MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	METROPOLITAN INDUSTRIAL AND TEXTILE SL
Registered Office :	C/ Del Tint, 1. - 08224   Terrassa  (Barcelona)
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	18.05.2010
Legal Form :	Private Company
Line of Business :	Wholesale of textiles
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Spain	A2	A2

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

Company NAME & SUMMARY

METROPOLITAN INDUSTRIAL AND TEXTILE SL

Registry Data	Register BARCELONA, Section 8, Sheet 395361
Incorporation Date	18/05/2010
Last Publication in BORME	01/04/2014 ()

Localization C/ DEL TINT, 1. - 08224   TERRASSA  (BARCELONA)

Telephone

931822775

Activity

CNAE	4641  /  Wholesale of textiles
CNAE activity classification (ANNUAL ACCOUNTS):	4641  /  Wholesale of textiles
Size	Medium
Published Trademarks	No
Audited / Opinion:	No
Tenders Won:	No
Subsidies Granted:	No
Quality Certificate:	No

Defaults, Legal Claims and Insolvency Proceedings

	Number	Amount	Last Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-
Defaults on debt with Financial Institutions and Large Companies	None	-
Legal and Administrative Proceedings	Unpublished	0 €	-
Notices of defaults and enforcement	Unpublished	0 €	-
Proceedings heard by the Labour Court	Unpublished	0 €	-

Key Financial Indicators in the award of credit

Main Financial Data	2012	2011	Change 2012 - 2011
Net total sales	15.804.829	10.924.857	44,67%
Gross margin	4,02%	4,88%	-17,58%
Gross Operating Results	510.354	463.013	10,22%
Indebtedness	0,85	2,35	-63,85%
Financial Year Result	296.566	358.840	-17,35%
Equity	658.253	361.687	82%
Cash Flow	-221.035	311.576	-170,94%
Working Capital	657.067	360.501	82,27%
Financial profitability	45,05%	99,21%	-54,59%
Economic Rate of Return	45,51%	38,25%	18,99%
Average payment term	0 days	90 days	-100%
Average Payment Collection Term	90 days	90 days	0%
Number of Employees	1	1	0%

ACTIVITY

NACE:	4641  /  Wholesale of textiles
Main Activity:	Wholesale of textiles
CNAE Source:	ANNUAL ACCOUNTS
Company size:	Medium

Staff

Financial Year	Permanent Employees	Temporary Employees
2012	0	1
2011	1	1

Staff distribution

Associations	Number of Employees 2011
COMMERCIAL AGENTS, SALESPEOPLE AND SIMILAR	1
TOTAL	1

ESTIMATED PROBABILITY OF DEFAULT

Section showing the probability that the company queried will not be able to meet the business obligations it takes on over the next 12 months, as well as a comparison against the average probability within the sector.

The Estimated Probability of Default should be interpreted as the number of companies (with similar profiles to that of the company queried) whose loans have turned non-performing or delinquent, as a percentage of the total number of companies..

Estimated Probability of Default (next 12 months):  0.517 %

Sector in which comparison is carried out :    464 Wholesale of household goods
Relative Position: Credit quality is superior to that of other companies in the same sector.

Most relevant data

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

The 99.00% of the companies of the sector METROPOLITAN INDUSTRIAL AND TEXTILE SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.517%.

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

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 Empresas and RAI).

Summary

There are no of outstanding debts with Public Administration bodies or resulting from claims filed by individuals before Courts of the different jurisdictions.

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

Chronological Summary

Proceedings and Stages	Number of Publications	Amount	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	-	-	-
Request/Declaration	0	-		-
Proceedings	0	-		-
Resolution	0	-		-
Defaults on debt with Financial Institutions and Large Companies	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	0
Notices of defaults and enforcement	0	0
Seizures	0	0
Auctions	0	0
Declarations of insolvency and bad debt	0	0
Proceedings heard by the Civil Court	Unpublished	0 €
Proceedings heard by the Labour Court	Unpublished	-

DETAILS.

DEFAULTS WITH FINANCIAL INSTITUTIONS AND LARGE COMPANIES Bank and Commercial Delinquency

No defaults are registered with the main local credit bureaus (ASNEF Empresas).

Product	Number of Defaults
MORTGAGE LOAN, PERSONAL LOAN	-
OVERDRAFT IN CURRENT ACCOUNT, CREDIT CARD, PRIVATE LABEL CARD OR DEBIT CARD	-
CREDIT POLICY, BUSINESS DISCOUNT	-
INSURANCE, RENTAL	-
LEASING, FACTORING, RENTING, CONFIRMING	-
TELECOMMUNICATIONS	-
AUTOMOBILE FINANCING, CAPITAL EQUIPMENT OR CONSUMER GOODS	-
COLLATERAL and GUARANTEES	-
Miscellaneous	-

Legal Notice:

This data has been obtained from consultation of the ASNEF Empresas register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

ACCOUNTS AND BALANCE SHEET RESULTS

Financial Years Presented

Financial Year	Type of Annual Accounts
2012	Normal	March  2013
2011	Normal	July  2012
2010	Normal	September  2011

La información del último Depósito de Cuentas contenida en el informe procede del REGISTRO MERCANTIL correspondiente al domicilio de la sociedad obtenida a fecha 31/12/2012

Balance en formato Abreviado de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2012  2011  2010  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012  2011  2010  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.

Assets	Code	2012	2011	2010
A) NON-CURRENT ASSETS	11000	1.187	1.187	0
I. Intangible fixed assets	11100	0	0	0
II. Tangible fixed assets	11200	0	0	0
III. Real estate investment	11300	0	0	0
IV. Long-term investments in Group companies and associates	11400	0	0	0
V. Long-term financial investments	11500	1.187	1.187	0
VI. Assets for deferred tax	11600	0	0	0
VII. Non-current trade debtors	11700	0	0	0
B) CURRENT ASSETS	12000	1.216.365	1.210.529	72.290
I. Non-current assets held for sale	12100	0	0	0
II. Stocks	12200	437.567	336.777	35.200
III. Trade debtors and others receivable accounts	12300	581.151	547.128	24.225
1.- Customers for sales and provisions of services	12380	559.043	508.875	20.550
a) Long-term receivables from sales and services supplied	12381	0	0	0
b) Customers for sales and provisions of services	12382	559.043	508.875	20.550
2.- Called up share capital	12370	0	0	0
3.- Other accounts receivable	12390	22.108	38.253	3.675
IV. Short-term investments in Group companies and associates	12400	0	0	0
V. Short-term financial investments	12500	95.000	0	0
VI. Short-term accruals	12600	0	2.941	760
VII. Cash and other equivalent liquid assets	12700	102.647	323.683	12.106
TOTAL ASSETS (A + B)	10000	1.217.552	1.211.715	72.290

Liabilities and Net Worth	Code	2012	2011	2010
A) NET WORTH	20000	658.253	361.687	2.847
A1) Shareholders' equity	21000	658.253	361.687	2.847
I. Capital	21100	289.536	3.016	3.016
1.- Registered capital	21110	289.536	3.016	3.016
2.- (Uncalled capital)	21120	0	0	0
II. Share premium	21200	0	0	0
III. Reserves	21300	72.151	0	0
IV. (Common stock equity)	21400	0	0	0
V. Profit or loss brought forward	21500	0	-169	0
VI. Other shareholders' contributions	21600	0	0	0
VII. Result of the period	21700	296.566	358.840	-169
VIII. (Interim dividend)	21800	0	0	0
IX. Other net worth instruments	21900	0	0	0
A2) Adjustments due to changes in value	22000	0	0	0
A-3) Received subsidies, donations and legacies	23000	0	0	0
B) NON-CURRENT LIABILITIES	31000	0	0	0
I. Long-term provisions	31100	0	0	0
II. Long-term creditors	31200	0	0	0
1.- Amounts owed to credit institutions	31220	0	0	0
2.- Creditors from financial leasing	31230	0	0	0
3.- Other long-term creditors	31290	0	0	0
III. Long-term debts with Group companies and associates	31300	0	0	0
IV. Liabilities for deferred tax	31400	0	0	0
V. Long-term accruals	31500	0	0	0
VI. Non-current trade creditors	31600	0	0	0
VII. Special long-term debts	31700	0	0	0
C) CURRENT LIABILITIES	32000	559.298	850.028	69.443
I. Liabilities linked to non-current assets held for sale	32100	0	0	0
II. Short-term provisions	32200	0	0	0
III. Short-term creditors	32300	325.208	379.651	69.102
1.- Amounts owed to credit institutions	32320	316.280	379.651	0
2.- Creditors from financial leasing	32330	0	0	0
3.- Other short-term creditors	32390	8.928	0	69.102
IV. Short-term debts with Group companies and associates	32400	0	0	0
V. Trade creditors and other accounts payable	32500	234.090	470.377	342
1.- Suppliers	32580	75.685	284.548	0
a) Long-term debts	32581	0	0	0
b) Short-term debts	32582	75.685	284.548	0
2.- Other creditors	32590	158.406	185.829	342
VI. Short-term accruals	32600	0	0	0
VII. Special short-term debts	32700	0	0	0
TOTAL NET WORTH AND LIABILITIES (A + B + C)	30000	1.217.552	1.211.715	72.290

Profit and Loss	Code	2012	2011	2010
1. Net turnover	40100	15.804.829	10.924.857	143.883
2. Changes in stocks of finished goods and work in progress	40200	0	0	0
3. Works carried out by the company for its assets	40300	0	0	0
4. Supplies	40400	-14.468.404	-9.807.670	-130.642
5. Other operating income	40500	0	0	0
6. Personnel costs	40600	-124.893	-69.766	0
7. Other operating costs	40700	-701.178	-584.409	-13.474
8. Amortisation of fixed assets	40800	0	0	0
9. Allocation of subsidies of non-financial fixed assets and other	40900	0	0	0
10. Excess provisions	41000	0	0	0
11. Impairment and result of transfers of fixed assets	41100	0	0	0
12. Negative difference in combined businesses	41200	0	0	0
13. Other results	41300	-35.000	-4.312	0
A) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	49100	475.354	458.701	-233
14. Financial income	41400	75	48	0
a) Allocation of financial subsidies, donations and legacies	41430	0	0	0
b) Other financial income	41490	75	48	0
15. Financial expenditure	41500	-36.476	-7.867	-134
16. Changes in fair value of financial instruments	41600	0	0	0
17. Exchange rate differences	41700	-15.256	40.246	198
18. Impairment and result for transfers of financial instruments	41800	0	0	0
19. Other financial income and expenditure	42100	0	0	0
a) Incorporation of financial expenditure to assets	42110	0	0	0
b) Financial income from arrangement with creditors	42120	0	0	0
c) Other income and expenditure	42130	0	0	0
B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19)	49200	-51.657	32.427	64
C) NET RESULT BEFORE TAXES (A + B)	49300	423.697	491.128	-169
20. Income taxes	41900	-127.131	-132.288	0
D) RESULT OF THE PERIOD (C + 20)	49500	296.566	358.840	-169

DIAGNOSTICO ECONOMICO-FINANCIERO

 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		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Cash Flow over Sales	-0,01 %	-0,01 %	0,03 %	-0,01 %	-149,04 %	49,60 %
EBITDA over Sales	3,23 %	-0,99 %	4,24 %	0,78 %	-23,81 %	-227,59 %
Cash Flow Yield	-0,18 %	-0,01 %	0,26 %	-0,01 %	-170,60 %	46,78 %

Profitability	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Operating economic profitability	45,51 %	-2,81 %	38,25 %	-0,72 %	18,99 %	-289,79 %
Total economic profitability	37,79 %	-1,98 %	41,18 %	-0,31 %	-8,22 %	-530,52 %
Financial profitability	45,05 %	-9,03 %	99,21 %	-5,09 %	-54,59 %	-77,42 %
Margin	3,23 %	-2,37 %	4,24 %	-0,65 %	-23,81 %	-266,15 %
Mark-up	2,90 %	-4,09 %	4,53 %	-2,28 %	-36,00 %	-78,97 %

Solvency	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Liquidity	0,18	0,15	0,38	0,16	-51,80 %	-7,47 %
Acid Test	1,39	0,86	1,02	0,85	35,92 %	1,67 %
Working Capital / Investment	0,54	0,26	0,30	0,26	81,39 %	0,99 %
Solvency	2,17	1,63	1,42	1,61	52,71 %	1,48 %

Indebtedness	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Indebtedness level	0,85	1,51	2,35	1,64	-63,85 %	-7,81 %
Borrowing Composition	0,00	0,32	0,00	0,36		-11,47 %
Repayment Ability	-2,53	-112,48	2,73	-61,83	-192,75 %	-81,92 %
Warranty	2,18	1,67	1,43	1,61	52,71 %	3,29 %
Generated resources / Total creditors	0,53	-0,03	0,42	-0,01	25,61 %	-427,84 %

Efficiency	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Productivity	5,09	0,92	7,64	1,06	-33,40 %	-12,79 %
Turnover of Collection Rights	27,20	3,86	19,97	3,81	36,20 %	1,39 %
Turnover of Payment Entitlements	64,80	3,02	22,09	2,95	193,32 %	2,65 %
Stock rotation	34,95	3,29	31,06	3,01	12,52 %	9,11 %
Assets turnover	14,09	1,19	9,02	1,12	56,17 %	6,46 %
Borrowing Cost	6,52	2,58	0,93	2,41	604,67 %	7,41 %

Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010)

Cash Flow	2012	2011	2010
Cash Flow over Sales	-0,01 %	0,03 %	0,08 %
EBITDA over Sales	3,23 %	4,24 %	-0,16 %
Cash Flow Yield	-0,18 %	0,26 %	0,17 %

Profitability	2012	2011	2010
Operating economic profitability	45,51 %	38,25 %	-0,32 %
Total economic profitability	37,79 %	41,18 %	-0,05 %
Financial profitability	45,05 %	99,21 %	-5,94 %
Margin	3,23 %	4,24 %	-0,16 %
Mark-up	2,90 %	4,53 %	-0,12 %

Solvency	2012	2011	2010
Liquidity	0,18	0,38	0,17
Acid Test	1,39	1,02	0,52
Working Capital / Investment	0,54	0,30	0,04
Solvency	2,17	1,42	1,04

Indebtedness	2012	2011	2010
Indebtedness level	0,85	2,35	24,39
Borrowing Composition	0,00	0,00	0,00
Repayment Ability	-2,53	2,73	5,74
Warranty	2,18	1,43	1,04
Generated resources / Total creditors	0,53	0,42	0,00

Efficiency	2012	2011	2010
Productivity	5,09	7,64
Turnover of Collection Rights	27,20	19,97	5,94
Turnover of Payment Entitlements	64,80	22,09	421,68
Stock rotation	34,95	31,06	4,09
Assets turnover	14,09	9,02	1,99
Borrowing Cost	6,52	0,93	0,19

SECTOR-BASED BALANCE COMPARISON

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

	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
ASSETS	1.217.552	1.463.092	1.211.715	1.458.674	0,48 %	0,30 %
NON-CURRENT ASSETS	1.187	418.203	1.187	420.976	0,00 %	-0,66 %
TANGIBLE FIXED ASSETS	0	244.464	0	263.876		-7,36 %
Inmovilizado Intangible	0	19.507	0	20.025		-2,59 %
Other Non-current Asset	1.187	154.231	1.187	137.075	0,00 %	12,52 %
CURRENT ASSETS	1.216.365	1.044.889	1.210.529	1.037.698	0,48 %	0,69 %
Stock	437.567	465.246	336.777	470.939	29,93 %	-1,21 %
Debtors	581.151	399.971	547.128	379.491	6,22 %	5,40 %
Cash flow	102.647	98.945	323.683	106.756	-68,29 %	-7,32 %
Another Current Asset	95.000	80.728	2.941	80.511	3.130,22 %	0,27 %

	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
NET ASSETS AND LIABILITIES	1.217.552	1.463.091	1.211.715	1.458.674	0,48 %	0,30 %
Net Worth	658.253	581.333	361.687	551.489	82,00 %	5,41 %
Capital and Share Premiums	289.536	292.785	3.016	246.329	9.500,00 %	18,86 %
Reserves	72.151	453.356	0	420.121		7,91 %
Other Net Assets	0	-112.348	-169	-86.912	100,00 %	-29,27 %
Financial Year Result	296.566	-52.460	358.840	-28.049	-17,35 %	-87,03 %
NON-CURRENT LIABILITIES	0	214.096	0	241.874		-11,48 %
Long-term debts incurred with companies of the group and affiliates	0	56.892	0	32.194		76,71 %
Other Long-term Debts	0	157.204	0	209.680		-25,03 %
CURRENT LIABILITIES	559.298	667.663	850.028	665.311	-34,20 %	0,35 %
Trade Creditors	234.090	432.145	470.377	419.844	-50,23 %	2,93 %
Short-term debts incurred with companies of the group and affiliates	0	27.642	0	26.830		3,03 %
Deudas a Corto Plazo	325.208	207.875	379.651	218.637	-14,34 %	-4,92 %

	2012		2011		Change 2012 - 2011
	Company	Sector	Company	Sector	Company	Sector
Net total sales	15.804.829	1.479.859	10.924.857	1.397.157	44,67 %	5,92 %
+ Other Operating Income	0	18.773	0	13.815		35,89 %
= OPERATING INCOMES	15.804.829	1.498.632	10.924.857	1.410.972	44,67 %	6,21 %
- Miscellaneous operating expenses	-701.178	-247.507	-584.409	-233.438	-19,98 %	-6,03 %
- Operating consumption	-14.468.404	-1.073.458	-9.807.670	-981.810	-47,52 %	-9,33 %
= COMPANY ADDED VALUE	635.247	177.667	532.779	195.723	19,23 %	-9,23 %
- Staff costs	-124.893	-192.386	-69.766	-184.832	-79,02 %	-4,09 %
= GROSS OPERATING RESULT	510.354	-14.719	463.013	10.891	10,22 %	-235,14 %
-Amortizaciones de Inmovilizado	0	-16.313	0	-19.003		14,15 %
- Turnover provisions variation	0	128	0	10		1.213,97 %
+ Obsolescence and Results from Disposal of Fixed Assets and Others	0	-4.549	0	-1.064		-327,51 %
+ Other Results	-35.000	9.630	-4.312	5.886	-711,74 %	63,62 %
= OPERATING RESULT	475.354	-25.823	458.701	-3.231	3,63 %	-699,32 %
+ Financial income	-15.182	3.602	40.294	3.076	-137,68 %	17,10 %
- Financial expenditure	-36.476	-22.750	-7.867	-21.766	-363,65 %	-4,52 %
- Obsolescence and Variation of Financial Instruments	0	-6.647	0	-4.414		-50,59 %
= RESULT BEFORE TAXES	423.697	-51.618	491.128	-26.334	-13,73 %	-96,01 %
- Corporation tax	-127.131	-842	-132.288	-1.715	3,90 %	50,87 %
+Resultado del ejercicio procedente de operaciones interrumpidas neto de impuestos	0	0	0	0
= FINANCIAL YEAR RESULT	296.566	-52.460	358.840	-28.049	-17,35 %	-87,03 %

STATEMENT OF CHANGES IN NET WORTH

 Trend of Net Worth

Total statement of changes in equity	2010	2011	2012
Authorized	3.016	3.016	289.536
Reserves	0	0	72.151
Previous Fiscal Years' Results	0	-169	0
Financial Year Result	-169	358.840	296.566
Total	2.847	361.687	658.253

Profit and Loss Statement submitted in the fiscal year.

Source of data

Data is taken from the annual Profit and Loss Statement submitted by the company in its Annual Accounts for the fiscal year [ejercicio del balances].

Abridged Statement of income and expense acknowledged in the fiscal year	2012	2011
A) RESULT IN PROFIT AND LOSS ACCOUNT	296.566	358.840
I. Due to valuation of financial instruments	0	0
II. For coverage of cash flow	0	0
III. Grants, donations and bequests received	0	0
IV. Due to actuarial profits and losses and other adjustments.	0	0
V. Due to non-current assets and linked liabilities, held for sales	0	0
VI. Conversion differences.	0	0
VII. Tax effect	0	0
B) TOTAL INCOME AND EXPENSE DIRECTLY ALLOCATED TO NET ASSETS (I + II + III + IV + V + VI + VII)	0	0
VIII. Due to valuation of financial instruments	0	0
IX. For coverage of cash flow	0	0
X. Grants, donations and bequests received	0	0
XI. Due to non-current assets and linked liabilities, held for sales	0	0
XII. Conversion differences.	0	0
XIII. Tax effect.	0	0
C) TOTAL TRANSFERS MADE TO PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI + XII + XIII)	0	0
TOTAL INCOME AND EXPENSE ACKNOWLEDGED (A + B + C)	296.566	358.840

Statement of Changes in Net Worth

Source of data

 Data is taken from the annual Profit and Loss Statement submitted by the company in its Annual Accounts for the fiscal year [ejercicio del balances].

Abridge statement of changes in Equity		Total	Total	Total	Total	Total
A) BALANCE, AS OF END OF FISCAL YEAR 2010	511	3.016	0	0	-169	2.847
I. Adjustments due to criteria changes in fiscal year 2010 and previous ones	512	0	0	0	0	0
II. Adjustments due to errors in fiscal year 2010 and previous ones	513	0	0	0	0	0
B) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2011	514	3.016	0	0	-169	2.847
I. Total income and expense acknowledged	515	0	0	0	358.840	358.841
II. Transactions with partners or owners	516	0	0	0	0	0
1.- Capital increases	517	0	0	0	0	0
2.- (-) Capital reductions	518	0	0	0	0	0
3.- Other transactions with partners or owners	526	0	0	0	0	0
III. Other net assets variations	524	0	0	-169	169	0
C) BALANCE, AS OF END OF FISCAL YEAR 2011	511	3.016	0	-169	358.840	361.687
I. Adjustments due to criteria changes in fiscal year 2011	512	0	0	0	0	0
II. Adjustments due to errors in fiscal year 2011	513	0	0	0	0	0
D) ADJUSTED BALANCE, AS OF BEGINNING OF FISCAL YEAR 2012	514	3.016	0	-169	358.841	361.687
I. Total income and expense acknowledged	515	0	0	0	296.566	296.566
II. Transactions with partners or owners	516	286.520	-286.520	0	0	0
1.- Capital increases	517	286.520	-286.520	0	0	0
2.- (-) Capital reductions	518	0	0	0	0	0
3.- Other transactions with partners or owners	526	0	0	0	0	0
III. Other net assets variations	524	0	358.672	169	-358.840	0
E) BALANCE, AS OF END OF FISCAL YEAR 2012	525	289.536	72.151	0	296.566	658.253

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.

	Code	2012	2011	2010
1. Fiscal year result before taxes.	61100	423.697	491.128	-169
2. Results adjustments.	61200	36.401	7.819	134
g) Financial income (-).	61207	-75	-48	0
h) Financial Expenses (+).	61208	36.476	7.867	134
3. Changes in current capital equity.	61300	-590.290	-488.914	-59.842
a) Stock (+/-).	61301	-100.790	-301.577	-35.200
d) Debtors and other accounts receivable (+/-).	61302	-34.023	-522.904	-24.225
c) Other current assets (+/-).	61303	-92.059	-2.181	-760
d) Creditors and other accounts payable (+/-).	61304	-363.418	337.748	342
4. Other cash flows for operating activities.	61400	-36.401	-7.819	-134
a) Interest payments (-).	61401	-36.476	-7.867	-134
c) Interest collection (+).	61403	75	48	0
5. Operating activity cash flows (1 + 2 + 3 + 4)	61500	-166.593	2.214	-60.011
6. Payments for investment (-).	62100	0	-1.187	0
e) Other financial assets.	62105	0	-1.187	0
7. Divestment payment collection (+).	62200	0	0	0
8. Investment activity cash flows (6 + 7) minus Amortization	62300	0	-1.187	0
9. Payment collection and payments for equity instruments.	63100	0	0	3.016
a) Issuance of equity instruments (+).	63101	0	0	3.016
10. Payment collection and payments for financial liabilities instruments.	63200	-54.443	310.549	69.102
a) Issuance	63201	8.928	379.651	69.102
2. Debts incurred with credit institutions (+).	63203	0	379.651	0
5. Other debts (+).	63206	8.928	0	69.102
b) Repayment and amortization of	63207	-63.371	-69.102	0
2. Debts incurred with credit institutions (-).	63209	-63.371	0	0
5. Other debts (-).	63212	0	-69.102	0
11. Payments from dividends and remunerations from other assets instruments.	63300	0	0	0
12. Cash flows for financing activities (9+10+11).	63400	-54.443	310.549	72.118
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO	64000	0	0	0
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D)	65000	-221.035	311.576	12.106
Cash or equivalent assets as of beginning of the fiscal year.	65100	323.683	12.106	0
Cash or equivalent assets as of end of the fiscal year.	65200	102.647	323.683	12.106

FINANCING SOURCES

Bank

At Year End  2011

Financial Entity	CAJA DE AHORROS Y MONTE DE PIEDAD DE BARCELONA (LA CAIXA)
Type of product	POLIZA DE CREDITO
Limit granted	1.500.000,00 Euros
Balance at closure	296.216,19 Euros
Source	Foot notes to the Balance 2011 of METROPOLITAN INDUSTRIAL AND TEXTILE SL

Financial Entity	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Type of product	POLIZA DE CREDITO
Limit granted	400.000,00 Euros
Balance at closure	83.434,60 Euros
Source	Foot notes to the Balance 2011 of METROPOLITAN INDUSTRIAL AND TEXTILE SL

Financial Entity	DEUTSCHE BANK, S.A.E.
Type of product	POLIZA DE CREDITO
Limit granted	225.000,00 Euros
Notes	No existe saldo dispuesto.
Source	Foot notes to the Balance 2011 of METROPOLITAN INDUSTRIAL AND TEXTILE SL

REGISTRY DATA

Mercantile Registry:	BARCELONA
Register Data:	8 Hoja Registral: 395361
Date of formation:	18/05/2010
Corporate Purpose published in the Borme:	LA NEGOCIACION,SUSCRIPCION Y EJECUCION DE TODA CLASE DE CONTRATOS DE COMERCIO AL POR MAYOR EN MATERIA TEXTIL (MATERIA PRIMA,PRODUCTOS SEMIELABORADOS Y/O TERMINADOS,EXPORTACION DE MAQUINARIA TEXTIL,ETC. NEGOCIACION,SUSCRIPCION,COMERCIALIZACION E INTERMEDIACION DE TODA CLASE DE CONTRATOS DE COMERCIO AL POR MAYOR,EN LA MAQUINARIA PARA EL RECICLAJE DE TODA CLASE DE MATERIALES,SUS ACCESORIOS Y RECAMBIOS, . FECHA DE PUBLICACION 25/03/2014
Registered Office:	C/ DEL TINT, 1.   BARCELONA

CHRONOLOGICAL SUMMARY

Note:    Important       Very Important

2010	Appointments/ Re-elections (1) Company Formation (1)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (1)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Increase of Capital (1)
2013	Accounts deposit (ejer. 2012) Increase of Capital (1) Statutory Modifications (1)
2014	Change of Social Purpose (1)

MAIN HISTORIC CHANGES

Concept	Publication	Act	Date
Corporate Purpose Changes:	LA NEGOCIACION,SUSCRIPCION Y EJECUCION DE TODA CLASE DE CONTRATOS DE COMERCIO AL POR MAYOR EN MATERIA TEXTIL (MATERIA PRIMA,PRODUCTOS SEMIELABORADOS Y/O TERMINADOS,EXPORTACION DE MAQUINARIA TEXTIL,ETC	Company Formation	01/06/2010

BREAKDOWN OF OWNERS EQUITY

Current Notarised Capital:	618.280   EUROS
Current Paid-up Capital:	618.280   EUROS

UPDATED EVOLUTION OF THE SUBSCRIBED AND PAID-IN CAPITAL

Inscription date	Type of Registration	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
04/04/2013	Increase of Capital	328.744€	328.744€	618.280€	618.280€
13/08/2012	Increase of Capital	286.520€	286.520€	289.536€	289.536€
20/05/2010	Company Formation	3.016€	3.016€	3.016€	3.016€

ACTIVE SOCIAL BODIES

Órganos Sociales Activos - Total: 3

Cargo publicado	Nombre Órgano Social	Fecha Nombramiento	Otros Cargos en esta Sociedad
SINGLE ADMINISTRATOR	ANTONIO CESAREO SANTACREU BORONAT	20/05/2010	1
PROXY	JOAN MASRAMON CARITG	16/06/2011	1
ACCOUNTS' AUDITOR / HOLDER	ACAUDIT AUDITORES SOCIEDAD LIMITADA	02/07/2012	1

VINCULACIONES Y ANALISIS DE LA INFLUENCIA

Summary of business environment influence:

PROBABILITY OF DEFAULT

	TOTAL	Maximum	High	Moderate	Minimal	Unclassified
Shareholders	1					1

Full description of business environment influence :

Shareholders

Entity	Capital share	Status	Size	Liquidity	Solvency	Indebtedness level	Probability of Default
SANTACREU BORONAT ANTONIO CESAREO

REMUNERATION

  WAGES AND SALARIES EARNED BY MEMBERS OF THE BOARD OF DIRECTORS DURING THE FISCAL YEAR 2011 AMOUNT TO 51.881,68 EUROS OF REMUNERATION IN THE FORM OF WAGES AND PROFESSIONAL FEES.

INFORMACION MEDIOAMBIENTAL

In the Memory of this company corresponding to the year 2011 there are no of investments intended for the protection of the Environment during such fiscal year

SECTORS OF INTEREST THAT HAVE CONSULTED THIS ENTERPRISE

Sector	2011 (3)	2012 (7)	2013 (7)	2014 (5)
WHOLESALERS AND MIDDLEMEN		3	2	1
AUDITORS, ECONOMISTS AND CONSULTANTS			4	2
INSURANCE AND FINANCIAL SERVICES		3	1
TEXTILE, TAILORING, FURRIERY AND FOOTWARE	2	1
MARKETING/PUBLICITY AND PUBLIC RELATIONS				2
INDIVIDUALS	1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NNA

RATING EXPLANATIONS

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

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

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

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

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

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