MIRA INFORM REPORT

Report No. :	501751
Report Date :	02.04.2018

IDENTIFICATION DETAILS

Name :	JEANOLOGIA SL
Registered Office :	Calle Guglielmo Marconi (Pq Tec. De Valencia. Edf Grupo Jeanologia), 12, 46980 Paterna
Country :	Spain
Financials (as on) :	31.12.2016
Date of Incorporation :	30.12.1994
Com. Reg. No.:	B96381249
Legal Form :	Limited Liability Company – SL
Line of Business :	Manufacture of Other Technical and Industrial Textiles
No. of Employees :	89 [2016]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained 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 16.4% in 2017. 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 about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Source : CIA

Summary

Company name	JEANOLOGIA SL
Operative address	Calle Guglielmo Marconi (Pq Tec. De Valencia. Edf Grupo Jeanologia), 12 46980 Paterna Spain
Status	Active
Specification	This company can meet all its obligations.

Legal form	Limited Liability Company - SL
Registration number	VAT/Tax number: B96381249
VAT-number	ESB96381249
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	6.036.201	1,28	5.959.759	-19,32	7.386.869
Total receivables	11.532.930	55,50	7.416.889	18,96	6.234.553
Total equity	15.157.297	41,35	10.723.420	-12,20	12.213.558
Short term liabilities	12.925.621	90,74	6.776.661	-12,34	7.730.751
Net result	9.812.417	87,45	5.234.632	24,28	4.211.826
Working capital	12.056.241	72,75	6.979.182	-4,36	7.297.400
Quick ratio	1,48	-2,63	1,52	0,66	1,51

Contact information

Company name	Jeanologia SL
Operative address	Calle Guglielmo Marconi (Pq Tec. De Valencia. Edf Grupo Jeanologia), 12 46980 Paterna Spain
Correspondence address	Calle Guglielmo Marconi (Pq Tec. De Valencia. Edf Grupo Jeanologia), 12 46980 Paterna Spain

Telephone number	+34 961369190
Website	www.jeanologia.com

Registration

Registration number	VAT/Tax number: B96381249
VAT-number	ESB96381249
Status	Active
Establishment date	1994-12-30

Legal form	Limited liability company - SL
Subscribed share capital	EUR 71.375

Activities

NACE	1396: Manufacture of other technical and industrial textiles

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER Name: EUROTREND, S.L. National id number: B46646956 Address: CALLE GUGLIELMO MARCONI (PQ TECN VALENCIA), 12 14 City: PATERNA Country: ES Phone: +34 961369190 Fax: +34 963695024 Website: www.eurotrend.co.za Type: Financial company Share direct: 50.51% Turnover: 0.60715328 mil. EUR Total assets: 41.12514762 mil. EUR Profit loss before tax: 2.81178753 mil. EUR Profit loss after tax net income: 2.83621312 mil. EUR Shareholders funds: 39.99008975 mil. EUR SHAREHOLDERS Name: EUROTREND, S.L. National id number: B46646956 Address: CALLE GUGLIELMO MARCONI (PQ TECN VALENCIA), 12 14 City: PATERNA Country: ES Phone: +34 961369190 Fax: +34 963695024 Website: www.eurotrend.co.za Type: Financial company Share direct: 50.51% Turnover: 0.60715328 mil. EUR Total assets: 41.12514762 mil. EUR Profit loss before tax: 2.81178753 mil. EUR Profit loss after tax net income: 2.83621312 mil. EUR Shareholders funds: 39.99008975 mil. EUR Number of employees: 3 Name: GLOBAL PERSILES SL. National id number: B87358586 Address: CALLE VELAZQUEZ, 166 City: MADRID Country: ES Type: Corporate Share direct: 35.00% Total assets: 17.67385237 mil. EUR Profit loss before tax: -0.63811619 mil. EUR Profit loss after tax net income: -0.63811619 mil. EUR Shareholders funds: 14.58551031 mil. EUR Name: JOSE MIGUEL IBANEZ Type: One or more named individuals or families Name: MCH IBERIAN CAPITAL FUND IV FCR National id number: V87388856 Address: PLAZA COLON (TORRE I), 2 PLANTA 17 City: MADRID Country: ES Type: Mutual and pension fund, nominee, trust, trustee Name: MR CARLOS SANS Type: One or more named individuals or families Name: MR ENRIQUE SILLA VIDAL Country: ES Type: One or more named individuals or families Name: MR RAMON SANZ Type: One or more named individuals or families

Structure

SUBSIDIARIES Name: JEANOLOGIA COMERCIAL MAQUINAS LTDA Country: BR Type: Corporate Share direct: 100.00% Name: JEANOLOGIA CORP Country: US Type: Corporate Share direct: 100.00% Name: JEANOLOGIA HONG KONG LIMITED National id number: 1800856 Country: HK Type: Corporate Share direct: 100.00% Name: SINETEX SL National id number: B96613906 Address: CALLE PARC TECNOLOGIC (CL GUGLIELMO MARCONI 12) City: PATERNA Country: ES Type: Corporate Phone: +34 963698227 Share direct: 100.00% Turnover: 0.27180614 mil. EUR Total assets: 0.79070878 mil. EUR Profit loss before tax: 0.37318407 mil. EUR Profit loss after tax net income: 0.25999905 mil. EUR Shareholders funds: 0.7537522 mil. EUR Number of employees: 2 Name: JEANOLOGIA BANGLADESH LIMITED Country: BD Type: Corporate Share direct: 91.00% Name: JEANOLOGIA TEKNOLOGI AS Country: TR Type: Corporate Share direct: 70.00% Name: FYLA LASER SL. National id number: B97756563 Address: CALLE GUGLIELMO MARCONI, 12 City: PATERNA Country: ES Type: Corporate Website: www.fyla.com.es Share direct: 51.00% Turnover: 0.34152372 mil. EUR Total assets: 0.80637544 mil. EUR Profit loss before tax: -0.2155878 mil. EUR Profit loss after tax net income: -0.0527787 mil. EUR Shareholders funds: 0.44742643 mil. EUR Number of employees: 6 Name: JEANOLOGIA COMERCIAL - MAQUINAS LTDA National id number: 08.719.567/0001-24 Address: R CRISTINA MONTANARI ROVERE 150 QUADRA A - LOTE 17 QUARTEIRAO 481 City: VALINHOS Country: BR Type: Corporate Turnover: 1.60326412 mil. EUR Number of employees: 8

Bank details

Accounts

BSCH CAIXABANK

Management

Management

Fullname: Mr Enrique Silla Vidal Type: Individual Gender: Male Number of involvements: 10 Function: President of the Board Level of responsibility: President / Chairman Appointment date: 2016/03/03 Fullname: Mr Enrique Silla Vidal Type: Individual Gender: Male Number of involvements: 10 Function: General Manager Level of responsibility: Unspecified executive Appointment date: 2013/03/13 Fullname: Mr Enrique Silla Vidal Type: Individual Gender: Male Number of involvements: 10 Function: Commercial Director Level of responsibility: Sales executive Appointment date: 2015/03/30 Fullname: EISLEBEN SL Type: Company Number of involvements: 7 Function: Member of the Board Level of responsibility: Member Appointment date: 2016/03/03 Fullname: EUROTREND SA Type: Company Number of involvements: 1 Function: Member of the Board Level of responsibility: Member Appointment date: 2016/03/03 Fullname: LOFTUS SL Type: Company Number of involvements: 4 Function: Member of the Board Level of responsibility: Member Appointment date: 2016/03/03 Fullname: VD9 SL Type: Company Number of involvements: 1 Function: Member of the Board Level of responsibility: Member Appointment date: 2016/03/03 Fullname: Ms Maria Benedicto Redon Type: Individual Gender: Female Number of involvements: 1 Function: Secretary of the Board Level of responsibility: Other & unspecified Appointment date: 2016/06/16 Fullname: Ms Maria Benedicto Redon Type: Individual Gender: Female Number of involvements: 1 Function: Secretary Level of responsibility: Company secretary Appointment date: 2016/06/16 Fullname: Mr Luis Diez Type: Individual Gender: Male Number of involvements: 3 Function: Financial Manager Level of responsibility: Finance & Accounting Manager Appointment date: 2013/03/13 Fullname: Ms TERESA Silla Vidal Type: Individual Gender: Female Number of involvements: 4 Function: Human Resources Director Level of responsibility: Human Resource Chief Officer; Human Resource executive Appointment date: 2015/03/30 Fullname: Mr Carlos Sans Merce Type: Individual Gender: Male Number of involvements: 3 Function: OPERATIONS Director Level of responsibility: OPERATIONS & Production executive Appointment date: 2015/03/30 Fullname: Mr Andres Inigo Fuster Type: Individual Gender: Male Number of involvements: 2 Function: Other Appointment date: 2016/06/16

Employees

Year	2016	2015	2014	2013	2012
Annual	89	80	74	64	28

Financial analysis

Trend	Ascending
Profitability	More than sufficient
Solvability	Positive
Liquidity	Positive
Show amount in	Euro

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	1,48	1,52	1,51	2,00	1,62
Current ratio	1,93	2,03	1,94	2,60	1,94
Working capital/ balance total	0,39	0,35	0,33	0,44	0,36
Equity / balance total	0,49	0,54	0,54	0,62	0,58
Equity / Fixed assets	2,51	1,80	1,65	2,20	2,20
Working capital	12.056.241	6.979.182	7.297.400	10.618.146	6.072.294
Equity	15.157.297	10.723.420	12.213.558	14.977.785	9.846.960
Mutation equity	41,35	-12,20	-18,46	52,11
Mutation short term liabilities	90,74	-12,34	16,55	2,22
Return on total assets (ROA)	38,41	36,08	25,07	18,27	22,79
Return on equity (ROE)	78,61	66,33	46,01	29,33	39,44
Gross profit margin	26,47	20,50	20,57	17,14	20,12
Net profit margin	21,95	16,75	15,53	12,97	18,09
Average collection ratio	3,46	4,61	3,51	3,77	2,89
Average payment ratio	3,88	4,21	4,35	5,37	3,70
Equity turnover ratio	2,95	2,91	2,22	1,67	1,91
Total assets turnover ratio	1,44	1,59	1,21	1,04	1,10
Fixed assets turnover ratio	7,41	5,24	3,67	3,68	4,19
Inventory conversion ratio	7,57	8,97	8,10	6,30	9,17
Turnover	44.700.250	31.252.957	27.121.120	24.983.766	18.785.213
Operating result	11.830.167	6.408.021	5.580.028	4.281.533	3.780.223
Net result after taxes	9.812.417	5.234.632	4.211.826	3.240.843	3.397.541
Cashflow	10.313.968	5.610.876	4.541.067	3.683.495	3.696.473
Gross profit	16.368.884	10.907.832	9.067.805	7.658.855	5.643.461
EBITDA	12.331.718	6.784.266	5.909.269	4.724.185	4.079.156
Summary	The 2016 financial result structure is a postive working captial of 12.056.241 euro, which is in agreement with 39 % of the total assets of the company. The working capital has increased with 72.75 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.93. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2016 of the company was 1.48. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 6.979.182 euro, which is in agreement with 35 % of the total assets of the company. The working capital has diminished with -4.36 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The deterioration between 2014 and 2015 has mainly been caused by a change of the current assets. The current ratio of the company in 2015 was 2.03. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2015 of the company was 1.52. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Auditor	Name: DELOITTE S.L. Name: LUIS CARUANA & ASOCIADOS S.L. Name: BDO AUDITORES S.L
Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.

Type of annual account	Corporate
Annual account	Jeanologia SL Calle Guglielmo Marconi (Pq Tec. De Valencia. Edf Grupo Jeanologia), 12 46980 Paterna Spain

Balance

Year	2016	2015	2014	2013	2012
End date	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Intangible fixed assets	104.306	100.240	63.494	82.479	38.827
Tangible fixed assets	3.821.142	3.032.320	2.505.897	2.591.399	1.181.192
Other fixed assets	2.110.753	2.827.199	4.817.478	4.119.621	3.261.894
Fixed assets	6.036.201	5.959.759	7.386.869	6.793.499	4.481.913
Total stock	5.908.545	3.484.992	3.348.665	3.964.076	2.049.534
Total receivables	11.532.930	7.416.889	6.234.553	4.652.748	5.076.951
Liquid funds	4.365.873	1.316.309	3.349.469	6.600.135	3.097.683
Other current assets	3.174.514	1.537.653	2.095.464	2.033.987	2.337.172
Current assets	24.981.862	13.755.843	15.028.151	17.250.946	12.561.340
Total assets	31.018.063	19.715.602	22.415.020	24.044.445	17.043.253
Total equity	15.157.297	10.723.420	12.213.558	14.977.785	9.846.960
Provisions					15.749
Long term liabilities	2.935.145	2.215.521	2.470.711	2.433.861	691.498
Accounts payable	5.038.813	3.775.596	1.756.677	1.649.967	1.381.916
Liabilities towards credit institutes	5.447.854			289.303	36.616
Other short term liabilities	2.438.954	3.001.065	5.974.074	4.693.529	5.070.513
Short term liabilities	12.925.621	6.776.661	7.730.751	6.632.800	6.489.046
Total liabilities	31.018.063	19.715.602	22.415.020	24.044.445	17.043.253
Summary	The total assets of the company increased with 57.33 % between 2015 and 2016. The fixed asset growth of 1.28 % is lower than the total asset growth. In 2016 the assets of the company were 19.46 % composed of fixed assets and 80.54 % by current assets. The assets are being financed by an equity of 48.87 %, and total debt of 51.13 %. The total assets of the company decreased with -12.04 % between 2014 and 2015. This downturn is mainly retrievable in the fixed asset decrease of -19.32 %. In 2015 the assets of the company were 30.23 % composed of fixed assets and 69.77 % by current assets. The assets are being financed by an equity of 54.39 %, and total debt of 45.61 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Revenues	43.606.531	30.714.838	26.771.941	24.210.114	18.668.273
Net turnover	44.700.250	31.252.957	27.121.120	24.983.766	18.785.213
Wages and salaries	3.947.636	3.398.576	3.116.161	2.820.471	1.457.496
Amorization and depreciation	501.551	376.244	329.241	442.652	298.933
Production costs	20.946.263	15.010.318	12.808.772	12.500.040	10.029.994
Operating result	11.830.167	6.408.021	5.580.028	4.281.533	3.780.223
Financial income	280.693	808.528	116.881	128.310	118.433
Financial expenses	195.954	103.441	77.636	17.241	14.754
Financial result	84.739	705.087	39.245	111.069	103.679
Result on ordinary operations before taxes	11.914.906	7.113.108	5.619.273	4.392.602	3.883.903
Taxation on the result of ordinary activities	2.102.489	1.878.476	1.407.447	1.151.759	486.362
Result of ordinary activities after taxes	9.812.417	5.234.632	4.211.826	3.240.843	3.397.541
Net result	9.812.417	5.234.632	4.211.826	3.240.843	3.397.541
Summary	The turnover of the company grew with 43.03 % between 2015 and 2016. The operating result of the company grew with 84.61 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 6.46 % of the analysed period, being equal to 38.41 in the year 2016. Despite the growth the assets turnover decreased, whose index evolved with -9.43 % to a level of 1.44. The Net Result of the company increased by 87.45 % between 2015 and 2016. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 18.51 % of the analysed period, being 78.61 in the year 2016. The company's financial structure has slowed down its financial profitability. The turnover of the company grew with 15.23 % between 2014 and 2015. The operating result of the company grew with 14.84 % between 2014 and 2015. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 43.92 % of the analysed period, being equal to 36.08 in the year 2015. This growth has contributed to the increase in assets turnover, increasing by 31.4 % reaching 1.59. The Net Result of the company increased by 24.28 % between 2014 and 2015. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 44.16 % of the analysed period, being 66.33 in the year 2015. The company's financial structure has slowed down its financial profitability.

Country information

Population	46.4 million
GDP per capita	26.565 USD
Country risk	Low
Company risk	Very Low

Publications

Remarks

Status: Active Status date: 1995-01-01 Category: Large company Last year: 2016 Turnover last year: 44.700.250 EUR Result last year: 9.812.417 EUR TOTAL assets last year: 31.018.063 EUR Number of employees: 89 Number of shareholders: 7 Number of subsidiaries: 8 Number of branches: 2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
Euro	1	INR 80.22

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.