MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	TRADEBE SOCIEDAD ANONIMA

Registered Office :	C/ Punta Sollana, 12., Zierbena, Vizcaya, 48508

Country :	Spain

Financials (as on) :	31.12.2011

Date of Incorporation :	03.03.1986

Legal Form :	Public Limited Company

Line of Business :	Collection and integral treatment of waste of Marpol (marine pollution) and used oils with industrial origin.

No. of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	1.215.000 EURO
Status :	Satisfactory
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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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:

TRADEBE SOCIEDAD ANONIMA

NIF / Fiscal code:

A48192108

Trade Name

TRADEBE

Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Incorporation Date:

03/03/1986

Register Data

Last Publication in BORME:

19/12/2013 [Appointments]

Last Published Account Deposit:

2011

Share Capital:

402.630,88

Localization:

C/ PUNTA SOLLANA, 12. - ZIERBENA - 48508 - VIZCAYA

Telephone - Fax - Email - Website:

Ph.:. 944836726 Emailtra. info@debe.com Website. www.tradebe.com

Activity:

NACE:

3822 - Treatment and disposal of hazardous waste

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

2 for a total cost of 134364.43

Quality Certificate:

Rating and Risk:

Maximum recommended commercial credit:

1.215.000 EURO

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

GRUPO TRADEBE MEDIOAMBIENTE SL

100 %

Identification

Social Denomination:

TRADEBE SOCIEDAD ANONIMA

Trade Name:

TRADEBE

NIF / Fiscal code:

A48192108

Corporate Status:

ACTIVE WITH PARTIAL DIVISION OF CAPITAL

Start of activity:

1986

Registered Office:

C/ PUNTA SOLLANA, 12.

Locality:

ZIERBENA

Province:

VIZCAYA

Postal Code:

48508

Telephone:

944836726

Website:

www.tradebe.com

Email:

info@tradebe.com

Activity

NACE:

3822

Additional Information:

Collection and integral treatment of waste of Marpol (marine pollution) and used oils with industrial origin. It belongs to the group GRUPO TRADEBE In 13/01/2003 the subject was partially spun off in the company GRUPO TRADEBE MEDIOAMBIENTE SL

Additional Address:

Registered office, offices, recycling plant and other premises, all owned by the company, are located in C/ PUNTA SOLLANA, 12. , 48508 ZIERBENA (VIZCAYA).

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) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)

1991

Adaptation to Law (1) Appointments/ Re-elections (1) Increase of Capital (1)

1992

Accounts deposit (ejer. 1990, 1991) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1993

Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)

1994

Accounts deposit (ejer. 1992) Appointments/ Re-elections (1) Statutory Modifications (1)

1995

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

1996

Accounts deposit (ejer. 1995) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

1999

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

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Partial split (4) Statutory Modifications (1)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (1) Capital Reduction (1) Partial split (1)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2008

Accounts deposit (ejer. 2006, 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2009

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

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2011

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

2012

Accounts deposit (ejer. 2011) Cessations/ Resignations/ Reversals (2)

2013

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

402.630,88

Paid up capital:

402.630,88

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1173

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

09/02/1990

Increase of Capital

238.397

340.570

25/03/1991

Increase of Capital

1.021.721

255.430

1.362.290

596.000

09/06/1993

Capital Reduction

-1.157.946

204.344

14/10/1993

Increase of Capital

240.405

444.749

13/01/2003

Capital Reduction

-42.118

402.631

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

SECOND CODE SOCIEDAD LIMITADA

11/12/2013

COMBINED PROXY

ZALDUA RODRIGUEZ GACHS JOSE IGNACIO

14/01/2009

BORRELL PAPACEIT JORDI

14/01/2009

DIEZ QUINTANILLA ALBERTO

14/01/2009

GAZULLA PLANELLES ALEJANDRO

14/01/2009

JOINT ATTORNEY/COMBINED PROXY

PINEDA CALVO MIRIAM

14/01/2009

ALEX GAZULLA PLANELLAS

07/02/2003

BERNABE CRESPO ALONSO

07/02/2003

GRAVES SANCHEZ MIGUEL

07/02/2003

RUIZ FELTRER CARLOS

07/02/2003

PROXY

CREIXELL SUREDA JORDI

05/11/2013

NUÑEZ ZORRILLA CARLOS

25/03/2011

CASAÑAS BAIGET JOSE

21/06/2010

LLORENS MALUQUER BERNARDO

29/11/2006

CREIXELL SUREDA JOSE

13/03/1997

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AGUIRRE ALLENDE ANTONIO

PRESIDENT

03/11/1993

AGUIRRE ALLENDE JOSE ANTONIO

MEMBER OF THE BOARD

19/02/1990

PROXY

22/10/1990

PROXY

30/10/1990

VICE CHAIRMAN

01/12/1992

VICE CHAIRMAN

04/12/1995

MEMBER OF THE BOARD

04/12/1995

CHIEF EXECUTIVE OFFICER

04/12/1995

MEMBER OF THE BOARD

23/05/2000

PROXY

11/01/2012

ADMINISTRATOR

09/02/1990

AYESTARAN PICABEA ANTONIO

ADMINISTRATOR

09/02/1990

BACHRACH ERNEST

MEMBER

03/11/1993

MEMBER OF THE BOARD

13/03/1997

MEMBER OF THE BOARD

17/06/2002

BAYABO SARRATE ALFREDO

SECRETARY

30/10/1990

BAYANO SARRATE ALFREDO

MEMBER OF THE BOARD

19/02/1990

MEMBER OF THE BOARD

01/12/1992

BROWN DOUGLAS

MEMBER OF THE BOARD

17/06/2002

MEMBER

03/11/1993

MEMBER OF THE BOARD

16/12/1996

CHAVES SANCHEZ MIGUEL

MEMBER OF THE BOARD

14/10/1993

CHAVOS SANCHEZ MIGUEL ANGEL

MEMBER

14/10/1993

CREIXELL SUREDA JORDI

PROXY

05/11/2013

NON CONSELLOR SECRETARY

17/06/2002

PROXY

04/05/2009

CREIXELL SUREDA JOSE

MEMBER OF THE BOARD

14/10/1993

MEMBER

14/10/1993

MEMBER OF THE BOARD

19/02/1990

MEMBER OF THE BOARD

30/07/2008

CHIEF EXECUTIVE OFFICER

30/07/2008

PRESIDENT

23/05/2000

MEMBER OF THE BOARD

23/05/2000

PRESIDENT

17/06/2002

CREIXELL SURERA JORDI

SECRETARY

17/06/2002

SECRETARY

30/07/2008

CREIXELL SURERA JOSE

MEMBER OF THE BOARD

17/06/2002

CHIEF EXECUTIVE OFFICER

17/06/2002

PRESIDENT

17/06/2002

CRESPO ALONSO BERNABE

JOINT ATTORNEY/COMBINED PROXY

11/01/2012

DE OTEIZA SANJOSE JORGE MARIA

PROXY

06/06/2002

FRAGMENTADORA SA

MEMBER OF THE BOARD

16/02/1998

FRAGNOR SL

MEMBER OF THE BOARD

30/07/2008

FRAGNOR SOCIEDAD LIMITADA

MEMBER OF THE BOARD

16/02/1998

GALLARRETA OTAOLAURRUCHI JOSE LUIS

MEMBER OF THE BOARD

14/10/1993

PROXY

11/01/2012

GALLEGO ROIG ESTANISLAO

JOINT ATTORNEY/COMBINED PROXY

04/09/2012

GONZALEZ DEUBIETA CARASA MANUEL

NON CONSELLOR SECRETARY

03/11/1993

GONZALEZ UBIETA CARASA MANUEL

PROXY

11/01/2012

HERBOSA LANZA ENRIQUE

PROXY

11/12/2009

JOINT ATTORNEY/COMBINED PROXY

11/12/2009

PROXY

07/02/2003

INGENIERIA Y TRATAMIENTOS DE VALORIZACION SL

MEMBER OF THE BOARD

30/07/2008

INGENIERIA Y TRATAMIENTOS DE VALORIZACION SOCIEDAD

MEMBER OF THE BOARD

17/06/2002

JAMES JOANNA MARGARET

MEMBER OF THE BOARD

17/06/2002

MIERA NARANJO RAFAEL

JOINT ATTORNEY/COMBINED PROXY

11/12/2009

P.I. OSI SOCIEDAD LIMITADA

MEMBER OF THE BOARD

17/06/2002

MEMBER OF THE BOARD

30/07/2008

RABELL TORELLO FRANCISCO JAVIER

JOINT ATTORNEY

29/11/2006

RECIO CANTALAPIEDRA CARLOS

PROXY

11/01/2012

RECONDE PORRUA RODRIGO

PRESIDENT

01/12/1992

RECONDO PORRUA RODRIGO

MEMBER OF THE BOARD

14/10/1993

MEMBER OF THE BOARD

17/06/2002

PROXY

11/01/2012

MEMBER

04/12/1995

RIVERO RIOS JOSE ANTONIO

ADMINISTRATOR

09/02/1990

ROIG BADIA ERNEST

MEMBER OF THE BOARD

06/11/2000

RUIZ FELTRER CARLES

JOINT ATTORNEY

29/11/2006

JOINT ATTORNEY/COMBINED PROXY

11/12/2009

SECOND CODE SL

MEMBER OF THE BOARD

06/11/2000

MEMBER OF THE BOARD

30/07/2008

SECOND CODE SOCIEDAD LIMITADA

SINGLE ADMINISTRATOR

11/12/2013

MEMBER OF THE BOARD

17/06/2002

MEMBER OF THE BOARD

30/07/2008

CHIEF EXECUTIVE OFFICER

30/07/2008

PRESIDENT

30/07/2008

SOLA GUERRERO JOSEP

PROXY

21/06/2010

SOUCHEIRON MARCET ALBERTO

JOINT ATTORNEY/COMBINED PROXY

16/01/2009

TORRES CARRETERO JUAN CARLOS

MEMBER OF THE BOARD

19/02/1990

MEMBER

03/11/1993

MEMBER

04/12/1995

MEMBER OF THE BOARD

14/10/1993

MEMBER

14/10/1993

TRATAMIENTOS ECOLOGICOS DEL NORTE TECONOR SL

MEMBER OF THE BOARD

30/07/2008

TRATAMIENTOS ECOLOGICOS DEL NORTE TECONOR SOCIEDAD

MEMBER OF THE BOARD

17/06/2002

MEMBER OF THE BOARD

30/07/2008

XAVIER RABELL TORELLO

JOINT ATTORNEY/COMBINED PROXY

11/01/2012

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JAVIER LARA

MANAGING DIRECTOR

CARLOS NUÑEZ

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

---

05/06/2009

11/12/2009

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

Positive Factors

Adverse Factors

It has been found to have regular payment performance and has paid all of its debts in a timely manner.

TRADEBE SOCIEDAD ANONIMA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

Alta rentabilidad financiera. El rendimiento neto derivado de la actividad típica que la empresa obtiene como consecuencia de sus fondos propios presenta unos valores elevados.

{POSITIVO}Debts assumed by the company based on the volume of its own resources have decreased in the previous financial year.{/POSITIVO}

{POSITIVO}Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale. {/POSITIVO}

TRADEBE SOCIEDAD ANONIMA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 7.3564744e-001f the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

TRADEBE SOCIEDAD ANONIMA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.573 %

> Latest Rating Changes :

Sector in which comparison is carried out :

382 Waste treatment and disposal

wordml://3142

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 96.00% of the companies of the sector TRADEBE SOCIEDAD ANONIMA 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 0.57%.

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

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 Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE BILBAO (VIZCAYA) - Date 11/12/2009

Last Published Stage:

SEIZURE

Record Number:

0911071

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. VIZCAYA Nº243, 2009 PAGINA 17

PROCESSED BY THE LOCAL GOVERNMENT DE BILBAO (VIZCAYA) - Date 05/06/2009

Last Published Stage:

SEIZURE

Record Number:

0814061

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. VIZCAYA Nº105, 2009 PAGINA 51

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

1 Entities

SE ESCINDE PARCIALMENTE EN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

GRUPO TRADEBE MEDIOAMBIENTE SL

VIZCAYA

100

PARTICIPATES IN

FRAGNOR SOCIEDAD LIMITADA

VIZCAYA

11.11

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

LUNAGUA SOCIEDAD LIMITADA

CANTABRIA

ECOLOGIA QUIMICA SA

BARCELONA

SE ESCINDE PARCIALMENTE EN

GRUPO TRADEBE MEDIO AMBIENTE SOCIEDAD LIMITADA

VIZCAYA

HAS IN ITS ADMINISTRATION BOARD TO

SECOND CODE SA

BARCELONA

Turnover

Total Sales 2013

7.500.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2011

Normales

November 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

August 2009

2007

Normales

July 2008

2006

Normales

July 2008

2005

Normales

July 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

October 2002

2000

Normales

August 2001

1999

Normales

July 2000

1998

Normales

July 1999

1997

Normales

July 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

July 1995

1992

Normales

April 1994

1991

Normales

July 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 31/12/2011

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

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

ORIGINAL

EQUIVALENCIA

Assets

2011

2010

2009

2008

2007

A) NON-CURRENT ASSETS: 11000

3.039.550,00

4.086.538,00

4.844.672,00

5.355.935,00

5.616.331,00

I. Intangible fixed assets : 11100

6.591,00

7.591,00

0,00

271,00

2.262.690,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

2.262.690,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

2.150.029,00

3.077.497,00

3.880.351,00

4.546.885,00

2.786.839,00

1. Land and buildings: 11210

0,00

2.786.839,00

2. Technical installations and other tangible fixed assets: 11220

0,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

779.723,00

555.427,00

555.396,00

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

5.356,00

4.725,00

13.232,00

13.007,00

566.803,00

1. Equity instruments: 11510

0,00

566.803,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

97.851,00

441.299,00

395.694,00

240.376,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

3.393.269,00

1.592.349,00

2.452.284,00

2.241.658,00

2.702.143,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

0,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

3.096.188,00

1.494.372,00

2.009.617,00

1.879.845,00

2.651.848,00

1. Trade debtors / accounts receivable: 12310

0,00

1.450.989,00

1.929.714,00

1.750.622,00

2.469.557,00

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

0,00

b) Customers for sales and provisions of services : 12312

0,00

1.450.989,00

1.929.714,00

1.750.622,00

2.469.557,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

43.383,00

79.903,00

129.223,00

182.291,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

0,00

7. Called up share capital: 12370

0,00

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

0,00

10.194,00

392.666,00

76.270,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

36.385,00

34.885,00

1. Equity instruments: 12510

0,00

34.885,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

-6.558,00

252,00

6.262,00

252,00

VII. Cash and other equivalent liquid assets : 12700

267.253,00

51.146,00

13.365,00

242.896,00

15.158,00

1. Treasury: 12710

0,00

15.158,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

6.432.819,00

5.678.887,00

7.296.956,00

7.597.593,00

8.318.474,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2011

2010

2009

2008

2007

A) NET WORTH: 20000

1.432.830,00

510.042,00

778.043,00

1.317.502,00

1.123.159,00

A-1) Shareholders' equity: 21000

1.425.942,00

503.155,00

571.831,00

972.321,00

1.101.749,00

I. Capital: 21100

402.630,00

1. Registered capital : 21110

402.630,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

979.007,00

963.596,00

974.523,00

917.098,00

472.920,00

1. Legal y estatutarias: 21310

0,00

2. Other reserves: 21320

0,00

472.920,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-863.072,00

-805.321,00

-446.994,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

907.377,00

-57.750,00

-358.328,00

-347.407,00

226.200,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

6.887,00

206.212,00

345.180,00

21.410,00

B) NON-CURRENT LIABILITIES: 31000

267.702,00

397.765,00

819.964,00

1.308.175,00

1.677.199,00

I. Long-term provisions: 31100

-397,00

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

131.956,00

266.937,00

567.300,00

1.113.643,00

1.419.015,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

131.956,00

155.679,00

0,00

3. Creditors from financial leasing: 31230

0,00

111.258,00

567.300,00

1.113.643,00

1.419.015,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

III. Long-term debts with Group companies and associates: 31300

0,00

IV. Liabilities for deferred tax: 31400

136.143,00

130.828,00

252.663,00

194.533,00

258.184,00

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

4.732.287,00

4.771.080,00

5.698.950,00

4.971.915,00

5.518.116,00

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

0,00

II. Short-term provisions: 32200

-567,00

0,00

-567,00

-714,00

III. Short-term creditors : 32300

2.025.155,00

541.482,00

744.711,00

1.012.426,00

1.275.483,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.913.571,00

86.207,00

198.970,00

496.354,00

625.320,00

3. Creditors from financial leasing: 32330

111.584,00

455.276,00

545.741,00

516.073,00

650.163,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

864.093,00

2.313.408,00

4.045.954,00

2.754.349,00

3.470.007,00

V. Trade creditors and other accounts payable: 32500

1.843.605,00

1.916.190,00

908.284,00

1.205.707,00

773.340,00

1. Suppliers: 32510

0,00

557.474,00

259.405,00

613.845,00

773.340,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

0,00

557.474,00

259.405,00

613.845,00

773.340,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

0,00

4. Personnel (remuneration due): 32540

0,00

5. Liabilities for current tax: 32550

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

0,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

6.432.819,00

5.678.887,00

7.296.956,00

7.597.593,00

8.318.474,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2011

2010

2009

2008

2007

1. Net turnover: 40100

7.137.551,00

5.740.492,00

4.169.536,00

5.495.991,00

5.794.410,00

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

-1.252.597,00

-1.788.940,00

-2.147.485,00

-2.907.241,00

-3.288.821,00

5. Other operating income: 40500

0,00

72.933,00

300.774,00

175.996,00

49.857,00

6. Personnel costs: 40600

-1.356.429,00

-1.254.293,00

-1.346.938,00

-1.455.364,00

-1.301.501,00

7. Other operating costs: 40700

-1.788.501,00

-1.319.609,00

-746.055,00

-658.648,00

-778.121,00

8. Amortisation of fixed assets: 40800

-1.054.075,00

-977.770,00

-931.693,00

-782.876,00

-298.857,00

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

0,00

324.054,00

464.327,00

0,00

8.053,00

10. Excess provisions : 41000

0,00

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

-6.056,00

0,00

-4.867,00

14.651,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-258.959,00

-607.351,00

0,00

-190.486,00

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

1.420.934,00

189.517,00

-237.535,00

-137.010,00

9.186,00

14. Financial income : 41400

139,00

10.676,00

185,00

1.054,00

541.731,00

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

0,00

b) Other financial income: 41490

139,00

10.676,00

185,00

1.054,00

541.731,00

15. Financial expenditure: 41500

-159.365,00

-280.401,00

-256.406,00

-348.338,00

-274.503,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-3.218,00

0,00

-3.922,00

1.785,00

2.205,00

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

-162.445,00

-269.725,00

-260.142,00

-345.500,00

269.433,00

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

1.258.490,00

-80.209,00

-497.677,00

-482.510,00

278.619,00

20. Income taxes: 41900

-351.113,00

22.458,00

139.350,00

135.103,00

-52.419,00

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

907.377,00

-57.750,00

-358.328,00

-347.407,00

226.200,00

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

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

EQUIVALENCIA

ORIGINAL

ASSETS

2011

2010

2009

2008

2007

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

2.941.699,00

3.645.239,00

4.448.979,00

5.115.559,00

5.618.455,00

I. Formation expenses:

0,00

2.124,00

II. Intangible fixed assets:

6.591,00

7.591,00

0,00

271,00

2.262.690,00

III. Tangible fixed assets:

2.150.029,00

3.077.497,00

3.880.351,00

4.546.885,00

2.786.839,00

IV. Financial investments:

785.079,00

560.151,00

568.628,00

568.403,00

566.803,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

217.342,00

D) CURRENT ASSETS:

3.491.120,00

2.033.648,00

2.847.978,00

2.482.033,00

2.702.143,00

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

0,00

II. Stocks:

0,00

III. Debtors:

3.194.040,00

1.935.671,00

2.405.310,00

2.120.221,00

2.651.848,00

IV. Short-term investments:

36.385,00

46.579,00

429.050,00

112.655,00

34.885,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

267.253,00

51.146,00

13.365,00

242.896,00

15.158,00

VII. Prepayments and accrued income:

-6.558,00

252,00

6.262,00

252,00

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

6.432.819,00

5.678.887,00

7.296.956,00

7.597.593,00

8.537.939,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2011

2010

2009

2008

2007

A) EQUITY:

1.425.942,00

503.155,00

571.831,00

972.321,00

1.321.215,00

I. Subscribed capital:

402.630,00

II. Share premium:

0,00

III. Revaluation reserves:

316.919,00

311.930,00

315.467,00

296.878,00

224.135,00

IV. Reserves:

662.088,00

651.666,00

659.056,00

620.220,00

468.250,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

662.088,00

651.666,00

659.056,00

620.220,00

468.250,00

V. Profit or loss brought forward:

-863.072,00

-805.321,00

-446.994,00

0,00

VI. Profit or loss for the financial year:

907.377,00

-57.750,00

-358.328,00

-347.407,00

226.200,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

6.887,00

206.212,00

345.180,00

31.718,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

-397,00

0,00

D) LONG TERM LIABILITIES:

268.099,00

397.765,00

819.964,00

1.308.175,00

1.666.890,00

E) SHORT TERM CREDITORS:

4.732.853,00

4.771.080,00

5.698.950,00

4.972.482,00

5.518.116,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

-567,00

0,00

-567,00

0,00

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

6.432.819,00

5.678.887,00

7.296.956,00

7.597.593,00

8.537.939,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2011

2010

2009

2008

2007

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

6.230.313,00

6.205.905,00

5.293.149,00

6.292.438,00

6.204.785,00

A.1. Operating consumption:

1.252.597,00

1.788.940,00

2.147.485,00

2.907.241,00

3.288.821,00

A.2. Staff Costs:

1.356.429,00

1.254.293,00

1.346.938,00

1.455.364,00

1.301.501,00

a) Wages, salaries et al.:

1.064.853,00

984.673,00

1.057.403,00

1.142.522,00

1.021.733,00

b) Social security costs:

291.575,00

269.620,00

289.535,00

312.842,00

279.768,00

A.3. Depreciation expense:

1.054.075,00

977.770,00

931.693,00

782.876,00

298.857,00

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

0,00

6.825,00

A.5. Other operating charges:

1.788.501,00

1.319.609,00

746.055,00

658.648,00

771.297,00

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

1.685.950,00

472.814,00

0,00

176.967,00

A.6. Financial and similar charges:

159.365,00

280.401,00

256.406,00

348.338,00

274.503,00

a) Due to liabilities with companies of the group:

22.115,00

38.911,00

35.581,00

48.339,00

38.093,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

137.250,00

241.490,00

220.824,00

300.000,00

236.411,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

3.218,00

0,00

3.922,00

0,00

611,00

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

0,00

269.433,00

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

1.523.505,00

203.089,00

0,00

446.400,00

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

0,00

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

6.056,00

0,00

4.867,00

0,00

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

0,00

A.12. Extraordinary expenses:

258.959,00

607.351,00

0,00

917,00

A.13. Prior year expenses and losses:

0,00

209.035,00

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

464.327,00

0,00

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

1.258.490,00

0,00

278.619,00

A.14. Corporation Tax:

351.113,00

-22.458,00

-139.350,00

135.103,00

52.419,00

A.15. Miscellaneous taxes:

0,00

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

907.377,00

0,00

226.200,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2011

2010

2009

2008

2007

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

7.137.690,00

6.148.155,00

4.934.822,00

5.674.825,00

6.430.985,00

B.1. Operating income:

7.137.551,00

5.813.425,00

4.470.310,00

5.671.987,00

5.844.267,00

a) Net total sales:

7.137.551,00

5.740.492,00

4.169.536,00

5.495.991,00

5.794.410,00

b) Miscellaneous operating income:

0,00

72.933,00

300.774,00

175.996,00

49.857,00

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

0,00

701.862,00

132.142,00

0,00

B.2. Financial income:

139,00

10.676,00

185,00

1.054,00

541.731,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

139,00

10.676,00

185,00

1.054,00

2.127,00

d) Profit on financial investment:

0,00

539.604,00

B.3. Exchange gains:

0,00

1.785,00

2.816,00

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

162.445,00

269.725,00

260.142,00

345.500,00

0,00

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

0,00

962.004,00

477.642,00

0,00

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

0,00

14.651,00

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

0,00

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

0,00

324.054,00

464.327,00

0,00

8.053,00

B.7. Extraordinary income:

0,00

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

0,00

19.467,00

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):

265.015,00

283.297,00

0,00

4.867,00

167.781,00

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

0,00

80.209,00

497.677,00

482.510,00

0,00

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

0,00

57.750,00

358.328,00

347.407,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2011

2010

2009

2008

2007

1. Fiscal year result before taxes.: 61100

1.258.490,00

-80.209,00

-497.677,00

-482.510,00

278.619,00

2. Results adjustments.: 61200

1.212.338,00

1.247.495,00

1.188.480,00

1.129.594,00

28.813,00

a) Fixed Assets Amortization (+).: 61201

1.054.075,00

977.770,00

931.693,00

782.876,00

298.857,00

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

-964,00

0,00

567,00

-567,00

0,00

g) Financial income (-).: 61207

-139,00

-10.676,00

-185,00

-1.054,00

-544.547,00

h) Financial Expenses (+). : 61208

159.365,00

280.401,00

256.406,00

348.338,00

274.503,00

3. Changes in current capital equity.: 61300

-2.008.509,00

1.928.080,00

-598.230,00

691.022,00

1.240.153,00

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

-1.601.817,00

515.245,00

-129.772,00

772.003,00

-327.205,00

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

17.004,00

382.471,00

-310.386,00

-83.780,00

318.871,00

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

-423.697,00

1.030.364,00

-158.073,00

2.800,00

1.248.486,00

4. Other cash flows for operating activities.: 61400

-159.226,00

-269.725,00

-256.221,00

-347.285,00

270.044,00

a) Interest payments (-). : 61401

-159.365,00

-280.401,00

-256.406,00

-348.338,00

-274.503,00

c) Interest collection (+). : 61403

139,00

10.676,00

185,00

1.054,00

544.547,00

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

303.092,00

2.825.641,00

-163.648,00

990.822,00

1.817.628,00

6. Payments for investment (-).: 62100

-224.928,00

-53.227,00

-155.543,00

-2.002.023,00

-3.317.351,00

a) Companies of the group and affiliates. : 62101

-224.296,00

-31,00

0,00

-1.563,00

0,00

b) Intangible fixed assets. : 62102

0,00

-7.591,00

0,00

-2.034.564,00

c) Fixed assets. : 62103

0,00

-1.760.047,00

-1.090.326,00

e) Other financial assets. : 62105

-631,00

0,00

-225,00

-37,00

0,00

h) Other assets. : 62108

0,00

-45.605,00

-155.318,00

-240.376,00

-192.462,00

7. Divestment payment collection (+). : 62200

1.271.915,00

811.361,00

666.806,00

2.262.418,00

3.884,00

b) Intangible fixed assets. : 62202

1.000,00

0,00

271,00

2.262.418,00

0,00

c) Fixed assets. : 62203

927.468,00

802.854,00

666.534,00

0,00

e) Other financial assets. : 62205

0,00

8.508,00

0,00

h) Other assets. : 62208

343.448,00

0,00

3.884,00

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

-7.088,00

-219.636,00

-420.430,00

-522.481,00

-3.612.324,00

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

15.411,00

-210.251,00

-181.131,00

541.750,00

-8.053,00

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

15.411,00

0,00

217.979,00

0,00

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

0,00

-10.926,00

-42.163,00

0,00

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

0,00

-199.324,00

-138.969,00

323.771,00

-8.053,00

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

-95.308,00

-2.357.974,00

535.678,00

-782.354,00

1.401.445,00

a) Issuance : 63201

-1.927.987,00

155.679,00

1.379.404,00

184.224,00

1.401.445,00

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

-23.724,00

155.679,00

0,00

1.401.445,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

-1.449.315,00

0,00

1.291.605,00

0,00

4. Special characteristic debts (+). : 63205

-454.949,00

0,00

29.669,00

0,00

5. Other debts (+). : 63206

0,00

58.131,00

184.224,00

0,00

b) Repayment and amortization of : 63207

1.832.680,00

-2.513.653,00

-843.726,00

-966.578,00

0,00

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

1.827.364,00

-112.763,00

-297.383,00

-54.465,00

0,00

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

0,00

-1.732.546,00

0,00

-302.236,00

0,00

4. Special characteristic debts (-). : 63211

0,00

-546.508,00

-546.342,00

-609.877,00

0,00

5. Other debts (-). : 63212

5.316,00

-121.836,00

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

-79.897,00

-2.568.224,00

354.547,00

-240.604,00

1.393.391,00

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

216.107,00

37.781,00

-229.531,00

227.737,00

-401.304,00

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

51.146,00

13.365,00

242.896,00

15.158,00

416.462,00

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

267.253,00

51.146,00

13.365,00

242.896,00

15.158,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,03 %

0,00 %

0,66 %

0,12 %

-95,40 %

-99,75 %

EBITDA over Sales:

38,39 %

6,11 %

25,27 %

16,22 %

51,92 %

-62,31 %

Cash Flow Yield:

0,03 %

0,00 %

0,67 %

0,03 %

-94,95 %

-99,15 %

Profitability

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

29,94 %

3,26 %

15,71 %

5,23 %

90,56 %

-37,57 %

Total economic profitability:

22,04 %

2,89 %

3,53 %

3,15 %

525,24 %

-8,25 %

Financial profitability:

63,63 %

2,01 %

-11,48 %

3,14 %

654,41 %

-35,96 %

Margin:

23,54 %

3,04 %

13,71 %

9,00 %

71,70 %

-66,23 %

Mark-up:

21,26 %

1,33 %

9,07 %

6,42 %

134,46 %

-79,28 %

Solvency

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,06

0,16

0,01

0,14

426,75

10,86

Acid Test:

0,72

1,03

0,33

1,01

115,27

2,52

Working Capital / Investment:

-0,21

0,18

-0,56

0,14

62,81

23,30

Solvency:

0,74

1,62

0,43

1,64

73,05

-1,11

Indebtedness

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,49

1,58

10,13

1,13

-65,55

40,19

Borrowing Composition:

0,06

0,94

0,08

1,12

-32,05

-16,26

Repayment Ability:

23,14

2.473,85

4,43

18,10

422,60

13.565,54

Warranty:

1,29

1,63

1,10

1,89

17,08

-13,72

Generated resources / Total creditors:

0,39

0,06

0,18

0,06

120,35

5,64

Efficiency

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

3,02

1,35

2,16

1,68

40,04

-19,76

Turnover of Collection Rights :

2,31

4,05

3,89

3,85

-40,74

5,40

Turnover of Payment Entitlements:

1,65

3,61

1,62

2,02

1,68

79,22

Stock rotation:

4,84

1,88

157,34

Assets turnover:

1,27

1,07

1,15

0,58

10,98

84,90

Borrowing Cost:

3,19

2,76

5,42

2,45

-41,26

12,73

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

Cash Flow

2011

2010

2009

2008

2007

Cash Flow over Sales:

0,03 %

0,66 %

-4,49 %

4,14 %

-6,93 %

EBITDA over Sales:

38,39 %

25,27 %

5,51 %

11,84 %

8,33 %

Cash Flow Yield:

0,03 %

0,67 %

-2,57 %

3,00 %

-4,82 %

Profitability

2011

2010

2009

2008

2007

Operating economic profitability:

29,94 %

15,71 %

-3,77 %

-1,98 %

2,29 %

Total economic profitability:

22,04 %

3,53 %

-3,31 %

-1,77 %

6,65 %

Financial profitability:

63,63 %

-11,48 %

-62,66 %

-35,73 %

17,12 %

Margin:

23,54 %

13,71 %

-5,31 %

-2,42 %

3,03 %

Mark-up:

21,26 %

9,07 %

-5,82 %

-6,09 %

7,64 %

Solvency

2011

2010

2009

2008

2007

Liquidity:

0,06

0,01

0,00

0,05

0,00

Acid Test:

0,72

0,33

0,43

0,45

0,49

Working Capital / Investment:

-0,21

-0,56

-0,39

-0,33

-0,34

Solvency:

0,74

0,43

0,50

0,49

Indebtedness

2011

2010

2009

2008

2007

Indebtedness level:

3,49

10,13

8,38

4,77

5,31

Borrowing Composition:

0,06

0,08

0,14

0,26

0,30

Repayment Ability:

23,14

4,43

19,06

-6,05

-7,41

Warranty:

1,29

1,10

1,12

1,21

1,16

Generated resources / Total creditors:

0,39

0,18

0,09

0,07

Efficiency

2011

2010

2009

2008

2007

Productivity:

3,02

2,16

1,17

1,45

1,37

Turnover of Collection Rights :

2,31

3,89

2,22

3,02

2,20

Turnover of Payment Entitlements:

1,65

1,62

3,19

2,96

0,74

Assets turnover:

1,27

1,15

0,71

0,82

0,76

Borrowing Cost:

3,19

5,42

3,93

5,55

3,82

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.

Detail of Subsidies appearing in Balances Memories

Entity

MINISTERIO DE INDUSTRIA, TURISMO Y COMERCIO

Status

CONCEDIDA

Amount Granted

6.887,45

Notes

El importe reflejado corresponde al saldo imputado en la cuenta de perdidas y ganancias.

Entity

MINISTERIO DE INDUSTRIA, TURISMO Y COMERCIO

Status

CONCEDIDA

Amount Granted

127.476,98

Notes

El importe reflejado corresponde al saldo imputado en la cuenta de perdidas y ganancias.

Research Summary

Collection and integral treatment of waste of Marpol (marine pollution) and used oils with industrial origin. It belongs to the group GRUPO TRADEBE

Sources

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

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