MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	CASTLE AGROINDUSTRIAL SA

Registered Office :	C/ Plata, 33 -C - Parcela 64-B. Pol. Industrial. - Valladolid - 47012 - Valladolid

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	17.06.1988

Legal Form :	Public Limited Company

Line of Business :	Engaged in trade and distribution of Agricultural, Industrial and Forestry Machinery. Subject product ranges includes: Agricultural And Forestry · Agricultural Axles · Tires And Wheels · Suspensions · Rotation Systems · Supports · Power · Farm Equipment · Accessories Body · Electrical Accessories Components Aperos · Components For Seed · Components For Growers · Components For Chisel · Component Gradas · Component Arados Speed · Axes · Tires · Enganches · Supports Hydraulic · Cylinder · Cylinder Components · Pumps And Accessories · Gear Pumps And Motors · Orbitroles And Piston Engines · Valve Plate (Ng6, Ng10) · Filters And Accessories · Measurement And Safety Components · Pipes And Connections · Power Units · Truck Components Overhead · Addresses Hydrostatic And Accessories · Directional Valve And Handlers · Hydraulic Valve Miscellaneous

No of Employees :	14 (2014)

RATING & COMMENTS

MIRA’s Rating :

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

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, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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:

CASTLE AGROINDUSTRIAL SA

NIF / Fiscal code:

A47086152

Trade Name

CASTLE

Status:

ACTIVE

Incorporation Date:

17/06/1988

Register Data

Last Publication in BORME:

12/09/2014 [Miscellaneous Concepts]

Last Published Account Deposit:

2013

Share Capital:

90.000

Localization:

C/ PLATA, 33 -C - PARCELA 64-B. POL. INDUSTRIAL. - VALLADOLID - 47012 - VALLADOLID

Telephone - Fax -

Email –

Website:

Ph.:. 983 217 326

Email. pedidos@castleagroindustrial.com

Website. www.castleagroindustrial.com/

Activity:

NACE:

4661 - Wholesale of agricultural machinery, equipment and supplies

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

1 for a total cost of 3000

Quality Certificate:

Risk:

The capacity to meet payment obligations shows no difficulties at present, although this may not last for long.

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:
JOSE LUIS HERRADOR GALAN
JOSE LUIS MIÑO MARTIN
Shares:	0
Other Links:	1
No. of Active Corporate Bodies:

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees NO

INVESTIGATION SUMMARY

Company dedicated to the trade and distribution of agricultural, industrial and forestry machinery. Its annual sales during the year 2013 increased by 10.79% over the previous year 2012.

Identification

Social Denomination:

CASTLE AGROINDUSTRIAL SA

Trade Name:

CASTLE

NIF / Fiscal code:

A47086152

Corporate Status:

ACTIVE

Start of activity:

1988

Registered Office:

C/ PLATA, 33 -C - PARCELA 64-B. POL. INDUSTRIAL.

Locality:

VALLADOLID

Province:

VALLADOLID

Postal Code:

47012

Telephone:

983 217 326

Fax:

983 210 144

Website:

www.castleagroindustrial.com/

Email:

pedidos@castleagroindustrial.com

Activity

NACE:

4661

CNAE Obtaining Source:

4661

Additional Information:

It is dedicated to the trade and distribution of agricultural, industrial and forestry machinery.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Agricultural and Forestry

· Agricultural Axles

· Tires And Wheels

· Suspensions

· Rotation Systems

· Supports

· Power

· Farm Equipment

· Accessories Body

· Electrical Accessories

Components Aperos

· Components For Seed

· Components For Growers

· Components For Chisel

· Component Gradas

· Component Arados

Speed

· Axes

· Tires

· Enganches

· Supports

Hydraulic

· Cylinder

· Cylinder Components

· Pumps And Accessories

· Gear Pumps And Motors

· Orbitroles And Piston Engines

· Valve Plate (Ng6, Ng10)

· Filters And Accessories

· Measurement And Safety Components

· Pipes And Connections

· Power Units

· Truck Components Overhead

· Addresses Hydrostatic And Accessories

· Directional Valve And Handlers

· Hydraulic Valve Miscellaneous

Number of Employees

Year

No. of employees

2014

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989) Appointments/ Re-elections (1)

1991

Accounts deposit (ejer. 1990)

1992

Adaptation to Law (1) Appointments/ Re-elections (1) Dividends Payment (1)

1993

Accounts deposit (ejer. 1992) Change of Social address (1)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995)

1997

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

1998

Accounts deposit (ejer. 1997)

1999

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

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000)

2002

Accounts deposit (ejer. 2001)

2003

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

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2007

Accounts deposit (ejer. 2005, 2006)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)

2009

Accounts deposit (ejer. 2008)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (ejer. 2013) Capital Reduction (1) Change of Social address (1) Other Concepts/ Events (2)

Breakdown of Owners' Equity

Registered Capital:

90.000

Paid up capital:

90.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

18/05/1992

Capital call payment

---

29.930

---

18/07/2014

Capital Reduction

-152

90.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT ADMINISTRATOR

HERRADOR GALAN JOSE LUIS

13/03/2013

MIÑO MARTIN JOSE LUIS

13/03/2013

JOINT ATTORNEY

HERRADOR GALAN JOSE LUIS

17/07/1999

MIÑO MARTIN JOSE LUIS

17/07/1999

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

HERRADOR GALAN JOSE LUIS

JOINT ADMINISTRATOR

31/10/1997

JOINT ADMINISTRATOR

09/01/2003

JOINT ADMINISTRATOR

30/01/2008

JOINT ADMINISTRATOR

13/03/2013

PROXY

17/07/1999

MIÑO MARTIN JOSE LUIS

PROXY

17/07/1999

JOINT ADMINISTRATOR

09/01/2003

JOINT ADMINISTRATOR

30/01/2008

JOINT ADMINISTRATOR

13/03/2013

JOINT ADMINISTRATOR

31/10/1997

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSE LUIS HERRADOR GALAN

ADMINISTRATOR

JOSE LUIS MIÑO MARTIN

FINANCIAL DIRECTOR

PEDRO JUAN MANUEL RODRIGUEZ

MANAGING DIRECTOR

JOSE LUIS HERRADOR GALAN

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

> Estimated Probability of Default for the next 12 months: 2.621 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

466 Wholesale of other machinery, equipment and supplies

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 54.00% of the companies of the sector CASTLE AGROINDUSTRIAL SA 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 2.621%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Suppliers

Name

ADR

BELLOTA

BERMA

ALLIANCE

MICHELIN

COMER INDUSTRIES

DANFOSS

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JOSE LUIS HERRADOR GALAN

JOSE LUIS MIÑO MARTIN

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

CLEMENTE RUEDA Y ASOCIADOS SL

VALLADOLID

Turnover

Total Sales 2013

3.799.166,56

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

September 2014

2012

Normales

October 2013

2011

Normales

September 2012

2010

Normales

October 2011

2009

Normales

October 2010

2008

Normales

November 2009

2007

Normales

October 2008

2006

Normales

November 2007

2005

Normales

December 2006

2004

Normales

November 2005

2003

Normales

October 2004

2002

Normales

September 2003

2001

Normales

October 2002

2000

Normales

September 2001

1999

Normales

July 2000

1998

Normales

July 1999

1997

Normales

July 1998

1996

Normales

July 1997

1995

Normales

September 1996

1994

Normales

September 1995

1993

Normales

September 1994

1992

Normales

September 1993

1990

Normales

September 1991

1989

Normales

September 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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 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.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

253.566,00

279.440,00

314.640,00

397.344,00

492.092,00

I. Intangible fixed assets : 11100

34.808,00

9.229,00

27.845,00

49.195,00

71.878,00

II. Tangible fixed assets : 11200

206.668,00

258.121,00

274.706,00

336.060,00

405.802,00

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

12.090,00

14.412,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.317.439,00

2.746.517,00

3.207.968,00

2.577.090,00

2.546.080,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.690.136,00

1.818.097,00

1.830.329,00

1.602.717,00

1.468.538,00

III. Trade debtors and others receivable accounts: 12300

622.891,00

509.370,00

696.037,00

570.992,00

593.619,00

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

622.891,00

509.370,00

696.037,00

570.992,00

570.141,00

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

0,00

570.992,00

570.141,00

b) Customers for sales and provisions of services : 12382

622.891,00

509.370,00

696.037,00

0,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

0,00

23.478,00

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

0,00

V. Short-term financial investments : 12500

0,00

39.487,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

4.411,00

419.050,00

681.601,00

403.381,00

444.435,00

TOTAL ASSETS (A + B) : 10000

2.571.005,00

3.025.957,00

3.522.608,00

2.974.434,00

3.038.172,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

1.238.903,00

1.200.189,00

1.185.360,00

907.038,00

845.416,00

A1) Shareholders' equity : 21000

1.238.903,00

1.200.189,00

1.182.360,00

901.038,00

836.416,00

I. Capital: 21100

90.152,00

1.- Registered capital: 21110

90.152,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.034.243,00

956.624,00

790.945,00

746.264,00

713.195,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

114.509,00

153.413,00

301.263,00

64.621,00

33.070,00

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

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

0,00

3.000,00

6.000,00

9.000,00

B) NON-CURRENT LIABILITIES: 31000

4.313,00

20.947,00

17.874,00

43.485,00

74.581,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

4.313,00

20.947,00

17.874,00

43.485,00

74.581,00

1.- Amounts owed to credit institutions: 31220

4.313,00

20.947,00

0,00

2.- Creditors from financial leasing : 31230

0,00

17.874,00

43.485,00

74.581,00

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

1.327.789,00

1.804.821,00

2.319.375,00

2.023.911,00

2.118.174,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

662.188,00

1.373.040,00

1.501.529,00

1.404.539,00

1.542.072,00

1.- Amounts owed to credit institutions: 32320

642.960,00

1.256.348,00

1.472.963,00

1.314.064,00

1.493.832,00

2.- Creditors from financial leasing : 32330

0,00

17.807,00

25.487,00

31.055,00

42.839,00

3.- Other short-term creditors : 32390

19.227,00

98.884,00

3.079,00

59.420,00

5.401,00

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

0,00

V. Trade creditors and other accounts payable: 32500

665.601,00

431.782,00

817.846,00

619.372,00

576.103,00

1.- Suppliers: 32580

437.958,00

265.440,00

553.986,00

455.094,00

396.210,00

a) Long-term debts : 32581

0,00

553.986,00

455.094,00

396.210,00

b) Short-term debts : 32582

437.958,00

265.440,00

0,00

2.- Other creditors : 32590

227.643,00

166.342,00

263.859,00

164.278,00

179.893,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

2.571.005,00

3.025.957,00

3.522.608,00

2.974.434,00

3.038.172,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

3.799.167,00

3.429.087,00

4.082.681,00

3.476.902,00

3.562.625,00

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

-2.671.741,00

-2.280.717,00

-2.724.683,00

-2.297.265,00

-2.345.419,00

5. Other operating income: 40500

79.350,00

79.625,00

90.423,00

94.925,00

83.387,00

6. Personnel costs: 40600

-533.724,00

-529.435,00

-498.935,00

-500.654,00

-543.660,00

7. Other operating costs: 40700

-389.752,00

-339.431,00

-376.022,00

-494.996,00

-501.910,00

8. Amortisation of fixed assets: 40800

-70.631,00

-96.511,00

-94.950,00

-100.178,00

-107.137,00

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

0,00

3.000,00

10. Excess provisions : 41000

0,00

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

-115,00

296,00

5.920,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

-3.000,00

0,00

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

212.554,00

262.915,00

487.434,00

181.734,00

150.886,00

14. Financial income : 41400

96,00

81,00

331,00

1.987,00

4.451,00

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

0,00

b) Other financial income: 41490

96,00

81,00

331,00

1.987,00

4.451,00

15. Financial expenditure: 41500

-59.718,00

-58.445,00

-78.818,00

-97.560,00

-111.244,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-253,00

0,00

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

-59.875,00

-58.364,00

-78.488,00

-95.573,00

-106.793,00

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

152.678,00

204.551,00

408.947,00

86.162,00

44.093,00

20. Income taxes: 41900

-38.170,00

-51.138,00

-107.684,00

-21.540,00

-11.023,00

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

114.509,00

153.413,00

301.263,00

64.621,00

33.070,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 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.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

253.566,00

279.440,00

314.640,00

397.344,00

492.092,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

34.808,00

9.229,00

27.845,00

49.195,00

71.878,00

III. Tangible fixed assets:

206.668,00

258.121,00

274.706,00

336.060,00

405.802,00

IV. Financial investments:

12.090,00

14.412,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.317.439,00

2.746.517,00

3.207.968,00

2.577.090,00

2.546.080,00

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

0,00

II. Stocks:

1.690.136,00

1.818.097,00

1.830.329,00

1.602.717,00

1.468.538,00

III. Debtors:

622.891,00

509.370,00

696.037,00

570.992,00

593.619,00

IV. Short-term investments:

0,00

39.487,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

4.411,00

419.050,00

681.601,00

403.381,00

444.435,00

VII. Prepayments and accrued income:

0,00

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

2.571.005,00

3.025.957,00

3.522.608,00

2.974.434,00

3.038.172,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

1.238.903,00

1.200.189,00

1.182.360,00

901.038,00

836.416,00

I. Subscribed capital:

90.152,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.034.243,00

956.624,00

790.945,00

746.264,00

713.195,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.034.243,00

956.624,00

790.945,00

746.264,00

713.195,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

114.509,00

153.413,00

301.263,00

64.621,00

33.070,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

3.000,00

6.000,00

9.000,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

4.313,00

20.947,00

17.874,00

43.485,00

74.581,00

E) SHORT TERM CREDITORS:

1.327.789,00

1.804.821,00

2.319.375,00

2.023.911,00

2.118.174,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

2.571.005,00

3.025.957,00

3.522.608,00

2.974.434,00

3.038.172,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

3.764.103,00

3.358.677,00

3.881.092,00

3.512.193,00

3.620.393,00

A.1. Operating consumption:

2.671.741,00

2.280.717,00

2.724.683,00

2.297.265,00

2.345.419,00

A.2. Staff Costs:

533.724,00

529.435,00

498.935,00

500.654,00

543.660,00

a) Wages, salaries et al.:

443.508,00

439.944,00

414.599,00

416.028,00

451.764,00

b) Social security costs:

90.216,00

89.491,00

84.336,00

84.626,00

91.895,00

A.3. Depreciation expense:

70.631,00

96.511,00

94.950,00

100.178,00

107.137,00

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

0,00

A.5. Other operating charges:

389.752,00

339.431,00

376.022,00

494.996,00

501.910,00

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

212.669,00

262.619,00

478.514,00

178.734,00

147.886,00

A.6. Financial and similar charges:

59.718,00

58.445,00

78.818,00

97.560,00

111.244,00

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:

59.718,00

58.445,00

78.818,00

97.560,00

111.244,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

253,00

0,00

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

0,00

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

152.793,00

204.255,00

400.026,00

83.162,00

41.093,00

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

0,00

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

115,00

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

3.000,00

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

296,00

8.920,00

3.000,00

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

152.678,00

204.551,00

408.947,00

86.162,00

44.093,00

A.14. Corporation Tax:

38.170,00

51.138,00

107.684,00

21.540,00

11.023,00

A.15. Miscellaneous taxes:

0,00

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

114.509,00

153.413,00

301.263,00

64.621,00

33.070,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

3.878.612,00

3.512.090,00

4.182.355,00

3.576.814,00

3.653.462,00

B.1. Operating income:

3.878.516,00

3.508.713,00

4.173.104,00

3.571.827,00

3.646.011,00

a) Net total sales:

3.799.167,00

3.429.087,00

4.082.681,00

3.476.902,00

3.562.625,00

b) Miscellaneous operating income:

79.350,00

79.625,00

90.423,00

94.925,00

83.387,00

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

0,00

B.2. Financial income:

96,00

81,00

331,00

1.987,00

4.451,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

96,00

81,00

331,00

1.987,00

4.451,00

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):

59.875,00

58.364,00

78.488,00

95.573,00

106.793,00

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

296,00

5.920,00

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

3.000,00

B.7. Extraordinary income:

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):

115,00

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

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

152.678,00

204.551,00

408.947,00

86.162,00

44.093,00

2. Results adjustments.: 61200

130.254,00

154.874,00

173.437,00

195.751,00

213.930,00

a) Fixed Assets Amortization (+).: 61201

70.631,00

96.511,00

94.950,00

100.178,00

107.137,00

g) Financial income (-).: 61207

-96,00

-81,00

-331,00

-1.987,00

-4.451,00

h) Financial Expenses (+). : 61208

59.718,00

58.445,00

78.818,00

97.560,00

111.244,00

3. Changes in current capital equity.: 61300

210.089,00

-238.302,00

-261.869,00

-50.335,00

627.154,00

a) Stock (+/-).: 61301

127.961,00

12.233,00

-227.613,00

-134.178,00

857.058,00

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

-113.521,00

186.667,00

-125.045,00

22.627,00

102.856,00

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

0,00

39.487,00

31.608,00

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

195.650,00

-437.202,00

90.789,00

21.730,00

-364.367,00

4. Other cash flows for operating activities.: 61400

-59.623,00

-58.364,00

-78.488,00

-95.573,00

-106.793,00

a) Interest payments (-). : 61401

-59.718,00

-58.445,00

-78.818,00

-97.560,00

-111.244,00

c) Interest collection (+). : 61403

96,00

81,00

331,00

1.987,00

4.451,00

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

433.399,00

62.760,00

242.028,00

136.005,00

778.384,00

6. Payments for investment (-).: 62100

-25.579,00

0,00

-10.681,00

b) Intangible fixed assets. : 62102

-25.579,00

0,00

c) Fixed assets. : 62103

0,00

-10.681,00

7. Divestment payment collection (+). : 62200

51.453,00

35.200,00

82.704,00

94.748,00

33.022,00

b) Intangible fixed assets. : 62202

0,00

18.616,00

21.350,00

22.683,00

30.022,00

c) Fixed assets. : 62203

51.453,00

16.584,00

61.354,00

69.742,00

0,00

e) Other financial assets. : 62205

0,00

2.323,00

3.000,00

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

-44.757,00

-61.310,00

-12.246,00

-5.430,00

-84.796,00

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

-75.795,00

-138.584,00

-22.941,00

-3.000,00

-77.166,00

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

-75.795,00

-135.584,00

-19.941,00

0,00

-74.166,00

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

0,00

-3.000,00

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

-727.486,00

-125.416,00

71.379,00

-168.628,00

-392.284,00

a) Issuance : 63201

0,00

116.752,00

158.899,00

54.020,00

1.923,00

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

0,00

20.947,00

158.899,00

0,00

4. Special characteristic debts (+). : 63205

0,00

1.923,00

5. Other debts (+). : 63206

0,00

95.805,00

0,00

54.020,00

0,00

b) Repayment and amortization of : 63207

-727.486,00

-242.168,00

-87.520,00

-222.648,00

-394.207,00

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

-630.022,00

-216.615,00

0,00

-179.768,00

-392.894,00

4. Special characteristic debts (-). : 63211

-17.807,00

-25.554,00

-31.179,00

-42.880,00

0,00

5. Other debts (-). : 63212

-79.657,00

0,00

-56.341,00

0,00

-1.313,00

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

0,00

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

-803.281,00

-264.000,00

48.438,00

-171.628,00

-469.449,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000

-414.639,00

-262.551,00

278.220,00

-41.054,00

224.139,00

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

419.050,00

681.601,00

403.381,00

444.435,00

220.296,00

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

4.411,00

419.050,00

681.601,00

403.381,00

444.435,00

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

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,11 %

0,00 %

-0,08 %

0,17 %

-42,54 %

-102,48 %

EBITDA over Sales:

7,46 %

5,70 %

10,47 %

7,58 %

-28,80 %

-24,77 %

Cash Flow Yield:

-0,16 %

0,00 %

-0,09 %

0,04 %

-85,87 %

-102,97 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

8,31 %

-0,16 %

8,82 %

0,51 %

-5,86 %

-131,88 %

Total economic profitability:

8,26 %

0,16 %

8,69 %

-0,03 %

-4,95 %

692,22 %

Financial profitability:

9,24 %

-2,74 %

12,78 %

-3,94 %

-27,69 %

30,56 %

Margin:

5,48 %

-0,29 %

7,58 %

0,94 %

-27,69 %

-130,84 %

Mark-up:

3,94 %

-5,06 %

5,92 %

-6,14 %

-33,45 %

17,56 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,15

0,23

0,16

-98,57

-4,78

Acid Test:

0,47

0,91

0,51

0,86

-8,16

5,24

Working Capital / Investment:

0,38

0,09

0,31

0,08

23,69

7,49

Solvency:

1,75

1,40

1,52

1,43

14,69

-1,77

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,08

1,52

1,07

-29,32

0,79

Borrowing Composition:

0,00

0,98

0,01

1,22

-72,01

-19,67

Repayment Ability:

-3,21

-479,03

-6,95

14,17

53,80

-3.480,76

Warranty:

1,93

1,66

1,94

16,45

-0,34

Generated resources / Total creditors:

0,14

0,02

0,14

0,01

1,53

38,74

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,53

1,26

1,68

1,30

-8,79

-3,47

Turnover of Collection Rights :

6,23

3,68

6,89

3,64

-9,61

1,10

Turnover of Payment Entitlements:

4,60

2,46

6,07

2,35

-24,20

4,50

Stock rotation:

2,17

2,55

1,79

2,20

21,48

15,95

Assets turnover:

1,52

0,56

1,16

0,55

30,19

3,37

Borrowing Cost:

4,48

2,80

3,20

2,83

40,05

-0,98

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

-0,11 %

-0,08 %

0,07 %

-0,01 %

0,06 %

EBITDA over Sales:

7,46 %

10,47 %

14,05 %

8,02 %

7,16 %

Cash Flow Yield:

-0,16 %

-0,09 %

0,08 %

-0,01 %

0,07 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

8,31 %

8,82 %

13,88 %

6,13 %

5,06 %

Total economic profitability:

8,26 %

8,69 %

13,85 %

6,18 %

5,11 %

Financial profitability:

9,24 %

12,78 %

25,48 %

7,17 %

3,95 %

Margin:

5,48 %

7,58 %

11,68 %

5,09 %

4,14 %

Mark-up:

3,94 %

5,92 %

9,80 %

2,41 %

1,21 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,00

0,23

0,29

0,20

0,21

Acid Test:

0,47

0,51

0,59

0,48

0,51

Working Capital / Investment:

0,38

0,31

0,25

0,19

0,14

Solvency:

1,75

1,52

1,38

1,27

1,20

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,08

1,52

1,97

2,28

2,59

Borrowing Composition:

0,00

0,01

0,02

0,04

Repayment Ability:

-3,21

-6,95

8,40

-50,36

9,78

Warranty:

1,93

1,66

1,51

1,44

1,39

Generated resources / Total creditors:

0,14

0,17

0,08

0,06

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,53

1,68

2,15

1,56

1,47

Turnover of Collection Rights :

6,23

6,89

6,00

6,26

6,14

Turnover of Payment Entitlements:

4,60

6,07

3,79

4,51

4,94

Stock rotation:

2,17

1,79

2,02

2,12

2,38

Assets turnover:

1,52

1,16

1,19

1,21

1,22

Borrowing Cost:

4,48

3,20

3,37

4,72

5,07

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

3.000,00

Notes

El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 6.000 euros.

Research Summary

Company dedicated to the trade and distribution of agricultural, industrial and forestry machinery. Its annual sales during the year 2013 increased by 10.79% over the previous year 2012.

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.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	SUB

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.