MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	COMERCIAL DE FIBRAS TEXTILES DE TERRASSA SA

Registered Office :	C/ SANT SEBASTIA, 206. - TERRASSA - 08223

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	10.04.1951

Legal Form :	Public Company

Line of Business :	Preparation and spinning of textile fibres

No. of Employees :	8

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

EXECUTIVE SUMMARY

Name:

COMERCIAL DE FIBRAS TEXTILES DE TERRASSA SA

NIF / Fiscal code:

A08080673

Trade Name

COFITEX

Status:

ACTIVE

Incorporation Date:

10/04/1951

Register Data

Last Publication in BORME:

29/08/2013 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

601.012,10

Localization:

C/ SANT SEBASTIA, 206. - TERRASSA - 08223 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 937 837 511 Email. cofitex@cacot.es Website. www.cecot.es/cofitex/alltcast.htm

Number of Branches

Activity:

NACE:

1310 - Preparation and spinning of textile fibres

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

1 for a total cost of 23670.47

Quality Certificate:

More than adequate capacity to meet its financial obligations. However, this capacity has a higher probability to deteriorate in the mid-long term than in higher categories.

Default Risk:

0.917%

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:

PRODINCO VALLES SL

Enquiry Details

Identification

Social Denomination:

COMERCIAL DE FIBRAS TEXTILES DE TERRASSA SA

Trade Name:

COFITEX

NIF / Fiscal code:

A08080673

Corporate Status:

ACTIVE

Registered Office:

C/ SANT SEBASTIA, 206.

Locality:

TERRASSA

Province:

BARCELONA

Postal Code:

08223

Telephone:

937 837 511

Fax:

937 311 310

Website:

www.cecot.es/cofitex/alltcast.htm

Email:

cofitex@cacot.es

Interviewed Person:

La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la sociedad de prestar cualquier tipo de colaboración para la confección del presente trabajo.

Branch Offices

Address

Postal Code

City

Province

Guillem de Muntanyans, 25

08223

TERRASSA

BARCELONA

Activity

NACE:

1310

CNAE Obtaining Source:

1310

Additional Information:

It is dedicated to the import, export and sale of first representation and textiles and yarns.

Additional Address:

The registered office, offices and other facilities, are located in the address provided.

Franchise:

Import / export:

SI IMPORTA/SI EXPORTA

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989) Appointments/ Re-elections (2)

1991

Accounts deposit (ejer. 1990) Adaptation to Law (1) Statutory Modifications (1)

1992

Accounts deposit (ejer. 1991) Increase of Capital (1)

1993

Accounts deposit (ejer. 1992) Appointments/ Re-elections (1)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994) Appointments/ Re-elections (1)

1996

Accounts deposit (ejer. 1995) Appointments/ Re-elections (2) Other Concepts/ Events (1)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (2)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (1)

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (1)

2003

Appointments/ Re-elections (2)

2004

Accounts deposit (ejer. 2002)

2005

Accounts deposit (ejer. 2003)

2006

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2)

2007

Accounts deposit (ejer. 2005, 2006) Change of Social address (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2010) Cessations/ Resignations/ Reversals (3)

2012

Accounts deposit (ejer. 2011) Change of Social address (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2014

Accounts deposit (ejer. 2013)

Breakdown of Owners' Equity

Registered Capital:

601.012,10

Paid up capital:

601.012,10

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

05/12/1992

Increase of Capital

96.162

601.012

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

UBACH COMAS JORDI

22/08/2013

PROXY

ROIG GRAELLS LLUIS

14/01/2009

UBACH COMAS JORDI

15/12/1997

ACCOUNTS' AUDITOR / HOLDER

ACR AUDITECNIA SL

24/11/2003

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ACR AUDITECNIA SL

ACCOUNTS' AUDITOR / HOLDER

20/02/2001

ACCOUNTS' AUDITOR / HOLDER

30/01/2002

ACCOUNTS' AUDITOR / HOLDER

09/01/2003

ACCOUNTS' AUDITOR / HOLDER

24/11/2003

AUDITECNIA SL

ACCOUNTS' AUDITOR / HOLDER

06/05/1996

ACCOUNTS' AUDITOR / HOLDER

02/12/1996

ACCOUNTS' AUDITOR / HOLDER

06/11/1997

ACCOUNTS' AUDITOR / HOLDER

01/02/1999

ACCOUNTS' AUDITOR / HOLDER

13/07/2000

DALMASES LLOCH FRANCISCO

PROXY

16/02/2011

DALMASES LLONCH FRANCESC

SINGLE ADMINISTRATOR

03/09/2008

ADMINISTRATOR

24/03/2006

PINEDA GARCIA SANTIAGO

PROXY

16/02/2011

PINEDA SANTACANA BALTASAR

PROXY

16/02/2011

ROIG MONTEVERDE DOMINGO

ADMINISTRATOR

02/02/2000

UBACH COMAS JORDI

SINGLE ADMINISTRATOR

22/08/2013

Executive board

Post

NIF

Name

ADMINISTRATOR

JORDI UBACH COMAS

DIRECTOR/GENERAL MANAGER

JORDI UBACH COMAS

FINANCIAL DIRECTOR

SILVIA GUINDOS

MANAGING DIRECTOR

JORGE UBACH

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

---

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 7.39of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It has financial profitability.. COMERCIAL DE FIBRAS TEXTILES DE TERRASSA SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

COMERCIAL DE FIBRAS TEXTILES DE TERRASSA SA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

No Company's subsidiaries or branches are known.

Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

Among the companies with similar characteristics, COMERCIAL DE FIBRAS TEXTILES DE TERRASSA SA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.917 %

> Latest Rating Changes :

Sector in which comparison is carried out :

131 Preparation and spinning of textile fibres

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 97.00% of the companies of the sector COMERCIAL DE FIBRAS TEXTILES DE TERRASSA SA 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 0.917%.

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

Guarantees

References

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

PRODINCO VALLES SL

BARCELONA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

PRODINCO VALLES SL

BARCELONA

Turnover

Total Sales 2013

4.963.786,78

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

October 2013

2011

Normales

July 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

September 2008

2006

Normales

November 2007

2005

Normales

November 2006

2004

Normales

January 2006

2003

Normales

April 2005

2002

Normales

November 2003

2001

Normales

September 2002

2000

Normales

September 2001

1999

Normales

October 2000

1998

Normales

August 1999

1997

Normales

October 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

August 1995

1993

Normales

September 1994

1992

Normales

November 1993

1991

Normales

July 1992

1990

Normales

August 1991

1989

Normales

September 1990

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 Abreviado 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, 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

80.460,00

302.120,00

143.933,00

159.667,00

27.994,00

I. Intangible fixed assets : 11100

580,00

1.170,00

1.511,00

229,00

II. Tangible fixed assets : 11200

76.326,00

124.155,00

141.922,00

158.938,00

27.264,00

III. Real estate investment: 11300

0,00

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

0,00

V. Long-term financial investments: 11500

1.183,00

176.796,00

500,00

VI. Assets for deferred tax : 11600

2.370,00

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

5.872.398,00

5.541.310,00

5.892.617,00

6.067.459,00

5.950.392,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.193.826,00

905.315,00

1.244.866,00

1.047.891,00

975.155,00

III. Trade debtors and others receivable accounts: 12300

1.921.624,00

1.079.007,00

1.259.347,00

1.684.607,00

1.306.774,00

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

1.919.529,00

1.077.904,00

1.252.899,00

1.654.754,00

1.247.206,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.919.529,00

1.077.904,00

1.252.899,00

1.654.754,00

1.247.206,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

2.095,00

1.103,00

6.448,00

29.854,00

59.568,00

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

0,00

V. Short-term financial investments : 12500

2.053.613,00

3.130.716,00

2.405,00

2.573,00

0,00

VI. Short-term accruals: 12600

-1.150,00

0,00

3.431,00

12.000,00

VII. Cash and other equivalent liquid assets : 12700

704.485,00

426.272,00

3.386.000,00

3.328.956,00

3.656.463,00

TOTAL ASSETS (A + B) : 10000

5.952.857,00

5.843.430,00

6.036.550,00

6.227.126,00

5.978.386,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

5.512.816,00

5.691.515,00

5.707.316,00

5.648.855,00

5.556.986,00

A1) Shareholders' equity : 21000

5.512.816,00

5.691.515,00

5.707.316,00

5.648.855,00

5.556.986,00

I. Capital: 21100

601.000,00

1.- Registered capital: 21110

601.000,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.861.647,00

5.105.030,00

5.108.611,00

5.258.611,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-14.515,00

-2.295,00

-60.756,00

-152.625,00

-212.271,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

64.683,00

-12.220,00

58.461,00

91.869,00

59.646,00

VIII. (Interim dividend): 21800

0,00

-150.000,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

0,00

106.592,00

0,00

I. Long-term provisions: 31100

0,00

106.592,00

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

440.042,00

151.915,00

222.643,00

471.680,00

421.400,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

0,00

1.- Amounts owed to credit institutions: 32320

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

440.042,00

151.585,00

222.010,00

471.680,00

386.400,00

1.- Suppliers: 32580

420.275,00

132.711,00

134.596,00

415.112,00

235.058,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

420.275,00

132.711,00

134.596,00

415.112,00

235.058,00

2.- Other creditors : 32590

19.767,00

18.874,00

87.414,00

56.568,00

151.341,00

VI. Short-term accruals: 32600

0,00

330,00

632,00

0,00

35.000,00

VII. Special short-term debts : 32700

0,00

TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000

5.952.857,00

5.843.430,00

6.036.550,00

6.227.126,00

5.978.386,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

4.963.787,00

3.404.789,00

4.816.890,00

4.638.326,00

3.175.273,00

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

-4.292.320,00

-2.910.000,00

-4.106.906,00

-3.680.624,00

-2.512.911,00

5. Other operating income: 40500

3.645,00

1.959,00

7.181,00

11.272,00

20.891,00

6. Personnel costs: 40600

-324.961,00

-284.592,00

-291.098,00

-340.405,00

-296.654,00

7. Other operating costs: 40700

-373.888,00

-384.374,00

-430.919,00

-570.893,00

-461.354,00

8. Amortisation of fixed assets: 40800

-26.330,00

-19.515,00

-21.171,00

-11.687,00

-7.501,00

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

67.360,00

0,00

-25.226,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-19.882,00

29.713,00

9.672,00

3.214,00

15.240,00

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

-2.590,00

-162.020,00

-16.350,00

49.202,00

-92.241,00

14. Financial income : 41400

90.804,00

152.365,00

94.476,00

79.474,00

146.378,00

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

0,00

b) Other financial income: 41490

90.804,00

152.365,00

94.476,00

79.474,00

146.378,00

15. Financial expenditure: 41500

0,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-1.045,00

-2.565,00

5.390,00

-1.052,00

5.509,00

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

89.758,00

149.800,00

99.865,00

78.422,00

151.887,00

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

87.168,00

-12.220,00

83.516,00

127.624,00

59.646,00

20. Income taxes: 41900

-22.484,00

0,00

-25.055,00

-35.756,00

0,00

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

64.683,00

-12.220,00

58.461,00

91.869,00

59.646,00

> 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, 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:

78.090,00

302.120,00

143.933,00

159.667,00

27.994,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

580,00

1.170,00

1.511,00

229,00

III. Tangible fixed assets:

76.326,00

124.155,00

141.922,00

158.938,00

27.264,00

IV. Financial investments:

1.183,00

176.796,00

500,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

5.874.767,00

5.541.310,00

5.892.617,00

6.067.459,00

5.950.392,00

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

0,00

II. Stocks:

1.193.826,00

905.315,00

1.244.866,00

1.047.891,00

975.155,00

III. Debtors:

1.923.994,00

1.079.007,00

1.259.347,00

1.684.607,00

1.306.774,00

IV. Short-term investments:

2.053.613,00

3.130.716,00

2.405,00

2.573,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

704.485,00

426.272,00

3.386.000,00

3.328.956,00

3.656.463,00

VII. Prepayments and accrued income:

-1.150,00

0,00

3.431,00

12.000,00

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

5.952.857,00

5.843.430,00

6.036.550,00

6.227.126,00

5.978.386,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

5.512.816,00

5.691.515,00

5.707.316,00

5.648.855,00

5.556.986,00

I. Subscribed capital:

601.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.861.647,00

5.105.030,00

5.108.611,00

5.258.611,00

a) Differences for capital adjustment to euros:

11,00

12,00

b) Remaining Reserves:

4.861.636,00

5.105.018,00

5.108.599,00

5.258.599,00

V. Profit or loss brought forward:

-14.515,00

-2.295,00

-60.756,00

-152.625,00

-212.271,00

VI. Profit or loss for the financial year:

64.683,00

-12.220,00

58.461,00

91.869,00

59.646,00

VII. Interim dividend paid:

0,00

-150.000,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

106.592,00

0,00

D) LONG TERM LIABILITIES:

0,00

E) SHORT TERM CREDITORS:

440.042,00

151.915,00

222.643,00

471.680,00

421.400,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

5.952.857,00

5.843.430,00

6.036.550,00

6.227.126,00

5.978.386,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

5.060.912,00

3.601.046,00

4.875.148,00

4.640.417,00

3.303.645,00

A.1. Operating consumption:

4.292.320,00

2.910.000,00

4.106.906,00

3.680.624,00

2.512.911,00

A.2. Staff Costs:

324.961,00

284.592,00

291.098,00

340.405,00

296.654,00

a) Wages, salaries et al.:

268.851,00

235.452,00

240.835,00

281.628,00

245.431,00

b) Social security costs:

56.110,00

49.140,00

50.263,00

58.777,00

51.222,00

A.3. Depreciation expense:

26.330,00

19.515,00

21.171,00

11.687,00

7.501,00

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

0,00

A.5. Other operating charges:

373.888,00

384.374,00

430.919,00

570.893,00

461.354,00

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

0,00

45.988,00

0,00

A.6. Financial and similar charges:

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:

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

1.045,00

2.565,00

0,00

1.052,00

0,00

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

89.758,00

149.800,00

99.865,00

78.422,00

151.887,00

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

39.691,00

0,00

73.844,00

124.410,00

69.631,00

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

25.226,00

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

0,00

A.12. Extraordinary expenses:

19.882,00

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):

47.477,00

29.713,00

9.672,00

3.214,00

0,00

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

87.168,00

0,00

83.516,00

127.624,00

59.646,00

A.14. Corporation Tax:

22.484,00

0,00

25.055,00

35.756,00

0,00

A.15. Miscellaneous taxes:

0,00

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

64.683,00

0,00

58.461,00

91.869,00

59.646,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

5.125.595,00

3.588.827,00

4.933.609,00

4.732.286,00

3.363.291,00

B.1. Operating income:

4.967.432,00

3.406.748,00

4.824.071,00

4.649.598,00

3.196.164,00

a) Net total sales:

4.963.787,00

3.404.789,00

4.816.890,00

4.638.326,00

3.175.273,00

b) Miscellaneous operating income:

3.645,00

1.959,00

7.181,00

11.272,00

20.891,00

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

50.068,00

191.734,00

26.022,00

0,00

82.256,00

B.2. Financial income:

90.804,00

152.365,00

94.476,00

79.474,00

146.378,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

90.804,00

152.365,00

94.476,00

79.474,00

146.378,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

5.390,00

0,00

5.509,00

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

0,00

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

0,00

41.933,00

0,00

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

67.360,00

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

29.713,00

9.672,00

3.214,00

15.240,00

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

9.985,00

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

0,00

12.220,00

0,00

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

0,00

12.220,00

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.

~'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

87.168,00

-12.220,00

83.516,00

127.624,00

59.646,00

2. Results adjustments.: 61200

-64.474,00

-239.442,00

-73.305,00

38.805,00

-138.877,00

a) Fixed Assets Amortization (+).: 61201

26.330,00

19.515,00

21.171,00

11.687,00

7.501,00

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

0,00

-106.592,00

0,00

106.592,00

0,00

g) Financial income (-).: 61207

-90.804,00

-152.365,00

-94.476,00

-79.474,00

-146.378,00

3. Changes in current capital equity.: 61300

212.768,00

-2.679.149,00

-42.206,00

-430.050,00

-12.924,00

a) Stock (+/-).: 61301

-288.510,00

339.550,00

-196.974,00

-72.736,00

158.091,00

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

-842.617,00

180.340,00

425.261,00

-377.834,00

-232.930,00

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

1.078.253,00

-3.128.311,00

3.599,00

5.996,00

21.137,00

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

265.972,00

-70.425,00

-274.724,00

49.524,00

5.778,00

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

-330,00

-302,00

632,00

-35.000,00

35.000,00

4. Other cash flows for operating activities.: 61400

90.804,00

152.365,00

94.476,00

79.474,00

146.378,00

c) Interest collection (+). : 61403

90.804,00

152.365,00

94.476,00

79.474,00

146.378,00

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

326.266,00

-2.778.445,00

62.481,00

-184.147,00

54.223,00

6. Payments for investment (-).: 62100

-2.370,00

-176.295,00

-1.281,00

-131.673,00

-23.827,00

b) Intangible fixed assets. : 62102

0,00

-1.281,00

0,00

c) Fixed assets. : 62103

0,00

-131.673,00

-23.827,00

e) Other financial assets. : 62105

0,00

-176.295,00

0,00

h) Other assets. : 62108

-2.370,00

0,00

7. Divestment payment collection (+). : 62200

224.030,00

18.108,00

17.016,00

0,00

b) Intangible fixed assets. : 62202

589,00

341,00

0,00

c) Fixed assets. : 62203

47.828,00

17.767,00

17.016,00

0,00

e) Other financial assets. : 62205

175.612,00

0,00

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

195.330,00

-177.702,00

-5.436,00

-143.360,00

-31.328,00

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

-243.383,00

-3.581,00

0,00

-150.000,00

0,00

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

-243.383,00

-3.581,00

0,00

-150.000,00

0,00

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

0,00

1.737,00

a) Issuance : 63201

0,00

1.737,00

5. Other debts (+). : 63206

0,00

1.737,00

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

0,00

150.000,00

-150.000,00

a) Dividends (-).: 63301

0,00

150.000,00

-150.000,00

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

-243.383,00

-3.581,00

0,00

-148.263,00

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

278.213,00

-2.959.728,00

57.044,00

-327.507,00

-125.369,00

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

426.272,00

3.386.000,00

3.328.956,00

3.656.463,00

3.781.832,00

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

704.485,00

426.272,00

3.386.000,00

3.328.956,00

3.656.463,00

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:

0,06 %

0,14 %

-0,87 %

0,17 %

106,45 %

-17,79 %

EBITDA over Sales:

-0,48 %

6,16 %

-5,06 %

7,68 %

90,55 %

-19,79 %

Cash Flow Yield:

0,05 %

0,04 %

-0,51 %

0,04 %

109,23 %

12,75 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

0,44 %

0,45 %

-7,56 %

0,56 %

105,87 %

-20,53 %

Total economic profitability:

1,46 %

0,36 %

-0,21 %

-0,01 %

800,23 %

4.280,61 %

Financial profitability:

1,17 %

-2,31 %

-0,21 %

-3,90 %

646,50 %

40,64 %

Margin:

0,35 %

0,70 %

-5,63 %

1,03 %

106,19 %

-32,36 %

Mark-up:

2,16 %

-3,82 %

-1,23 %

-6,05 %

275,08 %

36,92 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

1,60

0,16

2,81

0,16

-42,95

1,44

Acid Test:

10,63

0,92

30,52

0,86

-65,15

6,82

Working Capital / Investment:

0,91

0,09

0,92

0,08

-1,06

12,52

Solvency:

13,35

1,42

36,48

1,43

-63,40

-0,37

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,08

1,02

0,03

1,07

199,06

-4,20

Borrowing Composition:

0,00

0,95

0,00

1,22

-21,93

Repayment Ability:

1,58

12,27

-0,05

14,15

3.181,56

-13,30

Warranty:

13,53

1,98

38,47

1,94

-64,83

2,30

Generated resources / Total creditors:

0,21

0,02

0,05

0,01

330,68

74,75

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,93

1,29

0,39

1,31

134,76

-1,63

Turnover of Collection Rights :

2,59

3,81

3,16

3,64

-18,13

4,64

Turnover of Payment Entitlements:

10,60

2,72

21,73

2,35

-51,21

15,35

Stock rotation:

4,20

2,86

3,97

2,20

5,74

29,52

Assets turnover:

1,27

0,64

1,34

0,55

-5,14

17,49

Borrowing Cost:

0,00

2,86

0,00

2,82

1,40

> 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:

0,06 %

-0,87 %

0,01 %

-0,07 %

-0,04 %

EBITDA over Sales:

-0,48 %

-5,06 %

-0,10 %

1,24 %

-2,35 %

Cash Flow Yield:

0,05 %

-0,51 %

0,01 %

-0,05 %

-0,02 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

0,44 %

-7,56 %

-0,43 %

0,74 %

-1,80 %

Total economic profitability:

1,46 %

-0,21 %

1,38 %

2,05 %

1,00 %

Financial profitability:

1,17 %

-0,21 %

1,02 %

1,63 %

1,07 %

Margin:

0,35 %

-5,63 %

-0,54 %

0,99 %

-3,36 %

Mark-up:

2,16 %

-1,23 %

1,53 %

2,68 %

1,39 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

1,60

2,81

15,21

7,06

8,68

Acid Test:

10,63

30,52

20,88

10,63

11,78

Working Capital / Investment:

0,91

0,92

0,94

0,90

0,92

Solvency:

13,35

36,48

26,47

12,86

14,12

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,08

0,03

0,04

0,08

Borrowing Composition:

0,00

Repayment Ability:

1,58

-0,05

3,90

-1,44

-3,36

Warranty:

13,53

38,47

27,11

13,20

14,19

Generated resources / Total creditors:

0,21

0,05

0,36

0,22

0,16

Efficiency

2013

2012

2011

2010

2009

Productivity:

0,93

0,39

0,98

1,17

0,75

Turnover of Collection Rights :

2,59

3,16

3,83

2,76

2,45

Turnover of Payment Entitlements:

10,60

21,73

20,44

9,01

7,70

Stock rotation:

4,20

3,97

3,90

4,39

3,36

Assets turnover:

1,27

1,34

0,80

0,75

0,53

Borrowing Cost:

0,00

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

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

CIDEM (GENERALITAT DE CATALUNYA)

Status

CONCEDIDA

Project

AMPLIANCION PRODUCTIVA CALAF 2002

Amount Granted

23.670,47

Notes

EL TRASPASO A CUENTA DE RESULTADOS HA SIDO POR 8.647,92 EUORS.

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.61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PDT

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Branch Offices

Activity

Number of Employees

Chronological Summary

Financial Accounts and Balance Sheets

Research Summary

Sources

Unit