MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	GURIT BALSA SL

Registered Office :	AV/ Jaume i, 76 4 1. - Girona - 17001 - Girona

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	18.12.1989

Legal Form :	Private Company

Line of Business :	Agents involved in the sale of timber and building materials

No. of Employees :	07

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 – 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

Company name and address

Name:

GURIT BALSA SL

NIF / Fiscal code:

B17243130

Trade Name

BALSAFLEX

Status:

ACTIVE

Incorporation Date:

18/12/1989

Register Data

Last Published Account Deposit:

2013

Share Capital:

1.000.000

Localization:

AV/ JAUME I, 76 4 1. - GIRONA - 17001 - GIRONA

Telephone - Fax - Email - Website:

Ph.:. 972574514 Email. info@balsaeurop.com Website. www.basaeurop.com

Activity:

NACE:

4613 - Agents involved in the sale of timber and building materials

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:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

GURIT HOLDING AG

100 %

INVESTIGATION SUMMARY

The company was established in 1989. It works for the multinational GJURIT HOLDING, A.G. The group markets the brand BALSAFLEX, balsa panels used among other applications, for the manufacture of wind turbine blades and boats. The group has its production facilities in Ecuador. In consulted sources there is no evidence of nothing against the company. In the light of the foregoing, the company is apt to keep being related to risk operations in accordance with its size.

Interviewed Person:

Identification

Social Denomination:

GURIT BALSA SL

Trade Name:

BALSAFLEX

NIF / Fiscal code:

B17243130

Corporate Status:

ACTIVE

Start of activity:

1989

Registered Office:

AV/ JAUME I, 76 4 1.

Locality:

GIRONA

Province:

GIRONA

Postal Code:

17001

Telephone:

972574514

Fax:

972574514

Website:

www.basaeurop.com

Email:

info@balsaeurop.com

Interviewed Person:

Administrativa

Activity

NACE:

4613

Additional Information:

Marketing of rigid and flexible balsa wood panels for sandwich construction applications.

Additional Address:

The registered office, offices and sales department are located in the head address. The production facilities of the group are in Ecuador.

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Appointments/ Re-elections (2) Company Formation (1)

1991

Accounts deposit (ejer. 1989, 1990) Adaptation to Law (1)

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

1997

Accounts deposit (ejer. 1995)

1998

Accounts deposit (ejer. 1996) Adaptation to Law (1) Change of Social address (1)

1999

Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (ejer. 1998, 1999)

2002

Accounts deposit (ejer. 2000, 2001)

2003

Accounts deposit (ejer. 2002)

2005

Accounts deposit (ejer. 2003, 2004)

2006

Change of Social Denomination (1) Change of Social Purpose (1)

2008

Accounts deposit (ejer. 2005, 2006, 2007) Appointments/ Re-elections (1)

2009

Appointments/ Re-elections (3)

2010

Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1)

2013

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

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Declaration of Sole Propietorship (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

FABRIC. PRODUCTOS EN TERMOPLASTICO Y METALES.

Company Formation

23/02/1990

Breakdown of Owners' Equity

Registered Capital:

1.000.000

Paid up capital:

1.000.000

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1213

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

09/02/1990

Company Formation

65.114

01/06/2010

Increase of Capital

934.886

1.000.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

GURIT HOLDING AG

30/05/2014

PRESIDENT

RUDOLF HADORN

30/05/2014

VICE CHAIRMAN

STEFAN GAUTSCHI

30/05/2014

MEMBER OF THE BOARD

STEFAN GAUTSCHI

30/05/2014

MARKUS EDWIN KNUSLI AMACKER

13/06/2013

RUDOLF HADORN

14/04/2011

COMBINED PROXY

RUDOLF HADORN

30/05/2014

STEFAN GAUTSCHI

30/05/2014

GUILLERMO DEL OSO VILLA

30/05/2014

ANTONIO SALAT AUMATELL

30/05/2014

EDUARDO CASTELLANO DOMINGUEZ

08/01/2014

MARIA JOSE PEÑA CASTILLO

19/05/2011

SERGIO SESA PRIEGO

19/05/2011

PROXY

HABERKORN ANITA

09/02/1995

NON CONSELLOR SECRETARY

SERGIO SESA PRIEGO

30/05/2014

ACCOUNTS' AUDITOR / HOLDER

ELENA ZALBIDEA GARMENDIA

01/02/2013

DEPUTY ACCOUNTS' AUDITOR

GRUP INTEGRAL D'AUDITORS SLP

01/02/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANITA HILDEGARD HABERKORN

