MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	EFI CRETAPRINT SL

Registered Office :	P.I. Ramonet, Crta. N340, Km 970. - Almazora/Almassora - 12550 - Castellon

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	21.01.2000

Legal Form :	Private Company

Line of Business :	Engaged in manufacturing and sale of equipment (printers rotating tiles, supplies, accessories, inkjet printers and plotters for ceramics). Subject product ranges includes Digital Production Printing · Fiery Digital Print Servers · Fiery Command WorkStation · Fiery Workflow Suite · Fiery Integration · Fiery Dashboard · EFI MicroPress · Office/Retail Solutions Enterprise Products · PrintMe Mobile Printing · Fiery MFP Controllers Inkjet Printing · VUTEk Superwide Printers · EFI Wide Format Printers · Jetrion Digital Label Printers · Cretaprint Ceramic Tile Printers · Fiery Servers and Software for Production/Proofing · EFI Inks EFI Intelligent Automated Products · Understand how EFI products work together

No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 :	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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Spain

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

Spain ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:

EFI CRETAPRINT SL

NIF / Fiscal code:

B82480377

Status:

ACTIVE

Incorporation Date:

21/01/2000

Legal Form :

Private Company

Register Data

Last Publication in BORME:

26/08/2014 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

3.005,06

Localization:

P.I. RAMONET, CRTA. N340, KM 970. - ALMAZORA/ALMASSORA - 12550 - CASTELLON

Telephone - Fax - Email - Website:

Ph.:. 902 118 996 / 964 340 264 Website. www.cretaprint.com

Activity:

Engaged in manufacturing and sale of equipment (printers rotating tiles, supplies, accessories, inkjet printers and plotters for ceramics).

Product details :-

Digital Production Printing

· Fiery Digital Print Servers

· Fiery Command WorkStation

· Fiery Workflow Suite

· Fiery Integration

· Fiery Dashboard

· EFI MicroPress

· Office/Retail Solutions

Enterprise Products

· PrintMe Mobile Printing

· Fiery MFP Controllers

Inkjet Printing

· VUTEk Superwide Printers

· EFI Wide Format Printers

· Jetrion Digital Label Printers

· Cretaprint Ceramic Tile Printers

· Fiery Servers and Software for Production/Proofing

· EFI Inks

EFI Intelligent Automated Products

· Understand how EFI products
work together

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:

Risk:

Adequate capacity to meet its financial obligations.

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ELECTRONICS FOR IMAGING (LUXEMBOURG) SARL

100 %

Identification

Social Denomination:

EFI CRETAPRINT SL

NIF / Fiscal code:

B82480377

Corporate Status:

ACTIVE

Start of activity:

2000

Registered Office:

P.I. RAMONET, CRTA. N340, KM 970.

Locality:

ALMAZORA/ALMASSORA

Province:

CASTELLON

Postal Code:

12550

Telephone:

902 118 996 / 964 340 264

Fax:

964 256 211

Website:

www.cretaprint.com

Activity

NACE:

2899

CNAE Obtaining Source:

2899

Additional Information:

It is engaged in the manufacture and sale of equipment (printers rotating tiles, supplies, accessories, inkjet printers and plotters for ceramics).

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

2000

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Company Formation (1) Other Concepts/ Events (1)

2002

Accounts deposit (ejer. 2000)

2003

Accounts deposit (ejer. 2001, 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

2007

Accounts deposit (ejer. 2006)

2010

Accounts deposit (ejer. 2007, 2008) Cessations/ Resignations/ Reversals (1) Change of Social address (2)

2011

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

2012

Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (3) Statutory Modifications (2) Take-over Merger (4)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Change of Social address (1) Statutory Modifications (2)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

LA DISTRIBUCION, VENTA, COMPRA Y PROMOCION PARA LA VENTA DE CUALQUIER TIPO DE SOFTWARE, HARDWARE O CUALQUIER OTRO TIPO DE MATERIAL INFORMATICO

Company Formation

28/03/2000

Breakdown of Owners' Equity

Registered Capital:

3.005,06

Paid up capital:

3.005,06

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

14/03/2000

Company Formation

3.005

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

ELECTRONICS FOR IMAGING LUXEMBOURG SARL

20/11/2006

JOINT MANAGER

GREEN BRANDON WEGNER

30/01/2013

KO BRYAN SEUK

30/01/2013

COMBINED PROXY

ARMAIZ AMADOR SANTIAGO

21/07/2014

AGUDO CARDO EVA

21/07/2014

JOINT ATTORNEY

DEL CAMPO LOPEZ INMACULADA

15/03/2013

DE CUETO MORENO MANUEL

16/08/2012

GOMEZ CUETARA MARTINEZ ISABEL

16/08/2012

ROMERO CABELLO DE ALBA MANUEL

16/08/2012

NAVARRO MARTINEZ AVIAL GONZALO

16/08/2012

MOLINA CUBILLO BELEN

16/08/2012

JOINT ATTORNEY/COMBINED PROXY

BLASCO CLARET VICTOR IGNACIO

21/07/2014

ROMERO ARTIGAS ELISA

21/07/2014

PROXY

TERCERO SANCHEZ JUAN JOSE

12/08/2014

GREEN BRANDON WEGNER

02/01/2012

WESSEL JOHANNES CORNELIS

02/01/2012

DEN HARTOG DE REUS MARJOLIJN JANNETTE

02/01/2012

MEIJER MIA KRISTIN

02/01/2012

CRIPPS JR PAUL ARNOLD

02/01/2012

PILETTE VINCENT JEAN CLAUDE

02/01/2012

ELECTRONICS FOR IMAGING INC

02/01/2012

GRANT THORNTON ASESORES SL

27/07/2011

LOPEZ PELEGRIN DE SIMON ALFONSO

27/07/2011

ACCOUNTS' AUDITOR / HOLDER

PRICEWATERHOUSECOOPERS AUDITORES SL

21/02/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AEC AUDITORES SLP

ACCOUNTS' AUDITOR / HOLDER

21/02/2014

AGUDO CARDO EVA

COMBINED PROXY

21/07/2014

ARNALDO ALBUJAR JOSE ANTONIO

JOINT ATTORNEY

27/07/2011

BLASCO CLARET VICTOR IGNACIO

JOINT ATTORNEY/COMBINED PROXY

21/07/2014

BORRALLO PEREZ COCA PAULINO

PROXY

16/10/2006

CEPRIA CARLAMPIO SERGIO

COMBINED PROXY

09/06/2014

JOINT ATTORNEY

09/07/2013

CEREZO MIRANDA PALOMA ISABEL

PROXY

16/10/2006

CUTTS JOE

JOINT MANAGER

19/08/2010

ELECTRONICS FOR IMAGING INC

SINGLE PARTNER

11/11/2003

ELECTRONICS FOR IMAGING INVESTMENTS BV

SINGLE PARTNER

20/11/2006

FISCHER ROBERT

PROXY

27/07/2011

FISHER KLAUS BERND

PROXY

27/07/2011

LEE MARK

SINGLE ADMINISTRATOR

06/06/2000

LOJO ELCID AGUSTIN

PROXY

16/10/2006

MALLOZZI FRANK

JOINT MANAGER

30/01/2013

MATAMOROS UZ IGNACIO

PROXY

15/03/2013

JOINT ATTORNEY

09/07/2013

JOINT ATTORNEY/COMBINED PROXY

21/07/2014

MORENO GARCIA LUISA

PROXY

19/11/2003

OLIVIER PIERRE

PROXY

27/07/2011

ROSENZWEIG FRED

SINGLE ADMINISTRATOR

27/11/2000

JOINT MANAGER

30/01/2013

SANCHEZ HIJANO MARIA DE LAS MERCEDES

JOINT ATTORNEY

27/07/2011

VILA HERRERO ALBERTO FERNANDO

PROXY

19/11/2003

Executive board

Post

NIF

Name

ADMINISTRATOR

KO BRYAN SEUK

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

---

30/09/2013

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 scoring

Positive Factors

Adverse Factors

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

It is one of the major domestic companies in terms of sales volume.

EFI CRETAPRINT SL 's borrowing cost is appropriate according to its volume of external financing sources.

Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2012 which means that the company's financial situation has improved.

It presents a efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses.

Presents legal proceedings. Debts resulting from non-payment to Public Administrations or from lawsuits filed by individuals before the Courts of the different jurisdictions have been published in the Official Gazettes.

EFI CRETAPRINT SL it presents an excessive indebtedness that may compromise their balance sheet.

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

The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation.

EFI CRETAPRINT SL 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient.

Probability of default

> Estimated Probability of Default for the next 12 months: 1.551 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

289 Manufacture of other special-purpose machinery

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 82.00% of the companies of the sector EFI CRETAPRINT 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 1.551%.

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.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

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 MADRID - Date 30/09/2013

Last Published Stage:

SEIZURE

Record Number:

13263041312

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº7020, 2013 PAGINA 300

Guarantees

Suppliers

	Name
	DECOROIL
	SMALTICERAM
	FERRO
	DIGITAL SOLUTIONS
	VERNIS
	SALQUISA
	COLOR ESMALT SA

Link List

ABSORBS TO:

1 Entities

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

3 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ELECTRONICS FOR IMAGING (LUXEMBOURG) SARL

100

EFI-CRETAPRINT DEVELOPMENT SL

CASTELLON

100

CRETAPRINT MEXICO, S.L.

PARTICIPATES IN

CRETA PRINT SL

CASTELLON

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

ELECTRONICS FOR IMAGING (LUXEMBOURG) SARL

ELECTRONICS FOR IMAGING INC (EEUU)

ABSORBS TO

CRETA PRINT SL

CASTELLON

HAS IN ITS ADMINISTRATION BOARD TO

GRANT THORNTON ASESORES SLP

BARCELONA

Turnover

Total Sales 2013

60.426.476,03

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

September 2014

2012

Normales

January 2013

2011

Normales

August 2012

2010

Normales

January 2012

2009

Normales

May 2011

2008

Normales

July 2010

2007

Normales

July 2010

2006

Normales

November 2007

2005

Normales

November 2006

2004

Normales

July 2005

2003

Normales

September 2004

2002

Normales

December 2003

2001

Normales

October 2003

2000

Normales

October 2001

2000

Normales

October 2003

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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 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.

ORIGINAL

EQUIVALENCIA

Assets

2013

2012

2011

2010

2002

A) NON-CURRENT ASSETS: 11000

13.042.663,00

38.249.136,00

2.284,00

0,00

4.053,00

I. Intangible fixed assets : 11100

11.650.704,00

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

11.578.787,00

0,00

5. IT applications: 11150

71.916,00

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

1.072.780,00

761,00

2.284,00

0,00

4.053,00

1. Land and buildings: 11210

0,00

4.053,00

2. Technical installations and other tangible fixed assets: 11220

1.058.808,00

0,00

3. Tangible asset in progress and advances: 11230

13.972,00

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

108.112,00

38.248.375,00

0,00

1. Equity instruments: 11410

3.000,00

0,00

2. Credits to businesses: 11420

105.112,00

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

10.000,00

0,00

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

10.000,00

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

201.067,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

31.641.662,00

46.174,00

497.258,00

447.646,00

77.641,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

10.256.975,00

0,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

6.950.131,00

0,00

3. Work in progress: 12230

446.039,00

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

446.039,00

0,00

4. Finished goods: 12240

2.860.482,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

2.860.482,00

0,00

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

0,00

6. Advances to suppliers: 12260

323,00

0,00

III. Trade debtors and others receivable accounts: 12300

18.641.232,00

11.708,00

278.672,00

186.597,00

0,00

1. Trade debtors / accounts receivable: 12310

10.065.474,00

0,00

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

0,00

b) Customers for sales and provisions of services : 12312

10.065.474,00

0,00

2. Customers, Group companies and associates : 12320

4.391.548,00

0,00

3. Other accounts receivable: 12330

0,00

278.672,00

186.597,00

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

224.454,00

0,00

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

3.959.756,00

0,00

7. Called up share capital: 12370

0,00

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

43.577,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

43.577,00

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

620,00

0,00

1. Equity instruments: 12510

620,00

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

20.430,00

11.708,00

17.164,00

51.864,00

16.274,00

VII. Cash and other equivalent liquid assets : 12700

2.678.829,00

34.467,00

201.422,00

209.185,00

61.366,00

1. Treasury: 12710

2.678.829,00

0,00

61.366,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

44.684.325,00

38.295.311,00

499.542,00

447.646,00

81.694,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2013

2012

2011

2010

2002

A) NET WORTH: 20000

9.063.332,00

-930.192,00

330.742,00

293.239,00

47.108,00

A-1) Shareholders' equity: 21000

9.034.342,00

-930.192,00

330.742,00

293.239,00

47.108,00

I. Capital: 21100

3.005,00

3.010,00

1. Registered capital : 21110

3.005,00

3.010,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.949.299,00

217.335,00

301,00

30.283,00

1. Legal y estatutarias: 21310

600,00

0,00

2. Other reserves: 21320

4.948.699,00

0,00

30.283,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-670.950,00

0,00

222.418,00

210.591,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-670.950,00

0,00

VI. Other shareholders' contributions: 21600

0,00

112.117,00

110.402,00

67.515,00

0,00

VII. Result of the period: 21700

4.752.987,00

-1.262.649,00

-5.384,00

11.828,00

13.815,00

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

28.990,00

0,00

B) NON-CURRENT LIABILITIES: 31000

389.194,00

7.136.607,00

0,00

I. Long-term provisions: 31100

0,00

7.136.607,00

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

142.405,00

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

137.833,00

0,00

3. Creditors from financial leasing: 31230

4.572,00

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

246.788,00

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

35.231.799,00

32.088.896,00

168.800,00

154.406,00

34.585,00

I. Liabilities linked to non-current assets held for sale: 32100

0,00

II. Short-term provisions: 32200

5.875.069,00

7.493.437,00

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

5.875.069,00

0,00

III. Short-term creditors : 32300

20.998,00

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

3. Creditors from financial leasing: 32330

20.998,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

-1,00

0,00

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

21.669.451,00

24.443.213,00

0,00

V. Trade creditors and other accounts payable: 32500

7.666.282,00

152.245,00

168.800,00

154.406,00

34.585,00

1. Suppliers: 32510

5.026.786,00

0,00

34.585,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

5.026.786,00

0,00

34.585,00

2. Suppliers, Group companies and associates: 32520

770.643,00

0,00

3. Other creditors: 32530

1.158.662,00

0,00

4. Personnel (remuneration due): 32540

140.280,00

0,00

5. Liabilities for current tax: 32550

8.388,00

0,00

6. Other accounts payable to Public Administrations.: 32560

425.735,00

0,00

7. Advances from clients: 32570

135.788,00

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

44.684.325,00

38.295.311,00

499.542,00

447.646,00

81.694,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2013

2012

2011

2010

2002

1. Net turnover: 40100

60.426.476,00

770.185,00

1.187.980,00

984.774,00

407.994,00

a) Sales: 40110

58.889.919,00

0,00

407.994,00

b) Rendering of services: 40120

1.536.557,00

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

2.292.951,00

0,00

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

311.557,00

0,00

4. Supplies : 40400

-38.594.815,00

0,00

a) Stock consumption: 40410

-10.658,00

0,00

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

-37.143.685,00

0,00

c) Works carried out by other companies: 40430

-695.130,00

0,00

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

-745.341,00

0,00

5. Other operating income: 40500

390.728,00

0,00

a) Auxiliary income and other from current management: 40510

390.728,00

0,00

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

0,00

6. Personnel costs: 40600

-6.576.912,00

-523.314,00

-828.886,00

-656.835,00

-185.773,00

a) Wages, salaries et al.: 40610

-4.823.369,00

0,00

-164.922,00

b) Social security costs: 40620

-1.753.543,00

0,00

-20.851,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-11.914.105,00

-673.434,00

-356.289,00

-294.080,00

-188.536,00

a) External services: 40710

-16.959.051,00

0,00

b) Taxes: 40720

-17.246,00

0,00

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

5.062.643,00

0,00

d) Other current management expenditure : 40740

-451,00

0,00

-188.536,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-349.707,00

-1.523,00

0,00

-143,00

-5.220,00

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

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

39.527,00

0,00

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

6.025.699,00

-428.086,00

2.804,00

33.715,00

28.465,00

14. Financial income : 41400

57.438,00

0,00

1.905,00

0,00

1,00

a) Of shares in equity instruments : 41410

0,00

1,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

1,00

b) From negotiable securities and other financial instruments : 41420

57.438,00

0,00

b 1) From Group companies and associates : 41421

2.628,00

0,00

b 2) From third parties : 41422

54.810,00

0,00

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

0,00

15. Financial expenditure: 41500

-429.931,00

-835.500,00

0,00

a) Amounts owed to Group companies and associates : 41510

-425.004,00

0,00

b) For debts with third parties : 41520

-4.927,00

0,00

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

-483.228,00

937,00

13.681,00

-7.344,00

-7.187,00

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

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

-855.722,00

-834.563,00

15.586,00

-7.344,00

-7.186,00

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

5.169.978,00

-1.262.649,00

18.390,00

26.371,00

21.279,00

20. Income taxes: 41900

-416.990,00

0,00

-23.774,00

-14.544,00

-7.464,00

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

4.752.987,00

0,00

13.815,00

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

0,00

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

4.752.987,00

-1.262.649,00

-5.384,00

11.828,00

13.815,00

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

Information corresponding to the fiscal year 2013 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 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ORIGINAL

ASSETS

2013

2012

2011

2010

2002

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

12.841.595,00

38.249.136,00

2.284,00

0,00

4.053,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

11.650.704,00

0,00

III. Tangible fixed assets:

1.072.780,00

761,00

2.284,00

0,00

4.053,00

IV. Financial investments:

118.112,00

38.248.375,00

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

31.842.730,00

57.882,00

497.258,00

447.646,00

77.641,00

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

0,00

II. Stocks:

10.256.975,00

0,00

III. Debtors:

18.842.299,00

11.708,00

278.672,00

186.597,00

0,00

IV. Short-term investments:

44.196,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

2.678.829,00

34.467,00

201.422,00

209.185,00

61.366,00

VII. Prepayments and accrued income:

20.430,00

11.708,00

17.164,00

51.864,00

16.274,00

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

44.684.325,00

38.307.018,00

499.542,00

447.646,00

81.694,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2013

2012

2011

2010

2002

A) EQUITY:

9.034.342,00

-930.192,00

330.742,00

293.239,00

47.108,00

I. Subscribed capital:

3.005,00

3.010,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.949.299,00

217.335,00

301,00

30.283,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

4.949.299,00

217.335,00

301,00

30.283,00

V. Profit or loss brought forward:

-670.950,00

112.117,00

332.820,00

278.106,00

0,00

VI. Profit or loss for the financial year:

4.752.987,00

-1.262.649,00

-5.384,00

11.828,00

13.815,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

28.990,00

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

7.136.607,00

0,00

D) LONG TERM LIABILITIES:

389.194,00

0,00

E) SHORT TERM CREDITORS:

29.356.731,00

24.595.458,00

168.800,00

154.406,00

34.585,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

5.875.069,00

7.493.437,00

0,00

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

44.684.325,00

38.295.311,00

499.542,00

447.646,00

81.694,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2013

2012

2011

2010

2002

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

56.472.738,00

2.033.771,00

1.208.950,00

972.946,00

394.180,00

A.1. Operating consumption:

36.301.864,00

0,00

A.2. Staff Costs:

6.576.912,00

523.314,00

828.886,00

656.835,00

185.773,00

a) Wages, salaries et al.:

4.823.369,00

0,00

164.922,00

b) Social security costs:

1.753.543,00

523.314,00

828.886,00

656.835,00

20.851,00

A.3. Depreciation expense:

349.707,00

1.523,00

0,00

143,00

5.220,00

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

0,00

A.5. Other operating charges:

11.914.105,00

673.434,00

356.289,00

294.080,00

188.536,00

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

5.986.173,00

0,00

2.804,00

33.715,00

28.465,00

A.6. Financial and similar charges:

429.931,00

835.500,00

0,00

a) Due to liabilities with companies of the group:

425.004,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

4.927,00

835.500,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

483.228,00

0,00

7.344,00

7.187,00

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

0,00

15.586,00

0,00

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

5.130.451,00

0,00

18.390,00

26.371,00

21.279,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

0,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

0,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

39.527,00

0,00

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

5.169.978,00

0,00

18.390,00

26.371,00

21.279,00

A.14. Corporation Tax:

416.990,00

0,00

23.774,00

14.544,00

7.464,00

A.15. Miscellaneous taxes:

0,00

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

4.752.987,00

0,00

11.828,00

13.815,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2013

2012

2011

2010

2002

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

61.225.725,00

771.122,00

1.203.566,00

984.774,00

407.995,00

B.1. Operating income:

61.128.761,00

770.185,00

1.187.980,00

984.774,00

407.994,00

a) Net total sales:

60.426.476,00

770.185,00

1.187.980,00

984.774,00

407.994,00

b) Miscellaneous operating income:

702.285,00

0,00

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

0,00

428.086,00

0,00

B.2. Financial income:

57.438,00

0,00

1.905,00

0,00

1,00

a) Companies of the group:

2.628,00

0,00

1.905,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

54.810,00

0,00

1,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

937,00

13.681,00

0,00

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

855.722,00

834.563,00

0,00

7.344,00

7.186,00

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

0,00

1.262.649,00

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

39.527,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

0,00

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

0,00

1.262.649,00

0,00

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

0,00

1.262.649,00

5.384,00

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.

2013

2012

2011

2010

2002

1. Fiscal year result before taxes.: 61100

5.169.978,00

-1.262.649,00

18.390,00

26.371,00

21.279,00

2. Results adjustments.: 61200

-2.877.200,00

15.467.067,00

-1.905,00

143,00

5.219,00

a) Fixed Assets Amortization (+).: 61201

349.707,00

1.523,00

0,00

143,00

5.220,00

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

745.341,00

0,00

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

-4.814.693,00

14.630.045,00

0,00

g) Financial income (-).: 61207

-57.438,00

0,00

-1.905,00

0,00

-1,00

h) Financial Expenses (+). : 61208

429.931,00

835.500,00

0,00

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

483.228,00

0,00

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

-13.276,00

0,00

3. Changes in current capital equity.: 61300

-7.080.064,00

255.866,00

-66.756,00

-98.598,00

30.854,00

a) Stock (+/-).: 61301

-4.227.439,00

0,00

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

-2.698.050,00

266.964,00

-92.075,00

-186.597,00

76.047,00

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

143.526,00

5.457,00

34.699,00

-51.864,00

0,00

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

-298.101,00

-16.555,00

-9.380,00

139.863,00

-45.193,00

4. Other cash flows for operating activities.: 61400

-2.253.225,00

-835.500,00

1.905,00

0,00

1,00

a) Interest payments (-). : 61401

-429.931,00

-835.500,00

0,00

c) Interest collection (+). : 61403

54.810,00

0,00

1.905,00

0,00

1,00

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

-1.878.103,00

0,00

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

-7.040.511,00

13.624.784,00

-48.366,00

-72.084,00

57.353,00

6. Payments for investment (-).: 62100

-361.818,00

-38.248.375,00

-2.284,00

0,00

-16.274,00

a) Companies of the group and affiliates. : 62101

0,00

-38.248.375,00

0,00

b) Intangible fixed assets. : 62102

-27.630,00

0,00

c) Fixed assets. : 62103

-334.188,00

0,00

-2.284,00

0,00

h) Other assets. : 62108

0,00

-16.274,00

7. Divestment payment collection (+). : 62200

0,00

1.523,00

0,00

5.220,00

b) Intangible fixed assets. : 62202

0,00

c) Fixed assets. : 62203

0,00

1.523,00

0,00

5.220,00

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

-361.817,00

-38.248.375,00

-2.284,00

-143,00

-16.274,00

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

0,00

1.715,00

42.887,00

281.412,00

-3.031,00

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

0,00

1.715,00

42.887,00

281.412,00

6.634,00

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

0,00

-9.665,00

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

3.322.607,00

24.443.213,00

0,00

a) Issuance : 63201

11.050.393,00

24.443.213,00

0,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

11.050.393,00

24.443.213,00

0,00

b) Repayment and amortization of : 63207

-7.727.786,00

0,00

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

-22.129,00

0,00

5. Other debts (-). : 63212

-7.705.657,00

0,00

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

-1,00

0,00

a) Dividends (-).: 63301

-1,00

0,00

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

3.322.607,00

24.444.928,00

42.887,00

281.412,00

-3.031,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

-483.228,00

0,00

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

-4.562.950,00

-178.663,00

-7.763,00

209.185,00

38.048,00

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

7.241.779,00

201.422,00

209.185,00

0,00

23.319,00

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

2.678.829,00

34.467,00

201.422,00

209.185,00

61.366,00

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

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,04 %

0,02 %

-0,22 %

0,17 %

120,19 %

-86,76 %

EBITDA over Sales:

10,49 %

10,25 %

-55,38 %

7,58 %

118,93 %

35,19 %

Cash Flow Yield:

0,06 %

0,01 %

0,00 %

0,04 %

-69,94 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

13,45 %

6,47 %

-912,07 %

0,51 %

101,47 %

1.159,58 %

Total economic profitability:

12,53 %

3,58 %

-1,12 %

-0,03 %

1.223,55 %

13.138,71 %

Financial profitability:

52,61 %

4,35 %

-135,74 %

-3,94 %

138,76 %

210,34 %

Margin:

9,79 %

5,89 %

-55,58 %

0,94 %

117,62 %

526,01 %

Mark-up:

8,39 %

3,97 %

-163,94 %

-6,14 %

105,12 %

164,71 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,09

0,14

0,00

0,16

-9,80

Acid Test:

0,73

0,86

0,00

0,86

-0,92

Working Capital / Investment:

-0,08

0,02

-0,84

0,08

90,40

-74,02

Solvency:

1,08

1,17

0,00

1,43

-18,41

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,28

1,44

3,96

1,07

-17,18

34,72

Borrowing Composition:

0,01

1,02

0,00

1,22

-16,70

Repayment Ability:

11,25

53,55

-147,32

14,17

107,64

277,94

Warranty:

1,50

1,71

1,56

1,94

-3,52

-11,98

Generated resources / Total creditors:

0,20

0,08

-0,05

0,01

483,42

566,22

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,96

1,83

0,18

1,30

961,95

40,53

Turnover of Collection Rights :

3,28

5,18

65,79

3,64

-95,02

42,25

Turnover of Payment Entitlements:

6,89

3,71

4,42

2,35

55,71

57,45

Stock rotation:

5,38

7,88

2,20

257,98

Assets turnover:

1,37

1,10

16,41

0,55

-91,63

101,21

Borrowing Cost:

1,45

2,83

3,40

2,83

-57,45

0,16

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2002)

Cash Flow

2013

2012

2011

2010

2002

Cash Flow over Sales:

0,04 %

-0,22 %

-0,01 %

0,21 %

9,33 %

EBITDA over Sales:

10,49 %

-55,38 %

0,24 %

3,44 %

8,26 %

Cash Flow Yield:

0,06 %

0,00 %

-0,02 %

0,47 %

46,57 %

Profitability

2013

2012

2011

2010

2002

Operating economic profitability:

13,45 %

-912,07 %

0,56 %

7,53 %

34,84 %

Total economic profitability:

12,53 %

-1,12 %

3,68 %

5,89 %

26,05 %

Financial profitability:

52,61 %

-135,74 %

-1,63 %

4,03 %

29,33 %

Margin:

9,79 %

-55,58 %

0,24 %

3,42 %

6,98 %

Mark-up:

8,39 %

-163,94 %

1,55 %

2,68 %

5,22 %

Solvency

2013

2012

2011

2010

2002

Liquidity:

0,09

0,00

1,19

1,35

1,77

Acid Test:

0,73

0,00

2,84

2,56

1,77

Working Capital / Investment:

-0,08

-0,84

0,66

0,53

Solvency:

1,08

0,00

2,95

2,90

2,24

Indebtedness

2013

2012

2011

2010

2002

Indebtedness level:

3,28

3,96

0,51

0,53

0,73

Borrowing Composition:

0,01

0,00

Repayment Ability:

11,25

-147,32

-21,74

0,74

-1,12

Warranty:

1,50

1,56

2,96

2,90

2,36

Generated resources / Total creditors:

0,20

-0,05

-0,03

0,08

0,25

Efficiency

2013

2012

2011

2010

2002

Productivity:

1,96

0,18

1,00

1,05

1,18

Turnover of Collection Rights :

3,28

65,79

4,26

5,28

Turnover of Payment Entitlements:

6,89

4,42

2,11

1,90

5,45

Stock rotation:

5,38

Assets turnover:

1,37

16,41

2,38

2,20

4,99

Borrowing Cost:

1,45

3,40

0,00

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Digital Production Printing

Enterprise Products

Inkjet Printing

EFI Intelligent Automated Products

EXECUTIVE SUMMARY

Digital Production Printing

Enterprise Products

Inkjet Printing

EFI Intelligent Automated Products

Identification

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

> Details

Probability of default

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

Guarantees

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Research Summary

Sources

Unit