges	24,322
Interest debt	0
Financial interest	24,322
Depreciation and amortization	0
Amortization tangible	0
Profit before tax	2,901,522
Income tax 10% (50% dduction)	145,076
Net profit	2,756,446

Financial Ratios

Financial Highlights	2012 Annual
Profitability
Profit Margin (%)	20.41
Return on Assets (%)	63.77
Asset Management
Total Assets Turnover (Times)	3.12
Fixed Assets Turnover (Times)	91.96
Liquidity
Current Ratio	1.79

Based on the corporate laws of Andorra, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Country	:	Andorra
Business Entity Name	:	GRAMALLA SL
Primary Business Activity	:	Trader
Primary Industry	:	Construction & Construction Materials
Office Contact Details
Operating Address	:	10-12, 1C Edificio Prat Petit C Esteve Dolsa Pujal, Andorra la Vella AD500
Tel	:	[+376]-822505
Fax	:	[+376]-822504
Email	:	smh-gramalla@andorra.ad
Website Details
Website	:	http://www.gramalla-web.com
Status	:	Normal - operational
Country of Registration	:	Andorra
Ownership Type	:	Registered ownership by Subject Business Entity
Tax / VAT Details
VAT Issuing Authority	:	Ministry of Finance
VAT Number	:	L-703379-F

Primary Products

Products / Materials / Services Description	Activity
Ceramic	Trading, Exporting
Dishwashers	Trading, Exporting
Faucets	Trading, Exporting
Paints	Trading, Exporting
Porcelain	Trading, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Ceramic articles, nspf	3269	Trading, Exporting
Construction Materials, NEC	5039	Trading, Exporting
Industrial Machinery & Equipment	3500	Trading, Exporting
Manufactured articles, nspf	3999	Trading, Exporting
Paints and allied products	2851	Trading, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of porcelain or china	6914100000	Trading, Exporting
Bricks, blocks, tiles & other ceramic goods slcs earth	6901	Trading, Exporting
Ceramic sinks, washbasins, water closet bowls etc	6910	Trading, Exporting
Machines, dishwash, clean etc cont & fill, pak etc	8422	Trading, Exporting
Miscellaneous manufactured articles	9600	Trading, Exporting
Paint & varnish from synth etc polymers aqueous	3209	Trading, Exporting
Paint & varnish from synth etc polymers nonaq, etc	3208	Trading, Exporting
Sanitary ware & parts, iron or steel	7324	Trading, Exporting
Sinks and wash basins of stainless steel	7324100000	Trading, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Sink accessories	Primary	Trading, Exporting
Sink bowls	Primary	Trading, Exporting
Sinking machines	Primary	Trading, Exporting
Sinks	Primary	Trading, Exporting
Tiles	Primary	Trading, Exporting
Toilet	Primary	Trading, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of GRAMALLA SL is Trading - Finished products.

Key products include :

Ceramic

Dishwashers

Faucets

Paints

Porcelain

Sink accessories

Sink bowls

Sinking machines

Sinks

Tiles

Toilet

Supplementary Business

In addition to the core business, GRAMALLA SL also is engaged in the following areas of business:

Exporting

Exporting - Finished products

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
North America	Medium	Exporting
Cuba	Medium	Exporting

AUDITORS

Auditor Name

CONSULTORS TECNICS DE L'ANOIA SL

OFFICE & FACILITIES

Name	:	GRAMALLA SL - ANDORRA LA VELLA
Address	:	10-12, 1C Edificio Prat Petit C Esteve Dolsa Pujal, Andorra la Vella AD500
Country	:	Andorra
Status	:	Operational

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Ms. Sonia Merino

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
n/a	8223

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.31
UK Pound	1	Rs. 101.77
Euro	1	Rs. 84.68

INFORMATION DETAILS

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.