MIRA INFORM REPORT

Report Date :

15.11.2013

IDENTIFICATION DETAILS

Name :	FLEER ESPAÑOLA SA

Registered Office :	AV Hospital S/N Olesa De Bonesvalls Barcelona

Country :	Spain

Financials (as on) :	2011

Date of Incorporation :	26.12.1966

Legal Form :	Public Limited Company

Line of Business :	Manufacture of cocoa, chocolate and sugar confectionery

No. of Employees :	Not Available

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:

FLEER ESPAÑOLA SA

NIF / Fiscal code:

A08186140

Status:

ACTIVE

Incorporation Date:

26/12/1966

Register Data

Last Publication in BORME:

09/07/2013 [Miscellaneous Concepts]

Last Published Account Deposit:

2011

Share Capital:

209.560,90

Localization:

AV HOSPITAL S/N - OLESA DE BONESVALLS - 08739 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 938984011

Number of Branches

Activity:

NACE:

1082 - Manufacture of cocoa, chocolate and sugar confectionery

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:

More than adequate capacity to meet its financial obligations. However, this capacity has a higher probability to deteriorate in the mid-long term than in higher categories.

Default Risk:

3.8%

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

IMPEL MOVIELINE INC (CANADA)

50 %

Identification

Social Denomination:

FLEER ESPAÑOLA SA

NIF / Fiscal code:

A08186140

Corporate Status:

ACTIVE

Start of activity:

1965

Registered Office:

AV HOSPITAL S/N

Locality:

OLESA DE BONESVALLS

Province:

BARCELONA

Postal Code:

08739

Telephone:

938984011

Fax:

934111546

Branch Offices

Address

Postal Code

City

Province

Gran Via Carles III, 62

8028

BARCELONA

Activity

NACE:

1082

Additional Information:

Plant, warehouse and offices located on

Import / export:

EXPORTS

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1992

Accounts deposit (ejer. 1990) Appointments/ Re-elections (6) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (2)

1993

Accounts deposit (ejer. 1991)

1994

Accounts deposit (ejer. 1992, 1993) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Modification of Powers (1) Other Concepts/ Events (1)

1995

Appointments/ Re-elections (1)

1996

Accounts deposit (ejer. 1994, 1995) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

1997

Accounts deposit (ejer. 1996)

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (1)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (2)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Modification of Powers (1) Statutory Modifications (1)

2005

Appointments/ Re-elections (1) Board Meeting (1) Other Concepts/ Events (1)

2006

Accounts deposit (ejer. 2004, 2005) Appointments/ Re-elections (5) Board Meeting (1) Cessations/ Resignations/ Reversals (2)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Errata (4)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (2)

2011

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

2012

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

2013

Board Meeting (1) Modification of Powers (1) Other Concepts/ Events (1)

Breakdown of Owners' Equity

Registered Capital:

209.560,90

Paid up capital:

209.560,90

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1107

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

14/04/1992

Capital Reduction

-8.114

24.341

14/04/1992

Increase of Capital

8.114

32.455

14/04/1992

Increase of Capital

177.106

209.561

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

TORRENTS LORCA LUIS

19/08/2008

CHIEF EXECUTIVE OFFICER

HEREU BOHER ANTONIO

05/05/2009

VICE CHAIRMAN

CONCORD CONFECTIONS HOLDINGS INC

10/05/2006

FRANK H MUSTIN

14/04/1992

MEMBER OF THE BOARD

BRIAN JEFFRY SMITH

22/10/2010

CONCORD CONFECTIONS HOLDINGS INC

22/10/2010

TORRENTS LORCA ARMANDO

19/08/2008

TORRENTS LORCA LUIS

19/08/2008

EKKEHARD RUDIGER SEILER

07/06/1994

GILBERT B MUSTIN

14/04/1992

FRANK H MUSTIN

14/04/1992

PROXY

PRAT CASTELLA CARLES

27/05/2009

HEREU BOHER ANTONIO

27/05/2009

TORRENTS LORCA ARMANDO

05/05/2009

TORRENTS LORCA LUIS

14/03/2005

ANDINO VILLASANTE JUAN RAMON

14/03/2005

CHIEF EXECUTIVE OFFICER

TORRENTS LORCA LUIS

19/08/2008

LORCA OLIVELLA CARMEN

31/01/2002

NON CONSELLOR SECRETARY

ANDINO VILLASANTE JUAN RAMON

14/04/1992

NON CONSELLOR ASSISTANT SECRETARY

ANDINO LOPEZ JUAN ANTONIO

19/08/2008

REPRESENTATIVE

ELLEN RUBIN GORDON

10/05/2006

ACCOUNTS' AUDITOR / HOLDER

PRICE WATERHOUSE COOPERS AUDITORES SL

10/10/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANDINO VILLASANTE JUAN RAMON

PROXY

14/03/2005

BRIAN JEFFRY SMITH

MEMBER OF THE BOARD

10/05/2006

MEMBER OF THE BOARD

22/10/2010

BRUCE ALAN WEINER

MEMBER OF THE BOARD

31/01/2002

MEMBER OF THE BOARD

08/01/2004

VICE CHAIRMAN

08/01/2004

REPRESENTATIVE

10/05/2006

CONCORD CONFECTIONS HOLDINGS INC

MEMBER OF THE BOARD

10/05/2006

MEMBER OF THE BOARD

22/10/2010

CONCORD CONFECTIONS INC

MEMBER OF THE BOARD

10/05/2006

VICE CHAIRMAN

10/05/2006

MEMBER OF THE BOARD

08/01/2004

COOPERS AND LYBRAND AUDITORIA Y CONSULTORIA SRL

ACCOUNTS' AUDITOR / HOLDER

16/07/2001

COOPERS AND LYBRAND SA

ACCOUNTS' AUDITOR / HOLDER

13/11/1999

D T GERALD LEONARD

MEMBER OF THE BOARD

05/11/1998

EKKHARD RUDIGER SEILEER

MEMBER OF THE BOARD

05/11/1998

FRANK H MUSTIN

MEMBER OF THE BOARD

14/04/1992

VICE CHAIRMAN

14/04/1992

GERALD LEONARD

MEMBER OF THE BOARD

30/05/1998

GILBERT B MUSTIN

MEMBER OF THE BOARD

14/04/1992

HOWAR BEN SMUSCHKOWITZ

MEMBER OF THE BOARD

10/05/2006

HOWARD BEN SMUSCHKOWITZ

MEMBER OF THE BOARD

08/01/2004

MEMBER OF THE BOARD

18/10/2002

LORCA OLIVELLA CARMEN

MEMBER OF THE BOARD

08/01/2004

MEMBER OF THE BOARD

01/08/2008

PRESIDENT

08/01/2004

PRESIDENT

20/08/2007

MELVIN J GORDON

MEMBER OF THE BOARD

10/05/2006

MEMBER OF THE BOARD

01/08/2008

PATRICIA R MERRICK

MEMBER OF THE BOARD

07/06/1994

PAUL H MULLAN

MEMBER OF THE BOARD

16/01/1995

MEMBER OF THE BOARD

24/02/1996

VICE CHAIRMAN

24/02/1996

PRAT CASTELLA CARLES

PROXY

27/05/2009

PRICE WATERHOUSE COOPERS AUDITORES S.L

ACCOUNTS' AUDITOR / HOLDER

01/08/2008

PRICE WATERHOUSE COOPERS AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

22/10/2010

ACCOUNTS' AUDITOR / HOLDER

22/10/2010

ACCOUNTS' AUDITOR / HOLDER

17/06/2004

ACCOUNTS' AUDITOR / HOLDER

19/08/2008

ACCOUNTS' AUDITOR / HOLDER

18/10/2002

ACCOUNTS' AUDITOR / HOLDER

08/01/2004

ACCOUNTS' AUDITOR / HOLDER

02/10/2001

ACCOUNTS' AUDITOR / HOLDER

10/05/2006

ACCOUNTS' AUDITOR / HOLDER

13/12/2006

ACCOUNTS' AUDITOR / HOLDER

18/08/2011

ACCOUNTS' AUDITOR / HOLDER

10/10/2012

REIGOSA SAMPAYO SALADINO

MEMBER OF THE BOARD

14/04/1992

SECRETARY

14/04/1992

SERGE FRANKLIN NUSBAUM

MEMBER OF THE BOARD

18/10/2002

MEMBER OF THE BOARD

08/01/2004

MEMBER OF THE BOARD

10/05/2006

T GERALD LEONARD

MEMBER OF THE BOARD

07/06/1994

TORRENTS LORCA ARMANDO

MEMBER OF THE BOARD

19/08/2008

PROXY

05/05/2009

MEMBER OF THE BOARD

14/04/1992

MEMBER OF THE BOARD

16/01/1995

MEMBER OF THE BOARD

13/11/1999

MEMBER OF THE BOARD

18/10/2002

MEMBER OF THE BOARD

08/01/2004

PROXY

14/03/2005

TORRENTS LORCA LUIS

MEMBER OF THE BOARD

19/08/2008

MEMBER OF THE BOARD

08/01/2004

MEMBER OF THE BOARD

13/11/1999

MEMBER OF THE BOARD

24/02/1996

CHIEF EXECUTIVE OFFICER

14/04/1992

CHIEF EXECUTIVE OFFICER

29/04/1992

CHIEF EXECUTIVE OFFICER

29/04/1992

CHIEF EXECUTIVE OFFICER

24/02/1996

CHIEF EXECUTIVE OFFICER

13/11/1999

CHIEF EXECUTIVE OFFICER

19/08/2008

PRESIDENT

19/08/2008

PROXY

14/03/2005

CHIEF EXECUTIVE OFFICER

31/01/2002

VICE CHAIRMAN

20/08/2007

VICE CHAIRMAN

08/01/2004

PROXY

21/01/2004

TORRENTS TORRENTS LUIS

MEMBER OF THE BOARD

24/02/1996

MEMBER OF THE BOARD

13/11/1999

MEMBER OF THE BOARD

31/01/2002

CHIEF EXECUTIVE OFFICER

14/04/1992

CHIEF EXECUTIVE OFFICER

29/04/1992

CHIEF EXECUTIVE OFFICER

24/02/1996

PRESIDENT

24/02/1996

PRESIDENT

13/11/1999

CHIEF EXECUTIVE OFFICER

13/11/1999

PRESIDENT

14/04/1992

CHIEF EXECUTIVE OFFICER

29/04/1992

CHIEF EXECUTIVE OFFICER

31/01/2002

PRESIDENT

31/01/2002

WILLIAM HUGER HARDIE III

MEMBER OF THE BOARD

05/11/1998

Executive board

Post

NIF

Name

MANAGING DIRECTOR

ANTONIO HEREU BOHER

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.

It has a low level of indebtedness with credit institutions and, therefore, no imperative enforcement in debt repayment.

ROE lowering effect. Total Economic Rate of Return in 2011 is lower than the Borrowing Cost; therefore, the leverage is lower than the unit and has a ROE lowering effect. This indicates that the Company should not incur any further debts, as this would reduce its shareholders' profitability.

It has no operating income return. It has no return on the investments necessary for its main activity with respect to its assets. This yield is higher than that of fiscal year 2011 .

It shows losses in the development of its ordinary activities in 2011 and in 2010.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 3.8 %

> Latest Rating Changes :

Sector in which comparison is carried out :

108 Manufacture of other food products

wordml://3085

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 76.00% of the companies of the sector FLEER ESPAÑOLA SA 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 3.77%.

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 263.119 € (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

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

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

IMPEL MOVIELINE INC (CANADA)

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	CONCORD CONFECTIONS HOLDINGS INC
	TOOTSIE ROLL INDUSTRIES (EEUU)

Turnover

Total Sales

10.154.406

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2011

Normales

July 2012

2010

Normales

July 2011

2009

Normales

October 2010

2008

Normales

September 2009

2007

Normales

August 2008

2006

Normales

September 2007

2005

Normales

September 2006

2004

Normales

May 2006

2003

Normales

July 2004

2002

Normales

July 2003

2001

Normales

June 2002

2000

Normales

July 2001

1999

Normales

July 2000

1998

Normales

November 1999

1997

Normales

November 1998

1996

Normales

October 1997

1995

Normales

July 1996

1994

Normales

June 1996

1993

Normales

August 1994

1992

Normales

July 1994

1991

Normales

March 1993

1990

Normales

July 1992

1989

Normales

September 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 31/12/2011

Information corresponding to the fiscal year 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 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

EQUIVALENCIA

Assets

2011

2010

2009

2008

2007

A) NON-CURRENT ASSETS: 11000

5.044.456,00

5.025.740,00

3.743.732,00

3.590.678,00

3.526.021,00

I. Intangible fixed assets : 11100

13.995,00

27.866,00

40.021,00

51.640,00

41.214,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

11.782,00

20.010,00

26.523,00

32.498,00

39.600,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

2.213,00

7.856,00

13.498,00

19.142,00

1.614,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

3.386.896,00

3.307.611,00

3.314.902,00

3.214.246,00

3.453.912,00

1. Land and buildings: 11210

2.095.968,00

2.138.615,00

2.182.638,00

1.952.893,00

791.260,00

2. Technical installations and other tangible fixed assets: 11220

1.290.928,00

1.168.996,00

1.132.264,00

1.261.353,00

2.662.652,00

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

966.273,00

1.153.148,00

480,00

334,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

963.125,00

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

3.148,00

1.153.148,00

480,00

334,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

677.292,00

537.115,00

388.329,00

324.458,00

30.561,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

3.694.828,00

4.696.717,00

5.839.872,00

5.795.834,00

7.474.400,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.449.307,00

1.204.602,00

1.097.016,00

1.371.421,00

1.613.667,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

962.923,00

860.334,00

813.086,00

920.847,00

1.099.521,00

3. Work in progress: 12230

110.287,00

124.264,00

47.709,00

111.372,00

115.007,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

110.287,00

124.264,00

47.709,00

111.372,00

115.007,00

4. Finished goods: 12240

374.894,00

196.392,00

234.993,00

310.809,00

399.139,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

374.894,00

196.392,00

234.993,00

310.809,00

399.139,00

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

0,00

6. Advances to suppliers: 12260

1.203,00

23.612,00

1.228,00

28.393,00

0,00

III. Trade debtors and others receivable accounts: 12300

787.633,00

1.113.495,00

948.785,00

934.213,00

1.326.730,00

1. Trade debtors / accounts receivable: 12310

553.831,00

900.096,00

605.995,00

598.156,00

1.201.618,00

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

0,00

b) Customers for sales and provisions of services : 12312

553.831,00

900.096,00

605.995,00

0,00

1.201.618,00

2. Customers, Group companies and associates : 12320

210.632,00

198.586,00

314.901,00

209.201,00

76.242,00

3. Other accounts receivable: 12330

600,00

7.268,00

4. Personnel: 12340

8.287,00

8.623,00

21.700,00

25.404,00

32.103,00

5. Assets for deferred tax: 12350

0,00

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

14.283,00

5.590,00

5.589,00

100.852,00

9.499,00

7. Called up share capital: 12370

0,00

IV. Short-term investments in Group companies and associates: 12400

302.160,00

375.495,00

277.205,00

521.020,00

558.756,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

302.160,00

375.495,00

277.205,00

521.020,00

558.756,00

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

700.000,00

900.000,00

2.674.695,00

2.458.736,00

3.585.611,00

1. Equity instruments: 12510

0,00

3.585.611,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

700.000,00

900.000,00

2.674.695,00

2.458.736,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

11.463,00

12.464,00

0,00

8.212,00

24.470,00

VII. Cash and other equivalent liquid assets : 12700

444.265,00

1.090.661,00

842.171,00

502.232,00

365.166,00

1. Treasury: 12710

444.265,00

1.090.661,00

842.171,00

502.232,00

365.166,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

8.739.284,00

9.722.457,00

9.583.604,00

9.386.512,00

11.000.421,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2011

2010

2009

2008

2007

A) NET WORTH: 20000

5.400.814,00

5.681.418,00

6.118.717,00

6.174.832,00

6.852.607,00

A-1) Shareholders' equity: 21000

5.400.814,00

5.681.418,00

6.118.717,00

6.174.832,00

6.852.607,00

I. Capital: 21100

209.561,00

1. Registered capital : 21110

209.561,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

35.708,00

III. Reserves: 21300

6.607.338,00

6.222.324,00

1. Legal and statutory: 21310

41.912,00

2. Other reserves: 21320

6.565.426,00

6.180.412,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-1.171.189,00

-733.890,00

-677.775,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-1.171.189,00

-733.890,00

-677.775,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-280.604,00

-437.299,00

-56.115,00

-677.775,00

385.014,00

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

2.094.020,00

2.342.563,00

1.968.965,00

2.129.650,00

2.068.877,00

I. Long-term provisions: 31100

1.764.805,00

1.911.763,00

1.929.997,00

2.129.650,00

2.068.877,00

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

1.764.805,00

0,00

1.929.997,00

2.129.650,00

2.068.877,00

II Long-term creditors: 31200

307.876,00

430.800,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

307.876,00

430.800,00

0,00

3. Creditors from financial leasing: 31230

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

21.339,00

0,00

38.968,00

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

1.244.450,00

1.698.476,00

1.495.922,00

1.082.030,00

2.078.937,00

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

106.417,00

104.441,00

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

106.417,00

104.441,00

0,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

0,00

733,00

V. Trade creditors and other accounts payable: 32500

1.138.033,00

1.594.035,00

1.486.648,00

1.082.030,00

2.078.204,00

1. Suppliers: 32510

545.285,00

780.884,00

923.336,00

293.288,00

617.607,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

545.285,00

780.884,00

923.336,00

293.288,00

617.607,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

197.981,00

487.147,00

297.319,00

414.079,00

871.969,00

4. Personnel (remuneration due): 32540

236.809,00

222.253,00

197.628,00

253.299,00

243.264,00

5. Liabilities for current tax: 32550

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

132.425,00

77.019,00

68.365,00

121.364,00

339.780,00

7. Advances from clients: 32570

25.533,00

26.732,00

0,00

5.584,00

VI. Short-term accruals: 32600

0,00

9.274,00

0,00

VII. Special short-term debts : 32700

0,00

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

8.739.284,00

9.722.457,00

9.583.604,00

9.386.512,00

11.000.421,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2011

2010

2009

2008

2007

1. Net turnover: 40100

10.154.406,00

8.128.281,00

7.423.252,00

9.625.176,00

10.523.048,00

a) Sales: 40110

10.154.406,00

8.128.281,00

7.423.252,00

9.625.176,00

10.523.048,00

b) Rendering of services: 40120

0,00

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

164.525,00

37.954,00

-139.479,00

-153.408,00

-137.189,00

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

0,00

4. Supplies : 40400

-5.131.203,00

-3.715.800,00

-3.104.887,00

-4.057.972,00

-3.628.935,00

a) Stock consumption: 40410

19.506,00

-21.976,00

-61.201,00

-94.334,00

-84.360,00

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

-5.075.142,00

-3.651.838,00

-2.867.616,00

-3.827.700,00

-3.423.009,00

c) Works carried out by other companies: 40430

-63.420,00

-67.172,00

-54.281,00

-135.938,00

-121.566,00

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

-12.147,00

25.186,00

-121.789,00

0,00

5. Other operating income: 40500

97.220,00

111.461,00

156.541,00

83.063,00

153.039,00

a) Auxiliary income and other from current management: 40510

97.220,00

111.461,00

156.541,00

83.063,00

153.039,00

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

0,00

6. Personnel costs: 40600

-3.001.316,00

-2.867.309,00

-2.604.684,00

-3.305.986,00

-3.230.521,00

a) Wages, salaries et al.: 40610

-2.437.498,00

-2.342.767,00

-2.116.135,00

-2.757.898,00

-2.680.535,00

b) Social security costs: 40620

-563.818,00

-524.542,00

-488.549,00

-548.088,00

-549.986,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.375.395,00

-2.127.890,00

-1.708.940,00

-2.856.544,00

-2.641.682,00

a) External services: 40710

-2.303.819,00

-2.086.047,00

-1.666.907,00

-2.797.339,00

-2.555.900,00

b) Taxes: 40720

-54.021,00

-41.843,00

-42.033,00

-38.345,00

-35.035,00

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

-17.555,00

0,00

-20.860,00

-50.747,00

d) Other current management expenditure : 40740

0,00

8. Amortisation of fixed assets: 40800

-372.885,00

-376.295,00

-386.165,00

-437.868,00

-447.929,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

0,00

321.567,00

260.428,00

0,00

11. Impairment and result of transfers of fixed assets: 41100

54.000,00

6.983,00

0,00

-179,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-179,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-6.824,00

0,00

-753,00

0,00

-900,00

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

-417.472,00

-481.048,00

-104.687,00

-1.103.539,00

588.752,00

14. Financial income : 41400

82.489,00

54.611,00

87.832,00

192.345,00

172.797,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

82.489,00

54.611,00

87.832,00

192.345,00

172.797,00

b 1) From Group companies and associates : 41421

22.370,00

24.558,00

20.461,00

34.009,00

19.821,00

b 2) From third parties : 41422

60.119,00

30.053,00

67.371,00

158.336,00

152.976,00

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

0,00

15. Financial expenditure: 41500

-43.652,00

-34.336,00

-60.775,00

-60.773,00

-209.173,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-2.252,00

-1.170,00

0,00

-209.173,00

c) Stock renewal : 41530

-41.400,00

-33.166,00

-60.775,00

-60.773,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

-337,00

2.124,00

-3.388,00

0,00

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

-20.470,00

-166.405,00

0,00

a) Impairment and losses : 41810

-20.470,00

-166.405,00

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

18.030,00

-144.006,00

23.669,00

131.572,00

-36.376,00

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

-399.442,00

-625.054,00

-81.018,00

-971.967,00

552.376,00

20. Income taxes: 41900

118.838,00

187.755,00

24.903,00

294.192,00

-167.362,00

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

-280.604,00

-437.299,00

-56.115,00

-677.775,00

385.014,00

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

0,00

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

-280.604,00

-437.299,00

-56.115,00

-677.775,00

385.014,00

Information corresponding to the fiscal year 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 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ORIGINAL

ASSETS

2011

2010

2009

2008

2007

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

4.367.164,00

4.488.625,00

3.355.403,00

3.266.220,00

3.495.460,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

13.995,00

27.866,00

40.021,00

51.640,00

41.214,00

1. Research and development costs:

0,00

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

11.782,00

20.010,00

26.523,00

32.498,00

119.573,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

2.213,00

7.856,00

13.498,00

19.142,00

4.873,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

-83.232,00

III. Tangible fixed assets:

3.386.896,00

3.307.611,00

3.314.902,00

3.214.246,00

3.453.912,00

1. Land and construction:

2.095.968,00

2.138.615,00

2.182.638,00

1.952.893,00

2.449.520,00

2. Technical installations and machinery:

1.183.270,00

1.071.506,00

1.037.838,00

1.156.161,00

7.555.409,00

3. Other installations, tools and furniture:

16.201,00

14.670,00

14.209,00

15.829,00

103.444,00

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

0,00

5. Other tangible assets:

91.458,00

82.819,00

80.217,00

89.362,00

583.975,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

-7.238.436,00

IV. Financial investments:

966.273,00

1.153.148,00

480,00

334,00

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:

963.125,00

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

3.148,00

1.153.148,00

480,00

334,00

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:

4.372.120,00

5.233.832,00

6.228.201,00

6.120.292,00

7.504.961,00

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

0,00

II. Stocks:

1.449.307,00

1.204.602,00

1.097.016,00

1.371.421,00

1.613.667,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

962.923,00

860.334,00

813.086,00

920.847,00

1.099.521,00

3. Goods in process and semifinished ones:

110.287,00

124.264,00

47.709,00

111.372,00

115.007,00

4. Finished products:

374.894,00

196.392,00

234.993,00

310.809,00

478.325,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

1.203,00

23.612,00

1.228,00

28.393,00

0,00

7. Provisions:

0,00

-79.186,00

III. Debtors:

1.464.925,00

1.650.610,00

1.337.114,00

1.258.671,00

1.357.291,00

1. Trade debtors / accounts receivable:

553.831,00

900.096,00

605.995,00

598.156,00

1.331.468,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

210.632,00

198.586,00

314.901,00

209.201,00

84.481,00

4. Other debtors:

600,00

8.053,00

5. Staff:

8.287,00

8.623,00

21.700,00

25.404,00

32.103,00

6. Public bodies:

691.575,00

542.705,00

393.918,00

425.310,00

40.060,00

7. Provisions:

0,00

-138.874,00

IV. Short-term investments:

1.002.160,00

1.275.495,00

2.951.900,00

2.979.756,00

4.144.367,00

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:

302.160,00

375.495,00

277.205,00

521.020,00

558.756,00

5. Short term securities portfolio:

0,00

3.585.611,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

700.000,00

900.000,00

2.674.695,00

2.458.736,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

444.265,00

1.090.661,00

842.171,00

502.232,00

365.166,00

VII. Prepayments and accrued income:

11.463,00

12.464,00

0,00

8.212,00

24.470,00

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

8.739.284,00

9.722.457,00

9.583.604,00

9.386.512,00

11.000.421,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2011

2010

2009

2008

2007

A) EQUITY:

5.400.814,00

5.681.418,00

6.118.717,00

6.174.832,00

6.852.607,00

I. Subscribed capital:

209.561,00

II. Share premium:

35.708,00

III. Revaluation reserves:

0,00

IV. Reserves:

6.607.338,00

6.222.324,00

1. Legal reserve:

41.912,00

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:

6.565.426,00

6.180.412,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

-1.171.189,00

-733.890,00

-677.775,00

0,00

1. Retained earnings:

0,00

2. Prior year losses:

-1.171.189,00

-733.890,00

-677.775,00

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

-280.604,00

-437.299,00

-56.115,00

-677.775,00

385.014,00

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:

1.764.805,00

1.911.763,00

1.929.997,00

2.129.650,00

2.068.877,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

1.613.829,00

1.780.775,00

1.729.958,00

3. Other provisions:

1.764.805,00

1.911.763,00

316.168,00

348.875,00

338.919,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

329.215,00

430.800,00

38.968,00

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:

307.876,00

430.800,00

0,00

1. Loans and other liabilities:

307.876,00

430.800,00

0,00

2. Long-term liabilities from capital leases:

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:

21.339,00

0,00

38.968,00

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:

21.339,00

0,00

38.968,00

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:

1.244.450,00

1.698.476,00

1.495.922,00

1.082.030,00

2.078.937,00

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:

106.417,00

104.441,00

0,00

1. Loans and other liabilities:

106.417,00

104.441,00

0,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

733,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

733,00

IV. Trade creditors:

768.799,00

1.294.763,00

1.220.655,00

707.367,00

1.495.160,00

1. Advanced payments from customers:

25.533,00

26.732,00

0,00

5.584,00

2. Amounts owed for purchases of goods or services:

743.266,00

1.268.031,00

1.220.655,00

707.367,00

1.489.576,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

369.234,00

299.272,00

265.993,00

374.663,00

583.044,00

1. Public bodies:

132.425,00

77.019,00

68.365,00

121.364,00

339.780,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

236.809,00

222.253,00

197.628,00

253.299,00

243.264,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

9.274,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

8.739.284,00

9.722.457,00

9.583.604,00

9.386.512,00

11.000.421,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2011

2010

2009

2008

2007

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

10.668.719,00

9.062.326,00

7.984.168,00

10.578.359,00

10.464.470,00

A.1. Operating consumption:

4.966.678,00

3.677.846,00

3.244.366,00

4.211.380,00

3.766.124,00

A.2. Staff Costs:

3.001.316,00

2.867.309,00

2.604.684,00

3.305.986,00

3.230.521,00

a) Wages, salaries et al.:

2.437.498,00

2.342.767,00

2.116.135,00

2.757.898,00

2.680.535,00

b) Social security costs:

563.818,00

524.542,00

488.549,00

548.088,00

549.986,00

A.3. Depreciation expense:

372.885,00

376.295,00

386.165,00

437.868,00

447.929,00

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

0,00

50.747,00

A.5. Other operating charges:

2.375.395,00

2.127.890,00

1.708.940,00

2.856.544,00

2.590.935,00

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

0,00

589.831,00

A.6. Financial and similar charges:

64.122,00

200.741,00

60.775,00

60.773,00

209.173,00

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:

43.652,00

34.336,00

60.775,00

60.773,00

209.173,00

d) Losses from financial investments:

20.470,00

166.405,00

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

337,00

0,00

3.388,00

0,00

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

18.030,00

0,00

23.669,00

131.572,00

0,00

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

0,00

553.455,00

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

179,00

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

0,00

A.12. Extraordinary expenses:

6.824,00

0,00

753,00

0,00

1.500,00

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):

47.176,00

6.983,00

0,00

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

0,00

552.376,00

A.14. Corporation Tax:

-118.838,00

-187.755,00

-24.903,00

-294.192,00

167.362,00

A.15. Miscellaneous taxes:

0,00

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

0,00

385.014,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2011

2010

2009

2008

2007

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

10.388.115,00

8.625.027,00

7.928.053,00

9.900.584,00

10.849.484,00

B.1. Operating income:

10.251.626,00

8.561.309,00

7.840.221,00

9.708.239,00

10.676.087,00

a) Net total sales:

10.154.406,00

8.128.281,00

7.423.252,00

9.625.176,00

10.523.048,00

b) Miscellaneous operating income:

97.220,00

433.028,00

416.969,00

83.063,00

153.039,00

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

464.648,00

488.031,00

103.934,00

1.103.539,00

0,00

B.2. Financial income:

82.489,00

54.611,00

87.832,00

192.345,00

172.797,00

a) Companies of the group:

0,00

b) In associated companies:

22.370,00

24.558,00

20.461,00

34.009,00

19.821,00

c) Miscellaneous:

60.119,00

30.053,00

67.371,00

158.336,00

152.976,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

2.124,00

0,00

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

0,00

144.006,00

0,00

36.376,00

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

446.618,00

632.037,00

80.265,00

971.967,00

0,00

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

54.000,00

6.983,00

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:

0,00

600,00

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

753,00

0,00

1.079,00

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

399.442,00

625.054,00

81.018,00

971.967,00

0,00

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

280.604,00

437.299,00

56.115,00

677.775,00

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.

2011

2010

2009

2008

2007

1. Fiscal year result before taxes.: 61100

-399.442,00

-625.054,00

-81.018,00

-971.967,00

552.376,00

2. Results adjustments.: 61200

384.220,00

310.475,00

223.857,00

207.414,00

583.668,00

a) Fixed Assets Amortization (+).: 61201

372.885,00

376.294,00

386.165,00

437.868,00

447.929,00

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

29.702,00

0,00

121.789,00

0,00

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

0,00

-43.420,00

-260.428,00

-98.882,00

99.363,00

g) Financial income (-).: 61207

-82.489,00

-54.611,00

-87.832,00

-192.345,00

-172.797,00

h) Financial Expenses (+). : 61208

43.652,00

34.336,00

60.775,00

60.773,00

209.173,00

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

0,00

-2.124,00

3.388,00

0,00

3. Changes in current capital equity.: 61300

-128.235,00

-159.338,00

344.043,00

953.582,00

269.743,00

a) Stock (+/-).: 61301

256.852,00

-82.400,00

152.616,00

259.991,00

-348.407,00

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

345.430,00

-114.795,00

-14.572,00

509.629,00

-9.780,00

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

201.001,00

-21.738,00

-198.619,00

1.180.869,00

588.233,00

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

417.814,00

59.595,00

404.618,00

-996.907,00

39.697,00

4. Other cash flows for operating activities.: 61400

80.654,00

20.275,00

87.832,00

108.870,00

-36.376,00

a) Interest payments (-). : 61401

-24.205,00

-34.336,00

0,00

-209.173,00

c) Interest collection (+). : 61403

104.859,00

54.611,00

87.832,00

192.345,00

172.797,00

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

0,00

-83.475,00

0,00

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

-62.803,00

-453.642,00

574.714,00

297.899,00

1.369.411,00

6. Payments for investment (-).: 62100

-438.299,00

-1.607.804,00

-475.202,00

-160.833,00

-6.936,00

a) Companies of the group and affiliates. : 62101

0,00

-98.290,00

0,00

b) Intangible fixed assets. : 62102

0,00

-498,00

-20.295,00

-6.936,00

c) Fixed assets. : 62103

-438.299,00

-356.846,00

-474.704,00

-140.538,00

0,00

h) Other assets. : 62108

0,00

-1.152.668,00

0,00

7. Divestment payment collection (+). : 62200

0,00

1.774.695,00

243.815,00

0,00

290.339,00

a) Companies of the group and affiliates. : 62201

0,00

243.815,00

0,00

c) Fixed assets. : 62203

0,00

290.339,00

e) Other financial assets. : 62205

0,00

1.774.695,00

0,00

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

-438.299,00

166.891,00

-231.387,00

-160.833,00

-164.526,00

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

0,00

-1.200.000,00

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

0,00

1.062.789,00

0,00

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

0,00

-1.200.000,00

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

-122.924,00

535.241,00

0,00

-1.499.267,00

a) Issuance : 63201

0,00

535.241,00

0,00

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

0,00

535.241,00

0,00

b) Repayment and amortization of : 63207

-122.924,00

0,00

-1.499.267,00

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

-122.924,00

0,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

-1.499.267,00

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

0,00

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

-122.924,00

535.241,00

0,00

-2.699.267,00

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

0,00

-3.388,00

0,00

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

-624.026,00

248.490,00

339.939,00

137.066,00

-1.494.382,00

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

1.090.661,00

842.171,00

502.232,00

365.166,00

1.859.548,00

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

444.265,00

1.090.661,00

842.171,00

502.232,00

365.166,00

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

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,06 %

0,00 %

0,03 %

0,00 %

-308,23 %

EBITDA over Sales:

-0,90 %

10,05 %

-5,33 %

10,83 %

83,05 %

-7,21 %

Cash Flow Yield:

-0,07 %

0,00 %

0,03 %

0,00 %

-389,40 %

Profitability

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-6,06 %

6,97 %

-6,60 %

7,86 %

8,04 %

-11,23 %

Total economic profitability:

-4,07 %

4,20 %

-6,08 %

4,47 %

32,99 %

-5,93 %

Financial profitability:

-5,20 %

5,91 %

-7,70 %

6,71 %

32,50 %

-11,94 %

Margin:

-4,01 %

6,33 %

-5,84 %

7,31 %

31,39 %

-13,47 %

Mark-up:

-3,83 %

4,74 %

-7,59 %

5,89 %

49,51 %

-19,60 %

Solvency

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,36

0,11

0,64

0,11

-44,41

-3,63

Acid Test:

1,80

0,83

2,05

0,85

-12,37

-2,79

Working Capital / Investment:

0,28

0,03

0,31

0,04

-9,08

-33,87

Solvency:

3,51

1,16

3,08

1,19

14,01

-2,25

Indebtedness

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,22

1,61

0,28

1,62

-21,68

-0,62

Borrowing Composition:

0,26

1,01

0,25

1,01

4,30

0,35

Repayment Ability:

-2,43

470,19

8,57

-30.955,73

-128,41

101,52

Warranty:

5,55

1,63

4,57

1,63

21,62

0,14

Generated resources / Total creditors:

0,08

0,07

0,04

0,08

110,68

-5,19

Efficiency

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,97

1,72

0,85

1,78

14,20

-3,14

Turnover of Collection Rights :

13,02

4,48

7,40

4,25

75,89

5,59

Turnover of Payment Entitlements:

6,74

3,26

3,69

2,95

82,69

10,60

Stock rotation:

7,39

6,16

7,51

5,59

-1,57

10,09

Assets turnover:

1,51

1,10

1,13

1,07

34,03

2,58

Borrowing Cost:

2,77

2,91

1,61

2,63

72,02

10,87

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

Cash Flow

2011

2010

2009

2008

2007

Cash Flow over Sales:

-0,06 %

0,03 %

4,58 %

1,42 %

-14,20 %

EBITDA over Sales:

-0,90 %

-5,33 %

0,29 %

-6,92 %

10,34 %

Cash Flow Yield:

-0,07 %

0,03 %

3,55 %

1,46 %

-13,58 %

Profitability

2011

2010

2009

2008

2007

Operating economic profitability:

-6,06 %

-6,60 %

-1,57 %

-17,23 %

8,60 %

Total economic profitability:

-4,07 %

-6,08 %

-0,21 %

-9,71 %

6,92 %

Financial profitability:

-5,20 %

-7,70 %

-0,92 %

-10,98 %

5,62 %

Margin:

-4,01 %

-5,84 %

-1,37 %

-11,37 %

5,52 %

Mark-up:

-3,83 %

-7,59 %

-1,06 %

1,36 %

5,18 %

Solvency

2011

2010

2009

2008

2007

Liquidity:

0,36

0,64

0,56

0,46

0,18

Acid Test:

1,80

2,05

3,17

4,08

2,82

Working Capital / Investment:

0,28

0,31

0,49

0,54

0,49

Solvency:

3,51

3,08

4,16

5,66

3,61

Indebtedness

2011

2010

2009

2008

2007

Indebtedness level:

0,22

0,28

0,19

0,13

0,23

Borrowing Composition:

0,26

0,25

0,03

0,00

Repayment Ability:

-2,43

8,57

10,75

-1,28

-6,79

Warranty:

5,55

4,57

6,24

8,67

5,29

Generated resources / Total creditors:

0,08

0,04

0,29

-0,22

0,43

Efficiency

2011

2010

2009

2008

2007

Productivity:

0,97

0,85

1,01

0,80

1,34

Turnover of Collection Rights :

13,02

7,40

7,99

10,39

7,87

Turnover of Payment Entitlements:

6,74

3,69

3,14

6,25

4,25

Stock rotation:

7,39

7,51

7,24

7,88

6,22

Assets turnover:

1,51

1,13

1,14

1,52

1,56

Borrowing Cost:

2,77

1,61

3,96

5,62

10,06

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

INFORMATION DETAILS

Report Prepared by :

NIS

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

Identification

Branch Offices

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Probability of default

Turnover

Financial Years Presented

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Unit