MIRA INFORM REPORT

Report Date :

11.01.2014

IDENTIFICATION DETAILS

Name :	DIA PIEL SL

Registered Office :	C/ Nuestra Señora De Gracia, 10 1º C., Marbella, Malaga, Postal Code 29602

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	11.02.1991

Legal Form :	Private Company

Line of Business :	· Manufacturer of luggage, handbags and the like, saddlery and harness subject is engaged in elaboration, marketing of bags and leather items.

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 :	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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Spain

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

Spain ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

EXECUTIVE SUMMARY

Name:

DIA PIEL SL

NIF / Fiscal code:

B11206083

Status:

ACTIVE

Incorporation Date:

11/02/1991

Register Data

Last Publication in BORME:

02/09/2011 [Annual accounts' deposit]

Last Published Account Deposit:

2012

Share Capital:

570.974,04

Localization:

C/ NUESTRA SEÑORA DE GRACIA, 10 1º C. - MARBELLA - 29602 - MALAGA

Telephone - Fax - Email - Website:

Ph.:. 956461691

Number of Branches

Activity:

NACE:

1512 - Manufacture of luggage, handbags and the like, saddlery and harness

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

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:

Identification

Social Denomination:

DIA PIEL SL

NIF / Fiscal code:

B11206083

Corporate Status:

ACTIVE

Start of activity:

1991

Registered Office:

C/ NUESTRA SEÑORA DE GRACIA, 10 1º C.

Locality:

MARBELLA

Province:

MALAGA

Postal Code:

29602

Telephone:

956461691

Branch Offices

Address

Postal Code

City

Province

Av. Fernando Quiñones, 3

11600

UBRIQUE

CADIZ

Activity

NACE:

1512

Additional Information:

The subject is engaged in elaboration, marketing of bags and leather items.

Additional Address:

Registered office is located in C/ NUESTRA SEÑORA DE GRACIA, 10 1º C. 29602 MARBELLA ( MÁLAGA ). Workshop, warehouse, offices and establishment, owned by the company, are located in AVD FERNANDO QUIÑONES , 3 11600 UBRIQUE ( CÁDIZ ).

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Face recession

Industry situation:

Maturity

Chronological Summary

Year

Act

1991

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

1992

Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996) Change of Social address (1)

1998

Accounts deposit (ejer. 1997) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Increase of Capital (1) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2001)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003) Change of Social address (1)

2006

Accounts deposit (ejer. 2004, 2005)

2007

Accounts deposit (ejer. 2006)

2008

Accounts deposit (ejer. 2007) Change of Social address (1)

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)

Breakdown of Owners' Equity

Registered Capital:

570.974,04

Paid up capital:

570.974,04

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

16/05/2001

Increase of Capital

564.964

570.974

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

GALINDO MORILLO PEDRO

19/03/2001

GALINDO LUQUE JOSE ANTONIO

19/03/2001

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

MORENO PINEDA MARCOS

GENERAL MANAGER

29/07/1991

SANCHEZ RIOS JOAQUIN

SINGLE ADMINISTRATOR

30/01/1998

SINGLE ADMINISTRATOR

19/03/2001

GENERAL MANAGER

19/11/1992

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSE ANTONIO GALINDO LUQUE

ADMINISTRATOR

PEDRO GALINDO MORILLO

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

---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 4.2 %

> Latest Rating Changes :

Sector in which comparison is carried out :

151 Tanning and dressing of leather; manufacture of luggage, handbags, saddlery and harness; dressing and dyeing of fur

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 DIA PIEL 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 4.17%.

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.

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

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

Guarantees

References

Link List

IS RELATED WITH:

1 Entities

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

DAVILETTO DESING S.L

MADRID

Turnover

Total Sales 2012

374.795

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

October 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

January 2006

2003

Normales

September 2004

2002

Normales

August 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

September 1999

1997

Normales

September 1998

1996

Normales

August 1997

1995

Normales

September 1996

1994

Normales

August 1995

1993

Normales

September 1994

1992

Normales

August 1993

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 31/12/2012

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

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

ORIGINAL

EQUIVALENCIA

Assets

2012

2008

2003

2002

2000

A) NON-CURRENT ASSETS: 11000

866.824,00

900.995,00

798.610,00

799.314,00

25.370,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

862.637,00

897.716,00

798.610,00

799.314,00

25.370,00

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

4.187,00

3.279,00

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

219.206,00

317.068,00

289.862,00

268.133,00

178.960,00

I. Stocks : 12200

150.582,00

194.475,00

67.024,00

59.709,00

48.924,00

II. Trade debtors and others receivable accounts : 12300

29.759,00

80.196,00

198.839,00

169.199,00

96.537,00

1. Trade debtors / accounts receivable: 12380

23.385,00

54.408,00

198.839,00

169.199,00

96.537,00

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

0,00

198.839,00

169.199,00

96.537,00

b) Customers for sales and provisions of services : 12382

23.385,00

54.408,00

0,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

6.374,00

25.788,00

0,00

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

0,00

IV. Short-term financial investments : 12500

246,00

0,00

133,00

126,00

0,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

38.618,00

42.396,00

23.867,00

39.100,00

33.499,00

TOTAL ASSETS (A + B) : 10000

1.086.030,00

1.218.063,00

1.088.472,00

1.067.447,00

204.331,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2012

2008

2003

2002

2000

A) NET WORTH: 20000

1.063.439,00

989.687,00

768.553,00

728.078,00

91.367,00

A-1) Shareholders' equity: 21000

1.063.439,00

989.687,00

768.553,00

728.078,00

91.367,00

I. Capital: 21100

570.974,00

570.962,00

6.010,00

1. Registered capital : 21110

570.974,00

570.962,00

6.010,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

3.813,00

0,00

III. Reserves: 21300

478.965,00

361.370,00

157.251,00

116.486,00

76.353,00

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

13.500,00

53.531,00

40.341,00

40.630,00

9.004,00

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

22.591,00

228.376,00

319.919,00

339.370,00

112.964,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

-152,00

0,00

319.919,00

339.370,00

112.964,00

1. Amounts owed to credit institutions: 32320

0,00

319.919,00

339.370,00

112.964,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

-152,00

0,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

22.742,00

228.376,00

0,00

1. Suppliers: 32580

18.869,00

202.577,00

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

18.869,00

202.577,00

0,00

2. Other creditors: 32590

3.874,00

25.799,00

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

1.086.030,00

1.218.063,00

1.088.472,00

1.067.447,00

204.331,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2012

2008

2003

2002

2000

1. Net turnover: 40100

374.795,00

875.013,00

808.485,00

870.268,00

333.299,00

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

-284.729,00

-662.162,00

-621.535,00

-317.657,00

-257.313,00

5. Other operating income: 40500

5.750,00

0,00

6. Personnel costs: 40600

-20.468,00

-61.069,00

-76.974,00

-121.955,00

-24.424,00

7. Other operating costs: 40700

-38.177,00

-62.491,00

-44.763,00

-364.061,00

-35.378,00

8. Amortisation of fixed assets: 40800

-16.714,00

-16.574,00

-839,00

-773,00

-1.315,00

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

988,00

1.215,00

0,00

62,00

0,00

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

21.445,00

73.931,00

64.374,00

65.884,00

14.869,00

13. Financial income : 41400

2,00

47,00

7,00

2,00

0,00

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

0,00

b) Other financial income: 41490

2,00

47,00

7,00

2,00

0,00

14. Financial expenditure : 41500

-2.094,00

-2.542,00

-6.752,00

-7.843,00

-2.006,00

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

-69,00

5,00

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

-2.160,00

-2.490,00

-6.745,00

-7.841,00

-2.006,00

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

19.285,00

71.441,00

57.629,00

58.043,00

12.863,00

19. Income taxes : 41900

-5.786,00

-17.910,00

-17.289,00

-17.413,00

-3.859,00

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

13.500,00

53.531,00

40.341,00

40.630,00

9.004,00

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

Information corresponding to the fiscal year 2012 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

EQUIVALENCIA

ORIGINAL

ASSETS

2012

2008

2003

2002

2000

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

866.824,00

900.995,00

798.881,00

799.721,00

25.370,00

I. Formation expenses:

0,00

271,00

406,00

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

862.637,00

897.716,00

798.610,00

799.314,00

25.370,00

IV. Financial investments:

4.187,00

3.279,00

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

219.206,00

317.068,00

289.862,00

268.133,00

178.960,00

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

0,00

II. Stocks:

150.582,00

194.475,00

67.024,00

59.709,00

48.924,00

III. Debtors:

29.759,00

80.196,00

198.839,00

169.199,00

96.537,00

IV. Short-term investments:

246,00

0,00

133,00

126,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

38.618,00

42.396,00

23.867,00

39.100,00

33.499,00

VII. Prepayments and accrued income:

0,00

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

1.086.030,00

1.218.063,00

1.088.743,00

1.067.854,00

204.331,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2012

2008

2003

2002

2000

A) EQUITY:

1.063.439,00

989.687,00

768.824,00

728.484,00

91.367,00

I. Subscribed capital:

570.974,00

570.962,00

6.010,00

II. Share premium:

0,00

3.813,00

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

478.965,00

361.370,00

157.522,00

116.892,00

76.353,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

478.965,00

361.370,00

157.522,00

116.892,00

76.353,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

13.500,00

53.531,00

40.341,00

40.630,00

9.004,00

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:

22.591,00

228.376,00

319.919,00

339.370,00

112.964,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.086.030,00

1.218.063,00

1.088.743,00

1.067.854,00

204.331,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2012

2008

2003

2002

2000

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

368.036,00

822.749,00

768.151,00

829.702,00

324.295,00

A.1. Operating consumption:

284.729,00

662.162,00

621.535,00

317.657,00

257.313,00

A.2. Staff Costs:

20.468,00

61.069,00

76.974,00

121.955,00

24.424,00

a) Wages, salaries et al.:

0,00

59.704,00

91.910,00

17.833,00

b) Social security costs:

20.468,00

61.069,00

17.270,00

30.044,00

6.591,00

A.3. Depreciation expense:

16.714,00

16.574,00

839,00

773,00

1.315,00

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

0,00

A.5. Other operating charges:

38.177,00

62.491,00

44.763,00

364.061,00

35.378,00

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

20.457,00

72.716,00

64.374,00

65.822,00

14.869,00

A.6. Financial and similar charges:

2.163,00

2.542,00

6.752,00

7.843,00

2.006,00

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:

2.094,00

2.542,00

6.752,00

7.843,00

2.006,00

d) Losses from financial investments:

69,00

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):

18.297,00

70.226,00

57.629,00

57.981,00

12.863,00

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):

988,00

1.215,00

0,00

62,00

0,00

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

19.285,00

71.441,00

57.629,00

58.043,00

12.863,00

A.14. Corporation Tax:

5.786,00

17.910,00

17.289,00

17.413,00

3.859,00

A.15. Miscellaneous taxes:

0,00

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

13.500,00

53.531,00

40.341,00

40.630,00

9.004,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2012

2008

2003

2002

2000

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

381.536,00

876.279,00

808.492,00

870.332,00

333.299,00

B.1. Operating income:

380.545,00

875.013,00

808.485,00

870.268,00

333.299,00

a) Net total sales:

374.795,00

875.013,00

808.485,00

870.268,00

333.299,00

b) Miscellaneous operating income:

5.750,00

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:

2,00

51,00

7,00

2,00

0,00

a) Companies of the group:

2,00

47,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

7,00

2,00

0,00

d) Profit on financial investment:

0,00

5,00

0,00

B.3. Exchange gains:

0,00

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

2.160,00

2.490,00

6.745,00

7.841,00

2.006,00

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:

988,00

1.215,00

0,00

62,00

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):

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.

2012

2008

2003

2002

2000

1. Fiscal year result before taxes.: 61100

19.285,00

71.441,00

57.629,00

58.043,00

12.863,00

2. Results adjustments.: 61200

18.805,00

19.069,00

7.584,00

8.614,00

3.321,00

a) Fixed Assets Amortization (+).: 61201

16.714,00

16.574,00

839,00

773,00

1.315,00

g) Financial income (-).: 61207

-2,00

-47,00

-7,00

-2,00

0,00

h) Financial Expenses (+). : 61208

2.094,00

2.542,00

6.752,00

7.843,00

2.006,00

3. Changes in current capital equity.: 61300

-163.630,00

-64.206,00

-73.702,00

92.924,00

13.581,00

a) Stock (+/-).: 61301

-150.582,00

-194.475,00

-7.315,00

-59.709,00

-2.533,00

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

-29.759,00

-80.196,00

-29.640,00

-169.199,00

43.084,00

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

-246,00

0,00

-7,00

-126,00

0,00

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

16.957,00

210.466,00

-36.740,00

321.957,00

-26.970,00

4. Other cash flows for operating activities.: 61400

-2.091,00

-2.495,00

-6.745,00

-7.841,00

-2.006,00

a) Interest payments (-). : 61401

-2.094,00

-2.542,00

-6.752,00

-7.843,00

-2.006,00

c) Interest collection (+). : 61403

2,00

47,00

7,00

2,00

0,00

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

-127.631,00

23.810,00

-15.233,00

151.741,00

27.759,00

6. Payments for investment (-).: 62100

-866.824,00

-900.995,00

0,00

-799.721,00

-356,00

c) Fixed assets. : 62103

-862.637,00

-897.716,00

0,00

-799.314,00

-356,00

e) Other financial assets. : 62105

-4.187,00

-3.279,00

0,00

h) Other assets. : 62108

0,00

-406,00

0,00

7. Divestment payment collection (+). : 62200

0,00

839,00

0,00

c) Fixed assets. : 62203

0,00

704,00

0,00

h) Other assets. : 62208

0,00

135,00

0,00

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

-883.538,00

-917.569,00

0,00

-800.494,00

-1.671,00

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

1.049.939,00

936.156,00

0,00

687.853,00

0,00

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

1.049.939,00

936.156,00

290,00

687.853,00

0,00

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

0,00

-290,00

0,00

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

-152,00

0,00

b) Repayment and amortization of : 63207

-152,00

0,00

5. Other debts (-). : 63212

-152,00

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

1.049.788,00

936.156,00

0,00

687.853,00

0,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

0,00

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

38.618,00

42.396,00

-15.233,00

39.100,00

26.088,00

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

0,00

39.100,00

0,00

7.411,00

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

38.618,00

42.396,00

23.867,00

39.100,00

33.499,00

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

2012

2008

Variación 2012 - 2008

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,10 %

0,00 %

4,85 %

-5,98 %

-97,87 %

99,99 %

EBITDA over Sales:

9,92 %

2,62 %

10,20 %

5,91 %

-2,81 %

-55,59 %

Cash Flow Yield:

0,04 %

0,00 %

3,48 %

-4,03 %

-98,98 %

99,99 %

Profitability

2012

2008

Variación 2012 - 2008

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,89 %

0,95 %

5,99 %

3,25 %

-68,40 %

-70,68 %

Total economic profitability:

1,97 %

1,35 %

6,07 %

3,30 %

-67,59 %

-59,07 %

Financial profitability:

1,27 %

-0,34 %

5,41 %

2,31 %

-76,53 %

-114,71 %

Margin:

5,38 %

1,06 %

8,31 %

3,79 %

-35,31 %

-72,01 %

Mark-up:

4,81 %

-0,22 %

8,03 %

1,68 %

-40,09 %

-113,33 %

Solvency

2012

2008

Variación 2012 - 2008

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

1,71

0,23

0,19

0,16

820,84

49,60

Acid Test:

3,04

1,07

0,54

0,84

465,88

27,36

Working Capital / Investment:

0,18

0,21

0,07

0,21

148,63

-0,25

Solvency:

9,70

1,79

1,39

1,61

598,90

11,51

Indebtedness

2012

2008

Variación 2012 - 2008

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,02

1,08

0,23

1,82

-90,79

-40,76

Borrowing Composition:

0,00

0,80

0,00

0,83

-3,21

Repayment Ability:

0,58

-1.451,83

2,52

14,45

-76,82

-10.144,22

Warranty:

48,07

1,93

5,33

1,55

801,34

24,36

Generated resources / Total creditors:

1,34

0,04

0,31

-0,66

336,71

106,66

Efficiency

2012

2008

Variación 2012 - 2008

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,82

1,11

2,46

1,27

14,38

-13,08

Turnover of Collection Rights :

12,79

4,25

10,91

4,08

17,20

4,09

Turnover of Payment Entitlements:

14,20

2,76

3,17

2,63

347,46

4,77

Stock rotation:

2,39

3,66

4,13

-2,52

-42,04

245,43

Assets turnover:

0,35

0,90

0,72

0,86

-51,15

4,73

Borrowing Cost:

9,27

2,43

1,11

3,14

732,69

-22,44

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2008, 2003, 2002, 2000)

Cash Flow

2012

2008

2003

2002

2000

Cash Flow over Sales:

0,10 %

4,85 %

-1,88 %

0,04 %

0,08 %

EBITDA over Sales:

9,92 %

10,20 %

8,07 %

7,65 %

4,86 %

Cash Flow Yield:

0,04 %

3,48 %

-1,40 %

0,04 %

0,13 %

Profitability

2012

2008

2003

2002

2000

Operating economic profitability:

1,89 %

5,99 %

5,91 %

6,16 %

7,28 %

Total economic profitability:

1,97 %

6,07 %

5,91 %

6,17 %

7,28 %

Financial profitability:

1,27 %

5,41 %

5,25 %

5,58 %

9,85 %

Margin:

5,38 %

8,31 %

7,96 %

7,56 %

4,46 %

Mark-up:

4,81 %

8,03 %

7,13 %

6,66 %

3,86 %

Solvency

2012

2008

2003

2002

2000

Liquidity:

1,71

0,19

0,07

0,12

0,30

Acid Test:

3,04

0,54

0,70

0,61

1,15

Working Capital / Investment:

0,18

0,07

-0,03

-0,07

0,32

Solvency:

9,70

1,39

0,91

0,79

1,58

Indebtedness

2012

2008

2003

2002

2000

Indebtedness level:

0,02

0,23

0,42

0,47

1,24

Borrowing Composition:

0,00

Repayment Ability:

0,58

2,52

4,78

8,68

4,33

Warranty:

48,07

5,33

3,40

3,15

1,81

Generated resources / Total creditors:

1,34

0,31

0,13

0,12

0,09

Efficiency

2012

2008

2003

2002

2000

Productivity:

2,82

2,46

1,85

1,55

1,66

Turnover of Collection Rights :

12,79

10,91

4,07

5,14

3,45

Turnover of Payment Entitlements:

14,20

3,17

2,08

2,01

2,59

Stock rotation:

2,39

4,13

11,10

13,47

6,51

Assets turnover:

0,35

0,72

0,74

0,82

1,63

Borrowing Cost:

9,27

1,11

2,11

2,31

1,78

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Report Prepared by :

MNL

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

Chronological Summary

Executive board

COMPARATIVE SECTORIAL BALANCE

Unit