3decades

MIRA INFORM REPORT

Report No. :	510315
Report Date :	26.05.2018

IDENTIFICATION DETAILS

Name :	DISEÑOS TEXTILES DEL MEDITERRANEO SA

Registered Office :	C/ Repuntadora, 32 Nave 3 P.I. Les Hortes. - Mataro - 08302 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2016

Date of Incorporation :	10.01.2008

Legal Form :	Public Company

Line of Business :	Subject is engaged in the import and export of products and materials, such as street lights, light poles and other lightning products along with its complements and accessories.

No. of Employees :	15

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	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:

DISEÑOS TEXTILES DEL MEDITERRANEO SA

NIF / Fiscal code:

A64767684

Trade Name

DITEXMED

Status:

ACTIVE

Incorporation Date:

10/01/2008

Last Publication in BORME:

03/01/2018 [Appointments]

Last Published Account Deposit:

2016

Share Capital:

573.400

Localization:

C/ REPUNTADORA, 32 NAVE 3 P.I. LES HORTES. - MATARO - 08302 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 937 578 707 / 902 103 245 Email. info@ditexmed.es Website. www.ditexmed.es

Activity:

NACE:

1399 - Manufacture of other textiles n.e.c.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Payment Behaviour:

Slow

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

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:

ALFREDO ALEÑA GALLEGO

ANDREA ALEÑA GALLEGO

Enquiry Details

Identification

Social Denomination:

DISEÑOS TEXTILES DEL MEDITERRANEO SA

Trade Name:

DITEXMED

NIF / Fiscal code:

A64767684

Corporate Status:

ACTIVE

Start of activity:

2008

Registered Office:

C/ REPUNTADORA, 32 NAVE 3 P.I. LES HORTES.

Locality:

MATARO

Province:

BARCELONA

Postal Code:

08302

Telephone:

937 578 707 / 902 103 245

Fax:

937 571 225

Website:

www.ditexmed.es

Email:

info@ditexmed.es

Interviewed Person:

The information within the report has been gathered through indirect sources, as it was not possible to contact Mr Albert, who is the only person entitled to provide information on the company.

Branch Offices

Activity

NACE:

1399

Corporate Purpose:

The subject si engaged in the import and export of products and materials, such as street lights, light poles and other lightning products along with its complements and accessories.

Additional Information:

Design and manufacture of entertainment, fashion and sports articles. Some of its brands are: -POCOYÓ -DISNEY -SATR WARS -HARRY POTTER

Additional Address:

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

Franchise:

Import / export:

IMPORTS / EXPORTS

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. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

2008

Appointments/ Re-elections (2) Company Formation (1)

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (year 2009) Increase of Capital (1)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2012

Accounts deposit (year 2011) Change of Social address (1) Increase of Capital (1)

2013

Accounts deposit (year 2012) Change of Social Purpose (1)

2014

Accounts deposit (year 2013)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (1) Increase of Capital (1)

2016

Accounts deposit (year 2015)

2017

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2018

Accounts deposit (year 2016)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

LOGISTICA, ALMACENAJE, DISTRIBUCION, IMPORTACION Y EXPORTACION, DISEÑO Y DESARROLLO DE TODO TIPO DE PRENDAS Y MODELOS TEXTILES.PREPARACION DE TODO TIPO, CORTE Y CONFECCION DE TODA CLASE DE PRENDAS Y GENEROS, ETC

Company Formation

14/03/2008

Breakdown of Owners' Equity

Registered Capital:

573.400

Paid up capital:

573.400

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1120

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

27/02/2008

Company Formation

60.400

07/04/2010

Increase of Capital

60.000

120.400

27/03/2012

Increase of Capital

170.000

290.400

02/09/2015

Increase of Capital

283.000

573.400

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

ALEÑA GALLEGO ALFREDO

13/07/2017

JOINT ATTORNEY

GARCIA MIRALLES ANGEL

19/12/2017

PROXY

ALEÑA GALLEGO ANDREA

27/11/2009

GALLEGO GARCIA REMEDIOS

14/04/2008

ACCOUNTS' AUDITOR / HOLDER

AVANZA SERVICIOS PROFESIONALES DE AUDITORIA SL

02/09/2015

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ALEÑA GALLEGO ALFREDO

JOINT MANAGER

13/07/2017

ALEÑA GALLEGO ANDREA

JOINT MANAGER

13/07/2017

ALEÑA MAYOLAS ALFREDO

SINGLE ADMINISTRATOR

08/09/2011

Executive board

Post

NIF

Name

ADMINISTRATOR

ALFREDO ALEÑA GALLEGO

MANAGING DIRECTOR

ALFREDO ALEÑA GALLEGO

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

> Basis for scoring

Positive Factors

Adverse Factors

DISEÑOS TEXTILES DEL MEDITERRANEO SA has a tight level of Financial Autonomy. The Internal Funds of the entity represent the 13.40% of the total amount of funding sources.

The current debt represents a 76.79 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets.

It does not have any financial profitability.. DISEÑOS TEXTILES DEL MEDITERRANEO SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

Probability of default

> Estimated Probability of Default for the next 12 months: 9.005 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

139 Manufacture of other textiles

wordml://2024

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 worse position with regard to the probability of non-compliance.

The 9.00% of the companies of the sector DISEÑOS TEXTILES DEL MEDITERRANEO SA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 9,005%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Guarantees

References

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ALFREDO ALEÑA GALLEGO

ANDREA ALEÑA GALLEGO

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

MALU NV

Turnover

Total Sales 2016

9.008.162,47

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

Estimated Balance

According to the last accounts filed at the Trade Registry, namely, those for the 2016 fiscal year, the subject closed the year with negative results that amounted to Euro -128,136.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2016

Normales

January 2018

2015

Normales

August 2016

2014

Normales

November 2015

2013

Normales

June 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

August 2010

2008

Normales

August 2009

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

> Normal format Balance in accordance with the New Accounting Plan 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

904.250,00

266.268,00

191.781,00

218.859,00

255.862,00

I. Intangible fixed assets : 11100

444.739,00

4.168,00

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

442.564,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

2.175,00

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

73.011,00

108.174,00

153.326,00

199.548,00

236.551,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

73.011,00

0,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

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

338.435,00

148.573,00

33.103,00

13.958,00

1. Equity instruments: 11510

18.476,00

0,00

2. Credits to third parties : 11520

308.766,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

11.194,00

0,00

6. Other investments: 11560

0,00

VII. Non-current trade debts : 11700

0,00

VI. Assets for deferred tax : 11600

48.065,00

5.353,00

B) CURRENT ASSETS: 12000

4.264.396,00

4.024.459,00

2.942.592,00

2.476.982,00

2.454.119,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.171.710,00

2.337.424,00

2.298.652,00

1.971.863,00

2.029.387,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

18.094,00

0,00

a) Long-term primary material and other supplies: 12221

0,00

b) Short-term primary material and other supplies: 12222

18.094,00

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

2.086.587,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

2.086.587,00

0,00

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

0,00

6. Advances to suppliers: 12260

67.029,00

0,00

III. Trade debtors and others receivable accounts: 12300

1.508.508,00

1.367.806,00

359.564,00

307.789,00

219.430,00

1. Trade debtors / accounts receivable: 12310

1.478.942,00

1.355.180,00

304.674,00

233.192,00

212.625,00

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

0,00

b) Customers for sales and provisions of services : 12312

1.478.942,00

1.355.180,00

304.674,00

233.192,00

212.625,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

23.932,00

12.626,00

54.890,00

74.597,00

6.806,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

5.635,00

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

182.477,00

64.291,00

0,00

1. Equity instruments: 12510

82.357,00

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

100.120,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

100.662,00

115.562,00

125.481,00

21.919,00

54.595,00

VII. Cash and other equivalent liquid assets : 12700

301.039,00

139.376,00

158.895,00

175.410,00

150.706,00

1. Treasury: 12710

301.039,00

0,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

5.168.646,00

4.290.727,00

3.134.373,00

2.695.841,00

2.709.981,00

ORIGINAL

Liabilities and Net Worth

2016

2015

2014

2013

2012

A) NET WORTH: 20000

692.754,00

820.890,00

943.659,00

867.110,00

816.095,00

A-1) Shareholders' equity: 21000

692.754,00

820.890,00

943.659,00

867.110,00

816.095,00

I. Capital: 21100

573.400,00

290.400,00

1. Registered capital : 21110

573.400,00

290.400,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

47.253,00

528.700,00

III. Reserves: 21300

200.237,00

124.559,00

48.010,00

4.300,00

1. Legal and statutory: 21310

24.624,00

0,00

2. Other reserves: 21320

175.613,00

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

-7.305,00

-17.005,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-128.136,00

75.678,00

76.549,00

51.015,00

9.700,00

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

506.859,00

145.214,00

193.044,00

390.931,00

387.559,00

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

506.859,00

145.214,00

193.044,00

390.931,00

387.559,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

233.018,00

78.548,00

59.711,00

178.523,00

156.944,00

3. Creditors from financial leasing: 31230

0,00

12.408,00

30.615,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

273.841,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

3.969.033,00

3.324.623,00

1.997.670,00

1.437.799,00

1.506.326,00

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

3.519.087,00

2.781.938,00

1.481.854,00

1.027.362,00

977.805,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

3.307.717,00

2.711.472,00

1.310.936,00

881.701,00

831.457,00

3. Creditors from financial leasing: 32330

890,00

4.061,00

16.920,00

24.077,00

14.492,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

210.481,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

449.946,00

542.686,00

515.816,00

410.438,00

528.522,00

1. Suppliers: 32510

211.280,00

241.012,00

52.735,00

135.224,00

85.395,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

211.280,00

241.012,00

52.735,00

135.224,00

85.395,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

167.449,00

0,00

4. Personnel (remuneration due): 32540

0,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

71.218,00

0,00

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

5.168.646,00

4.290.727,00

3.134.373,00

2.695.841,00

2.709.981,00

ORIGINAL

Profit and Loss

2016

2015

2014

2013

2012

1. Net turnover: 40100

9.008.162,00

8.936.673,00

6.846.366,00

5.178.453,00

4.968.908,00

a) Sales: 40110

9.008.162,00

0,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

398.797,00

0,00

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

0,00

4. Supplies : 40400

-5.504.532,00

-5.913.392,00

-3.676.983,00

-2.583.811,00

-2.156.224,00

a) Stock consumption: 40410

-5.437.481,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

-20.089,00

0,00

c) Works carried out by other companies: 40430

-46.961,00

0,00

d) Impairment of stock, primary material and other supplies: 40440

0,00

5. Other operating income: 40500

0,00

200,00

a) Auxiliary income and other from current management: 40510

0,00

b) Operation subsidies included in the Period's result: 40520

0,00

6. Personnel costs: 40600

-623.600,00

-769.914,00

-640.812,00

-615.305,00

-731.698,00

a) Wages, salaries et al.: 40610

-514.860,00

0,00

b) Social security costs: 40620

-108.740,00

0,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.518.778,00

-2.318.029,00

-2.229.185,00

-1.738.484,00

-1.885.354,00

a) External services: 40710

-2.180.088,00

0,00

b) Taxes: 40720

-289.253,00

0,00

c) Losses, impairments and variation in provisions from trade operations : 40730

-49.436,00

0,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-39.726,00

-42.657,00

-49.139,00

-50.120,00

-46.095,00

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

-9.649,00

0,00

3.083,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-293.328,00

-1.133,00

-10.620,00

-8.831,00

-2.193,00

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

28.200,00

280.697,00

239.627,00

184.985,00

147.544,00

14. Financial income : 41400

0,00

101,00

0,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

0,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

0,00

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

0,00

15. Financial expenditure: 41500

-159.760,00

-175.284,00

-141.839,00

-118.867,00

-134.133,00

a) Amounts owed to Group companies and associates : 41510

-26.972,00

0,00

b) For debts with third parties : 41520

-132.788,00

0,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-535,00

121,00

2.097,00

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

4.890,00

-2.686,00

0,00

-294,00

-478,00

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

-44.178,00

0,00

5.638,00

-2,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

-44.178,00

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

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-199.047,00

-178.505,00

-136.080,00

-116.965,00

-134.611,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

-170.848,00

102.192,00

103.547,00

68.020,00

12.933,00

20. Income taxes: 41900

42.712,00

-26.514,00

-26.998,00

-17.005,00

-3.233,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

-128.136,00

0,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

-128.136,00

75.678,00

76.549,00

51.015,00

9.700,00

CASHFLOW STATEMENT

Model: Normal

Net Rights Granted

2016

2015

2014

2013

2012

1. Fiscal year result before taxes.: 61100

-170.848,00

102.192,00

103.547,00

68.020,00

12.933,00

2. Results adjustments.: 61200

288.209,00

217.941,00

190.978,00

168.886,00

180.228,00

a) Fixed Assets Amortization (+).: 61201

39.726,00

42.657,00

49.139,00

50.120,00

46.095,00

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

49.436,00

0,00

f) Results on disposal of financial instruments (+/-).: 61206

44.178,00

0,00

g) Financial income (-).: 61207

0,00

-101,00

0,00

h) Financial Expenses (+). : 61208

159.760,00

175.284,00

141.839,00

118.867,00

134.133,00

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

-4.890,00

0,00

3. Changes in current capital equity.: 61300

110.909,00

-1.101.030,00

-403.745,00

-133.248,00

-11.573,00

a) Stock (+/-).: 61301

165.714,00

-38.772,00

-326.789,00

57.525,00

41.212,00

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

-184.509,00

-1.008.241,00

-51.775,00

-88.359,00

94.407,00

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

-118.186,00

-54.372,00

-103.561,00

32.675,00

-54.595,00

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

-103.359,00

356,00

78.380,00

-135.089,00

-92.597,00

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

351.250,00

0,00

4. Cash Flows from Other Operating Activities: 61400

-179.157,00

-175.284,00

-141.839,00

-118.766,00

-134.133,00

a) Interest payments (-). : 61401

-159.760,00

-175.284,00

-141.839,00

-118.867,00

-134.133,00

c) Interest collection (+). : 61403

0,00

101,00

0,00

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

-19.397,00

0,00

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

49.114,00

-956.181,00

-251.059,00

-15.109,00

47.456,00

6. Payments for investment (-).: 62100

-1.011.464,00

-119.638,00

-19.145,00

0,00

-74.472,00

a) Companies of the group and affiliates. : 62101

-566.330,00

0,00

b) Intangible fixed assets. : 62102

-443.539,00

-4.168,00

0,00

c) Fixed assets. : 62103

-1.594,00

0,00

-69.167,00

e) Other financial assets. : 62105

0,00

-115.470,00

-19.145,00

0,00

-4.057,00

h) Other assets. : 62108

0,00

-1.247,00

7. Divestment payment collection (+). : 62200

376.469,00

45.152,00

46.222,00

37.003,00

0,00

a) Companies of the group and affiliates. : 62201

376.469,00

0,00

c) Fixed assets. : 62203

0,00

45.152,00

46.222,00

37.003,00

0,00

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

-634.995,00

-117.144,00

-22.061,00

-13.117,00

-120.567,00

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

0,00

-198.447,00

0,00

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

0,00

-198.447,00

0,00

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

747.545,00

1.252.254,00

256.605,00

52.929,00

74.956,00

a) Issuance : 63201

1.023.097,00

1.419.372,00

461.650,00

81.407,00

343.699,00

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

1.023.097,00

1.419.372,00

429.235,00

71.822,00

133.333,00

4. Special characteristic debts (+). : 63205

0,00

9.585,00

11.666,00

5. Other debts (+). : 63206

0,00

32.415,00

0,00

198.700,00

b) Repayment and amortization of : 63207

-275.552,00

-167.118,00

-205.045,00

-28.478,00

-268.743,00

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

-275.552,00

0,00

-118.812,00

0,00

-249.210,00

4. Special characteristic debts (-). : 63211

0,00

-12.859,00

-19.566,00

-18.206,00

0,00

5. Other debts (-). : 63212

0,00

-154.260,00

-66.667,00

-10.272,00

-19.534,00

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

0,00

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

747.545,00

1.053.806,00

256.605,00

52.929,00

74.956,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

161.663,00

-19.518,00

-16.515,00

24.704,00

1.845,00

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

139.376,00

158.895,00

175.410,00

150.706,00

148.862,00

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

301.039,00

139.376,00

158.895,00

175.410,00

150.706,00

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 %

0,00 %

0,02 %

-40,18 %

Net Financial Debt:

9,81

2,32

8,15

3,74

20,31

-38,04

Cash Flow Yield:

0,03 %

0,01 %

0,00 %

0,01 %

3,05 %

EBITDA over Sales:

4,01 %

11,94 %

3,74 %

11,51 %

7,26 %

3,80 %

Profitability

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

6,92 %

8,81 %

6,91 %

4,58 %

0,10 %

92,28 %

Total economic profitability:

-0,21 %

4,88 %

6,47 %

3,84 %

-103,32 %

27,34 %

Financial profitability:

-18,50 %

7,24 %

9,22 %

4,67 %

-300,64 %

55,13 %

Margin:

3,57 %

7,79 %

3,15 %

7,44 %

13,18 %

4,78 %

Mark-up:

1,36 %

7,00 %

1,16 %

8,66 %

17,60 %

-19,22 %

Solvency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,08

0,16

0,04

0,23

80,92

-30,92

Acid Test:

0,50

0,90

0,47

0,97

6,18

-8,10

Working Capital / Investment:

0,06

0,03

0,16

0,10

-64,96

-68,78

Solvency:

1,09

1,21

1,48

-10,36

-18,59

Indebtedness

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

6,46

1,24

4,23

0,88

52,85

40,16

Borrowing Composition:

0,13

1,05

0,04

1,09

192,37

-4,09

Repayment Ability:

12,39

9,29

10,38

14,14

19,31

-34,32

Warranty:

1,15

1,82

1,24

2,14

-6,62

-14,86

Generated resources / Total creditors:

-0,01

0,09

0,03

0,10

-128,98

-6,20

Efficiency

2016

2015

Variación 2016 - 2015

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,58

1,91

1,43

1,57

10,13

21,71

Turnover of Collection Rights :

5,97

5,09

6,53

3,80

-8,60

33,95

Turnover of Payment Entitlements:

17,83

3,54

15,90

2,72

12,13

30,17

Stock rotation:

4,00

8,11

3,70

2,90

8,15

179,20

Assets turnover:

1,94

1,13

2,19

0,62

-11,56

83,51

Borrowing Cost:

3,57

2,33

5,05

2,40

-29,34

-2,87

> 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 %

0,00 %

Net Financial Debt:

9,81

8,15

5,06

5,16

6,20

Cash Flow Yield:

0,03 %

0,00 %

-0,01 %

0,01 %

0,00 %

EBITDA over Sales:

4,01 %

3,74 %

4,37 %

4,65 %

3,94 %

Profitability

2016

2015

2014

2013

2012

Operating economic profitability:

6,92 %

6,91 %

8,07 %

7,23 %

5,55 %

Total economic profitability:

-0,21 %

6,47 %

7,83 %

6,93 %

5,43 %

Financial profitability:

-18,50 %

9,22 %

8,11 %

5,88 %

1,19 %

Margin:

3,57 %

3,15 %

3,66 %

3,74 %

3,01 %

Mark-up:

1,36 %

1,16 %

1,67 %

1,48 %

0,30 %

Solvency

2016

2015

2014

2013

2012

Liquidity:

0,08

0,04

0,08

0,12

0,10

Acid Test:

0,50

0,47

0,26

0,34

0,25

Working Capital / Investment:

0,06

0,16

0,30

0,39

0,35

Solvency:

1,09

1,21

1,48

1,73

1,63

Indebtedness

2016

2015

2014

2013

2012

Indebtedness level:

6,46

4,23

2,32

2,11

2,32

Borrowing Composition:

0,13

0,04

0,10

0,27

0,26

Repayment Ability:

12,39

10,38

7,32

7,59

9,67

Warranty:

1,15

1,24

1,43

1,47

1,43

Generated resources / Total creditors:

-0,01

0,03

0,05

0,06

0,03

Efficiency

2016

2015

2014

2013

2012

Productivity:

1,58

1,43

1,47

1,39

1,27

Turnover of Collection Rights :

5,97

6,53

19,04

16,82

22,65

Turnover of Payment Entitlements:

17,83

15,90

11,45

10,53

7,65

Stock rotation:

4,00

3,70

2,87

2,53

2,37

Assets turnover:

1,94

2,19

2,21

1,93

1,84

Borrowing Cost:

3,57

5,05

6,47

6,50

7,08

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

Net Rights Granted

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.21
Euro	1	INR 79.88
Euro	1	INR 78.95

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

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

Enquiry Details

Branch Offices

Activity

Number of Employees

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

Guarantees

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit