MIRA INFORM REPORT

Report Date :

02.07.2014

IDENTIFICATION DETAILS

Name :	VETPHARMA ANIMAL HEALTH S.L

Registered Office :	C/ Les Corts, 23, Barcelona

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	22.07.2005

Legal Form :	Private Company

Line of Business :	Subject is engaged in the wholesale of veterinary products, such as anesthesia, antiparasitic, reproductive, nutrition

No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Spain

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

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:

VETPHARMA ANIMAL HEALTH S.L

NIF / Fiscal code:

B63872345

Trade Name

VETPHARMA

Status:

ACTIVE

Incorporation Date:

22/07/2005

Register Data

Last Publication in BORME:

20/03/2014 [Miscellaneous Concepts]

Last Published Account Deposit:

2012

Share Capital:

3.050

Localization:

C/ LES CORTS, 23. - BARCELONA - 08028 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 933306296 Email. vetpharma@chemogroup.com Website. www.chemogroup.com

Activity:

NACE:

7500 - Veterinary activities

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

CHEMO HOLDING SL

100 %

Identification

Social Denomination:

VETPHARMA ANIMAL HEALTH S.L

Trade Name:

VETPHARMA

NIF / Fiscal code:

B63872345

Corporate Status:

ACTIVE

Start of activity:

2006

Registered Office:

C/ LES CORTS, 23.

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08028

Telephone:

933306296

Fax:

933302762

Website:

www.chemogroup.com

Email:

vetpharma@chemogroup.com

Activity

NACE:

7500

Additional Information:

The company is part of the Group CHEMO HOLDING SL, which is engaged in the wholesale of veterinary products, such as anesthesia, antiparasitic, reproductive, nutrition

Additional Address:

Offices and other branches in the registered office, located in Les Corts, 23 08028 Barcelona, all rented.

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

2005

Appointments/ Re-elections (1) Company Formation (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (5) Change of Social Purpose (1)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (4)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (5)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)

2013

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

2014

Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

ELABORACION DE PRODUCTOS QUIMICOS Y FARMACEUTICOS, ESPECIALIDADES FARMACEUTICAS Y DE VETERINARIA, MEDICAMENTOS Y PRODUCTOS DIETETICOS Y COSMETICOS, COMPRAVENTA DE UNOS Y OTROS, ETC

Company Formation

09/01/2006

Breakdown of Owners' Equity

Registered Capital:

3.050

Paid up capital:

3.050

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

12/12/2005

Company Formation

3.050

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

CHEMO HOLDING SL

11/03/2014

PRESIDENT

CANTERO CID EDUARDO

13/08/2013

MEMBER OF THE BOARD

CASTILLO GARCIA ANTONIO

13/08/2013

NOBLEJAS SANCHEZ GIL ANTONIO

13/08/2013

ALCALDE GIRAUDO ISABEL

13/08/2013

CANTERO CID EDUARDO

13/08/2013

PROXY

ALCALDE GIRAUDO ISABEL

26/10/2012

NOBLEJAS SANCHEZ GIL ANTONIO

26/10/2012

CASTILLO GARCIA ANTONIO

26/10/2012

ROMERO CAMACHO SILOS CARLOS

26/10/2012

QUIJANO RIESTRA ALVARO

26/10/2012

DE ANDRES REBOLLO PEDRO

26/10/2012

PONCE GUTIERREZ IGNACIO

26/10/2012

SECO DE HERRERA BENITEZ CARLOS ALBERTO

26/10/2012

GUSTAVO DANIEL LORENZO PELIZZARI

26/10/2012

MANUEL IGNACIO BARRO

26/10/2012

GARCIA PICAZO ANDRES

24/02/2009

ESPINO HUERTA RAQUEL

10/09/2007

TRULLAS CLAVERA NURIA

14/06/2006

GUTIERREZ FLOREZ ELISA ISABEL

14/06/2006

SECRETARY

ALCALDE GIRAUDO ISABEL

13/08/2013

NON CONSELLOR ASSISTANT SECRETARY

MORAN IMAZ FRANCISCO JAVIER

13/08/2013

ACCOUNTS' AUDITOR / HOLDER

KPMG AUDITORES SL

12/12/2011

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ALCALDE GIRAUDO ISABEL

NON CONSELLOR SECRETARY

24/08/2007

MEMBER OF THE BOARD

06/08/2008

SECRETARY

06/08/2008

PROXY

15/11/2011

PROXY

26/10/2012

MEMBER OF THE BOARD

13/08/2013

SECRETARY

13/08/2013

CANTERO CID EDUARDO

PROXY

18/05/2007

MEMBER OF THE BOARD

24/08/2007

MEMBER OF THE BOARD

06/08/2008

PRESIDENT

06/08/2008

PROXY

24/02/2009

MEMBER OF THE BOARD

13/08/2013

PRESIDENT

13/08/2013

CARBALLO CARBALLO MANUEL

PROXY

10/09/2007

CASTILLO GARCIA ANTONIO

MEMBER OF THE BOARD

24/08/2007

MEMBER OF THE BOARD

06/08/2008

MEMBER OF THE BOARD

13/08/2013

PROXY

14/06/2006

PROXY

14/06/2006

PROXY

18/05/2007

PROXY

24/02/2009

PROXY

24/02/2009

PROXY

17/12/2009

PROXY

26/10/2012

PROXY

26/10/2012

PROXY

15/11/2011

PROXY

17/12/2009

CHARLES RODRIGUEZ

PROXY

26/10/2012

PROXY

17/12/2009

PROXY

15/11/2011

PROXY

26/10/2012

CHEMO ESPAÑA SL

SINGLE PARTNER

11/03/2014

DE ANDRES REBOLLO PEDRO

PROXY

14/06/2006

PROXY

14/06/2006

PROXY

24/02/2009

PROXY

17/12/2009

PROXY

26/10/2012

PROXY

15/11/2011

FERNANDEZ AGUADO ANTONIO

PROXY

05/01/2011

FERNANDEZ REGAZZI RAMIRO IGNACIO

PROXY

24/02/2009

PROXY

17/12/2009

PROXY

26/10/2012

GUSTAVO DANIEL LORENZO PELIZZARI

PROXY

26/10/2012

PROXY

26/10/2012

PROXY

17/12/2009

PROXY

15/11/2011

PROXY

24/02/2009

PROXY

24/02/2009

PROXY

17/12/2009

PROXY

14/06/2006

KPMG AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

12/12/2011

LORENZO PELIZZARI GUSTAVO DANIEL

PROXY

24/02/2009

LOZANO SANCHEZ ELEUTERIO

PROXY

26/06/2008

MANUEL IGNACIO BARRO

PROXY

15/11/2011

PROXY

26/10/2012

MARIANO BAÑADO CARLOS

MEMBER OF THE BOARD

09/08/2011

MORAN IMAZ FRANCISCO JAVIER

NON CONSELLOR ASSISTANT SECRETARY

13/08/2013

NEIRA DE ALVEAR CARLOS JOSE

PROXY

17/12/2009

NOBLEJAS SANCHEZ GIL ANTONIO

PROXY

17/12/2009

PROXY

24/02/2009

PROXY

18/05/2007

PROXY

24/02/2009

PROXY

14/06/2006

MEMBER OF THE BOARD

13/08/2013

PROXY

26/10/2012

PROXY

26/10/2012

PROXY

17/12/2009

PROXY

15/11/2011

PAOLO OLIGERI

PROXY

14/06/2006

PROXY

14/06/2006

PROXY

18/05/2007

MEMBER OF THE BOARD

24/08/2007

PRESIDENT

24/08/2007

PRESIDENT

18/03/2008

MEMBER OF THE BOARD

18/03/2008

PROXY

26/06/2008

PONCE GUTIERREZ IGNACIO

PROXY

26/10/2012

QUIJANO RIESTRA ALVARO

PROXY

15/11/2011

PROXY

26/10/2012

PROXY

24/02/2009

PROXY

17/12/2009

ROMERO CAMACHO SILOS CARLOS

PROXY

26/10/2012

SANCHEZ MARTINEZ JOSEFA

PROXY

14/06/2006

PROXY

10/09/2007

SANZ SANCHEZ EDUARDO CARLOS

PROXY

20/04/2009

SECO DE HERRERA BENITEZ CARLOS ALBERTO

PROXY

17/12/2009

PROXY

24/02/2009

PROXY

15/11/2011

PROXY

26/10/2012

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

RAQUEL ESPINO HUERTA

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.517 %

> Latest Rating Changes :

Sector in which comparison is carried out :

750 Veterinary activities

wordml://2987

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 99.00% of the companies of the sector VETPHARMA ANIMAL HEALTH S.L 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 0.517%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CHEMO HOLDING SL

MADRID

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

KEVILMARE ESPAÑA SL

MADRID

Turnover

Total Sales 2012

23.759.762

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

July 2012

2010

Normales

October 2011

2009

Normales

August 2010

2008

Normales

November 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

September 2006

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 Normal 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, 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

0,00

99.946,00

0,00

436,00

I. Intangible fixed assets : 11100

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

3. Patents, licencing, trade marks and similar: 11130

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

0,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

0,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

0,00

99.946,00

0,00

436,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

99.946,00

0,00

436,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

11.717.283,00

9.189.522,00

9.196.786,00

9.110.866,00

8.208.347,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.591.005,00

1.800.399,00

1.872.904,00

1.952.309,00

1.901.793,00

1. Commercial: 12210

2.436.476,00

1.686.057,00

1.725.249,00

1.896.235,00

1.419.770,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

5. By-products, residues and recycled materials: 12250

0,00

6. Advances to suppliers: 12260

154.529,00

114.342,00

147.655,00

56.074,00

482.023,00

III. Trade debtors and others receivable accounts: 12300

9.068.778,00

5.875.644,00

7.022.597,00

6.893.569,00

5.742.932,00

1. Trade debtors / accounts receivable: 12310

8.297.399,00

5.432.005,00

6.522.064,00

6.618.269,00

5.177.295,00

a) Long-term receivables from sales and services supplied : 12311

0,00

b) Customers for sales and provisions of services : 12312

8.297.399,00

5.432.005,00

6.522.064,00

6.618.269,00

5.177.295,00

2. Customers, Group companies and associates : 12320

475.976,00

302.994,00

412.183,00

158.332,00

282.785,00

3. Other accounts receivable: 12330

0,00

350,00

0,00

4. Personnel: 12340

4.820,00

3.438,00

5.135,00

0,00

2.054,00

5. Assets for deferred tax: 12350

0,00

6. Other debtors, including tax and social security: 12360

290.583,00

136.857,00

83.215,00

116.968,00

280.798,00

7. Called up share capital: 12370

0,00

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

56.161,00

1.498.693,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

56.161,00

1.498.693,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

1.339,00

0,00

1.285,00

0,00

VII. Cash and other equivalent liquid assets : 12700

0,00

14.786,00

300.000,00

264.988,00

563.622,00

1. Treasury: 12710

0,00

14.786,00

0,00

264.988,00

563.622,00

2. Other equivalent liquid assets: 12720

0,00

300.000,00

0,00

TOTAL ASSETS (A + B) : 10000

11.717.283,00

9.289.468,00

9.196.786,00

9.110.866,00

8.208.783,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

2.049.788,00

1.093.098,00

564.906,00

-42.938,00

-343.248,00

A-1) Shareholders' equity: 21000

2.049.788,00

1.093.098,00

564.906,00

-42.938,00

-343.248,00

I. Capital: 21100

3.050,00

1. Registered capital : 21110

3.050,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.090.048,00

561.856,00

127.750,00

1. Legal y estatutarias: 21310

1.220,00

610,00

0,00

2. Other reserves: 21320

1.088.828,00

560.636,00

127.140,00

127.750,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-173.738,00

-474.048,00

-304.536,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-173.738,00

-474.048,00

-304.536,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

956.690,00

528.192,00

607.844,00

300.310,00

-169.512,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

5.390.000,00

4.700.000,00

2.000.000,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

5.390.000,00

4.700.000,00

2.000.000,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

4.277.495,00

3.496.370,00

3.931.880,00

7.153.804,00

6.552.031,00

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

36.501,00

127.266,00

285.737,00

207.529,00

243.765,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

36.501,00

78.008,00

285.737,00

207.529,00

243.765,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

49.258,00

0,00

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

0,00

126.399,00

62.207,00

0,00

V. Trade creditors and other accounts payable: 32500

4.240.994,00

3.369.104,00

3.519.744,00

6.884.068,00

6.308.266,00

1. Suppliers: 32510

1.259.942,00

950.514,00

1.673.872,00

1.407.086,00

1.581.580,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.259.942,00

950.514,00

1.673.872,00

1.407.086,00

1.581.580,00

2. Suppliers, Group companies and associates: 32520

1.265.699,00

1.124.691,00

967.051,00

4.096.838,00

4.085.833,00

3. Other creditors: 32530

1.538.044,00

1.233.405,00

831.747,00

1.341.347,00

574.184,00

4. Personnel (remuneration due): 32540

31.124,00

38.812,00

32.111,00

18.710,00

20.388,00

5. Liabilities for current tax: 32550

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

25.262,00

21.682,00

14.963,00

17.087,00

27.650,00

7. Advances from clients: 32570

120.923,00

0,00

3.000,00

18.631,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

11.717.283,00

9.289.468,00

9.196.786,00

9.110.866,00

8.208.783,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

23.759.762,00

19.573.333,00

21.108.629,00

20.191.485,00

18.333.578,00

a) Sales: 40110

23.759.762,00

19.573.333,00

21.108.629,00

20.191.485,00

18.333.578,00

b) Rendering of services: 40120

0,00

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

-19.919.808,00

-16.357.793,00

-17.546.024,00

-17.077.602,00

-16.246.605,00

a) Stock consumption: 40410

-19.921.791,00

-16.334.507,00

-17.599.295,00

-17.087.058,00

-16.311.148,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

0,00

c) Works carried out by other companies: 40430

0,00

d) Impairment of stock, primary material and other supplies: 40440

1.983,00

-23.286,00

53.271,00

9.456,00

64.543,00

5. Other operating income: 40500

910.652,00

208.567,00

244.026,00

257.800,00

129.061,00

a) Auxiliary income and other from current management: 40510

703.662,00

200.816,00

244.026,00

257.800,00

129.061,00

b) Operation subsidies included in the Period's result: 40520

206.990,00

7.751,00

0,00

6. Personnel costs: 40600

-544.465,00

-547.521,00

-504.864,00

-441.546,00

-452.674,00

a) Wages, salaries et al.: 40610

-427.536,00

-432.917,00

-382.422,00

-345.977,00

-365.104,00

b) Social security costs: 40620

-116.929,00

-114.604,00

-122.442,00

-95.569,00

-87.570,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.648.967,00

-2.153.960,00

-2.548.813,00

-2.380.308,00

-1.906.098,00

a) External services: 40710

-2.069.330,00

-1.718.467,00

-2.096.742,00

-2.214.561,00

-1.794.657,00

b) Taxes: 40720

-586.896,00

-427.984,00

-416.966,00

-142.588,00

-111.441,00

c) Losses, impairments and variation in provisions from trade operations : 40730

7.259,00

-7.509,00

-35.105,00

-23.159,00

0,00

d) Other current management expenditure : 40740

0,00

8. Amortisation of fixed assets: 40800

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

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

600,00

1.000,00

0,00

12.965,00

0,00

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

1.557.774,00

723.626,00

752.954,00

562.794,00

-142.738,00

14. Financial income : 41400

15.617,00

8.624,00

0,00

8.916,00

a) Of shares in equity instruments : 41410

0,00

8.916,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

8.916,00

b) From negotiable securities and other financial instruments : 41420

15.617,00

8.624,00

0,00

b 1) From Group companies and associates : 41421

15.617,00

8.356,00

0,00

b 2) From third parties : 41422

0,00

268,00

0,00

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

0,00

15. Financial expenditure: 41500

-132.565,00

-179.572,00

-104.401,00

-191.191,00

-242.550,00

a) Amounts owed to Group companies and associates : 41510

-122.764,00

-164.867,00

-99.153,00

-185.319,00

-229.715,00

b) For debts with third parties : 41520

-9.801,00

-14.705,00

-5.248,00

-5.872,00

-12.835,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-74.126,00

-20.696,00

219.181,00

56.309,00

133.897,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-191.074,00

-191.644,00

114.780,00

-134.882,00

-99.737,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

1.366.700,00

531.982,00

867.734,00

427.912,00

-242.475,00

20. Income taxes: 41900

-410.010,00

-3.790,00

-259.890,00

-127.602,00

72.963,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

956.690,00

528.192,00

607.844,00

300.310,00

-169.512,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

956.690,00

528.192,00

607.844,00

300.310,00

-169.512,00

> 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, 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:

0,00

99.946,00

0,00

436,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

0,00

IV. Financial investments:

0,00

99.946,00

0,00

436,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

11.717.283,00

9.189.522,00

9.196.786,00

9.110.866,00

8.208.347,00

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

0,00

II. Stocks:

2.591.005,00

1.800.399,00

1.872.904,00

1.952.309,00

1.901.793,00

III. Debtors:

9.068.778,00

5.875.644,00

7.022.597,00

6.893.569,00

5.742.932,00

IV. Short-term investments:

56.161,00

1.498.693,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

0,00

14.786,00

300.000,00

264.988,00

563.622,00

VII. Prepayments and accrued income:

1.339,00

0,00

1.285,00

0,00

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

11.717.283,00

9.289.468,00

9.196.786,00

9.110.866,00

8.208.783,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

2.049.788,00

1.093.098,00

564.906,00

-42.938,00

-343.248,00

I. Subscribed capital:

3.050,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.090.048,00

561.856,00

127.750,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.090.048,00

561.856,00

127.750,00

V. Profit or loss brought forward:

0,00

-173.738,00

-474.048,00

-304.536,00

VI. Profit or loss for the financial year:

956.690,00

528.192,00

607.844,00

300.310,00

-169.512,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

5.390.000,00

4.700.000,00

2.000.000,00

E) SHORT TERM CREDITORS:

4.277.495,00

3.496.370,00

3.931.880,00

7.153.804,00

6.552.031,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

11.717.283,00

9.289.468,00

9.196.786,00

9.110.866,00

8.208.783,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

23.729.941,00

19.263.332,00

20.963.992,00

20.218.249,00

18.774.964,00

A.1. Operating consumption:

19.919.808,00

16.357.793,00

17.546.024,00

17.077.602,00

16.246.605,00

A.2. Staff Costs:

544.465,00

547.521,00

504.864,00

441.546,00

452.674,00

a) Wages, salaries et al.:

427.536,00

432.917,00

382.422,00

345.977,00

365.104,00

b) Social security costs:

116.929,00

114.604,00

122.442,00

95.569,00

87.570,00

A.3. Depreciation expense:

0,00

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

0,00

A.5. Other operating charges:

2.648.967,00

2.153.960,00

2.548.813,00

2.380.308,00

1.906.098,00

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

1.557.174,00

722.626,00

752.954,00

549.829,00

0,00

A.6. Financial and similar charges:

132.565,00

179.572,00

104.401,00

191.191,00

242.550,00

a) Due to liabilities with companies of the group:

122.764,00

164.867,00

99.153,00

185.319,00

229.715,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

9.801,00

14.705,00

5.248,00

5.872,00

12.835,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

74.126,00

20.696,00

0,00

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

0,00

114.780,00

0,00

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

1.366.100,00

530.982,00

867.734,00

414.947,00

0,00

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):

600,00

1.000,00

0,00

12.965,00

0,00

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

1.366.700,00

531.982,00

867.734,00

427.912,00

0,00

A.14. Corporation Tax:

410.010,00

3.790,00

259.890,00

127.602,00

-72.963,00

A.15. Miscellaneous taxes:

0,00

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

956.690,00

528.192,00

607.844,00

300.310,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

24.686.631,00

19.791.524,00

21.571.836,00

20.518.559,00

18.605.452,00

B.1. Operating income:

24.670.414,00

19.781.900,00

21.352.655,00

20.449.285,00

18.462.639,00

a) Net total sales:

23.759.762,00

19.573.333,00

21.108.629,00

20.191.485,00

18.333.578,00

b) Miscellaneous operating income:

910.652,00

208.567,00

244.026,00

257.800,00

129.061,00

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

0,00

142.738,00

B.2. Financial income:

15.617,00

8.624,00

0,00

8.916,00

a) Companies of the group:

15.617,00

8.356,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

268,00

0,00

8.916,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

219.181,00

56.309,00

133.897,00

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

191.074,00

191.644,00

0,00

134.882,00

99.737,00

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

0,00

242.475,00

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:

600,00

1.000,00

0,00

12.965,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

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

0,00

242.475,00

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

0,00

169.512,00

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

1.366.700,00

531.982,00

867.734,00

427.912,00

-242.475,00

2. Results adjustments.: 61200

181.832,00

57.572,00

-176.200,00

86.378,00

35.194,00

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

-9.242,00

30.795,00

-4.355,00

13.703,00

-64.543,00

g) Financial income (-).: 61207

-15.617,00

-8.624,00

0,00

-8.916,00

h) Financial Expenses (+). : 61208

132.565,00

14.705,00

47.336,00

128.984,00

242.550,00

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

74.126,00

20.696,00

-219.181,00

-56.309,00

-133.897,00

3. Changes in current capital equity.: 61300

-3.077.824,00

-554.606,00

-3.484.382,00

-757.459,00

277.576,00

a) Stock (+/-).: 61301

-788.623,00

49.219,00

118.865,00

-41.060,00

-559.896,00

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

-2.883.732,00

-439.659,00

-157.119,00

-1.207.187,00

-556.879,00

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

595.870,00

-65.505,00

-3.444.843,00

490.352,00

1.330.244,00

f) Other non-current assets and liabilities (+/-).: 61306

-1.339,00

-98.661,00

-1.285,00

436,00

-436,00

4. Other cash flows for operating activities.: 61400

-220.684,00

-265.971,00

-174.502,00

-56.457,00

-100.047,00

a) Interest payments (-). : 61401

-132.565,00

-14.705,00

-47.336,00

-128.984,00

-242.550,00

b) Dividend payment collection (+). : 61402

0,00

8.916,00

c) Interest collection (+). : 61403

15.617,00

8.624,00

0,00

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

-103.736,00

-259.890,00

0,00

72.527,00

133.587,00

e) Other payments (payment collection) (-/+) : 61405

0,00

-127.166,00

0,00

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

-1.749.976,00

-231.023,00

-2.967.350,00

-299.626,00

-29.752,00

6. Payments for investment (-).: 62100

0,00

7. Divestment payment collection (+). : 62200

1.442.532,00

0,00

a) Companies of the group and affiliates. : 62201

1.442.532,00

0,00

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

1.442.532,00

0,00

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

0,00

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

599.235,00

-158.471,00

2.778.208,00

-36.236,00

0,00

a) Issuance : 63201

690.000,00

-158.471,00

2.778.208,00

0,00

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

0,00

-158.471,00

78.208,00

0,00

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

690.000,00

0,00

2.700.000,00

0,00

b) Repayment and amortization of : 63207

-90.765,00

0,00

-36.236,00

0,00

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

-90.765,00

0,00

-36.236,00

0,00

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

0,00

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

599.235,00

-158.471,00

2.778.208,00

-36.236,00

0,00

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

-306.577,00

104.280,00

224.154,00

37.228,00

133.897,00

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

-14.786,00

-285.214,00

35.012,00

-298.634,00

104.145,00

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

14.786,00

300.000,00

264.988,00

563.622,00

459.477,00

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

0,00

14.786,00

300.000,00

264.988,00

563.622,00

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:

0,00 %

0,01 %

-0,01 %

0,00 %

95,73 %

EBITDA over Sales:

6,55 %

9,21 %

3,69 %

10,05 %

77,52 %

-8,38 %

Cash Flow Yield:

0,00 %

-0,03 %

0,00 %

95,89 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

13,35 %

5,23 %

9,40 %

6,92 %

42,12 %

-24,52 %

Total economic profitability:

12,80 %

2,53 %

7,66 %

4,13 %

67,05 %

-38,76 %

Financial profitability:

46,67 %

1,41 %

48,32 %

5,78 %

-3,41 %

-75,56 %

Margin:

6,31 %

4,82 %

3,65 %

6,36 %

72,79 %

-24,13 %

Mark-up:

5,54 %

1,68 %

2,68 %

4,75 %

106,30 %

-64,55 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,12

0,00

0,11

10,40

Acid Test:

2,13

0,87

2,11

0,85

0,94

3,10

Working Capital / Investment:

0,63

0,03

0,61

0,03

3,60

10,94

Solvency:

2,74

1,19

2,63

1,17

4,22

1,55

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

4,72

1,64

7,50

1,66

-37,10

-1,00

Borrowing Composition:

1,26

1,03

1,34

1,03

-6,26

-0,72

Repayment Ability:

-653,83

147,78

-28,74

540,69

-2.175,16

-72,67

Warranty:

1,21

1,62

1,13

1,61

6,94

0,42

Generated resources / Total creditors:

0,10

0,07

46,77

-3,21

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

3,86

1,72

2,32

1,75

66,39

-1,61

Turnover of Collection Rights :

2,72

4,79

3,37

4,45

-19,20

7,68

Turnover of Payment Entitlements:

5,32

3,53

5,49

3,26

-3,15

8,08

Stock rotation:

8,92

6,64

10,59

6,05

-15,73

9,73

Assets turnover:

2,12

1,08

2,57

1,09

-17,75

-0,51

Borrowing Cost:

1,37

2,94

2,19

2,93

-37,41

0,41

> 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:

0,00 %

-0,01 %

0,00 %

-0,01 %

0,01 %

EBITDA over Sales:

6,55 %

3,69 %

3,57 %

2,72 %

-0,78 %

Cash Flow Yield:

0,00 %

-0,03 %

0,00 %

-0,03 %

0,01 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

13,35 %

9,40 %

8,19 %

6,03 %

-1,74 %

Total economic profitability:

12,80 %

7,66 %

10,57 %

6,80 %

0,00 %

Financial profitability:

46,67 %

48,32 %

107,60 %

-699,40 %

-49,38 %

Margin:

6,31 %

3,65 %

3,53 %

2,69 %

-0,77 %

Mark-up:

5,54 %

2,68 %

4,06 %

2,03 %

-1,31 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,00

0,08

0,04

0,09

Acid Test:

2,13

2,11

1,86

1,00

0,96

Working Capital / Investment:

0,63

0,61

0,57

0,21

0,20

Solvency:

2,74

2,63

2,34

1,27

1,25

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

4,72

7,50

15,28

-213,19

-24,92

Borrowing Composition:

1,26

1,34

1,20

0,28

0,31

Repayment Ability:

-653,83

-28,74

246,54

-30,65

82,12

Warranty:

1,21

1,13

1,07

1,00

0,96

Generated resources / Total creditors:

0,10

0,07

0,06

0,03

-0,03

Efficiency

2012

2011

2010

2009

2008

Productivity:

3,86

2,32

2,49

2,25

0,68

Turnover of Collection Rights :

2,72

3,37

3,04

2,97

3,21

Turnover of Payment Entitlements:

5,32

5,49

5,71

2,83

2,88

Stock rotation:

8,92

10,59

11,00

10,19

9,78

Assets turnover:

2,12

2,57

2,32

2,24

2,25

Borrowing Cost:

1,37

2,19

1,21

2,09

2,84

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.102.83
Euro	1	Rs.82.28

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NNA

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

Number of Employees

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit