MIRA INFORM REPORT

Report Date :

15.12.2011

IDENTIFICATION DETAILS

Name :	CAMPO SECO SL

Registered Office :	Calle 2 (Pg Ind De Picassant), 24 46220 Picassent Valencia

Country :	Spain

Financials (as on) :	31.12.2010

Date of Incorporation :	25.05.2010

Legal Form :	Limited Liability Company

Line of Business :	Wholesale of food, drinks & tobacco

No. of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	296.000,00 €
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

CAMPO SECO SL

TAX NUMBER: B98256696

Company situation: Active

EXECUTIVE SUMMARY

Identification

Current Business Name: CAMPO SECO SL

Other names: YES

Current Address: CALLE 2 (PG IND DE PICASSANT), 24

46220 PICASSENT VALENCIA

Branches: 1

Telephone number: 961223003 Fax: 961211771

URL: www.camposeco.com , www.importaco.es

Corporate e-mail: sekitos@camposeco.com

Trade Risk

Credit Appraisal: 296.000,00 €

Incidents: NO

R.A.I.: NO

EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of Payment: NO

Financial Information

Balance sheet latest sales (2010): 9.264.880,00 € (Commercial Registry)

Result: 115.807 €

Total Assets: 17.473.227 €

Share capital: 5.003.006,00 €

Employees: 35

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date: 25/05/2010

Activity: Wholesale of food, drinks & tobacco

NACE 2009 CODE: 4639

International Operations: Imports

Corporate Structure

President:

SOCIEDAD GESTORA DE NEGOCIOS E INVERSIONES SA

Parent Company:

IMPORTACO SA

Participations: 1

Other Complementary Information

Latest filed accounts published in the Commercial Registry: 2010

Type of Accounts available at the Commercial Registry: Individuals

Latest act published in BORME: 30/05/2011 Takeover merger

Latest press article: 18/11/2010 EXPANSION DE VALENCIA (SHAREHOLDERS AND HOLDINGS)

Bank Entities: There are

RATING

Creit Appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 296.000,00 €

Financial Situation

Exercise:2010
Treasury	Good
Indebtedness	Average
Profitability	Average
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Excellent

Rating Informa Explication

Financial Situation

• The company’s financial situation is normal.

• The auditor’s opinion about the latest accounts has been favourable.

Company Structure

• The company’s capitalization degree determines that its structure is normal.

• The company’s size is medium depending on its sales volume.

• The employees evolution has been negative.

Performance and Incidences

• The available information indicates that the company does not have payment incidences.

• He have detected no recent legal actions or claims from the Administration against this company

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

Summary

COMPANY NOT INCLUDED IN EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

• There is no information related to the nif/cif consulted in the in the EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT file

This information comes from Experian Bureau Empresarial Service, property of Experian Bureau de Crédito S.A. It could just be used for businessmen or professionals and for the own aims of the business, and could not be transferred or transmitted to third parties, copied, duplicate or reproduce, nor incorporate to any owned or external database, or reuse it in any direct or indirect way. Experian Bureau de Crédito S.A. may file you for damages it may suffer in case of breaching any of the afore mentioned obligations. Experian would not be responsible of the lack of accuracy in the supplied information when it coincides with the one supplied by the creditor entities.

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

12/12/2011 08:12:10

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

Balance-sheet analysis

Figures given in €

	31/12/2010 (7) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	3.558.828,00	20,37
B) CURRENT ASSETS	13.914.399,00	79,63
LIABILITIES
A) NET WORTH	5.499.064,00	31,47
B) NON CURRENT LIABILITIES
C) CURRENT LIABILITIES	11.974.163,00	68,53

Profit and Loss Account Analysis

Figures given in €

	31/12/2010 (7) BALANCE SHEET	% NET TURNOVER
SALES	9.264.880,00
GROSS MARGIN	1.369.972,00	14,79
EBITDA	425.209,00	4,59
EBIT	209.655,00	2,26
NET RESULT	115.807,00	1,25
EFFECTIVE TAX RATE (%)	30,00	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	20,37	36,05	-15,68
A) CURRENT ASSETS	79,63	63,95	15,68
LIABILITIES
A) NET WORTH	31,47	38,83	-7,36
B) NON CURRENT LIABILITIES		8,18
C) CURRENT LIABILITIES	68,53	52,99	15,54

	COMPANY (2010)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	98,27	97,31	0,96
GROSS MARGIN	14,53	19,28	-4,75
EBITDA	4,51	3,93	0,58
EBIT	2,22	2,74	-0,51
NET RESULT	1,23	1,67	-0,45

Sector Composition

Compared sector (NACE 2009): 4639

Number of companies: 248

Size (Sales Figure): 7,000,000.00 - 40,000,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2010

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	115.807,00	Legal Reserve	11.581,00
Carry over	0,00	Goodwill reserve	0,00
Voluntary reserves	0,00	Special reserves	0,00
Other reserves disposable at will	0,00	Voluntary reserves	104.226,00
Total of Amounts to be distributed	115.807,00	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	0,00
		Application total	115.807,00

Auditing

Source: filing of annual financial statement 2010

Auditors’ opinion: FAVOURABLE

Facts subsequent to the closing

Source: Annual financial report 2010

Posterior to the closure there were no relevant facts that require the inclusion in the annual accounts.

ADDRESSES

Business address

Current Legal Seat Address:

CALLE 2 (PG IND DE PICASSANT), 24

46220 PICASSENT VALENCIA

Previous Seat Address:

CALLE BARRANCO 20

46469 BENIPARRELL VALENCIA

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE BARRANCO, S/N	46469	BENIPARRELL	Valencia

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

Distribution of the administration board

Governing body : 6 members (latest change: 31/12/2010)

Other Positions : 4 (latest change: 10/08/2010)

Auditor : 1 (latest change: 18/04/2011)

Non-current positions : 1 (latest change: 15/12/2010)

Men (20%)

Companies (80%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE APPOINTMENT
PRESIDENT	SOCIEDAD GESTORA DE NEGOCIOS E INVERSIONES SA	15/12/2010
VICE-PRESIDENT	IMPORTACO SAU	31/12/2010
MEMBER OF THE BOARD	CHOVER LLACER, SANTIAGO	15/12/2010
MEMBER OF THE BOARD	IMPORTACO SA	15/12/2010

Auditor

POSITION

NAME AND SURNAME

DATE

APPOINTMENT

AUDITOR

TECUM AUDITORES SL

18/04/2011

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
IMPORTACO SA	A46063889	80,00	OWN SOURCES	11/11/2011
CAMPO SECO SL	B98256696	Indef.	B.O.R.M.E.	30/05/2011

Indirect Shareholders

Majority shareholder of IMPORTACO SA

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	SOCIEDAD GESTORA DE NEGOCIOS E INVERSIONES SA	A46415337	100,00	COMMERCIAL REGISTRY	31/12/2010

Direct Participations

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	CAMPO SECO SL	B98256696	Indef.	B.O.R.M.E.	30/05/2011

Former Participations

BUSINESS NAME

TAX NUMBER/COUNTRY

SOURCE

DATE REP.

CAMPO SECO SL (EXTINGUIDA)

B46245080

100,00

B.O.R.M.E.

30/05/2011

Company with rating inferior to 7

BUSINESS INFORMATION

Constitution

Incorporation date: 25/05/2010

Origin / Foundation

Establishment date: 01/01/2010

Founder’s Name: LA TITULAR ES LA FUNDADORA

Activity

Code: 1612100

Activity: Wholesale of food, drinks & tobacco

NACE 2009 CODE: 4639

NACE 2009 Activity: Non-specialised wholesale of food, beverages and tobacco

Business: 1. The trade in all kinds of agricultural, livestock and their products, especially food and snacks incoming. 2. The manufacture, handling, packaging and marketing of nuts, dried fruits, snacks and sancks. 3. The manufacture, handling, packaging and eat
(Enlargement) 4. The production and marketing of photovoltaic energy source.

Activity description: Manufacture of food products.

Employees

Latest employees figure: 35 (2011)

% of fixed employees: 98,99%

% of temporary employees: 1,01%

% of men: 71,15%

% of women: 28,85%

Employees distribution

Source: Annual financial report 2010

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Distribution by sexes		74	30

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 2%

Imports from: OTROS PAÍSES

National Distribution: 98%

SALES

National Distribution: 100%

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
MUNDO SNACKS, S.A.	NO
ELAFRUSE, S.A.	NO
FRUTOS SECOS DE CASTELLON, S.L.	NO
CAMPO SECO, S.L.	NO
IMPORTACO, S A.U.	NO

CLIENTS

BUSINESS NAME	INTERNATIONAL
SOGENI, S.A.	NO
IMPORTACO CANARIAS, S.A.	NO
MUNDO SNACKS, S.A.	NO
FRUTOS SECOS DE CASTELLON, S.L.	NO
CAMPO SECO, S.L.	NO
IMPORTACO, S A.U.	NO

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
CAIXABANK, S.A.
BANCO SANTANDER, S.A.

Summary of bank operations

Discount facilities: 1

Credit policy: 2

Mortgage loan: 0

Loans with no real security: 0

Bank operations

Debt type: Credit policy

Granted limit:1.250.000,00 €

Used limit:207.936,00 €

Available limit:1.042.064,00 €

Source: Filed Accounts (2010)

Debt type: Credit policy

Granted limit:4.500.000,00 €

Used limit:0,00 €

Available limit:4.500.000,00 €

Source: Filed Accounts (2010)

Debt type: Discount facilities

Granted limit:5.100.000,00 €

Used limit:829.723,00 €

Available limit:4.270.277,00 €

Source: Filed Accounts (2010)

Brands

FORMER NAMES:

• IMPORTACO DELEGACIONES SL

LEGAL STRUCTURE

Constitution Data

Register Date: 25/05/2010

Register town: Valencia

Announcement number: 314754

Register data:

Volume 9211, Book 6494, Folio 141, Section 8, Sheet 139839,

Inscription I/A 1 (2010-07-30)

Legal form: LIMITED LIABILITY COMPANY

Social Capital: 3.006 €

Current structure data

Legal form: Limited Liability Company

Share capital: 5.003.006,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: NO

B.O.R.M.E. (OFFICIAL GAZETTE OF THE COMMERCIAL REGISTRY)

Summary

Acts on activity: 1 (Last: 30/05/2011)

Acts on administrators: 7 (Last: 18/04/2011, first: 10/08/2010)

Acts on capital: 2 (Last: 21/01/2011, first: 01/12/2010)

Acts on creation: 1 (Last: 10/08/2010)

Acts on filed accounts: 1 (Last: 06/05/2011)

Acts on identification: 2 (Last: 30/05/2011, first: 15/12/2010)

Acts on Information: 3 (Last: 15/12/2010, first: 10/08/2010)

Acts on proceedings: 3 (Last: 30/05/2011, first: 18/10/2010)

Latest acts in B.O.R.M.E.

Most relevant acts of the last twelve months

	ACT		DATE	NOTICE NUM.	COMMERCIAL REGISTRY
Takeover merger			30/05/2011	230774	Valencia
	Absorbed companies: CAMPO SECO SL Register Data: Volume 9211, Book 6494, Folio 146, Section 8, Sheet 139839, Inscription I/A 9 (19/05/2011) Publication Data: Register Valencia, Gazette 102, Page 27490, Announcement 230774 (30/05/2011)
Change of business name			30/05/2011	230774	Valencia
	New business name: CAMPO SECO SL. Register Data: Volume 9211, Book 6494, Folio 146, Section 8, Sheet 139839, Inscription I/A 9 (19/05/2011) Publication Data: Register Valencia, Gazette 102, Page 27490, Announcement 230774 (30/05/2011)
Company’s mergers and takeovers			22/03/2011	6934
		Merger announcement. In accordance with the provisions of Article 43 of Law 3 / 2009 on structural modifications of Corporations is made public that the Universal Extraordinary General Meeting of members of delegations Importaco, Limited Partnership, dated March 14, 2011, and the Universal Extraordinary General Meeting of Members of Campo Seco, Limited Partnership (Sole Proprietorship), dated March 14, 2011, have agreed, all of them unanimously, the merger of those companies through absorption by Delegations Importaco Limited Company, Campo Seco, Limited Partnership (Sole Proprietorship), with the transfer for full universal heritage to the absorbing company, and without liquidation of the absorbed company, whose resulting company will be renamed "Campo Seco Limited Company ". It is expressly stated that belong directly to all the shares of Campo Seco, Limited Partnership (Sole Proprietorship), (absorbed company) to Importaco delegations, Limited Partnership (absorbing company), the merger will take place without capital increase in the absorbing company. In accordance with the provisions of section 43 of the Act on Structural Changes of the Corporations Law, it is expressly stated the right of attending members and creditors of the companies participating in the merger of the full text of the resolutions adopted and balances of the respective merger. Similarly, public record is left of the right of creditors to oppose the merger on the terms and for the purposes provided by law, within one month from the date of publication of the last announcement of the merger agreement, the accordance with Article 44 of the Act on Structural Changes of Corporations. Picassent, March 15, 2011.-Don Francisco Pons Alcoy, individual representing Business Management Company and Investment, SA, Chairman of the Board of Directors of Campo Seco, SLU Importaco and delegations, SL and Don Juan Antonio Pons Casañ, Secretary of the Board of Directors of Campo Seco, SLU and individual Importaco representative, SA U., Secretary of the Board of Directors of Importaco delegations, SL Register Data: Inscription ID: A110018659-1 Publication Data: Gazette 56, Page 7308, 6934 Announcement (22/03/2011)
Capital enlargement			21/01/2011	25530	Valencia
	Register Data: Volume 9211, Book 6494, Folio 146, Section 8, Sheet 139839, Inscription I/A 7 (12/01/2011) Publication Data: Register Valencia, Gazette 14, Page 3471, Announcement 25530 (21/01/2011)
Change of registered address			15/12/2010	462139	Valencia
	New business address: POLIGONO INDUSTRIAL, 2 - 6 46220 - PICASSENT - Valencia Register Data: Volume 9211, Book 6494, Folio 145, Section 8, Sheet 139839, Inscription I/A 6 (02/12/2010) Publication Data: Register Valencia, Gazette 238, Page 69212, Announcement 462139 (15/12/2010)

Other acts

ACT	DATE	NOTICE NUM.	COMMERCIAL REGISTRY
Registered activity enlargement	30/05/2011	230774	Valencia
Appointments	18/04/2011	173499	Valencia
Other concepts	15/12/2010	462139	Valencia

Latest filed accounts

ACT	DATE	NOTICE NUM.	COMMERCIAL REGISTRY
Annual Filed Accounts (2010)	06/05/2011	146007	Valencia

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 1 (Last: 18/11/2010)

Informative data: 0

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 0

Latest press article published

18/11/2010 EXPANSION DE VALENCIA - SHAREHOLDERS AND HOLDINGS

IMPORTACO has reorganized its structure with the creation of four divisions, which has also led to the creation of new subsidiaries. The first is called MERCADONA Division. This division is part of the facility that exploits the Parent. ELAFRUSE. The second division is foodservice, which has been integrated into a newly created company called IMPORTACO DELEGATIONS. The third is the ingredients division. This activity is developed by the Parent. CASTELLÓN NUTS. Finally, IMPORTACO has created its International Division, whose content is currently a processing plant and distribution nut located in Poland.

FINANCIAL INFORMATION

The information on the last account contained in this report is extracted from the Commercial Registry file of the legal address of the Company and dated 10/05/2011.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2010 (7)	% ASSETS
A) NON CURRENT ASSETS	3.558.828,00	20,37
I. Intangible assets
II. Tangible fixed assets	591.475,00	3,39
2. Technical fittings and other tangible assets	591.475,00	3,39
III. Real-estate investments
IV. Long term investments in associated and affiliated companies	2.880.251,00	16,48
1. Net worth instruments	2.880.251,00	16,48
V. Long Term Financial Investments	87.102,00	0,50
5. Other financial assets	87.102,00	0,50
VI. Assets by deferred taxes
VII. Non current commercial debts
B) CURRENT ASSETS	13.914.399,00	79,63
I. Non-current assets maintained for sale
II. Stocks	4.394.371,00	25,15
1. Goods available for sale	4.394.371,00	25,15
III. Trade Debtors and other receivable accounts	8.775.218,00	50,22
1. Clients	8.172.852,00	46,77
b) Clients for sales and short term services rendering	8.172.852,00	46,77
2. Clients group and associated companies	496.731,00	2,84
6. Other credits with the Public Administrations	105.635,00	0,60
IV. Short term investments in associated and affiliated companies	8.045,00	0,05
2. Credits to companies	8.045,00	0,05
V. Short term financial investments
VI. Short term periodifications
VII. Cash and equivalents	736.765,00	4,22
1. Treasury	736.765,00	4,22
TOTAL ASSETS (A + B)	17.473.227,00	100,00

Net Worth and Liabilities

Figures given in €

	31/12/2010 (7)	% ASSETS
A) NET WORTH	5.499.064,00	31,47
A-1) Equity	5.499.064,00	31,47
I. Capital	5.003.006,00	28,63
1. Authorized capital	5.003.006,00	28,63
II. Issue premium
III. Reserves	380.251,00	2,18
2. Other funds	380.251,00	2,18
IV. (Net worth own shares and participations)
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	115.807,00	0,66
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
I. Financial assets available for sale
II. Coverage operations
III. Non-current assets and related liabilities, maintained for sale
IV. Conversion differences
V. Other
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES
I. Long term provisions
II. Long term debts
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	11.974.163,00	68,53
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	1.037.659,00	5,94
2. Debts with bank entities	1.037.659,00	5,94
IV. Short term debts with associated and affiliated companies	5.918.999,00	33,87
V. Trade creditors and other payable accounts	5.017.505,00	28,72
1. Suppliers	813.031,00	4,65
b) Short term suppliers	813.031,00	4,65
2. Suppliers group and associated companies	3.377.344,00	19,33
3. Different creditors	533.172,00	3,05
4. Staff (pending remunerations)	123.227,00	0,71
6. Other debts with Public Administrations	170.731,00	0,98
VI. Short term periodifications
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	17.473.227,00	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2010 (7)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	9.264.880,00	98,27
A) Sales	9.264.880,00	98,27
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets
4. Supplies	-8.058.145,00	-85,47
a) Material consumed	-7.980.393,00	-84,64
d) Deterioration on merchandises, raw materials and other supplies	-77.752,00	-0,82
5. Other operating income	163.237,00	1,73
a) Other incomes	162.302,00	1,72
b) Operating grants included in the exercise result	935,00	0,01
6. Labour cost	-516.966,00	-5,48
a) Wages and similar expenses	-368.586,00	-3,91
b) Social costs	-148.380,00	-1,57
7. Other operating costs	-605.537,00	-6,42
a) External services	-498.872,00	-5,29
b) Taxes	-6.677,00	-0,07
c) Losses, deterioration and variation on business operations provisions	-99.988,00	-1,06
8. Amortization of fixed assets	-37.814,00	-0,40
9. Allocation of subventions on non financial investments and other
10. Provisions excess
11. Deterioration and result for fixed assets disposal
12. Negative difference of business combinations
13. Other results
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	209.655,00	2,22
14. Financial income	724,00	0,01
a) From net worth instruments participations	724,00	0,01
a 2) On third parties	724,00	0,01
15. Financial expenses	-44.940,00	-0,48
a) For debts with associated and affiliated companies	-32.343,00	-0,34
b) For debts with third parties	-12.597,00	-0,13
16. Reasonable value variation on financial instruments
17. Exchange differences
18. Deterioration and result for disposal of financial instruments
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-44.216,00	-0,47
A.3) RESULT BEFORE TAXES (A.1 + A.2)	165.439,00	1,75
20. Taxes on profits	-49.632,00	-0,53
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	115.807,00	1,23
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations
A.5) EXERCISE RESULT (A.4 + 21)	115.807,00	1,23

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/2)	31/12/2010 (7)
A) PROFIT AND LOSS ACCOUNT RESULT	115.807,00
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments
II. Cash flow coverage
III. Received legacies, grants and subventions
IV. For actuarial profits and losses and other adjustments
V. Non-current assets and related liabilities, maintained for sale
VI. Conversion differences
VII. Tax effect
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage
X. Received legacies, grants and subventions
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	115.807,00

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /2)	AUTHORIZED CAPITAL	RESERVES	EXERCISE RESULT	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2009)
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)
I. Total recognized income and expenses			115.807,00	115.807,00
II. Operations with partners or owners	5.003.006,00			5.003.006,00
1. Capital Increases	5.003.006,00			5.003.006,00
III. Other net worth variations		380.251,00		380.251,00
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	5.003.006,00	380.251,00	115.807,00	5.499.064,00

CASH FLOW STATUS

Figures given in €

	31/12/2010 (7)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	165.439,00
2. Results adjustments	259.770,00
a) Amortization of fixed assets (+)	37.814,00
b) Value correction for deterioration (+/-)	177.740,00
g) Financial income (-)	-724,00
f) Financial expenses (+)	44.940,00
3. Changes in current capital	-8.337.869,00
a) Stocks (+/-)	-4.494.359,00
b) Debtors and other receivable accounts (+/-)	-8.852.970,00
c) Other current assets (+/-)	-8.045,00
d) Creditors and other payable accounts (+/-)	5.017.505,00
4. Other cash flow coming from operating activities	-93.848,00
a) Interests payments (-)	-44.940,00
c) Interests collections (+)	724,00
d) Collections (payments) for profit tax (+/-)	-49.632,00
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	-8.006.508,00
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-3.596.642,00
a) Group and associated companies	-2.880.251,00
c) Tangible assets	-629.289,00
e) Other financial assets	-87.102,00
7. Disinvestment collections (+)
8. Cash Flow in investment activities (6 + 7)	-3.596.642,00
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments	5.383.257,00
a) Net worth instruments issue (+)	5.383.257,00
10. Financial liabilities instruments collections and payments	6.956.658,00
a) Issue	6.956.658,00
2. Debts with bank entities (+)	1.037.659,00
3. Debts with group and associated companies (+)	5.918.999,00
11. Payments for dividends and remunerations of other net worth instruments
12. Cash Flow in financing activities (9 + 10 + 11)	12.339.915,00
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	736.765,00
Cash or equivalents at the beginning of the exercise
Cash or equivalents at the end of the exercise	736.765,00

RATIOS

	31/12/2010 (7)
BALANCE RATIOS
Working Capital (€)	1.940.236,00
Working capital ratio	0,11
Soundness Ratio	1,54
Average Collection Period (days)	341
Average Payment Period (days)	454
LIQUIDITY RATIOS
Current Ratio (%)	116,20
Quick Ratio (%)	6,15
DEBT RATIOS
Borrowing percentage (%)	39,81
External Financing Average Cost	0,01
Debt Service Coverage	-0,87
Interest Coverage	4,66
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-86,42
Auto financing generated by Assets (%)	-45,82
Breakdown Point	1,02
Average Sales Volume per Employee	93.584,65
Average Cost per Employee	5.221,88
Assets Turnover	0,53
Inventory Turnover (days)	196
RESULTS RATIOS
Return on Assets (ROA) (%)	1,20
Operating Profitability (%)	1,42
Return on Equity (ROE) (%)	3,01

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	20,37	36,05	-15,68
A) CURRENT ASSETS	79,63	63,95	15,68
LIABILITIES
A) NET WORTH	31,47	38,83	-7,36
B) NON CURRENT LIABILITIES		8,18
C) CURRENT LIABILITIES	68,53	52,99	15,54

RESULTS ANALYTICAL ACCOUNT

Figures given in %

	COMPANY (2010)	SECTOR	DIFFERENCE
Net Turnover	98,27	97,31	0,96
Other operating income	1,73	2,69	-0,96
OPERATING INCOME	100,00	100,00	0,00
Supplies	-85,47	-80,89	-4,58
Variation in stocks of finished goods and work in progress		0,16
GROSS MARGIN	14,53	19,28	-4,75
Other operating costs	-6,42	-7,82	1,40
Labour cost	-5,48	-7,81	2,33
GROSS OPERATING RESULT	2,62	3,65	-1,03
Amortization of fixed assets	-0,40	-1,03	0,63
Deterioration and result for fixed assets disposal		0,12
NET OPERATING RESULT	2,22	2,74	-0,51
Financial result	-0,47	-0,38	-0,09
RESULT BEFORE TAX	1,75	2,36	-0,61
Taxes on profits	-0,53	-0,68	0,15
RESULT COMING FROM CONTINUED OPERATIONS	1,23
NET RESULT	1,23	1,67	-0,44

Main Ratios

	COMPANY (2010)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	1.940.236,00	121.684,48	688.962,72	1.462.605,15
Working capital ratio	0,11	0,02	0,13	0,27
Soundness Ratio	1,54	0,70	1,39	2,44
Average Collection Period (days)	341	38	70	104
Average Payment Period (days)	454	25	65	96
LIQUIDITY RATIOS
Current Ratio (%)	116,20	1,03	1,21	1,55
Quick Ratio (%)	6,15	0,03	0,11	0,32
DEBT RATIOS
Borrowing percentage (%)	39,81	0,00	12,11	32,30
External Financing Average Cost	0,01	0,04	0,05	0,08
Debt Service Coverage	-0,87	0,00	2,04	8,10
Interest Coverage	4,66	1,70	4,18	13,84
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-86,42	1,23	2,20	3,73
Auto financing generated by Assets (%)	-45,82	2,90	4,70	7,91
Breakdown Point	1,02	1,01	1,02	1,04
Average Sales Volume per Employee	93.584,65	244.120,35	351.138,95	601.931,93
Average Cost per Employee	5.221,88	21.778,75	27.103,91	32.894,59
Assets Turnover	0,53	1,53	2,28	3,07
Inventory Turnover (days)	196	22	38	66
RESULTS RATIOS
Return on Assets (ROA) (%)	1,20	2,42	4,51	7,76
Operating Profitability (%)	1,42	4,56	6,80	10,90
Return on Equity (ROE) (%)	3,01	6,98	13,74	22,71

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.58
UK Pound	1	Rs.82.97
Euro	1	Rs.69.89

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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