MIRA INFORM REPORT

Report Date :

26.04.2014

IDENTIFICATION DETAILS

Name :	CAF KARYON SL

Registered Office :	C/ Ezequiel Solana, 6 1º C. - Madrid - 28017 - Madrid

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	05.03.2002

Legal Form :	Private Company

Line of Business :	Subject is engaged in manufacturing, marketing of nutricional, phytosanitary and fortifying products. The subject is present in the markets of different kind of cultivations (citrus fruit, olive tree, rice, wheat...)

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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:

CAF KARYON SL

NIF / Fiscal code:

B83262303

Status:

ACTIVE

Incorporation Date:

05/03/2002

Register Data

Last Publication in BORME:

17/03/2014 [Statutory modifications]

Last Published Account Deposit:

2012

Share Capital:

344.590

Localization:

C/ EZEQUIEL SOLANA, 6 1º C. - MADRID - 28017 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 916571269

Activity:

NACE:

7490 - Other professional, scientific and technical activities n.e.c.

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

DOMINGO CARLOS HERNANDEZ IGELMO

INVESTIGATION SUMMARY

The subject is a company having an irregular trade evolution. Its growth has been unstable during the last years because of the crisis in the business sector. Its turnover decreased a 16,72% in 2012, compared with 2011. The subject meets normally its payment commitments.

Identification

Social Denomination:

CAF KARYON SL

NIF / Fiscal code:

B83262303

Corporate Status:

ACTIVE

Start of activity:

2002

Registered Office:

C/ EZEQUIEL SOLANA, 6 1º C.

Locality:

MADRID

Province:

MADRID

Postal Code:

28017

Telephone:

916571269

Activity

NACE:

7490

CNAE Obtaining Source:

7490

Additional Information:

The subject is engaged in manufacturing, marketing of nutricional, phytosanitary and fortifying products. The subject is present in the markets of different kind of cultivations (citrus fruit, olive tree, rice, wheat...)

Additional Address:

Registered office is located in C/ EZEQUIEL SOLANA, 6 1º C. 28017 MADRID. Correspondence address and offices, both rented by the company, are located in APTDO CORREOS, 50 28120 SANTO DOMINGO ( MADRID ).

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

2002

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

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005)

2007

Accounts deposit (ejer. 2006) Increase of Capital (1)

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008) Increase of Capital (2) Statutory Modifications (1)

2010

Accounts deposit (ejer. 2009) Change of Social Denomination (1)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011) Increase of Capital (1)

2013

Accounts deposit (ejer. 2012)

2014

Statutory Modifications (1)

Breakdown of Owners' Equity

Registered Capital:

344.590

Paid up capital:

344.590

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

18/06/2002

Company Formation

3.060

19/01/2007

Increase of Capital

1.530

4.590

22/06/2009

Increase of Capital

160.000

164.590

26/08/2009

Increase of Capital

63.000

227.590

13/06/2012

Increase of Capital

117.000

344.590

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

HERNANDEZ IGELMO DOMINGO CARLOS

14/10/2003

Social Body's Name

Post published

End Date

Other Positions in this Company

HERNANDEZ TORTOSA ALVARO CARLOS

SINGLE ADMINISTRATOR

14/10/2003

Executive board

Post

NIF

Name

ADMINISTRATOR

DOMINGO CARLOS HERNANDEZ IGELMO

DIRECTOR/GENERAL MANAGER

DOMINGO CARLOS HERNANDEZ IGELMO

FINANCIAL DIRECTOR

DOMINGO CARLOS HERNANDEZ IGELMO

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 33.44 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.{/POSITIVO}

It has financial profitability.. CAF KARYON SL obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

It presents a limited operating margins. Net margin shows positive, although adjusted, company costs management as income exceed operating expenses.

The current debt represents a 6.6563125e-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.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

No Company's subsidiaries or branches are known.

Although it is in a new stage of Consolidationit is part of a group distinguished by a downturn in the market.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 1.981 %

> Latest Rating Changes :

Sector in which comparison is carried out :

749 Other professional, scientific and technical activities n.e.c.

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 71.00% of the companies of the sector CAF KARYON 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 1.98%.

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

LEGAL CLAIMS

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:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

DOMINGO CARLOS HERNANDEZ IGELMO

Turnover

Total Sales 2013

2.500.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

August 2013

2011

Normales

October 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

November 2009

2007

Normales

August 2008

2006

Normales

October 2007

2005

Normales

October 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

October 2003

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

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

Information corresponding to the fiscal year 2012 2011 2010 2009 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, axesor 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

128.544,00

96.482,00

50.550,00

12.001,00

18.000,00

I. Intangible fixed assets : 11100

109.018,00

66.769,00

16.592,00

12.001,00

18.000,00

II. Tangible fixed assets : 11200

19.526,00

29.714,00

33.958,00

0,00

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

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

1.153.474,00

1.131.460,00

1.017.432,00

857.197,00

768.260,00

I. Stocks : 12200

53.823,00

48.373,00

179.724,00

50.763,00

87.532,00

II. Trade debtors and others receivable accounts : 12300

911.615,00

826.799,00

661.833,00

586.008,00

577.452,00

1. Trade debtors / accounts receivable: 12380

906.896,00

805.906,00

642.123,00

539.760,00

577.452,00

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

0,00

b) Customers for sales and provisions of services : 12382

906.896,00

805.906,00

642.123,00

539.760,00

577.452,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

4.719,00

20.893,00

19.710,00

46.249,00

0,00

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

0,00

IV. Short-term financial investments : 12500

160,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

187.876,00

256.128,00

175.715,00

220.265,00

103.117,00

TOTAL ASSETS (A + B) : 10000

1.282.018,00

1.227.942,00

1.067.982,00

869.197,00

786.260,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

428.667,00

428.561,00

305.144,00

344.276,00

177.802,00

A-1) Shareholders' equity: 21000

428.667,00

428.561,00

305.144,00

344.276,00

177.802,00

I. Capital: 21100

344.590,00

227.590,00

4.590,00

1. Registered capital : 21110

344.590,00

227.590,00

4.590,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

83.971,00

77.554,00

82.451,00

173.212,00

116.352,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

117.000,00

0,00

-78.500,00

0,00

VII. Result of the period: 21700

106,00

6.417,00

-4.897,00

21.973,00

56.860,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

0,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

0,00

1. Amounts owed to credit institutions: 31220

0,00

2. Creditors from financial leasing : 31230

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

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

853.351,00

799.381,00

762.838,00

524.922,00

608.458,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

0,00

1. Amounts owed to credit institutions: 32320

0,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

853.351,00

799.381,00

762.838,00

524.922,00

608.458,00

1. Suppliers: 32580

742.929,00

676.574,00

1.076,00

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

742.929,00

676.574,00

1.076,00

0,00

2. Other creditors: 32590

110.422,00

122.807,00

761.762,00

524.922,00

608.458,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

1.282.018,00

1.227.942,00

1.067.982,00

869.197,00

786.260,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

2.739.544,00

3.289.622,00

3.389.940,00

3.174.287,00

5.229.676,00

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

0,00

35.028,00

148.217,00

185.665,00

271.947,00

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

62.639,00

52.084,00

10.591,00

0,00

4. Supplies : 40400

-2.535.320,00

-3.107.005,00

-3.434.058,00

-3.010.915,00

-5.108.417,00

5. Other operating income: 40500

0,00

5.413,00

5.320,00

6. Personnel costs: 40600

-14.295,00

-14.033,00

-13.317,00

-12.973,00

-12.773,00

7. Other operating costs: 40700

-209.195,00

-241.054,00

-77.540,00

-307.939,00

-312.687,00

8. Amortisation of fixed assets: 40800

-30.577,00

-6.152,00

-14.490,00

-5.999,00

0,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

12. Other results : 41300

35,00

376,00

3.000,00

0,00

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

12.831,00

8.865,00

12.344,00

27.538,00

73.066,00

13. Financial income : 41400

1.421,00

1.758,00

1.046,00

2.122,00

3.644,00

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

0,00

b) Other financial income: 41490

1.421,00

1.758,00

1.046,00

2.122,00

3.644,00

14. Financial expenditure : 41500

-5.592,00

-2.067,00

-704,00

-363,00

-897,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

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

0,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

-4.171,00

-309,00

342,00

1.760,00

2.748,00

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

8.660,00

8.556,00

12.685,00

29.298,00

75.814,00

19. Income taxes : 41900

-8.554,00

-2.139,00

-17.582,00

-7.324,00

-18.953,00

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

106,00

6.417,00

-4.897,00

21.973,00

56.860,00

> 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, Axesor 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:

128.544,00

96.482,00

50.550,00

12.001,00

18.000,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

109.018,00

66.769,00

16.592,00

12.001,00

18.000,00

III. Tangible fixed assets:

19.526,00

29.714,00

33.958,00

0,00

IV. Financial investments:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

1.153.474,00

1.131.460,00

1.017.432,00

857.197,00

768.260,00

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

0,00

II. Stocks:

53.823,00

48.373,00

179.724,00

50.763,00

87.532,00

III. Debtors:

911.615,00

826.799,00

661.833,00

586.008,00

577.452,00

IV. Short-term investments:

160,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

187.876,00

256.128,00

175.715,00

220.265,00

103.117,00

VII. Prepayments and accrued income:

0,00

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

1.282.018,00

1.227.942,00

1.067.982,00

869.197,00

786.260,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

428.667,00

428.561,00

305.144,00

344.276,00

177.802,00

I. Subscribed capital:

344.590,00

227.590,00

4.590,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

83.971,00

77.554,00

82.451,00

173.212,00

116.352,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

83.971,00

77.554,00

82.451,00

173.212,00

116.352,00

V. Profit or loss brought forward:

0,00

117.000,00

0,00

-78.500,00

0,00

VI. Profit or loss for the financial year:

106,00

6.417,00

-4.897,00

21.973,00

56.860,00

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:

0,00

E) SHORT TERM CREDITORS:

853.351,00

799.381,00

762.838,00

524.922,00

608.458,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.282.018,00

1.227.942,00

1.067.982,00

869.197,00

786.260,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

2.803.533,00

3.337.423,00

3.409.473,00

3.159.849,00

5.181.780,00

A.1. Operating consumption:

2.535.320,00

3.071.977,00

3.285.841,00

2.825.250,00

4.836.470,00

A.2. Staff Costs:

14.295,00

14.033,00

13.317,00

12.973,00

12.773,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

14.295,00

14.033,00

13.317,00

12.973,00

12.773,00

A.3. Depreciation expense:

30.577,00

6.152,00

14.490,00

5.999,00

0,00

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

0,00

A.5. Other operating charges:

209.195,00

241.054,00

77.540,00

307.939,00

312.687,00

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

12.796,00

8.490,00

9.344,00

27.538,00

73.066,00

A.6. Financial and similar charges:

5.592,00

2.067,00

704,00

363,00

897,00

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:

5.592,00

2.067,00

704,00

363,00

897,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

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

342,00

1.760,00

2.748,00

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

8.625,00

8.181,00

9.685,00

29.298,00

75.814,00

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):

35,00

376,00

3.000,00

0,00

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

8.660,00

8.556,00

12.685,00

29.298,00

75.814,00

A.14. Corporation Tax:

8.554,00

2.139,00

17.582,00

7.324,00

18.953,00

A.15. Miscellaneous taxes:

0,00

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

106,00

6.417,00

0,00

21.973,00

56.860,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

2.803.639,00

3.343.840,00

3.404.576,00

3.181.822,00

5.238.641,00

B.1. Operating income:

2.802.183,00

3.341.706,00

3.400.531,00

3.179.700,00

5.234.996,00

a) Net total sales:

2.739.544,00

3.289.622,00

3.389.940,00

3.174.287,00

5.229.676,00

b) Miscellaneous operating income:

62.639,00

52.084,00

10.591,00

5.413,00

5.320,00

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

0,00

B.2. Financial income:

1.421,00

1.758,00

1.046,00

2.122,00

3.644,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

1.421,00

1.758,00

1.046,00

2.122,00

3.644,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

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

4.171,00

309,00

0,00

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

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

35,00

376,00

3.000,00

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):

0,00

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

0,00

4.897,00

0,00

MERCANTILE REGISTRY.

CASH FLOW 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

8.660,00

8.556,00

12.685,00

29.298,00

75.814,00

2. Results adjustments.: 61200

34.748,00

6.461,00

14.148,00

4.240,00

-2.748,00

a) Fixed Assets Amortization (+).: 61201

30.577,00

6.152,00

14.490,00

5.999,00

0,00

g) Financial income (-).: 61207

-1.421,00

-1.758,00

-1.046,00

-2.122,00

-3.644,00

h) Financial Expenses (+). : 61208

5.592,00

2.067,00

704,00

363,00

897,00

3. Changes in current capital equity.: 61300

-44.850,00

789,00

15.549,00

-62.648,00

-138.119,00

a) Stock (+/-).: 61301

-5.450,00

131.351,00

-128.961,00

36.769,00

221.925,00

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

-84.816,00

-164.966,00

-75.825,00

-8.557,00

-328.130,00

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

45.416,00

34.404,00

220.334,00

-90.861,00

-31.914,00

4. Other cash flows for operating activities.: 61400

-4.171,00

-309,00

342,00

1.760,00

2.748,00

a) Interest payments (-). : 61401

-5.592,00

-2.067,00

-704,00

-363,00

-897,00

c) Interest collection (+). : 61403

1.421,00

1.758,00

1.046,00

2.122,00

3.644,00

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

-5.613,00

15.497,00

42.723,00

-27.351,00

-62.305,00

6. Payments for investment (-).: 62100

-42.249,00

-50.177,00

-38.549,00

0,00

-18.000,00

b) Intangible fixed assets. : 62102

-42.249,00

-50.177,00

-4.591,00

0,00

-18.000,00

c) Fixed assets. : 62103

0,00

-33.958,00

0,00

7. Divestment payment collection (+). : 62200

10.188,00

4.245,00

0,00

5.999,00

0,00

b) Intangible fixed assets. : 62202

0,00

5.999,00

0,00

c) Fixed assets. : 62203

10.188,00

4.245,00

0,00

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

-62.639,00

-52.084,00

-53.039,00

0,00

-18.000,00

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

0,00

117.000,00

-34.235,00

144.500,00

112.735,00

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

0,00

117.000,00

0,00

144.500,00

112.735,00

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

0,00

-34.235,00

0,00

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

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

0,00

117.000,00

-34.235,00

144.500,00

112.735,00

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

-68.252,00

80.413,00

-44.551,00

117.149,00

32.430,00

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

256.128,00

175.715,00

220.265,00

103.117,00

70.686,00

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

187.876,00

256.128,00

175.715,00

220.265,00

103.117,00

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:

-0,02 %

0,00 %

0,02 %

0,01 %

-201,92 %

-104,06 %

EBITDA over Sales:

1,58 %

2,62 %

0,45 %

4,34 %

255,72 %

-39,55 %

Cash Flow Yield:

-0,05 %

0,00 %

0,07 %

0,01 %

-181,30 %

-103,76 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,00 %

0,95 %

0,69 %

1,44 %

44,37 %

-34,08 %

Total economic profitability:

1,11 %

1,35 %

0,87 %

1,81 %

28,49 %

-25,45 %

Financial profitability:

0,02 %

-0,34 %

1,50 %

0,39 %

-98,35 %

-187,53 %

Margin:

0,46 %

1,06 %

0,25 %

1,57 %

79,75 %

-32,35 %

Mark-up:

0,31 %

-0,22 %

0,24 %

0,27 %

25,74 %

-182,85 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,22

0,23

0,32

0,22

-31,29

8,31

Acid Test:

1,29

1,07

1,35

1,02

-4,89

5,42

Working Capital / Investment:

0,23

0,21

0,27

0,23

-13,44

-5,33

Solvency:

1,35

1,79

1,42

1,76

-4,50

1,99

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,99

1,08

1,87

1,36

6,73

-20,70

Borrowing Composition:

0,00

0,80

0,00

0,83

-3,33

Repayment Ability:

-12,50

-1.451,83

9,94

60,69

-225,77

-2.492,18

Warranty:

1,50

1,93

1,54

1,74

-2,20

11,02

Generated resources / Total creditors:

0,04

0,02

0,05

128,67

-5,81

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

4,03

1,11

2,04

1,19

97,43

-7,34

Turnover of Collection Rights :

3,07

4,25

4,04

4,13

-23,95

2,81

Turnover of Payment Entitlements:

3,22

2,76

4,23

2,75

-24,01

0,36

Stock rotation:

51,83

3,66

68,91

3,39

-24,79

8,05

Assets turnover:

2,19

0,90

2,72

0,92

-19,68

-2,56

Borrowing Cost:

0,66

2,43

0,26

2,40

153,40

1,14

> 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:

-0,02 %

0,02 %

-0,01 %

3,69 %

0,62 %

EBITDA over Sales:

1,58 %

0,45 %

0,70 %

1,06 %

1,40 %

Cash Flow Yield:

-0,05 %

0,07 %

-0,04 %

13,48 %

4,12 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

1,00 %

0,69 %

0,88 %

3,17 %

9,29 %

Total economic profitability:

1,11 %

0,87 %

1,25 %

3,41 %

9,76 %

Financial profitability:

0,02 %

1,50 %

-1,60 %

6,38 %

31,98 %

Margin:

0,46 %

0,25 %

0,27 %

0,87 %

1,40 %

Mark-up:

0,31 %

0,24 %

0,28 %

0,92 %

0,05 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,22

0,32

0,23

0,42

0,17

Acid Test:

1,29

1,35

1,10

1,54

1,12

Working Capital / Investment:

0,23

0,27

0,24

0,38

0,20

Solvency:

1,35

1,42

1,33

1,63

1,26

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,99

1,87

2,50

1,52

3,42

Borrowing Composition:

0,00

Repayment Ability:

-12,50

9,94

-17,12

15,65

4,32

Warranty:

1,50

1,54

1,40

1,66

1,29

Generated resources / Total creditors:

0,04

0,02

0,01

0,05

0,09

Efficiency

2012

2011

2010

2009

2008

Productivity:

4,03

2,04

2,79

3,59

6,72

Turnover of Collection Rights :

3,07

4,04

5,14

5,43

9,07

Turnover of Payment Entitlements:

3,22

4,23

4,80

6,68

9,36

Stock rotation:

51,83

68,91

18,87

62,10

58,97

Assets turnover:

2,19

2,72

3,18

3,66

6,66

Borrowing Cost:

0,66

0,26

0,09

0,07

0,15

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.61.12
UK Pound	1	Rs.102.71
Euro	1	Rs.84.52

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

RATING EXPLANATIONS

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

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

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Defaults, Legal Claims and Insolvency Proceedings

Partners

INVESTIGATION SUMMARY

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Chronological summary

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASH FLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit