MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	NAPOLEON ARMENGOL SL

Registered Office :	Calle Pintor Joan Miro 12 ( Pol. Can Humet Dalt ), Parc. - 14 - Polinya - 08213 - Barcelona

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	01.06.1989

Legal Form :	Private Limited Company

Line of Business :	The subject is an old family company which is engaged in manufacturing and sale of products for the protection and security of conducting elements in electric installation, such as tubes and steely pipes.

No. of Employees :	5

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

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:

NAPOLEON ARMENGOL SL

NIF / Fiscal code:

B58838228

Trade Name

NAPOLEON ARMENGOL

Status:

ACTIVE

Incorporation Date:

01/06/1989

Register Data

Last Publication in BORME:

25/06/2013 [Take-over Merger]

Last Published Account Deposit:

2012

Share Capital:

120.805,02

Localization:

CALLE PINTOR JOAN MIRO 12 ( POL. CAN HUMET DALT ), PARC. - 14 - POLINYA - 08213 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 937149238/937132444 Email. armengol@napoleon-armengol.com Website. www.napoleon-armengol.com

Activity:

NACE:

4612 - Agents involved in the sale of fuels, ores, metals and industrial chemicals

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

1 for a total cost of 4240.98

Quality Certificate:

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

INAGRUP CINC ASSOCIATS SL

99 %

INVESTIGATION SUMMARY

The commercial entity NAPOLEON ARMENGOL SL with VAT number B58838228 was founded in Barcelona in June, 1989 and it is engaged in wholesale of machinery and equipment, mainly of electrical installations. According to the sources consulted and after the analysis of the data we have and economic information for the year 2012, we estimate in general that its structure is favourable.

Identification

Social Denomination:

NAPOLEON ARMENGOL SL

Trade Name:

NAPOLEON ARMENGOL

NIF / Fiscal code:

B58838228

Corporate Status:

ACTIVE

Start of activity:

1990

Registered Office:

CALLE PINTOR JOAN MIRO 12 ( POL. CAN HUMET DALT ), PARC. - 14

Locality:

POLINYA

Province:

BARCELONA

Postal Code:

08213

Telephone:

937149238/937132444

Fax:

937132058

Website:

www.napoleon-armengol.com

Email:

armengol@napoleon-armengol.com

Activity

NACE:

4612

CNAE Obtaining Source:

4612

Additional Information:

The subject is an old family company which is engaged in manufacturing and sale of products for the protection and security of conducting elements in electric installation, such as tubes and steely pipes.

Additional Address:

Offices and other premises are situated in its registered office, located in calle Pintor Joan Miró 12, parcel 14 of the Polígono Industrial Can Humet, in the town of Polinya, 08213, in Barcelona, owned by the subject.

Franchise:

Import / export:

DOES NOT IMPORT / EXPORT

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Accounts deposit (ejer. 1990)

1992

Accounts deposit (ejer. 1991) Appointments/ Re-elections (1)

1993

Accounts deposit (ejer. 1992) Adaptation to Law (1) Increase of Capital (1) Statutory Modifications (1)

1995

Accounts deposit (ejer. 1993, 1994) Appointments/ Re-elections (1)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996)

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Dividends Payment (1) Other Concepts/ Events (1) Statutory Modifications (1)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000)

2003

Accounts deposit (ejer. 2001, 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (ejer. 2003)

2006

Accounts deposit (ejer. 2004)

2007

Accounts deposit (ejer. 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2008

Accounts deposit (ejer. 2006, 2007)

2009

Accounts deposit (ejer. 2008)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Company Transformation (2)

2013

Accounts deposit (ejer. 2012) Increase of Capital (1) Statutory Modifications (1) Take-over Merger (2)

Breakdown of Owners' Equity

Registered Capital:

120.805,02

Paid up capital:

120.805,02

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1168

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

09/12/1993

Increase of Capital

48.081

3.005

60.101

15.025

01/04/1998

Capital call payment

---

45.076

60.101

17/06/2013

Increase of Capital

60.703

120.805

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

ARMENGOL ASPARO SALVADOR

27/12/2012

PROXY

ARMENGOL ASPARO MARIA CARME

01/04/1998

ARMENGOL ASPARO SALVADOR

07/07/1992

RESERVE ADMINISTRATOR

ARMENGOL ASPARO MARIA CARMEN

27/12/2012

ACCOUNTS' AUDITOR / HOLDER

AUDITORIA OPERATIVA BARCINO SL

26/04/2007

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARMENGOL ARBAT SALVADOR

ADMINISTRATOR

01/04/1998

ARMENGOL ASPARO MARIA CARME

RESERVE ADMINISTRATOR

24/07/2007

RESERVE ADMINISTRATOR

21/08/2012

ARMENGOL ASPARO MARIA CARMEN

RESERVE ADMINISTRATOR

13/03/2003

RESERVE ADMINISTRATOR

27/12/2012

ARMENGOL ASPARO ROSA MARIA

PROXY

05/02/2007

ARMENGOL ASPARO SALVADOR

SINGLE ADMINISTRATOR

24/07/2007

SINGLE ADMINISTRATOR

21/08/2012

SINGLE ADMINISTRATOR

27/12/2012

ADMINISTRATOR

13/03/2003

FERRER SALA JOSEP

PROXY

29/11/2012

Executive board

Post	NIF	Name
ADMINISTRATOR		MARIA CARMEN ARMENGOL ASPARO
ADMINISTRATOR		SALVADOR ARMENGOL ASPARO
DIRECTOR/GENERAL MANAGER		SALVADOR ARMENGOL ASPARO

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

---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 4.2 %

> Latest Rating Changes :

Sector in which comparison is carried out :

461 Wholesale on a fee or contract basis

wordml://2176

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 72.00% of the companies of the sector NAPOLEON ARMENGOL SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 4.17%.

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.

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

Guarantees

References

Clients

Name

NIF

Telephone

REPRESENTACIONES MANUEL ZAPATA, S.L.

B91048298

954409000

RELECTRO GR, S.L.

B18351437

958468815

TEC REPRESENTACIONES, S.L.

B15453509

981231486

REPRESENTACIONES ELECTRICAS

B53879680

965429302

COMATEL SL

B03875762

965114808

VIELCO ELECTRICITAT COMERCIAL, S.A.

A08967218

938143500

MATA APARELLATJE ELECTRICS SL

B17431875

972581214

Link List

ABSORBS TO:

1 Entities

IS RELATED WITH:

3 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

INAGRUP CINC ASSOCIATS SL

BARCELONA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

GALVANICAS ARME SL

BARCELONA

INAGESTIO ASSOCIATS SL

BARCELONA

IS RELATED WITH

GALVANICAS ARME SL

BARCELONA

ABSORBS TO

GALVANICAS ARME SL

BARCELONA

Turnover

Total Sales 2012

2.596.856,67

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

August 2013

2011

Normales

October 2012

2010

Normales

September 2011

2009

Normales

October 2010

2008

Normales

September 2009

2007

Normales

September 2008

2006

Normales

November 2007

2005

Normales

November 2006

2004

Normales

December 2005

2003

Normales

September 2004

2002

Normales

September 2003

2001

Normales

March 2003

2000

Normales

September 2001

1999

Normales

September 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

August 1997

1995

Normales

October 1996

1994

Normales

July 1995

1993

Normales

April 1995

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

August 1991

1989

Normales

August 1990

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 Pyme 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, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

150.736,00

135.291,00

107.452,00

90.088,00

99.430,00

I. Intangible fixed assets : 11100

17.524,00

23.044,00

10.454,00

7.745,00

2.463,00

II. Tangible fixed assets : 11200

71.878,00

61.014,00

66.645,00

71.016,00

85.641,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

10.703,00

VI. Assets for deferred tax : 11600

50.631,00

40.531,00

19.651,00

624,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.656.404,00

2.739.757,00

2.898.291,00

2.835.970,00

2.999.283,00

I. Stocks : 12200

499.960,00

438.532,00

337.207,00

499.152,00

482.678,00

II. Trade debtors and others receivable accounts : 12300

856.273,00

793.775,00

1.172.945,00

1.127.556,00

1.368.927,00

1. Trade debtors / accounts receivable: 12380

583.396,00

659.721,00

1.121.191,00

991.400,00

1.368.927,00

a) Long-term receivables from sales and services supplied : 12381

0,00

b) Customers for sales and provisions of services : 12382

583.396,00

659.721,00

1.121.191,00

991.400,00

1.368.927,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

272.877,00

134.054,00

51.754,00

136.156,00

0,00

III. Short-term investment in Group companies and associates: 12400

0,00

IV. Short-term financial investments : 12500

913.812,00

1.019.635,00

1.015.003,00

650.000,00

0,00

V. Short-term accruals : 12600

0,00

713,00

523,00

608,00

731,00

VI. Cash and other equivalent liquid assets : 12700

386.359,00

487.103,00

372.613,00

558.654,00

1.146.947,00

TOTAL ASSETS (A + B) : 10000

2.807.140,00

2.875.048,00

3.005.743,00

2.926.058,00

3.098.714,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

2.341.705,00

2.372.029,00

2.439.650,00

2.496.029,00

2.447.758,00

A-1) Shareholders' equity: 21000

2.341.705,00

2.372.029,00

2.439.650,00

2.496.029,00

2.447.758,00

I. Capital: 21100

60.102,00

1. Registered capital : 21110

60.102,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.435.927,00

2.387.656,00

2.139.176,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-124.000,00

-56.379,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-30.324,00

-67.622,00

-56.379,00

48.271,00

248.480,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

A-3) Received subsidies, donations and legacies: 23000

0,00

B) NON-CURRENT LIABILITIES: 31000

2.222,00

8.887,00

0,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

2.222,00

8.887,00

0,00

1. Amounts owed to credit institutions: 31220

2.222,00

8.887,00

0,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

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

463.213,00

494.132,00

566.092,00

430.029,00

650.956,00

I. Short-term provisions: 32200

21.226,00

16.511,00

16.561,00

3.458,00

0,00

II. Short-term creditors : 32300

7.236,00

7.572,00

1.162,00

2.887,00

1.960,00

1. Amounts owed to credit institutions: 32320

7.236,00

7.572,00

1.162,00

2.887,00

1.460,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

500,00

III. Short-term amounts owed to group and associated companies: 32400

0,00

IV. Trade creditors and other accounts payable: 32500

434.751,00

470.049,00

548.369,00

423.684,00

648.996,00

1. Suppliers: 32580

311.177,00

325.400,00

309.826,00

213.430,00

348.468,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

311.177,00

325.400,00

309.826,00

213.430,00

348.468,00

2. Other creditors: 32590

123.575,00

144.649,00

238.543,00

210.253,00

300.528,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

2.807.140,00

2.875.048,00

3.005.743,00

2.926.058,00

3.098.714,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

2.596.857,00

2.502.860,00

3.191.208,00

3.026.708,00

5.205.207,00

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

62.157,00

99.325,00

9.654,00

-3.824,00

0,00

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

0,00

2.250,00

0,00

4. Supplies : 40400

-2.062.654,00

-1.986.284,00

-2.441.840,00

-2.136.816,00

-3.596.451,00

5. Other operating income: 40500

5.750,00

4.645,00

4.241,00

3.009,00

1.857,00

6. Personnel costs: 40600

-231.438,00

-243.029,00

-237.940,00

-246.961,00

-242.540,00

7. Other operating costs: 40700

-472.268,00

-498.500,00

-597.812,00

-561.681,00

-999.544,00

8. Amortisation of fixed assets: 40800

-26.574,00

-26.357,00

-21.026,00

-24.463,00

-34.935,00

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

50.401,00

0,00

-86,00

0,00

12. Other results : 41300

2.906,00

20.627,00

-1.793,00

4.026,00

-1.485,00

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

-74.864,00

-126.712,00

-95.396,00

62.249,00

332.110,00

13. Financial income : 41400

34.695,00

38.455,00

20.868,00

5.913,00

21.642,00

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

0,00

b) Other financial income: 41490

34.695,00

38.455,00

20.868,00

5.913,00

21.642,00

14. Financial expenditure : 41500

-255,00

-245,00

0,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

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

0,00

-877,00

0,00

18. 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 ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

34.440,00

38.210,00

19.991,00

5.913,00

21.642,00

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

-40.424,00

-88.502,00

-75.406,00

68.162,00

353.752,00

19. Income taxes : 41900

10.100,00

20.880,00

19.027,00

-19.891,00

-105.272,00

D) RESULT OF THE PERIOD ( C + 19 ) : 49500

-30.324,00

-67.622,00

-56.379,00

48.271,00

248.480,00

> 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, Axesor created 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:

100.105,00

94.760,00

87.801,00

89.464,00

98.807,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

17.524,00

23.044,00

10.454,00

7.745,00

2.463,00

III. Tangible fixed assets:

71.878,00

61.014,00

66.645,00

71.016,00

85.641,00

IV. Financial investments:

10.703,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.707.035,00

2.780.288,00

2.917.942,00

2.836.594,00

2.999.907,00

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

0,00

II. Stocks:

499.960,00

438.532,00

337.207,00

499.152,00

482.678,00

III. Debtors:

906.904,00

834.306,00

1.192.596,00

1.128.180,00

1.369.551,00

IV. Short-term investments:

913.812,00

1.019.635,00

1.015.003,00

650.000,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

386.359,00

487.103,00

372.613,00

558.654,00

1.146.947,00

VII. Prepayments and accrued income:

0,00

713,00

523,00

608,00

731,00

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

2.807.140,00

2.875.048,00

3.005.743,00

2.926.058,00

3.098.714,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

2.341.705,00

2.372.029,00

2.439.650,00

2.496.029,00

2.447.758,00

I. Subscribed capital:

60.102,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.435.927,00

2.387.656,00

2.139.176,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

2.435.927,00

2.387.656,00

2.139.176,00

V. Profit or loss brought forward:

-124.000,00

-56.379,00

0,00

VI. Profit or loss for the financial year:

-30.324,00

-67.622,00

-56.379,00

48.271,00

248.480,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

2.222,00

8.887,00

0,00

E) SHORT TERM CREDITORS:

441.987,00

477.621,00

549.531,00

426.571,00

650.956,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

21.226,00

16.511,00

16.561,00

3.458,00

0,00

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

2.807.140,00

2.875.048,00

3.005.743,00

2.926.058,00

3.098.714,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

2.720.932,00

2.634.210,00

3.272.695,00

2.993.636,00

4.980.227,00

A.1. Operating consumption:

2.000.498,00

1.886.959,00

2.432.187,00

2.140.640,00

3.596.451,00

A.2. Staff Costs:

231.438,00

243.029,00

237.940,00

246.961,00

242.540,00

a) Wages, salaries et al.:

181.263,00

190.342,00

186.356,00

193.422,00

189.958,00

b) Social security costs:

50.174,00

52.687,00

51.584,00

53.540,00

52.581,00

A.3. Depreciation expense:

26.574,00

26.357,00

21.026,00

24.463,00

34.935,00

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

0,00

A.5. Other operating charges:

472.268,00

498.500,00

597.812,00

561.681,00

999.544,00

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

0,00

58.222,00

333.595,00

A.6. Financial and similar charges:

255,00

245,00

877,00

0,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

255,00

245,00

0,00

d) Losses from financial investments:

0,00

877,00

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

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

34.440,00

38.210,00

19.991,00

5.913,00

21.642,00

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

0,00

64.136,00

355.237,00

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

86,00

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

1.793,00

0,00

1.485,00

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):

53.307,00

20.627,00

0,00

4.026,00

0,00

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

0,00

68.162,00

353.752,00

A.14. Corporation Tax:

-10.100,00

-20.880,00

-19.027,00

19.891,00

105.272,00

A.15. Miscellaneous taxes:

0,00

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

0,00

48.271,00

248.480,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

2.690.608,00

2.566.588,00

3.216.316,00

3.041.907,00

5.228.707,00

B.1. Operating income:

2.602.607,00

2.507.505,00

3.195.449,00

3.031.968,00

5.207.064,00

a) Net total sales:

2.596.857,00

2.502.860,00

3.191.208,00

3.026.708,00

5.205.207,00

b) Miscellaneous operating income:

5.750,00

4.645,00

4.241,00

5.259,00

1.857,00

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

128.171,00

147.339,00

93.517,00

0,00

B.2. Financial income:

34.695,00

38.455,00

20.868,00

5.913,00

21.642,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

34.695,00

38.455,00

20.868,00

5.913,00

21.642,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

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

0,00

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

93.731,00

109.129,00

73.526,00

0,00

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

50.401,00

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:

2.906,00

20.627,00

0,00

4.026,00

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

1.880,00

0,00

1.485,00

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

40.424,00

88.502,00

75.406,00

0,00

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

30.324,00

67.622,00

56.379,00

0,00

MERCANTILE REGISTRY.

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

-40.424,00

-88.502,00

-75.406,00

68.162,00

353.752,00

2. Results adjustments.: 61200

-3.151,00

-11.904,00

13.262,00

22.008,00

73.094,00

a) Fixed Assets Amortization (+).: 61201

26.574,00

26.357,00

21.026,00

24.463,00

34.935,00

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

0,00

59.801,00

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

4.715,00

-50,00

13.104,00

3.458,00

0,00

g) Financial income (-).: 61207

-34.695,00

-38.455,00

-20.868,00

-5.913,00

-21.642,00

h) Financial Expenses (+). : 61208

255,00

245,00

0,00

3. Changes in current capital equity.: 61300

-42.589,00

215.584,00

-104.649,00

-670.183,00

44.706,00

a) Stock (+/-).: 61301

-61.428,00

-101.325,00

161.945,00

-16.474,00

5.232,00

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

-62.498,00

379.171,00

-45.389,00

241.371,00

254.344,00

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

106.535,00

-4.822,00

-364.917,00

-649.877,00

257,00

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

-25.198,00

-57.439,00

143.712,00

-245.204,00

-173.634,00

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

0,00

500,00

4. Other cash flows for operating activities.: 61400

34.440,00

38.210,00

20.868,00

5.913,00

-82.645,00

a) Interest payments (-). : 61401

-255,00

-245,00

0,00

c) Interest collection (+). : 61403

34.695,00

38.455,00

20.868,00

5.913,00

17.778,00

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

0,00

-100.423,00

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

-51.724,00

153.389,00

-145.925,00

-574.101,00

388.907,00

6. Payments for investment (-).: 62100

-20.965,00

-33.470,00

-21.736,00

-5.282,00

-6.193,00

b) Intangible fixed assets. : 62102

0,00

-12.590,00

-2.709,00

-5.282,00

0,00

c) Fixed assets. : 62103

-10.865,00

0,00

-6.193,00

h) Other assets. : 62108

-10.100,00

-20.880,00

-19.027,00

0,00

7. Divestment payment collection (+). : 62200

5.519,00

5.631,00

4.372,00

14.625,00

0,00

b) Intangible fixed assets. : 62202

5.519,00

0,00

c) Fixed assets. : 62203

0,00

5.631,00

4.372,00

14.625,00

0,00

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

-42.019,00

-54.195,00

-38.391,00

-15.120,00

-6.193,00

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

0,00

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

-7.001,00

15.296,00

-1.725,00

928,00

-1.011,00

a) Issuance : 63201

0,00

15.296,00

0,00

1.428,00

0,00

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

0,00

15.296,00

0,00

1.428,00

0,00

b) Repayment and amortization of : 63207

-7.001,00

0,00

-1.725,00

-500,00

-1.011,00

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

-7.001,00

0,00

-1.725,00

0,00

-1.011,00

5. Other debts (-). : 63212

0,00

-500,00

0,00

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

0,00

a) Dividends (-).: 63301

0,00

229.000,00

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

-7.001,00

15.296,00

-1.725,00

928,00

-1.011,00

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

0,00

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

-100.744,00

114.490,00

-186.040,00

-588.293,00

381.703,00

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

487.103,00

372.613,00

558.654,00

1.146.947,00

765.244,00

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

386.359,00

487.103,00

372.613,00

558.654,00

1.146.947,00

> 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:

-0,04 %

0,00 %

0,05 %

0,01 %

-184,81 %

-104,06 %

EBITDA over Sales:

-3,91 %

2,62 %

-4,83 %

4,34 %

19,06 %

-39,55 %

Cash Flow Yield:

-0,04 %

0,00 %

0,04 %

0,01 %

-190,12 %

-103,76 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-4,13 %

0,95 %

-7,99 %

1,44 %

48,28 %

-34,08 %

Total economic profitability:

-1,43 %

1,35 %

-3,07 %

1,81 %

53,39 %

-25,45 %

Financial profitability:

-1,29 %

-0,34 %

-2,85 %

0,39 %

54,58 %

-187,53 %

Margin:

-2,99 %

1,06 %

-5,88 %

1,57 %

49,15 %

-32,35 %

Mark-up:

-1,66 %

-0,22 %

-4,35 %

0,27 %

61,75 %

-182,85 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,87

0,23

1,02

0,22

-14,29

8,31

Acid Test:

4,88

1,07

4,82

1,02

1,29

5,42

Working Capital / Investment:

0,78

0,21

0,78

0,23

0,03

-5,33

Solvency:

6,12

1,79

5,82

1,76

5,22

1,99

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,19

1,08

0,21

1,36

-7,51

-20,70

Borrowing Composition:

0,01

0,80

0,02

0,83

-72,98

-3,33

Repayment Ability:

-4,41

-1.451,83

4,25

60,69

-203,76

-2.492,18

Warranty:

6,32

1,93

5,91

1,74

6,94

11,02

Generated resources / Total creditors:

-0,01

0,04

-0,08

0,05

90,05

-5,81

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,56

1,11

0,50

1,19

11,71

-7,34

Turnover of Collection Rights :

3,04

4,25

3,16

4,13

-3,78

2,81

Turnover of Payment Entitlements:

5,97

2,76

5,50

2,75

8,66

0,36

Stock rotation:

5,46

3,66

6,05

3,39

-9,78

8,05

Assets turnover:

1,38

0,90

1,36

0,92

1,70

-2,56

Borrowing Cost:

0,06

2,43

0,05

2,40

13,77

1,14

> 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:

-0,04 %

0,05 %

-0,06 %

-19,44 %

7,33 %

EBITDA over Sales:

-3,91 %

-4,83 %

-2,27 %

2,73 %

7,08 %

Cash Flow Yield:

-0,04 %

0,04 %

-0,06 %

-20,11 %

12,32 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

-4,13 %

-7,99 %

-4,73 %

2,57 %

10,80 %

Total economic profitability:

-1,43 %

-3,07 %

-2,51 %

2,33 %

11,42 %

Financial profitability:

-1,29 %

-2,85 %

-2,31 %

1,93 %

10,15 %

Margin:

-2,99 %

-5,88 %

-2,93 %

1,92 %

6,41 %

Mark-up:

-1,66 %

-4,35 %

-2,30 %

2,12 %

0,44 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,87

1,02

0,68

1,31

1,76

Acid Test:

4,88

4,82

4,66

5,48

3,86

Working Capital / Investment:

0,78

0,82

0,76

Solvency:

6,12

5,82

5,31

6,65

4,61

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,19

0,21

0,23

0,17

0,27

Borrowing Composition:

0,01

0,02

0,00

Repayment Ability:

-4,41

4,25

-2,95

4,73

-5,11

Warranty:

6,32

5,91

5,47

6,86

4,76

Generated resources / Total creditors:

-0,01

-0,08

-0,06

0,17

0,50

Efficiency

2012

2011

2010

2009

2008

Productivity:

0,56

0,50

0,70

1,33

2,52

Turnover of Collection Rights :

3,04

3,16

2,72

2,69

3,80

Turnover of Payment Entitlements:

5,97

5,50

5,56

6,36

7,08

Stock rotation:

5,46

6,05

9,75

5,96

10,10

Assets turnover:

1,38

1,36

1,61

1,34

1,69

Borrowing Cost:

0,06

0,05

0,00

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

4.240,98

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

SDA

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.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Partners

INVESTIGATION SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Guarantees

Link List

Turnover

Financial Accounts and Balance Sheets

News

Unit