MEMBER OF THE BOARD

14/04/2011

PROXY

14/04/2011

CHIEF EXECUTIVE OFFICER

14/04/2011

SECRETARY

14/04/2011

JOINT ATTORNEY

19/05/2011

NON CONSELLOR SECRETARY

30/05/2014

COMBINED PROXY

30/05/2014

BONET SAURA FRANCISCO JAVIER

PROXY

23/01/1995

BONET SAURA JAVIER

SINGLE ADMINISTRATOR

28/04/2009

CLAUDIA BONET HABERKORN

MEMBER OF THE BOARD

14/04/2011

PROXY

14/04/2011

JOINT ATTORNEY

19/05/2011

COMBINED PROXY

30/05/2014

FRANCESC XAVIER LAGARES PUIG

COMBINED PROXY

30/05/2014

ACCOUNTS' AUDITOR / HOLDER

01/02/2013

FRANCISCO JAVIER BONET SAURA

SINGLE ADMINISTRATOR

05/11/1999

SINGLE ADMINISTRATOR

28/04/2009

SINGLE ADMINISTRATOR

02/11/2010

MEMBER OF THE BOARD

30/05/2014

COMBINED PROXY

30/05/2014

PRESIDENT

30/05/2014

GUILLERMO AMUTIO CASTAÑO

MEMBER OF THE BOARD

13/06/2013

COMBINED PROXY

30/05/2014

HABERKORN ANITA

SINGLE ADMINISTRATOR

23/01/1995

LUIS ALBERTO ARQUED ALSINA

DEPUTY ACCOUNTS' AUDITOR

01/02/2013

RUDOLF HADORN

COMBINED PROXY

30/05/2014

VICE CHAIRMAN

30/05/2014

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JAVIER LAGARES

MANAGING DIRECTOR

JAVIER BONET

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for rating

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

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

The current debt represents a 20.27of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

GURIT BALSA SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.386 %

> Latest Rating Changes :

Sector in which comparison is carried out :

461 Wholesale on a fee or contract basis

wordml://2478

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 99.00% of the companies of the sector GURIT BALSA 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 0.386%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

IS RELATED WITH:

3 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

GURIT HOLDING AG

100

PARTICIPATES IN

DELEGACION ECUATORIANA DE BALSAFLEX ESPAÑA, C. LTDA DE.LE.BES, SOCIEDAD ANONIMA, (ECUADOR)

BALSABLOCK CIA LTDA

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	GURIT UK
	GURIT USA
	GURIT AMERICAS

Turnover

Total Sales 2013

17.404.883

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

September 2013

2011

Normales

July 2012

2010

Normales

August 2011

2009

Normales

October 2010

2008

Normales

January 2010

2007

Normales

October 2008

2006

Normales

October 2008

2005

Normales

October 2008

2004

Normales

December 2005

2003

Normales

December 2004

2002

Normales

November 2003

2001

Normales

August 2002

2000

Normales

December 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

November 1998

1996

Normales

November 1997

1995

Normales

October 1996

1993

Normales

October 1994

1992

Normales

August 1993

1991

Normales

July 1992

1990

Normales

August 1991

1989

Normales

April 1991

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 Mixto de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

6.460.103,00

6.733.558,00

5.331.955,00

5.383.037,00

2.281.264,00

I. Intangible fixed assets : 11100

10.959,00

36.669,00

107.294,00

67.046,00

61.059,00

1. Development: 11110

0,00

12.497,00

86.181,00

51.498,00

59.884,00

2. Concessions: 11120

0,00

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

205,00

402,00

599,00

1.043,00

1.175,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

10.754,00

23.770,00

20.514,00

14.505,00

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

22.178,00

43.912,00

57.986,00

297.495,00

353.120,00

1. Land and buildings: 11210

0,00

103.384,00

108.762,00

2. Technical installations and other tangible fixed assets: 11220

19.192,00

43.912,00

57.986,00

194.111,00

244.358,00

3. Tangible asset in progress and advances: 11230

2.986,00

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

6.426.966,00

6.652.977,00

5.166.675,00

5.018.496,00

1.860.245,00

1. Equity instruments: 11410

1.118.487,00

1.122.990,00

372.577,00

2. Credits to businesses: 11420

5.308.479,00

5.529.987,00

4.794.098,00

4.645.919,00

1.487.668,00

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

0,00

6.840,00

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

0,00

6.840,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

5.928.496,00

5.529.309,00

5.454.107,00

6.073.959,00

4.199.728,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.041.743,00

129.791,00

268.615,00

388.370,00

385.009,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

0,00

2.300,00

41.709,00

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

109.791,00

8.811,00

9.999,00

157.363,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

109.791,00

8.811,00

9.999,00

157.363,00

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

0,00

6. Advances to suppliers: 12260

1.041.743,00

20.000,00

259.804,00

376.071,00

185.937,00

III. Trade debtors and others receivable accounts: 12300

3.936.250,00

3.675.270,00

3.925.057,00

4.418.474,00

2.639.368,00

1. Trade debtors / accounts receivable: 12310

3.576.419,00

2.825.290,00

2.873.749,00

3.492.402,00

1.962.988,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.576.419,00

2.825.290,00

2.873.749,00

3.492.402,00

1.962.988,00

2. Customers, Group companies and associates : 12320

328.907,00

820.170,00

1.016.410,00

902.278,00

584.388,00

3. Other accounts receivable: 12330

966,00

0,00

650,00

0,00

17.121,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

29.958,00

29.810,00

34.248,00

23.794,00

74.871,00

7. Called up share capital: 12370

0,00

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

186.433,00

441.443,00

813.993,00

751.186,00

778.168,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

186.433,00

441.443,00

813.993,00

751.186,00

778.168,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

8.624,00

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

0,00

8.624,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

764.070,00

1.282.805,00

446.442,00

507.305,00

397.183,00

1. Treasury: 12710

764.070,00

1.282.805,00

446.442,00

507.305,00

397.183,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

12.388.599,00

12.262.867,00

10.786.062,00

11.456.996,00

6.480.992,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

9.804.526,00

8.814.904,00

6.985.652,00

4.497.783,00

2.396.869,00

A-1) Shareholders' equity: 21000

9.804.526,00

8.814.904,00

6.985.652,00

4.497.783,00

2.396.869,00

I. Capital: 21100

1.000.000,00

65.114,00

1. Registered capital : 21110

1.000.000,00

65.114,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

7.814.904,00

5.985.652,00

3.415.922,00

1.256.375,00

1.613.007,00

1. Legal y estatutarias: 21310

200.000,00

84.898,00

13.023,00

2. Other reserves: 21320

7.614.904,00

5.785.652,00

3.215.922,00

1.171.477,00

1.599.984,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

989.622,00

1.829.252,00

2.569.730,00

2.241.408,00

718.748,00

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

72.437,00

185.816,00

323.616,00

1.276.068,00

835.311,00

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

72.437,00

182.972,00

321.342,00

1.264.642,00

822.694,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

72.437,00

182.972,00

307.939,00

1.220.612,00

727.840,00

3. Creditors from financial leasing: 31230

0,00

13.403,00

44.030,00

94.854,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

2.844,00

2.274,00

11.426,00

12.617,00

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

2.511.636,00

3.262.147,00

3.476.794,00

5.683.145,00

3.248.812,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

1.673.278,00

1.823.726,00

2.328.060,00

4.982.165,00

3.058.043,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.673.278,00

1.810.340,00

2.301.941,00

4.823.340,00

2.972.036,00

3. Creditors from financial leasing: 32330

0,00

13.386,00

26.119,00

50.825,00

83.694,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

108.000,00

2.313,00

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

581.240,00

605.494,00

617.932,00

0,00

V. Trade creditors and other accounts payable: 32500

257.118,00

832.927,00

530.802,00

700.980,00

190.769,00

1. Suppliers: 32510

0,00

2.733,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

0,00

2.733,00

2. Suppliers, Group companies and associates: 32520

0,00

582.091,00

0,00

3. Other creditors: 32530

54.466,00

75.634,00

95.377,00

168.302,00

67.619,00

4. Personnel (remuneration due): 32540

69.455,00

80.125,00

98.665,00

104.242,00

4.016,00

5. Liabilities for current tax: 32550

102.507,00

85.101,00

309.584,00

372.773,00

38.193,00

6. Other accounts payable to Public Administrations.: 32560

30.690,00

9.976,00

27.176,00

55.663,00

78.208,00

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

12.388.599,00

12.262.867,00

10.786.062,00

11.456.996,00

6.480.992,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

17.404.883,00

18.415.974,00

22.436.060,00

21.769.649,00

9.324.803,00

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

0,00

100.980,00

-1.188,00

-147.364,00

92.607,00

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

0,00

980,00

13.991,00

2.800,00

0,00

4. Supplies : 40400

-14.941.421,00

-15.206.271,00

-18.024.187,00

-17.117.522,00

-6.860.985,00

5. Other operating income: 40500

117.035,00

110.986,00

148.974,00

374.483,00

180.910,00

6. Personnel costs: 40600

-722.746,00

-604.264,00

-599.665,00

-594.186,00

-703.262,00

7. Other operating costs: 40700

-386.524,00

-384.476,00

-568.904,00

-1.115.102,00

-1.055.074,00

8. Amortisation of fixed assets: 40800

-42.914,00

-55.248,00

-59.318,00

-67.794,00

-134.796,00

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

13.636,00

23.590,00

-9.464,00

-5.659,00

45.050,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

2.616,00

0,00

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

1.444.565,00

2.402.251,00

3.336.299,00

3.099.305,00

889.253,00

14. Financial income : 41400

399.342,00

427.113,00

403.471,00

246.163,00

152.079,00

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

0,00

b) Other financial income: 41490

399.342,00

427.113,00

403.471,00

246.163,00

152.079,00

15. Financial expenditure: 41500

-68.385,00

-148.091,00

-354.539,00

-369.243,00

-179.581,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-365.839,00

-66.813,00

270.770,00

248.586,00

17.611,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-34.882,00

212.209,00

319.702,00

125.506,00

-9.891,00

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

1.409.683,00

2.614.460,00

3.656.001,00

3.224.811,00

879.362,00

20. Income taxes: 41900

-420.061,00

-785.208,00

-1.086.271,00

-983.403,00

-160.614,00

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

989.622,00

1.829.252,00

2.569.730,00

2.241.408,00

718.748,00

> 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 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, Axesor created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

6.460.103,00

6.733.558,00

5.331.955,00

5.383.037,00

2.281.264,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

10.959,00

36.669,00

107.294,00

67.046,00

61.059,00

III. Tangible fixed assets:

22.178,00

43.912,00

57.986,00

297.495,00

353.120,00

IV. Financial investments:

6.426.966,00

6.652.977,00

5.166.675,00

5.018.496,00

1.867.085,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

5.928.496,00

5.529.309,00

5.454.107,00

6.073.959,00

4.199.728,00

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

0,00

II. Stocks:

1.041.743,00

129.791,00

268.615,00

388.370,00

385.009,00

III. Debtors:

3.936.250,00

3.675.270,00

3.925.057,00

4.418.474,00

2.639.368,00

IV. Short-term investments:

186.433,00

441.443,00

813.993,00

759.810,00

778.168,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

764.070,00

1.282.805,00

446.442,00

507.305,00

397.183,00

VII. Prepayments and accrued income:

0,00

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

12.388.599,00

12.262.867,00

10.786.062,00

11.456.996,00

6.480.992,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

9.804.526,00

8.814.904,00

6.985.652,00

4.497.783,00

2.396.869,00

I. Subscribed capital:

1.000.000,00

65.114,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

7.814.904,00

5.985.652,00

3.415.922,00

1.256.375,00

1.613.007,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

7.814.904,00

5.985.652,00

3.415.922,00

1.256.375,00

1.613.007,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

989.622,00

1.829.252,00

2.569.730,00

2.241.408,00

718.748,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

72.437,00

185.816,00

323.616,00

1.276.068,00

835.311,00

E) SHORT TERM CREDITORS:

2.511.636,00

3.262.147,00

3.476.794,00

5.683.145,00

3.248.812,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

12.388.599,00

12.262.867,00

10.786.062,00

11.456.996,00

6.480.992,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

16.947.890,00

17.149.391,00

20.703.536,00

20.400.273,00

9.001.705,00

A.1. Operating consumption:

14.941.421,00

15.105.291,00

18.025.375,00

17.264.886,00

6.768.378,00

A.2. Staff Costs:

722.746,00

604.264,00

599.665,00

594.186,00

703.262,00

a) Wages, salaries et al.:

445.951,00

372.845,00

370.007,00

366.627,00

433.929,00

b) Social security costs:

276.795,00

231.419,00

229.658,00

227.559,00

269.333,00

A.3. Depreciation expense:

42.914,00

55.248,00

59.318,00

67.794,00

134.796,00

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

0,00

A.5. Other operating charges:

386.524,00

384.476,00

568.904,00

1.115.102,00

1.055.074,00

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

1.428.313,00

2.378.661,00

3.345.763,00

3.104.964,00

844.203,00

A.6. Financial and similar charges:

68.385,00

148.091,00

354.539,00

369.243,00

179.581,00

a) Due to liabilities with companies of the group:

68.385,00

148.091,00

354.539,00

369.243,00

179.581,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

365.839,00

66.813,00

0,00

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

0,00

212.209,00

319.702,00

125.506,00

0,00

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

1.393.431,00

2.590.870,00

3.665.465,00

3.230.470,00

834.312,00

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

9.464,00

5.659,00

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):

16.252,00

23.590,00

0,00

45.050,00

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

1.409.683,00

2.614.460,00

3.656.001,00

3.224.811,00

879.362,00

A.14. Corporation Tax:

420.061,00

785.208,00

1.086.271,00

983.403,00

160.614,00

A.15. Miscellaneous taxes:

0,00

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

989.622,00

1.829.252,00

2.569.730,00

2.241.408,00

718.748,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

17.937.512,00

18.978.643,00

23.273.266,00

22.641.681,00

9.720.453,00

B.1. Operating income:

17.521.918,00

18.527.940,00

22.599.025,00

22.146.932,00

9.505.713,00

a) Net total sales:

17.404.883,00

18.415.974,00

22.436.060,00

21.769.649,00

9.324.803,00

b) Miscellaneous operating income:

117.035,00

111.966,00

162.965,00

377.283,00

180.910,00

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

0,00

B.2. Financial income:

399.342,00

427.113,00

403.471,00

246.163,00

152.079,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

399.342,00

427.113,00

403.471,00

246.163,00

152.079,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

270.770,00

248.586,00

17.611,00

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

34.882,00

0,00

9.891,00

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

0,00

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

13.636,00

23.590,00

0,00

45.050,00

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:

2.616,00

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

9.464,00

5.659,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

1.409.683,00

2.614.460,00

3.656.001,00

3.224.811,00

879.362,00

2. Results adjustments.: 61200

-301.455,00

-247.363,00

19.850,00

196.532,00

117.248,00

a) Fixed Assets Amortization (+).: 61201

42.914,00

55.248,00

59.318,00

67.794,00

134.796,00

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

-13.636,00

-23.590,00

9.464,00

5.658,00

-45.050,00

g) Financial income (-).: 61207

-399.342,00

-427.113,00

-403.471,00

-246.163,00

-152.079,00

h) Financial Expenses (+). : 61208

68.385,00

148.091,00

354.539,00

369.243,00

179.581,00

3. Changes in current capital equity.: 61300

-1.805.310,00

865.567,00

614.243,00

-1.581.025,00

214.836,00

a) Stock (+/-).: 61301

-917.243,00

138.824,00

123.864,00

-3.361,00

553.600,00

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

-298.094,00

193.923,00

597.368,00

-1.754.487,00

193.485,00

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

-589.973,00

532.820,00

-106.989,00

176.823,00

-532.249,00

4. Other cash flows for operating activities.: 61400

-32.832,00

-739.176,00

-1.202.139,00

-691.950,00

-447.447,00

a) Interest payments (-). : 61401

-68.385,00

-148.091,00

-354.539,00

-369.243,00

-179.581,00

b) Dividend payment collection (+). : 61402

441.052,00

0,00

c) Interest collection (+). : 61403

0,00

418.036,00

311.012,00

327.308,00

26.005,00

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

-405.499,00

-1.009.121,00

-1.158.612,00

-650.015,00

-293.871,00

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

-729.914,00

2.493.488,00

3.087.955,00

1.148.368,00

763.999,00

6. Payments for investment (-).: 62100

-5.318,00

-1.634.830,00

-109.480,00

-3.196.088,00

-331.352,00

a) Companies of the group and affiliates. : 62101

0,00

-1.605.930,00

0,00

-3.148.650,00

-266.920,00

b) Intangible fixed assets. : 62102

-960,00

-23.388,00

-91.294,00

-25.336,00

0,00

c) Fixed assets. : 62103

-4.358,00

-5.512,00

-18.186,00

-13.478,00

-64.432,00

e) Other financial assets. : 62105

0,00

-8.624,00

0,00

7. Divestment payment collection (+). : 62200

284.233,00

452.626,00

192.292,00

6.840,00

175.724,00

b) Intangible fixed assets. : 62202

0,00

81.941,00

0,00

c) Fixed assets. : 62203

23.260,00

0,00

158.098,00

0,00

e) Other financial assets. : 62205

260.973,00

370.685,00

34.194,00

6.840,00

175.724,00

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

236.001,00

-1.237.452,00

23.494,00

-3.257.042,00

-290.424,00

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

0,00

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

-247.998,00

-608.243,00

-2.979.473,00

2.321.894,00

-307.337,00

a) Issuance : 63201

0,00

617.932,00

2.358.267,00

751.500,00

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

0,00

2.358.267,00

751.500,00

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

0,00

617.932,00

0,00

b) Repayment and amortization of : 63207

-247.998,00

-608.243,00

-3.597.405,00

-36.373,00

-1.058.837,00

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

-247.998,00

-608.243,00

-3.489.405,00

-34.060,00

-1.058.837,00

5. Other debts (-). : 63212

0,00

-108.000,00

-2.313,00

0,00

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

0,00

-92.000,00

-320.000,00

a) Dividends (-).: 63301

0,00

-92.000,00

-320.000,00

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

-247.998,00

-608.243,00

-2.979.473,00

2.229.894,00

-627.337,00

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

180.262,00

133.322,00

-252.157,00

-78.892,00

15.637,00

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

-518.735,00

836.363,00

-60.863,00

110.122,00

-3.329,00

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

1.282.805,00

446.442,00

507.305,00

397.183,00

400.512,00

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

764.070,00

1.282.805,00

446.442,00

507.305,00

397.183,00

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:

-0,03 %

0,01 %

0,05 %

0,04 %

-165,63 %

-77,57 %

EBITDA over Sales:

8,45 %

6,67 %

13,22 %

5,92 %

-36,04 %

12,52 %

Cash Flow Yield:

-0,04 %

0,01 %

0,07 %

0,03 %

-161,39 %

-71,07 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

24,97 %

5,38 %

46,48 %

2,33 %

-46,28 %

130,59 %

Total economic profitability:

11,93 %

5,36 %

22,53 %

1,94 %

-47,04 %

176,54 %

Financial profitability:

10,09 %

6,39 %

20,75 %

-0,48 %

-51,36 %

1.438,67 %

Margin:

8,23 %

4,00 %

12,97 %

2,08 %

-36,53 %

92,36 %

Mark-up:

8,03 %

3,90 %

14,11 %

0,33 %

-43,09 %

1.074,52 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,30

0,21

0,39

0,17

-22,64

26,54

Acid Test:

1,95

1,17

1,66

1,02

17,55

15,45

Working Capital / Investment:

0,28

0,19

0,18

0,14

49,18

36,72

Solvency:

2,36

1,66

1,69

1,54

39,26

8,31

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,26

0,96

0,39

1,26

-32,62

-23,92

Borrowing Composition:

0,03

0,52

0,06

0,85

-49,37

-39,07

Repayment Ability:

-4,98

50,68

4,12

16,73

-220,83

202,98

Warranty:

4,79

2,05

3,56

1,80

34,80

14,11

Generated resources / Total creditors:

0,40

0,12

0,55

0,05

-26,89

146,77

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

3,04

1,39

5,03

1,33

-39,62

4,62

Turnover of Collection Rights :

4,45

4,58

5,04

4,32

-11,70

6,03

Turnover of Payment Entitlements:

59,61

4,04

18,84

3,65

216,44

10,63

Stock rotation:

15,45

7,08

124,43

5,58

-87,58

26,87

Assets turnover:

3,03

1,34

3,58

1,12

-15,37

19,88

Borrowing Cost:

2,65

2,41

4,30

2,91

-38,38

-16,95

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

-0,03 %

0,05 %

0,00 %

0,01 %

0,00 %

EBITDA over Sales:

8,45 %

13,22 %

15,18 %

14,57 %

10,50 %

Cash Flow Yield:

-0,04 %

0,07 %

-0,01 %

0,01 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

24,97 %

46,48 %

69,43 %

54,58 %

23,18 %

Total economic profitability:

11,93 %

22,53 %

37,18 %

31,37 %

16,34 %

Financial profitability:

10,09 %

20,75 %

36,79 %

49,83 %

29,99 %

Margin:

8,23 %

12,97 %

14,76 %

13,99 %

9,35 %

Mark-up:

8,03 %

14,11 %

16,18 %

14,56 %

9,25 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,30

0,39

0,13

0,09

0,12

Acid Test:

1,95

1,66

1,49

1,00

1,17

Working Capital / Investment:

0,28

0,18

0,03

0,15

Solvency:

2,36

1,69

1,57

1,07

1,29

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,26

0,39

0,54

1,55

1,70

Borrowing Composition:

0,03

0,06

0,09

0,22

0,26

Repayment Ability:

-4,98

4,12

-62,44

63,20

-1.226,83

Warranty:

4,79

3,56

2,84

1,65

1,59

Generated resources / Total creditors:

0,40

0,55

0,69

0,33

0,21

Efficiency

2013

2012

2011

2010

2009

Productivity:

3,04

5,03

6,68

6,34

2,39

Turnover of Collection Rights :

4,45

5,04

5,76

5,01

3,60

Turnover of Payment Entitlements:

59,61

18,84

35,03

25,80

41,98

Stock rotation:

15,45

124,43

71,68

49,03

22,50

Assets turnover:

3,03

3,58

4,70

3,90

2,48

Borrowing Cost:

2,65

4,30

9,33

5,31

4,40

COMPARATIVE SECTORIAL BALANCE

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

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

Variación -

Empresa

Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

Variación -

Empresa

Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

Variación -

Empresa

Sector

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Company name and address

Defaults, Legal Claims and Insolvency Proceedings :

INVESTIGATION SUMMARY

Identification

Activity

Number of Employees

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

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit