MIRA INFORM REPORT

Report Date :

12.05.2014

IDENTIFICATION DETAILS

Name :	ICEBERG SEA FOOD SOCIEDAD LIMITADA

Registered Office :	POL IND PLA DEL Olivars C/ Mariola, 2-4 - SILLA - 46460

Country :	Spain

Financials (as on) :	2011

Date of Incorporation :	13.08.1997

Legal Form :	Private company

Line of Business :	Wholesale of other food, including fish, crustaceans and molluscs

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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:

ICEBERG SEA FOOD SOCIEDAD LIMITADA

NIF / Fiscal code:

B96676994

Status:

ACTIVE

Incorporation Date:

13/08/1997

Register Data

Last Publication in BORME:

11/01/2012 [Annual accounts' deposit]

Last Published Account Deposit:

2011

Share Capital:

123.246

Localization:

POL IND PLA DEL OLIVARS C/ MARIOLA, 2-4 - SILLA - 46460 - VALENCIA

Telephone - Fax - Email - Website:

Ph.:. 961211272 Email. iceberg@iceseaf.com Website. www.iceseaf.com

Activity:

NACE:

4638 - Wholesale of other food, including fish, crustaceans and molluscs

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

JOAQUIN MASIA ALBERT

Enquiry Details

Identification

Social Denomination:

ICEBERG SEA FOOD SOCIEDAD LIMITADA

NIF / Fiscal code:

B96676994

Corporate Status:

ACTIVE

Start of activity:

1997

Registered Office:

POL IND PLA DEL OLIVARS C/ MARIOLA, 2-4

Locality:

SILLA

Province:

VALENCIA

Postal Code:

46460

Telephone:

961211272

Website:

www.iceseaf.com

Email:

iceberg@iceseaf.com

Activity

NACE:

4638

Additional Information:

It is dedicated to the production of fish and seafood, both fresh and frozen.

Additional Address:

Registered office located in POL IND PLA DEL OLIVARS C/ MARIOLA, 2-4 46460 SILLA ( VALENCIA )

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1997

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

1998

Accounts deposit (ejer. 1997)

2000

Accounts deposit (ejer. 1998)

2001

Accounts deposit (ejer. 1999)

2002

Accounts deposit (ejer. 2000) Increase of Capital (1)

2003

Accounts deposit (ejer. 2001, 2002)

2004

Accounts deposit (ejer. 2003)

2006

Accounts deposit (ejer. 2004, 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Change of Social address (1) Increase of Capital (1)

2007

Appointments/ Re-elections (1)

2008

Accounts deposit (ejer. 2006, 2007)

2010

Accounts deposit (ejer. 2008)

2011

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

2012

Accounts deposit (ejer. 2010, 2011)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

FABRICACION, MANIPULACION Y COMPRAVENTA DE PRODUCTOS ALIMENTICIOS DE TODAS CLASES, TANTO FRESCOS COMO CONGELADOS.

Company Formation

24/10/1997

Breakdown of Owners' Equity

Registered Capital:

123.246

Paid up capital:

123.246

Updated Evolution of the Subscribed and Paid-in Capital

Description: wordml://1009

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

03/10/1997

Company Formation

3.005

07/03/2002

Increase of Capital

60.120

63.126

19/06/2006

Increase of Capital

60.120

123.246

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

MASIA CANET JAVIER

23/01/2006

ACCOUNTS' AUDITOR / HOLDER

GRANT THORNTON SLP

23/06/2011

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AUDIHISPANA SA

ACCOUNTS' AUDITOR / HOLDER

23/06/2011

GRANT THORNTON SLP

ACCOUNTS' AUDITOR / HOLDER

23/06/2011

ACCOUNTS' AUDITOR / HOLDER

23/06/2011

MASIA ALBERT JOAQUIN

SINGLE ADMINISTRATOR

23/01/2006

Executive board

Post

NIF

Name

ADMINISTRATOR

JAVIER MASIA CANET

COMMERCIAL MANAGER

KAVIER MASIA CANET

FINANCIAL DIRECTOR

AMPARO MORATO

MANAGING DIRECTOR

JAVIER MACIAS CANET

MANAGING DIRECTOR

JAVIER MASIA CANET

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

---

14/06/2010

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

---

> Details

> Basis for rating

Positive Factors

Adverse Factors

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

It has financial profitability.. ICEBERG SEA FOOD SOCIEDAD LIMITADA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

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.

{POSITIVO}Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale. {/POSITIVO}

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

ICEBERG SEA FOOD SOCIEDAD LIMITADA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 5.9181774e-001f the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial 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.

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

TREND OF RATING

> Latest Rating Changes :

Rating

Evolution

Date

Event

Neutral

07/03/14

Revision of the scoring by expert analyst

Neutral

21/01/14

Revision of the scoring by expert analyst

Negative

27/11/12

Updating of financial statements.

Neutral

18/01/12

Updating of financial statements.

Probability of default

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

> Latest Rating Changes :

Sector in which comparison is carried out :

463 Wholesale of food, beverages and tobacco

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 89.00% of the companies of the sector ICEBERG SEA FOOD SOCIEDAD LIMITADA 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 1.281%.

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

1 Incidence for a total cost of 0,00 E

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

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE BURJASSOT (VALENCIA) - Date 14/06/2010

Last Published Stage:

SEIZURE

Record Number:

200902985

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. VALENCIA Nº145, 2010 PAGINA 123

Link List

SHAREHOLDERS :

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JOAQUIN MASIA ALBERT

Turnover

Total Sales 2013

9.000.000

Estimated Balance

ECONOMIC DATA YEAR: 2013 (THOUSANDS OF EUROS) TOTAL ASSETS...3,700 NON-CURRENT ASSET...1,200 CURRENT ASSETS...2,500 NON CURRENT ASSETS OWN FUNDS...920 NON-CURRENT LIABILITIES...615 CURRENT LIABILITIES...2.165

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2011

Normales

November 2012

2010

Normales

December 2011

2009

Normales

June 2011

2008

Normales

August 2010

2007

Normales

November 2008

2006

Normales

January 2008

2005

Normales

October 2006

2004

Normales

December 2005

2003

Normales

September 2004

2002

Normales

December 2003

2001

Normales

December 2003

2000

Normales

December 2001

1999

Normales

December 2000

1998

Normales

January 2000

1997

Normales

September 1998

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 31/12/2011

> Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

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

ORIGINAL

EQUIVALENCIA

Assets

2011

2010

2009

2008

2007

A) NON-CURRENT ASSETS: 11000

1.302.694,00

1.409.820,00

1.435.102,00

1.371.088,00

1.029.237,00

I. Intangible fixed assets : 11100

0,00

5,00

204,00

706,00

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

5,00

204,00

706,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

394.914,00

449.817,00

527.871,00

915.380,00

1.028.531,00

1. Land and buildings: 11210

240.914,00

251.054,00

261.194,00

556.849,00

498.018,00

2. Technical installations and other tangible fixed assets: 11220

154.000,00

198.763,00

266.677,00

312.727,00

530.514,00

3. Tangible asset in progress and advances: 11230

0,00

45.804,00

0,00

III. Real estate investment: 11300

862.780,00

885.003,00

907.226,00

455.504,00

0,00

1. Land: 11310

212.262,00

0,00

2. Buildings: 11320

650.518,00

672.741,00

694.964,00

455.504,00

0,00

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

45.000,00

75.000,00

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

45.000,00

75.000,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

2.357.884,00

1.591.752,00

1.623.030,00

1.646.292,00

3.575.854,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

200.183,00

166.874,00

76.487,00

61.607,00

796.993,00

1. Commercial: 12210

200.183,00

166.874,00

76.487,00

61.607,00

794.240,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

2.753,00

III. Trade debtors and others receivable accounts: 12300

1.777.290,00

1.231.167,00

1.199.466,00

1.384.939,00

2.650.943,00

1. Trade debtors / accounts receivable: 12310

1.708.356,00

1.069.196,00

1.080.421,00

1.248.439,00

2.550.455,00

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

0,00

b) Customers for sales and provisions of services : 12312

1.708.356,00

1.069.196,00

0,00

2.550.455,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

8.596,00

13.864,00

44.799,00

4. Personnel: 12340

0,00

37.961,00

60.000,00

0,00

5. Assets for deferred tax: 12350

0,00

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

60.338,00

115.414,00

50.449,00

122.636,00

55.689,00

7. Called up share capital: 12370

0,00

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

0,00

34.094,00

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

34.094,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

58.032,00

7.626,00

34.094,00

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

58.032,00

7.626,00

34.094,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

562,00

581,00

VII. Cash and other equivalent liquid assets : 12700

321.817,00

185.523,00

312.421,00

165.090,00

127.337,00

1. Treasury: 12710

321.817,00

185.523,00

312.421,00

165.090,00

127.337,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

3.660.578,00

3.001.572,00

3.058.132,00

3.017.380,00

4.605.091,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2011

2010

2009

2008

2007

A) NET WORTH: 20000

899.152,00

873.544,00

813.285,00

778.859,00

686.595,00

A-1) Shareholders' equity: 21000

899.152,00

873.544,00

813.285,00

778.859,00

686.595,00

I. Capital: 21100

123.246,00

1. Registered capital : 21110

123.246,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

522.589,00

522.519,00

591.153,00

497.173,00

475.441,00

1. Legal y estatutarias: 21310

24.649,00

2. Other reserves: 21320

497.940,00

497.870,00

566.504,00

472.524,00

450.792,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

227.780,00

186.791,00

70.532,00

87.908,00

0,00

1. Brought forward: 21510

227.780,00

186.791,00

70.532,00

87.908,00

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

25.537,00

40.988,00

28.354,00

70.532,00

87.908,00

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

595.031,00

673.778,00

778.007,00

717.220,00

817.563,00

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

595.031,00

673.778,00

778.007,00

717.220,00

817.563,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

593.455,00

653.368,00

715.242,00

630.089,00

672.853,00

3. Creditors from financial leasing: 31230

1.576,00

20.410,00

62.765,00

87.131,00

132.910,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

11.800,00

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

2.166.395,00

1.454.250,00

1.466.840,00

1.521.301,00

3.100.933,00

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

634.649,00

273.714,00

289.804,00

338.977,00

1.012.612,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

607.259,00

230.182,00

247.424,00

337.777,00

972.510,00

3. Creditors from financial leasing: 32330

26.190,00

42.332,00

41.180,00

0,00

38.902,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

1.200,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.531.746,00

1.180.536,00

1.177.036,00

1.182.324,00

2.088.321,00

1. Suppliers: 32510

1.196.517,00

896.152,00

865.168,00

862.055,00

0,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.196.517,00

896.152,00

0,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

325.421,00

271.744,00

301.998,00

310.497,00

2.068.700,00

4. Personnel (remuneration due): 32540

0,00

4.681,00

5. Liabilities for current tax: 32550

2.699,00

2.745,00

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

7.109,00

9.895,00

9.870,00

9.772,00

14.940,00

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

3.660.578,00

3.001.572,00

3.058.132,00

3.017.380,00

4.605.091,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2011

2010

2009

2008

2007

1. Net turnover: 40100

8.565.317,00

6.883.869,00

5.012.288,00

6.159.979,00

8.073.617,00

a) Sales: 40110

8.565.317,00

6.883.869,00

5.012.288,00

6.159.979,00

8.073.617,00

b) Rendering of services: 40120

0,00

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

33.309,00

90.387,00

54.487,00

0,00

173.579,00

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

0,00

96.162,00

4. Supplies : 40400

-7.331.110,00

-5.826.185,00

-3.937.090,00

-5.046.006,00

-7.445.953,00

a) Stock consumption: 40410

-6.768.715,00

-5.270.551,00

-3.133.651,00

-4.228.754,00

-6.925.730,00

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

-297.088,00

-206.988,00

-447.163,00

-433.344,00

0,00

c) Works carried out by other companies: 40430

-265.307,00

-348.646,00

-356.276,00

-383.908,00

-520.223,00

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

0,00

5. Other operating income: 40500

25.380,00

31.480,00

42.480,00

47.529,00

5.088,00

a) Auxiliary income and other from current management: 40510

25.380,00

31.480,00

42.480,00

47.529,00

4.368,00

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

0,00

720,00

6. Personnel costs: 40600

-354.592,00

-388.621,00

-376.899,00

-338.371,00

-337.809,00

a) Wages, salaries et al.: 40610

-292.452,00

-322.378,00

-318.181,00

-291.271,00

-291.077,00

b) Social security costs: 40620

-62.140,00

-66.243,00

-58.718,00

-47.100,00

-46.732,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-748.830,00

-585.623,00

-630.333,00

-513.158,00

-428.805,00

a) External services: 40710

-743.183,00

-580.040,00

-622.060,00

-562.777,00

-403.685,00

b) Taxes: 40720

-5.647,00

-5.583,00

-8.273,00

-6.209,00

-25.120,00

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

0,00

d) Other current management expenditure : 40740

0,00

55.828,00

0,00

8. Amortisation of fixed assets: 40800

-103.999,00

-103.330,00

-101.181,00

-91.782,00

-90.211,00

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

-4.282,00

0,00

1.672,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-4.282,00

0,00

1.672,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

540,00

2.812,00

3.206,00

-17.404,00

18.243,00

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

86.015,00

104.789,00

62.676,00

200.787,00

65.583,00

14. Financial income : 41400

681,00

0,00

a) Of shares in equity instruments : 41410

681,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

681,00

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

-33.537,00

-32.185,00

-55.780,00

-65.023,00

-74.490,00

a) Amounts owed to Group companies and associates : 41510

0,00

-55.780,00

-65.023,00

0,00

b) For debts with third parties : 41520

-33.537,00

-32.185,00

0,00

-74.490,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

-18.241,00

-16.704,00

28.546,00

0,00

139.141,00

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

0,00

-35.004,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-51.097,00

-48.889,00

-27.234,00

-100.027,00

64.651,00

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

34.918,00

55.900,00

35.442,00

100.760,00

130.234,00

20. Income taxes: 41900

-9.381,00

-14.912,00

-7.088,00

-30.228,00

-42.326,00

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

25.537,00

40.988,00

28.354,00

70.532,00

87.908,00

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

0,00

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

25.537,00

40.988,00

28.354,00

70.532,00

87.908,00

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

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

EQUIVALENCIA

ORIGINAL

ASSETS

2011

2010

2009

2008

2007

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

1.302.694,00

1.409.820,00

1.435.102,00

1.371.088,00

1.029.237,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

5,00

204,00

149.893,00

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

5,00

204,00

799,00

6. Assets under capital leases:

0,00

168.942,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

-19.848,00

III. Tangible fixed assets:

1.257.694,00

1.334.820,00

1.435.097,00

1.370.884,00

879.344,00

1. Land and construction:

1.103.694,00

1.136.057,00

1.168.420,00

1.012.353,00

741.473,00

2. Technical installations and machinery:

118.082,00

152.404,00

204.478,00

239.788,00

435.320,00

3. Other installations, tools and furniture:

17.426,00

22.491,00

30.176,00

35.387,00

64.243,00

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

0,00

45.804,00

0,00

5. Other tangible assets:

18.492,00

23.868,00

32.023,00

37.552,00

68.174,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

-429.866,00

IV. Financial investments:

45.000,00

75.000,00

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. Long-term securities portfolio:

0,00

6. Other receivables:

45.000,00

75.000,00

0,00

7. Long term guarantees and deposits:

0,00

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

21.732,00

D) CURRENT ASSETS:

2.357.884,00

1.591.752,00

1.623.030,00

1.646.292,00

3.575.854,00

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

0,00

II. Stocks:

200.183,00

166.874,00

76.487,00

61.607,00

796.993,00

1. Goods for resale:

200.183,00

166.874,00

76.487,00

61.607,00

794.240,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

2.753,00

7. Provisions:

0,00

III. Debtors:

1.777.290,00

1.231.167,00

1.199.466,00

1.384.939,00

2.650.943,00

1. Trade debtors / accounts receivable:

1.708.356,00

1.069.196,00

1.080.421,00

1.248.439,00

2.656.699,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

8.596,00

13.864,00

46.665,00

5. Staff:

0,00

37.961,00

60.000,00

0,00

6. Public bodies:

60.338,00

115.414,00

50.449,00

122.636,00

55.689,00

7. Provisions:

0,00

-108.110,00

IV. Short-term investments:

58.032,00

7.626,00

34.094,00

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:

0,00

6. Other receivables:

0,00

34.094,00

0,00

7. Shor term guarantees and deposits:

58.032,00

7.626,00

34.094,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

321.817,00

185.523,00

312.421,00

165.090,00

127.337,00

VII. Prepayments and accrued income:

562,00

581,00

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

3.660.578,00

3.001.572,00

3.058.132,00

3.017.380,00

4.626.823,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2011

2010

2009

2008

2007

A) EQUITY:

899.152,00

873.544,00

813.285,00

778.859,00

708.327,00

I. Subscribed capital:

123.246,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

522.589,00

522.519,00

591.153,00

497.173,00

1. Legal reserve:

24.649,00

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:

497.940,00

497.870,00

566.504,00

472.524,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

227.780,00

186.791,00

70.532,00

87.908,00

0,00

1. Retained earnings:

227.780,00

186.791,00

70.532,00

87.908,00

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

25.537,00

40.988,00

28.354,00

70.532,00

87.908,00

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:

595.031,00

673.778,00

778.007,00

717.220,00

817.563,00

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:

595.031,00

673.778,00

778.007,00

717.220,00

805.763,00

1. Loans and other liabilities:

593.455,00

653.368,00

715.242,00

630.089,00

672.853,00

2. Long-term liabilities from capital leases:

1.576,00

20.410,00

62.765,00

87.131,00

132.910,00

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

11.800,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

11.800,00

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:

2.166.395,00

1.454.250,00

1.466.840,00

1.521.301,00

3.100.933,00

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:

633.449,00

272.514,00

288.604,00

337.777,00

1.011.412,00

1. Loans and other liabilities:

607.259,00

230.182,00

247.424,00

337.777,00

972.510,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

26.190,00

42.332,00

41.180,00

0,00

38.902,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.521.938,00

1.167.896,00

1.167.166,00

1.172.552,00

2.068.700,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

1.521.938,00

1.167.896,00

1.167.166,00

1.172.552,00

1.638.847,00

3. Debts represented by notes payable:

0,00

429.853,00

V. Other creditors:

11.008,00

13.840,00

11.070,00

10.972,00

20.821,00

1. Public bodies:

9.808,00

12.640,00

9.870,00

9.772,00

14.940,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

0,00

4.681,00

5. Guarantees and deposits received at short term:

1.200,00

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):

3.660.578,00

3.001.572,00

3.058.132,00

3.017.380,00

4.626.823,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2011

2010

2009

2008

2007

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

8.599.690,00

6.967.560,00

5.112.653,00

6.136.976,00

8.449.189,00

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

0,00

A.2. Supplies:

7.331.110,00

5.826.185,00

3.937.090,00

5.046.006,00

7.445.953,00

a) Stock consumption:

6.768.715,00

5.270.551,00

3.133.651,00

4.228.754,00

6.925.730,00

b) Consumption of raw materials and miscellaneous consumable ones:

297.088,00

206.988,00

447.163,00

433.344,00

0,00

c) Miscellaneous external expenditure:

265.307,00

348.646,00

356.276,00

383.908,00

520.223,00

A.3. Staff costs:

354.592,00

388.621,00

376.899,00

338.371,00

337.809,00

a) Wages, salaries et al.:

292.452,00

322.378,00

318.181,00

291.271,00

291.077,00

b) Social security costs:

62.140,00

66.243,00

58.718,00

47.100,00

46.732,00

A.4. Depreciation expense:

103.999,00

103.330,00

101.181,00

91.782,00

90.211,00

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

0,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

748.830,00

585.623,00

630.333,00

513.158,00

428.805,00

a) External services:

743.183,00

580.040,00

622.060,00

562.777,00

403.685,00

b) Taxes:

5.647,00

5.583,00

8.273,00

6.209,00

25.120,00

c) Other operating expenses:

0,00

-55.828,00

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):

85.475,00

101.977,00

63.752,00

218.191,00

45.668,00

A.7. Financial and similar charges:

33.537,00

32.185,00

55.780,00

100.027,00

74.490,00

a) Due to liabilities with companies of the group:

0,00

55.780,00

65.023,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

33.537,00

32.185,00

0,00

74.490,00

d) Losses from financial investments:

0,00

35.004,00

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

18.241,00

16.704,00

0,00

19.646,00

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

0,00

64.651,00

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

34.378,00

53.088,00

36.518,00

118.164,00

110.319,00

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

4.282,00

0,00

2.207,00

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

0,00

A.13. Extraordinary expenses:

0,00

17.404,00

7.742,00

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):

540,00

2.812,00

0,00

19.915,00

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

34.918,00

55.900,00

35.442,00

100.760,00

130.234,00

A.15. Corporation tax:

9.381,00

14.912,00

7.088,00

30.228,00

42.326,00

A.16. Miscellaneous taxes:

0,00

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

25.537,00

40.988,00

28.354,00

70.532,00

87.908,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2011

2010

2009

2008

2007

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

8.625.227,00

7.008.548,00

5.141.007,00

6.207.508,00

8.537.097,00

B.1. Net total sales:

8.565.317,00

6.883.869,00

5.012.288,00

6.159.979,00

8.073.617,00

a) Sales:

8.702.916,00

6.994.456,00

5.092.809,00

6.258.937,00

8.203.317,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-137.599,00

-110.587,00

-80.521,00

-98.958,00

-129.700,00

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

33.309,00

90.387,00

54.487,00

0,00

173.579,00

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

0,00

96.162,00

B.4. Miscellaneous operating income:

25.380,00

31.480,00

42.480,00

47.529,00

5.088,00

a) Auxiliary income and other from current management:

25.380,00

31.480,00

42.480,00

47.529,00

4.368,00

b) Grants:

0,00

720,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

681,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

681,00

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

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

B.8. Exchange positive differences:

0,00

28.546,00

0,00

158.787,00

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

51.097,00

48.889,00

27.234,00

100.027,00

0,00

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

0,00

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

0,00

3.879,00

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:

540,00

2.812,00

3.206,00

0,00

23.120,00

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

0,00

2.865,00

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

1.076,00

17.404,00

0,00

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

0,00

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

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.

2011

2010

2009

2008

2007

1. Fiscal year result before taxes.: 61100

34.918,00

55.900,00

35.442,00

100.760,00

130.234,00

2. Results adjustments.: 61200

155.777,00

152.219,00

132.697,00

191.809,00

25.560,00

a) Fixed Assets Amortization (+).: 61201

103.999,00

103.330,00

101.181,00

91.782,00

90.211,00

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

0,00

4.282,00

0,00

g) Financial income (-).: 61207

0,00

-158.787,00

h) Financial Expenses (+). : 61208

33.537,00

32.185,00

55.780,00

65.023,00

94.136,00

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

18.241,00

16.704,00

-28.546,00

35.004,00

0,00

3. Changes in current capital equity.: 61300

278.628,00

-153.946,00

104.964,00

653.288,00

-622.464,00

a) Stock (+/-).: 61301

33.309,00

-90.387,00

-14.880,00

327.355,00

-417.532,00

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

546.123,00

-67.256,00

185.473,00

1.231.909,00

-180.654,00

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

50.406,00

26.468,00

0,00

18,00

15,00

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

-351.210,00

-22.771,00

-5.288,00

-905.994,00

-2.634,00

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

0,00

-60.341,00

0,00

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

0,00

-21.659,00

4. Other cash flows for operating activities.: 61400

-42.918,00

-47.097,00

-62.868,00

-95.251,00

64.651,00

a) Interest payments (-). : 61401

-33.537,00

-32.185,00

-55.780,00

-65.023,00

-94.136,00

c) Interest collection (+). : 61403

0,00

158.787,00

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

-9.381,00

0,00

-7.088,00

-30.228,00

0,00

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

0,00

-14.912,00

0,00

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

426.405,00

7.076,00

210.235,00

850.606,00

-402.019,00

6. Payments for investment (-).: 62100

17.961,00

3.049,00

-172.971,00

-25.604,00

-215.423,00

b) Intangible fixed assets. : 62102

0,00

-119.975,00

c) Fixed assets. : 62103

17.961,00

3.049,00

-31.471,00

-25.604,00

-95.448,00

d) Real estate investment. : 62104

0,00

-141.500,00

0,00

7. Divestment payment collection (+). : 62200

0,00

3.500,00

0,00

c) Fixed assets. : 62203

0,00

3.500,00

0,00

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

17.961,00

3.049,00

-169.471,00

-25.604,00

-305.634,00

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

0,00

1,00

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

0,00

19.271,00

6.072,00

17.376,00

384.616,00

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

0,00

-384.615,00

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

-289.831,00

-120.319,00

78.022,00

-752.245,00

566.738,00

a) Issuance : 63201

-289.831,00

0,00

167.248,00

0,00

566.738,00

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

-289.831,00

0,00

167.248,00

0,00

387.969,00

4. Special characteristic debts (+). : 63205

0,00

166.969,00

5. Other debts (+). : 63206

0,00

11.800,00

b) Repayment and amortization of : 63207

0,00

-120.319,00

-89.226,00

-752.245,00

0,00

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

0,00

-120.319,00

-89.226,00

-752.245,00

0,00

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

0,00

28.546,00

0,00

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

-289.831,00

-120.319,00

106.568,00

-752.245,00

566.739,00

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

-18.241,00

-16.704,00

0,00

-35.004,00

0,00

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

136.294,00

-126.898,00

147.332,00

37.753,00

-140.914,00

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

185.523,00

312.421,00

165.089,00

1.035,00

268.251,00

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

321.817,00

185.523,00

312.421,00

65.090,00

127.337,00

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

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,02 %

0,00 %

-0,02 %

0,07 %

186,32 %

-97,85 %

EBITDA over Sales:

2,21 %

10,07 %

2,98 %

10,86 %

-25,83 %

-7,29 %

Cash Flow Yield:

0,04 %

0,00 %

-0,04 %

0,03 %

188,07 %

-97,80 %

Profitability

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

2,40 %

6,95 %

3,49 %

7,90 %

-31,23 %

-12,05 %

Total economic profitability:

1,87 %

4,16 %

2,93 %

4,48 %

-36,28 %

-7,04 %

Financial profitability:

2,84 %

5,84 %

4,69 %

6,72 %

-39,47 %

-13,14 %

Margin:

0,99 %

6,36 %

1,47 %

7,38 %

-32,53 %

-13,79 %

Mark-up:

0,40 %

4,72 %

0,77 %

5,94 %

-47,87 %

-20,68 %

Solvency

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,15

0,11

0,13

0,11

16,44

-4,70

Acid Test:

1,00

0,83

0,98

0,85

1,67

-2,56

Working Capital / Investment:

0,05

0,03

0,05

0,04

14,19

-34,16

Solvency:

1,09

1,16

1,09

1,19

-0,56

-2,28

Indebtedness

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,07

1,65

2,44

1,62

26,07

1,95

Borrowing Composition:

0,27

1,04

0,46

1,01

-40,72

2,84

Repayment Ability:

20,26

813,78

-16,77

17,75

220,82

4.484,56

Warranty:

1,33

1,61

1,41

1,63

-6,02

-0,84

Generated resources / Total creditors:

0,05

0,07

0,08

-30,83

-7,99

Efficiency

2011

2010

Variación 2011 - 2010

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,53

1,75

1,53

1,81

0,40

-3,31

Turnover of Collection Rights :

4,83

4,48

5,62

4,26

-13,95

5,32

Turnover of Payment Entitlements:

5,30

3,27

5,51

2,96

-3,83

10,47

Stock rotation:

42,49

6,06

40,83

5,54

4,06

9,38

Assets turnover:

2,41

1,09

2,37

1,07

1,93

2,03

Borrowing Cost:

1,21

2,92

1,51

2,63

-19,70

11,21

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

Cash Flow

2011

2010

2009

2008

2007

Cash Flow over Sales:

0,02 %

-0,02 %

0,03 %

0,61 %

-1,75 %

EBITDA over Sales:

2,21 %

2,98 %

3,29 %

5,03 %

1,68 %

Cash Flow Yield:

0,04 %

-0,04 %

0,05 %

1,25 %

-3,06 %

Profitability

2011

2010

2009

2008

2007

Operating economic profitability:

2,40 %

3,49 %

1,97 %

7,31 %

0,99 %

Total economic profitability:

1,87 %

2,93 %

2,98 %

5,49 %

4,45 %

Financial profitability:

2,84 %

4,69 %

3,49 %

9,06 %

12,41 %

Margin:

0,99 %

1,47 %

1,18 %

3,51 %

0,55 %

Mark-up:

0,40 %

0,77 %

0,64 %

-1,33 %

1,32 %

Solvency

2011

2010

2009

2008

2007

Liquidity:

0,15

0,13

0,21

0,11

0,04

Acid Test:

1,00

0,98

1,05

1,04

0,90

Working Capital / Investment:

0,05

0,04

0,10

Solvency:

1,09

1,11

1,08

1,15

Indebtedness

2011

2010

2009

2008

2007

Indebtedness level:

3,07

2,44

2,76

2,87

5,53

Borrowing Composition:

0,27

0,46

0,53

0,47

0,26

Repayment Ability:

20,26

-16,77

15,24

-2,99

5,70

Warranty:

1,33

1,41

1,36

1,35

1,18

Generated resources / Total creditors:

0,05

0,07

0,06

0,09

0,05

Efficiency

2011

2010

2009

2008

2007

Productivity:

1,53

1,44

1,92

1,40

Turnover of Collection Rights :

4,83

5,62

4,21

4,48

3,15

Turnover of Payment Entitlements:

5,30

5,51

3,93

4,70

3,81

Stock rotation:

42,49

40,83

65,25

97,22

10,42

Assets turnover:

2,41

2,37

1,67

2,08

1,81

Borrowing Cost:

1,21

1,51

2,48

2,90

1,90

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

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

Enquiry Details

Activity

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

TREND OF RATING

Probability of default

LEGAL CLAIMS

Link List

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Unit