MIRA INFORM REPORT

Report No. :	490819
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	BILTREC SA

Registered Office :	Calle Atlantida 21 1º 2ª - Sant Adria Del Besos - 08930 - Barcelona

Country :	Spain

Financials (as on) :	2015

Date of Incorporation :	01.01.1991

Legal Form :	Public Company

Line of Business :	Wholesale of chemical products

No. of Employees :	6

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Spain

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 experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten years, largely due to increased private consumption. At the onset of the 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 that year, 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 for its financial sector.

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 17% in 2017. High unemployment has 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.

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 through 2016. 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.

Political gridlock after the national elections in December 2015 and June 2016 and ensuing government formation process constrained the caretaker government’s ability to implement needed labor, pension, health care, tax, and education reforms— in 2016. The European Commission criticized Spain’s 2016 budget for easing austerity measures and for its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and with the recent uptick in economic activity, inflation has reappeared, at 2% per year.

Source : CIA

EXECUTIVE SUMMARY

Name:

BILTREC SA

NIF / Fiscal code:

A08970873

Status:

ACTIVE

Incorporation Date:

01/01/1991

Register Data

Last Publication in BORME:

20/07/2017 [Appointments]

Last Published Account Deposit:

2015

Share Capital:

60.101,21

Localization:

CALLE ATLANTIDA 21 1º 2ª - SANT ADRIA DEL BESOS - 08930 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 934 622 910 Email. biltrec@teleline.es Website. www.biltrec.com

Activity:

NACE:

4675 - Wholesale of chemical products

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

Slow

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

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

JUAN PLANAS CAPDEVILA

100 %

Identification

Social Denomination:

BILTREC SA

NIF / Fiscal code:

A08970873

Corporate Status:

ACTIVE

Start of activity:

1991

Registered Office:

CALLE ATLANTIDA 21 1º 2ª

Locality:

SANT ADRIA DEL BESOS

Province:

BARCELONA

Postal Code:

08930

Telephone:

934 622 910

Fax:

934 639 941

Website:

www.biltrec.com

Email:

biltrec@teleline.es

Interviewed Person:

Ms. Ángeles

Branch Offices

Activity

NACE:

4675

Corporate Purpose:

THE SUBJECT IS ENGAGED IN THE SALE, MARKETING, REPRESENTATION, IMPORT AND EXPORT OF CHEMICAL PRODUCTS IN GENERAL AND ITS APPLICATIONS AND TECHNOLOGICAL PROCEDURES, AS WELL AS THE RELEVANT SUPPLY OF SERVICES, MAINTAINANCE, ETC.

Additional Information:

It is engaged in the marketing, import, export of chemical products Sectors/Products Pharmacy, Pharmacy Intermediates, Compositums, Veterinary. Paints, Varnishes, Lacquers, Inks. Adhesives, Glues, Plastisols, Waterproofing, Putties. Plastics, Thermoplastics, Natural rubbers, Synthetic rubber, Rubber Thermoplastic Alkyd Resins, Polyester Resins, Polyurethane Resins, Epoxy Resins, Resins, Colophony, Emulsions for Paints. Thermostable Synthetic Lubricants, Cutting Oils, Petrochemicals, Grease, Silicone. Textile, Paper, Tanned, Polishes, Waxes.

Additional Address:

Registered office, offices, rented and located in: CALLE ATLANTIDA 21 1º 2ª SANT ADRIÁ DEL BESÓS ( BARCELONA )

Import / export:

IMPORTS/EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2018

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

Chronological Summary

Year

Act

1991

Accounts deposit (year 1989, 1990) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Change of Social address (1) Increase of Capital (1)

1992

Accounts deposit (year 1991)

1993

Accounts deposit (year 1992) Change of Social Denomination (1) Change of Social address (1)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998) Change of Social address (1)

2000

Accounts deposit (year 1999)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (1)

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) Appointments/ Re-elections (1)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015)

2017

Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

60.101,21

Paid up capital:

60.101,21

Shareholders

Name

NIF

% Shareholding stake

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

10/12/1991

Increase of Capital

57.096

60.101

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

AGUILA BOFARULL GERARD

13/07/2017

PROXY

AGUILA BOFARULL ARNAU

17/08/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AGUILA BOFARULL GERARD

SINGLE ADMINISTRATOR

13/07/2017

DOMINGUEZ SAMPEDRO MARIA JESUS

ADMINISTRATOR

10/12/1991

PLANAS CAPDEVILA JUAN

SINGLE ADMINISTRATOR

30/07/2012

ADMINISTRATOR

09/11/1996

ADMINISTRATOR

19/12/2001

ADMINISTRATOR

15/12/2006

Executive board

Post

NIF

Name

ADMINISTRATOR

GERARD AGUILA BOFARULL

DIRECTOR/GENERAL MANAGER

GERARD AGUILA BOFARULL

FINANCIAL DIRECTOR

JUAN PLANAS CAPDEVILA

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

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.

BILTREC SA has a tight level of Financial Autonomy. The Internal Funds of the entity represent the 19.87% of the total amount of funding sources.

The current debt represents a 66.51 % 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.

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

Reduced cash level and other liquid assets equivalent in relation to the volume of operations held. 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: 5.507 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

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 28.00% of the companies of the sector BILTREC 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 5,507%.

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)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Guarantees

References

Link List

SHAREHOLDERS :

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JUAN PLANAS CAPDEVILA

100

Turnover

Total Sales 2017

5.100.000

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

Estimated Balance

ECONOMIC FIGURES: 2017 (THOUSANDS OF EUROS) TOTAL ASSETS .......................................3.105 NON CURRENT ASSETS............................505 CURRENT ASSETS...............................2.600 PASIVE OWN FUNDS....................................600 NON CURRENT LIABILITIES..........................1.900 CURRENT LIABILITIES..................................605

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2015

Normales

August 2016

2014

Normales

August 2015

2013

Normales

September 2014

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

September 1998

1996

Normales

August 1997

1995

Normales

August 1996

1994

Normales

September 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

July 1992

1990

Normales

October 1991

1989

Normales

October 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 31/12/2015

> Balance en formato Pyme de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2015 2014 2013 2012 2011 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2015 2014 2013 2012 2011 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

2015

2014

2013

2012

2011

A) NON-CURRENT ASSETS: 11000

498.104,00

508.589,00

520.239,00

531.888,00

549.454,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

821,00

3.608,00

8.160,00

12.712,00

21.731,00

III. Real estate investment: 11300

491.757,00

498.855,00

505.953,00

513.050,00

520.148,00

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

0,00

V. Long-term financial investments: 11500

5.526,00

6.126,00

7.576,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.258.807,00

1.974.888,00

2.014.754,00

2.178.181,00

2.288.834,00

I. Stocks : 12200

957.315,00

870.551,00

814.594,00

904.504,00

925.972,00

II. Trade debtors and others receivable accounts : 12300

1.032.406,00

920.720,00

836.872,00

981.775,00

1.073.029,00

1. Trade debtors / accounts receivable: 12380

1.032.406,00

896.805,00

802.200,00

887.858,00

998.528,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.032.406,00

896.805,00

802.200,00

887.858,00

998.528,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

0,00

23.915,00

34.672,00

93.916,00

74.501,00

III. Short-term investment in Group companies and associates: 12400

0,00

IV. Short-term financial investments : 12500

145.612,00

130.585,00

155.087,00

167.891,00

130.511,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

123.474,00

53.032,00

208.201,00

124.011,00

159.322,00

TOTAL ASSETS (A + B) : 10000

2.756.911,00

2.483.477,00

2.534.992,00

2.710.070,00

2.838.288,00

ORIGINAL

Liabilities and Net Worth

2015

2014

2013

2012

2011

A) NET WORTH: 20000

547.701,00

515.139,00

483.242,00

449.548,00

425.082,00

A-1) Shareholders' equity: 21000

547.701,00

515.139,00

483.242,00

449.548,00

425.082,00

I. Capital: 21100

60.101,00

1. Registered capital : 21110

60.101,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

455.038,00

423.141,00

389.447,00

364.981,00

337.950,00

1. Capitalisation Reserves: 21350

0,00

2. Otras Reservas: 21360

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

32.562,00

31.897,00

33.694,00

24.466,00

27.031,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

375.667,00

377.562,00

366.421,00

321.874,00

362.329,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

375.667,00

377.562,00

366.421,00

321.874,00

362.329,00

1. Amounts owed to credit institutions: 31220

373.267,00

374.562,00

363.421,00

318.874,00

359.329,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

2.400,00

3.000,00

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

1.833.543,00

1.590.776,00

1.685.330,00

1.938.647,00

2.050.877,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

1.141.391,00

915.647,00

559.685,00

387.617,00

416.675,00

1. Amounts owed to credit institutions: 32320

1.141.391,00

915.647,00

559.685,00

387.617,00

416.675,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

III. Short-term amounts owed to group and associated companies: 32400

0,00

IV. Trade creditors and other accounts payable: 32500

692.152,00

675.129,00

1.125.645,00

1.551.031,00

1.634.202,00

1. Suppliers: 32580

485.206,00

527.810,00

984.847,00

1.422.772,00

1.475.735,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

485.206,00

527.810,00

984.847,00

1.422.772,00

1.475.735,00

2. Other creditors: 32590

206.946,00

147.319,00

140.798,00

128.259,00

158.467,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

2.756.911,00

2.483.477,00

2.534.992,00

2.710.070,00

2.838.288,00

ORIGINAL

Profit and Loss

2015

2014

2013

2012

2011

1. Net turnover: 40100

4.277.587,00

3.907.056,00

3.669.110,00

3.064.362,00

4.004.390,00

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

-3.679.168,00

-3.300.996,00

-3.009.699,00

-2.265.757,00

-3.123.538,00

5. Other operating income: 40500

38.585,00

43.900,00

22.134,00

39.590,00

33.517,00

6. Personnel costs: 40600

-175.829,00

-166.978,00

-162.274,00

-221.135,00

-251.674,00

7. Other operating costs: 40700

-337.957,00

-327.426,00

-382.183,00

-492.992,00

-510.502,00

8. Amortisation of fixed assets: 40800

-9.885,00

-11.650,00

-12.648,00

-13.523,00

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

-2.968,00

0,00

12. Other results : 41300

173,00

0,00

1.278,00

0,00

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

113.506,00

143.906,00

126.717,00

108.450,00

138.670,00

13. Financial income : 41400

261,00

2.794,00

545,00

827,00

1.116,00

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

0,00

b) Other financial income: 41490

261,00

2.794,00

545,00

827,00

1.116,00

14. Financial expenditure : 41500

-85.603,00

-94.323,00

-84.738,00

-76.016,00

-103.874,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

1.865,00

-11.876,00

1.433,00

-1.627,00

0,00

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

13.387,00

1.626,00

884,00

892,00

0,00

18. 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 ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

-70.090,00

-101.779,00

-81.876,00

-75.924,00

-102.758,00

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

43.416,00

42.127,00

44.841,00

32.527,00

35.912,00

19. Income taxes : 41900

-10.854,00

-10.230,00

-11.147,00

-8.061,00

-8.881,00

D) RESULT OF THE PERIOD ( C + 19 ) : 49500

32.562,00

31.897,00

33.694,00

24.466,00

27.031,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2015 2014 2013 2012 2011 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 2015 2014 2013 2012 2011 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2015

2014

2013

2012

2011

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

498.104,00

508.589,00

520.239,00

531.888,00

549.454,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

492.578,00

502.463,00

514.112,00

525.762,00

541.879,00

IV. Financial investments:

5.526,00

6.126,00

7.576,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.258.807,00

1.974.888,00

2.014.754,00

2.178.181,00

2.288.834,00

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

0,00

II. Stocks:

957.315,00

870.551,00

814.594,00

904.504,00

925.972,00

III. Debtors:

1.032.406,00

920.720,00

836.872,00

981.775,00

1.073.029,00

IV. Short-term investments:

145.612,00

130.585,00

155.087,00

167.891,00

130.511,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

123.474,00

53.032,00

208.201,00

124.011,00

159.322,00

VII. Prepayments and accrued income:

0,00

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

2.756.911,00

2.483.477,00

2.534.992,00

2.710.070,00

2.838.288,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2015

2014

2013

2012

2011

A) EQUITY:

547.701,00

515.139,00

483.242,00

449.548,00

425.082,00

I. Subscribed capital:

60.101,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

455.038,00

423.141,00

389.447,00

364.981,00

337.950,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

455.038,00

423.141,00

389.447,00

364.981,00

337.950,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

32.562,00

31.897,00

33.694,00

24.466,00

27.031,00

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:

375.667,00

377.562,00

366.421,00

321.874,00

362.329,00

E) SHORT TERM CREDITORS:

1.833.543,00

1.590.776,00

1.685.330,00

1.938.647,00

2.050.877,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

2.756.911,00

2.483.477,00

2.534.992,00

2.710.070,00

2.838.288,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2015

2014

2013

2012

2011

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

4.299.296,00

3.923.479,00

3.661.690,00

3.081.205,00

4.011.993,00

A.1. Operating consumption:

3.679.168,00

3.300.996,00

3.009.699,00

2.265.757,00

3.123.538,00

A.2. Staff Costs:

175.829,00

166.978,00

162.274,00

221.135,00

251.674,00

a) Wages, salaries et al.:

126.510,00

120.141,00

116.756,00

159.108,00

181.081,00

b) Social security costs:

49.319,00

46.837,00

45.517,00

62.028,00

70.594,00

A.3. Depreciation expense:

9.885,00

11.650,00

12.648,00

13.523,00

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

0,00

A.5. Other operating charges:

337.957,00

327.426,00

382.183,00

492.992,00

510.502,00

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

113.333,00

143.906,00

125.439,00

111.418,00

138.670,00

A.6. Financial and similar charges:

85.603,00

94.323,00

84.738,00

76.016,00

103.874,00

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:

85.603,00

94.323,00

84.738,00

76.016,00

103.874,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

11.876,00

0,00

1.627,00

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):

43.243,00

42.127,00

43.563,00

35.495,00

35.912,00

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

2.968,00

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):

173,00

0,00

1.278,00

0,00

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

43.416,00

42.127,00

44.841,00

32.527,00

35.912,00

A.14. Corporation Tax:

10.854,00

10.230,00

11.147,00

8.061,00

8.881,00

A.15. Miscellaneous taxes:

0,00

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

32.562,00

31.897,00

33.694,00

24.466,00

27.031,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2015

2014

2013

2012

2011

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

4.331.858,00

3.955.376,00

3.695.384,00

3.105.671,00

4.039.023,00

B.1. Operating income:

4.316.172,00

3.950.956,00

3.691.244,00

3.103.952,00

4.037.908,00

a) Net total sales:

4.277.587,00

3.907.056,00

3.669.110,00

3.064.362,00

4.004.390,00

b) Miscellaneous operating income:

38.585,00

43.900,00

22.134,00

39.590,00

33.517,00

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

0,00

B.2. Financial income:

13.648,00

4.420,00

1.429,00

1.719,00

1.116,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

261,00

2.794,00

545,00

827,00

1.116,00

d) Profit on financial investment:

13.387,00

1.626,00

884,00

892,00

0,00

B.3. Exchange gains:

1.865,00

0,00

1.433,00

0,00

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

70.090,00

101.779,00

81.876,00

75.924,00

102.758,00

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

0,00

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

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

0,00

B.7. Extraordinary income:

173,00

0,00

1.278,00

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

2.968,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

Net Rights Granted

2015

2014

2013

2012

2011

1. Fiscal year result before taxes.: 61100

43.416,00

42.127,00

44.841,00

32.527,00

35.912,00

2. Results adjustments.: 61200

95.227,00

103.179,00

95.843,00

87.837,00

116.281,00

a) Fixed Assets Amortization (+).: 61201

9.885,00

11.650,00

12.648,00

13.523,00

g) Financial income (-).: 61207

-261,00

-2.794,00

-545,00

-827,00

-1.116,00

h) Financial Expenses (+). : 61208

85.603,00

94.323,00

84.738,00

76.016,00

103.874,00

3. Changes in current capital equity.: 61300

-207.309,00

-576.047,00

-188.917,00

-15.891,00

341.687,00

a) Stock (+/-).: 61301

-86.764,00

-55.957,00

89.910,00

21.469,00

323.726,00

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

-111.686,00

-83.848,00

144.902,00

91.254,00

49.348,00

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

-15.027,00

24.502,00

12.804,00

-37.381,00

-17.187,00

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

6.169,00

-460.745,00

-436.534,00

-91.232,00

-14.200,00

4. Cash Flows from Other Operating Activities: 61400

-85.342,00

-91.529,00

-84.193,00

-75.189,00

-102.758,00

a) Interest payments (-). : 61401

-85.603,00

-94.323,00

-84.738,00

-76.016,00

-103.874,00

c) Interest collection (+). : 61403

261,00

2.794,00

545,00

827,00

1.116,00

5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500

-154.008,00

-522.271,00

-132.426,00

29.284,00

391.122,00

6. Payments for investment (-).: 62100

0,00

-3.000,00

e) Other financial assets. : 62105

0,00

-3.000,00

7. Divestment payment collection (+). : 62200

10.485,00

11.650,00

17.566,00

13.523,00

c) Fixed assets. : 62203

2.787,00

4.552,00

9.019,00

6.425,00

d) Real estate investment. : 62204

7.098,00

e) Other financial assets. : 62205

600,00

0,00

1.449,00

0,00

8. Cash Flow from Investing Activities (6+7) less Amortization: 62300

600,00

0,00

4.918,00

-3.000,00

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

0,00

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

223.849,00

367.103,00

216.615,00

-69.513,00

-309.221,00

a) Issuance : 63201

225.745,00

367.103,00

216.615,00

0,00

3.000,00

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

225.745,00

367.103,00

216.615,00

0,00

5. Other debts (+). : 63206

0,00

3.000,00

b) Repayment and amortization of : 63207

-1.896,00

0,00

-69.513,00

-312.221,00

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

-1.296,00

0,00

-69.513,00

-312.221,00

5. Other debts (-). : 63212

-600,00

0,00

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

0,00

12. Cash Flows from Financing Activities (9+10+11): 63400

223.849,00

367.103,00

216.615,00

-69.513,00

-309.221,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

70.441,00

-155.168,00

84.189,00

-35.311,00

78.901,00

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

53.032,00

208.201,00

124.011,00

159.322,00

80.422,00

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

123.474,00

53.032,00

208.201,00

124.011,00

159.322,00

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

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,02 %

0,01 %

-0,04 %

0,00 %

141,47 %

Net Financial Debt:

10,13

2,16

7,13

3,11

41,99

-30,60

Cash Flow Yield:

0,03 %

0,01 %

-0,06 %

0,00 %

140,89 %

EBITDA over Sales:

2,88 %

6,39 %

3,98 %

5,39 %

-27,65 %

18,55 %

Profitability

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,35 %

3,92 %

6,13 %

2,82 %

-29,07 %

38,94 %

Total economic profitability:

4,68 %

3,96 %

5,49 %

2,95 %

-14,82 %

34,17 %

Financial profitability:

5,95 %

4,60 %

6,19 %

2,79 %

-3,98 %

64,76 %

Margin:

2,63 %

3,94 %

3,64 %

2,81 %

-27,91 %

40,03 %

Mark-up:

1,00 %

3,56 %

1,07 %

2,08 %

-6,04 %

71,24 %

Solvency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,07

0,34

0,03

0,29

102,00

18,13

Acid Test:

0,71

1,17

0,69

1,11

2,25

5,20

Working Capital / Investment:

0,15

0,21

0,15

0,20

-0,27

4,50

Solvency:

1,23

1,78

1,24

1,73

-0,77

2,71

Indebtedness

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

4,03

0,92

3,82

1,00

5,56

-8,22

Borrowing Composition:

0,20

0,67

0,24

0,69

-13,68

-3,20

Repayment Ability:

17,93

9,47

12,65

11,82

41,69

-19,87

Warranty:

1,25

2,09

1,26

2,01

-1,09

4,43

Generated resources / Total creditors:

0,01

0,09

0,02

0,07

-38,24

29,21

Efficiency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,70

1,30

1,93

1,25

-11,95

3,94

Turnover of Collection Rights :

4,18

4,74

4,29

4,57

-2,57

3,68

Turnover of Payment Entitlements:

5,80

3,16

5,37

3,03

7,99

4,27

Stock rotation:

4,39

4,91

4,37

4,71

0,39

4,29

Assets turnover:

1,66

0,99

1,68

1,00

-1,61

-0,78

Borrowing Cost:

3,87

1,77

4,79

2,04

-19,14

-13,46

> Trend of indicators under the General Accounting Plan of 2007 (2015, 2014, 2013, 2012, 2011)

Cash Flow

2015

2014

2013

2012

2011

Cash Flow over Sales:

0,02 %

-0,04 %

0,02 %

-0,01 %

0,02 %

Net Financial Debt:

10,13

7,13

4,11

3,37

3,21

Cash Flow Yield:

0,03 %

-0,06 %

0,03 %

-0,01 %

0,03 %

EBITDA over Sales:

2,88 %

3,98 %

3,74 %

4,05 %

3,80 %

Profitability

2015

2014

2013

2012

2011

Operating economic profitability:

4,35 %

6,13 %

5,28 %

4,28 %

5,14 %

Total economic profitability:

4,68 %

5,49 %

5,11 %

4,01 %

4,92 %

Financial profitability:

5,95 %

6,19 %

6,97 %

5,44 %

6,36 %

Margin:

2,63 %

3,64 %

3,40 %

3,49 %

3,43 %

Mark-up:

1,00 %

1,07 %

1,18 %

1,05 %

0,89 %

Solvency

2015

2014

2013

2012

2011

Liquidity:

0,07

0,03

0,12

0,06

0,08

Acid Test:

0,71

0,69

0,71

0,66

Working Capital / Investment:

0,15

0,13

0,09

0,08

Solvency:

1,23

1,24

1,20

1,12

Indebtedness

2015

2014

2013

2012

2011

Indebtedness level:

4,03

3,82

4,25

5,03

5,68

Borrowing Composition:

0,20

0,24

0,22

0,17

0,18

Repayment Ability:

17,93

12,65

14,97

18,22

15,86

Warranty:

1,25

1,26

1,24

1,20

1,18

Generated resources / Total creditors:

0,01

0,02

Efficiency

2015

2014

2013

2012

2011

Productivity:

1,70

1,93

1,84

1,56

1,60

Turnover of Collection Rights :

4,18

4,29

4,41

3,16

3,76

Turnover of Payment Entitlements:

5,80

5,37

3,01

1,78

2,22

Stock rotation:

4,39

4,37

4,38

3,31

4,21

Assets turnover:

1,66

1,68

1,56

1,22

1,50

Borrowing Cost:

3,87

4,79

4,13

3,36

4,30

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

----

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The subject was incorporated several years ago. Thus, it has lot of expertise in the sector.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.89
Euro	1	INR 79.11

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TRU

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)

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

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Shareholders

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit