3decades

MIRA INFORM REPORT

Report No. :	484671
Report Date :	15.01.2018

IDENTIFICATION DETAILS

Name :	ARCHROMA IBERICA SL

Registered Office :	C/ Cal Coracero 46-56 (Zal-Prat) - Prat De Llobregat (El) - 08820 - Barcelona

Country :	Spain

Financials (as on) :	30.09.2015

Date of Incorporation :	15.02.2013

Legal Form :	Private Company

Line of Business :	The subject is engaged in the investigation, development, manufacture, sale, representation, distribution, marketing, import, export of all kinds of chemical products for textile and paper sectors.

No. of Employees :	400 (2015)

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 2016 Spain marked the third full year of positive economic growth in nine 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 19.7% in 2016. 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 5% of GDP in 2015, and 4.1% of GDP in 2016. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 99.5% in 2016.

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 despite the recent uptick in economic activity, inflation has dropped sharply, from 1.5% in 2013 to a negative 0.3% in 2016.

Source : CIA

EXECUTIVE SUMMARY

Name:

ARCHROMA IBERICA SL

NIF / Fiscal code:

B65983934

Status:

ACTIVE

Incorporation Date:

15/02/2013

Register Data

Last Publication in BORME:

19/12/2017 [Miscellaneous Concepts]

Last Published Account Deposit:

2015

Share Capital:

3.369

Localization:

C/ CAL CORACERO 46-56 (ZAL-PRAT) - PRAT DE LLOBREGAT (EL) - 08820 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 934 798 300 Email. info.spain@archroma.com Website. www.archroma.com

Activity:

NACE:

2012 - Manufacture of dyes and pigments

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

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:

ARCHROMA PAPER SARL (LUXEMBURGO)

100 %

Identification

Social Denomination:

ARCHROMA IBERICA SL

NIF / Fiscal code:

B65983934

Corporate Status:

ACTIVE

Start of activity:

2013

Registered Office:

C/ CAL CORACERO 46-56 (ZAL-PRAT)

Locality:

PRAT DE LLOBREGAT (EL)

Province:

BARCELONA

Postal Code:

08820

Telephone:

934 798 300

Fax:

934 798 211

Website:

www.archroma.com

Email:

info.spain@archroma.com

Interviewed Person:

Information obtained through indirect sources, as people responsible for the company refused to provide information.

Branch Offices

Activity

NACE:

2012

Corporate Purpose:

THE SUBJECT IS ENGAGED IN THE INVESTIGATION, DEVELOPMENT, MANUFACTURE, SALE, REPRESENTATION, DISTRIBUTION, MARKETING, IMPORT, EXPORT OF ALL KINDS OF CHEMICAL PRODUCTS FOR TEXTILE AND PAPER SECTORS.

Additional Information:

It is engaged in the manufacture and sale of chemical products for textile industry (colorants and pigments).

Additional Address:

Registered office, offices and other premises located at the heading address.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

400

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

Chronological Summary

Year

Act

2013

Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Company Formation (1) Declaration of Sole Propietorship (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (3) Statutory Modifications (1)

2014

Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (1)

2016

Accounts deposit (year 2013, 2014, 2015) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)

2017

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (4) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (2) Statutory Modifications (1)

Breakdown of Owners' Equity

Registered Capital:

3.369

Paid up capital:

3.369

Updated Evolution of the Subscribed and Paid-in Capital

wordml://963

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

15/03/2013

Company Formation

3.000

07/06/2017

Increase of Capital

369

3.369

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

ROLAND WAIBEL

13/05/2014

MEMBER OF THE BOARD

LUTFU OKMAN

21/04/2017

ROLAND WAIBEL

13/05/2014

VILA COLL MIQUEL

13/05/2014

COMBINED CHIEF EXECUTIVE OFFICER

VILA COLL MIQUEL

21/04/2017

ROLAND WAIBEL

21/04/2017

LUTFU OKMAN

21/04/2017

COMBINED PROXY

MARCO PLATTNER

29/08/2017

ROLAND MICHAEL WAIBEL

07/04/2016

JOINT ATTORNEY

CERCADILLO SANZ MIRIAM

31/10/2016

HERRAEZ BLAZQUEZ MONTSERRAT

25/06/2014

ONTIVEROS NIETO NATALIA

25/06/2014

JOINT ATTORNEY/COMBINED PROXY

GIULIANA CARMEN GERMANA CIER

01/06/2017

KAI BERKING

15/06/2016

ANDREAS WESTER

15/06/2016

ULRIKE JOHANNA BERTHOLD

15/06/2016

CANTARERO LOPEZ JOSE

21/11/2013

ARCHS PORCAR OLGA

21/11/2013

MEDINACELI MARTI ALEJANDRO

21/11/2013

VILA COLL MIQUEL

21/11/2013

BELASTEGUI ALCAINA JUAN CARLOS

21/11/2013

LLEBARIA SAMPER RICARD

21/11/2013

SECRETARY

VILA COLL MIQUEL

13/05/2014

ACCOUNTS' AUDITOR / HOLDER

KPMG AUDITORES SL

31/10/2016

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AARON CHARLES DAVENPORT

JOINT MANAGER

13/05/2014

JOINT ATTORNEY

15/06/2016

ALFRED CHRISTIAN MUNCH

JOINT MANAGER

14/11/2013

ARCHROMA PAPER SARL

SINGLE PARTNER

07/06/2017

ARCHS PORCAR OLGA

MEMBER OF THE BOARD

21/04/2017

COMBINED CHIEF EXECUTIVE OFFICER

21/04/2017

BARRY BAHRAM SIADAT

JOINT MANAGER

13/05/2014

JOINT ATTORNEY

15/06/2016

BASTIAAN COOLEN

JOINT ATTORNEY

07/04/2016

JOINT ATTORNEY

01/06/2017

BATISTA MUR JOSE MARIA

JOINT MANAGER

14/11/2013

CAPELLA MESTRE FRANCESC

JOINT ATTORNEY/COMBINED PROXY

05/05/2017

CHRISTOF AUER

COMBINED PROXY

29/08/2017

CHRISTOPH AUER

JOINT ATTORNEY

01/06/2017

CLARIANT IBERICA SERVICIOS SL

SINGLE PARTNER

14/11/2013

CLEMENTE FARRE NURIA

JOINT ATTORNEY

15/06/2016

DOUGLAS R DREW

JOINT ATTORNEY

15/06/2016

ELMAR BUSCH

JOINT ATTORNEY/COMBINED PROXY

15/06/2016

GIL FERNANDEZ CARLOS

JOINT ATTORNEY/COMBINED PROXY

15/06/2016

GIULIANA CARMEN GERMANA CIER

JOINT ATTORNEY/COMBINED PROXY

01/06/2017

KPMG AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

31/10/2016

LILIAN GRACE BURKE

JOINT ATTORNEY

01/06/2017

OTTO JOHANNES RADEMAKERS

JOINT ATTORNEY

01/06/2017

PLA LUCAS ISABEL

JOINT ATTORNEY

15/06/2016

RICHARD EDWARD QUINLAN

JOINT ATTORNEY

15/06/2016

ROLAND WAIBEL

JOINT ATTORNEY

15/06/2016

COMBINED CHIEF EXECUTIVE OFFICER

21/04/2017

SK SPICE SARL

JOINT ATTORNEY

01/06/2017

TUGUES ROURE JUAN JESUS

JOINT ATTORNEY/COMBINED PROXY

15/06/2016

ULRIKE JOHANNA BERTHOLD

JOINT ATTORNEY

15/06/2016

VILA COLL MIGUEL

JOINT ATTORNEY/COMBINED PROXY

15/06/2016

VILA COLL MIQUEL

COMBINED CHIEF EXECUTIVE OFFICER

21/04/2017

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

---

> 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.

At domestic level, it is one of the companies with high turnover volume.

ARCHROMA IBERICA SL 's borrowing cost is appropriate according to its volume of external financing sources.

The development of the structure of the debt during the last two years indicates a decrease of the debt with credit institutions and trade creditors in respect to all liabilities. The lower the level of debt, the lower the dependence on suppliers capital and the more guarantee will have its financial situation.

ARCHROMA IBERICA SL has a tight level of Financial Autonomy. The Internal Funds of the entity represent the 23.21% of the total amount of funding sources.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

It has no return from its main operating activity.This might deteriorate its financial situation. Moreover, this productivity has decreased in comparison with the previous financial year.

It presents an inefficient resources management. Resources and variable costs management associated with the activity itself are not productive, since operating expenses exceed income.

ARCHROMA IBERICA SL 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient.

Probability of default

> Estimated Probability of Default for the next 12 months: 2.731 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

wordml://2361

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 better position with regard to the probability of non-compliance.

The 55.00% of the companies of the sector ARCHROMA IBERICA SL 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 2,731%.

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:

5 Entities

SHAREHOLDERS:

1 Entities

RESULT OF THE PARTIAL SPIN-OFF OF:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ARCHROMA PAPER SARL (LUXEMBURGO)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

SK CAPITAL PARTNERS (ESTADOS UNIDOS)

CLARIANT IBERICA PRODUCCION SA

BARCELONA

SK CAPITAL PARTNERS (EEUU)

SK SPICE SARL

IS RELATED WITH

CLARIANT IBERICA SERVICIOS S.L.

BARCELONA

RESULT OF THE PARTIAL SPIN-OFF OF

CLARIANT IBERICA PRODUCCION SA

BARCELONA

Turnover

Total Sales 2015

154.873.495

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2015

Normales

November 2016

2014

Normales

March 2016

2013

Normales

March 2016

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 30/09/2015

> Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2015 2014 2013 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2015 2014 2013 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

ORIGINAL

Assets

2015

2014

2013

A) NON-CURRENT ASSETS: 11000

51.476.354,00

48.738.750,00

52.185.163,00

I. Intangible fixed assets : 11100

6.269.773,00

5.591,00

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

3. Patents, licencing, trade marks and similar: 11130

6.266.667,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

3.106,00

5.591,00

0,00

II. Tangible fixed assets : 11200

44.635.004,00

48.092.696,00

51.717.944,00

1. Land and buildings: 11210

28.482.535,00

28.839.469,00

28.078.955,00

2. Technical installations and other tangible fixed assets: 11220

13.516.841,00

16.112.310,00

19.644.645,00

3. Tangible asset in progress and advances: 11230

2.635.628,00

3.140.917,00

3.994.344,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

66.566,00

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

66.566,00

0,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

505.011,00

573.897,00

467.219,00

B) CURRENT ASSETS: 12000

61.194.209,00

53.841.659,00

30.661.162,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

25.060.805,00

24.554.960,00

21.638.507,00

1. Commercial: 12210

8.243.376,00

3.724.293,00

3.348.660,00

2. Primary material and other supplies: 12220

7.891.391,00

10.605.688,00

7.573.834,00

a) Long-term primary material and other supplies: 12221

0,00

b) Short-term primary material and other supplies: 12222

0,00

3. Work in progress: 12230

3.151.211,00

3.334.309,00

3.235.083,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

3.151.211,00

3.334.309,00

3.235.083,00

4. Finished goods: 12240

5.690.117,00

6.856.736,00

7.480.930,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

5.690.117,00

6.856.736,00

7.480.930,00

5. By-products, residues and recycled materials: 12250

0,00

6. Advances to suppliers: 12260

84.710,00

33.934,00

0,00

III. Trade debtors and others receivable accounts: 12300

33.650.568,00

28.937.053,00

9.019.655,00

1. Trade debtors / accounts receivable: 12310

21.567.537,00

14.021.472,00

8.954.257,00

a) Long-term receivables from sales and services supplied : 12311

0,00

b) Customers for sales and provisions of services : 12312

21.567.537,00

14.021.472,00

8.954.257,00

2. Customers, Group companies and associates : 12320

9.246.417,00

11.872.796,00

0,00

3. Other accounts receivable: 12330

901.836,00

515.273,00

0,00

4. Personnel: 12340

252.086,00

222.395,00

65.398,00

5. Assets for deferred tax: 12350

0,00

732.624,00

0,00

6. Other debtors, including tax and social security: 12360

1.682.692,00

1.572.493,00

0,00

7. Called up share capital: 12370

0,00

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

2.173.286,00

257.216,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

2.173.286,00

257.216,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

150,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

150,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

249.621,00

61.640,00

0,00

VII. Cash and other equivalent liquid assets : 12700

59.779,00

30.790,00

3.000,00

1. Treasury: 12710

59.779,00

30.790,00

3.000,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

112.670.563,00

102.580.409,00

82.846.325,00

ORIGINAL

Liabilities and Net Worth

2015

2014

2013

A) NET WORTH: 20000

26.153.988,00

34.033.047,00

39.344.528,00

A-1) Shareholders' equity: 21000

26.153.988,00

34.033.047,00

39.344.528,00

I. Capital: 21100

3.000,00

1. Registered capital : 21110

3.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

0,00

1. Legal and statutory: 21310

0,00

2. Other reserves: 21320

0,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-5.304.950,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-5.304.950,00

0,00

VI. Other shareholders' contributions: 21600

39.334.997,00

39.341.528,00

VII. Result of the period: 21700

-7.879.059,00

-5.304.950,00

0,00

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

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

10.704.034,00

14.152.971,00

16.034.194,00

I. Long-term provisions: 31100

1.293.522,00

1.304.873,00

1.210.645,00

1. Long-term employee benefits liability: 31110

1.293.522,00

1.304.873,00

1.210.645,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

5.333,00

61.668,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

5.333,00

61.668,00

0,00

III. Long-term debts with Group companies and associates: 31300

0,00

IV. Liabilities for deferred tax: 31400

9.405.179,00

12.786.430,00

14.823.549,00

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

75.812.541,00

54.394.391,00

27.467.603,00

I. Liabilities linked to non-current assets held for sale: 32100

0,00

II. Short-term provisions: 32200

957.285,00

1.081.712,00

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

957.285,00

1.081.712,00

0,00

III. Short-term creditors : 32300

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

32.063.296,00

18.142.015,00

10.550.000,00

V. Trade creditors and other accounts payable: 32500

42.791.960,00

35.170.664,00

16.917.603,00

1. Suppliers: 32510

21.309.559,00

15.618.277,00

15.843.398,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

21.309.559,00

0,00

2. Suppliers, Group companies and associates: 32520

17.471.514,00

15.430.395,00

0,00

3. Other creditors: 32530

1.508.722,00

1.784.326,00

0,00

4. Personnel (remuneration due): 32540

1.434.532,00

1.077.469,00

1.074.205,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

1.067.010,00

1.260.197,00

0,00

7. Advances from clients: 32570

623,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

112.670.563,00

102.580.409,00

82.846.325,00

ORIGINAL

Profit and Loss

2015

2014

2013

1. Net turnover: 40100

154.873.495,00

140.723.853,00

0,00

a) Sales: 40110

148.775.282,00

134.775.689,00

0,00

b) Rendering of services: 40120

6.098.213,00

5.948.164,00

0,00

c) Income of financial nature of holding companies: 40130

0,00

2. Changes in stocks of finished goods and work in progress: 40200

-1.367.883,00

-402.544,00

0,00

3. Works carried out by the company for its assets: 40300

4.393,00

6.298,00

0,00

4. Supplies : 40400

-85.163.266,00

-76.875.060,00

0,00

a) Stock consumption: 40410

-31.214.523,00

-21.373.671,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

-53.990.162,00

-55.197.693,00

0,00

c) Works carried out by other companies: 40430

-112.939,00

-104.770,00

0,00

d) Impairment of stock, primary material and other supplies: 40440

154.358,00

-198.926,00

0,00

5. Other operating income: 40500

178.820,00

171.389,00

0,00

a) Auxiliary income and other from current management: 40510

178.820,00

171.389,00

0,00

b) Operation subsidies included in the Period's result: 40520

0,00

6. Personnel costs: 40600

-24.825.410,00

-22.904.807,00

0,00

a) Wages, salaries et al.: 40610

-18.240.069,00

-17.062.785,00

0,00

b) Social security costs: 40620

-6.269.859,00

-5.885.392,00

0,00

c) Provisions : 40630

-315.482,00

43.370,00

0,00

7. Other operating costs: 40700

-48.110.775,00

-40.569.502,00

0,00

a) External services: 40710

-45.888.233,00

-38.278.002,00

0,00

b) Taxes: 40720

-1.765.380,00

-1.609.129,00

0,00

c) Losses, impairments and variation in provisions from trade operations : 40730

-101.251,00

-483.527,00

0,00

d) Other current management expenditure : 40740

-316.524,00

-198.844,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

-39.387,00

0,00

8. Amortisation of fixed assets: 40800

-5.826.603,00

-6.992.000,00

0,00

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

345,00

10.023,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

345,00

10.023,00

0,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

-10.236.884,00

-6.832.350,00

0,00

14. Financial income : 41400

2,00

4.157,00

0,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

2,00

4.157,00

0,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

2,00

4.157,00

0,00

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

0,00

15. Financial expenditure: 41500

-234.594,00

-86.264,00

0,00

a) Amounts owed to Group companies and associates : 41510

-221.876,00

-45.862,00

0,00

b) For debts with third parties : 41520

-101,00

-54,00

0,00

c) Stock renewal : 41530

-12.617,00

-40.348,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-719.949,00

-534.290,00

0,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

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

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-954.541,00

-616.397,00

0,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

-11.191.425,00

-7.448.747,00

0,00

20. Income taxes: 41900

3.312.366,00

2.143.797,00

0,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

-7.879.059,00

-5.304.950,00

0,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

-7.879.059,00

-5.304.950,00

0,00

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2015

2014

2013

1. Fiscal year result before taxes.: 61100

-11.191.425,00

-7.448.747,00

0,00

2. Results adjustments.: 61200

7.043.519,00

8.344.731,00

0,00

a) Fixed Assets Amortization (+).: 61201

5.826.603,00

6.992.001,00

0,00

b) Obsolescence Allowances (+/-). : 61202

-53.107,00

682.453,00

0,00

c) Variation in Provision (+/-). : 61203

315.482,00

53.880,00

0,00

g) Financial income (-).: 61207

-2,00

-4.157,00

0,00

h) Financial Expenses (+). : 61208

234.594,00

86.264,00

0,00

i) Exchange differences (+/-). : 61209

719.949,00

534.290,00

0,00

3. Changes in current capital equity.: 61300

1.083.236,00

-4.777.461,00

0,00

a) Stock (+/-).: 61301

-351.487,00

-3.115.379,00

0,00

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

-4.814.766,00

-20.400.925,00

0,00

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

-187.981,00

-61.640,00

0,00

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

6.561.897,00

17.718.771,00

0,00

e) Other current liabilities (+/-).: 61305

-124.427,00

1.081.712,00

0,00

4. Cash Flows from Other Operating Activities: 61400

2,00

0,00

c) Interest collection (+). : 61403

2,00

0,00

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

-3.064.668,00

-3.881.477,00

0,00

6. Payments for investment (-).: 62100

-10.549.312,00

-3.698.500,00

0,00

b) Intangible fixed assets. : 62102

-6.400.000,00

0,00

c) Fixed assets. : 62103

-2.233.092,00

-3.378.875,00

0,00

e) Other financial assets. : 62105

-150,00

-62.409,00

0,00

h) Other assets. : 62108

-1.916.070,00

-257.216,00

0,00

7. Divestment payment collection (+). : 62200

0,00

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

-10.549.312,00

-3.698.500,00

0,00

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

0,00

3.000,00

a) Issuance of equity instruments (+). : 63101

0,00

3.000,00

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

13.642.969,00

7.607.767,00

0,00

a) Issuance : 63201

13.699.304,00

7.607.767,00

0,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

13.699.304,00

7.607.767,00

0,00

b) Repayment and amortization of : 63207

-56.335,00

0,00

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

-56.335,00

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

13.642.969,00

7.607.767,00

3.000,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

28.989,00

27.790,00

3.000,00

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

30.790,00

3.000,00

0,00

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

59.779,00

30.790,00

3.000,00

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:

0,00 %

0,06 %

0,00 %

Net Financial Debt:

0,01

2,83

0,21

13,94

-94,00

-79,72

Cash Flow Yield:

0,00 %

0,03 %

0,00 %

EBITDA over Sales:

-2,85 %

10,45 %

0,11 %

2,23 %

-2.778,43 %

368,01 %

Profitability

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-9,27 %

6,93 %

-6,68 %

-2,03 %

-38,74 %

442,01 %

Total economic profitability:

-9,72 %

3,19 %

-7,18 %

0,16 %

-35,49 %

1.933,99 %

Financial profitability:

-30,13 %

4,15 %

-15,59 %

-4,61 %

-93,27 %

189,92 %

Margin:

-6,60 %

6,34 %

-4,85 %

-1,85 %

-36,15 %

442,54 %

Mark-up:

-7,22 %

3,77 %

-5,29 %

-2,69 %

-36,53 %

240,54 %

Solvency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,14

0,00

0,14

2,14

Acid Test:

0,48

0,87

0,55

0,86

-12,55

0,79

Working Capital / Investment:

-0,13

0,03

-0,01

0,02

-2.308,02

23,61

Solvency:

0,82

1,19

1,02

1,17

-19,25

1,32

Indebtedness

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,07

1,31

1,87

1,37

63,98

-4,74

Borrowing Composition:

0,13

1,04

0,24

1,04

-47,83

0,21

Repayment Ability:

-19,11

11,04

442,17

52,99

-104,32

-79,17

Warranty:

1,34

1,78

1,55

1,73

-13,76

2,72

Generated resources / Total creditors:

-0,03

0,08

0,03

0,00

-191,87

Efficiency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,82

1,80

1,01

1,10

-18,30

62,77

Turnover of Collection Rights :

4,61

5,23

4,87

5,13

-5,37

1,92

Turnover of Payment Entitlements:

3,08

3,69

3,33

3,50

-7,37

5,42

Stock rotation:

6,60

7,80

6,02

8,34

9,62

-6,47

Assets turnover:

1,40

1,09

1,38

1,09

1,90

-0,16

Borrowing Cost:

0,28

2,46

0,13

2,81

113,52

-12,74

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

Cash Flow

2015

2014

2013

Cash Flow over Sales:

0,00 %

Net Financial Debt:

0,01

0,21

Cash Flow Yield:

0,00 %

EBITDA over Sales:

-2,85 %

0,11 %

Profitability

2015

2014

2013

Operating economic profitability:

-9,27 %

-6,68 %

0,00 %

Total economic profitability:

-9,72 %

-7,18 %

0,00 %

Financial profitability:

-30,13 %

-15,59 %

0,00 %

Margin:

-6,60 %

-4,85 %

Mark-up:

-7,22 %

-5,29 %

Solvency

2015

2014

2013

Liquidity:

0,00

Acid Test:

0,48

0,55

0,33

Working Capital / Investment:

-0,13

-0,01

0,04

Solvency:

0,82

1,02

1,13

Indebtedness

2015

2014

2013

Indebtedness level:

3,07

1,87

1,04

Borrowing Composition:

0,13

0,24

0,54

Repayment Ability:

-19,11

442,17

Warranty:

1,34

1,55

1,96

Generated resources / Total creditors:

-0,03

0,03

0,00

Efficiency

2015

2014

2013

Productivity:

0,82

1,01

Turnover of Collection Rights :

4,61

4,87

0,00

Turnover of Payment Entitlements:

3,08

3,33

0,00

Stock rotation:

6,60

6,02

0,00

Assets turnover:

1,40

1,38

0,00

Borrowing Cost:

0,28

0,13

0,00

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 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53
EURO	1	INR 77.46

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	POJ

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

Defaults, Legal Claims and Insolvency Proceedings

Identification

Activity

Chronological Summary

Active Social Bodies

Chronological summary

Probability of default

LEGAL CLAIMS

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Research Summary

Sources

Unit