MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	EDIBON INTERNATIONAL S.A

Registered Office :	C/ Agua, 14 - Pol. De San Jose De Valderas. - Leganes - 28918 - Madrid

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	10.06.2005

Legal Form :	Public Company

Line of Business :	· Engaged in designing, manufacturing and marketing of technical didactic equipment. · Engaged in designing, manufacturing and marketing of technical teaching units · Engaged in installation, commissioning, training and transfer of technology, and design of complete laboratories.

No. of Employees	36 (2014)

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Spain

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

Spain ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:

EDIBON INTERNATIONAL S.A

NIF / Fiscal code:

A84306257

Status:

ACTIVE

Incorporation Date:

10/06/2005

Legal Form

Public Company

Register Data

Last Publication in BORME:

23/08/2010 [Annual accounts' deposit]

Last Published Account Deposit:

2012

Share Capital:

60.200

Localization:

C/ AGUA, 14 - POL. DE SAN JOSE DE VALDERAS. - LEGANES - 28918 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 916198683

Email. edibon@edibon.com

Website. www.edibon.com

Activity:

NACE:

4669 - Wholesale of other machinery and equipment

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

5 for a total cost of NaN

Subsidies:

1 for a total cost of 1028.9

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:

ELIAS BONILLA BLAZQUEZ
CESAR ARCADIO BONILLA GARCIA
MIRIAN JUDIT BONILLA GARCIA
Shares:	0
Other Links:	1
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees NO

INVESTIGATION SUMMARY

The company was established in 2005, dedicated to designing, manufacturing and marketing of Technical Teaching Units. Its turnover increased 29,11 % in 2012 comparing to the previous year. Presents a positive working capital so the company would be able initially to meet payment obligations in the short term. Meets payment commitments normally.

Identification

Social Denomination:

EDIBON INTERNATIONAL S.A

NIF / Fiscal code:

A84306257

Corporate Status:

ACTIVE

Start of activity:

2005

Registered Office:

C/ AGUA, 14 - POL. DE SAN JOSE DE VALDERAS.

Locality:

LEGANES

Province:

MADRID

Postal Code:

28918

Telephone:

916198683

Website:

www.edibon.com

Email:

edibon@edibon.com

Activity

NACE:

4669

Additional Information:

Engaged in the design, manufacture and marketing of technical didactic equipment. Installation, commissioning, training and transfer of technology, and design of complete laboratories. More than 3000 technical didactic equipment and more than 2800 different, for the majority of technical Software packages, such as: Physics, electronics, communications, electricity, energy, Mechatronics and automatic, mechanics and materials, fluid mechanics, aerodynamics, thermodynamics and Thermotechnics, process Control, chemical engineering, food & water, environment technologies... Customers include: Higher education: -Universities, Colleges of Technology, school of engineering. Technical level: -Schools of vocational and technical education, industrial schools. Secondary education: Physics and basic teaching equipment. and Research centers

Additional Address:

C/ AGUA, 14 - POL. DE SAN JOSE DE VALDERAS 28918 LEGANES ( MADRID ), registered office, branches, factory , storehousen, unit, property.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

2005

Appointments/ Re-elections (2) Company Formation (1)

2006

Accounts deposit (ejer. 2005)

2007

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

2008

Accounts deposit (ejer. 2007) Change of Social address (1) Dividends Payment (1)

2009

Accounts deposit (ejer. 2008)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1)

2012

Accounts deposit (ejer. 2010, 2011)

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

60.200

Paid up capital:

60.200

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

27/06/2005

Company Formation

60.200

15.050

60.200

15.050

25/06/2008

Capital call payment

---

45.150

60.200

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

BONILLA BLAZQUEZ ELIAS

14/06/2010

MEMBER OF THE BOARD

BONILLA BLAZQUEZ ELIAS

14/06/2010

BONILLA GARCIA MIRIAN JUDIT

14/06/2010

BONILLA GARCIA CESAR ARCADIO

14/06/2010

PROXY

BONILLA BALZQUEZ ANDREA

04/05/2007

BONILLA BLAZQUEZ ANDREA

10/10/2005

CHIEF EXECUTIVE OFFICER

BONILLA BLAZQUEZ ELIAS

14/06/2010

SECRETARY

BONILLA GARCIA MIRIAN JUDIT

14/06/2010

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BONILLA BLAZQUEZ ELIAS

MEMBER OF THE BOARD

14/06/2010

CHIEF EXECUTIVE OFFICER

14/06/2010

PRESIDENT

14/06/2010

BONILLA GARCIA CESAR ARCADIO

MEMBER OF THE BOARD

14/06/2010

BONILLA GARCIA MIRIAN JUDIT

MEMBER OF THE BOARD

14/06/2010

SECRETARY

14/06/2010

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 ).

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Basis for rating

Positive Factors

Adverse Factors

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

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

The current debt represents a 28.31of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Alta rentabilidad financiera. El rendimiento neto derivado de la actividad típica que la empresa obtiene como consecuencia de sus fondos propios presenta unos valores elevados.

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

EDIBON INTERNATIONAL S.A it presents an excessive indebtedness that may compromise their balance sheet.

No Company's subsidiaries or branches are known.

Although it is in a new stage of Consolidationit is part of a group distinguished by a downturn in the market.

Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

Among the companies with similar characteristics, EDIBON INTERNATIONAL S.A is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

TREND OF RATING

> Latest Rating Changes :

Rating

Evolution

Date

Event

Neutral

11/07/14

Business investigation carried out.

Positive

30/04/14

Publication of information related to public insolvency proceedings.

Neutral

06/03/14

Revision of the scoring by expert analyst

Neutral

26/02/14

Publication of information related to public insolvency proceedings.

Revision of the scoring derived from the review of the entity's available information.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.635 %

> Latest Rating Changes :

Sector in which comparison is carried out :

466 Wholesale of other machinery, equipment and supplies

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 54.00% of the companies of the sector EDIBON INTERNATIONAL S.A 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 2.635%.

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.

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:

3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ELIAS BONILLA BLAZQUEZ
	CESAR ARCADIO BONILLA GARCIA
	MIRIAN JUDIT BONILLA GARCIA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

EDIBONUSA LLC (EEUU)

Turnover

Total Sales 2013

6.750.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

January 2012

2009

Normales

August 2010

2008

Normales

December 2009

2007

Normales

September 2008

2006

Normales

November 2007

2005

Normales

June 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 Pyme 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

599.272,00

855.259,00

832.694,00

900.233,00

447.233,00

I. Intangible fixed assets : 11100

27.559,00

416,00

725,00

1.048,00

1.301,00

II. Tangible fixed assets : 11200

187.384,00

275.121,00

372.483,00

412.539,00

445.840,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

384.329,00

579.722,00

459.487,00

486.647,00

93,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

4.551.216,00

3.593.624,00

2.329.292,00

1.151.959,00

827.155,00

I. Stocks : 12200

310.500,00

249.363,00

180.146,00

305.926,00

2.946,00

II. Trade debtors and others receivable accounts : 12300

1.389.809,00

1.206.900,00

713.709,00

640.769,00

486.952,00

1. Trade debtors / accounts receivable: 12380

870.391,00

857.170,00

393.706,00

463.393,00

361.043,00

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

0,00

b) Customers for sales and provisions of services : 12382

870.391,00

857.170,00

393.706,00

463.393,00

361.043,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

519.418,00

349.730,00

320.003,00

177.376,00

125.909,00

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

0,00

IV. Short-term financial investments : 12500

0,00

413.843,00

159.270,00

13.000,00

88.200,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

2.850.907,00

1.723.517,00

1.276.167,00

192.265,00

249.056,00

TOTAL ASSETS (A + B) : 10000

5.150.487,00

4.448.883,00

3.161.987,00

2.052.192,00

1.274.388,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

285.531,00

287.902,00

154.481,00

88.943,00

82.332,00

A-1) Shareholders & apos; equity: 21000

122.746,00

107.482,00

96.608,00

88.943,00

82.332,00

I. Capital: 21100

60.200,00

1. Registered capital : 21110

60.200,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.374,00

3.287,00

2.520,00

1.859,00

200,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

42.908,00

33.122,00

26.222,00

20.273,00

5.344,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

15.264,00

10.874,00

7.666,00

6.610,00

16.588,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

162.784,00

180.420,00

57.873,00

0,00

B) NON-CURRENT LIABILITIES: 31000

3.406.741,00

3.269.659,00

2.135.566,00

1.464.479,00

1.143.160,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

3.406.741,00

3.269.659,00

2.135.566,00

1.464.479,00

1.143.160,00

1. Amounts owed to credit institutions: 31220

690.960,00

689.208,00

261.953,00

0,00

2. Creditors from financial leasing : 31230

0,00

15.862,00

36.788,00

57.897,00

78.214,00

3. Other long-term creditors : 31290

2.715.781,00

2.564.590,00

1.836.825,00

1.406.582,00

1.064.946,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

1.458.216,00

891.322,00

871.940,00

498.770,00

48.896,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

21.852,00

29.061,00

33.529,00

29.988,00

-4.725,00

1. Amounts owed to credit institutions: 32320

0,00

4.228,00

0,00

2. Creditors from financial leasing : 32330

15.862,00

20.926,00

21.109,00

25.693,00

21.222,00

3. Other short-term creditors : 32390

5.990,00

3.906,00

12.420,00

4.295,00

-25.947,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

1.436.364,00

862.261,00

838.411,00

468.782,00

53.621,00

1. Suppliers: 32580

953.916,00

668.315,00

741.200,00

348.516,00

29.178,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

953.916,00

668.315,00

741.200,00

348.516,00

29.178,00

2. Other creditors: 32590

482.448,00

193.947,00

97.211,00

120.266,00

24.443,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

5.150.487,00

4.448.883,00

3.161.987,00

2.052.192,00

1.274.388,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

6.556.628,00

5.078.172,00

4.963.078,00

3.477.149,00

2.665.704,00

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

-57.147,00

46.328,00

-111.404,00

224.571,00

0,00

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

0,00

4. Supplies : 40400

-4.090.789,00

-2.689.660,00

-2.716.941,00

-2.304.300,00

-1.718.896,00

5. Other operating income: 40500

10.587,00

5.685,00

18.631,00

104.881,00

24.100,00

6. Personnel costs: 40600

-890.868,00

-660.784,00

-528.066,00

-374.179,00

-227.749,00

7. Other operating costs: 40700

-1.412.357,00

-1.673.757,00

-1.551.504,00

-1.015.842,00

-660.245,00

8. Amortisation of fixed assets: 40800

-116.406,00

-112.125,00

-105.844,00

-99.150,00

-75.606,00

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

17.636,00

17.556,00

5.471,00

0,00

10. Excess provisions : 41000

0,00

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

0,00

12. Other results : 41300

0,00

3.716,00

0,00

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

17.282,00

11.415,00

-22.864,00

13.130,00

7.308,00

13. Financial income : 41400

22.535,00

27.037,00

10.583,00

5.960,00

17.375,00

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

0,00

b) Other financial income: 41490

22.535,00

27.037,00

10.583,00

5.960,00

17.375,00

14. Financial expenditure : 41500

-20.210,00

-21.530,00

-8.822,00

-4.309,00

-6.452,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

-1.194,00

-3.811,00

30.334,00

-6.946,00

1.386,00

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

0,00

132,00

18. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

1.131,00

1.696,00

32.095,00

-5.295,00

12.441,00

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

18.413,00

13.111,00

9.231,00

7.835,00

19.748,00

19. Income taxes : 41900

-3.149,00

-2.238,00

-1.566,00

-1.224,00

-3.160,00

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

15.264,00

10.874,00

7.666,00

6.610,00

16.588,00

> 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:

599.272,00

855.259,00

832.694,00

900.233,00

447.233,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

27.559,00

416,00

725,00

1.048,00

1.301,00

III. Tangible fixed assets:

187.384,00

275.121,00

372.483,00

412.539,00

445.840,00

IV. Financial investments:

384.329,00

579.722,00

459.487,00

486.647,00

93,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

4.551.216,00

3.593.624,00

2.329.292,00

1.151.959,00

827.155,00

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

0,00

II. Stocks:

310.500,00

249.363,00

180.146,00

305.926,00

2.946,00

III. Debtors:

1.389.809,00

1.206.900,00

713.709,00

640.769,00

486.952,00

IV. Short-term investments:

0,00

413.843,00

159.270,00

13.000,00

88.200,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

2.850.907,00

1.723.517,00

1.276.167,00

192.265,00

249.056,00

VII. Prepayments and accrued income:

0,00

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

5.150.487,00

4.448.883,00

3.161.987,00

2.052.192,00

1.274.388,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

122.746,00

107.482,00

96.608,00

88.943,00

82.332,00

I. Subscribed capital:

60.200,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.374,00

3.287,00

2.520,00

1.859,00

200,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

4.374,00

3.287,00

2.520,00

1.859,00

200,00

V. Profit or loss brought forward:

42.908,00

33.122,00

26.222,00

20.273,00

5.344,00

VI. Profit or loss for the financial year:

15.264,00

10.874,00

7.666,00

6.610,00

16.588,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

162.784,00

180.420,00

57.873,00

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

3.406.741,00

3.269.659,00

2.135.566,00

1.464.479,00

1.143.160,00

E) SHORT TERM CREDITORS:

1.458.216,00

891.322,00

871.940,00

498.770,00

48.896,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

5.150.487,00

4.448.883,00

3.161.987,00

2.052.192,00

1.274.388,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

6.592.121,00

5.117.576,00

5.024.147,00

3.581.380,00

2.692.109,00

A.1. Operating consumption:

4.147.936,00

2.643.332,00

2.828.345,00

2.079.729,00

1.718.896,00

A.2. Staff Costs:

890.868,00

660.784,00

528.066,00

374.179,00

227.749,00

a) Wages, salaries et al.:

665.010,00

493.259,00

394.188,00

279.315,00

170.009,00

b) Social security costs:

225.858,00

167.526,00

133.878,00

94.864,00

57.740,00

A.3. Depreciation expense:

116.406,00

112.125,00

105.844,00

99.150,00

75.606,00

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

0,00

A.5. Other operating charges:

1.412.357,00

1.673.757,00

1.551.504,00

1.015.842,00

660.245,00

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

0,00

13.130,00

7.308,00

A.6. Financial and similar charges:

20.210,00

21.530,00

8.822,00

4.309,00

6.452,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

20.210,00

21.530,00

8.822,00

4.309,00

6.452,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

1.194,00

3.811,00

0,00

6.946,00

0,00

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

1.131,00

1.696,00

32.095,00

0,00

12.441,00

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

777,00

0,00

45,00

7.835,00

19.748,00

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):

17.636,00

17.556,00

9.187,00

0,00

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

18.413,00

13.111,00

9.231,00

7.835,00

19.748,00

A.14. Corporation Tax:

3.149,00

2.238,00

1.566,00

1.224,00

3.160,00

A.15. Miscellaneous taxes:

0,00

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

15.264,00

10.874,00

7.666,00

6.610,00

16.588,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

6.607.385,00

5.128.450,00

5.031.813,00

3.587.990,00

2.708.697,00

B.1. Operating income:

6.567.214,00

5.083.858,00

4.981.709,00

3.582.030,00

2.689.804,00

a) Net total sales:

6.556.628,00

5.078.172,00

4.963.078,00

3.477.149,00

2.665.704,00

b) Miscellaneous operating income:

10.587,00

5.685,00

18.631,00

104.881,00

24.100,00

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

354,00

6.140,00

32.050,00

0,00

B.2. Financial income:

22.535,00

27.037,00

10.583,00

5.960,00

17.507,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

22.535,00

27.037,00

10.583,00

5.960,00

17.375,00

d) Profit on financial investment:

0,00

132,00

B.3. Exchange gains:

0,00

30.334,00

0,00

1.386,00

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

0,00

5.295,00

0,00

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

0,00

4.445,00

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

17.636,00

17.556,00

5.471,00

0,00

B.7. Extraordinary income:

0,00

3.716,00

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

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

18.413,00

13.111,00

9.231,00

7.835,00

19.748,00

2. Results adjustments.: 61200

114.081,00

106.619,00

104.083,00

97.499,00

64.684,00

a) Fixed Assets Amortization (+).: 61201

116.406,00

112.125,00

105.844,00

99.150,00

75.606,00

g) Financial income (-).: 61207

-22.535,00

-27.037,00

-10.583,00

-5.960,00

-17.375,00

h) Financial Expenses (+). : 61208

20.210,00

21.530,00

8.822,00

4.309,00

6.452,00

3. Changes in current capital equity.: 61300

740.752,00

-795.368,00

274.633,00

32.341,00

-555.426,00

a) Stock (+/-).: 61301

-61.136,00

-69.217,00

125.780,00

-302.979,00

118,00

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

-182.909,00

-493.191,00

-72.940,00

-153.817,00

-96.672,00

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

413.843,00

-254.573,00

-146.270,00

75.200,00

698.757,00

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

570.954,00

21.613,00

368.064,00

413.937,00

-1.157.629,00

4. Other cash flows for operating activities.: 61400

2.325,00

5.507,00

1.761,00

1.651,00

10.922,00

a) Interest payments (-). : 61401

-20.210,00

-21.530,00

-8.822,00

-4.309,00

-6.452,00

c) Interest collection (+). : 61403

22.535,00

27.037,00

10.583,00

5.960,00

17.375,00

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

875.571,00

-670.132,00

389.707,00

139.325,00

-460.072,00

6. Payments for investment (-).: 62100

-27.143,00

-120.236,00

0,00

-486.554,00

-318.600,00

b) Intangible fixed assets. : 62102

-27.143,00

0,00

-1.219,00

c) Fixed assets. : 62103

0,00

-317.288,00

e) Other financial assets. : 62105

0,00

-120.236,00

0,00

-486.554,00

-93,00

7. Divestment payment collection (+). : 62200

283.131,00

97.671,00

67.538,00

33.554,00

0,00

b) Intangible fixed assets. : 62202

0,00

308,00

323,00

253,00

0,00

c) Fixed assets. : 62203

87.737,00

97.362,00

40.056,00

33.301,00

0,00

e) Other financial assets. : 62205

195.394,00

0,00

27.160,00

0,00

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

139.581,00

-134.690,00

-38.305,00

-552.150,00

-394.206,00

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

-17.636,00

122.548,00

57.873,00

0,00

45.150,00

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

0,00

45.150,00

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

-17.636,00

122.548,00

57.873,00

0,00

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

129.873,00

1.129.625,00

674.627,00

356.032,00

1.017.268,00

a) Issuance : 63201

155.027,00

1.159.248,00

700.321,00

376.350,00

1.064.946,00

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

1.752,00

431.483,00

261.953,00

0,00

4. Special characteristic debts (+). : 63205

0,00

4.471,00

0,00

5. Other debts (+). : 63206

153.275,00

727.765,00

438.368,00

371.878,00

1.064.946,00

b) Repayment and amortization of : 63207

-25.154,00

-29.623,00

-25.693,00

-20.317,00

-47.678,00

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

-4.228,00

0,00

4. Special characteristic debts (-). : 63211

-20.926,00

-21.109,00

-25.693,00

-20.317,00

-20.083,00

5. Other debts (-). : 63212

0,00

-8.514,00

0,00

-27.595,00

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

0,00

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

112.237,00

1.252.172,00

732.500,00

356.032,00

1.062.418,00

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

0,00

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

1.127.390,00

447.350,00

1.083.902,00

-56.792,00

208.140,00

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

1.723.517,00

1.276.167,00

192.265,00

249.056,00

40.916,00

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

2.850.907,00

1.723.517,00

1.276.167,00

192.265,00

249.056,00

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:

0,17 %

0,00 %

0,09 %

0,01 %

95,19 %

-104,06 %

EBITDA over Sales:

1,77 %

2,62 %

2,09 %

4,34 %

-15,19 %

-39,55 %

Cash Flow Yield:

0,22 %

0,00 %

0,10 %

0,01 %

117,69 %

-103,76 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

0,36 %

0,95 %

0,33 %

1,44 %

9,75 %

-34,08 %

Total economic profitability:

0,75 %

1,35 %

0,78 %

1,81 %

-3,69 %

-25,45 %

Financial profitability:

12,44 %

-0,34 %

10,12 %

0,39 %

22,92 %

-187,53 %

Margin:

0,26 %

1,06 %

0,22 %

1,57 %

17,20 %

-32,35 %

Mark-up:

0,28 %

-0,22 %

0,26 %

0,27 %

8,72 %

-182,85 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

1,96

0,23

1,93

0,22

1,11

8,31

Acid Test:

2,91

1,07

3,75

1,02

-22,49

5,42

Working Capital / Investment:

0,60

0,21

0,61

0,23

-1,13

-5,33

Solvency:

3,12

1,79

4,03

1,76

-22,59

1,99

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

17,04

1,08

14,45

1,36

17,89

-20,70

Borrowing Composition:

2,34

0,80

3,67

0,83

-36,31

-3,33

Repayment Ability:

4,32

-1.451,83

9,30

60,69

-53,61

-2.492,18

Warranty:

1,06

1,93

1,07

1,74

-0,98

11,02

Generated resources / Total creditors:

0,03

0,04

0,03

0,05

-8,44

-5,81

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,13

1,11

1,16

1,19

-2,60

-7,34

Turnover of Collection Rights :

4,73

4,25

4,21

4,13

12,18

2,81

Turnover of Payment Entitlements:

3,79

2,76

5,11

2,75

-25,86

0,36

Stock rotation:

21,15

3,66

20,41

3,39

3,62

8,05

Assets turnover:

1,38

0,90

1,47

0,92

-6,35

-2,56

Borrowing Cost:

0,42

2,43

0,52

2,40

-19,72

1,14

> 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:

0,17 %

0,09 %

0,22 %

-0,02 %

7,81 %

EBITDA over Sales:

1,77 %

2,09 %

1,49 %

3,23 %

3,11 %

Cash Flow Yield:

0,22 %

0,10 %

0,34 %

-0,03 %

16,33 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

0,36 %

0,33 %

-1,05 %

0,85 %

0,62 %

Total economic profitability:

0,75 %

0,78 %

0,57 %

0,59 %

2,06 %

Financial profitability:

12,44 %

10,12 %

7,93 %

7,43 %

20,15 %

Margin:

0,26 %

0,22 %

-0,53 %

0,37 %

0,27 %

Mark-up:

0,28 %

0,26 %

0,11 %

0,22 %

0,73 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

1,96

1,93

1,46

0,39

5,09

Acid Test:

2,91

3,75

2,46

1,70

16,86

Working Capital / Investment:

0,60

0,61

0,46

0,32

0,61

Solvency:

3,12

4,03

2,67

2,31

16,92

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

17,04

14,45

19,47

22,07

14,48

Borrowing Composition:

2,34

3,67

2,45

2,94

23,38

Repayment Ability:

4,32

9,30

2,77

-34,57

14,12

Warranty:

1,06

1,07

1,05

1,07

Generated resources / Total creditors:

0,03

0,04

0,05

0,08

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,13

1,16

1,14

1,30

1,36

Turnover of Collection Rights :

4,73

4,21

6,98

5,59

5,52

Turnover of Payment Entitlements:

3,79

5,11

4,96

7,56

44,37

Stock rotation:

21,15

20,41

27,83

11,67

910,45

Assets turnover:

1,38

1,47

1,96

2,31

2,27

Borrowing Cost:

0,42

0,52

0,29

0,22

0,54

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

Organisation that calls the tender:

UNIVERSIDAD DE CADIZ

Objective of Tender:

Suministro con instalación de simuladores eléctricos del Taller de Alta Tensión e Instalaciones Eléctricas

Date Awarded:

28/03/2014

Cost:

270.119,19 EURO.

Organisation that calls the tender:

UNIVERSIDAD DE CADIZ

Objective of Tender:

SUMINISTRO CON INSTALACION DE SIMULADORES ELECTRICOS DEL TALLER DE ALTA TENSION E INSTALACIONES ELECTRICAS DE LA ESCUELA SUPERIOR DE INGENIERIA DE LA UNIVERSIDAD DE CADIZ EN EL CAMPUS DE PUERTO REAL, SUBVENCIONADO POR LA CONSEJERIA DE ECONOMIA, INNOVACION, CIENCIA Y EMPLEO DE LA JUNTA DE ANDALUCIA

Date Awarded:

28/03/2014

Cost:

270.119,19 EURO.

Organisation that calls the tender:

UNIVERSIDAD DE CADIZ

Objective of Tender:

SUMINISTRO E INSTALACION DE EQUIPAMIENTO PARA EL LABORATORIO DE MAQUINAS ELECTRICAS DE LA ESCUELA SUPERIOR DE INGENIERIA DE LA UNIVERSIDAD DE CADIZ UBICADA EN EL CAMPUS DE PUERTO REAL, FINANCIADO POR LA CONSEJERIA DE ECONOMIA, INNOVACION, CIENCIA Y EMPLEO DE LA JUNTA DE ANDALUCIA, DESGLOSADO EN LOS SIGUIENTES LOTES LOTE 1 EQUIPAMIENTO DE LABORATORIO PARA EXPERIENCIAS DE LABORATORIO CON MAQUINAS ELECTRICAS LOTE 2 EQUIPAMIENTO DE LABORATORIO PARA EXPERIENCIAS DE LABORATORIO DE ACCIONAMIENTO ELECTRICOS DE MOTO

Date Awarded:

21/02/2014

Cost:

78.815,61 EURO.

Organisation that calls the tender:

CONSEJERIA DE EDUCACION DE LA COMUNIDAD AUTONOMA DE CANTABRIA

Objective of Tender:

Equipamiento para el primer curso del ciclo formativo grado medio de planta química en I. E. S. Manuel Gutiérrez Aragón de Torrelavega.

Date Awarded:

15/07/2011

Cost:

133.900,00 EURO.

Organisation that calls the tender:

CONSEJERIA DE EDUCACION UNIVERSIDADES CULTURA Y DEPORTES DE LA COMUNIDAD AUTONOMA DE CANARIAS

Objective of Tender:

Suministros, entrega e instalación de "Equipamiento diverso para Ciclos Formativos".

Date Awarded:

30/12/2009

Cost:

7.544,00 EURO.

Detail of Subsidies appearing in Balances Memories

Entity

TESORERIA GENERAL DE LA SEGURIDAD SOCIAL

Status

CONCEDIDA

Amount Granted

1.028,90

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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