MIRA INFORM REPORT

Report No. :	493323
Report Date :	27.02.2018

IDENTIFICATION DETAILS

Name :	SUPERMERCADO DE LAS TELAS SA

Registered Office :	Gracia, 23-25 - Granada - 18002 - Granada

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	26.12.1986

Legal Form :	Public Company

Line of Business :	Retail sale of textiles in specialised stores

No. of Employees :	16 (2016)

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

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

(30.09.2017)

Current Rating

(31.12.2017)

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 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

EXECUTIVE SUMMARY

Name:

SUPERMERCADO DE LAS TELAS SA

NIF / Fiscal code:

A18068742

Status:

ACTIVE

Incorporation Date:

26/12/1986

Register Data

Last Published Account Deposit:

2016

Share Capital:

264.445

Localization:

GRACIA, 23-25 - GRANADA - 18002 - GRANADA

Telephone - Fax - Email - Website:

Telephone. 958 258 705 / 958 265 800 Email. info@tejidosbuenosaires.com Website. www.tejidosbuenosaires.com

Activity:

NACE:

4751 - Retail sale of textiles in specialised stores

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:

HERMINIA CABELLO LOPEZ

50 %

JESUS IGNACIO GALERA CABELLO

16.7 %

JOSE PABLO GALERA CABELLO

16.59 %

PEDRO GALERA CABELLO

16.71 %

Identification

Social Denomination:

SUPERMERCADO DE LAS TELAS SA

NIF / Fiscal code:

A18068742

Corporate Status:

ACTIVE

Start of activity:

1989

Registered Office:

GRACIA, 23-25

Locality:

GRANADA

Province:

GRANADA

Postal Code:

18002

Telephone:

958 258 705 / 958 265 800

Website:

www.tejidosbuenosaires.com

Email:

info@tejidosbuenosaires.com

Interviewed Person:

The information in this report has been gathered through indirect sources due to the refusal of the company's responsible people to collaborate.

Branch Offices

Activity

NACE:

4751

Corporate Purpose:

The subject is engage din the real estate activities in general.

Additional Information:

Wholesale and retail sale of textiles.

Additional Address:

The Registered Office and establishment are located at the heading address.

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2016

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

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989)

1991

Accounts deposit (year 1990) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1992

Accounts deposit (year 1991)

1993

Accounts deposit (year 1992) Appointments/ Re-elections (1)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994)

1996

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

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (1)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (1)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009) Appointments/ Re-elections (1)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (1)

2016

Accounts deposit (year 2015)

2017

Accounts deposit (year 2016)

2018

Change of Social Purpose (1)

Breakdown of Owners' Equity

Registered Capital:

264.445

Paid up capital:

264.445

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

CABELLO LOPEZ HERMINIA

02/02/2015

GALERA CABELLO JOSE PABLO

02/02/2015

PROXY

GALERA CABELLO PEDRO

16/11/1993

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CABELLO LOPEZ HERMINIA

JOINT MANAGER

02/12/1996

JOINT MANAGER

14/01/2000

JOINT MANAGER

28/12/2004

JOINT MANAGER

07/01/2010

JOINT MANAGER

02/02/2015

SECRETARY

02/12/1991

CABELLO VARGAS JOSE

JOINT MANAGER

02/12/1996

JOINT MANAGER

09/07/1999

PRESIDENT

02/12/1991

GALERA CABELLO JOSE PABLO

JOINT MANAGER

14/01/2000

JOINT MANAGER

28/12/2004

JOINT MANAGER

07/01/2010

JOINT MANAGER

02/02/2015

LOPEZ YAÑEZ HERMINIA

MEMBER

02/12/1991

Executive board

Post

NIF

Name

ADMINISTRATOR

HERMINIA CABELLO LOPEZ

ADMINISTRATOR

JOSE PABLO GALERA CABELLO

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.

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 38.89of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

SUPERMERCADO DE LAS TELAS SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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

No Company's subsidiaries or branches are known.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.573 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

475 Retail sale of other household equipment in specialised stores

Relative Position:

Credit quality is superior 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 better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector SUPERMERCADO DE LAS TELAS SA 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 0,573%.

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

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

4 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

HERMINIA CABELLO LOPEZ

JESUS IGNACIO GALERA CABELLO

16.7

JOSE PABLO GALERA CABELLO

16.59

PEDRO GALERA CABELLO

16.71

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

P J N SA

GRANADA

TEJIDOS BUENOS AIRES SA

GRANADA

Turnover

Total Sales 2016

4.782.717,04

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

Estimated Balance

According to the last Accounts filed at the Trade Registry (31/12/2016), the subject closed the year with profits that amounted to Euro 109,308 but had losses from previous years that amounted to Euro -456.583

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

July 2017

2015

Normales

July 2016

2014

Normales

October 2015

2013

Normales

August 2014

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

July 2010

2008

Normales

July 2009

2007

Normales

July 2008

2006

Normales

July 2007

2005

Normales

July 2006

2004

Normales

July 2005

2003

Normales

August 2004

2002

Normales

July 2003

2001

Normales

August 2002

2000

Normales

July 2001

1999

Normales

August 2000

1998

Normales

July 1999

1997

Normales

July 1998

1996

Normales

August 1997

1995

Normales

July 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

September 1992

1990

Normales

August 1991

1989

Normales

August 1990

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 31/12/2016

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012 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

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

1.797.018,00

1.828.858,00

1.833.880,00

1.761.866,00

1.566.882,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

210.473,00

182.712,00

132.624,00

142.697,00

155.690,00

III. Real estate investment: 11300

1.464.252,00

1.466.291,00

1.517.377,00

1.495.052,00

1.408.936,00

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

0,00

V. Long-term financial investments: 11500

8.856,00

4.456,00

2.256,00

VI. Assets for deferred tax : 11600

113.437,00

175.398,00

181.623,00

121.861,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.046.937,00

1.586.856,00

1.811.334,00

2.688.562,00

3.076.897,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

839.794,00

560.437,00

678.814,00

933.235,00

1.109.909,00

III. Trade debtors and others receivable accounts: 12300

859.349,00

872.574,00

992.641,00

1.195.687,00

1.840.164,00

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

843.470,00

851.796,00

974.162,00

1.090.444,00

1.838.646,00

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

0,00

b) Customers for sales and provisions of services : 12382

843.470,00

851.796,00

974.162,00

1.090.444,00

1.838.646,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

15.880,00

20.778,00

18.478,00

105.243,00

1.518,00

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

0,00

V. Short-term financial investments : 12500

0,00

VI. Short-term accruals: 12600

6.440,00

6.237,00

6.047,00

6.882,00

7.876,00

VII. Cash and other equivalent liquid assets : 12700

341.354,00

147.609,00

133.832,00

552.759,00

118.948,00

TOTAL ASSETS (A + B) : 10000

3.843.955,00

3.415.714,00

3.645.214,00

4.450.428,00

4.643.780,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

2.048.084,00

1.938.687,00

1.931.591,00

2.110.878,00

2.395.270,00

A1) Shareholders' equity : 21000

2.048.084,00

1.938.687,00

1.931.591,00

2.110.878,00

2.395.270,00

I. Capital: 21100

264.445,00

1.- Registered capital: 21110

264.445,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.130.824,00

1.996.629,00

1. Capitalisation Reserves: 21350

0,00

2. Otras Reservas: 21360

2.130.824,00

0,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-456.583,00

-463.679,00

-284.392,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

109.398,00

7.095,00

-179.287,00

-284.392,00

134.195,00

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

301.078,00

417.224,00

558.083,00

692.604,00

825.454,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

301.078,00

417.224,00

558.083,00

692.604,00

825.454,00

1.- Amounts owed to credit institutions: 31220

288.788,00

413.734,00

554.593,00

690.614,00

821.964,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

12.290,00

3.490,00

1.990,00

3.490,00

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

1.494.793,00

1.059.803,00

1.155.540,00

1.646.946,00

1.423.056,00

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

607.874,00

601.755,00

603.765,00

599.093,00

596.410,00

1.- Amounts owed to credit institutions: 32320

146.899,00

140.859,00

136.021,00

131.350,00

126.838,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

460.975,00

460.896,00

467.743,00

469.571,00

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

0,00

V. Trade creditors and other accounts payable: 32500

886.919,00

458.048,00

551.775,00

1.047.853,00

826.646,00

1.- Suppliers: 32580

789.649,00

317.080,00

423.850,00

975.364,00

658.578,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

789.649,00

317.080,00

423.850,00

975.364,00

658.578,00

2.- Other creditors : 32590

97.270,00

140.968,00

127.925,00

72.489,00

168.068,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

3.843.955,00

3.415.714,00

3.645.214,00

4.450.428,00

4.643.780,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

4.782.717,00

3.854.376,00

3.262.234,00

3.477.574,00

5.534.655,00

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

-3.961.481,00

-3.196.855,00

-2.699.813,00

-2.891.797,00

-4.680.192,00

5. Other operating income: 40500

38.376,00

21.005,00

22.911,00

24.478,00

8.640,00

6. Personnel costs: 40600

-440.450,00

-432.186,00

-524.405,00

-505.512,00

-365.508,00

7. Other operating costs: 40700

-199.973,00

-191.114,00

-277.176,00

-445.374,00

-267.395,00

8. Amortisation of fixed assets: 40800

-16.042,00

-13.619,00

-10.073,00

-12.993,00

-22.899,00

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

-98.015,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-3.905,00

8.600,00

36.811,00

1.930,00

141.779,00

A) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100

199.241,00

50.206,00

-189.511,00

-351.695,00

251.065,00

14. Financial income : 41400

1.018,00

807,00

1.791,00

1.292,00

4.953,00

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

0,00

b) Other financial income: 41490

1.018,00

807,00

1.791,00

1.292,00

4.953,00

15. Financial expenditure: 41500

-28.901,00

-37.693,00

-51.329,00

-55.850,00

-64.263,00

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

-27.883,00

-36.885,00

-49.538,00

-54.558,00

-59.310,00

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

171.358,00

13.321,00

-239.049,00

-406.253,00

191.755,00

20. Income taxes: 41900

-61.961,00

-6.225,00

59.762,00

121.861,00

-57.560,00

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

109.398,00

7.095,00

-179.287,00

-284.392,00

134.195,00

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012 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 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2016

2015

2014

2013

2012

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

1.683.581,00

1.653.460,00

1.652.257,00

1.640.006,00

1.566.882,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

1.674.725,00

1.649.003,00

1.650.001,00

1.637.749,00

1.564.626,00

IV. Financial investments:

8.856,00

4.456,00

2.256,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.160.374,00

1.762.254,00

1.992.957,00

2.810.423,00

3.076.897,00

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

0,00

II. Stocks:

839.794,00

560.437,00

678.814,00

933.235,00

1.109.909,00

III. Debtors:

972.786,00

1.047.972,00

1.174.264,00

1.317.548,00

1.840.164,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

341.354,00

147.609,00

133.832,00

552.759,00

118.948,00

VII. Prepayments and accrued income:

6.440,00

6.237,00

6.047,00

6.882,00

7.876,00

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

3.843.955,00

3.415.714,00

3.645.214,00

4.450.428,00

4.643.780,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

2.048.084,00

1.938.687,00

1.931.591,00

2.110.878,00

2.395.270,00

I. Subscribed capital:

264.445,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.130.824,00

1.996.629,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

2.130.824,00

1.996.629,00

V. Profit or loss brought forward:

-456.583,00

-463.679,00

-284.392,00

0,00

VI. Profit or loss for the financial year:

109.398,00

7.095,00

-179.287,00

-284.392,00

134.195,00

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:

301.078,00

417.224,00

558.083,00

692.604,00

825.454,00

E) SHORT TERM CREDITORS:

1.494.793,00

1.059.803,00

1.155.540,00

1.646.946,00

1.423.056,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

3.843.955,00

3.415.714,00

3.645.214,00

4.450.428,00

4.643.780,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

4.712.713,00

3.877.692,00

3.503.034,00

3.789.664,00

5.555.832,00

A.1. Operating consumption:

3.961.481,00

3.196.855,00

2.699.813,00

2.891.797,00

4.680.192,00

A.2. Staff Costs:

440.450,00

432.186,00

524.405,00

505.512,00

365.508,00

a) Wages, salaries et al.:

340.319,00

333.934,00

405.188,00

390.590,00

282.414,00

b) Social security costs:

100.131,00

98.252,00

119.217,00

114.922,00

83.094,00

A.3. Depreciation expense:

16.042,00

13.619,00

10.073,00

12.993,00

22.899,00

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

0,00

A.5. Other operating charges:

199.973,00

191.114,00

277.176,00

445.374,00

267.395,00

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

203.146,00

41.606,00

0,00

207.302,00

A.6. Financial and similar charges:

28.901,00

37.693,00

51.329,00

55.850,00

64.263,00

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:

28.901,00

37.693,00

51.329,00

55.850,00

64.263,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

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):

175.264,00

4.721,00

0,00

147.991,00

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

98.015,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

3.905,00

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):

0,00

8.600,00

36.811,00

1.930,00

43.764,00

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

171.358,00

13.321,00

0,00

191.755,00

A.14. Corporation Tax:

61.961,00

6.225,00

-59.762,00

-121.861,00

57.560,00

A.15. Miscellaneous taxes:

0,00

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

109.398,00

7.095,00

0,00

134.195,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

4.822.111,00

3.884.788,00

3.323.747,00

3.505.272,00

5.690.027,00

B.1. Operating income:

4.821.093,00

3.875.381,00

3.285.145,00

3.502.051,00

5.543.295,00

a) Net total sales:

4.782.717,00

3.854.376,00

3.262.234,00

3.477.574,00

5.534.655,00

b) Miscellaneous operating income:

38.376,00

21.005,00

22.911,00

24.478,00

8.640,00

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

0,00

226.322,00

353.624,00

0,00

B.2. Financial income:

1.018,00

807,00

1.791,00

1.292,00

4.953,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

1.018,00

807,00

1.791,00

1.292,00

4.953,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

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

27.883,00

36.885,00

49.538,00

54.558,00

59.310,00

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

0,00

275.860,00

408.182,00

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:

0,00

8.600,00

36.811,00

1.930,00

141.779,00

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):

3.905,00

0,00

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

0,00

239.049,00

406.253,00

0,00

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

0,00

179.287,00

284.392,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

171.358,00

13.321,00

-239.049,00

-406.253,00

191.755,00

2. Results adjustments.: 61200

43.925,00

50.505,00

59.611,00

67.551,00

82.209,00

a) Fixed Assets Amortization (+).: 61201

16.042,00

13.619,00

10.073,00

12.993,00

22.899,00

g) Financial income (-).: 61207

-1.018,00

-807,00

-1.791,00

-1.292,00

-4.953,00

h) Financial Expenses (+). : 61208

28.901,00

37.693,00

51.329,00

55.850,00

64.263,00

3. Changes in current capital equity.: 61300

100.574,00

138.302,00

21.986,00

1.165.213,00

-661.356,00

a) Stock (+/-).: 61301

-279.357,00

118.377,00

254.421,00

176.675,00

-394.035,00

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

13.225,00

120.067,00

203.046,00

644.477,00

-303.416,00

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

-203,00

-190,00

835,00

994,00

-360,00

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

366.910,00

-99.952,00

-436.316,00

343.068,00

36.455,00

4. Cash Flows from Other Operating Activities: 61400

-27.883,00

-36.885,00

-49.538,00

-54.558,00

-59.310,00

a) Interest payments (-). : 61401

-28.901,00

-37.693,00

-51.329,00

-55.850,00

-64.263,00

c) Interest collection (+). : 61403

1.018,00

807,00

1.791,00

1.292,00

4.953,00

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

287.974,00

165.241,00

-206.990,00

771.953,00

-446.702,00

6. Payments for investment (-).: 62100

-32.161,00

-52.288,00

-82.087,00

-207.977,00

0,00

c) Fixed assets. : 62103

-27.761,00

-50.088,00

0,00

d) Real estate investment. : 62104

0,00

-22.325,00

-86.116,00

0,00

e) Other financial assets. : 62105

-4.400,00

-2.200,00

0,00

h) Other assets. : 62108

0,00

-59.762,00

-121.861,00

0,00

7. Divestment payment collection (+). : 62200

64.000,00

57.311,00

10.073,00

12.993,00

122.230,00

c) Fixed assets. : 62203

0,00

10.073,00

12.993,00

22.899,00

d) Real estate investment. : 62204

2.039,00

51.085,00

0,00

96.331,00

e) Other financial assets. : 62205

0,00

3.000,00

h) Other assets. : 62208

61.961,00

6.225,00

0,00

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

15.797,00

-8.597,00

-82.087,00

-207.977,00

99.331,00

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

0,00

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

-110.027,00

-142.868,00

-129.850,00

-130.166,00

-201.073,00

a) Issuance : 63201

14.919,00

4.838,00

6.171,00

4.511,00

9.935,00

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

6.040,00

4.838,00

4.671,00

4.511,00

6.445,00

5. Other debts (+). : 63206

8.878,00

0,00

1.500,00

0,00

3.490,00

b) Repayment and amortization of : 63207

-124.946,00

-147.706,00

-136.021,00

-134.677,00

-211.008,00

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

-124.946,00

-140.859,00

-136.021,00

-131.350,00

-128.359,00

5. Other debts (-). : 63212

0,00

-6.847,00

0,00

-3.328,00

-82.649,00

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

0,00

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

-110.027,00

-142.868,00

-129.850,00

-130.166,00

-201.073,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

193.745,00

13.777,00

-418.926,00

433.811,00

-548.443,00

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

147.609,00

133.832,00

552.759,00

118.948,00

667.391,00

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

341.354,00

147.609,00

133.832,00

552.759,00

118.948,00

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

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,04 %

0,11 %

0,00 %

0,02 %

495,05 %

Net Financial Debt:

2,59

3,09

15,78

3,74

-83,59

-17,44

Cash Flow Yield:

0,05 %

0,03 %

0,00 %

0,01 %

509,44 %

EBITDA over Sales:

4,58 %

11,11 %

1,43 %

11,51 %

219,86 %

-3,44 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,30 %

3,95 %

1,22 %

4,58 %

334,30 %

-13,84 %

Total economic profitability:

5,21 %

3,26 %

1,49 %

3,84 %

248,83 %

-14,98 %

Financial profitability:

5,34 %

3,44 %

0,37 %

4,67 %

1.359,44 %

-26,37 %

Margin:

4,21 %

6,15 %

1,07 %

7,44 %

292,48 %

-17,32 %

Mark-up:

3,64 %

6,73 %

0,12 %

8,66 %

2.884,30 %

-22,33 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,23

0,27

0,14

0,23

63,96

16,61

Acid Test:

0,80

1,07

0,96

0,97

-16,55

10,26

Working Capital / Investment:

0,14

0,12

0,15

0,10

-6,91

28,44

Solvency:

1,45

1,67

1,66

1,48

-13,08

12,63

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,88

0,82

0,76

0,88

15,09

-7,79

Borrowing Composition:

0,20

1,13

0,39

1,09

-48,84

3,29

Repayment Ability:

8,19

13,66

26,75

14,14

-69,37

-3,44

Warranty:

2,14

2,24

2,31

2,14

-7,44

4,72

Generated resources / Total creditors:

0,07

0,01

0,10

398,03

-23,69

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,50

1,52

1,13

1,57

32,80

-2,85

Turnover of Collection Rights :

5,61

4,23

4,44

3,80

26,32

11,16

Turnover of Payment Entitlements:

4,69

2,78

7,40

2,72

-36,56

2,04

Stock rotation:

5,50

2,64

6,84

2,90

-19,61

-8,93

Assets turnover:

1,26

0,64

1,14

0,62

10,65

4,20

Borrowing Cost:

1,61

2,30

2,55

2,40

-36,94

-4,13

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2013, 2012)

Cash Flow

2016

2015

2014

2013

2012

Cash Flow over Sales:

0,04 %

0,00 %

-0,13 %

0,12 %

-0,10 %

Net Financial Debt:

2,59

15,78

-4,75

-2,17

5,66

Cash Flow Yield:

0,05 %

0,00 %

-0,11 %

0,10 %

-0,12 %

EBITDA over Sales:

4,58 %

1,43 %

-6,63 %

-9,80 %

4,16 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

5,30 %

1,22 %

-6,21 %

-7,95 %

2,35 %

Total economic profitability:

5,21 %

1,49 %

-5,15 %

-7,87 %

5,51 %

Financial profitability:

5,34 %

0,37 %

-9,28 %

-13,47 %

5,60 %

Margin:

4,21 %

1,07 %

-6,89 %

-10,10 %

1,97 %

Mark-up:

3,64 %

0,12 %

-8,40 %

-11,66 %

0,90 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,23

0,14

0,12

0,34

0,08

Acid Test:

0,80

0,96

0,97

1,06

1,38

Working Capital / Investment:

0,14

0,15

0,18

0,23

0,36

Solvency:

1,45

1,66

1,72

1,71

2,16

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,88

0,76

0,89

1,11

0,94

Borrowing Composition:

0,20

0,39

0,48

0,42

0,58

Repayment Ability:

8,19

26,75

-7,92

-6,87

9,77

Warranty:

2,14

2,31

2,13

1,90

2,07

Generated resources / Total creditors:

0,07

0,01

-0,10

-0,12

0,07

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,50

1,13

0,59

0,33

1,63

Turnover of Collection Rights :

5,61

4,44

3,31

2,93

3,01

Turnover of Payment Entitlements:

4,69

7,40

5,40

3,18

5,99

Stock rotation:

5,50

6,84

5,17

4,13

4,81

Assets turnover:

1,26

1,14

0,90

0,79

1,19

Borrowing Cost:

1,61

2,55

3,00

2,39

2,86

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

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 64.66
UK Pound	1	INR 90.65
Euro	1	INR 79.70
Euro	1	INR 80.00

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

INFORMATION DETAILS

Analysis Done by :	PRI

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

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