MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	HOGAR TEXTIL DECORACION SA

Registered Office :	C/ Isaac Peral, 25. - Coslada 28820, Madrid

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	01.01.2000

Legal Form :	Public Limited Company

Line of Business :	Engaged in sale and distribution of home textile, kitchen and bath.

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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 11.1% of GDP in 2009. Spain gradually reduced the deficit to 6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially - from 70.4% in 2010 to 93.7% 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:

HOGAR TEXTIL DECORACION SA

NIF / Fiscal code:

A82511726

Status:

ACTIVE

Incorporation Date:

01/01/2000

Register Data

Last Publication in BORME:

25/05/2012 [Company Domicile change]

Last Published Account Deposit:

2012

Share Capital:

913.500

Legal Form

Public Limited Company

Localization:

C/ ISAAC PERAL, 25. - COSLADA - 28820 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 916691773

Email. JLMARIN@KOTIBEHTB.COM

Website. WWW.KOTIBEHTD.COM

Activity:

NACE:

4641 - Wholesale of textiles

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

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:

MARÍN AGUINAGA GEMA

MARIN AGUINAGA JOSE LUIS

MARÍN AGUINAGA NOEMÍ

INVESTIGATION SUMMARY

According to the sources consulted the subject is well run and it has a good concept in general among the business relationship. Its turnover increased a 10,15% in 2012, compared with the previous year. The subject meets normally its payment commitments.

Identification

Social Denomination:

HOGAR TEXTIL DECORACION SA

NIF / Fiscal code:

A82511726

Corporate Status:

ACTIVE

Start of activity:

2000

Registered Office:

C/ ISAAC PERAL, 25.

Locality:

COSLADA

Province:

MADRID

Postal Code:

28820

Telephone:

916691773

Website:

WWW.KOTIBEHTD.COM

Email:

JLMARIN@KOTIBEHTB.COM

Activity

NACE:

4641

CNAE Obtaining Source:

4641

Additional Information:

The subject is engaged in sale and distribution of home textile, kitchen and bath. TRADE BRAND: KOTIBE.

Additional Address:

Registered office, offices, warehouse, shed with 4000 m2, rented by the company, are located in C/ ISAAC PERAL, 25 28820 COSLADA 8 MADRID ).

Import / export:

IMPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

2000

Appointments/ Re-elections (1) Company Formation (1) Dividends Payment (1)

2001

Accounts deposit (ejer. 1999)

2004

Accounts deposit (ejer. 2000, 2001, 2002, 2003) Board Meeting (2) Other Concepts/ Events (1)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (3) Board Meeting (1)

2009

Accounts deposit (ejer. 2005, 2006, 2007)

2010

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

2011

Change of Social address (1)

2012

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

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

913.500

Paid up capital:

893.500

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

19/01/2000

Company Formation

913.500

208.375

913.500

208.375

24/05/2000

Capital call payment

---

685.125

913.500

893.500

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

MARIN AGUINAGA JOSE LUIS

09/03/2010

PROXY

MOLINA PLAGARO MARIA DEL CARMEN

25/02/2005

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

MARIN AGUINAGA GEMA

MEMBER OF THE BOARD

18/01/2005

MEMBER OF THE BOARD

09/03/2010

SECRETARY

18/01/2005

SECRETARY

09/03/2010

MARIN AGUINAGA JOSE LUIS

MEMBER OF THE BOARD

18/01/2005

MEMBER OF THE BOARD

09/03/2010

CHIEF EXECUTIVE OFFICER

18/01/2005

CHIEF EXECUTIVE OFFICER

13/10/2005

CHIEF EXECUTIVE OFFICER

09/03/2010

PRESIDENT

18/01/2005

PRESIDENT

09/03/2010

MARIN AGUINAGA NOEMI

MEMBER OF THE BOARD

18/01/2005

MEMBER OF THE BOARD

09/03/2010

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSE LUIS MARIN AGUINAGA

DIRECTOR/GENERAL MANAGER

JOSE LUIS MARIN AGUINAGA

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

---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 30.262 %

> Latest Rating Changes :

Sector in which comparison is carried out :

464 Wholesale of household goods

Relative Position:

Credit quality is inferior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a worse position with regard to the probability of non-compliance.

The 2.00% of the companies of the sector HOGAR TEXTIL DECORACION SA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 30.26%.

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.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

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

Link List

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	MARÍN AGUINAGA GEMA
	MARIN AGUINAGA JOSE LUIS
	MARÍN AGUINAGA NOEMÍ

Turnover

Total Sales 2013

1.800.000

Financial accounts & balance sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

August 2013

2011

Normales

October 2012

2010

Normales

March 2012

2009

Normales

February 2012

2008

Normales

January 2010

2007

Normales

December 2009

2006

Normales

February 2009

2005

Normales

February 2009

2004

Normales

July 2005

2003

Normales

December 2004

2002

Normales

December 2004

2001

Normales

November 2004

2000

Normales

November 2004

1999

Normales

December 2000

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.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

189.327,00

32.999,00

46.131,00

54.712,00

61.738,00

I. Intangible fixed assets : 11100

1.202,00

II. Tangible fixed assets : 11200

14.028,00

19.861,00

33.642,00

42.311,00

49.337,00

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

10.729,00

11.936,00

11.287,00

11.199,00

VI. Assets for deferred tax : 11600

163.368,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.814.035,00

2.597.186,00

2.858.959,00

2.977.095,00

3.073.542,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

542.867,00

1.504.337,00

1.713.998,00

1.757.832,00

1.688.818,00

III. Trade debtors and others receivable accounts: 12300

947.178,00

847.060,00

1.015.751,00

1.103.632,00

1.260.468,00

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

939.040,00

821.379,00

1.015.281,00

1.097.215,00

1.245.282,00

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

0,00

821.379,00

1.015.281,00

1.097.215,00

1.245.282,00

b) Customers for sales and provisions of services : 12382

939.040,00

0,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

8.137,00

25.681,00

469,00

6.417,00

15.186,00

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

0,00

V. Short-term financial investments : 12500

231.202,00

149.811,00

155.412,00

161.845,00

160.542,00

VI. Short-term accruals: 12600

92.789,00

0,00

VII. Cash and other equivalent liquid assets : 12700

0,00

95.978,00

-26.201,00

-46.214,00

-36.286,00

TOTAL ASSETS (A + B) : 10000

2.003.362,00

2.630.185,00

2.905.090,00

3.031.808,00

3.135.280,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

933.738,00

1.423.841,00

1.836.388,00

1.856.201,00

1.736.417,00

A1) Shareholders' equity : 21000

933.738,00

1.423.841,00

1.836.388,00

1.856.201,00

1.736.417,00

I. Capital: 21100

913.501,00

1.- Registered capital: 21110

913.501,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

942.701,00

822.917,00

671.759,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-432.361,00

-19.813,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-490.103,00

-412.547,00

-19.813,00

119.784,00

151.158,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

409.997,00

156.854,00

0,00

1.045,00

12.010,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

409.997,00

156.854,00

0,00

1.045,00

12.010,00

1.- Amounts owed to credit institutions: 31220

0,00

156.854,00

0,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

0,00

1.045,00

12.010,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

659.627,00

1.049.491,00

1.068.702,00

1.174.562,00

1.386.852,00

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

0,00

II. Short-term provisions: 32200

53.485,00

33.633,00

38.588,00

216.781,00

584.070,00

III. Short-term creditors : 32300

166.738,00

356.567,00

274.917,00

287.133,00

22.441,00

1.- Amounts owed to credit institutions: 32320

166.566,00

203.623,00

272.789,00

287.191,00

19.991,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

173,00

152.945,00

2.128,00

-58,00

2.451,00

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

0,00

V. Trade creditors and other accounts payable: 32500

439.404,00

659.291,00

755.197,00

670.647,00

780.340,00

1.- Suppliers: 32580

155.328,00

467.440,00

552.569,00

493.002,00

530.602,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

155.328,00

467.440,00

552.569,00

493.002,00

530.602,00

2.- Other creditors : 32590

0,00

191.851,00

202.628,00

177.645,00

249.738,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

2.003.362,00

2.630.185,00

2.905.090,00

3.031.808,00

3.135.280,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

1.765.818,00

1.603.045,00

2.364.249,00

3.319.123,00

5.715.074,00

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

-960.907,00

-209.661,00

-43.834,00

69.014,00

334.872,00

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

0,00

4. Supplies : 40400

-648.722,00

-987.792,00

-1.325.373,00

-2.110.641,00

-3.919.326,00

5. Other operating income: 40500

0,00

6. Personnel costs: 40600

-371.231,00

-412.489,00

-549.033,00

-600.148,00

-634.897,00

7. Other operating costs: 40700

-407.257,00

-441.003,00

-428.437,00

-479.214,00

-1.293.908,00

8. Amortisation of fixed assets: 40800

-5.833,00

-6.138,00

-9.624,00

-10.142,00

-12.643,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

3.998,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

12.061,00

0,00

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

-628.132,00

-437.978,00

7.949,00

187.992,00

189.173,00

14. Financial income : 41400

73,00

889,00

1.220,00

3.335,00

4.975,00

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

0,00

b) Other financial income: 41490

0,00

889,00

1.220,00

3.335,00

4.975,00

15. Financial expenditure: 41500

-71.294,00

-47.397,00

-28.989,00

-40.100,00

-92.342,00

16. Changes in fair value of financial instruments : 41600

0,00

-136,00

0,00

17. Exchange rate differences : 41700

44.109,00

72.021,00

0,00

6.536,00

108.274,00

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

1.772,00

54,00

7,00

4.771,00

-2.726,00

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

-25.339,00

25.430,00

-27.762,00

-25.458,00

18.182,00

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

-653.471,00

-412.547,00

-19.813,00

162.534,00

207.354,00

20. Income taxes: 41900

163.368,00

0,00

-42.750,00

-56.196,00

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

-490.103,00

-412.547,00

-19.813,00

119.784,00

151.158,00

> 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.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

25.959,00

32.999,00

46.131,00

54.712,00

61.738,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

1.202,00

III. Tangible fixed assets:

14.028,00

19.861,00

33.642,00

42.311,00

49.337,00

IV. Financial investments:

10.729,00

11.936,00

11.287,00

11.199,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.977.403,00

2.597.186,00

2.858.959,00

2.977.095,00

3.073.542,00

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

0,00

II. Stocks:

542.867,00

1.504.337,00

1.713.998,00

1.757.832,00

1.688.818,00

III. Debtors:

1.110.545,00

847.060,00

1.015.751,00

1.103.632,00

1.260.468,00

IV. Short-term investments:

231.202,00

149.811,00

155.412,00

161.845,00

160.542,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

0,00

95.978,00

-26.201,00

-46.214,00

-36.286,00

VII. Prepayments and accrued income:

92.789,00

0,00

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

2.003.362,00

2.630.185,00

2.905.090,00

3.031.808,00

3.135.280,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

933.738,00

1.423.841,00

1.836.388,00

1.856.201,00

1.736.417,00

I. Subscribed capital:

913.501,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

942.701,00

822.917,00

671.759,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

942.701,00

822.917,00

671.759,00

V. Profit or loss brought forward:

-432.361,00

-19.813,00

0,00

VI. Profit or loss for the financial year:

-490.103,00

-412.547,00

-19.813,00

119.784,00

151.158,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

409.997,00

156.854,00

0,00

1.045,00

12.010,00

E) SHORT TERM CREDITORS:

606.142,00

1.015.858,00

1.030.114,00

957.780,00

802.782,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

53.485,00

33.633,00

38.588,00

216.781,00

584.070,00

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

2.003.362,00

2.630.185,00

2.905.090,00

3.031.808,00

3.135.280,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

2.301.876,00

2.104.615,00

2.385.289,00

3.213.981,00

5.677.165,00

A.1. Operating consumption:

1.609.630,00

1.197.453,00

1.369.207,00

2.041.627,00

3.584.454,00

A.2. Staff Costs:

371.231,00

412.489,00

549.033,00

600.148,00

634.897,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

371.231,00

412.489,00

549.033,00

600.148,00

634.897,00

A.3. Depreciation expense:

5.833,00

6.138,00

9.624,00

10.142,00

12.643,00

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

0,00

A.5. Other operating charges:

407.257,00

441.003,00

428.437,00

479.214,00

1.293.908,00

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

0,00

7.949,00

187.992,00

189.173,00

A.6. Financial and similar charges:

71.294,00

47.397,00

28.989,00

40.100,00

95.067,00

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:

71.294,00

47.397,00

28.989,00

40.100,00

92.342,00

d) Losses from financial investments:

0,00

2.726,00

A.7. Financial investment provision change:

0,00

136,00

0,00

A.8. Exchange losses:

0,00

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

0,00

25.430,00

0,00

18.182,00

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

0,00

162.534,00

207.354,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

A.13. Prior year expenses and losses:

0,00

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

0,00

16.059,00

0,00

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

0,00

162.534,00

207.354,00

A.14. Corporation Tax:

-163.368,00

0,00

42.750,00

56.196,00

A.15. Miscellaneous taxes:

0,00

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

0,00

119.784,00

151.158,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

1.811.773,00

1.692.068,00

2.365.476,00

3.333.765,00

5.828.323,00

B.1. Operating income:

1.765.818,00

1.603.045,00

2.364.249,00

3.319.123,00

5.715.074,00

a) Net total sales:

1.765.818,00

1.603.045,00

2.364.249,00

3.319.123,00

5.715.074,00

b) Miscellaneous operating income:

0,00

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

628.132,00

454.037,00

0,00

B.2. Financial income:

1.845,00

943,00

1.227,00

8.106,00

4.975,00

a) Companies of the group:

73,00

889,00

1.220,00

3.335,00

4.975,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

1.772,00

54,00

7,00

4.771,00

0,00

B.3. Exchange gains:

44.109,00

72.021,00

0,00

6.536,00

108.274,00

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

25.339,00

0,00

27.762,00

25.458,00

0,00

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

653.471,00

428.607,00

19.813,00

0,00

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

0,00

3.998,00

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

12.061,00

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

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

653.471,00

412.547,00

19.813,00

0,00

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

490.103,00

412.547,00

19.813,00

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.

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

-653.471,00

-412.547,00

-19.813,00

162.534,00

207.354,00

2. Results adjustments.: 61200

96.906,00

47.690,00

-140.801,00

-320.382,00

684.080,00

a) Fixed Assets Amortization (+).: 61201

5.833,00

6.138,00

9.624,00

10.142,00

12.643,00

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

19.853,00

-4.956,00

-178.193,00

-367.289,00

584.070,00

g) Financial income (-).: 61207

-73,00

-889,00

-1.220,00

-3.335,00

-4.975,00

h) Financial Expenses (+). : 61208

71.294,00

47.397,00

28.989,00

40.100,00

92.342,00

3. Changes in current capital equity.: 61300

630.653,00

288.046,00

222.700,00

-65.925,00

-2.385.684,00

a) Stock (+/-).: 61301

961.470,00

209.661,00

43.834,00

-69.014,00

-1.688.818,00

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

-100.118,00

168.691,00

87.882,00

156.836,00

-1.260.468,00

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

-174.179,00

5.600,00

6.434,00

-1.304,00

-160.542,00

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

-56.519,00

-95.906,00

84.550,00

-152.443,00

724.144,00

4. Other cash flows for operating activities.: 61400

-71.221,00

-46.508,00

-27.769,00

-36.765,00

-87.367,00

a) Interest payments (-). : 61401

-71.294,00

-47.397,00

-28.989,00

-40.100,00

-92.342,00

c) Interest collection (+). : 61403

73,00

889,00

1.220,00

3.335,00

4.975,00

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

2.868,00

-123.320,00

34.317,00

-260.538,00

-1.581.616,00

6. Payments for investment (-).: 62100

-163.368,00

-649,00

-88,00

0,00

-61.738,00

b) Intangible fixed assets. : 62102

0,00

-1.202,00

c) Fixed assets. : 62103

0,00

-49.337,00

e) Other financial assets. : 62105

0,00

-649,00

-88,00

0,00

-11.199,00

h) Other assets. : 62108

-163.368,00

0,00

7. Divestment payment collection (+). : 62200

7.040,00

13.781,00

8.669,00

7.026,00

0,00

c) Fixed assets. : 62203

5.833,00

13.781,00

8.669,00

7.026,00

0,00

e) Other financial assets. : 62205

1.207,00

0,00

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

-162.160,00

6.994,00

-1.043,00

-3.116,00

-74.381,00

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

0,00

1.585.259,00

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

0,00

1.585.259,00

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

-346.683,00

238.504,00

-13.261,00

253.726,00

34.452,00

a) Issuance : 63201

0,00

307.671,00

2.185,00

267.201,00

34.452,00

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

0,00

156.854,00

0,00

267.201,00

19.991,00

5. Other debts (+). : 63206

0,00

150.817,00

2.185,00

0,00

14.461,00

b) Repayment and amortization of : 63207

-346.683,00

-69.166,00

-15.447,00

-13.474,00

0,00

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

-193.911,00

-69.166,00

-14.402,00

0,00

5. Other debts (-). : 63212

-152.772,00

0,00

-1.045,00

-13.474,00

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

-346.683,00

238.504,00

-13.261,00

253.726,00

1.619.711,00

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

-505.975,00

122.179,00

20.013,00

-9.928,00

-36.286,00

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

95.978,00

-26.201,00

-46.214,00

-36.286,00

0,00

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

0,00

95.978,00

-26.201,00

-46.214,00

-36.286,00

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:

-0,05 %

0,02 %

0,08 %

0,01 %

-171,31 %

49,94 %

EBITDA over Sales:

-35,24 %

-0,46 %

-27,94 %

4,34 %

-26,13 %

-110,68 %

Cash Flow Yield:

-0,05 %

0,00 %

0,05 %

0,01 %

-203,13 %

-54,38 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-35,66 %

-3,35 %

-18,23 %

1,44 %

-95,59 %

-332,03 %

Total economic profitability:

-29,06 %

-1,87 %

-13,88 %

1,81 %

-109,32 %

-203,19 %

Financial profitability:

-52,49 %

-6,60 %

-28,97 %

0,39 %

-81,16 %

-1.797,76 %

Margin:

-35,57 %

-6,56 %

-28,07 %

1,57 %

-26,71 %

-517,90 %

Mark-up:

-37,01 %

-14,21 %

-26,49 %

0,27 %

-39,71 %

-5.346,02 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,16

0,09

0,22

-100,00

-27,42

Acid Test:

1,94

0,87

1,08

1,02

80,71

-14,94

Working Capital / Investment:

0,58

0,08

0,59

0,23

-2,07

-62,92

Solvency:

3,26

1,44

2,56

1,76

27,60

-18,07

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,09

1,05

0,82

1,36

32,13

-22,38

Borrowing Composition:

0,68

1,19

0,15

0,83

338,07

44,39

Repayment Ability:

-10,59

118,65

9,60

60,69

-210,30

95,50

Warranty:

1,97

1,95

2,24

1,74

-12,10

12,12

Generated resources / Total creditors:

-0,48

-0,01

-0,35

0,05

-38,00

-125,27

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

-0,68

0,98

-0,09

1,19

-687,82

-17,94

Turnover of Collection Rights :

1,86

3,45

1,89

4,13

-1,49

-16,41

Turnover of Payment Entitlements:

0,22

2,41

1,85

2,75

-88,30

-12,48

Stock rotation:

4,41

2,20

1,37

3,39

222,49

-35,05

Assets turnover:

1,00

0,51

0,65

0,92

54,37

-44,48

Borrowing Cost:

7,02

2,82

4,04

2,40

73,60

17,34

> 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:

-0,05 %

0,08 %

0,01 %

0,00 %

EBITDA over Sales:

-35,24 %

-27,94 %

0,74 %

5,97 %

3,53 %

Cash Flow Yield:

-0,05 %

0,05 %

0,01 %

0,00 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

-35,66 %

-18,23 %

0,29 %

6,58 %

6,38 %

Total economic profitability:

-29,06 %

-13,88 %

0,32 %

6,68 %

9,56 %

Financial profitability:

-52,49 %

-28,97 %

-1,08 %

6,45 %

8,71 %

Margin:

-35,57 %

-28,07 %

0,34 %

5,66 %

3,31 %

Mark-up:

-37,01 %

-26,49 %

-0,84 %

4,90 %

0,32 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,00

0,09

-0,03

-0,05

Acid Test:

1,94

1,08

1,11

1,27

1,72

Working Capital / Investment:

0,58

0,59

0,62

0,59

0,72

Solvency:

3,26

2,56

2,78

3,11

3,83

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,09

0,82

0,56

0,52

0,47

Borrowing Composition:

0,68

0,15

0,00

0,01

Repayment Ability:

-10,59

9,60

51,47

-96,58

0,35

Warranty:

1,97

2,24

2,82

3,16

3,85

Generated resources / Total creditors:

-0,48

-0,35

-0,01

0,13

0,20

Efficiency

2012

2011

2010

2009

2008

Productivity:

-0,68

-0,09

1,03

1,33

1,32

Turnover of Collection Rights :

1,86

1,89

2,33

3,01

4,53

Turnover of Payment Entitlements:

0,22

1,85

2,26

3,96

7,11

Stock rotation:

4,41

1,37

1,78

3,27

Assets turnover:

1,00

0,65

0,86

1,16

1,93

Borrowing Cost:

7,02

4,04

2,81

4,18

11,33

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

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.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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

INVESTIGATION SUMMARY

Identification

Activity

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

Link List

Turnover

Financial accounts & balance sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit