MIRA INFORM REPORT

Report No. :	506487
Report Date :	05.05.2018

IDENTIFICATION DETAILS

Name :	YANCCI ACCESSORIES SL

Registered Office :	Av/ De Andalucia, 6 -8. - Ubrique - 11600 - Cadiz

Country :	Spain

Financials (as on) :	2016

Date of Incorporation :	10.01.2006

Legal Form :	Private company

Line of Business :	Agents involved in the sale of textiles, clothing, fur, footwear and leather goods

No. of Employees :	4 [2017]

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 :	Satisfactory

Payment Behaviour :	No Complaints

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:

YANCCI ACCESSORIES SL

NIF / Fiscal code:

B72021355

Trade Name

YANCCI ACCESORIES SL

Status:

ACTIVE

Incorporation Date:

10/01/2006

Register Data

Last Publication in BORME:

01/03/2016 [Statutory modifications]

Last Published Account Deposit:

2016

Share Capital:

3.006

Localization:

AV/ DE ANDALUCIA, 6 -8. - UBRIQUE - 11600 - CADIZ

Telephone - Fax - Email - Website:

Telephone. 856 154 222 Email. yancci@yancci.com Website. www.yancci.com

Activity:

NACE:

4616 - Agents involved in the sale of textiles, clothing, fur, footwear and leather goods

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

No complaints

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:

FRANCISCO PULIDO GARCIA

PILAR PULIDO PEREZ

Identification

Social Denomination:

YANCCI ACCESSORIES SL

Trade Name:

YANCCI ACCESORIES SL

NIF / Fiscal code:

B72021355

Corporate Status:

ACTIVE

Start of activity:

10-01-2006

Registered Office:

AV/ DE ANDALUCIA, 6 -8.

Locality:

UBRIQUE

Province:

CADIZ

Postal Code:

11600

Telephone:

856 154 222

Website:

www.yancci.com

Email:

yancci@yancci.com

Interviewed Person:

Administration

Branch Offices

Activity

NACE:

4616

Corporate Purpose:

The subject is involved in the import, export, intermediation and whole and retail trade of all sorts of leather goods.

Additional Information:

Design, manufacture and trade of leather goods. Bags, cigarette cases, purses, key rings, etc.

Additional Address:

The Registered Office and showroom 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

2017

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

Chronological Summary

Year

Act

2006

Appointments/ Re-elections (2) Change of Social Purpose (1) Company Formation (1)

2014

Accounts deposit (year 2011, 2012, 2013) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Change of Social address (1)

2015

Accounts deposit (year 2014)

2016

Accounts deposit (year 2015) Statutory Modifications (1)

2017

Accounts deposit (year 2016)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

LA CONCESIÓN DE LICENCIAS INTERNACIONALES

Company Formation

23/03/2006

LA DISTRIBUCION, CESIÓN, GESTION, EXPLOTACION, COMPRA, VENTA Y CUALQUIER OTRO TIPO DE NEGOCIO MERCANTIL O CIVIL QUE TENGA POR OBJETO MARCAS, PATENTES Y LICENCIAS

Corporate Purpose Change

23/03/2006

Breakdown of Owners' Equity

Registered Capital:

3.006

Paid up capital:

3.006

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

09/03/2006

Company Formation

3.006

Founding Partners

Partner Name	NIF	% Shareholding stake
MARIA PILAR PULIDO PÉREZ
DIEGO PULIDO PEREZ

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

PULIDO PEREZ MARIA DEL PILAR

24/09/2014

PROXY

PULIDO PEREZ DIEGO

23/03/2006

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

| //c\\

PULIDO GARCIA JOSE

SINGLE ADMINISTRATOR

24/09/2014

Executive board

Post

NIF

Name

ADMINISTRATOR UNICO

MARIA PILAR PULIDO PEREZ

DIRECTOR/GENERAL MANAGER

MARIA PILAR PULIDO PEREZ

APODERADO

DIEGO PULIDO PEREZ

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

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

No irregular payment performance has been detected based on information obtained from credit bureaus.

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 47.73of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It has financial profitability.. YANCCI ACCESSORIES SLobtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

Probability of default

> Estimated Probability of Default for the next 12 months: 1.262 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

461 Wholesale on a fee or contract basis

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 92.00% of the companies of the sector YANCCI ACCESSORIES 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 1,262%.

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

Suppliers

Name	NIF	Telephone
CARTONAJES MILLAN
AROMA SL
CREA IMPER SL

Link List

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

FRANCISCO PULIDO GARCIA

PILAR PULIDO PEREZ

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

DIEGO PULIDO PEREZ SA

CADIZ

PANPE SL

CADIZ

Turnover

Total Sales 2016

569.933,06

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

Estimated Balance

Micro company whose turnover increased by 36% in 2016. The balance sheet shows a balanced financial status, as evidenced by the Liquidity Ratio (2/1), Treasury Ratio (1/1) and Total Solvency Ratio (2/1).

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

September 2017

2015

Normales

September 2016

2014

Normales

November 2015

2013

Normales

October 2014

2012

Normales

October 2014

2011

Normales

October 2014

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

4.846,00

5.920,00

0,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

4.846,00

5.920,00

0,00

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

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

238.119,00

181.976,00

96.507,00

1.509,00

I. Stocks : 12200

125.378,00

69.762,00

59.121,00

0,00

II. Trade debtors and others receivable accounts : 12300

78.017,00

64.542,00

31.209,00

0,00

1. Trade debtors / accounts receivable: 12380

77.766,00

64.542,00

31.092,00

0,00

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

0,00

b) Customers for sales and provisions of services : 12382

77.766,00

64.542,00

31.092,00

0,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

251,00

0,00

118,00

0,00

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

34.724,00

47.672,00

6.176,00

1.509,00

TOTAL ASSETS (A + B) : 10000

242.966,00

187.896,00

96.507,00

1.509,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

123.316,00

65.483,00

22.093,00

1.509,00

A-1) Shareholders' equity: 21000

123.316,00

65.483,00

22.093,00

1.509,00

I. Capital: 21100

3.006,00

1. Registered capital : 21110

3.006,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

62.477,00

19.087,00

0,00

1. Capitalisation Reserves: 21350

0,00

2. Otras Reservas: 21360

62.477,00

0,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

-1.497,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

57.833,00

43.390,00

20.584,00

0,00

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

3.671,00

1.727,00

0,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

0,00

1. Amounts owed to credit institutions: 31220

0,00

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

3.671,00

1.727,00

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

115.978,00

120.687,00

74.414,00

0,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

40.117,00

54.643,00

0,00

1. Amounts owed to credit institutions: 32320

40.117,00

54.643,00

0,00

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

75.861,00

66.044,00

74.414,00

0,00

1. Suppliers: 32580

32.557,00

31.862,00

56.868,00

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

32.557,00

31.862,00

56.868,00

0,00

2. Other creditors: 32590

43.304,00

34.182,00

17.546,00

0,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

242.966,00

187.896,00

96.507,00

1.509,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

569.933,00

418.712,00

230.470,00

0,00

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

0,00

59.121,00

0,00

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

0,00

4. Supplies : 40400

-335.761,00

-227.023,00

-214.473,00

0,00

5. Other operating income: 40500

0,00

6. Personnel costs: 40600

-94.776,00

-75.183,00

-19.016,00

0,00

7. Other operating costs: 40700

-52.906,00

-50.655,00

-28.162,00

0,00

8. Amortisation of fixed assets: 40800

-1.073,00

-788,00

0,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

12. Other results : 41300

-2.825,00

0,00

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

82.593,00

65.063,00

27.941,00

0,00

13. Financial income : 41400

0,00

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

0,00

b) Other financial income: 41490

0,00

14. Financial expenditure : 41500

-5.312,00

-4.407,00

-2.211,00

0,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

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

-5.312,00

-4.407,00

-2.211,00

0,00

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

77.281,00

60.656,00

25.730,00

0,00

19. Income taxes : 41900

-19.447,00

-17.266,00

-5.146,00

0,00

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

57.833,00

43.390,00

20.584,00

0,00

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

77.281,00

60.656,00

25.730,00

0,00

2. Results adjustments.: 61200

6.386,00

5.195,00

2.211,00

0,00

a) Fixed Assets Amortization (+).: 61201

1.073,00

788,00

0,00

h) Financial Expenses (+). : 61208

5.312,00

4.407,00

2.211,00

0,00

3. Changes in current capital equity.: 61300

-78.722,00

-69.610,00

-21.063,00

0,00

a) Stock (+/-).: 61301

-55.616,00

-10.641,00

-59.121,00

0,00

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

-13.475,00

-33.333,00

-31.209,00

0,00

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

-9.630,00

-25.636,00

69.268,00

0,00

4. Cash Flows from Other Operating Activities: 61400

-5.312,00

-4.407,00

-2.211,00

0,00

a) Interest payments (-). : 61401

-5.312,00

-4.407,00

-2.211,00

0,00

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

-368,00

-8.165,00

4.667,00

0,00

6. Payments for investment (-).: 62100

0,00

-5.920,00

0,00

c) Fixed assets. : 62103

0,00

-5.920,00

0,00

7. Divestment payment collection (+). : 62200

1.073,00

0,00

c) Fixed assets. : 62203

1.073,00

0,00

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

0,00

-6.708,00

0,00

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

0,00

1.509,00

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

0,00

1.509,00

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

-12.581,00

56.369,00

0,00

a) Issuance : 63201

1.945,00

56.369,00

0,00

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

0,00

54.643,00

0,00

5. Other debts (+). : 63206

1.945,00

1.727,00

0,00

b) Repayment and amortization of : 63207

-14.526,00

0,00

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

-14.526,00

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

-12.581,00

56.369,00

0,00

1.509,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-12.949,00

41.496,00

4.667,00

1.509,00

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

47.672,00

6.176,00

1.509,00

0,00

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

34.724,00

47.672,00

6.176,00

1.509,00

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:

-0,02 %

0,01 %

0,10 %

0,01 %

-122,93 %

10,77 %

Net Financial Debt:

0,06

1,83

0,11

2,16

-41,09

-15,49

Cash Flow Yield:

-0,05 %

0,01 %

0,22 %

0,01 %

-124,13 %

7,71 %

EBITDA over Sales:

15,18 %

6,68 %

15,73 %

6,39 %

-3,51 %

4,53 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

35,16 %

4,39 %

34,63 %

3,92 %

1,53 %

12,05 %

Total economic profitability:

33,99 %

4,44 %

34,63 %

3,96 %

-1,83 %

12,28 %

Financial profitability:

46,90 %

5,55 %

66,26 %

4,60 %

-29,22 %

20,73 %

Margin:

14,99 %

4,45 %

15,54 %

3,94 %

-3,55 %

13,07 %

Mark-up:

14,06 %

4,49 %

14,49 %

3,56 %

-2,98 %

25,95 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,30

0,38

0,40

0,34

-24,20

12,46

Acid Test:

0,97

1,19

0,93

1,17

4,55

1,72

Working Capital / Investment:

0,50

0,23

0,33

0,21

54,12

10,07

Solvency:

2,05

1,88

1,51

1,78

36,16

5,68

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,97

0,85

1,87

0,92

-48,10

-6,69

Borrowing Composition:

0,03

0,66

0,01

0,67

121,26

-1,40

Repayment Ability:

1,38

8,98

1,86

9,47

-25,58

-5,15

Warranty:

2,03

2,17

1,53

2,09

32,30

3,73

Generated resources / Total creditors:

0,49

0,10

0,36

0,09

36,42

9,42

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,91

1,30

1,88

1,30

1,96

0,16

Turnover of Collection Rights :

7,31

4,85

6,49

4,74

12,61

2,31

Turnover of Payment Entitlements:

5,12

3,12

4,20

3,16

21,86

-1,19

Stock rotation:

3,86

4,30

5,07

4,91

-23,77

-12,59

Assets turnover:

2,35

0,99

2,23

0,99

5,26

-0,90

Borrowing Cost:

4,44

1,53

3,60

1,77

23,34

-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:

-0,02 %

0,10 %

0,02 %

Net Financial Debt:

0,06

0,11

-0,22

Cash Flow Yield:

-0,05 %

0,22 %

0,05 %

1,00 %

EBITDA over Sales:

15,18 %

15,73 %

12,12 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

35,16 %

34,63 %

28,95 %

0,00 %

Total economic profitability:

33,99 %

34,63 %

28,95 %

0,00 %

Financial profitability:

46,90 %

66,26 %

93,17 %

0,00 %

Margin:

14,99 %

15,54 %

12,12 %

Mark-up:

14,06 %

14,49 %

11,16 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,30

0,40

0,08

Acid Test:

0,97

0,93

0,50

Working Capital / Investment:

0,50

0,33

0,23

1,00

Solvency:

2,05

1,51

1,30

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

0,97

1,87

3,37

0,00

Borrowing Composition:

0,03

0,01

0,00

Repayment Ability:

1,38

1,86

2,66

Warranty:

2,03

1,53

1,30

Generated resources / Total creditors:

0,49

0,36

0,28

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,91

1,88

2,47

Turnover of Collection Rights :

7,31

6,49

7,38

Turnover of Payment Entitlements:

5,12

4,20

4,06

Stock rotation:

3,86

5,07

3,43

Assets turnover:

2,35

2,23

2,39

0,00

Borrowing Cost:

4,44

3,60

2,97

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

The subject was incoporated in 2006 with a shareholder equity that amounted to Euro 3,006 Whole trade of leather goods.

Answer to additional question

The subject ellaborates and designs its products through workshop facilitators. Whole trade with large surfaces such as El Corte Inglés and other retailers at the national level. Wide range of products such as bags, key rings, purses, wallets, belts, cigarette cases, etc.

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 66.78
UK Pound	1	INR 90.58
Euro	1	INR 79.97
Euro	1	INR 80.03

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

INFORMATION DETAILS

Analysis Done by :	VAR

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

Number of Employees

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Founding Partners

Active Social Bodies

Historical Social Bodies

Executive board

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

Answer to additional question

Sources

Unit