MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	ELECTRONIQUEL SA

Registered Office :	AV. Siderurgia, 1, Polg. Ind. Bankunion 2 - Gijon - 33211 - Asturias

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	27.12.1975

Legal Form :	Public Company

Line of Business :	Treatment and Coating of Metals.

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 :	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:

ELECTRONIQUEL SA

NIF / Fiscal code:

A33611179

Status:

ACTIVE

Incorporation Date:

27/12/1975

Register Data

Last Publication in BORME:

04/12/2014 [Miscellaneous Concepts]

Last Published Account Deposit:

2013

Share Capital:

200.000,00

Localization:

AV. SIDERURGIA, 1, POLG. IND. BANKUNION 2 - GIJON - 33211 - ASTURIAS

Telephone - Fax - Email - Website:

Ph.: 985 323 908

Email. comercial@electroniquel.es

Website. www.electroniquel.es

Activity:

NACE:

2561 - Treatment and coating of metals

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

0 for a total cost of 0

Subsidies:

15 for a total cost of 292270.42

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:

ESBELSO SOCIEDAD ANONIMA

100 %

Identification

Social Denomination:

ELECTRONIQUEL SA

NIF / Fiscal code:

A33611179

Corporate Status:

ACTIVE

Start of activity:

1923

Registered Office:

AV. SIDERURGIA, 1, POLG. IND. BANKUNION 2

Locality:

GIJON

Province:

ASTURIAS

Postal Code:

33211

Telephone:

985 323 908

Fax:

985 312 318

Website:

www.electroniquel.es

Email:

comercial@electroniquel.es

Activity

NACE:

2561

Additional Information:

The company is engaged in the application of electrolytic zinc on all metal parts. Provides a finished product that meets both the requirements of technical zinc and those of decorative finishes for outstanding brightness.

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1992

Adaptation to Law (1) Appointments/ Re-elections (1) Statutory Modifications (1)

1994

Accounts deposit (ejer. 1992, 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995)

1997

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

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2) Statutory Modifications (1)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (1)

2003

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

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2006

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

2007

Accounts deposit (ejer. 2006) Cessations/ Resignations/ Reversals (1)

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008)

2010

Accounts deposit (ejer. 2009)

2011

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

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2013

Accounts deposit (ejer. 2012)

2014

Accounts deposit (ejer. 2013) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

Breakdown of Owners' Equity

Registered Capital:

200.000,00

Paid up capital:

200.000,00

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

ESBELSO SOCIEDAD LIMITADA

26/11/2014

SINGLE ADMINISTRATOR

ESCANDON PEREZ ALFREDO

13/03/2012

PROXY

CANO SANCHEZ FERNANDO

12/03/2002

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BARAGAÑO SUAREZ FELIX

SINGLE ADMINISTRATOR

18/07/2006

SINGLE ADMINISTRATOR

02/08/2011

SINGLE ADMINISTRATOR

13/03/2012

CEREIJO VILLA JESUS

PROXY

10/12/2007

RODRIGUEZ GARCIA AURELIO

MEMBER OF THE BOARD

20/08/1997

MEMBER OF THE BOARD

10/11/1998

JOINT ATTORNEY

10/11/1998

JOINT CHIEF EXECUTIVE OFFICER

20/08/1997

PRESIDENT

20/08/1997

PRESIDENT

10/11/1998

RODRIGUEZ RODRIGUEZ ANGEL LUCIANO

MEMBER OF THE BOARD

20/08/1997

MEMBER OF THE BOARD

10/11/1998

JOINT ATTORNEY

10/11/1998

JOINT CHIEF EXECUTIVE OFFICER

20/08/1997

RODRIGUEZ RODRIGUEZ AURELIO

MEMBER OF THE BOARD

20/08/1997

MEMBER OF THE BOARD

10/11/1998

JOINT ATTORNEY

10/11/1998

JOINT CHIEF EXECUTIVE OFFICER

20/08/1997

SECRETARY

20/08/1997

SECRETARY

10/11/1998

SOCIEDAD ESPAÑOLA DE METALIZACION S E M SL

SINGLE PARTNER

26/11/2014

Executive board

Post

NIF

Name

ADMINISTRATOR

ALFREDO ESCANDON PEREZ

DIRECTOR/GENERAL MANAGER

ALFREDO ESCANDON PEREZ

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 scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

No irregular payment performance has been detected based on information obtained from credit bureaus.

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 35.62of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Positive Working Capital The Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

It does not have any financial profitability.. ELECTRONIQUEL SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

It presents a poor productivity. Net margin shows an inappropriate company costs management as operating expenses exceed income.

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

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

Probability of default

> Estimated Probability of Default for the next 12 months: 3.974 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

256 Treatment and coating of metals; machining

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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 3.974%.

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 theowed 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

Link List

IS RELATED WITH:

3 Entities

PARTICIPATES IN:

3 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ESBELSO SOCIEDAD ANONIMA

MADRID

100

PARTICIPATES IN

SEM ENERGIAS SL

ASTURIAS

100

SEM OBRA EXTERIOR SA

ASTURIAS

100

IZALCO INGENIERIA DE SUPERFICIES SL

ASTURIAS

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

ESBELSO SOCIEDAD LIMITADA.

MADRID

ARRIETA MATERIALES Y APLICACIONES INDUSTRIALES SOCIEDAD ANONIMA

ASTURIAS

IS RELATED WITH

ESBELSO SOCIEDAD LIMITADA.

MADRID

Turnover

Total Sales 2013

1.084.344,05

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

September 2009

2007

Normales

September 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

September 2002

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

November 1998

1996

Normales

September 1997

1995

Normales

August 1996

1994

Normales

September 1995

1993

Normales

September 1994

1992

Normales

December 1993

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 Pyme 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, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

249.287,00

300.996,00

392.350,00

493.097,00

357.609,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

248.830,00

300.539,00

391.892,00

492.640,00

357.151,00

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

457,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

803.520,00

663.080,00

1.033.472,00

1.236.934,00

1.090.843,00

I. Stocks : 12200

473.537,00

477.660,00

526.848,00

448.908,00

437.861,00

II. Trade debtors and others receivable accounts : 12300

275.003,00

152.516,00

288.565,00

606.559,00

565.144,00

1. Trade debtors / accounts receivable: 12380

275.003,00

152.516,00

288.565,00

606.559,00

565.144,00

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

0,00

b) Customers for sales and provisions of services : 12382

275.003,00

152.516,00

288.565,00

606.559,00

565.144,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

0,00

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

0,00

IV. Short-term financial investments : 12500

0,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

54.979,00

32.904,00

218.059,00

181.467,00

87.838,00

TOTAL ASSETS (A + B) : 10000

1.052.807,00

964.076,00

1.425.821,00

1.730.031,00

1.448.452,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

552.532,00

674.692,00

1.084.489,00

1.173.898,00

1.066.624,00

A-1) Shareholders' equity: 21000

506.440,00

617.195,00

1.015.826,00

1.162.397,00

1.056.214,00

I. Capital: 21100

200.000,00

1. Registered capital : 21110

200.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

962.397,00

856.214,00

703.875,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-545.202,00

-146.570,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-110.755,00

-398.632,00

-146.570,00

106.182,00

152.340,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

46.092,00

57.498,00

68.663,00

11.501,00

10.409,00

B) NON-CURRENT LIABILITIES: 31000

125.254,00

24.642,00

91.539,00

121.558,00

9.685,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

105.500,00

0,00

62.113,00

116.896,00

5.223,00

1. Amounts owed to credit institutions: 31220

0,00

61.920,00

115.934,00

5.223,00

2. Creditors from financial leasing : 31230

0,00

193,00

962,00

0,00

3. Other long-term creditors : 31290

105.500,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

19.754,00

24.642,00

29.427,00

4.662,00

4.461,00

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

375.021,00

264.742,00

249.793,00

434.575,00

372.143,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

2.746,00

54.956,00

54.785,00

61.158,00

1,00

1. Amounts owed to credit institutions: 32320

1.175,00

681,00

54.015,00

60.389,00

0,00

2. Creditors from financial leasing : 32330

0,00

257,00

769,00

0,00

3. Other short-term creditors : 32390

1.571,00

54.018,00

0,00

1,00

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

45.507,00

64.369,00

IV. Trade creditors and other accounts payable: 32500

326.769,00

164.279,00

149.501,00

327.911,00

307.773,00

1. Suppliers: 32580

157.106,00

79.127,00

62.122,00

221.204,00

227.991,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

157.106,00

79.127,00

62.122,00

221.204,00

227.991,00

2. Other creditors: 32590

169.663,00

85.152,00

87.379,00

106.707,00

79.782,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

1.052.807,00

964.076,00

1.425.821,00

1.730.031,00

1.448.452,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

1.084.344,00

787.040,00

1.373.208,00

1.595.904,00

1.653.618,00

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

13.020,00

-21.460,00

71.399,00

-48.706,00

51.498,00

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

0,00

4. Supplies : 40400

-476.046,00

-323.749,00

-644.899,00

-454.490,00

-469.531,00

5. Other operating income: 40500

847,00

2.661,00

37.905,00

61.769,00

4.098,00

6. Personnel costs: 40600

-364.175,00

-428.170,00

-476.686,00

-484.733,00

-531.509,00

7. Other operating costs: 40700

-301.233,00

-333.349,00

-401.822,00

-414.401,00

-399.664,00

8. Amortisation of fixed assets: 40800

-73.475,00

-92.023,00

-114.764,00

-113.379,00

-97.938,00

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

16.294,00

15.950,00

20.393,00

12.166,00

11.919,00

10. Excess provisions : 41000

0,00

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

0,00

12. Other results : 41300

0,00

19,00

0,00

1.003,00

0,00

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

-100.424,00

-393.081,00

-135.266,00

155.132,00

222.489,00

13. Financial income : 41400

0,00

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

0,00

b) Other financial income: 41490

0,00

14. Financial expenditure : 41500

-10.330,00

-5.579,00

-12.127,00

-4.980,00

-4.450,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

28,00

822,00

1.537,00

-411,00

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

-10.330,00

-5.551,00

-11.305,00

-3.443,00

-4.861,00

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

-110.755,00

-398.632,00

-146.570,00

151.689,00

217.628,00

19. Income taxes : 41900

0,00

-45.507,00

-65.288,00

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

-110.755,00

-398.632,00

-146.570,00

106.182,00

152.340,00

> 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, Axesor created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

249.287,00

300.996,00

392.350,00

493.097,00

357.609,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

248.830,00

300.539,00

391.892,00

492.640,00

357.151,00

IV. Financial investments:

457,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

803.520,00

663.080,00

1.033.472,00

1.236.934,00

1.090.843,00

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

0,00

II. Stocks:

473.537,00

477.660,00

526.848,00

448.908,00

437.861,00

III. Debtors:

275.003,00

152.516,00

288.565,00

606.559,00

565.144,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

54.979,00

32.904,00

218.059,00

181.467,00

87.838,00

VII. Prepayments and accrued income:

0,00

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

1.052.807,00

964.076,00

1.425.821,00

1.730.031,00

1.448.452,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

506.440,00

617.195,00

1.015.826,00

1.162.397,00

1.056.214,00

I. Subscribed capital:

200.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

962.397,00

856.214,00

703.875,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

962.397,00

856.214,00

703.875,00

V. Profit or loss brought forward:

-545.202,00

-146.570,00

0,00

VI. Profit or loss for the financial year:

-110.755,00

-398.632,00

-146.570,00

106.182,00

152.340,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

46.092,00

57.498,00

68.663,00

11.501,00

10.409,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

125.254,00

24.642,00

91.539,00

121.558,00

9.685,00

E) SHORT TERM CREDITORS:

375.021,00

264.742,00

249.793,00

434.575,00

372.143,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.052.807,00

964.076,00

1.425.821,00

1.730.031,00

1.448.452,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

1.212.240,00

1.204.329,00

1.578.899,00

1.566.196,00

1.517.294,00

A.1. Operating consumption:

463.026,00

345.209,00

573.500,00

503.196,00

418.033,00

A.2. Staff Costs:

364.175,00

428.170,00

476.686,00

484.733,00

531.509,00

a) Wages, salaries et al.:

287.287,00

337.770,00

376.043,00

382.391,00

419.291,00

b) Social security costs:

76.889,00

90.400,00

100.643,00

102.342,00

112.218,00

A.3. Depreciation expense:

73.475,00

92.023,00

114.764,00

113.379,00

97.938,00

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

0,00

A.5. Other operating charges:

301.233,00

333.349,00

401.822,00

414.401,00

399.664,00

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

0,00

141.963,00

210.571,00

A.6. Financial and similar charges:

10.330,00

5.579,00

12.127,00

4.980,00

4.450,00

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:

10.330,00

5.579,00

12.127,00

4.980,00

4.450,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

411,00

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):

0,00

138.520,00

205.710,00

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):

16.294,00

15.969,00

20.393,00

13.169,00

11.919,00

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

0,00

151.689,00

217.628,00

A.14. Corporation Tax:

0,00

45.507,00

65.288,00

A.15. Miscellaneous taxes:

0,00

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

0,00

106.182,00

152.340,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

1.101.485,00

805.698,00

1.432.328,00

1.672.378,00

1.669.634,00

B.1. Operating income:

1.085.191,00

789.701,00

1.411.113,00

1.657.672,00

1.657.715,00

a) Net total sales:

1.084.344,00

787.040,00

1.373.208,00

1.595.904,00

1.653.618,00

b) Miscellaneous operating income:

847,00

2.661,00

37.905,00

61.769,00

4.098,00

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

116.719,00

409.050,00

155.659,00

0,00

B.2. Financial income:

0,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

28,00

822,00

1.537,00

0,00

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

10.330,00

5.551,00

11.305,00

3.443,00

4.861,00

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

127.049,00

414.601,00

166.964,00

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:

16.294,00

15.950,00

20.393,00

12.166,00

11.919,00

B.7. Extraordinary income:

0,00

19,00

0,00

1.003,00

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):

110.755,00

398.632,00

146.570,00

0,00

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

110.755,00

398.632,00

146.570,00

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

-110.755,00

-398.632,00

-146.570,00

151.689,00

217.628,00

2. Results adjustments.: 61200

83.805,00

97.602,00

126.891,00

118.359,00

102.388,00

a) Fixed Assets Amortization (+).: 61201

73.475,00

92.023,00

114.764,00

113.379,00

97.938,00

g) Financial income (-).: 61207

0,00

h) Financial Expenses (+). : 61208

10.330,00

5.579,00

12.127,00

4.980,00

4.450,00

3. Changes in current capital equity.: 61300

44.125,00

200.014,00

61.645,00

-77.831,00

-79.663,00

a) Stock (+/-).: 61301

4.123,00

49.188,00

-77.940,00

-11.047,00

-94.856,00

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

-122.487,00

136.049,00

317.995,00

-41.416,00

167.921,00

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

0,00

14.362,00

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

162.489,00

14.778,00

-178.409,00

-25.369,00

-167.089,00

4. Other cash flows for operating activities.: 61400

-10.330,00

-5.579,00

-12.127,00

-4.980,00

-4.450,00

a) Interest payments (-). : 61401

-10.330,00

-5.579,00

-12.127,00

-4.980,00

-4.450,00

c) Interest collection (+). : 61403

0,00

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

6.845,00

-106.594,00

29.839,00

187.237,00

235.903,00

6. Payments for investment (-).: 62100

0,00

-135.489,00

-107.608,00

c) Fixed assets. : 62103

0,00

-135.489,00

-107.608,00

7. Divestment payment collection (+). : 62200

51.709,00

91.353,00

100.748,00

0,00

1.122,00

b) Intangible fixed assets. : 62202

0,00

1.122,00

c) Fixed assets. : 62203

51.709,00

91.353,00

100.748,00

0,00

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

-21.766,00

-670,00

-14.016,00

-248.868,00

-204.424,00

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

-11.406,00

-11.165,00

57.161,00

1.092,00

-148.343,00

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

0,00

-140.000,00

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

-11.406,00

-11.165,00

57.161,00

1.092,00

-8.343,00

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

48.402,00

-66.727,00

-36.392,00

154.168,00

32.420,00

a) Issuance : 63201

105.995,00

54.018,00

24.765,00

173.032,00

66.610,00

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

495,00

0,00

171.100,00

2.240,00

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

0,00

64.369,00

4. Special characteristic debts (+). : 63205

0,00

1.732,00

0,00

5. Other debts (+). : 63206

105.500,00

54.018,00

24.765,00

201,00

1,00

b) Repayment and amortization of : 63207

-57.592,00

-120.745,00

-61.157,00

-18.864,00

-34.191,00

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

0,00

-115.255,00

-60.388,00

0,00

-30.615,00

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

0,00

-18.863,00

0,00

4. Special characteristic debts (-). : 63211

-257,00

-705,00

-769,00

0,00

5. Other debts (-). : 63212

-57.336,00

-4.785,00

0,00

-1,00

-3.576,00

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

0,00

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

36.996,00

-77.892,00

20.770,00

155.260,00

-115.923,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

22.075,00

-185.155,00

36.592,00

93.629,00

-84.444,00

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

32.904,00

218.059,00

181.467,00

87.838,00

172.283,00

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

54.979,00

32.904,00

218.059,00

181.467,00

87.838,00

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:

0,02 %

0,01 %

-0,24 %

0,17 %

108,65 %

-96,02 %

EBITDA over Sales:

-3,99 %

4,39 %

-40,28 %

7,58 %

90,10 %

-42,07 %

Cash Flow Yield:

0,02 %

0,00 %

-0,19 %

0,04 %

110,92 %

-86,63 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-9,54 %

1,65 %

-40,79 %

0,51 %

76,61 %

220,18 %

Total economic profitability:

-9,54 %

1,50 %

-40,77 %

-0,03 %

76,60 %

5.545,38 %

Financial profitability:

-21,87 %

0,05 %

-64,59 %

-3,94 %

66,14 %

101,38 %

Margin:

-9,25 %

1,71 %

-49,78 %

0,94 %

81,41 %

81,57 %

Mark-up:

-10,21 %

0,24 %

-50,48 %

-6,14 %

79,78 %

103,83 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,15

0,26

0,12

0,16

17,96

64,78

Acid Test:

0,88

1,10

0,70

0,86

25,63

27,29

Working Capital / Investment:

0,41

0,21

0,41

0,08

-1,49

151,05

Solvency:

2,14

1,76

2,50

1,43

-14,45

22,74

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,91

1,03

0,43

1,07

111,10

-3,84

Borrowing Composition:

0,33

0,73

0,09

1,22

258,82

-39,98

Repayment Ability:

22,66

103,97

-1,56

14,17

1.549,99

633,79

Warranty:

2,10

1,98

3,33

1,94

-36,83

1,96

Generated resources / Total creditors:

-0,07

0,06

-1,06

0,01

92,97

348,18

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,88

1,20

0,26

1,30

239,49

-7,95

Turnover of Collection Rights :

3,95

4,36

5,18

3,64

-23,79

19,89

Turnover of Payment Entitlements:

2,42

2,92

3,87

2,35

-37,49

24,20

Stock rotation:

2,54

4,21

2,51

2,20

1,14

91,23

Assets turnover:

1,03

0,96

0,82

0,55

25,83

76,33

Borrowing Cost:

2,06

2,14

1,93

2,83

7,11

-24,10

> 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:

0,02 %

-0,24 %

0,03 %

0,06 %

-5,11 %

EBITDA over Sales:

-3,99 %

-40,28 %

-2,98 %

16,00 %

18,66 %

Cash Flow Yield:

0,02 %

-0,19 %

0,03 %

0,05 %

-5,83 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

-9,54 %

-40,79 %

-9,49 %

8,91 %

15,37 %

Total economic profitability:

-9,54 %

-40,77 %

-9,43 %

9,06 %

15,33 %

Financial profitability:

-21,87 %

-64,59 %

-14,43 %

9,13 %

14,42 %

Margin:

-9,25 %

-49,78 %

-9,59 %

9,30 %

13,42 %

Mark-up:

-10,21 %

-50,48 %

-10,39 %

9,09 %

13,13 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,15

0,12

0,87

0,42

0,24

Acid Test:

0,88

0,70

2,03

1,81

1,75

Working Capital / Investment:

0,41

0,55

0,46

0,50

Solvency:

2,14

2,50

4,14

2,85

2,93

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,91

0,43

0,31

0,47

0,36

Borrowing Composition:

0,33

0,09

0,37

0,28

0,03

Repayment Ability:

22,66

-1,56

9,33

5,94

1,19

Warranty:

2,10

3,33

4,18

3,11

3,79

Generated resources / Total creditors:

-0,07

-1,06

-0,09

0,39

0,66

Efficiency

2013

2012

2011

2010

2009

Productivity:

0,88

0,26

0,91

1,53

1,58

Turnover of Collection Rights :

3,95

5,18

4,89

2,73

2,93

Turnover of Payment Entitlements:

2,42

3,87

7,48

2,50

2,99

Stock rotation:

2,54

2,51

2,97

3,38

3,31

Assets turnover:

1,03

0,82

0,99

0,96

1,14

Borrowing Cost:

2,06

1,93

3,55

0,90

1,17

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

846,84

Notes

El importe reflejado es el imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación.

Status

CONCEDIDA

Amount Granted

61.678,68

Entity

INSTITUTO DE FOMENTO REGIONAL

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

35.399,67

Notes

El importe imputado a resultados en este ejercicio es de 4.247,96 euros, quedando un saldo pendiente al cierre de 1.415,98 euros.

Entity

PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

28.372,00

Notes

El importe imputado a resultados en este ejercicio es de 2.990,49 euros, quedando un saldo pendiente al cierre de 20.77,56 euros.

Entity

INSTITUTO DE FOMENTO REGIONAL

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

23.747,97

Notes

El importe imputado a resultados en este ejercicio es de 2.849,75 euros, quedando un saldo pendiente al cierre de 949,92 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

13.459,00

Notes

El importe imputado a resultados en este ejercicio es de 1.739,50 euros, quedando un saldo pendiente al cierre de 11.719,50 euros.

Entity

INSTITUTO DE FOMENTO REGIONAL

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

7.083,96

Notes

El importe imputado a resultados en este ejercicio es de 338,69 euros, quedando la subvención totalmente amortizada.

Entity

INSTITUTO DE FOMENTO REGIONAL

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

8.465,36

Entity

AYUNTAMIENTO DE GIJON

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

8.100,00

Notes

Subvención para la formación en colaboración con el ámbito universitario.

Entity

INSTITUTO DE FOMENTO REGIONAL

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

7.083,96

Entity

NO ESPECIFICADO

Subsidy Concept

IFR 03

Status

CONCEDIDA

Amount Granted

35.399,67

Notes

IMPORTE PENDIENTE AMORTIZAR 26.903,75 EUROS.

Entity

NO ESPECIFICADO

Subsidy Concept

IFR 03

Status

CONCEDIDA

Amount Granted

23.747,97

Notes

IMPORTE PENDIENTE AMORTIZAR 18.048,45 EUROS.

Entity

NO ESPECIFICADO

Subsidy Concept

IFR 99

Status

CONCEDIDA

Amount Granted

23.336,02

Notes

ESTA SUBVENCION ESTA YA AMORTIZADA.

Entity

NO ESPECIFICADO

Subsidy Concept

IFR 00

Status

CONCEDIDA

Amount Granted

8.465,36

Notes

CANTIDAD PENDIENTE DE AMORTIZAR 4.049,18 EUROS.2004

Entity

NO ESPECIFICADO

Subsidy Concept

IFR 00

Status

CONCEDIDA

Amount Granted

7.083,96

Notes

IMPORTE PENDIENTE AMORTIZAR 5.583,65 EUROS.

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit