MIRA INFORM REPORT

Report Date :

28.02.2014

IDENTIFICATION DETAILS

Name :	MARMOLSPAIN SL

Registered Office :	C/ Altamira, 13. - Novelda - 03660 – Alicante

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	26.03.2003

Legal Form :	Private Company

Line of Business :	· Engaged in Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate engaged in the Extraction, Processing and marketing of marble. engaged in the Cutting, shaping and finishing of stone

No. of Employees	09 (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 :	Slow but Correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Spain

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

Spain ECONOMIC OVERVIEW

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:

MARMOLSPAIN SL

NIF / Fiscal code:

B53754503

Trade Name

MARMOLSPAIN

Status:

ACTIVE

Incorporation Date:

26/03/2003

Register Data

Last Publication in BORME:

16/05/2013 [Dismissal/Resignation]

Last Published Account Deposit:

2012

Share Capital:

180.000

Localization:

C/ ALTAMIRA, 13. - NOVELDA - 03660 - ALICANTE

Telephone - Fax - Email –

Website:

Ph.:. 965601088/965601580 Email. admin@marmolspain.es

Website. www.marmolspain.es

Number of Branches

Activity:

NACE:

0811 - Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

3 for a total cost of 13659.43

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

---

Partners:

BELTORRE CAPITAL SL

100 %

Identification

Social Denomination:

MARMOLSPAIN SL

Trade Name:

MARMOLSPAIN

NIF / Fiscal code:

B53754503

Corporate Status:

ACTIVE

Start of activity:

2003

Registered Office:

C/ ALTAMIRA, 13.

Locality:

NOVELDA

Province:

ALICANTE

Postal Code:

03660

Telephone:

965601088/965601580

Fax:

965605400

Website:

www.marmolspain.es

Email:

admin@marmolspain.es

Branch Offices

Address

Postal Code

City

Province

Calle Encina, 17, Poligono Industrial de Arinaga

35118

Agüimes

Las Palmas

Activity

NACE:

0811

Additional Information:

It is a family business engaged in the extraction, processing and marketing of marble.

Additional Address:

Calle Rafael Altamira 13, Barrio Estación de Novelda, 03660 Alicante, registered office, believed to be owned by the subject. Also has a post office box nº83 in the same city, to receive its documents. It has a delegation in the Canary Islands.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

2003

Appointments/ Re-elections (4) Company Formation (1) Declaration of Sole Propietorship (1)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2)

2008

Accounts deposit (ejer. 2007)

2010

Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (2)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)

2012

Accounts deposit (ejer. 2011)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

Breakdown of Owners' Equity

Registered Capital:

180.000

Paid up capital:

180.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

04/04/2003

Company Formation

180.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

BELTORRE CAPITAL SL

04/04/2003

PRESIDENT

BELTRA TORREGROSA MANUEL

24/10/2005

MEMBER OF THE BOARD

TORREGROSA VALERO ISABEL

24/10/2005

BELTRA TORREGROSA ANA

24/10/2005

BELTRA TORREGROSA DAVID

24/10/2005

BELTRA TORREGROSA MANUEL

24/10/2005

COMBINED PROXY

BELTRA TORREGROSA MANUEL

03/05/2013

BELTRA TORREGROSA ISABEL

03/05/2013

PROXY

BELTRA TORREGROSA DAVID

07/05/2013

BELTRA TORREGROSA PABLO

10/08/2010

SECRETARY

BELTRA TORREGROSA ISABEL MARIA

11/07/2011

ACCOUNTS' AUDITOR / HOLDER

M & A ASESORES CONSULTORES LEVANTE SL

06/08/2010

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARAGONES SIGNES JOAN BAPTISTA

MEMBER OF THE BOARD

13/07/2011

BELTRA DIEZ JOSE MARIA

MEMBER OF THE BOARD

24/10/2005

PRESIDENT

24/10/2005

BELTRA TORREGROSA DAVID

COMBINED PROXY

03/08/2006

MEMBER OF THE BOARD

24/10/2005

COMBINED PROXY

03/05/2013

BELTRA TORREGROSA ISABEL MARIA

MEMBER OF THE BOARD

11/07/2011

BELTRA TORREGROSA JOSE MARIA

MEMBER OF THE BOARD

24/10/2005

MEMBER OF THE BOARD

03/08/2006

COMBINED PROXY

03/08/2006

BELTRA TORREGROSA MANUEL

MEMBER OF THE BOARD

24/10/2005

COMBINED PROXY

03/05/2013

BELTRA TORREGROSA PABLO

MEMBER OF THE BOARD

24/10/2005

VICE CHAIRMAN

24/10/2005

VICE CHAIRMAN

08/05/2013

MEMBER OF THE BOARD

08/05/2013

PROXY

10/08/2010

BELTRA TORREGROSA PABLO LUIS

PROXY

03/05/2013

M & A ASESORES CONSULTORES LEVANTE SL

ACCOUNTS' AUDITOR / HOLDER

06/08/2010

MESEGUER POVEDA PEDRO

ACCOUNTS' AUDITOR / HOLDER

22/06/2007

SENTENERO ARACIL LUIS

SECRETARY

24/10/2005

SECRETARY

11/07/2011

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

MARIA JOSE RIQUELME TORREGROSA

MANAGING DIRECTOR

PABLO BELTRA TORREGROSA

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

---

10/03/2011

> Details

> Basis for rating

Positive Factors

Adverse Factors

It has been found to have regular payment performance and has paid all of its debts in a timely manner.

Productivity increase. Its salaried staff productivity has increased with respect to the previous fiscal year.

Positive Working Capital. Its Working Capital quality is significant, i.e. much of its 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.

Financial Cost Reduction. Its average financial expense in 2012 with respect to its operating gross result is 44.85%. As this value is lower than that of the previous fiscal year, the financial situation is deemed, in principle, to have improved.

Adequate long-term solvency. As Real Assets exceed total debts, it offers, in principle, real property guarantee for settlement of long-term obligations to third parties.

It has minor judicial claims. of outstanding debts with Public Administration bodies or resulting from claims filed by individuals before Courts of the different jurisdictions have been published in the Official Gazettes. However, these judicial claims are in stages prior to the execution phase.

ROE lowering effect. Total Economic Rate of Return in 2012 is lower than the Borrowing Cost; therefore, the leverage is lower than the unit and has a ROE lowering effect. This indicates that the Company should not incur any further debts, as this would reduce its shareholders' profitability.

During 2012 the company renewed its customer portfolio 3.45 times. This reflects an approximate average payment collection term of 120 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

The information contained in the latest annual statements has led to a Scoring review for the company.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.2 %

> Latest Rating Changes :

Sector in which comparison is carried out :

081 Quarrying of stone, sand and clay

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 86.00% of the companies of the sector MARMOLSPAIN SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.18%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

1 Incidence for a total cost of 0,00 E

Guarantees

References

Clients

Name

NIF

Telephone

GRUPO RICO CISNEROS S,L

B97475917

963959701

Link List

RESULTING FROM THE TOTAL SPIN-OFF:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

BELTORRE CAPITAL SL

ALICANTE

100

PARTICIPATES IN

MARMOLSPAIN SARL (MARRUECOS)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

RESULTING FROM THE TOTAL SPIN-OFF

MARMOLSPAIN SA

ALICANTE

Turnover

Total Sales 2012

4.679.893,16

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

July 2013

2011

Normales

July 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

January 2010

2007

Normales

August 2008

2006

Normales

July 2007

2005

Normales

August 2006

2004

Normales

July 2005

2003

Normales

August 2004

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.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

1.133.226,00

1.178.788,00

1.174.646,00

1.249.813,00

946.441,00

I. Intangible fixed assets : 11100

301,00

II. Tangible fixed assets : 11200

608.351,00

633.500,00

629.551,00

654.697,00

667.204,00

III. Real estate investment: 11300

0,00

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

235.942,00

211.916,00

V. Long-term financial investments: 11500

131.711,00

134.995,00

136.090,00

136.220,00

67.021,00

VI. Assets for deferred tax : 11600

156.922,00

174.051,00

172.763,00

222.654,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

4.326.506,00

4.974.219,00

4.886.992,00

4.166.901,00

5.410.341,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.518.307,00

2.551.885,00

2.608.886,00

2.001.463,00

2.197.314,00

III. Trade debtors and others receivable accounts: 12300

1.393.462,00

1.914.107,00

1.874.595,00

1.618.003,00

2.573.604,00

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

1.393.462,00

1.333.063,00

1.399.436,00

1.471.031,00

2.543.476,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.393.462,00

1.333.063,00

1.399.436,00

1.471.031,00

2.543.476,00

2.- Called up share capital : 12370

0,00

380.370,00

436.324,00

107.822,00

0,00

3.- Other accounts receivable : 12390

0,00

200.675,00

38.835,00

39.149,00

30.128,00

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

4.261,00

10.499,00

1.987,00

0,00

22.178,00

V. Short-term financial investments : 12500

248.284,00

249.692,00

292.132,00

1.408,00

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

162.193,00

248.035,00

109.392,00

546.027,00

617.245,00

TOTAL ASSETS (A + B) : 10000

5.459.732,00

6.153.007,00

6.061.638,00

5.416.713,00

6.356.783,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

3.909.694,00

3.865.636,00

3.859.049,00

3.855.642,00

4.924.952,00

A1) Shareholders' equity : 21000

3.909.694,00

3.865.636,00

3.859.049,00

3.855.642,00

4.924.690,00

I. Capital: 21100

180.000,00

1.- Registered capital: 21110

180.000,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

1.906.886,00

III. Reserves: 21300

2.285.461,00

2.285.242,00

2.710.463,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-506.712,00

-513.080,00

-516.486,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

44.058,00

6.368,00

3.406,00

-516.486,00

127.341,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A2) Adjustments due to changes in value : 22000

0,00

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

0,00

261,00

B) NON-CURRENT LIABILITIES: 31000

142.713,00

216.624,00

309.956,00

438.935,00

280.759,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

130.097,00

202.793,00

305.110,00

431.940,00

273.514,00

1.- Amounts owed to credit institutions: 31220

130.097,00

202.793,00

305.110,00

431.940,00

273.514,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

12.616,00

13.831,00

4.846,00

6.995,00

7.245,00

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

1.407.325,00

2.070.748,00

1.892.633,00

1.122.136,00

1.151.073,00

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

563.389,00

609.041,00

890.730,00

574.264,00

249.688,00

1.- Amounts owed to credit institutions: 32320

560.460,00

606.102,00

890.730,00

574.264,00

249.688,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

2.930,00

2.939,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

843.936,00

1.461.707,00

1.001.903,00

547.872,00

901.384,00

1.- Suppliers: 32580

575.407,00

1.049.376,00

872.892,00

389.367,00

703.377,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

575.407,00

1.049.376,00

872.892,00

389.367,00

703.377,00

2.- Other creditors : 32590

268.528,00

412.330,00

129.011,00

158.505,00

198.008,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

5.459.732,00

6.153.007,00

6.061.638,00

5.416.713,00

6.356.783,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

4.679.893,00

4.843.105,00

4.886.637,00

4.410.840,00

8.674.949,00

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

-3.556.477,00

-3.735.242,00

-3.654.410,00

-3.524.309,00

-6.907.576,00

5. Other operating income: 40500

132.551,00

223.224,00

29.882,00

103.926,00

67.423,00

6. Personnel costs: 40600

-362.683,00

-380.880,00

-352.509,00

-392.413,00

-504.071,00

7. Other operating costs: 40700

-825.677,00

-880.420,00

-870.933,00

-1.311.170,00

-1.083.209,00

8. Amortisation of fixed assets: 40800

-29.046,00

-40.345,00

-32.419,00

-49.605,00

-91.949,00

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

0,00

261,00

2.006,00

10. Excess provisions : 41000

0,00

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

5.500,00

0,00

6.279,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

46.101,00

1.399,00

41.929,00

21.861,00

24.630,00

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

90.162,00

30.842,00

48.178,00

-734.331,00

182.203,00

14. Financial income : 41400

13.783,00

13.131,00

10.353,00

25.021,00

65.058,00

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

0,00

b) Other financial income: 41490

13.783,00

13.131,00

10.353,00

25.021,00

65.058,00

15. Financial expenditure: 41500

-30.320,00

-37.834,00

0,00

-72.262,00

16. Changes in fair value of financial instruments : 41600

0,00

-32.418,00

-25.846,00

0,00

17. Exchange rate differences : 41700

-3.968,00

1.649,00

23.482,00

-4.447,00

7.114,00

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

-11.092,00

-1.095,00

-127,00

214,00

-5.389,00

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

-31.597,00

-24.149,00

1.291,00

-5.059,00

-5.479,00

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

58.565,00

6.693,00

49.469,00

-739.390,00

176.724,00

20. Income taxes: 41900

-14.507,00

-325,00

-46.063,00

222.903,00

-49.383,00

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

44.058,00

6.368,00

3.406,00

-516.486,00

127.341,00

> 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.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

976.304,00

1.004.737,00

1.001.882,00

1.027.159,00

946.441,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

301,00

1. Research and development costs:

0,00

2. Concessions, patents, licences, trademarks et al.:

0,00

301,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

608.351,00

633.500,00

629.551,00

654.697,00

667.204,00

1. Land and construction:

0,00

517.813,00

2. Technical installations and machinery:

0,00

105.164,00

3. Other installations, tools and furniture:

0,00

18.244,00

4. Payments on account and tangible fixed assets under construction:

0,00

5. Other tangible assets:

0,00

25.983,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

367.652,00

370.937,00

372.031,00

372.161,00

278.937,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

279.315,00

281.811,00

282.642,00

282.741,00

211.916,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

70.758,00

71.390,00

71.601,00

71.626,00

53.684,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

17.579,00

17.736,00

17.789,00

17.795,00

13.337,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

4.483.429,00

5.148.270,00

5.059.755,00

4.389.555,00

5.410.341,00

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

0,00

380.370,00

436.324,00

107.822,00

0,00

II. Stocks:

2.518.307,00

2.551.885,00

2.608.886,00

2.001.463,00

2.197.314,00

1. Goods for resale:

2.451.437,00

2.484.123,00

2.539.611,00

1.948.317,00

2.138.968,00

2. Raw materials and other consumables:

66.870,00

67.761,00

69.275,00

53.146,00

58.346,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

1.550.384,00

1.707.788,00

1.611.034,00

1.732.835,00

2.573.604,00

1. Trade debtors / accounts receivable:

1.532.235,00

1.687.796,00

1.592.174,00

1.712.549,00

2.543.476,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

2.053,00

2.261,00

2.133,00

2.295,00

3.408,00

5. Staff:

0,00

6. Public bodies:

16.097,00

17.731,00

16.726,00

17.991,00

26.720,00

7. Provisions:

0,00

IV. Short-term investments:

252.545,00

260.192,00

294.119,00

1.408,00

22.178,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

252.545,00

260.192,00

294.119,00

1.408,00

22.178,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

162.193,00

248.035,00

109.392,00

546.027,00

617.245,00

VII. Prepayments and accrued income:

0,00

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

5.459.732,00

6.153.007,00

6.061.638,00

5.416.713,00

6.356.783,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

3.909.694,00

3.865.636,00

3.859.049,00

3.855.642,00

4.924.769,00

I. Subscribed capital:

180.000,00

II. Share premium:

1.906.886,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.285.461,00

2.285.242,00

2.710.541,00

1. Legal reserve:

30.354,00

30.351,00

36.000,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

2.255.107,00

2.254.891,00

2.674.541,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

-506.712,00

-513.080,00

-516.486,00

0,00

1. Retained earnings:

-506.712,00

-513.080,00

-516.486,00

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

44.058,00

6.368,00

3.406,00

-516.486,00

127.341,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

183,00

1. Capital grants:

0,00

183,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

142.713,00

216.624,00

309.956,00

438.935,00

280.759,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

130.097,00

202.793,00

305.110,00

431.940,00

273.514,00

1. Loans and other liabilities:

130.097,00

202.793,00

305.110,00

431.940,00

273.514,00

2. Long-term liabilities from capital leases:

0,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

12.616,00

13.831,00

4.846,00

6.995,00

7.245,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

12.616,00

13.831,00

4.846,00

6.995,00

7.245,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

1.407.325,00

2.070.748,00

1.892.633,00

1.122.136,00

1.151.073,00

I. Issued debentures and other marketable securities:

2.930,00

2.939,00

0,00

1. Non-convertible debentures:

2.930,00

2.939,00

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

560.460,00

606.102,00

890.730,00

574.264,00

249.688,00

1. Loans and other liabilities:

560.460,00

606.102,00

890.730,00

574.264,00

249.688,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

843.936,00

1.461.707,00

1.001.903,00

547.872,00

875.966,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

575.407,00

1.049.376,00

872.892,00

389.367,00

875.966,00

3. Debts represented by notes payable:

268.528,00

412.330,00

129.011,00

158.505,00

0,00

V. Other creditors:

0,00

25.418,00

1. Public bodies:

0,00

25.418,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

0,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

5.459.732,00

6.153.007,00

6.061.638,00

5.416.713,00

6.356.783,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

4.828.270,00

5.076.140,00

4.988.877,00

5.078.395,00

8.713.839,00

A.1. Stock reduction of both manufactured goods and the ones in process:

0,00

A.2. Supplies:

3.556.477,00

3.735.242,00

3.654.410,00

3.524.309,00

6.907.576,00

a) Stock consumption:

3.367.830,00

3.537.112,00

3.460.568,00

3.337.368,00

6.541.176,00

b) Consumption of raw materials and miscellaneous consumable ones:

120.547,00

126.606,00

123.866,00

119.456,00

234.132,00

c) Miscellaneous external expenditure:

68.101,00

71.524,00

69.976,00

67.485,00

132.268,00

A.3. Staff costs:

362.683,00

380.880,00

352.509,00

392.413,00

504.071,00

a) Wages, salaries et al.:

280.080,00

294.133,00

272.224,00

303.039,00

389.267,00

b) Social security costs:

82.602,00

86.747,00

80.285,00

89.374,00

114.804,00

A.4. Depreciation expense:

29.046,00

40.345,00

32.419,00

49.605,00

91.949,00

A.5. Variation of trade provisions and losses of unrecovered receivables:

14.472,00

15.431,00

15.265,00

22.981,00

18.986,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

14.472,00

15.431,00

15.265,00

22.981,00

18.986,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

811.206,00

864.989,00

855.668,00

1.288.189,00

1.064.223,00

a) External services:

785.273,00

837.337,00

828.314,00

1.247.009,00

1.030.202,00

b) Taxes:

23.696,00

25.267,00

24.995,00

37.629,00

31.087,00

c) Other operating expenses:

2.236,00

2.385,00

2.359,00

3.551,00

2.934,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

38.561,00

29.443,00

6.248,00

0,00

155.567,00

A.7. Financial and similar charges:

30.320,00

37.834,00

0,00

72.262,00

a) Due to liabilities with companies of the group:

30.320,00

37.834,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

0,00

72.262,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

11.106,00

1.097,00

32.585,00

25.633,00

5.389,00

A.9. Exchange losses:

3.968,00

0,00

4.447,00

0,00

A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):

0,00

1.250,00

0,00

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

6.950,00

5.293,00

7.498,00

0,00

150.088,00

A.10. Changes in provisions for intangible, tangible and securities portfolio:

-5.514,00

-1,00

-41,00

-6.279,00

0,00

A.11. Losses from tangible and intangible fixed assets and securities portfolio:

0,00

A.12. Losses from transactions with own shares and debentures:

0,00

A.13. Extraordinary expenses:

0,00

A.14. Expenses and losses of former financial years:

0,00

A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):

51.615,00

1.400,00

41.971,00

28.400,00

26.636,00

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

58.565,00

6.693,00

49.469,00

0,00

176.724,00

A.15. Corporation tax:

14.507,00

325,00

46.063,00

-222.903,00

49.383,00

A.16. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):

44.058,00

6.368,00

3.406,00

0,00

127.341,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

B) INCOME ( B.1 to B.13):

4.872.328,00

5.082.508,00

4.992.283,00

4.561.909,00

8.841.180,00

B.1. Net total sales:

4.679.893,00

4.843.105,00

4.886.637,00

4.410.840,00

8.674.949,00

a) Sales:

4.679.893,00

4.843.105,00

4.886.637,00

4.410.840,00

8.751.126,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

-76.177,00

B.2. Stock increase of manufactured goods and products in process:

0,00

B.3. Works performed by the company for fixed assets:

0,00

B.4. Miscellaneous operating income:

132.551,00

223.224,00

29.882,00

103.926,00

67.423,00

a) Auxiliary income and other from current management:

121.935,00

205.346,00

27.488,00

95.602,00

62.023,00

b) Grants:

10.616,00

17.878,00

2.393,00

8.324,00

5.400,00

c) Liabilities and charges provisions surplus:

0,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):

0,00

762.731,00

0,00

B.5. Income from equity investment:

319,00

304,00

240,00

579,00

1.506,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

319,00

304,00

240,00

579,00

1.506,00

B.6. Income from other marketable securities and long-term receivables:

3.009,00

2.867,00

2.260,00

5.463,00

14.204,00

a) From companies of the group:

3.009,00

2.867,00

2.260,00

5.463,00

14.204,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

10.455,00

9.960,00

7.853,00

18.980,00

49.349,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

10.455,00

9.960,00

7.853,00

18.980,00

49.349,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

1.649,00

23.482,00

0,00

7.114,00

B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):

31.611,00

24.150,00

0,00

5.059,00

5.479,00

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

0,00

767.790,00

0,00

B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.10. Profit on transactions with own shares and debentures:

0,00

B.11. Capital grants transferred to profit and loss:

0,00

261,00

2.006,00

B.12. Extraordinary income:

46.101,00

1.399,00

41.929,00

21.861,00

24.630,00

B.13. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):

0,00

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

0,00

739.390,00

0,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

0,00

516.486,00

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

58.565,00

6.693,00

49.469,00

-739.390,00

176.724,00

2. Results adjustments.: 61200

45.583,00

65.047,00

22.065,00

234.277,00

110.985,00

a) Fixed Assets Amortization (+).: 61201

29.046,00

40.345,00

32.419,00

49.605,00

91.949,00

b) Obsolescence Allowances (+/-). : 61202

0,00

185.940,00

18.986,00

d) Allocation of grants (-).: 61204

0,00

-261,00

-2.006,00

e) Results on disposal of fixed assets (+/-). : 61205

0,00

-6.279,00

0,00

g) Financial income (-).: 61207

-13.783,00

-13.131,00

-10.353,00

-25.021,00

-65.058,00

h) Financial Expenses (+). : 61208

30.320,00

37.834,00

0,00

25.846,00

72.262,00

i) Exchange differences (+/-). : 61209

0,00

4.447,00

-7.114,00

k) Other income and expense (-/+). : 61211

0,00

1.967,00

3. Changes in current capital equity.: 61300

-70.408,00

510.895,00

-748.757,00

425.176,00

-335.277,00

a) Stock (+/-).: 61301

33.578,00

57.002,00

-607.424,00

195.851,00

-110.374,00

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

520.645,00

-39.512,00

-256.592,00

582.838,00

-158.093,00

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

7.647,00

33.928,00

-292.711,00

0,00

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

-632.278,00

459.478,00

407.969,00

-353.513,00

-66.811,00

4. Other cash flows for operating activities.: 61400

-16.537,00

-24.702,00

10.353,00

-10.813,00

-99.369,00

a) Interest payments (-). : 61401

-30.320,00

-37.834,00

0,00

-25.846,00

-72.262,00

c) Interest collection (+). : 61403

13.783,00

13.131,00

10.353,00

25.021,00

65.058,00

d) Income tax payment collection (payments) (+/-).: 61404

0,00

-9.988,00

-92.166,00

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

17.203,00

557.933,00

-666.869,00

-90.749,00

-146.938,00

6. Payments for investment (-).: 62100

0,00

-5.237,00

0,00

-372.408,00

0,00

a) Companies of the group and affiliates. : 62101

0,00

-258.982,00

0,00

c) Fixed assets. : 62103

0,00

-3.949,00

0,00

-42.820,00

0,00

e) Other financial assets. : 62105

0,00

-70.607,00

0,00

h) Other assets. : 62108

0,00

-1.288,00

0,00

7. Divestment payment collection (+). : 62200

45.563,00

1.094,00

75.167,00

6.000,00

450.000,00

c) Fixed assets. : 62203

25.149,00

0,00

25.146,00

6.000,00

0,00

e) Other financial assets. : 62205

3.285,00

1.094,00

130,00

0,00

450.000,00

h) Other assets. : 62208

17.129,00

0,00

49.891,00

0,00

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

16.517,00

-44.487,00

42.748,00

-366.408,00

450.000,00

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

0,00

219,00

0,00

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

0,00

219,00

0,00

115.281,00

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

-119.562,00

-375.021,00

187.486,00

442.914,00

-510.944,00

a) Issuance : 63201

0,00

11.924,00

316.466,00

1.291.083,00

251.624,00

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

0,00

316.466,00

1.291.083,00

204.398,00

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

0,00

47.226,00

5. Other debts (+). : 63206

0,00

11.924,00

0,00

b) Repayment and amortization of : 63207

-119.562,00

-386.945,00

-128.979,00

-848.169,00

-762.568,00

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

-118.338,00

-386.945,00

-126.830,00

-848.169,00

-752.634,00

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

0,00

-9.933,00

5. Other debts (-). : 63212

-1.224,00

0,00

-2.150,00

0,00

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

0,00

-52.528,00

-196.980,00

a) Dividends (-).: 63301

0,00

-52.528,00

-196.980,00

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

-119.562,00

-374.802,00

187.486,00

390.386,00

-707.924,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

0,00

-4.447,00

7.114,00

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

-85.842,00

138.644,00

-436.635,00

-71.219,00

-397.748,00

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

248.035,00

109.392,00

546.027,00

617.245,00

1.014.993,00

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

162.193,00

248.035,00

109.392,00

546.027,00

617.245,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,02 %

0,02 %

0,03 %

0,14 %

-164,08 %

-85,56 %

EBITDA over Sales:

1,44 %

0,05 %

1,44 %

5,98 %

0,25 %

-99,23 %

Cash Flow Yield:

-0,02 %

0,00 %

0,02 %

0,03 %

-169,78 %

-86,16 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

0,91 %

-3,15 %

0,57 %

0,35 %

58,99 %

-1.003,88 %

Total economic profitability:

1,63 %

-1,72 %

0,72 %

-0,19 %

124,97 %

-814,85 %

Financial profitability:

1,13 %

-6,30 %

0,16 %

-3,85 %

584,11 %

-63,75 %

Margin:

0,92 %

-6,06 %

0,58 %

0,70 %

57,54 %

-960,37 %

Mark-up:

0,26 %

-13,34 %

0,10 %

-6,92 %

147,85 %

-92,81 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,12

0,16

0,12

0,13

-3,78

19,84

Acid Test:

1,28

0,86

1,17

0,84

9,84

2,01

Working Capital / Investment:

0,53

0,08

0,47

0,11

13,31

-28,27

Solvency:

3,19

1,43

2,49

1,50

28,14

-4,91

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,40

1,04

0,59

1,32

-33,00

-20,65

Borrowing Composition:

0,10

1,21

0,10

1,24

-3,06

-2,48

Repayment Ability:

-18,06

109,01

16,50

16,79

-209,45

549,12

Warranty:

3,52

1,96

2,69

1,76

30,94

11,34

Generated resources / Total creditors:

0,05

-0,01

0,02

0,01

159,89

-184,53

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,19

1,00

1,18

1,27

0,27

-21,31

Turnover of Collection Rights :

3,45

3,49

3,30

3,45

4,55

1,42

Turnover of Payment Entitlements:

5,19

2,39

3,16

2,24

64,44

6,75

Stock rotation:

1,90

2,30

1,97

1,72

-3,96

33,48

Assets turnover:

0,99

0,52

0,99

0,49

0,92

5,06

Borrowing Cost:

1,96

2,82

1,65

2,81

18,26

0,06

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

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

-0,02 %

0,03 %

-0,09 %

-1,61 %

-4,59 %

EBITDA over Sales:

1,44 %

0,79 %

-16,17 %

2,85 %

Cash Flow Yield:

-0,02 %

0,02 %

-0,07 %

-1,31 %

-6,26 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

0,91 %

0,57 %

0,13 %

-14,99 %

2,60 %

Total economic profitability:

1,63 %

0,72 %

0,82 %

-13,17 %

3,92 %

Financial profitability:

1,13 %

0,16 %

0,09 %

-13,40 %

2,59 %

Margin:

0,92 %

0,58 %

0,13 %

-16,75 %

1,80 %

Mark-up:

0,26 %

0,10 %

0,15 %

-16,86 %

-0,34 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,12

0,06

0,49

0,54

Acid Test:

1,28

1,17

1,20

1,93

2,79

Working Capital / Investment:

0,53

0,47

0,49

0,60

0,67

Solvency:

3,19

2,49

2,67

3,91

4,70

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,40

0,59

0,57

0,40

0,29

Borrowing Composition:

0,10

0,16

0,39

0,24

Repayment Ability:

-18,06

16,50

-5,04

-3,09

6,07

Warranty:

3,52

2,69

2,75

3,47

4,44

Generated resources / Total creditors:

0,05

0,02

-0,30

0,16

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,19

1,18

1,11

-0,82

1,49

Turnover of Collection Rights :

3,45

3,30

3,42

2,79

3,40

Turnover of Payment Entitlements:

5,19

3,16

4,52

8,83

8,87

Stock rotation:

1,90

1,97

1,88

2,64

3,91

Assets turnover:

0,99

0,90

1,44

Borrowing Cost:

1,96

1,65

0,00

1,66

5,05

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

3.832,51

Notes

El importe reflejado corresponde al traspasado a resultados durante el ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

4.606,68

Notes

El importe reflejado corresponde al traspasado a resultados durante el ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

5.220,24

Notes

IMPORTE IMPUTADO A RESULTADOS DEL EJERCICIO

Research Summary

The company MARMOLSPAIN SL with VAT No. B53754503 was incorporated in Alicante in March, 2003. It is an indefinite duration company engaged in the Cutting, shaping and finishing of stone. After analyzing the information in our possession and 2012 financial information, it is estimated that the overall structure is favourable.

Sources

Registry of Commerce''s Official Gazette. Own and external data bases Company References Investigación

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

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.

Ratios		2012	2011	Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO

INVESTIGATION SUMMARY
The company MARMOLSPAIN SL with VAT No. B53754503 was incorporated in Alicante in March, 2003. It is an indefinite duration company engaged in the Cutting, shaping and finishing of stone. After analyzing the information in our possession and 2012 financial information, it is estimated that the overall structure is favourable.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

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

Guarantees

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit