MIRA INFORM REPORT

Report No. :	342076
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	MANUFACTURAS ARTISTICAS DEL CUERO SOCIEDAD LIMITADA
Registered Office :	C/ Alemania, Parc.82-85  Elda  (Alicante)
Country :	Spain
Financials (as on) :	31.12.2014
Date of Incorporation :	01.01.1990
Legal Form :	Private Company
LINE OF BUSINESS :	WHOLESALE OF HIDES, SKINS AND LEATHER
No. of Employees :	7 (2014)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	No Complaints
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

MANUFACTURAS ARTISTICAS DEL CUERO SOCIEDAD LIMITADA

Cif:	B03433091
Registry Data:	Register ALICANTE, Section 8, Sheet 9894
Incorporation Date:	01/01/1990
Last Publication in BORME:	17/12/2013 (Increase of Capital)
Last Published Account Deposit:	2014 (Submitted in July of 2015)
Share Capital	3606.00 €

Localization: C/ ALEMANIA, PARC.82-85  ELDA  (ALICANTE)

Telephone:	965381639
e-Mail:	macsl@iname.com
Web:	macsl.webjump.com

Activity

NACE:	4624  /  Wholesale of hides, skins and leather
Size:	SMALL

ACTIVITY

NACE:	4624  /  Wholesale of hides, skins and leather
Main Activity:	Wholesale of hides, skins and leather
CNAE Source:	ANNUAL ACCOUNTS
Company size:	Microenterprise

Staff

Financial Year	Permanent Employees	Temporary Employees
2014	7	0
2013	8	0
2012	6	0
2011	6	1
2010	5	0
2009	6	0
2008	7	0
2007	7	1
2006	8	1
2005	8	1
2004	9	1
2003	10	0
2002	11	0
2001	11	0
2000	10	0

Basis for scoring

Positive 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.

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 23.41of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Long term debt represents 73.37 % of the debt with a maturity of less than one year. In principle, an increase in this ratio would indicate an improvement in the short-term financial situation.

Most relevant data

More than adequate capacity to meet its financial obligations. However, this capacity has a higher probability to deteriorate in the mid-long term than in higher categories.

ESTIMATED PROBABILITY OF DEFAULT

Section showing the probability that the company queried will not be able to meet the business obligations it takes on over the next 12 months, as well as a comparison against the average probability within the sector.

The Estimated Probability of Default should be interpreted as the number of companies (with similar profiles to that of the company queried) whose loans have turned non-performing or delinquent, as a percentage of the total number of companies..

Estimated Probability of Default (next 12 months):  0.870 %

Sector in which comparison is carried out :    462 Wholesale of agricultural raw materials and live animals
Relative Position: Credit quality is superior to that of other companies in the same sector.

Most relevant data

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 96.00% of the companies of the sector MANUFACTURAS ARTISTICAS DEL CUERO 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 0.870%.

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.

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 Empresas and RAI).

Summary

There are no of outstanding debts with Public Administration bodies or resulting from claims filed by individuals before Courts of the different jurisdictions.

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

Chronological Summary

Proceedings and Stages	Number of Publications	Amount	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-	-
Request/Declaration	0	-		-
Proceedings	0	-		-
Resolution	0	-		-
Defaults on debt with Financial Institutions and Large Companies	None	-
Status: Friendly		-
Status: Pre-Litigation		-
Status: Litigation		-
Status: Non-performing		-
Status: insolvency proceedings, bankruptcy and suspension of payments		-
Other status		-
Legal and Administrative Proceedings	Unpublished	0
Notices of defaults and enforcement	0	0
Seizures	0	0
Auctions	0	0
Declarations of insolvency and bad debt	0	0
Proceedings heard by the Civil Court	Unpublished	0 €
Proceedings heard by the Labour Court	Unpublished	-

DETAILS.

DEFAULTS WITH FINANCIAL INSTITUTIONS AND LARGE COMPANIES Bank and Commercial Delinquency

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

Product	Number of Defaults
MORTGAGE LOAN, PERSONAL LOAN	-
OVERDRAFT IN CURRENT ACCOUNT, CREDIT CARD, PRIVATE LABEL CARD OR DEBIT CARD	-
CREDIT POLICY, BUSINESS DISCOUNT	-
INSURANCE, RENTAL	-
LEASING, FACTORING, RENTING, CONFIRMING	-
TELECOMMUNICATIONS	-
AUTOMOBILE FINANCING, CAPITAL EQUIPMENT OR CONSUMER GOODS	-
COLLATERAL and GUARANTEES	-
Miscellaneous	-

Legal Notice:

This data has been obtained from consultation of the ASNEF Empresas 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.

ACCOUNTS DEPOSITED

Financial Year	Type of Annual Accounts
2014	Normal	July  2015
2013	Normal	September  2014
2012	Normal	July  2013
2011	Normal	September  2012
2010	Normal	August  2011
2009	Normal	November  2010
2008	Normal	August  2009
2007	Normal	September  2008
2006	Normal	September  2007
2005	Normal	August  2006
2004	Normal	September  2005
2003	Normal	September  2004
2002	Normal	September  2003
2001	Normal	August  2002
2000	Normal	August  2001
1999	Normal	July  2000
1998	Normal	August  1999
1997	Normal	July  1998
1996	Normal	August  1997
1995	Normal	August  1996
1994	Normal	July  1995
1993	Normal	August  1994
1992	Normal	July  1993
1991	Normal	July  1992
1990	Normal	July  1991
1989	Normal	July  1990

ABSTRACT OF ANNUAL ACCOUNTS

Source of data:

Information corresponding to the fiscal years designated as ORIGINAL 2008.

Information corresponding to the fiscal years designated as EQUIVALENCE, has been calculated based on the criteria established by the transitory provisions of the new General Accounting Plan.

For cases where relevant provisions do not establish equivalence criteria

Abstract of annual accounts pursuant to new General Accounting Plan 2007

ASSETS	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012
Non-current Assets	219.666	191.742	217.933
Current Assets	609.526	592.589	610.921
Total Assets	829.192	784.332	828.854

NET ASSETS AND LIABILITIES	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012
Net Worth	492.676	469.453	464.425
Non-current Liabilities	142.418	114.970	34.512
Current Liabilities	194.098	199.909	329.917
Total Net Assets and Liabilities	829.192	784.332	828.854

RESULT'S ACCOUNT	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012
Net total sales	962.940	657.024	615.485
Other Operating Income	2.752	2.338	1.460
Consumption, Amortization and Other Operating Expenses	-938.688	-651.951	-608.699
Operating Result	27.005	7.411	8.246
Financial Results	317	-1.223	-1.694
Discontinued Operations Result	0	0	0
Financial Year Result	23.223	5.028	5.324

ECONOMIC-FINANCIAL RATIOS ESSENTIAL TO AWARDING CREDIT

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

Economic-Financial Indicators	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012
Net Turnover Amount	962.940	657.024	615.485
Financial Year Result	23.223	5.028	5.324
Average payment term	90	114	278
Number of Employees	8	8	6

Income Return Ratios	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012
Operating economic profitability	3,25 %	0,95 %	0,80 %
Total economic profitability	3,39 %	0,95 %	1,02 %
Margin	2,79 %	1,12 %	1,07 %

Solvency Ratios	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012
Liquidity	0,15	0,05	0,02
Acid Test	1,51	0,93	0,77
Working Capital / Investment	0,50	0,50	0,34
Solvency	3,14	2,96	1,85

Ratios de Endeudamiento	2014 31/12/2014	2013 31/12/2013	2012 31/12/2012
Indebtedness level	0,68	0,67	0,78
Borrowing Composition	0,73	0,58	0,10
Repayment Ability	17,80	86,70	-216,62
Warranty	2,46	2,49	2,27

REGISTRY DATA

Mercantile Registry:	ALICANTE
Register Data:	8 Hoja Registral: 9894
Date of formation:	01/01/1990

CHRONOLOGICAL SUMMARY

Note:    Important       Very Important

1990	Accounts deposit (year 1989) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
1991	Accounts deposit (year 1990)
1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1993	Accounts deposit (year 1992)
1994	Accounts deposit (year 1993)
1995	Accounts deposit (year 1994)
1996	Accounts deposit (year 1995)
1997	Accounts deposit (year 1996)
1998	Accounts deposit (year 1997) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1999	Accounts deposit (year 1998)
2000	Accounts deposit (year 1999)
2001	Accounts deposit (year 2000)
2002	Accounts deposit (year 2001)
2003	Accounts deposit (year 2002)
2004	Accounts deposit (year 2003)
2005	Accounts deposit (year 2004)
2006	Accounts deposit (year 2005)
2007	Accounts deposit (year 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2008	Accounts deposit (year 2007)
2009	Accounts deposit (year 2008)
2010	Accounts deposit (year 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2011	Accounts deposit (year 2010)
2012	Accounts deposit (year 2011)
2013	Accounts deposit (year 2012) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
2014	Accounts deposit (year 2013)
2015	Accounts deposit (year 2014)

BREAKDOWN OF OWNERS EQUITY

Current Notarised Capital:	3.606   EUROS
Current Paid-up Capital:	3.606   EUROS

UPDATED EVOLUTION OF THE SUBSCRIBED AND PAID-IN CAPITAL

Inscription date	Type of Registration	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
09/12/2013	Increase of Capital	1.442,4€	1.442,4€	3.606€	3.606€
09/12/2013	Capital Reduction	-1.442,4€	-1.442,4€	2.163,6€	2.163,6€

ACTIVE SOCIAL BODIES

Published Post	Social Body Name	Registration Date
SINGLE ADMINISTRATOR	MAS ESTEVE JOAQUIN	09/04/2010
JOINT ATTORNEY	MAS ESTEVE JOAQUIN	20/04/1998
PROXY	ESTEVE ORGILES VICENTE	29/01/1990
PROXY	ESTEVE SANCHEZ MARIA DE LOS ANGELES	25/07/2007
PROXY	MAS RAMON TOMAS	29/01/1990

HISTORICAL SOCIAL BODIES

Formerly Active Governing Bodies - Total: 5

Social Body's Name	Post published	End Date	Other Positions in this Company
FRANCISCO CAPEL SEBASTIAN	SINGLE ADMINISTRATOR	09/04/2010	2
	JOINT ATTORNEY	17/10/2013
MARIA ANGELES ESTEVE SACHEZ	SINGLE ADMINISTRATOR	20/04/1998	2
	GENERAL MANAGER	15/06/1992
MARIA ANGELES ESTEVE SANCHEZ	SINGLE ADMINISTRATOR	23/07/2007	2
MARIA CARMEN ESTEVE SANCHEZ	JOINT ATTORNEY	17/10/2013	1
VICENTE MANUEL ESTEVE SANCHEZ	MANAGING DIRECTOR	04/12/1990	1

SECTORS OF INTEREST THAT HAVE CONSULTED THIS ENTERPRISE

Sector	2004 (3)	2005 (6)	2006 (3)	2007 (3)	2008 (9)	2009 (2)	2010 (6)	2011 (4)	2012 (1)	2013 (16)	2014 (4)	2015 (7)
INSURANCE AND FINANCIAL SERVICES		3		3	6		4	2		4	2	4
AUDITORS, ECONOMISTS AND CONSULTANTS							2	2		6	2	2
ENERGY	3	3
PUBLIC ADMINISTRATION					2	2
WHOLESALERS AND MIDDLEMEN			3
MISCELLANEOUS SECTORS										2		1
LAWYERS										2
INDIVIDUALS										2
TRADE REPORTS					1
MANUFACTURE, REPAIR AND RENT OF CONSUMER GOODS									1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.93
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

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.