MIRA INFORM REPORT

Report No. :	327042
Report Date :	19.06.2015

IDENTIFICATION DETAILS

Name :	PARFUMS DE GRASSE SOCIEDAD LIMITADA

Registered Office :	C/ Sor Eulalia D''anzizu, 44 P. 1 Pta. 1. - Barcelona - 08034 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	02.10.2003

Legal Form :	Private Company

Line of Business :	Wholesale of perfume and cosmetics.

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 :	Unknown

Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Spain

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

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed briefly in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 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, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% 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 generates 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:

PARFUMS DE GRASSE SOCIEDAD LIMITADA

NIF / Fiscal code:

B43735810

Status:

ACTIVE

Incorporation Date:

02/10/2003

Register Data

Last Publication in BORME:

27/10/2011 [Annual accounts' deposit]

Last Published Account Deposit:

2012

Share Capital:

20.000

Localization:

C/ SOR EULALIA D''ANZIZU, 44 P. 1 PTA. 1. - BARCELONA - 08034 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 932 534 500 / 932 803 349 Website. www.parfumdegrasse.com

Activity:

NACE:

4645 - Wholesale of perfume and cosmetics

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Default Risk:

1.526%

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

Identification

Social Denomination:

PARFUMS DE GRASSE SOCIEDAD LIMITADA

NIF / Fiscal code:

B43735810

Corporate Status:

ACTIVE

Start of activity:

2003

Registered Office:

C/ SOR EULALIA D''ANZIZU, 44 P. 1 PTA. 1.

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08034

Telephone:

932 534 500 / 932 803 349

Website:

www.parfumdegrasse.com

Branch Offices

Activity

NACE:	4645
Legal Form:	MANUFACTURING. PURCHASE, WHOLESALE AND RETAIL SALE of perfume
Additional Information:	It is engaged in the sale and distribution of perfumery. Commercial name: PERFUMS DE GRASSE.
Additional Address:	C/ SOR EULALIA D''ANZIZU, 44 P. 1 PTA. 1 08034 BARCELONA , registered office, offices, in rent.
Import / export:	IMPORT / EXPORT
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary

Year	Act
2003	Appointments/ Re-elections (1) Company Formation (1)
2004	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1)
2008	Accounts deposit (year 2004, 2005, 2006, 2007) Change of Social address (1)
2009	Accounts deposit (year 2008) Appointments/ Re-elections (1)
2010	Accounts deposit (year 2009)
2011	Accounts deposit (year 2010)
2012	Accounts deposit (year 2011)
2014	Accounts deposit (year 2012)

Breakdown of Owners' Equity

Registered Capital:

20.000

Paid up capital:

20.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

02/12/2003

Company Formation

20.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

MARIA LUCIA CARDOSO E COSTA

01/07/2004

PROXY

ADRIEN MATHURIN FRANKLIN VOLA

23/07/2009

CARDOSO E COSTA MARIA LUCIA

16/04/2004

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANDRE DIONISIO

SINGLE ADMINISTRATOR

01/07/2004

DIONISIO ANDRE

SINGLE ADMINISTRATOR

01/07/2004

Executive board

Post

NIF

Name

ADMINISTRATOR

MARIA LUCIA CARDOSO E COSTA

DIRECTOR/GENERAL MANAGER

MARIA LUCIA CARDOSO E COSTA

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

---

02/11/2009

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.

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

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

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

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

PARFUMS DE GRASSE SOCIEDAD LIMITADA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 80.91% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

No Company's subsidiaries or branches are known.

The information contained in the latest annual statements has led to a Scoring review for the company.

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out:

464 Wholesale of household goods

wordml://1722

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 85.00% of the companies of the sector PARFUMS DE GRASSE SOCIEDAD LIMITADA belongs to show a higher probability of non-compliance.

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

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

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

7 Legal Claims for a total cost of 0,00 E

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

Incidences Detailed

Incidences with the Tax Agency

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 02/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999138371962

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº271, 2009 PAGINA 139130

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 02/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999138371971

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº271, 2009 PAGINA 139130

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 02/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999138371980

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº271, 2009 PAGINA 139130

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 02/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999138371990

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº271, 2009 PAGINA 139130

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 02/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999138372009

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº271, 2009 PAGINA 139130

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 02/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999138372018

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº271, 2009 PAGINA 139130

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 02/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999138372027

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº271, 2009 PAGINA 139130

Guarantees

References

Turnover

Total Sales 2014

5.850.000

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

Estimated Balance

Financial information: 2014 ( THOUSANDS OF EUROS ) TOTAL ASSETS ......................................1.152 NOT CURRENT ASSETS ...............................52 CURRENT ASSETS................................1.100 LIABILITIES OWN FUNDS......................................240 CURRENT LIABILITIES..................................912

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

April 2014

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

August 2008

2006

Normales

August 2008

2005

Normales

August 2008

2004

Normales

August 2008

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 Abreviado de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 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. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

52.623,00

52.858,00

17.365,00

1.224,00

I. Intangible fixed assets : 11100

27.107,00

0,00

II. Tangible fixed assets : 11200

25.516,00

25.751,00

17.365,00

1.224,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.068.870,00

1.105.259,00

580.954,00

532.277,00

760.626,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

126.460,00

219.039,00

99.039,00

78.670,00

53.420,00

III. Trade debtors and others receivable accounts: 12300

704.394,00

705.002,00

443.315,00

424.030,00

663.699,00

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

695.537,00

660.876,00

412.065,00

398.726,00

665.491,00

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

0,00

b) Customers for sales and provisions of services : 12382

695.537,00

660.876,00

412.065,00

398.726,00

665.491,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

8.856,00

44.126,00

31.249,00

25.304,00

-1.792,00

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

0,00

V. Short-term financial investments : 12500

24.755,00

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

213.262,00

156.463,00

38.601,00

29.577,00

43.507,00

TOTAL ASSETS (A + B) : 10000

1.121.493,00

1.158.116,00

598.319,00

533.501,00

761.850,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

214.108,00

178.640,00

128.064,00

93.731,00

78.552,00

A1) Shareholders' equity : 21000

214.108,00

178.640,00

128.064,00

93.731,00

78.552,00

I. Capital: 21100

20.000,00

1.- Registered capital: 21110

20.000,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

158.639,00

122.805,00

15.220,00

0,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

58.512,00

24.086,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

35.469,00

35.835,00

34.333,00

15.220,00

34.466,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

0,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

0,00

1.- Amounts owed to credit institutions: 31220

0,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

907.385,00

979.477,00

470.255,00

439.770,00

683.298,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

0,00

92.996,00

94.450,00

84.744,00

34.353,00

1.- Amounts owed to credit institutions: 32320

0,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

0,00

92.996,00

94.450,00

84.744,00

34.353,00

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

0,00

V. Trade creditors and other accounts payable: 32500

907.385,00

886.481,00

375.804,00

355.026,00

648.946,00

1.- Suppliers: 32580

825.633,00

748.549,00

367.221,00

351.221,00

364.250,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

825.633,00

748.549,00

367.221,00

351.221,00

364.250,00

2.- Other creditors : 32590

81.752,00

137.932,00

8.583,00

3.805,00

284.696,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

1.121.493,00

1.158.116,00

598.319,00

533.501,00

761.850,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

5.417.727,00

5.060.780,00

4.740.988,00

3.305.354,00

4.409.953,00

2. Changes in stocks of finished goods and work in progress: 40200

0,00

20.369,00

25.250,00

45.500,00

3. Works carried out by the company for its assets: 40300

0,00

4. Supplies : 40400

-4.751.737,00

-4.222.022,00

-4.316.509,00

-3.082.966,00

-4.019.344,00

5. Other operating income: 40500

0,00

6. Personnel costs: 40600

-115.021,00

-113.224,00

-56.507,00

-45.664,00

-55.837,00

7. Other operating costs: 40700

-487.486,00

-667.281,00

-327.767,00

-178.180,00

-273.496,00

8. Amortisation of fixed assets: 40800

-15.894,00

-10.473,00

0,00

-16.141,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

47.588,00

47.779,00

60.574,00

23.795,00

90.636,00

14. Financial income : 41400

0,00

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

0,00

b) Other financial income: 41490

0,00

15. Financial expenditure: 41500

-296,00

0,00

-17.658,00

-4.770,00

-48.535,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

0,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-296,00

0,00

-17.658,00

-4.770,00

-48.535,00

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

47.292,00

47.779,00

42.916,00

19.025,00

42.101,00

20. Income taxes: 41900

-11.823,00

-11.945,00

-8.583,00

-3.805,00

-7.635,00

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

35.469,00

35.835,00

34.333,00

15.220,00

34.466,00

> 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 2011 2010 2009 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. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

52.623,00

52.858,00

17.365,00

1.224,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

27.107,00

0,00

III. Tangible fixed assets:

25.516,00

25.751,00

17.365,00

1.224,00

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:

1.068.870,00

1.105.259,00

580.954,00

532.277,00

760.626,00

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

0,00

II. Stocks:

126.460,00

219.039,00

99.039,00

78.670,00

53.420,00

III. Debtors:

704.394,00

705.002,00

443.315,00

424.030,00

663.699,00

IV. Short-term investments:

24.755,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

213.262,00

156.463,00

38.601,00

29.577,00

43.507,00

VII. Prepayments and accrued income:

0,00

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

1.121.493,00

1.158.116,00

598.319,00

533.501,00

761.850,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

214.108,00

178.640,00

128.064,00

93.731,00

78.552,00

I. Subscribed capital:

20.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

158.639,00

122.805,00

15.220,00

0,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

158.639,00

122.805,00

15.220,00

0,00

V. Profit or loss brought forward:

0,00

58.512,00

24.086,00

VI. Profit or loss for the financial year:

35.469,00

35.835,00

34.333,00

15.220,00

34.466,00

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:

907.385,00

979.477,00

470.255,00

439.770,00

683.298,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.121.493,00

1.158.116,00

598.319,00

533.501,00

761.850,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

5.382.258,00

5.024.945,00

4.706.655,00

3.290.134,00

4.375.487,00

A.1. Operating consumption:

4.751.737,00

4.222.022,00

4.296.140,00

3.057.716,00

3.973.844,00

A.2. Staff Costs:

115.021,00

113.224,00

56.507,00

45.664,00

55.837,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

115.021,00

113.224,00

56.507,00

45.664,00

55.837,00

A.3. Depreciation expense:

15.894,00

10.473,00

0,00

16.141,00

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

0,00

A.5. Other operating charges:

487.486,00

667.281,00

327.767,00

178.180,00

273.496,00

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

47.588,00

47.779,00

60.574,00

23.795,00

90.636,00

A.6. Financial and similar charges:

296,00

0,00

17.658,00

4.770,00

48.535,00

a) Due to liabilities with companies of the group:

0,00

8.845,00

2.389,00

24.312,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

296,00

0,00

8.813,00

2.381,00

24.223,00

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):

47.292,00

47.779,00

42.916,00

19.025,00

42.101,00

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):

47.292,00

47.779,00

42.916,00

19.025,00

42.101,00

A.14. Corporation Tax:

11.823,00

11.945,00

8.583,00

3.805,00

7.635,00

A.15. Miscellaneous taxes:

0,00

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

35.469,00

35.835,00

34.333,00

15.220,00

34.466,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

5.417.727,00

5.060.780,00

4.740.988,00

3.305.354,00

4.409.953,00

B.1. Operating income:

5.417.727,00

5.060.780,00

4.740.988,00

3.305.354,00

4.409.953,00

a) Net total sales:

5.417.727,00

5.060.780,00

4.740.988,00

3.305.354,00

4.409.953,00

b) Miscellaneous operating income:

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:

0,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

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

296,00

0,00

17.658,00

4.770,00

48.535,00

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.

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

47.292,00

47.779,00

42.916,00

19.025,00

42.101,00

2. Results adjustments.: 61200

16.190,00

10.473,00

17.658,00

4.770,00

64.676,00

a) Fixed Assets Amortization (+).: 61201

15.894,00

10.473,00

0,00

16.141,00

h) Financial Expenses (+). : 61208

296,00

0,00

17.658,00

4.770,00

48.535,00

3. Changes in current capital equity.: 61300

102.269,00

92.289,00

-27.459,00

-83.305,00

-142.333,00

a) Stock (+/-).: 61301

92.579,00

-120.000,00

-20.369,00

-25.250,00

-45.500,00

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

608,00

-261.687,00

-19.284,00

239.669,00

196.952,00

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

0,00

-24.755,00

0,00

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

9.082,00

498.732,00

12.195,00

-297.724,00

-293.785,00

4. Other cash flows for operating activities.: 61400

-296,00

0,00

-17.658,00

-4.770,00

-48.535,00

a) Interest payments (-). : 61401

-296,00

0,00

-17.658,00

-4.770,00

-48.535,00

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

165.455,00

150.542,00

15.458,00

-64.281,00

-84.091,00

6. Payments for investment (-).: 62100

0,00

-35.493,00

-16.141,00

0,00

b) Intangible fixed assets. : 62102

0,00

-27.107,00

0,00

c) Fixed assets. : 62103

0,00

-8.387,00

-16.141,00

0,00

7. Divestment payment collection (+). : 62200

235,00

0,00

14.916,00

c) Fixed assets. : 62203

235,00

0,00

14.916,00

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

-15.659,00

-45.966,00

-16.141,00

0,00

-1.224,00

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

-1,00

14.741,00

0,00

-40,00

0,00

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

0,00

14.741,00

0,00

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

-1,00

0,00

-40,00

0,00

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

-92.996,00

-1.455,00

9.707,00

50.391,00

-15.148,00

a) Issuance : 63201

0,00

9.707,00

50.391,00

0,00

5. Other debts (+). : 63206

0,00

9.707,00

50.391,00

0,00

b) Repayment and amortization of : 63207

-92.996,00

-1.455,00

0,00

-15.148,00

5. Other debts (-). : 63212

-92.996,00

-1.455,00

0,00

-15.148,00

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

0,00

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

-92.997,00

13.286,00

9.707,00

50.351,00

-15.148,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

56.799,00

117.862,00

9.024,00

-13.930,00

-100.463,00

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

156.463,00

38.601,00

29.577,00

43.507,00

143.970,00

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

213.262,00

156.463,00

38.601,00

29.577,00

43.507,00

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

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,01 %

0,17 %

0,02 %

0,14 %

-54,98 %

16,77 %

EBITDA over Sales:

1,17 %

7,58 %

1,15 %

5,98 %

1,80 %

26,73 %

Cash Flow Yield:

0,05 %

0,04 %

0,10 %

0,03 %

-50,23 %

7,68 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,34 %

0,51 %

4,22 %

0,35 %

2,93 %

47,37 %

Total economic profitability:

4,24 %

-0,03 %

4,13 %

-0,19 %

2,85 %

85,42 %

Financial profitability:

16,57 %

-3,94 %

20,06 %

-3,85 %

-17,42 %

-2,50 %

Margin:

0,88 %

0,94 %

0,70 %

-6,96 %

33,46 %

Mark-up:

0,87 %

-6,14 %

0,94 %

-6,92 %

-7,54 %

11,22 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,24

0,16

0,13

47,13

17,61

Acid Test:

1,04

0,86

0,90

0,84

14,79

2,51

Working Capital / Investment:

0,14

0,08

0,11

32,58

-25,93

Solvency:

1,18

1,43

1,13

1,50

4,39

-4,63

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

4,24

1,07

5,48

1,32

-22,71

-18,68

Borrowing Composition:

0,00

1,22

0,00

1,24

-1,39

Repayment Ability:

15,98

14,17

8,31

16,79

92,23

-15,62

Warranty:

1,24

1,94

1,18

1,76

4,53

10,07

Generated resources / Total creditors:

0,06

0,01

0,05

0,01

19,73

-3,77

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,55

1,30

1,51

1,27

2,47

2,35

Turnover of Collection Rights :

7,69

3,64

7,18

3,45

7,15

5,64

Turnover of Payment Entitlements:

5,77

2,35

5,52

2,24

4,69

5,12

Stock rotation:

42,47

2,20

22,89

1,72

85,55

27,91

Assets turnover:

4,94

0,55

4,47

0,49

10,63

10,43

Borrowing Cost:

0,03

2,83

0,00

2,81

0,40

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,01 %

0,02 %

0,00 %

-2,28 %

EBITDA over Sales:

1,17 %

1,15 %

1,28 %

0,72 %

2,42 %

Cash Flow Yield:

0,05 %

0,10 %

0,02 %

-0,03 %

-13,19 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

4,34 %

4,22 %

10,12 %

4,46 %

11,90 %

Total economic profitability:

4,24 %

4,13 %

10,12 %

4,46 %

11,90 %

Financial profitability:

16,57 %

20,06 %

26,81 %

16,24 %

43,88 %

Margin:

0,88 %

0,94 %

1,28 %

0,72 %

2,06 %

Mark-up:

0,87 %

0,94 %

0,91 %

0,58 %

-1,10 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,24

0,16

0,08

0,07

0,06

Acid Test:

1,04

0,90

1,02

1,03

Working Capital / Investment:

0,14

0,11

0,19

0,17

0,10

Solvency:

1,18

1,13

1,24

1,21

1,11

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

4,24

5,48

3,67

4,69

8,70

Borrowing Composition:

0,00

Repayment Ability:

15,98

8,31

52,11

-31,57

7,28

Warranty:

1,24

1,18

1,27

1,21

1,11

Generated resources / Total creditors:

0,06

0,05

0,07

0,03

0,07

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,55

1,51

2,07

1,52

2,91

Turnover of Collection Rights :

7,69

7,18

10,69

7,80

6,64

Turnover of Payment Entitlements:

5,77

5,52

12,41

9,26

6,69

Stock rotation:

42,47

22,89

47,26

41,71

80,86

Assets turnover:

4,94

4,47

7,92

6,20

5,79

Borrowing Cost:

0,03

0,00

3,75

1,08

7,10

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

It is a well-run society as indicated by the sources of information, which has good reputation among them. Normally attends payment commitments.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.85
UK Pound	1	Rs.101.00
Euro	1	Rs.72.46

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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

Probability of default

LEGAL CLAIMS

Guarantees

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit