MIRA INFORM REPORT

Report No. :	334847
Report Date :	05.08.2015

IDENTIFICATION DETAILS

Name :	EUROTRADE WORLD COMMERCE SL

Registered Office :	Calle Cavanilles 45 - Madrid - 28007 - Madrid

Country :	Spain

Financials (as on) :	2014

Date of Incorporation :	18.10.1993

Legal Form :	Private company

Line of Business :	Non-specialised wholesale trade Supplying raw materials, materials and equipment of pharmaceutical industry, veterinary science, food and cosmetics.

No. of Employee :	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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 experiencing a prolonged recession in the wake of the global financial crisis, in 2014 Spain marked the first full year of economic growth in seven years, with growth of 1.4%. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Credit contraction in the private sector, fiscal austerity, and high unemployment continue to weigh on domestic consumption and investment. Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, closing 2014 at 23.7%. This has strained 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 2010. Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, 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 more than 97% in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms, aimed at supporting investor sentiment, have become overshadowed by political activity in 2015 in anticipation of national parliamentary elections late in the year. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors, completing an EU-funded restructuring and recapitalization program in January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.4% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 23.7% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA
EXECUTIVE SUMMARY

Name:

EUROTRADE WORLD COMMERCE SL

NIF / Fiscal code:

B80711427

Status:

ACTIVE

Incorporation Date:

18/10/1993

Register Data

Last Publication in BORME:

19/01/2015 [Reelections]

Last Published Account Deposit:

2014

Share Capital:

30.050,61

Localization:

CALLE CAVANILLES 45 - MADRID - 28007 - MADRID

Telephone - Fax - Email - Website:

Telephone. 914 341 830 Email. info@eurotradesl.com Website. www.eurotradesl.com

Activity:

NACE:

4690 - Non-specialised wholesale trade

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

According to the agreed terms

Prospects:

Consolidation

Industry situation:

Maturity

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:

FRANCISCOJAVIER USO VAZQUEZ

70 %

AMADA BARASONA LLANO

20 %

JOSE RIVERA LUIS

3.33 %

RAFAEL MALDONADO GARCIA

3.33 %

ARMANDO DURAN CUADRADO

3.33 %

Identification

Social Denomination:

EUROTRADE WORLD COMMERCE SL

NIF / Fiscal code:

B80711427

Corporate Status:

ACTIVE

Start of activity:

1993

Registered Office:

CALLE CAVANILLES 45

Locality:

MADRID

Province:

MADRID

Postal Code:

28007

Telephone:

914 341 830

Fax:

914 341 831

Website:

www.eurotradesl.com

Email:

info@eurotradesl.com

Branch Offices

Activity

NACE:

4690

CNAE Obtaining Source:

4690

Legal Form:

PURCHASE, SALE, DISTRIBUTION, REPRESENTATION, INTERMEDIATION, EXPORTATION AND COMMERCIALISATION OF GENERAL PRODUCTS AND ARTICLES RELATED TO FOOD, CHEMICAL INDUSTRY, PHARMACEUTICAL AS WELL AS GOODS ANDS SERVICES.

Additional Information:

Is dedicated to supplying raw materials, materials and equipment of pharmaceutical industry, veterinary science, food and cosmetics.

Additional Address:

CALLE CAVANILLES 45 28007 MADRID, registered office and offices, leased.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1993

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

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994) Change of Social address (1)

1996

Accounts deposit (year 1995)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997) Adaptation to Law (1) Appointments/ Re-elections (1)

1999

Accounts deposit (year 1998) Increase of Capital (1)

2000

Change of Social address (1)

2002

Accounts deposit (year 1999, 2000, 2001) Appointments/ Re-elections (1)

2003

Appointments/ Re-elections (1)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (1)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2011

Accounts deposit (year 2009) Appointments/ Re-elections (1)

2012

Accounts deposit (year 2010, 2011) Appointments/ Re-elections (1)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (1)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

30.050,61

Paid up capital:

30.050,61

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1142

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

05/11/1993

Company Formation

3.005

01/12/1999

Increase of Capital

27.046

30.051

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

USO VAZQUEZ FRANCISCO JAVIER

30/07/2013

MEMBER OF THE BOARD

USO VAZQUEZ FRANCISCO JAVIER

30/07/2013

USO ALONSO BUENAPOSADA CARLOS

30/07/2013

USO ALONSO BUENAPOSADA FRANCISCO JAVIER

30/07/2013

PROXY

USO ALONSO BUENAPOSADA FRANCISCO JAVIER

10/05/2012

CHIEF EXECUTIVE OFFICER

USO VAZQUEZ FRANCISCO JAVIER

30/07/2013

SECRETARY

USO ALONSO BUENAPOSADA FRANCISCO JAVIER

30/07/2013

ACCOUNTS' AUDITOR / HOLDER

LATORRE Y VEGAS ECONOMISTAS AUDITORES SLP

12/01/2015

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

LATORRE Y VEGAS ECONOMISTAS AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

20/03/2003

ACCOUNTS' AUDITOR / HOLDER

28/01/2004

ACCOUNTS' AUDITOR / HOLDER

01/02/2011

LATORRE Y VEGAS ECONOMISTAS AUDITORES SLP

ACCOUNTS' AUDITOR / HOLDER

21/02/2013

ACCOUNTS' AUDITOR / HOLDER

27/01/2014

ACCOUNTS' AUDITOR / HOLDER

12/01/2015

USO VAZQUEZ FRANCISCO JAVIER

SINGLE ADMINISTRATOR

27/04/1998

SINGLE ADMINISTRATOR

30/07/2013

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JOSE RIVERA

MANAGING DIRECTOR

JAVIER USO

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 irregular payment performance has been detected based on information obtained from credit bureaus.

It has financial profitability.. EUROTRADE WORLD COMMERCE SL obtains 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 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.

Debts assumed by the company based on the volume of its own resources have decreased in the previous financial year.

The current debt represents a 56.41% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

No Company's subsidiaries or branches are known.

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

Proceedings before the Industrial Tribunal

No se han publicado

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

4 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

5 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

FRANCISCOJAVIER USO VAZQUEZ

AMADA BARASONA LLANO

JOSE RIVERA LUIS

3.33

RAFAEL MALDONADO GARCIA

3.33

ARMANDO DURAN CUADRADO

3.33

PARTICIPATES IN

EUROTRADE POLAND SP ZOO

100

EUROTRADE LATINOAMERICA, SOCIEDAD ANONIMA, (PANAMA)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

POLONIA CARGO SERVICE

CARGO SERVICES SA

MADRID

POLONIA CARGO SERVICES

CARGO SERVICES UNION SL

MADRID

BELONGS TO THE ADMINISTRATION BOARD OF

CARIBE & CARGO SERVICES SL

MADRID

Turnover

Total Sales 2014

5.407.742,05

The sales data is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods.

FinancialAccounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2014

Normales

July 2015

2013

Normales

October 2014

2012

Normales

September 2013

2011

Normales

October 2012

2010

Normales

January 2012

2009

Normales

April 2011

2008

Normales

October 2009

2007

Normales

October 2008

2006

Normales

September 2007

2005

Normales

September 2006

2004

Normales

September 2005

2003

Normales

October 2004

2002

Normales

No publicado en BORME

2001

Normales

November 2002

2000

Normales

February 2002

1999

Normales

February 2002

1998

Normales

October 1999

1997

Normales

October 1998

1996

Normales

October 1997

1995

Normales

October 1996

1994

Normales

September 1995

1993

Normales

August 1994

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 31/12/2014

> Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology.

ORIGINAL

Assets

2014

2013

2012

2011

2010

A) NON-CURRENT ASSETS: 11000

89.692,00

249.178,00

243.446,00

57.653,00

58.882,00

I. Intangible fixed assets : 11100

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

3. Patents, licencing, trade marks and similar: 11130

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

37.516,00

50.614,00

34.832,00

46.978,00

31.252,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

37.516,00

50.614,00

34.832,00

46.978,00

31.252,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

46.951,00

194.572,00

205.483,00

8.353,00

26.410,00

1. Equity instruments: 11410

46.951,00

57.862,00

8.353,00

26.410,00

2. Credits to businesses: 11420

0,00

147.621,00

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

3.131,00

2.322,00

1.220,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

3.131,00

2.322,00

1.220,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

2.094,00

861,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

2.333.957,00

2.693.449,00

2.676.886,00

3.335.477,00

5.087.948,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

0,00

85.590,00

130.835,00

0,00

1. Commercial: 12210

0,00

85.590,00

130.835,00

0,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

5. By-products, residues and recycled materials: 12250

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

925.959,00

2.211.348,00

1.649.974,00

2.378.812,00

4.474.142,00

1. Trade debtors / accounts receivable: 12310

875.743,00

1.978.299,00

1.481.126,00

2.167.040,00

4.168.794,00

a) Long-term receivables from sales and services supplied : 12311

0,00

b) Customers for sales and provisions of services : 12312

875.743,00

1.978.299,00

1.481.126,00

2.167.040,00

4.168.794,00

2. Customers, Group companies and associates : 12320

254,00

0,00

3. Other accounts receivable: 12330

0,00

120.000,00

3.418,00

105.415,00

33.839,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

22.800,00

24.694,00

0,00

13.475,00

6. Other debtors, including tax and social security: 12360

27.163,00

88.356,00

165.429,00

106.357,00

258.033,00

7. Called up share capital: 12370

0,00

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

191.991,00

61.181,00

60.633,00

135.983,00

142.810,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

191.991,00

61.181,00

60.633,00

135.983,00

142.810,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

4.387,00

19.221,00

4.387,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

4.387,00

19.221,00

4.387,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

1.211.619,00

330.943,00

831.057,00

801.460,00

466.609,00

1. Treasury: 12710

661.619,00

230.943,00

331.057,00

401.460,00

466.609,00

2. Other equivalent liquid assets: 12720

550.000,00

100.000,00

500.000,00

400.000,00

0,00

TOTAL ASSETS (A + B) : 10000

2.423.648,00

2.942.627,00

2.920.332,00

3.393.129,00

5.146.831,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

1.056.400,00

1.040.889,00

1.100.493,00

976.316,00

832.609,00

A-1) Shareholders' equity: 21000

1.056.400,00

1.040.889,00

1.100.493,00

976.316,00

832.609,00

I. Capital: 21100

30.051,00

1. Registered capital : 21110

30.051,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.010.838,00

970.442,00

846.265,00

742.558,00

684.310,00

1. Legal and statutory: 21310

6.010,00

2. Other reserves: 21320

1.004.828,00

964.432,00

840.255,00

736.548,00

678.300,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

15.512,00

40.396,00

224.177,00

203.707,00

118.249,00

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

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

0,00

697,00

1.891,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

697,00

1.891,00

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

1.367.248,00

1.901.738,00

1.819.839,00

2.416.117,00

4.312.331,00

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

0,00

II. Short-term provisions: 32200

0,00

357.698,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

0,00

1.691,00

0,00

650.124,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

715.854,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

1.691,00

0,00

-65.730,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.367.248,00

1.900.047,00

1.819.839,00

2.416.117,00

3.304.509,00

1. Suppliers: 32510

1.119.222,00

1.653.952,00

1.562.553,00

2.272.940,00

3.176.051,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.119.222,00

1.653.952,00

1.562.553,00

2.272.940,00

3.176.051,00

2. Suppliers, Group companies and associates: 32520

62.128,00

0,00

3. Other creditors: 32530

129.253,00

226.011,00

26.644,00

30.496,00

6.556,00

4. Personnel (remuneration due): 32540

0,00

300,00

0,00

5. Liabilities for current tax: 32550

0,00

71.228,00

14.195,00

29.958,00

6. Other accounts payable to Public Administrations.: 32560

56.645,00

20.084,00

159.114,00

98.485,00

91.943,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

2.423.648,00

2.942.627,00

2.920.332,00

3.393.129,00

5.146.831,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

5.407.742,00

5.717.212,00

6.100.724,00

6.677.598,00

7.256.114,00

a) Sales: 40110

5.407.742,00

5.717.212,00

6.100.724,00

6.677.598,00

7.256.114,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

-4.297.803,00

-4.426.583,00

-4.859.748,00

-5.293.751,00

-5.986.346,00

a) Stock consumption: 40410

-4.297.803,00

-4.426.583,00

-4.859.748,00

-5.293.751,00

-5.986.346,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

0,00

c) Works carried out by other companies: 40430

0,00

d) Impairment of stock, primary material and other supplies: 40440

0,00

5. Other operating income: 40500

144.784,00

104.926,00

133.377,00

0,00

9.766,00

a) Auxiliary income and other from current management: 40510

144.784,00

104.926,00

133.377,00

0,00

6.978,00

b) Operation subsidies included in the Period's result: 40520

0,00

2.788,00

6. Personnel costs: 40600

-503.339,00

-417.922,00

-343.339,00

-270.253,00

-242.240,00

a) Wages, salaries et al.: 40610

-445.211,00

-372.722,00

-301.394,00

-228.681,00

-202.173,00

b) Social security costs: 40620

-58.128,00

-45.200,00

-41.946,00

-41.571,00

-40.067,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-703.336,00

-868.350,00

-822.187,00

-721.256,00

-742.077,00

a) External services: 40710

-694.462,00

-861.781,00

-820.305,00

-715.532,00

-697.902,00

b) Taxes: 40720

-8.874,00

-6.568,00

-1.882,00

-7.417,00

-8.986,00

c) Losses, impairments and variation in provisions from trade operations : 40730

0,00

1.693,00

-35.189,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-13.695,00

-9.570,00

-12.146,00

-13.229,00

-10.112,00

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

492,00

0,00

357,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

492,00

0,00

357,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-13.853,00

-23.504,00

84.538,00

-18.663,00

-7.329,00

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

20.994,00

76.209,00

281.219,00

360.447,00

278.134,00

14. Financial income : 41400

21.755,00

11.952,00

18.745,00

1.893,00

939,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

21.755,00

11.952,00

18.745,00

1.893,00

939,00

b 1) From Group companies and associates : 41421

0,00

2.619,00

10.911,00

0,00

b 2) From third parties : 41422

21.755,00

9.333,00

7.833,00

1.893,00

939,00

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

0,00

15. Financial expenditure: 41500

-173,00

-6.894,00

-44.391,00

-27.530,00

-105.306,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-173,00

-6.894,00

-44.391,00

-27.530,00

-105.306,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-137,00

0,00

a) Trading book and other : 41610

0,00

-137,00

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-20.416,00

-8.996,00

74.170,00

-25.743,00

-4.813,00

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

0,00

-18.058,00

0,00

a) Impairment and losses : 41810

0,00

-18.058,00

0,00

b) Results for transfers and other : 41820

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

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

1.166,00

-4.075,00

48.524,00

-69.437,00

-109.180,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

22.159,00

72.134,00

329.743,00

291.010,00

168.953,00

20. Income taxes: 41900

-6.648,00

-31.738,00

-105.566,00

-87.303,00

-50.705,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

15.512,00

40.396,00

224.177,00

203.707,00

118.249,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

15.512,00

40.396,00

224.177,00

203.707,00

118.249,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2014

2013

2012

2011

2010

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

87.598,00

248.317,00

243.446,00

57.653,00

58.882,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

37.516,00

50.614,00

34.832,00

46.978,00

31.252,00

IV. Financial investments:

50.082,00

197.702,00

208.614,00

10.674,00

27.631,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.336.051,00

2.694.310,00

2.676.886,00

3.335.477,00

5.087.948,00

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

0,00

II. Stocks:

0,00

85.590,00

130.835,00

0,00

III. Debtors:

928.053,00

2.212.209,00

1.649.974,00

2.378.812,00

4.474.142,00

IV. Short-term investments:

196.378,00

65.568,00

65.020,00

155.205,00

147.198,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.211.619,00

330.943,00

831.057,00

801.460,00

466.609,00

VII. Prepayments and accrued income:

0,00

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

2.423.648,00

2.942.627,00

2.920.332,00

3.393.129,00

5.146.831,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

1.056.400,00

1.040.889,00

1.100.493,00

976.316,00

832.609,00

I. Subscribed capital:

30.051,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.010.838,00

970.442,00

846.265,00

742.558,00

684.310,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.010.838,00

970.442,00

846.265,00

742.558,00

684.310,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

15.512,00

40.396,00

224.177,00

203.707,00

118.249,00

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

697,00

1.891,00

E) SHORT TERM CREDITORS:

1.367.248,00

1.901.738,00

1.819.839,00

2.416.117,00

3.954.633,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

357.698,00

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

2.423.648,00

2.942.627,00

2.920.332,00

3.393.129,00

5.146.831,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

5.559.263,00

5.793.693,00

6.187.377,00

6.475.784,00

7.148.928,00

A.1. Operating consumption:

4.297.803,00

4.426.583,00

4.859.748,00

5.293.751,00

5.986.346,00

A.2. Staff Costs:

503.339,00

417.922,00

343.339,00

270.253,00

242.240,00

a) Wages, salaries et al.:

445.211,00

372.722,00

301.394,00

228.681,00

202.173,00

b) Social security costs:

58.128,00

45.200,00

41.946,00

41.571,00

40.067,00

A.3. Depreciation expense:

13.695,00

9.570,00

12.146,00

13.229,00

10.112,00

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

0,00

A.5. Other operating charges:

703.336,00

868.350,00

822.187,00

721.256,00

742.077,00

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

34.354,00

99.713,00

196.681,00

379.110,00

285.106,00

A.6. Financial and similar charges:

173,00

6.894,00

44.391,00

45.587,00

105.306,00

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:

173,00

6.894,00

44.391,00

27.530,00

105.306,00

d) Losses from financial investments:

0,00

18.058,00

0,00

A.7. Financial investment provision change:

0,00

137,00

0,00

A.8. Exchange losses:

20.416,00

8.996,00

0,00

25.743,00

4.813,00

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

1.166,00

0,00

48.524,00

0,00

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

35.520,00

95.638,00

245.205,00

309.673,00

175.925,00

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:

13.853,00

23.504,00

0,00

18.663,00

7.329,00

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

84.538,00

0,00

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

22.159,00

72.134,00

329.743,00

291.010,00

168.953,00

A.14. Corporation Tax:

6.648,00

31.738,00

105.566,00

87.303,00

50.705,00

A.15. Miscellaneous taxes:

0,00

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

15.512,00

40.396,00

224.177,00

203.707,00

118.249,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

5.574.774,00

5.834.089,00

6.411.554,00

6.679.491,00

7.267.177,00

B.1. Operating income:

5.552.526,00

5.822.137,00

6.234.101,00

6.677.598,00

7.265.880,00

a) Net total sales:

5.407.742,00

5.717.212,00

6.100.724,00

6.677.598,00

7.256.114,00

b) Miscellaneous operating income:

144.784,00

104.926,00

133.377,00

0,00

9.766,00

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

0,00

B.2. Financial income:

21.755,00

11.952,00

18.745,00

1.893,00

939,00

a) Companies of the group:

0,00

2.619,00

10.911,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

21.755,00

9.333,00

7.833,00

1.893,00

939,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

74.170,00

0,00

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

0,00

4.075,00

0,00

69.437,00

109.180,00

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:

492,00

0,00

357,00

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

84.538,00

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):

13.360,00

23.504,00

0,00

18.663,00

6.972,00

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.

2014

2013

2012

2011

2010

1. Fiscal year result before taxes.: 61100

22.159,00

72.134,00

329.743,00

291.010,00

168.953,00

2. Results adjustments.: 61200

12.037,00

13.508,00

-36.378,00

82.666,00

119.293,00

a) Fixed Assets Amortization (+).: 61201

13.695,00

9.570,00

12.146,00

13.229,00

10.112,00

c) Variation in Provision (+/-). : 61203

0,00

18.058,00

0,00

e) Results on disposal of fixed assets (+/-). : 61205

-492,00

0,00

g) Financial income (-).: 61207

-21.755,00

-11.952,00

-18.745,00

-1.893,00

-939,00

h) Financial Expenses (+). : 61208

173,00

6.894,00

44.391,00

27.530,00

105.306,00

i) Exchange differences (+/-). : 61209

20.416,00

8.996,00

-74.170,00

25.743,00

4.813,00

3. Changes in current capital equity.: 61300

828.608,00

-466.829,00

-104.537,00

760.742,00

523.028,00

a) Stock (+/-).: 61301

85.590,00

45.245,00

-130.835,00

0,00

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

1.306.497,00

-592.583,00

729.138,00

1.663.329,00

-729.910,00

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

-563.479,00

80.508,00

-702.840,00

-902.587,00

1.252.939,00

4. Other cash flows for operating activities.: 61400

21.582,00

-3.938,00

48.524,00

-51.379,00

-104.367,00

a) Interest payments (-). : 61401

-173,00

-6.894,00

-44.391,00

-27.530,00

-105.306,00

c) Interest collection (+). : 61403

21.755,00

11.952,00

18.745,00

1.893,00

939,00

e) Other payments (payment collection) (-/+) : 61405

0,00

-8.996,00

74.170,00

-25.743,00

0,00

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

884.387,00

-385.126,00

237.352,00

1.083.038,00

706.907,00

6. Payments for investment (-).: 62100

-597,00

-25.352,00

-10.911,00

-30.056,00

-55.513,00

c) Fixed assets. : 62103

-597,00

-25.352,00

0,00

-28.955,00

-55.513,00

e) Other financial assets. : 62105

0,00

-10.911,00

-1.101,00

0,00

7. Divestment payment collection (+). : 62200

148.113,00

10.911,00

0,00

a) Companies of the group and affiliates. : 62201

147.621,00

0,00

c) Fixed assets. : 62203

492,00

0,00

e) Other financial assets. : 62205

0,00

10.911,00

0,00

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

147.516,00

-14.441,00

-10.911,00

-30.056,00

-55.513,00

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

0,00

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

-130.810,00

-548,00

-96.844,00

-658.131,00

-319.907,00

a) Issuance : 63201

0,00

90.184,00

57.723,00

0,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

0,00

6.827,00

0,00

5. Other debts (+). : 63206

0,00

90.184,00

50.896,00

0,00

b) Repayment and amortization of : 63207

-130.810,00

-548,00

-187.028,00

-715.854,00

-319.907,00

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

0,00

-200.460,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

-130.810,00

-548,00

-186.219,00

0,00

-60.114,00

5. Other debts (-). : 63212

0,00

-809,00

0,00

-59.333,00

11. Payments from dividends and remunerations from other assets instruments. : 63300

0,00

-100.000,00

-60.000,00

-50.000,00

a) Dividends (-).: 63301

0,00

-100.000,00

-60.000,00

-50.000,00

12. Cash flows for financing activities (9+10+11).: 63400

-130.810,00

-100.548,00

-196.844,00

-718.131,00

-369.907,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

-20.416,00

0,00

-4.813,00

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

880.676,00

-500.114,00

29.597,00

334.850,00

276.674,00

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

330.943,00

831.057,00

801.460,00

466.609,00

189.935,00

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

1.211.619,00

330.943,00

831.057,00

801.460,00

466.609,00

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

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,16 %

0,05 %

-0,09 %

0,01 %

286,17 %

251,97 %

EBITDA over Sales:

0,89 %

13,28 %

1,91 %

11,36 %

-53,52 %

16,89 %

Cash Flow Yield:

0,36 %

0,02 %

-0,17 %

0,01 %

313,80 %

237,02 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,60 %

8,36 %

3,72 %

6,91 %

-56,99 %

21,06 %

Total economic profitability:

0,92 %

4,27 %

2,69 %

3,76 %

-65,69 %

13,68 %

Financial profitability:

1,47 %

5,27 %

3,88 %

4,23 %

-62,16 %

24,48 %

Margin:

0,63 %

7,97 %

1,71 %

6,73 %

-63,36 %

18,44 %

Mark-up:

0,65 %

6,21 %

1,64 %

4,49 %

-60,52 %

38,45 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,89

0,19

0,17

0,13

409,23

43,15

Acid Test:

1,71

0,91

1,37

0,87

24,48

4,92

Working Capital / Investment:

0,40

0,02

0,27

0,05

48,25

-58,85

Solvency:

1,71

1,23

1,42

1,18

20,60

4,06

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,29

1,83

1,37

-29,16

-6,12

Borrowing Composition:

0,00

1,52

0,00

1,00

52,54

Repayment Ability:

1,55

26,14

-3,80

90,25

140,83

-71,03

Warranty:

1,77

1,78

1,55

1,74

14,56

2,43

Generated resources / Total creditors:

0,02

0,08

0,03

0,08

-18,69

-1,78

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,10

2,08

1,26

1,85

-13,16

12,29

Turnover of Collection Rights :

6,00

5,69

2,63

5,00

127,76

13,86

Turnover of Payment Entitlements:

3,66

3,49

2,79

3,64

31,26

-3,98

Stock rotation:

10,62

66,86

7,34

44,56

Assets turnover:

2,55

1,05

2,17

1,03

17,37

2,21

Borrowing Cost:

0,01

3,14

0,36

2,86

-96,51

9,82

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow

2014

2013

2012

2011

2010

Cash Flow over Sales:

0,16 %

-0,09 %

0,00 %

0,05 %

0,04 %

EBITDA over Sales:

0,89 %

1,91 %

3,42 %

5,88 %

4,07 %

Cash Flow Yield:

0,36 %

-0,17 %

0,01 %

0,10 %

0,05 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

1,60 %

3,72 %

7,43 %

11,75 %

5,74 %

Total economic profitability:

0,92 %

2,69 %

12,81 %

9,39 %

5,33 %

Financial profitability:

1,47 %

3,88 %

20,37 %

20,86 %

14,20 %

Margin:

0,63 %

1,71 %

3,15 %

5,68 %

3,93 %

Mark-up:

0,65 %

1,64 %

3,93 %

4,64 %

2,43 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,89

0,17

0,46

0,33

0,12

Acid Test:

1,71

1,37

1,40

1,38

1,29

Working Capital / Investment:

0,40

0,27

0,29

0,27

0,15

Solvency:

1,71

1,42

1,47

1,38

1,29

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

1,29

1,83

1,65

2,48

4,75

Borrowing Composition:

0,00

Repayment Ability:

1,55

-3,80

61,49

7,22

14,30

Warranty:

1,77

1,55

1,60

1,40

1,30

Generated resources / Total creditors:

0,02

0,03

0,13

0,10

0,03

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,10

1,26

1,61

2,45

2,22

Turnover of Collection Rights :

6,00

2,63

3,78

2,81

1,62

Turnover of Payment Entitlements:

3,66

2,79

3,12

2,49

2,04

Stock rotation:

66,86

46,15

Assets turnover:

2,55

2,17

2,36

2,07

1,46

Borrowing Cost:

0,01

0,36

2,44

1,14

2,66

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

---

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.63.93
UK Pound	1	Rs.99.82
Euro	1	Rs.70.05

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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

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

LEGAL CLAIMS

Link List

Turnover

FinancialAccounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Unit