MIRA INFORM REPORT

Report No. :	509929
Report Date :	24.05.2018

IDENTIFICATION DETAILS

Name :	EUROZOULIKA DISTRIBUCIONES SL

Registered Office :	C/ General Astilleros, 46 - Local 1. - Melilla - 52006 - Melilla

Country :	Spain

Financials (as on) :	2015

Date of Incorporation :	11.10.2007

Legal Form :	Private company

Line of Business :	Non-specialised wholesale of food, beverages and tobacco

No. of Employees :	11 [2015]

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

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:

EUROZOULIKA DISTRIBUCIONES SL

NIF / Fiscal code:

B52018454

Trade Name

EUROZOULIKA DISTRIBUCIONES SL

Status:

ACTIVE

Incorporation Date:

11/10/2007

Register Data

Last Publication in BORME:

29/12/2015 [Statutory modifications]

Last Published Account Deposit:

2015

Share Capital:

3.010

Localization:

C/ GENERAL ASTILLEROS, 46 - LOCAL 1. - MELILLA - 52006 - MELILLA

Telephone - Fax - Email - Website:

Telephone. 952 670 486 Email. eurozoulikadistribuciones@gmail

Number of Branches

Activity:

NACE:

4639 - Non-specialised wholesale of food, beverages and tobacco

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ISMAEL DRIS SIHAM

100 %

Identification

Social Denomination:

EUROZOULIKA DISTRIBUCIONES SL

Trade Name:

EUROZOULIKA DISTRIBUCIONES SL

NIF / Fiscal code:

B52018454

Corporate Status:

ACTIVE

Start of activity:

2008

Registered Office:

C/ GENERAL ASTILLEROS, 46 - LOCAL 1.

Locality:

MELILLA

Province:

MELILLA

Postal Code:

52006

Telephone:

952 670 486

Email:

eurozoulikadistribuciones@gmail

Interviewed Person:

Administración (rehusa)

Branch Offices

Address

Postal Code

City

Province

CALLE ASTILLEROS, GENERAL 46

52006

MELILLA

Activity

NACE:

4639

Corporate Purpose:

The company only operates in Ceuta and Melilla and is engaged in the acquisition and alienation by any title of land, buildings and urban estates, in general. It is also engaged in the purchase and sale, administration, holding and exploitation.

Additional Information:

The subject is also engaged in the import and export of food products, drugstore, perfumes and cleaning.

Additional Address:

The Registered Office and offices are located at the heading address.

Franchise:

Import / export:

SI IMPORT / SI EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

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

Chronological Summary

Year

Act

2007

Appointments/ Re-elections (1) Company Formation (1) Declaration of Sole Propietorship (1)

2008

Accounts deposit (year 2007)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011)

2013

Appointments/ Re-elections (1)

2014

Accounts deposit (year 2012, 2013)

2015

Accounts deposit (year 2014) Statutory Modifications (1)

2016

Accounts deposit (year 2015)

Breakdown of Owners' Equity

Registered Capital:

3.010

Paid up capital:

3.010

Updated Evolution of the Subscribed and Paid-in Capital



Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
23/10/2007	Company Formation	3.010	3.010	3.010	3.010

Founding Partners

Partner Name

NIF

% Shareholding stake

ISMAEL DRIS SIHAM

100

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

ISMAEL DRIS SIHAM

23/10/2007

SINGLE ADMINISTRATOR

ISMAEL DRIS SIHAM

23/10/2007

PROXY

ABSELAM ABDELKADER MOHAMED

09/05/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

| //c\\

Executive board

Post

NIF

Name

ADMINISTRATOR UNICO

ISMAEL DRIS SIHAM

MANAGING DIRECTOR

ISMAEL DRIS SIHAM

APODERADO

MOHAMED ABSELAM ABDELKADER

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

---

07/03/2016

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 irregular payment performance has been detected based on information obtained from credit bureaus.

Adequate level of financial autonomy. The financial autonomy of the entity represents the 34.91%. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

EUROZOULIKA DISTRIBUCIONES SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

The current debt represents a 56.73 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Reduced cash level and other liquid assets equivalent in relation to the volume of operations held. In principle, a decrease in this ratio would indicate a worsening in the Company's financial situation.

No Company's subsidiaries or branches are known.

Although it is in a new stage of Consolidationit is part of a group distinguished by a downturn in the market.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.917 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

463 Wholesale of food, beverages and tobacco

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 95.00% of the companies of the sector EUROZOULIKA DISTRIBUCIONES SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,917%.

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

2 Legal Claims whose amounts have not been 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

Incidences Detailed

Incidences with the Autonomous Administration

BY THE AUTONOMOUS COMMUNITY - Date 07/03/2016

Last Published Stage:

EXECUTION

Record Number:

171901453

Requested by:

COM. AUTONOMA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº65, 2016 SUPLEMENTO 1 PAGINA 5190

BY THE AUTONOMOUS COMMUNITY - Date 07/03/2016

Last Published Stage:

EXECUTION

Record Number:

171911153

Requested by:

COM. AUTONOMA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº65, 2016 SUPLEMENTO 1 PAGINA 5190

Guarantees

References

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ISMAEL DRIS SIHAM

100

Turnover

Total Sales 2015

32.101.700,76

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

Estimated Balance

The company filed its last account deposit for the year 2015, in July 2016.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2015

Normales

July 2016

2014

Normales

October 2015

2013

Normales

September 2014

2012

Normales

January 2014

2011

Normales

October 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

October 2009

2007

Normales

November 2008

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 31/12/2015

> Balance en formato Mixto de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2015 2014 2013 2012 2011 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2015 2014 2013 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. To view details on the methodology.

ORIGINAL

Assets

2015

2014

2013

2012

2011

A) NON-CURRENT ASSETS: 11000

2.945.639,00

2.514.393,00

2.152.472,00

713.386,00

709.951,00

I. Intangible fixed assets : 11100

0,00

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

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

2.941.236,00

2.509.989,00

2.150.768,00

713.386,00

709.951,00

1. Land and buildings: 11210

2.344.363,00

2.455.999,00

2.115.198,00

684.916,00

692.105,00

2. Technical installations and other tangible fixed assets: 11220

23.620,00

53.990,00

35.570,00

28.470,00

17.846,00

3. Tangible asset in progress and advances: 11230

573.253,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

4.403,00

1.704,00

0,00

B) CURRENT ASSETS: 12000

5.928.898,00

5.476.909,00

3.327.688,00

5.483.682,00

5.185.598,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

4.759.121,00

4.386.555,00

1.970.388,00

4.725.226,00

4.185.659,00

1. Commercial: 12210

4.759.121,00

4.386.555,00

1.970.388,00

4.725.226,00

4.185.659,00

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

0,00

III. Trade debtors and others receivable accounts: 12300

465.355,00

412.378,00

305.931,00

161.369,00

364.160,00

1. Trade debtors / accounts receivable: 12310

462.745,00

397.682,00

287.700,00

159.890,00

362.681,00

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

0,00

b) Customers for sales and provisions of services : 12312

462.745,00

397.682,00

287.700,00

159.890,00

362.681,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

1.755,00

14.654,00

18.230,00

1.478,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

856,00

41,00

0,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

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

20.525,00

136.998,00

278.711,00

313.557,00

279.628,00

1. Equity instruments: 12510

10.264,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

10.261,00

126.734,00

268.447,00

303.293,00

269.364,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

683.897,00

540.978,00

772.658,00

283.530,00

356.151,00

1. Treasury: 12710

683.897,00

540.978,00

772.658,00

283.530,00

356.151,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

8.874.537,00

7.991.302,00

5.480.159,00

6.197.068,00

5.895.549,00

ORIGINAL

Liabilities and Net Worth

2015

2014

2013

2012

2011

A) NET WORTH: 20000

3.097.770,00

1.802.724,00

1.607.914,00

1.173.437,00

792.351,00

A-1) Shareholders' equity: 21000

3.097.770,00

1.802.724,00

1.607.914,00

1.173.437,00

792.351,00

I. Capital: 21100

3.010,00

1. Registered capital : 21110

3.010,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.694.940,00

0,00

1. Legal and statutory: 21310

310,00

0,00

2. Other reserves: 21320

2.694.630,00

0,00

3. Revaluation reserves: 21330

0,00

2. Capitalisation Reserves: 21350

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1.431.255,00

1.170.427,00

789.341,00

442.127,00

1. Brought forward: 21510

0,00

1.431.255,00

1.170.427,00

789.341,00

442.340,00

2. (Negative results from previous periods): 21520

0,00

-213,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

399.820,00

368.460,00

434.477,00

381.086,00

347.214,00

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

742.107,00

757.560,00

630.083,00

368.917,00

390.353,00

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

741.696,00

757.560,00

630.083,00

368.917,00

390.353,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

741.696,00

757.560,00

630.083,00

368.917,00

390.353,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

411,00

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

5.034.660,00

5.431.018,00

3.242.162,00

4.654.715,00

4.712.845,00

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

59.852,00

-109.422,00

-44.195,00

9.402,00

10.579,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

-118.825,00

-53.597,00

0,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

59.852,00

9.402,00

10.579,00

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

0,00

V. Trade creditors and other accounts payable: 32500

4.974.808,00

5.540.440,00

3.286.358,00

4.645.312,00

4.702.266,00

1. Suppliers: 32510

4.456.533,00

5.350.689,00

3.091.625,00

4.551.267,00

4.511.918,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

4.456.533,00

5.350.689,00

3.091.625,00

4.551.267,00

4.511.918,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

421.697,00

111.347,00

49.301,00

46.033,00

141.453,00

4. Personnel (remuneration due): 32540

64.007,00

22.513,00

81.864,00

5.893,00

5. Liabilities for current tax: 32550

26.415,00

30.953,00

57.476,00

37.976,00

39.288,00

6. Other accounts payable to Public Administrations.: 32560

6.155,00

24.939,00

6.091,00

4.143,00

3.714,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

8.874.537,00

7.991.302,00

5.480.159,00

6.197.068,00

5.895.549,00

ORIGINAL

Profit and Loss

2015

2014

2013

2012

2011

1. Net turnover: 40100

32.101.701,00

30.475.097,00

33.117.907,00

28.956.116,00

21.773.458,00

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

-393.819,00

0,00

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

0,00

4. Supplies : 40400

-28.784.666,00

-29.729.662,00

-32.247.065,00

-28.179.855,00

-21.132.704,00

5. Other operating income: 40500

49.728,00

27.133,00

17.917,00

17.391,00

21.576,00

6. Personnel costs: 40600

-204.711,00

-143.043,00

-147.539,00

-127.263,00

-68.221,00

7. Other operating costs: 40700

-2.039.347,00

-180.370,00

-221.641,00

-235.579,00

-173.035,00

8. Amortisation of fixed assets: 40800

-127.454,00

-29.999,00

-18.928,00

-7.189,00

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

-20.553,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

2.170,00

39.531,00

24.018,00

57.813,00

19.654,00

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

583.048,00

458.688,00

524.669,00

481.433,00

433.539,00

14. Financial income : 41400

0,00

11.440,00

521,00

0,00

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

0,00

b) Other financial income: 41490

0,00

11.440,00

521,00

0,00

15. Financial expenditure: 41500

-41.185,00

-37.866,00

-10.138,00

-32.683,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-82.592,00

0,00

-24.994,00

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

-123.776,00

-26.426,00

-9.618,00

-32.683,00

-24.994,00

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

459.272,00

432.262,00

515.052,00

448.751,00

408.545,00

20. Income taxes: 41900

-59.452,00

-63.803,00

-80.575,00

-67.665,00

-61.330,00

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

399.820,00

368.460,00

434.477,00

381.086,00

347.214,00

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted

2015

2014

2013

2012

2011

1. Fiscal year result before taxes.: 61100

459.272,00

432.262,00

515.052,00

448.751,00

408.545,00

2. Results adjustments.: 61200

0,00

a) Fixed Assets Amortization (+).: 61201

127.454,00

29.999,00

18.928,00

7.189,00

g) Financial income (-).: 61207

0,00

-11.440,00

-521,00

0,00

h) Financial Expenses (+). : 61208

41.185,00

37.866,00

10.138,00

32.683,00

0,00

3. Changes in current capital equity.: 61300

-835.072,00

-242.008,00

1.231.821,00

-392.418,00

12.269,00

a) Stock (+/-).: 61301

-372.566,00

-2.416.167,00

2.754.838,00

-539.567,00

-2.158.775,00

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

146.586,00

-106.448,00

-144.562,00

202.791,00

-364.179,00

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

-609.093,00

2.280.606,00

-1.378.455,00

-55.643,00

2.535.223,00

4. Cash Flows from Other Operating Activities: 61400

0,00

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

-375.800,00

190.254,00

1.746.873,00

56.332,00

420.814,00

6. Payments for investment (-).: 62100

-431.247,00

-359.221,00

-1.437.382,00

-3.435,00

-5.835,00

c) Fixed assets. : 62103

-431.247,00

-359.221,00

-1.437.382,00

-3.435,00

0,00

e) Other financial assets. : 62105

0,00

-5.835,00

7. Divestment payment collection (+). : 62200

3.576,00

0,00

6.851,00

c) Fixed assets. : 62203

0,00

6.851,00

e) Other financial assets. : 62205

3.576,00

0,00

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

-555.124,00

-389.220,00

-1.456.310,00

-10.624,00

-6.172,00

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

2.694.940,00

0,00

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

3.071.495,00

0,00

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

-376.555,00

0,00

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

116.261,00

62.249,00

242.008,00

-57.051,00

-56.230,00

a) Issuance : 63201

1.117.620,00

230.000,00

356.747,00

32.683,00

0,00

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

1.072.532,00

230.000,00

356.747,00

32.683,00

0,00

5. Other debts (+). : 63206

45.088,00

0,00

b) Repayment and amortization of : 63207

-1.001.359,00

-167.751,00

-114.740,00

-89.734,00

-56.230,00

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

-998.794,00

-167.751,00

-114.740,00

-88.557,00

-56.230,00

5. Other debts (-). : 63212

-2.565,00

0,00

-1.176,00

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

2.811.201,00

62.249,00

242.008,00

-57.051,00

-56.230,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

2.007.730,00

-106.718,00

551.499,00

-4.154,00

365.600,00

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

582.058,00

772.658,00

283.530,00

356.151,00

177.007,00

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

683.897,00

540.978,00

772.658,00

283.530,00

356.151,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,01 %

-0,01 %

0,01 %

158,56 %

35,78 %

Net Financial Debt:

0,13

1,82

-0,07

2,35

300,58

-22,46

Cash Flow Yield:

0,02 %

0,01 %

-0,03 %

0,01 %

155,55 %

39,57 %

EBITDA over Sales:

2,27 %

8,69 %

1,47 %

7,55 %

54,06 %

15,20 %

Profitability

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

6,56 %

7,78 %

5,34 %

5,57 %

22,94 %

39,65 %

Total economic profitability:

5,64 %

6,35 %

5,88 %

4,77 %

-4,14 %

33,08 %

Financial profitability:

12,91 %

9,08 %

20,44 %

5,54 %

-36,85 %

63,92 %

Margin:

1,81 %

6,25 %

1,37 %

4,63 %

31,47 %

34,85 %

Mark-up:

1,42 %

5,40 %

1,29 %

3,59 %

10,42 %

50,47 %

Solvency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,14

0,25

0,10

0,20

36,37

22,89

Acid Test:

0,23

1,14

0,20

1,03

15,73

10,94

Working Capital / Investment:

0,10

0,18

0,01

0,15

1.654,55

22,17

Solvency:

1,18

1,65

1,01

1,50

16,77

9,81

Indebtedness

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,86

1,18

3,43

1,27

-45,68

-6,86

Borrowing Composition:

0,15

0,82

0,14

0,75

5,67

8,49

Repayment Ability:

7,93

6,96

13,78

8,51

-42,48

-18,21

Warranty:

1,54

1,85

1,29

1,79

18,97

3,25

Generated resources / Total creditors:

0,09

0,12

0,06

0,09

41,76

34,36

Efficiency

2015

2014

Variación 2015 - 2014

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

4,56

1,52

4,14

1,43

10,16

6,61

Turnover of Collection Rights :

69,09

4,76

73,97

4,68

-6,59

1,83

Turnover of Payment Entitlements:

6,12

4,03

5,40

3,80

13,31

6,08

Stock rotation:

6,63

6,42

6,86

6,49

-3,33

-1,20

Assets turnover:

3,63

1,24

3,88

1,20

-6,49

3,56

Borrowing Cost:

0,71

2,33

0,61

2,68

16,52

-13,09

> Trend of indicators under the General Accounting Plan of 2007 (2015, 2014, 2013, 2012, 2011)

Cash Flow

2015

2014

2013

2012

2011

Cash Flow over Sales:

0,00 %

-0,01 %

0,01 %

0,00 %

0,01 %

Net Financial Debt:

0,13

-0,07

-0,90

-0,51

-0,56

Cash Flow Yield:

0,02 %

-0,03 %

0,09 %

-0,01 %

0,03 %

EBITDA over Sales:

2,27 %

1,47 %

1,57 %

1,49 %

1,93 %

Profitability

2015

2014

2013

2012

2011

Operating economic profitability:

6,56 %

5,34 %

9,63 %

7,20 %

7,37 %

Total economic profitability:

5,64 %

5,88 %

9,58 %

7,77 %

6,93 %

Financial profitability:

12,91 %

20,44 %

27,02 %

32,48 %

43,82 %

Margin:

1,81 %

1,37 %

1,51 %

1,46 %

1,90 %

Mark-up:

1,42 %

1,29 %

1,48 %

1,35 %

1,78 %

Solvency

2015

2014

2013

2012

2011

Liquidity:

0,14

0,10

0,24

0,06

0,08

Acid Test:

0,23

0,20

0,42

0,16

0,21

Working Capital / Investment:

0,10

0,01

0,02

0,13

0,08

Solvency:

1,18

1,01

1,03

1,18

1,10

Indebtedness

2015

2014

2013

2012

2011

Indebtedness level:

1,86

3,43

2,41

4,28

6,44

Borrowing Composition:

0,15

0,14

0,19

0,08

Repayment Ability:

7,93

13,78

7,45

11,66

12,12

Warranty:

1,54

1,29

1,42

1,23

1,16

Generated resources / Total creditors:

0,09

0,06

0,12

0,08

0,07

Efficiency

2015

2014

2013

2012

2011

Productivity:

4,56

4,14

4,52

4,39

7,17

Turnover of Collection Rights :

69,09

73,97

108,31

179,55

59,85

Turnover of Payment Entitlements:

6,12

5,40

9,88

6,12

4,53

Stock rotation:

6,63

6,86

16,56

6,04

5,11

Assets turnover:

3,63

3,88

6,37

4,92

3,88

Borrowing Cost:

0,71

0,61

0,26

0,65

0,00

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company was incorporated in October 2007, with a shareholder equity that amounted to Euro 3,010. It is engaged in the whole trade in food products, drugstore and cleaning.

Answer to additional question

The subject imports and exports assorted godos, in daily consumption. It also completes customs formalities and other services. The care has been minimal, as the person in charge is on sick leave.

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 68.21
UK Pound	1	INR 91.43
Euro	1	INR 80.24
Euro	1	INR 80.01

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

INFORMATION DETAILS

Analysis Done by :	NIY

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

Branch Offices

Activity

Number of Employees

Chronological Summary

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