MIRA INFORM REPORT

Report No. :	355206
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	F 2 SERVID SL

Registered Office :	C/ Narcis Monturiol, 25 -P. I. Salelles- - Sant Salvador De Guardiola - 08253 - Barcelona

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	24.02.1992

Legal Form :	Private Company

Line of Business :	Distribution and sale of big-bags and other storage elements.

No. of Employee :	11 (2015)

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 that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. 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. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment 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, but 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.

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. 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 the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections 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, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:

F 2 SERVID SL

NIF / Fiscal code:

B60006368

Status:

ACTIVE

Incorporation Date:

24/02/1992

Register Data

Last Publication in BORME:

27/10/2011 [Annual accounts' deposit]

Last Published Account Deposit:

2013

Share Capital:

3.005,06

Localization:

C/ NARCIS MONTURIOL, 25 -P. I. SALELLES- - SANT SALVADOR DE GUARDIOLA - 08253 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 938 355 959 / 902 333 902 Email. f2servid@f2servid.com Website. www.f2servid.com

Activity:

NACE:

4690 - Non-specialised wholesale trade

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

1 for a total cost of 25.043,00

Subsidies:

0 for a total cost of 0

Main products / services:

Big bagsEslingasEstructuras manubag para big bags

Quality Certificate:

Scoring and Risk:

Maximum recommended commercial credit:

105.000 Euro

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:

JOSE FONT MONCUNILL

30 %

Identification

Social Denomination:

F 2 SERVID SL

NIF / Fiscal code:

B60006368

Corporate Status:

ACTIVE

Start of activity:

1992

Registered Office:

C/ NARCIS MONTURIOL, 25 -P. I. SALELLES-

Locality:

SANT SALVADOR DE GUARDIOLA

Province:

BARCELONA

Postal Code:

08253

Telephone:

938 355 959 / 902 333 902

Fax:

938 355 059

Website:

www.f2servid.com

Email:

f2servid@f2servid.com

Interviewed Person:

Srta.: Judith

Activity

NACE:

4690

Corporate Purpose:

ACQUISITION, SALE, COMMERCIALISATION, EITHER DIRECTLY OR THROUGH COMMISION AGENTS AND/OR THE PRINCIPALS OF ITEMS, PRODUCTS AND SERVICES RELATED TO THE PACKAGING OF CONSTRUCTION MATERIALS, DEMOLITION REMAINS, ETC.

Additional Information:

DISTRIBUTION AND SALE OF BIG-BAGS AND OTHER STORAGE ELEMENTS.

Additional Address:

Registered office and offices C/ NARCIS MONTURIOL, 25 -P. I. SALELLES-, 08253, SANT SALVADOR DE GUARDIOLA, BARCELONA

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Main products / services

Product

% Over Sales

Big bags

Eslingas

Estructuras manubag para big bags

Estructuras para almacenamiento

Sacos de plástico

Antideslizantes

Number of Employees

Year

No. of employees

Established

Incidentals

2015

The data of employees is from the latest available financial statements. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

1992

Appointments/ Re-elections (2) Company Formation (1)

1993

Accounts deposit (year 1992) Appointments/ Re-elections (1)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995)

1997

Accounts deposit (year 1996) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006) Change of Social address (1)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

Breakdown of Owners' Equity

Registered Capital:

3.005,06

Paid up capital:

3.005,06

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

21/04/1992

Company Formation

3.005

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

ADMINISTRATOR

FONT MONCUNILL JOSEP

26/02/1997

PROXY

FONT SANCHEZ CARLES

02/03/1993

SANCHEZ GALLARDO ISABEL

29/04/1992

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

FONT MONCUNILL JOSE

ADMINISTRATOR

26/02/1997

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSEP FONT MONCUNILL

MANAGING DIRECTOR

JOSE FONT MONTCUNILL

MARKETING DIRECTOR

CARLOS FONT SANCHEZ

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Basis for scoring

Positive Factors

Adverse Factors

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

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

Adequate level of financial autonomy. The financial autonomy of the entity represents the 34.10 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

F 2 SERVID SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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

The current debt represents a 65.60% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

No Company's subsidiaries or branches are known.

Revision of the scoring derived from the review of the entity's available information.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.573 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

469 Non-specialised wholesale trade

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 99.00% of the companies of the sector F 2 SERVID 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 0.573%.

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.

Recommended commercial credit

Favourable until 105.000 EURO€ (Guideline value of outstanding commercial balance)

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)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

References

Suppliers

Name

NIF

Telephone

REYF

Link List

IS RELATED WITH:

5 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JOSE FONT MONCUNILL

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

CAL VICTU SL

BARCELONA

J 2 SERVID SL

BARCELONA

SALELLES PACKAGING SL

BARCELONA

IS RELATED WITH

SALELLES PACKAGING SL

BARCELONA

J 2 SERVID SL

BARCELONA

Turnover

Total Sales 2013

5.747.713,72

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

Estimated Balance

ESTIMATED FIGURES 2.014 -NON CURRENT ASSETS 42 Euro/s -CURRENT ASSETS 1.955.000 Euro/s -NET WORTH 681.000 Euro/s -NON CURRENT LIABILITIES 6 Euro/s -CURERNT LIABILITIES 1.310.000 Euro/s -TOTAL ASSETS AND LIABILITIES 1.997.000 Euro/s -SALES 5.500.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

October 2014

2012

Normales

October 2013

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

November 2009

2007

Normales

August 2008

2006

Normales

September 2007

2005

Normales

September 2006

2004

Normales

August 2005

2003

Normales

September 2004

2002

Normales

September 2003

2001

Normales

September 2002

2000

Normales

August 2001

1999

Normales

January 2000

1998

Normales

September 1999

1997

Normales

August 1998

1996

Normales

July 1997

1995

Normales

September 1996

1994

Normales

July 1995

1993

Normales

August 1994

1992

Normales

September 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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

44.313,00

38.995,00

54.852,00

46.886,00

56.260,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

44.313,00

38.995,00

54.852,00

46.886,00

56.260,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.043.393,00

2.021.223,00

2.059.093,00

2.143.369,00

1.886.373,00

I. Stocks : 12200

214.782,00

552.158,00

718.575,00

400.859,00

372.736,00

II. Trade debtors and others receivable accounts : 12300

1.577.811,00

1.319.285,00

1.188.283,00

1.460.592,00

1.253.621,00

1. Trade debtors / accounts receivable: 12380

1.518.006,00

1.267.944,00

1.149.178,00

1.444.825,00

1.238.985,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.518.006,00

1.267.944,00

1.149.178,00

1.444.825,00

1.238.985,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

59.806,00

51.341,00

39.106,00

15.767,00

14.637,00

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

0,00

IV. Short-term financial investments : 12500

28.000,00

29.500,00

96.000,00

87.000,00

107.000,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

222.800,00

120.280,00

56.235,00

194.918,00

153.015,00

TOTAL ASSETS (A + B) : 10000

2.087.705,00

2.060.218,00

2.113.945,00

2.190.255,00

1.942.633,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

711.898,00

607.876,00

581.567,00

541.155,00

487.678,00

A-1) Shareholders' equity: 21000

711.898,00

606.876,00

580.567,00

540.155,00

487.678,00

I. Capital: 21100

3.005,00

1. Registered capital : 21110

3.005,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

603.871,00

574.576,00

537.150,00

484.673,00

434.995,00

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

105.022,00

29.295,00

40.412,00

52.478,00

49.677,00

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

1.000,00

0,00

B) NON-CURRENT LIABILITIES: 31000

6.307,00

4.422,00

14.600,00

9.638,00

10.321,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

6.307,00

4.422,00

14.600,00

9.638,00

10.321,00

1. Amounts owed to credit institutions: 31220

0,00

4.422,00

2.457,00

9.638,00

10.321,00

2. Creditors from financial leasing : 31230

6.307,00

0,00

12.143,00

0,00

3. Other long-term creditors : 31290

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.369.500,00

1.447.920,00

1.517.778,00

1.639.462,00

1.444.634,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

307.958,00

393.020,00

419.804,00

673.123,00

259.586,00

1. Amounts owed to credit institutions: 32320

299.525,00

393.020,00

411.893,00

673.123,00

259.586,00

2. Creditors from financial leasing : 32330

8.433,00

0,00

7.910,00

0,00

3. Other short-term creditors : 32390

0,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

1.061.542,00

1.054.901,00

1.097.974,00

966.339,00

1.185.048,00

1. Suppliers: 32580

914.504,00

943.001,00

1.079.718,00

900.238,00

1.114.278,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

914.504,00

943.001,00

1.079.718,00

900.238,00

1.114.278,00

2. Other creditors: 32590

147.038,00

111.900,00

18.256,00

66.100,00

70.770,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

2.087.705,00

2.060.218,00

2.113.945,00

2.190.255,00

1.942.633,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

5.747.714,00

4.066.739,00

5.431.298,00

4.005.535,00

3.808.844,00

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

-4.816.439,00

-3.214.304,00

-4.370.002,00

-3.182.887,00

-2.908.561,00

5. Other operating income: 40500

0,00

902,00

6. Personnel costs: 40600

-290.276,00

-305.734,00

-293.195,00

-262.543,00

-255.435,00

7. Other operating costs: 40700

-417.529,00

-444.743,00

-630.735,00

-435.066,00

-489.815,00

8. Amortisation of fixed assets: 40800

-14.842,00

-21.856,00

-28.141,00

-28.459,00

-62.118,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

0,00

11. Impairment and result of transfers of fixed assets: 41100

0,00

12. Other results : 41300

0,00

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

208.628,00

80.102,00

109.226,00

96.581,00

93.816,00

13. Financial income : 41400

0,00

169,00

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

0,00

b) Other financial income: 41490

0,00

169,00

14. Financial expenditure : 41500

-68.599,00

-41.042,00

-58.711,00

-27.479,00

-27.749,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

869,00

0,00

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

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-68.599,00

-41.042,00

-58.711,00

-26.610,00

-27.580,00

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

140.029,00

39.060,00

50.515,00

69.970,00

66.236,00

19. Income taxes : 41900

-35.007,00

-9.765,00

-10.103,00

-17.493,00

-16.559,00

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

105.022,00

29.295,00

40.412,00

52.478,00

49.677,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

44.313,00

38.995,00

54.852,00

46.886,00

56.260,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

44.313,00

38.995,00

54.852,00

46.886,00

56.260,00

IV. Financial investments:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.043.393,00

2.021.223,00

2.059.093,00

2.143.369,00

1.886.373,00

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

0,00

II. Stocks:

214.782,00

552.158,00

718.575,00

400.859,00

372.736,00

III. Debtors:

1.577.811,00

1.319.285,00

1.188.283,00

1.460.592,00

1.253.621,00

IV. Short-term investments:

28.000,00

29.500,00

96.000,00

87.000,00

107.000,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

222.800,00

120.280,00

56.235,00

194.918,00

153.015,00

VII. Prepayments and accrued income:

0,00

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

2.087.705,00

2.060.218,00

2.113.945,00

2.190.255,00

1.942.633,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

711.898,00

606.876,00

580.567,00

540.155,00

487.678,00

I. Subscribed capital:

3.005,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

603.871,00

574.576,00

537.150,00

484.673,00

434.995,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

603.871,00

574.576,00

537.150,00

484.673,00

434.995,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

105.022,00

29.295,00

40.412,00

52.478,00

49.677,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1.000,00

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

6.307,00

4.422,00

14.600,00

9.638,00

10.321,00

E) SHORT TERM CREDITORS:

1.369.500,00

1.447.920,00

1.517.778,00

1.639.462,00

1.444.634,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

2.087.705,00

2.060.218,00

2.113.945,00

2.190.255,00

1.942.633,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

5.642.692,00

4.037.444,00

5.390.886,00

3.953.926,00

3.760.238,00

A.1. Operating consumption:

4.816.439,00

3.214.304,00

4.370.002,00

3.182.887,00

2.908.561,00

A.2. Staff Costs:

290.276,00

305.734,00

293.195,00

262.543,00

255.435,00

a) Wages, salaries et al.:

232.059,00

244.417,00

234.392,00

209.888,00

204.206,00

b) Social security costs:

58.217,00

61.317,00

58.802,00

52.655,00

51.229,00

A.3. Depreciation expense:

14.842,00

21.856,00

28.141,00

28.459,00

62.118,00

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

0,00

A.5. Other operating charges:

417.529,00

444.743,00

630.735,00

435.066,00

489.815,00

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

208.628,00

80.102,00

109.226,00

96.581,00

93.816,00

A.6. Financial and similar charges:

68.599,00

41.042,00

58.711,00

27.479,00

27.749,00

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:

68.599,00

41.042,00

58.711,00

27.479,00

27.749,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

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

0,00

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

140.029,00

39.060,00

50.515,00

69.970,00

66.236,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

0,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

0,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

0,00

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

140.029,00

39.060,00

50.515,00

69.970,00

66.236,00

A.14. Corporation Tax:

35.007,00

9.765,00

10.103,00

17.493,00

16.559,00

A.15. Miscellaneous taxes:

0,00

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

105.022,00

29.295,00

40.412,00

52.478,00

49.677,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

5.747.714,00

4.066.739,00

5.431.298,00

4.006.404,00

3.809.915,00

B.1. Operating income:

5.747.714,00

4.066.739,00

5.431.298,00

4.005.535,00

3.809.746,00

a) Net total sales:

5.747.714,00

4.066.739,00

5.431.298,00

4.005.535,00

3.808.844,00

b) Miscellaneous operating income:

0,00

902,00

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

0,00

B.2. Financial income:

0,00

169,00

a) Companies of the group:

0,00

169,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

869,00

0,00

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

68.599,00

41.042,00

58.711,00

26.610,00

27.580,00

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

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

0,00

B.7. Extraordinary income:

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

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

0,00

B.VI. FINANCIAL YEAR RESULTS (LOSSES) (B.V+A.14+A.15):

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

140.029,00

39.060,00

50.515,00

69.970,00

66.236,00

2. Results adjustments.: 61200

83.441,00

62.898,00

86.852,00

55.938,00

89.698,00

a) Fixed Assets Amortization (+).: 61201

14.842,00

21.856,00

28.141,00

28.459,00

62.118,00

g) Financial income (-).: 61207

0,00

-169,00

h) Financial Expenses (+). : 61208

68.599,00

41.042,00

58.711,00

27.479,00

27.749,00

3. Changes in current capital equity.: 61300

51.984,00

49.077,00

67.125,00

-451.295,00

-296.746,00

a) Stock (+/-).: 61301

337.376,00

166.417,00

-317.716,00

-28.123,00

-71.431,00

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

-258.527,00

-131.002,00

272.309,00

-206.971,00

-157.580,00

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

1.500,00

66.500,00

-9.000,00

20.000,00

-107.000,00

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

-28.366,00

-52.838,00

121.533,00

-236.202,00

39.265,00

4. Other cash flows for operating activities.: 61400

-68.599,00

-41.042,00

-58.711,00

-27.479,00

-27.580,00

a) Interest payments (-). : 61401

-68.599,00

-41.042,00

-58.711,00

-27.479,00

-27.749,00

c) Interest collection (+). : 61403

0,00

169,00

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

206.855,00

109.993,00

145.781,00

-352.866,00

-168.391,00

6. Payments for investment (-).: 62100

-5.317,00

0,00

-7.966,00

0,00

c) Fixed assets. : 62103

-5.317,00

0,00

-7.966,00

0,00

7. Divestment payment collection (+). : 62200

0,00

15.856,00

0,00

9.374,00

62.118,00

c) Fixed assets. : 62203

0,00

15.856,00

0,00

9.374,00

62.118,00

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

-20.159,00

-6.000,00

-36.106,00

-19.085,00

0,00

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

-1.000,00

-2.986,00

0,00

1.000,00

0,00

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

0,00

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

0,00

-2.986,00

0,00

e) Grants, donations and bequests received (+). : 63105

-1.000,00

0,00

1.000,00

0,00

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

-83.176,00

-36.962,00

-248.358,00

412.854,00

240.458,00

a) Issuance : 63201

14.740,00

1.965,00

20.053,00

413.537,00

250.804,00

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

0,00

1.965,00

0,00

413.537,00

250.804,00

4. Special characteristic debts (+). : 63205

14.740,00

0,00

20.053,00

0,00

b) Repayment and amortization of : 63207

-97.916,00

-38.927,00

-268.411,00

-683,00

-10.346,00

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

-97.916,00

-18.874,00

-268.411,00

-683,00

-10.346,00

4. Special characteristic debts (-). : 63211

0,00

-20.053,00

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

-84.176,00

-39.948,00

-248.358,00

413.854,00

240.458,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

102.520,00

64.045,00

-138.683,00

41.903,00

72.067,00

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

120.280,00

56.235,00

194.918,00

153.015,00

80.948,00

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

222.800,00

120.280,00

56.235,00

194.918,00

153.015,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,02 %

0,01 %

0,02 %

0,00 %

13,27 %

EBITDA over Sales:

3,89 %

4,39 %

2,51 %

2,62 %

55,08 %

67,31 %

Cash Flow Yield:

0,05 %

0,00 %

0,03 %

0,00 %

57,97 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

10,13 %

1,65 %

3,94 %

0,95 %

156,79 %

72,81 %

Total economic profitability:

9,99 %

1,50 %

3,89 %

1,35 %

157,03 %

10,79 %

Financial profitability:

14,75 %

0,05 %

4,83 %

-0,34 %

205,61 %

115,94 %

Margin:

3,63 %

1,71 %

1,97 %

1,06 %

84,28 %

60,84 %

Mark-up:

2,44 %

0,24 %

0,96 %

-0,22 %

153,65 %

204,93 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,16

0,26

0,08

0,23

95,84

10,76

Acid Test:

1,34

1,10

1,01

1,07

31,60

2,47

Working Capital / Investment:

0,32

0,21

0,28

0,21

16,00

-3,82

Solvency:

1,49

1,76

1,40

1,79

6,89

-2,16

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,93

1,03

2,39

1,08

-19,11

-4,41

Borrowing Composition:

0,00

0,73

0,00

0,80

-8,29

Repayment Ability:

13,42

103,97

22,68

-1.451,83

-40,82

107,16

Warranty:

1,52

1,98

1,42

1,93

6,97

2,20

Generated resources / Total creditors:

0,09

0,06

0,04

147,37

25,42

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,77

1,20

1,33

1,11

32,72

8,39

Turnover of Collection Rights :

3,64

4,36

3,08

4,25

18,18

2,73

Turnover of Payment Entitlements:

4,93

2,92

3,47

2,76

42,15

6,00

Stock rotation:

25,79

4,21

7,22

3,66

257,19

14,90

Assets turnover:

2,79

0,96

2,00

0,90

39,35

7,44

Borrowing Cost:

4,99

2,14

2,83

2,43

76,44

-11,83

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,02 %

-0,03 %

0,01 %

1,89 %

EBITDA over Sales:

3,89 %

2,51 %

2,53 %

3,12 %

4,09 %

Cash Flow Yield:

0,05 %

0,03 %

-0,07 %

0,02 %

3,71 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

10,13 %

3,94 %

5,41 %

4,59 %

5,11 %

Total economic profitability:

9,99 %

3,89 %

5,17 %

4,45 %

4,84 %

Financial profitability:

14,75 %

4,83 %

6,96 %

9,72 %

10,19 %

Margin:

3,63 %

1,97 %

2,01 %

2,41 %

2,46 %

Mark-up:

2,44 %

0,96 %

0,93 %

1,75 %

1,74 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,16

0,08

0,04

0,12

0,11

Acid Test:

1,34

1,01

0,88

1,06

1,05

Working Capital / Investment:

0,32

0,28

0,26

0,23

Solvency:

1,49

1,40

1,36

1,31

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,93

2,39

2,63

3,05

2,98

Borrowing Composition:

0,00

0,01

Repayment Ability:

13,42

22,68

-11,05

39,36

9,33

Warranty:

1,52

1,42

1,38

1,33

1,34

Generated resources / Total creditors:

0,09

0,04

0,05

0,08

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,77

1,33

1,47

1,48

1,61

Turnover of Collection Rights :

3,64

3,08

4,57

2,74

3,04

Turnover of Payment Entitlements:

4,93

3,47

4,55

3,74

2,87

Stock rotation:

25,79

7,22

7,41

9,75

9,97

Assets turnover:

2,79

2,00

2,69

1,90

2,08

Borrowing Cost:

4,99

2,83

3,83

1,67

1,91

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

Organisation that calls the tender:

AYUNTAMIENTO DE SANT CUGAT DEL VALLES

Objective of Tender:

ADQUISICIO DE 1 580 SAQUES PER LA RECOLLIDA DE LA FRACCIO VEGETAL LLENYOSA PER LA IMPLANTACIO DE LA RECOLLIDA DE FRACCIO ORGANICA A LES PLANES, LA FLORESTA I VALLDOREIX

Date Awarded:

25/05/2009

Cost:

25.043,00 EURO.

Research Summary

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
EURO	1	Rs. 71.99

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	ASH

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

Main products / services

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

LEGAL CLAIMS

References

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit