MIRA INFORM REPORT

Report Date :

20.11.2013

IDENTIFICATION DETAILS

Name :	THE CANDY & TOY FACTORY S.L.

Registered Office :	Avenida de Fuencarral 44 Campus Tribeca Edificio 7 - Puerta 11

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	05.04.2002

Legal Form :	Private Limited Company

Line of Business :	Manufacturing and marketing of sweets and confectionery items

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:

THE CANDY & TOY FACTORY S.L.

NIF / Fiscal code:

B83236687

Status:

ACTIVE

Incorporation Date:

05/04/2002

Register Data

Last Publication in BORME:

21/06/2013 [Revocations]

Last Published Account Deposit:

2012

Share Capital:

1.348.183

Localization:

Avenida de Fuencarral 44 Campus Tribeca Edificio 7 - Puerta 11 - ALCOBENDAS - 28108 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 914903050 Website. www.candytoyfactory.com

Activity:

NACE:

4636 - Wholesale of sugar and 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:

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

300

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

FRANK HOVEING

9.01 %

GEWU CONSULTING SL

3.71 %

JAVIER FERNANDEZ ATELA

55.76 %

NURIA GUIJARRO

1.48 %

PABLO FERNANDEZ ATELA

30.04 %

Identification

Social Denomination:

THE CANDY & TOY FACTORY S.L.

NIF / Fiscal code:

B83236687

Corporate Status:

ACTIVE

Start of activity:

2002

Registered Office:

Avenida de Fuencarral 44 Campus Tribeca Edificio 7 - Puerta 11

Locality:

ALCOBENDAS

Province:

MADRID

Postal Code:

28108

Telephone:

914903050

Fax:

916295726

Website:

www.candytoyfactory.com

Interviewed Person:

Sr. Pablo

Activity

NACE:

4636

Additional Information:

Manufacturing and marketing of sweets and confectionery items.

Additional Address:

Registered office, office and other premises are located in Avenida de Fuencarral 44 Campus Tribeca Edificio 7 - Puerta 11 28108 ALCOBENDAS

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

Chronological Summary

Year

Act

2002

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Company Formation (1) Increase of Capital (2) Other Concepts/ Events (1) Statutory Modifications (2)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (1) Statutory Modifications (2)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (3)

2006

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

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2008

Appointments/ Re-elections (1) Change of Social address (1)

2009

Appointments/ Re-elections (1)

2012

Accounts deposit (ejer. 2009, 2010, 2011) Change of Social address (1)

2013

Accounts deposit (ejer. 2012) Cessations/ Resignations/ Reversals (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

COMERCIALIZACION DE SERVICIOS PROMOCIONALES DE MERCADOTECNIA Y MARCHANDISING

Company Formation

28/06/2002

Breakdown of Owners' Equity

Registered Capital:

1.348.183

Paid up capital:

1.348.183

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

17/06/2002

Company Formation

3.510

15/11/2002

Increase of Capital

891.490

895.000

26/11/2002

Increase of Capital

666.683

1.561.683

10/04/2003

Increase of Capital

50.000

1.611.683

18/10/2005

Capital Reduction

-263.500

1.348.183

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

FERNANDEZ ATELA PABLO

23/04/2007

PROXY

FERNANDEZ ATEZA PABLO

27/11/2002

ACCOUNTS' AUDITOR / HOLDER

GIMENEZ SANCHEZ JESUS

09/06/2009

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

3I IBERICA DE INVERSIONES INDUSTRIALES S A

MEMBER OF THE BOARD

27/10/2005

3I IBERICA DE INVERSIONES INDUSTRIALES SA

MEMBER OF THE BOARD

23/04/2007

ALDAVERO BERNALTE FRANCISCO RAMON

SECRETARY

10/04/2003

BARBERA MONTERO ANGEL

MEMBER OF THE BOARD

30/08/2006

PROXY

13/06/2013

REPRESENTATIVE

23/04/2007

PRESIDENT

30/08/2006

FERNANDEZ ATELA PABLO

MEMBER OF THE BOARD

23/04/2007

SINGLE ADMINISTRATOR

26/11/2002

GUIJARRO ORTEGO NURIA

PROXY

13/06/2013

HOEVING FRANK

PROXY

13/06/2013

HOVING FRANK

MEMBER OF THE BOARD

23/04/2007

LEON SERRANO GERARDO

ACCOUNTS' AUDITOR / HOLDER

09/06/2009

MONTOJO COLL VICENTE

PROXY

13/06/2013

MUÑOZ LOPEZ JULIO ALFONSO

REPRESENTATIVE

04/11/2005

REPRESENTATIVE

23/04/2007

MUÑOZ Y GILA SL

MEMBER OF THE BOARD

23/04/2007

NAYVE S L

PRESIDENT

23/04/2007

MEMBER OF THE BOARD

23/04/2007

NAYVE SL

MEMBER OF THE BOARD

23/04/2007

PRESIDENT

23/04/2007

OTERO TORANZO GERARDO MIGUEL

MEMBER OF THE BOARD

23/04/2007

PROXY

13/06/2013

SAINZ MUÑOZ GRACIA

NON CONSELLOR SECRETARY

23/04/2007

TARAK GHARIANI MOHAMED SADOK

MEMBER OF THE BOARD

20/10/2005

PROXY

20/10/2005

Executive board

Post

NIF

Name

DIRECTOR/GENERAL MANAGER

PABLO FERNANDEZ ATELA

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

02/07/2012

11/11/2013

Status: Friendly

300.00

02/07/2012

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

---

26/11/2009

31/01/2013

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

---

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

Its show a contract default in amicable debt collection status; the creditor entity has not initiated legal action for recovery.

Highlight that the Company has payment defaults older than twelve months.

List of current instances of default for each of the transactions in progress

Type of creditor

Product

Value of transactions (_)

Status

No. of defaults

Default balance (_)

Date of first default

Date of last default

SOCIEDADES DE TELECOMUNICACIONES

Telecomunicaciones

---

Amistoso

---

300.00

02/07/12

300

Change in values of defaults and settled debts

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

> Basis for rating

Positive Factors

Adverse Factors

The Company has yield from its typical operating activities. This might deteriorate its financial situation. However, this productivity has decreased with respect to the previous fiscal year.

ROE amplifying effect. Total Economic Rate of Return in 2012 is higher than the Borrowing Cost; therefore, the leverage is higher than the unit and has a ROE amplifying effect. This, in principle, indicates that the company's ROI is higher than its investment financing cost.

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company 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.

The Company has profits before taxes resulting from its investment in assets.

It has operating income return.THE CANDY & TOY FACTORY SL has yield with respect to its equity. This, in principle, may improve the company's financial standing.

Presents significant legal proceedings. Debts resulting from non-payment to Public Administrations or from lawsuits filed by individuals before the Courts of the different jurisdictions have been published in the Official Gazettes. However, these legal proceedings are at the stages that precede the execution stage and that do not affect the assets or content rights or economic value of the company.

It has been found to have irregular payment performance, although it is not enough to change the rating.

THE CANDY & TOY FACTORY SL has high indebtedness with credit institutions.

During 2012 the company renewed its customer portfolio 5.03 times. This reflects an approximate average payment collection term of 90 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

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

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 13 %

> Latest Rating Changes :

Sector in which comparison is carried out :

463 Wholesale of food, beverages and tobacco

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 97% of the companies of the sector THE CANDY & TOY FACTORY SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 12.98%.

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

1 Incidence for a total cost of 0,00 E

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

2 Legal Claims for a total cost of 0,00 E

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

Incidences Detailed

Incidences with the Tax Agency

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 26/11/2009

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

0999166894311

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

Source:

B.O.E. Nº292, 2009 PAGINA 151016

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE ALCOBENDAS (MADRID) - Date 31/01/2013

Last Published Stage:

SEIZURE

Record Number:

801615

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº67, 2013 PAGINA 59

PROCESSED BY THE LOCAL GOVERNMENT DE ALCOBENDAS (MADRID) - Date 01/03/2010

Last Published Stage:

SEIZURE

Record Number:

721957

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº93, 2010 PAGINA 266

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

5 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

FRANK HOVEING

9.01

GEWU CONSULTING SL

BARCELONA

3.71

JAVIER FERNANDEZ ATELA

55.76

NURIA GUIJARRO

1.48

PABLO FERNANDEZ ATELA

30.04

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

3I EUROPE PLC SUCURSAL EN ESPAÑA

MADRID

Turnover

Total Sales 2012

4.081.476,38

Estimated Balance

2012 Non current asset 928.312 Current asset 1.804.287 Net worth 997.579 Non current liabilities 324.872 Current liabilities 1.410.148 Total assets and liabilities 2.732.599

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

May 2013

2011

Normales

July 2012

2010

Normales

March 2012

2009

Normales

April 2012

2006

Normales

August 2007

2005

Normales

May 2006

2004

Normales

January 2005

2003

Normales

February 2004

2003

Normales

July 2004

2002

Normales

March 2003

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 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 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

ORIGINAL

EQUIVALENCIA

Assets

2012

2011

2010

2009

2006

A) NON-CURRENT ASSETS: 11000

928.312,00

853.010,00

1.010.221,00

586.686,00

163.197,00

I. Intangible fixed assets : 11100

0,00

1.602,00

4.205,00

11.507,00

56.833,00

II. Tangible fixed assets : 11200

130.958,00

151.672,00

151.784,00

69.501,00

72.264,00

III. Real estate investment: 11300

0,00

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

90.000,00

0,00

V. Long-term financial investments: 11500

707.354,00

699.736,00

854.231,00

505.678,00

34.100,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.804.287,00

1.771.590,00

912.965,00

2.529.219,00

3.148.948,00

I. Stocks : 12200

322.064,00

320.364,00

256.246,00

811.089,00

617.789,00

II. Trade debtors and others receivable accounts : 12300

811.236,00

969.531,00

613.563,00

1.577.842,00

1.522.695,00

1. Trade debtors / accounts receivable: 12380

729.631,00

639.891,00

243.338,00

1.249.274,00

1.522.695,00

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

0,00

1.522.695,00

b) Customers for sales and provisions of services : 12382

729.631,00

639.891,00

243.338,00

1.249.274,00

0,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

81.605,00

329.640,00

370.226,00

328.568,00

0,00

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

0,00

IV. Short-term financial investments : 12500

503.065,00

301.202,00

0,00

35.003,00

407.270,00

V. Short-term accruals : 12600

7.587,00

9.973,00

20.991,00

31.115,00

25.092,00

VI. Cash and other equivalent liquid assets : 12700

160.336,00

170.519,00

22.164,00

74.170,00

576.102,00

TOTAL ASSETS (A + B) : 10000

2.732.599,00

2.624.600,00

1.923.186,00

3.115.905,00

3.312.145,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2012

2011

2010

2009

2006

A) NET WORTH: 20000

997.579,00

936.748,00

1.057.092,00

828.378,00

842.992,00

A-1) Shareholders' equity: 21000

997.579,00

936.748,00

1.057.092,00

828.378,00

842.992,00

I. Capital: 21100

1.348.183,00

1. Registered capital : 21110

1.348.183,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

1.333.317,00

III. Reserves: 21300

0,00

-22.318,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-1.744.752,00

-1.903.408,00

-1.853.122,00

-1.897.437,00

-1.411.932,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

60.831,00

158.656,00

228.714,00

44.315,00

-404.258,00

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

324.872,00

328.325,00

319.588,00

456.465,00

74.153,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

324.651,00

326.177,00

315.513,00

447.980,00

74.153,00

1. Amounts owed to credit institutions: 31220

324.651,00

324.826,00

315.513,00

447.980,00

74.153,00

2. Creditors from financial leasing : 31230

0,00

1.351,00

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

221,00

2.148,00

4.075,00

8.484,00

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

1.410.148,00

1.359.526,00

546.507,00

1.831.062,00

2.395.000,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

1.303.227,00

1.254.431,00

476.759,00

534.348,00

2.395.000,00

1. Amounts owed to credit institutions: 32320

1.301.875,00

1.251.318,00

476.759,00

534.348,00

2.395.000,00

2. Creditors from financial leasing : 32330

1.351,00

3.113,00

0,00

3. Other short-term creditors : 32390

0,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

106.921,00

105.096,00

69.748,00

1.296.713,00

0,00

1. Suppliers: 32580

112.036,00

79.291,00

30.116,00

702.369,00

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

112.036,00

79.291,00

30.116,00

702.369,00

0,00

2. Other creditors: 32590

-5.115,00

25.805,00

39.632,00

594.345,00

0,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

2.732.599,00

2.624.600,00

1.923.186,00

3.115.905,00

3.312.145,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2012

2011

2010

2009

2006

1. Net turnover: 40100

4.081.476,00

3.856.373,00

3.147.614,00

2.975.424,00

5.014.752,00

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

0,00

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

0,00

4. Supplies : 40400

-3.087.675,00

-2.505.572,00

-1.968.975,00

-1.819.652,00

-3.369.995,00

5. Other operating income: 40500

0,00

4.184,00

0,00

4.325,00

6. Personnel costs: 40600

-261.793,00

-253.182,00

-253.690,00

-322.948,00

-584.734,00

7. Other operating costs: 40700

-589.729,00

-553.083,00

-629.674,00

-620.905,00

-1.361.030,00

8. Amortisation of fixed assets: 40800

-53.508,00

-48.727,00

-30.031,00

-31.002,00

-57.295,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

12. Other results : 41300

0,00

-253.586,00

13.203,00

-84.088,00

-7.282,00

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

88.771,00

246.409,00

278.445,00

96.829,00

-361.260,00

13. Financial income : 41400

32.635,00

2.389,00

871,00

3.557,00

38.575,00

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

0,00

b) Other financial income: 41490

32.635,00

2.389,00

871,00

3.557,00

38.575,00

14. Financial expenditure : 41500

-81.997,00

-61.077,00

-71.945,00

-73.017,00

-70.650,00

15. Changes in fair value of financial instruments : 41600

0,00

-3.397,00

0,00

7.849,00

0,00

16. Exchange rate differences: 41700

19.495,00

-27.595,00

16.932,00

2.027,00

-14.586,00

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

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

-29.867,00

-89.679,00

-54.142,00

-59.584,00

-46.661,00

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

58.904,00

156.730,00

224.304,00

37.246,00

-407.920,00

19. Income taxes : 41900

1.927,00

4.410,00

7.069,00

3.662,00

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

60.831,00

158.656,00

228.714,00

44.315,00

-404.258,00

> 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 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, To view details on the methodology 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ORIGINAL

ASSETS

2012

2011

2010

2009

2006

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

928.312,00

853.010,00

1.010.221,00

586.686,00

185.515,00

I. Formation expenses:

0,00

22.318,00

II. Intangible fixed assets:

0,00

1.602,00

4.205,00

11.507,00

56.833,00

III. Tangible fixed assets:

130.958,00

151.672,00

151.784,00

69.501,00

72.264,00

IV. Financial investments:

797.354,00

699.736,00

854.231,00

505.678,00

34.100,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.804.287,00

1.771.590,00

912.965,00

2.529.219,00

3.148.948,00

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

0,00

II. Stocks:

322.064,00

320.364,00

256.246,00

811.089,00

617.789,00

III. Debtors:

811.236,00

969.531,00

613.563,00

1.577.842,00

1.522.695,00

IV. Short-term investments:

503.065,00

301.202,00

0,00

35.003,00

407.270,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

160.336,00

170.519,00

22.164,00

74.170,00

576.102,00

VII. Prepayments and accrued income:

7.587,00

9.973,00

20.991,00

31.115,00

25.092,00

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

2.732.599,00

2.624.600,00

1.923.186,00

3.115.905,00

3.334.463,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2012

2011

2010

2009

2006

A) EQUITY:

997.579,00

936.748,00

1.057.092,00

828.378,00

865.310,00

I. Subscribed capital:

1.348.183,00

II. Share premium:

1.333.317,00

III. Revaluation reserves:

0,00

IV. Reserves:

0,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

0,00

V. Profit or loss brought forward:

-1.744.752,00

-1.903.408,00

-1.853.122,00

-1.897.437,00

-1.411.932,00

VI. Profit or loss for the financial year:

60.831,00

158.656,00

228.714,00

44.315,00

-404.258,00

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:

324.872,00

328.325,00

319.588,00

456.465,00

74.153,00

E) SHORT TERM CREDITORS:

1.410.148,00

1.359.526,00

546.507,00

1.831.062,00

2.395.000,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

2.732.599,00

2.624.600,00

1.923.186,00

3.115.905,00

3.334.463,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2012

2011

2010

2009

2006

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

4.072.776,00

3.704.290,00

2.949.906,00

2.944.542,00

5.616.995,00

A.1. Operating consumption:

3.087.675,00

2.505.572,00

1.968.975,00

1.819.652,00

3.369.995,00

A.2. Staff Costs:

261.793,00

253.182,00

253.690,00

322.948,00

584.734,00

a) Wages, salaries et al.:

0,00

500.037,00

b) Social security costs:

261.793,00

253.182,00

253.690,00

322.948,00

84.697,00

A.3. Depreciation expense:

53.508,00

48.727,00

30.031,00

31.002,00

57.295,00

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

0,00

A.5. Other operating charges:

589.729,00

553.083,00

629.674,00

620.905,00

1.361.030,00

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

88.771,00

499.995,00

265.243,00

180.918,00

0,00

A.6. Financial and similar charges:

81.997,00

61.077,00

71.945,00

73.017,00

70.650,00

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:

81.997,00

61.077,00

71.945,00

73.017,00

70.650,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

3.397,00

0,00

A.8. Exchange losses:

0,00

27.595,00

0,00

169.140,00

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

0,00

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

58.904,00

410.316,00

211.101,00

121.334,00

0,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

253.586,00

0,00

84.088,00

7.813,00

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):

0,00

13.203,00

0,00

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

58.904,00

156.730,00

224.304,00

37.246,00

0,00

A.14. Corporation Tax:

-1.927,00

-4.410,00

-7.069,00

-3.662,00

A.15. Miscellaneous taxes:

0,00

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

60.831,00

158.656,00

228.714,00

44.315,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2012

2011

2010

2009

2006

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

4.133.606,00

3.862.947,00

3.178.620,00

2.988.857,00

5.212.737,00

B.1. Operating income:

4.081.476,00

3.860.558,00

3.147.614,00

2.975.424,00

5.019.076,00

a) Net total sales:

4.081.476,00

3.856.373,00

3.147.614,00

2.975.424,00

5.014.752,00

b) Miscellaneous operating income:

0,00

4.184,00

0,00

4.325,00

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

0,00

353.978,00

B.2. Financial income:

32.635,00

2.389,00

871,00

11.406,00

38.575,00

a) Companies of the group:

10.177,00

745,00

272,00

3.557,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

22.459,00

1.644,00

600,00

7.849,00

38.575,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

19.495,00

0,00

16.932,00

2.027,00

154.554,00

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

29.867,00

89.679,00

54.142,00

59.584,00

46.661,00

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

0,00

400.638,00

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

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

13.203,00

0,00

531,00

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

253.586,00

0,00

84.088,00

7.282,00

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

0,00

407.920,00

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

0,00

404.258,00

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

2006

1. Fiscal year result before taxes.: 61100

58.904,00

156.730,00

224.304,00

37.246,00

-407.920,00

2. Results adjustments.: 61200

102.870,00

107.415,00

101.105,00

100.462,00

-65.185,00

a) Fixed Assets Amortization (+).: 61201

53.508,00

48.727,00

30.031,00

31.002,00

57.295,00

g) Financial income (-).: 61207

-32.635,00

-2.389,00

-871,00

-3.557,00

-193.130,00

h) Financial Expenses (+). : 61208

81.997,00

61.077,00

71.945,00

73.017,00

70.650,00

3. Changes in current capital equity.: 61300

-39.129,00

-672.995,00

341.692,00

-1.151.266,00

317.418,00

a) Stock (+/-).: 61301

-1.700,00

-64.118,00

554.842,00

-811.089,00

-27.037,00

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

158.295,00

-355.968,00

964.279,00

-1.577.842,00

163.571,00

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

-199.476,00

-290.184,00

45.127,00

-66.118,00

170.100,00

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

3.752,00

37.275,00

-1.222.556,00

1.303.783,00

10.784,00

4. Other cash flows for operating activities.: 61400

-49.361,00

-58.688,00

-71.074,00

-69.460,00

122.480,00

a) Interest payments (-). : 61401

-81.997,00

-61.077,00

-71.945,00

-73.017,00

-70.650,00

c) Interest collection (+). : 61403

32.635,00

2.389,00

871,00

3.557,00

193.130,00

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

73.284,00

-467.538,00

596.027,00

-1.083.019,00

-33.207,00

6. Payments for investment (-).: 62100

-97.618,00

0,00

-430.837,00

-586.686,00

-1.373,00

a) Companies of the group and affiliates. : 62101

-90.000,00

0,00

b) Intangible fixed assets. : 62102

0,00

-11.507,00

0,00

c) Fixed assets. : 62103

0,00

-82.284,00

-69.501,00

0,00

e) Other financial assets. : 62105

-7.618,00

0,00

-348.553,00

-505.678,00

0,00

h) Other assets. : 62108

0,00

-1.373,00

7. Divestment payment collection (+). : 62200

22.316,00

157.211,00

7.302,00

0,00

520.174,00

a) Companies of the group and affiliates. : 62201

0,00

475.000,00

b) Intangible fixed assets. : 62202

1.602,00

2.603,00

7.302,00

0,00

13.022,00

c) Fixed assets. : 62203

20.714,00

113,00

0,00

9.492,00

e) Other financial assets. : 62205

0,00

154.495,00

0,00

h) Other assets. : 62208

0,00

22.660,00

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

-128.810,00

108.484,00

-453.567,00

-617.687,00

461.506,00

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

0,00

-279.000,00

0,00

784.063,00

-10.256,00

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

0,00

784.063,00

404.258,00

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

0,00

-279.000,00

0,00

-404.258,00

e) Grants, donations and bequests received (+). : 63105

0,00

-10.256,00

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

45.343,00

786.409,00

-194.467,00

990.813,00

-95.225,00

a) Issuance : 63201

50.557,00

788.336,00

0,00

990.813,00

0,00

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

50.557,00

783.872,00

0,00

982.329,00

0,00

4. Special characteristic debts (+). : 63205

0,00

4.464,00

0,00

5. Other debts (+). : 63206

0,00

8.484,00

0,00

b) Repayment and amortization of : 63207

-5.214,00

-1.927,00

-194.467,00

0,00

-95.225,00

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

-175,00

0,00

-190.057,00

0,00

-95.225,00

4. Special characteristic debts (-). : 63211

-3.113,00

0,00

5. Other debts (-). : 63212

-1.927,00

-4.410,00

0,00

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

0,00

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

45.343,00

507.409,00

-194.467,00

1.774.877,00

-105.481,00

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

-10.184,00

148.355,00

-52.006,00

74.170,00

322.818,00

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

170.519,00

22.164,00

74.170,00

0,00

253.283,00

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

160.336,00

170.519,00

22.164,00

74.170,00

576.102,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,04 %

0,01 %

-106,49 %

-104,06 %

EBITDA over Sales:

3,49 %

2,62 %

14,23 %

4,34 %

-75,50 %

-39,55 %

Cash Flow Yield:

0,00 %

0,06 %

0,01 %

-106,59 %

-103,76 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

6,20 %

0,95 %

30,79 %

1,44 %

-79,87 %

-34,08 %

Total economic profitability:

5,16 %

1,35 %

8,30 %

1,81 %

-37,87 %

-25,45 %

Financial profitability:

6,10 %

-0,34 %

16,94 %

0,39 %

-64,00 %

-187,53 %

Margin:

2,17 %

1,06 %

12,95 %

1,57 %

-83,21 %

-32,35 %

Mark-up:

1,44 %

-0,22 %

10,63 %

0,27 %

-86,42 %

-182,85 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,11

0,23

0,13

0,22

-9,35

8,31

Acid Test:

1,05

1,07

1,06

1,02

-1,36

5,42

Working Capital / Investment:

0,14

0,21

0,16

0,23

-8,13

-5,33

Solvency:

1,28

1,79

1,30

1,76

-1,81

1,99

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,74

1,08

1,80

1,36

-3,47

-20,70

Borrowing Composition:

0,23

0,80

0,24

0,83

-4,60

-3,33

Repayment Ability:

-170,37

-1.451,83

11,38

60,69

-1.597,52

-2.492,18

Warranty:

1,57

1,93

1,55

1,74

1,28

11,02

Generated resources / Total creditors:

0,07

0,04

0,12

0,05

-46,36

-5,81

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,54

1,11

3,17

1,19

-51,27

-7,34

Turnover of Collection Rights :

5,03

4,25

3,98

4,13

26,35

2,81

Turnover of Payment Entitlements:

34,39

2,76

29,10

2,75

18,18

0,36

Stock rotation:

12,40

3,66

10,49

3,39

18,18

8,05

Assets turnover:

2,85

0,90

2,38

0,92

19,86

-2,56

Borrowing Cost:

4,73

2,43

3,62

2,40

30,60

1,14

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2006)

Cash Flow

2012

2011

2010

2009

2006

Cash Flow over Sales:

0,00 %

0,04 %

-0,02 %

0,02 %

6,44 %

EBITDA over Sales:

3,49 %

14,23 %

9,38 %

7,12 %

-5,92 %

Cash Flow Yield:

0,00 %

0,06 %

-0,03 %

0,02 %

9,68 %

Profitability

2012

2011

2010

2009

2006

Operating economic profitability:

6,20 %

30,79 %

24,81 %

7,03 %

-12,24 %

Total economic profitability:

5,16 %

8,30 %

15,40 %

3,54 %

-10,11 %

Financial profitability:

6,10 %

16,94 %

21,64 %

5,35 %

-46,72 %

Margin:

2,17 %

12,95 %

8,43 %

6,08 %

-7,05 %

Mark-up:

1,44 %

10,63 %

6,71 %

4,08 %

-7,98 %

Solvency

2012

2011

2010

2009

2006

Liquidity:

0,11

0,13

0,04

0,24

Acid Test:

1,05

1,06

1,16

0,92

1,05

Working Capital / Investment:

0,14

0,16

0,19

0,22

0,23

Solvency:

1,28

1,30

1,67

1,38

1,31

Indebtedness

2012

2011

2010

2009

2006

Indebtedness level:

1,74

1,80

0,82

2,76

2,85

Borrowing Composition:

0,23

0,24

0,58

0,25

0,03

Repayment Ability:

-170,37

11,38

-16,65

30,84

-12,67

Warranty:

1,57

1,55

2,22

1,36

1,34

Generated resources / Total creditors:

0,07

0,12

0,30

0,03

-0,14

Efficiency

2012

2011

2010

2009

2006

Productivity:

1,54

3,17

2,16

1,66

0,49

Turnover of Collection Rights :

5,03

3,98

5,13

1,89

3,30

Turnover of Payment Entitlements:

34,39

29,10

37,26

1,88

1,98

Stock rotation:

12,40

10,49

11,25

3,45

8,70

Assets turnover:

2,85

2,38

2,94

1,16

1,73

Borrowing Cost:

4,73

3,62

8,31

3,19

2,86

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.23
UK Pound	1	Rs.100.18
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NNA

RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

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

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

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

Defaults, Legal Claims and Insolvency Proceedings

Identification

Activity

Number of Employees

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Unit