MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	CERAMICAS FANAL SA
Registered Office :	Calle Cami Del Colador - Pg El Colomer, 21 12200 Onda Castellón
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	26.12.1986
Legal Form :	Joint-Stock Company
Line of Business :	Manufacturer of bricks tiles & construction products in baked clay
No. of Employees :	90

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Spain	A2	A2

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

Company name

CERAMICAS FANAL SA

EXECUTIVE SUMMARY

Identification

Current Business Name: CERAMICAS FANAL SA

Commercial name: CERAMICAS FANAL S.A.

Other names:  YES

Current Address:  CALLE CAMI DEL COLADOR - PG EL COLOMER, 21

12200 ONDA CASTELLÓN 

Branches:  2

Telephone number: 964771177 Fax: 964600333

URL:  www.fanal.com 

Corporate e-mail:  fanal@fanal.com

Trade Risk

Incidents:  NO

R.A.I.:  NO

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

Financial Information

Balance sheet latest sales (2010):  25.253.602,45 € (Mercantile Register)

Result: 1.015.766,9 €

Total Assets: 39.908.116,02 €

Share capital:  572.527,95 €

Employees:  90

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  26/12/1986

Activity:  Mfg. of bricks tiles & construction products in baked clay

NACE 2009 CODE: 2331

International Operations:  Imports and Exports

Corporate Structure

Sole Administrator: 

FABREGAT FERRER, RAFAEL

Parent Company: 

FABREGAT FERRER RAFAEL

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2010

Latest act published in BORME:  17/01/2012 Re-elections

Latest press article:  27/02/2001 LEVANTE EL MERCANTIL VALENCIANO (PRODUCTION DATA)

Bank Entities:  There are

The date when this report was last updated is 20/06/2012.

The information contained in this report has been investigated and contrasted on 20/06/2012

TRADE RISK

Financial situation

Exercise:2010			Evolution
Treasury	Excellent
Indebtedness	Slight
Profitability	Average
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Excellent

Rating Explanation

Financial situation

• The company’s financial situation is good.

• The company’s financial situation evolution has been positive.

• The sales evolution has been  stable  not the results one, which has been  positive.

• 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 stable.

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.

Accounts Filing

• The company files regularly its accounts.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered.

AFFECTED BY: No significant element.

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

14/06/2012 11:06:44

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 (12) BALANCE SHEET	% ASSETS	31/12/2009 (12) BALANCE SHEET	% ASSETS	31/12/2008 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	13.493.708,76	33,81	13.709.278,65	35,70	14.314.084,62	33,73
B) CURRENT ASSETS	26.414.407,26	66,19	24.690.475,77	64,30	28.120.727,23	66,27
LIABILITIES
A) NET WORTH	16.927.320,56	42,42	15.451.973,26	40,24	14.848.276,13	34,99
B) NON CURRENT LIABILITIES	10.709.119,13	26,83	10.769.945,09	28,05	10.581.724,36	24,94
C) CURRENT LIABILITIES	12.271.676,33	30,75	12.177.836,07	31,71	17.004.811,36	40,07

Profit and loss account analysis

Figures given in €

	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER	31/12/2009 (12) BALANCE SHEET	% NET TURNOVER	31/12/2008 (12) BALANCE SHEET	% NET TURNOVER
SALES	25.253.602,45		25.134.140,84		32.005.771,16
GROSS MARGIN	14.132.083,58	55,96	14.254.978,81	56,72	17.233.810,83	53,85
EBITDA	4.204.979,82	16,65	4.286.236,82	17,05	5.342.595,09	16,69
EBIT	1.610.251,80	6,38	1.580.331,48	6,29	2.841.822,68	8,88
NET RESULT	1.015.766,90	4,02	638.966,15	2,54	1.900.647,17	5,94
EFFECTIVE TAX RATE (%)	-14,51	0,00	-3,18	0,00	-4,82	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	33,81	43,61	-9,80
A) CURRENT ASSETS	66,19	56,39	9,80
LIABILITIES
A) NET WORTH	42,42	42,86	-0,45
B) NON CURRENT LIABILITIES	26,83	18,23	8,60
C) CURRENT LIABILITIES	30,75	38,91	-8,16
	COMPANY (2010)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	99,94	98,92	1,02
GROSS MARGIN	55,93	51,31	4,62
EBITDA	16,64	7,90	8,74
EBIT	6,37	0,96	5,41
NET RESULT	4,02	-1,09	5,11

Sector Composition

Compared sector (NACE 2009): 2331

Number of companies: 36

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	1.011.766,90	Legal Reserve	0,00
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	1.011.766,90
Total of Amounts to be distributed	1.011.766,90	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	0,00
		Application total	1.011.766,90

Auditing

Source: filing of annual financial statement 2010

Auditors’ opinion: FAVOURABLE

Auditor: AUDIMAR AUDITORES Y CONSULTORES S.L.

Auditing fees: 9.860,00 €

Facts subsequent to the closing

Source: Annual financial report 2010

After the closure no relevant facts requiring their inclusion in the annual accounts have taken place.

ADDRESSES

Business address

Current Legal Seat Address: 

CALLE CAMI DEL COLADOR - PG EL COLOMER, 21

12200 ONDA  CASTELLÓN

Characteristics of the current address

Type of establishment: office

Area: 25000 m2

Owners: owned; with no official confirmation

Local Situation: secondary

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
APARTADO DE CORREOS 211	12200	ONDA	Castellón
CALLE COLADOR, S/N	12200	ONDA	Castellón

Former branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE COLADOR	12200	ONDA	Castellón

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

Governing body : 1 member (latest change: 15/07/2009)

Other Positions : 3 (latest change: 18/11/2004)

Auditor : 2 (latest change: 05/01/2012)

Operative Board Members : 4 (latest change: 08/04/2011)

Non-current positions : 4 (latest change: 12/08/2002)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
SOLE ADMINISTRATOR	FABREGAT FERRER, RAFAEL	15/07/2009

Auditor

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
AUDITOR	AUDIMAR AUDITORES Y CONSULTORES S L	12/08/2002
AUDITOR	AUDIMAR AUDITORES Y CONSULTORES SL	05/01/2012

Board members remuneration

       Source: Annual financial report 2010

       Board members remuneration: 298.737,00 €

Functional Managers

POSITION	NAME AND SURNAME
General Manager	FABREGAT FERRER, RAFAEL
Financial Manager	IBANEZ, ABDON
Commercial Director	FABREGAT, CARLOS
Exports Director	CHABARIA, MARTIN

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
FABREGAT FERRER RAFAEL		100,00	OWN SOURCES	08/04/2011

POTENTIAL LINKS

Name Search in the Internet
Search Criterion: ”CERAMICAS FANAL SA”
URL: www.hotfrog.es
Ceramicas Fanal,S.A. Ceramicas Fanal,S.A. Onda, Perfil corporativo y artículos de productos y servicios.
URL: www.coverings.com
Coverings 2012: Ceramicas Fanal, S.A.: Profile Ceramicas Fanal, S.A.. Booth
URL: www.buscoempresas.es
Ceramicas fanal, s.a. • BuscoEmpresas.es 2406 Map It. Camino Del Colador, 21. Onda, Castellon 12200. Spain Phone: 011-349-4677-1177. Fax: 011-349-4660-0333 ...
URL: www.linkedin.com
Martin Chavarria profiles | LinkedIn Ceramicas fanal, s.a.Fabricación de losas y baldosas de cerámica. ... Localiza opiniones, reviews y contacta con Ceramicas fanal, s.a. entre otras posibilidades.
URL: tileofspainusa.com
Coverings 2012: April 17-20, Orlando, Florida | Tile of Spain USA Title: Director de Exportacion en Ceramicas Fanal S.A.; Demographic info: Valencia Area, Spain | Glass, Ceramics & Concrete. Current: Director de Exportacion ...

BUSINESS INFORMATION

Constitution

Incorporation date: 26/12/1986

Activity

Code: 1241200

Activity: Mfg. of bricks tiles & construction products in baked clay

NACE 2009 CODE: 2331

NACE 2009 Activity: Manufacture of ceramic tiles and flags

Business: MANUFACTURING AND MARKETING OF COMMON ARTISTIC TILES FOR FLOORING, TRIMS, CAKES, ETC., AND AS SOON AS PREPARATORY GENERAL, ASSISTANT, or ancillary, RELATING TO THE INDUSTRY C

Employees

Latest employees figure: 90 (2011)

% of fixed employees: 98,89%

% of temporary employees: 1,11%

% of men: 83,33%

% of women: 16,67%

Employees distribution

Source: Annual financial report 2010

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Members of the board	1	1
Other managers	4	4
Support intellectuals and scientists, technicians and professionals	3	2	1
Administrative employees	2		2
Sales representatives and similar	9	4	5
Other qualified employees	3	3
Non qualified employees	68	61	7

COMMERCIAL OPERATIONS

PURCHASES

National Distribution: 99%

SALES

Export Percentage: 66%

Exports to: UE Y RESTO DEL MUNDO

National Distribution: 34%

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
STANLEY	NO
B & T IBERICA	YES
IBERSITI	YES
B & T INVEST	YES
SITI SPA	YES

Sales breakdown

• • 100% of its turnover is for manufacture and sale of ceramic tiles.

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO DE SABADELL, S.A.			CASTELLON
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.			CASTELLON
BANCO SANTANDER, S.A.			CASTELLON

Summary of bank operations

Discount facilities: 0

Credit policy: 16

Mortgage loan: 0

Loans with no real security: 0

Bank operations

Entity:BANKINTER, S.A. Debt type: Credit policy	Granted limit:300.000,00 € Used limit:0,00 € Available limit:300.000,00 € Source: Filed Accounts (2010)
Entity:CAJA DE AHORROS Y PENSIONES DE BARCELONA Debt type: Credit policy	Granted limit:300.000,00 € Used limit:0,00 € Available limit:300.000,00 € Source: Filed Accounts (2010)
Entity:DEUTSCHE BANK, S.A.E. Debt type: Credit policy	Granted limit:300.000,00 € Used limit:0,00 € Available limit:300.000,00 € Source: Filed Accounts (2010)
Entity:CAIXA D’ESTALVIS DE CATALUNYA,TARRAGONA I MANRESA Debt type: Credit policy	Granted limit:500.000,00 € Used limit:8.695,58 € Available limit:491.304,42 € Source: Filed Accounts (2010)
Entity:BANCO SANTANDER, S.A. Debt type: Credit policy	Granted limit:500.000,00 € Used limit:0,00 € Available limit:500.000,00 € Source: Filed Accounts (2010)

Leasing

Figures given in €

ENTITY	ASSERTS INVOLVED IN THE ACTIVITY	UP TO 1 YEAR	FROM 1 TO 5 YEARS
	40 boxes, store shelves, forklifts, screen printing equipment, forklifts, packaging, equipment sergrafía car, line selection, press mold, scrub machine.	114.132,90	21.060,68

Grants

Grant type: For fixed assets acquisition Granting year: 1998	Nominal amount: 397.573,60 € Amount received in the exercise: 25.122,22 € Source: Filed Accounts (2010)
Operation description: Regional incentives for investment in the current wave plant.
Grant type: For fixed assets acquisition Granting year: 2004	Nominal amount: 224.060,48 € Amount received in the exercise: 22.406,05 € Source: Filed Accounts (2010)
Operation description: Regional incentives for the ground wave.

Brands

Brand name: NANOPRINT (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 29/07/2010

Brand name: FANAL (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 22/06/2007

Brand name: FAN (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 19/11/2003

Brand name: FC FAN CER£MICA (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 15/11/1999

Brand name: CERAMICAS FANAL, S.A. (Valid)

Type: JOINT    Scope: NATIONAL    Date: 29/08/1997

LEGAL STRUCTURE

Constitution Data

Register Date: 26/12/1986

Current structure data

Legal form: Joint-stock Company

Share capital: 572.527,95 €

Paid-up capital: 572.527,95 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

B.O.R.M.E. (OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

Summary

  Acts on activity: 1 (Last: 29/09/2000)

  Acts on administrators: 19 (Last: 17/01/2012, first: 06/03/1991)

  Acts on capital: 6 (Last: 18/11/2004, first: 29/09/2000)

  Acts on creation: 0

  Acts on filed accounts: 21 (Last: 05/08/2011, first: 02/09/1991)

  Acts on identification: 1 (Last: 29/09/2000)

  Acts on Information: 8 (Last: 18/11/2004, first: 04/03/1993)

  Acts on proceedings: 2 (Last: 29/09/2000, first: 23/06/2000)

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

Most relevant acts of the last twelve months

	ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Annual Filed Accounts (2010)		05/08/2011	248414	Castellón
	Filed Accounts date: July from 2011 Exercise to which the accounts belong: 2010 Filed Accounts type: Individual Filed accounts available online: DOWNLOAD (+1.0 unit)  PDFThis product is out of the fee for OPEN contracts59826922010TIFFThis product is out of the fee for OPEN contracts59826922010 Publication Data:  Register Castellón, Gazette 149, Page  40127, Announcement 248414 (05/08/2011)

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Re-elections	17/01/2012	20692	Castellón
Annual Filed Accounts (2009)	31/08/2010	416894	Castellón
Annual Filed Accounts (2008)	09/12/2009	986120	Castellón
Re-elections	15/07/2009	315766	Castellón
Annual Filed Accounts (2007)	03/09/2008	392888	Castellón
Annual Filed Accounts (2006)	18/09/2007	536426	Castellón
Annual Filed Accounts (2005)	10/07/2006	158795	Castellón
Annual Filed Accounts (2004)	21/07/2005	166986	Castellón
Appointments	18/11/2004	483907	Castellón

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 0

Informative data: 0

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 2 (Last: 27/02/2001, first: 19/12/2000)

Latest press article published
LIFT THE TRADE 27/02/2001 VALENCIA - PRODUCTION DATA
THIS SDAD., DEDICATED TO THE CERAMIC INDUSTRY HAS EXPANDED ITS PRODUCTION TO 20,000 SQUARE FEET DAILY BETWEEN FLOOR AND WALL fired to flintware. CERAMICS HAS INVESTED FANAL 2,500 MM. OF PTAS. IN A NEW FACTORY.

EXPANSION 19/12/2000 - Shareholders AND HOLDINGS
RAFAEL FABREGAT SOLD TO 100% OF THE FIRM Artia, ARISING OUT OF YOUR COMPANY PARTIAL SPIN FANAL CERAMICS. FAMILIES AND USE PRADES CIFRE HAVE MADE THE ASSETS OF THE CIA. LOCATED IN ALCORA (Castellón) FOR 4.5 MM. EUROS (750 MM. PTAS). AFTER THE SALE HAS CERAMIC FANAL moved its WAVE THE MUNICIPALITY Castellón, where in 1999 inaugurated a new production plant.

Complementary Information
Financial Information
The stock closed on 31/12/2010 (Deposit 2010) is available at INFORMS, but there is data in the new financial statements presented incorrectly.
The stock closed on 31/12/2008 (Deposit 2008) is available at INFORMS, but there is data in the new financial statements presented incorrectly.

FINANCIAL INFORMATION

The information on the last Individual Filed Accounts contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 29/08/2011.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS
A) NON CURRENT ASSETS	13.493.708,76	33,81	13.709.278,65	35,70	14.314.084,62	33,73
I. Intangible assets	55.063,55	0,14	51.307,00	0,13	79.357,00	0,19
5. Software	55.063,55	0,14	51.307,00	0,13	79.357,00	0,19
II. Tangible fixed assets	12.593.991,89	31,56	13.048.652,96	33,98	14.234.727,62	33,54
1. Property, plant and equipment	5.948.744,29	14,91	6.106.518,63	15,90	6.120.338,18	14,42
2. Technical fittings and other tangible assets	6.645.247,60	16,65	6.942.134,33	18,08	8.114.389,44	19,12
III. Real-estate investments
IV. Long term investments in associated and affiliated companies
V. Long Term Financial Investments	50.000,00	0,13	50.000,00	0,13
5. Other financial assets	50.000,00	0,13	50.000,00	0,13
VI. Assets by deferred taxes	794.653,32	1,99	559.318,69	1,46
VII. Non current commercial debts
B) CURRENT ASSETS	26.414.407,26	66,19	24.690.475,77	64,30	28.120.727,23	66,27
I. Non-current assets maintained for sale
II. Stocks	13.334.452,78	33,41	14.064.501,13	36,63	14.869.924,18	35,04
1. Goods available for sale	1.749.562,16	4,38	1.575.017,49	4,10	2.589.030,74	6,10
2. Raw material inventory	965.666,09	2,42	950.118,48	2,47	1.322.334,75	3,12
3. Work in Progress	100.319,31	0,25	38.890,50	0,10	54.858,05	0,13
b) Short production cycle	100.319,31	0,25	38.890,50	0,10	54.858,05	0,13
4. Finished goods	10.518.905,22	26,36	11.500.474,66	29,95	10.903.700,64	25,70
b) Short production cycle	10.518.905,22	26,36	11.500.474,66	29,95	10.903.700,64	25,70
III. Trade Debtors and other receivable accounts	10.597.723,80	26,56	10.274.505,24	26,76	12.837.876,38	30,25
1. Clients	10.334.423,17	25,90	10.056.337,72	26,19	11.714.429,70	27,61
b) Clients for sales and short term services rendering	10.334.423,17	25,90	10.056.337,72	26,19	11.714.429,70	27,61
3. Other debts			16.016,03	0,04	100.511,45	0,24
6. Other credits with the Public Administrations	263.300,63	0,66	202.151,49	0,53	1.022.935,23	2,41
IV. Short term investments in associated and affiliated companies
V. Short term financial investments	218.230,37	0,55	174.224,99	0,45	139.224,99	0,33
1. Net worth instruments	29.224,99	0,07
3. Debt representative values	89.005,38	0,22
5. Other financial assets	100.000,00	0,25	174.224,99	0,45	139.224,99	0,33
VI. Short term periodifications	14.358,58	0,04	23.358,88	0,06	14.358,88	0,03
VII. Cash and equivalents	2.249.641,73	5,64	153.885,53	0,40	259.342,80	0,61
1. Treasury	2.249.641,73	5,64	153.885,53	0,40	259.342,80	0,61
TOTAL ASSETS (A + B)	39.908.116,02	100,00	38.399.754,42	100,00	42.434.811,85	100,00

Net Worth and Liabilities

Figures given in €

	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS
A) NET WORTH	16.927.320,56	42,42	15.451.973,26	40,24	14.848.276,13	34,99
A-1) Equity	16.354.861,09	40,98	15.339.094,19	39,95	14.700.128,04	34,64
I. Capital	572.527,95	1,43	572.527,95	1,49	572.527,95	1,35
1. Authorized capital	572.527,95	1,43	572.527,95	1,49	572.527,95	1,35
II. Issue premium	1.143.894,15	2,87	1.143.894,15	2,98	1.143.894,15	2,70
III. Reserves	13.622.672,09	34,14	12.983.705,94	33,81	11.083.058,77	26,12
1. Legal and statutory	114.505,59	0,29	114.505,59	0,30	114.505,59	0,27
2. Other funds	13.508.166,50	33,85	12.869.200,35	33,51	10.968.553,18	25,85
IV. (Net worth own shares and participations)
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	1.015.766,90	2,55	638.966,15	1,66	1.900.647,17	4,48
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	572.459,47	1,43	112.879,07	0,29	148.148,09	0,35
B) NON CURRENT LIABILITIES	10.709.119,13	26,83	10.769.945,09	28,05	10.581.724,36	24,94
I. Long term provisions
II. Long term debts	10.322.946,49	25,87	10.499.253,02	27,34	10.249.865,42	24,15
2. Debts with bank entities	10.301.885,81	25,81	10.363.306,59	26,99	9.883.832,44	23,29
3. Financial leasing creditors	21.060,68	0,05	135.946,43	0,35	366.032,98	0,86
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes	386.172,64	0,97	270.692,07	0,70	331.858,94	0,78
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	12.271.676,33	30,75	12.177.836,07	31,71	17.004.811,36	40,07
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	4.718.662,07	11,82	5.629.373,34	14,66	6.319.020,65	14,89
2. Debts with bank entities	4.307.149,85	10,79	5.057.704,49	13,17	5.391.957,12	12,71
3. Financial leasing creditors	114.132,90	0,29	229.696,29	0,60	300.042,88	0,71
5. Other financial liabilities	297.379,32	0,75	341.972,56	0,89	627.020,65	1,48
IV. Short term debts with associated and affiliated companies
V. Trade creditors and other payable accounts	7.553.014,26	18,93	6.548.462,73	17,05	10.685.790,71	25,18
1. Suppliers	6.737.348,34	16,88	5.782.076,88	15,06	9.909.681,63	23,35
b) Short term suppliers	6.737.348,34	16,88	5.782.076,88	15,06	9.909.681,63	23,35
3. Different creditors	80.464,16	0,20	167.696,72	0,44	76.372,27	0,18
4. Staff (pending remunerations)	513.041,17	1,29	438.481,91	1,14	461.186,25	1,09
5. Liabilities by current taxes	58.113,75	0,15
6. Other debts with Public Administrations	164.046,84	0,41	160.207,22	0,42	238.550,56	0,56
VI. Short term periodifications
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	39.908.116,02	100,00	38.399.754,42	100,00	42.434.811,85	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2010 (12)	%OPERATING INCOME	31/12/2009 (12)	%OPERATING INCOME	31/12/2008 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	25.253.602,45	99,94	25.134.140,84	99,88	32.005.771,16	100,00
A) Sales	25.253.602,45	99,94	25.134.140,84	99,88	32.005.771,16	100,00
2. Variation in stocks of finished goods and work in progress	-920.140,79	-3,64	-397.482,57	-1,58	2.330.843,80	7,28
3. Works for its own assets			30.000,00	0,12
4. Supplies	-10.216.378,08	-40,43	-10.511.679,46	-41,77	-17.102.804,13	-53,44
a) Material consumed	-3.480.393,50	-13,77	-3.603.930,36	-14,32	-6.805.983,26	-21,26
b) Raw materials consumed	-5.612.916,58	-22,21	-5.732.171,25	-22,78	-8.467.212,17	-26,46
c) Works carried out for other companies	-1.123.068,00	-4,44	-1.175.577,85	-4,67	-1.829.608,70	-5,72
5. Other operating income	15.000,00	0,06
b) Operating grants included in the exercise result	15.000,00	0,06
6. Labour cost	-4.268.289,45	-16,89	-4.244.496,94	-16,87	-4.456.243,03	-13,92
a) Wages and similar expenses	-3.433.564,71	-13,59	-3.410.825,48	-13,55	-3.550.269,88	-11,09
b) Social costs	-834.724,74	-3,30	-833.671,46	-3,31	-905.973,15	-2,83
7. Other operating costs	-6.069.204,69	-24,02	-5.963.401,84	-23,70	-7.581.028,90	-23,69
a) External services	-5.647.728,15	-22,35	-5.712.205,36	-22,70	-7.421.632,03	-23,19
b) Taxes	-63.114,43	-0,25	-68.174,00	-0,27	-57.281,02	-0,18
c) Losses, deterioration and variation on business operations provisions	-358.362,11	-1,42	-183.022,48	-0,73	-102.115,85	-0,32
8. Amortization of fixed assets	-2.236.365,91	-8,85	-2.522.882,86	-10,03	-2.398.656,56	-7,49
9. Allocation of subventions on non financial investments and other	47.528,27	0,19	56.134,31	0,22	50.384,31	0,16
10. Provisions excess
11. Deterioration and result for fixed assets disposal					-6.443,97	-0,02
b) Results for disposals and others					-6.443,97	-0,02
12. Negative difference of business combinations
13. Other results	4.500,00	0,02
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	1.610.251,80	6,37	1.580.331,48	6,28	2.841.822,68	8,88
14. Financial income	66.000,58	0,26	48.956,93	0,19	69.782,54	0,22
b) From negotiable values and other financial instruments	25.295,44	0,10	48.956,93	0,19	69.782,54	0,22
b 2) From third parties	25.295,44	0,10	48.956,93	0,19	69.782,54	0,22
c) Allocation of financial legacies, grants and subventions	40.705,14	0,16
15. Financial expenses	-742.840,04	-2,94	-936.767,82	-3,72	-1.086.631,62	-3,40
b) For debts with third parties	-742.840,04	-2,94	-936.767,82	-3,72	-1.086.631,62	-3,40
16. Reasonable value variation on financial instruments
17. Exchange differences	-46.352,78	-0,18	-73.256,89	-0,29	-11.695,50	-0,04
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)	-723.192,24	-2,86	-961.067,78	-3,82	-1.028.544,58	-3,21
A.3) RESULT BEFORE TAXES (A.1 + A.2)	887.059,56	3,51	619.263,70	2,46	1.813.278,10	5,67
20. Taxes on profits	128.707,34	0,51	19.702,45	0,08	87.369,07	0,27
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	1.015.766,90	4,02	638.966,15	2,54	1.900.647,17	5,94
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations
A.5) EXERCISE RESULT (A.4 + 21)	1.015.766,90	4,02	638.966,15	2,54	1.900.647,17	5,94

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/3)	31/12/2010 (12)	31/12/2009 (12)	31/12/2008 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	1.015.766,90	638.966,15	1.900.647,17
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments
II. Cash flow coverage
III. Received legacies, grants and subventions	744.776,84
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	-223.433,06
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)	521.343,78
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage
X. Received legacies, grants and subventions	-88.233,41	-50.384,31	-50.384,31
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect	26.470,00	15.115,29	15.115,32
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)	-61.763,41	-35.269,02	-35.268,99
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	1.475.347,27	603.697,13	1.865.378,18

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /3)	AUTHORIZED CAPITAL	ISSUE PREMIUM	RESERVES	EXERCISE RESULT
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	572.527,95	1.143.894,15	9.068.409,09	2.014.649,68
I. Adjustments by change of criteria in the exercise (2007)
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	572.527,95	1.143.894,15	9.068.409,09	2.014.649,68
I. Total recognized income and expenses				1.900.647,17
II. Operations with partners or owners
III. Other net worth variations			2.014.649,68	-2.014.649,68
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	572.527,95	1.143.894,15	11.083.058,77	1.900.647,17
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	572.527,95	1.143.894,15	11.083.058,77	1.900.647,17
I. Total recognized income and expenses				638.966,15
II. Operations with partners or owners
III. Other net worth variations			1.900.647,17	-1.900.647,17
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	572.527,95	1.143.894,15	12.983.705,94	638.966,15
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)	572.527,95	1.143.894,15	12.983.705,94	638.966,15
I. Total recognized income and expenses				1.015.766,90
II. Operations with partners or owners
III. Other net worth variations			638.966,15	-638.966,15
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	572.527,95	1.143.894,15	13.622.672,09	1.015.766,90
NET WORTH CHANGES ( 3 /3)	RECEIVED LEGACIES, GRANTS AND SUBVENTIONS	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2007)		12.799.480,87
I. Adjustments by change of criteria in the exercise (2007)	183.417,08	183.417,08
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	183.417,08	12.982.897,95
I. Total recognized income and expenses	-35.268,99	1.865.378,18
II. Operations with partners or owners
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	148.148,09	14.848.276,13
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	148.148,09	14.848.276,13
I. Total recognized income and expenses	-35.269,02	603.697,13
II. Operations with partners or owners
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	112.879,10	15.451.973,29
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)	112.879,10	15.451.973,29
I. Total recognized income and expenses	-61.763,41	954.003,49
II. Operations with partners or owners
III. Other net worth variations	521.343,78	521.343,78
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	572.459,47	16.927.320,56

CASH FLOW STATUS

Figures given in €

	31/12/2010 (12)	31/12/2009 (12)	31/12/2008 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	1.015.766,90	619.263,70	1.900.647,17
2. Results adjustments	2.906.245,07	3.522.507,97	3.433.175,80
a) Amortization of fixed assets (+)	2.236.365,91	2.522.882,30	2.398.656,56
c) Change of Provisions (+/-)	-5.784,81	73.826,91	47.687,66
d) Grants allocation (-)	-88.233,41	-35.269,02	-35.269,03
e) Results for decline and disposal of fixed assets (+/-)			-6.443,97
g) Financial income (-)	-25.295,44	-48.956,93	-69.782,54
f) Financial expenses (+)	742.840,04	936.767,82	1.086.631,62
i) Change difference (+/-)	46.352,78	73.256,89	11.695,50
3. Changes in current capital	1.394.213,74	-1.412.631,52	-3.732.652,45
a) Stocks (+/-)	730.048,35	805.423,05	-2.163.933,92
b) Debtors and other receivable accounts (+/-)	-317.433,75	2.010.806,93	-864.019,99
c) Other current assets (+/-)	-35.005,08	-44.000,00	18.371,12
d) Creditors and other payable accounts (+/-)	1.164.042,11	-4.043.113,24	-642.620,90
e) Other current liabilities (+/-)	87.896,74	-61.166,87	-80.448,76
f) Other non-current assets and liabilities (+/-)	-235.334,63	-80.581,39
4. Other cash flow coming from operating activities	-849.451,37	-962.323,18	-1.290.011,94
a) Interests payments (-)	-749.058,65	-936.767,82	-1.086.631,62
c) Interests collections (+)	25.295,44	48.956,93	69.782,54
d) Collections (payments) for profit tax (+/-)	-125.688,16	-74.512,29	-273.162,86
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	4.466.774,34	1.766.816,97	311.158,58
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-1.785.461,39	-1.358.757,64	-3.423.940,99
b) Intangible assets	-37.899,44		-85.000,00
c) Tangible assets	-1.747.561,95	-1.308.757,64	-3.338.940,99
e) Other financial assets		-50.000,00
7. Disinvestment collections (+)			51.387,84
c) Tangible assets			51.387,84
8. Cash Flow in investment activities (6 + 7)	-1.785.461,39	-1.358.757,64	-3.372.553,15
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments
10. Financial liabilities instruments collections and payments	-539.203,99	-440.259,71	3.131.310,52
a) Issue	4.126.767,50	4.360.295,60	4.950.000,00
2. Debts with bank entities (+)	4.126.767,50	4.360.295,60	4.950.000,00
b) Return and amortization of	-4.665.971,49	-4.800.555,31	-1.818.689,48
2. Debts with bank entities (-)	-4.665.971,49	-4.800.555,31	-1.818.689,48
11. Payments for dividends and remunerations of other net worth instruments
12. Cash Flow in financing activities (9 + 10 + 11)	-539.203,99	-440.259,71	3.131.310,52
D) Exchange rate variations effect	-46.352,78	-73.256,89	-11.695,50
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	2.095.756,18	-105.457,27	58.220,45
Cash or equivalents at the beginning of the exercise	153.885,53	259.342,80	340.347,34
Cash or equivalents at the end of the exercise	2.249.641,73	153.885,53	398.567,79

RATIOS

	31/12/2010 (12)	CHANGE %	31/12/2009 (12)	CHANGE %	31/12/2008 (12)
BALANCE RATIOS
Working Capital (€)	14.142.730,93	13,03	12.512.639,70	12,57	11.115.915,87
Working capital ratio	0,35	6,06	0,33	26,92	0,26
Soundness Ratio	1,21	8,04	1,12	8,74	1,03
Average Collection Period (days)	151	2,69	147	2,00	144
Average Payment Period (days)	167	16,88	143	-8,31	156
LIQUIDITY RATIOS
Current Ratio (%)	215,25	6,17	202,75	22,60	165,37
Quick Ratio (%)	20,11	647,58	2,69	14,96	2,34
DEBT RATIOS
Borrowing percentage (%)	37,69	-10,26	42,00	7,55	39,05
External Financing Average Cost	0,05	-16,67	0,06	-14,29	0,07
Debt Service Coverage	3,37	-63,09	9,13	-82,85	53,25
Interest Coverage	2,17	28,40	1,69	-35,50	2,62
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	17,69	151,64	7,03	624,74	0,97
Auto financing generated by Assets (%)	11,19	143,26	4,60	530,14	0,73
Breakdown Point	1,07	0,00	1,07	-2,73	1,10
Average Sales Volume per Employee	280.595,58	0,48	279.268,23	-13,62	323.290,62
Average Cost per Employee	47.425,44	0,56	47.161,08	4,77	45.012,56
Assets Turnover	0,63	-4,55	0,66	-12,00	0,75
Inventory Turnover (days)	470	-2,47	482	53,97	313
RESULTS RATIOS
Return on Assets (ROA) (%)	4,04	-1,94	4,12	-38,51	6,70
Operating Profitability (%)	9,64	-9,82	10,69	-13,30	12,33
Return on Equity (ROE) (%)	5,42	34,16	4,04	-67,26	12,34

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	33,81	43,61	-9,80
A) CURRENT ASSETS	66,19	56,39	9,80
LIABILITIES
A) NET WORTH	42,42	42,86	-0,45
B) NON CURRENT LIABILITIES	26,83	18,23	8,60
C) CURRENT LIABILITIES	30,75	38,91	-8,16

Results Analytical Account

Figures given in  %

	COMPANY (2010)	SECTOR	DIFFERENCE
Net Turnover	99,94	98,92	1,02
Other operating income	0,06	1,08	-1,02
OPERATING INCOME	100,00	100,00	0,00
Supplies	-40,43	-45,50	5,07
Variation in stocks of finished goods and work in progress	-3,64	-3,19	-0,45
GROSS MARGIN	55,93	51,31	4,62
Other operating costs	-24,02	-26,38	2,36
Labour cost	-16,89	-19,68	2,79
GROSS OPERATING RESULT	15,02	5,24	9,78
Amortization of fixed assets	-8,85	-5,34	-3,51
Deterioration and result for fixed assets disposal		0,84
Other expenses / income		0,21
NET OPERATING RESULT	6,37	0,96	5,41
Financial result	-2,86	-2,60	-0,26
RESULT BEFORE TAX	3,51	-1,63	5,14
Taxes on profits	0,51	0,71	-0,20
RESULT COMING FROM CONTINUED OPERATIONS	4,02	-0,92	4,94
Exercise result coming from discontinued operations net of taxes		-0,17
NET RESULT	4,02	-1,09	5,11
Amortization of fixed assets	-8,85	-5,34	-3,51
Deterioration and provisions variation	-10,27	-1,61	-8,66
	23,14	5,85	17,29

Main Ratios

Figures given in €

	COMPANY (2010)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	14.142.730,93	451.693,46	3.401.993,45	6.417.091,02
Working capital ratio	0,35	0,03	0,15	0,29
Soundness Ratio	1,21	0,61	0,98	1,37
Average Collection Period (days)	151	85	120	150
Average Payment Period (days)	167	119	148	176
LIQUIDITY RATIOS
Current Ratio (%)	215,25	104,82	139,76	211,98
Quick Ratio (%)	20,11	2,18	6,67	21,19
DEBT RATIOS
Borrowing percentage (%)	37,69	23,65	37,01	49,15
External Financing Average Cost	0,05	0,05	0,06	0,08
Debt Service Coverage	3,37	2,89	5,47	11,89
Interest Coverage	2,17	-1,34	1,27	2,32
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	17,69	1,95	5,24	7,52
Auto financing generated by Assets (%)	11,19	1,80	3,86	6,23
Breakdown Point	1,07	0,98	1,04	1,08
Average Sales Volume per Employee	280.595,58	141.191,16	192.584,77	231.658,03
Average Cost per Employee	47.425,44	32.916,57	36.101,25	43.712,16
Assets Turnover	0,63	0,65	0,77	0,95
Inventory Turnover (days)	470	174	263	479
RESULTS RATIOS
Return on Assets (ROA) (%)	4,04	-2,28	3,24	4,65
Operating Profitability (%)	9,64	3,10	5,27	8,64
Return on Equity (ROE) (%)	5,42	-3,80	1,93	8,14

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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.