3decades

MIRA INFORM REPORT

Report No. :	485797
Report Date :	18.01.2018

IDENTIFICATION DETAILS

Name :	J &AMP; C MERA SL

Registered Office :	Cno. De Fornells, 18 - P.I. Les Ferreries - Campllong - 17459 - Girona

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	13.06.1997

Legal Form :	Private company

Line of Business :	Wholesale of other food, including fish, crustaceans and molluscs

No. of Employees :	20

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

(30.06.2017)

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:

J & C MERA SL

NIF / Fiscal code:

B17517467

Trade Name

MERA

Status:

ACTIVE

Incorporation Date:

13/06/1997

Register Data

Last Publication in BORME:

19/10/2017 [Company Domicile change]

Last Published Account Deposit:

2016

Share Capital:

112.389,26

Localization:

CNO. DE FORNELLS, 18 - P.I. LES FERRERIES - CAMPLLONG - 17459 - GIRONA

Telephone - Fax - Email - Website:

Telephone. 972 244 490 Email. mera@mera.es Website. www.mera.es

Activity:

NACE:

4638 - Wholesale of other food, including fish, crustaceans and molluscs

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Main products / services:

BacalaoCongeladosAhumados

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

505,78

---

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:

CARLES MERA

JOSEP MERA

Identification

Social Denomination:

J & C MERA SL

Trade Name:

MERA

NIF / Fiscal code:

B17517467

Corporate Status:

ACTIVE

Start of activity:

1997

Registered Office:

CNO. DE FORNELLS, 18 - P.I. LES FERRERIES

Locality:

CAMPLLONG

Province:

GIRONA

Postal Code:

17459

Telephone:

972 244 490

Fax:

972 400 205

Website:

www.mera.es

Email:

mera@mera.es

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:

4638

Corporate Purpose:

The subject is engaged in the wholesale and retail purchase and sale of all sorts of food products, especially preserves and curings.

Additional Information:

Distribution and wholesale of food products, mainly preserves and curings.

Additional Address:

The Registered Offices, offices and premises are located at the heading address.

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Main products / services

Product

% Over Sales

Bacalao

Congelados

Ahumados

Anchoas

Conservas

Confitados

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

1997

Appointments/ Re-elections (1) Company Formation (1)

1999

Accounts deposit (year 1998)

2000

Accounts deposit (year 1999)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2008

Accounts deposit (year 2006, 2007)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009)

2012

Accounts deposit (year 2010, 2011)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015)

2017

Accounts deposit (year 2016) Change of Social address (1) Statutory Modifications (1)

Breakdown of Owners' Equity

Registered Capital:

112.389,26

Paid up capital:

112.389,26

Updated Evolution of the Subscribed and Paid-in Capital



Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
11/08/1997	Company Formation	112.389	112.389	112.389	112.389

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

MERA MATES CARLOS

11/08/1997

MERA MATES JOSE LUIS

11/08/1997

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

| //c\\

Executive board

Post

NIF

Name

ADMINISTRATOR

CARLOS MERA MATES

ADMINISTRATOR

JOSE LUIS MERA MATES

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 ).

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

16/12/2016

17/01/2018

Status: Friendly

505.78

16/12/2016

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

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

Its show a contract default in amicable debt collection status; the creditor entity has not initiated legal action for recovery.

Highlight that the Company has payment defaults older than twelve months.

List of current instances of default for each of the transactions in progress

Type of creditor

Product

Value of transactions (€)

Status

No. of defaults

Default balance (€)

Date of first default

Date of last default

OTRAS

Otros

505.78

Amistoso

---

505.78

16/12/16

505,78

Change in values of defaults and settled debts

wordml://1941

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

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.

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 16.62of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

J & C MERA SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

It has financial profitability.. J & C MERA SL obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

It has been found to have irregular payment performance at the credit bureaus, although it is not relevant enough to change the rating.

No Company's subsidiaries or branches are known.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.517 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

463 Wholesale of food, beverages and tobacco

wordml://2162

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 J & C MERA 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 0,517%.

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:

2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CARLES MERA
	JOSEP MERA

Turnover

Total Sales 2016

2.782.116,38

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

Estimated Balance

2017 ESTIMATED FIGURES: -NON-CURRENT ASSETS 2.646.000 Euro/s -CURRENT ASSETS 1.079.000 Euro/s -NET EQUITY 2.183.000 Euro/s -NON-CURRENT LIABILITIES 923.000 Euro/s -CURRENT LIABILITIES 619.000 Euro/s -TOTAL ASSETS AND LIABILITIES 3.725.000 Euro/s -SALES 2.900.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

August 2017

2015

Normales

August 2016

2014

Normales

August 2015

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

February 2012

2009

Normales

August 2010

2008

Normales

September 2009

2007

Normales

August 2008

2006

Normales

December 2007

2005

Normales

September 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

September 2003

2001

Normales

September 2002

2000

Normales

September 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

No publicado en BORME

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 Pyme 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

2.539.588,00

2.523.222,00

2.206.608,00

2.285.101,00

2.329.091,00

I. Intangible fixed assets : 11100

310,00

II. Tangible fixed assets : 11200

2.044.278,00

2.023.712,00

1.707.098,00

1.717.791,00

1.722.708,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

495.000,00

499.200,00

567.000,00

606.072,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.034.635,00

1.085.163,00

735.291,00

786.685,00

638.737,00

I. Stocks : 12200

211.543,00

250.867,00

131.521,00

130.320,00

101.380,00

II. Trade debtors and others receivable accounts : 12300

362.130,00

403.234,00

340.281,00

392.727,00

419.822,00

1. Trade debtors / accounts receivable: 12380

340.753,00

347.367,00

340.281,00

379.522,00

369.150,00

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

0,00

b) Customers for sales and provisions of services : 12382

340.753,00

347.367,00

340.281,00

379.522,00

369.150,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

21.377,00

55.867,00

0,00

13.205,00

50.672,00

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

0,00

IV. Short-term financial investments : 12500

0,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

460.962,00

431.062,00

263.489,00

263.637,00

117.535,00

TOTAL ASSETS (A + B) : 10000

3.574.224,00

3.608.384,00

2.941.899,00

3.071.786,00

2.967.827,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

2.094.070,00

1.980.772,00

1.892.358,00

1.756.396,00

1.666.162,00

A-1) Shareholders' equity: 21000

2.094.070,00

1.980.772,00

1.892.358,00

1.756.396,00

1.666.162,00

I. Capital: 21100

112.389,00

1. Registered capital : 21110

112.389,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.868.383,00

1.779.968,00

1.644.007,00

1.553.773,00

1.439.311,00

1. Capitalisation Reserves: 21350

0,00

2. Otras Reservas: 21360

1.868.383,00

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

113.298,00

88.415,00

135.962,00

90.234,00

114.462,00

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

886.085,00

1.024.585,00

632.640,00

700.220,00

769.822,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

886.085,00

1.024.585,00

632.640,00

700.220,00

769.822,00

1. Amounts owed to credit institutions: 31220

886.085,00

1.024.585,00

632.640,00

700.220,00

769.822,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

0,00

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

594.069,00

603.028,00

416.901,00

615.170,00

531.843,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

80.420,00

80.124,00

69.203,00

69.607,00

66.797,00

1. Amounts owed to credit institutions: 32320

80.420,00

80.124,00

69.203,00

69.607,00

66.797,00

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

513.650,00

522.904,00

347.698,00

545.563,00

465.046,00

1. Suppliers: 32580

448.988,00

448.400,00

278.129,00

486.465,00

354.891,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

448.988,00

448.400,00

278.129,00

486.465,00

354.891,00

2. Other creditors: 32590

64.661,00

74.504,00

69.569,00

59.098,00

110.155,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

3.574.224,00

3.608.384,00

2.941.899,00

3.071.786,00

2.967.827,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

2.782.116,00

2.647.353,00

2.521.766,00

2.526.938,00

2.710.728,00

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

-1.899.194,00

-1.860.299,00

-1.713.993,00

-1.815.414,00

-1.959.565,00

5. Other operating income: 40500

0,00

3.097,00

0,00

2.155,00

6. Personnel costs: 40600

-465.882,00

-432.401,00

-385.492,00

-388.001,00

-394.875,00

7. Other operating costs: 40700

-197.053,00

-224.817,00

-202.360,00

-199.776,00

-198.924,00

8. Amortisation of fixed assets: 40800

-57.869,00

-32.438,00

-37.439,00

-23.916,00

-27.370,00

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

500,00

0,00

12. Other results : 41300

-1.363,00

20.674,00

-2.802,00

-107,00

91,00

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

160.755,00

118.071,00

182.778,00

100.224,00

132.241,00

13. Financial income : 41400

262,00

2.446,00

3.321,00

3.353,00

15.726,00

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

0,00

b) Other financial income: 41490

262,00

2.446,00

3.321,00

3.353,00

15.726,00

14. Financial expenditure : 41500

-4.629,00

-4.380,00

0,00

15. Changes in fair value of financial instruments : 41600

-8.017,00

-5.272,00

-7.582,00

-9.294,00

-18.183,00

16. Exchange rate differences: 41700

0,00

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

0,00

23.628,00

22.833,00

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

-12.384,00

-7.207,00

-4.262,00

17.688,00

20.376,00

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

148.371,00

110.865,00

178.516,00

117.912,00

152.616,00

19. Income taxes : 41900

-35.073,00

-22.450,00

-42.554,00

-27.678,00

-38.154,00

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

113.298,00

88.415,00

135.962,00

90.234,00

114.462,00

> 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:

2.539.588,00

2.523.222,00

2.206.608,00

2.285.101,00

2.329.091,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

310,00

III. Tangible fixed assets:

2.044.278,00

2.023.712,00

1.707.098,00

1.717.791,00

1.722.708,00

IV. Financial investments:

495.000,00

499.200,00

567.000,00

606.072,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.034.635,00

1.085.163,00

735.291,00

786.685,00

638.737,00

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

0,00

II. Stocks:

211.543,00

250.867,00

131.521,00

130.320,00

101.380,00

III. Debtors:

362.130,00

403.234,00

340.281,00

392.727,00

419.822,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

460.962,00

431.062,00

263.489,00

263.637,00

117.535,00

VII. Prepayments and accrued income:

0,00

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

3.574.224,00

3.608.384,00

2.941.899,00

3.071.786,00

2.967.827,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

2.094.070,00

1.980.772,00

1.892.358,00

1.756.396,00

1.666.162,00

I. Subscribed capital:

112.389,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.868.383,00

1.779.968,00

1.644.007,00

1.553.773,00

1.439.311,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.868.383,00

1.779.968,00

1.644.007,00

1.553.773,00

1.439.311,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

113.298,00

88.415,00

135.962,00

90.234,00

114.462,00

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:

886.085,00

1.024.585,00

632.640,00

700.220,00

769.822,00

E) SHORT TERM CREDITORS:

594.069,00

603.028,00

416.901,00

615.170,00

531.843,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

3.574.224,00

3.608.384,00

2.941.899,00

3.071.786,00

2.967.827,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

2.669.080,00

2.582.058,00

2.392.222,00

2.464.186,00

2.637.071,00

A.1. Operating consumption:

1.899.194,00

1.860.299,00

1.713.993,00

1.815.414,00

1.959.565,00

A.2. Staff Costs:

465.882,00

432.401,00

385.492,00

388.001,00

394.875,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

465.882,00

432.401,00

385.492,00

388.001,00

394.875,00

A.3. Depreciation expense:

57.869,00

32.438,00

37.439,00

23.916,00

27.370,00

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

0,00

A.5. Other operating charges:

197.053,00

224.817,00

202.360,00

199.776,00

198.924,00

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

162.118,00

97.397,00

185.580,00

99.832,00

132.150,00

A.6. Financial and similar charges:

4.629,00

4.380,00

0,00

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:

4.629,00

4.380,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

8.017,00

5.272,00

7.582,00

9.294,00

18.183,00

A.8. Exchange losses:

0,00

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

0,00

17.688,00

20.376,00

A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):

149.734,00

90.190,00

181.318,00

117.520,00

152.525,00

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

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

0,00

A.12. Extraordinary expenses:

1.363,00

0,00

2.802,00

107,00

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

20.674,00

0,00

393,00

91,00

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

148.371,00

110.865,00

178.516,00

117.912,00

152.616,00

A.14. Corporation Tax:

35.073,00

22.450,00

42.554,00

27.678,00

38.154,00

A.15. Miscellaneous taxes:

0,00

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

113.298,00

88.415,00

135.962,00

90.234,00

114.462,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

2.782.378,00

2.670.473,00

2.528.184,00

2.554.420,00

2.751.533,00

B.1. Operating income:

2.782.116,00

2.647.353,00

2.524.863,00

2.526.938,00

2.712.883,00

a) Net total sales:

2.782.116,00

2.647.353,00

2.521.766,00

2.526.938,00

2.710.728,00

b) Miscellaneous operating income:

0,00

3.097,00

0,00

2.155,00

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

0,00

B.2. Financial income:

262,00

2.446,00

3.321,00

26.981,00

38.559,00

a) Companies of the group:

262,00

2.446,00

3.321,00

3.353,00

15.726,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

23.628,00

22.833,00

B.3. Exchange gains:

0,00

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

12.384,00

7.207,00

4.262,00

0,00

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

500,00

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

20.674,00

0,00

91,00

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):

1.363,00

0,00

2.802,00

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

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

148.371,00

110.865,00

178.516,00

117.912,00

152.616,00

2. Results adjustments.: 61200

62.237,00

34.373,00

34.118,00

20.562,00

11.644,00

a) Fixed Assets Amortization (+).: 61201

57.869,00

32.438,00

37.439,00

23.916,00

27.370,00

g) Financial income (-).: 61207

-262,00

-2.446,00

-3.321,00

-3.353,00

-15.726,00

h) Financial Expenses (+). : 61208

4.629,00

4.380,00

0,00

3. Changes in current capital equity.: 61300

36.101,00

-29.544,00

-189.173,00

50.994,00

-163.488,00

a) Stock (+/-).: 61301

39.324,00

-119.346,00

-1.201,00

-28.940,00

-32.130,00

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

41.104,00

-62.953,00

52.447,00

27.094,00

-100.429,00

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

-44.327,00

152.755,00

-240.419,00

52.839,00

-30.929,00

4. Cash Flows from Other Operating Activities: 61400

-4.368,00

-1.934,00

3.321,00

3.353,00

15.726,00

a) Interest payments (-). : 61401

-4.629,00

-4.380,00

0,00

c) Interest collection (+). : 61403

262,00

2.446,00

3.321,00

3.353,00

15.726,00

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

242.341,00

113.759,00

26.781,00

192.822,00

16.498,00

6. Payments for investment (-).: 62100

-20.567,00

-316.614,00

0,00

-354.796,00

c) Fixed assets. : 62103

-20.567,00

-316.614,00

0,00

-331.963,00

e) Other financial assets. : 62105

0,00

-22.833,00

7. Divestment payment collection (+). : 62200

4.200,00

0,00

78.493,00

43.990,00

0,00

c) Fixed assets. : 62203

0,00

10.693,00

4.918,00

0,00

e) Other financial assets. : 62205

4.200,00

0,00

67.800,00

39.072,00

0,00

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

-74.236,00

-349.052,00

41.054,00

20.074,00

-382.166,00

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

0,00

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

-138.204,00

402.866,00

-67.984,00

-66.793,00

-62.143,00

a) Issuance : 63201

296,00

402.866,00

0,00

2.809,00

7.459,00

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

296,00

402.866,00

0,00

2.809,00

7.459,00

b) Repayment and amortization of : 63207

-138.500,00

0,00

-67.984,00

-69.602,00

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

-138.500,00

0,00

-67.984,00

-69.602,00

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

0,00

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

-138.204,00

402.866,00

-67.984,00

-66.793,00

-62.143,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

29.901,00

167.573,00

-148,00

146.103,00

-427.811,00

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

431.062,00

263.489,00

263.637,00

117.535,00

545.346,00

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

460.962,00

431.062,00

263.489,00

263.637,00

117.535,00

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:

0,01 %

0,06 %

0,01 %

-83,02 %

10,77 %

Net Financial Debt:

2,30

1,83

5,19

2,16

-55,71

-15,49

Cash Flow Yield:

0,01 %

0,05 %

0,01 %

-81,99 %

7,71 %

EBITDA over Sales:

7,91 %

6,68 %

4,90 %

6,39 %

61,23 %

4,53 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,26 %

4,39 %

3,13 %

3,92 %

68,07 %

12,05 %

Total economic profitability:

4,28 %

4,44 %

3,19 %

3,96 %

34,03 %

12,28 %

Financial profitability:

5,41 %

5,55 %

4,46 %

4,60 %

21,21 %

20,73 %

Margin:

5,83 %

4,45 %

3,68 %

3,94 %

58,39 %

13,07 %

Mark-up:

5,38 %

4,49 %

3,41 %

3,56 %

57,98 %

25,95 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,78

0,38

0,71

0,34

8,55

12,46

Acid Test:

1,39

1,19

1,38

1,17

0,14

1,72

Working Capital / Investment:

0,12

0,23

0,13

0,21

-7,75

10,07

Solvency:

1,74

1,88

1,80

1,78

-3,22

5,68

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,71

0,85

0,82

0,92

-13,98

-6,69

Borrowing Composition:

1,49

0,66

1,70

0,67

-12,21

-1,40

Repayment Ability:

6,73

8,98

12,54

9,47

-46,33

-5,15

Warranty:

2,41

2,17

2,22

2,09

8,92

3,73

Generated resources / Total creditors:

0,12

0,10

0,07

0,09

55,74

9,42

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,47

1,30

13,22

0,16

Turnover of Collection Rights :

7,68

4,85

6,57

4,74

17,02

2,31

Turnover of Payment Entitlements:

4,08

3,12

3,99

3,16

2,35

-1,19

Stock rotation:

12,39

4,30

10,16

4,91

21,85

-12,59

Assets turnover:

0,90

0,99

0,85

0,99

6,11

-0,90

Borrowing Cost:

0,31

1,53

0,27

1,77

16,22

-13,42

> 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:

0,01 %

0,06 %

0,00 %

0,06 %

-0,16 %

Net Financial Debt:

2,30

5,19

1,97

4,09

4,51

Cash Flow Yield:

0,01 %

0,05 %

0,00 %

0,05 %

-0,14 %

EBITDA over Sales:

7,91 %

4,90 %

8,84 %

4,90 %

5,88 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

5,26 %

3,13 %

7,60 %

4,01 %

5,60 %

Total economic profitability:

4,28 %

3,19 %

6,07 %

3,84 %

5,14 %

Financial profitability:

5,41 %

4,46 %

7,18 %

5,14 %

6,87 %

Margin:

5,83 %

3,68 %

7,35 %

3,97 %

4,87 %

Mark-up:

5,38 %

3,41 %

7,18 %

4,67 %

5,62 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,78

0,71

0,63

0,43

0,22

Acid Test:

1,39

1,38

1,45

1,07

1,01

Working Capital / Investment:

0,12

0,13

0,11

0,06

0,04

Solvency:

1,74

1,80

1,76

1,28

1,20

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,71

0,82

0,55

0,75

0,78

Borrowing Composition:

1,49

1,70

1,52

1,14

1,45

Repayment Ability:

6,73

12,54

4,71

10,63

8,16

Warranty:

2,41

2,22

2,80

2,34

2,28

Generated resources / Total creditors:

0,12

0,07

0,17

0,07

0,09

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,47

1,30

1,58

1,32

1,40

Turnover of Collection Rights :

7,68

6,57

7,42

6,43

6,46

Turnover of Payment Entitlements:

4,08

3,99

5,51

3,69

4,64

Stock rotation:

12,39

10,16

17,79

18,62

25,46

Assets turnover:

0,90

0,85

1,03

1,01

1,15

Borrowing Cost:

0,31

0,27

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 63.98
UK Pound	1	INR 88.13
Euro	1	INR 78.35
Euro	1	INR 77.95

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	SYL

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

Main products / services

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Chronological summary

Basis for scoring

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