MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	TROVELS SA

Registered Office :	Registered office And Other Premises Are Located In C/ Mexic, 9 08205 Sabadell ( Barcelona )

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	15.07.1969

Legal Form :	Public Company

Line of Business :	Subject is engaged in the elaboration, sale and marketing of clothes

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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:

TROVELS SA

NIF / Fiscal code:

A08256745

Status:

ACTIVE

Incorporation Date:

15/07/1969

Register Data

Last Publication in BORME:

14/11/2012 [Appointments' official cancellation]

Last Published Account Deposit:

2012

Share Capital:

324.540

Localization:

C/ MEXIC, 9. - SABADELL - 08205 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 937120849 Email. info@trovels.com

Number of Branches

Activity:

NACE:

4642 - Wholesale of clothing and footwear

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:

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

HEDEN, S.A.

41.66 %

Enquiry Details

Identification

Social Denomination:

TROVELS SA

NIF / Fiscal code:

A08256745

Corporate Status:

ACTIVE

Start of activity:

1966

Registered Office:

C/ MEXIC, 9.

Locality:

SABADELL

Province:

BARCELONA

Postal Code:

08205

Telephone:

937120849

Fax:

937330835

Email:

info@trovels.com

Branch Offices

Address

Postal Code

City

Province

Baldrich, 80

08221

TERRASSA

BARCELONA

Activity

NACE:

4642

CNAE Obtaining Source:

4642

Additional Information:

The subject is engaged in the elaboration, sale and marketing of clothes.

Additional Address:

Registered office and other premises are located in C/ MEXIC, 9 08205 SABADELL ( BARCELONA )

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Appointments/ Re-elections (1)

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Other Concepts/ Events (1) Statutory Modifications (1)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (1)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000) Cessations/ Resignations/ Reversals (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (2)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (3) Increase of Capital (1)

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2009)

2011

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

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

324.540

Paid up capital:

324.540

Updated Evolution of the Subscribed and Paid-in Capital

Description: wordml://1156

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

02/02/2007

Increase of Capital

90.150

180.300

06/06/2011

Increase of Capital

144.240

324.540

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

SAUQUET CANET SANTIAGO

29/10/2012

PERMANYER ANDREVI JOSEP ORIOL

29/10/2012

PROXY

PERMANYER ANDREVI JOSEP ORIOL

21/08/2002

SAUQUET BUXO MARCOS

23/02/1999

ACCOUNTS' AUDITOR / HOLDER

MONCUNILL AUDITORS SL

30/11/2011

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

COMAS MAÑOSA JOSE

MEMBER OF THE BOARD

12/06/1997

CHIEF EXECUTIVE OFFICER

12/06/1997

DE IGNACIO SIMO SUCARRATS ANTONIO

MEMBER OF THE BOARD

12/06/1997

DE IGNACIO SIMO SUCARRATS JOSE

MEMBER OF THE BOARD

12/06/1997

SECRETARY

12/06/1997

MONCUNILL & SOLDEVILA SL

ACCOUNTS' AUDITOR / HOLDER

07/12/2007

ACCOUNTS' AUDITOR / HOLDER

06/02/2009

MONCUNILL AND SOLDEVILA SL

ACCOUNTS' AUDITOR / HOLDER

30/04/2007

MONCUNILL AUDITORS SL

ACCOUNTS' AUDITOR / HOLDER

30/11/2011

MONCUNILL BRUGUERA JOSE

ACCOUNTS' AUDITOR / HOLDER

17/01/2003

MONCUNILL BRUGUERA VICENTE

DEPUTY ACCOUNTS' AUDITOR

17/01/2003

SABORIDO CAMPS JORDI

PROXY

29/11/2001

SAUQUET CANET SANTIAGO

SINGLE ADMINISTRATOR

29/10/2012

ADMINISTRATOR

13/08/2002

ADMINISTRATOR

21/11/2007

MEMBER OF THE BOARD

12/06/1997

CHIEF EXECUTIVE OFFICER

12/06/1997

SAUQUET VIDAL JOSE

MEMBER OF THE BOARD

12/06/1997

CHIEF EXECUTIVE OFFICER

12/06/1997

PRESIDENT

12/06/1997

UGAS MIRO JOSE

PROXY

29/11/2001

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSEP ORIOL PERMANYER ANDREVI

ADMINISTRATOR

SANTIAGO SAUQUET CANET

FINANCIAL DIRECTOR

PEDRO COLOMER RIERA

MANAGING DIRECTOR

ORIOL PERMANYER ANDREVI

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

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

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.

Generates cash and cash equivalents through operating income. An increase in this ratio would indicate an improvement in the Company´s financial situation.

Related companies without judicial claims . Neither judicial, administrative claims nor serious actions against companies related to the entity have been published in BORME, which indicates a tendency to meet their obligations.

It is in a Maturity stage. It has vast experience in the Sector due to its length of time in business.

The current debt represents a 5.3623219e-001f the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets.

It does not have any financial profitability.. TROVELS SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

No Company's subsidiaries or branches are known.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.917 %

> Latest Rating Changes :

Sector in which comparison is carried out :

464 Wholesale of household goods

Description: wordml://2262

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 97.00% of the companies of the sector TROVELS SA 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 0.917%.

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

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

HEDEN, S.A.

41.66

PARTICIPATES IN

GERRY DIFUSION SL

BARCELONA

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

FREUNDI SA

BARCELONA

Turnover

Total Sales 2013

7.000.000

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

August 2011

2009

Normales

September 2010

2008

Normales

September 2009

2007

Normales

September 2008

2006

Normales

August 2007

2005

Normales

September 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

October 2003

2001

Normales

November 2002

2000

Normales

September 2001

1999

Normales

September 2000

1998

Normales

September 1999

1997

Normales

September 1998

1996

Normales

September 1997

1995

Normales

July 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

September 1993

1991

Normales

July 1992

1989

Normales

August 1990

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,. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

761.030,00

679.590,00

338.959,00

333.476,00

328.158,00

I. Intangible fixed assets : 11100

7.351,00

3.079,00

6.329,00

9.578,00

1.378,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

2.348,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

5.003,00

3.079,00

6.329,00

9.578,00

1.378,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

466.602,00

467.822,00

172.786,00

125.295,00

171.114,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

466.602,00

467.822,00

172.786,00

125.295,00

171.114,00

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

37.212,00

1. Equity instruments: 11410

0,00

37.212,00

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

26.453,00

11.857,00

12.053,00

10.053,00

10.978,00

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

26.453,00

11.857,00

12.053,00

10.053,00

10.978,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

260.623,00

196.831,00

147.791,00

151.338,00

107.476,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

3.791.685,00

3.887.479,00

3.239.050,00

3.164.207,00

3.678.476,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

854.691,00

1.023.026,00

669.575,00

676.758,00

1.212.594,00

1. Commercial: 12210

424.587,00

506.172,00

364.355,00

264.846,00

722.178,00

2. Primary material and other supplies: 12220

230.264,00

199.229,00

162.514,00

219.990,00

227.107,00

3. Work in progress: 12230

0,00

36.358,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

36.358,00

4. Finished goods: 12240

111.717,00

151.917,00

105.676,00

112.025,00

74.003,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

111.717,00

151.917,00

105.676,00

112.025,00

74.003,00

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

0,00

6. Advances to suppliers: 12260

88.123,00

165.707,00

37.030,00

79.896,00

152.948,00

III. Trade debtors and others receivable accounts: 12300

2.705.229,00

2.832.791,00

2.471.437,00

2.232.020,00

2.328.014,00

1. Trade debtors / accounts receivable: 12310

2.361.270,00

2.613.890,00

2.267.411,00

2.055.345,00

2.082.937,00

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

0,00

b) Customers for sales and provisions of services : 12312

2.361.270,00

2.613.890,00

2.267.411,00

2.055.345,00

2.082.937,00

2. Customers, Group companies and associates : 12320

153.801,00

49.970,00

41.072,00

0,00

3. Other accounts receivable: 12330

41.314,00

44.535,00

105.212,00

102.826,00

90.384,00

4. Personnel: 12340

1.000,00

3.000,00

0,00

5. Assets for deferred tax: 12350

2.051,00

3.403,00

29.131,00

60.737,00

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

145.793,00

117.993,00

54.339,00

44.718,00

93.956,00

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

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

9.279,00

8.556,00

15.530,00

14.783,00

0,00

VII. Cash and other equivalent liquid assets : 12700

222.486,00

23.106,00

82.508,00

240.646,00

137.867,00

1. Treasury: 12710

222.486,00

23.106,00

82.508,00

240.646,00

137.867,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

4.552.715,00

4.567.068,00

3.578.009,00

3.497.683,00

4.006.634,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

2.111.402,00

2.302.780,00

2.305.659,00

2.295.018,00

2.429.448,00

A-1) Shareholders' equity: 21000

2.111.402,00

2.302.780,00

2.305.659,00

2.295.018,00

2.429.448,00

I. Capital: 21100

324.540,00

180.300,00

1. Registered capital : 21110

324.540,00

180.300,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.249.148,00

2.243.289,00

1. Legal y estatutarias: 21310

36.060,00

2. Other reserves: 21320

2.213.088,00

2.207.229,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-270.908,00

-123.790,00

-134.430,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-270.908,00

-123.790,00

-134.430,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-191.377,00

-147.119,00

10.640,00

-134.430,00

5.859,00

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

0,00

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

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

2.441.312,00

2.264.289,00

1.272.350,00

1.202.664,00

1.577.186,00

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

1.916.514,00

1.464.136,00

796.291,00

717.581,00

859.269,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.916.514,00

1.464.136,00

796.291,00

717.581,00

859.269,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

0,00

39.851,00

V. Trade creditors and other accounts payable: 32500

524.798,00

800.152,00

476.060,00

445.233,00

678.066,00

1. Suppliers: 32510

234.717,00

482.022,00

356.729,00

357.562,00

598.059,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

234.717,00

482.022,00

356.729,00

357.562,00

598.059,00

2. Suppliers, Group companies and associates: 32520

37.547,00

4.722,00

0,00

3. Other creditors: 32530

111.810,00

263.667,00

71.105,00

59.026,00

50.055,00

4. Personnel (remuneration due): 32540

18.138,00

0,00

5. Liabilities for current tax: 32550

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

122.586,00

31.603,00

30.088,00

28.645,00

29.952,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

4.552.715,00

4.567.068,00

3.578.009,00

3.497.683,00

4.006.634,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

6.974.925,00

6.735.959,00

6.465.399,00

6.206.001,00

7.212.744,00

a) Sales: 40110

6.974.925,00

6.735.959,00

6.465.399,00

6.206.001,00

7.212.744,00

b) Rendering of services: 40120

0,00

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

-40.200,00

46.241,00

-6.349,00

1.664,00

43.797,00

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

0,00

4. Supplies : 40400

-5.120.108,00

-4.984.220,00

-4.585.867,00

-4.452.269,00

-5.172.126,00

a) Stock consumption: 40410

-4.222.930,00

-3.968.804,00

-3.426.792,00

-3.283.393,00

-3.646.319,00

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

-479.533,00

-557.891,00

-656.416,00

-659.060,00

-834.325,00

c) Works carried out by other companies: 40430

-417.645,00

-457.525,00

-502.659,00

-509.816,00

-691.482,00

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

0,00

5. Other operating income: 40500

0,00

a) Auxiliary income and other from current management: 40510

0,00

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

0,00

6. Personnel costs: 40600

-911.612,00

-879.437,00

-786.786,00

-868.557,00

-845.699,00

a) Wages, salaries et al.: 40610

-727.415,00

-721.794,00

-626.876,00

-700.491,00

-667.622,00

b) Social security costs: 40620

-184.196,00

-157.643,00

-159.910,00

-168.066,00

-178.076,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-913.381,00

-959.758,00

-962.103,00

-928.766,00

-1.085.269,00

a) External services: 40710

-856.871,00

-911.630,00

-901.875,00

-936.864,00

-1.024.945,00

b) Taxes: 40720

-10.532,00

-8.842,00

-9.397,00

-8.473,00

-8.027,00

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

-45.977,00

-39.286,00

-50.830,00

16.572,00

-52.297,00

d) Other current management expenditure : 40740

0,00

8. Amortisation of fixed assets: 40800

-85.804,00

-42.665,00

-35.070,00

-64.607,00

-25.488,00

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

0,00

-2.709,00

13.602,00

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

-96.180,00

-83.880,00

89.225,00

-109.244,00

141.562,00

14. Financial income : 41400

0,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

0,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

0,00

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

0,00

15. Financial expenditure: 41500

-158.990,00

-112.278,00

-88.971,00

-73.242,00

-161.815,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-158.990,00

-112.278,00

-88.971,00

-73.242,00

-161.815,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

3.246,00

37.653,00

a) Trading book and other : 41610

0,00

3.246,00

37.653,00

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

0,00

17. Exchange rate differences : 41700

0,00

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

0,00

13.933,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

13.933,00

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

-158.990,00

-112.278,00

-75.037,00

-69.996,00

-124.162,00

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

-255.170,00

-196.158,00

14.187,00

-179.240,00

17.400,00

20. Income taxes: 41900

63.792,00

49.040,00

-3.547,00

44.810,00

-11.541,00

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

-191.377,00

-147.119,00

10.640,00

-134.430,00

5.859,00

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

0,00

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

-191.377,00

-147.119,00

10.640,00

-134.430,00

5.859,00

> 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,. 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:

500.407,00

482.759,00

191.167,00

182.138,00

220.682,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

7.351,00

3.079,00

6.329,00

9.578,00

1.378,00

1. Research and development costs:

0,00

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

2.348,00

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

5.003,00

3.079,00

6.329,00

9.578,00

1.378,00

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:

466.602,00

467.822,00

172.786,00

125.295,00

171.114,00

1. Land and construction:

0,00

2. Technical installations and machinery:

17.658,00

17.704,00

6.539,00

4.742,00

6.476,00

3. Other installations, tools and furniture:

369.096,00

370.060,00

136.678,00

99.111,00

135.356,00

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

0,00

5. Other tangible assets:

79.849,00

80.058,00

29.569,00

21.441,00

29.282,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

26.453,00

11.857,00

12.053,00

47.265,00

48.190,00

1. Equity investments in group companies:

0,00

37.212,00

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

6. Other receivables:

0,00

7. Long term guarantees and deposits:

26.453,00

11.857,00

12.053,00

10.053,00

10.978,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

4.052.308,00

4.084.310,00

3.386.842,00

3.315.545,00

3.785.952,00

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

0,00

II. Stocks:

854.691,00

1.023.026,00

669.575,00

676.758,00

1.212.594,00

1. Goods for resale:

424.587,00

506.172,00

364.355,00

264.846,00

722.178,00

2. Raw materials and other consumables:

230.264,00

199.229,00

162.514,00

219.990,00

227.107,00

3. Goods in process and semifinished ones:

0,00

36.358,00

4. Finished products:

111.717,00

151.917,00

105.676,00

112.025,00

74.003,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

88.123,00

165.707,00

37.030,00

79.896,00

152.948,00

7. Provisions:

0,00

III. Debtors:

2.965.853,00

3.029.622,00

2.619.228,00

2.383.358,00

2.435.490,00

1. Trade debtors / accounts receivable:

2.361.270,00

2.613.890,00

2.267.411,00

2.055.345,00

2.082.937,00

2. Accounts receivable, Group companies:

153.801,00

49.970,00

41.072,00

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

41.314,00

44.535,00

105.212,00

102.826,00

90.384,00

5. Staff:

1.000,00

3.000,00

0,00

6. Public bodies:

408.467,00

318.227,00

205.533,00

225.187,00

262.170,00

7. Provisions:

0,00

IV. Short-term investments:

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:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

222.486,00

23.106,00

82.508,00

240.646,00

137.867,00

VII. Prepayments and accrued income:

9.279,00

8.556,00

15.530,00

14.783,00

0,00

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

4.552.715,00

4.567.068,00

3.578.009,00

3.497.683,00

4.006.634,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

2.111.402,00

2.302.780,00

2.305.659,00

2.295.018,00

2.429.448,00

I. Subscribed capital:

324.540,00

180.300,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.249.148,00

2.243.289,00

1. Legal reserve:

36.060,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

2.213.088,00

2.207.229,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

-270.908,00

-123.790,00

-134.430,00

0,00

1. Retained earnings:

0,00

2. Prior year losses:

-270.908,00

-123.790,00

-134.430,00

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

-191.377,00

-147.119,00

10.640,00

-134.430,00

5.859,00

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:

0,00

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:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

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:

0,00

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:

2.441.312,00

2.264.289,00

1.272.350,00

1.202.664,00

1.577.186,00

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:

1.916.514,00

1.464.136,00

796.291,00

717.581,00

859.269,00

1. Loans and other liabilities:

1.916.514,00

1.464.136,00

796.291,00

717.581,00

859.269,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

37.547,00

4.722,00

0,00

39.851,00

1. Amounts owed to group companies:

37.547,00

4.722,00

0,00

39.851,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

346.527,00

745.689,00

427.834,00

416.588,00

648.114,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

346.527,00

745.689,00

427.834,00

416.588,00

648.114,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

140.724,00

49.741,00

48.226,00

28.645,00

29.952,00

1. Public bodies:

122.586,00

31.603,00

30.088,00

28.645,00

29.952,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

18.138,00

0,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

4.552.715,00

4.567.068,00

3.578.009,00

3.497.683,00

4.006.634,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

7.166.302,00

6.929.318,00

6.468.692,00

6.345.340,00

7.301.938,00

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

40.200,00

0,00

6.349,00

0,00

A.2. Supplies:

5.120.108,00

4.984.220,00

4.585.867,00

4.452.269,00

5.172.126,00

a) Stock consumption:

4.222.930,00

3.968.804,00

3.426.792,00

3.283.393,00

3.646.319,00

b) Consumption of raw materials and miscellaneous consumable ones:

479.533,00

557.891,00

656.416,00

659.060,00

834.325,00

c) Miscellaneous external expenditure:

417.645,00

457.525,00

502.659,00

509.816,00

691.482,00

A.3. Staff costs:

911.612,00

879.437,00

786.786,00

868.557,00

845.699,00

a) Wages, salaries et al.:

727.415,00

721.794,00

626.876,00

700.491,00

667.622,00

b) Social security costs:

184.196,00

157.643,00

159.910,00

168.066,00

178.076,00

A.4. Depreciation expense:

85.804,00

42.665,00

35.070,00

64.607,00

25.488,00

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

45.977,00

39.286,00

50.830,00

-16.572,00

52.297,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

45.977,00

39.286,00

50.830,00

-16.572,00

52.297,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

867.404,00

920.472,00

911.273,00

945.337,00

1.032.972,00

a) External services:

856.871,00

911.630,00

901.875,00

936.864,00

1.024.945,00

b) Taxes:

10.532,00

8.842,00

9.397,00

8.473,00

8.027,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

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

0,00

89.225,00

0,00

127.960,00

A.7. Financial and similar charges:

158.990,00

112.278,00

88.971,00

73.242,00

161.815,00

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.:

158.990,00

112.278,00

88.971,00

73.242,00

161.815,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

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

0,00

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

0,00

14.187,00

0,00

3.797,00

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

0,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

2.709,00

0,00

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

0,00

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

0,00

13.602,00

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

0,00

14.187,00

0,00

17.400,00

A.15. Corporation tax:

-63.792,00

-49.040,00

3.547,00

-44.810,00

11.541,00

A.16. Miscellaneous taxes:

0,00

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

0,00

10.640,00

0,00

5.859,00

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

6.974.925,00

6.782.200,00

6.479.332,00

6.210.910,00

7.307.797,00

B.1. Net total sales:

6.974.925,00

6.735.959,00

6.465.399,00

6.206.001,00

7.212.744,00

a) Sales:

7.939.722,00

7.667.701,00

7.359.717,00

7.064.437,00

8.210.437,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-964.797,00

-931.742,00

-894.318,00

-858.437,00

-997.693,00

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

0,00

46.241,00

0,00

1.664,00

43.797,00

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

0,00

B.4. Miscellaneous operating income:

0,00

a) Auxiliary income and other from current management:

0,00

b) Grants:

0,00

c) Liabilities and charges provisions surplus:

0,00

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

96.180,00

83.880,00

0,00

106.535,00

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

0,00

13.933,00

3.246,00

37.653,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

0,00

d) Profit on financial investment:

0,00

13.933,00

3.246,00

37.653,00

B.8. Exchange positive differences:

0,00

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

158.990,00

112.278,00

75.037,00

69.996,00

124.162,00

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

255.170,00

196.158,00

0,00

176.531,00

0,00

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

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

0,00

13.602,00

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

0,00

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

0,00

2.709,00

0,00

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

255.170,00

196.158,00

0,00

179.240,00

0,00

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

191.377,00

147.119,00

0,00

134.430,00

0,00

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

-255.170,00

-196.158,00

14.187,00

-179.240,00

17.400,00

2. Results adjustments.: 61200

290.772,00

194.229,00

183.850,00

-61.871,00

-8.344,00

a) Fixed Assets Amortization (+).: 61201

85.804,00

42.665,00

35.070,00

64.607,00

25.488,00

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

0,00

39.286,00

59.951,00

-51.698,00

0,00

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

45.977,00

0,00

-195.648,00

g) Financial income (-).: 61207

0,00

-73.242,00

0,00

h) Financial Expenses (+). : 61208

158.990,00

112.278,00

88.971,00

0,00

161.815,00

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

0,00

-141,00

-1.538,00

0,00

3. Changes in current capital equity.: 61300

-23.753,00

-422.509,00

-263.250,00

467.239,00

1.334.788,00

a) Stock (+/-).: 61301

168.335,00

-353.451,00

7.183,00

535.836,00

-70.008,00

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

81.585,00

-400.640,00

-299.368,00

147.693,00

1.358.059,00

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

0,00

6.974,00

747,00

14.783,00

0,00

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

-275.354,00

324.093,00

30.826,00

-232.833,00

46.737,00

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

0,00

-39.851,00

0,00

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

1.681,00

515,00

37.212,00

1.759,00

0,00

4. Other cash flows for operating activities.: 61400

-158.990,00

-112.278,00

-90.323,00

46.161,00

-161.815,00

a) Interest payments (-). : 61401

-158.990,00

-112.278,00

-88.971,00

0,00

-161.815,00

c) Interest collection (+). : 61403

0,00

73.242,00

0,00

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

0,00

-1.352,00

-27.081,00

0,00

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

-147.142,00

-536.717,00

-155.536,00

272.289,00

1.182.028,00

6. Payments for investment (-).: 62100

-105.856,00

-334.771,00

-81.311,00

-27.822,00

-72.554,00

b) Intangible fixed assets. : 62102

-8.220,00

0,00

c) Fixed assets. : 62103

-80.636,00

-334.452,00

-79.311,00

-26.988,00

-72.554,00

e) Other financial assets. : 62105

-17.000,00

-319,00

-2.000,00

-834,00

0,00

7. Divestment payment collection (+). : 62200

0,00

30.930,00

b) Intangible fixed assets. : 62202

0,00

2.638,00

e) Other financial assets. : 62205

0,00

28.293,00

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

-105.856,00

-334.771,00

-81.311,00

-27.822,00

-67.112,00

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

0,00

144.240,00

0,00

-5.859,00

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

0,00

144.240,00

0,00

46.373,00

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

0,00

-52.232,00

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

452.378,00

667.846,00

78.710,00

-141.689,00

-997.161,00

a) Issuance : 63201

1.916.514,00

1.464.136,00

796.291,00

717.581,00

-997.161,00

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

1.916.514,00

1.464.136,00

796.291,00

717.581,00

-997.161,00

b) Repayment and amortization of : 63207

-1.464.136,00

-796.291,00

-717.581,00

-859.269,00

0,00

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

-1.464.136,00

-796.291,00

-717.581,00

-859.269,00

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

452.378,00

812.086,00

78.710,00

-141.689,00

-1.003.020,00

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

199.380,00

-59.402,00

-158.137,00

102.778,00

111.895,00

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

23.106,00

82.508,00

240.646,00

137.867,00

25.858,00

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

222.486,00

23.106,00

82.508,00

240.646,00

137.867,00

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:

0,03 %

0,01 %

-0,01 %

0,00 %

424,13 %

EBITDA over Sales:

-0,15 %

9,24 %

-0,61 %

10,07 %

75,69 %

-8,25 %

Cash Flow Yield:

0,04 %

0,00 %

-0,01 %

0,00 %

436,70 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-2,12 %

5,28 %

-1,84 %

6,95 %

-15,40 %

-24,08 %

Total economic profitability:

-2,11 %

2,50 %

-1,84 %

4,16 %

-15,02 %

-39,96 %

Financial profitability:

-9,06 %

1,35 %

-6,39 %

5,84 %

-41,87 %

-76,82 %

Margin:

-1,38 %

4,84 %

-1,25 %

6,36 %

-10,73 %

-23,85 %

Mark-up:

-3,66 %

1,58 %

-2,91 %

4,71 %

-25,63 %

-66,52 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,09

0,12

0,01

0,11

793,12

9,30

Acid Test:

1,20

0,86

1,26

0,83

-4,92

3,47

Working Capital / Investment:

0,30

0,03

0,36

0,03

-16,55

13,25

Solvency:

1,66

1,18

1,80

1,16

-7,98

1,62

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,16

1,65

0,98

1,65

17,59

0,05

Borrowing Composition:

0,00

1,04

0,00

1,04

-0,22

Repayment Ability:

12,24

144,61

-38,12

809,96

132,12

-82,15

Warranty:

1,86

1,61

2,02

1,61

-7,54

0,01

Generated resources / Total creditors:

-0,04

0,07

-0,05

0,07

6,26

-4,55

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,99

1,73

0,95

1,75

3,72

-1,45

Turnover of Collection Rights :

2,58

4,84

2,38

4,49

8,43

7,98

Turnover of Payment Entitlements:

11,42

3,53

7,49

3,27

52,55

8,16

Stock rotation:

8,27

6,65

6,67

6,06

24,11

9,69

Assets turnover:

1,54

1,09

1,48

1,09

4,21

-0,29

Borrowing Cost:

6,51

2,94

4,96

2,92

31,34

0,50

> 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:

0,03 %

-0,01 %

-0,02 %

0,02 %

1,55 %

EBITDA over Sales:

-0,15 %

-0,61 %

1,92 %

-0,68 %

2,13 %

Cash Flow Yield:

0,04 %

-0,01 %

-0,04 %

0,03 %

2,80 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

-2,12 %

-1,84 %

2,50 %

-3,09 %

3,23 %

Total economic profitability:

-2,11 %

-1,84 %

2,88 %

-3,03 %

4,47 %

Financial profitability:

-9,06 %

-6,39 %

0,46 %

-5,86 %

0,24 %

Margin:

-1,38 %

-1,25 %

1,38 %

-1,72 %

1,77 %

Mark-up:

-3,66 %

-2,91 %

0,22 %

-2,84 %

-1,91 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,09

0,01

0,06

0,20

0,09

Acid Test:

1,20

1,26

2,01

2,06

1,56

Working Capital / Investment:

0,30

0,36

0,55

0,56

0,55

Solvency:

1,66

1,80

2,66

2,76

2,40

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,16

0,98

0,55

0,52

0,65

Borrowing Composition:

0,00

Repayment Ability:

12,24

-38,12

-8,05

11,70

-1,20

Warranty:

1,86

2,02

2,81

2,91

2,54

Generated resources / Total creditors:

-0,04

-0,05

0,02

-0,06

0,02

Efficiency

2012

2011

2010

2009

2008

Productivity:

0,99

0,95

1,16

0,95

1,18

Turnover of Collection Rights :

2,58

2,38

2,62

2,78

3,10

Turnover of Payment Entitlements:

11,42

7,49

11,64

12,09

9,29

Stock rotation:

8,27

6,67

9,52

9,33

5,84

Assets turnover:

1,54

1,48

1,81

1,80

1,82

Borrowing Cost:

6,51

4,96

6,99

6,09

10,26

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

The company was set up several years ago so it has a lot of experience in the sector and has a good concept in general among the sources consulted. It respects its payment engagements.

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.60.22
UK Pound	1	Rs.101.68
Euro	1	Rs.83.45

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PDT

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

Partners

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

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