MIRA INFORM REPORT

Report Date :

08.04.2014

IDENTIFICATION DETAILS

Name :	HIDROFERSA FABRICA DE CHAVIN SL

Registered Office :	Calle Chavin Calvoso, 10, 27850 de Vivero in Lugo.

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	01.05.1984

Legal Form :	Private Company

Line of Business :	Subject is engaged in manufacturing of machinery, such as installations and equipment for gas and oil industries, marine platforms, construction

No. of Employees	30

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 :	No complaints
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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Spain

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

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:

HIDROFERSA FABRICA DE CHAVIN SL

NIF / Fiscal code:

B27020189

Trade Name

HIDROFERSA

Status:

ACTIVE

Incorporation Date:

01/05/1984

Register Data

Last Publication in BORME:

04/07/2013 [Revocations]

Last Published Account Deposit:

2012

Share Capital:

1.537.017

Localization:

AD CHAVIN - VIVEIRO - 27850 - LUGO

Telephone - Fax - Email - Website:

Ph.:. 982598901 Email. hidrofersa@hidrofersa.com Website. www.hidrofersa.com

Activity:

NACE:

3011 - Building of ships and floating structures

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

1 for a total cost of 0

Subsidies:

6 for a total cost of 195298.71999999997

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ENGRANAJES Y TRATAMIENTOS SL

19.52 %

Identification

Social Denomination:

HIDROFERSA FABRICA DE CHAVIN SL

Trade Name:

HIDROFERSA

NIF / Fiscal code:

B27020189

Corporate Status:

ACTIVE

Start of activity:

1984

Registered Office:

AD CHAVIN

Locality:

VIVEIRO

Province:

LUGO

Postal Code:

27850

Telephone:

982598901

Fax:

982598320

Website:

www.hidrofersa.com

Email:

hidrofersa@hidrofersa.com

Activity

NACE:

3011

Additional Information:

The subject is an old familiar company which is engaged in manufacturing of machinery, such as installations and equipment for gas and oil industries, marine platforms, construction...

Additional Address:

It has offices in its registered office located in Calle Chavin Calvoso, 10, 27850 de Vivero in Lugo.

Franchise:

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Accounts deposit (ejer. 1990)

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Other Concepts/ Events (1)

1993

Accounts deposit (ejer. 1992)

1994

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

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2001)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (1) Increase of Capital (2) Other Concepts/ Events (1)

2006

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

2007

Accounts deposit (ejer. 2006) Other Concepts/ Events (1)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Company Transformation (1) Increase of Capital (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2010)

2012

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

2013

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

Breakdown of Owners' Equity

Registered Capital:

1.537.017

Paid up capital:

1.537.017

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

04/06/2005

Increase of Capital

192.477

336.720

04/06/2005

Increase of Capital

900.238

1.236.958

12/11/2008

Increase of Capital

300.059

1.537.017

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

MONSERRAT FERNANDEZ CAO

21/10/2009

VICE CHAIRMAN

CATALINA FERNANDEZ CAO

21/10/2009

MEMBER OF THE BOARD

MARIA JOSE FERNANDEZ CAO

28/10/2008

XESGALICIA SGECR SA

28/10/2008

MONTSERRAT FERNANDEZ CAO

28/10/2008

ALFREDO RODRIGUEZ ERGO

20/12/2001

COMBINED PROXY

FERNANDEZ CAO MARIA LUCIA

18/07/2012

RODRIGUEZ REGO ALFREDO

18/07/2012

RODRIGUEZ FREIRE MANUEL

21/10/2009

SECRETARY

FERNANDEZ CAO MARIA LUCIA

21/10/2009

MEMBER OF THE EXECUTIVE COMM.

ALFREDO RODRIGUEZ ERGO

20/12/2001

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ALFREDO RODRIGUEZ ERGO

SECRETARY

08/06/2006

ARAGON ESPALLARGAS SERGIO

COMBINED PROXY

25/06/2013

CATALINA FERNANDEZ CAO

MEMBER OF THE BOARD

08/06/2006

MEMBER OF THE BOARD

21/10/2009

MEMBER OF THE BOARD

28/10/2008

FERNANDEZ ALVAREZ JOSE

SINGLE ADMINISTRATOR

25/03/1997

SINGLE ADMINISTRATOR

20/12/2001

FERNANDEZ CAO MARIA LUCIA

MEMBER OF THE BOARD

08/06/2006

PROXY

21/10/2009

COMBINED PROXY

18/07/2012

MEMBER OF THE EXECUTIVE COMM.

28/10/2008

MEMBER OF THE BOARD

28/10/2008

MEMBER OF THE BOARD

21/10/2009

MEMBER OF THE EXECUTIVE COMM.

21/10/2009

MEMBER OF THE EXECUTIVE COMM.

08/06/2006

MANUEL GARCIA BUEY

MEMBER OF THE BOARD

08/06/2006

PRESIDENT

08/06/2006

PRESIDENT

28/10/2008

MEMBER OF THE BOARD

28/10/2008

MEMBER OF THE BOARD

21/10/2009

PRESIDENT

21/10/2009

MARIA JOSE FERNANDEZ CAO

MEMBER OF THE BOARD

28/10/2008

MEMBER OF THE BOARD

08/06/2006

MONTSERRAT FERNANDEZ CAO

MEMBER OF THE BOARD

08/06/2006

MEMBER OF THE BOARD

28/10/2008

RODRIGUEZ FREIRE MANUEL

VICE CHAIRMAN

28/10/2008

MEMBER OF THE EXECUTIVE COMM.

28/10/2008

MEMBER OF THE EXECUTIVE COMM.

21/10/2009

VICE CHAIRMAN

21/10/2009

MEMBER OF THE BOARD

21/10/2009

MEMBER OF THE BOARD

08/06/2006

MEMBER OF THE BOARD

28/10/2008

MEMBER OF THE EXECUTIVE COMM.

08/06/2006

VICE CHAIRMAN

08/06/2006

RODRIGUEZ REGO ALFREDO

COMBINED PROXY

18/07/2012

MEMBER OF THE BOARD

21/10/2009

SECRETARY

21/10/2009

MEMBER OF THE EXECUTIVE COMM.

21/10/2009

SECRETARY

08/06/2006

MEMBER OF THE EXECUTIVE COMM.

08/06/2006

MEMBER OF THE EXECUTIVE COMM.

28/10/2008

SECRETARY

28/10/2008

MEMBER OF THE BOARD

08/06/2006

MEMBER OF THE BOARD

28/10/2008

SENRA GONZALEZ JOSE LUIS

MEMBER OF THE BOARD

08/06/2006

MEMBER OF THE EXECUTIVE COMM.

08/06/2006

MEMBER OF THE EXECUTIVE COMM.

28/10/2008

MEMBER OF THE BOARD

28/10/2008

XESGALICIA SGECR SA

MEMBER OF THE BOARD

28/10/2008

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JESUS DIAZ GARCIA

MANAGING DIRECTOR

CARLOS GARAVATO GANDARA

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.

{POSITIVO}Adequate level of financial autonomy. The financial autonomy of the entity represents the 38.32 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.{/POSITIVO}

The current debt represents a 32.25of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

HIDROFERSA FABRICA DE CHAVIN SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

Immediate solvency is significantly lower than that of the previous fiscal year.

HIDROFERSA FABRICA DE CHAVIN SL presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

No Company's subsidiaries or branches are known.

Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Among the companies with similar characteristics, HIDROFERSA FABRICA DE CHAVIN SL is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 1.281 %

> Latest Rating Changes :

Sector in which comparison is carried out :

301 Building of ships and boats

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 92.00% of the companies of the sector HIDROFERSA FABRICA DE CHAVIN SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 1.28%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Suppliers

Name

NIF

Telephone

CORYMA SA

A27040096

902394955

MONTAJES TUBACER SL

B15832645

981353250

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ENGRANAJES Y TRATAMIENTOS SL

LUGO

19.52

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

MAZAGON DOCK, S.A.

SOLRED SA

MADRID

HAS IN ITS ADMINISTRATION BOARD TO

XESGALICIA SGECR SA

LA CORUÑA

Turnover

Total Sales 2012

2.208.573,66

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

October 2009

2007

Normales

June 2008

2006

Normales

May 2007

2005

Normales

April 2006

2004

Normales

May 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

July 2002

2000

Normales

August 2001

1999

Normales

September 2000

1998

Normales

July 1999

1997

Normales

July 1998

1996

Normales

August 1997

1995

Normales

August 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

August 1992

1990

Normales

July 1991

1989

Normales

July 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2012

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

1.724.328,00

1.860.335,00

2.002.599,00

2.179.863,00

2.324.980,00

I. Intangible fixed assets : 11100

332,00

2.019,00

3.706,00

5.112,00

0,00

II. Tangible fixed assets : 11200

1.719.488,00

1.803.595,00

1.894.826,00

2.025.483,00

2.168.613,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

4.508,00

4.547,00

4.723,00

VI. Assets for deferred tax : 11600

0,00

50.213,00

99.559,00

144.721,00

151.644,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.487.500,00

2.021.863,00

1.653.405,00

2.671.105,00

2.159.130,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

526.644,00

279.587,00

488.121,00

1.243.390,00

974.620,00

III. Trade debtors and others receivable accounts: 12300

1.695.970,00

928.076,00

490.457,00

1.013.156,00

1.159.334,00

1.- Customers for sales and provisions of services : 12380

1.563.516,00

918.353,00

475.243,00

1.011.265,00

1.138.244,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.563.516,00

918.353,00

475.243,00

1.011.265,00

1.138.244,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

132.455,00

9.723,00

15.214,00

1.891,00

21.090,00

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

0,00

V. Short-term financial investments : 12500

83.225,00

78.975,00

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

181.661,00

735.226,00

674.827,00

414.559,00

25.175,00

TOTAL ASSETS (A + B) : 10000

4.211.828,00

3.882.199,00

3.656.004,00

4.850.968,00

4.484.110,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

1.684.403,00

1.532.384,00

1.392.150,00

1.267.950,00

1.249.322,00

A1) Shareholders' equity : 21000

1.613.763,00

1.453.939,00

1.305.902,00

1.170.416,00

1.150.068,00

I. Capital: 21100

1.537.017,00

1.- Registered capital: 21110

1.537.017,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

42.467,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-125.544,00

-273.582,00

-409.068,00

-429.416,00

21.120,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

159.823,00

148.037,00

135.486,00

20.348,00

-450.536,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A2) Adjustments due to changes in value : 22000

0,00

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

70.640,00

78.444,00

86.248,00

97.534,00

99.255,00

B) NON-CURRENT LIABILITIES: 31000

1.169.129,00

1.260.639,00

1.403.077,00

1.680.350,00

743.532,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

1.145.581,00

1.234.490,00

1.374.327,00

1.648.999,00

706.979,00

1.- Amounts owed to credit institutions: 31220

1.118.877,00

1.234.490,00

1.374.327,00

1.648.999,00

706.979,00

2.- Creditors from financial leasing : 31230

26.704,00

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

23.548,00

26.149,00

28.750,00

31.351,00

36.553,00

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

1.358.297,00

1.089.176,00

860.777,00

1.902.668,00

2.491.256,00

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

0,00

II. Short-term provisions: 32200

226.782,00

163.135,00

0,00

III. Short-term creditors : 32300

455.970,00

358.572,00

336.435,00

442.245,00

911.084,00

1.- Amounts owed to credit institutions: 32320

445.586,00

368.983,00

394.256,00

215.265,00

951.499,00

2.- Creditors from financial leasing : 32330

12.300,00

0,00

4.000,00

0,00

3.- Other short-term creditors : 32390

-1.916,00

-10.411,00

-57.821,00

222.980,00

-40.415,00

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

0,00

V. Trade creditors and other accounts payable: 32500

675.544,00

567.469,00

524.342,00

1.460.423,00

1.580.172,00

1.- Suppliers: 32580

375.050,00

316.202,00

358.741,00

730.561,00

1.104.788,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

375.050,00

316.202,00

358.741,00

730.561,00

1.104.788,00

2.- Other creditors : 32590

300.494,00

251.267,00

165.602,00

729.863,00

475.384,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

4.211.828,00

3.882.199,00

3.656.004,00

4.850.968,00

4.484.110,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

2.208.574,00

2.632.654,00

2.913.474,00

1.998.825,00

1.611.387,00

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

256.811,00

-188.365,00

-692.138,00

312.453,00

288.353,00

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

0,00

4. Supplies : 40400

-692.169,00

-890.102,00

-825.835,00

-1.046.477,00

-1.012.674,00

5. Other operating income: 40500

135.176,00

147.106,00

74.010,00

91.105,00

127.327,00

6. Personnel costs: 40600

-932.199,00

-815.026,00

-801.347,00

-783.924,00

-944.778,00

7. Other operating costs: 40700

-548.495,00

-338.571,00

-304.889,00

-335.947,00

-390.719,00

8. Amortisation of fixed assets: 40800

-141.755,00

-146.564,00

-143.834,00

-147.409,00

-149.763,00

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

10.405,00

0,00

10. Excess provisions : 41000

0,00

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

0,00

-2.532,00

30,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-3.073,00

-118.018,00

21.566,00

64.557,00

-180,00

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

293.276,00

283.116,00

241.007,00

150.651,00

-471.017,00

14. Financial income : 41400

7.779,00

6.290,00

13.459,00

8.651,00

1,00

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

0,00

b) Other financial income: 41490

7.779,00

6.290,00

13.459,00

8.651,00

1,00

15. Financial expenditure: 41500

-88.910,00

-92.023,00

-73.645,00

-132.138,00

-129.475,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-4,00

0,00

-173,00

-32,00

22,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-81.135,00

-85.732,00

-60.359,00

-123.520,00

-129.452,00

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

212.141,00

197.383,00

180.648,00

27.131,00

-600.469,00

20. Income taxes: 41900

-52.318,00

-49.346,00

-45.162,00

-6.783,00

149.933,00

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

159.823,00

148.037,00

135.486,00

20.348,00

-450.536,00

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

1.724.328,00

1.810.122,00

1.903.040,00

2.035.142,00

2.173.336,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

332,00

2.019,00

3.706,00

5.112,00

0,00

III. Tangible fixed assets:

1.719.488,00

1.803.595,00

1.894.826,00

2.025.483,00

2.168.613,00

IV. Financial investments:

4.508,00

4.547,00

4.723,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.487.500,00

2.072.077,00

1.752.964,00

2.815.826,00

2.310.775,00

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

0,00

II. Stocks:

526.644,00

279.587,00

488.121,00

1.243.390,00

974.620,00

III. Debtors:

1.695.970,00

978.289,00

590.016,00

1.157.877,00

1.310.979,00

IV. Short-term investments:

83.225,00

78.975,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

181.661,00

735.226,00

674.827,00

414.559,00

25.175,00

VII. Prepayments and accrued income:

0,00

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

4.211.828,00

3.882.199,00

3.656.004,00

4.850.968,00

4.484.110,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

1.613.763,00

1.453.939,00

1.305.902,00

1.170.416,00

1.150.068,00

I. Subscribed capital:

1.537.017,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

42.467,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

42.467,00

V. Profit or loss brought forward:

-125.544,00

-273.582,00

-409.068,00

-429.416,00

21.120,00

VI. Profit or loss for the financial year:

159.823,00

148.037,00

135.486,00

20.348,00

-450.536,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

70.640,00

78.444,00

86.248,00

97.534,00

99.255,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

1.169.129,00

1.260.639,00

1.403.077,00

1.680.350,00

743.532,00

E) SHORT TERM CREDITORS:

1.131.514,00

926.041,00

860.777,00

1.902.668,00

2.491.256,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

226.782,00

163.135,00

0,00

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

4.211.828,00

3.882.199,00

3.656.004,00

4.850.968,00

4.484.110,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

2.202.111,00

2.638.013,00

2.887.023,00

2.142.789,00

2.189.302,00

A.1. Operating consumption:

435.358,00

1.078.466,00

1.517.973,00

734.024,00

724.321,00

A.2. Staff Costs:

932.199,00

815.026,00

801.347,00

783.924,00

944.778,00

a) Wages, salaries et al.:

709.437,00

620.264,00

609.853,00

596.594,00

719.009,00

b) Social security costs:

222.762,00

194.762,00

191.493,00

187.330,00

225.768,00

A.3. Depreciation expense:

141.755,00

146.564,00

143.834,00

147.409,00

149.763,00

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

0,00

A.5. Other operating charges:

548.495,00

338.571,00

304.889,00

335.947,00

390.719,00

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

285.944,00

401.134,00

219.442,00

88.626,00

0,00

A.6. Financial and similar charges:

88.910,00

92.023,00

73.645,00

132.138,00

129.475,00

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:

88.910,00

92.023,00

73.645,00

132.138,00

129.475,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

4,00

0,00

173,00

32,00

0,00

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):

204.809,00

315.401,00

159.082,00

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

2.532,00

0,00

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

0,00

A.12. Extraordinary expenses:

3.073,00

118.018,00

0,00

180,00

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):

7.332,00

0,00

21.566,00

62.025,00

0,00

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

212.141,00

197.383,00

180.648,00

27.131,00

0,00

A.14. Corporation Tax:

52.318,00

49.346,00

45.162,00

6.783,00

-149.933,00

A.15. Miscellaneous taxes:

0,00

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

159.823,00

148.037,00

135.486,00

20.348,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

2.361.934,00

2.786.051,00

3.022.509,00

2.163.137,00

1.738.766,00

B.1. Operating income:

2.343.750,00

2.779.760,00

2.987.484,00

2.089.930,00

1.738.714,00

a) Net total sales:

2.208.574,00

2.632.654,00

2.913.474,00

1.998.825,00

1.611.387,00

b) Miscellaneous operating income:

135.176,00

147.106,00

74.010,00

91.105,00

127.327,00

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

0,00

470.867,00

B.2. Financial income:

7.779,00

6.290,00

13.459,00

8.651,00

1,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

7.779,00

6.290,00

13.459,00

8.651,00

1,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

22,00

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

81.135,00

85.732,00

60.359,00

123.520,00

129.452,00

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

0,00

34.894,00

600.319,00

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

0,00

30,00

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

0,00

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

10.405,00

0,00

B.7. Extraordinary income:

0,00

21.566,00

64.557,00

0,00

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

0,00

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

0,00

118.018,00

0,00

150,00

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

0,00

600.469,00

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

0,00

450.536,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

212.141,00

197.383,00

180.648,00

27.131,00

-600.469,00

2. Results adjustments.: 61200

286.532,00

395.431,00

204.021,00

270.897,00

279.237,00

a) Fixed Assets Amortization (+).: 61201

141.755,00

146.564,00

143.834,00

147.409,00

149.763,00

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

63.647,00

163.135,00

0,00

g) Financial income (-).: 61207

-7.779,00

-6.290,00

-13.459,00

-8.651,00

-1,00

h) Financial Expenses (+). : 61208

88.910,00

92.023,00

73.645,00

132.138,00

129.475,00

3. Changes in current capital equity.: 61300

-963.445,00

-314.279,00

296.725,00

-249.122,00

339.858,00

a) Stock (+/-).: 61301

-247.057,00

208.534,00

755.269,00

-268.769,00

-326.346,00

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

-767.895,00

-437.619,00

522.699,00

146.179,00

621.576,00

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

-4.250,00

-78.975,00

0,00

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

55.758,00

-6.219,00

-981.243,00

-126.531,00

44.628,00

4. Other cash flows for operating activities.: 61400

-81.131,00

-85.732,00

-60.186,00

-123.488,00

-129.474,00

a) Interest payments (-). : 61401

-88.910,00

-92.023,00

-73.645,00

-132.138,00

-129.475,00

c) Interest collection (+). : 61403

7.779,00

6.290,00

13.459,00

8.651,00

1,00

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

-545.902,00

192.804,00

621.207,00

-74.582,00

-110.848,00

6. Payments for investment (-).: 62100

0,00

-5.112,00

-338.889,00

b) Intangible fixed assets. : 62102

0,00

-5.112,00

0,00

c) Fixed assets. : 62103

0,00

-182.737,00

e) Other financial assets. : 62105

0,00

-4.508,00

h) Other assets. : 62108

0,00

-151.644,00

7. Divestment payment collection (+). : 62200

136.007,00

142.264,00

177.264,00

150.229,00

0,00

b) Intangible fixed assets. : 62202

1.687,00

1.406,00

0,00

c) Fixed assets. : 62203

84.107,00

91.231,00

130.657,00

143.130,00

0,00

e) Other financial assets. : 62205

0,00

39,00

176,00

0,00

h) Other assets. : 62208

50.213,00

49.346,00

45.162,00

6.923,00

0,00

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

-5.747,00

-4.300,00

33.430,00

-2.292,00

-488.653,00

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

-7.804,00

-11.286,00

-1.720,00

302.147,00

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

0,00

301.586,00

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

-7.804,00

-11.286,00

-1.720,00

561,00

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

5.888,00

-120.301,00

-383.083,00

467.978,00

321.055,00

a) Issuance : 63201

124.102,00

47.411,00

178.991,00

1.209.414,00

395.431,00

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

76.603,00

0,00

178.991,00

942.020,00

392.738,00

4. Special characteristic debts (+). : 63205

39.005,00

0,00

4.000,00

0,00

5. Other debts (+). : 63206

8.495,00

47.411,00

0,00

263.395,00

2.693,00

b) Repayment and amortization of : 63207

-118.214,00

-167.711,00

-562.074,00

-741.437,00

-74.376,00

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

-115.613,00

-165.110,00

-274.672,00

-736.234,00

-63.410,00

4. Special characteristic debts (-). : 63211

0,00

-4.000,00

0,00

5. Other debts (-). : 63212

-2.601,00

-283.403,00

-5.202,00

-10.966,00

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

0,00

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

-1.916,00

-128.105,00

-394.369,00

466.258,00

623.202,00

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

-553.565,00

60.399,00

260.268,00

389.384,00

23.702,00

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

735.226,00

674.827,00

414.559,00

25.175,00

1.474,00

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

181.661,00

735.226,00

674.827,00

414.559,00

25.175,00

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:

-0,25 %

0,02 %

0,14 %

-1.192,51 %

-86,08 %

EBITDA over Sales:

19,37 %

-0,48 %

20,80 %

5,98 %

-6,92 %

-107,96 %

Cash Flow Yield:

-0,13 %

0,00 %

0,02 %

0,03 %

-944,78 %

-86,85 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

7,19 %

-3,34 %

10,56 %

0,35 %

-31,95 %

-1.058,79 %

Total economic profitability:

7,15 %

-1,88 %

7,45 %

-0,19 %

-4,12 %

-896,91 %

Financial profitability:

9,90 %

-6,60 %

10,18 %

-3,85 %

-2,73 %

-71,70 %

Margin:

12,64 %

-6,54 %

14,43 %

0,70 %

-12,38 %

-1.028,73 %

Mark-up:

9,18 %

-14,19 %

11,35 %

-6,92 %

-19,07 %

-105,11 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,16

0,79

0,13

-79,78

17,36

Acid Test:

1,73

0,87

1,88

0,84

-7,89

2,76

Working Capital / Investment:

0,27

0,08

0,24

0,11

11,59

-24,08

Solvency:

2,20

1,44

2,24

1,50

-1,75

-3,88

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,37

1,05

1,43

1,32

-4,28

-20,20

Borrowing Composition:

1,03

1,19

1,36

1,24

-24,10

-4,18

Repayment Ability:

-4,16

114,98

36,20

16,79

-111,48

584,68

Warranty:

1,83

1,96

1,78

1,76

3,12

11,09

Generated resources / Total creditors:

0,13

-0,01

0,13

0,01

-2,70

-193,36

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,46

0,98

1,67

1,27

-12,75

-23,07

Turnover of Collection Rights :

1,38

3,46

3,00

3,45

-53,86

0,38

Turnover of Payment Entitlements:

2,22

2,41

1,83

2,24

20,92

7,44

Stock rotation:

3,91

2,20

8,51

1,72

-54,07

27,87

Assets turnover:

0,57

0,51

0,73

0,49

-22,34

3,24

Borrowing Cost:

3,86

2,82

4,21

2,81

-8,17

0,14

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

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

-0,25 %

0,02 %

0,09 %

19,48 %

1,47 %

EBITDA over Sales:

19,37 %

20,80 %

12,47 %

11,81 %

-19,93 %

Cash Flow Yield:

-0,13 %

0,02 %

0,07 %

8,03 %

0,53 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

7,19 %

10,56 %

6,01 %

1,78 %

-10,51 %

Total economic profitability:

7,15 %

7,45 %

6,96 %

3,28 %

-10,50 %

Financial profitability:

9,90 %

10,18 %

10,37 %

1,74 %

-39,17 %

Margin:

12,64 %

14,43 %

7,35 %

4,12 %

-27,08 %

Mark-up:

9,18 %

11,35 %

5,32 %

-1,79 %

-7,43 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,16

0,79

0,78

0,22

0,01

Acid Test:

1,73

1,88

1,35

0,75

0,48

Working Capital / Investment:

0,27

0,24

0,22

0,16

-0,04

Solvency:

2,20

2,24

2,04

1,48

0,93

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,37

1,43

1,63

2,83

2,59

Borrowing Composition:

1,03

1,36

1,63

0,88

0,30

Repayment Ability:

-4,16

36,20

8,70

12,02

-6,89

Warranty:

1,83

1,78

1,61

1,35

1,39

Generated resources / Total creditors:

0,13

0,12

0,05

-0,09

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,46

1,67

1,45

1,30

0,66

Turnover of Collection Rights :

1,38

3,00

6,09

2,06

1,50

Turnover of Payment Entitlements:

2,22

1,83

0,84

1,16

1,07

Stock rotation:

3,91

8,51

5,67

1,61

2,27

Assets turnover:

0,57

0,73

0,82

0,43

0,39

Borrowing Cost:

3,86

4,21

3,25

3,69

4,00

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

Organisation that calls the tender:

ARSENAL MILITAR DE CARTAGENA

Objective of Tender:

MANTENIMIENTOS PREVENTIVOS Y CORRECTIVOS EN LOS CAZAMINAS DE LA CLASE SEGURA DURANTE EL 2º SEMESTRE 2001 Y PRIMER SEMESTRE 2002

Date Awarded:

30/07/2001

Cost:

LOTE 2, AÑO 2001, 1.430.000 PTAS Y AÑO 2002, 1.430.000 PTAS; LOTE 3, AÑO 2001, 3.200.000 PTAS Y AÑO 2002, 3.200.000 PTAS; LOTE 4, AÑO 2001, 1.600.000 PTAS Y AÑO 2002, 1.600.000 PTAS, EXENTOS DE IVA

Detail of Subsidies appearing in Balances Memories

Entity

CONSELLERIA DE ECONOMÍA E INDUSTRIA

Status

CONCEDIDA

Project

TITERE

Amount Granted

91.160,36

Entity

CONSELLERIA DE ECONOMÍA E INDUSTRIA

Status

CONCEDIDA

Project

COROA

Amount Granted

23.824,00

Entity

CONSELLERIA DE ECONOMÍA E INDUSTRIA

Status

CONCEDIDA

Project

CASECONTROL

Amount Granted

16.275,19

Entity

XUNTA DE GALICIA

Status

CONCEDIDA

Amount Granted

3.916,80

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Status

CONCEDIDA

Amount Granted

49.022,34

Entity

CONSELLERIA DE ECONOMIA E INDUSTRIA

Status

CONCEDIDA

Amount Granted

11.100,03

Research Summary

Sources

Registry of Commerce''s Official Gazette. Own and external data bases Company References Investigación

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Analysis Done by :	SUB

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

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit