3decades

MIRA INFORM REPORT

Report No. :	494472
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	EUROSMC SA

Registered Office :	Calle Buril 69 Polígono Industrial, Parcela 29 - Collado Villalba - 28400 – Madrid

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	13.11.1991

Legal Form :	Public Company

Line of Business :	Design, manufacture and marketing of a wide range of electronic products and solutions. Mainly protection relays, as well as tests and measures related to the start-up of substations.

No. of Employees :	33

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

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

(30.09.2017)

Current Rating

(31.12.2017)

Spain

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

SPAIN - ECONOMIC OVERVIEW

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Source : CIA

EXECUTIVE SUMMARY

Name:

EUROSMC SA

NIF / Fiscal code:

A80160252

Trade Name

EUROSMC SA

Status:

ACTIVE

Incorporation Date:

13/11/1991

Register Data

Last Publication in BORME:

06/02/2014 [Reelections]

Last Published Account Deposit:

2016

Share Capital:

60.200

Localization:

CALLE BURIL 69 POLÍGONO INDUSTRIAL, PARCELA 29 - COLLADO VILLALBA - 28400 - MADRID

Telephone - Fax - Email - Website:

Telephone. 918 498 980 Email. sales@eurosmc.com Website. eurosmc.com

Number of Branches

Activity:

NACE:

2651 - Manufacture of instruments and appliances for measuring, testing and navigation

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

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)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

EDUARDO MARCHESI HERCULES SOLAS
GLEN BROWER SCOTT
JAVIER BLANCO GONZALEZ
Shares:	0
Other Links:	0
No. of Active Corporate Bodies:

Ratios

2016

2015

Change

Nº of employees:

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees NO

INVESTIGATION SUMMARY

The Company was incorporated in November 1991, social capital 60200 Manufacture and sale of measuring and verification instruments and devices.

Interviewed Person:

Identification

Social Denomination:

EUROSMC SA

Trade Name:

EUROSMC SA

NIF / Fiscal code:

A80160252

Corporate Status:

ACTIVE

Start of activity:

1992

Registered Office:

CALLE BURIL 69 Polígono Industrial, parcela 29

Locality:

COLLADO VILLALBA

Province:

MADRID

Postal Code:

28400

Telephone:

918 498 980

Fax:

918 512 553

Website:

eurosmc.com

Email:

sales@eurosmc.com

Interviewed Person:

Administration (brief)

Branch Offices

Address

Postal Code

City

Province

CALLE POLIGONO 2 29

28400

COLLADO VILLALBA

MADRID

Activity

NACE:

2651

CNAE Obtaining Source:

2651

Corporate Purpose:

THE SUBJECT IS ENGAGED IN THE MARKETING, MANUFACTURE AND REPAIR OF COMPUTER PRODUCTS.

Additional Information:

Design, manufacture and marketing of a wide range of electronic products and solutions. Mainly protection relays, as well as tests and measures related to the start-up of substations.

Additional Address:

Registered office and premises located at the general 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

1992

Appointments/ Re-elections (3) Company Formation (1)

1993

Accounts deposit (year 1992) Cessations/ Resignations/ Reversals (1) Dividends Payment (1)

1994

Accounts deposit (year 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Statutory Modifications (2)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995)

1998

Accounts deposit (year 1996)

1999

Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (year 1998, 1999, 2000, 2001, 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (1)

2005

Accounts deposit (year 2003, 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007)

2009

Appointments/ Re-elections (2)

2010

Accounts deposit (year 2008)

2012

Accounts deposit (year 2009, 2010, 2011)

2014

Accounts deposit (year 2012) Appointments/ Re-elections (1)

2015

Accounts deposit (year 2013, 2014)

2016

Accounts deposit (year 2015)

2017

Accounts deposit (year 2016)

Breakdown of Owners' Equity

Registered Capital:

60.200

Paid up capital:

60.200

Updated Evolution of the Subscribed and Paid-in Capital

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Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

30/01/1992

Company Formation

60.101

15.025

60.101

15.025

15/10/1993

Capital call payment

---

45.076

60.101

22/04/2004

Increase of Capital

60.200

Founding Partners

Partner Name	NIF	% Shareholding stake
EDUARDO MARCHESI HERCULES SOLAS
JAVIER BLANCO GONZALEZ
GLEN BROWERT SCOTT

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

MARCHESI HERCULES DE SOLAS EDUARDO

29/01/2014

MEMBER OF THE BOARD

MARCHESI HERCULES DE SOLAS EDUARDO

29/01/2014

BLANCO GONZALEZ JAVIER

29/01/2014

BROWER SCOTT-GLEN

29/01/2014

BROWER SCOTT GLEN

24/02/2009

COMBINED CHIEF EXECUTIVE OFFICER

BROWER SCOTT-GLEN

29/01/2014

BLANCO GONZALEZ JAVIER

29/01/2014

MARCHESI HERCULES DE SOLAS EDUARDO

29/01/2014

BROWER SCOTT GLEN

24/02/2009

BROWER SCOT GLEN

14/06/1999

PROXY

MARCHESI HERCULES SOLAS EDUARDO

07/02/1992

SECRETARY

BLANCO GONZALEZ JAVIER

29/01/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BLANCO GONZALEZ JAVIER

MEMBER OF THE BOARD

14/06/1999

MEMBER OF THE BOARD

09/02/2004

MEMBER OF THE BOARD

24/02/2009

MEMBER OF THE BOARD

29/01/2014

COMBINED CHIEF EXECUTIVE OFFICER

14/06/1999

COMBINED CHIEF EXECUTIVE OFFICER

09/02/2004

COMBINED CHIEF EXECUTIVE OFFICER

24/02/2009

COMBINED CHIEF EXECUTIVE OFFICER

29/01/2014

SECRETARY

14/06/1999

SECRETARY

09/02/2004

SECRETARY

24/02/2009

SECRETARY

29/01/2014

BROWER SCOTT GLEN

MEMBER OF THE BOARD

14/06/1999

MEMBER OF THE BOARD

09/02/2004

MEMBER OF THE BOARD

24/02/2009

COMBINED CHIEF EXECUTIVE OFFICER

09/02/2004

COMBINED CHIEF EXECUTIVE OFFICER

24/02/2009

PRESIDENT

09/02/2004

BROWER SCOTT-GLEN

MEMBER OF THE BOARD

29/01/2014

COMBINED CHIEF EXECUTIVE OFFICER

29/01/2014

GIL JEREZ FRANCISCO MIGUEL

PROXY

21/10/1993

GUTIERREZ ADO ANTONIO

PROXY

10/01/1994

LUIS ALBA PRUDENCIO

SINGLE ADMINISTRATOR

07/01/1994

MARCHASI HERCULES DE SOLAS EDUARDO

MEMBER OF THE BOARD

14/06/1999

MEMBER OF THE BOARD

09/02/2004

MEMBER OF THE BOARD

24/02/2009

COMBINED CHIEF EXECUTIVE OFFICER

14/06/1999

COMBINED CHIEF EXECUTIVE OFFICER

09/02/2004

COMBINED CHIEF EXECUTIVE OFFICER

24/02/2009

PRESIDENT

14/06/1999

PRESIDENT

24/02/2009

MARCHESI HERCULES DE SOLAS EDUARDO

MEMBER OF THE BOARD

29/01/2014

COMBINED CHIEF EXECUTIVE OFFICER

29/01/2014

PRESIDENT

29/01/2014

Executive board

Post

NIF

Name

PRE4SIDENTE/CONSEJERO

EDUARDO MARCHESI HERCULES SOLAS

CONSEJERO

JAVIER BLANCO GONZALEZ

CONSEJERO

GLEN BRIOWER SCOTT

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (€)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

Probability of default

> Estimated Probability of Default for the next 12 months: 2.635 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

265 Manufacture of instruments and appliances for measuring, testing and navigation; watches and clocks

wordml://2587

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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2,635%.

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

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

References

Clients

Name	NIF	Telephone
ISOLUX CORSAN
SIEMENS
EXXON MOBILE
GAZ PROM
ABENGOA INABNESA

Link List

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	EDUARDO MARCHESI HERCULES SOLAS
	GLEN BROWER SCOTT
	JAVIER BLANCO GONZALEZ

Turnover

Total Sales 2016

4.112.625,57

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

Estimated Balance

Low level company, which in 2016 increased its turnover by 23%. From the balance sheet, a moderately adjusted financial statement is deduced, as evidenced by the Liquidity (1.27 / 1), Treasury (1.08 / 1) and Total Solvency (1.4 / 1) ratios.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

October 2017

2015

Normales

September 2016

2014

Normales

December 2015

2013

Normales

January 2015

2012

Normales

January 2014

2011

Normales

November 2012

2010

Normales

March 2012

2009

Normales

March 2012

2008

Normales

March 2010

2007

Normales

October 2008

2006

Normales

September 2007

2005

Normales

November 2006

2004

Normales

September 2005

2003

Normales

May 2005

2002

Normales

February 2004

2001

Normales

February 2004

2000

Normales

February 2004

1999

Normales

February 2004

1998

Normales

February 2004

1997

Normales

December 1998

1996

Normales

March 1998

1995

Normales

September 1996

1994

Normales

October 1995

1993

Normales

October 1994

1992

Normales

August 1993

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, such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2016

2015

2014

2013

2012

A) NON-CURRENT ASSETS: 11000

796.997,00

699.215,00

755.094,00

865.729,00

773.874,00

I. Intangible fixed assets : 11100

58.579,00

54.910,00

112.212,00

172.590,00

33.007,00

II. Tangible fixed assets : 11200

508.216,00

404.873,00

395.296,00

435.691,00

477.206,00

III. Real estate investment: 11300

0,00

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

230.201,00

0,00

V. Long-term financial investments: 11500

0,00

239.431,00

247.586,00

257.448,00

263.661,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

3.593.697,00

2.613.619,00

2.097.914,00

2.194.675,00

2.107.224,00

I. Stocks : 12200

535.873,00

889.708,00

505.282,00

631.400,00

458.204,00

II. Trade debtors and others receivable accounts : 12300

2.847.579,00

1.450.570,00

1.390.205,00

1.393.990,00

1.402.170,00

1. Trade debtors / accounts receivable: 12380

2.817.764,00

1.395.772,00

1.352.551,00

1.333.978,00

1.326.936,00

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

0,00

1.333.978,00

1.326.936,00

b) Customers for sales and provisions of services : 12382

2.817.764,00

1.395.772,00

1.352.551,00

0,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

29.815,00

54.798,00

37.654,00

60.011,00

75.234,00

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

102.312,00

IV. Short-term financial investments : 12500

12.768,00

11.436,00

11.303,00

5.195,00

65.572,00

V. Short-term accruals : 12600

24.445,00

56.146,00

19.583,00

26.485,00

11.793,00

VI. Cash and other equivalent liquid assets : 12700

70.719,00

103.447,00

69.229,00

35.293,00

67.172,00

TOTAL ASSETS (A + B) : 10000

4.390.693,00

3.312.834,00

2.853.008,00

3.060.405,00

2.881.098,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

1.340.893,00

1.198.532,00

1.118.651,00

956.736,00

974.012,00

A-1) Shareholders' equity: 21000

1.340.893,00

1.198.532,00

1.118.651,00

956.736,00

974.012,00

I. Capital: 21100

60.200,00

1. Registered capital : 21110

60.200,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

579.623,00

1. Capitalisation Reserves: 21350

0,00

2. Otras Reservas: 21360

579.623,00

0,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

519.044,00

452.066,00

322.284,00

284.689,00

270.314,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

182.026,00

106.644,00

156.544,00

32.225,00

63.875,00

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

237.890,00

229.701,00

136.564,00

384.554,00

279.522,00

I. Long-term provisions: 31100

0,00

60.377,00

II. Long-term creditors : 31200

224.711,00

216.522,00

123.384,00

371.375,00

205.966,00

1. Amounts owed to credit institutions: 31220

216.906,00

216.522,00

123.384,00

369.284,00

195.515,00

2. Creditors from financial leasing : 31230

7.805,00

0,00

2.090,00

10.451,00

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

13.179,00

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

2.811.911,00

1.884.601,00

1.597.793,00

1.719.114,00

1.627.565,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

2.430.153,00

1.391.920,00

1.166.690,00

1.270.469,00

1.185.703,00

1. Amounts owed to credit institutions: 32320

2.430.153,00

1.391.920,00

1.166.690,00

1.270.469,00

1.182.831,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

2.871,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

381.758,00

492.681,00

431.104,00

448.645,00

441.862,00

1. Suppliers: 32580

216.426,00

360.645,00

277.605,00

301.641,00

271.154,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

216.426,00

360.645,00

277.605,00

301.641,00

271.154,00

2. Other creditors: 32590

165.331,00

132.036,00

153.498,00

147.005,00

170.708,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

4.390.693,00

3.312.834,00

2.853.008,00

3.060.405,00

2.881.098,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

4.112.626,00

3.345.114,00

3.696.827,00

3.102.151,00

3.086.666,00

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

-225.177,00

260.651,00

-35.715,00

106.269,00

86.911,00

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

25.345,00

0,00

193.361,00

0,00

4. Supplies : 40400

-1.412.810,00

-1.235.835,00

-1.221.361,00

-978.053,00

-992.913,00

5. Other operating income: 40500

7.014,00

16.773,00

1.012,00

7.901,00

9.163,00

6. Personnel costs: 40600

-1.490.015,00

-1.530.385,00

-1.489.405,00

-1.469.792,00

-1.480.601,00

7. Other operating costs: 40700

-762.876,00

-595.673,00

-596.319,00

-786.379,00

-534.725,00

8. Amortisation of fixed assets: 40800

-51.421,00

-110.824,00

-113.112,00

-101.297,00

-40.000,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

0,00

60.377,00

0,00

11. Impairment and result of transfers of fixed assets: 41100

0,00

12. Other results : 41300

0,00

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

202.686,00

149.822,00

241.928,00

134.536,00

134.501,00

13. Financial income : 41400

67.252,00

9.739,00

2.683,00

3.054,00

3.365,00

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

0,00

b) Other financial income: 41490

67.252,00

9.739,00

2.683,00

3.054,00

3.365,00

14. Financial expenditure : 41500

-61.467,00

-48.389,00

-77.243,00

-85.407,00

-68.968,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

-441,00

10.706,00

11.539,00

-9.217,00

4.102,00

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

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

5.343,00

-27.944,00

-63.020,00

-91.570,00

-61.501,00

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

208.029,00

121.878,00

178.907,00

42.966,00

73.000,00

19. Income taxes : 41900

-26.004,00

-15.235,00

-22.363,00

-10.742,00

-9.125,00

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

182.026,00

106.644,00

156.544,00

32.225,00

63.875,00

> 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, such criteria using its own methodology. 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:

796.997,00

699.215,00

755.094,00

865.729,00

773.874,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

58.579,00

54.910,00

112.212,00

172.590,00

33.007,00

III. Tangible fixed assets:

508.216,00

404.873,00

395.296,00

435.691,00

477.206,00

IV. Financial investments:

230.201,00

239.431,00

247.586,00

257.448,00

263.661,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

3.593.697,00

2.613.619,00

2.097.914,00

2.194.675,00

2.107.224,00

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

0,00

II. Stocks:

535.873,00

889.708,00

505.282,00

631.400,00

458.204,00

III. Debtors:

2.847.579,00

1.450.570,00

1.390.205,00

1.393.990,00

1.402.170,00

IV. Short-term investments:

115.081,00

113.748,00

113.615,00

107.507,00

167.884,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

70.719,00

103.447,00

69.229,00

35.293,00

67.172,00

VII. Prepayments and accrued income:

24.445,00

56.146,00

19.583,00

26.485,00

11.793,00

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

4.390.693,00

3.312.834,00

2.853.008,00

3.060.405,00

2.881.098,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2016

2015

2014

2013

2012

A) EQUITY:

1.340.893,00

1.198.532,00

1.118.651,00

956.736,00

974.012,00

I. Subscribed capital:

60.200,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

579.623,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

579.623,00

V. Profit or loss brought forward:

519.044,00

452.066,00

322.284,00

284.689,00

270.314,00

VI. Profit or loss for the financial year:

182.026,00

106.644,00

156.544,00

32.225,00

63.875,00

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

60.377,00

D) LONG TERM LIABILITIES:

237.890,00

229.701,00

136.564,00

384.554,00

219.145,00

E) SHORT TERM CREDITORS:

2.811.911,00

1.884.601,00

1.597.793,00

1.719.114,00

1.627.565,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

4.390.693,00

3.312.834,00

2.853.008,00

3.060.405,00

2.881.098,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2016

2015

2014

2013

2012

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

4.030.211,00

3.275.689,00

3.555.517,00

3.334.618,00

3.039.422,00

A.1. Operating consumption:

1.637.986,00

975.184,00

1.257.076,00

871.785,00

906.002,00

A.2. Staff Costs:

1.490.015,00

1.530.385,00

1.489.405,00

1.469.792,00

1.480.601,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

1.490.015,00

1.530.385,00

1.489.405,00

1.469.792,00

1.480.601,00

A.3. Depreciation expense:

51.421,00

110.824,00

113.112,00

101.297,00

40.000,00

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

0,00

A.5. Other operating charges:

762.876,00

595.673,00

596.319,00

786.379,00

534.725,00

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

202.686,00

149.822,00

241.928,00

134.536,00

134.501,00

A.6. Financial and similar charges:

61.467,00

48.389,00

77.243,00

85.407,00

68.968,00

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:

61.467,00

48.389,00

77.243,00

85.407,00

68.968,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

441,00

0,00

9.217,00

0,00

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

5.343,00

0,00

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

208.029,00

121.878,00

178.907,00

42.966,00

73.000,00

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:

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

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

208.029,00

121.878,00

178.907,00

42.966,00

73.000,00

A.14. Corporation Tax:

26.004,00

15.235,00

22.363,00

10.742,00

9.125,00

A.15. Miscellaneous taxes:

0,00

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

182.026,00

106.644,00

156.544,00

32.225,00

63.875,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2016

2015

2014

2013

2012

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

4.212.236,00

3.382.332,00

3.712.061,00

3.366.843,00

3.103.297,00

B.1. Operating income:

4.144.985,00

3.361.888,00

3.697.839,00

3.363.789,00

3.095.830,00

a) Net total sales:

4.112.626,00

3.345.114,00

3.696.827,00

3.102.151,00

3.086.666,00

b) Miscellaneous operating income:

32.359,00

16.773,00

1.012,00

261.639,00

9.163,00

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

0,00

B.2. Financial income:

67.252,00

9.739,00

2.683,00

3.054,00

3.365,00

a) Companies of the group:

67.252,00

9.739,00

2.683,00

3.054,00

3.365,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

10.706,00

11.539,00

0,00

4.102,00

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

0,00

27.944,00

63.020,00

91.570,00

61.501,00

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

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

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

208.029,00

121.878,00

178.907,00

42.966,00

73.000,00

2. Results adjustments.: 61200

45.636,00

149.474,00

187.672,00

123.273,00

105.603,00

a) Fixed Assets Amortization (+).: 61201

51.421,00

110.824,00

113.112,00

101.297,00

40.000,00

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

0,00

-60.377,00

0,00

g) Financial income (-).: 61207

-67.252,00

-9.739,00

-2.683,00

-3.054,00

-3.365,00

h) Financial Expenses (+). : 61208

61.467,00

48.389,00

77.243,00

85.407,00

68.968,00

3. Changes in current capital equity.: 61300

-1.149.733,00

-435.145,00

90.793,00

-123.289,00

-348.675,00

a) Stock (+/-).: 61301

353.835,00

-384.426,00

126.119,00

-173.197,00

-115.845,00

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

-1.397.008,00

-60.365,00

3.785,00

8.181,00

-86.549,00

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

30.368,00

-36.696,00

794,00

45.685,00

-663,00

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

-136.927,00

46.343,00

-39.905,00

-3.958,00

-145.618,00

4. Cash Flows from Other Operating Activities: 61400

5.784,00

-38.650,00

-74.560,00

-82.353,00

-65.603,00

a) Interest payments (-). : 61401

-61.467,00

-48.389,00

-77.243,00

-85.407,00

-68.968,00

c) Interest collection (+). : 61403

67.252,00

9.739,00

2.683,00

3.054,00

3.365,00

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

-890.282,00

-202.442,00

382.812,00

-39.403,00

-235.676,00

6. Payments for investment (-).: 62100

-337.213,00

-9.577,00

0,00

-139.583,00

-640,00

a) Companies of the group and affiliates. : 62101

-230.201,00

0,00

b) Intangible fixed assets. : 62102

-3.669,00

0,00

-139.583,00

-108,00

c) Fixed assets. : 62103

-103.343,00

-9.577,00

0,00

-532,00

7. Divestment payment collection (+). : 62200

239.431,00

65.457,00

110.635,00

47.728,00

49.811,00

b) Intangible fixed assets. : 62202

0,00

57.302,00

60.378,00

0,00

c) Fixed assets. : 62203

0,00

40.395,00

41.515,00

0,00

e) Other financial assets. : 62205

239.431,00

8.155,00

9.862,00

6.213,00

49.811,00

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

-149.203,00

-54.945,00

-2.477,00

-193.152,00

9.172,00

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

-39.665,00

-26.762,00

5.371,00

-49.500,00

-130.500,00

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

0,00

5.371,00

0,00

b) Amortization of assets instruments (-). : 63102

-39.665,00

-26.762,00

0,00

-49.500,00

-130.500,00

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

1.046.423,00

318.367,00

-351.769,00

250.175,00

399.037,00

a) Issuance : 63201

1.046.423,00

318.367,00

0,00

261.407,00

427.339,00

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

1.038.618,00

318.367,00

0,00

261.407,00

427.339,00

4. Special characteristic debts (+). : 63205

7.805,00

0,00

b) Repayment and amortization of : 63207

0,00

-351.769,00

-11.232,00

-28.302,00

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

0,00

-349.679,00

0,00

4. Special characteristic debts (-). : 63211

0,00

-2.090,00

-8.361,00

-22.672,00

5. Other debts (-). : 63212

0,00

-2.871,00

-5.629,00

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

0,00

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

1.006.758,00

291.605,00

-346.399,00

200.675,00

268.537,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-32.728,00

34.218,00

33.936,00

-31.880,00

42.033,00

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

103.447,00

69.229,00

35.293,00

67.172,00

25.139,00

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

70.719,00

103.447,00

69.229,00

35.293,00

67.172,00

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 %

0,01 %

-177,80 %

10,77 %

Net Financial Debt:

10,12

1,83

5,73

2,16

76,60

-15,49

Cash Flow Yield:

-0,01 %

0,01 %

-172,17 %

7,71 %

EBITDA over Sales:

6,18 %

6,68 %

7,79 %

6,39 %

-20,70 %

4,53 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,01 %

4,39 %

5,06 %

3,92 %

-1,02 %

12,05 %

Total economic profitability:

6,14 %

4,44 %

5,14 %

3,96 %

19,42 %

12,28 %

Financial profitability:

13,57 %

5,55 %

8,90 %

4,60 %

52,56 %

20,73 %

Margin:

4,89 %

4,45 %

4,46 %

3,94 %

9,73 %

13,07 %

Mark-up:

5,02 %

4,49 %

3,63 %

3,56 %

38,44 %

25,95 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,03

0,38

0,05

0,34

-54,18

12,46

Acid Test:

1,08

1,19

0,88

1,17

21,90

1,72

Working Capital / Investment:

0,18

0,23

0,22

0,21

-19,09

10,07

Solvency:

1,28

1,88

1,39

1,78

-7,85

5,68

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

2,27

0,85

1,76

0,92

28,93

-6,69

Borrowing Composition:

0,08

0,66

0,12

0,67

-30,59

-1,40

Repayment Ability:

12,00

8,98

8,11

9,47

47,96

-5,15

Warranty:

1,44

2,17

1,57

2,09

-8,12

3,73

Generated resources / Total creditors:

0,08

0,10

0,09

-25,58

9,42

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,17

1,30

1,17

1,30

0,02

0,16

Turnover of Collection Rights :

1,46

4,85

2,32

4,74

-37,19

2,31

Turnover of Payment Entitlements:

5,11

3,12

4,25

3,16

20,32

-1,19

Stock rotation:

7,36

4,30

3,61

4,91

103,77

-12,59

Assets turnover:

1,02

0,99

1,14

0,99

-9,80

-0,90

Borrowing Cost:

2,02

1,53

2,29

1,77

-11,94

-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 %

0,01 %

-0,01 %

0,01 %

Net Financial Debt:

10,12

5,73

3,41

9,13

7,21

Cash Flow Yield:

-0,01 %

0,01 %

-0,01 %

0,01 %

EBITDA over Sales:

6,18 %

7,79 %

9,60 %

5,66 %

5,65 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

5,01 %

5,06 %

9,71 %

4,99 %

5,49 %

Total economic profitability:

6,14 %

5,14 %

8,98 %

4,19 %

4,93 %

Financial profitability:

13,57 %

8,90 %

13,99 %

3,37 %

6,56 %

Margin:

4,89 %

4,46 %

6,54 %

4,07 %

4,34 %

Mark-up:

5,02 %

3,63 %

4,84 %

1,30 %

2,36 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,03

0,05

0,04

0,02

0,04

Acid Test:

1,08

0,88

0,98

0,89

1,01

Working Capital / Investment:

0,18

0,22

0,18

0,16

0,17

Solvency:

1,28

1,39

1,31

1,28

1,29

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

2,27

1,76

1,55

2,20

1,79

Borrowing Composition:

0,08

0,12

0,09

0,22

0,13

Repayment Ability:

12,00

8,11

4,88

11,99

10,58

Warranty:

1,44

1,57

1,64

1,45

1,56

Generated resources / Total creditors:

0,08

0,10

0,16

0,06

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,17

1,24

1,12

Turnover of Collection Rights :

1,46

2,32

2,66

2,37

2,21

Turnover of Payment Entitlements:

5,11

4,25

4,13

4,17

3,65

Stock rotation:

7,36

3,61

6,84

5,11

6,46

Assets turnover:

1,02

1,14

1,48

1,23

1,26

Borrowing Cost:

2,02

2,29

4,45

4,06

3,73

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.

Research Summary

The Company was incorporated in November 1991, social capital 60200 Manufacture and sale of measuring and verification instruments and devices.

Answer to additional question

Leading Company that designs, manufactures and sales products and solutions for electric tests, mainly in the field of protection relays. Tests and start-up of electic substations and energy systems. Equipment of primary injection, secondary injection, transformer test equipment, motors, monitoring, software accessories and more. It is present in more than 100 countries, has about 60 representatives around the world. Branches in the United States, Europe and South American and Asian countries.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.92
UK Pound	1	INR 90.23
Euro	1	INR 80.54
Euro	1	INR 80.18

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

INFORMATION DETAILS

Analysis Done by :	NIY

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

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Founding Partners

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

References

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Answer to additional question

Sources

Unit