MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	GENEROS DE PUNTO VICTRIX SL
Registered Office :	Calle De L’overlocaire (Pg Ind Les Hortes), 24 - 28 08302 Mataro Barcelona
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	12.05.1976
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of textile, clothing, footwear.
No. of Employees :	24

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Spain	A2	A2

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

Identification

Current Business Name:  GENEROS DE PUNTO VICTRIX SL

Commercial name:  GENEROS DE PUNTO VICTRIX, S.A.

Other names:  YES

Current Address:  CALLE DE L’OVERLOCAIRE (PG IND LES HORTES), 24 - 28

08302 MATARO BARCELONA 

Branches:  2

Telephone number:  937412080 

Fax:  937996500

URL:  www.victrix.es

Financial Information

Balance sheet latest sales (2012):  63.878.147,51 € (Mercantile Register)

Result:  -3.369.883,53 €

Total Assets:  76.946.612,08 €

Share capital:  858.004,88 €

Employees:  50

Listed on a Stock Exchange:  NO

Commercial Information

Incorporation date:  12/05/1976

Activity:  Wholesale of textile, clothing, footwear , etc.

NACE 2009 CODE:  4642

International Operations:  Imports and Exports

Corporate Structure

President:

GARCIA BLANCHART, CARLOS

Parent Company:

GARCIA LOPEZ RODRIGO

Participations:  8

Other Complementary Information

Latest filed accounts in the Mercantile Register:  2012

Latest act published in BORME:  12/08/2013 Appointments

Latest press article:  09/06/2004 EL PERIÓDICO DE CATALUNYA (LEGAL ANNOUNCEMENTS)

Bank Entities:  There are

The date when this report was last updated is 28/10/2013.

The information contained in this report has been investigated and contrasted on 28/10/2013

Financial situation

Exercise:2012
Immediate liquidity	Very degraded
Indebtedness	Slight
Profitability	Unfavourable
Soundness	Average

Performance

Incidents	None or Negligible
Business Trajectory	Excellent

Rating Informa Explanation

Financial situation

The company’s financial situation is unfavourable.

The sales evolution and results has been negative.

The auditor’s opinion about the latest accounts has been favourable.

Company Structure

The company’s capitalization degree determines that its structure is sound.

The company’s size is  big depending on its sales volume.

The employees evolution has been positive.

Performance and Incidences

The available information indicates that the company does not have payment incidences.

He have detected no recent legal actions or claims from the Administration against this company.

Accounts Filing

The company files regularly its accounts.

Reasons of the last outstanding calculation in the note

DATE	CHANGE	RESULTING NOTE	EVENT
12/09/2013	Reduction	8	New financial statements have been uploaded.
30/11/2012	Reduction	13	There has been a change in the formula version.
05/10/2012	Reduction	16	New financial statements have been uploaded.
09/12/2011	Increase	17	New financial statements have been uploaded.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

22/10/2013 15:10:44

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

Balance-sheet analysis

Figures given in €

	31/12/2012 (12) BALANCE SHEET	% ASSETS	31/12/2011 (12) BALANCE SHEET	% ASSETS	31/12/2010 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	41.356.734,82	53,75	38.575.080,71	51,47	14.619.595,45	22,71
B) CURRENT ASSETS	35.589.877,26	46,25	36.375.109,93	48,53	49.751.732,31	77,29
LIABILITIES
A) NET WORTH	38.231.294,99	49,69	42.408.165,03	56,58	36.309.313,02	56,41
B) NON CURRENT LIABILITIES	4.643.406,75	6,03	5.122.294,10	6,83	977.447,59	1,52
C) CURRENT LIABILITIES	34.071.910,34	44,28	27.419.731,51	36,58	27.084.567,15	42,08

Profit and loss account analysis

Figures given in €

	31/12/2012 (12) BALANCE SHEET	% NET TURNOVER	31/12/2011 (12) BALANCE SHEET	% NET TURNOVER	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER
SALES	63.878.147,51		73.406.564,46		77.645.755,17
GROSS MARGIN	4.773.480,96	7,47	9.651.031,52	13,15	10.824.523,60	13,94
EBITDA	-3.893.414,47	-6,10	1.131.559,29	1,54	3.037.868,78	3,91
EBIT	-4.873.275,76	-7,63	271.676,48	0,37	2.193.421,82	2,82
NET RESULT	-3.369.883,53	-5,28	6.123.287,46	8,34	5.653.338,60	7,28
EFFECTIVE TAX RATE (%)	-29,73	0,00	0,88	0,00	4,22	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2012)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	53,75	56,72	-2,97
A) CURRENT ASSETS	46,25	43,28	2,97
LIABILITIES
A) NET WORTH	49,69	47,47	2,22
B) NON CURRENT LIABILITIES	6,03	11,98	-5,95
C) CURRENT LIABILITIES	44,28	40,55	3,73
	COMPANY (2012)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	99,95	97,55	2,40
GROSS MARGIN	7,47	36,65	-29,18
EBITDA	-6,09	16,79	-22,88
EBIT	-7,63	15,25	-22,88
NET RESULT	-5,27	14,53	-19,80

Sector Composition

Compared sector (NACE 2009): 4642

Number of companies: 22

Size (sales figure): > 40,000,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2012

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	-3.369.883,53	Legal Reserve	0,00
Carry over	0,00	Goodwill reserve	0,00
Voluntary reserves	0,00	Special reserves	0,00
Other reserves disposable at will	0,00	Voluntary reserves	0,00
Total of Amounts to be distributed	-3.369.883,53	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	-3.369.883,53
		Application total	-3.369.883,53

Auditing

Source: filing of annual financial statement 2012

Auditors’ opinion: FAVOURABLE

Auditor: RSM GASSO AUDITORES S.L.P.

Auditing fees: 26.000,00 €

Facts subsequent to the closing

Source: Annual financial report 2012

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

ADDRESSES

Business address

Current Legal Seat Address:

CALLE DE L’OVERLOCAIRE (PG IND LES HORTES), 24 - 28

08302 MATARO  BARCELONA

Previous Seat Address:

CAMINO RAL 631

08302 MATARO  BARCELONA

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CAMINO RAL (639 0000), 631	08302	MATARO	Barcelona
CALLE VIA SERGIA, 51	08302	MATARO	Barcelona

There are 2 branches registered

Former branches

STREET	POSTAL CODE	TOWN	PROVINCE
RONDA PRESIDENT MACIA, 14 - VIA SERGIA 51	08302	MATARO	Barcelona
CALLE URIA, 21	33003	OVIEDO	Asturias

There are 2 former branches registered

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 7 members (latest change: 05/10/2011) Other Positions : 1 (latest change: 05/10/2011) Auditor : 3 (latest change: 04/02/2013) Operative Board Members : 3 (latest change: 28/10/2013) Non-current positions : 14 (latest change: 01/08/2013)		Men (71%)  Women (29%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE APPOINTMENT
PRESIDENT	GARCIA BLANCHART, CARLOS	05/10/2011
VICE-PRESIDENT	GARCIA BLANCHART, MONTSERRAT	05/10/2011
MEMBER OF THE BOARD	HILARIO RUBERT, LLUIS	26/03/2008
MEMBER OF THE BOARD	BURGUES BASSOLS, LUIS	26/03/2008

Auditor

POSITION	NAME AND SURNAME	DATE APPOINTMENT
AUDITOR	ADDVERA AUDITORS SLP	27/01/2010
AUDITOR	RSM GASSO AUDITORES SLP	04/02/2013
CONSOLIDATED ACCOUNTS AUDITOR	RSM GASSO AUDITORES SLP	18/01/2013

There are 11 board members, directors and auditors registered

Board members remuneration

Source: Annual financial report 2010

Board members remuneration: 656.840,33 €

Functional Managers

POSITION	NAME AND SURNAME
General Manager	GARCIA LOPEZ, RODRIGO
Financial Manager	ORTEGA, FRANCISCO
Commercial Director	GARCIA LOPEZ, RODRIGO

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
GARCIA LOPEZ RODRIGO		99,98	OWN SOURCES	13/05/2013

There are 1 direct financial links through shareholders registered

Former Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
PUNT ROMA SL	B61481198	Indef.	OWN SOURCES	13/05/2013

Direct Participations

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	VICTRIX ISLAS SL	B38713475	100,00	OWN SOURCES	01/02/2013
	VICTRIX LOGISTIC SL	B64765928	100,00	MERCANTILE REGISTER	31/12/2012
	PUNT ROMA PORTUGAL UNIPESSOAL LDA	PORTUGAL	100,00	MERCANTILE REGISTER	31/12/2012
	PUNT ROMA SL	B61481198	99,58	OWN SOURCES	07/03/2013
	INVERSIONES Y PROMOCIONES SIMON Y QUIJORNA SL	B83595488	99,58	MERCANTILE REGISTER	31/12/2012
	CARIBEAN TEXTIL SL	B61103651	98,00	MERCANTILE REGISTER	31/12/2012
	ACORDFIL SL	B58098617	95,00	OWN SOURCES	03/06/2013
	DOSPUNT SL	B58098633	90,00	MERCANTILE REGISTER	31/12/2012

There are 8 direct financial links through participations registered

You can obtain business information of foreign companies at the page D&B INTERNATIONAL

Company with rating inferior to 7

Former Participations

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	ALCE 2005 SL	B63897649	100,00	B.O.R.M.E.	20/06/2013
	RODRI SA (EXTINGUIDA)	A08407314	100,00	B.O.R.M.E.	01/02/2012

Company with rating inferior to 7

POTENTIAL LINKS

Search for Link by Administrator

Search Criterion: ”CARLOS GARCIA BLANCHART”

COMPANY	POSITION	PROVINCE
ROBRESA SA	Administrador	BARCELONA
HOTEL CIUTAT DE MATARO SA	Administrador	BARCELONA
PUNT ROMA SL	Apoderado	BARCELONA
BETA 16 SL	Administrador Solidario	BARCELONA
VIROCA SA	Administrador Solidario	BARCELONA

In case you need more information you can request:Board Members Monitoring

BUSINESS INFORMATION

Constitution

Incorporation date: 12/05/1976

Origin / Establishment

Establishment date: 01/01/1976

Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO

Activity

Informa Code: 1613100

Informa Activity: Wholesale of textile, clothing, footwear , etc.

NACE 2009 CODE: 4642

NACE 2009 Activity: Wholesale of clothing and footwear

Business: 1. LA ACTIVIDAD PROPIA DE LA SOCIEDAD HOLDING, CONSISTENTE EN: A) LA INVERSION DE SUS FONDOS EN OTRAS SOCIEDADES, ADQUIRIENDO ACCIONES Y PARTICIPACIONES DE LAS MISMAS, ASI COMO LA ADMINISTRACION Y GESTION PROFESIONAL DE.

Activity description: COMERCIO DE PRODUCTOS TEXTILES

Environmental information: YES (Page 83)  Annual financial report 2012

Employees

Latest employees figure: 50 (2013)

% of fixed employees: 100,00%

% of men: 77,50%

% of women: 22,50%

Employees evolution

Employees distribution

Source: Annual financial report 2012

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Other managers	3	3	1
Administrative employees	5	1	3
Sales representatives and similar	1		1
Other qualified employees	6	6
Non qualified employees	24	21	4

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 12%

Imports from: UE Y OTROS PAISES

National Distribution: 88%

SALES

Cash collections: 90%

Export Percentage: 34%

Exports to: UE Y OTROS PAISES

National Distribution: 66%

CLIENTS

BUSINESS NAME	INTERNATIONAL
PUNT ROMA	NO

There are 1 Clients

Sales breakdown

El 100% de su cifra de negocio corresponde a comercio al por mayor de prendas de vestir y calzado.

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO SANTANDER, S.A.	0186	PZ DE SANTA ANA 8 APDO. 00005	MATARO	Barcelona
BANCO POPULAR ESPAÑOL, S.A.	0049	LA RAMBLA, 42-44	MATARO	Barcelona
CAIXABANK, S.A.			MATARO

There are 3 bank entities registered

Summary of bank operations

Discount facilities: 1

Credit policy: 2

Mortgage loan: 0

Loans with no real security: 3

Bank operations

Debt type: Credit policy	Granted limit:1.350.000,00 € Used limit:964.940,88 € Available limit:385.059,12 € Source: Filed Accounts (2012)
Debt type: Credit policy	Granted limit:7.000.000,00 € Used limit:3.149.739,63 € Available limit:3.850.260,37 € Source: Filed Accounts (2012)
Debt type: Discount facilities	Granted limit:9.000.000,00 € Used limit:0,00 € Available limit:9.000.000,00 € Source: Filed Accounts (2012)
Entity:BANCO SANTANDER, S.A. Debt type: Loans with no real security	Granted amount:2.000.000,00 € Source: Filed Accounts (2012)
Operation description: Compra de la sociedad Alce 2005, S.L.U..
Entity:CAIXABANK, S.A. Debt type: Loans with no real security	Granted amount:200.000,00 € Source: Filed Accounts (2011)

There are 6 bank operations registered

Leasing

Figures given in €

ENTITY	ASSERTS INVOLVED IN THE ACTIVITY	UP TO 1 YEAR	FROM 1 TO 5 YEARS	MORE THAN 5 YEARS
	Automatización almacén robotizado	799.404,01	2.986.158,23	0,00

There are 1 leasing operations registered

Brands

FORMER NAMES:

GENEROS DE PUNTO VICTRIX SA

Brand name: MIA (Valid)

Type: JOINT    Scope: NATIONAL    Date: 18/03/2013

Brand name: POLICHINELA (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 01/10/2007

Brand name: VICTRIX (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 26/03/2007

Brand name: PAYASITO (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 16/05/2006

Brand name: OROPENDOLA (Valid)

Type: JOINT    Scope: NATIONAL    Date: 16/07/2005

There are 36 brands, signs and commercial names

LEGAL STRUCTURE

Constitution Data

Register Date: 12/05/1976

Current structure data

Legal form: Limited Liability Company

Share capital: 858.004,88 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2011)

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

Summary

Acts on activity: 1 (Last: 20/12/2006)

Acts on administrators: 35 (Last: 12/08/2013, first: 10/07/1991)

Acts on capital: 3 (Last: 12/01/2007, first: 07/04/1992)

Acts on creation: 0

Acts on filed accounts: 25 (Last: 22/11/2011, first: 12/11/1992)

Acts on identification: 2 (Last: 20/12/2006, first: 08/09/2004)

Acts on Information: 2 (Last: 07/04/1992, first: 07/04/1992)

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

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Appointments	12/08/2013	358524	Barcelona
Resignations	12/08/2013	358524	Barcelona
Appointments	13/02/2013	71468	Barcelona
Appointments	28/01/2013	40791	Barcelona
Annual Filed Accounts (2010)	22/11/2011	950070	Barcelona
Annual Filed Accounts (2010) consolidated	22/11/2011	946126	Barcelona
Appointments	17/10/2011	408861	Barcelona
Appointments	17/10/2011	408860	Barcelona
Resignations	17/10/2011	408860	Barcelona
Annual Filed Accounts (2009)	29/10/2010	926014	Barcelona

There are 68 acts registered

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 0

Informative data: 0

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 1 (Last: 09/06/2004)

Latest press article published

09/06/2004 EL PERIÓDICO DE CATALUNYA - LEGAL ANNOUNCEMENTS

LA JUNTA GENERAL EXTRAORDINARIA DE LA SDAD., CELEBRADA EL 15/05/04, ACORDO EL TRASLADO DEL DOMICILIO SOCIAL A MATARO (08302), C/L’OVERLOCAIRE, N. 24-28

There are 1 press articles registered for this company

FINANCIAL INFORMATION

The information on the last Individual Filed Accounts contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 11/09/2013.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2012 (12)	% ASSETS	31/12/2011 (12)	% ASSETS	31/12/2010 (12)	% ASSETS
A) NON CURRENT ASSETS	41.356.734,82	53,75	38.575.080,71	51,47	14.619.595,45	22,71
I. Intangible assets	61.908,52	0,08	7.377,36	0,01	11.865,44	0,02
5. Software	61.908,52	0,08	7.377,36	0,01	11.865,44	0,02
II. Tangible fixed assets	7.706.359,65	10,02	7.613.312,54	10,16	3.569.072,12	5,54
2. Technical fittings and other tangible assets	1.951.435,91	2,54	2.571.280,69	3,43	3.264.244,42	5,07
3. Fixed assets in progress and advances	5.754.923,74	7,48	5.042.031,85	6,73	304.827,70	0,47
III. Real-estate investments
IV. Long term investments in associated and affiliated companies	27.735.521,83	36,05	28.106.817,07	37,50	9.105.115,16	14,14
1. Net worth instruments	15.932.521,83	20,71	16.193.817,07	21,61	4.308.539,59	6,69
2. Credits to companies	11.803.000,00	15,34	11.913.000,00	15,89	4.796.575,57	7,45
V. Long Term Financial Investments	12.516,31	0,02	12.516,31	0,02	12.516,30	0,02
5. Other financial assets	12.516,31	0,02	12.516,31	0,02	12.516,30	0,02
VI. Assets by deferred taxes	5.840.428,51	7,59	2.835.057,43	3,78	1.921.026,43	2,98
VII. Non current commercial debts
B) CURRENT ASSETS	35.589.877,26	46,25	36.375.109,93	48,53	49.751.732,31	77,29
I. Non-current assets maintained for sale
II. Stocks	11.886.995,12	15,45	16.451.118,77	21,95	15.297.031,18	23,76
1. Goods available for sale	11.877.457,59	15,44	16.451.118,77	21,95	15.287.766,90	23,75
6. Pre-payments to suppliers	9.537,53	0,01			9.264,28	0,01
III. Trade Debtors and other receivable accounts	13.015.794,50	16,92	11.585.252,62	15,46	30.883.483,70	47,98
1. Clients	4.921.672,37	6,40	5.039.990,69	6,72	2.705.545,90	4,20
b) Clients for sales and short term services rendering	4.921.672,37	6,40	5.039.990,69	6,72	2.705.545,90	4,20
2. Clients group and associated companies	8.073.266,28	10,49	6.531.834,32	8,71	28.164.938,66	43,75
3. Other debts	90,15	0,00
4. Staff	12.582,50	0,02	12.698,02	0,02	12.332,39	0,02
5. Assets by current taxes	7.835,88	0,01
6. Other credits with the Public Administrations	347,32	0,00	729,59	0,00	666,75	0,00
IV. Short term investments in associated and affiliated companies	10.515.859,80	13,67	7.639.444,05	10,19	2.521.833,55	3,92
2. Credits to companies	480.318,68	0,62	223.966,97	0,30	44.021,61	0,07
5. Other financial assets	10.035.476,96	13,04	7.415.477,08	9,89	2.477.811,94	3,85
6. Other investments	64,16	0,00
V. Short term financial investments
VI. Short term periodifications	19.543,28	0,03	10.869,99	0,01	11.142,60	0,02
VII. Cash and equivalents	151.684,56	0,20	688.424,50	0,92	1.038.241,28	1,61
1. Treasury	151.684,56	0,20	688.424,50	0,92	1.038.241,28	1,61
TOTAL ASSETS (A + B)	76.946.612,08	100,00	74.950.190,64	100,00	64.371.327,76	100,00

Net Worth and Liabilities

Figures given in €

	31/12/2012 (12)	% ASSETS	31/12/2011 (12)	% ASSETS	31/12/2010 (12)	% ASSETS
A) NET WORTH	38.231.294,99	49,69	42.408.165,03	56,58	36.309.313,02	56,41
A-1) Equity	38.231.294,99	49,69	42.408.165,03	56,58	36.309.313,02	56,41
I. Capital	858.004,88	1,12	858.004,88	1,14	858.004,88	1,33
1. Authorized capital	858.004,88	1,12	858.004,88	1,14	858.004,88	1,33
II. Issue premium
III. Reserves	40.743.173,64	52,95	35.426.872,69	47,27	29.797.969,54	46,29
1. Legal and statutory	171.600,98	0,22	171.600,98	0,23	171.600,98	0,27
2. Other funds	40.571.572,66	52,73	35.255.271,71	47,04	29.626.368,56	46,02
IV. (Net worth own shares and participations)
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	-3.369.883,53	-4,38	6.123.287,46	8,17	5.653.338,60	8,78
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
I. Financial assets available for sale
II. Coverage operations
III. Non-current assets and related liabilities, maintained for sale
IV. Conversion differences
V. Other
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES	4.643.406,75	6,03	5.122.294,10	6,83	977.447,59	1,52
I. Long term provisions
II. Long term debts	4.293.406,75	5,58	5.122.294,10	6,83	977.447,59	1,52
2. Debts with bank entities	1.307.248,52	1,70	1.331.693,52	1,78	827.447,59	1,29
3. Financial leasing creditors	2.986.158,23	3,88	3.790.600,58	5,06
5. Other financial liabilities					150.000,00	0,23
III. Long term debts with associated and affiliated companies	350.000,00	0,45
IV. Liabilities by deferred taxes
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	34.071.910,34	44,28	27.419.731,51	36,58	27.084.567,15	42,08
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	7.212.923,50	9,37	4.750.243,26	6,34	4.486.858,28	6,97
2. Debts with bank entities	6.338.518,99	8,24	4.174.603,84	5,57	4.119.497,21	6,40
3. Financial leasing creditors	799.404,01	1,04	446.749,42	0,60	342.361,07	0,53
5. Other financial liabilities	75.000,50	0,10	128.890,00	0,17	25.000,00	0,04
IV. Short term debts with associated and affiliated companies	1.572.669,96	2,04	2.094.751,37	2,79	2.345.756,87	3,64
V. Trade creditors and other payable accounts	25.286.316,88	32,86	20.574.736,88	27,45	20.251.952,00	31,46
1. Suppliers	4.878.741,25	6,34	5.174.593,55	6,90	4.913.246,29	7,63
b) Short term suppliers	4.878.741,25	6,34	5.174.593,55	6,90	4.913.246,29	7,63
2. Suppliers group and associated companies	19.260.268,38	25,03	13.735.760,51	18,33	13.239.591,92	20,57
3. Different creditors	703.892,67	0,91	751.228,43	1,00	600.971,13	0,93
4. Staff (pending remunerations)	132.000,00	0,17
6. Other debts with Public Administrations	311.414,58	0,40	913.154,39	1,22	1.342.197,17	2,09
7. Clients pre-payments					155.945,49	0,24
VI. Short term periodifications
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	76.946.612,08	100,00	74.950.190,64	100,00	64.371.327,76	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2012 (12)	%OPERATING INCOME	31/12/2011 (12)	%OPERATING INCOME	31/12/2010 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	63.878.147,51	99,95	73.406.564,46	100,00	77.645.755,17	100,00
A) Sales	63.878.147,51	99,95	73.406.564,46	100,00	77.645.755,17	100,00
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets
4. Supplies	-59.136.708,50	-92,53	-63.755.532,94	-86,85	-66.822.059,64	-86,06
a) Material consumed	-58.670.191,09	-91,80	-63.206.657,92	-86,10	-66.263.074,37	-85,34
b) Raw materials consumed	-282.097,21	-0,44	-280.409,26	-0,38	-359.799,28	-0,46
c) Works carried out for other companies	-184.420,20	-0,29	-268.465,76	-0,37	-199.185,99	-0,26
5. Other operating income	32.041,95	0,05			828,07	0,00
a) Other incomes	32.041,95	0,05			828,07	0,00
6. Labour cost	-2.839.245,44	-4,44	-2.888.977,10	-3,94	-2.977.653,93	-3,83
a) Wages and similar expenses	-2.458.397,93	-3,85	-2.502.954,23	-3,41	-2.586.971,02	-3,33
b) Social costs	-380.847,51	-0,60	-386.022,87	-0,53	-390.682,91	-0,50
7. Other operating costs	-5.929.422,65	-9,28	-5.659.353,43	-7,71	-4.866.230,63	-6,27
a) External services	-5.792.788,76	-9,06	-5.634.435,11	-7,68	-4.813.616,28	-6,20
b) Taxes	-20.982,59	-0,03	-19.499,09	-0,03	-52.614,35	-0,07
c) Losses, deterioration and variation on business operations provisions	-81.614,65	-0,13
d) Other day to day expenses	-34.036,65	-0,05	-5.419,23	-0,01
8. Amortization of fixed assets	-898.246,64	-1,41	-859.882,81	-1,17	-844.446,96	-1,09
9. Allocation of subventions on non financial investments and other
10. Provisions excess
11. Deterioration and result for fixed assets disposal	-6.703,12	-0,01
b) Results for disposals and others	-6.703,12	-0,01
12. Negative difference of business combinations
13. Other results	26.861,13	0,04	28.858,30	0,04	57.229,74	0,07
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	-4.873.275,76	-7,63	271.676,48	0,37	2.193.421,82	2,82
14. Financial income	482.540,80	0,76	6.177.614,93	8,42	44.576,86	0,06
a) From net worth instruments participations			5.950.000,00	8,11
a 1) On group and associated companies			5.950.000,00	8,11
b) From negotiable values and other financial instruments	482.540,80	0,76	227.614,93	0,31	44.576,86	0,06
b 1) From group and associated companies	480.318,68	0,75	223.966,97	0,31	44.021,61	0,06
b 2) From third parties	2.222,12	0,00	3.647,96	0,00	555,25	0,00
15. Financial expenses	-339.311,42	-0,53	-321.033,50	-0,44	-252.845,16	-0,33
a) For debts with associated and affiliated companies			-79.794,52	-0,11
b) For debts with third parties	-339.311,42	-0,53	-241.238,98	-0,33	-252.845,16	-0,33
16. Reasonable value variation on financial instruments
17. Exchange differences	194.367,55	0,30	-29.931,11	-0,04	491.036,56	0,63
18. Deterioration and result for disposal of financial instruments	-260.229,61	-0,41	79.376,51	0,11	3.426.116,21	4,41
a) Deteriorations and losses	-258.895,24	-0,41	-4.623,03	-0,01	-573.883,79	-0,74
b) Results for disposals and others	-1.334,37	0,00	83.999,54	0,11	4.000.000,00	5,15
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	77.367,32	0,12	5.906.026,83	8,05	3.708.884,47	4,78
A.3) RESULT BEFORE TAXES (A.1 + A.2)	-4.795.908,44	-7,50	6.177.703,31	8,42	5.902.306,29	7,60
20. Taxes on profits	1.426.024,91	2,23	-54.415,85	-0,07	-248.967,69	-0,32
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	-3.369.883,53	-5,27	6.123.287,46	8,34	5.653.338,60	7,28
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations
A.5) EXERCISE RESULT (A.4 + 21)	-3.369.883,53	-5,27	6.123.287,46	8,34	5.653.338,60	7,28

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/2)	31/12/2012 (12)	31/12/2011 (12)	31/12/2010 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	-3.369.883,53	6.123.287,46	5.653.338,60
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments
II. Cash flow coverage
III. Received legacies, grants and subventions
IV. For actuarial profits and losses and other adjustments
V. Non-current assets and related liabilities, maintained for sale
VI. Conversion differences
VII. Tax effect
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage
X. Received legacies, grants and subventions
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	-3.369.883,53	6.123.287,46	5.653.338,60

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /2)	AUTHORIZED CAPITAL	RESERVES	EXERCISE RESULT	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	858.004,88	30.920.190,16	260.083,97	32.038.279,01
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)		-678.637,63	-703.666,96	-1.382.304,59
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	858.004,88	30.241.552,53	-443.582,99	30.655.974,42
I. Total recognized income and expenses			5.653.338,60	5.653.338,60
II. Operations with partners or owners
III. Other net worth variations		-443.582,99	443.582,99
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	858.004,88	29.797.969,54	5.628.903,14	36.284.877,56
I. Adjustments by change of criteria in the exercise (2010)
II. Adjustments by errors in the exercise (2010)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)	858.004,88	29.797.969,54	5.628.903,14	36.284.877,56
I. Total recognized income and expenses			6.123.287,46	6.123.287,46
II. Operations with partners or owners
III. Other net worth variations		5.628.903,15	-5.628.903,14	0,01
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	858.004,88	34.619.886,19	6.123.287,46	41.601.178,53
I. Adjustments by change of criteria in the exercise (2011)
II. Adjustments by errors in the exercise (2011)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)	858.004,88	34.619.886,19	6.123.287,46	41.601.178,53
I. Total recognized income and expenses			-3.369.883,53	-3.369.883,53
II. Operations with partners or owners
III. Other net worth variations		6.123.287,45	-6.123.287,46	-0,01
FINAL ACCOUNT BALANCE OF EXERCISE (2012)	858.004,88	40.743.173,64	-3.369.883,53	38.231.294,99

CASH FLOW STATUS

Figures given in €

	31/12/2012 (12)	31/12/2011 (12)	31/12/2010 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	-4.795.908,44	6.177.703,31	5.902.306,29
2. Results adjustments	907.862,72	-4.961.410,10	1.135.562,49
a) Amortization of fixed assets (+)	898.246,64	859.882,81	844.446,96
b) Value correction for deterioration (+/-)	340.509,89	5.357,41	573.883,79
e) Results for decline and disposal of fixed assets (+/-)	6.703,12
g) Financial income (-)	-482.540,80	-227.614,93	-44.576,86
f) Financial expenses (+)	339.311,42	321.033,50	252.845,16
i) Change difference (+/-)	-194.367,55	29.931,11	-491.036,56
k) Other income and expenses (-/+)		-5.950.000,00
3. Changes in current capital	2.110.522,05	12.179.661,56	3.799.953,57
a) Stocks (+/-)	4.066.700,14	-1.154.087,59	2.625.547,49
b) Debtors and other receivable accounts (+/-)	-1.512.459,14	19.298.231,38	182.436,03
c) Other current assets (+/-)	-2.885.089,04	-5.117.610,50	926.252,56
d) Creditors and other payable accounts (+/-)	4.853.908,56	-418.101,56	65.717,49
e) Other current liabilities (+/-)	-659.629,31	-429.042,78
f) Other non-current assets and liabilities (+/-)	-1.752.909,16	272,61
4. Other cash flow coming from operating activities	143.229,37	5.772.581,89	-208.268,30
a) Interests payments (-)	-339.311,43	-321.033,50	-252.845,16
b) Dividends collections (+)		5.950.000,00
c) Interests collections (+)	482.540,80	227.614,93	44.576,86
e) Other payments (collections) (-/+)		-83.999,54
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	-1.634.294,30	19.168.536,66	10.629.554,05
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-1.052.528,03	-23.966.061,30	-3.528.624,65
a) Group and associated companies		-19.066.426,15	-3.074.378,40
b) Intangible assets	-64.313,07		-4.000,00
c) Tangible assets	-988.214,96	-4.899.635,15	-450.246,25
7. Disinvestment collections (+)	2.400,00	144.100,75	846,70
a) Group and associated companies	2.400,00	144.100,75
e) Other financial assets			846,70
8. Cash Flow in investment activities (6 + 7)	-1.050.128,03	-23.821.960,55	-3.527.777,95
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments
10. Financial liabilities instruments collections and payments	2.147.682,39	4.304.341,49	-6.644.924,71
a) Issue	2.147.682,39	4.454.341,49	150.000,00
2. Debts with bank entities (+)	1.687.682,39	4.454.341,49
3. Debts with group and associated companies (+)	460.000,00
5. Other debts (+)			150.000,00
b) Return and amortization of		-150.000,00	-6.794.924,71
2. Debts with bank entities (-)			-1.826.261,64
3. Debts with group and associated companies (-)			-4.968.663,07
5. Other debts (-)		-150.000,00
11. Payments for dividends and remunerations of other net worth instruments
12. Cash Flow in financing activities (9 + 10 + 11)	2.147.682,39	4.304.341,49	-6.644.924,71
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	-536.739,94	-349.082,40	456.851,39
Cash or equivalents at the beginning of the exercise	688.424,50	1.038.241,28	581.389,89
Cash or equivalents at the end of the exercise	151.684,56	688.424,50	1.038.241,28

RATIOS

	31/12/2012 (12)	CHANGE %	31/12/2011 (12)	CHANGE %	31/12/2010 (12)
BALANCE RATIOS
Working Capital (€)	1.517.966,92	-83,05	8.955.378,42	-60,49	22.667.165,16
Working capital ratio	0,02	-83,33	0,12	-65,71	0,35
Soundness Ratio	0,92	-16,36	1,10	-55,65	2,48
Average Collection Period (days)	73	29,11	57	-60,30	143
Average Payment Period (days)	149	26,30	118	3,81	113
LIQUIDITY RATIOS
Current Ratio (%)	104,46	-21,26	132,66	-27,78	183,69
Quick Ratio (%)	0,44	-82,07	2,51	-34,46	3,83
DEBT RATIOS
Borrowing percentage (%)	17,45	9,27	15,97	31,66	12,13
External Financing Average Cost	0,02	0,00	0,03	0,00	0,03
Debt Service Coverage	-8,22	-1.425,81	0,62	-16,22	0,74
Interest Coverage	-14,36	-1.789,41	0,85	-90,21	8,68
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-2,56	-109,80	26,11	90,72	13,69
Auto financing generated by Assets (%)	-2,12	-108,29	25,58	54,94	16,51
Breakdown Point	0,93	-7,00	1,00	-2,91	1,03
Average Sales Volume per Employee	1.637.901,22	-8,70	1.793.904,31	-1,86	1.827.819,09
Average Cost per Employee	72.801,16	3,12	70.600,61	0,72	70.095,43
Assets Turnover	0,83	-15,31	0,98	-19,01	1,21
Inventory Turnover (days)	72	-22,09	93	12,66	82
RESULTS RATIOS
Return on Assets (ROA) (%)	-6,33	-1.858,33	0,36	-89,44	3,41
Operating Profitability (%)	-5,18	-442,38	1,51	-68,01	4,72
Return on Equity (ROE) (%)	-12,54	-186,07	14,57	-10,39	16,26

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2012)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	53,75	56,72	-2,97
A) CURRENT ASSETS	46,25	43,28	2,97
LIABILITIES
A) NET WORTH	49,69	47,47	2,22
B) NON CURRENT LIABILITIES	6,03	11,98	-5,95
C) CURRENT LIABILITIES	44,28	40,55	3,73

Results Analytical Account

Figures given in  %

	COMPANY (2012)	SECTOR	DIFFERENCE
Net Turnover	99,95	97,55	2,40
Other operating income	0,05	2,45	-2,40
OPERATING INCOME	100,00	100,00	0,00
Supplies	-92,53	-63,30	-29,23
Variation in stocks of finished goods and work in progress		-0,04
GROSS MARGIN	7,47	36,65	-29,18
Other operating costs	-9,28	-14,45	5,17
Labour cost	-4,44	-5,57	1,13
GROSS OPERATING RESULT	-6,25	16,63	-22,88
Amortization of fixed assets	-1,41	-1,38	-0,03
Deterioration and result for fixed assets disposal	-0,01	-0,04	0,03
Other expenses / income		0,04
NET OPERATING RESULT	-7,63	15,25	-22,88
Financial result	0,12	1,34	-1,22
RESULT BEFORE TAX	-7,50	16,59	-24,09
Taxes on profits	2,23	-2,06	4,29
RESULT COMING FROM CONTINUED OPERATIONS	-5,27	14,53	-19,80
Exercise result coming from discontinued operations net of taxes		0,00
NET RESULT	-5,27	14,53	-19,80
Amortization of fixed assets	-1,41	-1,38	-0,03
Deterioration and provisions variation	-0,13	-0,17	0,04
	-3,74	16,08	-19,82

Main Ratios

Figures given in €

	COMPANY (2012)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	1.517.966,92	-121.048,00	11.773.159,57	27.187.442,75
Working capital ratio	0,02	0,01	0,20	0,33
Soundness Ratio	0,92	0,85	1,50	3,03
Average Collection Period (days)	73	34	62	100
Average Payment Period (days)	149	59	111	175
LIQUIDITY RATIOS
Current Ratio (%)	104,46	100,81	145,27	189,22
Quick Ratio (%)	0,44	2,48	7,34	50,68
DEBT RATIOS
Borrowing percentage (%)	17,45	6,15	20,90	30,01
External Financing Average Cost	0,02	0,01	0,02	0,06
Debt Service Coverage	-8,22	0,07	1,72	5,11
Interest Coverage	-14,36	0,58	11,32	150,51
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	-2,56	0,84	4,29	10,60
Auto financing generated by Assets (%)	-2,12	0,98	7,94	15,34
Breakdown Point	0,93	1,00	1,04	1,14
Average Sales Volume per Employee	1.637.901,22	174.929,94	412.261,85	757.963,74
Average Cost per Employee	72.801,16	17.807,07	29.493,26	36.605,13
Assets Turnover	0,83	1,04	1,48	2,00
Inventory Turnover (days)	72	39	66	130
RESULTS RATIOS
Return on Assets (ROA) (%)	-6,33	-0,07	7,42	15,82
Operating Profitability (%)	-5,18	1,19	9,63	17,51
Return on Equity (ROE) (%)	-12,54	1,36	15,41	42,25

ADDITIONAL INFORMATION

Consulted Sources

Central Mercantile Register

Mercantile Registrars

Chamber of Commerce / Camerdata

Tax Administration / VIES Consultation

Tax Administration / Consultation by NIF

BOP

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

PDT

RATING EXPLANATIONS

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

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

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

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

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