MIRA INFORM REPORT

Report Date :

19.03.2014


Tel. No.:	+34 916 57 32 90

IDENTIFICATION DETAILS

Name :	POWERNET I S.L

Registered Office :	Calle Francisca Delgado (De) 11 Edf Neinver Arroyo De La Vega - Alcobendas - 28108 – Madrid

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	01.01.2005

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in integration system works, passing the threshold of the group of companies with the ability to perform global engineering works of telecommunications projects and IT systems.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	225.000 Euro
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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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 11.1% of GDP in 2009. Spain gradually reduced the deficit to 6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially - from 70.4% in 2010 to 93.7% 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

Company name and address

Name:

POWERNET I S.L

NIF / Fiscal code:

B84151463

Status:

ACTIVE

Incorporation Date:

01/01/2005

Register Data

Last Publication in BORME:

23/07/2012 [Reelections]

Last Published Account Deposit:

2012

Share Capital:

600.000

Localization:

CALLE FRANCISCA DELGADO (DE) 11 EDF NEINVER ARROYO DE LA VEGA - ALCOBENDAS - 28108 - MADRID

Telephone - Fax - Email - Website:

Ph.:. 916573290

Number of Branches

Activity:

NACE:

6209 - Other information technology and computer service activities

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

8 for a total cost of NaN

Subsidies:

0 for a total cost of 0

Quality Certificate:

Rating and Risk:

Maximum recommended commercial credit:

225.000 Euro

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

POWERNET SL

77.5 %

INVESTIGATION SUMMARY

According to the consulted sources, it is a well managed company, which has a good commercial reputation among the sources of information. Its turnover has been increased by 24,27 % during 2012 compared to 2011. The company complies with its payment obligations.

Enquiry Details

Social Denomination:

POWERNET I S.L

NIF / Fiscal code:

B84151463

Corporate Status:

ACTIVE

Start of activity:

2004

Registered Office:

CALLE FRANCISCA DELGADO (DE) 11 EDF NEINVER ARROYO DE LA VEGA

Locality:

ALCOBENDAS

Province:

MADRID

Postal Code:

28108

Telephone:

916573290

Branch Offices

Address

Postal Code

City

Province

Josep Rodoreda, 39

08950

ESPLUGUES DE LLOBREGAT

BARCELONA

Activity

NACE:

6209

CNAE Obtaining Source:

6209

Additional Information:

It is engaged in integration system works, passing the threshold of the group of companies with the ability to perform global engineering works of telecommunications projects and IT systems.

Additional Address:

CALLE FRANCISCA DELGADO (DE) 11 EDF NEINVER ARROYO DE LA VEGA 28108 ALCOBENDAS (MADRID), registered office, offices and other premises, rented.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

2004

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

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2)

2006

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

2007

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

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008)

2010

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

2012

Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (1) Increase of Capital (1)

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

600.000

Paid up capital:

600.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

23/11/2004

Company Formation

12.000

26/07/2006

Increase of Capital

100.000

112.000

17/01/2012

Increase of Capital

488.000

600.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

FERNANDEZ DE CORDOBA NARVAEZ JOAQUIN

23/11/2004

PROXY

ARAGONES GARCIA BALTASAR ANTONIO

28/03/2007

ACCOUNTS' AUDITOR / HOLDER

ASE AUDITORES SL

10/07/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARAGONES GARCIA BALTASAR ANTONIO

PROXY

30/06/2005

PROXY

28/03/2007

ASE AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

25/01/2010

ACCOUNTS' AUDITOR / HOLDER

10/07/2012

Executive board

Post

NIF

Name

ADMINISTRATOR

JOAQUIN FERNANDEZ CORDOBA NARVAEZ

FINANCIAL DIRECTOR

MIGUEL ANGEL TEJO VILLAR

MANAGING DIRECTOR

JOAQUIN FERNANDEZ CORDOBA

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for 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.

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

POWERNET I S.L obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High operating income return. The values of the Company's gross return from its main activity performed using its equity are high. This income return has decreased in comparison with the previous financial year.

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.

POWERNET I S.L it presents an excessive indebtedness that may compromise their balance sheet.

La deuda corriente representa un 71.00 % de la estructura financiera. En principio, un aumento en el valor de este ratio será indicativo de un empeoramiento de la situación financiera a corto plazo.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

Immediate solvency is significantly lower than that of the previous fiscal year.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 1.281 %

> Latest Rating Changes :

Sector in which comparison is carried out :

620 Computer programming, consultancy and related activities

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.

Recommended commercial credit

Favourable until 225.000 euro€

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

Clients

Name	NIF	Telephone
ABC
BBVA
TELEFONICA SA
UNIDAD EDITORIAL SA
MEDIAPRO
OCASO
LFP

Link List

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

POWERNET SL

MADRID

77.5

PARTICIPATES IN

POWERNET SL

MADRID

77.5

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

POWERNET SL

MADRID

IS RELATED WITH

POWERNET SL

MADRID

77.5

Turnover

Total Sales 2013

13.600.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

October 2012

2010

Normales

January 2012

2009

Normales

August 2010

2008

Normales

November 2009

2007

Normales

October 2008

2006

Normales

August 2007

2005

Normales

September 2006

2004

Normales

July 2005

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 Mixto de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

737.688,00

769.575,00

639.970,00

703.905,00

598.007,00

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

433.316,00

411.798,00

329.721,00

388.895,00

306.631,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

433.316,00

411.798,00

329.721,00

388.895,00

306.631,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

271.819,00

274.202,00

276.584,00

278.967,00

281.350,00

1. Land: 11310

0,00

2. Buildings: 11320

271.819,00

274.202,00

276.584,00

278.967,00

281.350,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

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

32.553,00

83.576,00

33.665,00

36.043,00

10.027,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

51.023,00

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

32.553,00

33.665,00

36.043,00

10.027,00

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

5.135.818,00

4.933.006,00

5.227.912,00

3.810.816,00

4.053.296,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

472.548,00

509.736,00

319.800,00

458.539,00

701.340,00

1. Commercial: 12210

55.360,00

51.864,00

57.959,00

47.687,00

701.340,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

417.188,00

457.872,00

261.841,00

410.851,00

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

417.188,00

457.872,00

261.841,00

410.851,00

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

0,00

III. Trade debtors and others receivable accounts: 12300

4.004.538,00

3.311.943,00

4.175.122,00

3.120.080,00

2.836.705,00

1. Trade debtors / accounts receivable: 12310

3.964.038,00

3.305.289,00

4.173.722,00

3.114.000,00

2.834.705,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.964.038,00

3.305.289,00

4.173.722,00

3.114.000,00

2.834.705,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

39.594,00

5.657,00

0,00

4. Personnel: 12340

906,00

996,00

1.400,00

6.080,00

2.000,00

5. Assets for deferred tax: 12350

0,00

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

0,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

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

629.569,00

544.685,00

536.495,00

50.102,00

0,00

1. Equity instruments: 12510

29.838,00

47.887,00

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

599.731,00

496.797,00

536.495,00

50.102,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

29.164,00

566.643,00

196.495,00

182.094,00

515.251,00

1. Treasury: 12710

29.164,00

566.643,00

196.495,00

182.094,00

515.251,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

5.873.506,00

5.702.581,00

5.867.882,00

4.514.720,00

4.651.303,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

1.310.192,00

1.313.273,00

1.289.990,00

1.167.664,00

1.052.775,00

A-1) Shareholders' equity: 21000

1.310.192,00

1.313.273,00

1.289.990,00

1.167.664,00

1.052.775,00

I. Capital: 21100

600.000,00

112.000,00

1. Registered capital : 21110

600.000,00

112.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

513.273,00

489.990,00

855.664,00

690.775,00

384.332,00

1. Legal y estatutarias: 21310

44.728,00

22.400,00

2. Other reserves: 21320

468.544,00

467.590,00

833.264,00

668.375,00

361.932,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

196.920,00

223.283,00

322.326,00

364.889,00

556.443,00

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

393.271,00

537.192,00

721.797,00

273.298,00

212.480,00

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

382.092,00

527.632,00

713.619,00

267.693,00

209.514,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

254.106,00

412.775,00

677.645,00

198.682,00

189.964,00

3. Creditors from financial leasing: 31230

127.986,00

114.857,00

35.974,00

69.011,00

19.550,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

11.179,00

9.560,00

8.178,00

5.605,00

2.966,00

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

4.170.043,00

3.852.117,00

3.856.095,00

3.073.758,00

3.386.049,00

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

450.262,00

384.971,00

395.330,00

373.925,00

85.367,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

395.461,00

339.149,00

361.466,00

334.029,00

40.453,00

3. Creditors from financial leasing: 32330

54.802,00

45.822,00

33.037,00

39.056,00

42.085,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

827,00

839,00

2.830,00

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

0,00

V. Trade creditors and other accounts payable: 32500

3.719.781,00

3.467.146,00

3.229.890,00

2.605.083,00

2.994.411,00

1. Suppliers: 32510

3.341.155,00

3.045.004,00

2.805.199,00

2.183.450,00

2.604.503,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.341.155,00

3.045.004,00

2.805.199,00

2.183.450,00

2.604.503,00

2. Suppliers, Group companies and associates: 32520

0,00

5.099,00

5.654,00

3. Other creditors: 32530

0,00

4. Personnel (remuneration due): 32540

40.889,00

100.481,00

109.569,00

71.155,00

81.084,00

5. Liabilities for current tax: 32550

48.025,00

59.652,00

83.212,00

103.213,00

83.004,00

6. Otras deudas con las Administraciones Públicas. : 32560

289.711,00

248.898,00

207.304,00

227.670,00

220.166,00

7. Advances from clients: 32570

0,00

13.112,00

24.605,00

14.497,00

0,00

VI. Short-term accruals: 32600

0,00

230.876,00

94.750,00

306.270,00

VII. Special short-term debts : 32700

0,00

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

5.873.506,00

5.702.581,00

5.867.882,00

4.514.720,00

4.651.303,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

13.124.095,00

10.561.090,00

13.384.699,00

9.410.660,00

10.700.125,00

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

-40.684,00

196.031,00

-149.011,00

-159.223,00

0,00

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

0,00

4. Supplies : 40400

-7.901.552,00

-6.291.577,00

-8.736.509,00

-5.060.451,00

-6.163.106,00

5. Other operating income: 40500

35.627,00

33.915,00

44.164,00

42.792,00

4.122,00

6. Personnel costs: 40600

-3.685.828,00

-3.125.414,00

-3.105.809,00

-2.795.291,00

-3.000.210,00

7. Other operating costs: 40700

-1.073.992,00

-917.369,00

-851.117,00

-812.380,00

-654.608,00

8. Amortisation of fixed assets: 40800

-111.750,00

-95.174,00

-100.281,00

-79.719,00

-74.773,00

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

2.502,00

0,00

-4.125,00

-3.207,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

125,00

0,00

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

348.418,00

361.627,00

486.138,00

542.263,00

808.343,00

14. Financial income : 41400

16.261,00

16.918,00

18.197,00

3.669,00

12.853,00

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

0,00

b) Other financial income: 41490

16.261,00

16.918,00

18.197,00

3.669,00

12.853,00

15. Financial expenditure: 41500

-65.035,00

-58.594,00

-44.912,00

-25.432,00

-27.586,00

16. Changes in fair value of financial instruments : 41600

-18.050,00

0,00

17. Exchange rate differences : 41700

-603,00

-354,00

360,00

-167,00

-307,00

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

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

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-67.426,00

-42.030,00

-26.354,00

-21.929,00

-15.039,00

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

280.992,00

319.597,00

459.783,00

520.334,00

793.304,00

20. Income taxes: 41900

-84.072,00

-96.315,00

-137.457,00

-155.445,00

-236.861,00

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

196.920,00

223.283,00

322.326,00

364.889,00

556.443,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, Axesor created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

737.688,00

769.575,00

639.970,00

703.905,00

598.007,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

1. Research and development costs:

0,00

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

0,00

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:

705.135,00

686.000,00

606.306,00

667.862,00

587.980,00

1. Land and construction:

271.819,00

274.202,00

276.584,00

278.967,00

281.350,00

2. Technical installations and machinery:

0,00

3. Other installations, tools and furniture:

293.337,00

278.770,00

223.208,00

263.266,00

207.576,00

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

0,00

5. Other tangible assets:

139.979,00

133.028,00

106.514,00

125.629,00

99.054,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

32.553,00

83.576,00

33.665,00

36.043,00

10.027,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

51.023,00

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

32.553,00

33.665,00

36.043,00

10.027,00

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:

5.135.818,00

4.933.006,00

5.227.912,00

3.810.816,00

4.053.296,00

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

0,00

II. Stocks:

472.548,00

509.736,00

319.800,00

458.539,00

701.340,00

1. Goods for resale:

55.360,00

51.864,00

57.959,00

47.687,00

701.340,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

417.188,00

457.872,00

261.841,00

410.851,00

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:

4.004.538,00

3.311.943,00

4.175.122,00

3.120.080,00

2.836.705,00

1. Trade debtors / accounts receivable:

3.964.038,00

3.305.289,00

4.173.722,00

3.114.000,00

2.834.705,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

39.594,00

5.657,00

0,00

5. Staff:

906,00

996,00

1.400,00

6.080,00

2.000,00

6. Public bodies:

0,00

7. Provisions:

0,00

IV. Short-term investments:

629.569,00

544.685,00

536.495,00

50.102,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

29.838,00

47.887,00

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

599.731,00

496.797,00

536.495,00

50.102,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

29.164,00

566.643,00

196.495,00

182.094,00

515.251,00

VII. Prepayments and accrued income:

0,00

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

5.873.506,00

5.702.581,00

5.867.882,00

4.514.720,00

4.651.303,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

1.310.192,00

1.313.273,00

1.289.990,00

1.167.664,00

1.052.775,00

I. Subscribed capital:

600.000,00

112.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

513.273,00

489.990,00

855.664,00

690.775,00

384.332,00

1. Legal reserve:

44.728,00

22.400,00

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:

468.544,00

467.590,00

833.264,00

668.375,00

361.932,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

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:

196.920,00

223.283,00

322.326,00

364.889,00

556.443,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

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:

393.271,00

537.192,00

721.797,00

273.298,00

212.480,00

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:

382.092,00

527.632,00

713.619,00

267.693,00

209.514,00

1. Loans and other liabilities:

254.106,00

412.775,00

677.645,00

198.682,00

189.964,00

2. Long-term liabilities from capital leases:

127.986,00

114.857,00

35.974,00

69.011,00

19.550,00

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:

11.179,00

9.560,00

8.178,00

5.605,00

2.966,00

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:

11.179,00

9.560,00

8.178,00

5.605,00

2.966,00

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:

4.170.043,00

3.852.117,00

3.856.095,00

3.073.758,00

3.386.049,00

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

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

450.262,00

384.971,00

394.502,00

373.086,00

82.538,00

1. Loans and other liabilities:

395.461,00

339.149,00

361.466,00

334.029,00

40.453,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

54.802,00

45.822,00

33.037,00

39.056,00

42.085,00

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

0,00

5.099,00

5.654,00

1. Amounts owed to group companies:

0,00

5.099,00

5.654,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.341.155,00

3.058.116,00

2.829.804,00

2.197.947,00

2.604.503,00

1. Advanced payments from customers:

0,00

13.112,00

24.605,00

14.497,00

0,00

2. Amounts owed for purchases of goods or services:

3.341.155,00

3.045.004,00

2.805.199,00

2.183.450,00

2.604.503,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

378.626,00

409.030,00

400.913,00

402.877,00

387.083,00

1. Public bodies:

337.736,00

308.550,00

290.516,00

330.883,00

303.170,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

827,00

839,00

2.830,00

4. Wages and salaries payable:

40.889,00

100.481,00

109.569,00

71.155,00

81.084,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

230.876,00

94.750,00

306.270,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

5.873.506,00

5.702.581,00

5.867.882,00

4.514.720,00

4.651.303,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

12.981.565,00

10.388.765,00

13.125.095,00

9.092.232,00

10.160.656,00

A.1. Operating consumption:

7.942.236,00

6.095.546,00

8.885.519,00

5.219.674,00

6.163.106,00

A.2. Staff Costs:

3.685.828,00

3.125.414,00

3.105.809,00

2.795.291,00

3.000.210,00

a) Wages, salaries et al.:

2.965.377,00

2.514.505,00

2.498.731,00

2.248.909,00

2.413.773,00

b) Social security costs:

720.451,00

610.909,00

607.077,00

546.382,00

586.436,00

A.3. Depreciation expense:

111.750,00

95.174,00

100.281,00

79.719,00

74.773,00

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

0,00

A.5. Other operating charges:

1.073.992,00

917.369,00

851.117,00

812.380,00

654.608,00

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

345.916,00

361.502,00

486.138,00

546.388,00

811.550,00

A.6. Financial and similar charges:

65.035,00

58.594,00

44.912,00

25.432,00

27.586,00

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:

65.035,00

58.594,00

44.912,00

25.432,00

27.586,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

18.050,00

0,00

A.8. Exchange losses:

603,00

354,00

0,00

167,00

307,00

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

0,00

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

278.489,00

319.472,00

459.783,00

524.459,00

796.511,00

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

4.125,00

3.207,00

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):

2.502,00

125,00

0,00

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

280.992,00

319.597,00

459.783,00

520.334,00

793.304,00

A.14. Corporation Tax:

84.072,00

96.315,00

137.457,00

155.445,00

236.861,00

A.15. Miscellaneous taxes:

0,00

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

196.920,00

223.283,00

322.326,00

364.889,00

556.443,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

13.178.485,00

10.612.048,00

13.447.421,00

9.457.121,00

10.717.100,00

B.1. Operating income:

13.159.722,00

10.595.005,00

13.428.863,00

9.453.452,00

10.704.246,00

a) Net total sales:

13.124.095,00

10.561.090,00

13.384.699,00

9.410.660,00

10.700.125,00

b) Miscellaneous operating income:

35.627,00

33.915,00

44.164,00

42.792,00

4.122,00

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

0,00

B.2. Financial income:

16.261,00

16.918,00

18.197,00

3.669,00

12.853,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

16.261,00

16.918,00

18.197,00

3.669,00

12.853,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

360,00

0,00

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

67.426,00

42.030,00

26.354,00

21.929,00

15.039,00

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

0,00

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

2.502,00

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

125,00

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

4.125,00

3.207,00

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

280.992,00

319.597,00

459.783,00

520.334,00

793.304,00

2. Results adjustments.: 61200

161.184,00

-92.644,00

254.731,00

-103.508,00

-1.728,00

a) Fixed Assets Amortization (+).: 61201

111.750,00

95.174,00

100.281,00

79.719,00

74.773,00

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

1.032,00

0,00

-8.391,00

2.406,00

-94.940,00

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

-2.503,00

0,00

4.125,00

3.707,00

g) Financial income (-).: 61207

-16.261,00

-16.918,00

-18.197,00

-3.669,00

-12.853,00

h) Financial Expenses (+). : 61208

65.035,00

58.594,00

44.912,00

25.432,00

27.586,00

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

1.618,00

-229.494,00

136.126,00

-211.520,00

0,00

3. Changes in current capital equity.: 61300

-504.793,00

890.482,00

-764.560,00

-481.760,00

560.359,00

a) Stock (+/-).: 61301

37.189,00

-189.936,00

138.739,00

242.801,00

-88.352,00

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

-693.628,00

863.179,00

-1.046.651,00

-285.780,00

2.098.989,00

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

-100.989,00

-20.303,00

-486.392,00

-50.102,00

0,00

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

252.634,00

237.257,00

624.806,00

-389.328,00

-1.756.549,00

e) Other current liabilities (+/-).: 61305

0,00

-827,00

-12,00

-1.990,00

306.270,00

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

0,00

1.112,00

4.951,00

2.639,00

0,00

4. Other cash flows for operating activities.: 61400

-133.358,00

-137.990,00

-164.172,00

-177.207,00

-251.593,00

a) Interest payments (-). : 61401

-65.035,00

-58.594,00

-44.912,00

-25.432,00

-27.586,00

c) Interest collection (+). : 61403

15.749,00

0,00

3.669,00

12.853,00

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

-84.072,00

16.918,00

18.197,00

-155.445,00

-236.861,00

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

0,00

-96.315,00

-137.457,00

0,00

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

-195.976,00

979.444,00

-214.217,00

-242.142,00

1.100.341,00

6. Payments for investment (-).: 62100

-48.985,00

-84.153,00

-38.725,00

-194.698,00

-329.267,00

c) Fixed assets. : 62103

-48.985,00

-33.131,00

-38.725,00

-168.682,00

-41.401,00

d) Real estate investment. : 62104

0,00

-287.092,00

e) Other financial assets. : 62105

0,00

-51.023,00

0,00

-26.016,00

-775,00

7. Divestment payment collection (+). : 62200

74.517,00

12.113,00

0,00

4.957,00

2.768,00

c) Fixed assets. : 62203

7.390,00

0,00

4.957,00

2.768,00

e) Other financial assets. : 62205

67.127,00

12.113,00

0,00

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

-86.218,00

-167.214,00

-139.006,00

-269.461,00

-401.272,00

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

0,00

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

-167.035,00

-337.256,00

467.343,00

348.727,00

-430.226,00

a) Issuance : 63201

65.291,00

0,00

467.343,00

348.727,00

1.907,00

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

65.291,00

0,00

467.343,00

348.727,00

0,00

5. Other debts (+). : 63206

0,00

1.907,00

b) Repayment and amortization of : 63207

-232.326,00

-337.256,00

0,00

-432.133,00

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

-232.326,00

-337.256,00

0,00

-432.133,00

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

-200.000,00

-250.000,00

a) Dividends (-).: 63301

-200.000,00

-250.000,00

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

-367.035,00

-537.256,00

267.343,00

98.727,00

-680.226,00

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

-537.479,00

370.148,00

14.401,00

-333.156,00

93.616,00

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

566.643,00

196.495,00

182.094,00

515.251,00

421.635,00

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

29.164,00

566.643,00

196.495,00

182.094,00

515.251,00

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:

-0,04 %

0,00 %

0,04 %

-0,05 %

-216,85 %

99,90 %

EBITDA over Sales:

3,49 %

5,82 %

4,32 %

6,12 %

-19,35 %

-4,89 %

Cash Flow Yield:

-0,09 %

0,00 %

0,06 %

-0,04 %

-240,98 %

99,90 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

6,69 %

2,20 %

7,12 %

3,27 %

-6,15 %

-32,71 %

Total economic profitability:

5,89 %

1,87 %

6,63 %

2,90 %

-11,17 %

-35,64 %

Financial profitability:

15,03 %

-0,61 %

17,00 %

2,02 %

-11,60 %

-130,34 %

Margin:

2,65 %

1,95 %

3,41 %

3,05 %

-22,40 %

-35,89 %

Mark-up:

2,14 %

0,21 %

3,02 %

1,34 %

-29,19 %

-84,09 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,17

0,15

0,16

-95,25

5,14

Acid Test:

1,12

1,02

1,15

1,03

-2,61

-0,89

Working Capital / Investment:

0,16

0,15

0,19

0,18

-13,25

-16,29

Solvency:

1,23

1,55

1,28

1,62

-3,83

-4,28

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,48

1,26

3,34

1,58

4,21

-20,31

Borrowing Composition:

0,09

0,85

0,14

0,94

-32,37

-9,57

Repayment Ability:

-8,49

-13.930,10

11,86

-15,62

-171,60

-89.059,14

Warranty:

1,29

1,80

1,30

1,63

-0,93

9,97

Generated resources / Total creditors:

0,07

0,05

0,07

0,06

-6,77

-20,72

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,12

1,32

1,15

1,35

-1,92

-2,03

Turnover of Collection Rights :

3,29

4,31

3,20

4,06

2,73

6,23

Turnover of Payment Entitlements:

2,40

3,68

2,14

3,62

12,47

1,64

Stock rotation:

27,12

5,49

20,08

4,85

35,07

13,14

Assets turnover:

2,53

1,13

2,09

1,07

20,94

4,96

Borrowing Cost:

1,43

2,87

1,33

2,76

6,76

3,92

> 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:

-0,04 %

0,04 %

0,00 %

-0,04 %

0,87 %

EBITDA over Sales:

3,49 %

4,32 %

4,38 %

6,65 %

8,28 %

Cash Flow Yield:

-0,09 %

0,06 %

0,00 %

-0,07 %

2,01 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

6,69 %

7,12 %

9,18 %

12,24 %

Total economic profitability:

5,89 %

6,63 %

8,60 %

12,09 %

17,65 %

Financial profitability:

15,03 %

17,00 %

24,99 %

31,25 %

52,85 %

Margin:

2,65 %

3,41 %

3,62 %

5,74 %

7,55 %

Mark-up:

2,14 %

3,02 %

3,42 %

5,50 %

-0,14 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,01

0,15

0,05

0,06

0,15

Acid Test:

1,12

1,15

1,27

1,09

0,99

Working Capital / Investment:

0,16

0,19

0,23

0,16

0,14

Solvency:

1,23

1,28

1,36

1,24

1,20

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

3,48

3,34

3,55

2,87

3,42

Borrowing Composition:

0,09

0,14

0,19

0,09

0,06

Repayment Ability:

-8,49

11,86

317,89

-10,05

-4,43

Warranty:

1,29

1,30

1,28

1,35

1,29

Generated resources / Total creditors:

0,07

0,09

0,13

0,18

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,12

1,15

1,19

1,22

1,30

Turnover of Collection Rights :

3,29

3,20

3,22

3,03

3,77

Turnover of Payment Entitlements:

2,40

2,14

2,92

2,19

2,28

Stock rotation:

27,12

20,08

40,47

19,42

14,11

Assets turnover:

2,53

2,09

2,53

2,13

2,31

Borrowing Cost:

1,43

1,33

0,98

0,76

0,77

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 COMPLUTENSE DE MADRID

Objective of Tender:

Suministro mediante renting de la infraestructura de computación, red de almacenamiento y sistema central de respaldo y recuperación de datos de la Universidad Complutense de Madrid.

Date Awarded:

10/07/2013

Cost:

1.264.062,80 EURO.

Organisation that calls the tender:

SOLIMAT MUTUA DE ACCIDENTES DE TRABAJO Y ENFERMEDADES PROFESIONALES

Objective of Tender:

EXTERNALIZAR EL CPD DE SOLIMAT Y IMPLATAR UN CENTRO DE RESPALDO

Date Awarded:

10/12/2012

Cost:

171.301,15 EURO.

Organisation that calls the tender:

SERVICIO GALLEGO DE SALUD

Objective of Tender:

Configuración e instalación de la electrónica de red local (LAN) para el nuevo Hospital de Lugo

Date Awarded:

30/06/2010

Organisation that calls the tender:

SERVICIO GALLEGO DE SALUD

Objective of Tender:

CONFIGURACION E INSTALACION DE LA ELECTRONICA DE LA RED LOCAL LAN PARA EL NUEVO HOSPITAL DE LUGO

Date Awarded:

30/06/2010

Cost:

lote a1: 146.294,91 euros; lote a2: 33.795,56 euros

Organisation that calls the tender:

HOSPITAL UNIVERSITARIO LA PAZ

Objective of Tender:

Contratación del servicio de mantenimiento de la electrónica de red delHULP y centros dependientes

Date Awarded:

08/04/2010

Cost:

79.677,50 EURO.

Organisation that calls the tender:

SERVICIO EXTREMEÑO DE SALUD

Objective of Tender:

Adquisición de equipos de electrónica de red para nuevos centros de salud y centros ampliados

Date Awarded:

05/08/2009

Cost:

115.884,00 EURO.

Organisation that calls the tender:

UNIVERSIDAD COMPLUTENSE DE MADRID

Objective of Tender:

Suministro de licencias Symantec LiveState Client Management Suite para su instalación en equipos informáticos de las aulas informáticas de la Universidad Complutense de Madrid.

Date Awarded:

27/09/2006

Cost:

102.225,00 EURO.

Organisation that calls the tender:

UNIVERSIDAD COMPLUTENSE DE MADRID

Objective of Tender:

Adopción de tipo para la homologación de equipos informáticos personales y periféricos de uso en el puesto de trabajo, con destino a los centros de la Universidad Complutense de Madrid (2006)

Date Awarded:

04/08/2006

Cost:

Importe compartido entre distintos Contratistas

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.60.95
UK Pound	1	Rs.101.37
Euro	1	Rs.84.89

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Company name and address

Defaults, Legal Claims and Insolvency Proceedings :

Partners

INVESTIGATION SUMMARY

Enquiry Details

Branch Offices

Activity

Chronological Summary

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

Recommended commercial credit

Link List

Turnover

Financial Accounts and Balance Sheets

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit