MIRA INFORM REPORT

Report No. :	321553
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	WESSELING ESPAÑA SA

Registered Office :	Calle Versalles 7 - Madrid - 28032 - Madrid

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	10.07.1986

Legal Form :	Public Limited Company

Line of Business :	Wholesale of flowers and plants

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

Maximum Credit Limit :	Euro 5.000

Status :	Moderate

Payment Behaviour :	Slow

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:

WESSELING ESPAÑA SA

NIF / Fiscal code:

A78310042

Status:

ACTIVE

Incorporation Date:

10/07/1986

Register Data

Last Publication in BORME:

19/10/2012 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

Localization:

CALLE VERSALLES 7 - MADRID - 28032 - MADRID

Telephone - Fax - Email - Website:

Telephone. 913 135 490 Website. www.wesseling.es

Activity:

NACE:

4622 - Wholesale of flowers and plants

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Maximum recommended commercial credit:

5.000

Payment Behaviour:

Slow

Prospects:

Face recession

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

286,77

---

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:

WH WESSELING EXPORT BV
Shares:	0
Other Links:	0
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees YES

INVESTIGATION SUMMARY

Company found for a few years now, with experience in its sector. Its billing was reducedd 3.97% in 2013 in comparison with the previous year. It meets with normality the payment obligations.

Business address regime:

In property.

Identification

Social Denomination:

WESSELING ESPAÑA SA

NIF / Fiscal code:

A78310042

Corporate Status:

ACTIVE

Start of activity:

1986

Registered Office:

CALLE VERSALLES 7

Locality:

MADRID

Province:

MADRID

Postal Code:

28032

Telephone:

913 135 490

Fax:

913 135 491

Website:

www.wesseling.es

Branch Offices

Activity

NACE:	4622
CNAE Obtaining Source:	4622
Additional Information:	The company is distributor of cut flowers, plants and complements. The company imports from Holland, Colombia, Ecuador, Israel, Thailand, New Zealand.
Additional Address:	CALLE VERSALLES 7 28032 MADRID , registered office, offices, storage, showroom, installations, in property.
Import / export:	DOES NOT IMPORT / DOES NOT EXPORT
Future Perspective:	Face recession
Industry situation:	Maturity

Chronological Summary

Year

Act

1991

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1992

Accounts deposit (year 1990)

1993

Accounts deposit (year 1991, 1992) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1994

Appointments/ Re-elections (1)

1995

Accounts deposit (year 1993, 1994) Appointments/ Re-elections (1)

1996

Accounts deposit (year 1995) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

1997

Accounts deposit (year 1996)

1999

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

2000

Accounts deposit (year 1998, 1999)

2002

Accounts deposit (year 2000) Appointments/ Re-elections (1) Change of Social address (1)

2003

Accounts deposit (year 2001, 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2007

Accounts deposit (year 2005, 2006)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009) Loss of the sole propietorship condition (1)

2012

Accounts deposit (year 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2013

Accounts deposit (year 2011, 2012)

2014

Accounts deposit (year 2013)

Breakdown of Owners' Equity

Registered Capital:

Paid up capital:

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	LAMMERS HENDRIKUS CORNELIS	08/10/2012	11
SOLE CHIEF EXECUTIVE OFFICER	WESSELING WILLHELMUS BALTASAR MARIA	26/05/1993	3
MEMBER OF THE BOARD	LAMMERS HENDRIKUS CORNELIS	08/10/2012	11
	WESSELING WILHELMUS BALTASAR MARIA	08/10/2012	8
	WESSELING WILHELMUS JOHANNES	08/10/2012	7
	CORNELIS LAMMERS HENDRIKUS	26/05/1993	1
JOINT CHIEF EXECUTIVE OFFICER	WESSELING WILHELMUS JOHANNES	08/10/2012	7
	LAMMERS HENDRIKUS CORNELIS	08/10/2012	11
PROXY	FERNANDEZ HORCAJADA ENRIQUE	14/11/2003	2
	WESSELING WILHELMUS JOHANNES	14/11/2003	7
	ASENSIO LAINEZ MERCEDES	14/11/2003	4
	VAN WOERKOM ROGER	12/03/1999	2
	VAN WOERKOM CHARLES ADRIAAN	12/03/1999	5
	LAMMERS HENDRIKUS CORNELIS	13/06/1994	11
SECRETARY	WESSELING WILHELMUS JOHANNES	08/10/2012	7
NON CONSELLOR ASSISTANT SECRETARY	ASENSIO LAINEZ MERCEDES	08/10/2012	4
ACCOUNTS' AUDITOR / HOLDER	DELOITTE & TOUCHE SA	18/09/1995	1

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ASENSIO LAINEZ MERCEDES

PROXY

14/11/2003

NON CONSELLOR ASSISTANT SECRETARY

08/10/2012

FERNANDEZ HORCAJADA ENRIQUE

PROXY

14/11/2003

INTERNATIONAL VENTURE CONSULTANTS SA

PROXY

04/04/1991

SECRETARY

04/04/1991

LAMMERS HENDRIKUS CORNELIS

MEMBER OF THE BOARD

12/05/2003

JOINT CHIEF EXECUTIVE OFFICER

12/05/2003

JOINT CHIEF EXECUTIVE OFFICER

14/07/2006

MEMBER OF THE BOARD

14/07/2006

MEMBER OF THE BOARD

08/10/2012

JOINT CHIEF EXECUTIVE OFFICER

08/10/2012

PRESIDENT

08/10/2012

NEIRA FERNANDEZ DANIEL

PROXY

04/04/1991

ROSENSTIEL AXEL

PROXY

08/10/2003

VAN WOERKOM CHARLES ADRIAAN

PROXY

13/06/1994

PROXY

12/03/1999

NON CONSELLOR ASSISTANT SECRETARY

12/05/2003

NON CONSELLOR ASSISTANT SECRETARY

14/07/2006

VAN WOERKOM DE LAMMERS ELISABETH MARIA

SECRETARY

12/05/2003

NON CONSELLOR SECRETARY

14/07/2006

VAN WOERKOM LAMMERS ELISABETH MARIA

NON CONSELLOR SECRETARY

12/03/1999

SECRETARY

26/05/1993

VAN WOERKOM ROGER

PROXY

12/03/1999

W. H. WESSELING EXPORT BV

SINGLE PARTNER

29/04/2010

WESSELING HENRICUS JOHANNES MARIA

MEMBER OF THE BOARD

12/03/1999

MEMBER OF THE BOARD

14/07/2006

MEMBER OF THE BOARD

12/05/2003

WESSELING WILHELMUS BALTASAR MARIA

MEMBER OF THE BOARD

08/10/2012

JOINT CHIEF EXECUTIVE OFFICER

14/07/2006

MEMBER OF THE BOARD

14/07/2006

PRESIDENT

14/07/2006

PRESIDENT

12/05/2003

MEMBER OF THE BOARD

12/05/2003

JOINT CHIEF EXECUTIVE OFFICER

12/05/2003

WESSELING WILHELMUS HUBERTUS

PRESIDENT

26/05/1993

WESSELING WILHELMUS JOHANNES

MEMBER OF THE BOARD

08/10/2012

JOINT CHIEF EXECUTIVE OFFICER

08/10/2012

SECRETARY

08/10/2012

WESSELING WILLHELMUS BALTASAR MARIA

MEMBER OF THE BOARD

12/03/1999

PRESIDENT

12/03/1999

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 ).

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

01/09/2013

06/05/2015

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

286.77

01/09/2013

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

---

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

The debtor has a contract default for an amount of 286,77 euros that has been declared a bad debt by its creditor on the basis of unlikely recovery.

Highlight that the Company has payment defaults older than twelve months.

List of current instances of default for each of the transactions in progress

Type of creditor

Product

Value of transactions (_)

Status

No. of defaults

Default balance (_)

Date of first default

Date of last default

INDUSTRIA

Otros

551.52

Fallido

---

286.77

01/09/13

286,77

Change in values of defaults and settled debts

wordml://2270

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded

> Basis for scoring

Positive Factors

Adverse Factors

It has been found to have irregular payment performance at the credit bureaus, although it is not relevant enough to change the rating.

WESSELING ESPAÑA SA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 66.50% 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.

It does not have any financial profitability.. WESSELING ESPAÑA SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

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: 11.926 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

512 Freight air transport and space transport

wordml://2490

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 12.00% of the companies of the sector WESSELING ESPAÑA SA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 11.926%.

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 5.000 (Guideline value of outstanding commercial balance that recommends be awarded to or maintained with the company queried)

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

Guarantees

References

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

WH WESSELING EXPORT BV

Turnover

Total Sales 2014

2.400.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

November 2014

2012

Normales

November 2013

2011

Normales

June 2013

2010

Normales

January 2012

2009

Normales

November 2010

2008

Normales

December 2009

2007

Normales

October 2008

2006

Normales

December 2007

2005

Normales

December 2007

2004

Normales

August 2005

2003

Normales

September 2004

2002

Normales

September 2003

2001

Normales

May 2003

2000

Normales

February 2002

1999

Normales

July 2000

1998

Normales

March 2000

1997

Normales

March 1999

1996

Normales

October 1997

1995

Normales

October 1996

1994

Normales

August 1995

1993

Normales

July 1995

1992

Normales

September 1993

1991

Normales

March 1993

1990

Normales

November 1991

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 Abreviado 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

1.301.633,00

1.349.928,00

1.309.069,00

1.368.644,00

1.439.555,00

I. Intangible fixed assets : 11100

17.161,00

21.877,00

0,00

7.891,00

20.291,00

II. Tangible fixed assets : 11200

1.277.822,00

1.321.915,00

1.302.934,00

1.354.617,00

1.413.129,00

III. Real estate investment: 11300

0,00

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

6.650,00

6.136,00

0,00

V. Long-term financial investments: 11500

0,00

6.136,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

567.023,00

563.887,00

530.407,00

539.329,00

658.055,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

101.258,00

107.684,00

137.656,00

112.708,00

107.222,00

III. Trade debtors and others receivable accounts: 12300

430.098,00

397.507,00

336.113,00

401.528,00

414.084,00

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

430.098,00

397.507,00

335.885,00

398.073,00

410.624,00

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

0,00

b) Customers for sales and provisions of services : 12382

430.098,00

397.507,00

335.885,00

0,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

0,00

227,00

3.454,00

3.461,00

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

0,00

V. Short-term financial investments : 12500

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

35.668,00

58.696,00

56.639,00

25.093,00

136.749,00

TOTAL ASSETS (A + B) : 10000

1.868.656,00

1.913.815,00

1.839.477,00

1.907.973,00

2.097.610,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

187.916,00

260.924,00

328.620,00

355.172,00

399.076,00

A1) Shareholders' equity : 21000

187.916,00

260.924,00

328.620,00

355.172,00

399.076,00

I. Capital: 21100

294.496,00

1.- Registered capital: 21110

294.496,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

2.477,00

III. Reserves: 21300

58.200,00

102.104,00

88.569,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-94.248,00

-26.552,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-73.008,00

-67.696,00

-26.552,00

-43.904,00

13.535,00

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

438.126,00

612.692,00

763.255,00

702.237,00

913.224,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

438.126,00

612.692,00

763.255,00

702.237,00

913.224,00

1.- Amounts owed to credit institutions: 31220

430.297,00

591.831,00

743.117,00

667.820,00

863.347,00

2.- Creditors from financial leasing : 31230

7.829,00

20.861,00

20.138,00

34.417,00

49.877,00

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

1.242.615,00

1.040.199,00

747.601,00

850.563,00

785.310,00

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

328.766,00

326.216,00

246.223,00

305.637,00

147.546,00

1.- Amounts owed to credit institutions: 32320

214.390,00

157.427,00

126.756,00

203.770,00

126.810,00

2.- Creditors from financial leasing : 32330

12.961,00

22.304,00

14.305,00

15.439,00

19.674,00

3.- Other short-term creditors : 32390

101.415,00

146.486,00

105.161,00

86.429,00

1.061,00

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

0,00

V. Trade creditors and other accounts payable: 32500

913.849,00

713.983,00

501.378,00

544.926,00

637.764,00

1.- Suppliers: 32580

728.402,00

546.147,00

390.144,00

438.783,00

511.419,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

728.402,00

546.147,00

390.144,00

0,00

2.- Other creditors : 32590

185.447,00

167.835,00

111.234,00

106.143,00

126.344,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

1.868.656,00

1.913.815,00

1.839.477,00

1.907.973,00

2.097.610,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

2.493.690,00

2.596.748,00

3.172.689,00

3.594.256,00

3.760.866,00

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

-1.848.173,00

-1.973.559,00

-2.431.655,00

-2.812.019,00

-2.921.588,00

5. Other operating income: 40500

16.487,00

46.226,00

32.421,00

38.433,00

43.858,00

6. Personnel costs: 40600

-414.681,00

-416.730,00

-437.811,00

-457.484,00

-460.555,00

7. Other operating costs: 40700

-252.544,00

-232.805,00

-229.972,00

-283.092,00

-259.331,00

8. Amortisation of fixed assets: 40800

-52.606,00

-25.128,00

-80.859,00

-72.031,00

-107.717,00

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

38.939,00

0,00

20.661,00

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

-18.889,00

-5.248,00

24.812,00

8.063,00

76.193,00

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

-56.162,00

-59.116,00

-57.564,00

-55.482,00

-64.581,00

16. Changes in fair value of financial instruments : 41600

0,00

-175,00

0,00

17. Exchange rate differences : 41700

2.043,00

-3.332,00

6.201,00

3.690,00

1.923,00

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

-54.120,00

-62.448,00

-51.363,00

-51.967,00

-62.658,00

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

-73.008,00

-67.696,00

-26.552,00

-43.904,00

13.535,00

20. Income taxes: 41900

0,00

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

-73.008,00

-67.696,00

-26.552,00

-43.904,00

13.535,00

> 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:

1.301.633,00

1.349.928,00

1.309.069,00

1.368.644,00

1.439.555,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

17.161,00

21.877,00

0,00

7.891,00

20.291,00

III. Tangible fixed assets:

1.277.822,00

1.321.915,00

1.302.934,00

1.354.617,00

1.413.129,00

IV. Financial investments:

6.650,00

6.136,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

567.023,00

563.887,00

530.407,00

539.329,00

658.055,00

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

0,00

II. Stocks:

101.258,00

107.684,00

137.656,00

112.708,00

107.222,00

III. Debtors:

430.098,00

397.507,00

336.113,00

401.528,00

414.084,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

35.668,00

58.696,00

56.639,00

25.093,00

136.749,00

VII. Prepayments and accrued income:

0,00

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

1.868.656,00

1.913.815,00

1.839.477,00

1.907.973,00

2.097.610,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

187.916,00

260.924,00

328.620,00

355.172,00

399.076,00

I. Subscribed capital:

294.496,00

II. Share premium:

2.477,00

III. Revaluation reserves:

0,00

IV. Reserves:

58.200,00

102.104,00

88.569,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

58.200,00

102.104,00

88.569,00

V. Profit or loss brought forward:

-94.248,00

-26.552,00

0,00

VI. Profit or loss for the financial year:

-73.008,00

-67.696,00

-26.552,00

-43.904,00

13.535,00

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:

438.126,00

612.692,00

763.255,00

702.237,00

913.224,00

E) SHORT TERM CREDITORS:

1.242.615,00

1.040.199,00

747.601,00

850.563,00

785.310,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.868.656,00

1.913.815,00

1.839.477,00

1.907.973,00

2.097.610,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

2.624.167,00

2.710.670,00

3.237.862,00

3.680.283,00

3.813.772,00

A.1. Operating consumption:

1.848.173,00

1.973.559,00

2.431.655,00

2.812.019,00

2.921.588,00

A.2. Staff Costs:

414.681,00

416.730,00

437.811,00

457.484,00

460.555,00

a) Wages, salaries et al.:

297.715,00

299.185,00

314.320,00

328.444,00

330.649,00

b) Social security costs:

116.967,00

117.545,00

123.491,00

129.040,00

129.906,00

A.3. Depreciation expense:

52.606,00

25.128,00

80.859,00

72.031,00

107.717,00

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

0,00

A.5. Other operating charges:

252.544,00

232.805,00

229.972,00

283.092,00

259.331,00

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

0,00

24.812,00

8.063,00

55.533,00

A.6. Financial and similar charges:

56.162,00

59.116,00

57.564,00

55.482,00

64.581,00

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:

56.162,00

59.116,00

57.564,00

55.482,00

64.581,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

175,00

0,00

A.8. Exchange losses:

0,00

3.332,00

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):

0,00

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):

38.939,00

0,00

20.661,00

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

0,00

13.535,00

A.14. Corporation Tax:

0,00

A.15. Miscellaneous taxes:

0,00

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

0,00

13.535,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

2.551.158,00

2.642.973,00

3.211.310,00

3.636.379,00

3.827.307,00

B.1. Operating income:

2.510.177,00

2.642.973,00

3.205.109,00

3.632.689,00

3.804.724,00

a) Net total sales:

2.493.690,00

2.596.748,00

3.172.689,00

3.594.256,00

3.760.866,00

b) Miscellaneous operating income:

16.487,00

46.226,00

32.421,00

38.433,00

43.858,00

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

57.827,00

5.248,00

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:

2.043,00

0,00

6.201,00

3.690,00

1.923,00

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

54.120,00

62.448,00

51.363,00

51.967,00

62.658,00

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

111.947,00

67.696,00

26.552,00

43.904,00

7.126,00

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

38.939,00

0,00

20.661,00

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):

73.008,00

67.696,00

26.552,00

43.904,00

0,00

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

73.008,00

67.696,00

26.552,00

43.904,00

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

-73.008,00

-67.696,00

-26.552,00

-43.904,00

13.535,00

2. Results adjustments.: 61200

108.769,00

84.244,00

138.424,00

127.513,00

172.298,00

a) Fixed Assets Amortization (+).: 61201

52.606,00

25.128,00

80.859,00

72.031,00

107.717,00

h) Financial Expenses (+). : 61208

56.162,00

59.116,00

57.564,00

55.482,00

64.581,00

3. Changes in current capital equity.: 61300

173.702,00

181.181,00

-3.080,00

-85.768,00

54.419,00

a) Stock (+/-).: 61301

6.426,00

29.972,00

-24.948,00

-5.487,00

-4.964,00

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

-32.591,00

-61.395,00

65.415,00

12.557,00

49.949,00

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

199.867,00

212.604,00

-43.548,00

-92.838,00

9.434,00

4. Other cash flows for operating activities.: 61400

-56.162,00

-59.116,00

-57.564,00

-55.482,00

-64.581,00

a) Interest payments (-). : 61401

-56.162,00

-59.116,00

-57.564,00

-55.482,00

-64.581,00

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

153.300,00

138.612,00

51.228,00

-57.641,00

175.671,00

6. Payments for investment (-).: 62100

-515,00

-40.858,00

-6.136,00

0,00

a) Companies of the group and affiliates. : 62101

-515,00

0,00

-6.136,00

0,00

b) Intangible fixed assets. : 62102

0,00

-21.877,00

0,00

c) Fixed assets. : 62103

0,00

-18.981,00

0,00

7. Divestment payment collection (+). : 62200

48.810,00

0,00

65.710,00

70.911,00

34.463,00

b) Intangible fixed assets. : 62202

4.716,00

0,00

7.891,00

12.399,00

15.122,00

c) Fixed assets. : 62203

44.094,00

0,00

51.683,00

58.512,00

19.341,00

e) Other financial assets. : 62205

0,00

6.136,00

0,00

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

-4.311,00

-65.986,00

-21.285,00

-1.120,00

-73.254,00

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

0,00

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

-172.017,00

-70.570,00

1.603,00

-52.895,00

18.450,00

a) Issuance : 63201

56.963,00

80.716,00

94.030,00

162.327,00

720.258,00

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

56.963,00

30.670,00

75.297,00

76.959,00

653.488,00

4. Special characteristic debts (+). : 63205

0,00

8.721,00

0,00

65.709,00

5. Other debts (+). : 63206

0,00

41.325,00

18.733,00

85.368,00

1.061,00

b) Repayment and amortization of : 63207

-228.980,00

-151.286,00

-92.426,00

-215.222,00

-701.808,00

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

-161.534,00

-151.286,00

-77.013,00

-195.527,00

-701.808,00

4. Special characteristic debts (-). : 63211

-22.375,00

0,00

-15.413,00

-19.695,00

0,00

5. Other debts (-). : 63212

-45.071,00

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

-172.017,00

-70.570,00

1.603,00

-52.895,00

18.450,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-23.028,00

2.057,00

31.546,00

-111.656,00

120.867,00

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

58.696,00

56.639,00

25.093,00

136.749,00

15.881,00

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

35.668,00

58.696,00

56.639,00

25.093,00

136.749,00

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:

-0,01 %

0,02 %

0,00 %

0,17 %

-87,09 %

EBITDA over Sales:

-0,21 %

5,37 %

0,77 %

7,58 %

-127,35 %

-29,08 %

Cash Flow Yield:

-0,01 %

0,00 %

0,04 %

-86,49 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-1,01 %

-1,20 %

-0,28 %

0,51 %

-268,75 %

-333,88 %

Total economic profitability:

-0,90 %

-0,20 %

-0,45 %

-0,03 %

-101,08 %

-620,96 %

Financial profitability:

-38,85 %

-3,44 %

-25,94 %

-3,94 %

-49,75 %

12,74 %

Margin:

-0,75 %

-2,40 %

-0,20 %

0,94 %

-278,96 %

-354,71 %

Mark-up:

-2,91 %

-6,85 %

-2,56 %

-6,14 %

-13,55 %

-11,57 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,03

0,17

0,06

0,16

-49,13

5,83

Acid Test:

0,37

1,10

0,44

0,86

-14,53

27,82

Working Capital / Investment:

-0,36

0,10

-0,25

0,08

-45,27

25,63

Solvency:

0,46

1,59

0,54

1,43

-15,82

11,30

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

8,94

1,03

6,33

1,07

41,19

-3,38

Borrowing Composition:

0,35

0,97

0,59

1,22

-40,14

-20,97

Repayment Ability:

-72,99

99,68

803,74

14,17

-109,08

603,47

Warranty:

1,11

2,04

1,16

1,94

-3,98

5,23

Generated resources / Total creditors:

-0,01

0,01

-0,03

0,01

52,87

-4,12

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,99

1,24

1,05

1,30

-5,75

-4,60

Turnover of Collection Rights :

5,84

2,90

6,65

3,64

-12,22

-20,37

Turnover of Payment Entitlements:

2,30

2,38

3,09

2,35

-25,61

1,07

Stock rotation:

25,36

2,37

24,59

2,20

3,13

7,86

Assets turnover:

1,35

0,50

1,39

0,55

-2,69

-8,18

Borrowing Cost:

3,34

2,74

3,58

2,83

-6,57

-3,06

> 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:

-0,01 %

0,00 %

0,01 %

-0,03 %

0,03 %

EBITDA over Sales:

-0,21 %

0,77 %

3,33 %

2,23 %

4,34 %

Cash Flow Yield:

-0,01 %

0,00 %

0,02 %

-0,06 %

0,06 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

-1,01 %

-0,28 %

1,35 %

0,42 %

3,64 %

Total economic profitability:

-0,90 %

-0,45 %

1,69 %

0,61 %

3,72 %

Financial profitability:

-38,85 %

-25,94 %

-8,08 %

-12,36 %

3,39 %

Margin:

-0,75 %

-0,20 %

0,77 %

0,22 %

2,00 %

Mark-up:

-2,91 %

-2,56 %

-0,83 %

-1,21 %

0,36 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,03

0,06

0,08

0,03

0,17

Acid Test:

0,37

0,44

0,53

0,50

0,70

Working Capital / Investment:

-0,36

-0,25

-0,12

-0,16

-0,06

Solvency:

0,46

0,54

0,71

0,63

0,84

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

8,94

6,33

4,60

4,37

4,26

Borrowing Composition:

0,35

0,59

1,02

0,83

1,16

Repayment Ability:

-72,99

803,74

47,89

-13,91

14,05

Warranty:

1,11

1,16

1,22

1,23

Generated resources / Total creditors:

-0,01

-0,03

0,04

0,02

0,07

Efficiency

2013

2012

2011

2010

2009

Productivity:

0,99

1,05

1,24

1,18

1,35

Turnover of Collection Rights :

5,84

6,65

9,54

9,05

9,19

Turnover of Payment Entitlements:

2,30

3,09

5,31

5,68

4,99

Stock rotation:

25,36

24,59

23,10

32,16

34,97

Assets turnover:

1,35

1,39

1,75

1,91

1,82

Borrowing Cost:

3,34

3,58

3,81

3,57

3,80

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

Company found for a few years now, with experience in its sector. Its billing was reducedd 3.97% in 2013 in comparison with the previous year. It meets with normality the payment obligations.

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Analysis Done by :	DIV

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

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

LEGAL CLAIMS

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit