MIRA INFORM REPORT

Report Date :

22.02.2014

IDENTIFICATION DETAILS

Name :	LINDEN COMANSA SL

Registered Office :	Pol. Urbikain, crta. De aoiz, 1. Huarte/uharte Navarra 31840

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	30.11.2006

Legal Form :	Private Company

Line of Business :	Subject is engaged in the participation of companies of the group, being a holding company

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN - ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors

Source : CIA

EXECUTIVE SUMMARY

Name:

LINDEN COMANSA SL

NIF / Fiscal code:

B31907934

Status:

ACTIVE

Incorporation Date:

30/11/2006

Register Data

Last Publication in BORME:

11/12/2012 [Revocations]

Last Published Account Deposit:

2012

Share Capital:

2.658.084

Localization:

POL. URBIKAIN, CRTA. DE AOIZ, 1. - HUARTE/UHARTE - 31840 - NAVARRA

Telephone - Fax - Email - Website:

Ph.:. 902102821 Email. info@comansa.com Website. www.comansa.com

Activity:

NACE:

6420 - Activities of holding companies

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

1 for a total cost of 24805

Quality Certificate:

Chronological summary

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:

HERMECHE PAMPLONA SL

INVVERSIONES HIBAMA, S.A.

INVESTIGATION SUMMARY

The subject evolution is irregular, having an unstable growth in recent years. Incidents with public administrations have been recorded. The subject meets normally its payment commitments.

Identification

Social Denomination:

LINDEN COMANSA SL

NIF / Fiscal code:

B31907934

Corporate Status:

ACTIVE

Start of activity:

2007

Registered Office:

POL. URBIKAIN, CRTA. DE AOIZ, 1.

Locality:

HUARTE/UHARTE

Province:

NAVARRA

Postal Code:

31840

Telephone:

902102821

Website:

www.comansa.com

Email:

info@comansa.com

Activity

NACE:

6420

Additional Information:

The subject is engaged in the participation of companies of the group, being a holding company.

Additional Address:

Registered office, offices and other premises, all of them rented by the company, are located in POL. URBIKAIN, CRTA. DE AOIZ, 1 31840 HUARTE ( NAVARRA ).

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

Future Perspective:

Face recession

Industry situation:

Maturity

Chronological Summary

Year

Act

2007

Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Company Formation (1) Increase of Capital (2) Other Concepts/ Events (1) Statutory Modifications (1)

2008

Accounts deposit (ejer. 2006, 2007) Appointments/ Re-elections (1)

2009

Appointments/ Re-elections (1) Increase of Capital (1) Other Concepts/ Events (1)

2010

Accounts deposit (ejer. 2008 consolidated, 2009 consolidated, 2008, 2009)

2011

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2012

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

2013

Accounts deposit (ejer. 2010 consolidated, 2011 consolidated, 2012 consolidated, 2011, 2012)

Breakdown of Owners' Equity

Registered Capital:

2.658.084

Paid up capital:

2.658.084

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

08/01/2007

Company Formation

3.006

24/04/2007

Increase of Capital

2.201.220

2.204.226

24/04/2007

Increase of Capital

44.922

2.249.148

09/11/2009

Increase of Capital

408.936

2.658.084

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

MUNARRIZ VENIDERA JOSE MIGUEL

17/04/2007

MEMBER OF THE BOARD

HERMECHE PAMPLONA SL

05/04/2011

INVERSIONES HIBAMA SA

17/04/2007

MUNARRIZ VENIDERA JOSE MIGUEL

17/04/2007

SANCHEZ URRICELQUI JOSE JAVIER

17/04/2007

PROXY

MUNARRIZ ALDAZ ALBERTO

30/08/2011

CASTIELLA TELLEZ MONTSERRAT

30/08/2011

GASTON PEREZ DE ALBENIZ ANA ISABEL

09/05/2007

ECHEVARRIA ESCRIBANO MIGUEL ANGEL

09/05/2007

MUNARRIZ VENIDERA JOSE MIGUEL

09/05/2007

SECRETARY

SANCHEZ URRICELQUI JOSE JAVIER

17/04/2007

REPRESENTATIVE

ECHEVARRIA ESCRIBANO MIGUEL ANGEL

05/04/2011

ACCOUNTS' AUDITOR / HOLDER

DELOITTE S L

01/06/2012

CONSOLIDATED ACCOUNTS' AUDITOR

DELOITTE S L

01/06/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CASTIELLA TELLEZ MONTSERRAT

PROXY

28/11/2008

PROXY

30/08/2011

DELOITTE S L

ACCOUNTS' AUDITOR / HOLDER

01/06/2012

CONSOLIDATED ACCOUNTS' AUDITOR

01/06/2012

DELOITTE SL

ACCOUNTS' AUDITOR / HOLDER

01/06/2012

CONSOLIDATED ACCOUNTS' AUDITOR

01/06/2012

ECHEVARRIA ESCRIBANO MIGUEL ANGEL

SINGLE ADMINISTRATOR

17/04/2007

MEMBER OF THE BOARD

05/04/2011

MUNARRIZ ALDAZ ALBERTO

PROXY

30/08/2011

MUNARRIZ RODRIGUEZ BEGOÑA

PROXY

28/11/2012

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

---

Positive Factors

Adverse Factors

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

PARTICIPATES IN:

23 Entities

SHAREHOLDERS:

2 Entities

BELONGS TO THE ADMINISTRATION BOARD OF:

9 Entities

HAS IN ITS ADMINISTRATION BOARD TO:

2 Entities

IS RELATED WITH:

3 Entities

RESULT OF THE PARTIAL SPIN-OFF OF:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

HERMECHE PAMPLONA SL

NAVARRA

INVVERSIONES HIBAMA, S.A.

CONSTRUCCIONES METALICAS COMANSA SA

NAVARRA

99.99

PARTICIPATES IN

START UP CAPITAL NAVARRA SA

NAVARRA

0.99

NAVARRA DE CERAMICAS TECNICAS SL

NAVARRA

24.8

NAVARRA INICIATIVAS EMPRESARIALES SA

NAVARRA

4.48

INVERSIONES ARETA SA

NAVARRA

LINDEN COMANSA AMERICA LLC (ESTADOS UNIDOS)

ONIK SISTEMAS DE ELEVACION SL EN LIQUIDACION

GUIPUZCOA

55.55

TRANSFORMACION Y ENSAMBLAJES ESGREN SL

NAVARRA

100

LINDEN COMANSA RENTING SL

NAVARRA

100

PLATAFORMAS MONTACARGAS Y ASCENSORES SL EN LIQUIDACION

GUIPUZCOA

ELEVA GRUAS TORRE SOCIEDAD LIMITADA

SEVILLA

FORO EUROPEO DE FORMACION EMPRESARIAL SL EN LIQUIDACION

NAVARRA

URBIZKAIN COMANSA SL

NAVARRA

IBERALCO ALQUILER DE GRUAS SL

NAVARRA

ARETA LINCOM SL

NAVARRA

100

URBILAN LINCOM SA

NAVARRA

100

URBIZKAIN SOLAR SL

NAVARRA

LINDEN COMANSA R, S.L.

CMC INDUSTRIES INC (ESTADOS UNIDOS)

100

HANGZHOU COMANSA JIE CONSTRUCTION MACHINERY CO, SOCIEDAD ANONIMA, (CHINA)

KAMMERLANDER KRANSERVICE UND AUSRUSTUNGS, SOCIEDAD ANONIMA, (ALEMANIA)

LC FRANCE SAS (FRANCIA)

REMEXCRANE LTDA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

HEEDE SOUTHEAST INC

ELKARGI SOCIEDAD DE GARANTIA RECIPROCA

GUIPUZCOA

LC FRANCE SAS (FRANCIA)

RESULT OF THE PARTIAL SPIN-OFF OF

CONSTRUCCIONES METALICAS COMANSA SA

NAVARRA

HAS IN ITS ADMINISTRATION BOARD TO

INVERSIONES HIBAMA SA

NAVARRA

HERMECHE PAMPLONA SL

NAVARRA

NAVARRA INICIATIVAS EMPRESARIALES SA

NAVARRA

BELONGS TO THE ADMINISTRATION BOARD OF

START UP CAPITAL NAVARRA SA

NAVARRA

TRANSFORMACION Y ENSAMBLAJES ESGREN SL

NAVARRA

INVERSIONES ARETA SA

NAVARRA

ARETA LINCOM SL

NAVARRA

CONSTRUCCIONES METALICAS COMANSA SA

NAVARRA

URBILAN LINCOM SA

NAVARRA

LINDEN COMANSA RENTING SL

NAVARRA

IBERGRUSA ALQUILER GRUAS SL

NAVARRA

Turnover

Total Sales 2013

3.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Consolidadas

October 2013

2012

Normales

August 2013

2011

Consolidadas

January 2013

2011

Normales

January 2013

2010

Consolidadas

January 2013

2010

Normales

February 2012

2009

Consolidadas

November 2010

2009

Normales

November 2010

2008

Consolidadas

April 2010

2008

Normales

April 2010

2007

Normales

September 2008

2006

Normales

September 2008

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

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. 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

46.415.910,00

57.990.156,00

62.358.920,00

65.068.364,00

62.507.304,00

I. Intangible fixed assets : 11100

4.803.697,00

3.431.867,00

1.169,00

1.313,00

0,00

II. Tangible fixed assets : 11200

3.064,00

4.690,00

0,00

III. Real estate investment: 11300

0,00

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

37.586.117,00

50.098.027,00

57.970.004,00

63.654.322,00

60.772.935,00

V. Long-term financial investments: 11500

340.481,00

346.134,00

278.306,00

357.992,00

570.824,00

VI. Assets for deferred tax : 11600

3.682.550,00

4.109.440,00

1.054.737,00

1.163.545,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

604.629,00

3.395.579,00

2.046.824,00

1.523.968,00

1.098.569,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

0,00

III. Trade debtors and others receivable accounts: 12300

437.818,00

2.838.356,00

1.832.464,00

1.363.996,00

1.064.014,00

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

256.932,00

2.799.537,00

1.814.429,00

1.166.239,00

306.878,00

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

0,00

b) Customers for sales and provisions of services : 12382

256.932,00

2.799.537,00

1.814.429,00

1.166.239,00

306.878,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

180.885,00

38.819,00

18.035,00

197.757,00

757.135,00

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

0,00

551.644,00

208.596,00

130.601,00

15.489,00

V. Short-term financial investments : 12500

0,00

1.153,00

VI. Short-term accruals: 12600

3.981,00

0,00

VII. Cash and other equivalent liquid assets : 12700

162.831,00

445,00

630,00

24.237,00

17.913,00

TOTAL ASSETS (A + B) : 10000

47.020.539,00

61.385.736,00

64.405.744,00

66.592.331,00

63.605.873,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

24.259.786,00

40.278.987,00

45.404.856,00

50.819.367,00

47.610.559,00

A1) Shareholders' equity : 21000

24.234.981,00

40.278.987,00

45.404.856,00

50.819.367,00

47.610.559,00

I. Capital: 21100

2.658.084,00

2.249.148,00

1.- Registered capital: 21110

2.658.084,00

2.249.148,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

28.137.269,00

25.546.205,00

III. Reserves: 21300

20.024.014,00

19.794.205,00

12.539.593,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-10.540.380,00

-5.414.511,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-16.044.006,00

-5.125.869,00

-5.414.511,00

229.809,00

8.008.794,00

VIII. (Interim dividend): 21800

0,00

-733.181,00

IX. Other net worth instruments: 21900

0,00

A2) Adjustments due to changes in value : 22000

0,00

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

24.805,00

0,00

B) NON-CURRENT LIABILITIES: 31000

17.846.068,00

17.856.549,00

17.240.279,00

13.954.599,00

10.151.654,00

I. Long-term provisions: 31100

22.967,00

0,00

II. Long-term creditors : 31200

14.995.886,00

17.856.549,00

17.240.279,00

13.954.599,00

10.151.654,00

1.- Amounts owed to credit institutions: 31220

14.816.839,00

17.856.549,00

17.240.279,00

13.954.599,00

10.151.654,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

179.047,00

0,00

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

2.816.584,00

0,00

IV. Liabilities for deferred tax: 31400

10.631,00

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

4.914.686,00

3.250.200,00

1.760.609,00

1.818.366,00

5.843.660,00

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

2.945.235,00

1.585.338,00

1.014.427,00

1.418.320,00

5.458.071,00

1.- Amounts owed to credit institutions: 32320

2.945.191,00

1.585.294,00

1.014.383,00

1.418.276,00

5.458.071,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

44,00

0,00

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

0,00

264.239,00

76.586,00

1,00

74.104,00

V. Trade creditors and other accounts payable: 32500

1.969.451,00

1.400.624,00

669.596,00

400.045,00

311.485,00

1.- Suppliers: 32580

1.812.677,00

824.661,00

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

1.812.677,00

824.661,00

0,00

2.- Other creditors : 32590

156.774,00

575.962,00

669.596,00

400.045,00

311.485,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

47.020.539,00

61.385.736,00

64.405.744,00

66.592.331,00

63.605.873,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

3.410.675,00

6.027.393,00

2.613.272,00

2.419.805,00

1.760.088,00

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

615.514,00

697.111,00

0,00

4. Supplies : 40400

0,00

5. Other operating income: 40500

35.868,00

18.457,00

598.035,00

1.526,00

3.682,00

6. Personnel costs: 40600

-1.398.693,00

-1.499.869,00

-797.293,00

-1.058.251,00

-903.217,00

7. Other operating costs: 40700

-474.573,00

-158.060,00

-147.690,00

-345.697,00

-170.093,00

8. Amortisation of fixed assets: 40800

-576.645,00

-580.570,00

-143,00

-119,00

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. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

-17,00

7,00

-8,00

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

1.612.146,00

4.504.461,00

2.266.165,00

1.017.272,00

690.453,00

14. Financial income : 41400

0,00

206.080,00

7.613.848,00

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

0,00

b) Other financial income: 41490

0,00

206.080,00

7.613.848,00

15. Financial expenditure: 41500

-748.158,00

-891.007,00

-680.810,00

-682.034,00

-341.866,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-59,00

0,00

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

-16.907.935,00

-8.749.400,00

-9.416.411,00

-215.283,00

-1.058.193,00

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

-17.656.152,00

-9.640.407,00

-10.097.220,00

-691.238,00

6.213.789,00

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

-16.044.006,00

-5.135.946,00

-7.831.056,00

326.034,00

6.904.242,00

20. Income taxes: 41900

0,00

10.077,00

2.416.545,00

-96.225,00

1.104.552,00

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

-16.044.006,00

-5.125.869,00

-5.414.511,00

229.809,00

8.008.794,00

> 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:

42.733.360,00

53.880.717,00

58.249.480,00

64.013.627,00

61.343.759,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

4.803.697,00

3.431.867,00

1.169,00

1.313,00

0,00

III. Tangible fixed assets:

3.064,00

4.690,00

0,00

IV. Financial investments:

37.926.598,00

50.444.160,00

58.248.310,00

64.012.314,00

61.343.759,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

4.287.180,00

7.505.019,00

6.156.264,00

2.578.704,00

2.262.113,00

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

0,00

II. Stocks:

0,00

III. Debtors:

4.120.368,00

6.947.796,00

5.941.904,00

2.418.732,00

2.227.558,00

IV. Short-term investments:

0,00

552.797,00

209.749,00

131.754,00

16.642,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

162.831,00

445,00

630,00

24.237,00

17.913,00

VII. Prepayments and accrued income:

3.981,00

0,00

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

47.020.539,00

61.385.736,00

64.405.744,00

66.592.331,00

63.605.873,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

24.234.981,00

40.278.987,00

45.404.856,00

50.819.367,00

47.610.559,00

I. Subscribed capital:

2.658.084,00

2.249.148,00

II. Share premium:

28.137.269,00

25.546.205,00

III. Revaluation reserves:

0,00

IV. Reserves:

20.024.014,00

19.794.205,00

12.539.593,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

20.024.014,00

19.794.205,00

12.539.593,00

V. Profit or loss brought forward:

-10.540.380,00

-5.414.511,00

0,00

VI. Profit or loss for the financial year:

-16.044.006,00

-5.125.869,00

-5.414.511,00

229.809,00

8.008.794,00

VII. Interim dividend paid:

0,00

-733.181,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

24.805,00

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

22.967,00

0,00

D) LONG TERM LIABILITIES:

17.823.101,00

17.856.549,00

17.240.279,00

13.954.599,00

10.151.654,00

E) SHORT TERM CREDITORS:

4.914.686,00

3.250.200,00

1.760.609,00

1.818.366,00

5.843.660,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

47.020.539,00

61.385.736,00

64.405.744,00

66.592.331,00

63.605.873,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

20.106.063,00

11.868.830,00

8.625.818,00

2.397.610,00

1.368.825,00

A.1. Operating consumption:

0,00

A.2. Staff Costs:

1.398.693,00

1.499.869,00

797.293,00

1.058.251,00

903.217,00

a) Wages, salaries et al.:

1.274.069,00

1.366.231,00

726.254,00

963.961,00

822.740,00

b) Social security costs:

124.623,00

133.638,00

71.039,00

94.290,00

80.477,00

A.3. Depreciation expense:

576.645,00

580.570,00

143,00

119,00

0,00

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

0,00

A.5. Other operating charges:

474.573,00

158.060,00

147.690,00

345.697,00

170.093,00

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

1.612.146,00

4.504.461,00

2.266.182,00

1.017.265,00

690.461,00

A.6. Financial and similar charges:

17.656.093,00

9.640.407,00

10.097.220,00

897.317,00

1.400.059,00

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:

748.158,00

891.007,00

680.810,00

682.034,00

341.866,00

d) Losses from financial investments:

16.907.935,00

8.749.400,00

9.416.411,00

215.283,00

1.058.193,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

59,00

0,00

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

0,00

6.213.789,00

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

0,00

326.027,00

6.904.249,00

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

17,00

0,00

8,00

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

7,00

0,00

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

0,00

326.034,00

6.904.242,00

A.14. Corporation Tax:

0,00

-10.077,00

-2.416.545,00

96.225,00

-1.104.552,00

A.15. Miscellaneous taxes:

0,00

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

0,00

229.809,00

8.008.794,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

4.062.057,00

6.742.961,00

3.211.307,00

2.627.419,00

9.377.618,00

B.1. Operating income:

4.062.057,00

6.742.961,00

3.211.307,00

2.421.332,00

1.763.770,00

a) Net total sales:

3.410.675,00

6.027.393,00

2.613.272,00

2.419.805,00

1.760.088,00

b) Miscellaneous operating income:

651.382,00

715.568,00

598.035,00

1.526,00

3.682,00

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

0,00

B.2. Financial income:

0,00

206.080,00

7.613.848,00

a) Companies of the group:

0,00

206.079,00

7.613.827,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

1,00

21,00

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):

17.656.152,00

9.640.407,00

10.097.220,00

691.238,00

0,00

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

16.044.006,00

5.135.946,00

7.831.039,00

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:

0,00

B.7. Extraordinary income:

0,00

7,00

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

17,00

0,00

8,00

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

16.044.006,00

5.135.946,00

7.831.056,00

0,00

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

16.044.006,00

5.125.869,00

5.414.511,00

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

-16.044.006,00

-5.135.946,00

-7.831.056,00

326.034,00

6.904.242,00

2. Results adjustments.: 61200

1.347.770,00

1.471.577,00

680.953,00

476.074,00

-7.271.982,00

a) Fixed Assets Amortization (+).: 61201

576.645,00

580.570,00

143,00

119,00

0,00

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

22.967,00

0,00

g) Financial income (-).: 61207

0,00

-206.080,00

-7.613.848,00

h) Financial Expenses (+). : 61208

748.158,00

891.007,00

680.810,00

682.034,00

341.866,00

3. Changes in current capital equity.: 61300

3.522.163,00

-607.836,00

2.139.632,00

-426.740,00

237.767,00

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

2.400.539,00

-1.005.892,00

-468.469,00

-299.982,00

-1.062.286,00

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

552.797,00

-343.048,00

-77.995,00

-119.093,00

11.205,00

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

568.827,00

741.104,00

2.686.096,00

-7.666,00

1.288.848,00

4. Other cash flows for operating activities.: 61400

-748.158,00

-891.007,00

-680.810,00

-475.955,00

7.271.982,00

a) Interest payments (-). : 61401

-748.158,00

-891.007,00

-680.810,00

-682.034,00

-341.866,00

c) Interest collection (+). : 61403

0,00

206.080,00

7.613.848,00

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

-11.922.231,00

-5.163.211,00

-5.691.280,00

-100.587,00

7.142.009,00

6. Payments for investment (-).: 62100

-1.371.830,00

-3.503.215,00

-3.054.703,00

-2.882.699,00

-17.009.913,00

a) Companies of the group and affiliates. : 62101

0,00

-2.881.387,00

-15.698.912,00

b) Intangible fixed assets. : 62102

-1.371.830,00

-3.430.698,00

0,00

-1.313,00

0,00

c) Fixed assets. : 62103

0,00

-4.690,00

0,00

e) Other financial assets. : 62105

0,00

-67.828,00

0,00

-147.456,00

h) Other assets. : 62108

0,00

-3.054.703,00

0,00

-1.163.545,00

7. Divestment payment collection (+). : 62200

12.946.077,00

7.871.978,00

5.764.147,00

321.640,00

0,00

a) Companies of the group and affiliates. : 62201

12.511.910,00

7.871.978,00

5.684.318,00

0,00

b) Intangible fixed assets. : 62202

0,00

143,00

0,00

c) Fixed assets. : 62203

1.625,00

0,00

e) Other financial assets. : 62205

5.653,00

0,00

79.686,00

212.832,00

0,00

h) Other assets. : 62208

426.889,00

1,00

0,00

108.808,00

0,00

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

10.997.602,00

3.788.193,00

2.709.301,00

-2.561.179,00

-17.009.913,00

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

24.805,00

0,00

2.245.819,00

-2.396.261,00

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

0,00

2.245.819,00

0,00

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

0,00

-2.396.261,00

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

24.805,00

0,00

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

1.062.211,00

1.374.833,00

2.958.373,00

-310.909,00

11.474.866,00

a) Issuance : 63201

4.366.159,00

1.374.833,00

3.362.266,00

3.802.989,00

11.474.866,00

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

1.359.897,00

1.187.180,00

3.285.680,00

3.802.945,00

11.431.021,00

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

2.816.584,00

187.653,00

76.585,00

0,00

43.845,00

5. Other debts (+). : 63206

189.677,00

0,00

44,00

0,00

b) Repayment and amortization of : 63207

-3.303.948,00

0,00

-403.893,00

-4.113.898,00

0,00

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

-3.039.709,00

0,00

-403.893,00

-4.039.795,00

0,00

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

-264.239,00

0,00

-74.103,00

0,00

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

0,00

733.181,00

796.240,00

a) Dividends (-).: 63301

0,00

733.181,00

796.240,00

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

1.087.015,00

1.374.833,00

2.958.373,00

2.668.090,00

9.874.845,00

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

162.386,00

-185,00

-23.607,00

6.324,00

6.941,00

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

445,00

630,00

24.237,00

17.913,00

10.972,00

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

162.831,00

445,00

630,00

24.237,00

17.913,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,05 %

0,02 %

0,00 %

0,14 %

-85,71 %

EBITDA over Sales:

64,17 %

0,07 %

84,37 %

5,98 %

-23,93 %

-98,88 %

Cash Flow Yield:

0,00 %

0,03 %

-86,26 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

17,73 %

-3,06 %

43,36 %

0,35 %

-59,11 %

-976,34 %

Total economic profitability:

-32,53 %

-1,68 %

-6,92 %

-0,19 %

-370,42 %

-790,93 %

Financial profitability:

-66,20 %

-6,20 %

-12,73 %

-3,85 %

-420,21 %

-61,19 %

Margin:

39,69 %

-5,84 %

66,80 %

0,70 %

-40,59 %

-929,07 %

Mark-up:

-394,97 %

-13,11 %

-76,17 %

-6,92 %

-418,56 %

-89,45 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,03

0,16

0,00

0,13

20,27

Acid Test:

0,12

0,86

1,04

0,84

-88,29

2,10

Working Capital / Investment:

-0,09

0,08

0,00

0,11

-28,13

Solvency:

0,87

1,43

2,31

1,50

-62,22

-4,88

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,94

1,03

0,52

1,32

78,69

-21,39

Borrowing Composition:

3,63

1,20

5,49

1,24

-33,99

-2,72

Repayment Ability:

140,02

109,31

-113.905,82

16,79

100,12

550,90

Warranty:

2,07

1,97

2,91

1,76

-28,90

11,85

Generated resources / Total creditors:

0,06

-0,01

0,20

0,01

-68,19

-179,22

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,56

1,00

4,39

1,27

-41,58

-21,24

Turnover of Collection Rights :

9,28

3,52

2,38

3,45

290,54

2,15

Turnover of Payment Entitlements:

0,24

2,41

0,11

2,24

113,53

7,56

Stock rotation:

2,31

1,72

34,10

Assets turnover:

0,45

0,52

0,65

0,49

-31,18

5,70

Borrowing Cost:

3,29

2,83

4,22

2,81

-22,06

0,43

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,05 %

0,00 %

-0,01 %

0,00 %

0,39 %

EBITDA over Sales:

64,17 %

84,37 %

86,72 %

42,04 %

39,23 %

Cash Flow Yield:

0,00 %

0,01 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

17,73 %

43,36 %

38,10 %

41,55 %

30,75 %

Total economic profitability:

-32,53 %

-6,92 %

-11,10 %

1,51 %

11,39 %

Financial profitability:

-66,20 %

-12,73 %

-11,92 %

0,45 %

16,82 %

Margin:

39,69 %

66,80 %

70,57 %

42,01 %

39,15 %

Mark-up:

-394,97 %

-76,17 %

-243,86 %

13,46 %

391,45 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,03

0,00

0,01

0,00

Acid Test:

0,12

1,04

1,16

0,84

0,19

Working Capital / Investment:

-0,09

0,00

-0,06

Solvency:

0,87

2,31

3,50

1,42

0,39

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,94

0,52

0,42

0,31

0,34

Borrowing Composition:

3,63

5,49

9,79

7,67

1,74

Repayment Ability:

140,02

-113.905,82

-804,88

2.493,97

-43,50

Warranty:

2,07

2,91

3,39

4,22

3,98

Generated resources / Total creditors:

0,06

0,20

0,21

0,03

0,57

Efficiency

2012

2011

2010

2009

2008

Productivity:

2,56

4,39

3,84

1,96

1,76

Turnover of Collection Rights :

9,28

2,38

1,75

1,78

1,66

Turnover of Payment Entitlements:

0,24

0,11

0,22

0,86

0,55

Assets turnover:

0,45

0,65

0,54

0,99

0,79

Borrowing Cost:

3,29

4,22

3,58

4,32

2,14

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

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

24.805,00

Research Summary

The subject evolution is irregular, having an unstable growth in recent years. Incidents with public administrations have been recorded. The subject meets normally its payment commitments.

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.62.16
UK Pound	1	Rs.103.44
Euro	1	Rs.85.27

INFORMATION DETAILS

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

Chronological summary

INVESTIGATION SUMMARY

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit