3decades

MIRA INFORM REPORT

Report No. :	486896
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	SOUTHERN QUARRIES SL

Registered Office :	Av/ Rosales, De Los, 42 - Nave 304 B. - Madrid - 28041 - Madrid

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	08.10.2001

Legal Form :	Private Company

Line of Business :	The subject is engaged in the marketing and transformation of natural stones. It is also engaged in the purchase and sale of vehicles, lorries, buses and trailers, as well as its spare parts and components.

No. of Employees :	8 [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

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Spain

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

SPAIN - ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In that year, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program for its financial sector.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 17% in 2017. High unemployment has strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained through 2016. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

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

Source : CIA

EXECUTIVE SUMMARY

Name:

SOUTHERN QUARRIES SL

NIF / Fiscal code:

B83113100

Status:

ACTIVE

Incorporation Date:

08/10/2001

Register Data

Last Publication in BORME:

10/01/2018 [Increase of Capital]

Last Published Account Deposit:

2016

Share Capital:

5.622.416

Localization:

Av/ Rosales, De Los, 42 - Nave 304 B. - Madrid - 28041 - Madrid

Telephone - Fax - Email - Website:

Telephone. 913 188 965 Email. info@sqgroup.com Website. www.sqgroup.com

Number of Branches

Activity:

NACE:

4673 - Wholesale of wood, construction materials and sanitary equipment

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

3 for a total cost of 2297.61

Quality Certificate:

Payment Behaviour:

According to the agreed terms

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

DIMORPHANDRA SL

50 %

DOMUS MARMOLES SL

50 %

Identification

Social Denomination:

SOUTHERN QUARRIES SL

NIF / Fiscal code:

B83113100

Corporate Status:

ACTIVE

Start of activity:

2001

Registered Office:

AV/ ROSALES, DE LOS, 42 - NAVE 304 B.

Locality:

MADRID

Province:

MADRID

Postal Code:

28041

Telephone:

913 188 965

Fax:

917 238 871

Website:

www.sqgroup.com

Email:

info@sqgroup.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

Address

Postal Code

City

Province

CALLE BILBAO 1 3 DR

03001

ALICANTE/ALACANT

ALICANTE

AVENIDA CASTILLA (DE) 1

28830

SAN FERNANDO DE HENARES

MADRID

Activity

NACE:

4673

CNAE Obtaining Source:

4673

Corporate Purpose:

The subject is engaged in the marketing and transformation of natural stones. It is also engaged in the purchase and sale of vehicles, lorries, buses and trailers, as well as its spare parts and components.

Additional Information:

Extraction and sale of granite blocks and decorative rocks.

Additional Address:

The Registered Office, offices and premises 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 in axesor. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

2001

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

2003

Accounts deposit (year 2001, 2002)

2004

Accounts deposit (year 2003) Change of Social Purpose (1) Change of Social address (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) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (year 2009) Change of Social Denomination (1)

2012

Accounts deposit (year 2010) Change of Social address (1) Increase of Capital (2)

2013

Accounts deposit (year 2011) Appointments/ Re-elections (1)

2014

Accounts deposit (year 2012)

2015

Capital Reduction (1)

2017

Accounts deposit (year 2013, 2014, 2015, 2016)

2018

Increase of Capital (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

LA COMERCIALIZACION Y TRANSFORMACIÓN DE PIEDRAS NATURALES

Company Formation

21/12/2001

Breakdown of Owners' Equity

Registered Capital:

5.622.416

Paid up capital:

5.622.416

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1220

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

04/12/2001

Company Formation

3.010

19/09/2012

Increase of Capital

6.515.000

6.518.010

16/10/2012

Increase of Capital

510.000

7.028.010

08/01/2015

Capital Reduction

-1.405.602

5.622.408

02/01/2018

Increase of Capital

5.622.416

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

PINA NAVARRO ENRIQUE RAMON

03/04/2009

ACCOUNTS' AUDITOR / HOLDER

APLEM CONSULTING SL

27/03/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

| //c\\

CABALLERO PALMA RAUL

SINGLE ADMINISTRATOR

03/04/2009

Executive board

Post

NIF

Name

ADMINISTRATOR

ENRIQUE RAMON PINA NAVARRO

DIRECTOR/GENERAL MANAGER

ENRIQUE RAMON PINA NAVARRO

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

---

30/11/2016

23/08/2017

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

Probability of default

> Estimated Probability of Default for the next 12 months: 1.281 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

wordml://2090

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 89.00% of the companies of the sector SOUTHERN QUARRIES 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 1,281%.

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.

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

3 Legal Claims whose amounts have not been 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

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 23/08/2017

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

17228006193

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº208, 2017 SUPLEMENTO 1 PAGINA 7437

PROCESSED BY THE LOCAL GOVERNMENT DE BARCELONA - Date 05/03/2017

Last Published Stage:

SEIZURE

Record Number:

EH201760655025725

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº57, 2017 SUPLEMENTO 1 PAGINA 7697

PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 30/11/2016

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

16328001012

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº295, 2016 SUPLEMENTO 1 PAGINA 7747

Link List

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

DIMORPHANDRA SL

MADRID

DOMUS MARMOLES SL

MADRID

PARTICIPATES IN

GALVANI TRADING, SOCIEDAD LIMITADA, (ITALIA)

Turnover

Total Sales 2016

12.088.706,86

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

Estimated Balance

2017 ESTIMATED FIGURES: -NON-CURRENT ASSETS 7.624.000 Euro/s -CURRENT ASSETS 16.849.000 Euro/s -NET EQUITY 8.835.000 Euro/s -NON-CURRENT LIABILITIES 9.870.000 Euro/s -CURRENT LIABILITIES 5.768.000 Euro/s -TOTAL ASSETS AND LIABILITIES 24.473.000 Euro/s -SALES 15.500.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

December 2017

2015

Normales

December 2017

2014

Normales

December 2017

2013

Normales

December 2017

2012

Normales

January 2014

2011

Normales

April 2013

2010

Normales

January 2012

2009

Normales

October 2010

2008

Normales

November 2009

2007

Normales

October 2008

2006

Normales

November 2007

2005

Normales

November 2006

2004

Normales

November 2005

2003

Normales

October 2004

2002

Normales

November 2003

2001

Normales

October 2003

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 Mixto de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2016 2015 2014 2012 2011 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2012 2011 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2012

2011

A) NON-CURRENT ASSETS: 11000

6.907.314,00

5.082.646,00

3.641.349,00

955.726,00

949.605,00

I. Intangible fixed assets : 11100

0,00

233,00

15.578,00

11.312,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

233,00

15.578,00

11.312,00

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

0,00

II. Tangible fixed assets : 11200

11.621,00

14.689,00

19.455,00

16.149,00

11.293,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

11.621,00

14.689,00

19.455,00

16.149,00

11.293,00

3. Tangible asset in progress and advances: 11230

0,00

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

744.000,00

789.000,00

834.000,00

924.000,00

927.000,00

1. Equity instruments: 11410

69.000,00

27.000,00

2. Credits to businesses: 11420

675.000,00

720.000,00

765.000,00

855.000,00

900.000,00

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

6.151.693,00

4.278.957,00

2.787.662,00

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

6.151.693,00

4.278.957,00

2.787.662,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

0,00

B) CURRENT ASSETS: 12000

15.264.355,00

14.815.312,00

15.473.344,00

14.506.668,00

13.943.308,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

3.528.367,00

5.355.824,00

6.893.485,00

8.333.486,00

7.589.720,00

1. Commercial: 12210

1.893.165,00

1.683.047,00

2.442.698,00

2.113.121,00

2.242.830,00

2. Primary material and other supplies: 12220

0,00

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

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

1.635.202,00

3.672.777,00

4.450.787,00

6.220.366,00

5.346.891,00

III. Trade debtors and others receivable accounts: 12300

8.882.349,00

7.543.746,00

7.829.111,00

5.451.555,00

6.018.125,00

1. Trade debtors / accounts receivable: 12310

6.030.367,00

4.054.068,00

4.884.421,00

1.922.098,00

2.291.329,00

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

0,00

35.880,00

71.760,00

143.519,00

0,00

b) Customers for sales and provisions of services : 12312

6.030.367,00

4.018.188,00

4.812.661,00

1.778.579,00

2.291.329,00

2. Customers, Group companies and associates : 12320

2.715.805,00

3.348.235,00

2.744.195,00

3.381.374,00

3.695.184,00

3. Other accounts receivable: 12330

74.462,00

47.965,00

374,00

34.428,00

0,00

4. Personnel: 12340

0,00

8.154,00

5. Assets for deferred tax: 12350

0,00

17.549,00

116.635,00

62.976,00

0,00

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

61.716,00

75.929,00

83.487,00

50.679,00

23.458,00

7. Called up share capital: 12370

0,00

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

45.000,00

69.484,00

45.000,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

45.000,00

69.484,00

45.000,00

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

2.500,00

3.145,00

223,00

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

2.500,00

3.145,00

223,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

2.806.139,00

1.868.242,00

678.764,00

673.481,00

335.240,00

1. Treasury: 12710

2.806.139,00

1.868.242,00

678.764,00

673.481,00

335.240,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

22.171.669,00

19.897.958,00

19.114.693,00

15.462.394,00

14.892.913,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2012

2011

A) NET WORTH: 20000

8.003.665,00

6.538.147,00

5.677.455,00

7.317.224,00

211.717,00

A-1) Shareholders' equity: 21000

8.003.665,00

6.538.147,00

5.677.455,00

7.317.224,00

211.717,00

I. Capital: 21100

5.622.416,00

7.028.010,00

3.010,00

1. Registered capital : 21110

5.622.416,00

7.028.010,00

3.010,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

1,00

0,00

III. Reserves: 21300

915.730,00

128.371,00

208.707,00

101.868,00

1. Legal and statutory: 21310

210.222,00

124.153,00

45.542,00

1.503,00

2. Other reserves: 21320

705.508,00

4.217,00

163.164,00

100.364,00

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

0,00

-73.332,00

0,00

-333.554,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-73.332,00

0,00

-333.554,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

1.465.518,00

860.692,00

-73.332,00

80.508,00

440.393,00

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

8.942.157,00

9.427.588,00

6.515.000,00

6.615.000,00

150.000,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

8.942.157,00

9.427.588,00

6.515.000,00

6.615.000,00

150.000,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

100.000,00

150.000,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

8.942.157,00

9.427.588,00

6.515.000,00

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

5.225.847,00

3.932.222,00

6.922.238,00

1.530.170,00

14.531.197,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

2.333.612,00

2.141.243,00

4.438.029,00

567.342,00

13.021.502,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.313.237,00

1.957.169,00

1.705.993,00

507.138,00

493.168,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

1.020.376,00

184.075,00

2.732.036,00

60.204,00

12.528.334,00

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

0,00

V. Trade creditors and other accounts payable: 32500

2.892.235,00

1.790.979,00

2.484.208,00

961.632,00

1.509.695,00

1. Suppliers: 32510

696.583,00

445.266,00

1.496.291,00

674.805,00

562.274,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

696.583,00

445.266,00

1.496.291,00

674.805,00

562.274,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

1.244.812,00

736.400,00

885.816,00

253.495,00

198.648,00

4. Personnel (remuneration due): 32540

27.939,00

50.000,00

148,00

9.632,00

0,00

5. Liabilities for current tax: 32550

579.183,00

221.716,00

0,00

11.521,00

6. Other accounts payable to Public Administrations.: 32560

30.180,00

85.943,00

99.726,00

23.701,00

68.954,00

7. Advances from clients: 32570

313.539,00

251.654,00

2.228,00

0,00

668.298,00

VI. Short-term accruals: 32600

0,00

1.196,00

0,00

VII. Special short-term debts : 32700

0,00

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

22.171.669,00

19.897.958,00

19.114.693,00

15.462.394,00

14.892.913,00

ORIGINAL

Profit and Loss

2016

2015

2014

2012

2011

1. Net turnover: 40100

14.042.012,00

12.088.707,00

12.327.434,00

11.461.501,00

9.495.307,00

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

-9.183.267,00

-7.894.473,00

-9.039.122,00

-8.721.606,00

-6.517.866,00

5. Other operating income: 40500

514,00

1.424,00

0,00

482,00

420,00

6. Personnel costs: 40600

-436.718,00

-490.328,00

-485.165,00

-471.445,00

-523.778,00

7. Other operating costs: 40700

-2.260.410,00

-2.199.358,00

-2.406.991,00

-1.535.401,00

-1.564.277,00

8. Amortisation of fixed assets: 40800

-5.044,00

-5.807,00

-13.508,00

-12.610,00

-4.503,00

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

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-20.023,00

-79.150,00

-62.106,00

14.655,00

873,00

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

2.137.063,00

1.421.015,00

320.541,00

735.576,00

886.175,00

14. Financial income : 41400

16.259,00

13.409,00

13.902,00

15.839,00

278,00

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

0,00

b) Other financial income: 41490

16.259,00

13.409,00

13.902,00

15.839,00

278,00

15. Financial expenditure: 41500

-395.794,00

-483.126,00

-489.221,00

-416.626,00

-440.119,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

228.081,00

272.411,00

162.776,00

-227.391,00

133.565,00

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

-151.454,00

-197.307,00

-312.543,00

-628.179,00

-306.276,00

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

1.985.609,00

1.223.708,00

7.998,00

107.398,00

579.899,00

20. Income taxes: 41900

-520.091,00

-363.016,00

-81.330,00

-26.890,00

-139.506,00

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

1.465.518,00

860.692,00

-73.332,00

80.508,00

440.393,00

> 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 2012 2011 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, such criteria using its own methodology. To view details on the methodology 2016 2015 2014 2012 2011 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2016

2015

2014

2012

2011

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

6.907.314,00

5.082.646,00

3.641.349,00

955.726,00

949.605,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

233,00

15.578,00

11.312,00

III. Tangible fixed assets:

11.621,00

14.689,00

19.455,00

16.149,00

11.293,00

IV. Financial investments:

6.895.693,00

5.067.957,00

3.621.662,00

924.000,00

927.000,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

15.264.355,00

14.815.312,00

15.473.344,00

14.506.668,00

13.943.308,00

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

0,00

II. Stocks:

3.528.367,00

5.355.824,00

6.893.485,00

8.333.486,00

7.589.720,00

III. Debtors:

8.882.349,00

7.543.746,00

7.829.111,00

5.451.555,00

6.018.125,00

IV. Short-term investments:

47.500,00

71.984,00

48.145,00

223,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

2.806.139,00

1.868.242,00

678.764,00

673.481,00

335.240,00

VII. Prepayments and accrued income:

0,00

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

22.171.669,00

19.897.958,00

19.114.693,00

15.462.394,00

14.892.913,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2012

2011

A) EQUITY:

8.003.665,00

6.538.147,00

5.677.455,00

7.317.224,00

211.717,00

I. Subscribed capital:

5.622.416,00

7.028.010,00

3.010,00

II. Share premium:

1,00

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

915.730,00

128.371,00

208.707,00

101.868,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

915.730,00

128.371,00

208.707,00

101.868,00

V. Profit or loss brought forward:

0,00

-73.332,00

0,00

-333.554,00

VI. Profit or loss for the financial year:

1.465.518,00

860.692,00

-73.332,00

80.508,00

440.393,00

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:

8.942.157,00

9.427.588,00

6.515.000,00

6.615.000,00

150.000,00

E) SHORT TERM CREDITORS:

5.225.847,00

3.932.222,00

6.922.238,00

1.530.170,00

14.531.197,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

22.171.669,00

19.897.958,00

19.114.693,00

15.462.394,00

14.892.913,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2012

2011

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

12.821.347,00

11.515.258,00

12.577.444,00

11.411.969,00

9.190.050,00

A.1. Operating consumption:

9.183.267,00

7.894.473,00

9.039.122,00

8.721.606,00

6.517.866,00

A.2. Staff Costs:

436.718,00

490.328,00

485.165,00

471.445,00

523.778,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

436.718,00

490.328,00

485.165,00

471.445,00

523.778,00

A.3. Depreciation expense:

5.044,00

5.807,00

13.508,00

12.610,00

4.503,00

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

0,00

A.5. Other operating charges:

2.260.410,00

2.199.358,00

2.406.991,00

1.535.401,00

1.564.277,00

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

2.157.087,00

1.500.165,00

382.647,00

720.921,00

885.302,00

A.6. Financial and similar charges:

395.794,00

483.126,00

489.221,00

416.626,00

440.119,00

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:

395.794,00

483.126,00

489.221,00

416.626,00

440.119,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

227.391,00

0,00

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

0,00

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

2.005.632,00

1.302.859,00

70.104,00

92.743,00

579.026,00

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:

20.023,00

79.150,00

62.106,00

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

14.655,00

873,00

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

1.985.609,00

1.223.708,00

7.998,00

107.398,00

579.899,00

A.14. Corporation Tax:

520.091,00

363.016,00

81.330,00

26.890,00

139.506,00

A.15. Miscellaneous taxes:

0,00

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

1.465.518,00

860.692,00

0,00

80.508,00

440.393,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2012

2011

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

14.286.865,00

12.375.950,00

12.504.112,00

11.492.476,00

9.630.442,00

B.1. Operating income:

14.042.525,00

12.090.130,00

12.327.434,00

11.461.983,00

9.495.727,00

a) Net total sales:

14.042.012,00

12.088.707,00

12.327.434,00

11.461.501,00

9.495.307,00

b) Miscellaneous operating income:

514,00

1.424,00

0,00

482,00

420,00

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

0,00

B.2. Financial income:

16.259,00

13.409,00

13.902,00

15.839,00

278,00

a) Companies of the group:

16.259,00

13.409,00

13.902,00

15.839,00

278,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

228.081,00

272.411,00

162.776,00

0,00

133.565,00

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

151.454,00

197.307,00

312.543,00

628.179,00

306.276,00

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

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

14.655,00

873,00

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):

20.023,00

79.150,00

62.106,00

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

73.332,00

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

2012

2011

1. Fiscal year result before taxes.: 61100

1.985.609,00

1.223.708,00

7.998,00

107.398,00

579.899,00

2. Results adjustments.: 61200

224.016,00

308.125,00

481.643,00

1.132.549,00

309.487,00

a) Fixed Assets Amortization (+).: 61201

5.044,00

5.807,00

13.508,00

12.610,00

4.503,00

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

47.929,00

27.285,00

93.485,00

506.855,00

0,00

d) Allocation of grants (-).: 61204

-434,00

-1.424,00

0,00

-440,00

-420,00

g) Financial income (-).: 61207

-16.259,00

-13.409,00

-13.902,00

-15.839,00

-278,00

h) Financial Expenses (+). : 61208

395.794,00

483.126,00

489.221,00

416.626,00

440.119,00

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

-228.081,00

-272.411,00

-162.776,00

227.391,00

-133.565,00

k) Other income and expense (-/+). : 61211

20.023,00

79.150,00

62.106,00

-14.655,00

-873,00

3. Changes in current capital equity.: 61300

1.272.419,00

868.503,00

1.568.742,00

-1.915.425,00

-2.466.709,00

a) Stock (+/-).: 61301

1.827.457,00

1.537.661,00

1.346.348,00

-743.766,00

-2.606.027,00

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

-1.379.730,00

245.788,00

-446.807,00

-624.793,00

4.748.674,00

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

824.692,00

-914.946,00

669.201,00

-548.063,00

-4.609.357,00

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

0,00

1.196,00

0,00

4. Cash Flows from Other Operating Activities: 61400

-31.682,00

-100.432,00

-361.729,00

-338.806,00

-96.144,00

a) Interest payments (-). : 61401

-24.190,00

-43.454,00

-85.290,00

-356.423,00

-97.294,00

c) Interest collection (+). : 61403

16.259,00

13.409,00

13.045,00

15.839,00

278,00

d) Income tax payment collection (payments) (+/-).: 61404

-145.075,00

-141.292,00

-293.039,00

-11.521,00

0,00

e) Other payments (payment collection) (-/+) : 61405

121.324,00

70.905,00

3.555,00

13.298,00

873,00

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

3.450.362,00

2.299.904,00

1.696.653,00

-1.014.285,00

-1.673.467,00

6. Payments for investment (-).: 62100

-1.874.712,00

-1.492.103,00

-2.604.029,00

-66.947,00

-940.896,00

a) Companies of the group and affiliates. : 62101

0,00

-42.000,00

-927.000,00

b) Intangible fixed assets. : 62102

0,00

-12.000,00

-11.250,00

c) Fixed assets. : 62103

-1.976,00

-808,00

-1.689,00

-9.731,00

-2.646,00

e) Other financial assets. : 62105

-1.872.737,00

-1.491.295,00

-2.602.339,00

-3.215,00

0,00

7. Divestment payment collection (+). : 62200

0,00

293,00

0,00

e) Other financial assets. : 62205

0,00

293,00

0,00

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

-1.879.756,00

-1.497.910,00

-2.617.537,00

-79.264,00

-945.399,00

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

0,00

9,00

7.025.000,00

0,00

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

0,00

9,00

7.025.000,00

0,00

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

-643.932,00

251.175,00

342.872,00

-5.605.821,00

1.177.634,00

a) Issuance : 63201

1.313.237,00

1.957.169,00

1.705.993,00

7.572.208,00

6.343.168,00

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

1.313.237,00

1.957.169,00

1.705.993,00

457.138,00

443.168,00

5. Other debts (+). : 63206

0,00

7.115.070,00

5.900.000,00

b) Repayment and amortization of : 63207

-1.957.169,00

-1.705.993,00

-1.363.121,00

-13.178.029,00

-5.165.533,00

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

-1.957.169,00

-1.705.993,00

-1.363.121,00

-493.168,00

-5.165.533,00

5. Other debts (-). : 63212

0,00

-12.684.861,00

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

-643.932,00

251.175,00

342.881,00

1.419.179,00

1.177.634,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

6.179,00

130.502,00

53.225,00

0,00

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

937.896,00

1.189.479,00

-511.269,00

338.240,00

-1.436.729,00

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

1.868.242,00

678.764,00

1.190.033,00

335.240,00

1.771.969,00

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

2.806.139,00

1.868.242,00

678.764,00

673.481,00

335.240,00

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:

0,07 %

-0,08 %

0,10 %

-0,22 %

-32,12 %

63,82 %

Net Financial Debt:

3,92

1,52

6,44

1,72

-39,19

-11,74

Cash Flow Yield:

0,04 %

-0,08 %

0,06 %

-0,20 %

-29,24 %

61,65 %

EBITDA over Sales:

15,40 %

8,61 %

12,46 %

8,69 %

23,60 %

-0,84 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

14,16 %

7,74 %

10,15 %

7,89 %

39,58 %

-1,84 %

Total economic profitability:

10,74 %

6,74 %

8,58 %

6,44 %

25,21 %

4,69 %

Financial profitability:

18,31 %

9,71 %

13,16 %

9,08 %

39,09 %

7,01 %

Margin:

15,36 %

6,20 %

12,41 %

6,27 %

23,80 %

-1,19 %

Mark-up:

14,28 %

5,95 %

10,78 %

5,44 %

32,54 %

9,34 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,54

0,29

0,48

0,25

13,02

13,25

Acid Test:

2,25

1,16

2,41

1,15

-6,65

1,35

Working Capital / Investment:

0,45

0,20

0,55

0,18

-17,22

13,63

Solvency:

2,92

1,68

3,77

1,64

-22,47

1,86

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,77

1,01

2,04

1,15

-13,37

-12,76

Borrowing Composition:

1,71

0,58

2,40

0,80

-28,63

-27,00

Repayment Ability:

6,55

6,08

8,87

6,82

-26,13

-10,79

Warranty:

1,56

2,00

1,49

1,87

5,07

6,66

Generated resources / Total creditors:

0,10

0,14

0,06

0,12

60,03

17,79

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

5,95

1,50

4,07

1,52

46,16

-1,72

Turnover of Collection Rights :

1,58

4,74

1,60

4,78

-1,36

-0,89

Turnover of Payment Entitlements:

3,96

3,99

5,64

4,04

-29,80

-1,23

Stock rotation:

3,37

6,24

1,98

6,56

70,36

-4,83

Assets turnover:

0,92

1,25

0,82

1,26

12,75

-0,65

Borrowing Cost:

2,79

1,67

3,62

2,37

-22,75

-29,42

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2012, 2011)

Cash Flow

2016

2015

2014

2012

2011

Cash Flow over Sales:

0,07 %

0,10 %

0,06 %

0,03 %

-0,15 %

Net Financial Debt:

3,92

6,44

25,93

8,87

14,43

Cash Flow Yield:

0,04 %

0,06 %

0,04 %

0,02 %

-0,10 %

EBITDA over Sales:

15,40 %

12,46 %

3,21 %

6,40 %

9,37 %

Profitability

2016

2015

2014

2012

2011

Operating economic profitability:

14,16 %

10,15 %

2,48 %

4,98 %

6,34 %

Total economic profitability:

10,74 %

8,58 %

2,60 %

3,39 %

6,85 %

Financial profitability:

18,31 %

13,16 %

-1,29 %

1,10 %

208,01 %

Margin:

15,36 %

12,41 %

3,10 %

6,29 %

9,32 %

Mark-up:

14,28 %

10,78 %

0,57 %

0,81 %

6,10 %

Solvency

2016

2015

2014

2012

2011

Liquidity:

0,54

0,48

0,10

0,44

0,02

Acid Test:

2,25

2,41

1,24

4,03

0,44

Working Capital / Investment:

0,45

0,55

0,45

0,84

-0,04

Solvency:

2,92

3,77

2,24

9,48

0,96

Indebtedness

2016

2015

2014

2012

2011

Indebtedness level:

1,77

2,04

2,37

1,11

69,34

Borrowing Composition:

1,71

2,40

0,94

4,32

0,01

Repayment Ability:

6,55

8,87

33,92

11,10

16,50

Warranty:

1,56

1,49

1,42

1,90

1,01

Generated resources / Total creditors:

0,10

0,06

0,00

0,01

0,03

Efficiency

2016

2015

2014

2012

2011

Productivity:

5,95

4,07

1,82

2,56

2,70

Turnover of Collection Rights :

1,58

1,60

1,57

2,10

1,58

Turnover of Payment Entitlements:

3,96

5,64

4,61

10,67

5,35

Stock rotation:

3,37

1,98

1,73

1,29

1,13

Assets turnover:

0,92

0,82

0,80

0,79

0,68

Borrowing Cost:

2,79

3,62

3,64

5,12

3,00

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

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.423,63

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

433,98

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

440,00

Notes

Subvención por bonificación de cursos de formación

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 63.77
UK Pound	1	INR 89.20
Euro	1	INR 78.22
Euro	1	INR 78.47

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

Partners

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Main Historic Changes

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

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit