MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	EFI CRETAPRINT SL

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

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	21.01.2000

Legal Form :	Private Company

Line of Business :	· Wholesaler of other office machinery and equipment consisting of industrial inkjet printers and inks, powerful digital front ends, precise color management tools, eCommerce, web-to-print and productivity software for business automation, and mobile and cloud printing products. engaged in manufacturing and marketing of machinery

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

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 11.1% of GDP in 2009. Spain gradually reduced the deficit to 6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially - from 70.4% in 2010 to 93.7% 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

Register Data

Last Publication in BORME:

28/02/2014 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

3.005,06

Localization:

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

Telephone - Fax - Email - Website:

Ph.:. 964340264 Website. www.cretaprint.com

Activity:

NACE:

Wholesaler of other office machinery and equipment consisting of industrial inkjet printers and inks, powerful digital front ends, precise color management tools, eCommerce, web-to-print and productivity software for business automation, and mobile and cloud printing products.

Registered Trademarks:

Audited / Opinion:

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ELECTRONICS FOR IMAGING (LUXEMBOURG) SARL

100 %

INVESTIGATION SUMMARY

Founded in 2000, at the start of the year 2013, the subject absorbed the activities of the company RETAPRINT SL (VAT number B96668140) so it is now in a restructuring process. During 2012 the company acted as a holding company which explains the economical and financial structure showed by its balance sheet during this year. Cretaprint SL (VAT number B96668140) had a turnover in 2012, of 30 millions of euros, with a profit of 4 and an asset with 29,5 millions of Euros The subject usually meets its financial obligations.

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:

964340264

Website:

www.cretaprint.com

Activity

NACE:

4666

CNAE Obtaining Source:

4666

Additional Information:

The subject is engaged in manufacturing and marketing of machinery. In the start of the year 2013 the subject absorbed the activities of the company CRETA PRINT SL (VAT number B96668140).During 2012, the subject acted as a holding company.

PProduct Details

Digital Production Printing

· Fiery Digital Print Servers

Fiery Command WorkStation

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

Additional Address:

Registered office, warehouse, offices, workshop, shed, all premises rented by the company, are located in P.I. RAMONET, CRTA. N340, KM 970. 12550 ALMAZORA ( CASTELLON ).

Import / export:

DOES NOT IMPORT / DOES NOT EXPORT

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

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

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

CEPRIA CARLAMPIO SERGIO

09/07/2013

AGUDO CARDO EVA

09/07/2013

JOINT ATTORNEY

DEL CAMPO LOPEZ INMACULADA

15/03/2013

DE CUETO MORENO MANUEL

16/08/2012

NAVARRO MARTINEZ AVIAL GONZALO

16/08/2012

GOMEZ CUETARA MARTINEZ ISABEL

16/08/2012

ROMERO CABELLO DE ALBA MANUEL

16/08/2012

MOLINA CUBILLO BELEN

16/08/2012

JOINT ATTORNEY/COMBINED PROXY

BLASCO CLARET VICTOR IGNACIO

09/07/2013

MATAMOROS UZ IGNACIO

09/07/2013

PROXY

ELECTRONICS FOR IMAGING INC

02/01/2012

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

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

ARNALDO ALBUJAR JOSE ANTONIO

JOINT ATTORNEY

27/07/2011

BORRALLO PEREZ COCA PAULINO

PROXY

16/10/2006

CEPRIA CARLAMPIO SERGIO

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

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

efaults, 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

---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 18.957 %

> Latest Rating Changes :

Sector in which comparison is carried out :

466 Wholesale of other machinery, equipment and supplies

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 3.00% of the companies of the sector EFI CRETAPRINT SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 18.96%.

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

Link List

ABSORBS TO:

1 Entities

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ELECTRONICS FOR IMAGING (LUXEMBOURG) SARL

100

PARTICIPATES IN

CRETA PRINT SL

CASTELLON

100

EFI-CRETAPRINT DEVELOPMENT SL

CASTELLON

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

ELECTRONICS FOR IMAGING BV (HOLANDA)

ABSORBS TO

CRETA PRINT SL

CASTELLON

HAS IN ITS ADMINISTRATION BOARD TO

GRANT THORNTON ASESORES SLP

BARCELONA

Turnover

Total Sales 2013

950.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

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 31/07/2012

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

Information corresponding to the fiscal year 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009.

ORIGINAL

EQUIVALENCIA

Assets

2012

2011

2010

2002

2001

A) NON-CURRENT ASSETS: 11000

38.249.136,00

2.284,00

0,00

4.053,00

9.273,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

761,00

2.284,00

0,00

4.053,00

9.273,00

III. Real estate investment: 11300

0,00

IV. Long-term investments in Group companies and associates : 11400

38.248.375,00

0,00

V. Long-term financial investments: 11500

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

46.174,00

497.258,00

447.646,00

77.641,00

99.366,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

0,00

III. Trade debtors and others receivable accounts: 12300

11.708,00

278.672,00

186.597,00

0,00

76.047,00

1.- Customers for sales and provisions of services : 12380

0,00

76.047,00

a) Long-term receivables from sales and services supplied: 12381

0,00

76.047,00

b) Customers for sales and provisions of services : 12382

0,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

0,00

278.672,00

186.597,00

0,00

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

0,00

V. Short-term financial investments : 12500

0,00

VI. Short-term accruals: 12600

11.708,00

17.164,00

51.864,00

16.274,00

0,00

VII. Cash and other equivalent liquid assets : 12700

34.467,00

201.422,00

209.185,00

61.366,00

23.319,00

TOTAL ASSETS (A + B) : 10000

38.295.311,00

499.542,00

447.646,00

81.694,00

108.639,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2012

2011

2010

2002

2001

A) NET WORTH: 20000

-930.192,00

330.742,00

293.239,00

47.108,00

36.325,00

A1) Shareholders' equity : 21000

-930.192,00

330.742,00

293.239,00

47.108,00

36.325,00

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

217.335,00

301,00

30.283,00

9.834,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

222.418,00

210.591,00

0,00

VI. Other shareholders' contributions: 21600

112.117,00

110.402,00

67.515,00

0,00

VII. Result of the period: 21700

-1.262.649,00

-5.384,00

11.828,00

13.815,00

23.480,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A2) Adjustments due to changes in value : 22000

0,00

A-3) Received subsidies, donations and legacies: 23000

0,00

B) NON-CURRENT LIABILITIES: 31000

7.136.607,00

0,00

I. Long-term provisions: 31100

7.136.607,00

0,00

II. Long-term creditors : 31200

0,00

1.- Amounts owed to credit institutions: 31220

0,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

32.088.896,00

168.800,00

154.406,00

34.585,00

72.314,00

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

0,00

II. Short-term provisions: 32200

7.493.437,00

0,00

III. Short-term creditors : 32300

0,00

34.585,00

72.314,00

1.- Amounts owed to credit institutions: 32320

0,00

34.585,00

72.314,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

0,00

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

24.443.213,00

0,00

V. Trade creditors and other accounts payable: 32500

152.245,00

168.800,00

154.406,00

0,00

1.- Suppliers: 32580

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

0,00

2.- Other creditors : 32590

152.245,00

168.800,00

154.406,00

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

38.295.311,00

499.542,00

447.646,00

81.694,00

108.639,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2012

2011

2010

2002

2001

1. Net turnover: 40100

770.185,00

1.187.980,00

984.774,00

407.994,00

466.233,00

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

0,00

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

0,00

4. Supplies : 40400

0,00

5. Other operating income: 40500

0,00

6. Personnel costs: 40600

-523.314,00

-828.886,00

-656.835,00

-185.773,00

-227.271,00

7. Other operating costs: 40700

-673.434,00

-356.289,00

-294.080,00

-188.536,00

-201.496,00

8. Amortisation of fixed assets: 40800

-1.523,00

0,00

-143,00

-5.220,00

-4.937,00

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

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

3.571,00

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

-428.086,00

2.804,00

33.715,00

28.465,00

36.099,00

14. Financial income : 41400

0,00

1.905,00

0,00

1,00

25,00

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

0,00

b) Other financial income: 41490

0,00

1.905,00

0,00

1,00

25,00

15. Financial expenditure: 41500

-835.500,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

937,00

13.681,00

-7.344,00

-7.187,00

0,00

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

-834.563,00

15.586,00

-7.344,00

-7.186,00

25,00

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

-1.262.649,00

18.390,00

26.371,00

21.279,00

36.123,00

20. Income taxes: 41900

0,00

-23.774,00

-14.544,00

-7.464,00

-12.643,00

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

-1.262.649,00

-5.384,00

11.828,00

13.815,00

23.480,00

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

Information corresponding to the fiscal year 2012 2011 2010 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009.

EQUIVALENCIA

ORIGINAL

ASSETS

2012

2011

2010

2002

2001

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

38.249.136,00

2.284,00

0,00

4.053,00

9.273,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

761,00

2.284,00

0,00

4.053,00

9.273,00

IV. Financial investments:

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:

57.882,00

497.258,00

447.646,00

77.641,00

99.366,00

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

0,00

II. Stocks:

0,00

III. Debtors:

11.708,00

278.672,00

186.597,00

0,00

76.047,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

34.467,00

201.422,00

209.185,00

61.366,00

23.319,00

VII. Prepayments and accrued income:

11.708,00

17.164,00

51.864,00

16.274,00

0,00

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

38.307.018,00

499.542,00

447.646,00

81.694,00

108.639,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2012

2011

2010

2002

2001

A) EQUITY:

-930.192,00

330.742,00

293.239,00

47.108,00

36.325,00

I. Subscribed capital:

3.005,00

3.010,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

217.335,00

301,00

30.283,00

9.834,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

217.335,00

301,00

30.283,00

9.834,00

V. Profit or loss brought forward:

112.117,00

332.820,00

278.106,00

0,00

VI. Profit or loss for the financial year:

-1.262.649,00

-5.384,00

11.828,00

13.815,00

23.480,00

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:

7.136.607,00

0,00

D) LONG TERM LIABILITIES:

0,00

E) SHORT TERM CREDITORS:

24.595.458,00

168.800,00

154.406,00

34.585,00

72.314,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

7.493.437,00

0,00

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

38.295.311,00

499.542,00

447.646,00

81.694,00

108.639,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2012

2011

2010

2002

2001

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

2.033.771,00

1.208.950,00

972.946,00

394.180,00

446.348,00

A.1. Operating consumption:

0,00

A.2. Staff Costs:

523.314,00

828.886,00

656.835,00

185.773,00

227.271,00

a) Wages, salaries et al.:

0,00

164.922,00

167.045,00

b) Social security costs:

523.314,00

828.886,00

656.835,00

20.851,00

60.226,00

A.3. Depreciation expense:

1.523,00

0,00

143,00

5.220,00

4.937,00

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

0,00

A.5. Other operating charges:

673.434,00

356.289,00

294.080,00

188.536,00

201.496,00

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

0,00

2.804,00

33.715,00

28.465,00

32.528,00

A.6. Financial and similar charges:

835.500,00

0,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

835.500,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

7.344,00

7.187,00

0,00

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

0,00

15.586,00

0,00

25,00

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

0,00

18.390,00

26.371,00

21.279,00

32.553,00

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):

0,00

3.571,00

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

0,00

18.390,00

26.371,00

21.279,00

36.123,00

A.14. Corporation Tax:

0,00

23.774,00

14.544,00

7.464,00

12.643,00

A.15. Miscellaneous taxes:

0,00

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

0,00

11.828,00

13.815,00

23.480,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2012

2011

2010

2002

2001

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

771.122,00

1.203.566,00

984.774,00

407.995,00

469.828,00

B.1. Operating income:

770.185,00

1.187.980,00

984.774,00

407.994,00

466.233,00

a) Net total sales:

770.185,00

1.187.980,00

984.774,00

407.994,00

466.233,00

b) Miscellaneous operating income:

0,00

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

428.086,00

0,00

B.2. Financial income:

0,00

1.905,00

0,00

1,00

25,00

a) Companies of the group:

0,00

1.905,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

1,00

25,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

937,00

13.681,00

0,00

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

834.563,00

0,00

7.344,00

7.186,00

0,00

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

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:

0,00

3.571,00

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):

1.262.649,00

0,00

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

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.

2012

2011

2010

2002

2001

1. Fiscal year result before taxes.: 61100

-1.262.649,00

18.390,00

26.371,00

21.279,00

36.123,00

2. Results adjustments.: 61200

15.467.067,00

-1.905,00

143,00

5.219,00

4.912,00

a) Fixed Assets Amortization (+).: 61201

1.523,00

0,00

143,00

5.220,00

4.937,00

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

14.630.045,00

0,00

g) Financial income (-).: 61207

0,00

-1.905,00

0,00

-1,00

-25,00

h) Financial Expenses (+). : 61208

835.500,00

0,00

3. Changes in current capital equity.: 61300

255.866,00

-66.756,00

-98.598,00

30.854,00

-16.376,00

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

266.964,00

-92.075,00

-186.597,00

76.047,00

-76.047,00

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

5.457,00

34.699,00

-51.864,00

0,00

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

-16.555,00

-9.380,00

139.863,00

-45.193,00

59.671,00

4. Other cash flows for operating activities.: 61400

-835.500,00

1.905,00

0,00

1,00

25,00

a) Interest payments (-). : 61401

-835.500,00

0,00

c) Interest collection (+). : 61403

0,00

1.905,00

0,00

1,00

25,00

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

13.624.784,00

-48.366,00

-72.084,00

57.353,00

24.685,00

6. Payments for investment (-).: 62100

-38.248.375,00

-2.284,00

0,00

-16.274,00

-9.273,00

a) Companies of the group and affiliates. : 62101

-38.248.375,00

0,00

c) Fixed assets. : 62103

0,00

-2.284,00

0,00

-9.273,00

h) Other assets. : 62108

0,00

-16.274,00

0,00

7. Divestment payment collection (+). : 62200

1.523,00

0,00

5.220,00

0,00

c) Fixed assets. : 62203

1.523,00

0,00

5.220,00

0,00

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

-38.248.375,00

-2.284,00

-143,00

-16.274,00

-14.210,00

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

1.715,00

42.887,00

281.412,00

-3.031,00

12.844,00

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

1.715,00

42.887,00

281.412,00

6.634,00

12.844,00

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

0,00

-9.665,00

0,00

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

24.443.213,00

0,00

a) Issuance : 63201

24.443.213,00

0,00

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

24.443.213,00

0,00

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

0,00

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

24.444.928,00

42.887,00

281.412,00

-3.031,00

12.844,00

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

0,00

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

-178.663,00

-7.763,00

209.185,00

38.048,00

23.319,00

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

201.422,00

209.185,00

0,00

23.319,00

0,00

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

34.467,00

201.422,00

209.185,00

61.366,00

23.319,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,22 %

0,02 %

-0,01 %

0,14 %

-3.217,11 %

-86,47 %

EBITDA over Sales:

-55,38 %

-0,46 %

0,24 %

5,98 %

-23.560,87 %

-107,75 %

Cash Flow Yield:

0,00 %

-0,02 %

0,03 %

71,94 %

-87,24 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-912,07 %

-3,35 %

0,56 %

0,35 %

-162.559,25 %

-1.061,10 %

Total economic profitability:

-1,12 %

-1,87 %

3,68 %

-0,19 %

-130,30 %

-891,69 %

Financial profitability:

-135,74 %

-6,60 %

-1,63 %

-3,85 %

-8.238,37 %

-71,64 %

Margin:

-55,58 %

-6,56 %

0,24 %

0,70 %

-23.644,63 %

-1.030,64 %

Mark-up:

-163,94 %

-14,21 %

1,55 %

-6,92 %

-10.690,41 %

-105,39 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,16

1,19

0,13

-99,88

17,24

Acid Test:

0,00

0,87

2,84

0,84

-99,93

2,75

Working Capital / Investment:

-0,84

0,08

0,66

0,11

-227,26

-24,27

Solvency:

0,00

1,44

2,95

1,50

-99,94

-3,90

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,96

1,05

0,51

1,32

676,48

-19,92

Borrowing Composition:

0,00

1,19

0,00

1,24

-3,61

Repayment Ability:

-147,32

118,65

-21,74

16,79

-577,50

606,54

Warranty:

1,56

1,95

2,96

1,76

-47,39

10,90

Generated resources / Total creditors:

-0,05

-0,01

-0,03

0,01

-60,75

-192,26

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,18

0,98

1,00

1,27

-81,57

-23,03

Turnover of Collection Rights :

65,79

3,45

4,26

3,45

1.443,17

0,24

Turnover of Payment Entitlements:

4,42

2,41

2,11

2,24

109,57

7,41

Stock rotation:

2,20

1,72

27,98

Assets turnover:

16,41

0,51

2,38

0,49

590,01

3,27

Borrowing Cost:

3,40

2,82

0,00

2,81

0,27

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2002, 2001)

Cash Flow

2012

2011

2010

2002

2001

Cash Flow over Sales:

-0,22 %

-0,01 %

0,21 %

9,33 %

5,00 %

EBITDA over Sales:

-55,38 %

0,24 %

3,44 %

8,26 %

8,04 %

Cash Flow Yield:

0,00 %

-0,02 %

0,47 %

46,57 %

21,46 %

Profitability

2012

2011

2010

2002

2001

Operating economic profitability:

-912,07 %

0,56 %

7,53 %

34,84 %

29,94 %

Total economic profitability:

-1,12 %

3,68 %

5,89 %

26,05 %

33,25 %

Financial profitability:

-135,74 %

-1,63 %

4,03 %

29,33 %

64,64 %

Margin:

-55,58 %

0,24 %

3,42 %

6,98 %

Mark-up:

-163,94 %

1,55 %

2,68 %

5,22 %

6,98 %

Solvency

2012

2011

2010

2002

2001

Liquidity:

0,00

1,19

1,35

1,77

0,32

Acid Test:

0,00

2,84

2,56

1,77

1,37

Working Capital / Investment:

-0,84

0,66

0,53

0,25

Solvency:

0,00

2,95

2,90

2,24

1,37

Indebtedness

2012

2011

2010

2002

2001

Indebtedness level:

3,96

0,51

0,53

0,73

1,99

Borrowing Composition:

0,00

Repayment Ability:

-147,32

-21,74

0,74

-1,12

4,41

Warranty:

1,56

2,96

2,90

2,36

1,50

Generated resources / Total creditors:

-0,05

-0,03

0,08

0,25

0,26

Efficiency

2012

2011

2010

2002

2001

Productivity:

0,18

1,00

1,05

1,18

1,16

Turnover of Collection Rights :

65,79

4,26

5,28

6,13

Turnover of Payment Entitlements:

4,42

2,11

1,90

5,45

2,79

Assets turnover:

16,41

2,38

2,20

4,99

4,29

Borrowing Cost:

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

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.61.10
UK Pound	1	Rs.99.04
Euro	1	Rs.79.03

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

EXECUTIVE SUMMARY

INVESTIGATION SUMMARY

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

Probability of default

Result of query submitted to the R.A.I.

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

Public Tenders and Works Won

Research Summary

Sources

Unit