MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	PESCADOS E GUILLEM SOCIEDAD LIMITADA

Registered Office :	C/ Jose Codoñer Casañ, 35 Bajo. - Massanassa - 46470 - Valencia

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	1979

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of fish.

No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Spain

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

SPAIN - ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

EXECUTIVE SUMMARY

Name:

PESCADOS E GUILLEM SOCIEDAD LIMITADA

NIF / Fiscal code:

B46225769

Status:

ACTIVE

Incorporation Date:

01/01/1984

Register Data

Last Publication in BORME:

18/06/2013 [Reelections]

Last Published Account Deposit:

2012

Share Capital:

24.040,00

Localization:

C/ JOSE CODOÑER CASAÑ, 35 BAJO. - MASSANASSA - 46470 - VALENCIA

Telephone - Fax - Email - Website:

Ph.:. 961218844 Website. www.eguilem.com

Activity:

NACE:

4638 - Wholesale of other food, including fish, crustaceans and molluscs

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Rating and Risk:

Adequate capacity to meet its financial obligations.

Default Risk:

7.6%

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:

JOSE SALVADOR OLMOS SATURNINO

99.5 %

Identification

Social Denomination:

PESCADOS E GUILLEM SOCIEDAD LIMITADA

NIF / Fiscal code:

B46225769

Corporate Status:

ACTIVE

Start of activity:

1979

Registered Office:

C/ JOSE CODOÑER CASAÑ, 35 BAJO.

Locality:

MASSANASSA

Province:

VALENCIA

Postal Code:

46470

Telephone:

961218844

Website:

www.eguilem.com

Interviewed Person:

Administración, escasos datos.

Activity

NACE:

4638

Additional Information:

The subject is engaged in wholesale of fish.

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

Chronological Summary

Year

Act

1991

Accounts deposit (ejer. 1990)

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1997

Accounts deposit (ejer. 1995, 1996) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Closing of Page of Property Register (1) Reopening of an entry in the Register (1)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Change of Social Purpose (1) Change of Social address (1) Other Concepts/ Events (1)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2007

Accounts deposit (ejer. 2005, 2006)

2008

Appointments/ Re-elections (1)

2009

Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

24.040,00

Paid up capital:

24.040,00

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

OLMOS SATURNINO JOSE SALVADOR

12/07/2002

PROXY

GUILLEM PERELLO ENRIQUETA

27/05/2009

ACCOUNTS' AUDITOR / HOLDER

GESEM AUDITORES Y CONSULTORES SLP

11/06/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

GESEM AUDITORES Y CONSULTORES SL

ACCOUNTS' AUDITOR / HOLDER

11/07/2011

GESEM AUDITORES Y CONSULTORES SLP

ACCOUNTS' AUDITOR / HOLDER

11/07/2011

ACCOUNTS' AUDITOR / HOLDER

01/08/2012

ACCOUNTS' AUDITOR / HOLDER

11/06/2013

GUILLEM PERELLO ENRIQUETA

SINGLE ADMINISTRATOR

04/07/1997

SINGLE ADMINISTRATOR

12/07/2002

GENERAL MANAGER

04/05/1993

MIRA BERNARDO ANGEL

COMBINED PROXY

10/04/2002

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSE SALVADOR OLMOS SATURNINO

DIRECTOR/GENERAL MANAGER

JOSE SALVADOR OLMOS SATURNINO

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

---

Basis for rating

Positive Factors

Adverse Factors

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

It has been found to have regular payment performance and has paid all of its debts in a timely manner.

Productivity increase. Its salaried staff productivity has increased with respect to the previous fiscal year.

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

Financial Cost Reduction. Its average financial expense in 2012 with respect to its operating gross result is 68.06%. As this value is lower than that of the previous fiscal year, the financial situation is deemed, in principle, to have improved.

Solvency decrease. Its capacity to bear the cost derived form debts incurred with third parties has decreased significantly in its last fiscal year.

Resources are managed less effectively, as turnover has decreased with an increased staff.

Related companies with judicial claims. Some type of judicial / administrative claim or serious action by any of the companies related to PESCADOS E GUILLEM SOCIEDAD LIMITADA has been published in BORME.

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

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 7.6 %

> Latest Rating Changes :

Sector in which comparison is carried out :

463 Wholesale of food, beverages and tobacco

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 7.57%.

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.

Recommended commercial credit

Favourable until 20.000 (Guideline value of outstanding commercial balance that recommends be awarded to or maintained with the company queried)

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JOSE SALVADOR OLMOS SATURNINO

99.5

PARTICIPATES IN

BAJOFRIO SOCIEDAD LIMITADA

VALENCIA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

COHINO SL

VALENCIA

BELONGS TO THE ADMINISTRATION BOARD OF

VONGOFISH SL

MADRID

Turnover

Total Sales 2012

14.558.897,65

Estimated Balance

2012 Non current asset 513.057 Current asset 8.527.981 Net worth 766.610 Non current liability 133.558 Current liability 8.140.870 Total asset and liability 9.041.038

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

September 2009

2007

Normales

February 2009

2006

Normales

November 2007

2005

Normales

February 2007

2004

Normales

September 2005

2003

Normales

August 2004

2002

Normales

September 2003

2001

Normales

September 2002

2000

Normales

November 2001

1999

Normales

September 2000

1998

Normales

September 1999

1997

Normales

August 1998

1996

Normales

August 1997

1995

Normales

July 1997

1994

Normales

July 1995

1993

Normales

July 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

August 1991

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 31/12/2012

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 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, such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

513.057,00

200.595,00

112.196,00

136.554,00

115.712,00

I. Intangible fixed assets : 11100

0,00

475,00

1.900,00

3.325,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

475,00

1.900,00

3.325,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

234.686,00

32.000,00

2.126,00

3.644,00

10.377,00

1. Land and buildings: 11210

18.198,00

11.918,00

0,00

2. Technical installations and other tangible fixed assets: 11220

216.488,00

20.083,00

2.126,00

3.644,00

10.377,00

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

278.371,00

168.595,00

109.595,00

131.010,00

102.010,00

1. Equity instruments: 11510

178.108,00

81.550,00

9.550,00

0,00

-2.010,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

36.263,00

19.045,00

14.045,00

7.010,00

4.021,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

64.000,00

68.000,00

86.000,00

124.000,00

100.000,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

8.527.981,00

8.044.024,00

9.590.600,00

8.874.615,00

10.160.504,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

4.536.895,00

3.976.914,00

5.051.201,00

4.648.752,00

4.963.744,00

1. Commercial: 12210

4.536.895,00

3.746.874,00

4.569.780,00

4.604.412,00

4.515.110,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

230.040,00

481.422,00

44.340,00

448.635,00

III. Trade debtors and others receivable accounts: 12300

3.724.035,00

3.797.548,00

4.324.168,00

4.024.687,00

5.037.770,00

1. Trade debtors / accounts receivable: 12310

3.618.205,00

3.763.932,00

4.297.349,00

4.024.638,00

4.703.164,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.618.205,00

3.763.932,00

4.297.349,00

4.024.638,00

4.703.164,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

945,00

500,00

0,00

34.232,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

104.886,00

33.116,00

26.819,00

50,00

300.374,00

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

68.387,00

50.887,00

62.887,00

0,00

1. Equity instruments: 12510

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

68.387,00

50.887,00

62.887,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

198.663,00

218.675,00

164.343,00

138.288,00

158.989,00

1. Treasury: 12710

198.663,00

218.675,00

164.343,00

138.288,00

157.989,00

2. Other equivalent liquid assets: 12720

0,00

1.000,00

TOTAL ASSETS (A + B) : 10000

9.041.038,00

8.244.620,00

9.702.796,00

9.011.169,00

10.276.216,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

766.610,00

674.553,00

568.569,00

489.762,00

397.929,00

A-1) Shareholders' equity: 21000

766.610,00

674.553,00

568.569,00

489.762,00

397.929,00

I. Capital: 21100

24.040,00

1. Registered capital : 21110

24.040,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

650.513,00

544.529,00

465.755,00

373.889,00

269.378,00

1. Legal and statutory: 21310

4.808,00

2. Other reserves: 21320

645.705,00

539.721,00

460.947,00

369.081,00

264.570,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

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

92.057,00

105.984,00

78.774,00

91.833,00

104.510,00

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

133.558,00

31.000,00

0,00

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

133.558,00

31.000,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

22.000,00

31.000,00

0,00

3. Creditors from financial leasing: 31230

111.558,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

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

8.140.871,00

7.539.067,00

9.134.227,00

8.521.407,00

9.878.287,00

I. Liabilities linked to non-current assets held for sale: 32100

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

3.139.360,00

2.617.085,00

2.943.046,00

3.949.133,00

4.522.055,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

3.110.258,00

2.617.085,00

2.943.046,00

3.949.133,00

4.520.380,00

3. Creditors from financial leasing: 32330

29.102,00

0,00

1.676,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

5.001.511,00

4.921.982,00

6.191.181,00

4.572.274,00

5.356.232,00

1. Suppliers: 32510

3.995.340,00

4.324.543,00

5.569.696,00

3.605.704,00

4.027.561,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.995.340,00

4.324.543,00

5.569.696,00

3.605.704,00

4.027.561,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

983.135,00

591.017,00

604.633,00

926.386,00

1.288.981,00

4. Personnel (remuneration due): 32540

9.346,00

230,00

0,00

4.000,00

7.100,00

5. Liabilities for current tax: 32550

7.591,00

580,00

10.961,00

11.340,00

27.032,00

6. Otras deudas con las Administraciones Públicas. : 32560

6.099,00

5.612,00

5.891,00

20.596,00

5.557,00

7. Advances from clients: 32570

0,00

4.248,00

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

9.041.038,00

8.244.620,00

9.702.796,00

9.011.169,00

10.276.216,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

14.558.898,00

15.528.102,00

16.223.120,00

19.779.200,00

19.954.632,00

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

0,00

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

0,00

4. Supplies : 40400

-13.017.038,00

-14.259.753,00

-14.819.492,00

-18.232.261,00

-17.756.168,00

5. Other operating income: 40500

36.418,00

8.287,00

54.829,00

36.482,00

8.165,00

6. Personnel costs: 40600

-218.506,00

-202.708,00

-202.920,00

-212.971,00

-192.841,00

7. Other operating costs: 40700

-809.151,00

-741.178,00

-751.780,00

-1.401.897,00

-1.407.750,00

8. Amortisation of fixed assets: 40800

-16.206,00

-4.351,00

-4.361,00

-8.420,00

-10.811,00

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

703,00

1.381,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

262,00

-4.697,00

902,00

-50.883,00

-25.777,00

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

534.677,00

324.405,00

501.680,00

-90.751,00

569.450,00

14. Financial income : 41400

1.151,00

1.715,00

6.172,00

1.022,00

38,00

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

0,00

b) Other financial income: 41490

1.151,00

1.715,00

6.172,00

1.022,00

38,00

15. Financial expenditure: 41500

-374.729,00

-335.723,00

-321.146,00

-430.091,00

-521.823,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-29.590,00

161.009,00

-74.695,00

648.209,00

94.256,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-403.167,00

-173.000,00

-389.669,00

219.140,00

-427.529,00

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

131.510,00

151.406,00

112.011,00

128.389,00

141.921,00

20. Income taxes: 41900

-39.453,00

-45.422,00

-33.237,00

-36.556,00

-37.411,00

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

92.057,00

105.984,00

78.774,00

91.833,00

104.510,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 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, such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

513.057,00

200.595,00

112.196,00

136.554,00

115.712,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

475,00

1.900,00

3.325,00

1. Research and development costs:

0,00

2. Concessions, patents, licences, trademarks et al.:

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

475,00

1.900,00

3.325,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

234.686,00

32.000,00

2.126,00

3.644,00

10.377,00

1. Land and construction:

18.198,00

11.918,00

0,00

2. Technical installations and machinery:

0,00

3. Other installations, tools and furniture:

93.119,00

8.638,00

914,00

1.567,00

4.463,00

4. Payments on account and tangible fixed assets under construction:

0,00

5. Other tangible assets:

123.369,00

11.444,00

1.211,00

2.077,00

5.913,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

278.371,00

168.595,00

109.595,00

131.010,00

102.010,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

214.371,00

100.595,00

23.595,00

7.010,00

2.010,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

64.000,00

68.000,00

86.000,00

124.000,00

100.000,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

8.527.981,00

8.044.024,00

9.590.600,00

8.874.615,00

10.160.504,00

I. Called-up share capital (not paid):

0,00

II. Stocks:

4.536.895,00

3.976.914,00

5.051.201,00

4.648.752,00

4.963.744,00

1. Goods for resale:

4.536.895,00

3.746.874,00

4.569.780,00

4.604.412,00

4.515.110,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

230.040,00

481.422,00

44.340,00

448.635,00

7. Provisions:

0,00

III. Debtors:

3.724.035,00

3.797.548,00

4.324.168,00

4.024.687,00

5.037.770,00

1. Trade debtors / accounts receivable:

3.618.205,00

3.763.932,00

4.297.349,00

4.024.638,00

4.703.164,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

945,00

500,00

0,00

34.232,00

5. Staff:

0,00

6. Public bodies:

104.886,00

33.116,00

26.819,00

50,00

300.374,00

7. Provisions:

0,00

IV. Short-term investments:

68.387,00

50.887,00

62.887,00

1.000,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

1.000,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

68.387,00

50.887,00

62.887,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

198.663,00

218.675,00

164.343,00

138.288,00

157.989,00

VII. Prepayments and accrued income:

0,00

GENERAL TOTAL (A + B + C + D):

9.041.038,00

8.244.620,00

9.702.796,00

9.011.169,00

10.276.216,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

766.610,00

674.553,00

568.569,00

489.762,00

397.929,00

I. Subscribed capital:

24.040,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

650.513,00

544.529,00

465.755,00

373.889,00

269.378,00

1. Legal reserve:

4.808,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

645.703,00

539.719,00

460.946,00

369.080,00

264.570,00

Differences due to capital adjustement to euros:

2,00

1,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

92.057,00

105.984,00

78.774,00

91.833,00

104.510,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

133.558,00

31.000,00

0,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

133.558,00

31.000,00

0,00

1. Loans and other liabilities:

22.000,00

31.000,00

0,00

2. Long-term liabilities from capital leases:

111.558,00

0,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

8.140.871,00

7.539.067,00

9.134.227,00

8.521.407,00

9.878.287,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

3.139.360,00

2.617.085,00

2.943.046,00

3.949.133,00

4.522.055,00

1. Loans and other liabilities:

3.110.258,00

2.617.085,00

2.943.046,00

3.949.133,00

4.520.380,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

29.102,00

0,00

1.676,00

III. Short-term amounts owed to group and associated companies:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

4.978.476,00

4.915.561,00

6.174.329,00

4.536.337,00

5.316.542,00

1. Advanced payments from customers:

0,00

4.248,00

0,00

2. Amounts owed for purchases of goods or services:

4.978.476,00

4.915.561,00

6.174.329,00

4.532.089,00

5.316.542,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

23.036,00

6.421,00

16.852,00

35.936,00

39.690,00

1. Public bodies:

13.690,00

6.191,00

16.852,00

31.936,00

32.590,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

9.346,00

230,00

0,00

4.000,00

7.100,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

GENERAL TOTAL (A + B + C + D + E + F):

9.041.038,00

8.244.620,00

9.702.796,00

9.011.169,00

10.276.216,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

A) CHARGES (A.1 to A.15):

14.504.672,00

15.593.831,00

16.207.630,00

20.373.079,00

19.952.580,00

A.1. Operating consumption:

13.017.038,00

14.259.753,00

14.819.492,00

18.232.261,00

17.756.168,00

A.2. Staff Costs:

218.506,00

202.708,00

202.920,00

212.971,00

192.841,00

a) Wages, salaries et al.:

198.617,00

184.258,00

184.450,00

193.586,00

175.289,00

b) Social security costs:

19.888,00

18.451,00

18.470,00

19.385,00

17.552,00

A.3. Depreciation expense:

16.206,00

4.351,00

4.361,00

8.420,00

10.811,00

A.4. Variation of trade provisions and losses of unrecovered receivables:

0,00

A.5. Other operating charges:

809.151,00

741.178,00

751.780,00

1.401.897,00

1.407.750,00

A.I. OPERATING BENEFITS (B.1-A.1-A.2-A.3-A.4-A.5):

534.415,00

328.399,00

499.397,00

0,00

595.227,00

A.6. Financial and similar charges:

374.729,00

335.723,00

321.146,00

430.091,00

521.823,00

a) Due to liabilities with companies of the group:

269.511,00

241.457,00

230.973,00

309.328,00

375.303,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

105.218,00

94.266,00

90.173,00

120.763,00

146.520,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

29.590,00

0,00

74.695,00

0,00

A.II. POSITIVE FINANCIAL RESULTS (B.2+B.3-A.6-A.7-A.8):

0,00

219.140,00

0,00

A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):

131.248,00

155.399,00

109.728,00

179.272,00

167.698,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

0,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

0,00

4.697,00

0,00

50.883,00

25.777,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

262,00

0,00

2.283,00

0,00

A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):

131.510,00

151.406,00

112.011,00

128.389,00

141.921,00

A.14. Corporation Tax:

39.453,00

45.422,00

33.237,00

36.556,00

37.411,00

A.15. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULT (PROFIT) (A.V-A.14-A.15):

92.057,00

105.984,00

78.774,00

91.833,00

104.510,00

MERCANTILE REGISTRY

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

B) INCOME ( B.1 to B.8):

14.596.729,00

15.699.815,00

16.286.404,00

20.464.912,00

20.057.091,00

B.1. Operating income:

14.595.316,00

15.536.389,00

16.277.949,00

19.815.681,00

19.962.797,00

a) Net total sales:

14.558.898,00

15.528.102,00

16.223.120,00

19.779.200,00

19.954.632,00

b) Miscellaneous operating income:

36.418,00

8.287,00

54.829,00

36.482,00

8.165,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-B.1 ):

0,00

39.867,00

0,00

B.2. Financial income:

1.151,00

1.715,00

6.172,00

1.022,00

38,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

1.151,00

1.715,00

6.172,00

1.022,00

38,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

161.009,00

0,00

648.209,00

94.256,00

B.II. NEGATIVE FINANCIAL RESULTS (A.6+A.7+A.8-B.2-B.3):

403.167,00

173.000,00

389.669,00

0,00

427.529,00

B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

703,00

1.381,00

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

0,00

B.7. Extraordinary income:

262,00

0,00

902,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

3.994,00

0,00

50.883,00

25.777,00

B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):

0,00

B.VI. FINANCIAL YEAR RESULTS (LOSSES) (B.V+A.14+A.15):

0,00

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

131.510,00

151.406,00

112.011,00

128.389,00

141.921,00

2. Results adjustments.: 61200

79.721,00

4.351,00

407.600,00

8.913,00

438.289,00

a) Fixed Assets Amortization (+).: 61201

16.206,00

4.351,00

4.361,00

8.420,00

10.811,00

b) Obsolescence Allowances (+/-). : 61202

63.516,00

0,00

14.918,00

493,00

0,00

e) Results on disposal of fixed assets (+/-). : 61205

0,00

-1.381,00

0,00

g) Financial income (-).: 61207

-1.151,00

-1.715,00

-6.172,00

-1.022,00

-38,00

h) Financial Expenses (+). : 61208

374.729,00

335.723,00

321.146,00

430.091,00

521.823,00

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

0,00

74.695,00

0,00

-94.256,00

k) Other income and expense (-/+). : 61211

0,00

33,00

0,00

3. Changes in current capital equity.: 61300

-477.466,00

342.090,00

902.211,00

559.366,00

182.567,00

a) Stock (+/-).: 61301

-559.981,00

1.074.287,00

-415.243,00

314.500,00

-3.060.354,00

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

9.997,00

526.620,00

-301.605,00

1.013.133,00

-703.888,00

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

72.518,00

-1.258.818,00

1.619.060,00

-768.266,00

3.946.809,00

4. Other cash flows for operating activities.: 61400

39.453,00

45.422,00

-348.364,00

36.556,00

-552.532,00

a) Interest payments (-). : 61401

0,00

-321.146,00

0,00

-521.771,00

c) Interest collection (+). : 61403

0,00

6.172,00

0,00

38,00

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

39.453,00

45.422,00

-33.390,00

36.556,00

-30.799,00

5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500

-226.782,00

543.268,00

1.073.458,00

733.223,00

210.245,00

6. Payments for investment (-).: 62100

-346.167,00

-92.751,00

-31.621,00

-92.149,00

-109.086,00

a) Companies of the group and affiliates. : 62101

0,00

-1.550,00

0,00

b) Intangible fixed assets. : 62102

0,00

-4.750,00

c) Fixed assets. : 62103

-218.892,00

-33.751,00

-3.037,00

-262,00

-2.326,00

e) Other financial assets. : 62105

-127.276,00

-59.000,00

-27.035,00

-91.887,00

-102.010,00

7. Divestment payment collection (+). : 62200

0,00

65.000,00

0,00

c) Fixed assets. : 62203

0,00

3.000,00

0,00

e) Other financial assets. : 62205

0,00

50.000,00

0,00

g) Business Unit : 62207

0,00

12.000,00

0,00

8. Investment activity cash flows (6 + 7) minus Amortization: 62300

-362.373,00

-97.102,00

29.018,00

-100.569,00

-119.897,00

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

105.984,00

78.774,00

0,00

104.510,00

0,00

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

105.984,00

78.774,00

0,00

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

624.832,00

-294.961,00

-1.006.087,00

-572.922,00

-36.698,00

a) Issuance : 63201

542.419,00

31.000,00

76.356,00

424.749,00

0,00

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

542.419,00

31.000,00

76.356,00

424.749,00

0,00

b) Repayment and amortization of : 63207

82.414,00

-325.961,00

-1.082.443,00

-997.671,00

-36.698,00

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

-58.246,00

-325.961,00

-1.082.443,00

-995.996,00

-36.698,00

5. Other debts (-). : 63212

140.660,00

0,00

-1.676,00

0,00

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

0,00

12. Cash flows for financing activities (9+10+11).: 63400

730.816,00

-216.187,00

-1.006.087,00

-468.412,00

-36.698,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

0,00

-74.695,00

0,00

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

157.867,00

234.330,00

26.055,00

172.662,00

64.460,00

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

218.675,00

164.343,00

138.288,00

158.989,00

94.528,00

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

198.663,00

218.675,00

164.343,00

138.288,00

158.989,00

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

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

-0,31 %

0,00 %

EBITDA over Sales:

3,78 %

5,86 %

2,14 %

6,13 %

76,49 %

-4,33 %

Cash Flow Yield:

0,00 %

-0,25 %

0,01 %

0,00 %

-133,58 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

6,15 %

2,48 %

4,10 %

3,32 %

49,89 %

-25,26 %

Total economic profitability:

5,60 %

2,02 %

5,91 %

2,93 %

-5,23 %

-30,84 %

Financial profitability:

12,01 %

-0,05 %

15,71 %

2,10 %

-23,57 %

-102,16 %

Margin:

3,66 %

2,11 %

2,12 %

3,07 %

72,86 %

-31,37 %

Mark-up:

0,90 %

0,64 %

1,00 %

1,38 %

-10,50 %

-54,10 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,02

0,18

0,03

0,16

-15,87

9,02

Acid Test:

0,49

1,08

0,54

1,03

-9,12

4,80

Working Capital / Investment:

0,04

0,17

0,06

0,18

-30,09

-4,36

Solvency:

1,05

1,62

1,07

1,62

-1,82

0,00

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

10,79

1,14

11,22

1,57

-3,82

-26,96

Borrowing Composition:

0,02

0,78

0,00

0,94

-16,42

Repayment Ability:

-413,48

-2,11

139,33

1.599,72

-396,76

-100,13

Warranty:

1,09

1,88

1,09

1,64

0,33

14,57

Generated resources / Total creditors:

0,01

0,05

0,01

0,06

-10,23

-11,00

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,00 %

0,87 %

0,32 %

EBITDA over Sales:

3,78 %

2,14 %

3,11 %

-0,16 %

3,04 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

1,92 %

0,63 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

6,15 %

4,10 %

5,25 %

-0,45 %

Total economic profitability:

5,60 %

5,91 %

4,46 %

6,20 %

6,46 %

Financial profitability:

12,01 %

15,71 %

13,85 %

18,75 %

26,26 %

Margin:

3,66 %

2,12 %

3,08 %

-0,20 %

2,98 %

Mark-up:

0,90 %

1,00 %

0,68 %

0,90 %

-2,01 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,02

0,03

0,02

Acid Test:

0,49

0,54

0,50

0,53

Working Capital / Investment:

0,04

0,06

0,05

0,04

0,03

Solvency:

1,05

1,07

1,05

1,04

1,03

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

10,79

11,22

16,07

17,40

24,82

Borrowing Composition:

0,02

0,00

Repayment Ability:

-413,48

139,33

350,58

62,06

-13,44

Warranty:

1,09

1,06

1,04

Generated resources / Total creditors:

0,01

Efficiency

2012

2011

2010

2009

2008

Productivity:

3,52

2,64

3,48

0,85

4,14

Turnover of Collection Rights :

3,92

4,09

3,76

4,92

3,96

Turnover of Payment Entitlements:

2,76

3,05

2,52

4,29

3,58

Stock rotation:

3,10

3,82

3,12

4,27

3,90

Assets turnover:

1,68

1,94

1,71

2,25

1,96

Borrowing Cost:

4,53

4,43

3,52

5,05

5,28

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The subject was founded in 1984 and it is engaged in wholesale of fish. It has 10 employees. According to the above, we consider that the subject can stay involved in normal credit operations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Report Prepared by :

NNA

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.