MIRA INFORM REPORT

Report No. :	342811.2
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	STE TECPHARM SL
Registered Office :	C/ Universitat Autonoma, 13 Parc Tecnológic Del Valles. - Cerdanyola Del Valles - 08290 - Barcelona
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	17.01.2013
Legal Form :	Private Company
Line of Business :	Manufacture of pharmaceutical preparations
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	39.000 Euro
Status :	Moderate
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	A1	A1

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:	STE TECPHARM SL
NIF / Fiscal code:	B65952657
Status:	ACTIVE
Incorporation Date:	17/01/2013
Register Data	Register Section 8 Sheet 433639
Last Publication in BORME:	16/04/2014 [Miscellaneous Concepts]
Last Published Account Deposit:	2013
Share Capital:	100.000
Localization:	C/ UNIVERSITAT AUTONOMA, 13 PARC TECNOLÓGIC DEL VALLES. - CERDANYOLA DEL VALLES - 08290 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 935 923 100 Email. stegroup@stegroup.com Website. www.stetecpharm.es
Activity:
NACE:	212 - Manufacture of pharmaceutical preparations
Registered Trademarks:
Audited / Opinion:	No
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Main products / services:	Ingeniería e instalaciónServicio post-venta
Quality Certificate:	No
Maximum recommended commercial credit:	39.000
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	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

STE ENGIPHARM S.L	100 %
Shares:	0
Other Links:	1
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Guarantees:

Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees NO

INVESTIGATION SUMMARY

It is a Business that has been established in the 17-01-2013. It is dedicated to the manufacture of machinery and equips for the sector of pharmacy and cosmetics. Its activities are carried our both nationally and internationally. In the consulted references there is nothing against it, although, and taking into consideration its scarce trajectory, we consider that is its convenient to supervise its commercial progress in order to be able to estimate a risk level in the future, according to its volume and compliance.

Interviewed Person

Enquiry Details

Identification

Social Denomination:	STE TECPHARM SL
NIF / Fiscal code:	B65952657
Corporate Status:	ACTIVE
Start of activity:	2013
Registered Office:	C/ UNIVERSITAT AUTONOMA, 13 PARC TECNOLÓGIC DEL VALLES.
Locality:	CERDANYOLA DEL VALLES
Province:	BARCELONA
Postal Code:	08290
Telephone:	935 923 100
Fax:	935 912 502
Website:	www.stetecpharm.es
Email:	stegroup@stegroup.com
Interviewed Person:	La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la titular de prestar cualquier tipo de colaboración para la confección del presente trabajo.

Branch Offices

--

Activity

NACE:	212
Legal Form:	MANUFACTURING, ASSEMBLE AND COMMERCIALIZATION OF EQUIPS FOR THE PRODUCTION AND CONTROL OF QUALITY PHARMACEUTICAL AND COSMETIC PRODUCTS.
Additional Information:	MANUFACTURING, ASSEMBLE AND COMMERCIALIZATION OF EQUIPS FOR THE PRODUCTION AND CONTROL OF QUALITY PHARMACEUTICAL AND COSMETIC PRODUCTS.
Additional Address:	Registered office and offices and dependencies are located in: C/ UNIVERSITAT AUTONOMA, 13 PARC TECNOLÓGIC DEL VALLES. 08290 CERDANYOLA DEL VALLES
Franchise:	No
Import / export:	IMPORT / EXPORT
Future Perspective:	Consolidation
Industry situation:	Maturity

Main products / services

Product	% Over Sales
Ingeniería e instalación
Servicio post-venta

Chronological Summary

Year	Act
2013	Appointments/ Re-elections (3) Company Formation (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)
2014	Accounts deposit (year 2013) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (1)

Breakdown of Owners' Equity

Registered Capital:	100.000
Paid up capital:	100.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
19/02/2013	Company Formation	100.000	100.000	100.000	100.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	JANE AUBAREDA BARBARA	09/04/2014	2
PROXY	JANE AUBAREDA BARBARA	22/02/2013	2
	MATEO BARRANCO DAVID	22/02/2013	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
JANE MATEU JUAN	SINGLE ADMINISTRATOR	09/04/2014	1
STE ENGIPHARM SL	SINGLE PARTNER	09/04/2014	1

Executive board

Post	NIF	Name
ADMINISTRATOR		BARBARA JANE AUBAREDA
DIRECTOR/GENERAL MANAGER		BARBARA JANE AUBAREDA

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		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
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	---

> Details

> 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. 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.

STE TECPHARM SL it presents an excessive indebtedness that may compromise their balance sheet. The current debt represents a 86.71% 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. STE TECPHARM SL presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale. 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.

Probability of default

> Estimated Probability of Default for the next 12 months:  6.397 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 212 Manufacture of pharmaceutical preparations
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 22.00% of the companies of the sector STE TECPHARM SL 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 6.397%.

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

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	No se han publicado

Guarantees

References

Suppliers

Name	NIF	Telephone
INOXPASER, S.L.
TROX ESPAÑA, S.A.
FSTO PNEUMÁTIC, S.A.
METTLER TOLEDO, S.A.E.
CAROL AUTOMATISMES TERRASSA, S.A.
INOXPA, S.A.
TÉCNICA DE FLUIDOS, .L.
CAMFIL ESPAÑA, S.A.
ENDRESS Y HAUSER, S.A.

Link List

IS RELATED WITH:	1 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	STE ENGIPHARM S.L	BARCELONA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	STE PHARMA SYSTEMS SL	BARCELONA

Turnover
Total Sales 2013	990.856,83

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

Estimated Balance

The corporation was established in the 17-01-2013; for this reason, the only accounts that appear in the Public Trade Register correspond to the exercise of the end of that fiscal year. Consequently, and as we cannot know its financial evolution, in this moment we cannot include the figures in this section, in spite of being habitual in these kinds of reports.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	October  2014

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  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013  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	2013
A) NON-CURRENT ASSETS: 11000	36.089,00
I. Intangible fixed assets : 11100	10.289,00
II. Tangible fixed assets : 11200	25.559,00
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	241,00
VII. Non-current trade debtors : 11700	0,00
B) CURRENT ASSETS: 12000	1.130.701,00
I. Non-current assets held for sale : 12100	0,00
II. Stocks: 12200	10.944,00
III. Trade debtors and others receivable accounts: 12300	1.081.279,00
1.- Customers for sales and provisions of services : 12380	966.140,00
a) Long-term receivables from sales and services supplied : 12381	0,00
b) Customers for sales and provisions of services : 12382	966.140,00
2.- Called up share capital : 12370	0,00
3.- Other accounts receivable : 12390	115.139,00
IV. Short-term investments in Group companies and associates: 12400	0,00
V. Short-term financial investments : 12500	3.752,00
VI. Short-term accruals: 12600	0,00
VII. Cash and other equivalent liquid assets : 12700	34.726,00
TOTAL ASSETS (A + B) : 10000	1.166.790,00

	ORIGINAL
Liabilities and Net Worth	2013
A) NET WORTH: 20000	155.049,00
A1) Shareholders' equity : 21000	155.049,00
I. Capital: 21100	100.000,00
1.- Registered capital: 21110	100.000,00
2.- (Uncalled capital) : 21120	0,00
II. Share premium: 21200	0,00
III. Reserves: 21300	0,00
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	55.049,00
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	1.011.741,00
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
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
IV. Short-term debts with Group companies and associates: 32400	425.133,00
V. Trade creditors and other accounts payable: 32500	586.608,00
1.- Suppliers: 32580	429.509,00
a) Long-term debts : 32581	0,00
b) Short-term debts : 32582	429.509,00
2.- Other creditors : 32590	157.099,00
VI. Short-term accruals: 32600	0,00
VII. Special short-term debts : 32700	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	1.166.790,00

	ORIGINAL
Profit and Loss	2013
1. Net turnover: 40100	990.857,00
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	-690.631,00
5. Other operating income: 40500	107,00
6. Personnel costs: 40600	-146.191,00
7. Other operating costs: 40700	-68.079,00
8. Amortisation of fixed assets: 40800	-2.676,00
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	83.388,00
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	-4.747,00
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	-4.747,00
C) NET RESULT BEFORE TAXES (A + B) : 49300	78.641,00
20. Income taxes: 41900	-23.592,00
D) RESULT OF THE PERIOD (C + 20) : 49500	55.049,00

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
1. Fiscal year result before taxes.: 61100	78.641,00
2. Results adjustments.: 61200	7.423,00
a) Fixed Assets Amortization (+).: 61201	2.676,00
h) Financial Expenses (+). : 61208	4.747,00
3. Changes in current capital equity.: 61300	-532.959,00
a) Stock (+/-).: 61301	-10.944,00
d) Debtors and other accounts receivable (+/-). : 61302	-1.081.279,00
c) Other current assets (+/-). : 61303	-3.752,00
d) Creditors and other accounts payable (+/-). : 61304	563.016,00
4. Other cash flows for operating activities.: 61400	-4.747,00
a) Interest payments (-). : 61401	-4.747,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-451.642,00
6. Payments for investment (-).: 62100	-36.089,00
b) Intangible fixed assets. : 62102	-10.289,00
c) Fixed assets. : 62103	-25.559,00
h) Other assets. : 62108	-241,00
7. Divestment payment collection (+). : 62200	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-38.765,00
9. Payment collection and payments for equity instruments. : 63100	100.000,00
a) Issuance of equity instruments (+). : 63101	100.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	425.133,00
a) Issuance : 63201	425.133,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	425.133,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00
12. Cash flows for financing activities (9+10+11).: 63400	525.133,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	34.726,00
Cash or equivalent assets as of end of the fiscal year.: 65200	34.726,00

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		Variación 2013 -
	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,04 %	0,01 %	NaN %	NaN %
EBITDA over Sales:	8,69 %	-1,45 %	NaN %	NaN %
Cash Flow Yield:	0,03 %	0,00 %	NaN %	NaN %

Profitability	2013		Variación 2013 -
	Empresa	Sector	Empresa	Sector
Operating economic profitability:	7,17 %	-12,18 %	NaN %	NaN %
Total economic profitability:	7,15 %	-3,42 %	NaN %	NaN %
Financial profitability:	35,50 %	-11,96 %	NaN %	NaN %
Margin:	8,41 %	-24,59 %	NaN %	NaN %
Mark-up:	7,94 %	-22,26 %	NaN %	NaN %

Solvency	2013		Variación 2013 -
	Empresa	Sector	Empresa	Sector
Liquidity:	0,03	0,16	NaN	NaN
Acid Test:	1,11	1,21	NaN	NaN
Working Capital / Investment:	0,10	0,09	NaN	NaN
Solvency:	1,12	1,70	NaN	NaN

Indebtedness	2013		Variación 2013 -
	Empresa	Sector	Empresa	Sector
Indebtedness level:	6,53	1,06	NaN	NaN
Borrowing Composition:	0,00	0,98	NaN	NaN
Repayment Ability:	29,13	186,49	NaN	NaN
Warranty:	1,15	2,10	NaN	NaN
Generated resources / Total creditors:	0,06	-0,06	NaN	NaN

Efficiency	2013		Variación 2013 -
	Empresa	Sector	Empresa	Sector
Productivity:	1,59	0,95	NaN	NaN
Turnover of Collection Rights :	0,92	2,94	NaN	NaN
Turnover of Payment Entitlements:	1,29	2,35	NaN	NaN
Stock rotation:	82,93	2,48	NaN	NaN
Assets turnover:	0,85	0,50	NaN	NaN
Borrowing Cost:	0,47	3,34	NaN	NaN

> Trend of indicators under the General Accounting Plan of 2007 (2013)

Cash Flow	2013
Cash Flow over Sales:	0,04 %
EBITDA over Sales:	8,69 %
Cash Flow Yield:	0,03 %

Profitability	2013
Operating economic profitability:	7,17 %
Total economic profitability:	7,15 %
Financial profitability:	35,50 %
Margin:	8,41 %
Mark-up:	7,94 %

Solvency	2013
Liquidity:	0,03
Acid Test:	1,11
Working Capital / Investment:	0,10
Solvency:	1,12

Indebtedness	2013
Indebtedness level:	6,53
Borrowing Composition:	0,00
Repayment Ability:	29,13
Warranty:	1,15
Generated resources / Total creditors:	0,06

Efficiency	2013
Productivity:	1,59
Turnover of Collection Rights :	0,92
Turnover of Payment Entitlements:	1,29
Stock rotation:	82,93
Assets turnover:	0,85
Borrowing Cost:	0,47

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 Business that has been established in the 17-01-2013. It is dedicated to the manufacture of machinery and equips for the sector of pharmacy and cosmetics. Its activities are carried our both nationally and internationally. In the consulted references there is nothing against it, although, and taking into consideration its scarce trajectory, we consider that is its convenient to supervise its commercial progress in order to be able to estimate a risk level in the future, according to its volume and compliance.

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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.